Document:

Zions Bancorporation Restated Pension Plan

 Exhibit 10.16 
 ZIONS BANCORPORATION PENSION PLAN 
 Restated Effective January 1, 2002

 Including Amendments Adopted Through December 31, 2010 

December 31, 2010 Edition 

					
	 ARTICLE I
	  	 	3	  
	 DEFINITIONS
	  	 	3	  
	 1.1 “Accrued Benefit”
	  	 	3	  
	 1.2 “Accrued Benefit Attributable to the Old Plan Account”
	  	 	3	  
	 1.3 “Accrued Benefit Attributable to Company Contributions”
	  	 	3	  
	 1.5 “Affiliate” or “Subsidiary Affiliate” or “Subsidiary”
	  	 	3	  
	 1.6 “Authorized Period of Absence”
	  	 	4	  
	 1.7 Beneficiary
	  	 	4	  
	 1.8 “Break in Service”
	  	 	5	  
	 1.9 “Cash Balance Account”
	  	 	5	  
	 1.10 “Code
	  	 	5	  
	 1.11 “Commerce Participant”
	  	 	5	  
	 1.12 “Commerce Plan
	  	 	5	  
	 1.13 “Committee or Retirement Committee”
	  	 	5	  
	 1.14 “Company
	  	 	5	  
	 1.15 “Compensation”
	  	 	5	  
	 1.16 “Disability Retirement Date”
	  	 	6	  
	 1.17 “Early Retirement Date”
	  	 	6	  
	 1.18 Earnings
	  	 	6	  
	 1.19 “Eligibility Computation Period,”
	  	 	8	  
	 1.20 Eligible Employee
	  	 	8	  
	 1.21 “Eligible Spouse”
	  	 	9	  
	 1.22 “Eligibility Computation Period
	  	 	9	  
	 1.23 “Employee”
	  	 	9	  
	 1.25 “Employment Date”
	  	 	9	  
	 1.26 “ERISA
	  	 	9	  
	 1.27 “Grossmont Participant”
	  	 	9	  
	 1.28 “Grossmont Plan”
	  	 	10	  
	 1.30 “Investment Manager
	  	 	11	  
	 1.31 “Late Retirement Date
	  	 	11	  
	 1.32 Nonvested Former Participant”
	  	 	11	  
	 1.33 “Normal Retirement Age”
	  	 	11	  
	 1.34 “Normal Retirement Date”
	  	 	12	  
	 1.35 “Old Plan Account”
	  	 	12	  
	 1.36 “Participant”
	  	 	12	  
	 1.37 “Participation Date”
	  	 	12	  
	 1.38 “Plan”
	  	 	12	  
	 1.39 “Plan Year”
	  	 	12	  
	 1.40 “Qualified Domestic Relations Order”
	  	 	12	  
	 1.41 “Qualified Service”
	  	 	13	  
	 1.42 “Retirement Date”
	  	 	13	  
	 1.43 “Single Life Annuity”
	  	 	13	  
	 1.44 “Sumitomo Participant”
	  	 	13	  
	 1.45 “Sumitomo Plan”
	  	 	14	  
	 1.46 “Termination of Employment
	  	 	14	  
	 1.47 “Trust Agreement”
	  	 	14	  
	 1.48 “Trust Fund”
	  	 	14	  
	 1.49 “Trustee”
	  	 	14	  
	 1.50 “Year of Vesting Service
	  	 	14	  
	 1.51 “Zions”
	  	 	15	  
	 ARTICLE II
	  	 	16	  
	 PARTICIPATION
	  	 	16	  

  
 ii 

					
	 2.1 Participation Date
	  	 	16	  
	 2.2 Reinstatement of Active Participation
	  	 	17	  
	 ARTICLE III
	  	 	18	  
	 ESTABLISHMENT AND MAINTENANCE OF CASH BALANCE ACCOUNT
	  	 	18	  
	 3.1 Initial Establishment of Cash Balance
	  	 	18	  
	 3.2 Earnings Credits
	  	 	20	  
	 3.3 Interest Credits
	  	 	21	  
	 3.4 Maintenance of Account after Termination of Employment until Benefit Commencement
	  	 	22	  
	 3.5 Establishment of New Account if Re-employed After Benefit Commencement
	  	 	22	  
	 3.6 Market Rate of Interest
	  	 	23	  
	 ARTICLE IV
	  	 	24	  
	 ACCRUED BENEFIT
	  	 	24	  
	 4.1 Accrued Benefit
	  	 	24	  
	 4.2 Cash Balance Accrued Benefit
	  	 	24	  
	 4.3 Minimum Accrued Benefit
	  	 	25	  
	 4.4 Grandfathered Minimum Accrued Benefit
	  	 	25	  
	 4.5 Accrued Benefit Attributable to the Old Plan Account
	  	 	25	  
	 4.6 Accrued Benefit Attributable to Company Contributions
	  	 	25	  
	 4.7 Old Plan Account
	  	 	25	  
	 ARTICLE V
	  	 	27	  
	 AMOUNT OF RETIREMENT INCOME
	  	 	27	  
	 5.1 Monthly Retirement Income
	  	 	27	  
	 5.2 Normal Retirement Income
	  	 	27	  
	 5.4 Late Retirement Income
	  	 	28	  
	 5.5 Disability Retirement Income is described in Section 7.4
	  	 	28	  
	 5.6 Application for Retirement Income
	  	 	28	  
	 5.7 Forms of Retirement Income
	  	 	30	  
	 5.8 Payment of Small Benefits
	  	 	34	  
	 5.9 Eligible Rollover Distribution
	  	 	34	  
	 5.10 Re-employment After Retirement
	  	 	35	  
	 5.11 Commencement of Benefits
	  	 	35	  
	 5.12 Delay of Payment Due to Administrative Error
	  	 	37	  
	 5.13 Suspension of Benefits for Active Participants at Normal Retirement Date
	  	 	37	  
	 5.14 Benefits Under a Qualified Domestic Relations Order (QDRO)
	  	 	38	  
	 5.15 Death or Disability While Performing Qualified Military Service
	  	 	39	  
	 5.16 Non-spouse Beneficiary Rollover
	  	 	39	  
	 ARTICLE VI
	  	 	40	  
	 TERMINATION AND VESTING
	  	 	40	  
	 6.1 Vesting
	  	 	40	  
	 6.3 Re-employment After Termination of Employment
	  	 	41	  
	 6.4 Termination Benefits and Re-employment for Commerce Participants
	  	 	41	  
	 6.5 Special Termination Benefit for Sumitomo Participants
	  	 	42	  
	 ARTICLE VII
	  	 	43	  
	 DISABILITY BENEFITS
	  	 	43	  
	 7.1 Determination of Disability
	  	 	43	  
	 7.2 Eligibility for Disability Benefits
	  	 	43	  
	 7.3 Disability Retirement Date
	  	 	43	  
	 7.4 Disability Retirement Income
	  	 	43	  
	 ARTICLE VIII
	  	 	44	  
	 DEATH BENEFITS
	  	 	44	  

  
 iii

					
	 8.1 Death after Commencement of Benefits
	  	 	44	  
	 8.2 Death Prior to Commencement of Benefits
	  	 	44	  
	 8.3 Effect of Old Plan Account
	  	 	45	  
	 8.4 Return of Old Plan Account
	  	 	45	  
	 ARTICLE IX
	  	 	46	  
	 FINANCING THE PLAN
	  	 	46	  
	 9.1 Company Contributions
	  	 	46	  
	 9.2 Return of Company Contributions
	  	 	46	  
	 ARTICLE X
	  	 	47	  
	 TERMINATION OF THE PLAN
	  	 	47	  
	 10.1 Termination of Plan
	  	 	47	  
	 10.2 Procedures Upon Termination of Plan
	  	 	47	  
	 ARTICLE XI
	  	 	48	  
	 INTERNAL REVENUE CODE LIMITATIONS ON BENEFITS
	  	 	48	  
	 11.1 Earnings Limitation under Code Section 401(a)(17)
	  	 	48	  
	 11.2 Maximum Retirement Benefit under Code Section 415
	  	 	48	  
	 11.3 Additional Benefit Limits for Highly Compensated Employees
	  	 	55	  
	 11.4 Top-Heavy Provisions
	  	 	56	  
	 11.5 Benefit Restrictions Due to Application of Code §436
	  	 	59	  
	 ARTICLE XII
	  	 	66	  
	 ADMINISTRATION OF THE PLAN
	  	 	66	  
	 12.1 Administration
	  	 	66	  
	 12.2 Records
	  	 	66	  
	 12.3 Payment of Expenses
	  	 	67	  
	 12.4 Delegation of Authority
	  	 	67	  
	 12.5 Information Available
	  	 	67	  
	 12.6 Claims and Appeals Procedure
	  	 	67	  
	 12.7 Fiduciary Capacity
	  	 	68	  
	 12.8 Committee Liability
	  	 	68	  
	 12.9 Limitations of Actions on Claims
	  	 	68	  
	 ARTICLE XIII
	  	 	69	  
	 GENERAL PROVISIONS
	  	 	69	  
	 13.1 Amendment of Plan
	  	 	69	  
	 13.2 Employment Status
	  	 	69	  
	 13.3 Mergers or Consolidations
	  	 	69	  
	 13.4 Provision Against Anticipation
	  	 	69	  
	 13.5 Facility of Payment
	  	 	69	  
	 13.6 Construction
	  	 	70	  
	 13.7 Legal Actions
	  	 	70	  

  
 iv 

 INTRODUCTION 
 The Zions Bancorporation Pension Plan became effective on January 1, 1968. The Plan has been amended and restated from time to time. 
 Prior to this restatement the most recent restatement of the Plan was effective January 1,2001. That restatement is referred to herein as the “Prior Plan.” All provisions of the Prior Plan
were effective as of January 1, 2001; except that (1) provisions pertaining to the establishment and maintenance of Cash Balance Accounts were effective April 1, 1997; (2) provisions pertaining to Grossmont Participants and
former participants of the Grossmont Plan were effective January 1, 1998; (3) provisions pertaining to Sumitomo Participants and former participants of the Sumitomo Plan were effective October 1, 1998; and (4) provisions
pertaining to Commerce Participants and former participants of the Commerce Plan were effective January 1, 1999. 
 The Prior Plan restated
the Plan document which was effective as of April 1, 1997. That document included the terms and conditions of a cash balance account feature, which was established as of January 1, 1997, for Active and Disabled Participants in the Plan as
of March 31, 1997. 
 The Prior Plan restatement incorporated the terms of Amendments 1 through 4 to the April 1, 1997 restatement and
other modifications approved by Zions Bancorporation through January 31, 2002. The Prior Plan restatement furthermore incorporated modifications resulting from changes in the Internal Revenue Code (the “Code”) and other provisions of
federal law that were enacted or became effective on various dates from 1994 through 2000 (sometimes referred to collectively as “GUST” changes in law). Moreover, effective January 1,2002, the Prior Plan restatement incorporated less
restrictive legal limitations on pension benefits, as authorized by the Economic Growth and Tax Reduction Reconciliation Act of 200 1 (“EGTRRA”). 
 Effective at the close of business December 31, 1997, the Grossmont Bank Restated Defined Benefit Pension Plan and Trust (the “Grossmont Plan”), restated effective January 1, 1996, was
merged into this Plan. Nothing in this Plan shall be construed to provide a benefit to a Participant under this Plan for a period of service for which he or she has received a benefit under the Grossmont Plan. The eligibility for and the amount of
benefit of a former employee who terminated or retired under the Grossmont Bank Restated Defined Benefit Pension Plan and Trust prior to January 1, 1998, and who does not participate in this Plan on or after January 1, 1998, shall be
determined exclusively by the provisions of the Grossmont Plan that were in effect as of the earlier of the former employee’s date of termination or retirement, except as specifically stated otherwise in the Grossmont Plan. With respect to the
merger of the Plans, this Plan shall be interpreted and administered to comply with ERISA Section 204(g) and Code Sections 411(d)(6) and 414(1). 
 Effective at the close of business October 31, 1998, the Sumitomo Bank of California Pension Plan (“Sumitomo Plan”), restated effective January 1, 1989, was merged into this Plan,
Nothing in this Plan shall be construed to provide a benefit under this Plan for a period of service for which he or she has received a benefit under the Sumitomo Plan. The eligibility for and the amount of benefit of a former employee who
terminated under the Sumitomo Plan prior to October 1, 1998, and who does not actively participate in this Plan on or after October 1, 1998, shall be determined exclusively by the provisions of that plan. With respect to the merger of the
Plans, this Plan shall be interpreted and administered to comply with ERISA Section 204(g) and Code Sections 411(d)(6) and 414(1). 

  
 1 

 Effective at the close of business December 31, 1998, the Commerce Bancorporation Defined Benefit
Pension Plan (“Commerce Plan”), restated effective July 21, 1994, was merged into this Plan. Nothing in this Plan shall be construed to provide a benefit under this Plan for a period of service for which he or she has received a
benefit under the Commerce Plan. The eligibility for and the amount of benefit of a former employee who terminated under the Commerce Plan before January 1, 1999 and who does not actively participate in this Plan on or after January 1,
1999, shall be determined exclusively by the provisions of that plan. With respect to the merger of the Plans, this Plan shall be interpreted and administered to comply with ERISA Section 204(g) and Code Sections 411(d)(6) and 414(1).

 The Plan and Trust thereunder are created and maintained for the primary purpose of providing retirement benefits for eligible employees of
Zions Bancorporation and its affiliates. It is intended that the Plan and Trust qualify under Sections 401(a) and 501(a) of the Internal Revenue Code of 1986, as amended, and that they meet the requirements of the Employee Retirement Income Security
Act of 1974, as amended. 
 Except for other dates provided herein for certain Plan provisions, this Plan is effective as of January 1,
2002. This Plan includes amendments adopted to reflect certain provisions of EGTRRA, which were intended as good faith compliance with the requirements of EGTRRA. They are to be construed in accordance with EGTRRA and guidance issued thereunder.
Unless otherwise provided, amendments included in this Plan in compliance with EGTRRA are effective as of the first day of the first plan year beginning after December 31, 2001. Provisions included in this Plan as amendments conforming to
EGTRRA supersede all other provisions of the Plan to the extent that those provisions are inconsistent with such amendments. Moreover, this Plan has been amended to comply with all legislation and applicable guidance enacted and issued subsequent to
EGTRRA, including the Pension Protection Act of 2006. This Plan shall be interpreted at ail times so as to comply with the requirements of the Code and of ERISA as so amended. 
 Except as specifically provided in the Plan, the rights and benefits of any Participant who terminates, dies or retires prior to the effective date of this restatement or any other amendment to the Plan
will be determined pursuant to the provisions of the Plan in effect on the earlier of his or her date of retirement, death or termination. 

  
 2 

 ARTICLE I 
 DEFINITIONS 
  

	1.1	“Accrued Benefit” means the monthly amount of benefit credited to a Participant in accordance with Article 4 on the basis of an annuity payable for life
beginning on his or her Normal Retirement Date, or the current date, if later. 

  

	1.2	“Accrued Benefit Attributable to the Old Plan Account” is defined in Section 4.5. 

 

	1.3	“Accrued Benefit Attributable to Company Contributions” is defined in Section 4.6. 

 

	1.4	“Actuarial Equivalence” or “Actuarial Equivalent” means equality in value of the aggregate amounts expected to be received under different forms of
payment computed on the following bases: 

  

	 	(a)	For purposes of determining (i) the monthly annuity benefits under Sections 4.2, 4.5, 5.3(b) and 8.2, and (ii) the value of lump sum payments under Sections
5.7(d), 5.8 and 5.12(b), Actuarial Equivalence will be calculated in accordance with Appendix II. Unless specifically provided otherwise in this Plan, the value of a benefit payable in any other non-annuity form shall be determined by applying the
Actuarial Equivalence factors specified for lump sums in (ii) above. 

  

	 	(b)	For purposes of determining the maximum retirement benefit in Section 11.2, Actuarial Equivalence will be calculated using the following bases:

  

	 	(1)	The mortality assumption is the “Applicable Mortality Table as defined in subsection (a) of Appendix II. 

 

	 	(2)	Except as otherwise specified in Section 11.2, effective on or after January 1, 1995, for a benefit in the form of an annuity, the interest assumption (to
adjust for age and for the form of the benefit) shall be 5%. 

 Notwithstanding any provision of Section 11.2
to the contrary, for a benefit payment after May 31, 1995 that is in a form that is subject to Code Section 417(e) (for example, a lump sum), the interest assumption to adjust for age will be the “Applicable Interest Rate”
specified in subsection (b) of Appendix II, and the interest assumption to adjust for the form of the benefit shall be 5%. 
  

	 	(c)	For the purposes of determining the maximum retirement benefit in Section 11.2 for a Grossmont Participant who retires between January 1, 1998 and
December 31, 1998, Actuarial Equivalence will never be less than the amount the Grossmont Participant would have received under the Grossmont Plan. 

  

	 	(d)	Except as otherwise specified in the Plan, for all other purposes actuarial equivalency will be calculated using the following basis: 

 

	 	(1)	The mortality assumption will be the 1984 Unisex Pensioners Mortality Table. 

 

	 	(2)	The interest assumption will be 6%. 

  

	1.5	 “Affiliate” or “Subsidiary Affiliate” or “Subsidiary” means Zions Bancorporation and each member of a controlled group of
corporations (as defined in Code Section 1563(a), determined without regard to Code Sections 1563(a)(4) and (e)(3)(C)), a group of trades or businesses (whether incorporated or not) which are under common control within the meaning of Code
Section 414(c), or an affiliated service group (as defined in Code Sections 

  
 3 

	 	 
414(m) or 414(0)), of which Zions Bancorporation is a part. With respect to the Maximum Retirement Benefit defined in Section 11.2, in determining whether a corporation is a member of a
controlled group of corporations the phrase “more than 50 percent” will be substituted for the phrase “at least 80 percent” each place it appears in Code Section 1563(a)(1). 

 

	1.6	“Authorized Period of Absence” means an absence authorized by the Company for one or more of the following reasons: 

 

	 	(a)	Approved leave of absence; 

  

	 	(b)	Pregnancy; 

  

	 	(c)	Jury duty; 

  

	 	(d)	Qualified Military Service; or 

  

	 	(e)	Illness or injury, including disability, and including a period of absence legally authorized to be taken, under the facts and circumstances applicable to the
Participant, in accordance with the terms of the Family and Medical Leave Act. 

 Any discretion of the Company
under the provisions of this definition will be exercised without discrimination and in accordance with definitely established rules uniformly applicable to Employees or Participants whose approved periods of absence were occasioned by similar
circumstances. 
  

	1.7	Beneficiary 

  

	 	(a)	Beneficiary of Retirement Income of a Married Participant For purposes of a post-retirement survivor benefit for a Participant who is married to an Eligible Spouse on
the date of commencing his or her Retirement mcome, the Beneficiary shall be the Eligible Spouse, except to the extent that either: (a) the benefit is payable pursuant to the mandatory lump sum provisions of Section 5.8 (in which case
there shall be no Beneficiary), (b) the Participant, with the written and notarized consent of the Eligible Spouse, elects to receive a benefit in the form of a Single Life Annuity (with or without a Level Income Option) or a lump sum (in which
case there shall be no Beneficiary), or (c) is eligible for and elects a form of benefit under subsection (e)(2) or (f)(1) of Section 5.7 with a designated Beneficiary other than the Eligible Spouse (in which case the Beneficiary shall be
the person (or persons, under Section 5.7(e)(1) or (e)(2» designated by the Participant with the consent of the Eligible Spouse at the time of commencing the Retirement Income). 

 

	 	(b)	Beneficiary of Retirement Income of an Unmarried Participant For purposes of a Retirement Income benefit for a Participant who has no Eligible Spouse on the date of
commencing his or her Retirement Income, the Beneficiary means either (a) the living person designated by the Participant at the time of commencing his or her Retirement Income, if the Participant is eligible for and elects a form of benefit
pursuant to Section 5.7(e)(1), (e)(2) or (f)(1) (in which case the Beneficiary shall be the person (or persons, under Section 5.7 (e)(1) or (e )(2» designated by the Participant, or (b) there shall be no Beneficiary if either
the benefit is payable pursuant to the mandatory lump-sum provisions of Section 5.8 or the Participant elects to receive a benefit in the form of a Single Life Annuity or lump sum. 

  
 4 

	 	(c)	Beneficiary of a Pre-Retirement Survivor’s Death Benefit For purposes of any preretirement death benefit which may be payable under Section 8.2 of the Plan,
Beneficiary means the Eligible Spouse (if any, as of the date of the Participant’s death prior to receiving Retirement Income under this Plan), or, if no Eligible Spouse survives the Participant, then the benefit under Section 8.2 shall be
paid in a lump sum to the Participant’s estate. 

  

	 	(d)	Beneficiary of Unpaid Balance of Old Plan Account In the case of any death benefit which may be applicable under the terms of Section 8.4, Beneficiary means the
person or persons designated by a Participant for such purpose, or, if no Beneficiary is designated (or if any and all designated Beneficiaries fail to survive the Participant and the Eligible Spouse, if any), any death benefit payable under
Section 8.4 shall be payable to the estate of the last to die of the Participant or Eligible Spouse (if any). 

  

	1.8	“Break in Service” means an interruption in service due to a person’s failure to complete at least 501 Hours of Service during a calendar year or during
an Eligibility Computation Period. A Break in Service will not occur during an Authorized Period of Absence unless the Employee fails to return to work for at least 30 days with the Company or any member of the Employer after the expiration of the
Authorized Period of Absence (or, in the case of an absence due to Qualified Military Service, unless the Employee fails to return to work within the applicable period of time allowed pursuant to Code Section 414(u».

  

	1.9	“Cash Balance Account” means the separate bookkeeping account established and maintained for each Participant as provided in Article 3.

  

	1.10	“Code” means the Internal Revenue Code of 1986, as amended. 

  

	1.11	“Commerce Participant” means a Participant in the Commerce Plan who became a Participant in this Plan on January 1, 1999 as the result of the
December 31, 1998 merger of the Commerce Plan into-this Plan. Based upon his or her status in the Commerce Plan on December 31, 1998, and based upon whether or not he or she became an Eligible Employee on January 1, 1999, a Commerce
Participant described in this Section shall be deemed an Active Participant, an Inactive Participant, a Terminated Vested Participant, a Disabled Participant or a Retired Participant in this Plan, as defined in Section 1.36, on January 1,
1999. 

  

	1.12	“Commerce Plan” means the Commerce Bancorporation Defined Benefit Plan as in effect immediately prior to January 1, 1999. 

 

	1.13	“Committee or Retirement Committee” means the Committee which will administer the plan as described in Article 12. 

 

	1.14	“Company” means Zions Bancorporation and any Affiliate or Subsidiary which adopts this Plan with the consent of the Board of Directors of Zions
Bancorporation. The Affiliates and Subsidiaries listed on Appendix V, as it may be revised from time to time, have adopted this Plan and are, as of the date or dates stated on Appendix V, a participating Company in the Plan.

  

	1.15	 “Compensation” for any tax year has the meaning set forth in Treasury Regulations Section 1.415-2(d) (Treasury Regulations
Section 1.415(c)-2, for Plan Years commencing after July 1, 2007) . Effective January 1, 1998, Compensation shall also include any elective deferrals as defined in Code Section 402(g)(3) made by the Participant during a

  
 5 

	 	 
Plan Year and any pre-tax Employee contributions made by the Employer on behalf of the Employee for the Plan Year, pursuant to Code Section 125 and/or Code Section 132(f)(4).

 For Plan Years prior to January 1, 1997, in determining the Compensation of a Participant for purposes
of determining whether he or she is a Highly Compensated Employee (as defined in Section 11.3(a)(3», the family aggregation rules of former Code Section 414(q)(6) shall apply, except that in applying such rules, the term
“family” shall include only the Eligible Spouse of the Participant and any lineal descendants of the Participant who have not attained age 19 before the close of the year. 

 

	1.16	“Disability Retirement Date” is defined in Section 7.3. 

  

	1.17	“Early Retirement Date” shall have the meaning stated in subsections (a) through (d) below, whichever is applicable to a particular Participant.
“Earliest Retirement Date” means the earliest date that would satisfy all of the conditions of the definition of Early Retirement Date that is applicable to the Participant. 

 

	 	(a)	Except as otherwise provided in subsections (b ), (c) and (d), a Participant may retire prior to his or her Normal Retirement Date on an Early Retirement Date
which, subject to his or her election, may be the first day of any month coincident with or following the latest of: 

  

	 	(1)	the Participant’s 55th birthday, 

  

	 	(2)	the date on which the Participant completes 10 Years of Vesting Service, or 

 

	 	(3)	the date of the Participant’s Termination of Employment. 

  

	 	(b)	A Grossmont Participant may retire prior to his or her Normal Retirement Date on an Early Retirement Date which, subject to his or her election, may be the first day of
any month coincident with or following the date of his or her Termination of Employment on or after reaching age 55 and completing three Years of Vesting Service. 

 

	 	(c)	A Sumitomo Participant may retire prior to his or her Normal Retirement Date on an Early Retirement Date, which subject to his or her election, may be the first day of
any month coincident with or following the date of his or her Termination of Employment on or after reaching age 55 and completing five Years of Vesting Service. 

 

	 	(d)	A Commerce Participant may retire prior to his or her Normal Retirement Date and receive his or her entire Accrued Benefit on an Early Retirement Date which, subject to
his or her election, may be the first day of any month coincident with or following the date of his or her Termination of Employment on or after reaching age 55 and completing three Years of Vesting Service. 

 

	1.18	Earnings 

  

	 	(a)	Earnings for a Participant for a Plan Year includes the sum of: 

  

	 	(1)	 the Participant’s wages, salaries, fees for professional service and other amounts received (without regard to whether or not an amount is paid in
cash) for personal services actually rendered in the course of employment with the Company to the extent that the amounts are includible in gross 

  
 6 

	 	 
income (including, but not limited to, commissions paid salesmen, compensation for services on insurance premiums, tips, and bonuses); 

 

	 	(2)	the Participant’s “elective deferrals” (as defined in Code Section 402(g)) to a plan with a Code Section 401 (k) cash or deferral
arrangement maintained by an Affiliate or Subsidiary; 

  

	 	(3)	the Participant’s pre-tax contributions to any health or welfare benefit program under Code Section 125 or any qualified public transit and parking program
under Code Section 132(f)(4); 

  

	 	(4)	effective on and after January 1, 2001, compensation that the Participant elects to defer to a nonqualified deferred compensation plan maintained by an Affiliate
or Subsidiary, but under no circumstances shall the amount of Earnings that is recognized under this paragraph (a)(4) cause the Participant’s overall Earnings for the Plan Year to increase by more than 15% of the amount of Earnings determined
without reference to this paragraph (a)(4), nor shall it cause overall Earnings to exceed the applicable limitation under subsection (c) below; and 

  

	 	(5)	for each month in which a Participant is entitled to credit for Qualified Military Service, the Participant will be considered, for purposes of determining the Accrued
Benefit under this Plan, to have Earnings equal to the Participant’s average monthly Earnings during the 12 months (or, if less, the number of months of prior employment with the Employer) immediately preceding his or her period of Qualified
Military Service. 

  

	 	(b)	The term “Earnings” does not include the types of remuneration described in the following paragraphs. 

 

	 	(1)	except to the extent included in Earnings under clause (a)(2) or (a)(4) above, 

 

	 	(A)	Company contributions to a plan of deferred compensation to the extent that, before the application of the Code Section 415 limitations to that plan, the
contributions are not includible in the gross income of the Participant for the taxable year in which contributed; and 

  

	 	(B)	any distributions from a plan of deferred compensation regardless of whether such amounts are includible in the gross income of the Participant when distributed.

  

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

  

	 	(3)	amounts realized by the Participant from the sale, exchange or other disposition of stock acquired under a qualified stock option; 

 

	 	(4)	except to the extent included in Earnings pursuant to Code Section 125 or 132(f)(4) in accordance with clause (a)(3) above, 

  
 7 

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

  

	 	(B)	reimbursements or other expense allowances, fringe benefits (cash and non-cash), moving expenses, welfare benefits, and any lump sum amounts paid at Termination of
Employment (on account of such Termination), such as severance pay, vacation and sick leave cash-outs; and (5) fees for service as a member of a board of directors, if any, paid to “Highly Compensated Employees” (as defined in
Section 1 1.3 (a)(3)). 

  

	 	(c)	Limitations on Earnings under Code Section 401 (a)(17). For each Plan Year, the amount of annual Earnings that shall be taken into account for purposes of
determining benefit accruals under the Plan shall not exceed the limit that is in effect for that Plan Year under Code Section 401 (a)(17), after taking into account any amendment of that Code Section that is enacted into law and any adjustment
to that limit that is authorized by the Secretary of the Treasury for the calendar year that coincides with that Plan Year (for example, the limit shall be $170,000 for Plan Year 2001 and $200,000 for Plan Year 2002). 

If a period over which Earnings is determined under the Plan (determination period) is less than 12 months, the otherwise applicable
dollar limit under Code Section 401(a)(17) for that calendar year will be multiplied by a fraction, the numerator of which is the number of months in the determination period, and the denominator of which is 12, determined in a manner
consistent with Treas. Reg. Section 1.401 (a)(l7)-1 (b)(3). 
  

	1.19	“Eligibility Computation Period,” for purposes of determining under Section 2.1 (b) whether an Employee has accrued 1,000 Hours of Service during
such a period in order to become eligible to participate in the Plan, means the period of 12 consecutive months commencing on the Employment Date and ending on the first anniversary of such date, or, if 1,000 Hours of Service are not accrued during
that 12-month period, the Eligibility Computation Period shall be the 12-month period commencing on the first day of each Plan Year that occurs after the Employment Date. 

 

	1.20	Eligible Employee. Subject to the exclusions stated in the following paragraph, Eligible Employee means an Employee of the Company. 

“Eligible Employee” does not include: 
  

	 	(a)	an Employee of an Affiliate or Subsidiary that is not a Company that has adopted the Plan and is participating in the Plan; 

 

	 	(b)	an Employee who is covered under a collective bargaining agreement where retirement benefits were the subject of good faith bargaining which does not provide for
retirement benefits under this Plan; 

  

	 	(c)	a person who performs services for a Company but is compensated for such services by means of the payroll of a third party employee leasing organization;

	 	(d)	any “leased employee” within the meaning of Code Section 414(n)(2), or 

 

	 	(e)	 a person who is not treated by the Participating Company as an employee for payroll tax purposes, whether or not such person is subsequently determined
by a 

  
 8 

	 	 
government agency, by the conclusion or settlement of threatened or pending litigation, or otherwise to be (or to have been) a common law employee of the Company. 

“Leased employee” shall mean, effective January 1, 1997, any person who, pursuant to an agreement between the Company and
any other person or organization (leasing organization), has performed services for the Company (or for any Affiliate or Subsidiary of the Company) and such services are performed under the primary direction or control of the Company, Affiliate or
Subsidiary. 
 In the event of any determination by any court, governmental agency or other party that a person excluded under
clause “(c)”, “(d)” or “(e)” should be treated as a common-law employee of the Company for payroll tax purposes, the individual shall not be treated as an Eligible Employee unless and until the date on which the
individual is first recharacterized as an Employee for payroll tax 
 purposes on the payroll system of the Company, and not as
of any retroactive effective date of such recharacterization. 
  

	1.21	“Eligible Spouse” means the legal spouse of the Participant at the time the Participant commences his or her Retirement Income under the Plan (or the
Participant’s date of death, if earlier), or, if applicable, a former spouse who is designated as the alternate payee with the right to be treated as the spouse Beneficiary of a Participant according to the terms of a Qualified Domestic
Relations Order. 

  

	1.22	“Eligibility Computation Period” means a 12-consecutive-month period beginning on an Employee’s Employment Date. However, if such Employee fails to
complete at least 1,000 Hours of Service during his or her initial 12-consecutive-month period, the Eligibility Computation Period becomes the Plan Year commencing with the Plan Year in which such initial period ends. 

 

	1.23	“Employee” means any person who is employed as a common law employee by any Affiliate or Subsidiary, and any “leased employee” within the meaning of
Code Section 414(n)(2); provided, however, if leased employees constitute 20% or less of the Employer’s non-highly compensated work force, the term “Employee” shall not include a leased employee who is covered by a plan
maintained by the leasing organization which meets the requirements of Code Section 414(n)(5). 

  

	1.24	“Employer” means, collectively, any and all companies that satisfy the definition of an “Affiliate or Subsidiary” (as defined in Section 1.5).
All Employees of the Employer will be treated as employed by a single employing company for purposes of applying the requirements for qualification of the Plan under Code Section 401(a). 

 

	1.25	“Employment Date” means the date on which an Employee first performs an Hour of Service for any member of the Employer. 

 

	1.26	“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

 

	1.27	“Grossmont Participant” means a participant in the Grossmont Plan who became a Participant in this Plan effective January 1, 1998 as a result of the
merger of the Grossmont Plan into this Plan. 

 Based upon his or her status in the Grossmont Plan on
December 31, 1997, and based on whether or not the Grossmont Participant becomes an Eligible Employee on January 1, 1998, a Grossmont Participant shall, as of January 1, 1998, be either an Active Participant,

  
 9 

 
an Inactive Participant, a Terminated Vested Participant, a Disabled Participant or a Retired Participant in this Plan (as those terms are defined in Section 1.36). 

 

	1.28	“Grossmont Plan” means the Grossmont Bank Restated Defined Benefit Pension Plan and Trust, restated effective January 1, 1996, according to the terms and
conditions of that plan which existed as of the close of business on December 31, 1997 when assets and benefits for Grossmont Participants were transferred to and merged into this Plan. 

 

	1.29	“Hour of Service” means: 

  

	 	(a)	each hour for which an Employee is paid, or entitled to payment, for the performance of duties for the Company; 

 

	 	(b)	each hour for which an Employee is paid, or entitled to payment, by the Company on account of a period of time during which no duties are performed (whether or not the
employment relationship has terminated) due to vacation, holiday, illness, incapacity (including disability), layoff, jury duty, military duty or leave of absence; provided, however, that an Employee will not be credited with more than 501 Hours of
Service under this sentence for any continuous period during which he or she performs no duties for the Company. Notwithstanding the preceding provisions of this paragraph, no credit will be given: 

 

	 	(1)	for an Hour of Service for which the individual is directly or indirectly paid, or entitled to payment, on account of a period during which no duties are performed if
such payment is made or due under a plan maintained solely for the purpose of complying with applicable workers’ compensation, unemployment compensation or disability insurance laws (except as specifically provided for in Article 7); or

  

	 	(2)	for an Hour of Service for which a payment is made which solely reimburses the individual for medical or medically related expenses incurred; 

 

	 	(c)	each hour not otherwise credited under the Plan for which back pay, irrespective of mitigation of damages, is either awarded or agreed to by the Company.

  

	 	(d)	Effective December 12, 1994, Qualified Military Service shall be credited for purposes of eligibility under Section 2.1 (b) and for Years of Vesting
Service. For a Participant returning from Qualified Military Service on or after January 1, 2001, for purposes of satisfying the 1,000 Hours of Service requirement of Section 2.1 (b) during an Eligibility Computation Period, and for
purposes of determining Years of Vesting Service, a Participant will receive 190 Hours of Service for each full or partial month during which the Participant is engaged in Qualified Military Service. 

 

	 	(e)	Hours of Service will be credited for employment as an Employee of any Affiliate or Subsidiary. 

 

	 	(f)	 Solely for purposes of determining whether a Break in Service has occurred, an individual who is absent from work will receive credit for the Hours of
Service which would have been credited to the individual but for such absence if the absence is (1) because of the pregnancy of the individual, (2) because of the birth of a child of the individual, (3) because of the placement of a
child with the individual in connection with the adoption of such child by such individual, (4) for purposes of caring for such child for a period beginning immediately following such birth or placement, or (5) for family or medical leave
required to be provided under the Family and Medical 

  
 10 

	 	 
Leave Act of 1993. Where such hours cannot be determined, eight Hours of Service per day of such absence will be used, The Hours of Service credited under this paragraph will be credited in the
computation period in which the absence begins if the crediting is necessary to prevent a Break in Service in that period, ill all other cases, such hours will be credited in the following computation period. 

 

	 	(g)	The foregoing notwithstanding, Participants whose pay is solely on a commission basis will be credited with Hours of Service as follows: 

 

	 	(1)	If the Participant’s Earnings for a Plan Year are at least 750 multiplied by the lowest hourly rate of compensation payable to employees in the same job
classification as the Participant, then the Participant will be credited with 1,000 Hours of Service for that Plan Year. 

  

	 	(2)	If the Participant’s Earnings for a Plan Year are less than 750 multiplied by the lowest hourly rate of compensation payable to employees in the same job
classification as the Participant, then the Participant will not be credited with any Hours of Service for that Plan Year. 

  

	 	(h)	The crediting of Hours of Service under this Plan will be performed in accordance with applicable provisions of the Department of Labor Regulations 2530.200b-2 and
2530.200b-3 (including, by way of example, the equivalency rules which may be applied in the event that a Participant’s actual Hours of Service cannot be determined), and such regulations are incorporated by reference herein.

  

	1.30	“Investment Manager” shall have the meaning stated in Section 3(38) of ERISA. 

 

	1.31	“Late Retirement Date” – If a Participant continues in the service of the Company or any Affiliate or Subsidiary beyond his or her Normal Retirement
Date, then his or her Late Retirement Date will be the first day of any month coincident with or following the date of the Participant’s Termination of Employment. A Participant’s Late Retirement Date will not be later than the required
beginning date described in Section 5.11(c) even if his or her employment continues after such date. 

  

	1.32	Nonvested Former Participant” means a prior Participant who has incurred a Termination of Employment and who does not have a vested interest in his or her Accrued
Benefit in accordance with Section 6.1. 

 Nonvested Former Participant also means a prior participant in the
Grossmont Plan who has incurred a Termination of Employment under that plan and who did not have a vested interest in that plan on December 31, 1997. 
 Nonvested Former Participant also means a prior participant in the Sumitomo Plan who has incurred a Termination of Employment under that plan and who did not have a vested interest in that plan on
September 30, 1998. 
 Nonvested Former Participant also means a prior participant in the Commerce Plan who has incurred a
Termination of Employment under that plan and who did not have a vested interest in that plan on December 31, 1998. 
  

	1.33	“Normal Retirement Age” – If the Participant’s Participation Date is on or after July 1, 1994, his or her “Normal Retirement Age” is
the later of: 

  

	 	(a)	his or her 65th birthday, or 

  
 11 

	 	(b)	the earlier of: 

  

	 	(1)	the date the Participant completes five Years of Vesting Service, or 

  

	 	(2)	the fifth anniversary of his or her Participation Date provided the Participant is an Employee on or after the later of such date or his or her 65th birthday and earns
at least one Year of Vesting Service after any Break in Service. If the Participant first participated in the Plan before July 1, 1994, the Participant’s Normal Retirement Age is 65. 

Notwithstanding the foregoing, the Normal Retirement Age for a Commerce Participant is his or her 65th birthday. 

 

	1.34	“Normal Retirement Date” – A Participant’s Normal Retirement Date will be the first day of the month coincident with or next following the date of
attaining his or her Normal Retirement Age. 

  

	1.35	“Old Plan Account” is defined in Section 4.7. 

  

	1.36	“Participant” means an Active Participant, Inactive Participant, Terminated Vested Participant, Disabled Participant, or Retired Participant, as defined
below: 

  

	 	(a)	“Active Participant” means an Eligible Employee who has met the requirements for participation described in Article 2. 

 

	 	(b)	“Inactive Participant” means a prior Active Participant who is on an Authorized Period of Absence, or who is employed by an Affiliate or Subsidiary other than
a Company that is then a participating Company in the Plan, or who is employed by the Company but is not an Eligible Employee. 

  

	 	(c)	“Terminated Vested Participant” means a former Eligible Employee who has incurred a Termination of Employment, who retains a vested interest in accordance
with Section 6.1, and who is not currently receiving benefit payments under the Plan. 

  

	 	(d)	“Disabled Participant” means a former Active Participant who has a total and permanent disability as determined under Article 7. 

 

	 	(e)	“Retired Participant” means a former Eligible Employee who is receiving benefit payments under the Plan. 

 

	1.37	“Participation Date” means the date as of which an Eligible Employee becomes a Participant in the Plan, in accordance with the terms stated in Article 2,

  

	1.38	“Plan” means the Zions Bancorporation Pension Plan. 

  

	1.39	“Plan Year” means a calendar year. 

  

	1.40	 “Qualified Domestic Relations Order” or “QDRO” means a judgment, decree or order of a court with authority under state law for
domestic relations matters, which is issued for the benefit of a named “alternate payee” in connection with divorce, marital property rights or alimony, and which complies with all requirements of Code Section 414(P). As further
described in Section 5.13, a QDRO may expressly provide either for (a) a division of a Participant’s Accrued Benefit between the Participant and an alternate payee, (b) a

  
 12 

	 	 
distribution to an alternate payee, (c) the right of an alternate payee to elect to receive one or more distributions on or after a specified date or occurrence of a specified event, or
(d) the designation of an alternate payee as beneficiary for some or all of the Participant’s benefit upon the Participant’s death. A QDRO shall identify (i) the name and last known mailing address of the Participant and of each
alternate payee (who shall be either a Participant’s spouse, former spouse, child or other dependent); ii) the amount or percentage of the Participant’s benefit to be paid by the Plan to each alternate payee, or the manner in which such
percentage is to be determined; iii) the number of payments or period to which such order applies; and (iv) the name of each benefit plan of the Employer to which it applies. A domestic relations order shall not be treated as an enforceable
QDRO under this Plan unless and until the Administrative Committee (or a person or administrator designated by that Committee) has determined that the domestic relations order conforms to the requirements of Code Section 414(P), describes
benefits that are consistent with the terms of this Plan, and satisfies the requirements of any QDRO guidelines maintained by the Administrative Committee or its designee. 

 

	1.41	“Qualified Service” shall have the meaning stated in Code Section 414(u)(5), and shall refer to an individual’s service in the uniformed services of
the United States to the extent the individual, on or after December 12, 1994, is entitled to re-employment rights (sometimes referred to as “USERRA” rights) and returns to employment in a timely manner following such service
according to chapter 43 of title 38 of the United Stated Code. 

  

	1.42	“Retirement Date” means the date the Participant’s benefits commence. Benefits may begin at the Participant’s Early, Normal, Late or Disability
Retirement Date. Whenever restrictions on benefits are imposed under Section 11.5, the Participant has a Termination of Employment prior to the date on which benefit restrictions are imposed and the Participant has elected a benefit payable in
a form other than as an annuity, the Retirement Date shall be the date the Participant would have received his or her benefit had the Participant elected distribution in the form of an annuity, regardless of when actually paid.

  

	1.43	“Single Life Annuity” means an annuity providing level monthly payments over the life of the annuitant. 

 

	1.44	“Sumitomo Participant” means: 

  

	 	(a)	A Participant in the Sumitomo Plan who became a Participant in this Plan on October 1, 1998 in connection with the October 31, 1998 merger of the Sumitomo
Plan into this Plan, or 

  

	 	(b)	(b) An employee of Sumitomo Bank of California on September 30, 1998 who becomes eligible to participate in this Plan on or before December 31, 1999.

 Based upon his or her status in the Sumitomo Plan on September 30, 1998, and based upon whether or not he
or she became an Eligible Employee on October 1, 1998, a Sumitomo Participant described in subsection (a) shall be deemed an Active Participant, an Inactive Participant, a Terminated Vested Participant, a Disabled Participant or a Retired
Participant in this Plan, as defined in Section 1.36, on October 1, 1998. 
  

	1.45	“Sumitomo Plan” means the Sumitomo Bank of California Pension Plan as in effect immediately prior to November 1, 1998. 

  
 13 

	1.46	“Termination of Employment” means cessation of employment with the Company or any member of the Employer due to: 

 

	 	(a)	voluntary or involuntary termination or separation of employment, or 

  

	 	(b)	failure to return to work for at least 30 days upon the expiration of any Authorized Period of Absence from the Company or any member of the Employer, in which event
cessation of active work will be deemed to have occurred at the time such Authorized Period of Absence expired. 

Transfer of employment, without interruption, between members of the Employer will not be deemed a Termination of Employment. 

 

	1.47	“Trust Agreement” means the agreement between the Company and the Trustee. 

 

	1.48	“Trust Fund” means all money or property held by the Trustee pursuant to the Trust Agreement. 

 

	1.49	“Trustee” means the trustee appointed by the Board of Directors of the Company and named as such in the Trust Agreement. 

 

	1.50	“Year of Vesting Service” means a calendar year after December 31, 1988 during which an Employee completes 1,000 or more Hours of Service except as
follows: 

  

	 	(a)	For Plan Years from December 31,1994 to December 31, 1997, an Employee shall be credited with a partial Year of Vesting Service (measured in calendar months)
in a Plan Year in which the Employee completes less than 1,000 Hours of Service but in which the Employee has a Benefit Service Date or in which the Employee retires, dies, or incurs a Termination of Employment if the Employee completes 83.33 Hours
of Service multiplied by the number of calendar months during such Plan Year in which the Employee completes at least one Hour of Service. The Employee will be credited with months of Service equal to the number of calendar months during the Plan
Year in which the Employee completes at least one Hour of Service. Twelve months of Service will equal a Year of Vesting Service, 

  

	 	(b)	Year of Vesting Service also include Years of Vesting Service earned before January 1, 1989 under the terms of the Plan in effect as of December 31, 1988.

  

	 	(c)	A Participant shall be credited in the 1989 calendar year with 190 Hours of Service for each month in which the Participant earned at least one Hour of Service in his
or her partial Year of Vesting Service (if any) ending on December 31, 1988. 

  

	 	(d)	The foregoing notwithstanding, a Participant must be at least age 18 before he or she can earn a Year of Vesting Service. 

 

	 	(e)	The foregoing notwithstanding, if a Participant who has no vested interest in the Plan incurs a Break in Service, Years of Vesting Service will not include:

  

	 	(1)	service prior to a Break in Service which is not followed by a Year of Vesting Service, and 

 

	 	(2)	service prior to five or more consecutive one year Breaks in Service if the number of consecutive one year Breaks in Service equals or exceeds the number of prior Years
of Vesting Service. 

  
 14 

 This subsection (e) shall not apply to a Sumitomo Participant who failed to earn 501
hours of service under the Sumitomo Plan in any Plan Year ending prior to November 1, 1998, or to a nonvested former participant in the Sumitomo Plan who incurred a Termination of Employment under that plan on or prior to September 30,
1998. 
  

