Document:

First Amendment to the Zions Bancorporation Payshelter 401(k)

 EXHIBIT 10.1 

FIRST AMENDMENT TO TRUST AGREEMENT BETWEEN 

FIDELITY MANAGEMENT TRUST COMPANY AND 

ZIONS BANCORPORATION 

THIS FIRST AMENDMENT, dated as of the fifth day of April, 2010, and effective on that date unless otherwise stated herein, by and
between Fidelity Management Trust Company (the “Trustee”) and Zions Bancorporation (the “Sponsor”); 

WITNESSETH: 

WHEREAS, the Trustee and the Sponsor heretofore entered into a Master Trust Agreement dated September 1, 2006, with regard to
the Zions Bancorporation Restated Deferred Compensation Plan, Zions Bancorporation Restated Deferred Compensation Plan for Directors, and the Restated Amegy Bancorporation, Inc. Non-Employees Directors Deferred Fee Plan (collectively and
individually, the “Plan”); and 
 WHEREAS, the Sponsor has informed the Trustee, with respect to the Zions
Bancorporation Restated Deferred Compensation Plan, that effective after the close of business on April 5, 2010, the assets of the Zions Common (Unitized) Stock Fund and the Zions Preferred (Unitized) Stock Fund are frozen to all
transactions; and 
 WHEREAS, the Sponsor now desires, and hereby directs the Trustee, with respect to the Zions
Bancorporation Restated Deferred Compensation Plan, in accordance with Section 8(c) of the Trust Agreement, to use the short-term liquid investments in the Zions Common (Unitized) Stock Fund to purchase shares of Zions Common Stock on
April 6 and 7, 2010, and to reallocate all participant balances held in the Zions Common (Unitized) Stock Fund on April 12, 2010 into the Zions Common Stock Fund (Real Time Trading option). The parties hereto agree that the
Trustee shall have no discretionary authority with respect to this transfer directed by the Sponsor. Any variation from the procedure described herein may be instituted only at the express written directions of the Sponsor; and 

WHEREAS, the Sponsor now desires, and hereby directs the Trustee, with respect to the Zions Bancorporation Restated Deferred
Compensation Plan, in accordance with Section 8(c) of the Trust Agreement, to use the short-term liquid investments in the Zions Preferred (Unitized) Stock Fund to purchase shares of Zions Preferred Stock on April 6 and 7, 2010, and
to reallocate all participant balances held in the Zions Preferred (Unitized) Stock Fund on April 12, 2010 into the Zions Preferred Stock B Fund (Real Time Trading option). The parties hereto agree that the Trustee shall have no
discretionary authority with respect to this transfer directed by the Sponsor. Any variation from the procedure described herein may be instituted only at the express written directions of the Sponsor; and 

WHEREAS, the Sponsor now desires, and hereby directs the Trustee, with respect to the Zions Bancorporation Restated Deferred
Compensation Plan, in accordance with Section 8(c) of the Trust Agreement, effective after the close of business on April 12, 2010, to redirect all participant contributions directed to the Zions Common (Unitized) Stock Fund to be
invested in the Zions Common Stock Fund (Real Time Trading option). The parties hereto agree that the Trustee shall have no discretionary authority with respect to this redirection directed by the Sponsor. Any variation from the procedure described
herein may be instituted only at the express written direction of the Sponsor; and 
 WHEREAS, the Sponsor now desires,
and hereby directs the Trustee, with respect to the Zions Bancorporation Restated Deferred Compensation Plan, in accordance with Section 8(c) of the Trust Agreement, effective after the close of business on April 12, 2010, to
redirect all participant contributions directed to the Zions Preferred (Unitized) Stock Fund to be invested in the Zions Preferred Stock B Fund (Real Time Trading option). The parties hereto agree that the Trustee shall have no discretionary
authority with respect to this redirection directed by the Sponsor. Any variation from the procedure described herein may be instituted only at the express written direction of the Sponsor; and 

 

 WHEREAS, the Trustee and the Sponsor now desire to amend said Trust Agreement as
provided for in Section 13 thereof; 
 NOW THEREFORE, in consideration of the above premises, the Trustee and the
Sponsor hereby amend the Trust Agreement by: 
  

	 	(1)	Effective as of the close of business on April 5, 2010, amending the “investment options” section of Schedule “C”, Investment
Options, for the Zions Bancorporation Restated Deferred Compensation Plan, to delete the reference to “Zions Common Stock Fund” and replace it with “Zions Common (Unitized) Stock Fund (frozen to all transactions).

  

	 	(2)	Effective as of the close of business on April 5, 2010, amending the “investment options” section of Schedule “C”, Investment
Options, for the Zions Bancorporation Restated Deferred Compensation Plan, to delete the reference to “Zions Preferred Stock Fund” and replace it with “Zions Preferred (Unitized) Stock Fund (frozen to all transactions).

  

	 	(3)	Effective April 12, 2010, amending Section 1, Definitions, to delete subsections (c) “Available Liquidity”,
(e) “Closing Price”, and (ff) “Specified Hierarchy”, in their entirety, and re-lettering all subsequent subsections accordingly. 

  

	 	(4)	Effective April 12, 2010, amending Section 1, Definitions, to delete subsection (hh) “Zions Common Stock”, and (ii) “Zions
Preferred Stock”, in their entirety, and replace them with new subsections (hh), (ii), (jj), and (kk), as follows: 

  

	 	(hh)	“Zions Common Stock” 

“Zions Common Stock” shall mean common stock of the Sponsor, or such other publicly traded stock of the Sponsor, or such other
publicly-traded stock of the Sponsor’s affiliates as meets the requirements of section 407(d)(5) of ERISA with respect to the Plan. 
  

	 	(ii)	“Zions Preferred Stock A” 

“Zions Preferred Stock A” shall mean preferred stock A of the Sponsor, or such other publicly traded stock of the Sponsor, or
such other publicly-traded stock of the Sponsor’s affiliates as meets the requirements of section 407(d)(5) of ERISA with respect to the Plan. 
  

	 	(jj)	“Zions Preferred Stock B” 

“Zions Preferred Stock B” shall mean preferred stock B of the Sponsor, or such other publicly traded stock of the Sponsor, or
such other publicly-traded stock of the Sponsor’s affiliates as meets the requirements of section 407(d)(5) of ERISA with respect to the Plan. 
  

	 	(kk)	“Zions Preferred Stock C” 

“Zions Preferred Stock C” shall mean preferred stock C of the Sponsor, or such other publicly traded stock of the Sponsor, or
such other publicly-traded stock of the Sponsor’s affiliates as meets the requirements of section 407(d)(5) of ERISA with respect to the Plan. 
  

