Document:

Exhibit 10.3 ZionsBancorporation2012-14VSPPlanDocument

EXHIBIT 10.3

Zions Bancorporation
2012 - 2014 Value Sharing Plan

Objective:  The purpose of the 2012 – 2014 Zions Bancorporation Value Sharing Plan (the “Plan”) is to provide a two-and-a-half year incentive plan for selected members of the senior management group and other key managers of Zions Bancorporation (the “Bank”). It is designed to create long-term shareholder value by focusing the Participant’s attention on improving the Bank’s financial results and maintaining strong credit quality over a two-and-a-half year period. 

Eligibility:  Selected key members of the senior management group and other key managers of the Bank as determined by the Zions Bancorporation (the “Company”) Board of Directors (the “Board”) or its Executive Compensation Committee (the “Committee”). 

Effective Date: July 1, 2012, through December 31, 2014 (the “Award Period”).

Payment of Awards: Subject to limitations enumerated in the “Other Administrative Provisions” section of the Plan, the incentive awards, if any, earned under this Plan will be paid within ninety days after the end of the Award Period. 

Plan Administrator: The Plan is to be governed and interpreted by the Committee. 

How the Plan Works:  

		
	1)
	Establishment of Award Fund

An Award Fund will be established, the size of which will be based upon two factors: a.) the Adjusted Pretax Pre-Provision Earnings (“PTPP Earnings”) during the Award Period, which will be used to calculate a Base Amount, and b.) a Credit Modifier, both of which are more fully outlined in “Calculation Methodology,” below.

		
	2)
	Participation Units

Each Participant designated by the Committee shall be awarded a specific number of Participation Units (“Units”), representing a pro-rata claim, in proportion to the total number of designated Units, on any Award Fund established under this Plan during the Award Period.

		
	3)
	Calculation Methodology

The total Award Fund shall consist of a Base Amount, which shall be further modified by a Credit Modifier.

The Base Amount of the Award Fund shall be established as follows:

The minimum Adjusted PTPP Earnings which must be achieved during the Award Period shall equal 2.50411 x the annualized PTPP Earnings of $195,330,000 (as adjusted for pre-

Page 1

2012 – 2014 Value Sharing Plan 
Page 2

tax capital costs and other adjustments) during the six-month period from October 1, 2011 to March 31, 2012 (the “Base Period”), or $489,128,000 (representing 0% growth).

The target Adjusted PTPP Earnings during the Award Period shall equal $534,437,000 (representing 5.0% growth compounded annually), and shall produce a Base Amount in the Award fund of $1.00 per Unit.

The maximum Adjusted PTPP Earnings during the Award Period which shall be used in calculating the Base Amount will be $582,273,000 (representing 10.0% growth compounded annually), and shall produce a Base Amount in the Award Fund of $2.00 per Unit.

Adjusted PTPP Earnings amounts greater than the minimum and less than the maximum thresholds will be interpolated in determining the Base Amount of the Award Fund, with each hundredth of a percentage point of annual compound growth in excess of 0% and up to a maximum of 10.00% valued at $.002.

The Base Amount of the Award Fund will be multiplied by a factor, the Credit Modifier, as defined below. The Credit Modifier may increase or decrease the Base Amount by up to 50%. 

Definitions:

A)Adjusted Pre-tax Pre-provision (PTPP) Earnings is defined as the total of the following items during the Award Period:

		
	1.
	Cumulative taxable-equivalent net interest income plus non-interest income (taxable-equivalent revenue);

		
	a.
	plus, net fixed income securities valuation and impairment losses or (gains) recognized through the income statement;

		
	b.
	less, fair value and non-hedge derivative income or (loss);

		
	c.
	less, “bargain purchase” gains recognized through the income statement;

		
	d.
	less, additional accretion, net of the write-off of any related indemnification asset, associated with loans acquired in transactions assisted by the FDIC;

		
	e.
	less, a capital charge (credit) equal to 15.4% (computed as the approximate pretax cost of common equity with a 10% after-tax cost, and using a 35% tax rate) per annum on an imputed 9.0% common equity allocation applied to the increase (decrease) in average total assets (excluding average money market investments, U.S. Treasury and Agency securities other than mortgage-backed securities, goodwill and core deposit intangible assets) during the Award Period, as compared to average total assets (excluding average money market investments, goodwill and core deposit intangible assets) during the Base Period.