	 	(f)	Years of Vesting Service earned by Grossmont Participants prior to December 31, 1997 shall be calculated as defined under the provisions of the Grossmont Plan.

	 	(g)	Special Rules Applicable to Sumitomo Participants: 

  

	 	(1)	Years of Vesting Service earned by a Sumitomo Participant prior to November 1, 1998 shall be calculated as defined under the provisions of the Sumitomo Plan,

  

	 	(2)	A Sumitomo Participant who earns 1,000 or more Hours of Service in the Plan Year beginning on January 1, 1998 and ending on December 31, 1998, shall be
credited with one Year of Vesting Service. 

  

	 	(3)	After December 31, 1998, a Sumitomo Participant shall be credited with one Year of Vesting Service for each calendar year in which he or she completes 1,000 or
more Hours of Service. 

  

	 	(4)	In no event will a Sumitomo Participant’s Years of Vesting Service be less than what the Sumitomo Participant would have earned under the Sumitomo Plan through his
or her anniversary year ending in the calendar year ending on December 31, 2000. 

  

	 	(h)	Years of Vesting Service earned by Commerce Participants prior to January 1, 1999 shall be credited as determined under the provisions of the Commerce Plan.

  

	 	(i)	Effective April 1, 1997, for a former employee of an acquired company listed on Appendix IV who becomes an Eligible Employee as of the Acquisition Effective Date
listed in that Appendix, the Eligible Employee’s prior service as an employee of the acquired company (or of any affiliate or subsidiary of the acquired company) shall be credited for purposes of determining Years of Vesting Service under this
Plan. 

  

	 	(j)	Effective January 1, 1997, any individual who was a leased employee (as defined in Section 1.20) and who subsequently becomes an Eligible Employee shall be
credited with all years of service as a leased employee for purposes of determining Years of Vesting Service. 

  

	1.51	“Zions” means Zions Bancorporation, which is the sponsor of this Plan and the ultimate parent corporation of the Employer. 

  
 15 

 ARTICLE II 
 PARTICIPATION 
  

	2.1	Participation Date means the date a Participant first becomes an Active Participant, pro-vided that the Participation Date of a Nonvested Former Participant who is
reinstated under Section 2.2 after five or more consecutive one year Breaks in Service shall be the date of reinstatement. 

  

	 	(a)	An Eligible Employee who was an Active Participant in the Plan on March 31, 1997 will continue to be an Active Participant on April 1, 1997.

  

	 	(b)	Except as provided in subsections (c) through (f) below, any other Eligible Employee will become an Active Participant in the Plan on the January 1 or
July I coinciding with or next following the later of (1) the date on which the Employee completes an Eligibility Computation Period during which he or she completes at least 1,000 Hours of Service, or (2) the Employee’s 21st
birthday. 

  

	 	(c)	Effective April 1, 1997, in the case of an Employee who has a period of employment as an Employee or leased employee (as defined in Section 1.20) of an
Affiliate or Subsidiary during which he or she is not an Eligible Employee (either because of the individual’s employment status or because the employing company is not a participating Company), which is followed (without a Break in Service) by
a transition to Eligible Employee status (either because of a change of individual employment status or because the employing company has become a participating Company in this Plan), then the Employee’s Hours of Service prior to becoming an
Eligible Employee shall be credited toward meeting the eligibility service requirement of subsection (b) above, and the Eligible Employee will become an Active Participant on the first day of the month coinciding with or next following the
later of the dates referred to in clause (1) and (2) of subsection (b) above. 

  

	 	(d)	An Eligible Employee who was an active participant in the Grossmont Plan on December 31, 1997 shall become a Participant in this Plan on January 1, 1998 (or,
if later, the date (if any) on which he or she becomes an Eligible Employee). 

  

	 	(e)	An Eligible Employee who was an Active Participant in the Sumitomo Plan on September 30, 1998, shall become a Participant in this Plan effective October 1,
1998. Effective on or before December 31, 1999, any other employee of Sumitomo Bank of California on September 30, 1998 shall become a Participant in this Plan on the first of the month coinciding with or next following the later of
(1) the date on which the Employee completes an Eligibility Computation Period during which he or she completes at least 1,000 Hours of Service, or (2) the Employee’s 21 st birthday. 

 

	 	(f)	An Eligible Employee who was an Active Participant in the Commerce Plan on December 31, 1998, shall become a Participant in this Plan effective
(g) January 1, 1999. 

  

	 	(g)	 Effective April 1, 1997, for a former employee of an acquired company listed on Appendix IV who becomes an Eligible Employee as of the Acquisition
Effective Date listed in that Appendix, the Eligible Employee’s prior service as an employee of the acquired company (or of any affiliate or subsidiary of the acquired company) shall be credited for purposes of eligibility to become an Active
Participant in the Plan. If such Eligible Employee had accrued at least 1,000 hours of service (according to 

  
 16 

	 	 
the records maintained by the acquired company) in the 12-month period ending on the Acquisition Effective Date (and had attained age 21 on or before such date), the Eligible Employee shall
become an Active Participant in this Plan as of the first day of the calendar month coinciding with or first following the Acquisition Effective Date. Otherwise, the Participation Date shall be the first day of the calendar month coinciding with or
first following the date on which the sum of the pre-acquisition service and post-acquisition Hours of Service satisfy the Eligibility Computation Period requirements of subsection (b) above (and the Eligible Employee has attained at least age
21). 

  

	 	(h)	From and after December 31, 2002, no Employee (whether or not an Eligible Employee) who is not already a Participant in the Plan as of December 31, 2002,
shall become a Participant in the Plan or be eligible to commence participation in the Plan. 

  

	2.2	Reinstatement of Active Participation. A Terminated Vested Participant, a Retired Participant, an Inactive Participant, or a Nonvested Former Participant who again
becomes an Eligible Employee or who returns from an Authorized Period of Absence will be reinstated as an Active Participant on the day he or she is reinstated as an Eligible Employee or returns from such Authorized Period of Absence.

  
 17 

 ARTICLE III 
 ESTABLISHMENT AND MAINTENANCE OF CASH BALANCE ACCOUNT 
 Except as otherwise stated, this
Article shall be effective as of April 1, 1997. 
  

	3.1	Initial Establishment of Cash Balance Account. 

  

	 	(a)	A Cash Balance Account will be established for each Participant on the date he or she first becomes a Participant. The initial balance in the Cash Balance Account will
be zero, With respect to each person who is an Active Participant or a Disabled Participant on March 31, 1997, a Cash Balance Account will be established as of January 1, 1997. The initial balance in the Participant’s Cash Balance
Account will equal the present value of the Active or Disabled Participant’s accrued benefit under the Plan as of December 31, 1996, expressed in the form of a Single Life Annuity. The present value will be determined using a 7% interest
rate and the Participant’s age on December 31, 1996, and the Applicable Mortality Table described in Section 1.4(b)(1) which is in effect as of such date. 

 

	 	(b)	With respect to each Inactive Participant and Terminated Vested Participant on March 31, 1997 who becomes an Active Participant on or after April 1, 1997 and
each Nonvested Former Participant on March 31, 1997 who becomes an Active Participant and does not lose his or her prior vested interest in accordance with Section 1.50(e), a Cash Balance Account will be established on the date he or she
again becomes an Active Participant. The initial balance in the Participant’s Cash Balance Account will equal the present value of the Participant’s accrued benefit under the Plan as of December 31, 1996, expressed in the form of a
Single Life Annuity. The present value will be determined using a 7% interest rate, the Participant’s age on the date he or she again becomes an Active Participant, and the Applicable Mortality Table described in Section 1.4(b)(1) which is
in effect as of such date. 

  

	 	(c)	A Cash Balance Account will be established for each Grossmont Participant who becomes an Active Participant in this Plan on January 1, 1998. The initial balance in
the Grossmont Participant’s Cash Balance Account will equal the present value of his or her accrued benefit under the Grossmont Plan as of December 31, 1997, expressed in the form of a Single Life Annuity. The present value will be
determined using a 7% interest rate, the Participant’s age on December 31, 1997, and the Applicable Mortality Table described in Section 1.4(b)(1) which is in effect as of such date. 

 

	 	(d)	With respect to each Inactive Participant and Terminated Vested Participant (as defined in Sections 1.27 and 1.36 of this Plan) in the Grossmont Plan on
December 31, 1997 who becomes an Active Participant in this Plan or after January 1, 1998 and each Nonvested Former Participant in the Grossmont Plan on December 31, 1997 who becomes an Active Participant in this Plan and does not
lose his or her prior vested interest in accordance with Section 1.50, a Cash Balance Account will be established on the date he or she becomes an Active Participant in this Plan. The initial balance in the Grossmont Participant’s Cash
Balance Account will equal the present value of his or her accrued benefit under the Grossmont Plan as of December 31, 1997, expressed in the form of a Single Life Annuity. The present value will be determined using a 7% interest rate, the
Grossmont Participant’s age on the date he or she again becomes a Participant, and the Applicable Mortality Table described in Section 1.4(b)(1) which is in effect as of such date. 

  
 18 

	 	(e)	A Cash Balance Account will be established for each Sumitomo Participant who becomes an Active Participant in this Plan on October 1, 1998, The initial balance in
the Sumitomo Participant’s Cash Balance Account will equal the present value of his or her accrued benefit under the Sumitomo Plan as of September 30, 1998, expressed in the form of a Single Life Annuity. The present value will be
determined using a 7% interest rate and the Participant’s age on September 30, 1998, and the Applicable Mortality Table described in Section 1.4(b)(1) which is in effect as of such date. 

 

	 	(f)	With respect to each inactive participant and terminated vested participant in the Sumitomo Plan on September 30, 1998 who becomes an Active Participant in this
Plan after October 1, 1998, and each nonvested former participant in the Sumitomo Plan who becomes an Active Participant in this Plan after October 1, 1998, a Cash Balance Account will be established on the date such Employee becomes an
Active Participant in this Plan. The initial balance in the Sumitomo Participant’s Cash Balance Account will equal the present value of his or her accrued benefit under the Sumitomo Plan as of September 30, 1998, expressed in the form of a
Single Life Annuity. The present value will be determined using a 7% interest rate, the Sumitomo Participant’s age on the date he or she again becomes an Active Participant, and the Applicable Mortality Table described in Section IA(b )(1)
which is in effect as of such date. 

 Notwithstanding the foregoing, the initial balance in the Cash Balance
Account of a Sumitomo Participant who receives a distribution of the actuarial equivalent of his or her full accrued benefit from the Sumitomo Plan on or before October 31, 1998 shall be zero, 

 

	 	(g)	A Cash Balance Account will be established for each Commerce Participant who becomes an Active Participant in this Plan on January 1, 1999. The initial balance in
the Commerce Participant’s Cash Balance Account will equal the present value of his or her accrued benefit under the Commerce Plan as of December 31, 1998, expressed in the form of a Single Life Annuity. The present value will be
determined using the Participant’s age on December 31, 1998, and the interest and mortality basis specified in the Commerce Bancorporation Defined Benefit Plan (as that plan was in effect on December 31, 1998) for terminations
occurring during the 1999 plan year, 

  

	 	(h)	With respect to each inactive participant and terminated vested participant in the Commerce Plan on December 31, 1998 who becomes an Active Participant in this
Plan after January 1, 1999, and each nonvested former participant in the Commerce Plan who becomes an Active Participant in this Plan after January 1, 1999, a Cash Balance Account will be established on the date such Employee becomes an
Active Participant in this Plan. The initial balance in the Commerce Participant’s Cash Balance Account will equal the present value of his or her accrued benefit under the Commerce Plan as of December 31, 1998, expressed in the form of a
Single Life Annuity. The present value will be determined using a 7% interest rate, the Commerce Participant’s age on the date he or she again becomes an Active Participant, and the Applicable Mortality Table described in Section 1.4(b)(
1) which is in effect as of such date. 

 Notwithstanding the foregoing, the initial balance in the Cash Balance
Account of a Commerce Participant who receives a distribution of the actuarial equivalent of his 

  
 19 

 
or her full accrued benefit from the Commerce Plan on or before December 31,1998 shall be zero. 
  

	3.2	Earnings Credits. 

  

	 	(a)	General Rule for Earnings Credits. As of the last day of each Plan Year the Cash Balance Account of each Participant who is employed on that date and who has completed
at least 1,000 Hours of Service during the Plan Year will be credited with an amount equal to the product obtained by multiplying the Participant’s Earnings for the Plan Year by a percentage from the following table, which percentage is based
upon the Participant’s age as of the last day of the Plan Year: 

  

					
	 Attained Age
	  	 Percentage
	 
		
	 Fewer than 30 years
	  	 	2.25	% 
	 At least 30 years, but fewer than 40 Years
	  	 	3.00	% 
	 At least 40 years, but fewer than 50 years
	  	 	4.00	% 
	 At least 50 years, but fewer than 55 years
	  	 	5.25	% 
	 At least 55 years, but fewer than 60 years
	  	 	7.00	% 
	 60 or more years
	  	 	9.25	% 

  

	 	(b)	Acquisitions and Reinstatements in a Year of At Least 1,000 Hours. Notwithstanding the foregoing, in the Plan Year containing a Participant’s Participation Date
(or date of reinstatement as an Active Participant), where the Participation Date (or reinstatement date) is later than January 1 of the Plan Year, but where the Participant accrues 1,000 Hours of Service for the Plan Year, then:

  

	 	(1)	If the Participant received Earnings as an Employee for the period from January 1 of such Plan Year to the Participation Date (or reinstatement date), the Earnings
Credit for that Plan Year shall be the product of the amount determined under Section 3.2(a) times a fraction, the numerator of which is the number of completed months of Plan participation as an Active Participant during the Plan Year, and the
denominator of which is 12 (or, if less, the number of months from January 1 to the date of the Participant’s Termination of Employment; and 

  

	 	(2)	If the Participant did not receive Earnings as an Employee prior to his or her Participation Date (for example, if a Participant has a right to an immediate
Participation Date upon an Acquisition Date as described in Section 3.2(c), or a right to an immediate reinstatement of Participation following a Break in Service or Period of Authorized Absence as described in Section 2.2), then the
Earnings Credit shall be determined as described in 3.2(a) taking into account the Earnings from the Participation Date through December 31 (or, if earlier, the date of the Participant’s Termination of Employment, as described in
Section 3.2(c)). 

  

	 	(c)	 Acquisitions in a Year of Less Than 1,000 Hours. This subsection shall apply to a Participant who becomes a Participant in this Plan as the result of
an acquisition with an “Acquisition Effective Date” (as stated in Appendix N) other than January 1 of a Plan Year, and who fails to complete 1,000 Hours of Service in the Plan Year containing the Acquisition Effective Date. Such a
Participant shall be entitled to an Earnings Credit for such Plan Year, if such Participant’s Hours of Service earned following the Acquisition Effective Date, when annualized, equal or exceed 1,000. The annualized hours shall be the product of
the Participant’s actual Hours of 

  
 20 

	 	 
Service times a fraction, the numerator of which is 12 and the denominator of which is the number of completed months as an Active Participant during the said Plan Year. The Earnings Credit for
such Plan Year shall be as stated in Section 3.2(b)(2). For this purpose, Earnings will not include amounts earned prior to the Acquisition Effective Date. 

 

	 	(d)	Earnings Credit If Employment Terminates Prior to Year End. Subject to the terms of subsection (e), the Cash Balance Account of a Participant who is not an Employee on
the last day of the Plan Year but who has completed at least 1,000 Hours of Service during the Plan Year will be credited as of the last day of the Plan Year or, if earlier, as of the date on which the Participant’s benefit is paid or commences
to be paid, with an amount calculated in the manner described in the applicable subsection of this Section 3.2, but based upon the Participant’s Earnings for the Plan Year and the age of the Participant as of the date on which he or she
incurs a Termination of Employment. 

  

	 	(e)	Terminations of Employment in Plan Year 2000. Effective January 1, 2000, in the case of a Participant who had a Termination of Service for any reason between
January 1, 2000 and December 31, 2000, the Participant shall be entitled to an Earnings Credit for the 2000 Plan Year if the Hours of Service he or she accrued prior to the Termination of Employment, when annualized, equal or exceed 1,000.
The annualized hours shall be the product of the Participant’s actual Hours of Service times a fraction, the numerator of which is 12 and the denominator of which is the number of completed months as an Employee during the said Plan Year.

  

	 	(f)	Unless otherwise provided by further amendment, from and after December 31, 2002, no Cash Balance Account of any Participant shall accrue any further contribution
or earnings credit under this Section 3.2. 

  

	 	(g)	Earnings Credits for Grandfather Participants. As of the last day of each Plan Year the Cash Balance Account of each Grandfather Participant (as defined in
Section 4.8(b)) who is employed on that date and who has completed at least 1,000 Hours of Service during the Plan Year will be credited with an amount equal to the product obtained by multiplying the Grandfather Participant’s Earnings for
the Plan Year by a percentage from the following table, which percentage is based upon the Grandfather Participant’s age as of the last day of the Plan Year: 

 

					
	 Attained Age
	  	 Percentage
	 
	 At least 55 years, but less than 60 years
	  	 	4.00	% 
	 60 or more years
	  	 	6.25	% 

  

	3.3	Interest Credits. 

  

	 	(a)	General Rule for Quarterly Interest Crediting. For calendar quarters commencing on and after April 1, 1997, as of the last day of each calendar quarter, the Cash
Balance Account of each Participant who has a Cash Balance Account on that date will be credited with interest on the balance in the account as of the first day of the Plan Year. Interest will be credited at the rate of 25% of the annual rate of
interest on 30-year Treasury securities for November of the previous Plan Year. If a Participant’s benefit commences prior to the end of a calendar quarter, no interest will be credited for the quarter. Notwithstanding the provisions of
Section 3.2(f), Interest 

  
 21 

	 	 
Credits shall continue to accrue as provided in Section 3.3 for each Participant who has a Cash Balance Account in the Plan as of January 1, 2003. 

 

	 	(b)	If An Account Balance Is Established During a Plan Year. Notwithstanding the prior paragraph, the terms of this subsection shall apply to a Participant who, on a date
subsequent to April 1, 1997, has a right to have a Cash Balance Account established during the course of a Plan Year with an opening balance greater than zero, either in the case of a reinstatement of Active Participant status as described in
Section 3.1(b) or 3.5(a), or in the case of an initial Participation Date of a former employee of an acquired company described in Section 3.1 (d), 3.1(e), 3.1(f) or 3.1(h). In such a case, the Participant’s Cash Balance Account shall
be credited with interest during the remainder of such a Plan Year (subject to the terms of Section 3.4, if applicable), as follows. 

  

	 	(1)	As of the last day of the calendar quarter in which the Cash Balance Account is established, the interest for such initial calendar quarter shall be the product of the
opening balance of the Cash Balance Account, times 25% of the annual rate of interest (as stated subsection (a) above), times a fraction, the numerator of which is the number of complete calendar months from the effective date of the
establishment of the Cash Balance Account to the end of the calendar quarter, and the denominator of which is three. 

  

	 	(2)	In any subsequent calendar quarter during the same Plan Year, interest shall be credited as stated in Section 3.1(a), except that the principal amount shall be the
opening balance of the Cash Balance Account rather than the balance as of January 1 of the Plan Year. 

  

	3.4	Maintenance of Account after Termination of Employment until Benefit Commencement. 

 

	 	(a)	After Termination of Employment. After Termination of Employment, a Participant’s Cash Balance Account will continue to be maintained and credited with interest
pursuant to Section 3.3, until the Participant’s benefit commences to be paid or is deemed to be paid under Section 6.3(b). 

  

	 	(b)	If Re-Employed with an Existing Cash Balance Account Prior to Benefit Commencement. This subsection shall apply to a Terminated Vested Participant who (i) is
reemployed as an Eligible Employee of the Company, (ii) is reinstated to Active Participant status as of such re-employment date according to Section 2.2, and (iii) has an existing Cash Balance Account. In such a case, on and after
the date of reinstatement of Active Participant status, the Cash Balance Account will continue to be credited with interest on a quarterly basis, and the Active Participant shall have a right to receive Earnings Credits to the extent provided in
Section 3.2(b). 

  

	3.5	Establishment of New Account if Re-employed After Benefit Commencement. 

  

	 	(a)	 If a Nonvested Former Participant’s Cash Balance Account has ceased to be maintained due to the deemed zero-dollar “cash-out”
distribution (under Section 6.3(b» of his or her entire interest under the Plan, he or she becomes an Active Participant prior to incurring five consecutive Breaks in Service, and he or she completes a Year of Vesting Service following
the date of re-employment, then, as of the date of becoming an Active Participant (but contingent upon satisfying the said Year of Service requirement), the Participant’s Cash Balance Account will be restored to the balance in the Cash Balance
Account as of the previous Termination of Employment 

  
 22 

	 	 
date, increased for interest in accordance with Section 3.3 for the period from the Termination of Employment date to the date the Participant again became an Active Participant.

  

	 	(b)	If a Retired Participant is re-employed by the Company and again becomes an Active Participant in the Plan after his or her Cash Balance Account has ceased to be
maintained pursuant to Section 3.4, a new Cash Balance Account, with an initial balance of zero, will be established as of the last day of the Plan Year in which he or she again becomes an Active Participant. The Cash Balance Account will be
credited with earnings and interest as provided in Sections 3.2 and 3.3. Any Retirement Income which is being paid as a monthly benefit to the Retired Participant as of the date of his or her re-employment shall not be suspended and shall be
unaffected by the resumption of employment. The benefit accrued by the Participant from the date of re-employment to the subsequent Termination of Employment shall be subject to an election by the Participant with respect to the form and timing of
the benefit which is separate and independent from the election that was applicable to the benefit that commenced on the prior Retirement Date. Moreover, to the extent that a spousal consent is applicable to the benefit that accrued subsequent to
the re-employment date, the person with the right to consent shall be the Eligible Spouse (if any) to whom the Participant is legally married at the time of the commencement of the benefit that accrued subsequent to the re-employment date, and not
the Eligible Spouse as of the first Retirement Date. 

  

	3.6	Market Rate of Interest. With respect to any distribution made from a Participant’s Cash Balance Account after August 17, 2006, the interest rate used for
accumulating a Participant’s Cash Balance Account shall not exceed a market rate of return. Regardless of the rate specified in the Plan an interest credit (or equivalent amount) of less than zero shall in no event result in the Cash Balance
Account or similar amount being less than the aggregate amount of contributions credited to the Cash Balance Account. Notwithstanding the foregoing, upon termination of the Plan: 

 

	 	(a)	If the interest credit rate (or an equivalent amount) under the Plan is a variable rate, then the rate of interest used to determine a Participant’s Cash Balance
Accrued Benefit under the Plan shall be equal to the average of the rates of interest used under the Plan during the 5-year period ending on the termination date; and 

 

	 	(b)	The interest rate and mortality table used to determine the amount of any Cash Balance Accrued Benefit under the Plan payable in the form of an annuity at normal
retirement age shall be the rate and table specified under the Plan for such purpose as of the termination date, except that if the interest rate is a variable rate, the interest rate shall be determined under the rules of subsection (a) above.

  
 23 

 ARTICLE IV 
 ACCRUED BENEFIT 
  

	4.1	Accrued Benefit. A Participant’s Accrued Benefit is equal to the largest of the benefits described in Sections 4.2, 4.3, or 4.4. Notwithstanding anything to the
contrary herein, in no event will the benefit payable to a Participant be less than the following: 

  

	 	(a)	The Accrued Benefit of a Participant who was a Participant in the Plan on March 31, 1997, shall not be less than the benefit accrued by such Participant under the
Plan on March 31, 1997. 

  

	 	(b)	The Accrued Benefit of a Grossmont Participant shall not be less than the benefit accrued by such Grossmont Participant under the Grossmont Plan on December 31,
1997. 

  

	 	(c)	The Accrued Benefit of a Sumitomo Participant shall not be less than the benefit accrued by such Sumitomo Participant under the terms of the Sumitomo Plan (as in effect
on September 30, 1998) with benefit accruals based on the earlier of the Participant’s Termination of Employment or December 31, 1999. 

  

	 	(d)	The Accrued Benefit of a Commerce Participant shall not be less than the benefit accrued by such Commerce Participant calculated as of December 31, 1998 under the
terms of the Commerce Plan. 

  

	 	(e)	Notwithstanding the provisions of Section 3.2(f), the account balance of a Participant who was a Participant in the Plan on December 31, 2002, and which is
used to calculate the Cash Balance Account shall never be smaller than the account balance as of December 31, 2002. If greater than the foregoing, the Accrued Benefit calculated under Section 2.3 of Appendix III for a Participant who is a
Great Grandfather Participant (as defined in Section 4.4) shall never be less than the Accrued Benefit determined under that Section for the Participant on December 31, 2002. 

 

	4.2	Cash Balance Accrued Benefit. A Participant’s cash balance accrued benefit is a monthly benefit in the form of a Single Life Annuity commencing on his or her
Normal Retirement Date, or the current date, if later, which is the Actuarial Equivalent of the balance in the Participant’s Cash Balance . Account as of his or her Normal Retirement Date, or the current date, if later. For purposes of
determining a Participant’s cash balance accrued benefit: 

  

	 	(a)	The balance in the Participant’s Cash Balance Account as of the Participant’s Normal Retirement Date, if the Participant has not yet reached that date, will
be determined by projecting the balance in the Participant’s Cash Balance Account at the determination date to the Participant’s Normal Retirement Date. The projection will be accomplished by applying the interest credits specified in
Section 3.3 from the determination date (the date on which benefits are being determined) to the Participant’s benefit commencement date (the date on which benefits commence) and by applying the interest credit in Section 3.3 during
the year of benefit commencement for each year from the benefit commencement date to the Participant’s Normal Retirement Date. 

  

	 	(b)	 The monthly benefit in the form of a Single Life Annuity will be determined by using the assumptions for Actuarial Equivalence described in
Section 1.4(a) and the age 

  
 24 

	 	 
of the Participant as of his or her Normal Retirement Date, or the current date, if later. 

  

	4.3	Minimum Accrued Benefit. A Participant’s minimum accrued benefit is the monthly benefit accrued by such Participant under the Plan on March 31, 1997, as
defined in Section 2.2 of Appendix Ill. 

  

	4.4	Grandfathered Minimum Accrued Benefit. Any Active Participant or Disabled Participant on March 31, 1997 who, as of December 31, 1997, has attained 55 years of
age and has completed 10 Years of Vesting Service is eligible to receive a grandfathered minimum accrued benefit described in Section 2.3 of Appendix III. An Active Participant who satisfies the requirements of the first sentence of this
Section 4.4 on December 31, 2002, (a “Great Grandfather Participant”) shall continue effective January 1, 2003, to accrue all benefits which were available to such Great Grandfather Participant under this Plan as of
December 31, 2002, and the provisions of Section 3.2(f) shall not apply to such Great Grandfather Participant. 

  

	4.5	Accrued Benefit Attributable to the Old Plan Account. The Accrued Benefit Attributable to the Old Plan Account as of the Participant’s Normal Retirement Date, or
current date if later, will be equal to the Participant’s Old Plan Account expressed as a monthly benefit under a Single Life Annuity commencing on his or her Normal Retirement Date, or current date if later, using Actuarial Equivalence as
provided in Section 1.4(a). 

 The Accrued Benefit Attributable to the Old Plan Account as of the
Participant’s Early Retirement Date will be equal to the monthly benefit determined under the foregoing paragraph and, reduced by 5/9 of 1 % for each of the first 60 months by which the Early Retirement Date precedes his or her Normal
Retirement Date and by 5/18 of 1 % for each of the next 60 such months. 
  

	4.6	Accrued Benefit Attributable to Company Contributions. The Accrued Benefit Attributable to Company Contributions will be equal to the excess, if any, of the Accrued
Benefit over the Accrued Benefit Attributable to the Old Plan Account. 

  

	4.7	Old Plan Account. A Participant’s Old Plan Account is his or her individual account balance under this Plan which resulted from the transfer of funds from a
terminated plan formerly sponsored by the Company. The Old Plan Account shall include interest from the transfer date to the earlier of the Participant’s Retirement Date or the date on which the Participant’s Old Plan Account is otherwise
payable pursuant to the provisions of this Plan (the determination date) as follows: The rate of interest shall be compounded annually. For Plan Years beginning before January 1, 1988 and continuing to the determination date, the interest rate
shall be 5%, For each Plan Year beginning on or after January 1, 1988 and continuing to the determination date, the interest rate shall be 120% of the federal mid-term rate (as defined in Code Section 1274) in effect on the first day of
such Plan Year. For purposes of determining the Accrued Benefit Attributable to the Old Plan Account, the Old Plan Account shall also include interest, compounded annually, at the Actuarial Equivalent interest rate (Section 1.4(a)) applicable to the
determination date year, for each Plan Year from the determination date to the Participant’s Normal Retirement Date. In no event can a Participant’s Old Plan Account be withdrawn prior to Termination of Employment, death or retirement.
This section is effective January 1, 1995. 

  

	4.8	Continuing Accrual of Benefits for Grandfather Participants. 

  
 25 

	 	(a)	Notwithstanding the provisions of Section 3.2(f), a Participant who was an Active Participant in the Plan on December 31, 2002, and who satisfies the
definition of “Grandfather Participant” in 4.8(b) on that date shall continue to accrue all benefits available to such Grandfather Participant under this Plan as of December 31, 2002, except that Earnings Credits for the Grandfather
Participant’s Cash Balance Account after December 31, 2002, shall accrue and be determined by reference to Section 3.2(g) and not Section 3.2(a). 

 

	 	(b)	“Grandfather Participant” shall mean for purposes of Section 4.8(a) an Active Participant on December 31, 2002, who: 

 

	 	(1)	had attained at least age fifty-five (55), and 

  

	 	(2)	was credited with at least ten (10) Years of Vesting Service. 

  
 26 

 ARTICLE V 
 AMOUNT OF RETIREMENT INCOME 
  

	5.1	Monthly Retirement Income. A Participant’s monthly retirement income commencing on his or her Normal Retirement Date, Early Retirement Date, Late Retirement Date,
or Disability Retirement Date will be equal to his or her benefit described in Section 5.2,5.3, 5.4, or 5.5. 

  

	5.2	Normal Retirement Income. The monthly amount of retirement income payable to a participant retiring on his or her Normal Retirement Date will be equal to the Accrued
Benefit earned to his or her Normal Retirement Date. This amount is reduced by the Accrued Benefit Attributable to the Old Plan Account if the Participant has previously taken a lump sum payment of the Old Plan Account under Section 5.7(d).
This Retirement Income will be subject to adjustment depending on the Form of Retirement Income elected in accordance with Section 5.7. 

  

	5.3	Early Retirement Income. 

  

	 	(a)	The Early Retirement Income amounts described in this Section 5.3 will be subject to adjustment depending on the Form of Payment elected in accordance with
Section 5.7, 

  

	 	(b)	The monthly amount of retirement income payable to a Participant retiring on an Early Retirement Date is the greater of: 

 

	 	(1)	The Actuarial Equivalent value of the Participant’s Cash Balance Account as of the Early Retirement Date using the assumptions for Actuarial Equivalence described
in Section 1.4(a) and the age of the Participant as of the Early Retirement Date. 

  

	 	(2)	The Minimum Early Retirement Benefit as described in Article 3 of Appendix III. 

 The above amount is reduced by the Accrued Benefit Attributable to the Old Plan Account as of the Participant’s Early Retirement Date, as determined under Section 4.5 if the Participant has
taken a lump sum payment of the Old Plan Account under Section 5.7(d). 
  

	 	(c)	A Grossmont Participant’s minimum early retirement benefit shall be at least equal to the Actuarial Equivalent of his or her Accrued Benefit determined as of
December 31, 1997. Actuarial Equivalent shall be calculated using: 

  

	 	(1)	Interest at a rate of 7% per annum, compounded annually, and 

  

	 	(2)	Mortality determined in accordance with the Unisex Pension 1984 Mortality Table, set back three years for both males and females. 

 

	 	(d)	A Sumitomo Participant’s minimum early retirement benefit payable on an Early Retirement Date shall be equal to the Sumitomo Participant’s Accrued Benefit
described in Section 4.1 (c) multiplied by an early retirement factor from the table below: 

  

					
	 Participant’s Age
 At Commencement
	  	Factor	 
		
	 55
	  	 	.4912	  
	 56
	  	 	.5236	  

  
 27 

					
	 57
	  	 	.5572	  
	 58
	  	 	.5956	  
	 59
	  	 	.6364	  
	 60
	  	 	.6820	  
	 61
	  	 	.7336	  
	 62
	  	 	.7888	  
	 63
	  	 	.8524	  
	 64
	  	 	.9220	  
	 65
	  	 	1.000	  

 Interpolation shall be
used to determine the Factor applicable to the minimum benefit calculation of a Participant who retires in any month other than his or her month of birth. 
  

	 	(e)	A Commerce Participant’s early retirement benefit shall be at least equal to the Actuarial Equivalent of his or her Accrued Benefit determined as of
December 31, 1998 under the terms of the Commerce Plan. For the purpose of this subsection (e) Actuarial Equivalent for a Commerce Participant, shall be calculated using the 1984 Uniform Pensioners Mortality Table and an interest rate
equal to the lesser of 100% of the Pension Benefit Guaranty Corporation’s immediate interest rate in effect on the first day of the Plan Year in which the Commerce Participant retires or 4%. 

 

	5.4	Late Retirement Income. 

  

	 	(a)	The monthly amount of Retirement Income payable to a Participant retiring on a Late Retirement Date will be equal to the Participant’s Accrued Benefit earned to
the Late Retirement Date. The amount determined according to the previous sentence is reduced by the Accrued Benefit Attributable to the Old Plan Account if the Participant has previously taken a lump sum payment of the Old Plan Account under
Section 5.7(d). This Retirement Income will be subject to adjustment depending on the Form of Retirement Income elected in accordance with Section 5.7. 

 

	 	(b)	The minimum late retirement benefit of a Grossmont Participant shall be at least equal to the Actuarial Equivalent of his or her Accrued Benefit determined as of
December 31, 1997, and taking into account his or her years of benefit service and final average monthly earnings, as defined in the Grossmont Plan, as of December 31, 1997. Actuarial Equivalent shall be calculated using:

  

	 	(1)	Interest at a rate of 7% per annum, compounded annually, and 

  

	 	(2)	Mortality determined in accordance with the 1984 Unisex Pensioners Mortality Table, set back three years for both males and females. 

 

	 	(c)	The minimum late retirement benefit of a Sumitomo Participant shall never be less than his or her Accrued Benefit determined under Section 4.1 (c).

  

	5.5	Disability Retirement Income is described in Section 7.4. 

  

	5.6	Application for Retirement Income. Each Participant must notify the Committee in writing of his or her intent to retire. Upon receipt of such notification, each
Participant will receive a written explanation of the terms and conditions of the various Forms of Retirement Income and the financial effect of electing each Form of Retirement Income. A Participant will have the right to elect or revise a
previously elected Form of Retirement Income at any time during his or her Election Period. 

  
 28 

 A Participant’s Election Period is the 90 day period ending on the date his or her
Retirement Income is to begin. The Committee will make Election Information available to a Participant within a reasonable period of time prior to the date Retirement Income is to begin. In no event will a Participant’s Election Period end
prior to the 30th day next following the day on which Election Information and the information provided in accordance with the first paragraph of this Section 5.6 are first made available to him. 

For purposes of this Section, Election Information will include: 

 

	 	(a)	a written explanation of each form of Retirement Income and the relative financial effect of the payment of Monthly Retirement Income in that form;

  

	 	(b)	a statement of the right to consider the benefit election for at least 30 days; and 

 

	 	(c)	a notification that Retirement Income payments will be made in the 50% Spouse Option form (or the Life Annuity Form if the Participant is not married) unless he or she
elects otherwise during the Election Period and his or her spouse consents to such election. 

 The Participant
must elect a form of payment in writing. An election of a form of payment other than a Spouse Option will not be valid without the written consent of the Participant’s spouse. The spouse’s consent must acknowledge the effect of the
election and must be witnessed by a plan representative or notary public. The Participant may change his or her election at any time, and any number of times, during the 90 day period ending on the date his or her Retirement Income is to begin. The
Participant may not change the form of payment without further spousal consent unless the spouse expressly permits such changes. The requirement for spouse’s consent will be waived if the participant establishes to the satisfaction of the
Committee that such consent cannot be obtained because there is no spouse, the spouse cannot be located or because of such other circumstances as the Secretary of the Treasury may by regulations prescribe. 

The election by the Participant and the consent of the spouse must be obtained no more than 90 days prior to the annuity starting date (as
defined in the previous paragraph). 
 If the spouse of a Participant who has elected a Spouse Option dies before Retirement
Income payments begin, the Retirement Income will be paid to the Participant in the form of the Single Life Annuity. 
 For any
Election Period and any distribution notice issued or Election Information relative thereto provided under this Section or any other Plan Section in Plan Years beginning after December 31, 2006, any reference to a 90-day maximum notice or
election period shall be changed to 180 days. Notices and Election Information given to Participants pursuant to Code §41i(a)(ll) in Plan Years beginning after December 31, 2006, shall include a description of how much larger benefits will
be if the commencement of distributions is deferred. Notices to Participants shall include the relative values of the various optional forms of benefit, if any, under the Plan as provided in Treas. Reg. §1.417(a)-3. This provision is effective
for qualified pre-retirement survivor annuity explanations first provided on or after July 1, 2004; for qualified joint and survivor annuity explanations with respect to any distribution with a Retirement Date on or after February 1, 2006;
and on or after October 2, 2004, with respect to any optional form of benefit subject to the requirements of Code §417(e)(3), if the actuarial present value of that optional form is less than the actuarial present value as determined under
Code §417(e)(3). 

  
 29 

	5.7	Forms of Retirement Income. A Participant retiring on his or her Normal, Early, Late, or Disability Retirement Date may elect one of the following Forms of Retirement
Income payment: 

  

	 	(a)	A Spouse Option provides for a monthly payment during the Participant’s life. After the Participant’s death, a percentage of the Participant’s Retirement
Income will be paid for life to the Participant’s Eligible Spouse. The percentage to be paid to the Participant’s Eligible Spouse will be 50%, 662/3% (for Plan Years after December 31, 2007, 75%) or 100% as elected by the Participant,
The monthly payment under the Spouse Option will be equal to the Actuarial Equivalent of the amount payable under the Life Annuity form using the factors from Appendix I. 

 

	 	(b)	The Life Annuity form provides for a monthly payment during the Participant’s life, with the last payment being made for the month in which the Participant’s
death occurs. 

  

	 	(c)	Lump Sum Payment Option provides for a single payment equal to the greater of the balance in the Participant’s Cash Balance Account as of the Participant’s
Retirement Date or the Lump Sum value of his or her Accrued Benefit using the Actuarial Equivalent basis for lump sums provided under Section 1.4(a). If a Participant took a lump sum payment of his or her Old Plan Account before retirement, the
Lump Sum Payment Option shall be based on the Accrued Benefit Attributable to Company Contributions as described in Section 4.6. If a Participant maintains an Old Plan Account on his or her Retirement date, the lump sum shall not be less than
the sum of the Old Plan Account on the Retirement Date and the Lump Sum Payment Option amount using the Accrued Benefit Attributable to Company Contributions as described in Section 4.6. 

 

	 	(d)	Lump Sum Payment of Old Plan Account Option provides for a lump sum payment of the Participant’s Old Plan Account. The Participant’s Accrued Benefit
Attributable to Company Contributions is paid in a Life Annuity, Spouse Option, or Lump Sum Payment Option form as elected by the Participant. This form of payment is available to a Participant only one time, at the earlier of his or her retirement
or Termination of Employment. 

  

	 	(e)	Options Available Only to Grossmont Participants. In addition to the forms described in subsections (a) through (d) above, the following additional forms of
benefit are available only to Grossmont Participants: 

  

	 	(1)	Ten Year Certain and Life Thereafter Option. The Ten Year Certain and Life Thereafter Option provides a reduced monthly Retirement Income commencing on the Grossmont
Participant’s Retirement Date and ceasing with the payment for the month in which the Grossmont Participant’s death occurs. The Ten Year Certain and Life Thereafter Option shall be the Actuarial Equivalent of a Single Life Annuity Option.
If a Grossmont Participant’s death should occur before 120 monthly payments have been made, such payment shall continue to his or her Beneficiary(ies) until the earlier of (a) the Beneficiary(ies) death(s), or (b) a total of 120
monthly Retirement Income payments to the Grossmont Participant and his or her Beneficiary(ies) have been made. 

If a Grossmont Participant designates joint Beneficiaries, upon the Grossmont Participant’s death prior to the payment of 120
monthly payments, any surviving Beneficiaries shall share equally. 

  
 30 

 In the event that the (or all) Beneficiary(ies) and the Grossmont Participant die prior to
the payment of a total of 120 monthly Retirement Income payments to the Grossmont Participant and/or his or her Beneficiary(ies); the balance of such 120 monthly payments shall be payable to the estate of the last survivor. 

In the event the Grossmont Participant and his or her Beneficiary(ies) die prior to the date the Grossmont Participant’s benefits
are scheduled to commence, the rights of all persons shall be the same as if the option had not been elected, 
  

	 	(2)	The Ten Year Certain Option provides a monthly Retirement Income commencing on the Grossmont Participant’s Retirement Date and ceasing after 120 monthly payments
have been made. The Ten Year Certain Option shall be the Actuarial Equivalent of a Single Life Annuity Option. 

If a Grossmont Participant’s death should occur before 120 monthly payments have been made, such payment shall continue to his or
her Beneficiary(ies) until the earlier of (a) the Beneficiary(ies’) death(s), or (b) a total of 120 monthly Retirement Income payments to the Grossmont Participant and/or his or her Beneficiary(ies) have been made. 

If a Grossmont Participant designates joint Beneficiaries, upon the Grossmont Participant’s death prior to the payment of 120
monthly payments, any surviving Beneficiaries shall share equally. 
 In the event that the (or all) Beneficiary(ies) and the
Grossmont Participant die prior to the payment of a total of 120 monthly Retirement Income payments to the Grossmont Participant and/or his or her Beneficiary(ies), the balance of such 120 monthly payments shall be payable to the estate of the last
survivor. 
 In the event the Grossmont Participant and his or her Beneficiary(ies) die prior to the date the Grossmont
Participant’s benefits are scheduled to commence, the rights of all persons shall be the same as if the option had not been elected. 
  

	 	(3)	For the purpose of this subsection (e), Actuarial Equivalent shall be calculated using: 

 

	 	(A)	Interest at a rate of 7% per annum, compounded annually, and 

  

	 	(B)	Mortality determined in accordance with the 1984 Unisex Pensioners Mortality Table, set back three years for both males and females. 

 

	 	(4)	This subsection (e) shall only apply to the portion of a Grossmont Participant’s Accrued Benefit earned prior to January 1, 1998. The portion of a
Grossmont Participant’s Accrued Benefit earned on or after December 31, 1997 shall be paid in one of the forms described in subsections (a) through (d) of this Section 5.7. 

 

	 	(5)	A Grossmont Participant’s Accrued Benefit payable under any form described in this Section 5.7(e) shall never be less than his or her Accrued Benefit
calculated as of December 31, 1997 under the terms of the Grossmont Plan. 

  
 31 

	 	(f)	Options Available to Sumitomo Participants: In addition to the forms described in subsections (a) through (d), the following additional forms of benefit are
available only to Sumitomo Participants: 

  

	 	(1)	Joint and Survivor Annuity. A Sumitomo Participant may elect to have a fraction, either 50% or 100%, of his or her Life Annuity continue after his or her death to the
Sumitomo Participant’s Beneficiary for life, if the Beneficiary survives the Sumitomo Participant, A Joint and Survivor Annuity payable to a Sumitomo Participant who receives a benefit under Section 4.1 (c) shall be the Actuarial
Equivalent of the benefit otherwise payable as a Single Life Annuity (taking into account whichever 50% or 100% option is elected), and using the following Actuarial assumptions: (A) 4% interest, and (B) the 1984 Unisex Pension mortality
table with a four-year setback for the age of the Participant and no set-back for the age of the Beneficiary, and (C) the respective ages (in completed months as of the benefit commencement date) of the Participant and Beneficiary. The
Beneficiary must be irrevocably designated before benefits commence. 

  

	 	(2)	Level Income Option. A Sumitomo Participant who retires prior to his or her Normal Retirement Date and whose benefit is paid in the form of a Life Annuity may elect to
receive his or her benefits in a greater amount during the period before Social Security benefits could first be paid and a correspondingly reduced amount after such benefits first become payable, such that the total income (including the adjusted
benefit payable under the Plan and the Social Security benefit to which the Sumitomo Participant is entitled) shall be as nearly uniform as possible both before and after commencement of Social Security benefits. The amount of the adjustment to the
Sumitomo Participant’s benefit shall be calculated using the factors in Appendix III of the Sumitomo Plan, provided that in no event shall value of the benefit payable under this subsection ever be less than that determined by applying the
Actuarial Equivalence factors for lumps sum payments described in Section 1.4(a)(ii). 

  

	 	(3)	This subsection (f) shall only apply to the portion of the Sumitomo Participant’s Accrued Benefit attributable to Section 4. 1 (c). The portion of a
Sumitomo Participant’s Accrued Benefit not attributable to Section 4.1 (c) shall be paid in one of the forms described in subsections (a) through (d) of this Section 5.7. 

 

	 	(4)	A Sumitomo Participant’s Accrued Benefit payable in any form under this Section 5.7 shall never be less than his or her Accrued Benefit calculated as of
December 31, 1999 under the terms of the Sumitomo Plan. 

  

	 	(g)	Options Available to Commerce Participants. In addition to the forms described in subsections (a) through (d), the following additional forms of benefit are
available only to Commerce Participants: 

  

	 	(1)	 The Post-retirement 75% Spouse Option provides a monthly payment during the Commerce Participant’s life. After the Commerce Participant’s
death 75% of the Commerce Participant’s Retirement Income will be paid for life to the Commerce Participant’s Eligible Spouse. The initial monthly payment under the 75% Spouse Option will be equal to the Actuarial Equivalent of the amount
payable under the Life Annuity form. For the purpose of this paragraph (1), Actuarial Equivalent shall be calculated using the 1984 Uniform 

  
 32 

	 	 
Pensioners Mortality Table and an interest rate equal to the greater of 100% of the Pension Benefit Guaranty Corporation immediate interest rate in effect on the first day of the Plan Year in
which the Commerce Participant retires or 6.5%. 

 This paragraph (1) shall only apply to the portion of
the Commerce Participant’s Accrued Benefit earned prior to January 1, 1999 under the terms of the Commerce Plan, The portion of a Commerce Participant’s Accrued Benefit earned on or after January 1, 1999 shall be paid in one of
the forms described in subsections (a) through (d) of this Section 5.7. 
  

