The information below is provided pursuant to the SEC pay versus performance disclosure requirements set forth in Item 402(v) of SEC Regulation S-K (the “Pay Versus Performance Rule”), which requires companies to disclose certain information about the relationship between “Compensation Actually Paid” (“CAP”) to our CEO and to our Other NEOs and certain financial performance of the Company. CAP, as determined under SEC requirements, does not reflect the actual amount of compensation earned by or paid to our Executive Officers during a covered year.

Pay Vs Performance


							Value of Initial Fixed
							$100 Investment Based		Other Performance
	CEO Pay (Burns)		CEO Pay (Gustafsson)		Other NEO Pay		On:		Measures
					Average
	Summary		Summary		Summary
	Compensation		Compensation		Compensation	Average		Cumulative
	Table Total	Compensation	Table Total	Compensation	Table Total	Compensation	Cumulative	Peer Group	Net Income	Net Sales
	Compensation	Actually Paid⁽⁵⁾	Compensation	Actually Paid⁽⁵⁾	Compensation	Actually Paid⁽⁵⁾	TSR⁽²⁾	TSR⁽³⁾	(in millions)	(in millions)⁽⁴⁾
Year⁽¹⁾	($)	($)	($)	($)	($)	($)	($)	($)	($)	($)
2025	13,890,300	6,427,632	n/a	n/a	4,123,239	1,647,313	63.18	258.38	419	5,396
2024	13,462,794	20,194,850	n/a	n/a	4,256,784	5,849,061	151	300	528	4,981
2023	11,259,895	11,421,955	9,505,801	8,505,689	3,213,206	3,348,299	107.00	219.40	296	4,584
2022	n/a	n/a	14,658,743	(17,540,875)	3,551,048	(1,906,950)	100.38	139.00	463	5,781
2021	n/a	n/a	13,589,616	37,632,608	3,261,693	6,936,499	233.01	193.58	837	5,627

(1)	The following table indicates the individuals who served as Zebra’s principal executive Officer and other NEOs for each fiscal year:


Fiscal Year	Principal Executive Officer	Other NEOs

2025	William Burns	Richard Hudson; Cristen Kogl; Jeffrey Schmitz; Joseph White; Nathan Winters

2024	William Burns	Cristen Kogl; Jeffrey Schmitz; Joseph White; Nathan Winters

2023	Anders Gustafsson (until March 1, 2023); William Burns (from March 1, 2023)	Joachim Heel; Cristen Kogl; Jeffrey Schmitz; Joseph White; Nathan Winters

2022	Anders Gustafsson	William Burns; Joachim Heel; Cristen Kogl; Nathan Winters

2021	Anders Gustafsson	William Burns; Joachim Heel; Cristen Kogl; Nathan Winters

(2)	The Cumulative Total Stockholder Return (“TSR”) reflects the value of $100 invested in Zebra common stock on December 31, 2020, assuming the reinvestment of dividends.

(3)	The Cumulative Peer Group TSR is market-cap weighted and reflects the TSR for S&P Information Technology Index, which is the peer group that Zebra uses for its industry comparators/index in its Form 10-K.

(4)	Net Sales in Zebra’s 2023 and 2024 Proxy Statements were underreported due to an administrative error.

(5)	To calculate CAP, the following amounts were deducted from and added to Summary Compensation Table (“SCT”) total compensation:

Summary Compensation Table Total to Compensation Actually Paid Reconciliation


		Bonus and					Additions to /
		Non-Equity				Deductions	(Subtractions
		Incentive	Equity	Other		from SCT	from) SCT	Compensation
	Salary	Compensation	Compensation	Compensation⁽¹⁾	SCT Total	Total⁽²⁾	Total⁽³⁾	Actually Paid
Year	($)	($)	($)	($)	($)	($)	($)	($)
CEO (Burns)
2025	1,025,001	1,763,514	11,000,214	101,572	13,890,300	(11,000,214)	3,537,546	6,427,632
2024	1,000,002	2,366,554	10,000,240	95,998	13,462,794	(10,000,240)	16,732,296	20,194,850
2023	946,205	224,372	10,000,537	88,782	11,259,895	(10,000,537)	10,162,596	11,421,955
CEO (Gustafsson)
2023	361,537	47,397	9,000,294	96,574	9,505,801	(9,000,294)	8,000,181	8,505,689
2023	1,200,000	1,255,500	12,000,000	203,243	14,658,743	(12,000,000)	(20,199,618)	(17,540,875)
2022	1,200,000	2,912,760	9,250,404	226,452	13,589,616	(9,250,404)	33,293,396	37,632,608
2021	1,093,846	781,725	8,000,100	202,056	10,077,727	(8,000,100)	21,779,329	23,856,956
Other NEOs (avg.)
2025	573,034	491,496	2,935,170	123,539	4,123,239	(2,935,170)	459,245	1,647,313
2024	576,249	911,119	2,719,099	50,316	4,256,784	(2,719,099)	4,311,376	5,849,061
2023	571,177	94,501	2,500,286	47,242	3,213,206	(2,500,286)	2,635,379	3,348,299
2022	601,296	445,129	2,437,500	67,123	3,551,048	(2,437,500)	(3,020,498)	(1,906,950)
2021	543,632	862,629	1,800,441	54,991	3,261,693	(1,800,441)	5,475,248	6,936,499