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	 	(5)	Effective April 12, 2010, amending Section 1, Definitions, delete subsection (jj) “Zions Common Stock Fund”, and (ll) “Zions
Preferred Stock Fund”, in their entirety, and replace them with new subsections (ll), (mm), (nn), and (oo), as follows: 

  

	 	(ll)	“Zions Common Stock Fund” 

“Zions Common Stock Fund” shall mean the investment option consisting of Zions Common Stock. 

 

	 	(mm)	“Zions Preferred Stock A Fund” 

“Zions Preferred Stock A Fund” shall mean the investment option consisting of Zions Preferred Stock A. 

 

	 	(nn)	“Zions Preferred Stock B Fund” 

“Zions Preferred Stock B Fund” shall mean the investment option consisting of Zions Preferred Stock B. 

 

	 	(oo)	“Zions Preferred Stock C Fund” 

“Zions Preferred Stock C Fund” shall mean the investment option consisting of Zions Preferred Stock C. 

 

	 	(6)	Effective April 12, 2010, amending Section 5, Investment of Trust, to remove subsections 5(f) Zions Common Stock in the Zions Bancorporation
Restated Deferred Compensation Plan, and 5(g) Zions Preferred Stock in the Zions Bancorporation Restated Deferred Compensation Plan, in their entirety, and replacing them with a new subsection 5(f) Zions Common Stock and Zions
Preferred Stock in the Zions Bancorporation Restated Deferred Compensation Plan, as follows: 

  

	 	(f)	Zions Common Stock and Zions Preferred Stock in the Zions Bancorporation Restated Deferred Compensation Plan. 

Trust investments in Zions Common Stock shall be made via the Zions Common Stock Fund. Trust investment in Zions Preferred Stock A shall
be made via the Zions Preferred Stock A Fund. Trust investment in Zions Preferred Stock B shall be made via the Zions Preferred Stock B Fund. Trust investment in Zions Preferred Stock C shall be made via the Zions Preferred Stock C Fund. References
in this section to Zions Preferred Stock shall mean, individually and collectively, Zions Preferred Stock A, Zions Preferred Stock B and Zions Preferred Stock C. 
  

	 	(i)	Acquisition Limit. 

 Pursuant to
the Plan, the Trust may be invested in Zions Common Stock or Zions Preferred Stock to the extent necessary to comply with investment directions under this Agreement. The Sponsor shall be responsible for providing specific direction on any
acquisition limits required by the Plan or applicable law. 
  

	 	(ii)	Duty. 

 The Sponsor shall
continually monitor the suitability of acquiring and holding Zions Common Stock or Zions Preferred Stock. The Trustee shall not be liable for any loss, or expense, which arises from the directions of the Sponsor with respect to the acquisition and
holding of Zions Common Stock or Zions Preferred Stock unless it is clear on their face that the actions to be taken under those directions would be prohibited by any applicable law or would be contrary to the terms of this Agreement 

 

 3 

	 	(iii)	Purchases and Sales of Zions Common Stock and/or Zions Preferred Stock for Batch Activity. 

Unless otherwise directed by the Sponsor in writing pursuant to directions that the Trustee can administratively implement, the following
provisions shall govern purchases and sales of Zions Common Stock or Zions Preferred Stock for contributions, distributions, or any other purchase or sale of Zions Common Stock or Zions Preferred Stock related to a transaction that the Sponsor has
directed the Trustee in writing to implement on a batch basis (“batch activity”). 
 (A) Open
Market Purchases and Sales. Purchases and sales of Zions Common Stock or Zions Preferred Stock shall be made on the open market in accordance with the Trustee’s standard trading guidelines, as they may be amended from time to time, as
necessary to honor batch activity. Such general rules shall not apply in the following circumstances: 

(1) If the Trustee is unable to purchase or sell the total number of shares required to be purchased or sold on such
day as a result of market conditions; or 
 (2) If the Trustee is prohibited by the SEC, the NYSE or
principal exchange on which the Zions Common Stock or Zions Preferred Stock is traded, or any other regulatory or judicial body from purchasing or selling any or all of the shares required to be purchased or sold on such day. 

In the event of the occurrence of a circumstance described in (1) or (2) above, the Trustee shall purchase or sell such shares
as soon thereafter as administratively feasible, and shall determine the price of such purchases or sales to be the average purchase or sales price of all such shares purchased or sold, respectively. The Trustee may follow written directions from
the Named Fiduciary to deviate from the above purchase and sale procedures. 
 (B) Purchase and Sales from or
to Sponsor. If directed by the Sponsor in writing prior to the trading date, the Trustee may purchase or sell Zions Common Stock or Zions Preferred Stock from or to the Sponsor if the purchase or sale is for adequate consideration (within the
meaning of section 3(18) of ERISA) and no commission is charged. If Sponsor contributions (employer) or contributions made by the Sponsor on behalf of the Participants (employee) under the Plan are to be invested in Zions Common Stock or Zions
Preferred Stock, the Sponsor may transfer Zions Common Stock or Zions Preferred Stock in lieu of cash to the Trust. 
  

	 	(iv)	Purchases and Sales of Zions Common Stock or Zions Preferred Stock for Participant-Initiated Exchanges (“Real Time” Trading). 

Unless otherwise directed by the Sponsor in writing pursuant to directions that the Trustee can administratively implement, the following
provisions shall govern purchases and sales of Zions Common Stock or Zions Preferred Stock for Participant-initiated exchanges of hypothetical investment in Zions Common Stock or Zions Preferred Stock. 

(A) Purchases and Sales of Zions Common Stock or Zions Preferred Stock. Purchases and sales of Zions Common Stock
or Zions Preferred Stock associated with individual Participant-initiated exchanges into or out of a participant’s hypothetical interest in the Zions Common Stock Fund or the Zions Preferred Stock Fund shall be made on the open market pursuant
to order types selected by the Participant in accordance with the Trustee’s procedures for “Real Time Trading.” The Sponsor may instruct the Trustee to limit the order types available to Participants. 

 

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 (1) Automated Order Entry. Zions Common Stock or Zions Preferred
Stock trades associated with Participant-initiated exchanges of a Participant’s hypothetical interest in the Zions Common Stock Fund or Zions Preferred Stock Fund shall be sent to market as soon as administratively feasible during regular
trading hours via an electronic order entry system, unless such trade is treated as a block trade. Such electronic order entry system shall be deemed an Electronic Service for purposes of Section 15 of this Agreement. 