	 	(2)	The Pre-retirement Spouse Options provide a “monthly payment during the Commerce Participant’s life starting on the first of any month following his or her
Termination of Employment, which date shall be considered the Annuity Starting Date for the purpose of this form of benefit, and prior to his or her Early Retirement Date as described in Section 1.17. After the Commerce Participant’s death
50%, 75% or 100% of the Commerce Participant’s Retirement Income will be paid for life to the Commerce Participant’s Eligible Spouse. The initial monthly payment under the Preretirement Spouse Option will be equal to the Actuarial
Equivalent of the amount payable under the Life Annuity form. For the purpose of this paragraph, Actuarial Equivalent shall be calculated using the 1984 Uniform Pensioners Mortality Table and an interest rate equal to the greater of 100% of the
Pension Benefit Guaranty Corporation immediate interest rate in effect on the first day of the Plan Year in which the Commerce Participant’s Annuity Starting Date occurs or 6.5%. 

This paragraph (2) shall only apply to the portion of the Commerce Participant’s Accrued Benefit earned prior to
January 1, 1999 under the terms of the Commerce Plan. The portion of a Commerce Participant’s Accrued Benefit earned on or after January 1, 1999 shall be paid in one of the forms described in subsections (a) through (d) of
this Section 5.7. 
  

	 	(3)	Commerce Lump Sum Option. A Commerce Participant may elect to receive the Actuarial Equivalent of his or her Accrued Benefit earned before January 1, 1999 in the
form of a single payment effective on the first of any month following Termination of Employment, which date shall be considered the Annuity Starting Date for the purpose of this form of benefit. For the purpose of this paragraph (3) Actuarial
Equivalent shall be calculated using the 1984 Uniform Pensioners Mortality Table and an interest rate equal to 100% of the Pension Benefit Guaranty Corporation’s (PBGC) interest rates in effect on the first day of the Plan Year in which the
Commerce Participant’s Annuity Starting Date occurs. If the lump sum value using this basis exceeds $25,000 then Actuarial Equivalent shall be calculated using the 1984 Uniform Pensioners Mortality Table and an interest rate equal to 120% of
the PBGC rates, For the period of time prior to the Commerce Participant’s Normal Retirement Date, pre-retirement mortality shall not be used. 

 The portion of a Commerce Participant’s Accrued Benefit earned on or after January 1, 1999 shall be paid on the retirement date elected by the Commerce Participant in one of the forms described
in subsections (a) through (d) of this Section 5,7. 
  

	 	(4)	 A Commerce Participant’s Accrued Benefit payable under any of the forms described in this Section 5.7(g) shall never be less than his or her
Accrued 

  
 33 

	 	 
Benefit calculated as of December 31,1998 under the terms of the Commerce Plan. 

  

	 	(h)	In the event the benefit restrictions of Section 11.5 apply at the time the Participant would otherwise be eligible to elect a lump sum and prevent such an
election, then any election period for the lump sum payment shall be suspended and shall commence or recommence on the earliest possible date following the date the benefit restrictions no longer prevent the Participant from electing a lump sum
distribution. 

  

	5.8	Payment of Small Benefits. Effective for payments to Participants first commencing after September 18, 1998, if a Participant has a Termination of Employment or
dies and the Actuarial Equivalent value of the benefit payable under the Plan to such Participant or his or her Beneficiary does not exceed $5,000 ($3,500, for payments commencing prior to September 18, 1998), the Committee will pay the
Actuarial Equivalent value of such benefit to the Participant or Beneficiary in a lump sum. If a lump sum payment is made, no other benefit under the Plan will be due to the Participant or Beneficiary. However, if the Participant receives less than
the Actuarial Equivalent of his or her full Accrued Benefit, such Accrued Benefit and related service shall be reinstated if the Participant repays the distributed lump sum with interest at one hundred and twenty percent (120%) of the Federal
midterm rate as in effect for the first month of the Plan Year. Such repayment must be made prior to the earlier of (1) the fifth anniversary of the Participant’s reemployment date, or (2) the date the Participant incurs a five-year
Break in Service. 

 If the Participant’s Vested Percentage is zero, the Participant will be deemed to have
received a distribution of the Vested Percentage of his or her Accrued Benefit and to have forfeited the nonvested percentage of his or her Accrued Benefit. 
 If the Actuarial Equivalent value of the Participant’s benefit at the time of a distribution exceeds $5,000 (or $3,500, whichever is applicable), then such value at any subsequent time will be deemed
to exceed $5,000 (or $3,500, whichever is applicable). For any distribution subject to this Section 5.8 commencing on or after March 28, 2005, which is greater than $1,000, if the Participant does not elect to have the distribution paid in
a direct rollover to an “eligible retirement plan” (as defined in Section 5.9(b)(2)) specified by the Participant or to receive the distribution directly in a lump sum cash payment, then the Committee shall cause the Plan to pay the
distribution in a direct rollover to an individual retirement plan designated by the Committee. 
  

	5.9	Eligible Rollover Distribution. 

  

	 	(a)	This Section 5.9 applies to distributions made on or after January 1, 1993. Notwithstanding any provision of the plan to the contrary that would otherwise
limit a distributee’s election under this Section 5.9, a distributee may elect, at the time and in the manner prescribed by the Committee, to have any portion of an eligible rollover distribution paid directly to an eligible retirement
plan specified by the distributee in a direct rollover. 

  

	 	(b)	Definitions. 

  

	 	(1)	 Eligible rollover distribution: An eligible rollover distribution is any distribution of all or any portion of the amount payable by the Plan to a
distributee, except that an eligible rollover distribution does not include: (A) any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the

  
 34 

	 	 
distributee or the joint lives (or joint life expectancies) of the distributee and the distributee’s designated beneficiary, or for a specified period often years or more; (B) any
distribution to the extent such distribution is required under Code Section 401(a)(9); or (C) the portion of any distribution that is not includible in gross income. 

 

	 	(2)	Eligible retirement plan: An eligible retirement plan is an individual retirement account described in Code Section 408(a), an individual retirement annuity
described in Code Section 408(b), an annuity plan described in Code Section 403(a), or a qualified trust described in Code Section 401 (a) that accepts the distributee’s eligible rollover distribution. However, in the case
of an eligible rollover distribution prior to January 1, 2002, that is payable to the surviving Eligible Spouse, an eligible retirement plan is an individual retirement account or individual retirement annuity. 

Effective for distributions occurring on or after January 1, 2002, an “eligible retirement plan” for any distributee
(including a surviving Eligible Spouse) shall include, in addition to the plans and programs mentioned in the first sentence of the previous paragraph, any tax-deferred annuity program under Code Section 403(b) and any deferred compensation
plan of a governmental entity under Code Section 457. 
 For distributions made after December 31, 2007, an eligible
retirement plan shall also mean a Roth IRA described in Code Section 408A(b). 
  

	 	(3)	Distributee: A distributee includes a Participant or an Eligible Spouse. 

  

	 	(4)	Direct rollover: A direct rollover is a payment by the plan to the eligible retirement plan specified by the distributee. 

 

	5.10	Re-employment After Retirement. In order to retire, a Participant must have a Termination of Employment. Effective January 1, 1992, if a Retired Participant is
rehired by the Company, his or her Retirement Income, if being paid in a Life Annuity form, will not be suspended. The Retired Participant may earn additional benefits as provided in Article 3. The benefit attributable to service during the
Participant’s re-employment that is not yet in payment status will be paid, or commence to be paid upon the earlier of the Participant’s subsequent retirement or the Participant’s required beginning date described in
Section 5.11(c). Such benefit may be paid in any form elected by the Participant, which form may be different from the form in which benefits are currently being paid. 

If the Participant dies during such period of re-employment, any death benefits attributable to service during the Participant’s
re-employment will be determined in accordance with Article 8. Any death benefit attributable to service before the Retired Participant’s re-employment will be determined in accordance with the provisions of the applicable Form of Retirement
Income elected at his or her original retirement, 
  

	5.11	Commencement of Benefits. 

  

	 	(a)	Retirement Income payments will begin on the later of the Retirement Date elected by the Participant or the first day of the month following the date on which the
Participant applies for a retirement benefit. 

  

	 	(b)	Unless a Participant elects otherwise, Retirement Income payments will begin not later than the 60th day after the end of the Plan Year in which:

  
 35 

	 	(1)	the Participant’s Normal Retirement Age, or 

  

	 	(2)	the Participant’s Termination of Employment occurs, whichever is later. 

 

	 	(c)	The required beginning date described in this paragraph (c) will apply regardless of any election made by the Participant. 

 

	 	(1)	Except as provided by subparagraphs (2), (3) and (4) below, Retirement Income payments will begin not later than April 1 of the calendar year following
the calendar year in which the Participant attains age 70~ whether or not such Participant’s employment has terminated. Effective for Plan Years commencing on or after January 1, 1999, for a Participant who is not a 5% owner and who
attains age 70-112 on or after January 1, 1999, Retirement Income payments will begin not later than April 1 following the calendar year in which the Participant attains age 70-112 or, if later, April 1 following the calendar year in which
the Participant incurs a Termination of Employment. 

  

	 	(2)	A Participant who attained age 70 in 1988, who is not a 5% owner, and who has not retired by January 1, 1989, will be treated as having retired on January 1,
1989. Retirement Income payments will begin not later than April 1, 1990 for such Participants. 

  

	 	(3)	Retirement Income payments for a Participant who attained age 70 before January 1, 1988, and who is not a 5% owner will begin not later than April of the calendar
year following the later of (A) the calendar year in which the Participant attained age 70~, or (8) the calendar year in which the Participant retires. 

 

	 	(4)	Retirement Income payments for a Participant who attained age 70 before January 1, 1988, and who is a 5% owner will begin not later than April 1 of the
calendar year following the later of (A) the calendar year in which the Participant attained age 70~, or (B) the earlier of (i) the calendar year within which ends the Plan Year in which the Participant becomes a 5% owner, or
(ii) the calendar year in which the Participant retires. 

  

	 	(5)	A Participant is treated as a 5% owner for purposes of this paragraph (c), if such Participant is a 5% owner as defined in Code Section 416(i) at any time during
the Plan Year ending within the calendar year in which such owner attains age 66 or any subsequent Plan Year. Once a Participant is described in this subparagraph, distributions will continue to such Participant even if such Participant ceases to
own more than 5% of the Company in a subsequent year. Effective January 1, 1999, a Participant is treated as a 5% owner if the Participant is a “5 percent owner” (as defined in Code Section 416(i)(1)(B)(i)) at any time during the
calendar year in which the Participant attains age 70-112. 

  

	 	(6)	If a Participant receives payments under this paragraph (c), such payments will be determined as if the Participant’s Late Retirement Date were the date by which
Retirement Income payments must be made under this paragraph (c). If the Participant continues to earn additional Accrued Benefits after this date, his or her Monthly Retirement Income will be redetermined on each January 1 following the date
benefit payments commence. This re-determined benefit will be payable under the Form of Retirement Income elected as of the Late Retirement Date in accordance with Section 5.7. 

  
 36 

	 	(7)	Effective January 1, 1999, for a Participant whose continued active employment results in the deferral of Retirement Income to a date later than April I following
the calendar year the Participant attains age 70-112 (the “Base Date”), the Accrued Benefit for such a Participant shall be Actuarially adjusted to reflect the deferral period from the Base Date to the date the Participant commences
payment of Retirement Income. The Actuarial adjustment shall be based on the factors stated in Section IA(d). 

  

	5.12	Delay of Payment Due to Administrative Error. 

  

	 	(a)	Delay in Commencing Annuity Payments. In the event Retirement Income payments to a Participant are delayed for more than 60 days beyond his or her Retirement Date due
to an administrative error, or such other event designated by the Committee, the affected Participant shall be entitled to Retirement Income payments retroactive to his or her Retirement Date, plus interest at a rate of 6% per year on the
portion of the delayed payment which is more than 60 days late. 

  

	 	(b)	Delay in Payment of Lump-Sum. Effective on and after November 1, 1998, the provisions of this paragraph shall apply if a Participant or Beneficiary becomes
entitled to receive a lump-sum Retirement Income payment pursuant to Section 5.7 or 5.8, and if the payment of such lump-sum is delayed due to an administrative error for more than 60 days. In such a case, if the Participant or Beneficiary has
a right to receive a lump-sum based on the balance of his or her Cash Balance Account (or other account balance under the Plan which is expressed as a single sum), then the amount payable on the delayed date shall be the balance of such account
after crediting of interest applicable to the account through the end of month immediately preceding the delayed payment date. However, if the Participant or Beneficiary has a right to receive a lump-sum based on the Actuarial present value of an
Accrued Benefit expressed in the form of an annuity, the lump-sum which shall be payable to the Participant or Beneficiary as soon as administratively practical after the administrative error has been detected shall be an amount that is equal to the
greater of: 

  

	 	(1)	the sum of: (A) the Actuarial present value of the Accrued Benefit based on the age, mortality and interest rate factors in effect as of the 60th day following the
earliest date on which the benefit could have been paid in accordance with the terms of the Plan, plus (B) interest at 6% per annum for the whole and/or partial years from the said 60th day to the payment date; or 

 

	 	(2)	a lump-sum based on the Accrued Benefit on the date of Termination (or death, if applicable), but with the Actuarial present value based on the age, mortality and
interest rate factors in effect as of the actual payment date. 

  

	5.13	Suspension of Benefits for Active Participants at Normal Retirement Date. 

  

	 	(a)	 Permissible Suspension. For a Participant who has not previously commenced receiving monthly benefits and who continues in active service as an
Employee after attaining his or her Normal Retirement Date, the right to receive payment of benefits shall be suspended so long as such employment continues, but not later than any required beginning date applicable to the Participant under
Section 5.11(c), at which time the benefit shall commence. For any period of suspension between the Normal Retirement Date and April 1 following the year the Participant attains age 70-112 there shall be no Actuarial adjustment to the
Participant’s 

  
 37 

	 	 
benefit attributable to the suspension of the benefit. For any period of suspension that continues past such date, the terms of Section 5.11 (c )(7) shall apply.

 Any such suspension shall not apply to a Participant who has attained age 65 and performs no more than 40
Hours of Service per month. The benefit for such a Participant shall commence on the later of the Normal Retirement Date or the first day of the month following the date the Participant performs 40 or fewer Hours of Service per month. 

 

	 	(b)	Notice of Suspension of Benefits. A Participant whose benefit payment rights are suspended as described in the previous paragraph shall be notified in writing of such
suspension as soon as administratively practical following the date as of which such payments are withheld. Such notice shall, among other things, advise the Participant of his or her right to request a review of the suspension, in accordance with
the procedures in Section 12.6. 

  

	 	(c)	Participant’s Duty to Notify Plan Administrator. Each such Participant shall have the duty to notify the Plan Administrator if and when the Participant modifies
his or her regular work schedule to less than 40 Hours of Service per month, in which case the suspension shall cease, subject to verification by the Committee. 

 

	 	(d)	Benefits Paid in Error May Offset Future Benefits. In the event that benefits are mistakenly paid to a Participant during a period for which benefit payments should
have been suspended under this Section, the amount mistakenly paid may be offset against benefits which become properly payable in the future, provided that such offset shall not exceed 25 percent of the benefit payable in each subsequent month.

  

	5.14	Benefits Under a Qualified Domestic Relations Order (QDRO). A domestic relations order, if (but only if) it is determined by the Committee (or the Committee’s
designated QDRO administrator) to be a Qualified Domestic Relations Order, may provide, as of a stated date (or upon the occurrence of a stated event pertaining to the Participant), either: 

 

	 	(a)	the division of a Participant’s Accrued Benefit between the Participant and a named alternate payee, in portions or amounts stated in the QDRO;

  

	 	(b)	the distribution to a named alternate payee of a stated portion (or dollar amount) of the Participant’s benefit, in an amount not greater than the value of the
Participant’s Accrued Benefit that is vested at such time; or 

  

	 	(c)	a right for a named alternate payee to be treated as Beneficiary for all or a stated portion of a Participant’s death benefit. 

Notwithstanding any other provision of this Section, a QDRO may not (1) require a form of benefit distribution not provided under
the terms of this Plan, (2) cause any unvested benefit to be vested, (3) cause a Participant’s Accrued Benefit to have a value greater than the value determined under the terms of this Plan, (4) provide for a distribution to
commence from an alternate payee’s benefit at a time later than the latest date or age as of which a benefit distribution may commence under this Plan, or (5) otherwise state terms which are inconsistent with the terms of this Plan.

 The Committee (or QDRO administrator) shall determine whether a domestic relations order meets the requirements of this
Section within a reasonable period after it is received by the Committee (or QDRO administrator). The Committee (or QDRO administrator) shall notify the Participant and any alternate payee that a domestic relations order has been received. Any
amounts due the alternate payee under the domestic relations 

  
 38 

 
order which, in its absence, would be paid to the Participant or a beneficiary, shall be held during the period while the domestic relations order’s qualified status is being determined. If
a domestic relations order is not affirmatively determined to be a QDRO, then such restriction shall lapse on the earlier of the (a) the date the order is determined not to be a QDRO and appeal rights under Section 12.6(c) or
(d) (whichever is applicable) have expired or been exhausted, or (b) 18 months after such restriction is imposed. 
  

	5.15	Death or Disability While Performing Qualified Military Service. The Plan treats a Participant who, on or after January 1, 2007, dies or becomes disabled (as
defined under the terms of the Plan) while performing qualified military service (as defined in Code §414(u)) with respect to the Employer as if the Participant had resumed employment in accordance with the Participant’s re-employment
rights under USERRA, on the day preceding death or disability (as the case may be) and terminated employment on the actual date of death or disability. 

  

	5.16	Non-spouse Beneficiary Rollover. For distributions first commencing after December 31, 2009, a non-spouse beneficiary who is a “designated beneficiary”
under Code §401(a)(9)(E) and the regulations thereunder may roll over by a direct trustee-to-trustee transfer (“direct rollover”), all or any portion of his or her distribution to an Individual Retirement Account (IRA) the beneficiary
establishes for purposes of receiving the distribution, In order to be able to roll over the distribution, the distribution must otherwise satisfy the definition of an “eligible rollover distribution” under Code §401(a)(31) and the
provisions of Section 5.9 and this Section. 

  

	 	(a)	If a non-spouse beneficiary receives a distribution from the Plan, the distribution will not be eligible for a 60-day (non-direct) rollover. 

 

	 	(b)	If the Participant’s named beneficiary is a trust, the Plan may make a direct rollover to an IRA on behalf of the trust, provided the trust satisfies the
requirements to be a designated beneficiary within the meaning of Code §401(a)(9)(E). 

  

	 	(c)	A non-spouse beneficiary may not roll over an amount that is a required minimum distribution, as determined under applicable Regulations and other guidance. If the
Participant dies before his or her required beginning date and the non-spouse beneficiary rolls over to an IRA the maximum amount eligible for rollover, the beneficiary may elect to use either the five-year rule or the life expectancy rule, pursuant
to Treas. Reg. §1.40I(a)(9)-3, Q&A-4(c), in determining the required minimum distributions from the IRA that receives the non-spouse beneficiary’s distribution. 

  
 39 

 ARTICLE VI 
 TERMINATION AND VESTING 
  

	6.1	Vesting. 

  

	 	(a)	Except as described in subsection (b), a Participant’s vested Accrued Benefit will be equal to the sum of (1) and (2) below: 

 

	 	(1)	The Participant’s Accrued Benefit Attributable to the Old Plan Account determined in accordance with Section 4.5. 

 

	 	(2)	Effective January 1, 1989, the Participant’s Accrued Benefit Attributable to Company Contributions (determined in accordance with Section 4.6) multiplied
by the vested percentage shown in the following table: 

  

					
	 Years of Vesting Service
	  	Vested Percentage	 
		
	 Less than 5
	  	 	0	% 
	 5 or more
	  	 	100	% 

  

	 	(b)	A Grossmont Participant’s, and a Commerce Participant’s, Accrued Benefit will be equal to his or her Accrued Benefit Attributable to Company Contributions
(determined in accordance with Section 4.1) multiplied by the vested percentage shown in the following table: 

  

					
	 Years of Vesting Service
	  	Vested Percentage	 
		
	 Less than 3 years
	  	 	0	% 
	 3 years but less than 4
	  	 	20	% 
	 4 years but less than 5
	  	 	40	% 
	 5 or more years
	  	 	100	% 

  

	 	(c)	In addition, a Participant’s Accrued Benefit will be 100% vested if and when the Participant attains his or her Normal Retirement Age while an active Employee.

  

	 	(d)	Effective December 12, 1994, a Participant will receive vesting credit for any and all years and partial years of Qualified Military Service.

  

	 	(e)	The vested percentage of Cash Balance Accrued Benefit for each Participant who has at least one Hour of Service after December 31, 2007, shall be determined
according to the following table: 

  

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

  

	6.2	Termination Benefit. 

  

	 	(a)	A Terminated Vested Participant will have the option of: 

  

	 	(1)	withdrawing his or her Old Plan Account, in which event the Participant would be entitled to his or her vested Accrued Benefit Attributable to Company Contributions
commencing on his or her Normal or Early Retirement Date, or 

  
 40 

	 	(2)	leaving his or her Old Plan Account in the Plan, in which event the Participant would be entitled to his or her vested Accrued Benefit commencing on his or her Normal
or Early Retirement Date. 

  

	 	(b)	The monthly amount of Retirement Income payable to a Terminated Vested Participant who commences his or her benefit on the Normal Retirement Date will be equal to the
vested Accrued Benefit (or, if the Old Plan Account has been withdrawn, the vested Accrued Benefit Attributable to Company Contributions) earned to the date of Termination of Employment. This Retirement Income will be subject to adjustment depending
on the Form of Retirement Income elected in accordance with Section 5.7. 

  

	 	(c)	The monthly amount of Retirement Income payable to a Terminated Vested Participant who commences his or her benefit on an Early Retirement Date is equal to the Early
Retirement Income described in Section 5.3. 

  

	 	(d)	Except as provided in Section 5.8, the Old Plan Account of a Participant will not be distributed pursuant to this Section unless the Participant elects such
distribution and the Eligible Spouse of the Participant consents to the distribution not more than 90 days prior to the date of such distribution. The Eligible Spouse’s consent must acknowledge the effect of the election and must be witnessed
by a plan representative or notary public. The requirement for consent of the Eligible Spouse will be waived if the Participant establishes to the satisfaction of the Committee that such consent cannot be obtained because there is no Eligible
Spouse, the Eligible Spouse cannot be located or because of such other circumstances as the Secretary of the Treasury may by regulations prescribe. 

  

	6.3	Re-employment After Termination of Employment. 

  

	 	(a)	If a Terminated Vested Participant is subsequently reinstated as an Active Participant, his or her Retirement Income subsequent to his or her eventual Termination of
Employment following the second period of employment will be based on the Participant’s Accrued Benefit under the provisions of the Plan in effect as of such subsequent Termination of Employment, except that it may not be less than the
Participant’s Accrued Benefit as of the date of any prior Termination of Employment. 

  

	 	(b)	If a Participant’s employment with the Company terminates prior to the Participant’s becoming partially or fully vested in his or her Accrued Benefit, the
Participant will be deemed to have received a distribution of his or her entire vested interest under the Plan. The Participant’s unvested Accrued Benefit will be forfeited on the date of his or her Termination of Employment. A Participant
whose benefit has been so forfeited will be deemed “cashed out” from the Plan. If the former Participant is re-employed before incurring five consecutive Breaks in Service and after completing a Year of Vesting Service, his or her Cash
Balance Account and Accrued Benefit will be restored in accordance with Sections 3.5(a) and 4.1 respectively. 

  

	6.4	Termination Benefits and Re-employment for Commerce Participants. 

  

	 	(a)	 A Commerce Participant may elect to receive the portion of his or her Accrued Benefit earned prior to January 1, 1999 on the first day of any
month coincident with or following his or her Termination of Employment (“Termination Benefit”). The Termination Benefit is the Actuarial Equivalent of the Accrued Benefit earned

  
 41 

	 	 
prior to January 1, 1999. For early retirement reduction, Actuarial Equivalent shall be calculated as described in Section 5.3(e). For benefit form adjustment, Actuarial Equivalent
shall be calculated as described in Sections 5.7(g)(2) and 5.7(g)(3). Upon meeting the requirements of Section 1.17(d), a Commerce Participant may receive the remainder of his or her Accrued Benefit earned on or after January 1, 1999.

  

	 	(b)	In the event a vested Commerce Participant who terminated after December 31, 1998 and before his or her Early Retirement Date, received a distribution upon
Termination of Employment, and becomes re-employed, which means he or she has at least 40 Hours of Service with the Employer during any calendar month, his or her Termination Benefit or Retirement Income shall be determined and paid as described
below: 

  

	 	(1)	In the event a Commerce Participant has commenced annuity payments and is subsequently re-employed, such annuity payments shall continue upon reemployment;

  

	 	(2)	In the event a Commerce Participant received a lump sum distribution under Section 5.7(g)(3) upon Termination of Employment and becomes re-employed prior to
incurring five consecutive one-year Breaks-In-Service, he or she may repay such benefit with interest, at 120% of the Federal mid-term rate as in effect for the first month of the Plan Year, to the Plan within five years after reemployment.

 The Accrued Benefit of a Commerce Participant who makes such repayment shall be determined as if no prior
distribution occurred. 
  

	 	(3)	The additional benefit earned during re-employment may be paid in any form elected by the Participant pursuant to Sections 5.7(a) to (d). 

 

	6.5	Special Termination Benefit for Sumitomo Participants. This Section applies to a Sumitomo Participant who (a) had a Termination of Employment for any reason
between October 1, 1998 and September 30, 1999, (b) was not a Highly Compensated Employee (as defined in this Plan) for the Plan Year in which the Termination of Employment occurred, and (c) elected to receive severance benefits
in connection with his or her separation from the Company under either the Sumitomo Severance Benefit Program, the Executive Retention and Severance Benefit Agreement and/or the Key Contributor Retention and Severance Agreement (which are plans and
programs that are not part of this Plan and are not funded by the Trust Fund). In the case of each Sumitomo Participant who met all of the conditions of the previous sentence, the minimum benefit under Section 4.1(c) of this Plan as of his or
her Termination of Employment shall be increased by 6.5%. 

  
 42 

 ARTICLE VII 
 DISABILITY BENEFITS 
  

	7.1	Determination of Disability. A Participant has a “total and permanent disability” if, while employed by the Company, the Participant ceases to perform the
duties assigned to him or her by the Company due to a disability that meets the following eligibility criteria: 

  

	 	(a)	the Participant is entitled to disability retirement income payments under Title II of the Federal Social Security Act; provided, however, that this criterion in this
clause “(a)” shall cease to be applicable to the definition of “total and permanent disability” on or after March 1, 2002, and 

  

	 	(b)	the Participant is eligible for disability benefits under the Company’s long term disability plan. 

It will be the responsibility of the Participant to submit proof of disability, as described in clause (a) and (b) above,
satisfactory to the Committee. 
  

	7.2	Eligibility for Disability Benefits. A Disabled Participant or former Disabled Participant may retire on a Disability Retirement Date if the Participant has completed
five Years of Vesting Service as of the date first disabled under Section 7.1. 

  

	7.3	Disability Retirement Date. If the Participant’s total and permanent disability continues until the Participant’s Normal Retirement Date, the
Participant’s Disability Retirement Date shall be the Normal Retirement Date (or the first day of the month following Termination of Service, if later). If a Disabled Participant’s total and permanent disability ends before the Normal
Retirement Date, the Participant may retire on an Early or Normal Retirement Date, whichever applies, and such date will be his or her Disability Retirement Date. 

 

	7.4	Disability Retirement Income. A Disabled Participant will be entitled to a monthly Disability Retirement Income beginning on his or her Disability Retirement Date. The
amount will be equal to the retirement income from Section 5.2,5.3, or 5.4 on the Disability Retirement Date. While a Participant’s total and permanent disability continues, until the earliest of the Participant’s attaining his or her
Normal Retirement Date, death, or the Participant’s Disability Retirement Date, Earnings will be credited (in accordance with Section 3.2, as though the Participant were continuing to accrue 1,000 or more Hours of Service per year) in the
amount equal to Earnings in the most recent year prior to the year of initial disability in which 1,000 Hours of Service were worked. Disability Retirement Income will be subject to adjustment depending on the Form of Retirement Income elected in
accordance with Section 5.7. 

  
 43 

 ARTICLE VIII 
 DEATH BENEFITS 
  

	8.1	Death after Commencement of Benefits. Death Benefits for a Retired Participant will be determined in accordance with the provisions of the applicable Form of Retirement
Income elected. 

  

	8.2	Death Prior to Commencement of Benefits. This Section 8.2 shall be effective April 1, 1997, except as otherwise stated below. 

 

	 	(a)	If a Participant, whose vested Accrued Benefit is calculated under Section 4.2, dies before his or her Retirement Date, the Participant’s Eligible Spouse, if
any, will receive a benefit commencing on the first day of the month following the Participant’s death. The Eligible Spouse may elect to defer payment until the first day of any month on or before the Participant’s Normal Retirement Date.
The Eligible Spouse will receive a monthly benefit equal to the Actuarial Equivalent amount, as of the date the benefit commences, of the Participant’s Cash Balance Account, based upon the Eligible Spouse’s age as of the date the benefit
commences. This benefit will continue to the death of the Eligible Spouse. Instead of receiving the benefit in the form of a Life Annuity, the Eligible Spouse may elect to receive the benefit in the Lump Sum Payment Option, described in
Section 5.7(c), If the Participant does not have an Eligible Spouse who survives him or her, the Cash Balance Account as of the Participant’s death will be paid on the first of the month following death to the Participant’s estate.

 For a Participant who is survived by an Eligible Spouse, the amount of the monthly benefit payable to the
Eligible Spouse, as described in this subsection (a) (the “Cash Balance Annuity”), shall in no event be less than any of the following minimum benefits (assuming a benefit commencement date that is the same as the actual benefit
commencement date under the prior paragraph) to the extent that any of the following minimum benefit rules is applicable to the deceased Participant: 
  

	 	(1)	For Participant with a Minimum Accrued Benefit as defined in Section 4.3 or a Grandfathered Minimum Accrued Benefit as defined in Section 4.4, the Cash
Balance Annuity shall not be less than the Minimum Death Benefit that would be payable to the Eligible Spouse as described in Article 4 of Appendix ill. 

  

	 	(2)	Effective January 1, 1998, for a Grossmont Participant who has a minimum benefit described in Section 4.1 (b), the Cash Balance Annuity shall not be less than
the monthly amount that would be payable as a 50% pre-retirement survivor annuity to the Eligible Spouse with respect to that minimum benefit, in accordance with the actuarial factors and other terms of the Grossmont Plan that were in effect on
December 31, 1997. 

  

	 	(3)	Effective October 1, 1998, for a Sumitomo Participant who has a minimum benefit described in Section 4. 1 (c), the Cash Balance Annuity shall not be less than
the monthly amount that would be payable as a 50% pre-retirement survivor annuity to his or her Eligible Spouse with respect to that minimum benefit, in accordance with the actuarial factors and other terms of the Sumitomo Plan that were in effect
on September 30, 1998. 

  

	 	(4)	 Effective January 1, 1999, for a Commerce Participant who has a minimum benefit described in Section 4. 1 (d), the Cash Balance Annuity shall
not be 

  
 44 

	 	 
less than the monthly amount that would be payable as a 50% pre-retirement survivor annuity to the Eligible Spouse with respect to that minimum benefit, in accordance with the actuarial factors
and other terms of the Commerce Plan that were in effect on December 31, 1998. 

  

	 	(b)	If a Participant, whose vested Accrued Benefit is calculated under Plan provisions in effect prior to April 1, 1997, dies before his or her Retirement Date, the
Participant’s Eligible Spouse, if any, will receive a death benefit in accordance with the prior provisions. 

  

	8.3	Effect of Old Plan Account. The Eligible Spouse of a Participant who has an Old Plan Account at death may elect to receive it in a lump sum immediately following death.
If the Eligible Spouse elects to receive monthly payments in addition to this lump sum in accordance with Section 8.2(a), the monthly amount payable will equal the monthly amount before consideration of the Old Plan Account reduced by the
Accrued Benefit Attributable to the Old Plan Account, as described in Section 4.5. For Participants who die with 10 or more Years of Vesting Service, the Accrued Benefit Attributable to the Old Plan Account commencing prior to the first of the
month following what would have been the Participant’s earliest Early Retirement Date is the Actuarial Equivalent of the Accrued Benefit Attributable to the Old Plan Account at that earliest Early Retirement Date. 

 

	8.4	Return of Old Plan Account. Upon the death of the Participant or, if later, the death of the Eligible Spouse entitled to payments under Section 8.1 or 8.2, the
Participant’s remaining Old Plan Account, if any, will be paid to the Participant’s Beneficiary. For purposes of this Section 8.4, the Participant’s remaining Old Plan Account will be equal to the excess, if any, of:

  

	 	(a)	the Participant’s Old Plan Account as of his or her date of death or, if earlier, Retirement Date over 

 

	 	(b)	the sum of all amounts previously paid from the Trust Fund on such Participant’s behalf. 

  
 45 

 ARTICLE IX 
 FINANCING THE PLAN 
  

	9.1	Company Contributions. 

  

	 	(a)	The Company expects to make the contributions necessary to provide the benefits of the Plan. Such contributions will not be less than the amount necessary to meet the
minimum funding standards of ERISA. 

  

	 	(b)	All contributions will be deposited in the Trust Fund and will be disbursed in accordance with the provisions of the Plan and the Trust Agreement. All benefit payments
under the Plan will be paid from the Trust Fund. No person will have any interest in, or right to, any part of the assets of the Plan except as expressly provided in the Plan. 

 

	 	(c)	Gains arising from experience under the Plan will not serve to increase the benefits otherwise due any Participant, but will be used to reduce future Company
contributions. 

  

	9.2	Return of Company Contributions, 

  

	 	(a)	Except as provided below and in Section 10.2, the assets of the Plan will never inure to the benefit of the Company and will be held for the exclusive purposes of
providing benefits to Participants of the Plan and their Beneficiaries and defraying reasonable expenses of administering the Plan. 

  

	 	(b)	If a contribution is made by the Company by a mistake of fact, such contribution will be returned to the Company provided this is done within one year after the payment
of such contribution. Earnings attributable to the excess contribution may not be returned, but losses attributable thereto shall reduce the amount to be returned. 

 

	 	(c)	Contributions are conditioned upon their current deductibility under Code Section 404. If a contribution deduction is disallowed, to the extent the deduction is
disallowed, such contribution will be returned to the Company within one year after the disallowance. 

  

	9.3	Employee Contributions. The Company pays the entire cost of the Plan. No employee contributions or rollovers are required or permitted. 

  
 46 

 ARTICLE X 
 TERMINATION OF THE PLAN 
  

	10.1	Termination of Plan. The Company expects to continue the Plan indefinitely but reserves the right to terminate the Plan in whole or in part. 

 

	10.2	Procedures Upon Termination of Plan. Upon termination of the Plan, the following provisions will apply: 

 

	 	(a)	Upon complete termination of the Plan, the Accrued Benefit of each Active or fuactive Participant will become fully vested and nonforfeitable (to the extent funded). No
additional Employees will become Participants. 

 Upon partial termination of the Plan, the Accrued Benefit of
each Active or fuactive Participant who is affected by such partial termination will become fully vested and nonforfeitable (to the extent funded). 
  

	 	(b)	The assets of the Plan available to provide benefits will be allocated among Participants and their Beneficiaries in the manner and order prescribed by ERISA
Section 4044. 

 If any assets of the Plan remain after all liabilities of the Plan to Participants and their
Beneficiaries have been satisfied or provided for, any residual assets will be paid to the Company, provided such payment does not contravene any provision of law. 
  

	 	(c)	Upon termination of the Plan, benefits of missing Participants shall be treated in accordance with ERISA Section 4050. 

  
 47 

 ARTICLE XI 
 INTERNAL REVENUE CODE LIMITATIONS ON BENEFITS 
  

	11.1	Earnings Limitation under Code Section 401(a)(17). A Member’s “Earnings”, for purposes of determining his or her Accrued Benefit under this Plan,
shall be subject to the limitations of Code Section 401 (a)(l7), as stated in Section 1.18( c) of this Plan. 

  

	11.2	Maximum Retirement Benefit under Code Section 415. 

  

	 	(a)	For purposes of this Section 11.2 only, the following definitions will apply: 

 

	 	(1)	“Annual Benefit” means a retirement benefit payable annually in the form of a straight life annuity. A benefit payable in a form other than a straight life
annuity will be adjusted to be the Actuarial Equivalent of a straight life annuity before applying the limitations of this Section 11.2. However, no Actuarial adjustment will be made for the value of a qualified joint and survivor annuity or
the value of benefits that are not directly related to retirement benefits. 

  

	 	(2)	“Annual Benefit Dollar Limit” means the dollar limit for the applicable Plan Year, as stated in paragraph (b)( 1) of this Section 11.2, after taking
account of any annual adjustment to that limit as stated in that paragraph. 

  

	 	(3)	“Compensation” has the meaning stated in Section 1.15, except that effective for Limitation Years commencing on or after January 1, 2008, the
following additional rules shall apply. 

  

	 	(A)	 The term “Compensation” shall include payments of Post-Severance Compensation made to a Participant by the latest of (i) two and
one-half (2 1/2) months from the date of
Termination of Employment, (ii) the end of the Limitation Year for which the Employer is required to furnish the Participants a written statement under Code §§6041(d), 6051(a)(3) and 6052 or (iii) the last day of the Plan Year.

  

	 	(B)	The term “Compensation” shall not include any payment to a Participant by the Employer after the Participant’s Termination of Employment that is not
Post-Severance Compensation as defined in (C) below, even if payment of the amount is made within the time period specified in 11.2(a)(3)(A)(i) above. 

 

	 	(C)	“Post-Severance Compensation” shall mean any amount received as regular pay after Termination of Employment if: 

 

	 	(i)	the payment is regular remuneration for services during the Participant’s regular working hours, or remuneration for services outside the Participant’s
regular working hours (such as overtime or shift differential), commissions, bonuses, or other similar payments; and 

  

	 	(ii)	the payment would have been paid to the Participant prior to a Termination of Employment if the Participant had continued in employment with the Employer.

  

	 	(D)	For Limitation Years beginning after December 31, 2008, Compensation shall not include any differential wage payment, as defined in Code §3401(h)(2).

  
 48 

	 	(4)	“Limitation Year” means a Plan Year, which coincides with the calendar year. 

 

	 	(5)	“Social Security Retirement Age” means the age used as the retirement age for a Participant under Section 216(1) of the Social Security Act except that
such section shall be applied without regard to the age increase factor, and as if the early retirement age under Section 216(1)(2) of such Act were 62. 

 

	 	(b)	The Annual Benefit of a Participant who commences his or her benefit on a date within a Limitation Year may not at any time within a Limitation Year exceed the lesser
of (1) or (2) below: 

  

	 	(1)	The dollar limit set forth in Code Section 415(b)(1)(A), as that limit may be modified for the applicable Limitation Year either by amendment of Code
Section 415(b )(1) or as a result of an adjustment approved by the Secretary of the Treasury pursuant to Section 415(d) (for example, the limit shall be $140,000 in Plan Year 2001 and $160,000 in Plan Year 2002) Effective each
January 1, this limitation will be automatically adjusted to the new dollar limitation prescribed by the Secretary of the Treasury for that calendar year. 

 

	 	(2)	100% of the annual average of the Participant’s Compensation from the Employer for the three consecutive Limitation Years (or all Limitation Years, if fewer than
three), during which he or she participated in the Plan and which give the highest average. 

  

	 	(c)	If the Annual Benefit payable to a Participant under this Plan and all other defined benefit plans of the Company does not exceed $10,000 and the Employer has not
maintained a defined contribution plan in which the Participant participated, the maximum otherwise imposed by this Section 11.2 will not apply. 

  

	 	(d)	Service or participation less than ten years 

  

	 	(1)	If a Participant has completed less than ten years of participation in the Plan, the Annual Benefit Dollar Limit will be multiplied by the ratio of the
Participant’s years (or part thereof) of participation in the Plan to ten. This ratio will not be less than one- tenth. 

  

	 	(2)	If a Participant has completed less than ten Years of Vesting Service, the limits otherwise imposed by Sections 11.2(b )(2) and 11.2( c) will be multiplied by the ratio
of the Participant’s Years of Vesting Service (or part thereof) to ten. This ratio will not be less than one-tenth. 

  

	 	(3)	To the extent required by regulations under Code Section 415, this Section 11.2(d) will be applied separately with respect to each change in the benefit
structure of the Plan. 

  

	 	(e)	The provisions of this subsection (e) shall apply to Participants whose benefit commencement date occurs in any Plan Year beginning prior to January 1, 2002.

  

	 	(1)	If the Participant’s benefit payments are to commence at or after age 62 and the Participant’s Social Security Retirement Age is 65, the Annual Benefit Dollar
Limit will be reduced by five-ninths of one percent for each month by which benefits commence before the month in which the Participant attains age 65 or, 

  
 49 

	 	(2)	If the Participant’s benefit payments are to commence at or after age 62 and the Participant’s Social Security Retirement Age is greater than 65, the Annual
Benefit Dollar Limit will be reduced by five-ninths of one percent for each of the first 36 months and five-twelfths of one percent for each of the additional months (up to 24) by which benefits commence before the month in which the Participant
attains Social Security Retirement Age. 

  

	 	(3)	If the Participant’s benefit payments are to commence prior to the month in which the Participant attains age 62, the Annual Benefit Dollar Limit shall be reduced
for each month by which benefits commence prior to the date of attaining age 62, as follows. First, the limit at age 62 (the “Age 62 Limit”) shall be determined pursuant to paragraph (1) or (2) above (whichever is applicable to
the Participant). Second, the Age 62 Limit shall be reduced to the lesser of: 

  

	 	(A)	the product of (i) the Age 62 Limit, times (ii) the “implied early retirement factor” (as hereafter defined), or 

 

	 	(B)	the Actuarial Equivalent of the Age 62 Limit, based upon a 5% interest rate and the Applicable Mortality Table. 

The “implied early retirement factor” shall mean the ratio of: (1) the early retirement reduction factor determined under
Section 5.3 as applied to the Participant’s age on his or her actual benefit commencement date, to (2) the early retirement reduction factor determined under Section 5.3 which would apply if the Participant elected to defer the
commencement of his or her benefit to age 62. 
  

	 	(4)	If a Participant’s benefit payments are to commence after the Participant’s Social Security Retirement Age, the Annual Benefit Dollar Limit will be increased
to the Actuarial Equivalent of the limit as of the Participant’s Social Security Retirement Age, but the mortality factor of the Actuarial Equivalence calculation shall be ignored. 

 

	 	(f)	The provisions of this subsection (f) shall apply to Participants whose benefit commencement date occurs in any Plan Year beginning on or after January 1, 2002.

  

	 	(1)	If the Participant’s benefit commences prior to age 62, the Annual Benefit Dollar Limit shall be reduced to the lower of the following two amounts:

  

	 	(A)	the Actuarially Equivalent dollar amount that reflects the number of months by which the benefit commencement date precedes the date of attaining age 62, based on an
interest rate equal to five percent (5%); or 

  

	 	(B)	the dollar amount that reflects the applicable reduction factor that would apply under the terms of the Plan. 

 

	 	(2)	If a Participant’s benefit commencement date occurs between the date of attaining age 62 and 65, the Annual Benefit Dollar Limit shall not be adjusted on account
of early commencement. 

  

	 	(3)	 If the Participant’s benefit commencement date occurs after attaining age 65 under circumstances resulting in a right to receive an Actuarial
adjustment in the benefit payable under the Plan, the Annual Benefit Dollar Limit shall be 

  
 50 

	 	 
increased by means of an Actuarial adjustment based on either (A) an interest rate of 5% (applied solely to the period that is subject to Actuarial adjustment under the Plan), or
(B) the Actuarial adjustment factor that is applicable to the Participant’s benefit under the Plan, whichever produces the lower limitation amount. When calculating the adjustment of the Annual Benefit Dollar Limit according to this
paragraph, mortality shall be ignored. 

  

	 	(g)	If the Accrued Benefit of any Participant as of the close of the last Limitation Year beginning before January 1, 1987 exceeds the benefit limitations under Code
Section 415(b) then, for purposes of Code Section 415(b) (and 415(e) for periods prior to January 1, 2000) such Participant’s defined benefit dollar limitation under Code Section 415(b)(1) will be equal to his or her Accrued
Benefit, determined as of such date as if the Participant had separated from service on that date. For purposes of this paragraph, any changes in the terms and conditions of the Plan or cost of living adjustments occurring after May 5, 1986
will be disregarded. 

  

	 	(h)	All defined benefit plans of the Employer, terminated or not, will be considered as one plan for purposes of the limitations specified under this Section 11.2, and
all Affiliates and Subsidiaries of the Employer will be considered as one employing company. 

  

	 	(i)	The terms of this subsection shall not apply to any benefit which commences on or after January 1, 2000. In any case in which a person is a Participant in both a
defined benefit plan and a defined contribution plan maintained by any Affiliate or Subsidiary of the Company, the sum of (1) and (2) below for any Limitation Year may not exceed 1.0: 

 

	 	(1)	The defined benefit plan fraction for such Limitation Year is equal to the quotient of (A) divided by (B) below: 

 

	 	(A)	The Annual Benefit of the Participant under the Plan and all other defined benefit plans (determined as of the close of such Limitation Year). 

 

	 	(B)	The lesser of 125% of the Annual Benefit Dollar Limit and 140% of the amount described in Section 11.2(b)(2). 

If the Employee was a participant in one or more defined benefit plans maintained by any Affiliate or Subsidiary, which were in existence
on May 5, 1986, the amount calculated in (B) will not be less than 125% of the Employee’s accrued benefit under such defined benefit plans as of December 31, 1986, determined without regard to any change in the terms or
conditions of the plan made after May 5, 1986, and without regard to any cost of living adjustment occurring after May 5, 1986. The preceding sentence only applies If the defined benefit plans individually and in the aggregate satisfied
the requirement of Code Section 415 as in effect on December 31, 1986. 
  

	 	(2)	The defined contribution plan fraction for such Limitation Year is equal to the quotient of (A) divided by (B) below: 

 

	 	(A)	The aggregate of the annual additions to the Participant’s account under said defined contribution plan as of the close of such Limitation Year.

  

	 	(B)	 The lesser of 125% of the maximum annual additions to such account for all Years of Vesting Service with the Employer, or 1.4 multiplied by

  
 51 

	 	 
25% of the Participant’s Compensation for all Years of Vesting Service with the Employer. 

