Document:

2007 Management Bonus Plan

 Exhibit 10.1 
 ZEBRA TECHNOLOGIES CORPORATION 
 AND ITS SUBSIDIARIES 
 2007 MANAGEMENT BONUS PLAN 
 SECTION 1
– PURPOSE 
 1.1        Purpose: Zebra Technologies Corporation and its subsidiaries (“Zebra”)
sponsors a Management Bonus Plan (the “Plan”) to focus the attention of participants on growing the business based on a specific set of goals and to reward performance in attaining these goals. While Associates play many different roles
within the Company, the Company will be successful only if all Associates are focused on achieving common goals, strive individually for functional excellence in their assigned roles, and contribute to organizational excellence as a team. The Plan
is established pursuant to the 2006 Zebra Technologies Corporation Incentive Compensation Plan and is subject to the provisions set forth therein. 
 SECTION 2 – DEFINITIONS 
 2.1        Definitions: Wherever used herein, the following terms
shall have the respective meanings set forth below, unless otherwise expressly provided. When the defined meaning is intended, the term is capitalized. 
  

	 	(a)	“Associate” shall mean an employee of Zebra Technologies Corporation or one of its subsidiaries. 

  

	 	(b)	“Base Earnings” shall mean the actual gross base pay received, while an eligible Participant, during the Plan Year. Base Earnings shall exclude payments of all other
bonuses, commissions, imputed income, and any other non-base pay forms of compensation. 

  

	 	(c)	“Bonus Award” shall mean the award earned by a Participant based on a comparison of actual year-end results against the Financial Performance Goals and Individual
Performance Goals established at the beginning of the Plan Year. 

  

	 	(d)	“Cause” shall mean a Participant’s failure to follow directives and policies of the Company, the failure to follow the reasonable directives of a superior, willful
malfeasance, gross negligence, acts of dishonesty, or conduct injurious to the Company. 

  

	 	(e)	“Committee” shall mean the Compensation Committee of the Board of Directors of Zebra Technologies Corporation. 

  

	 	(f)	“Company” shall mean Zebra Technologies Corporation and its subsidiaries. 

  

	 	(g)	“Financial Performance Goal” shall mean the budgeted level of operating profit, for the Company or applicable business unit, as further defined in Section 4.2 and
Exhibit A. 

  

	 	(h)	“Individual Performance Goals” shall mean clear, specific, and measurable goals that are aligned with the overall goals of the Company or applicable business unit, and are
approved by the applicable business unit or functional Vice President. 

  

	 	(i)	“Participant” shall mean an Associate of the Company who is in a position meeting the defined eligibility criteria for participation in the Plan, as stated in Sections 3.1
and 3.2. 

  

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	 	(j)	“Performance Payout Percentage” shall mean the amount of Target Bonus Percentage awarded based on the level of goal achievement. 

  

	 	(k)	“Plan” shall mean the Zebra Technologies Corporation and Its Subsidiaries 2007 Management Bonus Plan in the form established and defined herein. 

 

	 	(l)	“Plan Year” shall mean the fiscal year of Zebra Technologies Corporation, which extends from January 1, 2007 through December 31, 2007. 

 

	 	(m)	“Section 16 Officers” shall mean any officers of the Company as defined in Rule 16a-1 under the Securities Exchange Act of 1934, as amended. 

  

	 	(n)	“Target Bonus Percentage” shall mean the percent of Base Earnings which would be paid to a Participant if the respective target levels of the Financial Performance Goals
and Individual Performance Goals applicable to such Participant in the Plan Year were achieved. 