(2) Limitations on Trades; Cancellation of Exchange Requests. Trades rejected under rules of the applicable
securities exchange will not be executed. The Trustee will not submit orders (or will cancel orders) for stock trades that violate the Trustee’s procedures for “Real Time Trading”. The Trustee shall not submit any trade order
associated with a Participant-initiated exchange of a Participant’s hypothetical interest in the Zions Common Stock Fund or Zions Preferred Stock Fund at any time when the Zions Common Stock Fund or Zions Preferred Stock Fund has been closed to
such activity. Trades associated with Participant-initiated exchanges of a Participant’s hypothetical interest in the Zions Common Stock Fund or Zions Preferred Stock Fund shall not be transacted at any time when the regular market is closed,
or when the SEC, the NYSE or principal exchange on which the Zions Common Stock or Zions Preferred Stock is traded, or any other regulatory or judicial body has prohibited purchases or sales of any or all of the shares requested to be traded
pursuant to the Participant-initiated exchange Zions Common Stock Fund or Zions Preferred Stock Fund. An exchange requested by the Participant in a Participant’s hypothetical interest in the Zions Common Stock Fund or Zions Preferred Stock Fund
shall be rejected or cancelled, as the case may be, to the extent any accompanying trade is not submitted, not executed or cancelled. 

(B) Reserve Requirements for Exchanges Into Zions Common Stock Fund or Zions Preferred Stock Fund and Corrective
Sales. The Participant’s ability to initiate hypothetical exchanges into the Zions Common Stock Fund or Zions Preferred Stock Fund shall be subject to standard reserve requirements applicable to the investment options used to fund the
exchange, as established by the Trustee from time to time (or such higher reserve requirements as may be established by the Sponsor in written direction to the Trustee). Requests to exchange into the Zions Common Stock Fund or Zions Preferred Stock
Fund that exceed such reserves, and accompanying trade orders, may be rejected or cancelled. In the event that a buy trade associated with a request to exchange into Zions Common Stock or Zions Preferred Stock is executed, and the Participant does
not have sufficient hypothetical interest in assets in the designated investment option to fund the trade, the Trustee will liquidate the hypothetical interest in the investment options (including those held in other sources eligible for
liquidation) in the affected Participant’s account pro rata. In the event that the Participant does not have sufficient hypothetical interest in assets in any other investment option, the Trustee shall initiate a corrective sale, and shall
debit the costs of such corrective trade from the Participant’s hypothetical account. 
 (C) Fractional
Shares. Participants will be entitled make hypothetical exchanges out of hypothetical interests in fractional shares in the Zions Common Stock Fund or Zions Preferred Stock Fund only in connection with a request to exchange out the entire
hypothetical balance of their Zions Common Stock Fund or Zions Preferred Stock Fund (or the entire hypothetical balance in a particular source, as applicable). Fractional shares will be transacted at the price determined by the stock trade order
selected by the Participant. 
  

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	 	(v)	Use of an Affiliated Broker. 

For all purchases and sales of Zions Common Stock or Zions Preferred Stock on the open market, whether Participant-initiated or otherwise,
the Sponsor hereby directs the Trustee to use Fidelity Brokerage Services LLC (“FBSLLC”) to provide brokerage services. Subject to the provisions of this agreement, FBSLLC shall execute such trades directly or through any of its
affiliates. The provision of brokerage services shall be subject to the following: 
 (A) Any successor
organization of FBSLLC, through reorganization, consolidation, merger or similar transactions, shall, upon consummation of such transaction, become the successor broker in accordance with the terms of this direction provision. FBSLLC may assign its
rights and obligations under this agreement to any affiliate, provided that the assignee is bound by the terms hereof, including the provisions concerning remuneration. 

(B) The Trustee and FBSLLC shall continue to rely on this direction provision until notified to the contrary. The Named
Fiduciary reserves the right to terminate this direction upon written notice to FBSLLC (or its successors or assigns) and the Trustee, in accordance with Section 11 of this Agreement. 

(C) The Sponsor acknowledges that FBSLLC (and its successors and assigns) may rely upon this Agreement in establishing an
account in the name of the Trustee for the Plan, and in allowing each Participant to exercise limited trading authorization over such account, to the extent of his or her individual account balance in the Zions Common Stock Fund or Zions Preferred
Stock Fund subject to Participant direction. 
  

	 	(vi)	Securities Law Reports. 

 The
Sponsor shall be responsible for filing all reports required under Federal or state securities laws with respect to the Trust’s ownership of Zions Common Stock or Zions Preferred Stock, including, without limitation, any reports required under
section 13 or 16 of the Securities Exchange Act of 1934, and shall immediately notify the Trustee in writing of any requirement to stop purchases or sales of Zions Common Stock or Zions Preferred Stock pending the filing of any report. The Sponsor
shall be responsible for the registration of any Plan interests to the extent required under Federal or state securities law. The Trustee shall provide to the Sponsor such information on the Trust’s ownership of Zions Common Stock or Zions
Preferred Stock as the Sponsor may reasonably request in order to comply with Federal or state securities laws. 
  

	 	(vii)	Voting and Tender Offers. 

Notwithstanding any other provision of this Agreement, the provisions of this Section shall govern the voting and tendering of Zions
Common Stock or Zions Preferred Stock held under the Trust. The Sponsor shall provide direction to the Trustee with respect to any proxy voting, any tender or exchange offer, or any other similar shareholder right, and the Trustee shall vote, tender
or exchange shares of Zions Common Stock or Zions Preferred Stock in accordance with timely, written direction from the Sponsor. Unless otherwise required by applicable law, the Trustee shall not take any action with respect to a vote, tender,
exchange or similar shareholder right in the absence of instruction from the Sponsor. For these purposes, a timely direction is one that is received at a time that reasonably allows the Trustee to exercise shareholder rights, through a custodian, if
applicable. 
  

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	 	(viii)	General. 

 With respect to all
shareholder rights other than the right to vote, the right to tender, and the right to withdraw shares previously tendered, in the case of Zions Common Stock or Zions Preferred Stock, the Trustee shall follow the procedures set forth in subsection
(vii), above. 
  

	 	(ix)	Conversion. 

 All provisions in
this Section 5(f) shall also apply to any securities received as a result of a conversion of Zions Common Stock or Zions Preferred Stock. 
  

	 	(x)	Nasdaq Subscriber Agreement. 

The Sponsor represents that it has returned a properly executed “Nasdaq Subscriber Agreement” to the Trustee. The Nasdaq
Subscriber Agreement is required by Nasdaq and allows Participants to receive information originating from Nasdaq on a “real-time” basis, through devices controlled by the Trustee or its affiliates. 

