EX-10.66



 Exhibit 10.66 

RESTRICTED STOCK AGREEMENT 

This RESTRICTED STOCK AGREEMENT (this “Stock Agreement”), dated as of November [    ], 2014 (the
“Grant Date”), is between ZEBRA TECHNOLOGIES CORPORATION, a Delaware corporation (the “Company”), and Anders Gustafsson (the “Participant”), relating to restricted stock granted under the Zebra Technologies
Corporation 2011 Long-Term Incentive Plan (the “Plan”). A capitalized term used in this Stock Agreement without definition shall have the meaning ascribed to such terms in the Plan. 

 

	1.	Grant of Restricted Stock. 

  

	 	a.	Grant. Subject to the provisions of this Stock Agreement and pursuant to the provisions of the Plan, the Company hereby grants to the Participant as of the Grant Date 13,384 shares (the “Target
Shares”) of the Company’s Class A Common Stock, $.01 par value per share (the “Restricted Stock”). This Stock Agreement shall be null and void unless the Participant accepts this Stock Agreement by either
(i) electronically accepting this Stock Agreement through the Company’s electronic delivery and acceptance process operated by e*Trade or (ii) executing this Stock Agreement in the space provided below and returning it to the Company
not later than December 31, 2014. 

  

	 	b.	Nontransferability. Except as otherwise permitted under the Plan or this Stock Agreement, the Restricted Stock granted hereunder shall be non-transferable by the Participant during the Period of
Restriction set forth under Section 2 of this Stock Agreement. 

  

	2.	Vesting of Restricted Stock. 

  

	 	a.	Period of Restriction and Performance Goals.  

  

	 	(i)	The Restricted Stock shall be forfeitable and non-transferable during the Period of Restriction. The “Period of Restriction” with respect to the Restricted Stock shall begin on the Grant Date and shall end at
5:00 p.m., Central Time, on May 15, 2017 in accordance with Exhibit A. 

  

	 	(ii)	Except as otherwise provided for under this Stock Agreement, the Participant must remain employed by the Company or any Subsidiary continuously through the Period of Restriction. 


 

	 	b.	Additional Vesting Rules. Notwithstanding Section 2(a) hereof, the Restricted Stock shall be subject to the following additional vesting rules in the following circumstances: 


 

	 	(i)	 Death, Disability, Good Reason or Termination by the Company or any Subsidiary other than for Cause. Notwithstanding the Employment
Agreement between the Company and the Participant effective as of September 4, 2007, as amended (the “Employment Agreement”), and unless otherwise determined by the Board of Directors of the Company or the Compensation Committee of
the 



  
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Board of Directors, in the event the Participant’s employment with the Company and its Subsidiaries is terminated prior to May 15, 2017 due to death or Disability, or by reason of the
Participant’s resignation for Good Reason, or by the Company other than for Cause, the number of shares of Restricted Stock that shall be vested as of 5:00 p.m., Central Time, on the effective date of the Participant’s termination of
employment shall equal the product of the number of Target Shares granted as of the Grant Date under Section 1(a) multiplied by a fraction, the numerator of which is the number of days from but excluding the Grant Date and to and including the
effective date of the Participant’s termination of employment, and the denominator of which is [922 – November 6, 2014 grant date until May 15, 2017]. This Stock Agreement shall be settled in whole shares of the Company’s
Common Stock, and cash for the value of a fractional share of Common Stock. For purposes of this Stock Agreement, “Good Reason” and “Cause” have the meanings assigned to them in the Participant’s Employment Agreement.


  

	 	(ii)	Other Termination of Employment. In the event the Participant’s employment with the Company and its subsidiaries is terminated for any reason other than as provided in Section 2(b)(i) hereof, any
unvested Shares of Restricted Stock shall immediately be forfeited to the Company. 