 If the Plan satisfied the applicable requirements of Code Section 415 as in effect for the last Plan Year beginning before January 1, 1987, an amount will be subtracted from the amount
calculated in (A) (but not reducing the amount in (A) to less than zero) so that the sum of the defined benefit fraction and defined contribution fraction computed under Code Section 415(e)(1) does not exceed 1.0 for such Plan Year
(determined as if the changes to Code Section 415 made by the Tax Reform Act of 1986 and any technical corrections to such act were in effect for such Plan Year). 
  

	 	(3)	If the sum of (1) and (2) exceeds 1.0, the Annual Benefit under this Plan will be limited to such amount as will reduce such sum to 1.0.

  

	 	(j)	Adjustments for Distribution Other than as a Straight Life Annuity. 

  

	 	(1)	Effective for Limitation Years commencing after June 30, 2007, a retirement benefit that is payable in any form other than a straight life annuity and that is not
subject to Code §417(e)(3) must be adjusted to an actuarially equivalent straight life annuity that equals the greater of the annual amount of the straight life annuity (if any) payable under the Plan at the same Annuity Starting Date, and the
annual amount of a straight life annuity commencing at the same Annuity Starting Date that has the same actuarial present value as the Participant’s form of benefit computed using an interest rate of 5% and the Applicable Mortality Table.

  

	 	(2)	For Limitation Years commencing before July 1, 2007, a retirement benefit that is payable in any form other than a straight life annuity and that is not subject to
Code §417(e)(3) must be adjusted to an actuarially equivalent straight life annuity that equals the annual amount of a straight life annuity commencing at the same Annuity Starting Date that has the same actuarial present value as the
Participant’s form of benefit computed using whichever of the following produces the greater annual amount: (i) the interest rate and mortality table or other tabular factor specified in the Plan for adjusting benefits in the same form;
and (ii) a 5% interest rate assumption and the Applicable Mortality Table. 

  

	 	(3)	A retirement benefit that is payable in any form other than a straight life annuity and that is subject to Code §417(e)(3) must be adjusted so as to equal the
actuarially equivalent straight life annuity, determined according to the Annuity Starting Date, as provided in the following rules. 

  

	 	(A)	If the Annuity Starting Date is in a Plan Year beginning after 2005, the annual amount of the straight life annuity commencing at the same Annuity Starting Date that
has the same actuarial present value as the Participant’s form of benefit using whichever of the following produces the greatest annual amount: (i) the interest rate and the mortality table or other tabular factor specified in the Plan for
adjusting benefits in the same form; (ii) a 5.5% interest rate assumption and the Applicable Mortality Table; and (iii) the applicable interest rate under Code §417(e)(3) and the Applicable Mortality Table, divided by 1.05.

  
 52 

	 	(B)	If the Annuity Starting Date is in a Plan Year beginning in 2004 or 2005, the annual amount of the straight life annuity commencing at the same Annuity Starting Date
that has the same actuarial present value as the Participant’s form of benefit using whichever of the following produces the greater annual amount: (i) the interest rate and the mortality table or other tabular factor specified in the Plan
for adjusting benefits in the same form; and (ii) a 5.5% interest rate assumption and the Applicable Mortality Table. 

  

	 	(C)	If the Annuity Starting Date is on or after the first day of the first Plan Year beginning in 2004 and before December 31, 2004, and the Plan applies the
transition rule in section 101(d)(3) of PFEA ‘04 in lieu of the rule in (B) above, the annual amount of the straight life annuity commencing at the same Annuity Starting Date that has the same actuarial present value as the
Participant’s form of benefit determined in accordance with Notice 2004-78. 

  

	 	(k)	Adjustments for Distributions Commencing Before Age 62: 

  

	 	(1)	if the benefit commences prior to the Participant’s attainment of age 62 and if the Annuity Starting Date is in a Limitation Year beginning before July 1,
2007, the annual amount of the benefit payable in the form of a straight life annuity commencing at the Participant’s Annuity Starting Date that is the actuarial equivalent of the dollar limitation under Code §415(b)(l)(A) (as adjusted
under Code §415(d)), with actuarial equivalence computed using which ever of the following produces the smaller annual amount: 

  

	 	(A)	the interest rate and the mortality table or other tabular factor specified in the Plan for determining actuarial equivalence for early retirement purposes; or

  

	 	(B)	a 5% interest rate assumption and the Applicable Mortality Table, 

  

	 	(2)	if the benefit commences prior to the Participant’s attainment of age 62 and if the Annuity Starting Date is in a Limitation Year beginning on or after
July 1, 2007, and the Plan does not have an immediately commencing straight life annuity payable at both age 62 and the age of benefit commencement, the annual amount of a benefit payable in the form of a straight life annuity commencing at the
Participant’s Annuity Starting Date that is the actuarial equivalent of the dollar limitation under Code §415(b)(l)(A) (as adjusted under Code §415(d)), with actuarial equivalence computed using a 5% interest rate assumption and the
Applicable Mortality Table and expressing the Participant’s age based on completed calendar months as of the annuity starting date. 

  

	 	(3)	if the benefit commences prior to the Participant’s attainment of age 62 and if the Annuity Starting Date is in a Limitation Year beginning on or after
July 1, 2007, and the Plan has an immediately commencing straight life annuity payable at both age 62 and the age of benefit commencement, the lesser of 

 

	 	(A)	the adjusted dollar limitation determined according to (2) above; and 

 

	 	(B)	 the product of the dollar limitation under Code §415(b)(l)(A) (as adjusted under Code §415(d)) multiplied by the ratio of the annual amount
of the immediately commencing straight life annuity under the 

  
 53 

	 	 
Plan at the Participant’s Annuity Starting Date to the annual amount of the immediately commencing straight life annuity under the Plan at age 62, both determined without applying the
limitations of Code §415. 

  

	 	(l)	Adjustment When Benefit Commences After the Social Security Retirement Age. 

 

	 	(1)	if the benefit commences after the Participant’s attainment of age 65 and if the Annuity Starting Date is in a Limitation Year beginning before July 1, 2007,
the annual amount of the benefit payable in the form of a straight life annuity commencing at the Participant’s Annuity Starting Date that is the actuarial equivalent of the dollar limitation under Code §415(b)(l)(A) (as adjusted under
Code §415(d)), with actuarial equivalence computed using which ever of the following produces the smaller annual amount: 

  

	 	(A)	the interest rate and the mortality table or other tabular factor specified in the Plan for determining actuarial equivalence for delayed retirement purposes; or

  

	 	(B)	a 5% interest rate assumption and the Applicable Mortality Table. 

  

	 	(2)	if the benefit commences after the Participant’s attainment of age 65 and if the Annuity Starting Date is in a Limitation Year beginning on or after July 1,
2007, and the Plan does not have an immediately commencing straight life annuity payable at both age 65 and the age of benefit commencement, the annual amount of a benefit payable in the form of a straight life annuity commencing at the
Participant’s Annuity Starting Date that is the actuarial equivalent of the dollar limitation under Code §415(b)(l)(A) (as adjusted under Code §415(d)), with actuarial equivalence computed using a 5% interest rate assumption and the
Applicable Mortality Table and expressing the Participant’s age based on completed calendar months as of the annuity starting date. 

  

	 	(3)	if the benefit commences after the Participant’s attainment of age 65 and if the Annuity Starting Date is in a Limitation Year beginning on or after July 1,
2007, and the Plan has an immediately commencing straight life annuity payable at both age 65 and the age of benefit commencement, the lesser of 

  

	 	(A)	the adjusted dollar limitation determined according to (2) above; and 

 

	 	(B)	the product of the dollar limitation under Code §415(b)(l)(A) (as adjusted under Code §415(d)) multiplied by the ratio of the annual amount of the immediately
commencing straight life annuity under the Plan at the Participant’s Annuity Starting Date to the annual amount of the immediately commencing straight life annuity under the Plan at age 65, both determined without applying the limitations of
§415. 

  

	 	(m)	For purposes of the foregoing subsections (j), (k) and (I) the following definitions apply: 

 

	 	(1)	“Applicable Mortality Table” means the table described in Revenue Ruling 2001-62, or such other table applicable under Code §417(e) as may be published
from time to time by the Internal Revenue Service. 

  

	 	(2)	 “Annuity Starting Date” means the first day of the month for which an amount is payable as an annuity. In the case of a benefit not payable
in the 

  
 54 

	 	 
form of an annuity, the Annuity Starting Date shall be the date on which the benefit is actually paid or begins to be paid. 

 

	11.3	Additional Benefit Limits for Highly Compensated Employees. 

  

	 	(a)	For purposes of this Section 11.3 only, the following definitions will apply: 

 

	 	(1)	“Benefit” means benefits under the Plan and includes any annual periodic income, any withdrawal values payable to a living Employee and any death benefits not
provided by insurance on the Employee’s life. 

  

	 	(2)	“Current Liabilities” is defined in Code Section 412(1)(7) provided that the Company may elect to use the value of current liabilities as reported on
Schedule B of the Plan’s most recent timely filed Form 5500 or Form 5500 CIR. Alternatively, the Company may determine current liabilities as of a later date. 

 

	 	(3)	Effective January 1, 1997, “Highly Compensated Employee” means: 

  

	 	(A)	Any Employee who performs services for an Affiliate or Subsidiary of the Employer during the determination year and who received Compensation in excess of the dollar
amount stated in Code Section 414(q)(l )(B)(i) (as adjusted by the Secretary or the Treasury) during the lookback year (for example, the said adjusted amount shall be $85,000 for the 2001 look-back year and $90,000 for the 2002 look-back year).
Provided, however, that, for Plan Years 1998 and thereafter, such an Employee shall not be, considered a Highly Compensated Employee unless he or she has Compensation from the Employer during the lookback year that causes him or her to be among the
highest paid 20% of the Employees of the Employer for a year in which the 20% limitation is in effect under the defined contribution plans maintained by the Employer. 

 

	 	(B)	Any Employee who is a 5% owner (as defined in code Section 416(i)(I)(B)(i)) of the Employer at any time during the look -back year or the determination year.

  

	 	(C)	For purposes of this Section, the following definitions apply. The determination year is the Plan Year. The look-back year is the 12- month period immediately preceding
the determination year. 

  

	 	(4)	“Highly Compensated Former Employee” means any former Employee who was a Highly Compensated Employee for a separation year (as defined in Treasury Regulation
Section 1.414(q)-IT) or for any determination year ending on or after the Employee attains age 55, as provided by Code Section 414( q)(9) and the regulations thereunder. 

 

	 	(5)	“Restricted Amount” is the excess of the accumulated amount of distributions to a Restricted Employee over the accumulated amount of the payments that would
have been paid under: 

  

	 	(A)	a straight life annuity that is the actuarial equivalent of the Restricted Employee’s Benefit (other than a social security supplement), plus

  
 55 

	 	(B)	the amount of the payments that the Restricted Employee is entitled to receive under a social security supplement. 

For this purpose, an “accumulated amount” is the amount of a payment increased by a reasonable amount of interest from the date
the payment was made (or would have been made) until the date for the determination of the Restricted Amount. 
  

	 	(6)	“Restricted Employee” for any Plan Year means one of the 25 Highly Compensated Employees or Highly Compensated Former Employees with the greatest
compensation. 

  

	 	(b)	In the event the Plan is terminated, the Benefit payable to any Highly Compensated Employee and any Highly Compensated Former Employee will be limited to a benefit
which is nondiscriminatory under Code Section 401 (a)(4). 

  

	 	(c)	Prior to Plan termination, the annual payment to a Restricted Employee under the Plan will be limited to an amount equal to the annual payment that would have been paid
under a straight life annuity that is the actuarial equivalent to the Restricted Employee’s Benefit (not including any social security supplement) plus the amount of any social security supplement payments the Restricted Employee is entitled to
receive. 

  

	 	(d)	Subsection (c) above will not apply if: 

  

	 	(1)	payment of all Benefits to the Restricted Employee, the value of Plan assets is 110% or more of the value of Current Liabilities, 

 

	 	(2)	the value of Benefits payable to the Restricted Employee is less than one percent of the value of Current Liabilities, or 

 

	 	(3)	the present value of the Benefits payable to the Restricted Employee is $5,000 or less, or 

 

	 	(4)	upon receipt of a distribution from the Plan, the Restricted Employee deposits in escrow property having a fair market value equal to at least 125% of the Restricted
Amount or, alternatively, posts a bond or letter of credit in an amount equal to at least 100% of the Restricted Amount. 

  

	11.4	Top-Heavy Provisions. 

  

	 	(a)	Top-Heavy Plan. Notwithstanding any other provision of this Plan to the contrary, this Section will apply if the Plan is a Top-Heavy Plan for any Plan Year after
December 31, 2001. For Plan Years prior to that date the provisions of the Prior Plan will apply. 

 The Plan
will be a Top-Heavy Plan if, as of the Determination Date, the present value of the cumulative accrued benefits of Key Employees exceeds sixty percent of the present value of the cumulative accrued benefits under the Plan of all Participants and
Beneficiaries (but excluding the value of the accrued benefits of former Key Employees and individuals who have not performed any services for the Company during the one year period ending on the Determination Date), This percentage will be computed
in accordance with Code §416(g). 

  
 56 

 In determining whether this Plan is a Top-Heavy Plan, all employers that are aggregated
under Code §§414(b), (c) and (m) will be treated as a single employer. In addition, all plans that are part of the Aggregation Group will be treated as a single plan. In determining present values, mortality will be based on the
1984 Unisex Pension Mortality Table and the interest rate utilized will be five percent. 
  

	 	(b)	Definition of Terms. For purposes of this Section 11.4 only, the following terms will have the following meanings: 

 

	 	(1)	“Aggregation Group” means the Required Aggregation Group or, at the election of the Company, the Permissive Aggregation Group. 

 

	 	(2)	“Average Compensation” means the Participant’s Compensation averaged over the five consecutive Plan Years in which the Participant earned a Year of
Vesting Service (if such Year of Vesting Service is not disregarded pursuant to subsection (d) below) and in which the Participant’s aggregate Compensation was the greatest. If the Participant received Compensation in fewer than five such
Plan Years, his or her Compensation will be averaged over such lesser number of Plan Years. 

  

	 	(3)	“Compensation” shall be as defined in Section 1.15, subject to the limitations imposed by Code §401(a)(l7), as amended by law and as adjusted by the
Secretary of the Treasury. 

  

	 	(4)	“Determination Date” means the last day of the preceding Plan Year. This date will also be the valuation date for determining present values.

  

	 	(5)	“Key Employee” means an Employee or former Employee (and, in the case of a deceased former Employee, his or her Beneficiary under the Plan) where the Employee
or former Employee, during the Plan Year containing the Determination Date, is either: 

  

	 	(A)	an officer of the Employer whose annual Compensation from the Employer exceeds $130,000 (adjusted in the manner stated in Code §416(i), provided that no more than
50 Employees shall be considered officers; 

  

	 	(B)	a five-percent owner of the Employer (as defined above); or 

  

	 	(C)	a one-percent owner of the Employer (as defined above) whose annual Compensation from the Employer exceeds $150,000. 

For purposes of paragraphs (B) and (C) above, an Employee will be deemed to own stock held for his or her benefit by a
partnership, estate, trust or corporation to the extent provided under Code §318(a)(2), but subparagraph (C) of that Code Section shall be applied by substituting 5% instead of 50%. 

 

	 	(6)	“Non-key Employee” means an Employee (and any Beneficiary of an Employee) who is not a Key Employee. 

 

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

  
 57 

	 	(8)	“Required Aggregation Group” means: 

  

	 	(A)	Each stock bonus, pension, or profit sharing plan of the Employer in which a Key Employee participates in the Plan Year containing the Determination Date which is
intended to qualify under Code §401(a); and 

  

	 	(B)	Each other such stock bonus, pension or profit sharing plan of an employer which enables any plan in which a Key Employee participates to meet the requirements of Code
§§401(a)(4) or 410. 

  

	 	(9)	“Top-Heavy Group” means the Aggregation Group if the sum of (A) and (B) below exceeds 60% of a similar sum determined for all Employees (excluding
former Key Employees and individuals who have not performed any services for the Employer during the one year period ending on the Determination Date): 

  

	 	(A)	The present value of the cumulative accrued benefit for Key Employees under all defined benefit plans included in such group. 

 

	 	(B)	The aggregate of the accounts of Key Employees under all defined contribution plans included in such group. 

In a Top-Heavy Group, all plans in the Required Aggregation Group are Top-Heavy regardless of whether or not the individual plans are
Top-Heavy. 
  

	 	(c)	Modification of Vesting Schedule. If the Plan is a Top-Heavy Plan in a Plan Year, a Participant who is credited with an Hour of Service in such Plan Year will have his
or her Vested Percentage for Accrued Benefit Attributable to Company Contributions determined in accordance with the following schedule if it produces a higher Vested Percentage than the schedule in Section 6.1. 

 

					
	Years of Vesting Service	  	Vested Percentage	 
		
	 Less than 2
	  	 	0	% 
	 2
	  	 	20	% 
	 3
	  	 	40	% 
	 4
	  	 	60	% 
	 5
	  	 	80	% 
	 6 or more
	  	 	100	% 

 Effective for Plan Years
commencing after December 31, 2007, the vesting schedule in Section 6.1(e) shall always apply. 
 A Participant’s
vested Accrued Benefit Attributable to Company Contributions will not be less than that determined as of the last day of the last Plan Year in which the Plan was a Top-Heavy Plan. 

If the Plan ceases to be Top-Heavy, each Participant with three or more Years of Vesting Service (determined as of the first day of the
Plan Year in which the Plan ceases to be Top- Heavy) will continue to have his or her Vested Percentage for Accrued Benefit Attributable to Company Contributions determined in accordance with this subsection (c). 

 

	 	(d)	 Minimum Benefit. If the Plan is Top-Heavy in a Plan Year, the Accrued Benefit as of the last day of such Plan Year for any Participant who is not a Key
Employee, but who is employed or on an Authorized Period of Absence in such Plan Year, will not 

  
 58 

	 	 
be less than the Actuarial Equivalent of an annual benefit payable in the form of a straight life annuity beginning on the Participant’s Normal Retirement Date equal to the lesser of
(i) two percent of the Participant’s Average Compensation multiplied by Years of Vesting Service or (ii) twenty percent of the Participant’s Average Compensation. For purposes of this subsection (d), any Years of Vesting Service
will be disregarded if: 

  

	 	(1)	the Plan was not a Top-Heavy Plan for any Plan Year ending during such Years of Vesting Service, or 

 

	 	(2)	such Year of Vesting Service ended in a Plan Year beginning before January 1, 1984. 

A Participant’s Accrued Benefit as of any subsequent date will not be less than that determined as of the last day of the Plan Year
in which the Plan was a Top-Heavy Plan. 
  

	 	(3)	Collective Bargaining Agreements The provisions of subsections (c) and (d) shall not apply to any Employee included in a group of Employees covered by an
agreement which the Secretary of Labor finds to be a collective bargaining agreement between employee representatives and one or more employers, including the Employer, if there is evidence that retirement benefits were the subject of good faith
bargaining between such employee representatives and such empioyer(s). 

  

	11.5	Benefit Restrictions Due to Application of Code §436. Effective for Plan Years commencing after December 31, 2007, this Section shall take precedence over any
contrary Plan provisions. 

 Application. This Section shall apply so long as the Plan is not a multi-employer plan
within the meaning of Code §414(f) and is not maintained pursuant to one or more collective bargaining agreements between employee representatives and one or more employers, For purposes of this subsection, the term Plan shall include any
predecessor plan. To the extent required the provisions of Code §436 and all regulations thereunder are incorporated herein by reference. If the Plan has a valuation date other than the first day of the Plan Year, the provisions of Code
§436 and this Section will applied in accordance with regulations. 
  

	 	(a)	Funding-Based Limitation on Shutdown Benefits and Other Unpredictable Contingent Event Benefits. 

 

	 	(1)	In general. If a Participant is entitled to an “unpredictable contingent event benefit” payable with respect to any event occurring during any Plan Year, then
the benefit may not be provided if the “adjusted funding target attainment percentage” for the Plan Year 

  

	 	(A)	is less than 60% or 

  

	 	(B)	would be less than 60% taking into account the occurrence. 

  

	 	(2)	Exemption. Paragraph (1) shall cease to apply with respect to any Plan Year, effective as of the first day of the Plan Year, upon payment by the Employer of a
contribution (in addition to any minimum required contribution under Code Section 430) equal to: 

  
 59 

	 	(A)	in the case of (b)(1)(A) above, the amount of the increase in the funding target of the Plan (under Code §430) for the Plan Year attributable to the occurrence
referred to in paragraph (1), and 

  

	 	(B)	in the case of (b)(1)(B) above, the amount sufficient to result in an “adjusted funding target attainment percentage” of 60%. 

 

	 	(3)	Unpredictable contingent event benefit. For purposes of this subsection, the term “unpredictable contingent event benefit” means any benefit payable solely by
reason of: 

  

	 	(A)	a plant shutdown (or similar event, as determined by the Secretary of the Treasury), or 

 

	 	(B)	an event other than the attainment of any age, performance of any service, receipt or derivation of any compensation, or occurrence of death or disability.

  

	 	(b)	Limitations on Plan Amendments Increasing Liability for Benefits. 

  

	 	(1)	In general. No amendment that has the effect of increasing liabilities of the Plan by reason of increases in benefits, establishment of new benefits, changing the rate
of benefit accrual, or changing the rate at which benefits become nonforfeitable may take effect during any Plan Year if the adjusted funding target attainment percentage for the Plan Year is: 

 

	 	(A)	less than 80% or 

  

	 	(B)	would be less than 80% taking into account the amendment. 

  

	 	(2)	Exemption. Paragraph (c)(1) shall cease to apply with respect to any Plan Year, effective as of the first day of the Plan Year (or if later, the effective date of the
amendment), upon payment by the Employer of a contribution (in addition to any minimum required contribution under Code §430) equal to: 

  

	 	(A)	in the case of paragraph (c)(1)(A) above, the amount of the increase in the funding target of the Plan (under Code §430) for the Plan Year attributable to the
amendment, and 

  

	 	(B)	in the case of paragraph (c)(1)(B) above, the amount sufficient to result in an adjusted funding target attainment percentage of 80%. 

 

	 	(3)	Exception for certain benefit increases. Paragraph (c)(1) shall not apply to any amendment that provides for an increase in benefits under a formula that is not based
on a Participant’s Compensation, but only if the rate of such increase is not in excess of the contemporaneous rate of increase in average wages of Participants covered by the amendment. 

 

	 	(c)	Limitations on Accelerated Benefit Distributions. 

  

	 	(1)	Funding percentage less than 60%. If the Plan’s adjusted funding target attainment percentage for a Plan Year is less than 60%, then the Plan may not pay any
“prohibited payment” after the valuation date for the Plan Year. 

  

	 	(2)	 Bankruptcy. During any period in which the Employer is a debtor in a case under Title 11 of the United States Code, or similar Federal or State law,
the 

  
 60 

	 	 
Plan may not pay any “prohibited payment,” The preceding sentence shall not apply on or after the date on which the enrolled actuary of the Plan certifies that the adjusted funding
target attainment percentage of the Plan is not less than 100%. 

  

	 	(3)	Limited payment if percentage at least 60% but less than 80% percent. 

  

	 	(A)	In general. If the Plan’s adjusted funding target attainment percentage for a Plan Year is 60% or greater but less than 80%, then the Plan may not pay any
“prohibited payment” after the valuation date for the Plan Year to the extent the amount of the payment exceeds the lesser of: 

  

	 	(i)	fifty percent (50%) of the amount of the payment that could be made without regard to this subsection, or 

 

	 	(ii)	the present value (determined under guidance prescribed by the Pension Benefit Guaranty Corporation, using the interest and mortality assumptions under Code
§417(e)) of the maximum guarantee with respect to the participant under ERISA §4022. 

  

	 	(B)	One-time application. 

  

	 	(i)	In general. Only one “prohibited payment” meeting the requirements of subparagraph (A) may be made with respect to any Participant during any period of
consecutive Plan Years to which the limitations under either paragraph (1) or (2) or this paragraph applies. 

  

	 	(ii)	Treatment of beneficiaries. For purposes of this subparagraph, a Participant and any Beneficiary (including an alternate payee, as defined in Code §414(p)(8))
shall be treated as one Participant. If the Accrued Benefit of a Participant is allocated to an alternate payee and one or more other persons, the amount under subparagraph (A) shall be allocated among those persons in the same manner as the
Accrued Benefit is allocated unless the qualified domestic relations order (as defined in Code §414(p)(1)(A)) provides otherwise. 

  

	 	(4)	Exception. This subsection shall not apply for any Plan Year if the terms of the Plan (as in effect for the period beginning on September 1, 2005 and ending with
such Plan Year) provide for no benefit accruals with respect to any Participant during such period. 

  

	 	(5)	“Prohibited payment.” For purposes of this subsection, the term “prohibited payment” means: 

 

	 	(A)	any payment in excess of the monthly amount paid under a single life annuity (plus any Social Security supplements described in the last sentence of Code
§411(a)(9)) to a Participant or Beneficiary whose Annuity Starting Date occurs during any period a limitation under paragraph (d)(1) or (2) is in effect, 

 

	 	(B)	any payment for the purchase of an irrevocable commitment from an insurer to pay benefits, and 

  
 61 

	 	(C)	any other payment specified by the Secretary by Regulations. 

 “Prohibited payment” shall not include the payment of a benefit that under Code §411(a)(11) may be immediately distributed without the consent of the Participant. 

 

	 	(d)	Limitation on Benefit Accruals for Plans with Severe Funding Shortfalls. 

  

	 	(1)	In general. If the Plan’s adjusted funding target attainment percentage for a Plan Year is less than 60%, benefit accruals under the Plan shall cease as of the
valuation date for the Plan Year. 

  

	 	(2)	Exemption. Paragraph (e)(1) shall cease to apply with respect to any Plan Year, effective as of the first day of the Plan Year, upon payment by the Employer of a
contribution (in addition to any minimum required contribution under Code §430) equal to the amount sufficient to result in an adjusted funding target attainment percentage of 60%. 

 

	 	(3)	Temporary modification of limitation. In the case of the first Plan Year beginning during the period beginning on October 1 ,2008, and ending on September 30,
2009, the provisions of (e)(1) above shall be applied by substituting the Plan’s adjusted funding target attainment percentage for the preceding Plan Year for the percentage for the Plan Year, but only if the adjusted funding target attainment
percentage for the preceding year is greater. 

  

	 	(e)	Rules Relating to Contributions Required to Avoid Benefit Limitations. 

  

	 	(1)	Security may be provided: 

  

	 	(A)	In general. For purposes of this section, the adjusted funding target attainment percentage shall be determined by treating as an asset of the Plan any security
provided by the Employer in a form meeting the requirements of subparagraph (B). 

  

	 	(B)	Form of security. The security required under subparagraph (A) shall consist of: 

 

	 	(i)	a bond issued by a corporate surety company that is an acceptable surety for purposes of ERISA §412, 

 

	 	(ii)	cash or United States obligations that mature in three years or fewer, held in escrow by a bank or similar financial institution, or 

 

	 	(iii)	such other form of security as is satisfactory to the Secretary and the parties involved. 

 

	 	(C)	Enforcement. Any security provided under subparagraph (A) may be perfected and enforced at any time after the earlier of: 

 

	 	(i)	the date on which the Plan terminates; 

  

	 	(ii)	if there is a failure to make a payment of the minimum required contribution for any Plan Year beginning after the security is provided, the due date for the payment
under Code §430(j); or 

  
 62 

	 	(iii)	if the adjusted funding target attainment percentage is less than 60% for seven consecutive years, the valuation date for the last year in the period.

  

	 	(D)	Release of security. The security shall be released (and any amounts thereunder shall be refunded together with any interest accrued thereon) at such time as the
Secretary may prescribe in Regulations, including Regulations for partial releases of the security by reason of increases in the adjusted funding target attainment percentage. 

 

	 	(2)	Pre-funding balance or funding standard carryover balance may not be used. No pre-funding balance or funding standard carryover balance under Code §430(f) may be
used under subsection (b), (c), or (e) to satisfy any payment an Employer may make under any such subsection to avoid or terminate the application of any limitation under such subsection. 

 

	 	(3)	Deemed reduction of funding balances: 

  

	 	(A)	In general. Subject to subparagraph (B), in any case in which a benefit limitation under subsection (b), (c), (d), or (e) would (but for this subparagraph and
determined without regard to subsection (b)(2), (c)(2), or (e)(2)) apply to the Plan for the Plan Year, the Employer shall be treated for purposes of this Section 19.5 as having made an election under Code §430(f) to reduce the pre-funding
balance or funding standard carryover balance by the amount necessary for the benefit limitation not to apply to the Plan for the Plan Year. 

  

	 	(B)	Exception for insufficient funding balances. Subparagraph (A) shall not apply with respect to a benefit limitation for any Plan Year if the application of
subparagraph (A) would not result in the benefit limitation not applying for such Plan Year. 

  

	 	(f)	Presumed Underfunding for Purposes of Benefit Limitations. 

  

	 	(1)	Presumption of continued underfunding. In any case in which a benefit limitation under subsection (b), (c), (d), or (e) has been applied to a Plan with respect to
the Plan Year preceding the current Plan Year, the adjusted funding target attainment percentage of the Plan for the current Plan Year shall be presumed to be equal to the adjusted funding target attainment percentage of the Plan for the preceding
Plan Year until the enrolled actuary of the Plan certifies the actual adjusted funding target attainment percentage of the Plan for the current Plan Year. 

  

	 	(2)	Presumption of underfunding after 10th month. In any case in which no certification of the adjusted funding target attainment percentage for the current Plan Year is
made with respect to the Plan before the first day of the 10th month of such year, for purposes of subsections (b), (c), (d), and (e), such first day shall be deemed, for purposes of such subsection, to be the valuation date of the Plan for the
current Plan Year and the Plan’s adjusted funding target attainment percentage shall be conclusively presumed to be less than 60% as of the first day. 

 

	 	(3)	Presumption of underfunding after 4th month for nearly underfunded plans. In any case in which: 

  
 63 

	 	(A)	a benefit limitation under subsection (b), (c), (d), or (e) did not apply to a Plan with respect to the Plan Year preceding the current Plan Year, but the adjusted
funding target attainment percentage of the Plan for the preceding Plan Year was not more than 10 percentage points greater than the percentage that would have caused the subsection to apply to the Plan with respect to the preceding Plan Year, and

  

	 	(B)	as of the first day of the 4th month of the current Plan Year, the enrolled actuary of the Plan has not certified the actual adjusted funding target attainment
percentage of the Plan for the current Plan Year, until the enrolled actuary so certifies, the first day shall be deemed, for purposes of the subsection, to be the valuation date of the Plan for the current Plan Year and the adjusted funding target
attainment percentage of the Plan as of such first day shall, for purposes of the subsection, be presumed to be equal to 10 percentage points less than the adjusted funding target attainment percentage of the Plan for the preceding Plan Year.

  

	 	(g)	Treatment of Plan as of Close of Prohibited or Cessation Period. Payments and accruals will resume effective as of the day following the close of the period for which
any limitation of payment or accrual of benefits under subsection (d) or (e) applies. Nothing in this subsection shall be construed as affecting the Plan’s treatment of benefits that would have been paid or accrued but for this
Section 19.5. 

  

	 	(h)	Definitions. 

  

	 	(1)	“Funding target attainment percentage” shall have the same meaning given that term by Code §430(d)(2), except as otherwise provided herein. However, in
the case of Plan Years beginning in 2008, the funding target attainment percentage for the preceding Plan Year may be determined using such methods of estimation as the Secretary may provide. 

 

	 	(2)	“Adjusted funding target attainment percentage” means the funding target attainment percentage that is determined under paragraph (1) by increasing each
of the amounts under subparagraphs (A) and (B) of Code §430(d)(2) by the aggregate amount of purchases of annuities for employees other than Highly Compensated Employees that were made by the Plan during the preceding two Plan Years.

  

	 	(3)	Application to plans that are fully funded without regard to reductions for funding balances. 

 

	 	(A)	In general. If in any Plan Year the funding target attainment percentage is 100% or more (determined and without regard to the reduction in the value of assets under
Code §430(f)(4)), the funding target attainment percentage for purposes of paragraphs (1) and (2) shall be determined without regard to the reduction. 

 

	 	(B)	Transition rule. Subparagraph (A) shall be applied to Plan Years beginning after 2007 and before 2011 by substituting for 100% the applicable percentage determined
in accordance with the following table: 

  
 64 

					
	In the case of Plan Year	  	The applicable percentage is:	 
	 2008
	  	 	92	% 
	 2009
	  	 	94	% 
	 2010
	  	 	96	% 

  

	 	(C)	Subparagraph (B) shall not apply with respect to any Plan Year beginning after 2008 unless the funding target attainment percentage (determined without regard to
the reduction in the value of assets under Code §430(f)(4)) of the Plan for each preceding Plan Year beginning after 2007 was not less than the applicable percentage with respect to such preceding Plan Year determined under subparagraph (B).

  
 65 

 ARTICLE XII 
 ADMINISTRATION OF THE PLAN 
  

	12.1	Administration. 

  

	 	(a)	The Retirement Committee (“Committee”) will consist of three or more individuals who will be appointed by the Board of Directors of Zions. The Committee will
serve as Plan “administrator” (as that term is defined by ERISA). The Committee will have complete control of the administration of the Plan, subject to the provisions hereof, with all powers necessary to enable it to carry out its duties
properly in that respect. Not in limitation, but in amplification of the foregoing, it will have the power to interpret the Plan and to determine all questions that may arise hereunder, including all questions relating to the eligibility of
Employees to participate in the Plan and the amount of benefit to which any Participant or Beneficiary may become entitled. Its decisions upon all matters within the scope of its authority will be final. 

 

	 	(b)	The Committee will establish rules and procedures to be followed by Participants and Beneficiaries in filing applications for benefits, in furnishing and verifying
proofs necessary to determine age or marital status, and in any other matters required to administer the Plan. 

  

	 	(c)	The Committee will receive all applications for benefits and will determine all facts necessary to establish the right of the applicant to benefits under the provisions
of the Plan and the amount thereof. 

  

	 	(d)	The Committee will maintain accounts showing the fiscal transactions of the Plan, and will keep data required for the valuation of the assets and liabilities of the
Plan. The Committee will also prepare an annual report showing in reasonable detail the assets and liabilities of the Plan and giving a brief account of the operation of the Plan for each year. The Committee will make the annual report available to
each Participant as required by law. 

  

	 	(e)	The Committee will appoint an enrolled actuary to make actuarial valuations of the liabilities of the Plan, to recommend the amount of contributions to be made by the
Company and to perform such other services as the Committee will deem necessary or desirable in connection with the administration of the Plan. The Committee may also appoint such accountants, counsel, consultants and other persons the Committee
deems necessary or desirable in connection with the administration of the Plan. 

  

	 	(f)	The Committee will have the power to appoint or remove any Investment Manager or Managers and to manage (including the power to acquire and dispose of) a.”1yassets
of the Plan. 

  

	 	(g)	The Committee will have the power to appoint or remove the Trustee. 

  

	 	(h)	The Committee will be entitled to rely upon all tables, valuations, certificates and reports furnished by the accountant, consultant, administrator or actuary appointed
by the Committee and upon all opinions given by any counsel selected or approved by it. 

  

	12.2	Records. All acts and determinations of the Committee and the Company regarding this Plan will be duly recorded and all such records, together with such other documents
as may be necessary for the administration of the Plan, will be preserved in the custody of the Committee (or a designee appointed by the Committee). 

  
 66 

	12.3	Payment of Expenses. All expenses that arise in connection with the administration of the Plan, including, but not limited to, the compensation of any enrolled actuary,
accountant, legal counsel, consultant or other person who will be employed by the Committee in connection with the administration thereof, may, to the extent that it is lawful to do so under ERISA, be paid from the assets of the Plan.

  

	12.4	Delegation of Authority. The administrative duties and responsibilities set forth in Section 12.1 may be delegated by the Committee in whatever manner and extent
it chooses to such person or persons as it selects. It will notify Zions and the Trustee of the authority conferred upon such person or persons. 

  

	12.5	Information Available. Any Participant in the Plan or any Beneficiary receiving benefits under the Plan may examine copies of the summary plan description, latest
annual report, any bargaining agreement, the Plan document, the Trust Agreement or any other governing instruments u:nder which the Plan is operated. The Committee will maintain all of these items in its office, or in such other place or places as
it may designate from time to time for examination during reasonable business hours. Upon the written request of a Participant or Beneficiary receiving benefits under the Plan, the Committee will furnish a copy of any item listed in this Section.
The Committee may make a reasonable charge to the requesting person for the copy furnished. 

  

	12.6	Claims and Appeals Procedure. 

  

	 	(a)	The Committee will adopt procedures for the resolving of claims for benefits and for the appeal and review of the denial of such claims by the Committee. Detailed
information regarding such procedures may be obtained by writing to the Retirement Committee. 

  

	 	(b)	Each claim for benefits will be decided by one or more persons, a committee or other claims administrator designated by the Committee (such designated party is referred
to in this Section as the “Claims Administrator”). The Claims Administrator will give the claimant written notice of the disposition of a claim within 90 days after the claim has been filed, unless special circumstances require an
extension of time for processing, in which case such notice of disposition shall be given within 180 days after the application has been filed. If a claim is denied in whole or in part, the Claims Administrator shall give the claimant a written
explanation of the reasons for the denial. 

  

	 	(c)	A claimant wishing a review of a denied claim may submit an appeal in writing in a manner acceptable to the “Appeals Administrator”, which shall be the
Committee or a person, committee or other administrator designated by the Committee, The deadline for submitting any such appeal to the Appeals Administrator shall be 60 days after receipt of the written notification of the denial of the claim, as
described above. 

  

	 	(d)	 Within 60 days following the receipt of the notice of appeal, the Appeals Administrator will give the claimant either (i) a written notice of the
decision of the Appeals Administrator, or (ii) if special circumstances require an extension of time for review, a notice of a 60-day extension of the review period. In the latter case, the notice of the decision of the Appeals Administrator
shall be delivered to the claimant within 120 days after the appeal has been delivered by the claimant. Effective January 1, 2002, the one or more individuals who act as Appeals Administrator and who decide the appeal shall not include any
person who decided the initial claim, 

  
 67 

	 	 
but a person who decided the initial claim may participate in the discussion of the appeal. 

  

	 	(e)	The Plan hereby delegates full and complete discretion to the Claims Administrator and the Appeals Administrator; 

 

	 	(1)	to make findings of fact pertaining to a claim or appeal; 

  

	 	(2)	to interpret the Plan as applied to the facts; and 

  

	 	(3)	to decide all aspects of the claim or appeal. 

  

	 	(f)	The decision of the Appeals Administrator upon such a review of a denied claim, (or, If the claimant fails to submit a timely appeal to the Appeals Administrator, the
decision of the Claims Administrator) will be final, subject to any remedies which may be provided by law. 

  

	12.7	Fiduciary Capacity. Any person may serve in more than one fiduciary capacity with respect to this Plan. 

 

	12.8	Committee Liability. The members of the Committee will use ordinary care and diligence in the performance of their duties, but no member will be personally liable by
virtue of any contract, agreement, or other instrument made or executed as a member of the Committee, nor for any mistake of judgment made by him or her or by any other member, nor for any loss unless resulting from willful misconduct or failure to
exercise good faith. No member of the Committee will be liable for the neglect, omission, or wrongdoing of any other member or of the agents or counsel of the Committee. Zions will indemnify (or cause one or more of the participating Companies to
indemnify) each member of the Committee against, and hold him or her harmless from any and all expenses and liabilities arising out of any act or omission to act as a member of the Committee, except such liabilities and expenses as are due to
willful misconduct or failure to exercise good faith. 

  

	12.9	Limitations of Actions on Claims. The delivery to the claimant of the final decision of the Plan Administrator with respect to a claim for benefits under
Section 12.6 that has been reviewed and considered under the appeal procedures of that section shall commence the period during which the claimant may bring legal action under ERISA for judicial review of the Appeals Administrator’s
decision. No civil action with respect to the claim for benefits or the subject matter thereof may be commenced by the claimant, whether such action is pursued through litigation, arbitration or otherwise, prior to the completion of the claims and
claims review process set forth in Section 12.6, nor following the expiration of two years from the date of delivery of the final decision of the Appeals Administrator to the claimant. 

  
 68 

 ARTICLE XIII 
 GENERAL PROVISIONS 
  

	13.1	Amendment of Plan. 

  

	 	(a)	Zions may amend the Plan at any time. In addition to the authority to amend the Plan in other respects, Zions shall furthermore have the authority to adopt any remedial
retroactive changes to comply with the requirements of any law or regulation issued by any governmental agency to which the Plan is subject. No amendment will diminish or adversely affect any accrued interest or benefit of Participants or their
Beneficiaries, except as may be required to comply with the requirements of any law or regulation issued by any governmental agency to which the Company is subject. 

 

	 	(b)	If any amendment to the Plan changes the vesting schedule, each Participant who is an Employee with at least three Years of Vesting Service may elect to remain under
the vesting schedule of the Plan prior to such amendment. If the Participant does not make the election within a reasonable time (as may be determined pursuant to governmental regulations from time to time), such Participant will be subject to the
vesting schedule under the Plan as amended. In no event will the vesting percentage of the Participant’s Accrued Benefit be reduced below the percentage attained by the Participant prior to such amendment. 

 

	 	(c)	In no event will a Participant who terminates or retires on or after the date any amendment to the Plan is effective receive less than his or her vested percentage
multiplied by the Accrued Benefit prior to such date. This amount will be adjusted for the date of retirement and form of payment on the basis in effect prior to such amendment. This paragraph (c) shall not apply to the amendment to the basis
for determining the Actuarial Equivalent value for purposes of Section 5.8 effective June 1, 1995. 

  

	 	(d)	If any amendment to the Plan eliminates an optional form of payment, a Participant may continue to elect such form of payment with respect to any Accrued Benefit earned
prior to the effective date of such amendment. 

  

	13.2	Employment Status. Nothing contained in the Plan will be deemed to give any Employee the right to be retained in the employ of the Employer or to interfere with the
rights of the Employer to discharge any Employee at any time. 

  

	13.3	Mergers or Consolidations. If this Plan merges or consolidates with, or transfers its assets or liabilities to any other qualified plan of deferred compensation, no
Participant will, as a result of such merger, consolidation or transfer, be entitled to a benefit on the day following such event which is less than the benefit to which he or she is entitled on the day preceding such event. For purposes of this
Section, the benefit to which a Participant is entitled will be calculated based upon the assumption that a Plan termination and distribution of assets occurred on the day as of which the Participant’s entitlement is being determined.

  

	13.4	Provision Against Anticipation. No benefit under the Plan will be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance,
charge or other legal process, and any attempt to do so will be void. The preceding sentence will not apply to a Qualified Domestic Relations Order pursuant to Code Section 414(P). 

 

	13.5	 Facility of Payment. If any Participant or Beneficiary is physically or mentally incapable of giving a valid receipt for any payment due him and no
legal representative has been 

  
 69 

	 	 
appointed for such Participant or Beneficiary, the Committee may direct the Trustee to make such payment to any person or institution maintaining such Participant or Beneficiary and the release
of such person or institution will be a valid and complete discharge for such payment. Any final payment or distribution to any Participant, the legal representative of the Participant, or to any Beneficiaries of such Participant in accordance with
the provisions herein will be in full satisfaction of all claims against the Plan, the Committee, the Trustee and the Company arising under or by virtue of the Plan. 

 

	13.6	Construction. The validity of the Plan or any of its provisions will be determined under and will be construed according to federal law and, to the extent permissible,
according to the laws of the State of Utah. If any provision of the Plan is held illegal or invalid for any reason, such determination will not affect the remaining provisions of the Plan and the Plan will be construed and enforced as if said
illegal or invalid provision had never been included. 

  

	13.7	Legal Actions. The Committee will be the necessary party to any action or proceeding involving the assets held with respect to the Plan or the administration thereof.
No Employee, Participant, former Participant or their Beneficiaries, or any other person having or claiming to have an interest in the Plan will be entitled to any notice or process. Any final judgment that may be entered in any such action or
proceeding will be binding and conclusive on all persons having or claiming to have any interest in the Plan. 

  
 70 

 SIGNATURE PAGE 
 This Zions Bancorporation Pension Plan, as restated effective as of January 1,2002, is hereby approved this 30th day of November, 2010, at Salt Lake City, Utah. 

 

			
	ZIONS BANCORPORATION
		
	By:	 	 /s/ Diana M. Andersen

	Name:	 	 Diana M. Andersen

	Title:	 	 SVP & Dir. of Corp. Benefits

  
 71 

 APPENDIX I: 
 FACTORS FOR SPOUSE OPTION UNDER SECTION 5.7(A) 
 A Participant retiring at any age with a benefit
in the form of a Spouse Option (as described in Section 5.7(a) will have the following factors applied to his or her Accrued Benefit. 
  

													
	 	  	Joint & Survivor Option	 
	 	  	50%	 	  	75%	 	  	100%	 
	 Spouse same age as Employee
	  	 	.880	  	  	 	.835	  	  	 	.790	  
	 For each year the Spouse is younger than the Employee subtract
	  	 	.005	  	  	 	.0065	  	  	 	.008	  
	 For each year the Spouse is older than the Employee add
	  	 	.005	  	  	 	.0065	  	  	 	.008	  

 The Maximum adjustment for age
differential is limited to 20 years 

  
 72 

 APPENDEX II: 
 ACTUARIAL EQUIVALENCE FOR MONTHLY BENEFITS AND LUMP SUMS 
 For the purpose of computing the
annuity value of a Participant’s cash balance account, the annuity value of a Participant’s Old Plan Account, and lump sums: 
  

	(a)	The mortality assumption is the “Applicable Mortality Table” (as defined below) which is prescribed from time to time by the Secretary of the Treasury under
Code Section 417(e)(3). 

  

	 	(1)	For benefit commencement dates on and after June 1, 1995 and prior to December 31, 2002, the “Applicable Mortality Table” shall mean the applicable
mortality table prescribed by the Secretary of the Treasury in Rev. Rul. 95-6, which is the 1983 Group Annuity Mortality Table, weighted 50% male and 50% female (commonly referred to as “GAM 83”). 