 

	 	(7)	Effective April 12, 2010, amending Section 5, Investment of Trust, to restate subsection 5(h) Zions Common Stock in the Zions Bancorporation
Restated Deferred Compensation Plan for Directors and the Restated Amegy Bancorporation, Inc. Non-Employees Directors Deferred Fee Plan, as a new subsection (g), in its entirety, and re-lettering all subsequent subsections accordingly, as
follows: 

  

	 	(g)	Zions Common Stock in the Zions Bancorporation Restated Deferred Compensation Plan for Directors and the Restated Amegy Bancorporation, Inc. Non-Employees Directors
Deferred Fee Plan. 

 Trust investments in Zions Common Stock shall be made via the Zions Common Stock Fund.
For the Zions Bancorporation Restated Deferred Compensation Plan for Directors only, dividends received on shares of Zions Common Stock shall be reinvested in additional shares of Zions Common Stock and allocated to Participants’ accounts.

  

	 	(i)	Acquisition Limit. 

 Pursuant to
the Plan, the Trust may be invested in Zions Common Stock to the extent necessary to comply with investment directions under this Agreement. The Sponsor shall be responsible for providing specific direction on any acquisition limits required by the
Plan or applicable law. 
  

	 	(ii)	Duty. 

 The Sponsor shall
continually monitor the suitability of acquiring and holding Zions Common Stock. The Trustee shall not be liable for any loss, or expense, which arises from the directions of the Sponsor with respect to the acquisition and holding of Zions Common
Stock unless it is clear on their face that the actions to be taken under those directions would be prohibited by any applicable law or would be contrary to the terms of this Agreement 

 

	 	(iii)	Purchases and Sales of Zions Common Stock for Batch Activity. 

Unless otherwise directed by the Sponsor in writing pursuant to directions that the Trustee can administratively implement, the following
provisions shall govern purchases and sales of Zions Common Stock for contributions, loan repayments, distributions, loans, withdrawals, or any other purchase or sale of Zions Common Stock related to a transaction that the Sponsor has directed the
Trustee in writing to implement on a batch basis (“batch activity”). 
  

 7 

 (A) Open Market Purchases and Sales. Purchases and sales of Zions
Common Stock shall be made on the open market in accordance with the Trustee’s standard trading guidelines, as they may be amended from time to time, as necessary to honor batch activity. Such general rules shall not apply in the following
circumstances: 
 (1) If the Trustee is unable to purchase or sell the total number of shares required to
be purchased or sold on such day as a result of market conditions; or 
 (2) If the Trustee is prohibited
by the SEC, the NYSE or principal exchange on which the Zions Common Stock is traded, or any other regulatory or judicial body from purchasing or selling any or all of the shares required to be purchased or sold on such day. 

In the event of the occurrence of a circumstance described in (1) or (2) above, the Trustee shall purchase or sell such shares
as soon thereafter as administratively feasible, and shall determine the price of such purchases or sales to be the average purchase or sales price of all such shares purchased or sold, respectively. The Trustee may follow written directions from
the Named Fiduciary to deviate from the above purchase and sale procedures. 
 (B) Purchase and Sales from or
to Sponsor. If directed by the Sponsor in writing prior to the trading date, the Trustee may purchase or sell Zions Common Stock from or to the Sponsor if the purchase or sale is for adequate consideration (within the meaning of section 3(18) of
ERISA) and no commission is charged. If Sponsor contributions (employer) or contributions made by the Sponsor on behalf of the Participants (employee) under the Plan are to be invested in Zions Common Stock, the Sponsor may transfer Zions Common
Stock in lieu of cash to the Trust. 
  

	 	(iv)	Purchases and Sales of Zions Common Stock for Participant-Initiated Exchanges (“Real Time” Trading). 

Unless otherwise directed by the Sponsor in writing pursuant to directions that the Trustee can administratively implement, the following
provisions shall govern purchases and sales of Zions Common Stock for Participant-initiated exchanges of hypothetical investment in Zions Common Stock. 

(A) Purchases and Sales of Zions Common Stock. Purchases and sales of Zions Common Stock associated with
individual Participant-initiated exchanges into or out of a participant’s hypothetical interest in the Zions Common Stock Fund shall be made on the open market pursuant to order types selected by the Participant in accordance with the
Trustee’s procedures for “Real Time Trading.” The Sponsor may instruct the Trustee to limit the order types available to Participants. 

(3) Automated Order Entry. Zions Common Stock trades associated with Participant-initiated exchanges of a
Participant’s hypothetical interest in the Zions Common Stock Fund shall be sent to market as soon as administratively feasible during regular trading hours via an electronic order entry system, unless such trade is treated as a block trade.
Such electronic order entry system shall be deemed an Electronic Service for purposes of Section 15 of this Agreement. 
  

 8 

 (4) Limitations on Trades; Cancellation of Exchange Requests. Trades
rejected under rules of the applicable securities exchange will not be executed. The Trustee will not submit orders (or will cancel orders) for stock trades that violate the Trustee’s procedures for “Real Time Trading”. The Trustee
shall not submit any trade order associated with a Participant-initiated exchange of a Participant’s hypothetical interest in the Zions Common Stock Fund at any time when the Zions Common Stock Fund has been closed to such activity. Trades
associated with Participant-initiated exchanges of a Participant’s hypothetical interest in the Zions Common Stock Fund shall not be transacted at any time when the regular market is closed, or when the SEC, the NYSE or principal exchange on
which the Zions Common Stock is traded, or any other regulatory or judicial body has prohibited purchases or sales of any or all of the shares requested to be traded pursuant to the Participant-initiated exchange Zions Common Stock Fund. An exchange
requested by the Participant in a Participant’s hypothetical interest in the Zions Common Stock Fund shall be rejected or cancelled, as the case may be, to the extent any accompanying trade is not submitted, not executed or cancelled.

 (B) Reserve Requirements for Exchanges Into Zions Common Stock Fund and Corrective Sales. The
Participant’s ability to initiate hypothetical exchanges into the Zions Common Stock Fund shall be subject to standard reserve requirements applicable to the investment options used to fund the exchange, as established by the Trustee from time
to time (or such higher reserve requirements as may be established by the Sponsor in written direction to the Trustee). Requests to exchange into the Zions Common Stock Fund that exceed such reserves, and accompanying trade orders, may be rejected
or cancelled. In the event that a buy trade associated with a request to exchange into Zions Common Stock is executed, and the Participant does not have sufficient hypothetical interest in assets in the designated investment option to fund the
trade, the Trustee will liquidate the hypothetical interest in the investment options (including those held in other sources eligible for liquidation) in the affected Participant’s account pro rata. In the event that the Participant does not
have sufficient hypothetical interest in assets in any other investment option, the Trustee shall initiate a corrective sale, and shall debit the costs of such corrective trade from the Participant’s hypothetical account. 