 SECTION 3 – ELIGIBILITY
AND PARTICIPATION 
 3.1        Eligibility: Eligibility for participation in the Plan will be limited to
those Associates who, by the nature and scope of their position, regularly and directly make or influence policy or operating decisions which impact the growth, profitability, and earnings results of the Company. For purposes of this Plan, such
Associates are limited to the Chief Executive Officer, Vice Presidents, Directors, and Managers, by job title, provided they are assigned a salary grade of E-12 or above. Department supervisors also may be considered eligible for participation
provided they are in an exempt salaried position and regularly supervise no less than four direct reports. Any Associate participating in a sales incentive or commission arrangement shall be excluded from participation in this Plan. 
 3.2        Participation: Participation in the Plan shall be determined annually by the Vice President, Human Resources;
provided, however, that participation by Section 16 Officers of the Company shall be determined by the Committee. Associates approved for participation shall be notified of their selection. 
 3.3        Partial Plan Year Participation: The Vice President, Human Resources may allow an Associate who becomes
eligible during the Plan Year, either as a new hire or as a result of an internal promotion, to participate in the Plan provided, however, that participation by Section 16 Officers of the Company shall be determined by the Committee. In such
case, only Base Earnings received, while an eligible Participant, in the Plan Year shall be used in calculating the Bonus Award. Newly hired Associates or Associates who first become eligible as a result of an internal promotion must have a hire
date or a promotion date prior to November 1, 2007. 
 3.4        Changes In Participation Level and/or
Organizational Unit: A Participant who changes positions and/or is assigned to a different organizational unit (as defined by their reporting relationship), during the Plan Year, shall have their Bonus Award calculated on a prorated basis using
the time eligible in each situation to account for changes in the calculation components. However, if such a change occurs on or after November 1, 2007, the Participant’s Bonus Award will be calculated for the full Plan Year using the
measures of the immediately preceding position. 
 3.5        Leave of Absence: A Participant on an approved
leave of absence, as defined by the Family and Medical Leave Act of 1993, shall be considered eligible for a full Bonus Award payable at the same time as other Participants. A Participant on any other form of approved leave of absence shall have
their Bonus award calculated on a partial year basis, payable at the same time as other Participants or upon their return to active duty, whichever is later. 
  

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 3.6        No Right to Participate: Participation by an Associate in a
bonus plan in any period prior to the Plan Year does not provide a right or entitlement to be selected for participation in the Plan Year or any future period. 
 SECTION 4 – BONUS AWARD DETERMINATION 
 4.1        Eligibility for Bonus
Award: Except as provided in Section 6, in order to be eligible to receive a Bonus Award for any Plan Year, a Participant must be employed continuously as a Participant through the entire Plan Year (or partial Plan Year, in accordance with
Section 3.3) and at the time that the Bonus Award is paid. 
 4.2        Financial Performance Goals: The
Financial Performance Goal for the Company shall be the budgeted level of consolidated income from operations, as defined in Exhibit A. The Financial Performance Goal for designated business units shall be the budgeted level of direct operating
profit, as defined in Exhibit A. The Financial Performance Goal shall represent the target level of performance required to earn one hundred percent (100%) of the Target Bonus Percentage. The minimum performance level required to receive a
bonus award, under the financial performance component of this Plan, shall be 86.7% of the applicable Financial Performance Goal. The maximum performance level rewarded under terms of this Plan shall be 106.6% of the applicable Financial Performance
Goal. Performance between any of these points shall be calculated on a linear basis in accordance with the following scale: 
  

			
	% of Goal Achievement	  	% of Target Bonus
	 106.6%
	  	200%
	 105.0%
	  	175%
	 103.3%
	  	150%
	 101.7%
	  	125%
	 100.0%
	  	100%
	 97.8%
	  	75%
	 95.6%
	  	50%
	 93.4%
	  	25%
	 86.7%
	  	0%

 In no case shall the Performance Payout Percentage exceed 200%, nor shall payment be made for achievement that
falls below the minimum performance level, as shown above. 
 4.3        Individual Performance Goals: All
Participants, except those assigned a job title of Vice President and above, shall be required to establish Individual Performance Goals for the Plan Year. Individual Performance Goals shall be clear, specific, measurable, aligned with overall
Company goals and approved by their functional Vice President. The performance level, for each individual performance goal, shall be determined by dividing actual results by the applicable Individual Performance Goal. The Performance Payout
Percentage for various achievement levels shall be determined in accordance with the following scale: 
 Maximum performance level = Maximum
Performance Payout Percentage (200%) 
 Target performance level = Target Performance Payout Percentage (100%) 
 Minimum performance level = Minimum Performance Payout Percentage (0%) 
 Performance Payout Percentages for achievement between these levels shall be calculated on a linear basis. In no case shall the Performance Payout Percentage exceed 200%, nor shall payment be made for achievement that
falls below the minimum performance level. 
 4.4        Bonus Components: All Participants, except those
assigned a job title of Vice President and above, shall have their individual Bonus Award calculated on the basis of two independent bonus components: a financial performance component and an individual performance component. These two bonus
components will be calculated separately and added together to determine the Participant’s Bonus Award. Participants assigned a job title of Vice President or higher shall have their individual Bonus 

