Document:

EX-10.1

 Exhibit 10.1 

			
	

	  	 P.O. Box 708

Warsaw, IN 46581-0708
 574
267-6131

 Confidential 

January 10, 2014 
 Jeffery A. McCaulley 

Dear Jeff: 
 This will confirm the termination of your
employment by Zimmer, effective January 10, 2014. This letter and the attached material summarize important issues regarding severance and other benefits you may be eligible to receive as a result of your separation. 

SEVERANCE 
 Zimmer’s standard severance benefit
includes an amount representing a number of weeks of base pay based on years of service and an amount equal to the cost of continued health insurance coverage (“COBRA coverage”) for a certain number of weeks after your current coverage
ends. Under the Zimmer Holdings, Inc. Restated Severance Plan (“Severance Plan”), dated March 2013, you would be eligible, subject to the terms of the Severance Plan, for a severance benefit of 7.5 weeks of base pay, which would equal
$79,326.92, plus 7.5 weeks of COBRA subsidy, which would equal $2,217.41, for a total benefit of $81,989.66. Based upon your separation date, you would also be eligible, again subject to the terms of the Severance Plan, to receive the value of the
bonus you would have received under Zimmer’s Executive Performance Incentive Plan had you remained employed on the payout date. 
 In the interest of a
mutually respectful parting of ways, and taking into account your senior executive status, Zimmer is willing to offer you an enhanced severance benefit as an exception to our policy and in lieu of the standard benefit under the Severance
Plan. This enhanced severance offer totals six months of base pay, which equals $275,000, plus six months of COBRA subsidy, which equals $8,520.78, for a total severance offer of $283,520.78. It also includes payment of a 2013 bonus calculated in
accordance with Zimmer’s Executive Performance Incentive Plan based upon your eligible earnings for 2013 and final bonus metric for 2013. Additionally, it includes up to $25,000 in outplacement services reimbursement as further explained below.
The $283,520.78 will be paid to you in a lump sum, less applicable tax withholdings, as soon as administratively feasible following receipt of the executed General Release that is attached and expiration of a seven-day rescission period, assuming
you do not rescind the General Release within that period. The 2013 bonus equivalent will be paid to you, less applicable tax withholdings, in or around March 2014, again subject to receipt of an executed General Release without a timely rescission.
This enhanced benefit will be provided to you in accordance with, and subject to, terms and provisions of the Severance Plan, with the sole exceptions from Severance Plan terms and provisions being the benefit amount, the timing of payment of the
2013 bonus equivalent, and provisions specific to the outplacement services benefit enhancement. 

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 January 10, 2014 
  

Although the COBRA component is intended to help you with the costs of maintaining health insurance coverage after your separation from employment, it is not
restricted as to use and if you fulfill all conditions of receiving severance benefits as described below, you may use that monetary sum as you see fit. Also, you must still timely complete and return the COBRA enrollment form, and pay premiums to
maintain this coverage. 
 ATTACHMENT I — GENERAL RELEASE 

You must sign and not rescind the General Release in order to qualify for any severance benefit. Please read this attachment carefully, and consult with an
attorney and/or any other advisor of your choice prior to signing the General Release. In summary, by signing the General Release, you waive all legal claims against Zimmer and its affiliates through the date of your signing, to the fullest extent
permitted by law. Certain rights under the Zimmer Holdings, Inc. 2006 and 2009 Stock Incentive Plans, if applicable, are also contingent upon your executing the General Release. You have 21 calendar days from the date of this letter to review,
consider, sign and return the General Release, and 7 calendar days thereafter to revoke your signature. Should you revoke the General Release within the time allowed, you will forego any severance benefits as well as any unvested Zimmer Holdings,
Inc. 2006 and 2009 Stock Incentive Plan stock options. 
 OUTPLACEMENT SERVICES 