2012 – 2014 Value Sharing Plan 
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LESS,

		
	2.
	Non-interest operating expense (Operating Expense);

		
	a.
	less, total OREO expense;

		
	b.
	less, provisions (negative provisions) for unfunded commitments;

		
	c.
	less, merger expense, core deposit intangible and other intangible assets amortization;

PLUS or (MINUS), 

		
	3.
	Equitable adjustments, as follows:

		
	a.
	any adjustment deemed necessary by the Committee to normalize PTPP Earnings as a result of unusual and extraordinary changes in internal cost or income allocations, relative to those included in the Base Period PTPP Earnings, which produce a change in costs or income which are not offset by a corresponding change in cost or income within the Bank;

		
	b.
	any other adjustments, which, in the sole discretion of the Committee, are required to equitably reflect operating performance during the Award Period with comparable measures of performance during the Base Period.

B)Credit Modifier is defined as 1+ [.5 x (the weighted average sum of the following measures of credit quality at the conclusion of or over the course of the Award Period)]: 

		
	1)
	Credit quality as indicated by the ratio of outstanding classified loans and leases to total outstanding loans and leases at December 31, 2014 (the “Classified Loan Ratio”). Measured as: 1 – [(Classified Loan Ratio - .025) x 40], with a maximum Classified Loan Ratio value of .075 and a minimum value of .025. 25% weight;

		
	2)
	Credit quality as indicated by the ratio of outstanding Non-accrual loans and leases, Other Real Estate Owned (“OREO”), and Other Repossessed Assets to total Loans, Leases, OREO and Other Repossessed Assets at December 31, 2014 (the “Non-Performing Asset Ratio”). Measured as: 1 – [(Non-Performing Asset Ratio - .01) x 66.6667], with a maximum Non-Performing Asset Ratio value of .04 and a minimum Non-Performing Asset Ratio value of .01. 25% weight;

		
	3)
	Credit quality as indicated by net charged-off loans and leases, and OREO expense, during the Award Period; expressed as an average annualized percentage of total average loans, leases and OREO during the Award Period (the “NCO and OREO Expense Ratio”). Measured as: 1 – ([NCO and OREO Expense Ratio - .004] x 266.6667), with a maximum NCO and OREO Expense Ratio value of 1.15% and a minimum value of .4%  50% weight.

		
	4)
	Other Administrative Provisions

2012 – 2014 Value Sharing Plan 
Page 4

		
	(1)
	This is a discretionary Plan governed and interpreted by the Committee, whose decisions shall be final. The intent of the Plan is to fairly reward Participants for increasing shareholder value. If any adjustments need to be made to allow this Plan to accomplish its purpose, the Committee in its sole discretion can make those adjustments.

		
	(2)
	The Committee may, at its sole discretion, alter the terms of the Plan at any time during an Award Period.

		
	(3)
	Participants will not vest in any benefits available under the Plan until any payments hereunder are made after the conclusion of the Award Period.

		
	(4)
	Participants must be employed by the Company or one of its subsidiaries at the time payment is made. Nevertheless, upon death, permanent disability, or normal or early retirement (unless upon early retirement the Participant becomes employed by an entity which competes with Zions Bancorporation or any of its subsidiaries), Participant (or his/her estate) shall be eligible to receive a pro-rata incentive payment at the conclusion of the Award Period. This award will be based upon the Participant’s calculated award as approved by the Committee and will be prorated for the number of full calendar quarters the Participant was engaged as an officer of the Company or its subsidiaries prior to death, disability or retirement. For purposes of this Plan, a Participant will generally not be considered eligible for early retirement before age 55, or for normal retirement before age 65, unless otherwise approved by the Committee.

		
	(5)
	The Company shall retain the right to withhold payment of incentives otherwise earned under this Plan to any individual Participant or to all Participants as a group in the event of a significant deterioration in the Company’s or the Bank’s financial condition, or if so required by regulatory authorities, or for any other reason considered valid by the Board in its sole discretion. 

