SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
GUSTAFSSON ANDERS
(Last) (First) (Middle)
C/O ZEBRA TECHNOLOGIES CORPORATION
475 HALF DAY ROAD, SUITE 500
(Street)
LINCOLNSHIRE IL 60069
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
ZEBRA TECHNOLOGIES CORP [ ZBRA ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
X Officer (give title below) Other (specify below)
Chief Executive Officer
3. Date of Earliest Transaction (Month/Day/Year)
05/12/2014
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class A Common Stock 231,375 D
Class A Common Stock 05/12/2014 M 27,840 A $36.8 259,215 D
Class A Common Stock 05/12/2014 S 27,840 D $74.85 231,375 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option $36.8 05/12/2014 M 27,840 (1) 09/04/2017 Class A Common Stock 27,840 $0 0 D
Employee Stock Option $36.49 (2) 04/24/2018 Class A Common Stock 90,000 90,000 D
Stock Appreciation Right $19.56 (3) 05/07/2019 Class A Common Stock 40,000 40,000 D
Stock Appreciation Right $27.82 (4) 05/06/2020 Class A Common Stock 120,299 120,299 D
Stock Appreciation Right $41.57 (5) 05/05/2021 Class A Common Stock 54,484 54,484 D
Stock Appreciation Right $38.79 (6) 04/30/2022 Class A Common Stock 62,289 62,289 D
Stock Appreciation Right $46.07 (7) 05/03/2023 Class A Common Stock 36,201 36,201 D
Stock Appreciation Right $74.72 (8) 05/08/2024 Class A Common Stock 19,493 19,493 D
Explanation of Responses:
1. Of the initial 75,000 shares subject to such option, 18,750 vested on September 4, 2008, 18,750 vested on September 4, 2009, 18,750 vested on September 4, 2010 and 18,750 vested on September 4, 2011.
2. Of the shares subject to such option, 22,500 vested on April 24, 2009, 22,500 vested on April 24, 2010, 22,500 vested on April 24, 2011 and 22,500 vested on April 24, 2012.
3. Of the initial 115,000 stock appreciation right shares subject to this SAR, 28,750 shares vested on May 7, 2010, 28,750 shares vested on May 7, 2011, 28,750 shares vested on May 7, 2012 and 28,750 shares vested on May 7, 2013.
4. Of the stock appreciation right shares subject to this SAR, 30,074 shares vested on May 6, 2013, 30,074 shares vested on May 6, 2014, and 60,151 shares vest on May 6, 2015.
5. Of the stock appreciation right shares subject to this SAR, 13,621 shares vested on May 5, 2012, 13,621 shares vested on May 5, 2013, 13,621 shares vested on May 5, 2014 and 13,621 shares vest on May 5, 2015.
6. Of the stock appreciation right shares subject to this SAR, 15,572 shares vested on April 30, 2013, 15,572, vested on April 30, 2014, 15,572, vest on April 30, 2015 and 15,573 vest on April 30, 2016
7. Of the stock appreciation right shares subject to this SAR, 9,050 shares vested on May 3, 2014, 9,050 shares vest on May 3, 2015, 9,050 shares vest on May 3, 2016 and 9,051 shares vest on May 3, 2017.
8. Of the stock appreciation right shares subject to this SAR, 4,873 shares vest on May 8, 2015, 4,873 vest on May 8, 2016, 4,873 vest on May 8, 2017 and 4,874 vest on May 8, 2018.
/s/ Jim L. Kaput, attorney-in-fact 05/14/2014
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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