(C) Fractional Shares. Participants will be entitled make hypothetical exchanges out of hypothetical interests in
fractional shares in the Zions Common Stock Fund only in connection with a request to exchange out the entire hypothetical balance of their Zions Common Stock Fund (or the entire hypothetical balance in a particular source, as applicable).
Fractional shares will be transacted at the price determined by the stock trade order selected by the Participant. 
  

	 	(v)	Use of an Affiliated Broker. 

For all purchases and sales of Zions Common Stock on the open market, whether Participant-initiated or otherwise, the Sponsor hereby
directs the Trustee to use Fidelity Brokerage Services LLC (“FBSLLC”) to provide brokerage services. Subject to the provisions of this agreement, FBSLLC shall execute such trades directly or through any of its affiliates. The provision of
brokerage services shall be subject to the following: 
 (A) Any successor organization of FBSLLC, through
reorganization, consolidation, merger or similar transactions, shall, upon consummation of such transaction, become the successor broker in accordance with the terms of this direction provision. FBSLLC may assign its rights and obligations under
this agreement to any affiliate, provided that the assignee is bound by the terms hereof, including the provisions concerning remuneration. 
  

 9 

 (B) The Trustee and FBSLLC shall continue to rely on this direction
provision until notified to the contrary. The Named Fiduciary reserves the right to terminate this direction upon written notice to FBSLLC (or its successors or assigns) and the Trustee, in accordance with Section 11 of this Agreement.

 (C) The Sponsor acknowledges that FBSLLC (and its successors and assigns) may rely upon this Agreement in
establishing an account in the name of the Trustee for the Plan, and in allowing each Participant to exercise limited trading authorization over such account, to the extent of his or her individual account balance in the Zions Common Stock Fund
subject to Participant direction. 
  

	 	(vi)	Securities Law Reports. 

 The
Sponsor shall be responsible for filing all reports required under Federal or state securities laws with respect to the Trust’s ownership of Zions Common Stock, including, without limitation, any reports required under section 13 or 16 of the
Securities Exchange Act of 1934, and shall immediately notify the Trustee in writing of any requirement to stop purchases or sales of Zions Common Stock pending the filing of any report. The Sponsor shall be responsible for the registration of any
Plan interests to the extent required under Federal or state securities law. The Trustee shall provide to the Sponsor such information on the Trust’s ownership of Zions Common Stock as the Sponsor may reasonably request in order to comply with
Federal or state securities laws. 
  

	 	(vii)	Voting and Tender Offers. 

Notwithstanding any other provision of this Agreement, the provisions of this Section shall govern the voting and tendering of Zions
Common Stock held under the Trust. The Sponsor shall provide direction to the Trustee with respect to any proxy voting, any tender or exchange offer, or any other similar shareholder right, and the Trustee shall vote, tender or exchange shares of
Zions Common Stock in accordance with timely, written direction from the Sponsor. Unless otherwise required by applicable law, the Trustee shall not take any action with respect to a vote, tender, exchange or similar shareholder right in the absence
of instruction from the Sponsor. For these purposes, a timely direction is one that is received at a time that reasonably allows the Trustee to exercise shareholder rights, through a custodian, if applicable. 

 

	 	(viii)	General. 

 With respect to all
shareholder rights other than the right to vote, the right to tender, and the right to withdraw shares previously tendered, in the case of Zions Common Stock, the Trustee shall follow the procedures set forth in subsection (vii), above. 

 

	 	(ix)	Conversion. 

 All provisions in
this Section 5(g) shall also apply to any securities received as a result of a conversion of Zions Common Stock. 
  

	 	(x)	Nasdaq Subscriber Agreement. 

The Sponsor represents that it has returned a properly executed “Nasdaq Subscriber Agreement” to the Trustee. The Nasdaq
Subscriber Agreement is required by Nasdaq and allows Participants to receive information originating from Nasdaq on a “real-time” basis, through devices controlled by the Trustee or its affiliates. 

 

 10 

	 	(8)	Effective April 12, 2010, amending Schedule “B”, Fee Schedule, to add a “Zions Common and Preferred Stock Administration Fee”
section, as follows: 

  

			
	 Zions Common and Preferred Stock Administration Fee:
	  	Waived.

 Commissions: FBSLLC
shall be entitled to remuneration in the amount of no more than $0.029 commission on each share of Zions Common Stock or Zions Preferred Stock. Any increase in such remuneration may be made only by written agreement between the Named Fiduciary and
Trustee. 
  

	 	(9)	Effective after the close of business on April 12, 2010, amending the “investment options” section of Schedule “C”, Investment
Options, for the Zions Bancorporation Restated Deferred Compensation Plan, to delete the following: 

  

	 	•	 	 Zions Common (Unitized) Stock Fund (frozen to all transactions) 

 

	 	•	 	 Zions Preferred (Unitized) Stock Fund (frozen to all transactions) 

 

	 	(10)	Effective April 13, 2010, amending the “investment options” section of Schedule “C”, Investment Options, for the Zions
Bancorporation Restated Deferred Compensation Plan, to add the following: 

  

	 	•	 	 Zions Common Stock Fund (Real Time Trading option) 

  

	 	•	 	 Zions Preferred Stock A Fund (Real Time Trading option) 

 

	 	•	 	 Zions Preferred Stock B Fund (Real Time Trading option) 

 

	 	•	 	 Zions Preferred Stock C Fund (Real Time Trading option) 

IN WITNESS WHEREOF, the Trustee and the Sponsor have caused this First Amendment to be executed by their duly authorized officers
effective as of the day and year first above written. By signing below, the undersigned represent that they are authorized to execute this document on behalf of the respective parties. Notwithstanding any contradictory provision of the agreement
that this document amends, each party may rely without duty of inquiry on the foregoing representation. 
  

													
	ZIONS BANCORPORATION	 		 		 	FIDELITY MANAGEMENT TRUST COMPANY
							
	By:	 	/s/ Diana M. Andersen	 	3/30/10	 		 	By:	 	/s/ S. Nick	 	5/7/10
		 	 	 		 		 	 
		 	Authorized Signatory	 	Date	 		 		 	FMTC Authorized Signatory	 	Date

  

 11Second Amendment to the Zions Bancorporation Payshelter 401(k)

 EXHIBIT 10.2 

SECOND AMENDMENT TO TRUST AGREEMENT BETWEEN 

FIDELITY MANAGEMENT TRUST COMPANY AND 

ZIONS BANCORPORATION 

THIS SECOND AMENDMENT, dated as of the fifth day of April, 2010, and effective on that date unless otherwise stated herein, by and
between Fidelity Management Trust Company (the “Trustee”) and Zions Bancorporation (the “Sponsor”); 

WITNESSETH: 