Zimmer will provide you with certain outplacement services to assist you in transitioning to other employment, in an amount not to exceed $25,000. The
services will be provided by Right Management. You may contact Right Management at 1-800-966-6880 or via email at rightindianapolis@right.com. If you prefer to use a different resource, subject to your signing and not timely rescinding the
attached General Release, Zimmer will make an exception to its policy and either pay on your behalf or reimburse you for up to $25,000 in outplacement services expense that you incur within six months of your separation date from Zimmer. Any such
payment or reimbursement will be reported as taxable income to you and will be subject to applicable tax withholdings. 
 ATTACHMENT II — VACATION
PAY SUMMARY 
 You will receive payment for any unused and earned vacation. If applicable, payment will be made in a lump sum as soon as
administratively feasible following your separation date in accordance with applicable state law. 
 ATTACHMENT III — TERMINATION OF BENEFIT
COVERAGES 
 Group medical, dental and vision benefits, if applicable, end as of 11:59 p.m. on the last calendar day of the month during which your
employment terminates. All other benefits terminate as of 11:59 p.m. on your last day of employment. If you have elected a flexible spending account (FSA), expenses incurred after your last day of active employment are not reimbursable from your FSA
unless you are eligible for and timely elect applicable COBRA coverage. Shortly following your termination date, detailed information concerning medical care continuation options that are available to you as a result of your termination of
employment will be mailed to your home, as provided by the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”). Attachment III sets forth a summary of COBRA premiums, which are subject to change. 

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 January 10, 2014 
  

You must elect COBRA coverage in accordance with the instructions that will be sent to you, and pay all applicable premiums as instructed, to continue medical
care coverage. As explained above, although the severance benefit you are being offered includes an amount intended to subsidize your COBRA premiums for a period of time, it is up to you to decide whether or not to use that money for payment of
COBRA premiums. Zimmer will not enroll you for COBRA coverage or make any COBRA payments on your behalf. 
 Please note that, as long as you are eligible
for benefits under Zimmer’s medical plans or dental plan, you will also continue to be eligible to participate in the Employee Assistance Program. Plan benefits are explained more fully in the summary plan description. 

Life and Accidental Death and Dismemberment (AD&D) insurance coverage will terminate as of 11:59 p.m. on your last day of active employment. You will have
the opportunity to convert or port a portion of your life insurance benefit into an individual policy as described in Attachment IV, which is an excerpt from the Life Insurance and AD&D Insurance Programs Summary Plan Description. Information
regarding this opportunity will be sent to you from the Zimmer Benefit Service Center. If you have not received that information within 15 days from the date of this letter, please contact the Service Center at 1-877-588-0933. You must elect to
convert or port your insurance coverage in a timely manner to qualify for individual-policy coverage. 
 SAVINGS AND INVESTMENT PROGRAM (401(k))

You are fully vested in both your Employee and Employer account balances. Within four to six weeks following your termination date, you will receive important
information from Fidelity describing your options as an inactive participant in the 401(k) Program. 
 BENEFIT EQUALIZATION PLAN OF THE SAVINGS AND
INVESTMENT PROGRAM (BEP-SAVINGS PLAN) 
 You elected to participate in the BEP-Savings Plan, which is a non-qualified plan. As with the 401(k)
Program, you are fully vested in both your Employee and Employer account balances. Your estimated vested account balance as of September 30, 2013 is $122,003.

Because you are an officer of Zimmer and considered a Specified Employee under Section 409A as of your separation date, your vested account balance as of
your separation date will be paid to you in a lump sum, less applicable taxes, on the first payroll period date after six months have elapsed from your date of separation. We expect that the payment date will be August 1, 2014. 

Your BEP-Savings Plan account balance as of September 30, 2013 shown above will be adjusted for investment experience through June 30,
2014. You will continue to receive quarterly Statements of Account providing you with updated account balance information. Please note that, because this is a non-qualified plan, the distribution may not be rolled into an IRA or other
qualified plan. 

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 January 10, 2014 
  

Payment of your BEP-Savings Plan account balance will be automatic, so there is no action you must take to initiate payment.

