Document:

EX-10.2

 Exhibit 10.2 
 ATLAS AIR WORLDWIDE HOLDINGS, INC. 
 2013 LONG TERM CASH INCENTIVE
PROGRAM 
 Approved by Compensation Committee: February 25, 2013 

 ATLAS AIR WORLDWIDE HOLDINGS, INC. 

2013 LONG TERM CASH INCENTIVE PROGRAM 
 Section 1. Purpose. 
 The purpose of the Program is to set forth
certain terms and conditions governing cash awards made under Atlas Air Worldwide Holdings, Inc.’s (“AAWW” or the “Company”) 2007 Incentive Plan, as amended (the “Plan”). The Program shall be treated for all
purposes as a sub-plan or arrangement for the grant of Cash Awards under the Plan and shall be subject to the Plan, which is incorporated herein by reference. Awards under the Program are intended to qualify for the performance-based compensation
exception to the limitations on tax deductibility imposed by Section 162(m) of the Code and together with the applicable terms of the Plan and Program shall be construed accordingly. The Program shall be effective as of January 1, 2013,
and shall be applicable for the 2013-2015 Performance Period. Capitalized terms not defined herein shall have the meanings given in the Plan. 

Section 2. Definitions. 
 2.1. Award shall mean an opportunity to earn benefits under the Program. 

2.2. Atlas shall mean AAWW or its subsidiaries. 
 2.3. Board shall mean the Board of Directors of AAWW. 
 2.4.
Beneficiary shall mean a Participant’s beneficiary designated pursuant to Section 8. 
 2.5. Code shall
mean the Internal Revenue Code of 1986, as amended from time to time. 
 2.6. Committee shall mean the Compensation
Committee of the Board. 
 2.7. Determination Date shall have the meaning specified in Section 6.2. 

2.8. Eligible Participant means any of the Chief Executive Officer, President, Executive Vice Presidents, Senior Vice Presidents,
Vice Presidents and Staff Vice Presidents of AAWW and Atlas Air, Inc., and such other Atlas officers as may from time to time be designated by the Committee. 
 2.9. Participant shall mean any Eligible Participant during such Eligible Participant’s period of participation in the Program. 

2.10. Performance Period shall mean January 1, 2013 through December 31, 2015. 

2.11. Program shall mean this Atlas Air Worldwide Holdings, Inc. 2013 Long Term Cash Incentive Program, as it may be amended from
time to time. 

  
 1 

 Section 3. Administration. 

The Program shall be administered by the Committee in accordance with and subject to the provisions of Section 3 of the Plan.

 Section 4. Participation. 
 Each individual who is employed as an Eligible Participant on the first day of the Performance Period shall participate in the Program. An individual who first becomes employed as an Eligible Participant
on or prior September 30, 2013 (March 31, 2013 in the case of an individual whose Award is intended to qualify for the performance-based compensation exception to the limitations on tax deductibility imposed by Section 162(m) of the Code),
may participate in the Program in the discretion of the Committee (or, in the case of offices below the level of Senior Vice President, its delegate). An individual employed by Atlas, including an Eligible Participant, may be awarded incentive
compensation outside the Program in lieu of or in addition to awards, if any, under the Program. 
 Section 5. Section 5:
Determination of Awards. 
 5.1. Target Bonus Award. The target cash bonus payable under an Award for the Performance
Period will be the amount established by the Committee (or, in the case of offices below the level of Senior Vice President, its delegate), for each Participant classification (the “Target Bonus Amount”). 