		
	(6)
	The terms of this plan are subject to and limited by applicable law (including, without limitation, the Emergency Economic Stabilization Act of 2008, the American Recovery and Reinvestment Act of 2009, any applicable regulation or other binding guidance thereunder, or any agreement or arrangement with or restriction imposed by, the United States Department of the Treasury, any bank regulatory agency or any other governmental agency.  In particular,

		
	(a)
	Payments made under this plan are subject to the “clawback” provisions contained in section 111 and associated regulations promulgated under the Emergency Economic Stabilization Act of 2008, the American Recovery and Reinvestment Act of 2009, the Sarbanes-Oxley Act of 2002, and regulations promulgated under such laws, which may require the Company to recover incentive compensation paid, if the compensation was based on materially inaccurate statements of earnings, revenues, gains or other criteria.

		
	(b)
	The accrual or payment of incentives under this plan are subject to the limitations prescribed for employees designated to be among the twenty-five highest-compensated employees of the Company, as contained in section 111 and associated regulations promulgated under the Emergency Economic Stabilization Act of 2008, the American Recovery and Reinvestment Act of 2009, and 

2012 – 2014 Value Sharing Plan 
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regulations promulgated under such laws, which generally provide that incentives under this plan may not be accrued or paid during the period in which such an employee is so designated.

		
	(7)
	Designation as a Participant in the Plan does not create a contract of employment for any specified time, nor shall such act to alter or amend the Company’s “at-will” policy of employment. 

		
	(8)
	In the event a Participant transfers within Zions Bancorporation during the Award Period, he/she may be eligible to receive a pro-rata award from each participating Zions entity based on the number of months in each entity and each entity’s financial  and credit performance.

		
	(9)
	In the event of a change in control of the Company (as defined in the Company’s Change in Control Plan), the Plan will be terminated and payments shall be made in accordance with the provisions of section 3 (b) of the Change in Control Plan.

		
	(10)
	This document is intended to provide a guideline for the creation and distribution of incentive compensation. Nothing herein creates a contractual obligation binding on the Board or the Committee, and no Participant shall have any legal rights with respect to an Award until such Award is distributed.

APPENDIX

The following is an example of how the Plan operates.

Assume that the Adjusted Pretax Pre-Provision (PTPP) Earnings for Zions Bancorporation during the 2.5 years of the Award Period total $548,518,770. This is the equivalent of the annualized Base Period Adjusted PTPP Earnings (195,330,000) compounded annually for 2.5 years at a rate of 6.50%.  

		
	•
	The resulting Base Amount of each Unit is therefore $1.30 (6.5% growth divided by .0001 times $.002).

The Base Amount is then multiplied by the Credit Modifier. Assume that the Classified Loan Ratio at 12/31/14 is 4.30%; that the Non-Performing Asset Ratio is 2.75%; and that the NCO and OREO Expense Ratio over the 2.5-year period is .54%.

		
	•
	The Credit Modifier is calculated as follows:

		
	◦
	The Classified Loan Ratio produces a factor of: 1-[(.043-.025)*40] or .28. This is given a 25% weight, producing a factor of .07.

		
	◦
	The Non-Performing Asset Ratio produces a factor of: 1-[(.0275-.01)*66.6667] or -.1667. This is given a 25% weight, producing a factor of -.0417.

		
	◦
	The NCO and OREO Expense Ratio produces a factor of: 1-[(.0054-.004)*266.6667] or .6267. This is given a weight of 50%, producing a factor of .3133.

2012 – 2014 Value Sharing Plan 
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	▪
	The three weighted factors are added together, producing a result of .3416. This is multiplied by .5 and added to 1.0 to produce a Credit Modifier of 1.1708.

