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EXHIBIT 10.1

FOURTH AMENDMENT TO THE 
ZIONS BANCORPORATION, N.A. PAYSHELTER 401(k) AND 
EMPLOYEE STOCK OWNERSHIP PLAN
(As Restated and Amended Effective January 1, 2007)
This Fourth Amendment to the Zions Bancorporation, N.A. Payshelter 401(k) and Employee Stock Ownership Plan is made and entered into this _11th day of September, 2020, by the Zions Bancorporation, N.A. Benefits Committee (“Committee”) on behalf of Zions Bancorporation, N.A. (“Employer”).

WHEREAS, the Employer has previously established and continues to maintain a 401(k) and employee stock ownership plan for certain employees of the Employer and certain of its affiliates, known as the Zions Bancorporation, N.A. Payshelter 401(k) and Employee Stock Ownership Plan (“Payshelter Plan” or “Plan”); and

WHEREAS, the Employer has also previously established and maintained a defined benefit pension plan for certain of its employees known as the Zions Bancorporation, N.A. Pension Plan (“Pension Plan”); and 

WHEREAS, the Committee has most recently adopted an unnumbered amendment to the Pension Plan (a fourth amendment to the December 31, 2013 Edition), which provides for the termination of the Pension Plan and the distribution of all of its assets; and 

WHEREAS, in connection with the termination of the Pension Plan the Committee has adopted a further amendment to the Pension Plan to provide for direct transfer of all excess assets remaining in the Pension Plan to the Payshelter Plan following the distribution and payment of all benefits and benefit commitments to the participants, alternate payees and beneficiaries in the Pension Plan; and

WHEREAS, under Internal Revenue Code §4980 the assets transferred from the Pension Plan to the Payshelter Plan may be held for a period not to exceed seven years in a suspense account and allocated to participants in the Payshelter Plan over a time period that does not exceed the seven year limitation; and  

WHEREAS, in connection with the termination of the Pension Plan it will also be necessary to provide an indemnification to the insurance carrier that will assume certain benefit commitment liabilities of the Pension Plan, which indemnification may fall to the Payshelter Plan as the recipient of the excess Pension Plan assets directly transferred to it; and

WHEREAS, pursuant to Section 16.1 of the Payshelter Plan the Employer has reserved the right to amend the Plan in whole or in part, which authority for purposes of this amendment has been delegated to the Committee; 
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NOW THEREFORE, the Committee, for and on behalf of the Employer, and in exercise of the authority granted to it, hereby adopts the following amendments to the Plan.  All amendment language is noted in bold italics.
1.Section 2.1 is amended to add the following new subsection (n) at the end thereof:

(n)    “Suspense Account” shall mean the subaccount established under Section 6.7 to hold all funds transferred directly to the Plan from the Zions Bancorporation, N.A. Pension Plan in connection with the termination of that plan.
2.Section 5.7 is amended to add the following at the end thereof:
If any amount in the Suspense Account (as defined in Section 6.7) is allocated from the Suspense Account to the Accounts of Participants in the Plan for any Plan Year, such amount shall be treated by the Plan for all Plan purposes (including the allocation provisions under Section 6.2(c)) in the same manner as though it were an Employer Non-Elective Contribution under this Section.
3.Article 6 is amended to add the following new Section 6.7 at the end thereof:
6.7    Suspense Account.  Effective January 1, 2020 the Plan shall establish a Suspense Account to hold all funds received by the Plan from the Zions Bancorporation, N.A. Pension Plan (“Pension Plan”).  All funds in the Suspense Account shall be held and administered in accordance with the requirements and limitations described in Code §4980.  In that regard the Plan Administrator shall deal with funds in the Suspense Account in the following manner.
(a)    All funds in the Suspense Account shall be held and invested by the Trustee as directed by the Plan Administrator.  No portion of the funds in the Suspense Account shall be used to purchase Employer Securities while held in the Suspense Account.
(b)    Commencing with the Plan Year ending December 31, 2020 and for each of the following six (6) Plan Years (or until the funds in the Suspense Account have been exhausted, if sooner), the Plan Sponsor shall designate the percentage or dollar amount to be allocated from the Suspense Account for the Plan Year to the Accounts of Participants in the Plan.
(c)    All allocations of funds from the Suspense Account shall be treated as a contribution and allocation of Employer Non-Elective Contributions.  The provisions of the Plan governing the contribution and allocation of Employer Non-Elective Contributions (including the determination of eligibility of a Participant’s Account to share in such contribution and allocation) shall apply to all amounts transferred from the Suspense Account for any Plan Year.
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(d)    Once funds have been transferred from the Suspense Account to a Participant’s Account they shall become a part of the Participant’s Employer Non-Elective Contributions Account in the Plan and treated for all Plan purposes (including vesting) in the same manner as any other Employer Non-Elective Contributions held in the Participant’s Account.  
(e)    Funds in the Suspense Account shall be supplemented by earnings received from the investment of the funds and may be supplemented by additional amounts submitted to the Plan by the insurance carrier with which the Pension Plan has contracted for the payment of the annuity liabilities owed by the Pension Plan to the participants therein.  In addition if the insurance carrier establishes to the satisfaction of the Plan Administrator the right to receive additional funds from the Suspense Account within the limited period set forth in such contract, the Plan Administrator shall cause such amounts to be paid from the Suspense Account to the insurance carrier.
(f)    During the seven Plan Year period commencing January 1, 2020, the Plan Sponsor may determine the amount each year that the Plan Administrator shall transfer from the Suspense Account and allocate to Participants’ Accounts.  In that regard the Plan Sponsor may treat the amount transferred from the Suspense Account in any Plan Year as an Employer Non-Elective Contribution in lieu of or as a supplement to any other Employer Non-Elective Contributions made by the Plan Sponsor to the Plan for that Plan Year.  Subject to the limitations and requirements provided in Article 7 and Code §4980(d)(2)(c), no minimum or maximum amount shall be required to be transferred and allocated for any Plan Year.  However, all amounts in the Suspense Account, including all earnings thereon and any additions thereto (as provided in (e) above) shall be completely transferred and allocated to Participants’ Accounts no later than the last day of the last Plan year within the seven Plan Year period. 

This Fourth Amendment shall be effective as of January 1, 2020, except as may be otherwise provided herein.  In all other respects the Plan is ratified and confirmed.

IN WITNESS WHEREOF, the Committee has caused this Fourth Amendment to be executed by its duly authorized representative this _11th_ day of September, 2020.
ZIONS BANCORPORATION BENEFITS COMMITTEE

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By: _/s/ Paul Burdiss ______________________________
                           Committee Chair

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EXHIBIT 10.2

FIFTH AMENDMENT TO 
THE ZIONS BANCORPORATION, N.A. 
PAYSHELTER 401(k) AND EMPLOYEE STOCK OWNERSHIP PLAN
(As amended and restated effective January 1, 2007)
This Fifth Amendment to the Zions Bancorporation, N.A. Payshelter 401(k) and Employee Stock Ownership Plan (“Plan”), as restated and amended effective January 1, 2007, is made and entered into this __11th _ day of September, 2020, by the Zions Bancorporation, N.A. Benefits Committee (“Committee”) on behalf of Zions Bancorporation, N.A. (“Employer”).
W I T N E S S E T H:
WHEREAS, the Employer has previously entered into the Plan, which Plan has been most recently restated and amended in its entirety effective for the plan year commencing on January 1, 2007, and for all plan years thereafter; and
WHEREAS, the Employer has reserved the right to amend the Plan in whole or in part, and
WHEREAS, the Committee has been authorized and empowered by the Board of Directors of the Employer to adopt amendments or changes to the Plan which are designed to clarify a provision or provisions of the Plan or which are intended to maintain or bring the Plan into compliance with applicable Federal or state law, or which will not create or result in a significant increase in the cost to the Employer or any subsidiary thereof of maintaining or operating the Plan or have a material, substantive effect on the rights or obligations of the Employer or any subsidiary thereof with respect to the Plan; and
WHEREAS, the Committee, for and on behalf of the Employer and consistent with the power and authority granted to it, now desires to amend the Plan to eliminate any provision that may otherwise permit the acquisition of employer securities through an exempt loan transaction or the allocation of employer securities to participant accounts that could be released from a suspense account maintained for that purpose; and 
WHEREAS, the Committee has determined that the amendment will not create or result in a significant increase in the cost to the Employer or any subsidiary thereof of maintaining or operating the Plan; 
NOW THEREFORE, in consideration of the foregoing premises, the Committee, for and on behalf of the Employer, adopts the following amendments to the Plan (amended language is marked in bold italics):
1.Section 2.26 is amended to read as follows:

2.26    “Exempt Loan” shall mean a loan to this Plan that satisfies the Exempt Loan transaction provisions of Section 14.3.  Effective January 1, 2020, the Plan shall not engage in any transaction involving the acquisition of Employer Securities through use of an Exempt Loan. 
2.Section 2.36 is amended to read as follows:
2.36    “Leveraged Employer Securities” shall mean Employer Securities acquired by the Trust with the proceeds of an Exempt Loan.  Effective January 1, 2020, the Plan shall not hold any Leveraged Employer Securities or engage in any transaction involving the acquisition of Leveraged Employer Securities through use of an Exempt Loan.
3.Section 6.3(d)(1) is amended to read as follows:
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 14.3 shall be allocated in accordance with that Section, subject however, to the provisions of this Section 6.3.  Effective January 1, 2020, the Plan shall not hold any Employer Securities acquired with an Exempt Loan or engage in any transaction involving the acquisition of Employer Securities through use of an Exempt Loan. 
2.The first paragraph of Section 6.3(e) is amended to read as follows:
    (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 9.7.  Effective January 1, 2020, the Plan shall not hold any Employer Securities acquired with an Exempt Loan or engage in any transaction involving the acquisition of Employer Securities through use of an Exempt Loan.
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3.The final paragraph of Section 6.3(e) is amended to read as follows:
    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.  Effective January 1, 2020, the Plan shall not hold any Employer Securities acquired with an Exempt Loan or engage in any transaction involving the acquisition of Employer Securities through use of an Exempt Loan.
4.The final paragraph of Section 7.1(a) is amended to read as follows:
    “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.  Effective January 1, 2020, the Plan shall not hold any Employer Securities acquired with an Exempt Loan or engage in any transaction involving the acquisition of Employer Securities through use of an Exempt Loan.
5.The second paragraph of Section 9.8(b) is amended to read as follows:
For purposes of this Section 9.8(b), a distribution to a Participant of his Accrued Benefit 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 Plan has not at any time held Employer 
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Securities acquired with the proceeds of an Exempt Loan and effective January 1, 2020, the Plan shall not hold any Employer Securities acquired with an Exempt Loan or engage in any transaction involving the acquisition of Employer Securities through use of an Exempt Loan.
6.Section 14.3 is amended to add a new subsection (i) at the end thereof to read as follows:
(i)    The Plan has not at any time engaged in an Exempt Loan transaction or acquired any Employer Securities through use of an Exempt Loan.  Effective January 1, 2020, the Plan shall not hold any Employer Securities acquired with an Exempt Loan or engage in any transaction involving the acquisition of Employer Securities through use of an Exempt Loan.  Any provision in the Trust Agreement permitting or authorizing the use of an Exempt Loan transaction for the purpose of acquiring Employer Securities on a leveraged basis shall be treated by the Plan Sponsor and the Administrator as null and void. 
3.    This Fifth Amendment shall be effective January 1, 2020, and for all Plan Years commencing on and after that date.  In all other respects, the Plan is ratified and approved.
IN WITNESS WHEREOF, the Zions Bancorporation, N.A. Benefits Committee by its authorized representative has caused this Fifth Amendment to the Plan to be duly executed as of the date and year first above written.
ZIONS BANCORPORATION, N.A. BENEFITS COMMITTEE

By:_/s/ Paul Burdiss________________________
Name:_Paul Burdiss________________________
Title:_Chief Financial Officer_________________

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