WHEREAS, the Trustee and the Sponsor heretofore entered into a Trust Agreement dated July 3, 2006, with regard to the Zions
Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan (the “Plan”); and 
 WHEREAS, the Sponsor
has informed the Trustee that effective after the close of business on April 5, 2010, the assets of the Zions Common (Unitized) Stock Fund (frozen to new investment elections and exchanges in) are frozen to all transactions; and

 WHEREAS, the Sponsor now desires, and hereby directs the Trustee, in accordance with Section 8(c) of the Trust
Agreement, to use the short-term liquid investments in the Zions Common (Unitized) Stock Fund to purchase shares of Zions Common Stock on April 6 and 7, 2010, and to reallocate all participant balances held in the Zions Common (Unitized)
Stock Fund on April 12, 2010 into the Zions Common Stock Fund (Real Time Trading option). The parties hereto agree that the Trustee shall have no discretionary authority with respect to this transfer directed by the Sponsor. Any
variation from the procedure described herein may be instituted only at the express written directions of the Sponsor; and 

WHEREAS, the Sponsor now desires, and hereby directs the Trustee, in accordance with Section 8(c) of the Trust Agreement,
effective after the close of business on April 12, 2010, to redirect all participant contributions directed to the Zions Common (Unitized) Stock Fund to be invested in the Zions Common Stock Fund (Real Time Trading option). The parties
hereto agree that the Trustee shall have no discretionary authority with respect to this redirection directed by the Sponsor. Any variation from the procedure described herein may be instituted only at the express written direction of the Sponsor;
and 
 WHEREAS, the Trustee and the Sponsor now desire to amend said Trust Agreement as provided for in Section 13
thereof; 
 NOW THEREFORE, in consideration of the above premises, the Trustee and the Sponsor hereby amend the Trust
Agreement by: 
  

	 	(1)	Effective as of the close of business on April 5, 2010, amending the “investment options” section of Schedule “C”, Investment
Options, to delete the reference to the “Zions Stock Fund (frozen to new investment elections and exchanges in)” and replace it with “Zions Common (Unitized) Stock Fund (frozen to all transactions). 

 

	 	(2)	Effective April 12, 2010, amending Section 1, Definitions, to delete subsections (c) “Available Liquidity”,
(e) “Closing Price”, and (jj) “Specified Hierarchy”, in their entirety, and re-lettering all subsequent subsections accordingly. 

	 	(3)	Effective April 12, 2010, amending Section 1, Definitions, to restate subsection (jj) “Stock Fund”, in its entirety, as follows:

  

	 	(jj)	“Stock Fund” 

“Stock Fund” shall mean the investment option consisting of Sponsor Stock. 

 

	 	(4)	Effective April 12, 2010, amending and restating Section 5(e), Sponsor Stock, in its entirety, as follows: 

 

	 	(e)	Sponsor Stock. 

 Trust
investments in Sponsor Stock shall be made via the Stock Fund. Dividends received on shares of Sponsor Stock shall be: (A) paid to Participants in cash; or (B) reinvested in additional shares of Sponsor Stock and allocated to
Participants’ accounts, for those Participants who have elected to have dividends reinvested. 
 In the absence of valid
Participant direction to the contrary, the Named Fiduciary directs the Trustee to retain the dividend in the Stock Fund and use any dividend to allocate additional shares of such fund to the accounts of affected Participants. The Trustee shall pay
out or reinvest the dividend in accordance with Schedule “H”, attached hereto. 
  

	 	(i)	Acquisition Limit. 

Pursuant to the Plan, the Trust may be invested in Sponsor Stock to the extent necessary to comply with investment directions under this
Agreement. The Sponsor shall be responsible for providing specific direction on any acquisition limits required by the Plan or applicable law. 
  

	 	(ii)	Fiduciary Duty. 

(A) The Named Fiduciary shall continually monitor the suitability of the Trust acquiring and holding Sponsor Stock, under
the fiduciary duty rules of section 404(a)(1) of ERISA (as modified by section 404(a)(2) of ERISA). The Trustee shall not be liable for any loss, or expense, which arises from the directions of the Named Fiduciary with respect to the acquisition and
holding of Sponsor Stock, unless it is clear on their face that the actions to be taken under those directions would be prohibited by the foregoing fiduciary duty rules or would be contrary to the terms of this Agreement. 

(B) Each Participant with an interest in Sponsor Stock (or, in the event of the Participant’s death, his
beneficiary) is, for purposes of this section 5(e)(ii), hereby designated as a “named fiduciary” (within the meaning of section 403(a)(1) of ERISA), with respect to shares of Sponsor Stock allocated to his or her account but not purchased
at his or her direction, and such Participant (or beneficiary) shall have the right to direct the Trustee as to the manner in which the Trustee is to vote or tender such shares. 

 

	 	(iii)	Purchases and Sales of Sponsor Stock for Batch Activity. 

Unless otherwise directed by the Sponsor in writing pursuant to directions that the Trustee can administratively implement, the following
provisions shall govern purchases and sales of Sponsor Stock for contributions, loan repayments, distributions, loans, withdrawals, or any other purchase or sale of Sponsor Stock related to a transaction that the Sponsor has directed the Trustee in
writing to implement on a batch basis (“batch activity”). 
 (A) Open Market Purchases and Sales.
Purchases and sales of Sponsor Stock shall be made on the open market in accordance with the Trustee’s standard trading guidelines, as they may be amended from time to time, as necessary to honor batch activity. Such general rules shall not
apply in the following circumstances: 
 (1) If the Trustee is unable to purchase or sell the total number
of shares required to be purchased or sold on such day as a result of market conditions; or 
  

 2 

 (2) If the Trustee is prohibited by the SEC, the NYSE or principal
exchange on which the Sponsor Stock is traded, or any other regulatory or judicial body from purchasing or selling any or all of the shares required to be purchased or sold on such day. 

In the event of the occurrence of a circumstance described in (1) or (2) above, the Trustee shall purchase or sell such shares
as soon thereafter as administratively feasible, and shall determine the price of such purchases or sales to be the average purchase or sales price of all such shares purchased or sold, respectively. The Trustee may follow written directions from
the Named Fiduciary to deviate from the above purchase and sale procedures. 
 (B) Purchase and Sales from or
to Sponsor. If directed by the Sponsor in writing prior to the trading date, the Trustee may purchase or sell Sponsor Stock from or to the Sponsor if the purchase or sale is for adequate consideration (within the meaning of section 3(18) of
ERISA) and no commission is charged. If Sponsor contributions (employer) or contributions made by the Sponsor on behalf of the Participants (employee) under the Plan are to be invested in Sponsor Stock, the Sponsor may transfer Sponsor Stock in lieu
of cash to the Trust. 
  