As noted above, the amount of your benefit payment from the BEP-Savings Plan is considered ordinary income and subject to applicable income tax
withholding.
 You have been paying applicable Social Security and Medicare taxes on your BEP-Savings Plan deferrals and Company match during each payroll
period. Therefore, we do not expect that there will be any additional Social Security and Medicare taxes due on the amount to be distributed to you. Federal, State and Local taxes will be withheld from the distribution. 

STOCK OPTIONS 
 You have vested stock options that were
granted under the 2006 and/or 2009 Stock Incentive Plans and you are not eligible for retiree treatment. Consequently, you will have three months from your separation date to exercise your vested stock options. In addition, you have unvested stock
options that were granted under the 2006 and/or 2009 Stock Incentive Plans that you have held for at least one year as of the date of your termination of employment. In accordance with the applicable Award Agreements, if you sign and do not timely
rescind the General Release, Zimmer will accelerate the vesting of these options and you will have three months from your separation date to exercise these options. Any stock options that you do not exercise within three months of your separation
date, including stock options that are not “in-the-money,” will expire. We are unable to extend this 90 day period of time. 
 Please
remember, under the Zimmer Stock Trading Policy, because you are a “Covered Person” under the policy and you are terminating service with Zimmer during a quarterly blackout period, you may not trade in Zimmer securities until the second
business day after the quarterly earnings release. It is anticipated that Zimmer’s Fourth Quarter 2013 earnings release will be on Thursday, January 30, 2014, meaning the blackout period would expire at 12:01 a.m. on Monday,
February 3, 2014. As these dates are subject to change, you should follow Zimmer press releases to confirm the earnings release date. Please note that the fact that you are subject to the current blackout period does not serve to extend
the three-month period during which you may exercise vested stock options. After expiration of the current blackout period, you will not be subject to any future quarterly blackout periods. 

Further, you currently have in place a Rule 10b5-1 Plan. Section 4(d) of that plan prohibits you from selling shares (including cashless exercises of
stock options) outside the plan prior to termination of the plan. However, you may opt to terminate the plan at any time upon written notice to Computershare. Jan Zolman can assist in providing any such notice to Computershare. 

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 January 10, 2014 
  

RESTRICTED STOCK UNIT AWARDS (RSUs) 
 With respect to RSUs
granted to you prior to 2012, you will receive a pro-rata number (as applicable) of RSUs that you have held for at least one year in accordance with the applicable Award Agreement(s). 

Your 2012 and 2013 performance-based RSUs tied to three-year iTSR performance will be cancelled. 

Please contact Jan Zolman, Stock Option Administrator, at (574) 372-4185 if you have any questions regarding your stock options or RSUs. 

CONFIDENTIALITY 
 Please remember your continuing
obligation to maintain confidentiality and not use or disclose any information concerning Zimmer’s business or affairs that is not public knowledge. This obligation, which you acknowledged and agreed to in the non-disclosure, non-competition
and non-solicitation agreement that you signed, continues after the termination of your employment. This means, among other things, that in addition to any restrictions already existing by law, you are contractually prohibited from disclosing or
using Zimmer’s confidential, proprietary, and trade secret information. 
 Because you are a Named Executive Officer (i.e., an officer named in the
Summary Compensation Table of Zimmer’s most recent proxy statement), the material terms of your enhanced severance benefit will be described in a Form 8-K filed with the Securities and Exchange Commission within four business days of your
execution of the General Release. 
 NON-DISCLOSURE, NON-COMPETITION AND NON-SOLICITATION AGREEMENT 

Given that your employment with Zimmer is terminating, we remind you of your continuing obligations under your non-disclosure, non-competition and
non-solicitation agreement (“Agreement”) with Zimmer. In the Agreement, you promised not to engage in certain competitive activities for the period set forth in the Agreement and not to disparage Zimmer. We request that you be mindful of
your continuing obligations under the Agreement and that you strictly comply with them. Please understand that if you do not comply fully with your legal obligations under the Agreement, Zimmer will take all necessary actions to enforce its legal
rights, including the forfeiture or clawback of any option and severance benefits. We trust, however, that you will honor your obligations under the Agreement and that no further action or communication on this subject will be necessary. 

