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



 EXHIBIT 10.21 
 ZIONS BANCORPORATION 
 PAYSHELTER 401(k) AND EMPLOYEE 
 STOCK OWNERSHIP PLAN 
 ESTABLISHED
AND RESTATED EFFECTIVE JANUARY 1, 2003 







 TABLE OF CONTENTS 
  

					
	 ARTICLE
	  	 TITLE
	  	PAGE NO.
		
	ARTICLE I	  	-1-
		
	ESTABLISHMENT	  	-1-
	 1.01
	  	Establishment	  	-1-
	 1.02
	  	History	  	-1-
	 1.03
	  	Intent	  	-1-
	 1.04
	  	Transferee Plan	  	-2-
	 1.05
	  	Limitation on Applicability	  	-2-
	 1.06
	  	EGTRRA	  	-2-
		
	ARTICLE II	  	-3-
		
	DEFINITIONS OF TERMS	  	-3-
	 2.01
	  	“Account”	  	-3-
	 2.02
	  	“Accrued Benefit”	  	-4-
	 2.03
	  	“Administrator” or “Plan Administrator”	  	-4-
	 2.04
	  	“Affiliated Group”	  	-5-
	 2.05
	  	“Age”	  	-5-
	 2.06
	  	“Anniversary Date”	  	-5-
	 2.07
	  	“Beneficiary”	  	-5-
	 2.08
	  	“Board of Directors”	  	-5-
	 2.09
	  	“Code”	  	-5-
	 2.10
	  	“Compensation” or “Annual Compensation”	  	-5-
	 2.11
	  	“Contingent Beneficiary”	  	-7-
	 2.12
	  	“Disability”	  	-7-
	 2.13
	  	“Disqualified Person”	  	-7-
	 2.14
	  	“Distribution Date”	  	-7-
	 2.15
	  	“Effective Date”	  	-7-
	 2.16
	  	“Elective Deferral”	  	-7-
	 2.17
	  	“Eligible Employee”	  	-7-
	 2.18
	  	“Employee”	  	-7-
	 2.19
	  	“Employer” or “Zions Employer”	  	-7-
	 2.20
	  	“Employer Contribution”	  	-8-
	 2.21
	  	“Employer Securities”	  	-8-
	 2.22
	  	“Entry Date”	  	-8-
	 2.23
	  	“ERISA”	  	-8-
	 2.24
	  	“Excluded Employee”	  	-8-
	 2.25
	  	“Exempt Loan”	  	-9-
	 2.26
	  	“Fiduciary”	  	-9-
	 2.27
	  	“Highly Compensated Employee”	  	-10-
	 2.28
	  	“Inactive Participant”	  	-10-
	 2.29
	  	“Investment Fund”	  	-10-









					
	 2.30
	  	“Investment Manager”	  	-11-
	 2.31
	  	“K-Test Average Contribution Percentage”	  	-11-
	 2.32
	  	“K-Test Contribution Percentage”	  	-11-
	 2.33
	  	“K-Test Contributions”	  	-11-
	 2.34
	  	“Leased Employee”	  	-12-
	 2.35
	  	“Leveraged Employer Securities”	  	-12-
	 2.36
	  	“Limitation Year”	  	-12-
	 2.37
	  	“M-Test Average Contribution Percentage”	  	-12-
	 2.38
	  	“M-Test Contribution Percentage”	  	-12-
	 2.39
	  	“M-Test Contributions”	  	-12-
	 2.40
	  	“Matching Contribution”	  	-13-
	 2.41
	  	“Named Fiduciary”	  	-13-
	 2.42
	  	“Net Profit”	  	-13-
	 2.43
	  	“Non-Highly Compensated Employee”	  	-13-
	 2.44
	  	“Normal Retirement Age”	  	-13-
	 2.45
	  	“Normal Retirement Date”	  	-13-
	 2.46
	  	“Participant”	  	-13-
	 2.47
	  	“Paysop”	  	-14-
	 2.48
	  	“Plan”	  	-14-
	 2.49
	  	“Plan Sponsor”	  	-14-
	 2.50
	  	“Plan Year”	  	-14-
	 2.51
	  	“Predecessor Plan”	  	-14-
	 2.52
	  	“Prior Plan”	  	-14-
	 2.53
	  	“Qualified Matching Contribution”	  	-14-
	 2.54
	  	“Qualified Non-Elective Contribution”	  	-14-
	 2.55
	  	“Transferred Benefits”	  	-14-
	 2.56
	  	“Trust”	  	-15-
	 2.57
	  	“Trust Fund”	  	-15-
	 2.58
	  	“Trustee”	  	-15-
	 2.59
	  	“Valuation Date”	  	-15-
	 2.60
	  	“Vested Interest” or “Vested Accrued Benefit”	  	-15-
	 2.61
	  	“Voluntary Contributions”	  	-15-
		
	ARTICLE III	  	-16-
		
	SERVICE DEFINITIONS AND RULES	  	-16-
	 3.01
	  	“Eligibility Computation Period”	  	-16-
	 3.02
	  	“Eligibility Service”	  	-16-
	 3.03
	  	“Employment Commencement Date”	  	-16-
	 3.04
	  	“Hour of Service”	  	-16-
	 3.05
	  	“One Year Break in Service”	  	-18-
	 3.06
	  	“Re-employment Commencement Date”	  	-19-
	 3.07
	  	“Termination of Employment”	  	-19-
	 3.08
	  	“Vesting Computation Period”	  	-19-
	 3.09
	  	“Year of Service”	  	-19-
	 3.10
	  	“Year of Vesting Service”	  	-19-
	 3.11
	  	Special Rules for Crediting Service	  	-20-
	 3.12
	  	Qualified Military Service Rules	  	-20-









					
	ARTICLE IV	  	-23-
		
	ELIGIBILITY AND PARTICIPATION	  	-23-
	 4.01
	  	Age and Service Requirements	  	-23-
	 4.02
	  	Eligibility Information	  	-23-
	 4.03
	  	Information to be Provided by Employee	  	-23-
	 4.04
	  	Reclassification of an Eligible Employee or Excluded Employee	  	-24-
	 4.05
	  	Re-employment and Commencement of Participation	  	-24-
	 4.06
	  	No Waiver of Participation	  	-24-
	 4.07
	  	Effect of Participation	  	-24-
		
	ARTICLE V	  	-25-
		
	PARTICIPANT AND EMPLOYER CONTRIBUTIONS	  	-25-
	 5.01
	  	Elective Deferrals	  	-25-
	 5.02
	  	Payment to Trustee	  	-26-
	 5.03
	  	Suspension of Deferrals	  	-26-
	 5.04
	  	After-tax Contributions by Participants	  	-27-
	 5.05
	  	Rollover Contributions by Participants	  	-27-
	 5.06
	  	Safe Harbor Employer Matching Contributions	  	-27-
	 5.07
	  	Employer Non-Elective Contributions	  	-29-
	 5.08
	  	Time and Method of Payment	  	-29-
	 5.09
	  	Employer Contribution Accounts	  	-29-
	 5.10
	  	Limitations on Contributions	  	-30-
	 5.11
	  	Excess Contributions	  	-31-
	 5.12
	  	Correction of Excess Contributions	  	-32-
		
	ARTICLE VI	  	-34-
		
	ALLOCATIONS TO ACCOUNT	  	-34-
	 6.01
	  	Revaluation of Assets	  	-34-
	 6.02
	  	Allocation of Contributions and Forfeitures	  	-34-
	 6.03
	  	Adjustment of Accounts and Dividends on Employer Securities	  	-35-
	 6.04
	  	Eligibility for Allocation of Employer Matching and Non-Elective Contributions	  	-38-
	 6.05
	  	Restriction on Certain Allocations	  	-39-
	 6.06
	  	Participant Diversification of Investments	  	-39-
		
	ARTICLE VII	  	-42-
		
	LIMITATIONS ON ALLOCATIONS	  	-42-
	 7.01
	  	Special Definitions	  	-42-
	 7.02
	  	Coordination With Other Plans	  	-46-
	 7.03
	  	Order of Limitations	  	-46-
	 7.04
	  	Aggregation of Plans	  	-47-
	 7.05
	  	Suspense Account	  	-47-









					
		
	ARTICLE VIII	  	-48-
		
	IN-SERVICE AND HARDSHIP WITHDRAWALS	  	-48-
	 8.01
	  	In-Service Withdrawals, Withdrawals of Rollover Contributions and Withdrawals Due to Attainment of Age 59 1/2, Disability or Hardship	  	-48-
	 8.02
	  	Financial Hardship Distribution Rules	  	-49-
	 8.03
	  	Determination of Immediate and Heavy Financial Need	  	-49-
	 8.04
	  	In Service Withdrawals of Voluntary Contributions	  	-50-
	 8.05
	  	Determination of Available Withdrawal Amount	  	-50-
	 8.06
	  	Withdrawal of Rollover Contributions	  	-50-
		
	ARTICLE IX	  	-52-
		
	RETIREMENT BENEFITS	  	-52-
	 9.01
	  	Normal or Late Retirement	  	-52-
	 9.02
	  	Disability Retirement	  	-52-
	 9.03
	  	Method of Payment	  	-52-
	 9.04
	  	Time of Payment	  	-53-
	 9.05
	  	Minimum Distribution Requirements	  	-53-
	 9.06
	  	No Annuity Benefits	  	-56-
	 9.07
	  	Distribution of Employer Securities	  	-57-
	 9.08
	  	Special Distribution Rules	  	-57-
	 9.09
	  	Distribution of Transferred Benefits	  	-58-
		
	ARTICLE X	  	-59-
		
	DEATH BENEFITS	  	-59-
	 10.01
	  	Death Benefits Payable	  	-59-
	 10.02
	  	Designation of Beneficiary	  	-59-
	 10.03
	  	Death Benefit Payment Procedure	  	-60-
	 10.04
	  	Required Distributions Upon Death	  	-60-
		
	ARTICLE XI	  	-64-
		
	BENEFITS UPON OTHER TERMINATION OF EMPLOYMENT	  	-64-
	 11.01
	  	Vested Amounts	  	-64-
	 11.02
	  	Distribution of Vested Interest	  	-64-
	 11.03
	  	Distribution of Small Amounts	  	-66-
	 11.04
	  	Eligible Rollover Distributions	  	-66-
	 11.05
	  	Breaks in Service and Vesting	  	-67-
	 11.06
	  	No Increase in Pre-break Vesting	  	-67-
	 11.07
	  	Disposition of Forfeitures	  	-67-
	 11.08
	  	Distribution to Participants Who Are Less Than 100% Vested in Their Entire Account	  	-68-
	 11.09
	  	Repayment of Distribution	  	-69-
	 11.10
	  	Restoration of Accounts	  	-69-
	 11.11
	  	Amendments to the Vesting Schedule	  	-70-









					
	ARTICLE XII	  	-71-
		
	FIDUCIARY DUTIES	  	-71-
	 12.01
	  	General Fiduciary Duty	  	-71-
	 12.02
	  	Allocation of Responsibilities	  	-71-
	 12.03
	  	Delegation of Responsibilities	  	-71-
	 12.04
	  	Liability for Allocation or Delegation of Responsibilities	  	-71-
	 12.05
	  	Liability for Co-Fiduciaries	  	-72-
	 12.06
	  	Same Person May Serve in More than One Capacity	  	-72-
	 12.07
	  	Indemnification	  	-72-
		
	ARTICLE XIII	  	-73-
		
	THE PLAN ADMINISTRATOR	  	-73-
	 13.01
	  	Appointment of Plan Administrator	  	-73-
	 13.02
	  	Acceptance by Plan Administrator	  	-73-
	 13.03
	  	Signature of Plan Administrator	  	-73-
	 13.04
	  	Appointment of an Investment Manager	  	-73-
	 13.05
	  	Duties of the Plan Administrator	  	-73-
	 13.06
	  	Claims Procedure	  	-74-
	 13.07
	  	Claims Review Procedure	  	-75-
	 13.08
	  	Limitations of Actions on Claims	  	-75-
	 13.09
	  	Compensation and Expenses of Plan Administrator	  	-75-
	 13.10
	  	Removal or Resignation	  	-76-
	 13.11
	  	Records of Plan Administrator	  	-76-
	 13.12
	  	Other Responsibilities	  	-76-
		
	ARTICLE XIV	  	-77-
		
	THE TRUSTEE	  	-77-
	 14.01
	  	Appointment of Trustee	  	-77-
	 14.02
	  	Acceptance by Trustee	  	-77-
	 14.03
	  	Provisions of Trust Agreement	  	-77-
	 14.04
	  	Participant Voting Rights	  	-79-
	 14.05
	  	Investment Committee	  	-79-
	 14.06
	  	Payment of Plan Expenses	  	-80-
	 14.07
	  	Payment From the Trust Fund	  	-80-
		
	ARTICLE XV	  	-81-
		
	THE EMPLOYER	  	-81-
	 15.01
	  	Notification	  	-81-
	 15.02
	  	Record Keeping	  	-81-
	 15.03
	  	Bonding	  	-81-
	 15.04
	  	Signature of Employer	  	-81-
	 15.05
	  	Plan Counsel and Expenses	  	-81-
	 15.06
	  	Other Responsibilities	  	-81-
	 15.07
	  	Affiliated Groups	  	-81-
	 15.08
	  	Employer Contributions	  	-82-









					
	ARTICLE XVI	  	-83-
		
	PLAN AMENDMENT OR MERGER	  	-83-
	 16.01
	  	Power to Amend	  	-83-
	 16.02
	  	Limitations on Amendments	  	-83-
	 16.03
	  	Method of Amendment	  	-83-
	 16.04
	  	Notice of Amendment	  	-84-
	 16.05
	  	Merger or Consolidation	  	-84-
		
	ARTICLE XVII	  	-85-
		
	TERMINATION OR DISCONTINUANCE OF CONTRIBUTIONS	  	-85-
	 17.01
	  	Right to Terminate	  	-85-
	 17.02
	  	Effect of Termination	  	-85-
	 17.03
	  	Manner of Distribution	  	-85-
	 17.04
	  	No Reversion	  	-86-
	 17.05
	  	Termination of an Employer	  	-86-
	 17.06
	  	Partial Termination	  	-86-
	 17.07
	  	Effect of Partial Termination	  	-86-
		
	ARTICLE XVIII	  	-87-
		
	FUNDING POLICY FOR PLAN BENEFITS	  	-87-
	 18.01
	  	Funding Method	  	-87-
	 18.02
	  	Investment Policy	  	-87-
	 18.03
	  	No Purchase of Life Insurance Contracts	  	-88-
	 18.04
	  	General Investments and Dividend Accounts	  	-88-
	 18.05
	  	Non-transferability of Annuity Contracts	  	-88-
	 18.06
	  	Establishment of Separate Funds	  	-88-
		
	ARTICLE XIX	  	-91-
		
	TOP-HEAVY PROVISIONS	  	-91-
	 19.01
	  	Application	  	-91-
	 19.02
	  	Special Definitions	  	-91-
	 19.03
	  	Top-Heavy or Super Top-Heavy Minimum Required Allocation	  	-96-
	 19.04
	  	Non-forfeitability of Minimum Top-Heavy Allocation	  	-97-
	 19.05
	  	Top Heavy Compensation Limitation	  	-98-
	 19.06
	  	Minimum Vesting Provision	  	-98-
	 19.07
	  	Adjustments to Limitations	  	-98-
	 19.08
	  	Participant Elective Deferrals	  	-99-
	 19.09
	  	EGTRRA Modification of Top-Heavy Rules	  	-99-
		
	ARTICLE XX	  	-101-
		
	PROVISIONS AFFECTING BENEFITS	  	-101-
	 20.01
	  	Availability of Loans	  	-101-









					
	 20.02
	  	Loan Administration	  	-101-
	 20.03
	  	Amount of Loan	  	-101-
	 20.04
	  	Collateral Requirements	  	-102-
	 20.05
	  	Loan Terms	  	-102-
	 20.06
	  	Accounting for Loans	  	-102-
	 20.07
	  	Effect of Termination of Employment or Plan	  	-102-
	 20.08
	  	No Spousal Consent	  	-103-
	 20.09
	  	Anti-Alienation	  	-103-
	 20.10
	  	Qualified Domestic Relations Orders	  	-103-
	 20.11
	  	QDRO Definitions	  	-104-
		
	ARTICLE XXI	  	-105-
		
	MULTIPLE EMPLOYER PROVISIONS	  	-105-
	 21.01
	  	Adoption by Other Zions Employers	  	-105-
	 21.02
	  	Requirements of Participating Zions Employers	  	-105-
	 21.03
	  	Designation of Agent	  	-105-
	 21.04
	  	Employee Transfers	  	-105-
	 21.05
	  	Amendment	  	-106-
	 21.06
	  	Discontinuance of Participation	  	-106-
	 21.07
	  	Administrator’s Authority	  	-106-
	 21.08
	  	Participating Employer Contributions	  	-106-
		
	ARTICLE XXII	  	-107-
		
	PURCHASE OF EMPLOYER SECURITIES	  	-107-
	 22.01
	  	No Put option	  	-107-
	 22.01
	  	Purchase Price For Employer Securities	  	-107-
		
	ARTICLE XXIII	  	-108-
		
	MISCELLANEOUS	  	-108-
	 23.01
	  	Participant’s Rights	  	-108-
	 23.02
	  	Actions Consistent with Terms of Plan	  	-108-
	 23.03
	  	Performance of Duties	  	-108-
	 23.04
	  	Validity of Plan	  	-108-
	 23.05
	  	Legal Action	  	-108-
	 23.06
	  	Gender and Number	  	-108-
	 23.07
	  	Uniformity	  	-108-
	 23.08
	  	Headings	  	-109-
	 23.09
	  	Receipt and Release for Payments	  	-109-
	 23.10
	  	Payments to Minors, Incompetents	  	-109-
	 23.11
	  	Missing Persons	  	-109-
	 23.12
	  	Prohibition Against Diversion of Funds	  	-110-
	 23.13
	  	Applicability of Plan	  	-110-
	 23.14
	  	Misstatement of Age	  	-110-
	 23.15
	  	Return of Contributions to the Employer	  	-110-
	 23.16
	  	Counterparts	  	-110-








 ARTICLE I 
 ESTABLISHMENT 
 1.01 Establishment: This Plan is an amendment and restatement in full
of the Zions Bancorporation Payshelter 401(k) Plan. This Plan is signed and executed on the day set forth at the end of this Plan, effective for all purposes (except as specifically set forth hereafter) as of January 1, 2003. This Plan is
maintained by Zions Bancorporation, a corporation organized and existing under the laws of the State of Utah, with principal offices located at Salt Lake City, Utah, hereinafter referred to as the “Plan Sponsor,” for the benefit of its
Employees and the Employees of those affiliated entities who also participate herein. With the consent of Zions Bancorporation this Plan may be adopted by other Employers affiliated with it. 
 1.02 History: Effective as of July 1, 1984, Zions Utah Bancorporation, as the sponsoring employer, established the Zions Utah Bancorporation
Salary Reduction Arrangement Plan and executed a funding arrangement with Zions First National Bank as Trustee to provide retirement benefits for eligible Employees. The name of the Plan was changed effective July 17, 1987, to the Zions
Bancorporation Salary Reduction Arrangement Plan. Effective December 29, 1988, Zions Bancorporation amended the Zions Bancorporation Payroll Stock Ownership Plan and merged that plan into the Zions Bancorporation Salary Reduction Arrangement
Plan. Effective January 1, 1989, Zions Bancorporation further amended and restated the Plan and renamed the Plan the Zions Bancorporation Employee Investment Savings Plan. Effective September 18, 1998, Zions Bancorporation terminated the
Zions Bancorporation Profit Sharing Plan and on July 22, 1999, that plan was merged into this Plan. Effective as of December 31, 2001, Zions Bancorporation merged the Zions Bancorporation Employee Stock Savings Plan into the Zions
Bancorporation Employee Investment Savings Plan, which merger further served to restate and amend both the Zions Bancorporation Employee Stock Savings Plan and the Zions Bancorporation Employee Investment Savings Plan to comply with and satisfy
GUST. With the merger and amendment Zions Bancorporation also changed the name of the Plan effective January 1, 2002, to the Zions Bancorporation Payshelter 401(k) Plan. The Zions Bancorporation Payshelter 401(k) Plan as merged and combined is
referred to herein as the “Prior Plan.” 
 1.03 Intent: Zions Bancorporation intends by this Plan to restate in full the
Prior Plan, as it previously existed following the merger which was effective December 31, 2001, and continue in part the retirement benefit program it has previously established for the benefit of its Employees who shall meet the eligibility
requirements hereinafter set forth and for the benefit of the beneficiaries of such Employees, respectively, as hereinafter provided. Zions Bancorporation has designed this Plan to permit Employee Deferrals and Employer Matching Contributions which
satisfy the “safe harbor” requirements of Code §§401(k)(12) and 401(m)(11). Zions Bancorporation also intends that this Plan shall be an employee stock ownership plan within the meaning of Code §4975(e)(7) and shall 

  

 –1– 








 
meet all other applicable requirements of the Internal Revenue Code of 1986 (“Code”) and the Employee Retirement Income Security Act of 1974
(“ERISA”). The Plan shall be interpreted, wherever possible, to comply with the terms of the Code and ERISA and all formal regulations and rulings issued thereunder. 
 1.04 Transferee Plan: This Plan may include assets transferred from one or more other Plans (“Predecessor Plan” or “Plans”)
sponsored by Zions Bancorporation or by a member of an Affiliated Group with Zions Bancorporation. In that event certain provisions of this Plan shall apply for purposes of insuring that the Predecessor Plan has complied and continues to comply with
all requirements of recent legislation, known collectively as “GUST.” 
 1.05 Limitation on Applicability: The provisions of
this Plan shall apply to all persons, whether or not employed by Zions Bancorporation or a member of an Affiliated Group on the Effective Date, who have an account in the Plan on or after the Effective Date. Prior to the Effective Date the terms of
the Prior Plan shall govern. 
 1.06 EGTRRA: This Plan includes language which reflects certain provisions of the Economic Growth and
Tax Relief Reconciliation Act of 2001 (“EGTRRA”). These provisions are intended as good faith compliance with the requirements of EGTRRA and are to be construed in accordance with EGTRRA and guidance issued thereunder. Unless otherwise
provided, provisions included in this Plan in compliance with EGTRRA shall be effective as of the Effective Date of this Plan. Provisions included in this Plan conforming to EGTRRA shall supersede all other provisions of the Plan to the extent those
provisions are inconsistent with EGTRRA. 
  

 –2– 








 ARTICLE II 
 DEFINITIONS OF TERMS 
 As used in this Plan the following words and phrases shall have the
meanings indicated, unless the context clearly requires another meaning. 
 2.01 “Account” shall mean the Account
established and maintained by the Plan Administrator for a Participant with respect to the Participant’s interest in the Investment Fund. Each Participant’s Account shall be credited or charged with contributions, distributions, expenses,
earnings and losses as provided herein. The following separate sub-accounts shall be established for each Participant, as applicable, and in the aggregate they shall constitute the Participant’s Account: 
  

	 	(a)	“Participant Elective Deferral Account” shall mean the sub-Account which is attributable to the contributions made by the Employer pursuant to an election by the
Participant under Section 5.01. 

  

	 	(b)	“Participant Rollover Account” shall mean the sub-Account which is attributable to contributions received pursuant to Section 5.05. 


 

	 	(c)	“Employer Matching Contribution Account” shall mean the sub-Account which is attributable to matching contributions made by the Employer pursuant to
Section 5.06. 

  

	 	(d)	“Employer Non-Elective Contribution Account” shall mean the sub-Account which is attributable to the Non-Elective Contributions made by the Employer pursuant to
Section 5.07. 

  

	 	(e)	“Participant Voluntary Contribution Account” shall mean the sub-Account which is attributable to Voluntary Contributions made by the Employee prior to the Effective
Date. This sub-Account shall also reflect the Participant’s Voluntary Contributions used previously to acquire Company Stock. 

  

	 	(f)	“Paysop Account” shall mean the sub-Account which is attributable to all amounts transferred to this Plan from the Paysop pursuant to that certain trust to trust
transfer agreement effective December 29, 1988. 

  

	 	(g)	 “Employer Securities Account” shall mean the sub-Account maintained for each Participant to hold the Participant’s share of Employer
Securities (including fractional shares) held by the Plan, regardless of origin to the Plan or contribution source, 



  

 –3– 









	 	 
including, without limitation, Employer Securities purchased and paid for by the Trust or contributed in kind by the Employer to the Trust, forfeitures of
Employer Securities and stock dividends on Employer Securities. To the extent it holds Employer Securities the Dividend Account shall also be treated as part of the Employer Securities Account for all Plan purposes, including diversification under
Section 6.06, but excepting vesting under Section 11.01. 


  

	 	(h)	“General Investments Account” shall mean the Account which is attributable to all contributions made to the Plan for the benefit of the Participant which are not
comprised of Employer Securities or used to purchase Employer Securities, together with all forfeitures, earnings and accruals thereon. This sub-Account shall hold all non-Employer Securities investments, regardless of origin to the Plan or
contribution source. 

  

	 	(i)	“Dividend Account” shall mean the Account which is maintained for the purpose of receiving and holding cash dividends paid by the Plan Sponsor on Employer
Securities held by the Plan until distributed or invested in Employer Securities. Upon investment in Employer Securities, the Dividend Account shall be deemed a part of and treated in the same manner as the Employer Securities Account for all Plan
purposes, including diversification under Section 6.06, but excepting vesting under Section 11.01. 

  

	 	(j)	“Segregated Investment Account” shall mean the Account which is maintained for the benefit of a Participant pursuant to Section 6.06. 


 

	 	(k)	“Predecessor Plan Account” shall mean the Account which is attributable to assets transferred from a Predecessor Plan (“Transferred Benefits”).


 Certain sub-Accounts may include or incorporate assets from other sub-Accounts. The maintenance of separate sub-Accounts is
for Plan accounting purposes only and segregation of the assets of the Plan shall not be required. 
 2.02 “Accrued Benefit”
shall mean, as of any date, the sum of the values in a Participant’s Account as of the most recent preceding Valuation Date, plus any contributions to and minus any distributions from the Account since the Valuation Date. 
 2.03 “Administrator” or “Plan Administrator” shall mean the person, persons, or corporation administering this Plan, as
provided in Article XIII hereof, and any successor or successors thereto. 
  

 –4– 








 2.04 “Affiliated Group” shall mean a group of corporations, trades or businesses which
constitutes a controlled group of corporations, trades or businesses as defined in Code §§414(b) and (c) and shall also include a group of corporations, partnerships or other organizations which constitutes an affiliated service group
as defined in Code §414(m) or is treated as a single employer under Code §414(o) and the regulations thereunder. 
 2.05
“Age” shall mean a person’s attained age in completed years and months as of the date determined. 
 2.06
“Anniversary Date” shall be the first day of each Plan Year. 
 2.07 “Beneficiary” shall mean any person,
persons, or trust designated by a Participant on a form as the Plan Administrator may prescribe to receive any death benefit that may be payable hereunder if such person or persons survive the Participant. This designation may be revoked at any time
in similar manner and form. In the event of the death of the designated Beneficiary prior to the death of the Participant, the Contingent Beneficiary shall be entitled to receive any death benefit. 
 2.08 “Board of Directors” shall mean: 
  

	 	(a)	In the case of a corporation, its Board of Directors; or 

  

	 	(b)	In the case of a partnership or joint venture, its controlling partners. 

 2.09 “Code” shall mean the Internal Revenue Code of 1986, as amended. 
 2.10
“Compensation” or “Annual Compensation” shall mean the Participant’s wages, salaries, fees for professional service and other amounts received (without regard to whether or not an amount is paid in cash) for personal
services actually rendered in the course of employment with the Company to the extent that the amounts are includable in gross income (including, but not limited to, commission paid salesmen, compensation for services on insurance premiums, tips,
and bonuses). Compensation will also include Participant contributions to any insurance program and elective contributions made by the Company on behalf of its Participants which are not includable in gross income under Code Sections 125, 402(e)(3),
402(h) or 403(b). 
 The term “Compensation” does not include: 
  

	 	(a)	 Company contributions to a plan of deferred compensation (other than elective contributions described above) to the extent that, before the application of the Code
Section 415 limitations to that plan, the contributions are not includible in the gross income of the Participant for the taxable year in which contributed. Additionally, any 



  

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distributions from a plan of deferred compensation are not considered as Compensation regardless of whether such amounts are includible in the gross income
of the Participant when distributed. However, any amounts received by a Participant pursuant to an unfunded nonqualified plan may be considered as Compensation in the year such amounts are includible in the gross income of the Participant;



  

	 	(b)	Amounts realized from the exercise of a nonqualified stock option, or when restricted stock (or property) held by a Participant either becomes freely transferable or is no longer
subject to a substantial risk of forfeiture; 

  

	 	(c)	Amounts realized from the sale, exchange or other disposition of stock acquired under a qualified stock option; 

  

	 	(d)	Other amounts which receive special tax benefits, such as premiums for group term life insurance (without regard to whether the premiums are includible in the gross income of the
Participant); 

  

	 	(e)	Reimbursements or other expense allowances, fringe benefits (cash and non-cash), moving expenses, parking or public transportation payments not includable in gross income by reason
of Code §132(f)(4), welfare benefits, and any lump sum amounts paid at termination of employment (on account of such termination), such as severance pay, vacation and sick leave cash-outs; and 

  

	 	(f)	Directors fees, if any, paid to Highly Compensated Employees. 