5.2. Performance Measures. Payment of a cash bonus Award is conditioned upon written certification by the Committee of
satisfaction of the achievement of certain relative ROIC and EBITDA Growth levels as described below (the “Performance Criteria”) during the period beginning January 1, 2013 and ending December 31, 2015 (the “Performance
Period”), as compared to the ROIC and EBITDA Growth of the companies listed in Annex A attached hereto (the “Peer Companies”) for the same period.1 The actual cash bonus Award amount (the “Payable Amount”) shall be determined in accordance with Annex B
hereto (the “Performance Plan Matrix”). Each cell of the Performance Plan Matrix sets forth in percentage terms the amount of the Target Bonus Amount that will become the Payable Amount. By way of example only, at 100% achievement, the
Participant will receive as the Payable Amount the Target Bonus Amount; at 200% achievement the Participant will receive as the Payable Amount 200% of the Target Bonus Amount; at 72% achievement, the Participant will receive as the Payable Amount
72% percent of the Target Bonus Amount; and at zero percent achievement, the holder will not be entitled to receive any Payable Amount. In no event shall the Payable Amount exceed, for any Participant, the maximum amount specified in
Section 4(c) of the Plan. 
 (1) ROIC for the Company shall be measured against ROIC for the Peer Companies as set forth
in the Performance Unit Plan Matrix. “ROIC” for the Company and each Peer Company shall mean a fraction where the numerator is cumulative NOPAT over the Performance Period and the denominator is Average Invested Capital (calculated as the

  

	1 	 For peer companies not on a December 31 fiscal year, the average mentioned in Section 2 shall be calculated for the twelve month period ended
December 31. 

  
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average of capital for 2013, 2014 and 2015), in each case calculated in accordance with generally accepted accounting principles (“GAAP”). “NOPAT” is defined as operating
income minus Cash Tax Paid. “Cash Tax Paid” is defined as income taxes as reflected on the income statement minus deferred taxes as reflected on the cash flow statement. “Average Invested Capital” is defined as the average of the
beginning and ending Invested Capital during the year. “Invested Capital” is defined as capital lease obligations, plus short and long term debt plus total stockholders equity minus an amount equal to cash and cash equivalents.
Invested Capital shall exclude investment amounts associated with aircraft acquisition until the first time that such aircraft is flown under a customer contract at which time all amounts accrued with respect to such aircraft shall be considered in
the Average Invested Capital calculation from such date. Invested Capital shall be reduced by the amount of any investments held in the Company’s direct or indirect debt securities that remain outstanding and that have not otherwise been
defeased. 
 (2) EBITDA Growth for the Company shall be measured against EBITDA Growth for the Peer Companies as set forth in
the Performance Unit Plan Matrix. “EBITDA” shall mean income from continuing operations, before interest, income taxes, depreciation expense and amortization expense. EBITDA Growth for the Company and each Peer Company shall be calculated
by averaging the percentage increase or decrease in EBITDA for each of the three years ended December 31 in the Performance Period. EBITDA increase or decrease for each twelve month period shall be calculated by subtracting EBITDA for the
twelve months ended December 31 for the prior year from EBITDA for the twelve months ended December 31 for the current year and dividing the resulting difference in EBITDA by the EBITDA for the twelve months ended December 31 for the
prior year. This calculation will be performed for the Company and for each Peer Company. 
 (3) The calculations for ROIC and
EBITDA shall be adjusted for the following non-recurring items to the extent reflected on the Company’s or the peer companies’ financial statements: (i) any loss or gain resulting from the early extinguishment of debt, (ii) the
cumulative effect of a change in accounting principles, (iii) asset impairment charges or (iv) extraordinary items under GAAP. These adjustments shall be made on an “After-tax basis” with respect to ROIC and on a pre-tax basis
with respect to EBITDA. “After-tax basis” shall mean the product of the amount of each non-recurring item times the difference between one and the cash tax rate as published in the Company’s and each peer group company’s annual
report on Form 10-K or Quarterly Report on Form 10-Q, as applicable, for the respective fiscal year or 12 month measurement period. The ROIC ratio will exclude the unconsolidated results of Polar Air Cargo Worldwide. 

Section 6. Payment of Awards under this Program. 
 6.1. General. A Participant will be entitled to receive payment, if any, under an Award if the Participant is still employed by Atlas on December 31, 2015. A Participant will receive an Award
in the manner and at the times set forth in Sections 6.2, 6.3 and 6.4. 
 6.2. Time of Payment. Any Payable Amount for an
Award for the Performance Period shall be paid by Atlas within two weeks following certification by the Committee (as required by Section 162(m) of the Code) as to achievement of the performance goal (the “Determination Date”)
following the completion of the year-end audit for the last year of the Performance Period, but in no event later than December 31, 2016. 