Should you receive an offer of employment that would or might violate the restrictions in your Agreement, or be advised that you would receive an offer but
for the restrictions in your Agreement, please let us know promptly. We will then determine whether Zimmer is willing to release you from restrictions under your Agreement to the extent necessary to allow you to accept the opportunity. We may
require information sufficient to verify the opportunity. If Zimmer does not provide such a waiver of restrictions, you may qualify for non-competition 

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 January 10, 2014 
  

period payments under the Agreement. Such payments would commence after your six-month severance benefit period ends, and continue through the end of your restricted period under the Agreement
subject to your fulfilling requirements for continued payments set forth in the Agreement. 
 COMPANY PROPERTY 

To the extent you still have in your possession or control any Zimmer property or any materials (including, without limitation, documents, electronic data,
computers, PDA’s, cell phones or files in your possession, or any copies thereof) containing any of Zimmer’s confidential, proprietary, or trade secret information, please immediately deliver all such property to me or coordinate with me
regarding the return of such materials. 
 You must also delete any electronic confidential Zimmer information stored on your personal computer or other
electronic device. 
 SUMMARY 
 This letter is intended
to summarize the benefits to which you may be entitled as a result of your separation from Zimmer. Your benefits are governed by the terms of each applicable plan document and/or award agreement, and if there is a conflict, the terms of the plan
document will control (with the exceptions related to your enhanced severance offer as described above). For your reference, we have included a list of service providers and contact information for Zimmer benefit programs (Attachment V). 

Please note that although the severance benefit you are being offered should not be subject to Section 409A of the Internal Revenue Code of 1986, as
amended, Zimmer does not guarantee any tax consequences related to any benefit under severance or non-qualified plans. 
 Please notify me promptly of any
address changes, so that we can ensure that all communication and tax information is directed to the correct address. If you have any questions concerning this letter or any of the arrangements surrounding your separation from the Company, please
feel free to contact me. 
 Sincerely, 
 /s/ Bill B. Fisher

 Bill P. Fisher 
 Senior Vice President, Global Human
Resources 
 Attachments: 
 Attachment I - General Release
/Attachment II - Vacation Pay Worksheet 
 Attachment III - COBRA Rates 

Attachment IV - Excerpt from Life Insurance and AD&D Insurance Programs Summary Plan Description, Regarding Portability and Conversion 

Attachment V - Vendor Contact InformationEX-10.1

 Exhibit 10.1 

RESTRICTED STOCK AGREEMENT 

This RESTRICTED STOCK AGREEMENT (this “Stock 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 restricted stock granted under the Zebra
Technologies Corporation 2011 Long-Term Incentive Plan (the “Plan”). Capitalized terms used in this Stock Agreement without definition shall have the meanings ascribed to such terms in the Plan. 

 

	1.	Grant of Restricted Stock. 

  

	 	a.	Grant. Subject to the provisions of this Stock Agreement and pursuant to the provisions of the Plan, the Company hereby grants to the Participant as of the Grant Date
%%TOTAL_SHARES_GRANTED,’999,999,999’%-% shares (the “Target Shares”) of the Company’s Class A Common Stock, $.01 par value per share (the “Restricted Stock”). This Stock Agreement shall be null and void unless
the Participant accepts this Stock Agreement by either (i) electronically accepting this Stock Agreement through the Company’s electronic delivery and acceptance process operated by E*TRADE or (ii) executing this Stock Agreement in
the space provided below and returning it to the Company not later than the 50th day following the Grant Date. 

  

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

  

	2.	Vesting of Restricted Stock. 

  

	 	a.	Period of Restriction and Performance Goals. 

