Burns Bill 4

What Happened Bill Burns, CEO of Zebra Technologies (ZBRA), exercised stock-derived awards on 2026-04-08. The filing shows:

• Exercise (M): 358 shares acquired at $205.12 each (total reported value $73,433).
• Tax withholding (F): 184 shares disposed/withheld at $223.50 each to cover taxes (value $41,124).
• Conversion (M, derivative): 4,364 shares reported at $0.00 (derivative settlement/converted awards).

The net effect was Burns receiving a total of 4,722 shares from exercises/conversions, with 184 of those shares withheld to satisfy tax obligations. The exercise/conversion activity is neither an open-market purchase nor a discretionary sale of existing shares — it reflects settlement of stock appreciation rights or similar derivative awards.

Key Details

• Transaction date: 2026-04-08; Form 4 filed 2026-04-09 (timely filing).
• Prices/values: 358 shares @ $205.12 (acquired, $73,433); 184 shares @ $223.50 withheld (disposed, $41,124); 4,364 shares @ $0.00 (derivative conversion).
• Shares owned after transaction: Not specified in the excerpt provided.
• Footnotes: F1 and F2 indicate the stock appreciation rights vested in four equal annual installments beginning 5/2/2020 and 4/30/2021, respectively.
• Transaction codes: M = exercise/conversion of a derivative (e.g., SARs/options); F = shares withheld to pay taxes.

Context This was an exercise/settlement of derivative awards (likely stock appreciation rights) rather than an open‑market buy or sale. The withholding of 184 shares is a routine tax withholding to satisfy tax liabilities from the award exercise. For retail investors, exercises and conversions represent management realizing compensation tied to past grants; they are common and do not alone indicate a change in company outlook.