  

	3.	Rights While Holding Restricted Stock. 

 a. Custody and
Availability of Shares. The Company shall hold the shares of Restricted Stock subject to this Agreement in uncertificated, book-entry form registered in the Participant’s name until the Restricted Stock shall have vested, in whole or in
part, pursuant to Section 2. Subject to Section 4, if and to the extent shares of Restricted Stock become vested, the Company shall remove or cause the removal of the restrictions on transfer of such shares arising from this Stock
Agreement. Such unrestricted shares shall be made available to the Participant in uncertificated, book-entry form registered in the Participant’s name. 

b. Rights as a Stockholder. During the period that shares of Restricted Stock remain unvested, the Participant shall have all of
the rights of a stockholder of the Company with respect to the Restricted Stock including, but not limited to, the right to receive dividends paid on the shares of Restricted Stock and the full right to vote such shares. 

c. Section 83(b) Election. The Participant is not permitted to make a Section 83(b) election with respect to the
Restricted Stock. 
 d. Compliance with Federal and State Law. The Company may postpone issuing and delivering any Restricted
Stock for so long as the Company reasonably determines to be necessary to satisfy the following: 
 (i) its completing or
amending any securities registration or qualification of the Restricted Stock or it or the Participant satisfying any exemption from registration under any federal or state law, rule or regulation; and 

  
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 (ii) the Participant complying with any federal, state or local tax withholding
obligations. 
 4. Payment of Taxes. If the Company is obligated to withhold an amount on account of any tax imposed as a result of the
issuance or vesting of the Restricted Stock, the Participant shall be required to pay such amount to the Company, as provided under Section 9.10 of the Plan. The Participant acknowledges and agrees that the Participant is responsible for the
tax consequences associated with the grant of the Restricted Stock and its vesting. 
 5. Change in Control. Subject to
Section 9.8 of the Plan: 
 (a) Notwithstanding any provision in this Agreement, in the event of a Change in Control pursuant to
Section 2.5(c) or (d) of the Plan in connection with which (i) holders of Shares receive consideration consisting solely of shares of common stock that are registered under Section 12 of the Exchange Act (and disregarding the
payment of cash in lieu of fractional shares) and (ii) this Stock Agreement is assumed or provision is made for the continuation of this Stock Agreement, then subject to Section 4.3 of the Plan, a number of Shares equal to the Target
Shares shall become fully vested immediately after the Change in Control and the remainder of the Period of Restriction relating to such Restricted Stock shall immediately lapse and there shall be substituted for each Share of Restricted Stock then
subject to this Stock Agreement, the number and class of shares into which each outstanding Share shall be converted pursuant to such Change in Control. 

(b) Notwithstanding any provision in this Agreement to the contrary, in the event of a Change in Control pursuant to
Section 2.5(a) or (b) of the Plan, or in the event of a Change in Control pursuant to Section 2.5(c) or (d) of the Plan as to which Section 5(a) above does not apply, this grant shall be surrendered to the Company by the
Participant, and this grant shall immediately be canceled by the Company, and the Participant shall receive, within 10 days following the effective date of the Change in Control, a cash payment from the Company in an amount equal to the number of
Target Shares, multiplied by the greater of (i) the highest per Share price offered to stockholders of the Company in any transaction whereby the Change in Control takes place or (ii) the Fair Market Value of a Share on the effective date
of the Change in Control. 
 6. Confidentiality, Non-Solicitation and Non-Compete. The Participant agrees to, understands and
acknowledges the following: 
 a. Confidential Information. The Participant will be furnished, use or otherwise have access to
certain Confidential Information of the Company and/or a Subsidiary. For purposes of this Stock Agreement, “Confidential Information” means any and all financial, technical, commercial or other information concerning the business and
affairs of the Company and/or a Subsidiary that is confidential and proprietary to the Company and/or a Subsidiary, including without limitation, 

(i) information relating to the Company’s or Subsidiary’s past and existing customers and vendors and development of
prospective customers and vendors, including specific customer product requirements, pricing arrangements, payment terms, customer lists and other similar information; 

  
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 (ii) inventions, designs, methods, discoveries, works of authorship, creations,
improvements or ideas developed or otherwise produced, acquired or used by the Company and/or a Subsidiary; 
 (iii) the
Company’s or Subsidiary’s proprietary programs, processes or software, consisting of, but not limited to, computer programs in source or object code and all related documentation and training materials, including all upgrades, updates,
improvements, derivatives and modifications thereof and including programs and documentation in incomplete stages of design or research and development; 

(iv) the subject matter of the Company’s or Subsidiary’s patents, design patents, copyrights, trade secrets,
trademarks, service marks, trade names, trade dress, manuals, operating instructions, training materials, and other industrial property, including such information in incomplete stages of design or research and development; and 

(v) other confidential and proprietary information or documents relating to the Company’s or Subsidiary’s products,
business and marketing plans and techniques, sales and distribution networks and any other information or documents that the Company and/or a Subsidiary reasonably regards as being confidential. 

