SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES 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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1. Name and Address of Reporting Person* TERZICH MICHAEL H (Last) (First) (Middle) ZEBRA TECHNOLOGIES CORPORATION 333 CORPORATE WOODS PARKWAY (Street) VERNON HILLS IL 60061 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 12/15/2003	3. Issuer Name and Ticker or Trading Symbol ZEBRA TECHNOLOGIES CORP/DE [ zbra ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) Senior Vice President	5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Common Stock	172	D
Class A Common Stock	78.73	I	By 401(k)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option	(1)	01/10/2010	Class A Common Stock	15,000(2)	$36.46	D
Employee Stock Option	(3)	02/14/2011	Class A Common Stock	12,000(4)	$27.25	D
Employee Stock Option	(5)	02/08/2012	Class A Common Stock	30,000(6)	$32.43	D
Employee Stock Option	(7)	02/11/2013	Class A Common Stock	15,000	$37.84	D

Explanation of Responses:

1. Of such options, 2,250 vested on Janauary 10, 2001, 2,625 vested on January 10, 2002, 3,000 vested on January 10, 2003, 3,375 vest on January 10, 2004 and 3,750 vest on January 10, 2005.

2. Of such options, 7,875 have been exercised and 7,125 remain outstanding.

3. Of such options, 1,800 vested on February 14, 2002, 2,100 vested on February 14, 2003, 2,400 vest on February 14, 2004, 2,700 vest on February 14, 2005 and 3,000 vest on February 14, 2006.

4. Of such options, 3,900 have been exercised and 8,100 remain outstanding.

5. Of such options, 4,500 vested on February 8, 2003, 5,250 vest on February 8, 2004, 6,000 vest on February 8, 2005, 6,750 vest on February 8, 2006 and 7,500 vest on February 8, 2007.

6. Of such options, 4,500 have been exercised and 25,500 remain outstanding.

7. Of such options, 2,250 vest on February 11, 2004, 2,625 vest on February 11, 2005, 3,000 vest on February 11, 2006, 3,375 vest on February 11, 2007 and 3,750 vest on February 11, 2008.

	Michael H. Terzich	12/22/2003
	** 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 5 (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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