 The Participant’s Annual Compensation taken into account for any Plan Year shall not exceed one hundred fifty thousand dollars ($150,000), or such greater amount adjusted each Plan Year as provided in Code §401(a)(17)(B).
Effective for Plan Years commencing on and after January 1, 1997, aggregation of family members’ compensation shall not be required or allowed when determining Annual Compensation. 
 Effective for Plan Years commencing on and after January 1, 2002, Annual Compensation of each Participant taken into account in determining
allocations for any Plan Year shall not exceed two hundred thousand dollars ($200,000), as adjusted for cost-of-living increases in accordance with Code §401(a)(17)(B). The cost-of-living adjustment in effect for a calendar year applies to
Annual Compensation for the Plan Year that begins with or within the calendar year. 
 For any short Plan Year the Annual Compensation limit
shall be an amount equal to the Annual Compensation limit for the calendar year in which the Plan Year begins, multiplied by the ratio obtained by dividing the number of full months in the short Plan Year by twelve (12). 
  

 –6– 








 2.11 “Contingent Beneficiary” shall mean the person, persons, or trust duly designated
by the Participant to receive any death benefit from the Plan in the event the designated Beneficiary does not survive the Participant. 
 2.12 “Disability” shall mean when applied to any Participant who has not yet attained Normal Retirement Age, an impairment occurring due to sickness or injury which prevents the Participant from performing his or her
material and substantial duties as an Employee and which can be expected (a) to last for a long-continued, indefinite period and (b) result in the Participant being unable to perform the duties of any gainful occupation for which he or she
is reasonably fitted by education, training or experience. The Plan Administrator shall determine the existence of Disability under this Section by applying of foregoing standard in a manner consistent with the determination of disability under the
long term disability plan sponsored by the Plan Sponsor. Eligibility to receive Social Security disability payments shall not automatically deem the Participant to be disabled without further determination by the Plan Administrator. 
 2.13 “Disqualified Person” shall mean a person defined under Code §4975(e)(2). 
 2.14 “Distribution Date” shall mean the first day of the first month for which an amount is payable, or the date on which a benefit is
actually paid or begins to be paid. 
 2.15 “Effective Date” shall mean January 1, 2003. All provisions of this Plan
shall be effective as of that date unless an alternative date is specifically provided. 
 2.16 “Elective Deferral” shall
mean a contribution to the Plan under a cash or deferred arrangement as defined in Code §401(k) to the extent not includable in gross income, which is made pursuant to an election and authorization by a Participant through a Salary Deferral
Agreement consistent with the provisions of Section 5.01. 
 2.17 “Eligible Employee” shall mean any Employee who is
not an Excluded Employee. 
 2.18 “Employee” shall mean any individual who performs personal services directly for and with
the consent and supervision of a Zions Employer in a capacity other than solely as a director. The term “Employee” shall also include a Leased Employee. 
 2.19 “Employer” or “Zions Employer” shall mean the Plan Sponsor and any other entity who, with the authorization of the Plan Sponsor, may adopt this Plan. Solely for purposes of determining
Eligibility Service, Years of Vesting Service and One Year Breaks in Service, any entity not adopting this Plan which, together with the Plan Sponsor, is a member of an Affiliated Group shall also be treated as an Employer for the period of time
during which the entity was a part of the Affiliated Group. Each Zions Employer participating in this Plan shall be identified on a list attached as an addendum to this Plan or through separate participation agreements reflecting adoption of this
Plan by the Zions Employer. 
  

 –7– 








 2.20 “Employer Contribution” shall mean any Employer contribution made to this Plan on
behalf of an Employee. 
 2.21 “Employer Securities” shall mean common stock issued by the Plan Sponsor (or by a corporation
which is a member of the controlled group of corporations of which the Plan Sponsor is a member) which is readily tradeable on an established securities market. Noncallable preferred stock shall be deemed to be “Employer Securities” if
such stock is convertible at any time into stock which constitutes “Employer Securities” hereunder and if such conversion is at a conversion price which (as of the date of the acquisition by the Plan) is reasonable. Preferred stock shall
be treated as noncallable if after the call there will be a reasonable opportunity for a conversion which meets the above requirement. 
 2.22 “Entry Date” shall mean, solely for purposes of participation under Article IV, the date an Employee became or becomes a Participant in the Plan. Under the Prior Plan Entry Dates occurred on
January 1 April 1, July 1 and October 1 of each Plan Year. Effective January 1, 2002, the Prior Plan was amended to provide that Entry Dates occur on each day of the Plan Year. The Effective Date shall also be an
Entry Date for this Plan. 
 2.23 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from
time to time, and the regulations issued thereunder. 
 2.24 “Excluded Employee” shall mean a member of that class of
Employees who are not eligible to participate in the Plan or accrue any benefit under the Plan, regardless of the number of hours worked. The class of such Employees includes: 
  

	 	(a)	Employees whose employment is governed by the terms of a collective bargaining agreement between Employee representatives and the Employer under which retirement benefits were the
subject of good faith bargaining between the Employee representatives and the Employer. 

  

	 	(b)	Employees who are non-resident aliens and who receive no earned income (within the meaning of Code §911(b)) from an Employer which constitutes income from sources within the
United States. 

  

	 	(c)	Employees whose services for the Employer are performed outside of the United States or whose principal base of operations is outside of the United States. 


 

 –8– 









	 	(d)	Employees who are designated by the Employer to be in either of the following classifications: 

  

	 	(i)	independent contractor, or 

  

	 	(ii)	temporary employee or Leased Employee, 

 It
is expressly intended that an individual identified by the Employer to be in one of the above classifications shall be ineligible to participate in the Plan without regard to whether a court or administrative agency subsequently determines that the
individual was not or is not in fact in that classification. 
  

	 	(e)	Employees who are employed by an entity which is part of a Affiliated Group with a Zions Employer, but which entity has not adopted and does not participate in this Plan.


 2.25 “Exempt Loan” shall mean a loan made to this Plan by a Disqualified Person, or a loan to this Plan
which a Disqualified Person guarantees, provided the loan satisfies the requirements of Treas. Reg. §54.4975-7(b). 
 2.26
“Fiduciary” shall mean and include the Trustee, Plan Administrator, Plan Sponsor, Investment Manager, and any other person or corporation who: 
  

	 	(a)	Exercises any discretionary authority or discretionary control respecting management of the Plan or exercises any authority or control respecting management or disposition of its
assets; 

  

	 	(b)	Renders investment advice for a fee or other compensation, direct or indirect, with respect to any moneys or other property of the Plan, or has any authority or responsibility to do
so; 

  

	 	(c)	Has any discretionary authority or discretionary responsibility in the administration of the Plan; or 

  

	 	(d)	Is described as a “fiduciary” in Sections 3(14) or (21) of ERISA or is designated to carry out fiduciary responsibilities pursuant to this agreement to the
extent permitted by Section 405(c)(1)(B) of ERISA. 

  

 –9– 








 2.27 “Highly Compensated Employee” shall mean, for any Plan Year, an Employee, other
than a non-resident alien receiving no earned income from the Employer from sources within the United States, who: 
  

	 	(a)	was at any time during the Plan Year or the Look-back Year a Five Percent Owner (as defined in Section 19.02(c)); or 

  

	 	(b)	received Compensation from the Employer in the Look-back Year in excess of ninety thousand dollars ($90,000) and was in the Top Paid Group for the Look-back Year.


 “Look-back Year” means the Plan Year immediately preceding
the Plan Year for which the determination is being made. An Employee is in the “Top Paid Group” if the Employee is in the group consisting of the top twenty percent (20%) of Employees when ranked on the basis of Compensation paid
during the Look Back Year. When calculating the number of Employees in the Top Paid Group the following Employees shall be excluded: (i) Employees who have not completed 6 months of service; (ii) Employees who normally work less than
17 1/2 hours per week; (iii) Employees who normally work not more than 6 months during any year; (iv) Employees who
have not attained Age 21; and (v) Employees who are Excluded Employees by reason of Section 2.24(a). If permitted by IRS regulations or rulings, the Employer may use shorter periods and hours and a lower age when calculating the Top Paid
Group. The ninety thousand dollar ($90,000) amount in (b) above shall be adjusted for cost of living as provided under Code §415(d), except that the base period shall be the calendar quarter ending September 30, 1996.

 A former Employee who was a Highly Compensated Employee upon Termination of Employment or at any time after attaining Age
fifty-five (55) shall be treated as a Highly Compensated Employee. For any Plan Year, including the Look-back Year, no family aggregation rules shall apply when determining who is a Highly Compensated Employee and no Employee who is a family
member of any Highly Compensated Employee shall be required or considered to be a single Employee with the Highly Compensated Employee. 
 For purposes of this Section, Compensation is defined as in Section 7.01(b) of this Plan, but shall include contributions made by the Employer to a plan of deferred compensation otherwise excluded in Section 7.01(b). 

2.28 “Inactive Participant” shall mean an individual who retains and is entitled to receive an Accrued Benefit under the Plan, but
who is not currently eligible to make Elective Deferral Contributions or receive an allocation of Employer Contributions or forfeitures, without regard to whether the individual has incurred a Termination of Employment. 
 2.29 “Investment Fund” shall mean all assets of the Trust Fund. 
  

 –10– 








 2.30 “Investment Manager” shall mean any Fiduciary (other than a Trustee or Named
Fiduciary) who: 
  

	 	(a)	Has the power to manage, acquire or dispose of any asset of the Plan; 

  

	 	(b)	Is (1) registered as an investment advisor under the Investment Advisors Act of 1940; (2) a bank as defined in that Act; or (3) is an insurance company qualified to
perform services described in Subsection (a) above under the laws of more than one state; and 

  

	 	(c)	Has acknowledged in writing that he is a Fiduciary with respect to the Plan. 

 2.31 “K-Test Average Contribution Percentage” shall mean the average (expressed as a percentage) of the K-Test Contribution Percentages of the Participants in a group. 
 2.32 “K-Test Contribution Percentage” shall mean the ratio (expressed as a percentage) of a Participant’s K-Test Contributions for
a Plan Year to the Participant’s Compensation for the Plan Year. The K-Test Contribution Percentage for a Participant who is a Highly Compensated Employee shall be determined by combining all cash or deferred arrangements under which the Highly
Compensated Employee is eligible to participate (other than those which may not be permissively aggregated) with this Plan as though they were a single arrangement. For this purpose, Compensation is defined as in Section 7.01(b) of the Plan.
The K-Test Contribution Percentage for a Participant who has made no Elective Deferral contributions and who is not credited with any K-Test Contributions for the Plan Year shall be zero (0). 
 2.33 “K-Test Contributions” shall mean, for any Plan Year, a Participant’s Elective Deferrals, plus, if so elected by the Employer,
part or all of the Qualified Non-Elective Contributions and Qualified Matching Contributions allocated to the Participant for such year, provided that, any Qualified Non-Elective Contributions included as K-Test Contributions shall not increase the
difference between the K-Test Average Contribution Percentage for Highly Compensated Employees and the K-Test Average Contribution Percentage for Non-Highly Compensated Employees; and, further provided that, no Qualified Non-Elective Contributions
or Qualified Matching Contributions included as K-Test Contributions shall be included as M-Test Contributions. In determining the amount of a Participant’s Elective Deferrals under this Section the Plan Administrator shall take into account
elective deferrals made by the Participant under any other plan which is aggregated with this Plan for purposes of Code §401(a)(4) or Code §410(b) (other than Code §410(b)(2)(A)(ii)) and any other plan satisfying Code §401(k)(3)
and Reg. §1.401(k)-1(b)(3) which the Employer elects to permissively aggregate with this Plan, by treating all such plans and this Plan as a single plan. 
  

 –11– 








 2.34 “Leased Employee” shall mean any person who, pursuant to an agreement between the
Zions Employer and the Plan Sponsor or any other person or organization (leasing organization), has performed services for the Zions Employer (or for the Zions Employer and related persons determined in accordance with Code §414(n)(6)) and such
services are performed under the primary direction or control of the Zions Employer. 
 2.35 “Leveraged Employer Securities”
shall mean Employer Securities acquired by the Trust with the proceeds of an Exempt Loan and which satisfy the definition of “qualifying employer securities” under Code §4975(e)(8). 
 2.36 “Limitation Year” shall mean the Plan Year, unless the Employer elects a different twelve (12) month period. 
 2.37 “M-Test Average Contribution Percentage” shall mean the average (expressed as a percentage) of the M-Test Contribution Percentages
of the Participants in a group. 
 2.38 “M-Test Contribution Percentage” shall mean the ratio (expressed as a percentage) of
a Participant’s M-Test Contributions for a Plan Year to the Participant’s Compensation for the Plan Year. The M-Test Contribution Percentage for a Participant who is a Highly Compensated Employee shall be determined by combining all plans
subject to Code §401(m) under which the Highly Compensated Employee is eligible to participate (other than those which may not be permissively aggregated) with this Plan as though they were a single plan. For this purpose, Compensation is
defined as in Section 7.01(b) of the Plan. The M-Test Contribution Percentage for a Participant who has made no Elective Deferral contributions and who is not credited with any M-Test Contributions for the Plan Year shall be zero (0).

 2.39 “M-Test Contributions” shall mean for any Plan Year Matching Contributions made pursuant to Section 5.06 less
any of the Participant’s Qualified Matching Contributions included as K-Test Contributions. If so elected by the Employer, part or all of the Qualified Non-Elective Contributions allocated to the Participant for such year shall be included as
an M-Test Contribution, provided that any Qualified Non-Elective Contributions included as M-Test Contributions shall not increase the difference between the M-Test Average Contribution Percentage for Highly Compensated Employees and the M-Test
Average Contribution Percentage for Non-Highly Compensated Employees; and, further provided that, no Qualified Non-Elective Contributions included as M-Test Contributions shall be included as K-Test Contributions. In determining the amount of M-Test
Contributions under this Section the Plan Administrator shall take into account all employee voluntary contributions made by the Participant and all matching contributions made by the Employer under any other plan which is aggregated with this Plan
for purposes of Code §401(a)(4) or Code §410(b) (other than Code §410(b)(2)(A)(ii)) and any other plan satisfying Code §401(k)(3) and Reg. §1.401(k)-1(b)(3) which the Employer elects to permissively aggregate with this Plan,
by treating all such plans and this Plan as a single plan. 
  

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 2.40 “Matching Contribution” shall mean any Employer contribution made to the Plan on
behalf of an Employee on account of an Employee’s Elective Deferral, but excluding, for Plan Years beginning after December 31, 1988, any contribution used to meet the minimum required allocation under Section 19.03. For Plan
Years commencing after December 31, 2001, Matching Contributions may be used to satisfy the minimum required contribution requirements of Section 19.03 to the extent provided in Section 19.09, if the Employer fails to or elects not to
provide benefits to Participants under this Plan on a safe harbor basis, as defined herein. 
 2.41 “Named Fiduciary” shall
mean the Plan Administrator and any Committee appointed and so designated by the Plan Administrator. 
 2.42 “Net Profit”
for any year shall mean the current and accumulated earnings of the Employer as reflected by its books of account for the particular fiscal year prior to the provision for federal and state income tax, without increase or decrease due to
corrections or adjustments subsequently made, but excluding the cost of contributions made under this Plan or any other qualified plan. 
 2.43 “Non-Highly Compensated Employee” shall mean an Employee who is not a Highly Compensated Employee. 
 2.44
“Normal Retirement Age” shall mean Age sixty-five (65). 
 2.45 “Normal Retirement Date” shall mean the first
day of the calendar month coinciding with or next following a Participant’s Normal Retirement Age. 
 2.46 “Participant”
shall mean any Eligible Employee who has satisfied all of the Age and service requirements of Section 4.01. Such an Eligible Employee shall be deemed to be a Participant in the Plan for purposes of any applicable non-discrimination test,
including the K-Test and M-Test defined in this Plan, without regard to whether he has executed a Salary Reduction Agreement and agreed to have contributions made to this Plan through Elective Deferrals. A Participant may nevertheless be considered
“active” or “inactive” depending on whether he is eligible to make Elective Deferral Contributions or receive an allocation of Employer Contributions. A Participant who has an Account in the Plan but is an Inactive Participant
because he or she has incurred a Termination of Employment shall not be treated as a Participant in the Plan for purposes of any applicable non-discrimination test, including the K-Test and M-Test defined in this Plan in any Plan Year following the
Plan Year in which the Participant’s Termination of Employment has occurred. 
  

 –13– 








 2.47 “Paysop” shall mean the Zions Bancorporation Payroll Stock Ownership Plan, a
tax-credit employee stock ownership plan within the meaning of Code §409(a), which was merged into this Plan pursuant to that certain trust to trust transfer agreement effective December 29, 1988. 
 2.48 “Plan” shall mean the Plan as stated herein and as may be amended from time to time, denominated the “Zions Bancorporation
Payshelter 401(k) and Employee Stock Ownership Plan.” The Employer intends the Plan to satisfy the requirements of Code Section 401(k) and to be an employee stock ownership plan within the meaning of Code §4975(e)(7), for all purposes
of the Code 
 2.49 “Plan Sponsor” shall mean Zions Bancorporation. 
 2.50 “Plan Year” shall mean the one year period commencing each January 1 and ending the following December 31. 
 2.51 “Predecessor Plan” shall mean any Plan which has been previously amended or restated for GUST and whose assets have been
transferred to this Plan pursuant to a merger or trust to trust transfer. The benefits which are funded by the transferred assets shall be protected benefits within the meaning of Code §411(d)(6) and the regulations thereunder and prior to
their transfer to this Plan shall be subject to all provisions of the Predecessor Plan, including any transitional rules required by prior legislation such as GUST and applicable IRS regulations. 
 2.52 “Prior Plan” shall mean the Zions Bancorporation Payshelter 401(k) Plan, as it existed immediately prior to the Effective Date.

 2.53 “Qualified Matching Contribution” shall mean a Matching Contribution with respect to which the requirements of Reg.
§1.401(k)-1(b)(5) and Code §§401(k)(2)(B) and (C) are met. 
 2.54 “Qualified Non-Elective Contribution”
shall mean any Employer contribution to the Plan other than a Matching Contribution with respect to which the Employee may not elect to have the contribution paid to the Employee in cash instead of being contributed to the Plan and (if treated
as K-test Contributions) the requirements of Reg. §1.401(k)-1(b)(5) and Code §§401(k)(2)(B) and (C) are met or (if treated as M-Test Contributions) the requirements of Reg. §1.401(m)-1(b)(5) are met. 
 2.55 “Transferred Benefits” shall mean those benefits funded by assets transferred to the Plan from a Predecessor Plan. Transferred
Benefits shall include all optional forms of benefits available under the Predecessor Plan(s) from which the Transferred Benefits were received, unless otherwise provided in this Plan. 
  

 –14– 








 2.56 “Trust” shall mean the Trust originally created in conjunction with the Plan,
previously named effective January 1, 2002, the Zions Bancorporation Payshelter 401(k) Plan Trust. As of the Effective Date the Trust is designated as the “Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan
Trust.” 
 2.57 “Trust Fund” shall mean all cash, Employer Securities, securities, annuity contracts, real estate and
any other property held by the Trustee pursuant to the terms of the Trust and this Plan, together with investment earnings or losses thereon, less any applicable expenses of the Plan and Trust. 
 2.58 “Trustee” shall mean the bank, trust company or other corporation possessing trust powers under applicable state or federal law, or
one or more individuals, or any combination thereof named as Trustee or Trustees under the Trust. 
 2.59 “Valuation Date”
shall mean the date on which the Trust Fund and Accounts are valued, as provided in this Plan. The following shall be Valuation Dates: 
  

	 	(a)	the last day of each Plan Year (the “Annual Valuation Date”), and 

  

	 	(b)	every other business day during the Plan Year on which trading activity occurs or could occur with respect to the Employer Securities held by the Plan. The Plan Administrator shall
interpret this Section as it deems necessary or advisable to provide for the orderly and equitable administration of the Plan. 

 2.60 “Vested Interest” or “Vested Accrued Benefit” shall mean the portion of a Participant’s Accrued Benefit which is non-forfeitable. 
 2.61 “Voluntary Contributions” shall mean after-tax contributions previously made by a Participant under a Salary Reduction Agreement
with the Employer. As of the Effective Date Voluntary Contributions are no longer permitted to be made to the Plan. 
  

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 ARTICLE III 
 SERVICE DEFINITIONS AND RULES 
 3.01 “Eligibility Computation Period” shall
mean the period used to measure Eligibility Service and Breaks in Service for purposes of eligibility to begin and maintain participation in the Plan. As of January 1, 2002, the Plan does not apply any minimum Eligibility Computation Period.

 3.02 “Eligibility Service” shall mean service for any period during which an Employee receives credit for Hours of
Service for a Zions Employer. 
 3.03 “Employment Commencement Date” shall mean the date on which the Employee first
performs an Hour of Service for a Zions Employer. 
 3.04 “Hour of Service” shall mean and be determined as follows:

  

	 	(a)	Each hour for which an Employee is paid, or entitled to payment, for the performance of duties for the Employer. These hours shall be credited to the Employee for the year or years
in which the duties are performed. 

  

	 	(b)	Each hour for which an Employee is paid, or entitled to payment, by the Employer on account of a period of time during which no duties are performed (irrespective of whether the
employment relationship has terminated) due to vacation, holiday, illness, incapacity (including disability), layoff, jury duty, military duty or Leave of Absence. Notwithstanding the preceding sentence: 

  

	 	(1)	No more than five hundred and one (501) Hours of Service are required to be credited under this paragraph during which the Employee performs no duties (whether or not such
period occurs in a single computation period); 

  

	 	(2)	An hour for which an Employee is directly or indirectly paid, or entitled to payment, on account of a period during which no duties are performed is not required to be credited to
the Employee if such payment is made or due under a plan maintained solely for the purpose of complying with applicable worker’s compensation or unemployment compensation or disability insurance laws; and 

  

	 	(3)	Hours of Service are not required to be credited for a payment which solely reimburses an Employee for medical or medically related expenses incurred by the Employee.


  

 –16– 








 For purposes of this paragraph (b), a payment shall be deemed to be made by or due from
an Employer regardless of whether such payment is made by or due from the Employer directly, or indirectly through, among others, a trust fund or insurer to which Employer contributes or pays premiums and regardless of whether contributions made or
due to the trust fund, insurer or other entity are for the benefit of particular Employees or are on behalf of a group of Employees in the aggregate. Hours under this paragraph (b) shall be calculated and credited pursuant to DOL Reg.
§2530.200b-2, paragraphs (b) and (c), which are incorporated herein by this reference. 
  

	 	(c)	Each hour for which back pay, irrespective of mitigation of damages, is either awarded or agreed to by the Employer. The same Hours of Service shall not be credited both under
paragraph (a) or paragraph (b), as the case may be, and under this paragraph (c). These hours shall be credited to the Employee for the year or years to which the award or agreement pertains rather than the year in which the award, agreement or
payment is made. 

  

	 	(d)	Hours of Service shall be determined on the basis of actual hours for which an Employee is paid, entitled to payment or for which back pay is awarded or agreed to.


  

	 	(e)	In the case of an Employee who is absent from work for any period: 

  

	 	(1)	By reason of the pregnancy of the Employee; 

  

	 	(2)	By reason of the birth of a child of the Employee; 

  

	 	(3)	By reason of the placement of a child with the Employee in connection with the adoption of such child by such Employee; or 

  

	 	(4)	For purposes of caring for such child for a period beginning immediately following such birth or placement; 

 Hours of Service shall include the Hours of Service which otherwise would normally have been credited to such Employee but for such
absence; or in any case in which the Plan is unable to determine the Hours of Service to be credited, eight (8) Hours of Service for each regularly scheduled work day of such absence. The total number of hours treated as Hours of Service under
this Section by reason of any pregnancy or placement shall not exceed five hundred and one (501) hours less the number of Hours of Service credited to an Employee pursuant to Subsections (a) through (e) above, for an absence described
in this Subsection (f). The hours 

  

 –17– 








 
described in this Subsection (f) shall be treated as Hours of Service only in the computation period in which the absence from work begins, if an
Employee would be prevented from incurring a One-Year Break in Service in such computation period solely because the period of absence is treated as Hours of Service as provided herein; or in any other case, in the immediately following computation
period. Notwithstanding the foregoing, no credit will be given pursuant to this Subsection (f) unless the Employee furnishes to the Plan Administrator such timely information as the Plan Administrator may reasonably require to establish that
the absence from work is for reasons referred to herein, and the number of days for which there was such an absence. 
  

	 	(f)	Hours of Service shall be aggregated for service with all Zions Employers, however, in no event shall duplicate credit be given for the same Hours of Service.


  

	 	(g)	The Plan Administrator may use any records to determine Hours of Service which it considers an accurate reflection of the facts. 

  

	 	(h)	When crediting Hours of Service for Employees who are paid on an hourly basis the Plan Administrator shall use the “actual” method. For purposes of the Plan,
“actual” method shall mean the determination of Hours of Service from records of hours worked and hours for which the Employer makes payment or for which payment is due from the Employer. When crediting Hours of Service for Employees who
are not paid on an hourly basis, the Plan Administrator shall use the “salaried earnings” method. With respect to an Employee whose Compensation consists primarily of periodic salary payments, “salaried earnings” method shall
mean the determination of Hours of Service from records showing payments made to the Employee or payments due to the Employee from the Employer. In applying the “salaried earnings” method, an Employee who has at least four hundred thirty
five (435) hours or eight hundred seventy (870) hours shall be credited with five hundred (500) Hours of Service and one thousand (1000) Hours of Service, respectively. 

 3.05 “One Year Break in Service” shall mean a twelve (12) consecutive month period during which an Employee has not completed more
than five hundred (500) Hours of Service, regardless of whether the Employee has incurred a Termination of Employment. For purposes of vesting, such twelve (12) consecutive month periods shall be measured on the same basis as Years of
Vesting Service. For purposes of eligibility to participate, the Plan shall not apply any break in service rule. The following types of absence shall not constitute a One-Year Break in Service: 
  

	 	(a)	Temporary leave of absence granted by the Employer for sickness, or extended vacation, provided that persons under similar circumstances shall be treated alike;


  

 –18– 









	 	(b)	Absence due to illness or accident while regular remuneration is paid; 

  

	 	(c)	Absence for military service or significant civilian service for the United States, provided that with respect to civilian service, the absent Employee returns to service with the
Employer within thirty (30) days of his release from the civilian service or any longer period during which his right to re-employment is protected by law and with respect to military service, the absent Employee returns to service within the
period described in Section 3.12, or any longer period during which his right to re-employment is protected by law. 

 3.06 “Re-employment Commencement Date” shall mean the date on which an Employee, who has both incurred a Termination of Employment from the Employer and has had a One Year Break in Service as a result of that termination,
first performs an Hour of Service for the Employer following such Break in Service. 
 3.07 “Termination of Employment” with
respect to any Employee or Participant shall occur upon the separation from service (effective January 1, 2002, severance from employment) of the Employee or Participant due to the resignation, discharge, death, retirement, failure to return to
active work at the end of an authorized leave of absence or the authorized extension(s) thereof, failure to return to active work when duly called following a temporary layoff, or upon the happening of any other event or circumstance which, under
the then current policy of the Zions Employer results in the termination of the employer-employee relationship. Termination of Employment shall not be deemed to occur merely because of a transfer between Zions Employers. 
 3.08 “Vesting Computation Period” shall mean the twelve (12) consecutive month period used to measure Years of Vesting Service and
Breaks in Service for purposes of vesting. The twelve (12) consecutive month period used for the Vesting Computation Period shall be the Plan Year. 
 3.09 “Year of Service” shall mean a twelve (12) consecutive month period during which an Employee has completed at least one thousand (1000) Hours of Service. 
 3.10 “Year of Vesting Service” shall mean a Vesting Computation Period during which an Employee has completed at least one thousand
(1000) Hours of Service. Subject to Section 11.05 a Participant’s Years of Vesting Service shall be determined based on all Vesting Computation Periods containing or beginning after his Employment Commencement Date or Re-employment
Commencement Date, provided that service prior to the date an Employee has attained Age 18 shall not be taken into account. Any individual who was a Leased Employee and who subsequently becomes an Eligible Employee shall be credited with all Years
of Service as a Leased Employee for purposes of determining Years of Vesting Service. 
  

 –19– 








 3.11 Special Rules for Crediting Service. In crediting Service under the Plan for any Employee who
is or was employed by a Participating Employer the rules for crediting Service as set forth in each respective Participation Agreement or as set forth in this Section shall apply. When crediting service under the Plan for Employees who are
employed by certain members of an Affiliated Group or who are former employees of entities acquired by the Employer, the following special rules for crediting service shall apply: 
 (a) Discount Corporation of New York: Each Employee of Discount Corporation of New York (“Discount”) who, as of
August 10, 1993, satisfied the Plan’s minimum age and service requirements shall be eligible to participate in the Plan on August 11, 1993 (which shall be deemed a “Plan Entry Date” for this purpose) or on any subsequent
Plan Entry Date if employed by the Employer or any member of the Affiliated Group who participate in the Plan on that date. All service of the Employee with Discount and any member of the affiliated Group shall be credited for purposes of the above
participation rule. For purposes of benefit accrual, no prior service with Discount shall be taken into account. 
 3.12 Qualified
Military Service Rules: The following rules shall apply to an Employee who has Qualified Military Service while employed by the Employer. 
  

	 	(a)	“Qualified Military Service” shall mean service by an Employee in the uniformed services of the United States (as defined in chapter 43 title 38 of the United
States Code), provided: 

  

	 	(1)	the employee provides advance notice of the service to the Zions Employer, when such notice is practical; 

  

	 	(2)	the employee is not dishonorably discharged; 

  

	 	(3)	the employee is re-employed by the Zions Employer within thirty (30) days following the completion of the service or any longer period during which his or her or her right to
re-employment is protected by law; and 

  

	 	(4)	the cumulative length of the Employee’s absence from employment due to the service does not exceed five (5) years. 

  

	 	(b)	An Employee’s Qualified Military Service shall be treated as service for the Employer for all purposes under the Plan. An Employee’s imputed Hours of Service during
Qualified Military Service shall be: 

  

	 	(1)	the Hours of Service the Employee would have worked but for his or her or her Qualified Military Service; and 

  

 –20– 









	 	(2)	if the Hours of Service cannot reasonably be determined, the Hours of Service the Employee would have worked had he or she worked during his or her or her Qualified Military Service
at his or her or her average rate during the twelve (12) month period immediately preceding his or her or her Qualified Military Service or, if shorter, his or her or her entire period of employment preceding the Qualified Military Service.