The Company and its Subsidiaries devote significant financial, human and other resources to the development of their products, customer base and the general
goodwill associated with its business, and the Company and its Subsidiaries diligently maintain the secrecy and confidentiality of their Confidential Information. Each and every component of the Confidential Information is sufficiently secret to
derive economic value from its not being generally known to other persons. While employed by the Company and/or Subsidiary and thereafter, the Participant will hold in the strictest confidence and not use in any manner which is detrimental to the
Company or its Subsidiaries or disclose to any individual or entity any Confidential Information, except as may be required by the Company or its Subsidiaries in connection with the Participant’s employment. 

All Company Materials are and will be the sole property of the Company and/or Subsidiary. The Participant agrees that during and after his or her employment
by the Company and/or Subsidiary, the Participant will not remove any Company Materials from the business premises of the Company or a Subsidiary or deliver any Company Materials to any person or entity outside the Company or a Subsidiary, except as
the Participant is required to do so in connection with performing the duties of his or her employment. The Participant further agrees that, immediately upon the termination of his or her employment for any reason, or during the Participant’s
employment if so requested by the Company, the Participant will return all Company Materials and other physical property, and any reproduction thereof, excepting only the Participant’s copy of this Agreement. For purposes of this Stock
Agreement, “Company Materials” means documents or other media or tangible items that contain or embody Confidential Information or any other information concerning the business, operations or future/strategic plans of the Company and/or
any Subsidiary, whether such documents have been prepared by the Participant or by others. 

  
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 b. Non-Solicitation and Non-Compete. Notwithstanding any provision of this Stock
Agreement, if at any time prior to the date that is one year after the date of vesting of all or any portion of the Restricted Stock, the Participant directly or indirectly: 
  

	 	(i)	breaches or violates Section 6(a) of this Stock Agreement; or 

  

	 	(ii)	employs, recruits or solicits for employment any person who is (or was within the six (6) months prior to the Participant’s employment termination date) an employee of the Company and/or any Subsidiary; or


  

	 	(iii)	accepts employment or engages in a competing business that may require contact, solicitation, interference or diverting of any of the Company’s or any Subsidiary’s customers, or that may result in the
disclosure, divulging, or other use, of Confidential Information or Company Materials acquired during the Participant’s employment with the Company or any Subsidiary; or 


 

	 	(iv)	solicits or encourages any customer, vendor or potential customer or vendor of the Company or any Subsidiary with whom the Participant had contact while employed by the Company or any Subsidiary to terminate or
otherwise alter his, her or its relationship with the Company or any Subsidiary. The Participant understands that any person or entity that the Participant contacted during the twelve (12) months prior to the date of the Participant’s
termination of employment for the purpose of soliciting sales from such person or entity shall be regarded as a “potential customer” of the Company to whom the Company or a Subsidiary has a protectable proprietary interest;


 the unvested Restricted Stock shall be forfeited automatically on the date the Participant engages in such activity and the Participant
shall pay the Company, within five business days of receipt by the Participant of a written demand therefor, an amount in cash determined by multiplying the number of Shares of Restricted Stock subject to this Stock Agreement which vested within the
one-year period described above by the Fair Market Value of a Share, determined as of the date of vesting 
 c. Remedies for
Violation. 
 (i) Injunctive Action. The Participant acknowledges that if he or she violates the terms
of this Section 6 the injury that would be suffered by the Company and/or a Subsidiary as a result of a breach of the provisions of this Stock Agreement (including any provision of Section 6(a) or (b) hereof) would be irreparable and
that an award of monetary damages to the Company and/or a Subsidiary for such a breach would be an inadequate remedy. Consequently, the Company and/or a Subsidiary will have the right, in addition to any other rights it may have, to obtain
injunctive relief to restrain any breach or threatened breach or otherwise to specifically enforce any provision of this Stock Agreement, and the Company and/or a Subsidiary will not be 

  
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obligated to post bond or other security in seeking such relief. Without limiting the Company’s or a Subsidiary’s rights under this Section 6 or any other remedies of the Company
or Subsidiary, if the Participant breaches any of the provisions of Section 6(a) or (b) hereof, the Company will have the right to cancel this Stock Agreement. 