  

	 	(i)	The Restricted Stock shall be forfeitable and non-transferable during the Period of Restriction. The “Period of Restriction” with respect to the Restricted Stock shall begin on the Grant Date and shall end at
5:00 p.m., Central Time, on the three-year anniversary of %%VEST_BASE_DATE,’MM/DD/YYYY’%-% in accordance with Exhibit A. 

  

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

 

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

	 	(i)	Death or Disability. In the event the Participant’s employment with the Company and its Subsidiaries is terminated prior to December 31, 2016 due to death or Disability, a number of Shares equal
to the Target Shares shall become fully vested as of 5:00 p.m., Central Time, on the effective date of the Participant’s termination of employment and the remainder of the Period of Restriction shall lapse. In the event the Participant’s
employment with the Company and its Subsidiaries is terminated on or after December 31, 2016 and on or prior to 5:00 p.m., Central Time, on the three-year anniversary of %%VEST_BASE_DATE,’MM/DD/YYYY’%-% due to death or Disability, the
Period of Restriction shall lapse as of 5:00 p.m., Central Time, on the three-year anniversary of %%VEST_BASE_DATE,’MM/DD/YYYY’%-% in accordance with Exhibit A. 

 

	 	(ii)	Termination for Good Reason or Retirement; Termination by the Company or any Subsidiary other than for Cause. In the event the Participant’s employment with the Company and its Subsidiaries is
terminated by reason of the Participant’s resignation for Good Reason, by reason of the Participant’s retirement on or after age 65 or prior to age 65 with the approval of the Senior Vice President, Human Resources, or by the Company
and/or any Subsidiary other than for Cause, the Period of Restriction shall lapse as of 5:00 p.m., Central Time, on the three-year anniversary of %%VEST_BASE_DATE,’MM/DD/YYYY’%-% in accordance with Exhibit A. This Stock Agreement
shall be settled in whole shares of the Company’s Common Stock, and cash for the value of a fractional share of Common Stock. For purposes of this Stock Agreement, “Good Reason” and “Cause” have the meanings 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 and “Cause” has the
meaning, as determined by the Company in its sole discretion, set forth in the Plan. 

  

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

  

	3.	Rights While Holding Restricted Stock. 

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

  
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 b. Rights as a Stockholder. During the period that shares of Restricted Stock
remain unvested, the Participant shall have all of the rights of a stockholder of the Company with respect to the Restricted Stock including, but not limited to, the right to receive dividends paid on the shares of Restricted Stock and the full
right to vote such shares. 
 c. Section 83(b) Election. The Participant is not permitted to make a
Section 83(b) election with respect to the Restricted Stock. 
 d. Compliance with Federal and State Law. The Company may
postpone issuing and delivering any Restricted Stock for so long as the Company reasonably determines to be necessary to satisfy the following: 

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

(b) Notwithstanding any provision in this Agreement to the contrary, in the event of a Change in Control pursuant to Section 2.5(a) or
(b) of the Plan, or in the event of a Change in Control pursuant to Section 2.5(c) or (d) of the Plan as to which Section 5(a) above does not apply, this grant shall be surrendered to the Company by the Participant, and this
grant shall immediately be canceled by the Company, and the Participant shall receive, within 10 days following the effective date of the Change in Control, a cash payment from the Company in an amount equal to the number of Target Shares,
multiplied by the greater of (i) the highest per Share price offered to stockholders of the Company in any transaction whereby the Change in Control takes place or (ii) the Fair Market Value of a Share on the effective date of the Change
in Control. 

  
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 6. Confidentiality, Non-Solicitation and Non-Compete. Participant agrees to, understands and
acknowledges the following: 
 a. Confidential Information. The Participant will be furnished, use or otherwise have access to
certain Confidential Information of the Company and/or a Subsidiary. For purposes of this Stock Agreement, “Confidential Information” means any and all financial, technical, commercial or other information concerning the business and
affairs of the Company and/or a Subsidiary that is confidential and proprietary to the Company and/or a Subsidiary, including without limitation, 

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

(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 which the Company reasonably regards as being
confidential. 
 The Company and its Subsidiaries 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 and its Subsidiaries diligently maintains 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 Stock Agreement, “Company Materials” means documents or other media or tangible items that contain or embody Confidential Information or any other information concerning the business, operations or
future/strategic plans of the Company and/or any Subsidiary, whether such documents have been prepared by the Participant or by others. 