  

	 	(c)	Compensation (as defined in Section 2.10) shall include imputed compensation during an Employee’s Qualified Military Service. Imputed compensation shall be:


  

	 	(1)	the compensation the Employee would have received but for his or her or her Qualified Military Service; or 

  

	 	(2)	if the compensation is not reasonably certain, the compensation the Employee would have received had he or she received compensation during his or her qualified Military Leave at
his or her or her average rate during the twelve (12) month period immediately preceding his or her or her Qualified Military Service, or, if shorter, his or her or her entire period of employment preceding his or her or her Qualified Military
Service. 

  

	 	(d)	A Participant who returns to employment after any Qualified Military Service shall be entitled to make additional Elective Deferrals to the Plan up to the maximum amount of the
Elective Deferrals the Participant would have been permitted to make based upon his or her or her imputed compensation during the Qualified Military Service, taking into account any other Elective Deferrals made by the Participant during the
Qualified Military Service. The period during which the additional Elective Deferrals may be made shall commence on the date the Participant returns to employment and shall extend until the expiration of the lesser of (i) the period which is
three (3) times the length of the Participant’s Qualified Military Service or (ii) five (5) years. Payment of Matching Contributions attributable to Elective Deferrals of imputed compensation during Qualified Military Service
shall be made at the same time as other Matching Contributions, based on the time the Elective Deferrals are actually paid to the Plan. The Matching Contributions need not include earnings which would have accrued had the Participant continued
performing his or her or her duties for the Employer during Qualified Military Service. 

  

	 	(e)	 Elective Deferrals of a Participant’s imputed compensation during his or her or her Qualified Military Service shall be treated as Elective Deferrals and as
K-Test 



  

 –21– 









	 	 
Contributions with respect to the Plan Year to which the imputed compensation relates, if this Plan Year is not the same Plan Year in which the Elective
Deferrals are received by the Plan. Any Matching Contributions based on Elective Deferrals of a Participant’s imputed compensation during his or her or her Qualified Military Service shall be treated as M-Test Contributions with respect to the
Plan Year to which the Elective Deferrals relate, if this Plan Year is not the same Plan Year in which the Elective Deferrals are received by the Plan. 


  

	 	(f)	Repayment of any Participant loan from the Plan shall be suspended during Qualified Military Service and the loan repayment period shall be extended by the length of the Qualified
Military Service. Interest shall continue to accrue on the loan during the suspension period at a rate equal to the lesser of the current rate on the loan or the maximum rate allowed by applicable law. Upon recommencing loan payments the additional
accrued interest shall be taken into account in determining the total amount remaining and due on the loan. 

  

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 ARTICLE IV 
 ELIGIBILITY AND PARTICIPATION 
 4.01 Age and Service Requirements: From and after the
Effective Date an Eligible Employee shall be eligible initially to participate in this Plan on the first Entry Date coincident with or next following the date on which he satisfies the following requirements: 
  

	 	(a)	attains age twenty-one (21), and 

  

	 	(b)	is employed on the Entry Date. 

 An Eligible Employee who
has satisfied the requirements above shall commence participation in the Plan on the applicable Entry Date. An Eligible Employee who has attained Age twenty-one (21) and is employed on the Effective Date shall participate in this Plan on the
Effective Date, without regard to the other requirements of this Section. Prior to the Effective Date Eligible Employees shall participate as provided in the Prior Plan. 
 An Eligible Employee who becomes a Participant and who also executes a Salary Deferral Agreement in the manner set forth in procedures issued by the Plan Administrator (which may include use of electronic
technologies) shall be considered to be an active Participant. An Eligible Employee shall not be required to execute a Salary Deferral Agreement in order to be considered a Participant in the Plan, however, as a condition to participation in Salary
Deferral Contributions the Eligible Employee shall first execute a written Salary Deferral Agreement in the manner set forth in procedures issued by the Plan Administrator. An Employee who is a Participant in a Predecessor Plan on the day before the
effective date of the merger of the Predecessor Plan into this Plan shall continue as a Participant in this Plan on the effective date of merger. 
 4.02 Eligibility Information: As soon as practicable after the date each Employee’s Employment Commencement Date, the Plan Administrator shall verify the Entry Date when the Employee shall first become eligible to participate in
the Plan and shall notify each Employee of his/her eligibility, and of any application or other requirements for participation. 
 4.03
Information to be Provided by Employee: At the request of the Plan Administrator, each Eligible Employee shall furnish such information as is not available from the Employer. As a condition to participation in making Elective Deferrals to the
Plan, the Employee shall first complete, execute and deliver a written Salary Deferral Agreement as reasonably required by the Plan Administrator. 
  

 –23– 








 4.04 Reclassification of an Eligible Employee or Excluded Employee: Any Eligible Employee, whether
or not he has previously participated in the Plan, who was previously classified as an Excluded Employee and is reclassified as an Eligible Employee shall be eligible to enter the Plan as an active Participant on the later of the date of his
reclassification or the Entry Date he would otherwise join if he had not been classified as an Excluded Employee, provided he has otherwise satisfied the requirements of Section 4.01. 
 Any Participant who is reclassified as an Excluded Employee shall be treated as an Excluded Employee on the date of reclassification for purposes of
determining his eligibility for any Employer Contributions in the Plan Year of reclassification. If, prior to the date of reclassification, the Participant had executed a Salary Deferral Agreement and is deferring Compensation in the Plan Year in
which the reclassification occurs, the Participant’s Salary Deferral Agreement and all Elective Deferrals thereunder shall automatically terminate as of the last day of the payroll period which commenced immediately prior to the date the
Participant is reclassified as an Excluded Employee. 
 4.05 Re-employment and Commencement of Participation: An Eligible Employee who
had met the requirements of Section 4.01(a) and (b) but terminated employment prior to his Entry Date shall be eligible to become a Participant on the date he is re-employed by the Employer, but in no event earlier than the Entry Date he
would have joined had he not ceased employment. An Eligible Employee who was a Participant shall again become a Participant on the date he is re-employed by the Employer. 
 4.06 No Waiver of Participation: An Eligible Employee who has satisfied all criteria for participation in this Plan shall be deemed a Participant and may not waive or reject participation. 
 4.07 Effect of Participation: A Participant who has satisfied all eligibility criteria and commenced active participation in this Plan shall be
conclusively deemed to have assented to this Plan and to any subsequent amendments, and shall be bound thereby with the same force and effect as if he had formally executed this Plan. 
  

 –24– 








 ARTICLE V 
 PARTICIPANT AND EMPLOYER CONTRIBUTIONS 
 5.01 Elective Deferrals: 
  

	 	(a)	Each Participant may elect to defer any percentage of the Participant’s Compensation described in subsection (1) below, subject to a minimum of one percent (1%) of
the Participant’s Compensation per pay period. The maximum percentage amount shall be fifty percent (50%) of the Participant’s Compensation. The amount of the deferral shall be contingent on the Participant electing and authorizing
the Elective Deferral amount through a Salary Deferral Agreement. The Salary Deferral Agreement and the Participant’s authorization thereunder may be evidenced by a document executed by the Participant and filed with the Administrator in the
manner prescribed for this purpose, which may include a Salary Deferral Agreement completed and executed by the Participant through any approved electronic means. The Salary Deferral Agreement shall be subject to the following rules:


  

	 	(1)	The Salary Deferral Agreement shall apply to each payroll period during which it is in effect and has not been rescinded. The Salary Deferral Agreement shall be applicable to all
forms of the Participant’s Annual Compensation, regardless of how paid or characterized. 

  

	 	(2)	The amount by which the Participant’s Annual Compensation is reduced under the Salary Deferral Agreement may be changed (increased, decreased or ceased) by a Participant at any
time during the Plan Year. A change shall be evidenced by a written document, by oral instructions directly from the Participant with written confirmation in accordance with rules and procedures established by the Administrator or through any
electronic means or method approved by the Plan Administrator. 

  

	 	(3)	A Salary Deferral Agreement and or an amendment to a Salary Deferral Agreement shall be effective as soon as administratively feasible after the Salary Deferral Agreement or the
amendment is executed, orally authorized or electronically completed by the Participant and received and confirmed by the Administrator. 

  

	 	(4)	The Administrator may amend or revoke a Salary Reduction Agreement with any Participant at any time if the Administrator determines that a revocation or amendment is necessary to
ensure that the Participant’s Elective Deferral for any Plan Year will not exceed any Plan limitations. 

  

 –25– 









	 	(5)	The Administrator may revoke its Salary Reduction Agreements with all Participants or amend its Salary Reduction Agreements with all Participants on a uniform basis if it determines
that such action is necessary in order to comply with the terms of the Plan or any applicable law or regulation. 

  

	 	(b)	The Elective Deferral amounts designated by the Participant in the Salary Deferral Agreement shall be withheld and contributed to the Plan by the Employer without regard to Net
Profits to the Participant’s Elective Deferral Account. Unless otherwise approved by the Plan Administrator, Elective Deferrals made through payroll deductions shall be pursuant to the Salary Deferral Agreement executed by the Participant or
orally authorized by the Participant and confirmed by the Plan Administrator or authorized by any other electronic means or method approved by the Plan Administrator. 

  

	 	(c)	Commencing January 1, 2002, and for all Plan Years thereafter an Employee who is eligible to make Elective Deferrals under this Plan and who attains age 50 before the close of
the Plan Year shall be eligible to make catch-up contributions in accordance with, and subject to the limitations of, Code §414(v). Catch-up contributions shall not be taken into account for purposes of the provisions of the Plan implementing
the required limitations of Code §§402(g) and 415. The Plan Administrator shall not treat catch up contributions as failing to satisfy any provisions of the Plan implementing the requirements of Code §§401(k)(3), 401(k)(11),
401(k)(12), 410(b), or 416, as applicable. 

 5.02 Payment to Trustee: The Employer shall transmit to the Trustee the
amounts withheld by it pursuant to Section 5.01 above as soon as administratively feasible, but in no event later than the fifteenth (15th) business day of the month following the month in which the amounts are withheld or received by the
Employer. However, the Employer shall not transmit to the Trustee any amounts withheld by it during the Plan Year pursuant to a deferral election under Section 5.01, which in the Plan Administrator’s opinion would cause the Plan to fail to
meet the limitations described in Section 5.10 for that Plan Year. Such amounts withheld and not transmitted to the Trustee shall be returned by the Employer to the respective Participants. 
 5.03 Suspension of Deferrals: A Participant may notify the Plan Administrator electronically, orally (with written confirmation) or in writing of
his intention to suspend his election to have a portion of his Annual Compensation deferred. The suspension shall be effective as soon as administratively feasible after the date the notice of suspension is received shall apply to each payroll
period thereafter, until a new Salary Deferral Agreement is entered into by the Participant. The Participant shall be considered a Participant hereunder for all other purposes if his employment continues, however, he shall not be considered to be an
active Participant. 
  

 –26– 








 5.04 After-tax Contributions by Participants: From and after the Effective Date no Participant
shall be permitted or required to make after-tax or Voluntary Contributions to the Plan. 
 5.05 Rollover Contributions by
Participants: A Participant (or an Employee who is expected to become a Participant) may make a rollover contribution directly to this Plan of an “eligible rollover distribution,” as that term is defined under Code §401(a)(31)).
The Plan will accept participant rollover contributions and/or direct rollovers of distributions made after December 31, 2001, from any qualified plan described in Code §401(a) or Code §403(a), an annuity contract described in Code
§403(b) or an eligible plan under Code §457(b) which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state. The Plan will also accept a participant
rollover contribution of the portion of a distribution from an individual retirement account or annuity described in Code §408(a) or (b) that is eligible to be rolled over and would otherwise be includable in gross income. The Plan will
not accept rollovers which include after-tax employee contributions. The rollover amount shall be credited to his Participant Rollover Contribution Account, provided: 
  

	 	(a)	The Participant provides adequate evidence to the Plan Administrator that the amount satisfies the requirements of Code §402(c) regarding amounts that may be rolled over;


  

	 	(b)	If the amount is rolled over indirectly to this Plan through an individual retirement account, annuity, or bond, the amount does not include life insurance policies, amounts
contributed (or deemed to have been contributed) by the Participant or amounts distributed from a Plan not described above; and 

  

	 	(c)	It is received by this Plan as a direct transfer pursuant to Code §402(e)(6) or rolled over after distribution to the Participant within sixty (60) days following its
distribution. 

 5.06 Safe Harbor Employer Matching Contributions: For each Plan Year the Employer may contribute to the
Plan an amount, determined without regard to Net Profits, which will be sufficient to credit the Employer Matching Contribution Account of each Participant who is a Non-Highly Compensated Employee and who satisfies the requirements of
Section 6.04, with amounts which satisfy the Employer’s Matching Contribution percentage as determined by the Employer on a discretionary basis for the Plan Year. In no event however, shall the Employer Matching Contribution for any
Participant who is a Non-Highly Compensated Employee in a Plan Year, when determined as a percentage of the Participant’s Compensation for the Plan Year, ever be less than the percentage amounts shown in the following table: 
  

			
	 Participant’s Elective
 Deferral percentage:
	  	Percentage of Employer
Matching Contribution:
	 0%
	  	0.0%
	 1%
	  	1.0%
	 2%
	  	2.0%
	 3%
	  	3.0%
	 4%
	  	3.5%
	 5%
	  	4.0%

  

 –27– 








 The Employer may also contribute to the Plan an amount, determined without regard to Net Profits, which
will be sufficient to credit the Employer Matching Contribution Account of each Participant who is a Highly Compensated Employee and who satisfies the requirements of Section 6.04, with amounts which satisfy the Employer’s Matching
Contribution percentage as determined by the Employer on a discretionary basis for the Plan Year. In no event however, shall the rate of Matching Contributions with respect to Elective Deferrals made by any Highly Compensated Employee exceed the
rate of Matching Contributions with respect to Elective Deferrals made by any Participant who is a Non-Highly Compensated Employee. Excess Matching Contributions for Employees of the Sponsoring Employer or a Participating Zions Employer shall be
determined each Plan Year by the Sponsoring Employer and each Participating Zions Employer respectively, or shall be as set forth in the Supplemental Participation Agreement executed by the Participating Zions Employer. If the Employer or
Participating Zions Employer makes a Matching Contribution in excess of that set forth in the table in this Section, in no event shall the rate of Matching Contributions increase as the rate of the Participant’s Elective Deferrals increase.

 The Employer Matching Contribution amount shall be determined solely by reference to the ratio percentage of the Participant’s
Elective Deferral compared to the aggregate of the forms of the Participant’s Compensation which are subject to the Salary Deferral Agreement as specified in Section 5.01. If the Employer makes a Matching Contribution to the Plan at any
time during the Plan Year (such as on a calendar quarter basis), any limit on the amount of Employer Matching Contribution shall not be determined by reference to Annual Compensation for the Plan Year, but by reference to Compensation paid only
during the period to which the Matching Contribution relates. Notwithstanding the previous sentence, no contribution in excess of the maximum amount which would constitute an allowable deduction for federal income tax purposes under the applicable
provisions of the Code, as now in force or hereafter amended, shall be required to be made by the Employer under this Section. 
 The
Employer Matching Contribution may be made in cash or in kind, provided however, that if the Matching Contribution is made in cash the Plan shall immediately acquire Employer Securities with the entire amount of the contribution and if the Matching
Contribution is made in kind, it shall be made in the form of Employer Securities only. 
  

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 5.07 Employer Non-Elective Contributions: The Employer may contribute, without regard to Net
Profits, an amount determined by its Board of Directors as an Employer Non-Elective Contribution. The Employer may make the Non-Elective Contribution in cash or in kind, provided however, that if the Non-Elective Contribution is made in cash the
Plan shall immediately acquire Employer Securities with the entire amount of the contribution and if the Non-Elective Contribution is made in kind, it shall be made in the form of Employer Securities only. The Employer reserves the right to increase
or decrease the amount from year to year of the Non-Elective Contribution, as determined by the Board of Directors. Notwithstanding the previous sentence, no contribution in excess of the maximum amount which would constitute an allowable deduction
for federal income tax purposes under the applicable provisions of the Code, as now in force or hereafter amended, shall be required to be made by the Employer under this Section. 
 The amount of the contribution to be credited to the Employer Non-Elective Contribution Accounts of the Participants may be stated in terms of a gross
contribution, in which case the amount shall be reduced by any non-vested forfeitures from Employer Non-Elective Contribution Accounts of the Participants to be allocated during the Plan Year pursuant to Section 11.05; or the amount may be
stated in terms of a net contribution, in which case the amount shall be in addition to any such non-vested forfeitures. In the absence of a direction as to whether the amount of the contribution is in terms of a gross contribution or a net
contribution, it shall be deemed to be a gross contribution. 
 5.08 Time and Method of Payment: All payments of Employer Matching and
Non-Elective Contributions shall be made directly to the Trustee and shall be paid no later than the time prescribed by law (including any extensions) for filing the Employer’s federal income tax return for the Plan Year for which they are
made. The Employer may in its sole discretion, at any time during the Plan Year, make one or more partial payments to the Trustee on an estimated basis. Any amount so paid in advance shall be applied against the amount thereafter determined to be
payable by the Employer and shall be credited by the Plan Administrator to the Participants’ Employer Contribution Accounts as of the end of the calendar quarter for which the payment is made. 
 5.09 Employer Contribution Accounts: The Plan Administrator shall establish and maintain an Employer Matching Contribution Account, as defined in
Section 2.01(c) and an Employer Non-Elective Contribution Account as defined in Section 2.01(d) for each Participant eligible to receive an Employer Matching Contribution and an Employer Non-Elective Contribution. The establishment of the
accounts is for record keeping purposes only, and a physical segregation of assets shall not be required. 
  

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 5.10 Limitations on Contributions: All Elective Deferral Contributions to this Plan shall be
subject to the limitations in subsection (a). Notwithstanding any other provisions of this Plan, if for any Plan Year the Elective Deferral and Matching Contributions to the Plan do not satisfy the requirements of Code §§401(k)(12) and
401(m)(11), then the Elective Deferral and Matching Contributions to this Plan shall be subject to the further limitations in subsections (b) and (c) below. 
  

	 	(a)	The total amount of a Participant’s Elective Deferrals during any calendar year shall not exceed twelve thousand dollars ($12,000), which amount shall be adjusted annually,
consistent with the provisions of Code §402(g) and thereafter indexed at the same time and in the same manner as the dollar limitation for defined benefit plans in Code §415(b)(1)(A). For this purpose a Participant’s Elective
Deferrals to this Plan plus the Participant’s elective deferrals pursuant to any other Code §401(k) arrangement, elective deferrals under a simplified employee pension plan and salary reduction contributions to a tax-sheltered annuity,
irrespective of whether the Employer or any member of an Affiliated Group to which the Employer belongs maintains the arrangement, plan or annuity, shall be aggregated. 

  

	 	(b)	The K-Test Average Contribution Percentage of Participants who are Highly Compensated Employees shall not exceed in any Plan Year the greater of: 

  

	 	(1)	The K-Test Average Contribution Percentage for the prior Plan Year of Participants who are Non-Highly Compensated Employees multiplied by 1.25; or 

  

	 	(2)	The lesser of the K-Test Average Contribution Percentage for the prior Plan Year of Participants who are Non-Highly Compensated Employees multiplied by two (2) or the K-Test
Average Contribution Percentage for the prior Plan Year of Participants who are Non-Highly Compensated Employees plus two (2). 

  

	 	(c)	The M-Test Average Contribution Percentage for Participants who are Highly Compensated Employees shall not exceed in any Plan Year the greater of: 

  

	 	(1)	The M-Test Average Contribution Percentage for the prior Plan Year of Participants who are Non-Highly Compensated Employees multiplied by 1.25; or 

  

	 	(2)	The lesser of the M-Test Average Contribution Percentage for the prior Plan Year of Participants who are Non-Highly Compensated Employees multiplied by two (2) or the M-Test
Average Contribution Percentage for the prior Plan Year of Participants who are Non-Highly Compensated Employees plus two (2). 

  

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 For purposes of applying the tests in (b) and (c) above in any Plan Year, the K-Test Average
Contribution Percentage and the M-Test Average Contribution Percentage for Participants who are Non-Highly Compensated Employees shall be based on the prior Plan Year. The Employer may not aggregate this Plan with any other plan when applying the
tests in (b) and (c) above. 
 5.11 Excess Contributions: In accordance with the limitations on contributions described in
Section 5.10, the following amounts shall be treated as excess contributions under this Plan: 
  

	 	(a)	Excess Deferrals: with respect to any calendar year, amounts identified as Excess Deferrals, whether determined by the Administrator or designated by a Participant in writing
no later than March 1 following the end of the calendar year, in accordance with such procedures as the Plan Administrator shall specify, less any Excess K-Test Contributions previously distributed or recharacterized for the Plan Year beginning
in the calendar year in which the Excess Deferral is made, pursuant to Section 5.12(b). 

  

	 	(b)	Excess K-Test Contributions: with respect to any Plan Year, the excess of the aggregate amount of K-Test Contributions actually made on behalf of Highly Compensated Employees
for such Plan Year over the maximum amount of such contributions permitted under Section 5.10(b). The Excess K-Test Contributions of an individual Highly Compensated Employee shall be determined (i) by calculating the total dollar amount
resulting from a reduction of the K-Test Contributions made on behalf of Highly Compensated Employees in order of the K-Test Contribution Percentages, beginning with the highest percentage, until the limitations of Section 5.10(b) are met, and
(ii) by reducing the K-Test Contributions made on behalf of Highly Compensated Employees in order of the dollar amount of K-Test Contributions for each Highly Compensated Employee, beginning with the highest dollar amount, and subtracting such
amounts from the total dollar amount determined in (i) above until the total dollar amount is exhausted. The Excess K-Test Contributions allocated to a Participant shall be reduced by any Excess Deferrals previously distributed for the calendar
year ending with or within the Plan Year in which the Excess K-Test Contributions arose, pursuant to Section 5.12(a). 

  

	 	(c)	 Excess M-Test Contributions: with respect to any Plan Year, the excess of the aggregate amount of M-Test Contributions actually made on behalf of Highly
Compensated Employees for such Plan Year over the maximum amount of such contributions permitted under Section 5.10(c). Effective January 1, 1997, the Excess M-Test Contributions of an individual Highly Compensated Employee shall be




  

 –31– 









	 	 
determined (i) by calculating the total dollar amount resulting from a reduction of the M-Test Contributions made on behalf of Highly Compensated
Employees in order of the M-Test Contribution Percentages, beginning with the highest percentage, until the limitations of Section 5.10(c) are met, and (ii) by reducing the M-Test Contributions made on behalf of Highly Compensated
Employees in order of the dollar amount of M-Test Contributions for each Highly Compensated Employee, beginning with the highest dollar amount, and subtracting such amounts from the total dollar amount determined in (i) above until the total
dollar amount is exhausted. 


 5.12 Correction of Excess Contributions: The Plan provides the following methods for
correcting excess contributions as described in Section 5.11: 
  

	 	(a)	Excess Deferrals: The Plan Administrator shall direct the Trustee to distribute to a Participant from his Participant Elective Deferral Account an amount equal to the
Participant’s Excess Deferral plus income, if any, allocable thereto. Such distribution shall be designated by the Plan Administrator as a distribution of an Excess Deferral and shall be made not earlier than the date on which the Trustee
receives the Excess Deferral and not later than the first April 15 following the end of the calendar year in which the Excess Deferral is made. 

  

	 	(b)	Excess K-Test Contributions: The Plan Administrator shall direct the Trustee to distribute to a Participant his Excess K-Test Contribution plus income, if any, allocable
thereto. The distribution shall be designated by the Plan Administrator as a distribution of an excess contribution and shall be made any time during or after the Plan Year in which the excess contribution arose, but within twelve (12) months
after the end of the Plan Year. 

 If the Employer has made a Matching Contribution attributable to any portion
of the Participant’s Excess K-Test Contribution distributed to the Participant pursuant to the above, the Plan Administrator shall treat the Matching Contribution as a forfeiture. The forfeited amount shall be used to reduce the Employer’s
Matching Contribution otherwise required for the Plan Year or for any subsequent Plan Year. 
  

	 	(c)	Excess M-Test Contributions: The Plan Administrator shall direct the Trustee to hold the excess M-Test Contribution Amount and shall use this Amount to reduce any future
Matching Contribution obligation of the Employer to the Plan. 

 For purposes of the above, income shall include realized and
unrealized gains and losses for the Plan Year and for the period from the end of the Plan Year to the date of distribution (the “gap period”) and shall be allocated to excess contributions in accordance with all 

  

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appropriate Code and Regulation provisions. Distributions of excess contributions pursuant to the above shall be made without regard to any consent by the
Participant otherwise required under this Plan. 
  

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 ARTICLE VI 
 ALLOCATIONS TO ACCOUNTS 
 6.01 Revaluation of Assets: Not less frequently than as of
the Annual Valuation Date each year, the Plan Administrator shall re-value the net assets of all Participants’ General Investments Accounts and Employer Securities Accounts in the Investment Fund. The valuation shall determine the current fair
market value. At the Plan Administrator’s discretion, applied on a consistent basis, the Plan Administrator may similarly re-value the Investment Fund at the end of a semi-annual, quarterly, monthly or more frequent period, which may be as
frequent as the close of each business day. The last day of each valuation period shall be referred to as an Interim Valuation Date. The net investment income or loss on the Investment Fund since the previous Annual or Interim Valuation Date shall
then be determined. An independent appraiser meeting requirements similar to those prescribed by Treasury regulations under Code §170(a)(1) must perform all valuations of Employer Securities which are not readily tradeable on an established
securities market. The valuation requirement of the immediately preceding sentence applies to all Employer Securities acquired by the Plan. 
 6.02 Allocation of Contributions and Forfeitures: Contributions and forfeitures for any period shall be credited to the Accounts of Participants in the following manner: 
  

	 	(a)	With respect to Elective Deferral contributions made pursuant to Section 5.01, an amount equal to the Participant’s Elective Deferral since the previous Annual or Interim
Valuation Date shall be allocated and credited to his Elective Deferral Account. 

  

	 	(b)	Matching Contributions made pursuant to Section 5.06, if any, shall be allocated on each Annual Valuation Date (or if the Employer makes Matching Contributions on a calendar
quarter or other periodic basis, on the last day of each calendar quarter or other period) to each Participant’s Account who satisfies the requirements of Section 6.04(a), in an amount equal to the Employer Matching Contribution percentage
determined by the Employer for the Plan Year, but in no event less than the percentage required under Section 5.06. If the Employer makes a Matching Contribution to the Plan at any time during the Plan Year, any limit on the percentage amount
shall not be determined by reference to Annual Compensation for the Plan Year, but by reference to Compensation paid only during the period to which the Matching Contribution relates. 

  

	 	(c)	 Employer Non-Elective Contributions made pursuant to Section 5.07 shall be allocated on each Annual Valuation Date to each Participant’s Account who
satisfies 



  

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the requirements of Section 6.04(b). The Employer’s Non-Elective Contribution shall be credited to the Accounts of eligible Participants in an
amount equal to that percentage of each annual Employer Non-Elective Contribution to this Plan which is in the same proportion that each Participant’s Annual Compensation for the Plan Year for which the Employer makes the Non-Elective
Contribution bears to the total Annual Compensation of all Participants for the Plan Year. For purposes of this Section 6.02(c) only Compensation paid to the Employee during the portion of the Plan Year during which the Employee is a
Participant in the Plan shall be taken into account. At the time the Employer makes its Non-Elective Contribution the Employer shall designate to the Administrator the Plan Year for which the Non-Elective Contribution shall be deemed to have been
made (which may be the current Plan Year or the immediately prior Plan Year, as the Employer deems appropriate). If the Employer makes no designation, the Employer’s Non-Elective Contribution shall be deemed to have been made for the Plan Year
which begins concurrent with or within the taxable year of the Employer for which the Employer claims a deduction under Code §404. 


  

	 	(d)	Forfeitures from Employer Non-Elective Contribution Accounts to be reallocated pursuant to Section 11.06, shall be allocated as of each Annual Valuation Date to each
Participant who satisfies the requirements of Section 6.04(b). Subject to Section 5.07 such allocated amounts shall be credited to the Non-Elective Contribution Accounts of such Participants in the same manner provided for allocation of
Employer Non-Elective Contributions in Section 6.02(c) above. 

  

	 	(f)	With respect to Rollover Contributions made pursuant to Section 5.05, an amount equal to the Participant’s rollover contributions since the previous Annual or Interim
Valuation Date shall be credited to the Participant’s Rollover Contribution Account. 

  

	 	(g)	Contributions by the Employer of Employer Securities or of cash which is immediately used to purchase Employer Securities shall be allocated solely to the Employer Securities
Account. All other contributions, whether by the Employer or any Participant, shall be allocated solely to the General Investments Account. 

 6.03 Adjustment of Accounts and Dividends on Employer Securities: As of each Annual or Interim Valuation Date all Participants’ and Former Participants’ Accounts shall be adjusted to reflect
contributions, income and dividends received, profits and losses, distributions from and expenses of the Trust Fund since the previous Annual or Interim Valuation Date. The adjustments shall be made in the following manner and order: 
  

	 	(a)	 Each Account shall be charged with all forfeitures, withdrawals and distributions from the Account since the previous Annual or Interim Valuation Date. In making a




  

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forfeiture reduction under this Section 6.03(a) the Plan Administrator, to the extent possible, first must forfeit from a Participant’s General
Investments Account before making a forfeiture from his Employer Securities Account. 