(ii) Attorneys’ Fees; Set-off Right. In addition to the rights available to the Company and
its Subsidiaries under Section 6(c)(i) hereof, if the Participant violates the terms of this Section 6 at any time, the Company shall be entitled to reimbursement from the Participant of any fees and expenses (including attorneys’
fees) incurred by or on behalf of the Company or any Subsidiary in enforcing the Company’s or a Subsidiary’s rights under this Section 6. By accepting this Restricted Stock grant, the Participant hereby consents to a deduction from
any amounts the Company or any Subsidiary owes to the Participant from time to time (including amounts owed to the Participant as wages or other compensation, fringe benefits or vacation pay, as well as any other amounts owed to the Participant by
the Company or any Subsidiary), unless such amount is subject to Section 409A of the Code, to the extent of any amounts that the Participant owes to the Company under this Section 6. In addition to any injunctive relief sought under
Section 6(c)(i) hereof and whether or not the Company or any Subsidiary elects to make any set-off in whole or in part, if the Company or any Subsidiary does not recover by means of set-off the full amount the Participant owes to the Company or
any Subsidiary, calculated as set forth in this Section 6(c)(ii), the Participant agrees to immediately pay the unpaid balance to the Company or any Subsidiary. 

d. Enforceability of Restrictive Covenants. The scope and duration of the restrictive covenants contained in this Stock
Agreement are reasonable and necessary to protect a legitimate, protectable interest of the Company and its Subsidiaries. 
 e.
Written Acknowledgement by Participant. The Committee, in its sole discretion, may require the Participant, as a condition to lapsing any restriction on the Restricted Stock, to acknowledge in writing that the Participant has not engaged,
and is not in the process of engaging, in any of the activities described in this Section 6. 
  

	7.	Miscellaneous Provisions. 

 a. No Service or Employment
Rights. No provision of this Stock Agreement or of the Restricted Stock granted hereunder shall give the Participant any right to continue in the service or employ of the Company or any Subsidiary, create any inference as to the length of
employment or service of the Participant, affect the right of the Company or any Subsidiary to terminate the employment or service of the Participant, with or without Cause, or give the Participant any right to participate in any employee welfare or
benefit plan or other program (other than the Plan) of the Company or any Subsidiary. 
 b. Plan Document Governs. The
Restricted Stock is granted pursuant to the Plan, and the Restricted Stock and this Stock Agreement are in all respects governed by the Plan and subject to all of the terms and provisions thereof, whether such terms and provisions are


  
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incorporated in this Stock Agreement by reference or are expressly cited. Any inconsistency between the Stock Agreement and the Plan shall be resolved in favor of the Plan. The Participant hereby
acknowledges receipt of a copy of the Plan. 
 c. Beneficiary Designation. The Participant may, from time to time, in
accordance with procedures set forth by the Committee, name any beneficiary or beneficiaries (who may be named contingently or successively) to whom any benefit under this Stock Agreement is to be paid in case of his or her death before he or she
receives any or all of such benefit. Each such designation shall revoke all prior designations by the Participant, shall be in a form prescribed by the Company, and will be effective only when filed by the Participant in writing with the Committee
during the Participant’s lifetime. In the absence of any such designation, benefits remaining unpaid at the Participant’s death shall be paid to the Participant’s estate or exercised by the Participant’s estate. 

d. Administration. This Stock Agreement and the rights of the Participant hereunder are subject to all the terms and conditions
of the Plan, as the same may be amended from time to time, as well as to such rules and regulations as the Committee may adopt for administration of the Plan. It is expressly understood that the Committee is authorized to administer, construe, and
make all determinations necessary or appropriate to the administration of the Plan and this Stock Agreement, all of which shall be binding upon the Participant. 