  

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Award calculated on the basis of the financial performance component only, with no individual performance component. The assignment and weighting of bonus
components shall be communicated to Participants at the same time as their eligibility notification. 
 4.5        Bonus Award Calculation: At the end of each Plan Year, the Company shall evaluate actual results against Financial Performance Goals and, where applicable, against Individual
Performance Goals, and compute Bonus Awards for each Participant. These computations shall be made using the following formula: 
 BONUS
AWARD = (A x B x C x D) + (A x B x E x F) 
 Where: 
 A = Base Earnings 
 B = Target Bonus
Percentage 
 C = Financial Performance Goal Performance Payout Percentage 
 D = Financial Performance Goal weighting percentage 
 E = Individual Performance Goal Performance Payout Percentage (where applicable) 
 F = Individual Performance Goal weighting
percentage (where applicable) 
 4.6        Illustrative Example: The following example is provided for
illustrative purposes only. If a Participant’s 2006 Base Earnings were equal to $80,000, and the Participant’s Target Bonus Percentage was equal to 10%, and the applicable Financial Performance Goal Performance Payout Percentage were equal
to 95% with a 60% weighting percentage, and the Participant’s Individual Performance Goal Performance Payout Percentage were equal to 110% with a 40% weighting percentage; then the amount of Bonus Award earned would be equal to: 
 ($80,000 X .10 X .95 X .60) + ($80,000 X .10 X 1.10 X .40) = $8,080 
 4.7        Multiple Financial Performance Goals: In cases where multiple Financial Performance Goals are used, each Financial Performance Goal achievement percentage will be calculated
separately and adjusted by applying the assigned weighting to each Financial Performance Goal used. The results of these independent calculations will then be added together to determine a single consolidated Financial Performance Goal achievement
percentage. 
 4.8        Minimum Performance Standard: Participants whose personal performance is rated as
“Substantially Below Expectations” as part of the Zebra Technologies Corporation Annual Performance Management Review process shall not be eligible to receive an award under this Plan, including any bonus resulting from the achievement of
Financial Performance Goals and / or Individual Performance Goals. 
 SECTION 5 – PAYMENT OF BONUS AWARDS 
 5.1        Form and Timing of Payment: Payment of Bonus Awards shall be made in cash, subject to applicable payroll tax
and benefit plan withholdings, as soon as administratively feasible after the end of the Plan Year following the final determination of the fiscal year’s financial results. 
 SECTION 6 – TERMINATION OF EMPLOYMENT 
 6.1        Termination of Employment Due to Voluntary Resignation: In the event a Participant’s employment is terminated due to voluntary resignation, excluding retirement as determined by
the Vice President, Human Resources, prior to the payment of his or her Bonus Award, the Bonus Award shall not be earned and the Participant shall not be entitled to payment. 
  

