Armstrong Robert John Jr 4

What Happened

• Robert J. Armstrong Jr, Chief Marketing Officer of Zebra Technologies (ZBRA), had a total of 514 shares disposed to cover tax obligations tied to stock appreciation right (SAR) exercises. The disposals were:
  • 147 shares at $227.08 per share on 2026-05-02 (proceeds $33,381)
  • 367 shares at $223.73 per share on 2026-05-04 (proceeds $82,109)
• Combined proceeds from these disposals were approximately $115,490. These transactions reflect tax withholding/cashless disposition (routine) rather than an open-market sale for investment purposes.

Key Details

• Transaction dates & prices:
  • 2026-05-02: 147 shares @ $227.08 (code F — tax withholding/payment)
  • 2026-05-04: 367 shares @ $223.73 (code F — tax withholding/payment)
• Total shares disposed: 514; total proceeds ≈ $115,490.
• Shares owned after the transactions: not specified in the provided filing.
• Footnote: These SARs became exercisable in four equal annual installments beginning April 30, 2021 (per filing footnote).
• Filing: Form 4 filed with the SEC on 2026-05-05 reporting the above transactions.

Context

• Code F indicates shares were surrendered/withheld to satisfy tax withholding or exercise-price obligations related to the exercise of derivative awards (here, SARs). This is a common, administrative step and does not necessarily signal bullish or bearish insider sentiment.
• Because these were withholding/disposition events tied to exercised SARs (not open-market purchases or discretionary sales), they are generally viewed as routine compensation-related actions rather than directional trades.