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

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

(ii) employs, recruits or solicits for employment any person who is (or was within 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 which 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 with whom the Participant had
contact while employed by the Company 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 Participant contacted during the twelve
(12) months prior to the date of the Participant’s termination of employment for the purpose of soliciting sales from such person or entity shall be regarded as a “potential customer” of the Company to whom the Company or a
Subsidiary has a protectable proprietary interest; 
 the unvested Restricted Stock shall be forfeited automatically on the date the Participant engages in
such activity and the Participant shall pay the Company, within five business days of receipt by the Participant of a written demand therefor, an amount in cash determined by multiplying the number of Shares of Restricted Stock subject to this Stock
Agreement which vested within the one-year period described above by the Fair Market Value of a Share, determined as of the date of vesting 

  
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 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 and/or a Subsidiary as a result of a breach of the provisions of this Stock Agreement (including any provision of Section 6(a) or (b) hereof) would be irreparable and that an award of monetary
damages to the Company and/or a Subsidiary for such a breach would be an inadequate remedy. Consequently, the Company and/or a Subsidiary will have the right, in addition to any other rights it may have, to obtain injunctive relief to restrain any
breach or threatened breach or otherwise to specifically enforce any provision of this Stock Agreement, and the Company and/or a Subsidiary will not be obligated to post bond or other security in seeking such relief. Without limiting the
Company’s or a Subsidiary’s rights under this Section 6 or any other remedies of the Company or Subsidiary, if the Participant breaches any of the provisions of Section 6(a) or (b) hereof, the Company will have the right to
cancel this Stock Agreement. 
 (ii) Attorneys’ Fees; Set-off Right. In addition to the rights available
to the Company and its Subsidiaries under Section 6(c)(i) hereof, if the Participant violates the terms of this Section 6 at any time, the Company shall be entitled to reimbursement from the Participant of any fees and expenses (including
attorneys’ fees) incurred by or on behalf of the Company or any Subsidiary in enforcing the Company’s or a Subsidiary’s rights under this Section 6. By accepting this Restricted Stock grant, the Participant hereby consents to a
deduction from any amounts the Company or any Subsidiary owes to the Participant from time to time (including amounts owed to the Participant as wages or other compensation, fringe benefits or vacation pay, as well as any other amounts owed to the
Participant by the Company or any Subsidiary), unless such amount is subject to Section 409A of the Code, to the extent of any amounts that the Participant owes to the Company under this Section 6. In addition to any injunctive relief
sought under Section 6(c)(i) hereof and whether or not the Company or any Subsidiary elects to make any set-off in whole or in part, if the Company or any Subsidiary does not recover by means of set-off the full amount the Participant owes to
the Company or any Subsidiary, calculated as set forth in this Section 6(c)(ii), the Participant agrees to immediately pay the unpaid balance to the Company or any Subsidiary. 

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

a. No Service or Employment Rights. No provision of this Stock Agreement or of the Restricted Stock granted hereunder shall give
the Participant any right to continue in the service or employ of the Company or any Subsidiary, create any inference as to the length of 

  
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employment or service of the Participant, affect the right of the Company or any Subsidiary to terminate the employment or service of the Participant, with or without Cause, or give the
Participant any right to participate in any employee welfare or benefit plan or other program (other than the Plan) of the Company or any Subsidiary. 