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 6.2        Termination of Employment for Cause: In the event a
Participant’s employment is terminated for Cause prior to payment of his or her Bonus Award, the Bonus Award shall not be earned and the Participant shall not be entitled to payment. 
 6.3        Termination of Employment Due to Death, Disability or Retirement: In the event a Participant’s employment
is terminated by reason of death, Disability or retirement during the Plan Year or prior to payment of his or her Bonus Award, the Bonus Award shall be considered earned, calculated on a prorated basis, and paid at the same time as other
Participants. 
 6.4        Termination of Employment for Reasons Other Than Voluntary Resignation, Cause, Death,
Disability or Retirement: In the event a Participant’s employment is terminated for reasons other than voluntary resignation, Cause, death, Disability, or retirement prior to payment of his or her Bonus Award, a prorated Bonus Award may be
paid in the sole discretion of the Vice President, Human Resources. 
 SECTION 7 – RIGHTS OF PARTICIPANTS 
 7.1        Employment: Nothing in this Plan shall interfere with or limit in any way the right of the Company to terminate
or change a Participant’s employment at any time, nor confer upon any Participant any right to continue in the employ of the Company. Nothing herein contained shall limit or affect in any manner or degree the normal and usual powers of
management, exercised by the officers and the Board of Directors of the Company to change the duties or the character of employment of any Associate or to remove the individual from the employment of the Company at any time, all of which rights and
powers are expressly reserved by the Company. 
 SECTION 8 – ADMINISTRATION 
 8.1        Administration: This Plan shall be administered by the Vice President, Human Resources in accordance with the
provisions contained herein; subject to the direction and approval of the Committee with respect to matters relating to any Section 16 Officers of the Company. 
 8.2        Questions of Construction and Interpretation: The determination of the Vice President, Human Resources or the Committee in construing or interpreting this Plan
or making any decision with respect to the Plan shall be final, binding, and conclusive upon all persons. The Vice President, Human Resources’ interpretative responsibility shall include any and all definitions in the Plan, including, but not
limited to, interpretations of Cause. This Plan is established pursuant to the 2006 Zebra Technologies Corporation Incentive Compensation Plan and the provisions hereof are in all respects governed by the 2006 Zebra Technologies Corporation
Incentive Compensation Plan and subject to all of the terms and provisions thereof. In the event of any inconsistency, between this Plan and the 2006 Zebra Technologies Corporation Incentive Compensation Plan, the terms of the 2006 Zebra
Technologies Corporation Incentive Compensation Plan shall govern. 
 8.3        Amendments: The
Company, in its absolute discretion, without notice, at any time and from time to time, may modify or amend, in whole or in part, any or all of the provisions of this Plan, or suspend or terminate it entirely; provided, however, that no such
modification, amendment, suspension, or termination, may without the consent of the Participant (or the Participant’s beneficiary in the case of death) reduce after the end of the Plan Year the right of a Participant (or the Participant’s
beneficiary as the case may be) to a payment or distribution in accordance with the provisions contained in this Plan. 
 8.4        Governing Law: This Plan shall be construed in accordance with, and governed by, the laws of the State of Illinois without giving effect to conflicts of laws principles.

 8.5        Committee Authority: Notwithstanding anything herein to the contrary, any and all
determinations or actions to be taken with respect to the Plan that relate to a Section 16 Officer of the Company shall be determined or taken by the Committee.  
  

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 Exhibit A 
  

			
	Performance Measure	  	Definition
	 	 
	Consolidated Income From Operations
(General Definition)	  	 Income from operations as reported in the Company’s
management reports, adjusted to remove the impact of:
 1) Changes in currency exchange rates (2007 operating profits will be recalculated
using 2007 budgeted exchange rates for the GBP and EURO), and
 2) Stock option expenses, and
 3) One-time, non-operating charges or expenses incurred that are not under the control of operations management, as ratified by the Compensation
Committee.

	 	 
	Direct Operating Profit (General Definition)	  	 Direct Operating Profit as reported in the Company’s
management reports, adjusted to remove the impact of:
 1) Changes in currency exchange rates (2007 operating profits will be recalculated
using 2007 budgeted exchange rates for the GBP and EURO), and
 2) Stock option expenses, and
 3) One-time, non-operating charges or expenses incurred that are not under the control of operations management, as ratified by the Compensation
Committee.
 Unless otherwise noted, all amounts are expressed in US dollars.

	 	 
	Direct Operating Profit (Consolidated SPS)	  	Consolidated SPS Direct Operating Profit, including SPS Americas, SPS EMEA, SPS APAC, SPS Supplies, and
SPS Printer Operations
	 	 
	Direct Operating Profit (SPS Americas)	  	SPS Americas Direct Operating Profit, excluding Printer Operations operating expenses, manufacturing
variances and period costs.
	 	 
	Direct Operating Profit (SPS EMEA)	  	SPS EMEA Direct Operating Profit, excluding RFID, expressed in GBP.
	 	 
	Direct Operating Profit (SPS APAC)	  	SPS APAC Direct Operating Profit, excluding RFID.
	Direct Operating Profit (SPS Printer Operations)	  	 SPS Direct Operating Profit, adjusted to
eliminate:
 1) Direct Operating Profit from Consolidated SPS Aftermarket Products & Services, and
 2) All operating expenses, except for Printer Operations operating expenses, and,
 3) Changes in currency exchange rates (2007 operating profits will be recalculated using 2007 budgeted exchange rates for the GBP and
EURO).