  

	 	(b)	Each Account shall be charged with any administrative costs or expenses incurred and paid by the Plan which are allocable to the Account since the previous Annual or Interim
Valuation Date. All administrative costs and expenses, to the extent possible, shall be paid from a Participant’s General Investments Account before being paid from his Employer Securities Account 

  

	 	(c)	Each Participant’s General Investments Account which has a non-zero balance after the application of (a) and (b) above, shall be credited (or charged) with its
proportionate share of the net investment income (or loss) and expenses since the previous Annual or Interim Valuation Date. The amount to be credited or charged to each Account shall be determined based on the ratio that: (i) the balance in
the Account on the previous Annual or Interim Valuation Date less any forfeitures, withdrawals or distributions from the Account since that date bears to (ii) the total of such amounts determined for all Accounts. Notwithstanding the previous
sentence, in the sole discretion of the Plan Administrator, the method of allocating the net investment income (or loss) of the General Investment Account may be adjusted to reflect the effect of cash flows into and out of such Accounts (such as
contributions, payments on Participant loans, distributions, etc.) based on the length of time between the date of such cash flow and the current Annual or Interim Valuation Date. Any such adjustment pursuant to the previous sentence shall be made
in a uniform and non-discriminatory manner among Participants and/or the types of Accounts. 

  

	 	(d)	Each Account shall be credited with the contributions allocated to it since the previous Annual or Interim Valuation Date, subject to the following rules: 


 

	 	(1)	The Employer Securities Account maintained for each Participant shall be credited with the Participant’s allocable share of Employer Securities (including fractional shares)
purchased and paid for by the Trust or contributed in kind to the Trust, with any forfeitures of Employer Securities and with any stock dividends on Employer Securities allocated to his Employer Securities Account. Employer Securities acquired with
an Exempt Loan under Section 14.03 shall be allocated in accordance with that Section, subject however, to the provisions of this Section 6.03. Except as otherwise specifically provided in Section 14.03, the Plan Administrator will
base allocations to the Participant’s Employer Securities Account on dollar values expressed as shares of Employer Securities or on the basis of actual shares, assuming there is only a single class of Employer Securities.


  

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	 	(2)	The General Investments Account maintained for each Participant shall be credited with the Participant’s allocable share of Elective Deferrals and any Employer Contribution not
attributable to Employer Securities, according to the provisions of Section 6.02. 

  

	 	(e)	Cash dividends the Employer pays with respect to Employer Securities held by the Plan shall be allocated pro-rata to the Dividend Account of each Participant according to the number
of Employer Securities in the Participant’s Employer Securities Account as of the dividend date of record, less any Employer Securities allocated to or acquired for the Participant’s Employer Securities Account on or after the immediately
preceding ex-dividend date. The Plan Administrator will not allocate to a Dividend Account any cash dividends the Employer directs the Trustee to apply to the payment of an Exempt Loan nor any cash dividends the Employer directs the Trustee to
distribute directly to a Participant in accordance with Section 9.07. 

 Each Participant who is entitled
to receive an allocation of a cash dividend to his Dividend Account shall have the option to invest all or any portion of the cash dividend in Employer Securities or withdraw from the Plan the portion of the cash dividend not so invested. The
Participant’s election shall be subject to the following rules: 
  

	 	(1)	The Participant shall have an annual election during each Plan Year to invest the allocable share of dividends in Employer Securities or withdraw as cash. 


 

	 	(2)	The initial period during which a Participant may exercise the annual election shall extend from April 15, 2003, to May 15, 2003, for all individuals who are Participants
in the Plan on April 15, 2003. Commencing January 1, 2004, and for each Plan Year thereafter the annual election period shall extend from January 1 to January 31 for all individuals who are Participants in the Plan on
January 1. For an Employee who becomes a Participant in the Plan on any day after April 15, 2003, during the 2003 Plan Year or after January 1 in any subsequent Plan Year the annual election period shall commence on the
Participant’s Entry Date and end on the one month anniversary thereof. 

  

	 	(3)	If the Participant does not choose by the expiration of the election period to withdraw his allocable share of dividends in cash, his share shall be invested automatically in
Employer Securities. Upon expiration of the election period the Participant’s election (or failure to elect) shall become irrevocable for all dividends declared or paid during the Plan Year. 

  

 –37– 









	 	(4)	The Participant may elect and revoke any prior election without limitation during the election period. The Participant shall indicate his election by any means acceptable to the
Plan Sponsor, which may include electronic notice or written notification delivered or, if mailed, post-marked no later than the last day of the election period. 

  

	 	(5)	Dividends to be invested in Employer Securities shall be so invested as soon as administratively feasible following their receipt by the Plan. Withdrawal of any cash dividends must
occur no later than ninety (90) days after the close of the Plan Year in which the dividends were paid. 

  

	 	(6)	Until invested in Employer Securities or distributed in cash, dividends in a Dividend Account shall be held and invested as provided in Section 18.04. 


If the Employer directs the Trustee to apply cash dividends on Employer Securities to the payment of an Exempt Loan, the Plan
Administrator will first allocate the released Employer Securities to the Participants’ Employer Securities Accounts in the same ratio, determined on the dividend declaration date, that Employer Securities allocated to a Participant’s
Employer Securities Account bear to the Employer Securities allocated to all Employer Securities Accounts. This first allocation of released Employer Securities must equal the greater of: (1) the shares of released Employer Securities equal to
the fair market value of the cash dividends attributable to the allocated Employer Securities; or (2) the number of shares of all released Employer Securities attributable to the cash dividends on allocated Employer Securities. If any released
Employer Securities remain unallocated after the first allocation, the Plan Administrator will allocate these remaining released Employer Securities as if the Employer has made an Employer Contribution equal to the amount of the cash dividend
attributable to the unallocated Employer Securities. 
 6.04 Eligibility for Allocation of Employer Matching and Non-Elective
Contributions: The eligibility of Participants to receive allocations of Employer Matching and Non-Elective Contributions for each Plan Year shall be determined in the following manner: 
  

	 	(a)	 The Administrator shall determine allocations of Matching Contributions on the basis of the Plan Year, unless the Employer makes its Matching Contributions during
the Plan Year on a periodic basis, such as monthly or according to payroll periods, in which case the Matching Contribution shall be allocated during the Plan year on the same periodic basis as made. That is, in allocating Matching Contributions to
a Participant’s Account, the Administrator shall take into account only the Compensation paid the Participant during the specific period during the Plan Year to which the allocation applies and a valid, executed Salary Reduction Agreement is in




  

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effect and on file with the Administrator for the period, subject, however, to the maximum amount of Annual Compensation which may be taken into account
under Code §401(a)(17). Matching Contributions, whether or not made on a periodic basis during the Plan Year, shall be allocated to Accounts of Participants without regard to any minimum Service or specific day employment requirement.



  

	 	(b)	Except as otherwise provided in this Section 6.04, the Administrator shall determine allocations of Employer Non-Elective Contributions on the basis of the Plan Year. In
allocating Employer Non-Elective Contributions to a Participant’s Account, the Administrator shall take into account only Compensation paid the Employee during the period he is a Participant in the Plan. Employer Non-Elective Contributions
shall be allocated only to Accounts of Participants who complete at least one thousand (1000) Hours of Service during the Plan Year and who are employed by the Employer on the last day of the Plan Year. 

 6.05 Restriction on Certain Allocations: To the extent a shareholder sells Employer Securities to the Trust and is eligible for and elects (with
the consent of the Employer) non-recognition of gain under Code §1042, the Plan Administrator will not, either directly or indirectly, allocate under the Plan at any time any portion of the purchased Employer Securities to: 
  

	 	(a)	the selling shareholder, 

  

	 	(b)	the selling shareholder’s spouse, brothers or sisters (whether by the whole or half blood), ancestors or lineal descendants; or 

  

	 	(c)	any shareholder owning (as determined under Code §318(a)) more than 25% in value of any class of Employer Securities. 

 For purposes of this Section 6.05 the term “shareholder” includes the shareholder’s executor and the term “purchased Employer
Securities” includes any dividends or other income attributable to the purchased Employer Securities. A shareholder of Employer Securities of a Zions Employer shall not be eligible to elect non-recognition of gain under Code §1042 as long
as the Employer Securities are readily tradeable on an established securities market. 
 6.06 Participant Diversification of
Investments: Except as specifically provided in this Section 6.06 and in Section 18.06, the Plan does not permit individual direction of investment by Participants of their Employer Securities Accounts. 
  

	 	(a)	 Each Qualified Participant may direct the investment into a Segregated Investment Account of up to twenty five percent (25%) of the value of the
Participant’s Eligible 



  

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Account within 90 days after the Accounting Date of each Plan Year (to the extent a direction amount exceeds the amount to which a prior direction under this
Section 6.06 applies) during the Participant’s Qualified Election Period. For the last Plan Year in the Participant’s Qualified Election Period, “fifty percent (50%)” shall be substituted for “twenty five percent
(25%)” in the immediately preceding sentence. The Qualified Participant must make his direction in writing or in another form acceptable to the Plan Administrator, which may include any approved electronic means. The direction may be effective
no later than 180 days after the close of the Plan Year to which the direction applies, and the direction must specify which, if any, of the investment options the Participant selects. 


  

	 	(b)	A Qualified Participant may choose one of the following alternative investment options: 

  

	 	(1)	The distribution of the portion of his Eligible Accrued Benefit covered by the election. The Administrator will direct the distribution within 90 days after the last day of the
period during which the Qualified Participant may make the election. The provisions of this Plan applicable to a distribution of Employer Securities, including the put option requirements of Article XI, apply to this investment option.


  

	 	(2)	The liquidation and transfer of the portion of his Eligible Accrued Benefit covered by the election to the General Investment Account in the Plan. The Trustee will make the transfer
no later than 90 days after the last day of the period during which the Qualified Participant may make the election. 

  

	 	(c)	The Participant’s Segregated Investment Account shall alone receive all income it earns and bear all expense or loss it incurs. 

  

	 	(d)	For purposes of this Section 6.06 the following definitions apply: 

  

	 	(1)	“Eligible Account” shall mean that portion of the Participant’s total Account which consists of the Employer Securities Account. 

  

	 	(2)	“Qualified Participant” means a Participant who has attained age 55 and who has completed at least 10 years of participation in the Plan (without regard to the
Participant’s years of participation in a Predecessor Plan, but taking into account the Participant’s years of participation in the Prior Plan). A “year of participation” means a Plan Year in which the Participant was eligible
for an allocation of Employer contributions, irrespective of whether the Employer actually contributed to the Plan for that Plan Year. 

  

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	 	(3)	“Qualified Election Period” means the six-Plan-Year period beginning with the Plan Year in which the Participant first becomes a Qualified Participant.


  

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 ARTICLE VII 
 LIMITATIONS ON ALLOCATIONS 
 7.01 Special Definitions: The following terms shall be
defined as follows: 
  

	 	(a)	“Annual Additions” shall mean the sum of the following amounts allocated on behalf of a Participant for a Limitation Year: 

  

	 	(1)	Employer contributions; and 

  

	 	(2)	Employee contributions; and 

  

	 	(3)	Forfeitures available for reallocation, if applicable. 

 Participant Elective Deferrals shall be considered to be Employer contributions. Amounts reapplied to reduce Employer contributions and amounts reapplied from a suspense account (if any) under Section 7.02 as
well as contributions allocated to any Individual Medical Benefit Account which is part of a defined benefit plan shall also be included as Annual Additions. 
 For purposes of this Article, an Annual Addition is credited to the Account of a Participant for a particular Limitation Year if it is
allocated to the Participant’s Account as of any day within such Limitation Year. Employer contributions will not be deemed credited to a Participant unless the contributions are actually made to the Plan no later than the end of the period
described in Code §404(a)(6) applicable to the taxable year with or within which the particular Limitation Year ends. 
 “Annual Additions” do not include any Employer Contributions applied by the Plan Administrator (not later than the due date, including extensions, for filing the Employer’s federal income tax return for the Plan Year) to pay
interest (charged to a Participant’s Account) on an Exempt Loan, and any Leveraged Employer Securities the Plan Administrator allocates as forfeitures; provided however, the provisions of this sentence do not apply in a Limitation Year for
which the Plan Administrator allocates more than one-third of the Employer Contributions applied to pay principal and interest on an Exempt Loan to Highly Compensated Employee-Participants. The Plan Administrator may reallocate the Employer
Contributions in accordance with Section 6.02 to the Accounts of non-Highly Compensated Employee-Participants to the extent necessary in order to satisfy this special limitation. 
  

	 	(b)	“Compensation” for purposes of this Article VII (compliance with Code §415) and for purposes of compliance with any applicable non-discrimination test,
including the determination of an Employee’s status as a Highly Compensated Employee and the K-Test and M-Test procedures described in Section 5.10, shall mean and be determined as follows: 

  

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	 	(1)	The term “Compensation” shall include: 

  

	 	(A)	The Participant’s wages, salaries, fees for professional service and other amounts received (whether or not paid in cash) for personal services actually rendered in the course
of employment with an Employer maintaining the plan (including, but not limited to, commissions paid to salesmen, compensation for services on the basis of a percentage of profits, commissions on insurance premiums, tips, bonuses, fringe benefits,
reimbursements and expense allowances). 

  

	 	(B)	In the case of a Participant who is an employee within the meaning of Code §401(c)(1), the Participant’s earned income as described in Code §401(c)(2).


  

	 	(C)	Any amounts contributed by the Employer or received by the Participant pursuant to an unfunded, non-qualified plan of deferred compensation to the extent such amounts are includable
in the gross income of the Participant for the Limitation Year. 

  

	 	(D)	Any amount contributed or deferred by the Employer at the election of the Participant and which is not includable in the gross income of the Participant by reason of Code
§§125, 401(k), 403(b) or 457. 

  

	 	(E)	Elective amounts that are not includable in the gross income of the Employee by reason of Code §132(f)(4). 

  

	 	(2)	The term “Compensation” does not include items such as: 

  

	 	(A)	Except as provided in subparagraph (1)(D) above, any Employer contributions to a qualified retirement plan and any Employer contributions to any other retirement plan which
receive special tax benefits to the extent the contributions are not includable in the gross income of the Participant for the taxable year in which made; and any distributions from any qualified retirement plan, regardless of whether the
distributions are includable in the gross income of the Participant. 

  

	 	(B)	Employer contributions made on behalf of a Participant to a simplified employee pension described in Code §408(k) to the extent such contributions are deductible by the
Employer under Code §219(b)(7). 

  

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	 	(C)	Except as provided in subparagraph (1)(D) above, other forms of compensation which receive special tax benefits, such as premiums for group health insurance and group term life
insurance (but only to the extent that the compensation is not includable in the gross income of the Participant). 

  

	 	(D)	Amounts realized from the exercise of a non-qualified stock option, or when restricted stock (or property) held by a Participant either becomes freely transferable or is no longer
subject to a substantial risk of forfeiture (see Code §83 and the regulations thereunder). 

  

	 	(E)	Amounts realized from the sale, exchange, or other disposition of stock acquired under a qualified stock option. 

  

	 	(F)	Compensation in excess of two hundred thousand dollars ($200,000), or such greater amount as adjusted by the Secretary of the Treasury for increases in the cost of living in
accordance with Code §401(a)(17)(B). The cost-of-living adjustment in effect for a calendar year applies to determine the Compensation limit for the Limitation Year that begins with or within such calendar year. 

  

	 	(3)	Compensation actually paid or made available to a Participant within the Limitation Year shall be the Compensation used for the purposes of applying the limitations of this Article
and Code §415. In the case of a group of Employers which constitutes an Affiliated Group, all Employers shall apply this same rule. 

  

	 	(c)	“Defined Contribution Dollar Limitation” shall mean the lesser of: 

  

	 	(1)	forty thousand dollars ($40,000), as adjusted for increases in the cost-of-living under Code §415(d), or 

  

	 	(2)	one hundred percent (100%) of the Participant’s Compensation, as defined in this Section 7.01, for the Limitation Year. The Compensation limit referred to in this
sub-section 7.01(c)(2) shall not apply to any contribution for medical benefits after separation from service (within the meaning of Code §401(h) or Code §419A(f)(2)) which is otherwise treated as an Annual Addition.


  

	 	(d)	“Employer” shall mean the Employer that adopts this Plan and, in the case of a group of employers which constitutes an Affiliated Group, all such employers shall be
considered a single Employer for purposes of applying the limitations of this Article. 

  

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	 	(e)	“Excess Amount” shall mean the excess of the Participant’s Annual Additions for the Limitation Year over the Maximum Permissible Amount for such Limitation
Year. 

  

	 	(f)	“Individual Medical Benefit Account” shall mean any separate account which is established for a Participant under a defined benefit plan and from which benefits
described in Code §401(h) are payable solely to such Participant, his spouse or his dependents. 

  

	 	(g)	“Limitation Year” shall mean the twelve (12) consecutive month period specified in Article II. 

 The Limitation Year may be changed by amending the election previously made by the Employer. Any change in the Limitation Year must be a
change to a twelve (12) month period commencing with any day within the current Limitation Year. The limitations of this Article (and Code §415) are to be separately applied to a limitation period which begins with the first day of the
current Limitation Year and which ends on the day before the first day of the first Limitation Year for which the change is effective. 
 The dollar limitation on Annual Additions with respect to this limitation period is determined by multiplying the applicable dollar limitation for the calendar year in which the limitation period ends by a fraction,
the numerator of which is the number of months (computed to the nearest whole month) in the limitation period and the denominator of which is twelve (12). 
 The Limitation Year for all years prior to the effective date of Code §415 shall, as applied to this Plan, be the twelve (12) consecutive month period selected as the Limitation Year for the first Limitation
Year after the effective date of Code §415. 
  

	 	(h)	“Maximum Permissible Amount” shall mean, for a given Limitation Year, the Defined Contribution Dollar Limitation. If a short Limitation Year is created because of
an amendment changing the Limitation Year to a different twelve (12) consecutive month period, the Maximum Permissible Amount for such short Limitation Year shall not exceed the amount in (1) above multiplied by a fraction, the numerator
of which is the number of months in the short Limitation Year (computed to the nearest whole month) and the denominator of which is twelve (12). 

  

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 7.02 Coordination With Other Plans: 
  

	 	(a)	If the Employer maintains any other qualified cash or deferred arrangement (“401(k) Plan”) covering Participants in this Plan and if the Annual Additions to a
Participant’s Account in this Plan and the annual additions to the Participant’s account in the 401(k) Plan would result in the allocation on an allocation date of this Plan which coincides with an allocation date of the 401(k) Plan of an
Excess Amount, the Excess Amount attributed to this Plan shall be determined by the Plan Administrator on a uniform and non-discriminatory basis, considering the amount of elective deferrals and Employer contributions made to each Participant’s
account in the 401(k) Plan, and the anticipated allocation of the Employer Contribution to this Plan. The Plan Administrator shall coordinate its actions with those of the plan administrator of the 401(k) Plan to provide for the maximum possible
allocation to all Participants in both plans, taking into account the provisions of the 401(k) Plan allowing for distribution of elective deferrals to reduce an Excess Amount. In this regard, the Plan Administrator, whenever possible, shall allow
for the allocation and distribution of elective deferrals from the 401(k) Plan so as to eliminate or reduce the possibility of creating a suspense account under this Plan or under the 401(k) Plan. If, after distributing all amounts which may be
distributed from the 401(k) Plan, there still remains an Excess Amount, the Plan Administrator will attribute the total Excess Amount to the 401(k) Plan. 

  

	 	(b)	If the Employer maintains another qualified defined contribution plan during any Limitation Year which covers Participants in this Plan and as a consequence of the requirements of
Section 7.04 an Excess Amount is allocated to a Participant’s Account in this Plan on an allocation date which coincides with an allocation date in the other plan, the total Excess Amount shall be deemed allocated to the other plan.


 7.03 Order of Limitations: If, pursuant to this Article, it is necessary to limit or reduce the amount of
Contributions credited to a Participant under this Plan during a Limitation Year, the limitation or reduction shall be made: 
  

	 	(a)	First, from the Participant’s General Investment Account, in the following order: 

  


	 	(1)	Unmatched Participant Elective Deferrals; 

  

	 	(2)	Employer Matching Contributions (if any have been allocated to the General Investments Account); 

  

	 	(3)	Matched Participant Elective Deferrals; 

  

	 	(4)	Employer Non-Elective Contributions. 

  

	 	(b)	Second, from Employer Non-Elective Contributions to the Participant’s Employer Securities Account. 

  

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 7.04 Aggregation of Plans: For purposes of applying the limitations of this Article applicable to
a Participant for a particular Limitation Year, all qualified defined contribution plans ever maintained by the Employer shall be treated as one defined contribution plan and any Employee contributions to a defined benefit plan shall be treated as a
defined contribution plan. 
 7.05 Suspense Account: If, as a result of the allocation of forfeitures, a reasonable error in
estimating a Participant’s Compensation for the Limitation Year, or under other limited facts and circumstances allowed under Reg. §1.415-6(b), the Annual Additions to this Plan would cause an allocation to the Account of a Participant in
excess of the Maximum Permissible Amount for the Limitation Year, the Plan Administrator shall deal with the Excess Amount as follows: 
  

	 	(a)	First, the Plan Administrator shall distribute to the Participant his Elective Deferrals for the Limitation Year to the extent that the distribution reduces the Excess Amount,
provided that the Plan Administrator shall not distribute any Elective Deferral to the Participant which would cause the Plan to make a concurrent reduction in the amount of Employer Matching Contributions allocated to the Participant’s
Account. A distribution under this provision shall include earnings or gains attributable to the returned Elective Deferrals. All distributions shall be made no later than and in the manner provided in Section 5.10(d). 


 

	 	(b)	Second, to the extent there remains an Excess Amount after application of Section 7.05(a), the Plan Administrator shall hold the Excess Amount in a suspense account and
allocate and reallocate the amount in the suspense account in the following Limitation Year (and in succeeding Limitation Years, if necessary) to reduce Employer Non-Elective Contributions, Employer Matching Contributions and Elective Deferrals (in
that order) to the Account of that Participant if that Participant is covered by the Plan as of the end of the Limitation Year. If the Participant is not covered, the excess amount shall be allocated and reallocated in the next Limitation Year to
all Participants’ Accounts in the Plan before any Employer Non-Elective Contributions, Employer Matching Contributions and Elective Deferrals (in that order) which would constitute Annual Additions are made to the Plan for the Limitation Year,
or at the option of the Zions Employer, the Excess Amount shall be used to reduce Employer Non-Elective Contributions and Employer Matching Contributions to the Plan for the Limitation Year by the amount in the suspense account which is allocated
and reallocated during the Limitation Year. The suspense account shall be an unallocated account equal to the sum of all Excess Amounts for all Participants in the Plan during the Limitation Year. The suspense account shall not share in any earnings
or losses of the Trust Fund. The Plan may not distribute any amounts in the suspense account to any Participant whether before or after Termination of Employment or termination of the Plan. 

  

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 ARTICLE VIII 
 IN-SERVICE AND HARDSHIP WITHDRAWALS 
 8.01 In-Service Withdrawals, Withdrawals of Rollover Contributions and Withdrawals Due to Attainment of Age 59 1/2,
Disability or Hardship: Subject to the provisions of Article XXII and except as otherwise provided in this Section 8.01 and Section 8.04, no amounts may be withdrawn by a Participant from
any Account held for his benefit prior to termination of employment with the Employer. 
  

	 	(a)	A Participant may make in-service withdrawals from his Voluntary Contribution Account to the extent permitted in Section 8.04. 

  

	 	 (b)
	 A Participant who has attained Age 59 1/2
 may withdraw all or any portion of his Account. 


  

	 	(c)	A Participant who suffers a Disability as defined in Section 2.13 may withdraw all or any portion of his Account without regard to the Participant’s Age or whether he has
incurred a Termination of Employment. 

  

	 	(d)	A Participant may elect to withdraw an amount credited to his Elective Deferral Account without regard to the Participant’s Age, but only if he obtains prior approval from the
Plan Administrator, which approval shall be granted only upon a determination of Financial Hardship. In the case of a withdrawal due to Financial Hardship, the amount of the withdrawal shall be limited to the total amount in the Participant’s
Elective Deferral Account, including income allocable thereto as of December 31, 1988. A Participant shall be entitled to a withdrawal from his Participant Elective Deferral Account under this Plan only after receiving as a hardship withdrawal
all amounts available first, from his Rollover Account and second, from his Voluntary Contribution Account. Upon granting approval, the Plan Administrator shall direct the Trustee to distribute the indicated portion of the Participant’s
Elective Deferral Account to the Participant. 

  

	 	(e)	In the event a Participant has previously made any Rollover Contribution to the Plan, the Participant shall, upon written notice to the Plan Administrator, be entitled to withdraw
at any time, without regard to the Participant’s Age, any amount up to the balance of the Rollover Contributions held in his Rollover Contribution Account. Withdrawals shall have no effect upon any benefits provided under any other provisions
of this Plan. 

  

	 	(f)	 Whenever a withdrawal is permitted from more than one sub-account under this Section 8.01 the withdrawal shall be made (to the extent permitted under Code
§72) in the following order: first, from the Participant Voluntary Contribution Account 



  

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and second, from the Participant Elective Deferral Account. Withdrawals shall also be made from a Participant’s General Investments Account before being
taken from his Employer Securities Account whenever possible. 


 8.02 Financial Hardship Distribution Rules: The
Plan adopts the deemed hardship distribution standards set forth in Reg. §1.041(k)-1(d)(2)(iv). 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. 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. 

 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. 
 8.03 Determination of Immediate and Heavy Financial Need: For purposes of
Section 8.02, a distribution shall be deemed to be on account of an immediate and heavy financial need if the distribution is for: 
  

	 	(a)	Expenses for medical care described in Code §213(d) incurred by the Participant, the Participant’s spouse or any dependent of the Participant or expenses necessary for
these persons to obtain such medical care; 

  

	 	(b)	Payment of tuition and related educational fees for the next twelve (12) months of post-secondary education for the Participant, the Participant’s spouse or any dependent
of the Participant; 

  

	 	(c)	Costs directly related to purchase (excluding mortgage payments) a principal residence for the Participant; or 

  

	 	(d)	Payments necessary to prevent the eviction of the Participant from his principal residence or foreclosure of the mortgage on that residence. 

  

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 8.04 In Service Withdrawals of Voluntary Contributions: Notwithstanding any other provisions of
this Article VIII a Participant may withdraw in the manner and at the times provided in this Section 8.04 all or any part of his Accrued Benefit attributable to Voluntary Contributions which were made to the Plan before October 1, 1992,
together with earnings accrued thereon after December 31, 1986. To effect a withdrawal under this Section 8.04 the Participant shall notify the Plan Administrator in writing of his request at least fifteen (15) days prior to any Entry
Date. The Plan Administrator shall notify the Trustee to make distribution as soon as administratively feasible after those dates. A Participant may not exercise his withdrawal right under this Section 8.04 more than once during any Plan Year.
The determination of the amount available for withdrawal shall be made in accordance with the requirements of Section 8.05. 
 If the
Participant’s Accrued Benefit is not more than five thousand dollars ($5,000), without regard to whether the amount in the Participant’s Account has ever exceeded that amount at the time of any prior distribution, the withdrawal shall be
permitted without regard to any Participant consent requirement or the requirements of Section 9.06. For purposes of the foregoing sentence the amount of the Accrued Benefit in the Participant’s Account shall be determined without regard
to that portion of the Account that is attributable to rollover contributions (and earnings allocable thereto) within the meaning of Code §§402(c), 403(a)(4), 403(b)(8), 408(d)(3)(A)(ii), and 457(e)(16). 
 8.05 Determination of Available Withdrawal Amount: The amount which a Participant may withdraw under Section 8.04 shall be the total of the
Participant’s Voluntary Contributions to the Plan as of December 31, 1986, including earnings thereon, plus the Participant’s Voluntary Contributions to the Plan after that date but prior to October 1, 1992, together with
earnings thereon. No Voluntary Contributions after September 30, 1992 or earnings thereon shall be available for in-service withdrawal or included in any calculation of amount available for withdrawal. Upon any withdrawal pursuant to
Section 8.04 the Plan shall first charge the amount (to the extent possible) to the balance of Voluntary Contributions determined as of December 31, 1986, which shall be considered a return of Voluntary Contributions under the
“grandfather rule” of Notice 87-13, Q&A-13. All Voluntary Contributions to the Plan after December 31, 1986 and prior to October 1, 1992 together with earnings thereon, shall be considered by the Plan to be a “separate
contract” within the meaning of Code §72(d). Allocations between investment in the contract and earnings with respect to any withdrawal including amounts attributable to the “separate contract” shall be made in accordance with
Code §72(e)(8) and Notice 87-13. The Plan Administrator shall maintain such records of a Participant’s Voluntary Contributions as may be necessary to ensure compliance with this Section 8.05. 
 8.06 Withdrawal of Rollover Contributions: If a Participant has a Rollover Contribution Account in the Plan, and if the Participant’s Accrued
Benefit is not more than five thousand dollars ($5,000), without regard to whether the amount in the Participant’s Account has ever exceeded that amount at the time of any prior distribution, the withdrawal shall be permitted without regard to
any Participant consent requirement or the requirements of Section 9.06. Withdrawals from the Rollover Contribution Account on account of hardship shall have no effect upon any benefits provided under any other provisions of this Plan. All
hardship distributions from the Rollover Contribution Account shall be administered in a uniform and non-discriminatory manner. 
  

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 The amount withdrawn shall be distributed to the Participant in the manner and form provided in
Section 11.02 as if the amount were distributed on account of the Participant’s Termination of Employment or, if the Participant is eligible for Normal Retirement, in the manner and form provided in Article IX as if the amount were
distributed on account of the Participant’s Retirement. If the spousal consent rules of Section 9.06 apply to any amount in the Participant’s Account, then no amount shall be withdrawn unless prior to the withdrawal the
Participant’s spouse, if any, consents to the withdrawal. 
  