e. No Vested Right in Future Awards. The Participant acknowledges and agrees (by executing this Stock Agreement) that the
granting of Restricted Stock under this Stock Agreement is made on a fully discretionary basis by the Company and that this Stock Agreement does not lead to a vested right to further restricted stock or other awards in the future. 

f. Use of Personal Data. By executing this Stock Agreement, the Participant acknowledges and agrees to the collection, use,
processing and transfer of certain personal data, including his or her name, salary, nationality, job title, position and details of all past Awards and current Awards outstanding under the Plan (“Data”), for the purpose of managing and
administering the Plan. The Participant is not obliged to consent to such collection, use, processing and transfer of personal data, but a refusal to provide such consent may affect his or her ability to participate in the Plan. The Company, or its
Subsidiaries, may transfer Data among themselves or to third parties as necessary for the purpose of implementation, administration and management of the Plan. These various recipients of Data may be located elsewhere throughout the world. The
Participant authorizes these various recipients of Data to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Plan. The Participant may, at any time,
review Data with respect to the Participant and require any necessary amendments to such Data. The Participant may withdraw his or her consent to use Data herein by notifying the Company in writing; however, the Participant understands that by
withdrawing his or her consent to use Data, the Participant may affect his or her ability to participate in the Plan. 
 g.
Severability. If one or more provisions of this Stock Agreement (including, without limitations, the provisions of Section 6 hereof) are held to be unenforceable under applicable law to any extent, such provision(s) shall, to that
extent, be excluded from this Stock Agreement and the balance of the Stock Agreement shall be interpreted as if such provision(s) were so excluded to that extent and shall be enforceable in accordance with its terms. 

  
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 h. Waiver; Cumulative Rights. The failure or delay of either party to require
performance by the other party of any provision hereof shall not affect its right to require performance of such provision unless and until such performance has been waived in writing. Each and every right hereunder is cumulative and may be
exercised in part or in whole from time to time. 
 i. Notices. Any notice which either party hereto may be required or
permitted to give the other shall be in writing and may be delivered personally or by mail, postage prepaid, addressed to the Corporate Secretary of the Company, at its then corporate headquarters, and the Participant at the Participant’s
address (including any electronic mail address) as shown on the Company’s records, or to such other address as the Participant, by notice to the Company, may designate in writing from time to time. The Participant hereby consents to electronic
delivery of any notices that may be made hereunder. 
 j. Counterparts. This Stock Agreement may be signed in counterparts,
each of which shall be an original, but both of which shall constitute but one and the same instrument. 
 k. Successors and
Assigns. This Stock Agreement shall inure to the benefit of and be binding upon each successor and assign of the Company. All obligations imposed upon the Participant, and all rights granted to the Company hereunder, shall be binding upon
the Participant’s heirs, legal representatives and successors. 
 l. Governing Law. This Stock Agreement and the
Restricted Stock granted hereunder shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without giving effect to provisions thereof regarding conflict of laws. 

m. Entire Agreement. This Stock Agreement, together with the Plan, constitute the entire obligation of the parties hereto with
respect to the subject matter hereof and shall supersede any prior expressions of intent or understanding with respect to this transaction. 

n. Amendment. Any amendment to this Stock Agreement shall be in writing and signed by an executive officer of the Company or the
Director of Compensation and Benefits. 
 o. Headings and Construction. The headings contained in this Stock Agreement
are for reference purposes only and shall not affect the meaning or interpretation of this Stock Agreement. This Stock Agreement is intended to be a stock right excluded from the requirements of Code Section 409A. The terms of this Stock
Agreement shall be administered and construed in a manner consistent with the intent that it be a stock right excluded from the requirements of Code Section 409A. 

  
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 IN WITNESS WHEREOF, the Company has caused this Stock Agreement to be duly executed by an
officer thereunto duly authorized, and the Participant has hereunto set his or her hand, all as of the day and year first above written. 
  