	 	 
	Direct Operating Profit (SPS Aftermarket &
Supplies)	  	SPS Americas Aftermarket & Supplies Direct Operating Profit
	 	 
	Direct Operating Profit (CPS Worldwide)	  	 CPS Direct Operating Profit, adjusted to
eliminate:
 1) Changes in currency exchange rates (2007 operating profits will be recalculated using 2007 budgeted exchange rates for the
GBP and EURO), and

  

	
	 Legend:
 SPS = The Specialty Printer Solutions business unit of Zebra Technologies Corporation.
 CPS = The Card Printer Solutions business unit of Zebra Technologies Corporation.

  

 6Form of Non-Qualified Stock Option Agreement

 Exhibit 10.2 
 Non-Qualified Stock Option Agreement 
 This NON-QUALIFIED STOCK OPTION AGREEMENT (this “Option
Agreement”), dated as of <<grant Effective Date Approved by the Compensation Committee>> (the “Grant Date”), is between ZEBRA TECHNOLOGIES CORPORATION, a Delaware corporation (the “Company”), and
<<Participant Name>> (the “Participant”), relating to a non-qualified stock option granted under the 2006 Zebra Technologies Corporation Incentive Compensation Plan (the “Plan”). Capitalized terms used in this Option
Agreement without definition shall have the meanings ascribed to such terms in the Plan. 
  

	1.	Grant of Option. 

  

	 	(a)	Grant. Subject to the provisions of this Option Agreement and pursuant to the provisions of the Plan, the Company hereby grants to the Participant as of the Grant Date
a Non-Qualified Stock Option (the “Option”) to purchase <<Number of Options>> shares (the “Option Shares”) of the Company’s Class A Common Stock, $.01 par value per share (the “Stock”), at a price
of <<Strike Price>> per share (the “Option Price”). 

  

	 	(b)	Term of the Option. Unless the Option terminates earlier pursuant to other provisions of the Option Agreement, the Option shall expire on the tenth anniversary of the
Grant Date (the “Expiration Date”). 

  

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

  

	2.	Vesting of Option. 

  

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

  

			
	Grant Date Anniversary	  	Percentage of Option 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 Option Agreement, the Participant
must remain employed by the Company or any Subsidiary continuously through the applicable vesting dates.  
  

	 	(b)	Death or Disability. Notwithstanding the provisions of Section 2(a) hereof, in the event the Participant’s employment with the Company and/or any Subsidiary
is terminated due to death or Disability, any unvested Option Shares as of the date of the Participant’s termination of employment shall immediately become fully vested and exercisable and, along with unexercised vested Option Shares, shall
remain exercisable until the earlier of: 

  

	 	(i)	the Expiration Date; or 

  

	 	(ii)	one (1) year after the date of the Participant’s termination of employment due to death or Disability. 

  

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

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

  

	 	(i)	the Expiration Date; or 

  

	 	(ii)	one (1) year after the date of the Participant’s termination of employment due to Retirement. 

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

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

  

	 	•	 	 age 65. 

  

	 	(d)	Termination for Cause. In the event the Participant’s employment with the Company and/or any Subsidiary is terminated for Cause, all unvested Option Shares and
all unexercised, vested Option Shares shall expire immediately, be forfeited and considered null and void. For purposes of this Option Agreement, “Cause” means, as determined by the Company, in its sole discretion, termination of the
Participant’s employment with the Company or any Subsidiary because of: 

  

	 	(i)	the Participant’s material breach of this Option Agreement or of any other agreement to which the Participant and the Company are parties, as determined by the Committee in
good faith; or 

  

	 	(ii)	material violation of Company policy, regardless of whether within or outside of his or her authority; or 

  

	 	(iii)	willful or intentional misconduct; gross negligence; or dishonest, fraudulent, or unethical behavior; or other conduct involving serious moral turpitude, by Participant in the
performance of his or her duties; or 

  

	 	(iv)	dishonesty, theft or conviction of any crime or offense involving money or property of the Company or any Subsidiary; or 

  

	 	(v)	breach of any fiduciary duty owing to the Company or any Subsidiary; or 

  

	 	(vi)	unauthorized disclosure of Confidential Information or unauthorized dissemination of Company Materials; or 

  

	 	(vii)	conduct that is, or could reasonably be expected to be, materially harmful to the Company or any of its subsidiaries or affiliates, as determined by the Committee in good faith.