  
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 6.3. Form of Payment. All Payable Amounts for an Award shall be paid in cash.

 6.4. Termination of Employment. 

(a) General. Except as provided otherwise in this Section 6.4, a Participant whose employment terminates for
any reason prior to the last day of the Performance Period shall forfeit such Award. 
 (b) Death or
Termination by Reason of Disability. In the event of death or a termination by the Company of the Participant’s employment with the Company or its Subsidiaries (a “Termination of Service”) by reason of the Participant’s
Disability occurring after January 1, 2013, but before the end of the Performance Period, the portion of the Award that will be payable is calculated by dividing the number of days from January 1, 2013 until the date of Termination of
Service by reason of Disability or death, by the total number of days in the Performance Period, and multiplying that fraction by the Payable Amount. Subject to Section 7, the reduced (prorated) Payable Amount, if any (calculated as provided in
Section 5.2) shall not be payable until after the Determination Date. For purposes of this Agreement, a Termination of Service shall be deemed to be by reason of “Disability” if upon such Termination of Service, the Participant shall
have been continuously disabled from performing the duties assigned to the Participant for a period of not less than six consecutive calendar months and such Disability shall be deemed to have commenced on the date following the end of such six
consecutive calendar months. 
 (c) Termination by the Company Not For Cause. In the event of Termination
of Service of the Participant by reason of an involuntary termination by the Company and its Subsidiaries not for Cause occurring after the date hereof, but before January the end of the Performance Period, the portion of the Award that will be
payable, if any, is calculated by dividing the number of days from January 1, 2013 until the date of the Termination of Service by reason of an involuntary termination not for Cause, by the total number of days in the Performance Period,
multiplied by the Payable Amount. Subject to Section 7, the reduced (prorated) Payable Amount, if any (calculated as provided in Section 5.2 shall not be delivered until after the Determination Date. For purposes of this Agreement,
“Cause” shall mean (i) the Participant’s refusal or failure (other than during periods of illness or disability) to perform the Participant’s material duties and responsibilities to the Company or its Subsidiaries,
(ii) the conviction or plea of guilty or nolo contendere of the Participant in respect of any felony, other than a motor vehicle offense, (iii) the commission of any act which causes material injury to the reputation, business or business
relationships of the Company or any of its Subsidiaries including, without limitation, any breach of written policies of the Company with respect to trading in securities, (iv) any other act of fraud, including, without limitation,
misappropriation, theft or embezzlement, or (v) a violation of any applicable material policy of the Company or any of its Subsidiaries, including, without limitation, a violation of the laws against workplace discrimination. 

  
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 (d) Other Terminations of Service. Except as provided for herein or
in the Plan, any Termination of Service of the Participant occurring prior to the end of the Performance Period (including a Termination of Service initiated by the Participant) and before a Change in Control of the Company, shall result in the
immediate and automatic termination and forfeiture of the Award. 
 Section 7. Change in Control. 

In the event the Company undergoes a Change in Control, Awards will be determined and paid in accordance with this Section 7 based on the assumption
that the Company has achieved a level of 200% on the Performance Plan Matrix for the Performance Period. Payable Amounts will be paid in full in connection with and immediately before a Change in Control. For purposes of this Program, “Change
in Control of the Company” shall mean a “change in control event” (as that term is defined at Section 1.409A-3(i)(5) of the Treasury Regulations) with respect to the Company, which generally will include the following events,
subject to such additional rules and requirements as may be set forth in the Treasury Regulations and related guidance: 
 (1) a transfer or
issuance of stock of the Company, where stock in the Company remains outstanding after the transaction, and one person, or more than one person acting as a group (as determined under the Treasury Regulations), acquires ownership of stock in the
Company that, together with stock held by such person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of the Company (however, if a person or group is considered to own more than 50% of the total
fair market value or 30% of the total voting power of the stock of the Company, the acquisition of additional stock by the same person or group will not be considered a change in control for purposes of this Section 7); 

