Burns Bill 4

What Happened

• Bill Burns, CEO of Zebra Technologies (ZBRA), disposed of a total of 8,190 shares as payment for exercise price/tax withholding tied to previously granted stock appreciation rights (SARs).
• Transactions: 2,005 shares at $227.08 on 2026-05-02 ($455,295) and 6,185 shares at $223.73 on 2026-05-04 ($1,383,770), for total proceeds of about $1,839,065.
• This was a tax-withholding/cashless-type disposition (transaction code F) related to SARs becoming exercisable — a routine administrative event rather than a discretionary open-market sale signaling a change in view.

Key Details

• Transaction dates and prices: 2026-05-02 — 2,005 shares @ $227.08; 2026-05-04 — 6,185 shares @ $223.73.
• Total shares disposed: 8,190; total value ≈ $1,839,065.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnote: F1 — These stock appreciation rights became exercisable in four equal annual installments beginning April 30, 2021.
• Filing info/timeliness: Form filed 2026-05-05. Transactions occurred on 2026-05-02 and 2026-05-04; filing appears to have been made promptly.

Context

• These were derivative-related dispositions (SARs). The F code indicates shares were surrendered/withheld to cover tax or exercise obligations, not necessarily sold on the open market — a common, routine outcome when equity awards vest or are exercised.
• For retail investors: purchases by insiders are often more informative about conviction; withholding/disposition events like this are typically administrative and do not on their own imply a change in the CEO’s view of the company.