(1)	Reflects “all other compensation” reported in the SCT for each year shown.

(2)	Represents the grant date fair value of equity-based awards granted each year. Zebra does not offer pension plans; therefore, a deduction from SCT total related to pension value is not needed.

(3)	Reflects the value of equity calculated in accordance with the SEC methodology for determining Compensation Actually Paid for each year shown. The equity component of Compensation Actually Paid for each fiscal year listed in the table is further detailed in the supplemental table below.

Supplemental Calculations – Compensation Actually Paid

Equity Component of Compensation Actually Paid


		CEO⁽¹⁾					Other NEOs⁽¹⁾
		Fair		Change in	Fair Value		Fair		Change in	Fair Value
		Value	Change in	Value of	of Current		Value	Change in	Value of	of Current
		of	Value of	Prior	Year		of	Value of	Prior	Year
		Current	Prior	Years'	Awards		Current	Prior	Years'	Awards
		Year	Years'	Awards	That	Equity	Year	Years'	Awards	That	Equity
		Equity	Awards	that	Failed	Value	Equity	Awards	that	Failed	Value
		Awards	Unvested	Vested	to Meet	Included	Awards	Unvested	Vested	to Meet	Included
		at	at	in	Vesting	in	at	at	in	Vesting	in
	Equity	12/31/2025	12/31/2025	FY2025	Conditions	CAP	12/31/2025	12/31/2025	FY2025	Conditions	CAP
	Type	($)	($)	($)	($)	($)	($)	($)	($)	($)	($)
FY 2025	SAR	—	—	—	—	—	—	—	—	—
	RSU	3,482,039	(1,715,064)	(903,039)	—	863,935	731,277	(424,607)	(341,719)	(95,860)	(130,910)
	PSU	8,257,655	(5,451,506)	(132,539)	—	2,673,610	1,734,146	(811,069)	(61,564)	(271,358)	590,155
	2025 Total	11,739,694	(7,166,570)	(1,035,578)	—	3,537,546	2,465,423	(1,235,676)	(403,283)	(367,218)	459,245
FY 2024	SAR	—	—	22,058	—	22,058	—	—	8,282	—	8,282
	RSU	4,922,374	851,981	229,419	—	6,003,774	1,347,136	351,798	91,517	—	1,790,451
	PSU	7,498,461	3,167,584	40,422	—	10,706,464	1,773,424	717,247	21,973	—	2,512,644
	2024 Total	12,420,835	4,019,562	291,899	—	16,732,296	3,120,559	1,069,045	121,772	—	4,311,376
FY 2023	SAR	—	3,367	1,327	—	4,694	—	1,556	1,129	—	2,685
(Burns	RSU	2,731,113	(4,302)	9,289	—	2,736,100	1,029,087	(2,549)	9,784	—	1,036,323
CEO)	PSU	7,402,050	(16,242)	35,994	—	7,421,802	1,586,243	(6,499)	16,627	—	1,596,371
	2023 (Burns CEO) Total	10,133,163	(17,177)	46,610	—	10,162,596	2,615,331	(7,492)	27,540	—	2,635,379
FY 2023	SAR	—	17,367	4,927	—	22,294
(Gustafsson	RSU	7,861,517	(16,793)	12,513	—	7,857,237
CEO)	PSU	—	(65,152)	185,802	—	120,650
	2023 (Gustafsson CEO) Total	7,861,517	(64,578)	203,242	—	8,000,181
FY 2022	SAR	—	(4,749,403)	(3,927,669)	—	(8,677,071)	—	(567,776)	(488,103)	—	(1,055,879)
	RSU	3,345,894	(3,208,002)	(2,679,084)	—	(2,541,192)	679,743	(542,996)	(379,301)	—	(242,554)
	PSU	5,018,713	(8,323,393)	(5,676,675)	—	(8,981,355)	1,019,551	(2,115,266)	(626,351)	—	(1,722,066)
	2022 Total	8,364,607	(16,280,798)	(12,283,428)	—	(20,199,618)	1,699,294	(3,226,037)	(1,493,755)	—	(3,020,498)
FY 2021	SAR	—	6,424,221	2,385,222	—	8,809,443	—	780,885	310,428	—	1,091,314
	RSU	4,565,184	2,864,669	1,487,720	—	8,917,573	890,568	368,707	212,330	—	1,471,604
	PSU	6,847,776	5,838,780	2,879,824	—	15,566,380	1,332,653	1,174,409	405,268	—	2,912,330
	2021 Total	11,412,960	15,127,670	6,752,766	—	33,293,396	2,223,221	2,324,001	928,026	—	5,475,248
FY 2020	SAR	3,560,497	4,382,827	(748,856)	—	7,194,468	356,474	421,051	(92,071)	—	685,454
	RSU	5,020,503	1,946,239	(620,904)	—	6,345,838	557,816	184,700	(85,710)	—	656,806
	PSU	5,020,503	3,953,314	(734,794)	—	8,239,023	502,704	637,309	(102,566)	—	1,037,447
	2020 Total	13,601,503	10,282,380	(2,104,554)	—	21,779,329	1,416,994	1,243,060	(280,348)	—	2,379,706