 

	 	(2)	For benefit commencement dates on and after December 31, 2002, the “Applicable Mortality Table” shall mean the applicable mortality table prescribed by
the Secretary of the Treasury in Rev. Rul. 2001-62, 

  

	(b)	The interest assumption shall be the “Applicable Interest Rate”, which shall be the average annual yield on 30-year U.S. Treasury constant maturities, as
shown in the Federal Reserve Statistical Release H.15 for the reference month. The reference month shall be the month of -November of the calendar year prior to the Plan Year in which the lump sum is paid or the monthly benefit commences,

  

	(c)	In no event shall such lump sum be less than the present value as of December 31, 1985 of a Participant’s Accrued Benefit as of December 31, 1985 on the
basis of the following actuarial factors used prior to December 31, 1985 for purposes of valuing a deferred annuity of $1 per year commencing at age 65 and payable in monthly installments: 

 

													
	 Age
	 	 Factor
	 	 	 Age
	 	 	 Factor
	 
	32	 	 	0.6404	  	 	 	49	  	 	 	2.4180	  
	33	 	 	0.6920	  	 	 	50	  	 	 	2.6182	  
	34	 	 	0.7479	  	 	 	51	  	 	 	2.8357	  
	35	 	 	0,8082	  	 	 	52	  	 	 	3.0721	  
	36	 	 	0.8735	  	 	 	53	  	 	 	3.3292	  
	37	 	 	0.9441	  	 	 	54	  	 	 	3.6090	  
	38	 	 	1.0205	  	 	 	55	  	 	 	3.9138	  
	39	 	 	1.1031	  	 	 	56	  	 	 	4.2458	  
	40	 	 	1.1925	  	 	 	57	  	 	 	4.6080	  
	41	 	 	1.2892	  	 	 	58	  	 	 	5.0034	  
	42	 	 	1.3939	  	 	 	59	  	 	 	5.4356	  
	43	 	 	1.5073	  	 	 	60	  	 	 	5.9088	  

  
 73 

													
	44	 	 	1.6301	  	 	 	61	  	 	 	6.4279	  
	45	 	 	1.7632	  	 	 	62	  	 	 	6.9983	  
	46	 	 	1.9075	  	 	 	63	  	 	 	7.6261	  
	47	 	 	2.0639	  	 	 	64	  	 	 	8.3184	  
	48	 	 	2.2337	  	 	 	65	  	 	 	9.0836	  

  

	(d)	The minimum value of a lump sum distribution to a Grossmont Participant who retires between January 1,1998 and December 31, 1998 shall be determined under
subsections (a) and (1) above, except that the annual rate of interest on 30- year Treasury securities described in subsection (1) shall be determined as of December 1997. 

REVISED ACTUARIAL EQUIVALENCE PROVISIONS RESULTING FROM THE 
 PENSION FUNDING EQUITY ACT AND SUBSEQUENT LEGISLATION 
  

	2.1	General Rules. 

  

	 	(a)	Effective date. These revised provisions reflect certain provisions of the Pension Funding Equity Act of 2004 (PFEA), as modified by the Pension Protection Act
of 2006 and the Worker, Retiree and Employer Recovery Act of 2008. Unless otherwise provided herein, all required determinations of actuarial equivalence for forms of benefit other than a straight life annuity shall be made in accordance with these
revised provisions effective for distributions in Plan Years beginning after December 31, 2003, Nevertheless, these provisions do not supersede any prior election to apply the transition rule of section 101(d)(3) of PFEA as described in Notice
2004-78, 

  

	 	(b)	“Applicable Mortality Table” for purposes of these revised provisions shall mean the applicable mortality table within the meaning of Code
§417(e)(3)(B). 

  

	2.2	Benefit Forms Not Subject to the Present Value Rules of Code §417(e)(3). 

 

	 	(a)	Form of benefit. The straight life annuity that is actuarially equivalent to the Participant’s form of benefit shall be determined under this
Section 2.2 if the form of the Participant’s benefit is either: 

  

	 	(1)	A non-decreasing annuity (other than a straight life annuity) payable for a period of not less than the life of the Participant (or, in the case of a qualified
pre-retirement survivor annuity, the life of the surviving spouse), or 

  

	 	(2)	An annuity that decreases during the life of the Participant merely because of: 

 

	 	(A)	The death of the survivor annuitant (but only if the reduction is not below 50% of the benefit payable before the death of the survivor annuitant), or

  

	 	(B)	The cessation or reduction of Social Security supplements or qualified disability payments (as defined in Code §401(a)(11)). 

 

	 	(b)	 Limitation Years beginning before July 1, 2007. For Limitation Years beginning before July 1, 2007, the actuarially equivalent
straight life annuity is equal to the 

  
 74 

	 	 
annual amount of the straight life annuity commencing at the same annuity starting date that has the same actuarial present value as the Participant’s form of benefit computed using
whichever of the following produces the greater annual amount: 

  

	 	(1)	the interest rate and the mortality table (or other tabular factor) specified in the Plan for adjusting benefits in the same form; and 

 

	 	(2)	a 5 percent interest rate assumption and the “applicable mortality table” defined in the Plan for that annuity starting date, 

 

	 	(c)	Limitation Years beginning on or after July 1, 2007. For Limitation Years beginning on or after July 1, 2007, the actuarially equivalent straight life
annuity is equal to the greater of: 

  

	 	(1)	The annual amount of the straight life annuity (if any) payable to the Participant under the Plan commencing at the same annuity starting date as the Participant’s
form of benefit; and 

  

	 	(2)	The annual amount of the straight life annuity commencing at the same annuity starting date that has the same actuarial present value as the Participant’s form of
benefit, computed using a 5 percent interest rate assumption and the applicable mortality table defined in the Plan for that annuity starting date. 

  

	2.3	Benefit Forms Subject to the Present Value Rules of Code Section 417(e)(3). 

 

	 	(a)	Form of benefit. The straight life annuity that is actuarially equivalent to the Participant’s form of benefit shall be determined as indicated under this
Section 2.3 if the form of the Participant’s benefit is other than a benefit form described in Section 2.2(a). 

  

	 	(b)	Annuity Starting Date in Plan Years Beginning After 2005. If the annuity starting date of the Participant’s form of benefit is in a Plan Year beginning
after December 31, 2005, the actuarially equivalent straight life annuity is equal to the greatest of: 

  

	 	(1)	The annual amount of the straight life annuity commencing at the same annuity starting date that has the same actuarial present value as the Participant’s form of
benefit, computed using the interest rate and the mortality table (or other tabular factor) specified in the Plan for adjusting benefits in the same form; 

  

	 	(2)	The annual amount of the straight life annuity commencing at the same annuity starting date that has the same actuarial present value as the Participant’s form of
benefit, computed using a 5.5 percent interest rate assumption and the applicable mortality table for the distribution under Treasury Regulations Section 1.417(e)-l(d)(2) (determined in accordance with Article XIV for Plan Years after the
effective date of that Article); and 

  

	 	(3)	 The annual amount of the straight life annuity commencing at the same annuity starting date that has the same actuarial present value as the
Participant’s form of benefit, computed for the distribution under Treasury Regulations Section 1.417(e)-1(d)(3) (but determined according to the assumptions in Section 2.4 after the effective date thereof) and the applicable
mortality table for the distribution under Treasury Regulations Section 1.41 

  
 75 

	 	 
7(e)-1(d)(2) (determined according to the assumptions in Section 2,4 after the effective date thereof), divided by 1.05. 

 

	 	(c)	Annuity Starting Date in Plan Years Beginning in 2004 or 2005. If the annuity starting date of the Participant’s form of benefit is in a Plan Year beginning
in 2004 or 2005, the actuarially equivalent straight life annuity is equal to the annual amount of the straight life annuity commencing at the same annuity starting date that has the same actuarial present value as the Participant’s form of
benefit, computed using whichever of the following produces the greater annual amount: 

  

	 	(1)	The interest rate and the mortality table (or other tabular factor) specified in the Plan for adjusting benefits in the same form; and 

 

	 	(2)	A 5.5 percent interest rate assumption and the applicable mortality table for the distribution under Treasury Regulations Section 1.417(e)-1 (d)(2).

 However, the foregoing does not supersede any prior election to apply the transition rule of PFEA
§101(d)(3) as described in Notice 2004-78. 
  

	2.4	Revised Assumptions Effective date. The assumptions in ths Section 2.4 shall apply in determining the amount payable to a Participant having an annuity
starting date in a Plan Year beginning on or after January 1, 2008, unless otherwise provided by the Pension Benefit Guaranty Corporation (PBGC) and IRS. 

 

	 	(a)	Applicable interest rate. For purposes of the Plan’s provisions relating to the calculation of the present value of a benefit payment that is subject to
Code §417(e), any provision prescribing the use of the annual rate of interest on 30-year U.S. Treasury securities shall be implemented by instead using the rate of interest determined by the applicable interest rate described by Code
§417(e) after its amendment by the Pension Protection Act. Specifically, the applicable interest rate shall be the adjusted first, second, and third segment rates applied under the rules similar to the rules of Code §430(h)(2)(C) for the
second calendar month (lookback month) before the first day of the Plan Year in which the annuity starting state occurs (stability period). For this purpose, the first, second, and third segment rates are the first, second, and third segment rates
which would be determined under Code §430(h)(2)(C) if: 

  

	 	(1)	Code §430(h)(2)(D) were applied by substituting the average yields for the month described in the preceding paragraph for the average yields for the 24-month
period described in such section, and 

  

	 	(2)	Code §430(h)(2)(G)(i)(II) were applied by substituting “§417(e)(3)(A)(ii)(II) for “§412(b)(5)(B)(ii)(II),” and 

 

	 	(3)	The applicable percentage under Code §430(h)(2)(G) is treated as being 20% in 2008, 40% in 2009, 60% in 2010, and 80% in 2011. 

 

	 	(b)	Applicable mortality assumption. For purposes of the Plan’s provisions relating to the calculation of the present value of a benefit payment that is subject
to Code §417(e), any provision directly or indirectly prescribing the use of the mortality table described in Revenue Ruling 2001-62 shall be amended to prescribe the use of the applicable annual mortality table within the meaning of Code
§417(e)(3)(B), as initially described in Revenue Ruling 2007-67. 

  
 76 

 APPENDIX III: 
 MINIMUM ACCRUED BENEFIT 
 Article 1 

Definitions 
 Whenever used in
this Appendix ill, the following terms will have the meanings set forth below, unless a different meaning is clearly required by the context. Any capitalized terms that are used in this Appendix ill, but that are not defined below, will have the
meaning set forth in Article 1 of the Plan, unless a different meaning is clearly required by the context. References in this Appendix to “Article” and “Section,” unless indicated otherwise, mean Articles and Sections appearing
in this Appendix ill. 
  

	1.1	Covered Compensation. Covered Compensation for a Plan Year means the average of the Social Security Taxable Wage Bases for each year in the 35-year period ending with
the last day of the year in which the Participant attains (or will attain) Social Security Retirement Age as determined under the exact tables provided by the Commissioner of Internal Revenue. 

Covered Compensation for any Plan Year after 1991 will be equal to 1991 Covered Compensation. Social Security Taxable Wage Base means the
contribution and benefit base in effect under Section 230 of the Social Security Act for the specified calendar year. 
 For
purposes of this Section 1.1, a Participant’s Social Security Retirement Age is determined based on the following table: 
  

			
	 Year of Birth
	  	 Social Security Retirement Age

	 Before 1938
	  	65
	 1983 to 1954
	  	66
	 1955 and after
	  	67

  

	1.2	Credited Service. 

 Credited
Service means service used to determine a Participant’s Accrued Benefit and is determined as follows: 
  

	 	(a)	Credited Service shall be measured in calendar years and months, Each month shall be equal to one-twelfth of a year of Credited Service. Except as otherwise stated in
this Section 1.2, Credited Service for Plan Years beginning after December 31, 1988 means the sum of an Employee’s calendar years and months (or parts thereof) as an Eligible Employee during the period beginning on his or her Benefit
Service Date, For purposes of this section, Benefit Service Date means the later of: 

  

	 	(1)	the Participant’s employment date, 

  

	 	(2)	the first day of the month following the Participant’s 21st birthday, or 

 

	 	(3)	in the case of an Employee who is not credited with at least 1,000 Hours of Service in his or her first Eligibility Computation Period, the first day of the first Plan
Year in which the Employee is credited with at least 1,000 Hours of Service. 

  
 77 

	 	(b)	No Credited Service will be earned during a Plan Year beginning after December 31, 1988 unless the Employee completes at least 1,000 Hours of Service during that
Plan Year except as follows: (1) through the period ending on December 31, 1997 and for Plan Year 2000, in order to earn Credited Service during the Plan Year in which the Employee has a Benefit Service Date or during the Plan Year in
which the Employee retires or dies, the Employee must complete 83,33 Hours of Service multiplied by the number of calendar months during such Plan Year in which the Employee completes at least one Hour of Service; and (2) effective for the
1995-1997 and the 2000 Plan Years, the foregoing sentence shall also apply to a Plan Year in which the Employee incurs a Termination of Employment. 

  

	 	(c)	Except as otherwise stated in this Section 1.2, Credited Service for Plan Years beginning before January 1, 1989 means benefit service as defined under the
terms of the Plan in effect on December 31, 1988. 

  

	 	(d)	Effective on and after December 12, 1994, in any year in which a Participant accrues at least 1,000 Hours of Service, a Participant shall earn 190 Hours of
Service, and one month of Credited Service, for each month of the Participant’s Qualified Military Service. 

  

	 	(e)	Credited Service will not include service earned during a period for which Years of Vesting Service are disregarded pursuant to Section 1.50(e) of the Plan.

  

	 	(f)	In the case of an Employee who is employed by an Affiliate or Subsidiary which either adopts this Plan with the consent of the Company or merges with the Company,
Credited Service will not include service prior to the date of merger or adoption unless an earlier date is specifically designated for this purpose by the Board of Directors of Zions. 

 

	1.3	Final Average Earnings. 

 Final
Average Earnings means the average of the Participant’s Earnings as an Eligible Employee for the period of five consecutive calendar years ending on or before December 31, 1991 which produces the highest average. If the Participant has not
been an Eligible Employee for five years, Final Average Earnings means the average of the Participant’s Earnings over the Participant’s full period of employment as an Eligible Employee before December 31, 1991. 

In determining Final Average Earnings, Plan Years after 1988 during which the Participant earns fewer than 1,000 Hours of Service will be
disregarded while allowing the immediately prior Plan Year and immediately subsequent Plan Year to be treated as though they are consecutive years. 
 In determining Final Average Earnings, Earnings will be annualized in the Plan Year of hire if the employee earned 1,000 Hours of Service during the one-year period beginning on the Employee’s
Employment Date. Earnings are annualized by dividing actual earnings for the Plan Year (excluding bonuses) by the number of months of actual earnings, then multiplying the result by 12 then adding bonuses. 

For purposes of calculating Final Average Earnings, the $200,000 Earnings limitation that applies under Code Section 401 (a)(l 7) for
Plan Year 2002 and thereafter (subject to annual adjustment in years following 2002) shall not be applied retroactively to any Plan Year prior to 2002. 

  
 78 

 Article 2 
 Accrued Benefits 
  

	2.1	Prior Plan Benefit Formula. 

 A
Participant’s monthly retirement income is equal to one twelfth of the greater of: 
  

	 	(a)	the sum of: 

  

	 	(1)	the sum of the following (determined by applying the Code Section 401 (a)(l7) limitations, as adjusted, that were in effect in the respective year in which
Earnings were received, and not the $150,000 limitation which became effective thereafter): 

  

	 	(A)	1.65% of Final Average Earnings determined as of December 31, 1991 multiplied by Credited Service earned as of December 31, 1991, and

  

	 	(B)	1.65% of Earnings for each Plan Year beginning after December 31, 1991 and before January 1, 1994 in which the Participant earns a full or partial year of
Credited Service. 

  

	 	(2)	1.65% of Earnings (determined by applying the Code Section 401 (a)(l 7) limitations, as adjusted, that were in effect in the respective year in which Earnings were
received) for each Plan Year after December 31, 1993 in which the Participant earns a full or partial year of Credited Service. 

  

	 	(b)	the sum of the following (determined by applying the Code Section 401(a)(17) limitations, as adjusted, that were in effect in the respective year in which Earnings
were received, and not the $150,000 limitation which became effective thereafter): 

  

	 	(1)	1.15% of Final Average Earnings up to Covered Compensation multiplied by Credited Service up to 35 years. 

 

	 	(2)	1.65% of Final Average Earnings in excess of Covered Compensation multiplied by Credited Service up to 35 years. 

 

	 	(3)	1.0% of Final Average Earnings multiplied by Credited Service in excess of 35 years. 

 

	 	(c)	the annual accrued benefit on December 31, 1988 under the terms of the Plan as then in effect determined without regard to the $200,000 or $150,000 limitations
under Section l.I8( c) of the Plan. 

 A Participant will receive an Accrued Benefit for any full or partial years
of Qualified Military Service. 
  

	2.2	Minimum Accrued Benefit. 

 The
minimum accrued benefit is the amount determined under Section 2.1 of this Appendix, for Credited Service before January 1, 1998, except Earnings for 1997 will be Earnings during the period from January 1, 1997 to March 31, 1997.

  

	2.3	 Grandfathered Minimum Accrued Benefit. The minimum grandfathered accrued benefit is the amount determined under Section 2.1 of this Appendix;
provided, however, that the minimum grandfathered accrued benefit shall take into account any Credited Service and Earning s which may be accrued or earned by an Active Participant until the earlier

  
 79 

	 	 
of the Participant’s Termination of Employment or the date of any termination of, or cessation of accruals under, the Plan. 

Article 3 

Minimum Early Retirement Benefits 

The minimum early retirement benefit equals the greater of the amount in Section 2.2 and 2.3 of this Appendix, reduced by 113 of 1 % for each
month by which the Early Retirement Date precedes the Normal Retirement Date. 
 Article 4 

Minimum Death Benefit 
  

	4.1	Death After Eligibility for Retirement. 

 If a Participant (other than a Retired Participant) dies on or after the earliest date on which he or she could retire in accordance under the Plan, his or her Eligible Spouse, if any, will receive a
monthly benefit equal to the amount the Eligible Spouse would have been entitled to under Article 2 of this Appendix if the Participant had elected the 50% Spouse Option and retired on the first day of the month coinciding with or following the date
of death. This benefit will be payable monthly to the Eligible Spouse beginning on the first day of the month coinciding with or next following the Participant’s death and will continue until the death of the Eligible Spouse. 

 

	4.2	Death Before Eligibility for Retirement. 

 If a Participant who has a vested interest in his or her Accrued Benefit dies prior to the earliest date on which the Participant could retire under the Plan, his or her Eligible Spouse, if any, will
receive a monthly benefit equal to the amount the Eligible Spouse would have been entitled to under Article 2 of this Appendix if the Participant had: 
  

	 	(a)	terminated employment on his or her date of death (if the Participant was an Employee on the date of death), 

 

	 	(b)	survived to the earliest date on which he or she could retire in accordance with Article 3 of this Appendix (the “Earliest Retirement Date”),

  

	 	(c)	elected the 50% Spouse Option and retired on such Earliest Retirement Date, and 

 

	 	(d)	died immediately after retiring. 

This benefit will be payable monthly to the Eligible Spouse beginning on the Participant’s Earliest Retirement Date and will continue
until the death of the Eligible Spouse. 
  

	4.3	Alternate Death Benefit For Old Plan Accounts, 

 In lieu of the benefit described in Sections 4.1 or 4.2 of this Appendix, the Eligible Spouse of a Participant who has an Old Plan Account may elect to receive payment of the Old Plan Account as a lump
sum payment as soon a practicable after the Participant’s death. The Participant’s Accrued Benefit Attributable to Company Contributions will be paid in accordance with (a) or (b) of Section 4.4 of this Appendix below,
whichever applies. 
  

	4.4	Other. 

  

	 	(a)	 Benefits under this Article will be paid as soon as practicable after the Participant’s death except that the Eligible Spouse may elect to defer
commencement of the 

  
 80 

	 	 
benefit described in Sections 4.1, 4.2, or 4.3 of this Appendix until any date which is before the Participant’s Normal Retirement Date. An Eligible Spouse who makes an election under
Section 4.3 of this Appendix may not defer receipt of the Old Plan Account. 

  

	 	(b)	The benefit under Sections 4.1 or 4.2 of this Appendix will apply to Terminated Vested Participants even if their Termination of Employment occurred prior to the
effective date of these paragraphs. 

  
 81 

 APPENDIX IV: 
 ACQUISITION EFFECTIVE DATES 
 “Acquisition Effective Date” means the date described
below: 
  

			
	 Acquisition
	 	 Effective Date

		
	Southern Arizona Bancorp, Inc.	 	May 31, 1996
	Farm Investment Division	 	January 3, 1997
	Howerth	 	January 17, 1997
	Aspen Bancshares, Inc.	 	May 16, 1997
	Pitkin County Bank	 	May 19, 1997
	Centennial Savings Bank	 	May 19, 1997
	Valley National Bank	 	May 19, 1997
	Kelling, Northcross, & Nobriga, Inc.	 	July 7, 1997
	Tri-State Bank	 	July 11, 1997
	Wells Fargo Bank (branches)	 	July 19, 1997
	Sun-State Bank	 	October 17, 1997
	Grossmont Bank	 	January 1, 1998
	Vectra Banking Corporation	 	January 6, 1998
	Sky Valley Bank Corporation	 	January 23, 1998
	Tri-State Financial Corporation	 	February 27, 1998
	FP Bancorp, Inc.	 	May 26, 1998
	SBT Bankshares, Inc.	 	June 1, 1998
	Routt County National Bank Corporation	 	June 1, 1998
	Kersey Bancorp	 	August 31, 1998
	Eagle Bank	 	August 31, 1998
	Commerce Bancorporation	 	January 1, 1999
	Sumitomo Bank of California	 	October 1, 1998
	Mountain Financial Holding Co.	 	October 30, 1998
	Citizens Banco, Inc.	 	December 1, 1998
	Barlow Insurance, Inc.	 	January 14, 1999
	TradeWave	 	May 6, 1999
	Regency Bancorp	 	October 6, 1999
	Pioneer Bancorporation	 	October 18, 1999
	County Bank	 	July 28, 2000
	Draper Bancorp	 	January 26, 2001
	Eldorado Bancshares, Inc.	 	March 30, 2001
	Antelope Valley Bank	 	March 30, 2001
	Pacific Century Financial Corporation	 	April 2, 2001
	icormXpress	 	July 19, 2001
	thinkXML	 	July 19, 2001
	E-Lock Technologies	 	July 19, 2001
	Leifer Capital	 	September 4, 2001
	(Branches of) Washington Federal, Inc.	 	October 25, 2001
	Minnequa Bancorp, Inc.	 	November 9, 2001

  
 82 

 APPENDIX V: 
 DEFINITION OF “COMPANY” 
 As stated in Section 1.14 of the Plan, the term
“Company” means each of the following corporations or partnerships, each of which has adopted this Plan, and is, as of January 1, 2002, a participating Company in the Plan: 
 California Bank and Trust 
 Commerce Bank of Washington National Association 

Digital Signature Trust Co. 
 Lexign Inc.

 National Bank of Arizona 
 Nevada
State Bank 
 Phaos Technology 

Corporation Vectra Bank of Colorado National Association 
 Zions Bancorporation 
 Zions First National Bank 

Zions Credit Corporation 
 Zions Insurance
Agency, Inc. 
 Zions Investment Securities, Inc. 
 Zions Management Services Company 

  
 83Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan

 EXHIBIT 10.18 

 
  
 ZIONS BANCORPORATION 
 PAYSHELTER 401(k) AND EMPLOYEE 

STOCK OWNERSHIP PLAN 
 RESTATED AND AMENDED EFFECTIVE JANUARY 1, 2002 
 Prepared for

 ZIONS BANCORPORATION 
 by 
 CALLISTER NEBEKER & McCULLOUGH 

 TABLE OF CONTENTS 

 

					
	 ARTICLE AND TITLE
	  	 PAGE NO.

		
	 ARTICLE I
	  	
	 ESTABLISHMENT AND RESTATEMENT
	  	-1-
	 1.1
	  	 Establishment and Restatement:
	  	-1-
	 1.2
	  	 History
	  	-1-
	 1.3
	  	 Intent
	  	-1-
	 1.4
	  	 Transferee Plan
	  	-2-
	 1.5
	  	 Limitation on Applicability
	  	-2-
	 1.6
	  	 EGTRRA
	  	-2-
		
	 ARTICLE II
	  	
	 DEFINITIONS OF TERMS
	  	-3-
	 2.1
	  	 “Account”
	  	-3-
	 2.2
	  	 “Accrued Benefit”
	  	-4-
	 2.3
	  	 “Administratively Feasible”
	  	-4-
	 2.4
	  	 “Administrator” or “Plan Administrator”
	  	-5-
	 2.5
	  	 “Affiliated Group”
	  	-5-
	 2.6
	  	 “Age”
	  	-5-
	 2.7
	  	 “Anniversary Date”
	  	-5-
	 2.8
	  	 “Beneficiary”
	  	-5-
	 2.9
	  	 “Board of Directors”
	  	-5-
	 2.10
	  	 “Code”
	  	-5-
	 2.11
	  	 “Compensation” or “Annual Compensation”
	  	-5-
	 2.12
	  	 “Contingent Beneficiary”
	  	-7-
	 2.13
	  	 “Disability”
	  	-7-
	 2.14
	  	 “Disqualified Person”
	  	-7-
	 2.15
	  	 “Distribution Date”
	  	-7-
	 2.16
	  	 “Effective Date”
	  	-7-
	 2.17
	  	 “Elective Deferral”
	  	-7-
	 2.18
	  	 “Eligible Employee”
	  	-7-
	 2.19
	  	 “Employee”
	  	-7-
	 2.20
	  	 “Employer” or “Zions Employer”
	  	-7-
	 2.21
	  	 “Employer Contribution”
	  	-8-
	 2.22
	  	 “Employer Securities”
	  	-8-
	 2.23
	  	 “Entry Date”
	  	-8-
	 2.24
	  	 “ERISA”
	  	-8-
	 2.25
	  	 “Excluded Employee”
	  	-8-
	 2.26
	  	 “Exempt Loan”
	  	-9-
	 2.27
	  	 “Fiduciary”
	  	-9-
	 2.28
	  	 “Highly Compensated Employee”
	  	-9-
	 2.29
	  	 “Inactive Participant”
	  	-10-

  
 i 

					
	 ARTICLE AND TITLE
	  	 PAGE NO.

			
	 2.30
	  	 “Investment Fund”
	  	-10-
	 2.31
	  	 “Investment Manager”
	  	-10-
	 2.32
	  	 “K-Test Average Contribution Percentage”
	  	-10-
	 2.33
	  	 “K-Test Contribution Percentage”
	  	-10-
	 2.34
	  	 “K-Test Contributions”
	  	-11-
	 2.35
	  	 “Leased Employee”
	  	-11-
	 2.36
	  	 “Leveraged Employer Securities”
	  	-11-
	 2.37
	  	 “Limitation Year”
	  	-11-
	 2.38
	  	 “M-Test Average Contribution Percentage”
	  	-11-
	 2.39
	  	 “M-Test Contribution Percentage”
	  	-11-
	 2.40
	  	 “M-Test Contributions”
	  	-11-
	 2.41
	  	 “Matching Contribution”
	  	-12-
	 2.42
	  	 “Named Fiduciary”
	  	-12-
	 2.43
	  	 “Net Profit”
	  	-12-
	 2.44
	  	 “Non-Highly Compensated Employee”
	  	-12-
	 2.45
	  	 “Normal Retirement Age”
	  	-12-
	 2.46
	  	 “Normal Retirement Date”
	  	-12-
	 2.47
	  	 “Participant”
	  	-12-
	 2.48
	  	 “Paysop”
	  	-13-
	 2.49
	  	 “Plan”
	  	-13-
	 2.50
	  	 “Plan Sponsor”
	  	-13-
	 2.51
	  	 “Plan Year”
	  	-13-
	 2.52
	  	 “Predecessor Plan”
	  	-13-
	 2.53
	  	 “Prior Plan”
	  	-13-
	 2.54
	  	 “Qualified Matching Contribution”
	  	-13-
	 2.55
	  	 “Qualified Non-Elective Contribution”
	  	-13-
	 2.56
	  	 “Transferred Benefits”
	  	-13-
	 2.57
	  	 “Trust”
	  	-13-
	 2.58
	  	 “Trust Fund”
	  	-13-
	 2.59
	  	 “Trustee”
	  	-14-
	 2.60
	  	 “Valuation Date”
	  	-14-
	 2.61
	  	 “Vested Interest” or “Vested Accrued Benefit”
	  	-14-
	 2.62
	  	 “Voluntary Contributions”
	  	-14-
		
	 ARTICLE III
	  	
	 SERVICE DEFINITIONS AND RULES
	  	-15-
	 3.1
	  	 “Eligibility Computation Period”
	  	-15-
	 3.2
	  	 “Eligibility Service”
	  	-15-
	 3.3
	  	 “Employment Commencement Date”
	  	-15-
	 3.4
	  	 “Hour of Service”
	  	-15-
	 3.5
	  	 “One Year Break in Service”
	  	-17-
	 3.6
	  	 “Re-employment Commencement Date”
	  	-17-
	 3.7
	  	 “Termination of Employment”
	  	-17-

  
 ii 

					
	 ARTICLE AND TITLE
	  	 PAGE NO.

			
	 3.8
	  	 “Vesting Computation Period”
	  	-18-
	 3.9
	  	 “Year of Service”
	  	-18-
	 3.10
	  	 “Year of Vesting Service”
	  	-18-
	 3.11
	  	 Special Rules for Crediting Service
	  	-19-
	 3.12
	  	 Qualified Military Service Rules
	  	-19-
	 3.13
	  	 Elapsed Time Method for Determining Years of Vesting Service
	  	-22-
		
	 ARTICLE IV
	  	
	 ELIGIBILITY AND PARTICIPATION
	  	-24-
	 4.1
	  	 Age and Service Requirements
	  	-24-
	 4.2
	  	 Eligibility Information
	  	-24-
	 4.3
	  	 Information to be Provided by Employee
	  	-24-
	 4.4
	  	 Reclassification of an Eligible Employee or Excluded Employee
	  	-24-
	 4.5
	  	 Re-employment and Commencement of Participation
	  	-25-
	 4.6
	  	 No Waiver of Participation
	  	-25-
	 4.7
	  	 Effect of Participation
	  	-25-
		
	 ART1CLE V
	  	
	 PARTICIPANT AND EMPLOYER CONTRIBUTIONS
	  	-26-
	 5.1
	  	 Elective Deferrals
	  	-26-
	 5.2
	  	 Payment to Trustee
	  	-27-
	 5.3
	  	 Suspension of Deferrals
	  	-27-
	 5.4
	  	 After-tax Contributions by Participants
	  	-27-
	 5.4A
	  	 Roth Elective Deferrals
	  	-27-
	 5.5
	  	 Rollover Contributions by Participants
	  	-29-
	 5.6
	  	 Safe Harbor Employer Matching Contributions
	  	-30-
	 5.7
	  	 Employer Non-Elective Contributions
	  	-31-
	 5.8
	  	 Time and Method of Payment
	  	-32-
	 5.9
	  	 Employer Contribution Accounts
	  	-32-
	 5.10
	  	 Limitations on Contributions
	  	-32-
	 5.11
	  	 Excess Contributions
	  	-33-
	 5.12
	  	 Correction of Excess Contributions
	  	-34-
		
	 ART1CLE VI
	  	
	 ALLOCATIONS TO ACCOUNTS
	  	-36-
	 6.1
	  	 Revaluation of Assets
	  	-36-
	 6.2
	  	 Allocation of Contributions and Forfeitures
	  	-36-
	 6.3
	  	 Adjustment of Accounts and Dividends on Employer Securities
	  	-37-
	 6.4
	  	 Eligibility for Allocation of Employer Matching and Non-Elective Contributions
	  	-40-
	 6.5
	  	 Restriction on Certain Allocations
	  	-40-
	 6.6
	  	 Participant Diversification of Investments
	  	-41-

  
 iii

					
	 ARTICLE AND TITLE
	  	 PAGE NO.

		
	 ARTICLE VII
	  	
	 LIMITATIONS ON ALLOCATIONS
	  	-44-
	 7.1
	  	 Special Definitions
	  	-44-
	 7.2
	  	 Coordination With Other Plans
	  	-47-
	 7.3
	  	 Limitations on Allocations and Order of Limitations
	  	-48-
	 7.4
	  	 Aggregation of Plans
	  	-48-
	 7.5
	  	 Suspense Account
	  	-49-
		
	 ARTICLE VIII
	  	
	 IN-SERVICE AND HARDSHIP WITHDRAWALS
	  	-50-
	 8.1
	  	In-Service Withdrawals, Withdrawals of Rollover Contributions and Withdrawals Due to Attainment of Age 59 1/2, Disability or Hardship	  	-50-
	 8.2
	  	 Financial Hardship Distribution Rules
	  	-51-
	 8.3
	  	 Determination of Immediate and Heavy Financial Need
	  	-51-
	 8.4
	  	 In Service Withdrawals of Voluntary Contributions
	  	-52-
	 8.5
	  	 Determination of Available Withdrawal Amount
	  	-53-
	 8.6
	  	 Withdrawal of Rollover Contributions
	  	-53-
	 8.7
	  	 Determination of Five Plan Year Period
	  	-54-
		
	 ARTICLE IX
	  	
	 RETIREMENT BENEFITS
	  	-55-
	 9.1
	  	 Normal or Late Retirement
	  	-55-
	 9.2
	  	 Disability Retirement
	  	-55-
	 9.3
	  	 Method of Payment
	  	-55-
	 9.4
	  	 Time of Payment:
	  	-56-
	 9.5
	  	 Minimum Distribution Requirements
	  	-56-
	 9.6
	  	 No Annuity Benefits
	  	-59-
	 9.7
	  	 Distribution of Employer Securities and Cash
	  	-59-
	 9.8
	  	 Special Distribution Rules
	  	-60-
	 9.9
	  	 Distribution of Transferred Benefits
	  	-60-
		
	 ARTICLE X
	  	
	 DEATH BENEFITS
	  	-62-
	 10.1
	  	 Death Benefits Payable
	  	-62-
	 10.2
	  	 Designation of Beneficiary
	  	-62-
	 10.3
	  	 Death Benefit Payment Procedure
	  	-63-
	 10.4
	  	 Required Distributions Upon Death
	  	-63-
		
	 ARTICLE XI
	  	
	 BENEFITS UPON OTHER TERMINATION OF EMPLOYMENT
	  	-67-
	 11.1
	  	 Vested Amounts
	  	-67-
	 11.2
	  	 Distribution of Vested Interest
	  	-68-
	 11.3
	  	 Distribution of Small Amounts
	  	-69-

  
 iv 

					
	 ARTICLE AND TITLE
	  	 PAGE NO.

			
	 11.4
	  	 Eligible Rollover Distributions
	  	-69-
	 11.5
	  	 Breaks in Service and Vesting
	  	-71-
	 11.6
	  	 No Increase in Pre-break Vesting
	  	-71-
	 11.7
	  	 Occurrence and Disposition of Forfeitures
	  	-71-
	 11.8
	  	 Distribution to Participants Who Are Less Than 100% Vested in Their Entire Account
	  	-72-
	 11.9
	  	 Repayment of Distribution
	  	-73-
	 11.10
	  	 Restoration of Accounts
	  	-73-
	 11.11
	  	 Amendments to the Vesting Schedule
	  	-74-
		
	 ARTICLE XII
	  	
	 FIDUCIARY DUTIES
	  	-75-
	 12.1
	  	 General Fiduciary Duty
	  	-75-
	 12.2
	  	 Allocation of Responsibilities
	  	-75-
	 12.3
	  	 Delegation of Responsibilities
	  	-75-
	 12.4
	  	 Liability for Allocation or Delegation of Responsibilities
	  	-75-
	 12.5
	  	 Liability for Co-Fiduciaries
	  	-75-
	 12.6
	  	 Same Person May Serve in More than One Capacity
	  	-76-
	 12.7
	  	 Indemnification
	  	-76-
		
	 ARTICLE XIII
	  	
	 THE PLAN ADMINISTRATOR
	  	-77-
	 13.1
	  	 Appointment of Plan Administrator
	  	-77-
	 13.2
	  	 Acceptance by Plan Administrator
	  	-77-
	 13.3
	  	 Signature of Plan Administrator
	  	-77-
	 13.4
	  	 Appointment of an Investment Manager
	  	-77-
	 13.5
	  	 Duties of the Plan Administrator
	  	-77-
	 13.6
	  	 Claims Procedure
	  	-78-
	 13.7
	  	 Claims Review Procedure
	  	-78-
	 13.8
	  	 Limitations of Actions on Claims
	  	-79-
	 13.9
	  	 Compensation and Expenses of Plan Administrator
	  	-79-
	 13.10
	  	 Removal or Resignation
	  	-79-
	 13.11
	  	 Records of Plan Administrator
	  	-79-
	 13.12
	  	 Other Responsibilities
	  	-79-
		
	 ARTICLE XIV
	  	
	 THE TRUSTEE
	  	-80-
	 14.1
	  	 Appointment of Trustee
	  	-80-
	 14.2
	  	 Acceptance by Trustee
	  	-80-
	 14.3
	  	 Provisions of Trust Agreement
	  	-80-
	 14.4
	  	 Participant Voting Rights
	  	-81-
	 14.5
	  	 Investment Committee
	  	-82-
	 14.6
	  	 Liability for Plan Expenses
	  	-82-

  
 v 

					
	 ARTICLE AND TITLE
	  	 PAGE NO.

			
	 14.7
	  	 Payment From the Trust Fund
	  	-83-
		
	 ARTICLE XV
	  	
	 THE EMPLOYER
	  	-84-
	 15.1
	  	 Notification
	  	-84-
	 15.2
	  	 Record Keeping
	  	-84-
	 15.3
	  	 Bonding
	  	-84-
	 15.4
	  	 Signature of Employer
	  	-84-
	 15.5
	  	 Plan Counsel and Expenses
	  	-84-
	 15.6
	  	 Other Responsibilities
	  	-84-
	 15.7
	  	 Affiliated Groups
	  	-84-
	 15.8
	  	 Employer Contributions
	  	-85-
		
	 ARTICLE XVI
	  	
	 PLAN AMENDMENT OR MERGER
	  	-86-
	 16.1
	  	 Power to Amend
	  	-86-
	 16.2
	  	 Limitations on Amendments
	  	-86-
	 16.3
	  	 Method of Amendment
	  	-86-
	 16.4
	  	 Notice of Amendment
	  	-86-
	 16.5
	  	 Merger or Consolidation
	  	-87-
		
	 ARTICLE XVII
	  	
	 TERMINATION OR DISCONTINUANCE OF CONTRIBUTIONS
	  	-88-
	 17.1
	  	 Right to Terminate
	  	-88-
	 17.2
	  	 Effect of Termination
	  	-88-
	 17.3
	  	 Manner of Distribution
	  	-88-
	 17.4
	  	 No Reversion
	  	-88-
	 17.5
	  	 Termination of an Employer
	  	-89-
	 17.6
	  	 Partial Termination
	  	-89-
	 17.7
	  	 Effect of Partial Termination
	  	-89-
		
	 ARTICLE XVIII
	  	
	 FUNDING POLICY FOR PLAN BENEFITS
	  	-90-
	 18.1
	  	 Funding Method
	  	-90-
	 18.2
	  	 Investment Policy
	  	-90-
	 18.3
	  	 No Purchase of Life Insurance Contracts
	  	-91-
	 18.4
	  	 General Investments and Dividend Accounts
	  	-91-
	 18.5
	  	 Non-transferability of Annuity Contracts
	  	-91-
	 18.6
	  	 Establishment of Separate Funds
	  	-91-
		
	 ART1CLE XIX
	  	
	 TOP-HEAVY PROVISIONS
	  	-94-
	 19.1
	  	 Application
	  	-94-

  
 vi 

					
	 ARTICLE AND TITLE
	  	 PAGE NO.

			
	 19.2
	  	 Special Definitions
	  	-94-
	 19.3
	  	 Top Heavy Status
	  	-98-
	 19.4
	  	 Top-Heavy Minimum Required Allocation
	  	-98-
	 19.5
	  	 Non-forfeitability of Minimum Top Heavy Allocation
	  	-99-
	 19.6
	  	 Minimum Vesting Provision
	  	-99-
	 19.7
	  	 Participant Elective Deferrals
	  	-100-
	
	 ARTICLE XX

	 PROVISIONS AFFECTING BENEFITS
	  	-101-
	 20.1
	  	 Availability of Loans
	  	-101-
	 20.2
	  	 Loan Administration
	  	-101-
	 20.3
	  	 Amount of Loan
	  	-101-
	 20.4
	  	 Collateral Requirements
	  	-102-
	 20.5
	  	 Loan Terms
	  	 -102-

	 20.6
	  	 Accounting for Loans
	  	-102-
	 20.7
	  	 Effect of Termination of Employment or Plan
	  	-102-
	 20.8
	  	 No Spousal Consent
	  	-102-
	 20.9
	  	 Anti-Alienation
	  	-102-
	 20.10
	  	 Qualified Domestic Relations Orders
	  	-103-
	 20.11
	  	 QDRO Definitions
	  	-103-
		
	 ARTICLE XXI
	  	
	 MULTIPLE EMPLOYER PROVISIONS
	  	-105-
	 21.1
	  	 Adoption by Other Zions Employers
	  	-105-
	 21.2
	  	 Requirements of Participating Zions Employers
	  	-105-
	 21.3
	  	 Designation of Agent
	  	-105-
	 21.4
	  	 Employee Transfers
	  	-105-
	 21.5
	  	 Amendment
	  	-106-
	 21.6
	  	 Discontinuance of Participation
	  	-106-
	 21.7
	  	 Administrator’s Authority
	  	-106-
	 21.8
	  	 Participating Employer Contributions
	  	-106-
		
	 ARTICLE XXII
	  	
	 PURCHASE OF EMPLOYER SECURITIES
	  	-107-
	 22.1
	  	 No Put option
	  	-107-
	 22.2
	  	 Purchase Price For Employer Securities
	  	-107-
		
	 ARTICLE XXIII
	  	
	 MISCELLANEOUS
	  	-108-
	 23.1
	  	 Participant’s Rights
	  	-108-
	 23.2
	  	 Actions Consistent with Terms of Plan
	  	-108-
	 23.3
	  	 Performance of Duties
	  	-108-
	 23.4
	  	 Validity of Plan
	  	-108-

  
 vii

					
	 23.5
	  	 Legal Action
	  	-108-
	 23.6
	  	 Gender and Number
	  	-108-
	 23.7
	  	 Uniformity
	  	-108-
	 23.8
	  	 Headings
	  	-108-
	 23.9
	  	 Receipt and Release for Payments
	  	-108-
	 23.10
	  	 Payments to Minors, Incompetents
	  	-109-
	 23.11
	  	 Missing Persons
	  	-109-
	 23.12
	  	 Prohibition Against Diversion of Funds
	  	-110-
	 23.13
	  	 Applicability of Plan
	  	-110-
	 23.14
	  	 Misstatement of Age
	  	-110-
	 23.15
	  	 Return of Contributions to the Employer
	  	-110-
	 23.16
	  	 Correction of Incorrect Benefit Payments
	  	-110-
	 23.17
	  	 Counterparts
	  	-111-

  
 viii

 ARTICLE I  

ESTABLISHMENT AND RESTATEMENT 
 1.1 Establishment and Restatement: This Plan is an amendment and restatement in full of the Zions Bancorporation Payshelter 401(k) Plan. This Plan is signed and executed on the day set forth at the
end of this Plan, effective for all purposes (except as specifically set forth hereafter) as of January 1, 2002. This Plan is maintained by Zions Bancorporation, a corporation organized and existing under the laws of the state of Utah, with
principal offices located at Salt Lake City, Utah, hereinafter referred to as the “Plan Sponsor,” for the benefit of its Employees and the Employees of those affiliated entities who also participate herein. With the consent of Zions
Bancorporation this Plan may be adopted by other Employers affiliated with it. 
 1.2 History: Effective as of
July 1, 1984, Zions Utah Bancorporation, as the sponsoring employer, established the Zions Utah Bancorporation Salary Reduction Arrangement Plan and executed a funding arrangement with Zions First National Bank as Trustee to provide retirement
benefits for eligible Employees. The name of the Plan was changed, effective July 17, 1987, to the Zions Ban-corporation Salary Reduction Arrangement Plan. Effective December 29, 1988, Zions Bancorporation amended the Zions Bancorporation
Payroll Stock Ownership Plan and merged that plan into the Zions Bancorporation Salary Reduction Arrangement Plan. Effective January 1, 1989, Zions Bancorporation further amended and restated the Plan and renamed the Plan the Zions
Bancorporation Employee Investment Savings Plan. Effective September 18, 1998, Zions Bancorporation terminated the Zions Bancorporation Profit Sharing Plan and on July 22, 1999, that plan was merged into this Plan. Effective
December 31, 2001, Zions Bancorporation merged the Zions Bancorporation Employee Stock Savings Plan into the Zions Bancorporation Employee Investment Savings Plan, which merger further served to restate and amend both the Zions Bancorporation
Employee Stock Savings Plan and the Zions Bancorporation Employee Investment Savings Plan to comply with and satisfy GUST. With the merger and amendment, Zions Bancorporation also changed the name of the Plan, effective January 1, 2002, to the
Zions Bancorporation Payshelter 401(k) Plan (the “GUST Plan”). Effective as of January 1, 2003, Zions Bancorporation amended and restated the Plan to be known as the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership
Plan. The Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan as merged and combined is referred to herein as the “Prior Plan.” 
 1.3 Intent: Zions Bancorporation intends by this Plan to restate in full the Prior Plan, as it previously existed following the merger that was effective December 31, 2001, and continue in
part the retirement benefit program it has previously established for the benefit of its Employees who shall meet the eligibility requirements hereinafter set forth and for the benefit of the beneficiaries of such Employees, respectively, as
hereinafter provided. Zions Bancorporation has designed this Plan to permit Employee Deferrals and Employer Matching Contributions that satisfy the “safe harbor” requirements of Code §§401(k)(12) and 401(m)(11). Zions
Bancorporation also intends that this Plan shall be an employee stock ownership plan within the meaning of Code §4975(e)(7) and shall meet all other applicable requirements of the Internal Revenue Code of 1986 (“Code”) and the
Employee Retirement Income Security Act of 1974 (“ERISA”). The Plan shall be interpreted, wherever possible, to comply with the terms of the Code and ERISA and all formal regulations and rulings issued thereunder. 

  
 -1-

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

  
 -2-

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

  

	 	(a)	“Participant Elective Deferral Account” shall mean the sub-account that is attributable to the contributions made by the Employer pursuant to an
election by the Participant under Section 5.1. 