  

	 	(e)	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 Sections 2(b), (c) or (d) hereof, any unexercised, vested Option Shares as of the date of Participant’s termination of employment shall remain exercisable until the earlier of: 

  

	 	(i)	the Expiration Date; or 

  

	 	(ii)	ninety (90) days after the date of the Participant’s involuntary (as to the Participant) termination of employment for reasons other than death, Disability, Retirement, or
Cause; or 

  

	 	(iii)	thirty (30) days after the date of the Participant’s voluntary termination of employment for reasons other than Retirement. 

  

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	 	(f)	Change in Control Vesting. Subject to the provisions of Section 15 of the Plan, if a Change in Control occurs, 100% of the remaining unvested Option Shares shall
be immediately vested and exercisable upon the Change in Control and, along with unexercised vested Option Shares, shall remain exercisable through the Expiration Date. 

  

	3.	Exercise of Option. 

  

	 	(a)	Manner of Exercise. The vested Option Shares may be exercised, in whole or in part, by delivering written notice to the Company in accordance with of Section 7(k)
hereof and in such form as the Company may require from time to time. Such notice of exercise shall: 

  

	 	(i)	specify the number of Option Shares to be purchased; 

  

	 	(ii)	specify the aggregate Option Price for such Option Shares; and 

  

	 	(iii)	be accompanied by payment in full of such aggregate Option Price. 

  

	 	(b)	Payment Upon Exercise. The Option Price upon exercise of any Option Shares shall be payable to the Company in full either: 

  

	 	(i)	in cash or its equivalent; 

  

	 	(ii)	by tendering previously acquired Stock that has been held for at least six months (or such longer period to avoid a charge to earnings for financial reporting purposes) and having
an aggregate Fair Market Value at the time of exercise equal to the total Option Price; or 

  

	 	(iii)	a combination of Sections 3(b)(i) and (ii) hereof. 

 In addition, payment of the Option Price may be payable by one or more of the following methods either upon written consent from the Committee or if one or more of the following methods will not result in a charge to earnings for financial
reporting purposes: 
  

	 	(iv)	by withholding Stock that otherwise would be acquired on exercise having an aggregate Fair Market Value at the time of exercise equal to the total Option Price;

  

	 	(v)	by tendering other Awards payable under the Plan; 

  

	 	(vi)	by cashless exercise through delivery of irrevocable instructions to a broker to promptly deliver to the Company the amount of proceeds from a sale of shares having a Fair Market
Value equal to the total Option Price; or 

  

	 	(vii)	any combination of Sections 3(b)(i)-(vi) upon written consent of the Committee. 

  

	 	(c)	Compliance with Federal and State Law. The Company reserves the right to delay a Participant’s exercise of an Option if (1) 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 (2) the Company reasonably determines that issuance of Stock would not be deductible under Code
Section 162(m). The Participant may not sell or otherwise dispose of the Option Shares in violation of any applicable law. The Company may postpone issuing and delivering any Option Shares 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 Option Shares 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 Option after the Participant’s death is entitled to do so; 

  

	 	(iii)	the Participant complying with any requests for representations under the Plan; and 

  

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

  

	 	(d)	No Fractions of Stock. The Company shall not be required to issue any fractional shares of Stock. 

  

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	4.	Payment of Taxes. 

  

	 	(a)	General Rule. If the Company is obligated to withhold an amount on account of any tax imposed as a result of the exercise of an Option, the Participant shall be
required to pay such amount to the Company, as provided under Section 17 of the Plan. The Participant acknowledges and agrees that the Participant is responsible for the tax consequences associated with the grant of the Option and its exercise.