(2) the acquisition by a person or group, during the 12-month period ending on the date of the most recent acquisition by such person or group, of
ownership of stock possessing 30% or more of the total voting power of the Company (however, if a person or group is considered to control the Company within the meaning of this sentence (i.e., owns stock of the Company possessing 30% of the total
voting power of the Company), then the acquisition of additional control will not be considered a change in control for purposes of this Section 7); 
 (3) the replacement of a majority of members of the Company’s Board of Directors during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of
the Company’s Board of Directors before the appointment or election; or 
 (4) the acquisition by a person or group, during
the 12-month period ending on the date of the most recent acquisition by such person or group, of assets from the Company that have a total gross fair market value equal to or more than 40% of the total gross fair market value of all the assets of
the Company, as determined under the Treasury Regulations (however, a transfer of assets to certain related persons, as provided under the Treasury Regulations, or to an entity that is controlled by the shareholders of the Company immediately after
the transfer, will not be considered a change in control for purposes of this Section 7). 

  
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 Section 8. Beneficiary Designation. 

8.1. Designation and Change of Designation. Each Participant shall file with Atlas a written designation of one or more persons as
the Beneficiary who shall be entitled to receive the Award, if any, payable under the Program upon the Participant’s death. A Participant may, from time to time, revoke or change his Beneficiary designation without the consent of any prior
Beneficiary by filing a new designation with Atlas. The last such designation received by Atlas shall be controlling; provided, however, that no designation, or change or revocation thereof, shall be effective unless received by Atlas prior to the
Participant’s death, and in no event shall it be effective as of any date prior to such receipt. 
 8.2. Absence of
Valid Designation. If no such Beneficiary designation is in effect at the time of a Participant’s death, or if no designated Beneficiary survives the Participant, or if such designation conflicts with law, the Participant’s estate
shall be deemed to have been designated as the Participant’s Beneficiary and shall receive the payment of the amount, if any, payable under the Program upon his death. If Atlas is in doubt as to the right of any person to receive such amount,
Atlas may retain such amount, without liability for any interest thereon, until the rights thereto are determined, or Atlas may pay such amount into any court of appropriate jurisdiction and such payment shall be a complete discharge of the
liability of the Program and Atlas therefor. 
 Section 9. General Provisions. 

9.1. Plan to be Unfunded. The Program is intended to constitute an unfunded incentive compensation arrangement. Nothing contained
in the Program, and no action taken pursuant to the Program, shall create or be construed to create a trust of any kind. A Participant’s right to receive an Award shall be no greater than the right of an unsecured general creditor of Atlas. All
Awards shall be paid from the general funds of Atlas, and no special or separate fund shall be established and no segregation of assets shall be made to assure payment of such Awards. There shall not vest in any Participant or Beneficiary any right,
title, or interest in and to any specific assets of Atlas. 
 9.2. Section 409A of the Code. Awards under the
Program are intended to satisfy the requirements of Section 409A of the Code and shall be construed and administered accordingly. Notwithstanding anything to the contrary in this Program, if at the time of the Participant’s termination of
employment, the Participant is a “specified employee,” as defined below, any and all amounts payable under this Program on account of such separation from service that constitute deferred compensation and would (but for this provision) be
payable within six (6) months following the date of termination, shall instead be paid on the next business day following the expiration of such six (6) month period or, if earlier, upon the Participant’s death; except (A) to the
extent of amounts that do not constitute a deferral of compensation within the meaning of Treasury regulation Section 1.409A-1(b), as determined by Atlas in its reasonable good faith discretion or (B) other amounts or benefits that are not
subject to the requirements of Section 409A. For purposes of this Program, all references to “termination of employment” and 

  
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correlative phrases shall be construed to require a “separation from service” (as defined in Section 1.409A-1(h) of the Treasury regulations after giving effect to the presumptions
contained therein), and the term “specified employee” means an individual determined by the Atlas to be a specified employee under Treasury regulation Section 1.409A-1(i). Notwithstanding anything to the contrary in the Program,
neither the Company, nor any affiliate, nor the Committee, nor any person acting on behalf of the Company, any affiliate, or the Committee, shall be liable to any Participant or to the estate or beneficiary of any Participant or to any other holder
of an Award by reason of any acceleration of income, or any additional tax, asserted by reason of the failure of an Award to satisfy the requirements of Section 409A or by reason of Section 4999 of the Code; provided, that nothing in this
Section 9.3 shall limit the ability of the Committee or the Company to provide by separate express written agreement with a Participant for a gross-up payment or other payment in connection with any such tax or additional tax. 