		
	•
	The final Unit Value is calculated by multiplying the Base Unit Value of $1.30 by the Credit Modifier of 1.1708 to produce a Total Unit Value of $1.522.Exhbit 10.9 Trust Agreement ZB & Cigna

EXHIBIT 10.9
TRUST AGREEMENT
establishing
the
ZIONS BANCORPORATION DEFERRED COMPENSATION PLAN
TRUST
by and between
ZIONS BANCORPORATION
and
CIGNA BANK & TRUST COMPANY, FSB
TABLE OF CONTENTS
 
	
						
	 
	 
	 
	 
	 

	 
	    
	 
	  
	PAGE

	Section 1
	    
	Establishment of Trust
	  
	1
	

	 
	 
	 

	Section 2
	    
	Payments to Plan Participants and Their Beneficiaries
	  
	2
	

	 
	 
	 

	Section 3
	    
	Trustee Responsibility Regarding Payments to Trust Beneficiary When Company is Insolvent
	  
	3
	

	 
	 
	 

	Section 4
	    
	Payments to Company
	  
	4
	

	 
	 
	 

	Section 5
	    
	Investment Authority
	  
	4
	

	 
	 
	 

	Section 6
	    
	Disposition of Income
	  
	4
	

	 
	 
	 

	Section 7
	    
	Accounting by Trustee
	  
	4
	

	 
	 
	 

	Section 8
	    
	Responsibility of Trustee
	  
	5
	

	 
	 
	 

	Section 9
	    
	Compensation and Expenses of Trustee
	  
	6
	

	 
	 
	 

	Section 10
	    
	Resignation and Removal of Trustee
	  
	6
	

	 
	 
	 

	Section 11
	    
	Appointment of Successor
	  
	7
	

	 
	 
	 

	Section 12
	    
	Amendment or Termination
	  
	7
	

	 
	 
	 

	Section 13
	    
	Miscellaneous
	  
	7
	

	 
	 
	 

	Section 14
	    
	Effective Date
	  
	8
	

		
	(a)
	This Agreement made this 1st day of October, 2002, by and between Zions Bancorporation (the “Company”) and CIGNA Bank & Trust Company, FSB, a federal savings bank with its principal office and place of business in Hartford, Connecticut (the “Trustee”);

		
	(b)
	WHEREAS, Company has adopted the Zions Bancorporation Deferred Compensation Plan (the “Plan”);

		
	(c)
	WHEREAS, Company has incurred or expects to incur liability under the terms of such Plan with respect to the individuals participating in such Plan;

		
	(d)
	WHEREAS, the Company wishes to establish the Zions Bancorporation Deferred Compensation Plan Trust (hereinafter called “Trust”or “Trust Fund”) and to contribute to the Trust assets that shall be held herein, subject to the claims of Company’s creditors in the event of Company’s insolvency, as herein defined, until paid to Plan participants and their beneficiaries in such manner and at such times as specified in the Plan;

		
	(e)
	WHEREAS, it is the intention of the parties that this Trust shall constitute an unfunded arrangement and shall not affect the status of the Plan as an unfunded plan maintained for the purpose of providing deferred compensation and/or benefits for a select group of management or highly compensated employees for purposes of Title I of the Employee Retirement Income Security Act of 1974;

		
	(f)
	WHEREAS, it is the intention of Company to make contributions to the Trust to provide itself with a source of funds to assist in the meeting of its liabilities under the Plan.

NOW, THEREFORE, the parties do hereby establish the Trust and agree that the Trust shall be comprised, held and disposed of as follows:
Section 1. Establishment of Trust.
		
	(a)
	Company hereby deposits with Trustee in trust certain good and valuable consideration, which shall become the principal of the Trust to be held, administered and disposed of by Trustee as provided in this Trust Agreement.

		
	(b)
	The Trust hereby established shall be irrevocable.

		
	(c)
	The Trust is intended to be a grantor trust, of which Company is the grantor, within the meaning of subpart E, part I, subchapter J, chapter 1, subtitle A of the Internal Revenue Code of 1986, as amended, and shall be construed accordingly.