  

	5.	Changes in Company’s Capital Structure. 

  

	 	(a)	Adjustment in Authorized Stock. As may be determined to be appropriate and equitable by the Committee, in its complete and sole discretion, to prevent dilution or
enlargement of rights, the Committee shall make or authorize to be made an adjustment in the number and class of Option Shares and/or the Option Price to prevent dilution or enlargement of rights, as a result of the following:

  

	 	(i)	any adjustment, recapitalization, reorganization or other changes in the Company’s capital structure or its business; 

  

	 	(ii)	any merger or consolidation of the Company; 

  

	 	(iii)	any issuance of bonds, debentures, preferred or prior preference stock ahead of or affecting the Company’s Common Stock or the rights thereof; 

  

	 	(iv)	the dissolution or liquidation of the Company; 

  

	 	(v)	any sale or transfer of all or any part of the Company’s assets or business; or 

  

	 	(vi)	any other corporate act or proceeding, whether of a similar character or otherwise. 

  

	6.	Confidentiality, Non-Solicitation and Non-Compete. Participant agrees to, understands and acknowledges the following: 

  

	 	(a)	Confidential Information. Participant will be furnished, use or otherwise have access to certain Confidential Information of the Company. For purposes of this Option
Agreement, Confidential Information means any and all financial, technical, commercial or other information concerning the business and affairs of the Company that is confidential and proprietary to the Company, including without limitation,

  

	 	(i)	information relating to the Company’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;

  

	 	(iii)	the Company’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 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 products, business and marketing plans and techniques, sales and distribution networks and
any other information or documents which the Company reasonably regards as being confidential. 

  

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 The Company devotes significant financial, human and other resources to the development of its products,
its customer base and the general goodwill associated with its business, and the Company diligently maintains the secrecy and confidentiality of its 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 thereafter, Participant will hold in the strictest confidence and not use in any manner which is detrimental to the Company or
disclose to any individual or entity any Confidential Information, except as may be required by the Company in connection with Participant’s employment. 
 All Company Materials are and will be the sole property of the Company. Participant agrees that during and after his or her employment by the Company, Participant will not remove any Company Materials from the
business premises of the Company or deliver any Company Materials to any person or entity outside the Company, except as Participant is required to do so in connection with performing the duties of his or her employment. Participant further agrees
that, immediately upon the termination of his or her employment for any reason, or during Participant’s employment if so requested by the Company, Participant will return all Company Materials and other physical property, and any reproduction
thereof, excepting only Participant’s copy of this Agreement. For purposes of this Option 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, whether such documents have been prepared by Participant or by others. 
  

	 	(b)	Non-Solicitation and Non-Compete. For the period beginning on the date hereof and ending twelve (12) months following the termination of employment with the
Company, Participant will not directly or indirectly: 

  

	 	(i)	employ, recruit or solicit for employment any person who is (or was within the six (6) months prior to Participant’s employment termination date) an employee of the
Company; 

  

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

  

	 	(iii)	solicit or encourage any customer, vendor or potential customer or vendor of the Company with whom Participant had contact while employed by the Company to terminate or otherwise
alter his, her or its relationship with the Company. Participant understands that any person or entity that Participant contacted during the twelve (12) months prior to the date of 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 has a protectible proprietary interest. 

  

	 	(c)	Remedies for Violation. 

  

	 	(i)	Injunctive Action. Participant acknowledges that if he or she violates the terms of this Section 6, the injury that would be suffered by the Company as a result
of a breach of the provisions of this Option Agreement (including any provision of Section 6 (a) or (b) hereof) would be irreparable and that an award of monetary damages to the Company for such a breach would be an inadequate remedy.
Consequently, the Company 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 Option Agreement, and the
Company will not be obligated to post bond or other security in seeking such relief. Without limiting the Company’s rights under this Section 6(c) (or Sections 6(a) or (b) hereof) or any other remedies of the Company, if the
Participant breaches any of the provisions of Sections 6(a) or (b) hereof, the Company will have the right to cease making any payments otherwise due to the Participant under this Option Agreement. 