9.3. Rights Limited. Nothing contained in the Program shall give any Eligible Participant the right to continue in the employment
of Atlas, or limit the right of Atlas to discharge an Eligible Participant. 
 9.4. Governing Law. The Program shall be
construed and governed in accordance with the laws of the State of New York. 
 9.5. Taxes. There shall be deducted from
all amounts paid under the Program all federal, state, local and other taxes required by law to be withheld with respect to such payments. 

Section 10. Amendment, Suspension, or Termination. 
 The Committee reserves the right to amend, suspend, or terminate the Program at any time. 

  
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 Annex A 
 Peer Group 
  

	
	AERCAP
	AIRCASTLE LIMITED
	ARKANSAS BEST CORPORATION
	AIR TRANSPORT SERVICES GROUP (ATSG)
	BRISTOW GROUP
	CSX CORPORATION
	DELTA AIRLINES
	GATX CORPORATION
	HORIZON LINES, INC.
	J.B. HUNT TRANSPORT SERVICES, INC.
	JETBLUE AIRWAYS
	KANSAS CITY SOUTHERN
	MATSON, INC.
	NORFOLK SOUTHERN
	PARKER DRILLING COMPANY
	REPUBLIC AIRWAYS
	RYDER SYSTEMS, INC.
	SKYWEST AIRLINES
	SOUTHWEST AIRLINES
	TAL INTERNATIONAL
	TIDEWATER INC.

  
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 Annex B 
 Performance Unit Plan Matrix 
  

													
	 	 	 	  	Performance Relative to Peer Group: ROIC
	 	 	 	  	   Bottom  
   Quartile  
	  	   26th – 44th  
 Percentile
	  	   45th – 55th  
 Percentile
	  	   56th – 75th  
 Percentile
	  	 Top
 Quartile

	 Performance Relative to Peer Group: EBITDA Growth
	 	
Top

Quartile
	  	100%	  	135%	  	150%	  	175%	  	200%
	 	
56th – 75th

Percentile
	  	75%	  	100%	  	135%	  	150%	  	175%
	 	
45th – 55th

Percentile
	  	50%	  	75%	  	100%	  	135%	  	150%
	 	
26th – 44th

Percentile
	  	0%	  	50%	  	75%	  	100%	  	135%
	 	
Bottom

Quartile
	  	0%	  	0%	  	50%	  	75%	  	100%

 For measurement purposes, the 45th to 55th percentile box of Annex B (“Center Box”), as well as the 26th – 44th percentile and the 56th – 75th percentile boxes, will be populated with four companies and the top quartile and the bottom quartile will be populated
with five companies, for a total of twenty-two companies, which includes the peer group companies and the Company. 
 If
ROIC or EBITDA information is unavailable for one of the companies listed above, then such company shall be omitted from the peer group and from any and all calculations under this Agreement, and the companies comprising the Center Box will be
accordingly reduced. If another company shall be omitted from the peer group, the Center Box will then again be reduced by one company, and if a further reduction is required, the 26th to 44th percentile box of Annex B will then be reduced by one company, and then the 56th to 75th percentile box of Annex B, and then again 26th to 44th percentile box of Annex B, and so on. 

  
 9EX-10.1

 Exhibit 10.1 
 STOCK APPRECIATION RIGHTS AGREEMENT 
 This STOCK APPRECIATION RIGHTS AGREEMENT (this “SAR Agreement”), dated as of
 %%OPTION_DATE,’MM/DD/YYYY’%-% (the “Grant Date”), is between ZEBRA TECHNOLOGIES
CORPORATION, a Delaware corporation (the “Company”), and %%FIRST_NAME%-% %%LAST_NAME%-% (the “Participant”), relating to a stock appreciation right granted under the 2011 Zebra Technologies Corporation Long-Term Incentive
Plan (the “Plan”). Capitalized terms used in this SAR Agreement without definitions shall have the meanings ascribed to such terms in the Plan. 
  