b. Plan Document Governs. The Restricted Stock is granted pursuant to the Plan, and the Restricted Stock and this Stock Agreement
are in all respects governed by the Plan and subject to all of the terms and provisions thereof, whether such terms and provisions are incorporated in this Stock Agreement by reference or are expressly cited. Any inconsistency between the Stock
Agreement and the Plan shall be resolved in favor of the Plan. Participant hereby acknowledges receipt of a copy of the Plan. 
 c.
Beneficiary Designation. The Participant may, from time to time, in accordance with procedures set forth by the Committee, name any beneficiary or beneficiaries (who may be named contingently or successively) to whom any benefit under
this Stock Agreement is to be paid in case of his or her death before he or she receives any or all of such benefit. Each such designation shall revoke all prior designations by the Participant, shall be in a form prescribed by the Company, and will
be effective only when filed by the Participant in writing with the Committee during the Participant’s lifetime. In the absence of any such designation, benefits remaining unpaid at the Participant’s death shall be paid to the
Participant’s estate or exercised by the Participant’s estate. 
 d. Administration. This Stock Agreement and the
rights of the Participant hereunder are subject to all the terms and conditions of the Plan, as the same may be amended from time to time, as well as to such rules and regulations as the Committee may adopt for administration of the Plan. It is
expressly understood that the Committee is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of the Plan and this Stock Agreement, all of which shall be binding upon the Participant. 

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

f. Use Of Personal Data. By executing this Stock Agreement, 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. 

  
 7 

 g. Severability. If one or more provisions of this Stock Agreement (including,
without limitations, the provisions of Section 6 hereof) are held to be unenforceable under applicable law to any extent, such provision(s) shall, to that extent, be excluded from this Stock Agreement and the balance of the Stock Agreement
shall be interpreted as if such provision(s) were so excluded to that extent and shall be enforceable in accordance with its terms. 
 h.
Waiver; Cumulative Rights. The failure or delay of either party to require performance by the other party of any provision hereof shall not affect its right to require performance of such provision unless and until such performance has
been waived in writing. Each and every right hereunder is cumulative and may be exercised in part or in whole from time to time. 
 i.
Notices. Any notice which either party hereto may be required or permitted to give the other shall be in writing and may be delivered personally or by mail, postage prepaid, addressed to the Corporate Secretary of the Company, at
its then corporate headquarters, and the Participant at the Participant’s address (including any electronic mail address) as shown on the Company’s records, or to such other address as the Participant, by notice to the Company, may
designate in writing from time to time. The Participant hereby consents to electronic delivery of any notices that may be made hereunder. 

j. Counterparts. This Stock Agreement may be signed in two counterparts, each of which shall be an original, but both of which
shall constitute but one and the same instrument. 
 k. Successors and Assigns. This Stock Agreement shall inure to the benefit
of and be binding upon each successor and assign of the Company. All obligations imposed upon the Participant, and all rights granted to the Company hereunder, shall be binding upon the Participant’s heirs, legal representatives and successors.

 l. Governing Law. This Stock Agreement and the Restricted Stock granted hereunder shall be governed by, and construed and
enforced in accordance with, the laws of the State of Delaware, without giving effect to provisions thereof regarding conflict of laws. 

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

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

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

			
	 ZEBRA TECHNOLOGIES

CORPORATION

		
	By:	 	

	Name:	 	Anders Gustafsson
	Title:	 	Chief Executive Officer

  
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 Exhibit A 

1. Total Net Sales Performance Goal (Step 1). 
  

																	
	 	  	Below Threshold	 	 	Threshold	 	 	Target	 	 	Maximum	 
	 Compounded Annual Growth Rate of Total Net Sales
	  	 	< 5.00	% 	 	 	5.00	% 	 	 	7.50	% 	 	 	10.00	% 
	 Vested Percentage of Restricted Stock
	  	 	0	% 	 	 	50.00	% 	 	 	100.00	% 	 	 	150.00	% 

 Compounded Annual Growth Rate of Total Net Sales (“CAGR”) equals (A) the quotient obtained by dividing 2016
total net sales of the Company by 2013 total net sales of the Company, (B) raised to the one-third power, minus (C) one. CAGR shall be rounded to the nearest one-hundredth of one percent. For a CAGR between 5.00% and 10.00%, the Vested
Percentage of Restricted Stock shall be interpolated on a straight line basis and rounded to the nearest one-hundredth of one percent. 