  

	 	(b)	“Participant Rollover Account” shall mean the sub-account that is attributable to contributions received pursuant to Section 5.5. Effective
June 1, 2007, any amount in the Participant Rollover Account that is attributable to a rollover from another plan of Roth elective deferrals pursuant to Section 5.4A(e) shall be accounted for separately. 

 

	 	(c)	“Employer Matching Contribution Account” shall mean the sub-account that is attributable to matching contributions made by the Employer pursuant to
Section 5,6. 

  

	 	(d)	“Employer Non-Elective Contribution Account” shall mean the sub-account that is attributable to the Non-Elective Contributions made by the Employer
pursuant to Section 5.7. 

  

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

  

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

  

	 	(g)	“Employer Securities Account” shall mean the sub-account maintained for each Participant to hold the Participant’s share of Employer Securities
(including fractional shares) held by the Plan, regardless of origin to the Plan or contribution source, including, without limitation, Employer Securities purchased and paid for by the Trust or contributed in kind by the Employer to the Trust,
forfeitures of Employer Securities and stock dividends on Employer Securities. To the extent it holds Employer Securities the Dividend Account shall also be treated as part of the Employer Securities Account for all Plan purposes, including
diversification under Section 6.6, but excepting vesting under Section 11.1. 

  
 -3-

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

  

	 	(i)	“Dividend Account” shall mean the sub-account that is maintained for the purpose of receiving and holding cash dividends paid by the Plan Sponsor on
Employer Securities held by the Plan until distributed or invested in Employer Securities. Upon investment in Employer Securities, the Dividend Account shall be deemed a part of and treated in the same manner as the Employer Securities Account for
all Plan purposes, including diversification under Section 6.6, but excepting vesting under Section 11.1. 

  

	 	(j)	“Segregated Investment Account” shall mean the sub-account that is maintained for the benefit of a Participant pursuant to Section 6.6. Effective
January 1, 2004, this Account shall be the same as the Participant’s General Investments Account as described in subsection (h). 

  

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

  

	 	(1)	“Roth Elective Deferral Account” shall mean the sub-account that is attributable to contributions to the Plan made pursuant to an election by the
Participant under Section 5.4A. 

  

	 	(m)	“In-plan Roth Rollover Account” shall mean the sub-account that is attributable to an in-plan Roth rollover which is made pursuant to the requirements
of Section 5.4A(e). 

 Certain sub-accounts may include or incorporate assets from other sub-accounts. The
maintenance of separate sub-accounts is for Plan accounting purposes only and segregation of the assets of the Plan shall not be required. 
 2.2 “Accrued Benefit” shall mean, as of any date, the sum of the values in a Participant’s Account as of the most recent preceding Valuation Date, plus any contributions to and minus
any distributions from the Account since the Valuation Date. 
 2.3 “Administratively Feasible” shall mean,
when determining the date by which a Participant may receive a distribution of his or her Accrued Benefit from the Plan, a date that reasonably follows the final determination by the Plan Administrator of all factors that affect the value or amount
of the balance in the Participant’s Account. Such factors shall include the valuation of the assets attributable to the Account and the determination of all costs and expenses associated with the Account and the assets attributable thereto that
must be paid before or in connection with the distribution. The Plan Administrator shall not make any distribution before the Plan Administrator shall have determined, within its sole and reasonable discretion, that a correct and complete valuation
of the Account has been accomplished and that all attributable costs and expenses have been determined and applied, or in the alternative, provision for their application has been made. In regard to providing for application of costs and expenses,
whenever any attributable cost or expense has not or cannot be determined 

  
 -4-

 
within a reasonable time following a request for distribution, the Plan Administrator may establish a reasonable maximum percentage that can be distributed from the Participant’s Account
until such time as the Plan Administrator has determined (and applied, as appropriate) all additional costs applicable to the Participant’s Account. If so elected by the Participant, he or she shall receive distribution of that percentage
portion of his or her Account that the Plan Administrator has confirmed as distributable. The remainder shall be distributed once the Plan Administrator has determined and applied all additional costs deductible from the Participant’s Account.
The Plan Administrator shall provide any required notice to the Participant and comply with all applicable laws and regulations when determining and setting the maximum distribution percentage. 

With respect to any distribution to a Participant that the Plan may or would be entitled to offset by application of ERISA
§206(d)(4), no such distribution shall be Administratively Feasible before the date on which a final order or judgment is entered or could be entered, or a settlement agreement is executed, with respect to the circumstances giving rise to the
possible application of that Section. 
 2.4 “Administrator” or “Plan Administrator” shall mean the
person, persons, or corporation administering this Plan, as provided in Article XIII hereof, and any successor or successors thereto. 
 2.5 “Affiliated Group” shall mean a group of corporations, trades or businesses that constitutes a controlled group of corporations, trades or businesses as defined in Code
§§414(b) and (c) and shall also include a group of corporations, partnerships or other organizations that constitutes an affiliated service group as defined in Code §414(m) or is treated as a single employer under Code
§414(o) and the regulations thereunder. 
 2.6 “Age” shall mean a person’s attained age in completed
years and months as of the date determined. 
 2.7 “Anniversary Date” shall be the first day of each Plan Year.

 2.8 “Beneficiary” shall mean any person, persons, or trust designated by a Participant on a form as the Plan
Administrator may prescribe to receive any death benefit that may be payable hereunder if such person or persons survive the Participant. This designation may be revoked at any time in similar manner and form. In the event of the death of the
designated Beneficiary before the death of the Participant, the Contingent Beneficiary shall be entitled to receive any death benefit. 
 2.9 “Board of Directors” shall mean: 
  

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

  

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

 2.10 “Code” shall mean the Internal Revenue Code of 1986, as amended. 
 2.11 “Compensation” or “Annual Compensation” shall mean the Participant’s wages, salaries, fees for professional service and other amounts received (without regard to
whether or not an amount is paid in cash) for personal services actually rendered in the course of employment with the 

  
 -5-

 
Company to the extent that the amounts are includable in gross income (including, but not limited to, commission paid salesmen, compensation for services on insurance premiums, tips, and
bonuses). Compensation will also include Participant contributions to any insurance program and elective contributions made by the Company on behalf of its Participants that are not includable in gross income under Code Sections 125, 402(e)(3),
402(h) or 403(b). 
 The term “Compensation” does not include: 

 

	 	(a)	Company contributions to a plan of deferred compensation (other than elective contributions described above) to the extent that, before the application of the Code
Section 415 limitations to that plan, the contributions are not includible in the gross income of the Participant for the taxable year in which contributed. Additionally, any distributions from a plan of deferred compensation are not considered
as Compensation regardless of whether such amounts are includible in the gross income of the Participant when distributed. However, any amounts received by a Participant pursuant to an unfunded nonqualified plan may be considered as Compensation in
the year such amounts are includible in the gross income of the Participant; 

  

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

  

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

 

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

  

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

 

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

 Effective for Plan Years commencing on and after January 1, 2002, Annual Compensation of each Participant taken into account in determining allocations for any Plan Year shall not exceed $200,000, as
adjusted for cost-of-living increases in accordance with Code §401(a)(17)(B). The cost-of-living adjustment in effect for a calendar year applies to Annual Compensation for the Plan Year that begins with or within the calendar year, 

For any short Plan Year the Annual Compensation limit shall be an amount equal to the Annual Compensation limit for the calendar year in
which the Plan Year begins, multiplied by the ratio obtained by dividing the number of full months in the short Plan Year by 12. 

  
 -6-

 2.12 “Contingent Beneficiary” shall mean the person, persons, or trust duly
designated by the Participant to receive any death benefit from the Plan in the event the designated Beneficiary does not survive the Participant. 
 2.13 “Disability” shall mean when applied to any Participant who has not yet attained Normal Retirement Age, an impairment occurring due to sickness or injury that prevents the
Participant from performing his or her material and substantial duties as an Employee and that can be expected (a) to last for a long-continued, indefinite period and (b) result in the Participant being unable to perform the duties of any
gainful occupation for which he or she is reasonably fitted by education, training or experience. The Plan Administrator shall determine the existence of Disability under this Section by applying of foregoing standard in a manner consistent with the
determination of disability under the long term disability plan sponsored by the Plan Sponsor. Eligibility to receive Social Security disability payments shall not automatically deem the Participant to be disabled without further determination by
the Plan Administrator. 
 2.14 “Disqualified Person” [Reserved]. 

2.15 “Distribution Date” shall mean the first day of the first month for which an amount is payable, or the date on
which a benefit is actually paid or begins to be paid. 
 2.16 “Effective Date” shall mean generally
January 1, 2002, the effective date of this restated Plan. All provisions of this Plan shall be effective as of that date unless an alternative dale is specifically provided. The Prior Plan was restated effective as of January 1, 2003.
This document replaces and supersedes the Prior Plan retroactive to January 1, 2002. 
 2.17 “Elective
Deferral” shall mean a contribution to the Plan under a cash or deferred arrangement as defined in Code §401(k) to the extent not includable in gross income, which is made pursuant to an election and authorization by a Participant
through a Salary Deferral Agreement consistent with the provisions of Section 5.1. Effective June 1, 2007, an Elective Deferral may also be referred to in this Plan as a “pre-tax Elective Deferral,” in order to distinguish it
from a Roth Elective Deferral that is permitted under Section 5.4A. Unless specifically referred to as a Roth Elective Deferral, any reference to an Elective Deferral under this Plan shall mean Elective Deferral as defined in the first sentence
of this Section. 
 2.18 “Eligible Employee” shall mean any Employee who is not an Excluded Employee.

 2.19 “Employee” shall mean any individual who performs personal services directly for and with the consent
and supervision of a Zions Employer in a capacity other than solely as a director. The term “Employee” shall also include a Leased Employee. 
 2.20 “Employer” or “Zions Employer” shall mean the Plan Sponsor and any other entity who, with the authorization of the Plan Sponsor, may adopt this Plan. Solely for purposes of
determining Eligibility Service, Years of Vesting Service and One Year Breaks in Service, any entity not adopting this Plan that, together with the Plan Sponsor, is a member of an Affiliated Group shall also be treated as an Employer for the period
of time during which the entity was a part of the Affiliated Group. Each Zions Employer participating in this Plan shall be identified on a list attached as an addendum to this 

  
 -7-

 
Plan or through separate participation agreements reflecting adoption of this Plan by the Zions Employer. 
 2.21 “Employer Contribution” shall mean any Employer contribution made to this Plan on behalf of an Employee. 
 2.22 “Employer Securities” shall mean common stock issued by the Plan Sponsor (or by a corporation that is a member of the controlled group of corporations of which the Plan Sponsor is a
member) that is readily tradeable on an established securities market. Noncallable preferred stock shall be deemed to be “Employer Securities” if such stock is convertible at any time into stock that constitutes “Employer
Securities” hereunder and if such conversion is at a conversion price that (as of the date of the acquisition by the Plan) is reasonable. Preferred stock shall be treated as noncallable if after the call there will be a reasonable opportunity
for a conversion that meets the above requirement. 
 2.23 “Entry Date” shall mean, solely for purposes of
participation under Article IV, the date an Employee became or becomes a Participant in the Plan. Under the GUST Plan Entry Dates occurred on January 1 April 1, July 1 and October 1 of each Plan Year. Effective
January 1, 2002, the GUST Plan was amended to provide that Entry Dates occur on each day of the Plan Year. The Effective Date shall also be an Entry Date for this Plan. 
 2.24 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations issued thereunder. 

2.25 “Excluded Employee” shall mean a member of that class of Employees who are not eligible to participate in the Plan
or accrue any benefit under the Plan, regardless of the number of hours worked. The class of such Employees includes: 
  

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

  

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

  

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

  

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

 

	 	(1)	independent contractor, or 

  

	 	(2)	temporary employee or Leased Employee, 

  
 -8-

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

 

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

 2.26 “Exempt Loan” shall mean a loan to this Plan that satisfies the Exempt Loan
transaction provisions of Section 14.3. 
 2.27 “Fiduciary” shall mean and include the Trustee,
Plan Administrator, Plan Sponsor, Investment Manager, and any other person or corporation who: 
  

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

  

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

  

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

 

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

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

	 	(a)	was at any time during the Plan Year or the Look-back Year a Five Percent Owner (as defined in Section 19.2(b)); or 

 

	 	(b)	received Compensation from the Employer in the Look-back Year in excess of $85,000 and was in the Top Paid Group for the Look-back Year. 

“Look-back Year” means the Plan Year immediately preceding the Plan Year for which the determination
is being made. An Employee is in the “Top Paid Group” if the Employee is in the group consisting of the top 20% of Employees when ranked on the basis of Compensation paid during the Look Back Year. When calculating the number of Employees
in the Top Paid Group the following Employees shall be excluded: (i) Employees who have not completed six months of service; (ii) Employees who normally work fewer than 17 1/2 hours per week; (iii) Employees who normally work not more
than 6 months during any year; (iv) Employees who have not attained age 21; and (v) Employees who are Excluded Employees by reason of Section 2.25(a). If permitted by IRS regulations

  
 -9-

 
or rulings, the Employer may use shorter periods and hours and a lower age when calculating the Top Paid Group. The ($85,000) amount in (b) above shall be adjusted for cost of living as
provided under Code §415(d), except that the base period shall be the calendar quarter ending September 30, 1996. 
 A
former Employee who was a Highly Compensated Employee upon Termination of Employment or at any time after attaining age 55 shall be treated as a Highly Compensated Employee. For any Plan Year, including the Look-back Year, no family aggregation
rules shall apply when determining who is a Highly Compensated Employee and no Employee who is a family member of any Highly Compensated Employee shall be required or considered to be a single Employee with the Highly Compensated Employee.

 For purposes of this Section, Compensation is defined as in Section 7.1(b) of this Plan, but shall include contributions
made by the Employer to a plan of deferred compensation otherwise excluded in Section 7.1(b). 
 2.29 “Inactive
Participant” shall mean a Participant who retains and is entitled to receive an Accrued Benefit under the Plan, but who is not currently eligible to make Elective Deferral Contributions or receive an allocation of Employer Contributions or
forfeitures because the Participant has incurred a Termination of Employment. 
 2.30 “Investment Fund” shall
mean all assets of the Trust Fund. 
 2.31 “Investment Manager” shall mean any Fiduciary (other than a Trustee
or Named Fiduciary) who: 
  

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

  

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

  

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

 2.32 “K-Test Average Contribution Percentage” shall mean the average (expressed as a percentage) of the K-Test Contribution Percentages of the Participants in a group. 

2.33 “K-Test Contribution Percentage” shall mean the ratio (expressed as a percentage) of a Participant’s K-Test
Contributions for a Plan Year to the Participant’s Compensation for the Plan Year. The K-Test Contribution Percentage for a Participant who is a Highly Compensated Employee shall be determined by combining all cash or deferred arrangements
under which the Highly Compensated Employee is eligible to participate (other than those that may not be permissively aggregated) with this Plan as though they were a single arrangement. For this purpose, Compensation is defined as in
Section 7.1 (b) of the Plan. The K-Test Contribution Percentage for a Participant who has made no Elective Deferral contributions and who is not credited with any K-Test Contributions for the Plan Year shall be zero. 

  
 -10-

 2.34 “K-Test Contributions” shall mean, for any Plan Year, a
Participant’s Elective Deferrals, plus, if so elected by the Employer, part or all of the Qualified Non-Elective Contributions and Qualified Matching Contributions allocated to the Participant for such year, provided that, any Qualified
Non-Elective Contributions included as K-Test Contributions shall not increase the difference between the K-Test Average Contribution Percentage for Highly Compensated Employees and the K-Test Average Contribution Percentage for Non-Highly
Compensated Employees; and, further provided that, no Qualified Non-Elective Contributions or Qualified Matching Contributions included as K-Test Contributions shall be included as M-Test Contributions. In determining the amount of a
Participant’s Elective Deferrals under this Section the Plan Administrator shall take into account elective deferrals made by the Participant under any other plan that is aggregated with this Plan for purposes of Code §401(a)(4) or Code
§410(b) (other than Code §410(b)(2)(A)(ii)) and any other plan satisfying Code §401(k)(3) and Reg. §1.401(k)-1(b)(3) that the Employer elects to permissively aggregate with this Plan, by treating all such plans and this Plan as a
single plan. 
 2.35 “Leased Employee” shall mean any person who, pursuant to an agreement between the Zions
Employer and the Plan Sponsor or any other person or organization (leasing organization), has performed services for the Zions Employer (or for the Zions Employer and related persons determined in accordance with Code §414(n)(6)) and such
services are performed under the primary direction or control of the Zions Employer. 
 2.36 “Leveraged Employer
Securities” shall mean Employer Securities acquired by the Trust with the proceeds of an Exempt Loan. 
 2.37
“Limitation Year” shall mean the Plan Year, unless the Employer elects a different 12 month period. 
 2.38
“M-Test Average Contribution Percentage” shall mean the average (expressed as a percentage) of the M-Test Contribution Percentages of the Participants in a group. 

2.39 “M-Test Contribution Percentage” shall mean the ratio (expressed as a percentage) of a Participant’s M-Test
Contributions for a Plan Year to the Participant’s Compensation for the Plan Year. The M-Test Contribution Percentage for a Participant who is a Highly Compensated Employee shall be determined by combining all plans subject to Code §401(m)
under which the Highly Compensated Employee is eligible to participate (other than those that may not be permissively aggregated) with this Plan as though they were a single plan. For this purpose, Compensation is defined as in Section 7.1(b)
of the Plan. The M-Test Contribution Percentage for a Participant who has made no Elective Deferral contributions and who is not credited with any M-Test Contributions for the Plan Year shall be zero. 

2.40 “M-Test Contributions” shall mean for any Plan Year Matching Contributions made pursuant to Section 5.6 less
any of the Participant’s Qualified Matching Contributions included as K-Test Contributions. If so elected by the Employer, part or all of the Qualified Non-Elective Contributions allocated to the Participant for such year shall be included as
an M-Test Contribution, provided that any Qualified Non-Elective Contributions included as M-Test Contributions shall not increase the difference between the M-Test Average Contribution Percentage for Highly Compensated Employees and the M-Test
Average Contribution Percentage for Non-Highly Compensated Employees; and, 

  
 -11-

 
further provided that, no Qualified Non-Elective Contributions included as M-Test Contributions shall be included as K-Test Contributions. In determining the amount of M-Test Contributions under
this Section the Plan Administrator shall take into account all employee voluntary contributions made by the Participant and all matching contributions made by the Employer under any other plan that is aggregated with this Plan for purposes of Code
§401(a)(4) or Code §410(b) (other than Code §410(b)(2)(A)(ii)) and any other plan satisfying Code §401(k)(3) and Reg. §1.401(k)-1(b)(3) which the Employer elects to permissively aggregate with this Plan, by treating all such
plans and this Plan as a single plan. 
 2.41 “Matching Contribution” shall mean any Employer contribution made
to the Plan on behalf of an Employee on account of an Employee’s Elective Deferral, but excluding, for Plan Years beginning after December 31, 1988, any contribution used to meet the minimum required allocation under Section 19.3. For
Plan Years commencing after December 31, 2001, Matching Contributions may be used to satisfy the minimum required contribution requirements of Section 19.3 to the extent provided in Section 19.9, if the Employer fails to or elects not
to provide benefits to Participants under this Plan on a safe harbor basis, as defined herein. 
 2.42 “Named
Fiduciary” shall mean the Plan Administrator and any Committee appointed and so designated by the Plan Administrator. 

2.43 “Net Profit” for any year shall mean the current and accumulated earnings of the Employer as reflected by its books
of account for the particular fiscal year before the provision for federal and state income tax, without increase or decrease due to corrections or adjustments subsequently made, but excluding the cost of contributions made under this Plan or any
other qualified plan. 
 2.44 “Non-Highly Compensated Employee” shall mean an Employee who is not a Highly
Compensated Employee. 
 2.45 “Normal Retirement Age” shall mean age 65. 

2.46 “Normal Retirement Date” shall mean the first day of the calendar month coinciding with or next following a
Participant’s Normal Retirement Age. 
 2.47 “Participant” shall mean any Eligible Employee who has
satisfied all of the age and service requirements of Section 4.1. Such an Eligible Employee shall be deemed to be a Participant in the Plan for purposes of any applicable non-discrimination test, including the K-Test and M-Test defined in this
Plan, without regard to whether he has executed a Salary Reduction Agreement and agreed to have contributions made to this Plan through Elective Deferrals. A Participant may nevertheless be considered “active” or “inactive”
depending on whether he is eligible to make Elective Deferral Contributions or receive an allocation of Employer Contributions. A Participant who has an Account in the Plan but is an Inactive Participant because he or she has incurred a Termination
of Employment shall not be treated as a Participant in the Plan for purposes of any applicable nondiscrimination lest, including the K-Test and M-Test defined in this Plan in any Plan Year following the Plan Year in which the Participant’s
Termination of Employment has occurred. 

  
 -12-

 2.48 “Paysop” shall mean the Zions Bancorporation Payroll Stock Ownership
Plan, a tax-credit employee stock ownership plan within the meaning of Code §409(a), which was merged into this Plan pursuant to that certain trust to trust transfer agreement effective December 29, 1988. 

2.49 “Plan” shall mean the Plan as stated herein and as may be amended from time to time, denominated the “Zions
Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan.” The Employer intends the Plan to satisfy the requirements of Code Section 401(k) and to be an employee stock ownership plan within the meaning of Code §4975(e)(7),
for all purposes of the Code. 
 2.50 “Plan Sponsor” shall mean Zions Bancorporation. 

2.51 “Plan Year” shall mean the one year period commencing each January 1 and ending the following
December 31. 
 2.52 “Predecessor Plan” shall mean any Plan that has been previously amended or restated
for GUST and whose assets have been transferred to this Plan pursuant to a merger or trust to trust transfer. The benefits that are funded by the transferred assets shall be protected benefits within the meaning of Code §411(d)(6) and the
regulations thereunder and before their transfer to this Plan shall be subject to all provisions of the Predecessor Plan, including any transitional rules required by prior legislation such as GUST and applicable IRS regulations. 

2.53 “Prior Plan” shall mean the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan, as it existed
immediately before the Effective Date. 
 2.54 “Qualified Matching Contribution” shall mean a Matching
Contribution with respect to which the requirements of Reg. §1.401(k)-1(b)(5) and Code §§401(k)(2)(B) and (C) are met. 
 2.55 “Qualified Non-Elective Contribution” shall mean any Employer contribution to the Plan other than a Matching Contribution with respect to which the Employee may not elect to have the
contribution paid to the Employee in cash instead of being contributed to the Plan and (if treated as K-test Contributions) the requirements of Reg. §1.401(k)-1(b)(5) and Code §§401(k)(2)(B) and (C) are met or (if treated as
M-Test Contributions) the requirements of Reg. §1.401(m)-1(b)(5) are met. 
 2.56 “Transferred Benefits”
shall mean those benefits funded by assets transferred to the Plan from a Predecessor Plan. Transferred Benefits shall include all optional forms of benefits available under the Predecessor Plan(s) from which the Transferred Benefits were received,
unless otherwise provided in this Plan. 
 2.57 “Trust” shall mean the Trust originally created in conjunction
with the Plan, previously named effective January 1, 2002, the Zions Bancorporation Payshelter 401(k) Plan Trust. As of the Effective Date the Trust is designated as the “Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership
Plan Trust.” 
 2.58 “Trust Fund” shall mean all cash, Employer Securities, securities, annuity contracts,
real estate and any other property held by the Trustee pursuant to the terms of the Trust and this Plan, together with investment earnings or losses thereon, less any applicable expenses of the Plan and Trust. 

  
 -13-

 2.59 “Trustee” shall mean the bank, trust company or other corporation
possessing trust powers under applicable state or federal law, or one or more individuals, or any combination thereof named as Trustee or Trustees under the Trust. 
 2.60 “Valuation Date” shall mean the date on which the Trust Fund and Accounts are valued, as provided in this Plan. The following shall be Valuation Dates: 

 

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

 

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

 2.61 “Vested Interest” or “Vested Accrued Benefit” shall mean the portion of a Participant’s Accrued Benefit that is non-forfeitable. 

2.62 “Voluntary Contributions” shall mean after-tax contributions previously made by a Participant under a Salary
Reduction Agreement with the Employer. As of the Effective Date Voluntary Contributions are no longer permitted to be made to the Plan. 

  
 -14-

 ARTICLE III  

SERVICE DEFINITIONS AND RULES 
 3.1 “Eligibility Computation Period” shall mean the period used to measure Eligibility Service and Breaks in Service for purposes of eligibility to begin and maintain participation in the
Plan. As of January 1, 2002, the Plan does not apply any minimum Eligibility Computation Period. 
 3.2
“Eligibility Service” shall mean service for any period during which an Employee receives credit for Hours of Service for a Zions Employer. 
 3.3 “Employment Commencement Date” shall mean the date on which the Employee first performs an Hour of Service for a Zions Employer. 

3.4 “Hour of Service” shall mean and be determined as follows; 

 

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

  

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

 

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

  

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

 

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

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

  
 -15-

 
shall be calculated and credited pursuant to DOL Reg. §2530.200b-2, paragraphs (b) and (c), which are incorporated herein by this reference. 

 

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

  

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

  

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

  

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

  

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

  

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

 

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

Hours of Service shall include the Hours of Service that otherwise would normally have been credited to such Employee but
for such absence; or in any case in which the Plan is unable to determine the Hours of Service to be credited, eight Hours of Service for each regularly scheduled work day of such absence, The total number of hours treated as Hours of Service under
this Section by reason of any pregnancy or placement shall not exceed 501 hours less the number of Hours of Service credited to an Employee pursuant to subsections (a) through (e) above, for an absence described in this subsection (f). The
hours described in this subsection (f) shall be treated as Hours of Service only in the computation period in which the absence from work begins, if an Employee would be prevented from incurring a One-Year Break in Service in such computation
period solely because the period of absence is treated as Hours of Service as provided herein; or in any other case, in the immediately following computation period. Notwithstanding the foregoing, no credit will be given pursuant to this subsection
(f) unless the Employee furnishes to the Plan Administrator such timely information as (he Plan Administrator may reasonably require to establish that the absence from work is for reasons referred to herein, and the number of days for which
there was such an absence. 
  

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

  

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

  
 -16-

	 	(h)	When crediting Hours of Service for Employees who are paid on an hourly basis the Plan Administrator shall use the “actual” method. For purposes of the Plan,
“actual” method shall mean the determination of Hours of Service from records of hours worked and hours for which the Employer makes payment or for which payment is due from the Employer. When crediting Hours of Service for Employees who
are not paid on an hourly basis, the Plan Administrator shall use the “salaried earnings” method. With respect to an Employee whose Compensation consists primarily of periodic salary payments, “salaried earnings” method shall
mean the determination of Hours of Service from records showing payments made to the Employee or payments due to the Employee from the Employer. In applying the “salaried earnings” method, an Employee who has at least 435 hours or 870
hours shall be credited with 500 Hours of Service and 1,000 Hours of Service, respectively. 

 3.5 “One
Year Break in Service” shall mean a 12 consecutive month period during which an Employee has not completed more than 500 Hours of Service, regardless of whether the Employee has incurred a Termination of Employment. For purposes of vesting,
such 12 consecutive month periods shall be measured on the same basis as Years of Vesting Service. Effective January 1, 2006, except as otherwise provided in Section 3.13, the provisions of this Section shall no longer apply for purposes
of determining Years of Vesting Service. For purposes of eligibility to participate, the Plan shall not apply any break in service rule. The following types of absence shall not constitute a One-Year Break in Service: 

 

	 	(a)	extended vacation, provided that persons under similar circumstances shall be treated alike; 

 

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

  

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

 3.6 “Re-employment Commencement Date” shall mean the date on which an Employee, who has both incurred a Termination of Employment from the Employer and has had a One Year Break in Service
as a result of that termination, first performs an Hour of Service for the Employer following such Break in Service. 
 3.7
“Termination of Employment” with respect to any Employee or Participant shall occur upon the separation from service (effective January 1, 2002, severance from employment) of the Employee or Participant due to the resignation,
discharge, death, retirement, failure to return to active work at the end of an authorized leave of absence or the authorized extension(s) thereof, failure to return to active work when duly called following a temporary layoff, or upon the happening
of any other event or circumstance that, under the then current policy of the Zions Employer results in the termination of the employer-employee relationship. Termination of Employment shall not be deemed to occur merely because of a transfer
between Zions Employers. 

  
 -17-

 3.8 “Vesting Computation Period” shall mean the 12 consecutive month period
used to measure Years of Vesting Service and Breaks in Service for purposes of vesting. The 12 consecutive month period used for the Vesting Computation Period shall be the Plan Year. Effective January 1, 2006, except as otherwise provided in
Section 3.13, the provisions of (his Section shall no longer apply for purposes of determining Vesting Service. 
 3.9
“Year of Service” shall mean a 12 consecutive month period during which an Employee has completed at least 1,000 Hours of Service. 
 3.10 “Year of Vesting Service” shall mean: 
  

	 	(a)	for Plan Years commencing prior to January 1, 2002, a Vesting Computation Period during which an Employee has completed at least one Hour of Service. For Plan
Years commencing on or after January 1, 2002, “Year of Vesting Service” shall mean a Vesting Computation Period during which an Employee has completed at least 1,000 Hours of Service. Subject to Section 11.5 a Participant’s
Years of Vesting Service shall be determined based on all Vesting Computation Periods containing or beginning after his Employment Commencement Date or Re-employment Commencement Date, provided that service prior to the date an Employee has attained
age 18 shall not be taken into account. Any individual who was a Leased Employee and who subsequently becomes an Eligible Employee shall be credited with all Years of Service as a Leased Employee for purposes of determining Years of Vesting Service.
Effective January 1, 2006, except as otherwise provided in Section 3.13, the provisions of this subsection (a) shall no longer apply for purposes of determining Years of Vesting Service. 

 

	 	(b)	with respect to a Merged Employee for Plan Years commencing prior to the Merger Dale, a calendar year during which the Merged Employee has completed at least one hour
of service for the Merged Employer. For Plan Years commencing on or after the Merger Date, “Year of Vesting Service” shall mean a Vesting Computation Period during which the Merged Employee completes at least 1,000 Hours of Service.
Effective January 1, 2006, except as otherwise provided in Section 3.13, the preceding sentence shall no longer apply and “Years of Vesting Service” after the Merger Date shall be credited to a Merged Employee as provided in
Section 3.13. All creditable Years of Vesting Service determined under the above rules for a Merged Employee shall be credited under this Plan as of the Merged Employee’s Employment Commencement Date. For purposes of this
Section 3.10(b): 

  

	 	(1)	“Merged Employee” shall mean an Employee who immediately prior to his Employment Commencement Date, was employed by a Merged Employer.

  

	 	(2)	“Merged Employer” shall mean an entity that was acquired by (whether as a slock or asset acquisition) or merged into the Plan Sponsor or another
Employer who has adopted this Plan. 

  
 -18-

	 	(3)	“Merger Date” shall mean the date designated in any agreement or contract of merger, sale or acquisition as the date on which the acquisition of the
Merged Employer by the Plan Sponsor or Employer is considered complete. 

 3.11 Special Rules for Crediting
Service. In crediting Service under the Plan for any Employee who is or was employed by a Participating Employer the rules for crediting Service as set forth in each respective Participation Agreement or as set forth in this Section shall apply.
When crediting service under the Plan for Employees who are employed by certain members of an Affiliated Group or who are former employees of entities acquired by the Employer, the following special rules for crediting service shall apply:

  

	 	(a)	Discount Corporation of New York: Each Employee of Discount Corporation of New York (“Discount”) who, as of August 10, 1993, satisfied the
Plan’s minimum age and service requirements shall be eligible to participate in the Plan on August 11, 1993 (which shall be deemed a “Plan Entry Date” for this purpose) or on any subsequent Plan Entry Date if employed by the
Employer or any member of the Affiliated Group who participate in the Plan on that date. All service of the Employee with Discount and any member of the affiliated Group shall be credited for purposes of the above participation rule. For purposes of
benefit accrual, no prior service with Discount shall be taken into account. 

 3.12 Qualified Military Service
Rules: The following rules shall apply to an Employee who has Qualified Military Service while employed by the Employer. 
  

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

  

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

 

	 	(2)	the employee is not dishonorably discharged; 

  

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

  

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

 

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

  

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

  
 -19-

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

 For vesting purposes under Section 11.01 the Employee shall also be credited with Hours of Service (without
regard to whether the Employee has returned to service with the Employer) if the Employee incurs a Disability while performing the Qualified Military Service on or after January 1, 2007, and cannot return to service with the Employer as a
consequence of the Disability. 
  

	 	(c)	Compensation (as defined in Section 2.11) shall include imputed compensation during an Employee’s Qualified Military Service. Imputed compensation shall be:

  

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

 

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

  

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

  

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

  
 -20-

	 	 
butions with respect to the Plan Year to which the Elective Deferrals relate, if this Plan Year is not the same Plan Year in which the Elective Deferrals are received by the Plan.

  

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

  

	 	(g)	Effective June 1, 2007, a Participant who is eligible under this Section 3.12 to make an Elective Deferral to the Plan upon return from Qualified Military
Service may designate any portion thereof as a Roth Elective Deferral and may designate the Plan Year for which the Roth Elective Deferral is to be credited, which may include a Plan Year that is before the Plan Year in which the Roth Elective
Deferral is actually made. In that event the Plan shall treat the Roth Elective Deferral as having been made in the Plan Year of Qualified Military Service to which the contribution relates (but not earlier than January 1, 2006), as
designated by the Participant. A Participant may also identify the Plan Year of Qualified Military Service for which a Roth Elective Deferral is deemed made for other purposes as well, such as for entitlement to an Employer Matching Contribution,
and the determination of the five-taxable-year period of participation rule. In the absence of any designation, for purposes of determining the first year of the five years of participation rule under Code §402A(d)(2)(B), the Roth Elective
Deferral shall be treated as relating to the first year of Qualified Military Service for which the Participant could have made a Roth Elective Deferral under the Plan, but not earlier than January 1, 2006. Notwithstanding the foregoing, each
Participant who may make an Elective Deferral to the Plan under this Section 3.12 and who makes an Elective Deferral shall be deemed to have made a Roth Elective Deferral to the Plan from his or her Elective Deferral contributions in the sum of
$1.00, unless the Participant has specifically elected a larger Roth Elective Deferral contribution amount. The Roth Elective Deferral shall be deemed made to the Plan for the earliest possible Plan Year, according to the rules of this subsection.

  

	 	(h)	If is determined at the time the Employee commences Qualified Military Service that the length of the service will be either (i) more than 179 days in duration or
(ii) of indefinite duration and if the Employee is called to such Qualified Military Service because the Employee is a member of a military reserve unit ordered to active duty after September 11,2001, then notwithstanding the provisions of
Section 8.01, the Employee may elect to withdraw any amount in the Employee’s Elective Deferral and Matching Contribution Accounts. Any such withdrawal must be made after the date of the order or call to active duty and prior to the end or
close of the active duty period. The withdrawal shall also be deemed to be an Eligible Rollover Distribution under Section 11.04, except that it shall not be subject to any income tax withholding requirement that may otherwise apply under Code
§72(t). 

  
 -21-

	 	(i)	Effective for Plan Years commencing after December 31, 2008, an Employee who commences Qualified Military Service which will exceed 30 days in length may be
deemed, if so elected by the Employee solely for the purpose of receiving a distribution from the Plan, to have incurred a Termination of Employment. If an Employee returns to employment after receiving a distribution from the Plan on account of an
election made pursuant to this subsection, but the Employee has not satisfied the requirements of subsection (h) above, then the Employee may not make Elective Deferrals or Roth Elective Deferrals to the Plan until the expiration of 6 months
from the date of the last distribution from the Plan made on account of this subsection. 

 3.13 Elapsed Time
Method for Determining Years of Vesting Service. Effective January 1, 2006, the Plan adopts the Elapsed Time method for determining Years of Vesting Service. This method of counting Service does not track actual Hours of Service worked by
an Employee, but instead measures the length of time an individual is an Employee of a Zions Employer. 
  

	 	(a)	In determining Years of Vesting Service for an Employee, the following shall apply: 

 

	 	(1)	An Employee’s Service taken into account for purposes of vesting shall be the time period beginning with the Employee’s Employment Commencement Date and
ending on the date the Employee incurs a Termination of Employment. 

  

	 	(2)	An Employee who incurs a Termination of Employment by reason of resignation, discharge or retirement and who then performs an Hour of Service within 12 months of that
date will be credited with Service for the period in which he was not employed. An Employee who is absent for any other reason and then resigns, is discharged or retires and who preforms an Hour of Service within 12 months of his initial absence
will be credited with Service for the period in which he was not employed, provided the service is not counted under the first sentence of this subsection. An Employee who is absent from Service with the Employer for over 12 months shall receive no
credit for any absence following the date the Employee incurs the Termination of Employment. 

  

	 	(b)	In determining an Employee’s Years of Vesting Service fractional years will be rounded to the nearest one twelfth of a year. Periods of Service will be based on
full calendar months, crediting an Employee with a full month if the Employee works at least one Hour of Service during the month. An Employee with more than one period of Service will have all such periods aggregated and the Employee’s total
Service will be used for purposes of determining Years of Vesting Service. 

  

	 	(c)	For the Plan Year commencing January 1, 2006 only, the Plan shall credit Vesting Service according to the following rules: 

 

	 	(1)	 For each Employee of a Zions Employer who was employed by the Zions Employer on December 31, 2005, and continued to be employed on January 1,
2006, the Plan shall either apply the rules of this Section 3.13, treating January 1, 2006 as the Employment Commencement Date, or apply the previous vesting credit rules of this

  
 -22-

	 	 
Plan without regard to this Section 3.13, crediting the Employee with Vesting Service credit according to the method that provides the greater credit. 

 

	 	(2)	For each Employee of a Zions Employer whose Employment Commencement Date was after January 1, 2006, but prior to July 24, 2006, the Plan shall either apply
the rules of this Section 3.13, or apply the previous vesting credit rules of this Plan without regard to this Section 3.13, crediting the Employee with Vesting Service credit according to the method that provides the greater credit.

  

	 	(3)	For each Employee of a Zions Employer whose Employment Commencement Date is after July 23, 2006, the Plan shall apply the rules of this Section 3.13 only.

  
 -23-

 ARTICLE IV 

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

	 	(a)	attains age 21, and 

  

	 	(b)	is employed on the Entry Date. 

An Eligible Employee who has satisfied the requirements above shall commence participation in the Plan on the applicable Entry Date. An
Eligible Employee who has attained age 21 and is employed on the Effective Date shall participate in this Plan on the Effective Date, without regard to the other requirements of this Section. Prior to the Effective Date Eligible Employees shall
participate as provided in the Prior Plan. 
 An Eligible Employee who becomes a Participant and who also executes a Salary
Deferral Agreement in the manner set forth in procedures issued by the Plan Administrator (which may include use of electronic technologies) shall be considered to be an active Participant. An Eligible Employee shall not be required to execute a
Salary Deferral Agreement in order to be considered a Participant in the Plan, however, as a condition to participation in Salary Deferral Contributions the Eligible Employee shall first execute a written Salary Deferral Agreement in the manner set
forth in procedures issued by the Plan Administrator, An Employee who is a Participant in a Predecessor Plan on the day before the effective date of the merger of the Predecessor Plan into this Plan shall continue as a Participant in this Plan on
the effective date of merger. 
 4.2 Eligibility Information: As soon as practicable after the date each Employee’s
Employment Commencement Date, the Plan Administrator shall verify the Entry Date when the Employee shall first become eligible to participate in the Plan and shall notify each Employee of his/her eligibility, and of any application or other
requirements for participation. 
 4.3 Information to be Provided by Employee: At the request of the Plan Administrator,
each Eligible Employee shall furnish such information as is not available from the Employer. As a condition to participation in making Elective Deferrals to the Plan, the Employee shall first complete, execute and deliver a written Salary Deferral
Agreement as reasonably required by the Plan Administrator. 
 4.4 Reclassification of an Eligible Employee or Excluded
Employee: Any Eligible Employee, whether or not he has previously participated in the Plan, who was previously classified as an Excluded Employee and is reclassified as an Eligible Employee shall be eligible to enter the Plan as an active
Participant on the later of the date of his reclassification or the Entry Date he would otherwise join if he had not been classified as an Excluded Employee, provided he has otherwise satisfied the requirements of Section 4.1. 

  
 -24-

 Any Participant who is reclassified as an Excluded Employee shall be treated as an Excluded
Employee on the date of reclassification for purposes of determining his eligibility for any Employer Contributions in the Plan Year of reclassification. If, prior to the date of reclassification, the Participant had executed a Salary Deferral
Agreement and is deferring Compensation in the Plan Year in which the reclassification occurs, the Participant’s Salary Deferral Agreement and all Elective Deferrals thereunder shall automatically terminate as of the last day of the payroll
period that commenced immediately prior to the date the Participant is reclassified as an Excluded Employee. 
 4.5
Re-employment and Commencement of Participation: An Eligible Employee who had met the requirements of Section 4.1(a) and (b) but terminated employment prior to his Entry Date shall be eligible to become a Participant on the date he is
re-employed by the Employer, but in no event earlier than the Entry Date he would have joined had he not ceased employment. An Eligible Employee who was a Participant shall again become a Participant on the date he is re-employed by the Employer.

 4.6 No Waiver of Participation: An Eligible Employee who has satisfied all criteria for participation in this Plan
shall be deemed a Participant and may not waive or reject participation. 
 4.7 Effect of Participation: A Participant
who has satisfied all eligibility criteria and commenced active participation in this Plan shall be conclusively deemed to have assented to this Plan and to any subsequent amendments, and shall be bound thereby with the same force and effect as if
he had formally executed this Plan. 

  
 -25-

 ARTICLE V 
 PARTICIPANT AND EMPLOYER CONTRIBUTIONS 
 5.1 Elective Deferrals:

  

	 	(a)	Each Participant may elect to defer any percentage of the Participant’s Compensation described in subsection (1) below, subject to a minimum of 1% of the
Participant’s Compensation per pay period. The maximum percentage amount shall be 50% of the Participant’s Compensation. Effective for Plan Years commencing on or after July 24, 2006, the maximum percentage amount shall be 80% of the
Participant’s Compensation. The amount of the deferral shall be contingent on the Participant electing and authorizing the Elective Deferral amount through a Salary Deferral Agreement. The Salary Deferral Agreement and the Participant’s
authorization thereunder may be evidenced by a document executed by the Participant and filed with the Administrator in the manner prescribed for this purpose, which may include a Salary Deferral Agreement completed and executed by the Participant
through any approved electronic means. The Salary Deferral Agreement shall be subject to the following rules: 

  

	 	(1)	The Salary Deferral Agreement shall apply to each payroll period during which it is in effect and has not been rescinded. The Salary Deferral Agreement shall be
applicable to all forms of the Participant’s Annual Compensation, regardless of how paid or characterized, and effective June 1, 2007, shall designate Elective Deferrals as pre-tax Elective Deferrals, Roth Elective Deferrals or both, in
the percentage specified. An Elective Deferral contribution to the Plan shall be treated as a Roth Elective Deferral only when so specifically designated by the Participant in advance of the date the Roth Elective Deferral is first made to the Plan.

  

	 	(2)	The amount by which the Participant’s Annual Compensation is reduced under the Salary Deferral Agreement may be changed (increased, decreased or ceased and
effective June 1, 2007, change between pre-tax and Roth Elective Deferrals) by a Participant at any time during the Plan Year. A change shall be evidenced by a written document, by oral instructions directly from the Participant with written
confirmation in accordance with rules and procedures established by the Administrator or through any electronic means or method approved by the Plan Administrator. 

 

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

  

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

  
 -26-

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

  

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

 

	 	(c)	Commencing January 1, 2002, and for all Plan Years thereafter an Employee who is eligible to make Elective Deferrals under this Plan and who attains age 50 before
the close of the Plan Year shall be eligible to make catch-up contributions in accordance with, and subject to the limitations of, Code §414(v). Catch-up contributions shall not be taken into account for purposes of the provisions of the Plan
implementing the required limitations of Code §§402(g) and 415. The Plan Administrator shall not treat catch up contributions as failing to satisfy any provisions of the Plan implementing the requirements of Code §§401(k)(3),
401(k)(11), 401(k)(12), 410(b), or 416, as applicable. Effective June 1, 2007, Catch-up contributions may consist of either pre-tax or Roth Elective Deferrals. 

5.2 Payment to Trustee: The Employer shall transmit to the Trustee the amounts withheld by it pursuant to Section 5.1 above
as soon as Administratively Feasible, but in no event later than the fifteenth (15th) business day of the month following the month in which the amounts are withheld or received by the Employer. However, the Employer shall not transmit to the
Trustee any amounts withheld by it during the Plan Year pursuant to a deferral election under Section 5.1, which in the Plan Administrator’s opinion would cause the Plan to fail to meet the limitations described in Section 5.10 for
that Plan Year. Such amounts withheld and not transmitted to the Trustee shall be returned by the Employer to the respective Participants. 
 5.3 Suspension of Deferrals: A Participant may notify the Plan Administrator electronically, orally (with written confirmation) or in writing of his intention to suspend his election to have a
portion of his Annual Compensation deferred, The suspension shall be effective as soon as Administratively Feasible after the date the notice of suspension is received shall apply to each payroll period thereafter, until a new Salary Deferral
Agreement is entered into by the Participant. The Participant shall be considered a Participant hereunder for all other purposes if his employment continues, however, he shall not be considered to be an active Participant. 

5.4 After-tax Contributions by Participants: From and after the Effective Dale no Participant shall be permitted or required to
make after-tax or Voluntary Contributions to the Plan, 
 5.4A Roth Elective Deferrals: Effective June 1, 2007, and
for each Plan Year thereafter, the Plan will accept Roth Elective Deferrals made on behalf of Participants. A Participant’s Roth Elective Deferrals will be allocated to a separate account maintained for such deferrals as described in this

  
 -27-

 
Section 5.4A. Unless specifically slated otherwise, Roth Elective Deferrals will be treated as Elective Deferrals for all purposes under the Plan, including the determination and allocation
of Employer Matching Contributions. Notwithstanding any other provision of the Plan to the contrary, all issues involving contribution and allocation of Roth Elective Deferrals and earnings thereon and distribution of Roth Elective Deferrals shall
be determined according to the provisions of this Section 5.4A, unless specifically provided otherwise in this Section. 
  