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 ARTICLE IX 
 RETIREMENT BENEFITS 
 9.01 Normal or Late Retirement: A Participant shall be eligible
for Normal Retirement on reaching his Normal Retirement Date. A Participant who has not become an Excluded Employee may continue in the service of the Employer as a Participant hereunder beyond his Normal Retirement Date. In the event such a
Participant continues in the service of the Employer, he shall continue to be treated in all respects as a Participant until his actual retirement. When any Participant has a Termination of Employment following his Normal Retirement Date he shall be
considered a retired Participant and he shall be entitled to receive the entire amount of his Accrued Benefit, distributed as set forth below. 
 9.02 Disability Retirement: Upon any Participant incurring a Disability, he shall be considered a disabled Participant and entitled to begin receiving his Vested Accrued Benefit, without regard to whether he has also incurred a
Termination of Employment. Such amount shall be distributed as provided in Section 9.03, or deferred until such later date as elected by the disabled Participant and then distributed as provided in Section 9.03. 
 9.03 Method of Payment: Subject to the rules of Section 9.07, upon receipt of a claim for benefits a retired or disabled Participant’s
Vested Accrued Benefit shall be payable, as elected in writing or other appropriate electronic means by the Participant, in one or a combination of the following forms: 
  


	 	(a)	A single lump sum payment. The amount of the lump sum payment shall be equal to the entire Vested Interest of the Participant in his Account on the date payment is made.


  

	 	(b)	Substantially equal monthly, quarterly or annual installments over any period not exceeding the life expectancy of the Participant or the Participant and his or her spouse, if
longer, until the Participant’s Vested Accrued Benefit has been fully distributed. Fractional share installment amounts of Employer Securities shall be withheld and accumulated until a whole share of Employer Securities can be distributed. Any
fractional share remaining upon payment of the final installment shall be paid in cash. 

 Not less than thirty (30) days
nor more than ninety (90) days before the Distribution Date, the Plan Administrator shall notify the Participant of the terms, conditions and forms of payment available from the Plan, including a description of the election procedures under
this Section and a general explanation of the financial effect on a Participant’s Accrued Benefit of the election. The minimum thirty (30) day waiting period after the notification is provided until the Distribution Date may be disregarded
if the Plan Administrator informs the Participant of his or her right to the full minimum thirty (30) day waiting period, and the Participant elects in writing (or by other means acceptable to the Plan Administrator) to waive the minimum thirty
(30) day waiting period. 
  

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 If a Participant fails to elect a form of payment, payment of the Participant’s benefits shall be
paid in the form of a lump sum. Except as permitted in Section 9.04, no payment shall be made to a Participant prior to his Normal Retirement Age unless the Participant consents in writing (or by other means acceptable to the Plan
Administrator) to the payment not more than ninety (90) days prior to his Distribution Date. 
 If the lump sum amount that would be
payable to a Participant (whether disabled or retired) is not more than five thousand dollars ($5,000), without regard to whether the amount in the Participant’s Account has ever exceeded that amount at the time of any prior distribution, the
benefit shall be paid as a single lump sum payment as soon as administratively feasible following the end of the month in which his Termination of Employment occurs without any requirement of participant consent. However, a single lump sum payment
shall not be made to a Participant after his Distribution Date unless the Participant consents in writing to the payment. If the Participant dies prior to the complete distribution of the Participant’s Accrued Benefit to him, then the Plan
Administrator, upon notice of the Participant’s death, shall direct the Trustee to make payment in accordance with the provisions of Article X. 
 9.04 Time of Payment: Payment of the retired or disabled Participant’s Vested Accrued Benefit shall commence as soon as administratively feasible following the Participant’s Termination of Employment
on account of retirement or disability, or if later, as soon as administratively feasible following the date a claim for benefits is submitted by the Participant to the Plan Administrator. Unless a Participant elects otherwise (and failure to submit
a claim for benefits shall be deemed such an election) payment of benefits under this Plan will commence not later than sixty (60) days after the close of the Plan Year in which the latest of the following events occurs: 
  

	 	(a)	The attainment by the Participant of Age sixty-five (65); or 

  

	 	(b)	The tenth (10th) anniversary of the Participant’s Entry Date; or 

  

	 	(c)	The date the Participant has a Termination of Employment from the Employer. 

 If the amount of the payment required to commence on the date determined above cannot be ascertained by such date, or if it is not possible to make such payment on such date because the Plan Administrator has been
unable to locate the Participant after making reasonable efforts to do so, a payment retroactive to such date may be made no later than sixty (60) days after the earliest date on which the amount of such payment can be ascertained or the date
the Participant is located, whichever is applicable. 
 9.05 Minimum Distribution Requirements: This Section 9.05 and
Section 10.04 shall take precedence over any inconsistent provisions of this Plan. All distributions required to be made under this Section 9.05 (life distributions) or under Section 10.04 (death distributions) will be determined and
made in accordance with the Treasury regulations under Code §401(a)(9). 
  

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	 	(a)	Effective Date. This Section and Section 10.04 will apply for purposes of determining required minimum distributions for all calendar years beginning with the Effective
Date. Required minimum distributions for the 2002 calendar year under this Section and Section 10.04 will be determined as follows. If the total amount of 2002 required minimum distributions under the Plan made to a Participant or Beneficiary
prior to the effective date of this Section equals or exceeds the required minimum distributions determined under this Section, then no additional distributions will be required to be made for the 2002 calendar year on or after such date to the
Participant or Beneficiary. If the total amount of the 2002 calendar year required minimum distributions under the Plan made to the Participant or Beneficiary prior to the effective date of this Section is less than the amount determined under this
Section, then required minimum distributions for the 2002 calendar year on and after such date will be determined so that the total amount of required minimum distributions for the 2002 calendar year made to the Participant or Beneficiary will be
the amount determined under this Section. 

  

	 	(b)	Time and Manner of Distribution. 

  

	 	(1)	Required Beginning Date. The Participant’s entire Vested Accrued Benefit will be distributed, or begin to be distributed, to the Participant no later than the
participant’s Required Beginning Date. 

  

	 	(2)	Death of Participant Before Distributions Begin. If the Participant dies before distributions begin, the Participant’s entire Vested Accrued Benefit will be distributed,
or begin to be distributed, as provided in Section 10.04. 

  

	 	(3)	Forms of Distribution. Unless the participant’s interest has been distributed in the form of a single sum on or before the Required Beginning Date, as of the first
Distribution Calendar Year distributions will be made in accordance with Section 9.05(c). 

  

	 	(c)	Required Minimum Distributions During Participant’s Lifetime 

  

	 	(1)	Amount of Required Minimum Distribution For Each Distribution Calendar Year. During the participant’s lifetime, the minimum amount that will be distributed for each
Distribution Calendar Year is the lesser of: 

  

	 	(A)	the quotient obtained by dividing the Participant’s Account Balance by the distribution period in the Uniform Lifetime Table set forth in Treas. Reg.
Section 1.401(a)(9)-9, using the Participant’s age as of the Participant’s birthday in the Distribution Calendar Year; or 

  

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	 	(B)	if the Participant’s sole Designated Beneficiary for the Distribution Calendar Year is the Participant’s spouse, the quotient obtained by dividing the Participant’s
Account Balance by the number in the Joint and Last Survivor Table set forth in Treas. Reg. Section 1.401(a)(9)-9, using the Participant’s and spouse’s attained ages as of the participant’s and spouse’s birthdays in the
Distribution Calendar Year. 

  

	 	(2)	Lifetime Required Minimum Distributions Continue Through Year of Participant’s Death. Required minimum distributions will be determined under this Section 9.05(c)
beginning with the first Distribution Calendar Year and up to and including the Distribution Calendar Year that includes the Participant’s date of death. 

  

	 	(d)	Definitions. For purposes of this Section 9.05 and Section 10.04 the following definitions shall apply. 

  

	 	(1)	“Designated Beneficiary” shall mean the individual who is designated as the Beneficiary under Section 10.02 of the Plan and is the Designated Beneficiary under Code
§401(a)(9) Treas. Reg. Section 1.401(a)(9)-1, Q&A-4. 

  

	 	(2)	“Distribution Calendar Year” shall mean a calendar year for which a minimum distribution is required. For distributions beginning before the Participant’s death, the
first Distribution Calendar Year is the calendar year immediately preceding the calendar year which contains the Participant’s Required Beginning Date. For distributions beginning after the Participant’s death, the first Distribution
Calendar Year is the calendar year in which distributions are required to begin under Section 10.04. The required minimum distribution for the Participant’s first Distribution Calendar Year will be made on or before the Participant’s
Required Beginning Date. The required minimum distribution for other Distribution Calendar Years, including the required minimum distribution for the Distribution Calendar Year in which the Participant’s Required Beginning Date occurs, will be
made on or before December 31 of that Distribution Calendar Year. 

  

	 	(3)	“Life Expectancy” shall mean Life Expectancy as computed by use of the Single Life Table in Treas. Reg.§1.401(a)(9)-9. 

  

	 	(4)	 “Participant’s Account Balance” shall mean the balance in the Participant’s Account as of the last valuation date in the calendar year
immediately 



  

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preceding the Distribution Calendar Year (valuation calendar year) increased by the amount of any contributions made and allocated or forfeitures allocated
to the account balance as of dates in the valuation calendar year after the valuation date and decreased by distributions made in the valuation calendar year after the valuation date. The account balance for the valuation calendar year includes any
amounts rolled over or transferred to the plan either in the valuation calendar year or in the Distribution Calendar Year if distributed or transferred in the valuation calendar year. 


  

	 	 (5)
	 “Required Beginning Date” shall mean, if a Participant is a more than five percent (5%) owner in the Plan
Year ending in or with the calendar year in which the Participant attains Age 70 1/2, April 1st following that calendar
year. For any other Participant the Required Beginning Date is April 1st following the close of the calendar year in which the Participant attains Age 70 1/2, or, if later, April 1st following the close of the calendar year in which the Participant has a Termination of Employment. 


  

	 	(6)	“Five percent (5%) owner” shall have the meaning set forth in Reg. §1.401(a)(9)-1, Q&A-2(c). 

  

	 	(e)	Form of Benefit Payment. If payment of the Participant’s Accrued Benefit commences under this Section 9.05, it shall be distributed to the Participant (consistent
with the Participant’s election and the requirements of Section 9.03): 

  

	 	(1)	In the form of a cash lump sum payment of the Participant’s entire Accrued Benefit; or 

  

	 	(2)	In the form of minimum annual cash installment payments over a period not extending beyond the life expectancy of the Participant, or the joint life expectancy of the Participant
and his Beneficiary. 

  

	 	(f)	Redetermination of Life Expectancy. For purposes of determining the amount of any minimum annual cash installment payments the life expectancy of the Participant and his
spouse, but not of his non-spouse Beneficiary, shall be redetermined annually, unless otherwise elected by the Participant. Notwithstanding the above, any distribution required under the incidental death benefit requirements of Code §401(a)
shall be treated as a required distribution. 

 9.06 No Annuity Benefits: Accrued Benefits payable from this Plan shall
not be paid in any form of annuity. 
  

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 9.07 Distribution of Employer Securities and Cash: 
  

	 	(a)	If so elected by the Participant, distributions of benefits from the Plan may be made entirely in Employer Securities, valued at fair market value at the time of distribution, or,
effective March 1, 2003, entirely in cash. If the Participant elects a distribution which is part cash and part Employer Securities, the distribution shall be consist only of the Employer Securities in the Employer Securities Account and the
cash value of the General Investments Account at the time the payment is made. A Participant who elects a distribution method other than a lump sum may designate prior to payment of the first installment the amount of the first and each subsequent
installment which will be Employer Securities and which will be cash. Any fractional security share to which a Participant or his Beneficiary is entitled shall be paid in cash. If the Participant makes no election, then the Participant’s
Account shall be distributed in cash and in Employer Securities, according to the ratio of investment in the Participant’s Account in the General Investments and Employer Securities Accounts, respectively. 

  

	 	(b)	Notwithstanding the provisions of Section 9.07(a), if a Participant has elected under Section 6.03(e) to withdraw (rather than reinvest) the cash dividends on Employer
Securities allocated or allocable to his Account, the Plan Administrator shall direct the Trustee to pay to the Participant in cash the cash dividends on Employer Securities so allocated or allocable to the Participant’s Employer Securities
Account, irrespective of whether the Participant is fully vested in his Employer Securities Account. The Plan Administrator’s direction must state whether the Trustee is to pay the cash dividend distributions currently, or within the 90 day
period following the close of the Plan Year in which the Employer pays the dividends to the Trust. The Plan Administrator may also request the Employer to pay cash dividends on Employer Securities directly to Participants. 


9.08 Special Distribution Rules: Unless the Participant elects in writing other distribution provisions of the Plan or unless other
distribution provisions of the Plan require earlier distribution of the Participant’s Accrued Benefit, the Participant shall commence receiving the portion of the Participant’s Accrued Benefit attributable to Employer Securities (the
“Eligible Portion”) at the time prescribed by this Section 9.08, irrespective of any other provision of the Plan. The distribution provisions of this Section 9.08 are subject to the consent and form of distribution requirements
of Section 9.03. 
  

	 	(a)	If the Participant incurs a Termination of Employment after attainment of Age 65 or by reason of death or disability, distribution of the Eligible Portion shall commence not later
than one (1) year after the close of the Plan Year in which the applicable event occurs. 

  

	 	(b)	 If the Participant incurs a Termination of Employment for any reason not specified in (a), distribution of the Eligible Portion shall commence not later than one
(1) year 



  

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after the close of the fifth (5th) Plan Year following the Plan Year in which the Participant incurred the Termination of Employment. If the Participant
resumes employment with the Employer on or before the last day of the fifth (5th) Plan Year following the Plan Year of his separation from Service, the mandatory distribution provisions of this paragraph (b) do not apply.



 For purposes of this Section 9.08, a distribution to a Participant of the Eligible Portion shall not include any
Employer Securities acquired with the proceeds of an Exempt Loan until the close of the Plan Year in which the Exempt Loan is paid in full. 
 The distributions required under this Section 9.08 shall be made over a period not exceeding five (5) years unless the Participant otherwise elects under the other distribution provisions of the Plan. If a Participant’s
Eligible Portion exceeds $500,000, the maximum payment period, subject to a contrary election by the Participant, is five years plus one additional year (but no more than five additional years) for each $100,00 (or fraction of $100,000) by which the
Eligible Portion exceeds $500,000. The $500,000 and $100,000 amounts set forth in this Section shall be adjusted at the same time and in the same manner as the factor prescribed by the Secretary of the Treasury under Code §415(d). In no event
will the distribution period exceed the period permitted under Section 9.05 of the Plan. 
 9.09 Distribution of Transferred
Benefits: To the extent not already provided under the terms of this Plan, and notwithstanding any other provisions to the contrary, this Plan guarantees to each Participant whose Account includes Transferred Benefits (and to each Beneficiary
thereof) the right to receive all Transferred Benefits in any optional form of benefit (including time, manner and method of distribution) protected under Code §411(d)(6). The extent and nature of the optional forms of benefits so protected
shall be determined by reference to the Predecessor Plan(s). 
  

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 ARTICLE X 
 DEATH BENEFITS 
 10.01 Death Benefits Payable: If a Participant who has not received a
distribution of his entire Vested Interest dies, whether before or after his Distribution Date, the death benefit payable to the Beneficiary, Contingent Beneficiary or estate (as the case may be) of the Participant shall be all amounts credited (or
to be credited) to his Accounts then held by the Trustee for the Participant’s benefit, without regard to the Participant’s Vested Percentage and which have yet to be distributed. If an Inactive Participant who has not received a
distribution of his entire Vested Interest dies, whether before or after his Distribution Date, the death benefit payable to the Beneficiary, Contingent Beneficiary or estate (as the case may be) of the Inactive Participant shall be the remaining
Vested Interest in the Inactive Participant’s Accounts then held by the Trustee for the Inactive Participant’s benefit. 
 10.02
Designation of Beneficiary: Each Participant or Inactive Participant may designate a Beneficiary and Contingent Beneficiary who shall be entitled to receive the death benefit payable under Section 10.01. From time to time the Participant or
Inactive Participant may file with the Plan Administrator a new or revised designation, provided that his or her spouse shall be his or her Beneficiary unless his or her spouse has consented in writing to the designation of a Beneficiary other than
his or her spouse or it is established to the satisfaction of the Plan Administrator that the consent of the spouse may not be obtained because there is no spouse, the spouse cannot be located or because of such other circumstances as may be set
forth in Regulations issued pursuant to Code §417(a)(2)(B). The change in marital status of a Participant from married to unmarried or vice versa shall void any outstanding beneficiary designation and require the completion and execution of a
new beneficiary designation consistent with the provisions of this Section. Beneficiary designations shall be completed in the manner approved by the Plan Administrator or set forth in writing on a form provided by the Plan Administrator.

 If upon the Participant’s death his designated Beneficiary does not survive him, the Contingent Beneficiary shall become the
Beneficiary and any death benefit payable under Section 10.01 shall be paid to him or her. If a deceased Participant is not survived by a designated Beneficiary or Contingent Beneficiary, or if no Beneficiary was designated, the benefits shall
be paid to the person (or in equal shares to the persons) in the first of the following classes of successive preference beneficiaries then surviving: the Participant’s (a) widow or widower, (b) children per stirpes, (c) parents,
(d) brothers and sisters, (e) executor or administrator of his estate. For purposes of determining the right of a Beneficiary, Contingent Beneficiary, surviving spouse or other survivor to receive a benefit on account of the death of a
Participant, he or she shall not be deemed to have survived the Participant unless he or she shall survive the Participant by at least thirty (30) days. 
 If the Beneficiary, Contingent Beneficiary or surviving spouse survives the Participant and is entitled to receive benefits under this Section 10.02, but dies prior to receiving the entire death benefit payable
to him or her, the remaining portion of the death benefit shall be paid to the person’s named beneficiary or, if none, to the person’s estate subject to the right of commutation. 
  

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 10.03 Death Benefit Payment Procedure: Upon receipt of a claim for benefits, the
Participant’s death benefit shall be paid by the Trustee to the Beneficiary designated by the Participant pursuant to Section 10.02. The Beneficiary of a Participant may elect to receive death benefits payable hereunder in any form of
payment provided in Section 9.03, subject to the right to receive the distribution in cash or in Employer Securities as provided in Section 9.07. The Beneficiary’s election to receive distribution shall be made in the same manner
provided under Articles IX and XI for distribution to Participants. Subject to the small benefit distribution rules in the next paragraph of this Section 10.03, the Plan shall distribute the death benefit according to the required distribution
rules in Section 10.04. 
 If the lump sum benefit otherwise payable to the Beneficiary is not more than five thousand dollars ($5,000)
and payment of benefits to the deceased Participant has not previously commenced, the benefit shall be paid as a single lump sum payment, subject to the distribution rules of Section 9.07. Payment of any death benefits under this paragraph
shall commence as soon as administratively feasible following the Participant’s date of death. However, if the amount of the benefit required to be paid on the date determined above cannot be ascertained by that date, or if it is not possible
to make the payment on that date because the Plan Administrator has been unable to ascertain or locate the Beneficiary after making reasonable efforts to do so, a payment retroactive to such date may be made as soon as administratively feasible
after the earliest date on which the Beneficiary or amount of the payment can be ascertained or the date the Beneficiary is located, whichever is applicable. 
 10.04 Required Distributions Upon Death: Notwithstanding any other provisions of this Plan, payment of death benefits shall be subject to the following rules: 
  

	 	(a)	Death of Participant Before Distributions Begin. If the Participant dies before distributions begin, the Participant’s entire Vested Accrued Benefit will be distributed,
or begin to be distributed no later than as follows: 

  

	 	 (1)
	 If the Participant’s surviving spouse is the Participant’s sole Designated Beneficiary, then unless otherwise
provided herein, distributions to the surviving spouse will begin by December 31 of the calendar year immediately following the calendar year in which the Participant died, or by December 31 of the calendar year in which the Participant
would have attained age 70 1/2, if later. 


  

	 	(2)	If the Participant’s surviving spouse is not the Participant’s sole Designated Beneficiary, then except as otherwise provided herein, distributions to the Designated
Beneficiary will begin by December 31 of the calendar year immediately following the calendar year in which the Participant died. 

  

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	 	(3)	If there is no Designated Beneficiary as of September 30 of the year following the year of the Participant’s death, the Participant’s entire Vested Accrued Benefit
will be distributed by December 31 of the calendar year containing the fifth anniversary of the Participant’s death. 

  

	 	(4)	If the Participant’s surviving spouse is the Participant’s sole Designated Beneficiary and the surviving spouse dies after the Participant but before distributions to the
surviving spouse begin, this Section 10.04(a), other than sub-Section (a)(1), will apply as if the surviving spouse were the Participant. 

 For purposes of this Section 10.04(a) and Sections 10.04(e) and (f), unless Section 10.04(a)(4) applies, distributions are
considered to begin on the participant’s Required Beginning Date. If Section 10.04(a)(4) applies, distributions are considered to begin on the date distributions are required to begin to the surviving spouse under Section 10.04(a)(1).

  

	 	(b)	Forms of Distribution. Unless the participant’s interest has been distributed in the form of a single sum on or before the Required Beginning Date, as of the first
Distribution Calendar Year distributions will be made in accordance with Sections 10.04(e) and (f). 

  

	 	(c)	Beneficiaries’ Election of Five Year Rule. Beneficiaries may elect on an individual basis whether the five year rule or the Life Expectancy rule in Sections 10.04(a) and
(f) applies to distributions after the death of a Participant who has a Designated Beneficiary. The election must be made no later than the earlier of September 30 of the calendar year in which distribution would be required to begin under
Section 10.04(a) or by September 30 of the calendar year which contains the fifth anniversary of the Participant’s (or, if applicable, surviving spouse’s) death. If neither the Participant nor Beneficiary makes an election under
this sub-Section, distributions will be made in accordance with Sections 10.04(a) and (f). 

  

	 	(d)	Transition Rule for Designated Beneficiary Receiving Distributions Under Five Year Rule to Elect Life Expectancy Distributions. A Designated Beneficiary who is receiving
payments under the five year rule may make a new election to receive payments under the Life Expectancy rule until December 31, 2003, provided that all amounts that would have been required to be distributed under the Life Expectancy rule for
all Distribution Calendar Years before 2004 are distributed by the earlier of December 31, 2003, or the end of the five year period. 

  

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	 	(e)	Death On or After Date Distributions Begin. 

  

	 	(1)	Participant Survived by Designated Beneficiary. If the Participant dies on or after the date distributions begin and there is a Designated Beneficiary, the minimum amount
that will be distributed for each Distribution Calendar Year after the year of the Participant’s death is the quotient obtained by dividing the Participant’s Account Balance by the longer of the remaining Life Expectancy of the Participant
or the remaining Life Expectancy of the Participant’s Designated Beneficiary, determined as follows: 

  

	 	(A)	The Participant’s remaining Life Expectancy is calculated using the age of the Participant in the year of death, reduced by one for each subsequent year.


  

	 	(B)	If the Participant’s surviving spouse is the Participant’s sole Designated Beneficiary, the remaining Life Expectancy of the surviving spouse is calculated for each
Distribution Calendar Year after the year of the Participant’s death using the surviving spouse’s age as of the spouse’s birthday in that year. For Distribution Calendar Years after the year of the surviving spouse’s death, the
remaining Life Expectancy of the surviving spouse is calculated using the age of the surviving spouse as of the spouse’s birthday in the calendar year of the spouse’s death, reduced by one for each subsequent calendar year.


  

	 	(C)	If the Participant’s surviving spouse is not the Participant’s sole Designated Beneficiary, the Designated Beneficiary’s remaining Life Expectancy is calculated using
the age of the Beneficiary in the year following the year of the Participant’s death, reduced by one for each subsequent year. 

  

	 	(2)	No Designated Beneficiary. If the Participant dies on or after the date distributions begin and there is no Designated Beneficiary as of September 30 of the year after
the year of the Participant’s death, the minimum amount that will be distributed for each Distribution Calendar Year after the year of the Participant’s death is the quotient obtained by dividing the Participant’s Account Balance by
the Participant’s remaining Life Expectancy calculated using the age of the Participant in the year of death, reduced by one for each subsequent year. 

  

	 	(f)	Death Before Date Distributions Begin. 

  

	 	(1)	 Participant Survived by Designated Beneficiary. If the Participant dies before the date distributions begin and there is a Designated Beneficiary, the
minimum amount that will be distributed for each Distribution Calendar Year 



  

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after the year of the Participant’s death is the quotient obtained by dividing the Participant’s Account Balance by the remaining Life Expectancy
of the Participant’s Designated Beneficiary, determined as provided in Section 10.04(e). 


  

	 	(2)	No Designated Beneficiary. If the Participant dies before the date distributions begin and there is no Designated Beneficiary as of September 30 of the year following
the year of the Participant’s death, distribution of the Participant’s entire interest will be completed by December 31 of the calendar year containing the fifth anniversary of the Participant’s death. 


 

	 	(3)	Death of Surviving Spouse Before Distributions to Surviving Spouse Are Required to Begin. If the Participant dies before the date distributions begin, the Participant’s
surviving spouse is the Participant’s sole Designated Beneficiary, and the surviving spouse dies before distributions are required to begin to the surviving spouse under Section 10.04(a)(1), this Section 10.04(f) will apply as if the
surviving spouse were the Participant. 

  

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 ARTICLE XI 
 BENEFITS UPON OTHER TERMINATION OF EMPLOYMENT 
 11.01 Vested Amounts: A Participant
shall become one hundred (100%) vested in his Accrued Benefit on attainment of Normal Retirement Age while employed by a Zions Employer. Prior to his Normal Retirement Age a Participant shall have a Vested Interest in his Accrued Benefit equal
to the sum of the following: 
  

	 	(a)	One hundred percent (100%) of the balance in his Participant Elective Deferral Account and in his Employer Matching Contribution Account, as adjusted for any contributions or
distributions since the preceding Valuation Date; and 

  

	 	(b)	One hundred percent (100%) of the balance in his Participant Rollover Contribution Account and in his Voluntary Contribution Account, if any, as adjusted for any contributions
or distributions since the preceding Valuation Date; and 

  

	 	(c)	One hundred percent (100%) of the balance in his Dividend Account if any (whether cash or Employer Securities), as adjusted for any contributions or distributions since the
preceding Valuation Date; and 

  

	 	(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, and consistent with the following schedule: 

  

				
	 Years of Vesting Service
	  	 Percent of Vested
Accrued Benefit
	 
	 Less than five (5) years
	  	none	 
	 At least five (5) years
	  	100	%

  

	 	(e)	A Participant’s Predecessor Plan Account (if any) shall be vested pursuant to the vesting rules set forth in the Predecessor Plan Account. 

 The percentage of the Participant’s Accrued Benefit attributable to the Participant’s Employer Contribution and Predecessor Plan Accounts in
which he is not vested shall be forfeited by him as provided in Section 11.06. 
 11.02 Distribution of Vested Interest: Subject
to the rules of Section 9.07, a Participant who incurs a Termination of Employment for any reason other than retirement, death or disability may elect in writing or other appropriate electronic means one or a combination of the following forms
of distribution of his Vested Interest: 
  

	 	(a)	A single lump sum payment. The amount of the lump sum payment shall be equal to the Participant’s Vested Interest in his or her Account on the date payment is made.


  

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	 	(b)	Substantially equal monthly, quarterly or annual installments over any period not exceeding the life expectancy of the Participant or the Participant and his or her spouse, if
longer, until the Participant’s Vested Accrued Benefit has been fully distributed. Fractional share installment amounts of Employer Securities shall be withheld and accumulated until a whole share of Employer Securities can be distributed. Any
fractional share remaining upon payment of the final installment shall be paid in cash. 

 Distribution shall commence no later
than the time specified in Section 9.08 unless the Participant fails to elect a form or time of payment or elects a deferred payment, then payment of the Participant’s Accrued Benefit shall be deferred to the subsequent date elected by the
Participant, which may be no later than the latest date permitted under Section 9.05, and then distributed in accordance with the provisions of Section 9.03. If the Participant elects later payment of the Participant’s Vested Accrued
Benefit, distribution shall commence as soon as administratively feasible following the date a claim for benefits is submitted by the Participant to the Plan Administrator, which may be no later than the earlier of the date permitted under Sections
9.04 and 9.05. If at that time the Participant has attained Normal Retirement Age or incurred a disability, or if the Participant dies before his Normal Retirement Age or if earlier, before his Distribution Date, the Plan Administrator, upon notice
of the attainment of Retirement Age or of death, shall direct the Trustee to make payment of the Participant’s Vested Interest to him (or to his Beneficiary if the Participant is deceased) in accordance with the provisions of Article X in
the case of death, or Section 9.03 in the case of disability or attainment of Normal Retirement Age. 
 Not less than thirty
(30) days nor more than ninety (90) days before the Distribution Date, the Plan Administrator shall notify the Participant of the terms, conditions and forms of payment available from the Plan, including a description of the election
procedures under this Section and a general explanation of the financial effect on a Participant’s Accrued Benefit of the election. The minimum thirty (30) day waiting period after the notification is provided until the Distribution Date
may be disregarded if the Plan Administrator informs the Participant of his or her right to the full minimum thirty (30) day waiting period, and the Participant elects in writing (or by other means acceptable to the Plan Administrator) to waive
the minimum thirty (30) day waiting period. 
 If the Participant elects immediate distribution following Termination of Employment,
whether as a single lump sum payment or term certain payments, payment shall be made as soon as administratively feasible following Termination of Employment. However, if a Participant terminates employment in a month that is the end of a quarter of
the calendar year (i.e., March, June, September, December), then the distribution of the Participant’s Account shall be made on the 25th day of the second month following the Participant’s Termination of Employment. If the Former
Participant dies or incurs a Disability before his Normal Retirement Date, the Plan Administrator, upon notice of the death or Disability, shall direct the Trustee to make payment of the Participant’s Vested Interest to him (or to his
Beneficiary if the Participant is deceased) in accordance with the provisions of Article X in the case of death, or Section 9.02 in the case of Disability. 
  