	1.	Grant of Stock Appreciation Right. 

  

	 	(a)	Grant. Subject to the provisions of this SAR Agreement and pursuant to the provisions of the Plan, the Company hereby grants to the Participant as of the
Grant Date a stock appreciation right (the “SAR”) covering
 %%TOTAL_SHARES_GRANTED,’999,999,999’%-% shares (the “SAR Shares”) of the Company’s Class A Common Stock, $0.01 par value per share (the
“Stock”), at a price of %%OPTION_PRICE,’$999,999,999.99’%- per share (the “SAR Price”). The SAR is not issued in tandem with an Option. This SAR Agreement shall be null and void unless the Participant accepts this SAR
Agreement by either (i) electronically accepting this SAR Agreement through the Company’s electronic delivery and acceptance process operated by E*TRADE or (ii) executing this SAR Agreement in the space provided below and returning it
to the Company not later than the 40th day following the Grant Date. 

  

	 	(b)	 Term of the SAR. Unless the SAR terminates earlier pursuant to other provisions of the SAR Agreement, the SAR shall expire at 5:00 p.m.,
Central Time, on the tenth (10th) anniversary of the
Grant Date (the “Expiration Date”). 

  

	 	(c)	Nontransferability. The SAR shall be nontransferable, except by will or the laws of descent and distribution, or as otherwise permitted under the Plan.

  

	2.	Vesting of the SAR. 

  

	 	(a)	General Vesting Rule. Prior to the Expiration Date, the SAR shall become and be exercisable as follows: 

 

					
	 Vesting Date Anniversary
	  	Percentage of
SAR 
Exercisable	 
	 Prior to the first anniversary of the Grant Date
	  	 	0	% 
	 On or after the first anniversary of the Grant Date
	  	 	25	% 
	 On or after the second anniversary of the Grant Date, an additional
	  	 	25	% 
	 On or after the third anniversary of the Grant Date, an additional
	  	 	25	% 
	 On or after the fourth anniversary of the Grant Date, an additional
	  	 	25	% 

 provided, however, except as otherwise provided for under this SAR Agreement, the
Participant must remain employed by the Company or any Subsidiary continuously through the applicable vesting dates.  
  

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

  

	 	(i)	Death or Disability. In the event the Participant’s employment with the Company and/or any Subsidiary is terminated due to the Participant’s
death or Disability, any unvested portion of the SAR as of the effective date of the Participant’s termination of employment shall immediately become fully vested and exercisable as of 5:00 p.m., Central Time, on the effective date of the
Participant’s termination of employment and, along with any unexercised vested portion of the SAR, shall remain exercisable until the earlier of: 

  

	 	(A)	5:00 p.m., Central Time, on the Expiration Date; or 

  

	 	(B)	5:00 p.m., Central Time, on the date that is one (1) year after the effective date of the Participant’s termination of employment due to the
Participant’s death or Disability. 

 In the event of the Participant’s death, the Participant’s
beneficiary or estate may exercise the vested SAR. 
  

	 	(ii)	Retirement. In the event the Participant’s employment with the Company and/or any Subsidiary is terminated due to Retirement, any unexercised vested
portion of the SAR as of the effective date of the Participant’s termination of employment shall remain exercisable until the earlier of: 

  

	 	(A)	5:00 p.m., Central Time, on the Expiration Date; or 

  

	 	(B)	5:00 p.m., Central Time, on the date that is one (1) year after the effective date of the Participant’s termination of employment due to Retirement.

 For purposes of this SAR Agreement, “Retirement” means the Participant’s voluntary termination
of employment with the Company and/or any Subsidiary after attaining either: 
  

	 	•	age fifty-five (55) with ten (10) or more complete years of service with the Company and/or any Subsidiary; or 

 

	 	•	age sixty-five (65). 