1The principal of the Trust, and any earnings thereon shall be held separate and apart from other funds of Company and shall be used exclusively for the uses and purposes of Plan participants and general creditors as herein set forth. Plan participants and their beneficiaries shall have no preferred claim on, or any beneficial ownership interest in, any assets of the Trust. Any rights created under the Plan and this Trust Agreement shall be mere unsecured contractual rights of Plan participants and their beneficiaries against Company. Any assets held by the Trust will be subject to the claims of Company’s general creditors under federal and state law in the event of insolvency, as defined in Section 3(a) herein.
 (e) Company, in its sole discretion, may at any time, or from time to time, make additional deposits of cash or other property in trust with Trustee to augment the principal to be held, administered and disposed of by Trustee as provided in this Trust Agreement. Neither Trustee nor any Plan participant or beneficiary shall have any right to compel such additional deposits.
Section 2. Payments to Plan Participants and Their Beneficiaries.
		
	(a)
	Company shall deliver to Trustee a schedule (the “Payment Schedule”) that indicates the amounts payable in respect of each Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Plan), and the time of commencement for payment of such amounts. Except as otherwise provided herein, Trustee shall make payments to the Plan participants and their beneficiaries in accordance with such Payment Schedule. The Trustee shall make provisions for reporting and withholding of any federal, state or local taxes that may be required to be withheld with respect to the payment of benefits pursuant to the terms of the Plan and shall pay amounts withheld to the appropriate taxing authorities or determine that such amounts have been reported, withheld and paid by Company.

		
	(b)
	The entitlement of a Plan participant or his or her beneficiaries to benefits under the Plan shall be determined by Company or such party as it shall designate under the Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Plan.

		
	(c)
	Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plan. Company shall notify Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries. Trustee shall require Company to provide reasonable written documentation that such payments have been made directly to such participant or beneficiary. In addition, if the principal

2

of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of the Plan, Company shall make the balance of each such payment as it falls due. Trustee shall notify Company where principal and earnings are not sufficient.
Section 3. Trustee Responsibility Regarding Payments to Trust Beneficiary When Company is Insolvent.
		
	(a)
	Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is insolvent. Company shall be considered “insolvent” for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code, or (iii) Company is determined to be insolvent.

		
	(b)
	At all times during the continuance of this Trust, as provided in Section l(d) hereof, the principal and income of the Trust shall be subject to claims of general creditors of Company under federal and state law as set forth below.

 (1)   The Board of Directors and the Chief Executive Officer of Company shall have the duty to inform Trustee in writing of Company’s insolvency. If a person claiming to be a creditor of Company alleges in writing to Trustee that Company has become insolvent, Trustee shall determine whether Company is insolvent and, pending such determination, Trustee shall discontinue payment of benefits to Plan participants or their beneficiaries.
(2)   Unless Trustee has actual knowledge of Company’s insolvency, or has received notice from Company or a person claiming to be a creditor alleging that Company is insolvent, Trustee shall have no duty to inquire whether Company is insolvent. Trustee may in all events rely on such evidence concerning Company’s solvency as may be furnished to Trustee and that provides Trustee with a reasonable basis for making a determination concerning Company’s solvency. 
(3)     If at any time Trustee has determined that Company is insolvent, Trustee shall discontinue payments to Plan participants or their beneficiaries and shall hold the assets of the Trust for the benefit of Company’s general creditors. Nothing in this Trust Agreement shall in any way diminish any rights of Plan participants or their beneficiaries to pursue their rights as general creditors of Company with respect to benefits due under the Plan or otherwise.
3Trustee shall resume the payment of benefits to Plan participants or their beneficiaries in accordance with Section 2 of this Trust Agreement only after Trustee has determined that Company is not insolvent (or is no longer insolvent).