			
	ZEBRA TECHNOLOGIES CORPORATION
	By:		
	
	  

	Name:		Jim Kaput
	Title:		Chief Interim Human Resources Officer


  
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 Exhibit A 
  

	1.	Net Sales and Adjusted EBITDA Margin Performance Goals. 

  

									
	 Performance Measure and Percentage of Target Shares

subject to Performance Measure
	 	Below Threshold	 	Threshold	 	Target	 	Maximum
	 2016 Net Sales of Zebra (60%)
	 	<$3.727B	 	$3.727B	 	$3.842B	 	Equal to or
greater
 than$3.957B

	 Vested Percentage of Restricted Stock
	 	0%	 	50.00%	 	100.00%	 	180%
	 2016 Adjusted EBITDA Margin of Zebra (40%)
	 	<$19.4%	 	$19.4%	 	21.4%	 	Equal to or
greater
 than$23.4%

	 Vested Percentage of Restricted Stock
	 	0%	 	50.00%	 	100.00%	 	180%

 “Net Sales” means, with respect to any period, the consolidated net sales of Zebra Technologies Corporation
for that period. 
 “Adjusted EBITDA Margin” of Zebra means, with respect to any period, the ratio of the Adjusted EBITDA of Zebra
Technologies Corporation for that period over the Net Sales of Zebra Technologies Corporation for that period. “Adjusted EBITDA” means earnings before interest income and expense, taxes, depreciation and amortization of Zebra Technologies
Corporation, adjusted to remove equity-based compensation expense and Non-Recurring Charges. “Non-Recurring Charges” specifically include such items as (i) one-time charges, non-operating charges or expenses incurred that are not
under the control of operations management, as approved by the Compensation Committee; (ii) restructuring expenses; (iii) exit expenses; (iv) acquisition, integration and divestiture expenses; (v) Board of Directors projects
(e.g., director searches); (vi) gains or losses on the sale of assets; (vii) acquired in-process technology; (viii) impairment charges; and (ix) changes in Generally Accepted Accounting Principles. The above list is not
exhaustive and is intended to represent examples of the kind of expenses typically excluded from the calculations of Operating Income. 
 For actual
performance between threshold and target for each performance goal, the Vested Percentage of Restricted Stock shall be interpolated on a straight line basis and rounded to the nearest one-hundredth of one percent. For actual performance between
target and maximum for each performance goal, the Vested Percentage of Restricted Stock shall be interpolated on a straight line basis and rounded to the nearest one-hundredth of one percent. 

  
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 Unless the Committee or the Board otherwise determines in its sole discretion, for purposes of calculating Net
Sales and Adjusted EBITDA, (A) net sales and EBITDA derived from acquisitions shall be included and (B) divestitures of subsidiaries or businesses of Zebra shall be given effect as of the effective date of the divestiture. 

The Participant is eligible for banking of a specific number of shares as of December 31, 2015 based upon the following: 

 

	 	(1)	If the 2015 Net Sales of Zebra equals or exceeds $3.685B, 30% of the number of Target Shares (rounded to the nearest whole Share) shall be banked in respect of 2015 for further calculation below. If the 2015 Net Sales
of Zebra is less than $3.685B, then no Shares shall be banked in respect of 2015. No interpolation or pro-ration is applied to the number of banked Shares if $3.685B of 2015 Net Sales is not achieved and, if $3.685B of 2015 Net Sales is exceeded, no
additional Target Shares in respect of 2015 shall be banked. 

  

	 	(2)	If the 2015 Adjusted EBITDA Margin of Zebra equals or exceeds 19.0%, 20% of the number of Target Shares (rounded to the nearest whole Share) shall be banked in respect of 2015 for further calculation below. If the 2015
Adjusted EBITDA Margin of Zebra is less than 19.0%, then no Shares shall be banked in respect of 2015. No interpolation or pro-ration is applied to the number of banked Shares if a 19.0% 2015 Adjusted EBITDA Margin of Zebra is not achieved and, if a
19.0% 2015 Adjusted EBITDA Margin of Zebra is exceeded, no additional Target Shares in respect of 2015 shall be banked. 

 The sum of the
banked shares in respect of 2015 pursuant to the preceding subparagraphs (1) and (2), if any, shall be the “Minimum Vested Shares”. 

The number of Shares of Restricted Stock that vest pursuant to this Exhibit A shall be the greater of (1) the Minimum Vested Shares or
(2) the number of Shares determined pursuant to the table above in this Exhibit A (be rounded to the nearest whole Share). 
 Changes in
accounting principles shall be consistently applied. 

  
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