	 	(iv)	Purchases and Sales of Sponsor Stock for Participant-Initiated Exchanges (“Real Time” Trading). 

Unless otherwise directed by the Sponsor in writing pursuant to directions that the Trustee can administratively implement, the following
provisions shall govern purchases and sales of Sponsor Stock for Participant-initiated exchanges. 
 (A)
Purchases and Sales of Sponsor Stock. Purchases and sales of Sponsor Stock associated with individual Participant-initiated exchanges into or out of the Stock Fund shall be made on the open market pursuant to order types selected by the
Participant in accordance with the Trustee’s procedures for “Real Time Trading.” The Sponsor may instruct the Trustee to limit the order types available to Participants. 

(1) Automated Order Entry. Sponsor Stock trades associated with Participant-initiated exchanges shall be sent to
market as soon as administratively feasible during regular trading hours via an electronic order entry system, unless such trade is treated as a block trade. Such electronic order entry system shall be deemed an Electronic Service for purposes of
Section 14 of this Agreement. 
 (2) Limitations on Trades; Cancellation of Exchange Requests.
Trades rejected under rules of the applicable securities exchange will not be executed. The Trustee will not submit orders (or will cancel orders) for stock trades that violate the Trustee’s procedures for “Real Time Trading”. The
Trustee shall not submit any trade order associated with a Participant-initiated exchange at any time when the Sponsor Stock Fund has been closed to such activity. Trades associated with Participant-initiated exchanges shall not be transacted at any
time when the regular market is closed, or when the SEC, the NYSE or principal exchange on which the Sponsor Stock is traded, or any other regulatory or judicial body has prohibited purchases or sales of any or all of the shares requested to be
traded pursuant to the Participant-initiated exchange. An exchange requested by the Participant shall be rejected or cancelled, as the case may be, to the extent any accompanying trade is not submitted, not executed or cancelled. 

 

 3 

 (B) Reserve Requirements for Exchanges Into Stock Fund and Corrective
Sales. The Participant’s ability to initiate exchanges into the Stock Fund shall be subject to standard reserve requirements applicable to the investment options used to fund the exchange, as established by the Trustee from time to time (or
such higher reserve requirements as may be established by the Sponsor in written direction to the Trustee). Requests to exchange into the Sponsor Stock Fund that exceed such reserves, and accompanying trade orders, may be rejected or cancelled. In
the event that a buy trade associated with a request to exchange into Sponsor Stock is executed, and the Participant does not have sufficient assets in the designated investment option to fund the trade, the Trustee will liquidate investment options
(including those held in other sources eligible for liquidation) in the affected Participant’s account pro rata. In the event that the Participant does not have sufficient assets in any other investment option, the Trustee shall initiate a
corrective sale, and shall debit the costs of such corrective trade from the Participant’s account. 
 (C)
Fractional Shares. Participants will be entitled to exchange out fractional shares in the Stock Fund only in connection with a request to exchange out the entire balance of their Stock Fund holdings (or the entire balance in a particular
source, as applicable). Fractional shares will be transacted at the price determined by the stock trade order selected by the Participant. 
  

	 	(v)	Use of an Affiliated Broker. 

For all purchases and sales of Sponsor Stock on the open market, whether Participant-initiated or otherwise, the Named Fiduciary hereby
directs the Trustee to use FBSLLC to provide brokerage services. Subject to the provisions of this agreement, FBSLLC shall execute such trades directly or through any of its affiliates. The provision of brokerage services shall be subject to the
following: 
 (A) Any successor organization of FBSLLC, through reorganization, consolidation, merger or
similar transactions, shall, upon consummation of such transaction, become the successor broker in accordance with the terms of this direction provision. FBSLLC may assign its rights and obligations under this agreement to any affiliate, provided
that the assignee is bound by the terms hereof, including the provisions concerning remuneration. 
 (B) The
Trustee and FBSLLC shall continue to rely on this direction provision until notified to the contrary. The Named Fiduciary reserves the right to terminate this direction upon written notice to FBSLLC (or its successors or assigns) and the Trustee, in
accordance with Section 11 of this Agreement. 
 (C) The Plan Sponsor acknowledges that FBSLLC (and its
successors and assigns) may rely upon this Trust Agreement in establishing an account in the name of the Trustee for the Plan or its Participants, and in allowing each Participant to exercise limited trading authorization over such account, to the
extent of his or her individual account balance in the Sponsor Stock Fund subject to Participant direction. 
  

	 	(vi)	Securities Law Reports. 

The Named Fiduciary shall be responsible for filing all reports required under Federal or state securities laws with respect to the
Trust’s ownership of Sponsor Stock, including, without limitation, any reports required under section 13 or 16 of the Securities Exchange Act of 1934, and shall immediately notify the Trustee in writing of any requirement to stop purchases or
sales of Sponsor Stock pending the filing of any report. The Trustee shall provide to the Named Fiduciary such information on the Trust’s ownership of Sponsor Stock as the Named Fiduciary may reasonably request in order to comply with Federal
or state securities laws. 
  

 4 

	 	(vii)	Voting and Tender Offers. 

Notwithstanding any other provision of this Agreement the provisions of this Section shall govern the voting and tendering of Sponsor
Stock. The Sponsor shall pay for all printing, mailing, tabulation and other costs associated with the voting and tendering of Sponsor Stock. The Trustee, after consultation with the Sponsor, shall prepare the necessary documents associated with the
voting and tendering of Sponsor Stock. 
 (A) Voting. 

(1) When the issuer of Sponsor Stock prepares for any annual or special meeting, the Sponsor shall notify the Trustee at
least thirty (30) days in advance of the intended record date and shall cause a copy of all proxy solicitation materials to be sent to the Trustee. If requested by the Trustee the Sponsor shall certify to the Trustee that the aforementioned
materials represent the same information distributed to shareholders of Sponsor Stock. Based on these materials, the Trustee shall prepare a voting instruction form and shall provide a copy of all proxy solicitation materials to be sent to each
Participant with an interest in Sponsor Stock held in the Trust, together with the foregoing voting instruction form to be returned to the Trustee or its designee. The form shall show the number of full and fractional shares of Sponsor Stock
credited to the Participant’s accounts. 
 (2) Each Participant with an interest in the Sponsor Stock held
in the Trust shall have the right to direct the Trustee as to the manner in which the Trustee is to vote (including not to vote) that number of shares of Sponsor Stock credited to the Participant’s accounts (both vested and unvested).
Directions from a Participant to the Trustee concerning the voting of Sponsor Stock shall be communicated in writing, or by such other means as agreed upon by the Trustee and the Sponsor. These directions shall be held in confidence by the Trustee
and shall not be divulged to the Sponsor, or any officer or employee thereof, or any other person except to the extent that the consequences of such directions are reflected in reports regularly communicated to any such person in the ordinary course
of the performance of the Trustee’s services hereunder. Upon its receipt of the directions, the Trustee shall vote the shares of Sponsor Stock as directed by the Participant. Except as otherwise required by law, the Trustee shall not vote
shares of Sponsor Stock credited to a Participant’s account for which it has received no directions from the Participant. 