  

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	 	(ii)	Forfeiture of the Option and Repayment. In addition to the rights available to the Company under Section 6(c)(i) hereof, if Participant violates the terms of this
Section 6 at any time, Participant, without any further action by the Company or Participant, shall forfeit, as of the first day of any such violation, all right, title and interest to this Option, any Option Shares then owned by Participant
and any net proceeds received by Participant pursuant to any sales or transfer of any Option Shares prior to, on or after such date, and the Company shall have the right to issue a stop transfer order and other appropriate instructions to its
transfer agent with respect to this Option and the Option Shares, and the Company further shall be entitled to reimbursement from Participant of any fees and expenses (including attorneys’ fees) incurred by or on behalf of the Company in
enforcing the Company’s rights under this Section 6. By accepting this Option grant, Participant hereby consents to a deduction from any amounts the Company owes to Participant from time to time (including amounts owed to Participant as
wages or other compensation, fringe benefits, or vacation pay, as well as any other amounts owed to Participant by the Company), to the extent of any amounts that 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 elects to make any set-off in whole or in part, if the Company does not recover by means of set-off the full amount Participant owes to the Company, calculated as set
forth in this Section 6(c)(ii), Participant agrees to immediately pay the unpaid balance to the Company. 

  

	 	(d)	Enforceability of Restrictive Covenants. The scope and duration of the restrictive covenants contained in this Option Agreement are reasonable and necessary to protect
a legitimate, protectible interest of the Company. However, if one or more provisions of this Option Agreement are held to be unenforceable under applicable law to any extent, such provision(s) shall, to that extent, be excluded from this Option
Agreement and the balance of the Option Agreement shall be interpreted as if such provision(s) were so excluded to that extent and shall be enforceable in accordance with its terms. 

  

	 	(e)	Written Acknowledgement by Participant. The Committee, in its sole discretion, may require the Participant, as a condition to the exercise of this Option, 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 Option Agreement or of the Option 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 Option shall have been duly exercised to purchase such Option Shares and such shares have 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 any Option Shares, and adjustments for dividends or otherwise shall be made only if the record
date therefor 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 Option is granted pursuant to the Plan, and the Option and this Option 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 Option Agreement by reference or are expressly cited. Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the
Plan. Any inconsistency between the Option Agreement and the Plan shall be resolved in favor of the Plan. Participant hereby acknowledges receipt of a copy of the Plan. 

  

 6 

	 	(d)	Investment Representation and Agreement. The Committee may require the Participant to furnish to the Company, prior to the issuance of any shares of Common Stock upon
the exercise of all or any part of this Option, an agreement (in such form as the Committee may specify) in which the Participant represents that the shares of Common Stock acquired by him or her upon exercise are being acquired for investment and
not with a view to the sale or distribution thereof. 

  

	 	(e)	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 Option 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. 

  

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

  

	 	(g)	No Vested Right In Future Awards. Participant acknowledges and agrees (by executing this Option Agreement) that the granting of Options under this Option
Agreement are made on a fully discretionary basis by the Company and that this Option Agreement does not lead to a vested right to further Option awards in the future. 

  

	 	(h)	Use Of Personal Data. By executing this Option Agreement, 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. 

  

	 	(i)	Severability. In the event that any provision of this Option Agreement shall be held illegal or invalid for any reason, the illegality or invalidity shall not
affect the remaining parts of this Option Agreement, and this Option Agreement shall be construed and enforced as if the illegal or invalid provision had not been included. 

  

	 	(j)	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. 

  

 7 

	 	(k)	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 Secretary of the Company, at its then corporate headquarters, and the Participant at the Participant’s 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. 

  

	 	(l)	Counterparts. This Option Agreement may be signed in two counterparts, each of which shall be an original, but both of which shall constitute but one and the same
instrument. 

  

	 	(m)	Successors and Assigns. This Option 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. 

  

	 	(n)	Governing Law. This Option Agreement and the Option 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. 

  

	 	(o)	Entire Agreement. This Option 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. 

  

	 	(p)	Amendment. Any amendment to this Option Agreement shall be in writing and signed by the Company. 

  

	 	(q)	Headings and Construction. The headings contained in this Option Agreement are for reference purposes only and shall not affect the meaning or interpretation of this
Option Agreement. This Option Agreement is intended to be a stock right excluded from the requirements of Code Section 409A. The terms of this Option 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. 

 IN WITNESS WHEREOF, the Company has caused
this Option 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	  	PARTICIPANT
		
	 Signature:                                     
                                        
                           
	  	Signature:                                     
                                        
                           
		
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Printed:                                      
                                        
                  
	  	Name
Printed:                                      
                                        
                  
		
	 Title:                                     
                                        
                                    
	  	

  

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