[Form 4] ZEBRA TECHNOLOGIES CORP Insider Trading Activity

Rhea-AI Filing Summary

Zebra Technologies Corp Chief Executive Officer Bill Burns reported a tax-related share disposition. On March 1, 2026, 1,548 shares of Class A Common Stock were used to satisfy an exercise price or tax liability at a price of $223.96 per share.

The filing describes this as a “payment of exercise price or tax liability by delivering securities”, which is typically associated with equity compensation rather than an open-market sale. The report also lists updated holdings in stock appreciation rights that became exercisable in annual installments beginning in 2020 and 2021.

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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OMB Number:			3235-0287
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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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Burns Bill

(Last) (First) (Middle)

C/O ZEBRA TECHNOLOGIES CORPORATION

3 OVERLOOK POINT

(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)
03/01/2026

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								58,578	D
Class A Common Stock	03/01/2026		F		1,548	D	$223.96	57,030	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
Stock Appreciation Right	$205.12							(1)	05/02/2026	Class A Common Stock	4,364		4,364	D
Stock Appreciation Right	$244.97							(2)	04/30/2027	Class A Common Stock	3,901		3,901	D

Explanation of Responses:

1. These stock appreciation rights became exercisable in four equal annual installments beginning on May 2, 2020.

2. These stock appreciation rights became exercisable in four equal annual installments beginning on April 30, 2021.

Remarks:

	/s/ Cristen Kogl, Attorney-In-Fact	03/03/2026
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Zebra Technologies (ZBRA) report on this Form 4?

Zebra Technologies reported that CEO Bill Burns used 1,548 shares of Class A Common Stock to cover an exercise price or tax liability. The shares were valued at $223.96 each and reflect a tax-withholding disposition linked to his equity compensation, not an open-market trade.

Who is the insider involved in the latest Zebra Technologies (ZBRA) Form 4?

The insider is Bill Burns, the Chief Executive Officer and a director of Zebra Technologies Corp. He reported a tax-withholding disposition involving 1,548 shares of Class A Common Stock, along with updated positions in stock appreciation rights that vest over several years.

How many Zebra Technologies (ZBRA) shares were used for the tax-withholding disposition?

The filing shows that 1,548 shares of Zebra Technologies Class A Common Stock were delivered to satisfy an exercise price or tax liability. These shares were valued at $223.96 per share as part of the equity compensation process described in the Form 4.

At what price were the Zebra Technologies (ZBRA) shares valued in the Form 4 transaction?

The reported tax-withholding disposition valued the 1,548 shares of Class A Common Stock at $223.96 per share. This price is used to calculate the value of shares delivered to cover the relevant exercise price or tax obligation tied to equity awards.

What derivative awards are mentioned in the Zebra Technologies (ZBRA) Form 4?

The Form 4 references stock appreciation rights held directly by CEO Bill Burns. Footnotes explain these rights became exercisable in four equal annual installments starting on May 2, 2020, and April 30, 2021, highlighting the long-term structure of his equity compensation.

Does the Zebra Technologies (ZBRA) Form 4 indicate an open-market stock sale by the CEO?

The Form 4 describes the key transaction with code F as a payment of exercise price or tax liability by delivering securities. This indicates a tax-withholding disposition related to equity compensation, rather than an ordinary open-market sale of Zebra Technologies shares by the CEO.