  

	 	(iii)	Termination for Cause. In the event the Participant’s employment with the Company and/or any Subsidiary is terminated for Cause, any unexercised SAR,
whether vested or not, shall expire immediately, be forfeited, and be considered null and void. For purposes of this SAR Agreement, “Cause” has the meaning set forth in the employment agreement, if any, between the Company and/or any
Subsidiary and the Participant or, if the Participant is not a party to such an agreement, “Cause” has the meaning, as determined by the Company in its sole discretion, set forth in the Plan. 

  
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	 	(iv)	Other Termination of Employment. In the event the Participant’s employment with the Company and/or any Subsidiary is terminated for any reason other
than as provided in Section 2(b)(i), (ii) or (iii) or Section 5 hereof, the unexercised vested portion of the SAR as of the effective date of the Participant’s termination of employment shall remain exercisable until the
earliest of: 

  

	 	(A)	5:00 p.m., Central Time, on the Expiration Date; or 

  

	 	(B)	5:00 p.m., Central Time, on the date that is ninety (90) days after the effective date of the Participant’s involuntary (as to the Participant) termination of
employment for reasons other than death, Disability, Retirement, or Cause; or 

  

	 	(C)	5:00 p.m., Central Time, on the date that is thirty (30) days after the effective date of the Participant’s voluntary termination of employment for reasons
other than Retirement. 

  

	3.	Exercise of SAR.  

(a) Notice of Exercise. Prior to the Expiration Date, the vested portion of the SAR may be exercised, in whole or in part,
by delivering written notice to the Company in accordance with Section 7(j) hereof and in such form as the Company may require from time to time. Such notice of exercise shall specify the number of SAR Shares to be exercised. 

(b) Payment. As of the date of exercise of the SAR, the Company shall settle the exercised portion of the SAR as provided in
Section 6.6 of the Plan. The amount of the payment for each SAR Share exercised shall equal (i) the Fair Market Value of a share of Stock on the date of exercise, less (ii) the SAR Price for each such exercised SAR Share. The
exercised SAR shall be settled in whole shares of Stock, and cash for the value of a fractional share of Stock. 
 (c)
Payment of Taxes. If the Company is obligated to withhold an amount on account of any tax imposed as a result of the exercise of the SAR, the Participant shall be required to pay such amount to the Company, as provided in
Section 9,10 of the Plan. Alternatively, subject to Company approval, the Participant may elect to withhold a portion of the SAR exercise payment equal to the minimum statutory tax that would be imposed on the exercise, 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 SAR and its exercise. 

(d) Death Prior to Exercise. In the event of the Participant’s death prior to the exercise of any vested portion of the
SAR, the Participant’s beneficiary or estate may exercise the vested SAR. 
  

	4.	Compliance with Federal and State Law. The Company reserves the right to delay the Participant’s exercise of any portion of the SAR if (a) the
Company’s issuance of Stock upon such exercise would violate any applicable federal or state securities laws or any other applicable laws or regulations, or (b) the Company reasonably determines that payment of such SAR portion would not
be deductible under Code Section 162(m). The Participant may not sell or otherwise dispose of any portion of the SAR in violation of any applicable law. The Company may postpone issuing and delivering any Stock in payment for the exercise of
such portion of the SAR for so long as the Company reasonably determines to be necessary to satisfy the following: 

  
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	 	(i)	its completing or amending any securities registration or qualification of the Stock or it or the Participant satisfying any exemption from registration under any
federal or state law, rule, or regulation; 

  

	 	(ii)	its receiving proof it considers satisfactory that a person seeking to exercise the SAR after the Participant’s death is entitled to do so; and

  

	 	(iii)	the Participant complying with any federal, state, or local tax withholding obligations. 

