EXHIBIT 10.4

 

NINTH AMENDMENT

TO THE

Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan

 

This Ninth Amendment to the Zions Bancorporation Payshelter 401(k) and Employee
Stock Ownership Plan (the “Plan”) is made effective January 1, 2007 (unless
otherwise stated below in the amending language), by Zions Bancorporation
Benefits Committee (“Committee”) on behalf of Zions Bancorporation, hereinafter
referred to as the “Employer.”

 

W I T N E S S E T H:

 

WHEREAS, the Zions Bancorporation (“Employer”) has heretofore entered into the
Plan, which Plan has been amended and restated in its entirety effective for the
Plan Year commencing on January 1, 2003, and for all plan years thereafter; and

 

WHEREAS, the Employer has reserved the right to amend the Plan in whole or in
part; and

 

WHEREAS, the Committee, for and on behalf of the Employer and consistent with
the power and authority granted to it, and as a result of certain changes made
in the law applicable to qualified plans desires to amend the Plan to comport
with changes in the law:

 

NOW THEREFORE, in consideration of the foregoing premises the Committee adopts
the following amendments to the Plan (amended language is in bold italics):

 

(Prospective Change in Vesting Schedule)

 

1. Section 11.01 (d) is amended as follows:

 

(d) His vested percentage of the balance in his Employer Non-Elective
Contribution Account, as adjusted for any contributions or distributions since
the preceding Valuation Date, according to the Participant’s Years of Vesting
Service, except as provided in subsection (e) below and for Employer
Non-Elective Contributions made for Plan Years beginning before January 1, 2007
and consistent with the following schedule:

 

   

Years of Vesting Service

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Percent of Vested Service

Accrued Benefit

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Less than five (5) years

At least five (5) years

 

none

100%

   

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For Employer Non-Elective Contributions made for Plan Years beginning after
December 31, 2006 and consistent with the following schedule:

 

   

Years of Vesting Service

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Percent of Vested Service

Accrued Benefit

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Less than two (2) years

Two (2) years

Three (3) years

Four (4) years

Five (5) or more years

 

none

20%

40%

60%

100%

   

 

(Diversification of Employer Securities)

 

2. Sections 6.06(e)(1) is amended as follows:

 

(1) A Participant, [omit the requirement of 5 years of vesting service]
regardless of age or the number of years of participation in the Plan may direct
diversification into the Segregated Investment Account of up to one hundred
percent (100%) of the Participant’s Employer Securities Account, except that
portion in the Employer Securities Account attributable to Employer Non-Elective
Contributions and dividends thereon. A Participant who has completed 3 years of
participation in the Plan, regardless of age, may direct diversification into
the Segregated Investment Account of up to one hundred percent (100%) of the
Participant’s Employer Securities Account attributable to Employer Non-Elective
Contributions and dividends thereon.

 

(Expanded Definition of Hardship)

 

3. Section 8.02 is amended as follows:

 

8.02 Financial Hardship Distribution Rules: The Plan adopts the deemed hardship
distribution standards set forth in Reg. §1.401(k)-l(d)(2)(iv) and as modified
below in connection with the passage of the Pension Protection Act of 2006. As a
consequence, the Plan Administrator shall not approve any distribution on
account of Financial Hardship unless the distribution is determined by the
Administrator to be necessary to meet an immediate and heavy financial need of
the Participant, and effective February 15, 2007, his/her spouse; dependent or a
beneficiary as designated under this Plan. The distribution will be deemed
necessary if:

 

(a) The distribution is not in excess of the amount of the immediate and heavy
financial need of the Participant, including amounts necessary to pay any
federal, state or local income taxes or penalties reasonably anticipated to
result from the distribution; and

 

(b) Other resources of the Participant are not reasonably available to meet this
need.

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The condition in (b) above is deemed to be met if the Participant has obtained
all distributions, other than hardship distributions, and all nontaxable loans
currently available under all plans maintained by the Employer, provided
however, if in the judgment of the Plan Administrator the issuance of a loan
from the Plan to the Participant will result in further financial hardship to
the Participant, all loans currently available from the Plan shall be deemed to
have been made. A participant who has received or who receives a distribution on
account of Financial Hardship shall be prohibited from making Elective Deferrals
under this and all other plans of the Employer (as set forth above) until
(6) months after receipt of the distribution.

 

7. In all other respects the Plan is ratified and approved.

 

Dated this 19th day of July, 2007.

 

ZIONS BANCORPORATION

BENEFITS COMMITTEE

By    

/S/ DIANA M. ANDERSEN

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    Diana M. Andersen