	 	(a)	Contributions and withdrawals of Roth Elective Deferrals will be credited and debited solely to the Roth Elective Deferral Account maintained for each Participant. The
Plan will maintain a record of the amount of Roth Elective Deferrals in each Participant’s Account. The Plan shall employ the same procedures set forth in Section 5.1 in determining when and how a Participant may elect to make or change an
election of Roth Elective Deferrals, and may provide for designation by the Employee of pre-tax and Roth Elective Deferrals in the same Salary Deferral Agreement. For purposes of implementing this provision the term “Elective Deferrals” in
Section 5.1 shall be interpreted to mean both pre-tax and Roth Elective Deferrals, as appropriate. 

  

	 	(b)	Gains, losses, and other credits or charges must be separately allocated on a reasonable and consistent basis to each Participant’s Roth Elective Deferral Account
and to the Participant’s other Accounts under the Plan. For this purpose the Plan may apply the Account adjustment provisions of Section 6.3 to the Roth Elective Deferral Account. 

 

	 	(c)	No contributions other than Roth Elective Deferrals and properly attributable earnings shall be credited to each Participant’s Roth Elective Deferral Account.

  

	 	(d)	Notwithstanding Section 11.4, a direct rollover of a distribution from the Roth Elective Deferral Account will only be made to another Roth elective deferral
account under an applicable retirement plan described in Code §402A(e)(l) or to a Roth IRA described in Code §408A, and only to the extent the rollover is permitted under the rules of Code §402(c). 

 

	 	(e)	Notwithstanding Section 5.5, the Plan will accept a rollover contribution to the Roth Elective Deferral Account only if it is a direct rollover from another Roth
elective deferral account under an applicable retirement plan described in Code §402A(e)(1) and only to the extent the rollover is permitted under the rules of Code §402(c). Effective for any distribution from the Plan first commenced
after September 27, 2010, the Plan will also accept a rollover contribution to the In-plan Roth Rollover Account, provided that it is a direct rollover of amounts previously held in the Participant’s Account in the Plan (excluding amounts
held in the Participant’s Roth Elective Deferral Account). The Plan will accept the rollover only if it is on account of a distribution that complies with all Plan distribution rules and is an Eligible Rollover Distribution within the meaning
of Section 11.4. The Participant’s election to make an In-Plan Roth Rollover shall be irrevocable, once it has been accepted and so accounted for by the Plan. 

 

	 	(f)	 The Plan will not provide for a direct rollover for distributions from a Participant’s Roth Elective Deferral Account if the amount of the
distributions that are eligible rollover 

  
 -28-

	 	 
distributions are reasonably expected to total less than $200 during a year. In addition, any distribution from a Participant’s Roth Elective Deferral Account shall not be taken into account
in determining whether distributions from a Participant’s other Accounts are reasonably expected to total less than $200 during a year. However, eligible rollover distributions from a Participant’s Roth Elective Deferral Account shall be
taken into account in determining whether the total amount of the Participant’s Account balances under the Plan exceeds $1,000 for purposes of mandatory distributions from the Plan. Any provision of the Plan that allows a Participant to elect a
direct rollover of only a portion of an eligible rollover distribution but only if the amount rolled over is at least $500 shall be applied by treating any amount distributed from the Participant’s Roth Elective Deferral Account as a separate
distribution from any amount distributed from the Participant’s other Accounts in the Plan, even if the amounts are distributed at the same time. 

  

	 	(g)	In the case of any distribution of excess contributions under Section 5.12, a Highly Compensated Employee shall be permitted to designate the extent to which the
excess amount is composed of pre-tax Elective Deferrals and Roth Elective Deferrals but only to the extent such types of deferrals were made for the year. If the Highly Compensated Employee does not designate which type of Elective Deferrals are to
be distributed, the Plan will distribute pre-tax Elective Deferrals first. 

  

	 	(h)	In the case of any distribution to a Participant under Articles IX or XI that is other than a lump sum distribution, the Participant shall be permitted to designate the
extent to which the distribution is composed of Roth Elective Deferrals and other contributions, but only to the extent the Participant’s Account includes Roth Elective Deferrals. If the Participant does not designate the composition of Roth
Elective Deferrals in a distribution, the Plan will distribute Roth Elective Deferrals until the Participant’s Roth Elective Deferral Account is exhausted prior to distributing any other contributions. 

 

	 	(i)	For purposes of this Section 5.4A, a Roth Elective Deferral is an Elective Deferral that is: 

 

	 	(1)	Designated irrevocably by the Participant at the time of the cash or deferred election as a Roth Elective Deferral that is being made in lieu of all or a portion of any
pre-tax Elective Deferrals the Participant is otherwise eligible to make under the Plan; and 

  

	 	(2)	Treated by the Employer as includible in the Participant’s income at the time the Participant would have received that amount in cash if the Participant had not
made a cash or deferred election. 

 5.5 Rollover Contributions by Participants: A Participant (or an
Employee who is expected to become a Participant) may make a rollover contribution directly to this Plan of an “eligible rollover distribution,” as that term is defined under Code §401(a)(31)). The Plan will accept participant
rollover contributions and/or direct rollovers of distributions made after December 31, 2001, from any qualified plan described in Code §401(a) or Code §403(a), an annuity contract described in Code §403(b) or an eligible plan
under Code §457(b) that is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of 

  
 -29-

 
a state. The Plan will also accept a participant rollover contribution of the portion of a distribution from an individual retirement account or annuity described in Code §408(a) or
(b) that is eligible to be rolled over and would otherwise be includable in gross income. The Plan will not accept rollovers that include after-tax employee contributions. The rollover amount shall be credited to his Participant Rollover
Contribution Account, provided: 
  

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

  

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

  

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

 5.6 Safe Harbor Employer Matching Contributions: For each Plan Year the Employer may
contribute to the Plan an amount, determined without regard to Net Profits, which will be sufficient to credit the Employer Matching Contribution Account of each Participant who is a Non-Highly Compensated Employee and who satisfies the requirements
of Section 6.4, with amounts that satisfy the Employer’s Matching Contribution percentage as determined by the Employer on a discretionary basis for the Plan Year. In no event however, shall the Employer Matching Contribution for any
Participant who is a Non-Highly Compensated Employee in a Plan Year, when determined as a percentage of the Participant’s Compensation for the Plan Year, ever be less than the percentage amounts shown in the following table: 

 

			
	 Participant’s Elective

Deferral percentage:
	  	 Percentage of Employer

Matching Contribution:

	 0%
	  	0.0%
	 1%
	  	1.0%
	 2%
	  	2.0%
	 3%
	  	3.0%
	 4%
	  	3.5%
	 5%
	  	4.0%

 The Employer may also
contribute to the Plan an amount, determined without regard to Net Profits, that will be sufficient to credit the Employer Matching Contribution Account of each Participant who is a Highly Compensated Employee and who satisfies the requirements of
Section 6.4, with amounts that satisfy the Employer’s Matching Contribution percentage as determined by the Employer on a discretionary basis for the Plan Year. In no event however, shall the rate of Matching Contributions with respect to
Elective Deferrals made by any Highly Compensated Employee exceed the rate of Matching Contributions with respect to Elective Deferrals made by any Participant who is a Non-Highly Compensated Employee. Excess Matching Contributions for Employees of
the Sponsoring Employer or a Participating Zions Employer shall be determined each Plan Year by the Sponsoring Employer and each Participating Zions Employer respectively, or shall be as set forth in the
Supple-

  
 -30-

 
mental Participation Agreement executed by the Participating Zions Employer. If the Employer or Participating Zions Employer makes a Matching Contribution in excess of that set forth in the table
in this Section, in no event shall the rate of Matching Contributions increase as the rate of the Participant’s Elective Deferrals increase. 
 The Employer Matching Contribution amount shall be determined solely by reference to the ratio percentage of the Participant’s Elective Deferral (and effective June 1, 2007, the aggregate of the
Participant’s pre-tax Elective Deferrals and Roth Elective Deferrals) compared to the aggregate of the forms of the Participant’s Compensation that are subject to the Salary Deferral Agreement as specified in Section 5.1. If the
Employer makes a Matching Contribution to the Plan at any time during the Plan Year (such as on a calendar quarter basis), any limit on the amount of Employer Matching Contribution shall not be determined by reference to Annual Compensation for the
Plan Year, but by reference to Compensation paid only during the period to which the Matching Contribution relates. Notwithstanding the previous sentence, no contribution in excess of the maximum amount that would constitute an allowable deduction
for federal income tax purposes under the applicable provisions of the Code, as now in force or hereafter amended, shall be required to be made by the Employer under this Section, Effective January 1, 2006, and for all Plan Years thereafter the
Employer Matching Contribution amount shall be based on the total Elective Deferral (and effective June 1, 2007, the aggregate of the Participant’s pre-tax Elective Deferrals and Roth Elective Deferrals) and the total Compensation of the
Participant for the Plan Year without regard to when during the Plan Year the Participant’s pretax Elective Deferrals and Roth Elective Deferrals have been made. Notwithstanding the previous sentence, no contribution in excess of the maximum
amount that would constitute an allowable deduction for federal income lax purposes under the applicable provisions of the Code, as now in force or hereafter amended, shall be required to be made by the Employer under this Section. 

The Employer Matching Contribution may be made in cash or in kind, provided however, that if the Matching Contribution is made in cash
the Plan shall immediately acquire Employer Securities with the entire amount of the contribution and if the Matching Contribution is made in kind, it shall be made in the form of Employer Securities only. 

5.7 Employer Non-Elective Contributions: The Employer may contribute, without regard to Net Profits, an amount determined by its
Board of Directors as an Employer Non-Elective Contribution. The Employer may make the Non-Elective Contribution in cash or in kind, provided however, that if the Non-Elective Contribution is made in cash the Plan shall immediately acquire Employer
Securities with the entire amount of the contribution and if the Non-Elective Contribution is made in kind, it shall be made in the form of Employer Securities only. The Employer reserves the right to increase or decrease the amount from year to
year of the Non-Elective Contribution, as determined by the Board of Directors. Notwithstanding the previous sentence, no contribution in excess of the maximum amount that would constitute an allowable deduction for federal income tax purposes under
the applicable provisions of the Code, as now in force or hereafter amended, shall be required to be made by the Employer under this Section. 
 The amount of the contribution to be credited to the Employer Non-Elective Contribution Accounts of the Participants may be stated in terms of a gross contribution, in which case the amount shall be
reduced by any non-vested forfeitures from Employer Non-Elective Contribution Accounts of the Participants to be allocated during the Plan Year pursuant to Section 11.5; or the amount may be

  
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stated in terms of a net contribution, in which case the amount shall be in addition to any such non-vested forfeitures. In the absence of a direction as to whether the amount of the contribution
is in terms of a gross contribution or a net contribution, it shall be deemed to be a gross contribution. 
 5.8 Time and
Method of Payment: All payments of Employer Matching and Non-Elective Contributions shall be made directly to the Trustee and shall be paid no later than the lime prescribed by law (including any extensions) for filing the Employer’s
federal income tax return for the Plan Year for which they are made. The Employer may in its sole discretion, at any time during the Plan Year, make one or more partial payments to the Trustee on an estimated basis. Any amount so paid in advance
shall be applied against the amount thereafter determined to be payable by the Employer and shall be credited by the Plan Administrator to the Participants’ Employer Contribution Accounts as of the end of the calendar quarter for which the
payment is made. 
 5.9 Employer Contribution Accounts: The Plan Administrator shall establish and maintain an Employer
Matching Contribution Account, as defined in Section 2.1(c) and an Employer Non-Elective Contribution Account as defined in Section 2.1 (d) for each Participant eligible to receive an Employer Matching Contribution and an Employer
Non-Elective Contribution. The establishment of the accounts is for record keeping purposes only, and a physical segregation of assets shall not be required. 
 5.10 Limitations on Contributions: All Elective Deferral Contributions to this Plan shall be subject to the limitations in subsection (a). Notwithstanding any other provisions of this Plan, if for
any Plan Year the Elective Deferral and Matching Contributions to the Plan do not satisfy the requirements of Code §§401(k)(12) and 401(m)(11), then the Elective Deferral and Matching Contributions to this Plan shall be subject to the
further limitations in subsections (b) and (c) below. 
  

	 	(a)	The total amount of a Participant’s Elective Deferrals during any calendar year shall not exceed $11,000 which amount shall be adjusted annually, consistent with
the provisions of Code §402(g) and thereafter indexed at the same time and in the same manner as the dollar limitation for defined benefit plans in Code §415(b)(l)(A). For this purpose a Participant’s Elective Deferrals to this Plan
plus the Participant’s elective deferrals pursuant to any other Code §401(k) arrangement, elective deferrals under a simplified employee pension plan and salary reduction contributions to a tax-sheltered annuity, irrespective of whether
the Employer or any member of an Affiliated Group to which the Employer belongs maintains the arrangement, plan or annuity, shall be aggregated. 

  

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

  

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

  

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

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

  

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

  

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

 For purposes of applying the tests in (b) and (c) above in any Plan Year, the K-Test Average Contribution Percentage and the M-Test Average Contribution Percentage for Participants who are
Non-Highly Compensated Employees shall be based on the prior Plan Year. The Employer may not aggregate this Plan with any other plan when applying the tests in (b) and (c) above. 

5.11 Excess Contributions: In accordance with the limitations on contributions described in Section 5.10, the following
amounts shall be treated as excess contributions under this Plan: 
  

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

  

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

  

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

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

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

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

 

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

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

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

 For purposes of the above, income
shall include realized and unrealized gains and losses for the Plan Year and for the period from the end of the Plan Year to the date of distribution (the “gap period”) and shall be allocated to excess contributions in accordance with all
appropriate Code and Regulations provisions issued by the Secretary. Distributions of excess contributions pursuant to the above shall be made without regard to any consent by the Participant or Spouse otherwise required under this Plan. With the
exception of distributions attributable to excess K-Test Contributions for the Plan Years commencing in 2006 and 2007, the Plan specifically elects not to include income for the period from the end of the Plan Year to the date of distribution (the
“Gap Period”) when making any distribution under this Section. Distributions attributable to excess K-Test Contributions for the Plan Years commencing in 2006 and 2007 shall be adjusted for income (gain or loss), including an adjustment
for income during the Gap Period. The Plan Administrator may, in its discretion, use any reasonable 

  
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method for computing the income allocable to excess K-Test Contributions, provided that the method does not violate Code §401(a)(4), is used consistently for all Participants and for all
corrective distributions under the Plan for the Plan Year, and is used by the Plan for allocating income to Participant’s Accounts. The Plan need not allocate income to excess K-Test Contributions that is accrued within seven days before the
date of distribution. 
 In lieu of the reasonable method provided above, the Plan Administrator may use the safe harbor method
to determine income on excess K-Test Contributions for the Gap Period. Under the safe harbor method, income on excess K-Test Contributions for the Gap Period is equal to 10% of the income allocable to excess K-Test Contributions for the Plan Year,
multiplied by the number of calendar months that have elapsed since the end of the Plan Year. Income allocable to K-Test Contributions shall be determined by multiplying the income for the Plan Year allocable to the Elective Deferrals and other
amounts taken into account under the K-Test described in Section 5.10 (including contributions made for the Plan Year), by a fraction, the numerator of which is the excess K-Test Contributions for the Participant for the Plan Year, and the
denominator of which is the sum of the: 
  

	 	(d)	account balance attributable to Elective Deferrals and other amounts taken into account under the K-Test as of the beginning of the Plan Year, and

  

	 	(e)	any additional amount of such contributions made for the Plan Year. 

 For purposes of calculating the number of calendar months that have elapsed under the safe harbor method, a corrective distribution that is made on or before the 15th day of a month is treated as made on
the last day of the preceding month and a distribution made after the 15th day of a month is treated as made on the last day of the month. 

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

 

	 	(a)	With respect to Elective Deferral contributions made pursuant to Section 5.1, an amount equal to the Participant’s Elective Deferral since the previous Annual
or Interim Valuation Date shall be allocated and credited to his Elective Deferral Account. 

  

	 	(b)	Matching Contributions made pursuant to Section 5.6, if any, shall be allocated on each Annual Valuation Date (or if the Employer makes Matching Contributions on a
calendar quarter or other periodic basis, on the last day of each calendar quarter or other period) to each Participant’s Account who satisfies the requirements of Section 6.4(a), in an amount equal to the Employer Matching Contribution
percentage determined by the Employer for the Plan Year, but in no event less than the percentage required under Section 5.6. If the Employer makes a Matching Contribution to the Plan at any time during the Plan Year, any limit on the
percentage amount shall not be determined by reference to Annual Compensation for the Plan Year, but by reference to Compensation paid only during the period to which the Matching Contribution relates. Effective January 1, 2006, and for all
Plan Years thereafter the Employer Matching Contribution shall be allocated according to the total Elective Deferrals (and effective June 1, 2007, the aggregate of the Participant’s pretax Elective Deferrals and Roth Elective Deferrals)
and the total Compensation of the Participant for the Plan Year without regard to when during the Plan Year the Participant’s Elective Deferral or the Employer’s Matching Contribution is made. 

 

	 	(c)	 Employer Non-Elective Contributions made pursuant to Section 5.7 shall be allocated on each Annual Valuation Date to each Participant’s
Account who satisfies the requirements of Section 6.4(b). The Employer’s Non-Elective Contribution shall be credited to the Accounts of eligible Participants in an amount equal to that percentage of each annual Employer Non-Elective
Contribution to this Plan that is in the same proportion that each Participant’s Annual Compensation for the Plan Year for which the Employer makes the 

  
 -36-

	 	 
Non-Elective Contribution bears to the total Annual Compensation of all Participants for the Plan Year. For purposes of this Section 6.2(c) only Compensation paid to the Employee from and
after the date applicable to the Participant as provided in subsection 6.4(c) during the portion of the Plan Year during which the Employee is a Participant in the Plan shall be taken into account. At the time the Employer makes its Non-Elective
Contribution the Employer shall designate to the Administrator the Plan Year for which the Non-Elective Contribution shall be deemed to have been made (which may be the current Plan Year or the immediately prior Plan Year, as the Employer deems
appropriate). If the Employer makes no designation, the Employer’s Non-Elective Contribution shall be deemed to have been made for the Plan Year that begins concurrent with or within the taxable year of the Employer for which the Employer
claims a deduction under Code §404. 

  

	 	(d)	Forfeitures that the Employer elects to use to reduce or as the Employer’s Non-Elective Contribution for the Plan Year pursuant to Section 11.6 shall be
allocated as of each Annual Valuation Date to the Account of each Participant who satisfies the requirements of Section 6.4(b). Subject to Section 5.7 such allocated amounts shall be credited to the Non-Elective Contribution Accounts of
such Participants in the same manner provided for allocation of Employer Non-Elective Contributions in Section 6.2(c) above. 

  

	 	(e)	With respect to Rollover Contributions made pursuant to Section 5.5, an amount equal to the Participant’s rollover contributions since the previous Annual or
Interim Valuation Date shall be credited to the Participant’s Rollover Contribution Account. 

  

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

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

  

	 	(a)	Each Account shall be charged with all forfeitures, withdrawals and distributions from the Account since the previous Annual or Interim Valuation Dale. In making a
forfeiture reduction under this Section 6.3(a) the Plan Administrator, to the extent possible, first must forfeit from a Participant’s General Investments Account before making a forfeiture from his Employer Securities Account.

  

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

  
 -37-

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

  

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

  

	 	(1)	The Employer Securities Account maintained for each Participant shall be credited with the Participant’s allocable share of Employer Securities (including
fractional shares) purchased and paid for by the Trust or contributed in kind to the Trust, with any forfeitures of Employer Securities and with any slock 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. Except as otherwise specifically provided in Section 14.3, the Plan
Administrator will base allocations to the Participant’s Employer Securities Account on dollar values expressed as shares of Employer Securities or on the basis of actual shares, assuming there is only a single class of Employer Securities.

  

	 	(2)	The General Investments Account maintained for each Participant shall be credited with the Participant’s allocable share of Elective Deferrals and any Employer
Contribution not attributable to Employer Securities, according to the provisions of Section 6.2. 

  

	 	(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. 

  
 -38-

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

	 	(1)	The Participant shall have the right to elect, no less often than annually, to invest the allocable share of dividends in Employer Securities or withdraw as cash.

  

	 	(2)	The initial period during which a Participant may exercise the annual election shall extend from April 15, 2003, to May 15, 2003, for all individuals who are
Participants in the Plan on April 15, 2003. Commencing January 1, 2004, and until July 24, 2006 the annual election period shall extend from January 1 to January 31 for all individuals who are Participants in the Plan on
January 1. For an Employee who becomes a Participant in the Plan on any day after April 15, 2003, during the 2003 Plan Year or after January 1 in any subsequent Plan Year until July 24, 2006 the annual election period shall
commence on the Participant’s Entry Date and end on the one month anniversary thereof. Beginning July 24, 2006, Participants shall have the right to make a standing election whether to invest such Participant’s allocable share of
dividends in Employer Securities or withdraw as cash. 

  

	 	(3)	If the Participant fails to make an election to withdraw his allocable share of dividends in cash, his share shall be invested automatically in Employer Securities.

  

	 	(4)	The Participant may elect and revoke any prior election without limitation at any time and in accordance with procedures established by the Committee. The Participant
shall indicate his election by any means acceptable to the Plan Sponsor, which may include electronic notice or written notification delivered or, if mailed, postmarked no later than the last day of the election period. 

 

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

  

	 	(6)	Until invested in Employer Securities or distributed in cash, dividends in a Dividend Account shall be held and invested as provided in Section 18.4.

 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

  
 -39-

 
on allocated Employer Securities. If any released Employer Securities remain unallocated after the first allocation, the Plan Administrator will allocate these remaining released Employer
Securities as if the Employer has made an Employer Contribution equal to the amount of the cash dividend attributable to the unallocated Employer Securities. 
 6.4 Eligibility for Allocation of Employer Matching and Non-Elective Contributions: The eligibility of Participants to receive allocations of Employer Matching and Non-Elective Contributions for
each Plan Year shall be determined in the following manner: 
  

	 	(a)	The Administrator shall determine allocations of Matching Contributions on the basis of the Plan Year, unless the Employer makes its Matching Contributions during the
Plan Year on a periodic basis, such as monthly or according to payroll periods, in which case the Matching Contribution shall be allocated during the Plan year on the same periodic basis as made. That is, in allocating Matching Contributions to a
Participant’s Account, the Administrator shall take into account only the Compensation paid the Participant during the specific period during the Plan Year to which the allocation applies and a valid, executed Salary Reduction Agreement is in
effect and on file with the Administrator for the period, subject, however, to the maximum amount of Annual Compensation that may be taken into account under Code §401(a)(17). Matching Contributions, whether or not made on a periodic basis
during the Plan Year, shall be allocated to Accounts of Participants without regard to any minimum Service or specific day employment requirement. 

  

	 	(b)	Except as otherwise provided in this Section 6.4, the Administrator shall determine allocations of Employer Non-Elective Contributions on the basis of the Plan
Year. In allocating Employer Non-Elective Contributions to a Participant’s Account, the Administrator shall take into account only Compensation paid the Employee from and after the date applicable to the Participant as provided in subsection
(c) below. For any Plan Year Employer Non-Elective Contributions shall be allocated only to Accounts of Participants who complete at least 1,000 Hours of Service during the Plan Year and who are employed by the Employer on the last day of the
Plan Year. The rules set forth in subsection (c) below shall also apply in determining when the Participant is eligible to receive an Employer Non-elective Contribution. 

 

	 	(c)	If an Employee becomes a Participant in the Plan prior to the first anniversary of his Employment Commencement Date, he shall not receive an allocation of Employer
Non-Elective Contributions (regardless of the number of his Hours of Service or the amount of his Elective Deferrals) for any period prior to the earlier of January 1 or July 1 following the first anniversary of his Employment Commencement
Date. From and after the applicable date the Participant shall be entitled to an allocation of Employer Non-Elective Contributions for the Plan Year, without regard to whether the Participant has been continuously employed from his Employment
Commencement Date, provided the Participant first satisfies the Hours of Service and employment requirements of subsection (b) above. 

 6.5 Restriction on Certain Allocations: To the extent a shareholder sells Employer Securities to the Trust and is eligible for and elects (with the consent of the Employer) non-recognition of

  
 -40-

 
gain under Code §1042, the Plan Administrator will not, either directly or indirectly, allocate under the Plan at any time any portion of the purchased Employer Securities to: 

 

	 	(a)	the selling shareholder, 

  

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

 

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

For purposes of this Section 6.5 the term “shareholder” includes the shareholder’s executor and the term
“purchased Employer Securities” includes any dividends or other income attributable to the purchased Employer Securities. A shareholder of Employer Securities of a Zions Employer shall not be eligible to elect non-recognition of gain under
Code §1042 as long as the Employer Securities are readily tradeable on an established securities market. 
 6.6
Participant Diversification of Investments: Except as specifically provided in Section 6.3(e) and in this Section 6.6 and in Section 18.6, the Plan does not permit individual direction of investment by Participants of their
Employer Securities Accounts. Effective January 1, 2007, individual direction of investment by Participants of their Employer Securities Account is permitted as provided in this Section and in Sections 18.2 and 18.6. 

 

	 	(a)	Each Qualified Participant may direct the investment into a Segregated Investment Account of up to 25% of the value of the Participant’s Eligible Account within 90
days after the Accounting Date of each Plan Year (to the extent a direction amount exceeds the amount to which a prior direction under this Section 6.6 applies) during the Participant’s Qualified Election Period. For the last Plan Year in
the Participant’s Qualified Election Period, “50%” shall be substituted for “25%” in the immediately preceding sentence. The Qualified Participant must make his direction in writing or in another form acceptable to the Plan
Administrator, which may include any approved electronic means. The direction may be effective no later than 180 days after the close of the Plan Year to which the direction applies, and the direction must specify which, if any, of the investment
options in the Segregated Investment Account the Participant selects. Effective January 1, 2004, a Qualified Participant may direct the investment of his or her Eligible Account as provided in this subsection at any time during the Plan Year.
When given, the direction shall be effective immediately. 

  

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

 

	 	(1)	The distribution of the portion of his Eligible Account covered by the election. The Administrator will direct the distribution within 90 days after the last day of the
period during which the Qualified Participant may make the election. The provisions of this Plan applicable to a distribution of Employer Securities, including any applicable put option requirements of Article XXII, apply to this investment option.
Effective January 1, 2004, this option shall no longer be available. 

  
 -41-

	 	(2)	The liquidation and transfer of the portion of his Eligible Account covered by the election to the General Investment Account in the Plan. The Trustee will make the
transfer no later than 90 days after the last day of the period during which the Qualified Participant may make the election. Effective January 1, 2004, the Trustee shall carry out all such investment directions and make all transfers as soon
as Administratively Feasible. 

  

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

 

	 	(d)	For purposes of this Section 6.6 the following definitions apply: 

  

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

  

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

  

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

  

	 	(e)	Effective January 1, 2004, the following additional rules shall apply in determining a Participant’s right to diversify the Employer Securities Account.

  

	 	(1)	A Participant who has completed at least five Years of Vesting Service, regardless of age or the number of years of participation in the Plan, may direct
diversification into the Segregated Investment Account of up to 100% of the Participant’s Employer Matching Contribution Account, except that portion in the Employer Securities Account attributable to Employer Non-Elective Contributions and
dividends thereon. Effective January 1, 2007, the five Years of Vesting Service requirement shall no longer apply. A Participant who has completed three years of participation in the Plan, regardless of age, may direct diversification into the
Segregated Investment Account of up to 100% of the Participant’s Employer Securities Account attributable to Employer Non-Elective Contributions and dividends thereon. 

 

	 	(2)	The Participant must make his direction in writing or in another form acceptable to the Plan Administrator, which may include any approved electronic means. The
direction must specify which, if any, of the investment options in the Segregated Investment Account the Participant selects. The Participant may make his investment direction at any time during the Plan Year and when given, the direction shall be
effective immediately. 

  
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	 	(3)	The Trustee shall carry out all investment directions and make all transfers as soon as Administratively Feasible. 

 

	 	(4)	Amounts in the Participant’s Employer Matching Contribution Account that are diversified into the Participant’s Segregated Investment Account pursuant to this
subsection (e) shall not be applied to reduce the amount available for diversification in the Eligible Account by a Qualified Participant under subsection (a). 

 

	 	(f)	The following rules shall apply to former Participants in the Amegy Bank 401(k) Savings Plan (“Amegy Participant”). 

 

	 	(1)	With respect to that portion of an Amegy Participant’s Employer Securities Account that consists of Employer Securities and dividends from such Employer Securities
that were allocated to the Amegy Participant’s Employer Securities Account not later than as of December 31, 2005, such Amegy Participant may direct up to 100% of that portion of his/her Employer Securities Account into the General
Investments Account. 

  

	 	(2)	That portion of an Amegy Participant’s Employer Securities Account that consists of Employer Securities and dividends from such Employer Securities that were
allocated to the Amegy Participant’s Employer Securities Account as of January 1, 2006 or later, shall be subject to same rules as other participants as set forth in this Section 6.6. 

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

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

 

	 	(1)	Employer contributions; and 

  

	 	(2)	Employee contributions; and 

  

	 	(3)	Forfeitures available for reallocation, if applicable; and 

  

	 	(4)	Allocations under any simplified employee pension plans. 

 Participant Elective Deferrals shall be considered to be Employer contributions. Amounts reapplied to reduce Employer contributions and amounts reapplied from a suspense account (if any) under
Section 7.2 as well as contributions allocated to any Individual Medical Benefit Account that is part of a defined benefit plan shall also be included as Annual Additions. 
 For purposes of this Article, an Annual Addition is credited to the Account of a Participant for a particular Limitation Year if it is allocated to the Participant’s Account as of any day within such
Limitation Year. Employer contributions will not be deemed credited to a Participant unless the contributions are actually made to the Plan no later than the end of the period described in Code §404(a)(6) applicable to the taxable year with or
within which the particular Limitation Year ends. 
 “Annual Additions” do not include any Employer Contributions
applied by the Plan Administrator (not later than the due date, including extensions, for filing the Employer’s federal income tax return for the Plan Year) to pay interest (charged to a Participant’s Account) on an Exempt Loan, and any
Leveraged Employer Securities the Plan Administrator allocates as forfeitures; provided however, the provisions of this sentence do not apply in a Limitation Year for which the Plan Administrator allocates more than one-third of the Employer
Contributions applied to pay principal and interest on an Exempt Loan to Highly Compensated Employee-Participants. 
  

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

 

	 	(1)	The term “Compensation” shall include: 

  

	 	(A)	 The Participant’s wages, salaries, fees for professional service and other amounts received (whether or not paid in cash) for personal services
actually 

  
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rendered in the course of employment with an Employer maintaining the plan (including, but not limited to, commissions paid to salesmen, compensation for services on the basis of a percentage of
profits, commissions on insurance premiums, tips, bonuses, fringe benefits, reimbursements and expense allowances). 

  

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

  

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

  

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

  

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

 

	 	(F)	 Payments of Post-Severance Compensation made to a Participant by the later of (i) 2 1/2 months from the date of Termination of Employment, or (ii) the
end of the Limitation Year for which the Employer is required to furnish the Participants a written statement under Code §§6041(d), 6051(a)(3) and 6052 or the last day of the Plan Year. 

 

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

  

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

  

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

  

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

  
 -45-

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

  

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

 

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

 

	 	(G)	Any payment to a Participant by the Employer after the Participant’s Termination of Employment that is not Post-Severance Compensation as defined herein, even if
payment of the amount is made within the lime period specified in 7.1(b)(1)(F) above. 

  

	 	(H)	For Limitation Years beginning after December 31, 2008, any differential wage payment, as defined in Code §3401 (h)(2). 

 

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

  

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

 

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

 

	 	(2)	one hundred percent (100%) of the Participant’s Compensation, as defined in this Section 7.1, for the Limitation Year. The Compensation limit referred to
in this subsection 7.1(c)(2) shall not apply to any contribution for medical benefits after separation from service (effective January 1, 2002, severance from employment) (within the meaning of Code §401(h) or Code §419A(f)(2)) that
is otherwise treated as an Annual Addition. 

  

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

  

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

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

  

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

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

 

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

  

	 	(i)	“Post-Severance Compensation” shall mean any amount received as regular pay after Termination of Employment if: 

 

	 	(1)	The payment is regular remuneration for services during the Participant’s regular working hours, or remuneration for services outside the Participant’s
regular working hours (such as overtime or shift differential), commissions, bonuses, or other similar payments; and 

  

	 	(2)	The payment would have been paid to the Participant prior to a Termination of Employment if the Participant had continued in employment with the Employer.

 7.2 Coordination With Other Plans: 

 

	 	(a)	 If the Employer maintains any other qualified cash or deferred arrangement (“401(k) Plan”) covering Participants in this Plan and if the
Annual Additions to a Participant’s Account in this Plan and the annual additions to the Participant’s account in the 401(k) 

  
 -47-

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

  

	 	(b)	If the Employer maintains another qualified defined contribution plan during any Limitation Year that covers Participants in this Plan and as a consequence of the
requirements of Section 7.4 an Excess Amount is allocated to a Participant’s Account in this Plan on an allocation date that coincides with an allocation date in the other plan, the total Excess Amount shall be deemed allocated to the
other plan. 

 7.3 Limitations on Allocations and Order of Limitations: Effective for any Limitation Year
commencing on or after July 1, 2007, no Employer Contributions shall be made to this Plan for any Limitation Year that will result in an Annual Addition to a Participant’s Account that is an Excess Amount. If, pursuant to this Article, it
is necessary to limit or reduce the amount of Contributions credited to a Participant under this Plan during a Limitation Year, the limitation or reduction shall be made: 

 

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

 

	 	(1)	Unmatched Participant Elective Deferrals; 

  

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

 

	 	(3)	Matched Participant Elective Deferrals; 

  

	 	(4)	Employer Non-Elective Contributions. 

  

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

7.4 Aggregation of Plans: For purposes of applying the limitations of this Article applicable to a Participant for a particular
Limitation Year, all qualified defined contribution plans ever maintained by the Employer shall be treated as one defined contribution plan and any Employee contributions to a defined benefit plan shall be treated as a defined contribution plan.

  
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 7.5 Suspense Account: If, as a result of the allocation of forfeitures, a reasonable
error in estimating a Participant’s Compensation for the Limitation Year, or under other limited facts and circumstances allowed under Reg. §1.415-6(b), the Annual Additions to this Plan would cause an allocation to the Account of a
Participant in excess of the Maximum Permissible Amount for the Limitation Year, the Plan Administrator shall deal with the Excess Amount as follows: 
  

	 	(a)	First, the Plan Administrator shall distribute to the Participant his Elective Deferrals for the Limitation Year to the extent that the distribution reduces the Excess
Amount, provided that the Plan Administrator shall not distribute any Elective Deferral to the Participant that would cause the Plan to make a concurrent reduction in the amount of Employer Matching Contributions allocated to the Participant’s
Account. A distribution under this provision shall include earnings or gains attributable to the returned Elective Deferrals. All distributions shall be made no later than and in the manner provided in Section 5.12(d). 

 

	 	(b)	Second, to the extent there remains an Excess Amount after application of Section 7.5(a), the Plan Administrator shall hold the Excess Amount in a suspense account
and allocate and reallocate the amount in the suspense account in the following Limitation Year (and in succeeding Limitation Years, if necessary) to reduce Employer Non-Elective Contributions, Employer Matching Contributions and Elective Deferrals
(in that order) to the Account of that Participant if that Participant is covered by the Plan as of the end of the Limitation Year. If the Participant is not covered, the excess amount shall be allocated and reallocated in the next Limitation Year
to all Participants’ Accounts in the Plan before any Employer Non-Elective Contributions, Employer Matching Contributions and Elective Deferrals (in that order) that would constitute Annual Additions are made to the Plan for the Limitation
Year, or at the option of the Zions Employer, the Excess Amount shall be used to reduce Employer Non-Elective Contributions and Employer Matching Contributions to the Plan for the Limitation Year by the amount in the suspense account that is
allocated and reallocated during the Limitation Year. The suspense account shall be an unallocated account equal to the sum of all Excess Amounts for all Participants in the Plan during the Limitation Year. The suspense account shall not share in
any earnings or losses of the Trust Fund. The Plan may not distribute any amounts in the suspense account to any Participant whether before or after Termination of Employment or termination of the Plan. 

The foregoing provisions of this Section 7.5 shall not apply for any Limitation Year commencing on or after July 1, 2007.

  
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 ARTICLE VIII 
 IN-SERVICE AND HARDSHIP WITHDRAWALS 
 8.1
In-Service Withdrawals, Withdrawals of Rollover Contributions and Withdrawals Due to Attainment of Age
59 1/2, Disability or Hardship: Subject to the provisions of Article XXII and except as otherwise provided in this Section 8.1 and Section 8.4, no amounts may be withdrawn by a Participant from any Account held for his
benefit prior to termination of employment with the Employer. 
  

	 	(a)	A Participant may make in-service withdrawals from his Voluntary Contribution Account to the extent permitted in Section 8.4. 

 

	 	(b)	 A Participant who has attained age 59 1/2 may withdraw all or any portion of his Account, except any amount attributable to the Roth Elective Deferral Account or any amount in the Rollover Account
that is attributable to Roth elective deferrals to another plan. A Participant who has attained age
59 1/2 and has surpassed the five Plan Year period
that includes the first Plan Year in which the Participant made Roth Elective Deferrals to the Plan (the “59 1/2 and Five Year Rule”) may withdraw all or any portion of his Account attributable to the Roth Elective Deferral Account. A Participant may withdraw any amount in the Rollover
Account that is attributable to Roth elective deferrals to another plan if the Participant has satisfied the 59 1/2 and Five-Year Rule with respect to the other plan. 

  

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

  

	 	(d)	 A Participant may elect to withdraw an amount credited to his Elective Deferral Account without regard to the Participant’s age (except any amount
attributable to the Roth Elective Deferral Account or any amount in the Rollover Account that is attributable to Roth elective deferrals to another plan) but only if he obtains prior approval from the Plan Administrator, which approval shall be
granted only upon a determination of Financial Hardship. However, notwithstanding the foregoing, if: (i) a Participant obtains prior approval from the Plan Administrator, granted only upon a determination of Financial Hardship and
(ii) such Participant has satisfied the 59 1/2
Year Rule with respect to this Plan; then such Participant may withdraw an amount from his Roth Elective Deferral Account; or (regardless of whether such Participant has satisfied the 59 1/2 Year Rule with respect to this Plan) from a Rollover Account that
is attributable to Roth elective deferrals to another plan if the Participant has satisfied the 59 1/2 Year Rule with respect to the other plan. Any distribution pursuant to this subsection (d) shall be limited to an amount (aggregating all sources for the Financial Hardship distribution) not to
exceed the amount determined by the Plan Administrator to satisfy the Financial Hardship distribution rules under Section 8.2 and 8.3. Such Participant who is eligible for the Financial Hardship distribution, may direct the amount that comes
from each source that is eligible for distribution in accordance with this Section. In the case of a withdrawal due to Financial Hardship, the amount of the withdrawal shall be limited to the total amount in the Participant’s

  
 -50-

	 	 
Elective Deferral Account, including income allocable thereto as of December 31, 1988. A Participant shall be entitled to a withdrawal from his Participant Elective Deferral Account, including
income allocable thereto as of December 31, 1988. A Participant shall be entitled to a withdrawal from his Participant Elective Deferral Account under this Plan only after receiving as a hardship withdrawal all amounts available first, from his
Rollover Account and second, from his Voluntary Contribution Account. Upon granting approval, the Plan Administrator shall direct the Trustee to distribute the indicated portion of the Participant’s Elective Deferral Account to the Participant.

  

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

  

	 	(f)	Whenever a withdrawal is permitted from more than one sub-account under this Section 8.1 the withdrawal shall be made (to the extent permitted under Code §72)
in the following order: first, from the Participant Voluntary Contribution Account and second, from the Participant Elective Deferral Account. Withdrawals shall also be made from a Participant’s General Investments Account before being taken
from his Employer Securities Account whenever possible. 

 8.2 Financial Hardship Distribution Rules: The
Plan adopts the deemed hardship distribution standards set forth in Reg. §I.401(k)-l(d)(3)(iv) and as modified below in connection with the passage of the Pension Protection Act of 2006. As a consequence, the Plan Administrator shall not
approve any distribution on account of Financial Hardship unless the distribution is determined by the Administrator to be necessary to meet an immediate and heavy financial need of the Participant, and effective February 15, 2007, his/her
spouse; dependent or a beneficiary as designated under this Plan. The distribution will be deemed necessary if: 
  

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

  

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

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

8.3 Determination of Immediate and Heavy Financial Need: For purposes of Section 8.2, a distribution shall be deemed to be on
account of an immediate and heavy financial need if the distribution is for: 

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

  

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

  

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

 

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

Effective January 1, 2011, a distribution shall also be deemed to be on account of an immediate and heavy financial need if the
distribution is on account of either of the following additional circumstances: 
  

	 	(e)	Payments for burial or funeral expenses for the Participant’s deceased parent, spouse, children or dependents (as defined in Code §152, without regard to Code
§152(d)(1)(B)); or 

  

	 	(f)	Expenses for the repair of damage to the Participant’s principal residence that would qualify for the casualty deduction under Code §165 (determined without
regard to whether the loss exceeds 10% of adjusted gross income), 

 8.4 In Service Withdrawals of Voluntary
Contributions: Notwithstanding any other provisions of this Article VIII a Participant may withdraw in the manner and at the times provided in this Section 8.4 all or any part of his Accrued Benefit attributable to Voluntary Contributions
that were made to the Plan before October 1, 1992, together with earnings accrued thereon after December 31, 1986. To effect a withdrawal under this Section 8.4 the Participant shall notify the Plan Administrator in writing of his
request at least 15 days before any Entry Date. The Plan Administrator shall notify the Trustee to make distribution as soon as Administratively Feasible after those dates. A Participant may not exercise his withdrawal right under this
Section 8.4 more than once during any Plan Year. The determination of the amount available for withdrawal shall be made in accordance with the requirements of Section 8.5. 

If the Participant’s Accrued Benefit is not more than $5,000, without regard to whether the amount in the Participant’s Account
has ever exceeded that amount at the time of any prior distribution, the withdrawal shall be permitted without regard to any Participant consent requirement or the requirements of Section 9.6, For purposes of the foregoing sentence the amount
of the Accrued Benefit in the Participant’s Account shall be determined without regard to that portion of the Account that is attributable to rollover contributions (and earnings allocable thereto) within the meaning of Code §§402(c),
403(a)(4), 403(b)(8), 408(d)(3)(A)(ii), and 457(e)(16). 
 For those Participants with contributions designated in the Amegy
401(k) Savings Plan (that was merged into the Plan on July 24, 2006) as Employer Match and Non-Elective contributions allocated 

  
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and funded through the Southwest Bank of Texas 401(k) Saving Plan prior to June 1, 2003, such contributions will be subject to the 24-month and 60-month in-service withdrawal rights.

 For those Participants with contributions designated in the Amegy 401(k) Savings Plan (which was merged into the Plan on
July 24, 2006) as Employer Match and Non-Elective contributions allocated and funded through the Lone Star Bank Profit Sharing and Salary Deferral Plan and Trust prior to April 1, 2004, such contributions will be subject to the 24-month
and 60-month in-service withdrawal rights. 
 8.5 Determination of Available Withdrawal Amount: The amount that a
Participant may withdraw under Section 8.4 shall be the total of the Participant’s Voluntary Contributions to the Plan as of December 31, 1986, including earnings thereon, plus the Participant’s Voluntary Contributions to the
Plan after that date but prior to October 1, 1992, together with earnings thereon. No Voluntary Contributions after September 30, 1992 or earnings thereon shall be available for in-service withdrawal or included in any calculation of
amount available for withdrawal. Upon any withdrawal pursuant to Section 8.4 the Plan shall first charge the amount (to the extent possible) to the balance of Voluntary Contributions determined as of December 31, 1986, which shall be
considered a return of Voluntary Contributions under the “grandfather rule” of Notice 87-13, Q&A-13. All Voluntary Contributions to the Plan after December 31, 1986 and prior to October 1, 1992 together with earnings thereon,
shall be considered by the Plan to be a “separate contract” within the meaning of Code §72(d). Allocations between investment in the contract and earnings with respect to any withdrawal including amounts attributable to the
“separate contract” shall be made in accordance with Code §72(e)(8) and Notice 87-13. The Plan Administrator shall maintain such records of a Participant’s Voluntary Contributions as may be necessary to ensure compliance with
this Section 8.5. 
 8.6 Withdrawal of Rollover Contributions: If a Participant has a Rollover
Contribution Account in the Plan, and if the Participant’s Accrued Benefit is not more than $5,000, without regard to whether the amount in the Participant’s Account has ever exceeded that amount at the time of any prior distribution, the
withdrawal shall be permitted without regard to any Participant consent requirement or the requirements of Section 9.6 (except with respect to any amount in the Rollover Account that is attributable to Roth elective deferrals to another plan).
A Participant may withdraw any amount in the Rollover Account that is attributable to Roth elective deferrals to another plan if the Participant has attained age
59 1/2 and has surpassed the live Plan Year period
(as defined in Section 8.7) that includes the first Plan Year in which the Participant made Roth Elective Deferrals to the other plan. Withdrawals from the Rollover Contribution Account on account of hardship shall have no effect upon any
benefits provided under any other provisions of this Plan. All hardship distributions from the Rollover Contribution Account shall be administered in a uniform and non-discriminatory manner. 

The amount withdrawn shall be distributed to the Participant in the manner and form provided in Section 11.2 as if the amount were
distributed on account of the Participant’s Termination of Employment or, if the Participant is eligible for Normal Retirement, in the manner and form provided in Article IX as if the amount were distributed on account of the Participant’s
Retirement. If the spousal consent rules of Section 9.6 apply to any amount in the Participant’s Account, then no amount shall be withdrawn unless prior to the withdrawal the Participant’s spouse, if any, consents to the withdrawal.

  
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 8.7 Determination of Five Plan Year Period: For purposes of calculating the Five
Plan Year Period when determining whether a withdrawal or distribution is a Qualified Roth Distribution, the following rules shall apply. 
  

	 	(a)	The Five Plan Year Period commences as of the first day of the Plan Year that includes the first day of the first taxable year of the Employee in which the Employee
makes a Roth Elective Deferral to the Roth Elective Deferral Account under the Plan and ends as of the last day of the Plan Year in which five consecutive taxable years have been completed. For this purpose, the first taxable year in which an
Employee makes a Roth Elective Deferral is the year in which the amount is includible in the employee’s gross income. 

  

	 	(b)	A Roth Elective Deferral that is returned to the Employee as an Excess Deferral or an Excess K-Test Contribution under the provisions of Section 5.11 does not
begin the consecutive taxable year period and does not result in commencement of the Five Plan Year Period. 