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 Notwithstanding the above, if a terminated Participant is re-employed by the Employer prior to
distribution of his Vested Interest, distribution shall not be made until his employment is again terminated or until the occurrence of another event permitting distribution under the terms of the Plan. 
 11.03 Distribution of Small Amounts: Notwithstanding the provisions of Section 11.02 if a Participant incurs a Termination of Employment for
any reason other than retirement, death or disability and if the Vested Accrued Benefit that would be payable to a Participant is not more than five thousand dollars ($5,000), without regard to whether the amount in the Participant’s Account
has ever exceeded that amount at the time of any prior distribution, then the Plan shall make distribution to the Participant in a single lump sum cash payment pursuant to the provisions of Sections 9.07 and 9.08 without first obtaining the
Participant’s written consent. 
 11.04 Eligible Rollover Distributions: Notwithstanding any provision of this Plan to the
contrary, a Distributee may elect, at the time and in the manner prescribed by the Plan Administrator, to have any portion of an Eligible Rollover Distribution paid directly to an Eligible Retirement Plan specified by the Distributee in a Direct
Rollover. For purposes of this Section 11.04 the following definitions shall apply: 
  

	 	(a)	“Eligible Rollover Distribution” shall mean any distribution of all or any portion of the balance to the credit in the Account of the Distributee, except that an
Eligible Rollover Distribution does not include: any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the Distributee or the joint lives (or
joint life expectancies) of the Distributee and the Distributee’s designated beneficiary, or for a specified period of ten years or more; any distribution to the extent such distribution is required under Code §401(a)(9), and the portion
of any distribution that is not includible in gross income (determined without regard to the exclusion for net unrealized appreciation with respect to employer securities). Any amount that is distributed on account of hardship (without regard to
whether the hardship withdrawal is attributable to Elective Deferrals) shall not be an eligible rollover distribution and the Distributee may not elect to have any portion of such a distribution paid directly to an eligible retirement plan.


  

	 	(b)	 “Eligible Retirement Plan” shall mean an individual retirement account described in Code §408(a), an individual retirement annuity described
in Code §408(b), an annuity plan described in Code §403(a), a qualified trust described in Code §401(a), that accepts the Distributee’s Eligible Rollover Distribution, an annuity contract described in Code §403(b) and an
eligible plan under Code §457(b) which is maintained by a state, political subdivision of a state, or any agency or 



  

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instrumentality of a state or political subdivision of a state and which agrees to separately account for amounts transferred into such plan from this Plan.
This definition of Eligible Retirement Plan shall also apply in the case of a distribution to a surviving spouse, or to a spouse or former spouse who is the alternate payee under a qualified domestic relation order, as defined in Code §414(p).



  

	 	(c)	“Distributee” shall mean an Employee or former Employee. In addition, the Employee’s or former Employee’s surviving spouse and the Employee’s or
former Employee’s spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in Code §414(p), are Distributees with regard to the interest of the spouse or former spouse.


  

	 	(d)	“Direct Rollover” shall mean a payment by the Plan to the Eligible Retirement Plan specified by the Distributee. 

 11.05 Breaks in Service and Vesting: If a Participant has a One Year Break in Service, the Participant’s Years of Vesting Service before the
One Year Break in Service shall not be included in computing Years of Vesting Service until the Participant shall have completed one Year of Vesting Service after the One Year Break in Service. If an Employee terminated employment prior to becoming
a Participant and incurred a One Year Break in Service, or if a Participant did not have any Vested Interest derived from Employer contributions prior to a One Year Break in Service, Years of Vesting Service before a One Year Break in Service shall
not be included in Years of Vesting Service calculated after the Participant’s One Year Break in Service if the number of consecutive One Year Breaks in Service equals or exceeds the greater of five (5) or the aggregate number of such
Years of Vesting Service before the One Year Break in Service. 
 Solely for the purpose of determining the vested percentage of a
Participant’s Accrued Benefit derived from Employer contributions which accrued prior to a five (5) consecutive one (1) year Break in Service period, the Plan shall disregard any Year of Service subsequent to such five
(5) consecutive one (1) year Breaks in Service period. 
 If a Participant has a One Year Break in Service, and the break does not
arise on account of Termination of Employment, the Participant shall not be credited with a Year of Vesting Service for that Plan Year. However, no amounts in the Participant’s Accounts shall be forfeited. 
 11.06 No Increase in Pre-break Vesting: For purposes of Section 11.01, Years of Vesting Service after a Termination of Employment which
resulted in five (5) consecutive One Year Breaks in Service shall not increase the vested percentage of a Participant’s Account which was earned before such five (5) consecutive One Year Breaks in Service. 
 11.07 Disposition of Forfeitures: Amounts forfeited by terminated Participants from their Employer Non-Elective Contribution Accounts shall be
used to reduce the amount of the Employer’s Non-Elective Contribution otherwise made pursuant to Section 5.07. The forfeited amounts shall be allocated in accordance with Section 6.02(c). 
  

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 To the extent possible, the Plan Administrator must forfeit from a Participant’s General Investments
Account before making a forfeiture from his Employer Securities Account. 
 Forfeiture of the Participant’s non-vested interest in his
or her Employer Non-Elective Contribution Account shall occur: 
  

	 	(a)	In the case of a Participant who receives a lump sum distribution of his Vested Interest on account of Termination of Employment, on the day the Participant receives the
distribution. 

  

	 	(b)	In the case of a Participant who has a Vested Interest derived from Employer Contributions and does not receive a total distribution of such Vested Interest, on the last day of the
Plan Year in which the Participant incurs five (5) consecutive One Year Breaks in Service. 

  

	 	(c)	In the case of a Participant who has no Vested Interest derived from Employer Contributions, regardless of the sub-Account to which the Employer Contributions have been allocated,
on the day the Participant incurs the Termination of Employment. 

 Non-vested interests of terminated Participants shall be
held by the Trustee in the respective Accounts of the Participant until the date determined above and shall then be forfeited by the Participant and allocated in accordance with this Section. 
 11.08 Distribution to Participants Who Are Less Than 100% Vested in Their Entire Account: In the event a Participant who is less than one hundred
percent (100%) vested hereunder incurs a Termination of Employment and returns to the employ of the Employer before a forfeiture of his non-vested interest shall have occurred, and prior to his re-employment was paid a portion of his Vested
Interest, a separate account for the Participant’s remaining interest in the Plan as of the time of the distribution shall be maintained. At any relevant time, the Participant’s vested portion of the separate account shall be an amount
“X” determined by the following formula: 
 X = P (AB+(RxD)) - (RxD) 
 For purposes of applying the formula: 
  

	 	P	is the vested percentage at the relevant time; 

  

	 	AB	is the account balance at the relevant time; 

  

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	 	D	is the amount of the distribution; 

  

	 	R	is the ratio of the account balance at the relevant time to the account balance after distribution. 

 In the event a Participant who is less than one hundred percent (100%) vested hereunder incurs a Termination of Employment and returns to the employ
of the Employer after a forfeiture of his non-vested interest but prior to incurring five (5) consecutive One Year Breaks in Service, and prior to his re-employment was paid his Vested Interest, the non-vested portion of his Accrued Benefit
which was forfeited by the Participant shall be disregarded in computing his Accrued Benefit after re-entry into the Plan, unless the Participant repays, pursuant to Section 11.08, the amounts distributed from his Account from which an amount
was forfeited. If a Participant does repay the distribution, the balance in such Account shall be restored as provided in Section 11.09. 
 In the event a Participant who had no Vested Interest in his Employer Regular Contribution Account separated from service and returns to the employ of the Employer after a forfeiture of his non-vested interest but prior to incurring five
(5) consecutive One Year Breaks in Service, any non-vested amounts forfeited by the Participant shall be restored, as provided in Section 11.09, to the Account from which an amount was forfeited. 
 11.09 Repayment of Distribution: A Participant described in the second paragraph of Section 11.07 who received a lump sum distribution of
less than one hundred percent (100%) of his Accrued Benefit shall be entitled to repay the amount so distributed from the Employer Contribution Account in which he was less than one hundred percent (100%) vested. The repayment must be for
the full amount distributed from the Account and must be made not later than the earlier of: 
  

	 	(a)	The date on which the Participant incurs five (5) consecutive One Year Breaks in Service after the date of distribution. 

  

	 	(b)	The end of the five (5) year period beginning with the date the Participant is re-employed by the Employer. 

 Any repayment shall not be included in applying the limitations of Article V or Article VIII hereunder. 
 11.10 Restoration of Accounts: Any amount repaid pursuant to Section 11.08 shall be credited to the Participant’s Accounts for which it
is repaid, with credit to be made as of the date of repayment. The Account shall also be credited with the amount previously forfeited from the Account, with credit to be made as of the last day of the Plan Year in which repayment is made.

 In the case of a Participant to whom the third paragraph of Section 11.07 applies, the Participant’s Accounts from which amounts
were previously forfeited shall be credited with the amount so forfeited, with credit to be made as of the last day of the Plan Year in which the Participant resumes participation in the Plan. 
  

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 Any previously forfeited amounts which are credited to Participants’ Accounts pursuant to this
Section shall be derived from the following sources in the following order of priority: 
  

	 	(a)	First, the amount, if any, to be credited to such types of Accounts for the Plan Year pursuant to Section 11.05; 

  

	 	(b)	Second, Employer contributions for the Plan Year, if any, which are not required to be credited to such types of Accounts for other Participants; and 

  

	 	(c)	Third, an additional Employer contribution for the Plan Year, regardless of whether the Employer has any Net Profits for the year. 

 If for any Plan Year, the Accounts of more than one Participant are required to be restored, then restorations shall be derived from the above sources in
the same proportion that the amount to be restored to each Participant bears to the total amount to be restored to all such Participants for the Plan Year. Any such amounts credited to a Participant’s Accounts shall not be included in applying
the limitations of Article V or Article VIII hereunder. 
 11.11 Amendments to the Vesting Schedule: No amendment to the
vesting schedule or provisions of Section 11.01, or to this Plan which directly or indirectly affects the computation of a Participant’s Accrued Benefit, shall deprive a Participant of a vested right to the benefits accrued to the
effective date of the amendment. Furthermore, if the vesting schedule or provisions of Section 11.01 are amended, each Participant with at least three (3) Years of Vesting Service (determined as of the later of the date the amendment is
adopted or the date the amendment is effective) may elect to have his vesting percentage computed under the Plan without regard to the amendment. The period during which the election may be made shall commence with the date the amendment is adopted
and shall end on the latest of: 
  

	 	(a)	Sixty (60) days after the amendment is adopted; 

  

	 	(b)	Sixty (60) days after the amendment becomes effective; or 

  

	 	(c)	Sixty (60) days after the Participant is issued written notice of the amendment by the Employer or Plan Administrator. 

 In the absence of any written notice under (c) above, any Participant who has at least three (3) Years of Vesting Service (as determined above)
shall at all times receive a Vested Interest under whichever vesting schedule provides the greatest Vested Interest. 
  

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 ARTICLE XII 
 FIDUCIARY DUTIES 
 12.01 General Fiduciary Duty: A Fiduciary, whether or not a Named
Fiduciary, shall discharge his duties solely in the interest of the Participants and their Beneficiaries hereunder. All assets of this Plan shall be devoted to the exclusive purpose of providing benefits to Participants and their Beneficiaries and
defraying the reasonable expenses of administering the Plan. Each Fiduciary, whether or not a Named Fiduciary, shall discharge his duties with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent man acting
in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. Each Fiduciary shall also discharge his duties in a manner consistent with the documents and instruments governing
the Plan to the extent such documents and instruments are consistent with law. No Fiduciary, whether or not a Named Fiduciary, shall engage in any prohibited transactions with a Disqualified Person or party-in-interest as those terms and
transactions are defined herein and by ERISA. 
 12.02 Allocation of Responsibilities: Each Named Fiduciary shall have only those
duties and responsibilities expressly allocated under the terms of this Plan. No other duties or responsibilities shall be implied. 
 12.03 Delegation of Responsibilities: Each Named Fiduciary may delegate the fiduciary responsibilities other than Trustee responsibilities allocated to such Fiduciary under this Plan to any person other than a Named Fiduciary. If any
duties or responsibilities are delegated under this section, the person to whom the duties or responsibilities are delegated shall acknowledge the fact in writing and shall specify in writing the duties and responsibilities so delegated. All other
duties and responsibilities shall be deemed not to have been delegated. 
 12.04 Liability for Allocation or Delegation of
Responsibilities: A Named Fiduciary shall not be liable for the acts or omissions of a person to whom responsibilities or duties are allocated or delegated in accordance with Section 12.02 or Section 12.03 except to the extent such
Named Fiduciary breaches his obligation under Section 12.01: 
  

	 	(a)	With respect to the allocation or delegation; 

  

	 	(b)	With respect to establishing or implementing a procedure for allocation or delegation; or 

  

	 	(c)	By continuing the allocation or delegation. 

 Nothing in
this section shall relieve a Fiduciary from liability incurred under Section 12.05. 
  

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 12.05 Liability for Co-Fiduciaries: In addition to the liability a Fiduciary may incur for the
breach of his duty under Section 12.01 or 12.04, a Fiduciary shall be liable for a breach of Fiduciary duty committed by another Fiduciary in the following circumstances: 
  

	 	(a)	If he participates knowingly in, or knowingly undertakes to conceal, an act or omission of such other Fiduciary knowing such act or omission is a breach; 


 

	 	(b)	If, by his failure to comply with Section 12.01 he has enabled such other Fiduciary to commit a breach; 

  

	 	(c)	If he has knowledge of a breach by such other Fiduciary, unless he makes reasonable efforts under the circumstances to remedy the breach. 

 12.06 Same Person May Serve in More than One Capacity: Nothing herein shall prevent any person from serving in more than one Fiduciary capacity.

 12.07 Indemnification: The Plan Sponsor shall hold harmless and indemnify to the fullest extent permitted by ERISA each non-Trustee
Fiduciary of the Plan with respect to the consequences of all actions or failures to act of the Fiduciary while carrying out his or her responsibilities under the Plan. The Plan Sponsor shall further hold harmless and indemnify each Fiduciary who is
subjected to any claim or action or who is made a party in any threatened, pending or completed proceeding, including, without limitation, any proceeding brought by or in the name of the Plan or by any participant thereof or by any governmental
agency. The Employer’s indemnification shall include any and all expenses (including attorney’s and/or consultant’s fees), costs, damages, judgments, fines, interest, penalties (including any which may be imposed under ERISA
§502(l)) and/or amounts paid in settlement and that are actually and reasonably incurred by a Fiduciary in connection with the investigation, defense, settlement, preparation for trial, trial, or appeal of any proceeding, claim or action.
Notwithstanding the foregoing, the Employer shall not be obligated to hold harmless or indemnify a Fiduciary of the Plan if indemnification is inconsistent with applicable law or if the act(s) or omission(s) of the Fiduciary to be indemnified are
determined to have involved intentional misconduct, gross negligence or a knowing violation of ERISA or other applicable law by the Fiduciary. 
 To the extent a Fiduciary is a named insured under any policy of liability insurance maintained by the Plan or the Employer, the policy and the payment obligations of the insurance company under the policy shall be deemed primary and in
lieu of the Employer’s obligations under this Section 12.07, but only to the extent of the coverage provided in the policy. No insurer under any policy shall claim any right to reimbursement or refund from the Employer and no obligation of
the Employer hereunder shall be deemed to inure to the benefit of any third party. 
  

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 ARTICLE XIII 
 THE PLAN ADMINISTRATOR 
 13.01 Appointment of Plan Administrator: The Board of
Directors of the Plan Sponsor shall appoint the Plan Administrator, which may be the Plan Sponsor. If the Plan Sponsor is appointed as Plan Administrator, the Plan Sponsor may appoint one or more Committees to carry out the duties of the Plan
Administrator under this Plan. In that event all references in the Plan to the Plan Administrator shall be deemed to refer to the appointed Committee. The duties of the Committees shall be divided as the Plan Administrator deems appropriate and may
be designated by separate instrument. The Committees shall act by majority vote except that they shall act by unanimous vote at any time when there are only two members comprising the Committee. 
 13.02 Acceptance by Plan Administrator: The Plan Administrator shall accept its appointment by joining with the Employer in the execution of this
Agreement. 
 13.03 Signature of Plan Administrator: All persons dealing with the Plan Administrator may rely on any document executed
by the Plan Administrator; or, in the event of appointment of a Committee or Committees, such persons may rely on any document executed by at least one member of the appropriate Committee as being the act of the Plan Administrator. 
 13.04 Appointment of an Investment Manager: The Plan Administrator may appoint an Investment Manager or Managers to manage, acquire and dispose of
any assets of the Plan. In the event responsibility for appointment of Investment Managers is delegated by the Plan Administrator to a named Committee, that delegation shall carry with it the authority of the Committee to act as a Named Fiduciary
for purposes of ERISA in appointing an Investment Manager. The Investment Manager shall accept his appointment by written agreement executed by the Plan Administrator and Investment Manager. This written agreement shall specify the Plan assets for
which the Investment Manager is responsible and such written instrument shall be kept with the other documents governing the operation of the Plan. The Trustee shall be entitled to rely on written instructions from the Investment Manager and shall
be under no obligation to invest or otherwise manage any asset of the Plan subject to the management of the Investment Manager. 
 13.05
Duties of the Plan Administrator: The Plan Administrator shall be responsible for the general administration of the Plan including, but not limited to, the following: 
  

	 	(a)	To prepare an annual report, summary plan description and modifications thereto, and summary annual report; 

  

	 	(b)	To complete and file the various reports and tax forms with the appropriate government agencies as required by law; 

  

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	 	(c)	To distribute to Plan Participants and/or their Beneficiaries the summary plan description and reports sufficient to inform such Participants or Beneficiaries of their Accrued
Benefit and their Vested Accrued Benefit as required by law; 

  

	 	(d)	To determine annually, or more frequently if necessary, which Employees are eligible to participate in the Plan; 

  

	 	(e)	To determine the benefits to which Participants and their Beneficiaries are entitled and to approve or deny claims for benefits; 

  

	 	(f)	To provide Plan Participants with a written explanation of the effect of electing an optional form of benefit payment; 

  

	 	(g)	To retain copies of all documents or instruments under which the Plan operates in its own office, the principal place of business of the Plan Sponsor and such other place as the
Secretary of Labor or his delegate may by regulation prescribe; to make all such documents and instruments governing the operation of the Plan available for inspection by Plan Participants and/or their Beneficiaries; and to furnish copies of such
documents or instruments to Plan Participants and/or their Beneficiaries on request, charging only the cost thereof as prescribed by regulation of the Secretary of Labor or his delegate; 

  

	 	(h)	To interpret Plan provisions as needed and in this regard to have complete and total discretion in the interpretation of the Plan; and 

  

	 	(i)	To act as the Plan’s agent for the service of legal process, unless another agent is designated by the Plan Sponsor and to act on behalf of the Plan in all matters in which the
Plan is or may be a party. 

 13.06 Claims Procedure: A claim for benefits under the Plan may be filed with the Plan by
any Participant or Beneficiary on a form supplied by the Plan Sponsor for that purpose or through any other communication medium approved by the Plan Administrator. Written notice of the disposition of a claim shall be furnished to the claimant
within ninety (90) days after the application thereof is filed. In the event the claim is denied, the reasons for the denial shall be specifically set forth in the notice in language calculated to be understood by the claimant, pertinent
provisions of the Plan shall be cited, and, where appropriate, an explanation as to how the claimant may perfect the claim shall be provided. In addition, the claimant shall be furnished with an explanation of the Plan’s claim review procedure.

  

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 13.07 Claims Review Procedure: Any Participant or Beneficiary whose benefit claim submitted
pursuant to Section 13.06 has been denied (whether in full or in part) shall be entitled to request further consideration to his claim by filing an appeal with the Plan Administrator, which may be in the form of a request for reconsideration.
The request, together with a written statement of the reasons why the claimant believes his appeal should be allowed, shall be filed with the Plan Administrator no later than sixty (60) days after receipt of the written notification provided
for in Section 13.06. The Plan Administrator shall conduct the review of the appeal. The Plan Administrator, in its sole discretion, may order a hearing at which the claimant may be represented by an attorney or any other representative of his
choosing and at which the claimant shall have an opportunity to submit written and oral evidence and arguments in support of his claim. During the appeal review period or at the hearing (upon five (5) business days prior written notice to the
Plan Administrator) the claimant or his representative shall have an opportunity to review all documents in the possession of the Plan which are pertinent to the claim at issue and its disallowance. A final decision on the claim shall be made by the
Plan Administrator within sixty (60) days of receipt of the appeal unless (i) because of special circumstances there has been an extension of sixty (60) days which has been communicated in writing to the claimant, or (ii) a
hearing is held, in which event the final decision shall be made within one hundred twenty (120) days of receipt of the appeal. The communication containing the Plan Administrator’s decision shall be in writing and shall be written in a
manner calculated to be understood by the claimant. The communication shall include specific reasons for the Plan Administrator’s decision and specific references to the pertinent Plan provisions on which the decision is based. The
communication shall also inform the claimant of the limitation on any further action by the claimant set forth in Section 13.08. 
 13.08 Limitations of Actions on Claims: The delivery to the claimant of the final decision of the Plan Administrator with respect to a claim for benefits under Section 13.06 which has been reviewed and considered under the
appeal procedures of Section 13.07 shall commence the period during which the claimant may bring legal action under ERISA for judicial review of the Plan Administrator’s decision. No civil action with respect to the claim for benefits or
the subject matter thereof may be commenced by the claimant, whether such action is pursued through litigation, arbitration or otherwise, prior to the completion of the claims and claims review process set forth in Sections 13.06 and 13.07, nor
following the expiration of two (2) years from the date of delivery of the final decision of the Plan Administrator to the claimant under Section 13.07. 
 13.09 Compensation and Expenses of Plan Administrator: The Plan Administrator may engage the services of any person, including counsel, whose services, in the opinion of the Plan Administrator, are necessary to
assist it in carrying out its responsibilities under the Plan. The Employer may direct the Trustee to pay any expenses properly and actually incurred for such services from the Trust Fund, including such reasonable compensation for services provided
by the Plan Administrator as shall have been agreed upon between them, or, alternatively, the Employer may pay such expenses or compensation directly; provided, however, that no individual acting as Plan Administrator shall receive any compensation
if he already receives full-time pay from the Employer. 
  

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 13.10 Removal or Resignation: A Plan Administrator may be removed by the Board of Directors of the
Plan Sponsor upon thirty (30) days written notice, and may resign upon thirty (30) days written notice to the Board of Directors. Upon such removal or resignation, or the inability of the Plan Administrator for any other reason to act as
Plan Administrator, the Board of Directors shall appoint a successor Plan Administrator. The successor Plan Administrator, upon written acceptance, shall have all the duties and responsibilities of a Plan Administrator herein. The former Plan
Administrator shall deliver to the successor Plan Administrator all records and documents which it holds relating to the Plan upon removal or resignation. 
 13.11 Records of Plan Administrator: The Plan Sponsor shall have access, upon request, to all the records of the Plan Administrator that relate to the Plan. 
 13.12 Other Responsibilities: Nothing in this Article shall be construed to limit the responsibilities and duties allocated to the Plan
Administrator in other Articles of this Plan. 
  

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 ARTICLE XIV 
 THE TRUSTEE 
 14.01 Appointment of Trustee: The Board of Directors of the Plan Sponsor
shall appoint the Trustee. Nothing in this Plan shall prevent the Plan Sponsor from appointing multiple Trustees or creating multiple Trust Funds, each with separate Trustees. If more than one person is appointed as Trustee of a single Trust Fund,
they shall act by majority vote; provided, however, that they shall act by unanimous vote at any time when there are only two Trustees. In the event there is more than one Trustee, the reference to Trustee shall be deemed to refer to all the
Trustees. 
 14.02 Acceptance by Trustee: The Trustee shall accept its appointment by executing a separate trust agreement in a form
acceptable to the Trustee and Employer. Subject to Section 14.03, the provisions of the separate Trust Agreement shall control over those in this Plan, to the extent such provisions define the duties of the Trustee with respect to the Trust
Fund. 
 14.03 Provisions of Trust Agreement: The separate Trust Agreement shall authorize and empower the Trustee to invest up to one
hundred percent (100%) of the Trust Fund in Employer Securities. The Trust Agreement shall also authorize and empower the Trustee to engage in Exempt Loan transactions on behalf of the Plan. An Exempt Loan transaction is a loan to the Trust
which satisfies the following terms and conditions: 
  

	 	(a)	The Trustee will use the proceeds of the loan, within a reasonable time after receipt, only for any or all of the following purposes: (i) to acquire Employer Securities,
(ii) to repay such loan, or (iii) to repay a prior Exempt Loan. Except as provided under Article XXII, no Employer Security acquired with the proceeds of an Exempt Loan may be subject to a put, call or other option, or buy-sell or similar
arrangement while held by and when distributed from this Plan, whether or not this Plan is then an employee stock ownership plan. 

  

	 	(b)	The interest rate of the Exempt Loan may not be more than a reasonable rate of interest. 

  

	 	(c)	Any collateral the Trustee pledges to the creditor must consist only of the assets purchased by the borrowed funds and those assets the Trust used as collateral on the prior Exempt
Loan repaid with the proceeds of the current Exempt Loan. 

  

	 	(d)	 The creditor may have no recourse against the Trust under the Exempt Loan except with respect to such collateral given for the Exempt Loan, contributions (other
than contributions of Employer Securities) that the Employer makes to the Trust to meet its obligations under the Exempt Loan, and earnings attributable to such collateral and the investment of such contributions. The payment made with respect to an
Exempt Loan by the Plan during a Plan Year must not exceed an amount equal to the 



  

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sum of such contributions and earnings received during or prior to the year less such payments in prior years. The Advisory Committee and the Trustee must
account separately for such contributions and earnings in the books of account of the Plan until the Trust repays the Exempt Loan. 


  

	 	(e)	In the event of default upon the loan, the value of Plan assets transferred in satisfaction of the Exempt Loan must not exceed the amount of the default, and if the lender is a
Disqualified Person, the Exempt Loan must provide for transfer of Plan assets upon default only upon and to the extent of the failure of the Plan to meet the payment schedule of the Exempt Loan. 

  

	 	(f)	The Trustee must add and maintain all assets acquired with the proceeds of an Exempt Loan in a Suspense Account. In withdrawing assets from the Suspense Account, the Trustee will
apply the provisions of Treas. Reg. §§54.4975-7(b)(8) and (15) as if all securities in the Suspense Account were encumbered. Upon the payment of any portion of the loan, the Trustee will effect the release of assets in the Suspense
Account from encumbrances. For each Plan Year during the duration of the Exempt Loan, the number of Employer Securities released must equal the number of encumbered Employer Securities held immediately before release for the current Plan Year
multiplied by a fraction. The numerator of the fraction is the amount of principal and interest paid for the Plan Year. The denominator of the fraction is the sum of the numerator plus the principal and interest to be paid for all future Plan Years.
The number of future Plan Years under the loan must be definitely ascertainable and must be determined without taking into account any possible extension or renewal periods. If the interest rate under the Exempt Loan is variable, the interest to be
paid in future Plan Years must be computed by using the interest rate applicable as of the end of the Plan Year. If collateral includes more than one class of Employer Securities, the number of Employer Securities of each class to be released for a
Plan Year must be determined by applying the same fraction to each such class. The Plan Administrator will allocate assets withdrawn from the Suspense Account to the Accounts of Participants who otherwise share in the allocation of the
Employer’s Contribution for the Plan Year for which the Trustee has paid the portion of the Exempt Loan resulting in the release of the assets. The Plan Administrator will make this allocation consistently as of each Accounting Date on the
basis of non-monetary units, taking into account the relative Compensation of all such Participants for such Plan Year. 

  

	 	(g)	The loan must be for a specific term and may not be payable at the demand of any person except in the case of default. 

  

	 	(h)	 Notwithstanding the fact this Plan ceases to be an employee stock ownership plan, Employer Securities acquired with the proceeds of an Exempt Loan will continue
after the Trustee repays the loan to be subject to the provisions of Treas. Reg. 



  

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§§54.4975-7(b)(4), (10), (11) and (12) relating to put, call or other options and to buy-sell or similar arrangements, except to the
extent these regulations are inconsistent with Code §409(h). 


 14.04 Participant Voting Rights: The separate
Trust Agreement shall provide for voting Employer Securities by Participants in the following manner. 
  

	 	(a)	With respect to the voting of Employer Securities which are not part of a registration-type class of securities (as defined in Code §409(e)(4)), a Participant (or
Beneficiary) has the right to direct the Trustee regarding the voting of such Employer Securities allocated to his Employer Securities Account with respect to any corporate matter which involves the approval or disapproval of any corporate merger or
consolidation, recapitalization, reclassification, liquidation, dissolution, sale of substantially all assets of a trade or business, or such similar transaction as the Treasury may prescribe in regulations. 

  

	 	(b)	With respect to Employer Securities allocated to the Participant’s Employer Securities Account which are part of a registration type class of securities, a Participant’s
right to direct the Trustee to vote such Employer Securities shall extend to all corporate matters requiring a vote of stockholders. The Plan Administrator shall cause to be prepared and delivered to each Participant a notice of the
stockholders’ meeting with a descriptive statement of the items upon which the Participant may exercise his right to direct the Trustee’s vote. Each Participant shall be given notice that if he fails to exercise his voting rights, the
Trustee may elect to vote the Employer Securities allocated to the Participant’s Account. 

 The Trustee may vote any
Employer Securities described in subsection (b) as to which a Participant (or Beneficiary) fails to direct a vote as authorized by this Section 14.04. The Trustee shall not vote any Employer Securities described in subsection (a) as
to which a Participant is entitled to direct the Trustee to vote and the Trustee receives no direction from the Participant. 
 14.05
Investment Committee: In the event of appointment of an Investment Committee by the Plan Administrator, then except to the extent responsibility for certain Plan assets has been allocated to an Investment Manager as provided in
Section 13.04, the Investment Committee is authorized and empowered to direct investment of the Trust Fund, consistent with the terms of the separate Trust Agreement. The Investment Committee shall direct investment and reinvestment of the
Trust Fund to keep the Trust Fund invested without distinction between principal and income and in such securities or property, real or personal, wherever situated, as the Committee shall deem advisable consistent with the investment policy of the
Plan established under Article XVIII. The Committee shall give due regard to any limitations imposed by the Code or ERISA so that at all times this Plan may qualify as a qualified Plan and Trust. 
  

