GUSTAFSSON ANDERS 4

What Happened

• Anders Gustafsson, a director of Zebra Technologies (ZBRA), exercised multiple derivative awards on April 7, 2026. The filing shows two exercised tranches that resulted in the acquisition of 32,057 shares at an effective price of $51.42 (value $1,648,371) and 805 shares at $205.12 (value $165,122), for a total acquired value of $1,813,493.
• To satisfy exercise price and tax withholding obligations, Gustafsson disposed (surrendered) 13,621 shares at $213.06 (value $2,902,090) and 279 shares at $212.44 (value $59,271), a total surrender value of $2,961,361. The filing also lists two derivative-line dispositions (42,256 and 23,379 shares) recorded at $0.00, which represent the cancellation/settlement of the underlying stock appreciation rights (SARs).

Key Details

• Transaction date: April 7, 2026; Form 4 filed April 9, 2026 (appears timely).
• Acquisitions: 32,057 shares @ $51.42 (M) = $1,648,371; 805 shares @ $205.12 (M) = $165,122.
• Withholdings/dispositions for taxes/exercise: 13,621 shares @ $213.06 (F) = $2,902,090; 279 shares @ $212.44 (F) = $59,271.
• Other derivative settlements: 42,256 and 23,379 shares shown as disposed at $0.00 (represent SAR cancellations/settlements).
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnotes: The SARs exercised were subject to vesting schedules — exercisable in four equal annual installments beginning May 10, 2019 (F1), May 2, 2020 (F2), and April 30, 2021 (F3).
• Transaction codes: M = option/derivative exercise; F = payment of exercise price or tax liability (share surrender/withholding).

Context

• This appears to be a cashless exercise/settlement of stock appreciation rights and/or options where some underlying shares were surrendered to cover exercise price and tax withholding — a routine administrative transaction rather than an open-market buy or sell.
• Such exercises are common for executives/directors realizing vested compensation; the surrender of shares for tax/price obligations does not necessarily indicate a change in confidence in the company’s outlook.