 

	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 SAR Agreement is assumed or provision is
made for the continuation of this SAR Agreement, then subject to Section 4.3 of the Plan, this SAR Agreement shall continue in accordance with its terms, and there shall be substituted for each SAR Share then subject to this SAR Agreement, the
number and class of shares into which each outstanding Share shall be converted pursuant to such Change in Control. In the event of any such substitution, the SAR Price shall be appropriately adjusted by the Board or Committee (whose determination
shall be final, binding and conclusive), such adjustments to be made without an increase in the aggregate SAR Price. In the event the Participant’s employment with the Company and/or any Subsidiary is terminated by the Participant for Good
Reason or by Zebra or any Subsidiary without Cause on or after the date of such Change in Control and on or prior to the one-year anniversary date of such Change in Control, then any unvested portion of the SAR as of the effective date of the
Participant’s termination of employment shall immediately become fully vested and exercisable and, along with any unexercised vested portion of the SAR, shall remain exercisable until the earlier of (1) the Expiration Date or (2) one
(1) year after the effective date of the Participant’s termination of employment. For purposes of this SAR Agreement, “Good Reason” has the meaning set forth in the employment agreement, if any, between the Company and/or any
Subsidiary and the Participant or, if the Participant is not a party to such an agreement, “Good Reason” has the meaning set forth in the Plan. 
 (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 SAR Shares then subject to this SAR, multiplied by the excess, if any, of 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, over
the SAR Price. 

  
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	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 SAR 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; 

  

	 	(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 their 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. 

  
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 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 SAR 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. 
  

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

  

	 	(i)	breaches or violates Section 6(a) of this SAR 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 SAR shall terminate 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 as to which the SAR was exercised within the one-year
period described above by the difference between (i) the Fair Market Value of a Share on the date of such exercise and (ii) the SAR Price per SAR (without reduction for any Shares withheld by the Company pursuant to Section 3(c)).

  
 6 

	 	(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 SAR 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 SAR Agreement, and the Company and/or Subsidiary will not be obligated to post bond or other security in seeking such relief. Without limiting the Company’s or Subsidiary’s rights
under this Section 6 or any other remedies of the Company or a 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 SAR 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 SAR 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 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 SAR Agreement are reasonable and necessary
to protect a legitimate, protectable interest of the Company and its Subsidiaries. 

  
 7 

	 	(e)	Written Acknowledgement by the Participant. The Committee, in its sole discretion, may require the Participant, as a condition to the exercise of this
SAR, to acknowledge in writing that he or she 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 SAR Agreement or of the SAR 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)	Stockholder Rights. Until the SAR shall have been duly exercised into Stock and such Stock has been officially recorded as issued on the Company’s
official stockholder records, no person or entity shall be entitled to vote, receive dividends or be deemed for any purpose the holder of such Stock, and adjustments for dividends or otherwise shall be made only if the record date thereof is
subsequent to the date such shares are recorded and after the date of exercise and without duplication of any adjustment. 

  

	 	(c)	Plan Document Governs. The SAR is granted pursuant to the Plan, and the SAR and this SAR 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 incorporated in this SAR Agreement by reference or are expressly cited. Any inconsistency between the SAR Agreement and the Plan shall be resolved in favor of the Plan.
The Participant hereby acknowledges receipt of a copy of the Plan. 

  

	 	(d)	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 SAR 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. 

  

	 	(e)	Administration. This SAR 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 SAR Agreement, all of which shall be binding upon the Participant.  

  
 8 

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

 

	 	(g)	Use of Personal Data. By executing this SAR 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. 

  

	 	(h)	Severability. In the event that any provision of this SAR 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 SAR Agreement and the balance of the SAR Agreement shall be interpreted as if such provision(s) were so excluded to that extent and
shall be enforceable in accordance with its terms. 

  

	 	(i)	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. 

 

	 	(j)	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. 

  
 9 

	 	(k)	Counterparts. This SAR 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. 

  

	 	(l)	Successors and Assigns. This SAR 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. 

 

	 	(m)	Governing Law. This SAR Agreement and the SAR 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. 

  

	 	(n)	Entire Agreement. This SAR Agreement, together with the Plan, constitutes 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. 

  

	 	(o)	Amendment. Any amendment to this SAR Agreement shall be in writing and signed by an executive officer of the Company or the Director of Compensation and
Benefits. 

  

	 	(p)	Headings. The headings contained in this SAR Agreement are for reference purposes only and shall not affect the meaning or interpretation of this SAR
Agreement. 

 IN WITNESS WHEREOF, the Company has caused this SAR 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: Anders Gustafsson

	 Title: Chief Executive Officer

  
 10

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