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* GAGNIER HUGH K (Last) (First) (Middle) ZEBRA TECHNOLOGIES CORPORATION 1001 FLYNN ROAD (Street) CAMARILLO CA 93012 (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)

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)	03/02/2009	Class A Common Stock	6,000	$17.71	D
Employee Stock Option	(2)	02/17/2010	Class A Common Stock	30,000	$40.42	D
Employee Stock Option	(3)	02/14/2011	Class A Common Stock	7,500	$27.25	D
Employee Stock Option	(4)	02/08/2012	Class A Common Stock	37,500	$32.43	D
Employee Stock Option	(5)	02/11/2013	Class A Common Stock	19,500	$37.84	D
Employee Stock Option	(1)	10/28/2008	Class A Common Stock	33,000(6)	$19.5	D

Explanation of Responses:

1. All of such options are currently exercisable.

2. Of such options, 4,500 vested on February 17, 2001, 5,250 vested on February 17, 2002, 6,000 vested on February 17, 2003, 6,750 vest on February 17, 2004 and 7,500 vest on February 17, 2005.

3. Of such options, 1,125 vested on February 14, 2002, 1,312 vested on February 14, 2003, 1,500 vest on February 14, 2004, 1,687 vest on February 14, 2005 and 1,876 vest on February 14, 2006.

4. Of such options, 5,625 vested on February 8, 2003, 6,562 vest on February 8, 2004, 7,500 vest on February 8, 2005, 8,437 vest on February 8, 2006 and 9,376 vest on February 8, 2007.

5. Of such options, 2,925 vest on February 11, 2004, 3,412 vest on February 11, 2005, 3,900 vest on February 11, 2006, 4,387 vest on February 11, 2007 and 4,876 vest on February 11, 2008.

6. Of such options, 24,750 have been exercised and 8,250 remain outstanding.

	Noel Elfant, Attorney-in-Fact	12/23/2003
	** 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).
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