(3) Except as otherwise required by law, the Trustee shall vote that number of shares of Sponsor Stock not credited to
Participants’ accounts in the same proportion on each issue as it votes those shares credited to Participants’ accounts for which it received voting directions from Participants. 

(B) Tender Offers. 

(1) Upon commencement of a tender offer for any securities held in the Trust that are Sponsor Stock, the Sponsor shall
timely notify the Trustee in advance of the intended tender date and shall cause a copy of all materials to be sent to the Trustee. The Sponsor shall certify to the Trustee that the aforementioned materials represent the same information distributed
to shareholders of Sponsor Stock. Based on these materials and after consultation with the Sponsor, the Trustee shall prepare a tender instruction form and shall provide a copy of all tender materials to be sent to each Participant with an interest
in the Stock Fund, together with the foregoing tender instruction form, to be returned to the Trustee or its designee. The tender instruction form shall show the number of full and fractional shares of Sponsor Stock credited to the Participants
account (both vested and unvested). 
  

 5 

 (2) Each Participant with an interest in the Stock Fund shall have the
right to direct the Trustee to tender or not to tender some or all of the shares of Sponsor Stock credited to the Participant’s accounts (both vested and unvested). Directions from a Participant to the Trustee concerning the tender of Sponsor
Stock shall be communicated in writing, or such other means as is agreed upon by the Trustee and the Sponsor. These directions shall be held in confidence by the Trustee and shall not be divulged to the Sponsor, or any officer or employee thereof,
or any other person except to the extent that the consequences of such directions are reflected in reports regularly communicated to any such persons in the ordinary course of the performance of the Trustee’s services hereunder. The Trustee
shall tender or not tender shares of Sponsor Stock as directed by the Participant. Except as otherwise required by law, the Trustee shall not tender shares of Sponsor Stock credited to a Participant’s accounts for which it has received no
directions from the Participant. 
 (3) Except as otherwise required by law, the Trustee shall tender that
number of shares of Sponsor Stock not credited to Participants’ accounts in the same proportion as the total number of shares of Sponsor Stock credited to Participants’ accounts for which it received instructions from Participants.

 (4) A Participant who has directed the Trustee to tender some or all of the shares of Sponsor Stock credited
to the Participant’s accounts may, at any time prior to the tender offer withdrawal date, direct the Trustee to withdraw some or all of the tendered shares, and the Trustee shall withdraw the directed number of shares from the tender offer
prior to the tender offer withdrawal deadline. Prior to the withdrawal deadline, if any shares of Sponsor Stock not credited to Participants’ accounts have been tendered, the Trustee shall redetermine the number of shares of Sponsor Stock that
would be tendered under Section 5(e)(vii)(B)(3) if the date of the foregoing withdrawal were the date of determination, and withdraw from the tender offer the number of shares of Sponsor Stock not credited to Participants’ accounts
necessary to reduce the amount of tendered Sponsor Stock not credited to Participants’ accounts to the amount so redetermined. A Participant shall not be limited as to the number of directions to tender or withdraw that the Participant may give
to the Trustee. 
 (5) A direction by a Participant to the Trustee to tender shares of Sponsor Stock credited to
the Participant’s accounts shall not be considered a written election under the Plan by the Participant to withdraw, or have distributed, any or all of his withdrawable shares. The Trustee shall credit to each account of the Participant from
which the tendered shares were taken the proceeds received by the Trustee in exchange for the shares of Sponsor Stock tendered from that account. Pending receipt of directions (through the Administrator) from the Participant or the Named Fiduciary,
as provided in the Plan, as to which of the remaining investment options the proceeds should be invested in, the Trustee shall invest the proceeds in the investment option described in Schedule “C”. 

 

 6 

	 	(viii)	General. 

 With respect to
all shareholder rights other than the right to vote, the right to tender, and the right to withdraw shares previously tendered, in the case of Sponsor Stock, the Trustee shall follow the procedures set forth in subsection (A), above. 

 

	 	(ix)	Conversion. 

 All
provisions in this Section 5(e) shall also apply to any securities received as a result of a conversion of Sponsor Stock. 
  

	 	(x)	Nasdaq Subscriber Agreement. 

The Sponsor represents that it has returned a properly executed “Nasdaq Subscriber Agreement” to the Trustee. The Nasdaq
Subscriber Agreement is required by Nasdaq and allows Participants to receive information originating from Nasdaq on a “real-time” basis, through devices controlled by the Trustee or its affiliates. 

 

	 	(5)	Effective April 12, 2010, amending Schedule “B”, Fee Schedule, to add a “Stock Administration Fee” section, as follows:

 Stock Administration
Fee:                                    Waived. 

Commissions: FBSLLC shall be entitled to remuneration in the amount of no more than $0.029 commission on each share of Sponsor
Stock. Any increase in such remuneration may be made only by written agreement between the Named Fiduciary and Trustee. 
  

	 	(6)	Effective after the close of business on April 12, 2010, amending the “investment options” section of Schedule “C”, Investment
Options, to delete the following: 

  

	 	•	 	 Zions Common (Unitized) Stock Fund (frozen to all transactions) 

 

	 	(7)	Effective April 13, 2010, amending the “investment options” section of Schedule “C”, Investment Options, to add the following:

  

	 	•	 	 Zions Common Stock Fund (Real Time Trading option) 

  

	 	(8)	Effective April 12, 2010, amending to remove Schedule “G”, Available Liquidity Procedures for United Stock Fund, in its entirety, and re-lettering
all subsequent Schedules accordingly. 

 IN WITNESS WHEREOF, the Trustee and the Sponsor have caused this
Second Amendment to be executed by their duly authorized officers effective as of the day and year first above written. By signing below, the undersigned represent that they are authorized to execute this document on behalf of the respective
parties. Notwithstanding any contradictory provision of the agreement that this document amends, each party may rely without duty of inquiry on the foregoing representation. 

 

													
	ZIONS BANCORPORATION	 		 	FIDELITY MANAGEMENT TRUST COMPANY
							
	By:	 	/s/ Diana M. Andersen	 	3/30/10	 		 	By:	 	/s/ S. Nick	 	5/7/10
		 	 	 		 		 	 
		 	Authorized Signatory	 	Date	 		 		 	FMTC Authorized Signatory	 	Date

  

 7

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