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 14.06 Payment of Plan Expenses: The Plan specifically permits the payment of Plan administration
and operation expenses from the Plan’s Trust Fund. The Plan Sponsor shall determine in its sole discretion the extent to which Plan administration and operation expenses shall be paid from the Trust Fund, provided that all such payments shall
comply with ERISA and all regulations and other guidance issued by the Department of Labor. Further, the Plan Sponsor shall be entitled to reimbursement from the Plan for payment of all Plan expenses advanced by the Plan Sponsor which are reasonably
subject to reimbursement pursuant to ERISA and DOL regulations and other guidance. 
 14.07 Payment From the Trust Fund: At the
direction of the Plan Administrator, the Trustee shall, from time to time, in accordance with the terms of the Plan, make payments out of the Trust Fund. The Trustee shall not be responsible in any way for the application of such payments.

  

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 ARTICLE XV 
 THE EMPLOYER 
 15.01 Notification: The Plan Sponsor shall notify the Plan Administrator
and the Trustee in writing if a new Plan Administrator or Trustee has been appointed hereunder. 
 15.02 Record Keeping: Each
participating Zions Employer shall maintain records with respect to each Employee sufficient to enable the Plan Administrator and Trustee to fulfill their duties and responsibilities under the Plan. 
 15.03 Bonding: The Plan Administrator shall procure bonding to insure the Plan against risk of loss. The persons to be bonded and the amount
necessary shall be determined in accordance with ERISA and regulations thereunder. No bonding shall be required pursuant to state law. 
 15.04 Signature of Employer: All persons dealing with the Plan may rely on any document executed in the name of the Plan Sponsor by its corporate President, Vice-President, or other duly authorized corporate officer, or by any other
individual duly authorized by its Board of Directors, whether retroactive or prospective. 
 15.05 Plan Counsel and Expenses: The Plan
Sponsor may engage the service of any person or organization, including counsel, whose services, in the opinion of the Plan Sponsor are necessary for the establishment or maintenance of this Plan. The expenses incurred or charged by a person or
organization engaged by the Plan Sponsor pursuant to the previous sentence shall be paid by the Plan Sponsor, or alternatively, the Plan Sponsor may direct the Trustee to pay such expenses from the Trust Fund. 
 15.06 Other Responsibilities: Nothing in this Article shall be construed to limit the responsibilities or duties allocated to the Plan Sponsor and
Zions Employers in other Articles of the Plan. 
 15.07 Affiliated Groups: 
  

	 	(a)	For purposes of crediting Hours of Service, all employees of all corporations or entities which are members of an Affiliated Group and all employees of any other entity required to
be aggregated with the Employer pursuant to regulations under Code §414(o) shall be treated as employed by a single Employer for purposes of Article III (Service), Article IV (Eligibility), Article V (Contributions) and
Article XI, (Vesting). Except as provided in Section 7.01, all employees of all corporations or entities which are members of an Affiliated Group and all employees of any other entity required to be aggregated with the Employer pursuant to
regulations under Code §414(o) shall be treated as employed by a single Employer. 

  

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	 	(b)	If the Employer is a member of a Affiliated Group and if such group maintains more than one qualified retirement plan that is integrated with Social Security, only a single
integration level shall be applicable to each Participant who is a Participant in one or more integrated plans. The integration level for each Participant shall be prorated in each integrated plan in the ratio that the Annual Compensation received
by the Participant from the member of the group maintaining the integrated plan bears to the Annual Compensation received by the Participant from all members of the group maintaining all such integrated plans. 

  

	 	(c)	If more than one Employer has adopted this Plan and if all such Employers are members of the same Affiliated Group: 

  

	 	(1)	The provisions of Articles XVI and XVII shall be applicable to each adopting Employer as an individual Employer; 

  

	 	(2)	The provisions of Section 15.07(a) through (c) shall not be applicable to such adopting Employers; and 

  

	 	(3)	The “effective date” for any adopting Employer who adopts this Plan on other than the Effective Date shall be the first day of the Plan Year in which such adopting
Employer shall first elect to be covered by this Plan. 

 15.08 Employer Contributions: Each participating Zions
Employer shall contribute to the Plan that Employer’s share of Employer Contributions, as determined by the Plan Administrator. 
  

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 ARTICLE XVI 
 PLAN AMENDMENT OR MERGER 
 16.01 Power to Amend: The Plan Sponsor and the Plan
Administrator shall each have the power to amend, alter, or wholly revise the Plan, prospectively or retrospectively, at any time, and the interest of every Participant is subject to the power so reserved. The Plan Administrator shall not exercise
its power to amend without consent of the Plan Sponsor unless the Plan Sponsor has ceased to operate as a viable business entity or has filed or is subject to a petition under Chapter 7 of the U.S. Bankruptcy Code. 
 16.02 Limitations on Amendments: Upon execution of any amendment, the Employer, Plan Administrator, Trustees, Participants and their Beneficiaries
shall be bound thereby; provided, however, that no amendment: 
  

	 	(a)	Shall enlarge the duties or responsibilities of the Plan Administrator or Trustee without its consent; or 

  

	 	(b)	Shall cause any part of the assets contributed to the Plan to be diverted to any use or purpose other than for the exclusive benefit of the Participants and their Beneficiaries
(including the reasonable cost of administering the Plan) prior to the satisfaction of all liabilities (fixed and contingent) under the Plan to Participants and their Beneficiaries; or 

  

	 	(c)	Shall reduce the vesting percentage of any Participant, Former Participant, or Beneficiary; or 

  

	 	(d)	Shall reduce or restrict the Account Balance of any Participant, Former Participant or Beneficiary; or 

  

	 	(e)	Shall eliminate an optional form of benefit, with respect to benefits attributable to service before the amendment. 

 Notwithstanding the above, any amendment may be made which may be or become necessary in order that the Plan will conform to the requirements of Code
§401(a), or of any generally similar successor provision, or in order that all of the provisions of the Plan will conform to all valid requirements of applicable federal and state laws. 
 16.03 Method of Amendment: If the Plan is amended by the Plan Sponsor, the amendment shall be stated in an instrument in writing signed in the
name of the Plan Sponsor by a duly authorized corporate officer, or by any other individual duly authorized by the Plan Sponsor, whether retroactive or prospective. If the Plan is amended by the Plan Administrator, the amendment shall be stated in
an instrument in writing signed in the name of the Plan Administrator by the individual duly authorized by the Plan Administrator for that purpose, whether retroactive or prospective. 
  

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 16.04 Notice of Amendment: Written notice of each amendment shall be given promptly by the Plan
Sponsor to any other Employers, the Plan Administrator and the Trustee. 
 16.05 Merger or Consolidation: This Plan and Trust may be
merged or consolidated with, or its assets or liabilities may be transferred to, any other plan only if the benefits which would be received by each Participant of this Plan, in the event of a termination of the Plan immediately after such merger,
consolidation or transfer, are at least equal to the benefits the Participant would have received if the Plan had terminated immediately before the merger, consolidation or transfer. The Trustee possesses the specific authority to enter into merger
agreements or direct transfer of assets agreements with the Trustees of other retirement plans described in Code §401(a) and to accept the direct transfer of Plan assets, or to transfer Plan assets, as a party to any such agreement.
Notwithstanding the foregoing, this Plan shall not enter into any merger or transfer agreement to transfer assets to this Plan from a plan which is subject to the provisions of Code §417. 
 The Trustee may accept a direct transfer of Plan assets on behalf of an Employee prior to the date the Employee satisfies the Plan’s eligibility
condition(s). If the Trustee accepts such a direct transfer of Plan assets, the Advisory Committee and Trustee shall treat the Employee as a Participant for all purposes of the Plan except the Employee may not make Elective Deferral contributions
under Article V nor shall the Employee share in Employer contributions or Participant forfeitures under Article VI until he actually becomes a Participant in the Plan. 
 The Trustee shall hold, administer and distribute the transferred assets as a part of the Trust Fund and the Trustee shall maintain a separate Predecessor Plan Account for the benefit of the Employee on whose behalf
the Trustee accepted the transfer in order to reflect the value of the transferred assets. 
  

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 ARTICLE XVII 
 TERMINATION OR DISCONTINUANCE OF CONTRIBUTIONS 
 17.01 Right to Terminate: The Plan
Sponsor may terminate the Plan at any time by a written resolution by the Board of Directors specifying the termination date. The Plan Sponsor shall promptly notify the Plan Administrator, Trustee and any other Employers of such action. Further, the
Plan Sponsor shall notify all Participants and Former Participants of such action, and shall file all required reports with federal agencies, in accordance with applicable regulations. 
 17.02 Effect of Termination: In the event of a Plan termination or a complete discontinuance of Employer Contributions, the rights of all affected
Participants to their Accrued Benefits as of the date of such termination shall be fully vested and shall not thereafter be subject to forfeiture, except to the extent that law or regulation may preclude such vesting in order to prohibit
discrimination in favor of officers, shareholders, or highly compensated Employees. For purposes of the preceding sentence, a Participant who has terminated employment with the Employer and incurred five consecutive One Year Breaks in Service as of
the termination date shall not be considered to be affected by such Plan termination, and shall be vested in his Accrued Benefit only to the extent provided in the other applicable Articles of this Plan. All rights of Participants in this Plan
affecting Employer Securities held in trust for the benefit of Participants shall continue notwithstanding any Plan termination. 
 17.03
Manner of Distribution: In the event of a Plan termination, the Plan Administrator shall direct the Trustee to distribute the Accrued Benefits of all Participants, Former Participants, and Beneficiaries in accordance with Article IX or
Article XI. 
 Notwithstanding the above, no payment shall be made to a Participant from his Participant Elective Deferral Account (or
any other Account the contributions to which have been included in the Deferral Account for the Participant) unless or until such time as the Participant: 
  

	 	(a)	Is eligible for Retirement Benefits as provided in Article IX; 

  

	 	(b)	Dies; 

  

	 	(c)	Has a severance from employment; 

  

	 	 (d)
	 Attains the age of fifty-nine and one-half (59 1/2); 


  

	 	(e)	Incurs a Disability; or 

  

	 	(f)	Incurs a Financial Hardship. 

  

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 All Elective Deferral Accounts shall be maintained by the Trustee and distributed at such time and in
such manner as previously provided herein. Alternatively, the balance in such Accounts may be transferred to another plan maintained or established by the Employer which qualifies under Code §401(a) as provided above, but only if such other
plan contains the same restrictions on the distribution of such transferred amounts as described in the preceding paragraph. 
 17.04 No
Reversion: No termination or amendment of this Plan and Trust and no other action shall divert any part of the funds to any purpose other than the exclusive benefit of Participants, Former Participants or their Beneficiaries except, and
notwithstanding any other provision of this Plan to the contrary, any amount held in an unallocated suspense account which cannot be allocated to any Participant due to the limitations of Article VIII may be returned to the Employer upon
termination of the Plan. 
 17.05 Termination of an Employer: An Employer, other than the Plan Sponsor, may terminate its
participation in the Plan at any time by a written resolution by the Board of Directors specifying the termination date. The Employer shall promptly notify the Plan Sponsor, Plan Administrator and Trustee of any such action or direction. The
participation of an Employer in the Plan shall also terminate in the event of a complete discontinuance of contributions by such Employer. 
 17.06 Partial Termination: A partial termination of the Plan may be deemed to have occurred if a significant percentage of Participants are excluded from coverage by reason of amendment of the Plan, severance by an Employer or
termination of an Employer, or if the Plan is amended to adversely affect the rights of employees to vest in benefits under the Plan or to reduce or eliminate future benefit accruals under the Plan. The determination of whether a partial termination
has occurred shall be made on the basis of the facts and circumstances in a particular case. 
 17.07 Effect of Partial Termination:
In the event of a partial termination of the Plan, the provisions of Section 17.02 shall apply to those Participants affected by the partial termination. 
  

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 ARTICLE XVIII 
 FUNDING POLICY FOR PLAN BENEFITS 
 18.01 Funding Method: The benefits provided by this
Plan shall be funded by contributions of the Employer. Employer Non-Elective contributions may consist entirely of Employer Securities. Elective Deferral Contributions and Employer Matching Contributions shall be made in cash only. All Employer
Contribution amounts shall be determined as provided in this Plan. 
 18.02 Investment Policy: This Plan has been established for the
sole purpose of providing benefits to the Participants and their Beneficiaries. In determining investment directions hereunder, the Investment Committee shall take account the investment policy rules and limitations provided in the Plan, the advice
provided by the Plan Administrator as to funding policy, and the short and long-range needs of the Plan based on the evident and probable requirements of the Plan as to the time benefits shall be payable and the requirements therefor. Benefits may
be provided through any combination of investment media designed to provide the requisite liquidity, growth and security appropriate to this Plan. 
 The following rules shall apply as of the Effective Date with respect to the investment of contributions to the Plan (regardless of source) and existing Accounts in the Plan. 
  

	 	(a)	No Participant shall direct investment into or out of Employer Securities in any Account. 

  

	 	(b)	Contributions to the Participant Elective Deferral Account shall be invested exclusively in the General Investments Account. Amounts in a Participant Elective Deferral Account as of
the Effective Date, including earnings and dividends thereon, may not be transferred between the General Investments Account and Employer Securities Account. 

  

	 	(c)	Contributions to the Employer Matching Contribution Account shall be invested exclusively in the Employer Securities Account. 

  

	 	(d)	Contributions to the Participant Voluntary Contribution Account shall be invested exclusively in the Employer Securities Account. 

  

	 	(e)	Contributions to the Participant Rollover Account shall be invested exclusively in the General Investments Account. Amounts in the Participant Rollover Account as of the Effective
Date, including earnings and dividends thereon, may not be transferred between the General Investments Account and Employer Securities Account. 

  

	 	(f)	Amounts in the Paysop Account as of the Effective Date, including earnings and dividends thereon, shall remain in the Employer Securities Account and may not be transferred between
the General Investments Account and Employer Securities Account. 

  

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	 	(g)	Contributions to the Employer Non-Elective Contribution Account shall be invested exclusively in the Employer Securities Account. 

 18.03 No Purchase of Life Insurance Contracts: Unless authorized by the Plan Sponsor pursuant to amendment to this Article XVIII, no insurance
contracts shall be purchased by the Trustee on the life of any Participant. 
 18.04 General Investments and Dividend Accounts:
Benefits for Participants, to the extent not funded through Employer Securities, shall be funded through the General Investments and Dividend Accounts. The General Investments Account may consist of any investment media offered by the Trustee or
through the purchase of shares in any regulated investment company as defined in Code §851(a), or through any investment proper and appropriate to be made by the Trustee in accordance with Article XIV, or through any combination of such
investments other than Employer Securities. Rules and procedures for the operation of the General Investments Account and Participant direction of investment therein are set forth in Section 18.06. 
 All cash dividends received and held in a Participant’s Dividend Account shall be invested in the stable asset fund described in section 18.06(b)
until invested in Employer Securities or distributed in cash pursuant to the Participant’s election under Section 6.03(e). Except to determine whether the Dividend Account shall be distributed in cash or invested in Employer Securities, a
Participant shall have no investment direction right with respect to the Dividend Account. 
 18.05 Non-transferability of Annuity
Contracts: In the event the assets of the Trust Fund include allocated annuity contracts, all incidents of ownership in such contracts may be exercised by the Trustee, as directed by the Plan Administrator, except to the extent any death
benefits payable thereunder may be paid to the Beneficiary designated by the Participant. All such contracts shall provide that the owner may not change the ownership of the contract, nor may it be sold, assigned or pledged as collateral for a loan,
as security for the performance of an obligation, or for any other purpose to anyone. No annuity contract may be delivered to a Participant as a distribution from the Plan. 
 18.06 Establishment of Separate Funds: There is hereby reserved to the Plan Administrator (or the Committee designated by the Plan Administrator
for this purpose) the right to direct the Trustee to establish separate investment funds within the General Investments Account. The Plan Administrator (or Committee) may follow different investment policies with respect to each investment fund so
established. In the sole discretion of the Sponsoring Employer a Participant, Inactive Participant, Beneficiary or Alternate Payee shall be allowed to direct the Trustee to invest the amounts in his or her General Investments Account, consistent
with the rules in this Section 18.06, in any or all of the investment Funds. The following administrative rules shall apply if such Funds are established: 
  

	 	(a)	Income, gains and losses from each investments Fund will be reinvested in the same Fund and credited only to the General Investments Accounts of those Participants who have a
balance in such Fund, in a manner consistent with Section 6.03. 

  

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	 	(b)	At least one Fund shall be a stable asset fund which invests in cash equivalent securities and contracts. For this purpose “cash equivalent securities and contracts” shall
mean short term U. S. Government obligations, prime commercial paper, certificates of deposit, savings accounts in banks or savings and loan associations, guaranteed interest contracts and pooled funds which invest exclusively in some or all of the
foregoing. 

  

	 	(c)	Each Participant shall be entitled to direct the portion of the contributions made to his General Investments Account which are to be invested in each of the Funds available. Upon
the occurrence of any event which results in the deletion of any Fund, which replaces any Fund with another Fund, or which adds a new Fund, and each new Participant upon entry in the Plan shall direct the Plan Administrator in writing as to the
portion of his General Investments Account and the portion of the contributions made to his General Investments Account which are to be invested in each of the Funds then available. Until specific direction is made by the Participant, or Beneficiary
(including any Beneficiary by virtue of a Qualified Domestic Relations Order) or if specific direction is not made, all contributions shall be invested in the Fund described in (b) above. 

  

	 	(d)	Each Participant shall have the right to change the portion of succeeding contributions to be invested in each Fund and the right to direct that the asset balance or any portion
thereof in any Funds in his General Investments Account be liquidated and the proceeds thereof transferred to any other Fund. Changes in Fund investments pursuant to Participant direction shall be made effective as provided under procedures
negotiated between the Plan and the Trustee (or custodian, if appointed by the Plan Administrator or Trustee), which procedures may include daily movement of General Investment Account moneys between Funds, provided valuation of the Funds is also
conducted daily. 

  

	 	(e)	A Participant may not direct any investment into the Employer Securities Account or the liquidation or sale of any Employer Securities in that Account. 

  

	 	(f)	The Plan Administrator may establish reasonable rules regarding: 

  

	 	(1)	The number and types of Funds which shall be available to the General Investments Account. 

  

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	 	(2)	The maximum number of Funds which may be utilized by an individual Participant or by the General Investments Account. 

  

	 	(3)	The minimum, maximum and incremental percentages of contributions which may be invested in a particular Fund. 

  

	 	(4)	The minimum, maximum and incremental percentages of the current balance in the General Investments Account in any Fund which may be transferred to another Fund.


 These rules shall be in writing and shall be administered in a uniform and non-discriminatory manner. 
  

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 ARTICLE XIX 
 TOP-HEAVY PROVISIONS 
 19.01 Application: If this Plan is or becomes Top-Heavy for any
Plan Year, the provisions of this Article shall supersede any conflicting provisions contained in any other Article of this Plan. 
 19.02
Special Definitions: For purposes of this Article and related Plan provisions, the following terms shall have the following meanings unless a different meaning is plainly required by the context: 
  

	 	(a)	“Determination Date” shall mean, for any plan year subsequent to the first plan year, the last day of the preceding plan year for such plan; for the first plan year
of a plan, the last day of that plan year. 

  

	 	(b)	“Determination Period” shall mean the plan year containing the Determination Date and the four (4) preceding plan years for such plan.


  

	 	(c)	“Five Percent Owner” shall mean: 

  

	 	(1)	If the Employer is a corporation, any person who owns (or is considered as owning within the meaning of Code §318) more than five percent (5%) of the outstanding stock of
the corporation or stock possessing more than five percent (5%) of the total combined voting power of all stock of the corporation. 

  

	 	(2)	If the Employer is not a corporation, any person who owns more than five percent (5%) of the capital or profits interest in the Employer. 

  

	 	(d)	“Key Employee” shall mean any Employee or former Employee (and any Beneficiary of such Employee) who at any time during the Determination Period was:


  

	 	(1)	An officer of the Employer during a Plan Year in which he received Top-Heavy Compensation greater than fifty percent (50%) of the amount in effect under Code §415(b)(1)(A)
for such Plan Year. For purposes of this Paragraph, no more than fifty (50) Employees (or, if lesser, the greater of three (3) or ten percent (10%) of the number of Employees) shall be treated as officers; or 


 

	 	 (2)
	 One of the ten (10) Employees owning (or considered as owning within the meaning of Code §318) both more than
one-half percent ( 1/2%) interest and the largest interests in the Employer during a Plan Year in which he received
Top-Heavy Compensation greater than the amount in effect under Code §415(c)(1)(A) for such Plan Year; or 


  

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	 	(3)	A Five Percent Owner of the Employer; or 

  

	 	(4)	A One Percent Owner of the Employer during a plan year in which he received Top-Heavy Compensation greater than one hundred fifty thousand dollars ($150,000).


 The determination of who is a Key Employee shall be made in accordance with Code §416(i)(1) and the Regulations
thereunder. For purposes of determining who is a One Percent Owner, Five Percent Owner, or ten largest owner, the rules of Code §414(b), (c) and (m) shall not apply. Beneficiaries of Employees shall be treated as a Key Employee or
Non-Key Employee based on the Key Employee status of such Employee; inherited benefits shall retain the Key Employee or Non-Key Employee status of the Employee. 
 The term “Non-Key Employee” shall mean any Employee or former Employee (and any Beneficiary of such Employee) who is not a Key Employee. Non-Key Employees include Employees who are former Key
Employees. 
  

	 	(e)	“One Percent Owner” shall mean: 

  

	 	(1)	If the Employer is a corporation, any person who owns (or is considered as owning within the meaning of Code §318) more than one percent (1%) of the outstanding stock of
the corporation or stock possessing more than one percent (1%) of the total combined voting power of all stock of the corporation; or 

  

	 	(2)	If the Employer is not a corporation, any person who owns more than one percent (1%) of the capital or profits interest in the Employer. 

  

	 	(f)	“Permissive Aggregation Group” shall mean the Required Aggregation Group of plans plus any other plan or plans of the Employer which, when considered as a group
with the Required Aggregation Group, would continue to satisfy the requirements of Code §§401(a)(4) and 410. 

  

	 	(g)	“Present Value” shall mean the actuarial present value of an amount or series of amounts determined based on the Top-Heavy determination provisions of a defined
benefit plan that is part of a Required Aggregation Group or Permissive Aggregation Group with this Plan. 

  

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	 	(h)	“Required Aggregation Group” shall mean: 

  

	 	(1)	Each qualified plan of the Employer including any plan terminated within the last five years ending on the determination date, in which at least one Key Employee participates in the
plan year containing the determination date, or any of the four preceding plan years; and 

  

	 	(2)	Any other qualified plan of the Employer which enables a plan described in Item (1) to meet the requirements of Code §§401(a)(4) or 410. 

  

	 	(i)	“Super Top-Heavy”: This Plan is Super Top-Heavy if the Plan would be Top-Heavy if “ninety percent (90%)” were substituted for “sixty percent
(60%)” each place it appears in Subsection (j) below. 

  

	 	(j)	“Top-Heavy”: This Plan is Top-Heavy if any of the following conditions apply: 

  

	 	(1)	If the Top-Heavy Ratio for this Plan exceeds sixty percent (60%) and this Plan is not part of any Required Aggregation Group or Permissive Aggregation Group of plans.


  

	 	(2)	If this Plan is a part of a Required Aggregation Group of plans but not part of a Permissive Aggregation Group and the Top-Heavy Ratio for the Required Aggregation Group of plans
exceeds sixty percent (60%). 

  

	 	(3)	If this Plan is a part of a Permissive Aggregation Group of plans and the Top-Heavy Ratio for the Permissive Aggregation Group exceeds sixty percent (60%). 


 

	 	(k)	“Top Heavy Average Monthly Compensation” shall mean one-twelfth (1/12th) of the average of a Participant’s Top-Heavy Compensation during the five
(5) consecutive Plan Years (or the total number of such years of the Participant’s employment, if less than five (5)) which produces the highest average, but taking into account only Top-Heavy Compensation for years that this Plan was
Top-Heavy and any years preceding a year that this Plan was Top-Heavy. 

  

	 	(l)	“Top-Heavy Compensation” shall have the same meaning as the term ‘Compensation’ defined in Section 7.01(b), but shall include contributions made by
the Employer to a plan of deferred compensation otherwise excluded in Section 7.01(b). 

  

	 	(m)	“Top-Heavy Ratio” shall mean and be determined as follows: 

  

	 	(1)	If the Employer maintains one or more defined contribution plans (including any simplified employee pension plan) and the Employer has never maintained any defined benefit plan
which has covered or could cover a Participant in this Plan, the Top-Heavy Ratio is a fraction, the numerator of which is the sum of the account balances of all Key Employees as of the Determination Date and the denominator of which is the sum of
all account balances of all Participants as of the Determination Date. Both the numerator and denominator of the Top-Heavy Ratio shall be adjusted to reflect any part of any account balance distributed in the five (5) year period ending on the
Determination Date and any contribution which is due but unpaid as of the Determination Date. In the case of a defined contribution plan which is not subject to Code §412, the adjustment for contributions due but unpaid is generally the amount
of any contributions actually made after the Top-Heavy Valuation Date but on or before the Determination Date; however, for the first plan year of such a plan, the adjustment shall also reflect the amount of any contributions made after the
Top-Heavy Valuation Date that are allocated as of a date in that first plan year. In the case of a defined contribution plan that is subject to Code §412, the account balances shall include contributions that would be allocated as of a date not
later than the Determination Date, even though those amounts are not yet required to be contributed; furthermore, the adjustment for contributions due but unpaid shall reflect the amount of any contribution actually made (or due to be made) after
the Top-Heavy Valuation Date but before the expiration date of the extended payment period in Code §412(c)(10). 

  

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	 	(2)	 If the Employer maintains one or more defined contribution plans (including any simplified employee pension plan) and the Employer maintains or has maintained one
or more defined benefit plans which have covered or could cover a Participant in this Plan, the Top-Heavy Ratio is a fraction, the numerator of which is the sum of account balances under the defined contribution plans for all Key Employees and the
Present Value of accrued benefits under the defined benefit plans for all Key Employees, and the denominator of which is the sum of the account balances under the defined contribution plans for all Participants and the Present Value of accrued
benefits under the defined benefit plans for all Participants. Both the numerator and denominator of the Top-Heavy Ratio are adjusted for any part of any account balance or accrued benefit distributed in the five (5) year period ending on the
Determination Date and any contribution to a defined contribution plan due but unpaid as of the Determination Date. In the case of a defined contribution plan which is not subject to Code §412, the adjustment for contributions due but unpaid is
generally the amount of any contributions actually made after the Top-Heavy Valuation Date but on or before the 



  

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Determination Date; however, for the first plan year of such a plan, the adjustment shall also reflect the amount of any contributions made after the
Top-Heavy Valuation Date that are allocated as of a date in that first plan year. In the case of a defined contribution plan that is subject to Code §412, the account balances shall include contributions that would be allocated as of a date not
later than the Determination Date, even though those amounts are not yet required to be contributed; furthermore, the adjustment for contributions due but unpaid shall reflect the amount of any contribution actually made (or due to be made) after
the Top-Heavy Valuation Date but before the expiration date of the extended payment period in Code §412(c)(10). 


  

	 	(3)	For purposes of (1) and (2) above, the value of account balances and the Present Value of accrued benefits shall be determined as of the most recent Top-Heavy Valuation
Date that falls within or ends with the twelve month period ending on the Determination Date and shall exclude any amounts in a Participant’s Account attributable to deductible employee contributions. The account balances and accrued benefits
of a Participant who is not a Key Employee but who was a Key Employee in a prior year shall be disregarded. The account balances and accrued benefits of any Participant who has not performed any service for the Employer at any time during the five
(5) year period ending on the Determination Date shall be disregarded. In the case of a defined benefit plan, the Present Value of Accrued Benefits shall not reflect any proportional subsidies and shall reflect any non-proportional subsidies
provided by the plan. The calculations of the Top-Heavy Ratio, and the extent to which distributions, rollovers and transfers are taken into account shall be made in accordance with Code §416 and the Regulations thereunder. In the case of
unrelated rollovers and transfers: (1) the plan making the distribution or transfer shall count the distribution as part of an accrued benefit distributed; and (2) the plan accepting the rollover or transfer shall not consider the rollover
or transfer as part of the accrued benefit. In the case of related rollovers and transfers, the plan making the distribution or transfer shall not count the distribution or transfer as part of an accrued benefit distributed, and the plan accepting
the rollover or transfer shall count the rollover or transfer as part of the accrued benefit. Deductible employee contributions shall not be taken into account for purposes of computing the Top-Heavy Ratio. When aggregating plans, the value of
account balances and accrued benefits will be calculated with reference to the Determination Dates that fall within the same calendar year. 

 For purposes of the above, a Participant’s Accrued Benefit in a defined benefit plan shall be determined under a uniform accrual method which 

  

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applies for all defined benefit plans maintained by the Employer or, if there is no such method, under the method described in Code §411(b)(1)(C) which
provides the slowest rate of accrual. 
  

	 	(n)	“Top-Heavy Valuation Date” shall mean the date as of which the Present Value of accrued benefits under a defined benefit plan or account balances under a defined
contribution plan, which is part of a Permissive Aggregation Group or Required Aggregation Group, is determined for calculating the Top-Heavy Ratio. For a defined benefit plan, such date shall be the same as the actuarial valuation date used for
computing plan costs under Code §412, regardless of whether an actuarial valuation is performed that year. For a defined contribution plan, such date shall be the last day of the plan year. 