 (c)      Provided that there are sufficient assets, if Trustee discontinues the payment of benefits from the Trust pursuant to Section 3(b) hereof and subsequently resumes such payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Plan participants or their beneficiaries under the terms of the Plan for the period of such discontinuance, less the aggregate amount of any payments made to Plan participants and their beneficiaries by Company in lieu of the payments provided for hereunder during any such period of discontinuance.
Section 4. Payments to Company.
Except as provided in Section 3 hereof, after the Trust has become irrevocable, Company shall have no right or power to direct Trustee to return to Company or to divert to others any of the Trust assets before all payment[s] of benefits have been made to Plan participants and their beneficiaries pursuant to the terms of the Plan.
Section 5. Investment Authority.
Trustee shall have the power to invest the assets of the Trust Fund in such investment vehicles as directed by the Company, including insurance policies or securities (including stock or rights to acquire stock) or obligations issued by Company. All rights associated with assets of the Trust shall be exercised by Trustee or the person designated by Trustee pursuant to the Company’s direction, and shall in no event be exercisable by or rest with Plan participants.
Section 6. Disposition of Income.
During the term of this Trust, all income received by the Trust, net of expenses and taxes, shall be accumulated and reinvested.
Section 7. Accounting by Trustee.
The Trustee has accepted this Trust on the condition that the Company has entered or is entering into a service agreement with Connecticut General Life Insurance Company (‘Connecticut General”) whereby Connecticut General will provide recordkeeping services for all assets held pursuant to this Trust Agreement. The Trustee shall be required to forward to the Company, or require Connecticut General to forward to the Company, the recordkeeping reports and related financial information provided by Connecticut General, but the Trustee shall not otherwise be required to provide Trust accounts.
4Section 8. Responsibility of Trustee.

		
	(a)
	Trustee shall act with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims, provided, however, that Trustee shall incur no liability to any person for any action taken pursuant to a direction, request or approval given by Company or any delegate appointed by the Company which is contemplated by, and in conformity with, the terms of the Plan or this Trust and is given in writing by Company or its delegate. In the event of a dispute between Company and a party, Trustee may apply to a court of competent jurisdiction to resolve the dispute.

		
	(b)
	If Trustee undertakes or defends any litigation arising in connection with this Trust, Company agrees to indemnify Trustee against Trustee’s costs, expenses and liabilities (including, without limitation, attorneys’ fees and expenses) relating thereto and to be primarily liable for such payments. If Company does not pay such costs, expenses and liabilities in a reasonably timely manner, Trustee may obtain payment from the Trust.

		
	(c)
	Trustee may hire agents, accountants, actuaries, investment advisors, financial consultants or other professionals to assist it in performing any of its duties or obligations hereunder, including recordkeeping, reporting, custody of assets or proxy voting. Such agents may include affiliates of the Trustee.

		
	(d)
	Trustee shall have, without exclusion, all powers conferred in Trustees in accordance with applicable law, unless expressly provided otherwise herein, provided, however, that if an insurance policy is held as an asset of the Trust, Trustee shall have no power to name a beneficiary other than the Trust, to assign the policy (as distinct from conversion of the policy to a different form) other than to a successor trustee, or to loan to any person the proceeds of any borrowing against such policy.

		
	(e)
	The Company shall indemnify and hold harmless the Trustee from and against any and all claims, losses, damages, expenses (including reasonable counsel fees) and liability to which the Trustee may be subject by reason of any act done or omitted to be done, except where the same is finally adjudicated to be due to the negligence or willful misconduct of the Trustee.

		
	(f)
	In addition to and in no way in limitation of the indemnification of paragraph (e) of this section, the Company hereby agrees to indemnify and hold harmless the Trustee from and against any claims, losses, damages, expenses (including reasonable counsel fees) and liability to which the Trustee may be subject by reason of any act or omission of any prior, subsequent or existing trustee of the Plan.

5The Trustee shall be responsible only for such assets as are actually received by it as Trustee hereunder. The Trustee shall have no duty or authority to ascertain whether any contributions should be made to it pursuant to the Plan or to bring any action to enforce any obligation to make any such contribution, nor shall it have any responsibility concerning the amount of any contribution or the application of the Plan’s contribution formula. The Trustee shall have no responsibility for any assets not held under this Trust, even if those assets are held as assets of the Plan under a separate trust agreement. Responsibility for any such assets shall be solely that of the trustees named in such separate trust agreement, or, in the event no such separate trust exists, the Company.
Section 9. Compensation and Expenses of Trustee.
Company shall pay all administrative and Trustees’ fees and expenses in accordance with a fee schedule provided to the Company. In addition, Trustee shall be paid its reasonable expenses, including reasonable expenses of counsel and other agents employed by the Trustee, incurred in connection with administration of the Trust Fund. If the Trustee proposes an amended fee schedule and the Company fails to object thereto within ninety (90) days of its receipt, the amended fee schedule shall be deemed accepted by the Company. If not paid, the fees and expenses shall be paid from the Trust.
Section 10. Resignation and Removal of Trustee.
		