Named Executive Officers, Footnote

(1)	The following table indicates the individuals who served as Zebra’s principal executive Officer and other NEOs for each fiscal year:


Fiscal Year	Principal Executive Officer	Other NEOs

2025	William Burns	Richard Hudson; Cristen Kogl; Jeffrey Schmitz; Joseph White; Nathan Winters

2024	William Burns	Cristen Kogl; Jeffrey Schmitz; Joseph White; Nathan Winters

2023	Anders Gustafsson (until March 1, 2023); William Burns (from March 1, 2023)	Joachim Heel; Cristen Kogl; Jeffrey Schmitz; Joseph White; Nathan Winters

2022	Anders Gustafsson	William Burns; Joachim Heel; Cristen Kogl; Nathan Winters

2021	Anders Gustafsson	William Burns; Joachim Heel; Cristen Kogl; Nathan Winters

PEO Total Compensation Amount

$ 4,123,239

$ 4,256,784

$ 3,213,206

$ 3,551,048

$ 3,261,693

Non-PEO NEO Average Total Compensation Amount

4,123,239

4,256,784

3,213,206

3,551,048

3,261,693

Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid vs Zebra Cumulative TSR

CAP for the CEO and Other NEOs aligns with Zebra’s TSR over the 2021-2025 period. Zebra’s TSR directly impacts the value of CAP given the weight of equity incentive awards as a part of target compensation in our executive compensation program; during the 2021-2025 period, equity incentive awards comprised on average over 76% of the CEO’s target compensation per year and over 65% of the Other NEOs target compensation per year. This practice aligns the interests of Zebra’s Executive Officers with those of our stockholders. Declines in Zebra’s TSR in 2022 and 2025 led to lower CAP amounts to our CEO and other NEOs in that year; increase in TSR in 2024 led to higher CAP in those years; and the relatively flat TSR in 2023 resulted in modest CEO and Other NEO CAP growth in 2023.

Compensation Actually Paid vs. Company Selected Measure

Compensation Actually Paid vs Zebra Net Sales (Company Selected Measure)

Zebra uses Net Sales as a metric under its ZIP and Net Sales CAGR as a metric for performance-vested restricted stock, and CAP for the CEO and other NEOs generally aligns with Zebra’s Net Sales over the 2021-2025 period. As indicated below, with a higher growth in Net Sales from 2023 through 2025, CAP for the CEO and Other NEOs in 2024 increased relative to each respective year’s prior year CAP. When Net Sales growth declined or slowed from 2022 through 2023, the CEO and Other NEO CAP amounts declined or increased at a more modest rate.

Tabular List, Table


Most Important Performance Measures
✓ Adjusted EBITDA	✓ Net Sales
✓ Adjusted EBITDA Margin	✓ Net Sales Compound Annual Growth Rate (CAGR)
✓ Strategic Growth Index	✓ Free Cash Flow Conversion

Peer Group Total Shareholder Return Amount

258.38

300

219.4

139

193.58

Company Selected Measure Amount

5,396,000,000

4,981,000,000

4,584,000,000

5,781,000,000

5,627,000,000

Name

Adjusted EBITDA