 19.03 Top-Heavy or Super Top-Heavy Minimum Required Allocation: For any Plan Year in which the Plan is Top-Heavy or Super Top-Heavy: 

 

	 	(a)	Except as otherwise provided below, the Employer contributions and forfeitures allocated on behalf of any Participant who is a Non-Key Employee shall not be less than the lesser of:


  

	 	(1)	three percent (3%) of such Participant’s Top-Heavy Compensation if the Plan is Top-Heavy and five percent (5%) of such Participant’s Top-Heavy Compensation if
the Plan is Super Top-Heavy ; or 

  

	 	(2)	In the case where the Employer has no defined benefit plan which designates this Plan to satisfy Code §§401 and 416(c), the largest percentage of Employer contributions
and forfeitures, as a percentage of the first two hundred thousand dollars ($200,000), (or such larger amount as may be prescribed by the Secretary of the Treasury or his delegate) of the Key Employee’s Top-Heavy Compensation, allocated on
behalf of any Key Employee for that year. In calculating this percentage all amounts contributed by the Employer to the Key Employee’s Elective Deferral Account pursuant to a Salary Deferral Agreement shall be treated as Employer contributions.
For Plan Years beginning after December 31, 1993, the Plan shall substitute the amount “one hundred fifty thousand dollars ($150,000)” for the amount “two hundred thousand dollars ($200,000)” wherever it appears in this
Section. The one hundred fifty thousand dollar amount shall be adjusted each Plan Year as provided in Code §401(a)(17)(B). For any period during which the Plan Year is not or was not coincident with the calendar year, the dollar adjustment in
the Annual Compensation limit for the Plan Year shall be based on the amount in effect as of January 1st for the Plan Year beginning within that calendar year. 

  

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	 	(b)	The minimum allocation shall be determined without regard to any Social Security contribution by the Employer. This minimum allocation shall be made even though, under other Plan
provisions, the Participant would not otherwise be entitled to receive an allocation, or would have received a lesser allocation for the Plan Year because of: 

  

	 	(1)	The Participant’s failure to complete one thousand (1000) Hours of Service (or any equivalent provided in the Plan); 

  

	 	(2)	The Participant’s failure to make mandatory employee contributions to the Plan; 

  

	 	(3)	Compensation less than a stated amount; 

  

	 	(4)	The Employer having no Net Profits; or 

  

	 	(5)	In the case of a plan qualified under Code §401(k), the Participant’s failure to make elective contributions to such plan. 

 If a Participant is required to receive a minimum allocation under this Subsection and such amount exceeds the amount that the Participant would receive
under other Plan provisions, the Employer shall make an additional contribution for such Participant. Such additional contribution shall be allocated to the Employer Contribution Account of such Participant in the same manner as regular Employer
contributions, pursuant to Article VII. 
  

	 	(c)	The provisions in Subsections (a) and (b) above shall not apply to any Participant who was not employed by the Employer on the last day of the Plan Year.


  

	 	(d)	The provisions in Subsections (a) and (b) above shall not apply to a Participant if such Participant is covered under a defined contribution plan designated by the
Employer to provide the Top-Heavy minimum benefits, and such Participant receives an allocation of Employer contributions and forfeitures under that plan during the subject Plan Year which is at least as great as the amount otherwise required under
(a) and (b) above. If the amount of Employer contributions and forfeitures allocated to such a Participant under that plan during the subject Plan Year is less than the amount required under (a) and (b) above, the amount
otherwise required under (a) and (b) above shall be reduced by the amount so allocated under that plan. 

 19.04
Non-forfeitability of Minimum Top-Heavy Allocation: The minimum allocation of Employer contributions or forfeitures required under Section 19.03 (to the extent required to be non-forfeitable under Code §416(b)) shall not be forfeited
in the case of a suspension of benefits under Code §411(a)(3)(B) or a withdrawal of mandatory employee contributions under Code §411(a)(3)(D). 
  

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 19.05 Top Heavy Compensation Limitation: For any Plan Year in which the Plan is Top-Heavy, only
the first one hundred fifty thousand dollars ($150,000) of a Participant’s Annual Compensation or Top-Heavy Compensation shall be taken into account for purposes of this Plan. Notwithstanding the previous sentence, no such limitation shall be
imposed for purposes of Sections 5.07 and 7.01. The one hundred fifty thousand dollar amount shall be adjusted each Plan Year as provided in Code §401(a)(17)(B). 
 Effective for Plan Years commencing on and after January 1, 2002, Top Heavy Compensation of each Participant taken into account under this Article XIX shall not exceed two hundred thousand dollars ($200,000), as
adjusted for cost-of-living increases in accordance with Code §401(a)(17)(B). The cost-of-living adjustment in effect for a calendar year applies to Top Heavy Compensation for the Plan Year that begins with or within such calendar year.

 19.06 Minimum Vesting Provision: For any Plan Year in which this Plan is Top-Heavy, the following vesting schedule shall
automatically apply to each Participant in the Plan, unless under Section 11.01 the Participant would be entitled to a larger vested benefit, in which case the benefit as provided in Section 11.01 shall apply to such Participant:

  

				
	 Years of Vesting Service
	  	Vesting Percentage	 
	 Less than 3
	  	0	%
	 3 or more
	  	100	%

 This vesting schedule applies to all accrued benefits within the meaning of Code §411(a)(7),
except those attributable to employee contributions, including benefits accrued before the effective date of Code §416 and benefits accrued before the Plan became Top-Heavy. Further, no reduction in vested benefits may occur in the event the
Plan’s status as Top-Heavy changes for any Plan Year and any change in the Plan’s vesting schedule due to a change in Top-Heavy status shall be subject to the provision of Section 11.10. However, this Section does not apply to the
Accrued Benefit of any Employee who does not have an Hour of Service after the Plan has initially become Top Heavy; such Employee’s Vested Interest attributable to Employer contributions and forfeitures shall be determined without regard to
this Section. 
 19.07 Adjustments to Limitations: For any Plan Year in which the Plan is Top-Heavy, the following adjustments shall
be made to the denominators of the Defined Benefit Fraction and Defined Contribution Fraction as defined in Section 7.01. 
  

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	 	(a)	Super Top-Heavy: In any Plan Year in which the Plan is Super Top-Heavy the denominators shall be computed by substituting “one hundred percent (100%)” for “one
hundred twenty-five percent (125%)” each place it appears in such definitions. 

  

	 	(b)	Not Super Top-Heavy: In any Plan Year in which the Plan is Top-Heavy but not Super Top-Heavy the denominators shall be computed by substituting “one hundred percent
(100%)” for “one hundred twenty-five percent (125%)” each place it appears in such definitions. 

 For
Limitation Years commencing after December 31, 1999, this Section 19.07 shall not apply. 
 19.08 Participant Elective
Deferrals: Elective Deferrals shall not be taken into account in determining under Section 19.03(b) the amount of Employer contributions to be allocated to a Participant who is a Non-key Employee. 
 19.09 EGTRRA Modification of Top-Heavy Rules: Notwithstanding any other provision of this Article XIX, this Section shall apply for purposes of
determining whether the Plan is a top-heavy plan under Code §416(g) for Plan Years beginning after December 31, 2001, and whether the Plan satisfies the minimum benefits requirements of Code §416(c) for such years. 
  

	 	(a)	Determination of top-heavy status / Key Employee. Key employee means any Employee or Former Employee (including any deceased Employee) who at any time during the Plan Year
that includes the determination date was an officer of the Employer having Annual Compensation greater than $130,000 (as adjusted under Code §416(i)(1)for Plan Years beginning after December 31, 2002), a 5-percent owner of the Employer, or
a 1-percent owner of the Employer having annual compensation of more than $150,000. For this purpose, Annual Compensation means Compensation within the meaning of Section 7.01(b). The determination of who is a key employee will be made in
accordance with Code 416(i)(1) and the applicable regulations and other guidance of general applicability issued thereunder. 

  

	 	(b)	Determination of present values and amounts. This sub-section 19.09(b) shall apply for purposes of determining the present values of Accrued Benefits and the amounts of
Account balances of Employees as of the determination date. 

  

	 	(1)	 Distributions during year ending on the determination date. The present values of Accrued Benefits and the amounts of Account balances of an employee as of
the determination date shall be 



  

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increased by the distributions made with respect to the Employee under the Plan and any plan aggregated with the Plan under Code §416(g)(2) during the
1-year period ending on the determination date. The preceding sentence shall also apply to distributions under a terminated plan which, had it not been terminated, would have been aggregated with the Plan under Code §416(g)(2)(A)(i). In the
case of a distribution made for a reason other than separation from service, death, or disability, this provision shall be applied by substituting “5-year period” for “1-year period.” 


  

	 	(2)	Employees not performing services during year ending on the determination date. The Accrued Benefits and Accounts of any individual who has not performed services for the
Employer during the 1-year period ending on the determination date shall not be taken into account. 

  

	 	(c)	Minimum benefits. 

  

	 	(1)	Matching contributions. Employer matching contributions shall be taken into account for purposes of satisfying the minimum contribution requirements of Code §416(c)(2)
and the Plan. The preceding sentence shall apply with respect to matching contributions under the Plan or, if the Plan provides that the minimum contribution requirement shall be met in another plan, such other plan. Employer matching contributions
that are used to satisfy the minimum contribution requirements shall be treated as matching contributions for purposes of the actual contribution percentage test and other requirements of Code §401(m). 

  

	 	(2)	Contributions under other plans. The minimum benefit requirement of this Section 19.09 shall be met through contributions to this Plan regardless of whether the Employer
maintains any other plan (including another plan which may consist solely of a cash or deferred arrangement which meets the requirements of Code §401(k)(12) and matching contributions with respect to which the requirements of Code
§401(m)(11) are met). 

  

	 	(d)	So long as this Plan satisfies the requirements for a safe harbor plan under Code §410(k)(12) for Plan Years after December 31, 2001, the provisions of Code §416 and
this Article XIX shall not apply. 

  

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 ARTICLE XX 
 PROVISIONS AFFECTING BENEFITS 
 20.01 Availability of Loans: Upon acceptance of an
application by a Participant who is an active Employee, the Plan Administrator shall direct the Trustee to make a loan to the Participant from his Plan Accounts (including any Rollover Accounts, but excluding his Employer Securities Account and his
Dividend Account), subject to the provisions of this Article. In considering a Participant’s application for a loan, the Plan Administrator shall base its decision whether to grant a loan on a uniform and non-discriminatory policy, without
regard to the race, color, religion, sex, age or national origin of the applicant. 
 20.02 Loan Administration: The Employer shall
prepare and adopt a written Participant Loan Administration Policy Statement, whose provisions shall be made part of this Plan. The Policy Statement shall set forth: 
  

	 	(a)	the identity of the person or persons authorized to administer the loan program; 

  

	 	(b)	the procedure for applying for a loan; 

  

	 	(c)	the basis on which loans will be approved or denied; 

  

	 	(d)	limitations, if any, on the types and amounts of loans offered; 

  

	 	(e)	the procedure for determining a reasonable rate of interest; 

  

	 	(f)	the types of collateral which may secure a loan; and 

  

	 	(g)	the events constituting default and the steps to be taken to preserve plan assets in the event of a default. 

 20.03 Amount of Loan: The amount of any loan to a Participant shall not be less than one thousand dollars ($1,000). When added to the outstanding
balance of any previous loans made to a Participant pursuant to this Article or under any other qualified plan maintained by the Employer, the amount of any loan shall not exceed the lesser of: 
  

	 	(a)	Fifty percent (50%) of the Vested Interest in his Plan Accounts (including any Rollover Accounts, but excluding his Employer Securities Account); or 


 

	 	(b)	$50,000, reduced by the excess (if any) of: 

  

	 	(1)	the highest outstanding balance of loans from the plan during the 1-year period ending on the day before the date on which such loan was made, over 

  

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	 	(2)	the outstanding balance of loans from the plan on the date on which such loan was made. 

 20.04 Collateral Requirements: Any loan to a Participant shall be secured solely by the balance in his Plan Account (including any Rollover Accounts, but excluding his Employer Securities Account). In the event
of default on the loan, however, foreclosure and attachment of the security shall not occur until a distributable event occurs under the Plan. 
 20.05 Loan Terms: Any loan made to a Participant by the Trustee shall be evidenced by a promissory note of the Participant drawn in favor of the Trust. The note shall bear a reasonable rate of interest and shall be amortized in level
installments payable at least quarterly within a specified period of time not to exceed five (5) years, unless the loan is used to acquire a dwelling unit which, within a reasonable period of time (determined at the time the loan is made), will
be used as the principal residence of the Participant, in which case the specified period of time shall not exceed ten (10) years. Effective January 1, 2002, repayment of a loan to a Participant who is on a leave of absence may be
suspended for the shorter of (i) one year or (ii) the term of the leave of absence, provided that upon commencement of repayments, the loan shall continue to satisfy all requirements of the Plan and all applicable laws and regulations.
Suspension of loan repayments shall also be governed by the rules in Section 3.13(f) with respect to any Qualified Military Service. 
 20.06 Accounting for Loans: Any loan to a Participant pursuant to this Article shall be treated as a directed investment of his Participant Accounts (excluding his Employer Security Account). For purposes of allocating income in the
General Investments Account of the Trust Fund pursuant to Section 6.03(c), the balance in his General Investments Account shall be treated as equal to the actual balance in the Account minus the outstanding balance of any loans. Furthermore,
for purposes of Section 6.03, repayments of principal and interest on the loan shall be treated as deposits to the adjusted balance (determined pursuant to the preceding sentence) of his General Investments Account. 
 20.07 Effect of Termination of Employment or Plan: If a Participant terminates employment with the Employer for any reason, the outstanding
balance of any loans made to him shall become fully payable no later than the last day of the calendar quarter following the calendar quarter in which his Termination of Employment occurs, or, if earlier, on his Distribution Date. In the event of a
termination of the Plan, any outstanding loans shall be due and fully payable within ninety (90) days of the effective date of such termination, or the date the Participant or Beneficiary is notified of such termination. If the Participant or
Beneficiary has not fully repaid any loan as of the date full payment is due, any unpaid balance shall be deducted from his Vested Accrued Benefit prior to determining the amount of any immediate or deferred benefit payable to the Participant or
Beneficiary, his spouse or his Beneficiary and applied toward repayment of the loan. The deduction shall be applied only against the Participant’s General Investments Account. 
  

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 20.08 No Spousal Consent: No spousal consent shall be required for any loan from any Account in
the Plan. 
 20.09 Anti-Alienation: Except as specifically provided in Section 20.10 no benefit which shall be payable out of the
Trust Fund to any person (including a Participant, Former Participant or Beneficiary) shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge, and any attempt to anticipate, alienate,
sell, transfer, assign, pledge, encumber, or charge the same shall be void. No benefit shall in any manner be liable for or subject to the debts, contracts, liabilities, engagements, or torts of any person, nor shall it be subject to attachment or
legal process for or against person, and the same shall not be recognized by the Trustee, except to such extent as may be required by law. 
 20.10 Qualified Domestic Relations Orders: Section 20.09 shall apply to the creation, assignment, or recognition of a right to any benefit payable with respect to a Participant, Former Participant or Beneficiary pursuant to a
Domestic Relations Order, unless such Domestic Relations Order is determined to be a Qualified Domestic Relations Order (“QDRO”). In the event the Plan, the Trustee, or the Plan Administrator receives a Domestic Relations Order, the Plan
Administrator shall promptly notify the Participant, Former Participant or Beneficiary whose benefit is the subject of such order and provide him with a copy of the Plan’s written procedures for administering QDROs. Unless and until the order
is set aside, the following provisions shall apply: 
  

	 	(a)	The Plan Administrator shall establish reasonable procedures to determine whether an order received by it or the Trustee is a QDRO and to administer distributions pursuant to said
order. The procedures shall set forth all rules to be applied by the Plan for notice to affected parties, suspension of Account activity, including distributions, investment direction and participant loans, and payment of benefits based upon the
QDRO or the failure of the Domestic Relations Order to be a QDRO. 

  

	 	(b)	The Plan Administrator shall within a reasonable time determine whether the order is a QDRO and shall notify the Participant, Former Participant or Beneficiary whose benefit is the
subject of the order, of its determination. The Plan Administrator may designate a representative to carry out its duties under this Section 20.10. 

  

	 	(c)	Nothing in this Section 20.10 shall be deemed to allow payment under a QDRO to an Alternate Payee of any benefit prior to the first day of the month following the date the
Participant or Former Participant whose benefits are subject to the QDRO terminates employment or attains age fifty (50), unless (i) earlier distribution is specifically provided under the terms of the QDRO and (ii) if the value of the
Alternate Payee’s benefit exceeds $5,000, the Alternate Payee consents to any distribution occurring prior to the Participant’s attainment of earliest retirement age. 

  

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 20.11 QDRO Definitions: For purposes of Section 20.10 the following definitions and rules
shall apply: 
  

	 	(a)	“Alternate Payee” shall mean any spouse, former spouse, child or other dependent of a Participant or Former Participant who is recognized by a QDRO as having a
right to receive all, or a portion of, the benefits payable under this Plan with respect to the Participant or Former Participant. 

  

	 	(b)	“Domestic Relations Order” shall mean any judgment, decree, or order (including approval of a property settlement agreement) which: 

  

	 	(1)	relates to the provision of child support, alimony payments, or marital property rights to a spouse, child, or other dependent of a Participant or Former Participant and


  

	 	(2)	is made pursuant to a state domestic relations law (including a community property law). 

  

	 	(c)	“Qualified Domestic Relations Order” shall mean any Domestic Relations Order which satisfies the criteria set forth in the QDRO procedures established by the Plan
Administrator. 

  

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 ARTICLE XXI 
 MULTIPLE EMPLOYER PROVISIONS 
 21.01 Adoption by Other Zions Employers: With the
consent of the Sponsoring Employer and by a properly executed document evidencing the intent and will of the adopting Zions Employer, any other Zions Employer may adopt this Plan and all of the provisions hereof and participate herein and be known
as a Participating Employer. 
 21.02 Requirements of Participating Zions Employers: 
  

	 	(a)	Each Participating Zions Employer shall be required to use the Trustee determined by the Plan Sponsor or Plan Administrator. 

  

	 	(b)	The Trustee may, but shall not be required to, commingle, hold and invest as one Trust Fund all contributions made by Participating Zions Employers, as well as all increments
thereof. The assets of the Plan shall, on an ongoing basis, be available to pay benefits to all Participants and Beneficiaries under the Plan without regard to the Participating Zions Employer who contributed such assets. 


 

	 	(c)	The transfer of any Participant from or to Zions Employer participating in this Plan, whether he is an Employee of the Sponsoring Employer or a Participating Zions Employer, shall
not affect the Participant’s rights under the Plan, and the Participant’s Accounts, as well as all accumulated service with the transferor or predecessor, shall continue to his credit. 

  

	 	(d)	Any expenses of the Trust and Plan which are to be paid by the Employer or borne by the Trust Fund, including funding of benefits, shall be paid by each Participating Zions Employer
in the same proportion that the total amount of the Accounts standing to the credit of all Participants employed by such Zions Employer bears to the total of the Accounts standing to the credit of all Participants. 

 21.03 Designation of Agent: Each Participating Zions Employer shall be deemed to be a part of this Plan. With respect to all of its relations with
the Trustee and Plan Administrator for the purpose of this Plan, each Participating Zions Employer shall be deemed to have designated irrevocably the Sponsoring Employer as its agent. Unless the context of the Plan clearly indicates the contrary,
the word “Employer” shall be deemed to include each Participating Zions Employer as related to its adoption of the Plan. 
 21.04 Employee Transfers: It is anticipated that an Employee may be transferred between Participating Zions Employers, and in the event of any transfer, the Employee involved shall carry with him all of his accumulated service and
eligibility. No transfer shall effect a termination of 

  

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employment hereunder, and the Participating Zions Employer to which the Employee is transferred shall thereupon become obligated hereunder with respect to
such Employee in the same manner as was the Participating Zions Employer from whom the Employee was transferred. 
 21.05 Amendment:
The Sponsoring Employer may amend this Plan at any time without regard to whether there are Participating Zions Employers hereunder. No written action of a Participating Zions Employer shall be required to validate an amendment. 
 21.06 Discontinuance of Participation: A Participating Zions Employer shall be permitted to discontinue or revoke its participation in the Plan.
At the time of any discontinuance or revocation, satisfactory evidence thereof and of any applicable conditions imposed shall be delivered to the Trustee. If so directed by the Plan Administrator, the Trustee shall transfer, deliver and assign
Contracts and other Fund assets allocable to the Participants of such Participating Zions Employer to the new Trustee as shall have been designated by the Participating Zions Employer, in the event that it has established a separate pension plan for
its Employees. No such transfer shall be made if the result is the elimination or reduction of any Code §411(d)(6) protected benefits. If no successor is designated, the Trustee shall retain the assets for the Employees of the Participating
Zions Employer pursuant to the provisions of the Plan. In no event shall any part of the corpus or income of the Trust as it relates to the Participating Zions Employer be used for or diverted for purposes other than for the exclusive benefit of the
Employees of the Participating Zions Employer. 
 21.07 Administrator’s Authority: The Plan Administrator shall have authority to
make any and all necessary rules or regulations, binding upon all Participating Zions Employers and all Participants, to effectuate the purposes of this Article. 
 21.08 Participating Employer Contributions: All contributions made by a Participating Zions Employer, as provided for in this Plan, shall be determined separately for each Participating Zions Employer, and
shall be allocated only among Participants eligible to share who are Employees of the Participating Zions Employer making the contribution. The Administrator shall keep separate books and records concerning the affairs of each Participating Zions
Employer hereunder and as to the accounts and credits of the Employees of each Participating Zions Employer. The Trustee may, but need not, register Contracts so as to evidence that a particular Participating Zions Employer is the interested
Employer hereunder. In the event of an Employee transfer from one Participating Zions Employer to another, the employing Employer shall immediately notify the Administrator. 
  

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 ARTICLE XXII 
 PURCHASE OF EMPLOYER SECURITIES 
 22.01 No Put option: The Plan may not obligate itself
to acquire Employer Securities from a particular holder thereof at any indefinite time determined upon the happening of an event such as the death of the holder. So long as all Employer Securities held by the Plan are tradable on an established
market, the Plan may not obligate itself to acquire Employer Securities under a put option binding upon the Plan. 
 22.01 Purchase Price
For Employer Securities: All purchases of Employer Securities shall be made at a price which, in the judgment of the Plan Administrator, does not exceed the fair market value thereof. All sales of Employer Securities shall be made at a price
which, in the judgment of the Plan Administrator, is not less than the fair market value thereof. 
  

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 ARTICLE XXIII 
 MISCELLANEOUS 
 23.01 Participant’s Rights: This plan shall not be deemed to
constitute a contract between the Employer and any Participant or to be a consideration or an inducement for the employment of any Participant or Employee. Nothing contained in this Plan shall be deemed to give any Participant or Employee the right
to be retained in the service of the Employer or to interfere with the right of the Employer to discharge any Participant or Employee at any time regardless of the effect which such discharge shall have upon him as a Participant of this Plan.

 23.02 Actions Consistent with Terms of Plan: All actions taken by the Employer, Plan Administrator or Trustee with respect to Trust
assets shall be in accordance with the terms of the Plan and Trust. 
 23.03 Performance of Duties: All parties to this Plan and
Trust, or those claiming any interest hereunder, agree to perform any and all acts and execute any and all documents and papers which are necessary or desirable for carrying out this Plan and Trust or any of its provisions. 
 23.04 Validity of Plan: This Plan shall be construed in a way that is consistent with ERISA and regulations thereunder, the Internal Revenue Code
and regulations thereunder, and, to the extent state law has not been preempted by federal law, the laws of the State in which the Plan Sponsor has its principal office. In case any provision of this Plan shall be held illegal or invalid for any
reason, such determination shall not affect the remaining provisions of the Plan; but the Plan shall be construed and enforced as if such provision had never been included therein. 
 23.05 Legal Action: In the event any claim, suit, or proceeding is brought regarding the Trust and/or Plan established hereunder to which the
Trustee or the Plan Administrator may be a party, and such claim, suit, or proceeding is resolved in favor of the Trustee or Plan Administrator, they shall be entitled to be reimbursed from the Trust Fund for any and all costs, attorney’s fees,
and other expenses pertaining thereto incurred by them for which they shall have become liable. 
 23.06 Gender and Number: Wherever
any words are used herein in the masculine, feminine or neuter gender, they shall be construed as though they were also used in another gender in all cases where they would so apply, and whenever any words are used herein in the singular or plural
form, they shall be construed as though they were also used in the other form in all cases where they would so apply. 
 23.07
Uniformity: All provisions of this Plan shall be interpreted and applied in a uniform, nondiscriminatory manner. 
  

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 23.08 Headings: The headings and subheadings of this Agreement have been inserted for convenience
of reference and are to be ignored in any construction of the provisions hereof. 
 23.09 Receipt and Release for Payments: Any
payment to any Participant, his legal representative, Beneficiary, or to any guardian or committee appointed for such Participant or Beneficiary in accordance with the provisions of the Plan, shall, to the extent thereof, be in full satisfaction of
all claims against the Trustee and the Employer, either of whom may require such Participant, legal representative, Beneficiary, guardian or committee, as a condition precedent to such payment, to execute a receipt and release thereof in such form
as shall be determined by the Trustee or Employer. 
 23.10 Payments to Minors, Incompetents: In the event the Plan Administrator must
direct a payment from the Plan to or for the benefit of any minor or incompetent Participant or Beneficiary, the Plan Administrator, in its sole and absolute discretion may, but need not, order the Trustee to make distribution to any of the
following: a legal or natural guardian of the minor or other relative or adult with whom the minor temporarily or permanently resides, a court-appointed conservator of any incompetent, a relative or adult with whom the incompetent temporarily or
permanently resides, a residential care facility, rest home, sanitarium or similar entity with which the incompetent temporarily or permanently resides, a person or entity which has applied for and been designated by the United States Government as
the recipient or custodian for Social Security benefits for the minor or incompetent. The Plan Administrator may also make payment as directed by the attorney-in-fact of an incompetent Participant when such direction is pursuant to an unrevoked and
valid durable power of attorney. Any guardian, conservator, relative, attorney-in-fact, other person or entity shall have full authority and discretion to expend the distribution for the use and benefit of the minor or incompetent. The receipt of
the distribution by the guardian, conservator, relative, attorney-in-fact, other person or entity shall be a complete discharge to the Plan, Plan Administrator and Trustee, without any responsibility on the part of the Trustee or the Plan
Administrator to see to the application thereof. A Participant shall be deemed incompetent if he or she is incapable of properly using, expending, investing, or otherwise disposing of the distribution, and a court order or the written opinion of a
qualified physician, psychiatrist or psychologist setting forth facts consistent with the standards outlined in this Section is presented to the Plan Administrator. 
 23.11 Missing Persons: Notwithstanding any provision in this Plan and Trust to the contrary, if the Plan Administrator is unable to locate any Former Participant who is entitled to benefits under this Plan
within three (3) years of the date he becomes entitled to a distribution from the Trust Fund, any amounts being held for his behalf shall be forfeited and used to reduce the Employer’s contributions to the Plan and Trust. The Plan
Administrator shall proceed with due diligence in attempting to locate any Former Participant. In the Plan Administrator’s sole discretion, due diligence may include inquiry of any Beneficiary or Alternate Payee of the Former Participant whose
names and addresses are known to the Plan Administrator or use by the Plan Administrator of a commercial locator service. Provided, however, no forfeiture shall occur until the Plan Administrator has mailed the Former Participant a notice of the
benefits and the provisions of this section to his last known address, via U.S. Mail postage prepaid, return receipt requested. And, 

  

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provided further, if the Former Participant is located subsequent to such forfeiture, the forfeited amount shall be reinstated and the Former Participant
shall receive a distribution of his Vested Interest in accordance with the provisions of the Plan. 
 23.12 Prohibition Against Diversion
of Funds: It shall be impossible by operation of the Plan or of the Trust, by termination of either, by power of revocation or amendment, by the happening of any contingency, by collateral arrangement or by any other means, for any part of the
corpus or income of any trust fund maintained pursuant to the Plan or any funds contributed thereto to be used for, or diverted to, purposes other than the exclusive benefit of Participants, Former Participants or their Beneficiaries, except as
provided in Sections 17.04 and 21.19. 
 23.13 Applicability of Plan: The provisions of this Plan shall apply only to persons who
are or who become Participants in this Plan on or after the Effective Date or with respect to Plan provisions with alternate effective dates, such alternate dates. Except as specifically provided in this Plan, the provisions of the Prior Plan will
continue to apply to persons who are Former Participants or who are not employed by a Zions Employer on the Effective Date or as applicable, alternate effective dates, unless and until such time as such persons may again become Participants in this
Plan. 
 23.14 Misstatement of Age: If a Participant or Beneficiary misstates or misrepresents his Age, date of birth or any other
material information to the Employer, Plan Administrator or Trustee, the amount, terms and conditions of any benefits payable from the Plan which are attributable to periods prior to the discovery of such misstatement or misrepresentation shall be
limited to the lesser (or more restrictive) of: the amount, terms and conditions determined based on the misstated information; or the amount, terms and conditions determined based on the correct information. The Plan Administrator shall have sole
and absolute authority for applying the preceding sentence. 
 23.15 Return of Contributions to the Employer: Notwithstanding any
provision of this Plan to the contrary, if any contribution (or portion thereof) by the Employer to the Trust is made as a result of a mistake of fact, or if any contribution (or part thereof) by the Employer to the Trust Fund that is conditioned
upon the deductibility of the contribution by the Employer under the Code is disallowed, whether by agreement within the Internal Revenue Service or by final decision of a court of competent jurisdiction, the Employer may demand repayment of the
mistaken or disallowed amount. The Trustee shall return the mistaken or disallowed contribution within one (1) year following the time the mistaken contribution was made or the disallowed contribution was disallowed. Investment earnings
attributable to the mistaken or disallowed amount shall not be returned, but any investment losses attributable thereto shall reduce the amount so returned. 
 23.16 Counterparts: This Plan and Trust may be executed in any number of counterparts, each of which shall be deemed to be an original, and the counterparts shall constitute one and the same instrument.

  

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