	(a)
	Trustee may resign at any time by written notice to Company, which shall be effective 30 (thirty) days after receipt of such notice unless Company and Trustee agree otherwise.

		
	(b)
	Trustee may be removed by Company on 30 (thirty) days notice or upon shorter notice accepted by Trustee.

		
	(c)
	The Trustee’s service pursuant to this Agreement is conditioned upon the existence of one or more contracts between the Company and Connecticut General providing for full Plan recordkeeping services. In the event the contract providing for such recordkeeping services is discontinued or terminated, this Trust Agreement shall be terminated as well with no further notice from either party to the other as of the date of discontinuance or termination of the contract providing for Plan recordkeeping services.

		
	(d)
	Upon resignation or removal of Trustee and appointment of a successor Trustee, all assets shall subsequently be transferred to the successor Trustee. The transfer shall be completed within 30 days after receipt of notice of resignation, removal or transfer, unless Company extends the time limit.

6If Trustee resigns or is removed, a successor shall be appointed, in accordance with Section 11 hereof, by the effective date of resignation or removal under paragraph(s) (a), (b) or (c) of this section. If no such appointment has been made, Trustee may apply to a court of competent jurisdiction for appointment of a successor or for instructions. All expenses of Trustee in connection with the proceeding shall be allowed as administrative expenses of the Trust.

Section 11. Appointment of Successor.
If Trustee resigns or is removed in accordance with Section 10(a), (b) or (c) hereof, Company may appoint any third party, such as a bank trust department or other party that may be granted corporate trustee powers under state law, as a successor to replace Trustee upon resignation or removal. The appointment shall be effective when accepted in writing by the new Trustee, who shall have all of the rights and powers of the former Trustee, including ownership rights in the Trust assets. The former Trustee shall execute any instrument necessary or reasonably requested by Company or the successor Trustee to evidence the transfer.
Section 12. Amendment or Termination.
		
	(a)
	This Trust Agreement may be amended by a written instrument executed by Trustee and Company. Notwithstanding the foregoing, no such amendment shall conflict with the terms of the Plan or shall make the Trust revocable after it has become irrevocable in accordance with Section l(b) hereof.

		
	(b)
	The Trust shall not terminate until the date on which Plan participants and their beneficiaries are no longer entitled to benefits pursuant to the terms of the Plan. Upon termination of the Trust any assets remaining in the Trust shall be returned to Company.

Section 13. Miscellaneous.
		
	(a)
	Any provision of this Trust Agreement prohibited by law shall be ineffective to the extent of any such prohibition, without invalidating the remaining provisions hereof.

		
	(b)
	Benefits payable to Plan participants and their beneficiaries under this Trust Agreement may not be anticipated, assigned (either at law or in equity), alienated, pledged, encumbered or subjected to attachment, garnishment, levy, execution or other legal or equitable process.

7This Trust Agreement and the Trust hereby created shall be governed, construed, administered and regulated in all respects in accordance with the laws of Connecticut.
(d)  This Trust Agreement shall be binding upon the respective successors and assigns of the Employer and the Trustee.
(e)   In the event of any conflict between provisions of the Plan and those of this Trust Agreement, this Trust Agreement shall prevail.
Section 14. Effective Date.
The effective date of this Trust Agreement shall be October 1, 2002.
 
	
							
	 
	 
	 
	 
	 
	 
	 

	Attest:
	 
	 
	 
	ZIONS BANCORPORATION

	 
	 
	 
	 

	                            
	 
	 
	 
	By
	 
	/s/    W. David Hemingway

	 
	 
	 
	 
	Its
	 
	                

	 
	 
	 
	 
	Date
	 
	8/9/2002

	 
	 
	 

	Attest:
	 
	 
	 
	CIGNA BANK & TRUST COMPANY, FSB

	 
	 
	 
	 

	 
	 
	 
	 
	By
	 
	/s/    Lori Thielen

	 
	 
	 
	 
	Its
	 
	 

	 
	 
	 
	 
	Date
	 
	8/9/2002

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