Annual Net Sales Performance Goal: The Participant is eligible for banking of a specified number of shares on an annual basis based upon an
implied annual growth rate. Unless the Committee or the Board otherwise determines in its sole discretion, the implied annual growth target will be the same as the three-year CAGR target of 7.5%. If, as of December 31 of each calendar year
commencing December 31, 2014, the implied annual target is achieved, 1/3 of the number of Target Shares (rounded to the nearest whole Share) shall be banked for further calculations in steps 1 and 2. If the implied annual target for such year
is not achieved, then no Shares shall be banked for such year. No interpolation or pro-ration is applied to the number of Shares if the implied annual target is not achieved and, if the implied annual target is exceeded, no additional Target Shares
in respect of such year shall be banked. The sum of the banked shares in respect of each calendar year, if any, shall be the “Minimum Initial Vested Shares”. 

As of December 31, 2016, the greater of either (1) the Minimum Initial Vested Shares or (2) the number of Shares determined under this step 1
pursuant to the first paragraph in this Exhibit A shall be the initial number of Shares of Restricted Stock, if any, that vest and shall be rounded to the nearest whole Share (the “Initial Vested Shares”). The Vested Percentage of
Restricted Stock, as so determined, shall be multiplied by the number of Target Shares to determine the number of Shares under this step 1. 
 Unless the
Committee or the Board otherwise determines in its sole discretion, for purposes of calculating the CAGR and ROIC (as defined below and including the determination of Annual Fiscal ROIC and NOPAT), (A) net sales and ROIC of the Company derived
from acquisitions shall be included and (B) divestitures of subsidiaries or businesses of the Company shall not affect the determination of total net sales or ROIC of the Company. 

  
 10 

	 	2.	Return on Invested Capital Modifier (Step 2). If the number of Initial Vested Shares exceeds zero, then the number of “Vested Shares” shall equal the product of the Initial Vested Shares
multiplied by the Modifier set forth in the following table (rounded to the nearest whole share): 

  

																	
	 ROIC
	  	 	< 13.00%	  	  	 
  
	13.00% to
 17.99%
	  
   
	  	 
  
	18.00% to
 21.99%
	  
   
	  	 
  
	22.00% or
 greater
	  
   

	 Modifier
	  	 	0.6	  	  	 	0.8	  	  	 	1.0	  	  	 	1.2	  

 ROIC equals the average of the Annual Fiscal ROIC for 2014, 2015, and 2016. Annual Fiscal ROIC is defined as net operating
profit after tax (“NOPAT”) for the fiscal period divided by Invested Capital where (1) NOPAT equals Operating Income of the Company for the fiscal period multiplied by (1-budgeted tax rate for the fiscal period ) and (2) Invested
Capital equals total assets, less cash and cash equivalents, current and long-term investments and marketable securities, and non-interest-bearing current liabilities, and which is calculated as the average Invested Capital reflected on five balance
sheet dates (the ending balance for the prior fiscal year and the ending balance for all four fiscal quarters). “Operating Income” means the consolidated operating income of the Company for the fiscal year, adjusted to remove non-recurring
charges and for acquisitions as described in this subsection. 
 Unless the Committee or the Board otherwise determines in its sole discretion,
non-recurring charges specifically include such expense items as (i) one-time charges, non-operating charges or expenses incurred that are not under the control of operations management, as approved or ratified by the Committee or the Board;
(ii) restructuring expenses; (iii) exit expenses; (iv) acquisition, integration and divestiture expenses; (v) Board of Directors projects (e.g., director searches); (vi) gains or losses on the sale of assets;
(vii) acquired in-process technology (viii) impairment charges and (ix) changes in Generally Accepted Accounting Principles. This list is not exhaustive and is meant to represent examples of the kind of expenses typically excluded
from the calculations of income from operations. 
 Changes in accounting principles shall be consistently applied. 

  
 11

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