  

	 	(c)	A Roth Elective Deferral returned to an Employee as a permissible withdrawal under Section 5.13 does not begin the consecutive taxable year period and does not
result in commencement of the Five Plan Year Period. 

  

	 	(d)	The Five Plan Year Period shall be determined separately for each Plan of the Employer in which the Employee participates. 

 

	 	(e)	If a direct rollover contribution of a distribution from a designated Roth account under another plan is made by the Employee to the Plan, the consecutive taxable year
period and the commencement of the Five Plan Year Period begins on the first day of the Employee’s taxable year in which the Employee first made a Roth contribution to the designated Roth account in the other plan, if earlier than the first
taxable year in which a Roth Elective Deferral is made by the Employee to the Plan. 

  

	 	(f)	The beginning of the consecutive taxable year period and commencement of the Five Plan Year Period is not redetermined for any portion of an Employee’s Roth
Account in the Plan, even if the entire Roth Account is distributed during the Five Plan Year Period and the Employee subsequently makes additional Roth Elective Deferrals or rollovers of Roth deferrals from another plan to the Plan.

  

	 	(g)	The rule in subsection (f) above applies if the Employee dies or the Roth Account is divided pursuant to a qualified domestic relations order. In either event, if
a portion of the Roth Account is not payable to the Employee, but is payable to the Employee’s Beneficiary or to an Alternate Payee, the age, death or disability of the Employee is used to determine whether the distribution is a Qualified Roth
Distribution. However, if the Employee makes a rollover to this Plan of a Roth deferral from another plan that the Employee has received as an alternate payee or a spousal beneficiary, the Employee’s own age, disability or death shall be used
to determine whether a subsequent withdrawal or distribution from the Plan is a Qualified Roth Distribution. 

  
 -54-

 ARTICLE IX  

RETIREMENT BENEFITS 
 9.1 Normal or Late Retirement: A Participant shall be eligible for Normal Retirement on reaching his Normal Retirement Date. A Participant who has not become an Excluded Employee may continue in
the service of the Employer as a Participant hereunder beyond his Normal Retirement Date. In the event such a Participant continues in the service of the Employer, he shall continue to be treated in all respects as a Participant until his actual
retirement. When any Participant has a Termination of Employment following his Normal Retirement Date he shall be considered a retired Participant and he shall be entitled to receive the entire amount of his Accrued Benefit, distributed as set forth
below. 
 9.2 Disability Retirement: Upon any Participant incurring a Disability, he shall be considered a disabled
Participant and entitled to begin receiving his Vested Accrued Benefit, without regard to whether he has also incurred a Termination of Employment. Such amount shall be distributed as provided in Section 9.3, or deferred until such later date
as elected by the disabled Participant and then distributed as provided in Section 9.3. 
 9.3 Method of Payment:
Subject to the rules of Section 9.7, upon receipt of a claim for benefits a retired or disabled Participant’s Vested Accrued Benefit shall be payable, as elected in writing or other appropriate electronic means by the Participant, in one
or a combination of the following forms: 
  

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

  

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

 Not
fewer than 30 days nor more than 90 days (effective January 1, 2007, 180 days) before the Distribution Date, the Plan Administrator shall notify the Participant of the terms, conditions and forms of payment available from the Plan, including a
description of the election procedures under this Section and a general explanation of the financial effect on a Participant’s Accrued Benefit of the election. The minimum 30-day waiting period after the notification is provided until the
Distribution Dale may be disregarded if the Plan Administrator informs the Participant of his or her right to the full minimum 30-day waiting period, and the Participant elects in writing (or by other means acceptable to the Plan Administrator) to
waive the minimum 30-day waiting period. 
 If a Participant fails to elect a form of payment, payment of the Participant’s
benefits shall be paid in the form of a lump sum. Except as permitted in Section 9.4, no payment shall be made to a Participant prior to his Normal Retirement Age unless the Participant consents in writing (or by other means acceptable to the
Plan Administrator) to the payment not more than 90 days prior to his Distribution Date. 

  
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 If the lump sum amount that would be payable to a Participant (whether disabled or retired)
is not more than $5,000, without regard to whether the amount in the Participant’s Account has ever exceeded that amount at the time of any prior distribution, the benefit shall be paid as a single lump sum payment as soon as Administratively
Feasible following the end of the month in which his Termination of Employment occurs without any requirement of participant consent. However, a single lump sum payment shall not be made to a Participant after his Distribution Date unless the
Participant consents in writing to the payment. If the Participant dies prior to the complete distribution of the Participant’s Accrued Benefit to him, then the Plan Administrator, upon notice of the Participant’s death, shall direct the
Trustee to make payment in accordance with the provisions of Article X. 
 For all distributions commencing on or after
March 28, 2005, the $5,000 threshold amount in this Section shall be reduced to $1,000. 
 9.4 Time of Payment:
Payment of the retired or disabled Participant’s Vested Accrued Benefit shall commence as soon as Administratively Feasible following the Participant’s Termination of Employment on account of retirement or disability, or if later, as soon
as Administratively Feasible following the date a claim for benefits is submitted by the Participant to the Plan Administrator. Unless a Participant elects otherwise (and failure to submit a claim for benefits shall be deemed such an election)
payment of benefits under this Plan will commence not later than 60 days after the close of the Plan Year in which the latest of the following events occurs: 
  

	 	(a)	the attainment by the Participant of age 65; or 

  

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

  

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

 If the amount of the payment required to commence on the date determined above cannot be ascertained by such date, or if it is not possible to make such payment on such date because the Plan Administrator
has been unable to locate the Participant after making reasonable efforts to do so, a payment retroactive to such date may be made no later than 60 days after the earliest date on which the amount of such payment can be ascertained or the date the
Participant is located, whichever is applicable. 
 9.5 Minimum Distribution Requirements: This Section 9.5 and
Section 10.4 shall take precedence over any inconsistent provisions of this Plan. All distributions required to be made under this Section 9.5 (life distributions) or under Section 10.4 (death distributions) will be determined and
made in accordance with the Treasury regulations under Code §401 (a)(9). 
  

	 	(a)	 Effective Date. This Section and Section 10.4 will apply for purposes of determining required minimum distributions for all calendar years
beginning with the Effective Dale. Required minimum distributions for the 2002 calendar year under this Section and Section 10.4 will be determined as follows. If the total amount of 2002 required minimum distributions under the Plan made to a
Participant or Beneficiary prior to the effective date of this Section equals or exceeds the required minimum distributions determined under this Section, then no additional distributions will be required to be made for the 2002 calendar year on or
after such date to the Participant or Beneficiary. If the total amount of the 2002 

  
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calendar year required minimum distributions under the Plan made to the Participant or Beneficiary prior to the effective date of this Section is less than the amount determined under this
Section, then required minimum distributions for the 2002 calendar year on and after such date will be determined so that the total amount of required minimum distributions for the 2002 calendar year made to the Participant or Beneficiary will be
the amount determined under this Section. 

  

	 	(b)	Time and Manner of Distribution. 

  

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

  

	 	(2)	Death of Participant Before Distributions Begin. If the Participant dies before distributions begin, the Participant’s entire Vested Accrued Benefit will be
distributed, or begin to be distributed, as provided in Section 10.4. 

  

	 	(3)	Forms of Distribution. Unless the participant’s interest has been distributed in the form of a single sum on or before the Required Beginning Date, as of
the first Distribution Calendar Year distributions will be made in accordance with Section 9.5(c). 

  

	 	(c)	Required Minimum Distributions During Participant’s Lifetime. 

  

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

  

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

  

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

  

	 	(2)	Lifetime Required Minimum Distributions Continue Through Year of Participant’s Death. Required minimum distributions will be determined under this
Section 9.5(c) beginning with the first Distribution Calendar Year and up to and including the Distribution Calendar Year that includes the Participant’s date of death, 

 

	 	(d)	Definitions. For purposes of this Section 9.5 and Section 10.4 the following definitions shall apply. 

  
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	 	(1)	“Designated Beneficiary” shall mean the individual who is designated as the Beneficiary under Section 10.2 of the Plan and is the Designated
Beneficiary under Code §1.401(a)(9)-4. 

  

	 	(2)	“Distribution Calendar Year” shall mean a calendar year for which a minimum distribution is required. For distributions beginning before the
Participant’s death, the first Distribution Calendar Year is the calendar year immediately preceding the calendar year that contains the Participant’s Required Beginning Date. For distributions beginning after the Participant’s death,
the first Distribution Calendar Year is the calendar year in which distributions are required to begin under Section 10.4. The required minimum distribution for the Participant’s first Distribution Calendar Year will be made on or before
the Participant’s Required Beginning Date. The required minimum distribution for other Distribution Calendar Years, including the required minimum distribution for the Distribution Calendar Year in which the Participant’s Required
Beginning Date occurs, will be made on or before December 31 of that Distribution Calendar Year. 

  

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

 

	 	(4)	“Participant’s Account Balance” shall mean the balance in the Participant’s Account as of the last valuation date in the calendar year
immediately preceding the Distribution Calendar Year (valuation calendar year) increased by the amount of any contributions made and allocated or forfeitures allocated to the account balance as of dates in the valuation calendar year after the
valuation date and decreased by distributions made in the valuation calendar year after the valuation date. The account balance for the valuation calendar year includes any amounts rolled over or transferred to the plan either in the valuation
calendar year or in the Distribution Calendar Year if distributed or transferred in the valuation calendar year. 

  

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

  

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

 

	 	(e)	Form of Benefit Payment. If payment of the Participant’s Accrued Benefit commences under this Section 9.5, it shall be distributed to the Participant
(consistent with the Participant’s election and the requirements of Section 9.3): 

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

 

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

  

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

  

	 	(g)	Temporary Suspension of Required Minimum Distributions. A Participant may elect not to receive the required minimum distribution (or any portion thereof)
attributable to the 2009 Distribution Calendar Year. The Participant election shall be made by notifying the Plan in writing (or by other acceptable electronic means) at any time prior to the latest possible date that the minimum required
distribution would otherwise be made. Any required minimum distribution (or portion thereof) attributable to the 2009 Distribution Calendar Year which is made to a Participant shall be treated by the Plan as an Eligible Rollover Distribution, except
that it shall not be subject to any income tax withholding requirement that may otherwise apply under Code §72(t). 

 9.6 No Annuity Benefits: Accrued Benefits payable from this Plan shall not be paid in any form of annuity. 
 9.7 Distribution of Employer Securities and Cash: 
  

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

  

	 	(b)	 Notwithstanding the provisions of Section 9.7(a), if a Participant has elected under Section 6.3(c) to withdraw (rather than reinvest) the
cash dividends on Employer Securities allocated or allocable to his Account, the Plan Administrator shall direct the Trustee to pay to the Participant in cash the cash dividends on Employer Securities so allocated or

  
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allocable to the Participant’s Employer Securities Account, irrespective of whether the Participant is fully vested in his Employer Securities Account. The Plan Administrator’s
direction must slate whether the Trustee is to pay the cash dividend distributions currently, or within the 90-day period following the close of the Plan Year in which the Employer pays the dividends to the Trust. The Plan Administrator may also
request the Employer to pay cash dividends on Employer Securities directly to Participants. 

 9.8 Special
Distribution Rules: Unless the Participant elects in writing other distribution provisions of the Plan or unless other distribution provisions of the Plan require earlier distribution of the Participant’s Accrued Benefit, the Participant
shall commence receiving his Accrued Benefit at the time prescribed by this Section 9.8, irrespective of any other provision of the Plan. The distribution provisions of this Section 9.8 are subject to the consent and form of distribution
requirements of Section 9.3. 
  

	 	(a)	If the Participant incurs a Termination of Employment after attainment of Normal Retirement Age (age 65) or by reason of death or disability, distribution of his
Accrued Benefit shall commence during but not later than the last day of the Plan Year in which the applicable event occurs. 

  

	 	(b)	If the Participant incurs a Termination of Employment for any reason not specified in (a), distribution of his Accrued Benefit shall commence as soon as
Administratively Feasible during but not later than the last day of the Plan Year after the close of the 5th Plan Year following the Plan Year in which the Participant incurred the Termination of Employment. If the Participant resumes employment
with the Employer on or before the last day of the 5th Plan Year following the Plan Year of his/her separation from Service (effective January 1, 2002, severance from employment), the mandatory distribution provisions of this paragraph
(b) do not apply. 

 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 distributions required under this Section 9.8 shall be made in equal annual installments over a period not exceeding five years unless the Participant is permitted and otherwise elects a longer
period under the other distribution provisions of the Plan. If a Participant’s Accrued Benefit exceeds $500,000, the payment period, subject to the longer period elected by the Participant, shall be live years plus one additional year (but no
more than five additional years) for each $100,000 (or fraction of $100,000) by which his Accrued Benefit exceeds $500,000. The $500,000 and $100,000 amounts set forth in this Section shall be adjusted at the same time and in the same manner as the
factor prescribed by the Secretary of the Treasury under Code §415(d). In no event will the distribution period exceed the period permitted under Section 9.5 of the Plan. 

9.9 Distribution of Transferred Benefits: To the extent not already provided under the terms of this Plan, and notwithstanding any
other provisions to the contrary, this Plan guarantees to each Participant whose Account includes Transferred Benefits (and to each Beneficiary thereof) the right to receive all Transferred Benefits in any optional form of benefit (including lime,
manner and 

  
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method of distribution) protected under Code §411(d)(6). The extent and nature of the optional forms of benefits so protected shall be determined by reference to the Predecessor Plan(s).

  
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 ARTICLE X 
 DEATH BENEFITS 
 10.1 Death Benefits Payable: If a
Participant who has not received a distribution of his entire Vested Interest dies, whether before or after his Distribution Date, the death benefit payable to the Beneficiary, Contingent Beneficiary or estate (as the case may be) of the Participant
shall be all amounts credited (or to be credited) to his Accounts then held by the Trustee for the Participant’s benefit, without regard to the Participant’s Vested Percentage and that have yet to be distributed. If an Inactive Participant
who has not received a distribution of his entire Vested Interest dies, whether before or after his Distribution Date, the death benefit payable to the Beneficiary, Contingent Beneficiary or estate (as the case may be) of the Inactive Participant
shall only be the remaining Vested Interest in the Inactive Participant’s Accounts then held by the Trustee for the Inactive Participant’s benefit. 
 10.2 Designation of Beneficiary: Each Participant or Inactive Participant may designate a Beneficiary and Contingent Beneficiary who shall be entitled to receive the death benefit payable under
Section 10.1. From time to time the Participant or Inactive Participant may file with the Plan Administrator a new or revised designation, provided that his or her spouse shall be his or her Beneficiary unless his or her spouse has consented in
writing to the designation of a Beneficiary other than his or her spouse or it is established to the satisfaction of the Plan Administrator that the consent of the spouse may not be obtained because there is no spouse, the spouse cannot be located
or because of such other circumstances as may be set forth in Regulations issued pursuant to Code §417(a)(2)(B). The change in marital status of a Participant from married to unmarried or vice versa shall void any outstanding beneficiary
designation and require the completion and execution of a new beneficiary designation consistent with the provisions of this Section. Beneficiary designations shall be completed in the manner approved by the Plan Administrator or set forth in
writing on a form provided by the Plan Administrator. 
 If upon the Participant’s death his designated Beneficiary does
not survive him, the Contingent Beneficiary shall become the Beneficiary and any death benefit payable under Section 10.1 shall be paid to him or her. If a deceased Participant is not survived by a designated Beneficiary or Contingent
Beneficiary, or if no Beneficiary was designated, the benefits shall be paid to the person (or in equal shares to the persons) in the first of the following classes of successive preference beneficiaries then surviving: the Participant’s
(a) widow or widower, (b) children per stirpes, (c) parents, (d) brothers and sisters, (e) executor or administrator of his estate. For purposes of determining the right of a Beneficiary, Contingent Beneficiary, surviving
spouse or other survivor to receive a benefit on account of the death of a Participant, he or she shall not be deemed to have survived the Participant unless he or she shall survive the Participant by at least 30 days. 

If the Beneficiary, Contingent Beneficiary or surviving spouse survives the Participant and is entitled to receive benefits under this
Section 10.2, but dies prior to receiving the entire death benefit payable to him or her, the remaining portion of the death benefit shall be paid to the person’s named beneficiary or, if none, to the person’s estate subject to the
right of commutation. 

  
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 10.3 Death Benefit Payment Procedure: Upon receipt of a claim for benefits, the
Participant’s death benefit shall be paid by the Trustee to the Beneficiary designated by the Participant pursuant to Section 10.2. The Beneficiary of a Participant may elect to receive death benefits payable hereunder in any form of
payment provided in Section 9.3, subject to the right to receive the distribution in cash or in Employer Securities as provided in Section 9.7. The Beneficiary’s election to receive distribution shall be made in the same manner
provided under Articles IX and XI for distribution to Participants. If the Beneficiary fails to elect a form of payment, then subject to the small benefit distribution rules in the next paragraph of this Section 10.3 and except as provided in
Section 10.4(g), the Plan shall distribute the death benefit in annual installments over the life expectancy of the Beneficiary, consistent with the rules in Section 10.4. Installments shall commence no later than December 31 of the
Plan Year following the Plan Year of the Participant’s death, with each subsequent installment payment to be made no later than each December 31, thereafter. 
 If the lump sum benefit otherwise payable to the Beneficiary is not more than $5,000 and payment of benefits to the deceased Participant has not previously commenced, the benefit shall be paid as a single
lump sum payment, subject to the distribution rules of Section 9.7. Payment of any death benefits under this paragraph shall commence as soon as Administratively Feasible following the Participant’s date of death. However, if the amount of
the benefit required to be paid on the date determined above cannot be ascertained by that date, or if it is not possible to make the payment on that date because the Plan Administrator has been unable to ascertain or locate the Beneficiary after
making reasonable efforts to do so, a payment retroactive to such date may be made as soon as Administratively Feasible after the earliest date on which the Beneficiary or amount of the payment can be ascertained or the date the Beneficiary is
located, whichever is applicable. 
 10.4 Required Distributions Upon Death: Notwithstanding any other provisions of this
Plan, payment of death benefits shall be subject to the following rules: 
  

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

  

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

 

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

  

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

  
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	 	(4)	If the Participant’s surviving spouse is the Participant’s sole Designated Beneficiary and the surviving spouse dies after the Participant but before
distributions to the surviving spouse begin, this Section 10.4(a), other than subsection (a)(i), will apply as if the surviving spouse were the Participant. 

 For purposes of this Section 10.4(a) and Sections 10.4(e) and (f), unless Section 10.4(a)(4) applies, distributions are considered to begin on the participant’s Required Beginning Date. If
Section 10.4(a)(4) applies, distributions are considered to begin on the date distributions are required to begin to the surviving spouse under Section 10.4(a)(i). 

 

	 	(b)	Forms of Distribution. Unless the participant’s interest has been distributed in the form of a single sum on or before the Required Beginning Date, as of
the first Distribution Calendar Year distributions will be made in accordance with Sections 10.4(e) and (f). 

  

	 	(c)	Beneficiaries’ Election of Five Year Rule. Beneficiaries may elect on an individual basis whether the Five Year Rule or the Life Expectancy rule in Sections
10.4(a) and (f) applies to distributions after the death of a Participant who has a Designated Beneficiary. The election must be made no later than the earlier of September 30 of the calendar year in which distribution would be required to
begin under Section 10.4(a) or by September 30 of the calendar year that contains the fifth anniversary of the Participant’s (or, if applicable, surviving spouse’s) death. If neither the Participant nor Beneficiary makes an
election under this subsection, distributions will be made in accordance with Sections 10.4(a) and (f). 

  

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

  

	 	(e)	Death On or After Date Distributions Begin. 

  

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

  

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

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

  

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

  

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

 

	 	(f)	Death Before Date Distributions Begin. 

  

	 	(1)	Participant Survived by Designated Beneficiary. If the Participant dies before the date distributions begin and there is a Designated Beneficiary, the minimum
amount that will be distributed for each Distribution Calendar Year after the year of the Participant’s death is the quotient obtained by dividing the Participant’s Account Balance by the remaining Life Expectancy of the Participant’s
Designated Beneficiary, determined as provided in Section 10.4(e). 

  

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

  

	 	(3)	Death of Surviving Spouse Before Distributions to Surviving Spouse Are Required to Begin. If the Participant dies before the date distributions begin, the
Participant’s surviving spouse is the Participant’s sole Designated Beneficiary, and the surviving spouse dies before distributions are required to begin to the surviving spouse under Section 10.4(a)(i), this Section 10.4(f) will
apply as if the surviving spouse were the Participant. 

  

	 	(g)	Rollover of Death Benefit for Non-spouse Beneficiary after December 31, 2009. 

  
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	 	(1)	 If the Participant dies before his or her required beginning date, the required minimum distribution for purposes of determining the amount eligible
for rollover with respect to a non-spouse beneficiary shall be determined under the 5-year rule described in Code §401(a)(9)(B)(ii). Under this rule, no amount shall be a required minimum distribution for the year in which the Participant dies.
The rule in Q&A-7(b) of Reg. §1.402(c)-2 (relating to distributions before an employee has attained age 7 1/2) shall not apply to a non-spouse beneficiary. 

  

	 	(2)	Under the five-year rule as adopted by the Plan, no amount is required to be distributed to a non-spouse beneficiary until the fifth calendar year following the year of
the Participant’s death. In that year, if no prior distribution has been made, the entire amount to which the beneficiary is entitled under the Plan must be distributed. 

 

	 	(3)	If the non-spouse beneficiary so elects, the Plan shall permit the non-spouse beneficiary to directly roll over the beneficiary’s entire benefit until the end of
the fourth calendar year following the year of death. On or after January 1 of the fifth year following the calendar year in which the Participant died, no amount payable to the non-spouse beneficiary under the Plan shall be eligible for
rollover. 

  

	 	(4)	If a Participant dies on or after his or her required beginning date, within the meaning of Code §401(a)(9)(C), then for the year of the Participant’s death,
the required minimum distribution not eligible for rollover shall be the same as the amount that would have applied if the Participant were still alive and had elected the direct rollover. The amount not eligible for rollover shall include all
undistributed required minimum distributions for the year in which the direct rollover occurs and any prior year, including years before the Participant’s death. 

 

	 	(h)	Temporary Suspension of Beneficiary Distributions. A Beneficiary receiving distributions from the Plan under an election made pursuant to subsection (c) may
elect not to receive the distribution amount (or any portion thereof) that would otherwise be attributable to the 2009 Distribution Calendar Year. The Beneficiary’s election shall be made by notifying the Plan in writing (or by other acceptable
electronic means) at any time prior to the latest possible date that the distribution would otherwise be made. If a distribution (or portion thereof) otherwise attributable to the 2009 Distribution Calendar Year is suspended, then the five year
period for payout of the Accrued Benefit to the Beneficiary shall be extended an additional year to take into account the suspension of payment. 

  
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 ARTICLE XI 
 BENEFITS UPON OTHER TERMINATION OF EMPLOYMENT 
 11.1 Vested
Amounts: A Participant shall become 100% vested in his Accrued Benefit on attainment of Normal Retirement Age while employed by a Zions Employer. Prior to his Normal Retirement Age a Participant shall have a Vested Interest in those sub-accounts
not otherwise excepted below that make up his Accrued Benefit equal to the sum of the following: 
  

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

  

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

  

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

  

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

  

					
	 Years of Vesting Service
	  	Percent of Vested
Accrued 
Benefit	 
		
	 Fewer than five years
	  	 	none	  
	 At least live years
	  	 	100	% 

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

					
	 Years of Vesting Service
	  	Percent of Vested Service
Accrued
Benefit	 
	 Less than two years
	  	 	none	  
	 Two years
	  	 	20	% 
	 Three years
	  	 	40	% 
	 Four years
	  	 	60	% 
	 Five or more years
	  	 	100	% 

  

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

  
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 The percentage of the Participant’s Accrued Benefit attributable to various
sub-accounts in which he is not vested shall be forfeited by him as provided in Section 11.7. 
 11.2 Distribution of
Vested Interest: Subject to the rules of Section 9.7, a Participant who incurs a Termination of Employment for any reason other than retirement, death or disability may elect in writing or other appropriate electronic means one or a
combination of the following forms of distribution of his Vested Interest: 
  

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

  

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

Distribution shall commence no later than the time specified in Section 9.8 unless the Participant fails to elect a form or time of
payment or elects a deferred payment, then payment of the Participant’s Accrued Benefit shall be deferred to the subsequent date elected by the Participant, that may be no later than the latest date permitted under Section 9.5, and then
distributed in accordance with the provisions of Section 9.3. If the Participant elects later payment of the Participant’s Vested Accrued Benefit, distribution shall commence as soon as Administratively Feasible following the date a claim
for benefits is submitted by the Participant to the Plan Administrator, which may be no later than the earlier of the date permitted under Sections 9.4 and 9.5. If at that time the Participant has attained Normal Retirement Age or incurred a
disability, or if the Participant dies before his Normal Retirement Age or if earlier, before his Distribution Date, the Plan Administrator, upon notice of the attainment of Retirement Age or of death, shall direct the Trustee to make payment of the
Participant’s Vested Interest to him (or to his Beneficiary if the Participant is deceased) in accordance with the provisions of Article X in the case of death, or Section 9.3 in the case of disability or attainment of Normal Retirement
Age. 
 Not fewer than 30 days nor more than 90 days (effective January 1, 2007, 180 days) before the Distribution Date,
the Plan Administrator shall notify the Participant of the terms, conditions and forms of payment available from the Plan, including a description of the election procedures under this Section and a general explanation of the financial effect on a
Participant’s Accrued Benefit of the election. The minimum 30-day waiting period after the notification is provided until the Distribution Date may be disregarded if the Plan Administrator informs the Participant of his or her right to the full
minimum 30-day waiting period, and the Participant elects in writing (or by other means acceptable to the Plan Administrator) to waive the minimum 30-day waiting period. 
 If the Participant elects immediate distribution following Termination of Employment, whether as a single lump sum payment or term certain payments, payment shall be made as soon as Administratively
Feasible following Termination of Employment. However, if a Participant terminates employment in a month that is the end of a quarter of the calendar year (i.e., March, June, September, December),

  
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then the distribution of the Participant’s Account shall be made on the 25th day of the second month following the Participant’s Termination of Employment. If the Former Participant
dies or incurs a Disability before his Normal Retirement Date, the Plan Administrator, upon notice of the death or Disability, shall direct the Trustee to make payment of the Participant’s Vested Interest to him (or to his Beneficiary if the
Participant is deceased) in accordance with the provisions of Article X in the case of death, or Section 9.2 in the case of Disability. 
 Notwithstanding the above, if a terminated Participant is re-employed by the Employer prior to distribution of his Vested Interest, distribution shall not be made until his employment is again terminated
or until the occurrence of another event permitting distribution under the terms of the Plan. 
 11.3 Distribution of Small
Amounts: Notwithstanding the provisions of Section 11.2 if a Participant incurs a Termination of Employment for any reason other than retirement, death or disability and if the Vested Accrued Benefit that would be payable to a Participant
is not more than $5,000, without regard to whether the amount in the Participant’s Account has ever exceeded that amount at the time of any prior distribution, then the Plan shall make distribution to the Participant in a single lump sum cash
payment pursuant to the provisions of Sections 9.7 and 9.8 without first obtaining the Participant’s written consent. 

For all distributions commencing on or after March 28, 2005, the $5,000 threshold amount in this Section shall be reduced to $1,000.

 11.4 Eligible Rollover Distributions: Notwithstanding any provision of this Plan to the contrary, a Distributee may
elect, at the time and in the manner prescribed by the Plan Administrator, to have any portion of an Eligible Rollover Distribution paid directly to an Eligible Retirement Plan specified by the Distributee in a Direct Rollover. For purposes of this
Section 11.4 the following definitions shall apply: 
  

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

 Effective for distributions first commencing on or after January 1, 2007, an
“Eligible Rollover Distribution” does not include the portion of the distribution that is payable on behalf of a non-spouse beneficiary and that is a required distribution under Code §401 (a)(9) because the distribution first
commences after the close of the calendar year in 

  
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which the death of the Participant occurs, nor does it include any portion of the distribution to a non-spouse beneficiary who has elected the Five Year Rule under Section 10.4(c) and the
distribution does not commence prior to the close of the fourth calendar year following the calendar year in which the Participant’s death occurred. 
 Effective for distributions first commencing after September 27, 2010, an “Eligible Rollover Distribution” also includes any distribution from this Plan that otherwise satisfies the
Plan’s distribution rules and the requirements of Code §402(c)(4) and which is directly rolled over to the In-plan Roth Rollover Account. 
  

	 	(b)	“Eligible Retirement Plan” shall mean an individual retirement account described in Code §408(a), an individual retirement annuity described in
Code §408(b) (jointly or separately, an “IRA”), an annuity plan described in Code §403(a), a qualified trust described in Code §401(a), that accepts the Distributee’s Eligible Rollover Distribution, an annuity contract
described in Code §403(b) and an eligible plan under Code §457(b) that is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and that agrees to
separately account for amounts transferred into such plan from this Plan. This definition of Eligible Retirement Plan shall also apply in the case of a distribution to a surviving spouse, or to a spouse or former spouse who is the alternate payee
under a qualified domestic relation order, as defined in Code §414(p). However, in the case of an Eligible Rollover Distribution to the surviving spouse, an Eligible Retirement Plan is an IRA. 

Effective for distributions first commencing on or after January 1, 2007, on behalf of a non-spouse beneficiary, an “Eligible
Retirement Plan” shall only include an IRA established on behalf of the non-spouse beneficiary that will be treated as an inherited IRA pursuant to Code §402(c)(l 1) and that satisfies the requirements of Notice 2007-7, Q&A-13.

 For distributions made after December 31, 2007, an Eligible Retirement Plan shall also mean a Roth IRA described in Code
Section 408A(b). 
 For distributions made after September 27, 2010 which are rolled over to the In-plan Roth Rollover
Account, an Eligible Retirement Plan shall also mean this Plan. 
  

	 	(c)	“Distributee” shall mean an Employee or former Employee. In addition, the Employee’s or former Employee’s surviving spouse and the
Employee’s or former Employee’s spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in Code §414(p), are Distributees with regard to the interest of the spouse or former spouse.
Effective for distributions first commencing on or after January 1, 2007, a “Distributee” shall also include any non-spouse beneficiary who is a designated beneficiary under the provisions of Section 10.2.

  

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

  
 -70-

 11.5 Breaks in Service and Vesting: If a Participant has a One Year Break in
Service, the Participant’s Years of Vesting Service before the One Year Break in Service shall not be included in computing Years of Vesting Service until the Participant shall have completed one Year of Vesting Service after the One Year Break
in Service. If an Employee terminated employment prior to becoming a Participant and incurred a One Year Break in Service, or if a Participant did not have any Vested Interest derived from Employer contributions prior to a One Year Break in Service,
Years of Vesting Service before a One Year Break in Service shall not be included in Years of Vesting Service calculated after the Participant’s One Year Break in Service if the number of consecutive One Year Breaks in Service equals or exceeds
the greater of five or the aggregate number of such Years of Vesting Service before the One Year Break in Service. 
 Solely for
the purpose of determining the vested percentage of a Participant’s Accrued Benefit derived from Employer contributions that accrued prior to a five consecutive one-year Break in Service period, the Plan shall disregard any Year of Service
subsequent to such five consecutive one-year Breaks in Service period. 
 If a Participant has a One Year Break in Service, and
the break does not arise on account of Termination of Employment, the Participant shall not be credited with a Year of Vesting Service for that Plan Year. However, no amounts in the Participant’s Accounts shall be forfeited. 

11.6 No Increase in Pre-break Vesting: For purposes of Section 11.1, Years of Vesting Service after a Termination of
Employment that resulted in five consecutive One Year Breaks in Service shall not increase the vested percentage of a Participant’s Account that was earned before such five consecutive One Year Breaks in Service. 

11.7 Occurrence and Disposition of Forfeitures: 
 (a) Forfeiture of the Participant’s non-vested interest in his or her Employer Non-Elective Contribution Account shall occur: 

 

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

  

	 	(2)	In the case of a Participant who has a Vested Interest derived from Employer Contributions (which for this purpose shall include Elective Deferral Contributions) and
does not receive a total distribution of such Vested Interest, on the last day of the Plan Year in which the Participant incurs five consecutive One Year Breaks in Service. 

 

	 	(3)	In the case of a Participant who has no Vested Interest derived from Employer Contributions (which for this purpose shall include Elective Deferral Contributions),
regardless of the sub-account to which the Employer Contributions have been allocated, on the day the Participant incurs the Termination of Employment. 

  
 -71-

 Non-vested interests of terminated Participants shall be held by the Trustee
in the respective Accounts of the Participant until the date determined above and shall then be forfeited by the Participant and used or allocated in accordance with this Section. 

 

	 	(b)	Amounts forfeited by terminated Participants from their Employer Non-Elective Contribution Accounts, if not used first to restore Accounts under Sections 11.10 and
23.11, shall be used to reduce the amount of the Employer’s Non-Elective Contribution otherwise made pursuant to Section 5.7 for the Plan Year. In the event the Employer does not make a Non-Elective Contribution for the Plan Year, then the
amounts forfeited shall be used at the Employer’s election: 

  

	 	(1)	to offset costs and expenses of Plan administration (to the extent and in the manner permitted under Section 14.6), 

 

	 	(2)	as the sole Employer Non-Elective Contribution for the Plan Year and allocated in accordance with Section 6.2(c), 

 

	 	(3)	to reduce the amount of the Employer’s Matching Contribution for the Plan year, or 

 

	 	(4)	any combination of the foregoing. 

  

	 	(c)	To the extent possible, the Plan Administrator must forfeit from a Participant’s General Investments Account before making a forfeiture from his or her Employer
Securities Account. 

 11.8 Distribution to Participants Who Are Less Than 100% Vested in Their Entire
Account: In the event a Participant who is less than 100% vested hereunder incurs a Termination of Employment and returns to the employ of the Employer before a forfeiture of his non-vested interest shall have occurred, and prior to his
re-employment was paid a portion of his Vested Interest, a separate account for the Participant’s remaining interest in the Plan as of the time of the distribution shall be maintained. At any relevant time, the Participant’s vested portion
of the separate account shall be an amount “X” determined by the following formula: 
 X = P (AB+(RxD)) - (RxD)

 For purposes of applying the formula: 
  

	 	P	is the vested percentage at the relevant time; 

  

	 	AB	is the account balance at the relevant time; 

  

	 	D	is the amount of the distribution; 

  

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

In the event a Participant who is less than 100% vested hereunder incurs a Termination of Employment and returns to the employ of the
Employer after a forfeiture of his non-vested interest but 

  
 -72-

 
prior to incurring five consecutive One Year Breaks in Service, and prior to his re-employment was paid his Vested Interest, the non-vested portion of his Accrued Benefit that was forfeited by
the Participant shall be disregarded in computing his Accrued Benefit after re-entry into the Plan, unless the Participant repays, pursuant to Section 11.8, the amounts distributed from his Account from which an amount was forfeited. If a
Participant does repay the distribution, the balance in such Account shall be restored as provided in Section 11.9. 
 In
the event a Participant who had no Vested Interest in his Employer Regular Contribution Account separated from service and returns to the employ of the Employer after a forfeiture of his non-vested interest but prior to incurring five consecutive
One Year Breaks in Service, any non-vested amounts forfeited by the Participant shall be restored, as provided in Section 11.9, to the Account from which an amount was forfeited. 

11.9 Repayment of Distribution: A Participant described in the second paragraph of Section 11.7 who received a lump sum
distribution of less than 100% of his Accrued Benefit shall be entitled to repay the amount so distributed from the Employer Contribution Account in which he was less than 100% vested. The repayment must be for the full amount distributed from the
Account and must be made not later than the earlier of: 
  

	 	(a)	the date on which the Participant incurs five consecutive One Year Breaks in Service after the date of distribution; or 

 

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

Any repayment shall not be included in applying the limitations of Article V or Article VIII hereunder. 

11.10 Restoration of Accounts: Any amount repaid pursuant to Section 11.8 shall be credited to the Participant’s
Accounts for which it is repaid, with credit to be made as of the date of repayment. The Account shall also be credited with the amount previously forfeited from the Account, with credit to be made as of the last day of the Plan Year in which
repayment is made. 
 In the case of a Participant to whom the third paragraph of Section 11.7 applies, the
Participant’s Accounts from which amounts were previously forfeited shall be credited with the amount so forfeited, with credit to be made as of the last day of the Plan Year in which the Participant resumes participation in the Plan.

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

	 	(a)	First, the amount, if any, to be credited to such types of Accounts for the Plan Year pursuant to Section 11.5; 

 

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

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

If for any Plan Year, the Accounts of more than one Participant are required to be restored, then restorations shall be derived from the
above sources in the same proportion that the amount to be restored to each Participant bears to the total amount to be restored to all such Participants for the Plan Year. Any such amounts credited to a Participant’s Accounts shall not be
included in applying the limitations of Article V or Article VIII hereunder. 
 11.11 Amendments to the Vesting Schedule:
No amendment to the vesting schedule or provisions of Section 11.1, or to this Plan that directly or indirectly affects the computation of a Participant’s Accrued Benefit, shall deprive a Participant of a vested right to the benefits
accrued to the effective date of the amendment. Furthermore, if the vesting schedule or provisions of Section 11.1 are amended, each Participant with at least three (3) Years of Vesting Service (determined as of the later of the date the
amendment is adopted or the date the amendment is effective) may elect to have his vesting percentage computed under the Plan without regard to the amendment. The period during which the election may be made shall commence with the date the
amendment is adopted and shall end on the latest of: 
  

	 	(a)	60 days after the amendment is adopted; 

  

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

  

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

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

  
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 ARTICLE XII 
 FIDUCIARY DUTIES 
 12.1 General Fiduciary Duty: A Fiduciary,
whether or not a Named Fiduciary, shall discharge his duties solely in the interest of the Participants and their Beneficiaries hereunder. All assets of this Plan shall be devoted to the exclusive purpose of providing benefits to Participants and
their Beneficiaries and defraying the reasonable expenses of administering the Plan. Each Fiduciary, whether or not a Named Fiduciary, shall discharge his duties with the care, skill, prudence and diligence under the circumstances then prevailing
that a prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. Each Fiduciary shall also discharge his duties in a manner consistent with the documents
and instruments governing the Plan to the extent such documents and instruments are consistent with law. No Fiduciary, whether or not a Named Fiduciary, shall engage in any prohibited transactions with a Disqualified Person or party-in-interest as
those terms and transactions are defined herein and by ERISA. 
 12.2 Allocation of Responsibilities: Each Named
Fiduciary shall have only those duties and responsibilities expressly allocated under the terms of this Plan. No other duties or responsibilities shall be implied. 
 12.3 Delegation of Responsibilities: Each Named Fiduciary may delegate the fiduciary responsibilities other than Trustee responsibilities allocated to such Fiduciary under this Plan to any person
other than a Named Fiduciary. If any duties or responsibilities are delegated under this section, the person to whom the duties or responsibilities are delegated shall acknowledge the fact in writing and shall specify in writing the duties and
responsibilities so delegated. All other duties and responsibilities shall be deemed not to have been delegated. 
 12.4
Liability for Allocation or Delegation of Responsibilities: A Named Fiduciary shall not be liable for the acts or omissions of a person to whom responsibilities or duties are allocated or delegated in accordance with Section 12.2 or
Section 12.3 except to the extent such Named Fiduciary breaches his obligation under Section 12.1: 
  

	 	(a)	with respect to the allocation or delegation; 

  

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

 

	 	(c)	by continuing the allocation or delegation. 

 Nothing in this section shall relieve a Fiduciary from liability incurred under Section 12.5. 
 12.5 Liability for Co-Fiduciaries: In addition to the liability a Fiduciary may incur for the breach of his duty under Section 12.1 or 12.4, a Fiduciary shall be liable for a breach of
Fiduciary duty committed by another Fiduciary in the following circumstances: 
  

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

  
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	 	(b)	if, by his failure to comply with Section 12.1 he has enabled such other Fiduciary to commit a breach; 

 

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

12.6 Same Person May Serve in More than One Capacity: Nothing herein shall prevent any person from serving in more than one
Fiduciary capacity. 
 12.7 Indemnification: The Plan Sponsor shall hold harmless and indemnify to the fullest extent
permitted by ERISA each non-Trustee Fiduciary of the Plan with respect to the consequences of all actions or failures to act of the Fiduciary while carrying out his or her responsibilities under the Plan. The Plan Sponsor shall further hold harmless
and indemnify each Fiduciary who is subjected to any claim or action or who is made a party in any threatened, pending or completed proceeding, including, without limitation, any proceeding brought by or in the name of the Plan or by any participant
thereof or by any governmental agency. The Employer’s indemnification shall include any and all expenses (including attorney’s and/or consultant’s fees), costs, damages, judgments, fines, interest, penalties (including any that may be
imposed under ERISA §502(1)) and/or amounts paid in settlement and that are actually and reasonably incurred by a Fiduciary in connection with the investigation, defense, settlement, preparation for trial, trial, or appeal of any proceeding,
claim or action. Notwithstanding the foregoing, the Employer shall not be obligated to hold harmless or indemnify a Fiduciary of the Plan if indemnification is inconsistent with applicable law or if the act(s) or omission(s) of the Fiduciary to be
indemnified are determined to have involved intentional misconduct, gross negligence or a knowing violation of ERISA or other applicable law by the Fiduciary. 
 To the extent a Fiduciary is a named insured under any policy of liability insurance maintained by the Plan or the Employer, the policy and the payment obligations of the insurance company under the
policy shall be deemed primary and in lieu of the Employer’s obligations under this Section 12.7, but only to the extent of the coverage provided in the policy. No insurer under any policy shall claim any right to reimbursement or refund
from the Employer and no obligation of the Employer hereunder shall be deemed to inure to the benefit of any third party. 

  
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 ARTICLE XIII 
 THE PLAN ADMINISTRATOR 
 13.1 Appointment of Plan
Administrator: The Board of Directors of the Plan Sponsor shall appoint the Plan Administrator, which may be the Plan Sponsor, If the Plan Sponsor is appointed as Plan Administrator, the Plan Sponsor may appoint one or more Committees to carry
out the duties of the Plan Administrator under this Plan. In that event all references in the Plan to the Plan Administrator shall be deemed to refer to the appointed Committee. The duties of the Committees shall be divided as the Plan Administrator
deems appropriate and may be designated by separate instrument. The Committees shall act by majority vote except that they shall act by unanimous vote at any time when there are only two members comprising the Committee. 

13.2 Acceptance by Plan Administrator: The Plan Administrator shall accept its appointment by joining with the Employer in the
execution of this Agreement. 
 13.3 Signature of Plan Administrator: All persons dealing with the Plan Administrator may
rely on any document executed by the Plan Administrator; or, in the event of appointment of a Committee or Committees, such persons may rely on any document executed by at least one member of the appropriate Committee as being the act of the Plan
Administrator. 
 13.4 Appointment of an Investment Manager: The Plan Administrator may appoint an Investment Manager or
Managers to manage, acquire and dispose of any assets of the Plan. In the event responsibility for appointment of Investment Managers is delegated by the Plan Administrator to a named Committee, that delegation shall carry with it the authority of
the Committee to act as a Named Fiduciary for purposes of ERISA in appointing an Investment Manager. The Investment Manager shall accept his appointment by written agreement executed by the Plan Administrator and Investment Manager. This written
agreement shall specify the Plan assets for which the Investment Manager is responsible and such written instrument shall be kept with the other documents governing the operation of the Plan. The Trustee shall be entitled to rely on written
instructions from the Investment Manager and shall be under no obligation to invest or otherwise manage any asset of the Plan subject to the management of the Investment Manager. 

13.5 Duties of the Plan Administrator: The Plan Administrator shall be responsible for the general administration of the Plan
including, but not limited to, the following: 
  

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

 

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

 

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

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

 

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

 

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

 

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

 

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

 

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

 13.6 Claims Procedure: A claim for benefits under the Plan may
be filed with the Plan by any Participant or Beneficiary on a form supplied by the Plan Sponsor for that purpose or through any other communication medium approved by the Plan Administrator. Written notice of the disposition of a claim shall be
furnished to the claimant within 90 days after the application thereof is filed. In the event the claim is denied, the reasons for the denial shall be specifically set forth in the notice in language calculated to be understood by the claimant,
pertinent provisions of the Plan shall be cited, and, where appropriate, an explanation as to how the claimant may perfect the claim shall be provided. In addition, the claimant shall be furnished with an explanation of the Plan’s claim review
procedure. 
 13.7 Claims Review Procedure: Any Participant or Beneficiary whose benefit claim submitted pursuant to
Section 13.6 has been denied (whether in full or in part) shall be entitled to request further consideration to his claim by filing an appeal with the Plan Administrator, which may be in the form of a request for reconsideration. The request,
together with a written statement of the reasons why the claimant believes his appeal should be allowed, shall be filed with the Plan Administrator no later than 60 days after receipt of the written notification provided for in Section 13.6.
The Plan Administrator shall conduct the review of the appeal. The Plan Administrator, in its sole discretion, may order a hearing at which the claimant may be represented by an attorney or any other representative of his choosing and at which the
claimant shall have an opportunity to submit written and oral evidence and arguments in support of his claim. During the appeal review period or at the hearing (upon five business days prior written notice to the Plan Administrator) the claimant or
his representative shall have an opportunity to review all documents in the possession of the Plan that are pertinent to the claim at issue and its disallowance. A final decision on the claim shall be made by the Plan Administrator within 60 days of
receipt of the appeal unless (i) because of special circumstances there 

  
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has been an extension of 60 days that has been communicated in writing to the claimant, or (ii) a hearing is held, in which event the final decision shall be made within 120 days of receipt
of the appeal. The communication containing the Plan Administrator’s decision shall be in writing and shall be written in a manner calculated to be understood by the claimant. The communication shall include specific reasons for the Plan
Administrator’s decision and specific references to the pertinent Plan provisions on which the decision is based. The communication shall also inform the claimant of the limitation on any further action by the claimant set forth in
Section 13.8. 
 13.8 Limitations of Actions on Claims: The delivery to the claimant of the final decision of the
Plan Administrator with respect to a claim for benefits under Section 13.6 that has been reviewed and considered under the appeal procedures of Section 13.7 shall commence the period during which the claimant may bring legal action under
ERISA for judicial review of the Plan Administrator’s decision. No civil action with respect to the claim for benefits or the subject matter thereof may be commenced by the claimant, whether such action is pursued through litigation,
arbitration or otherwise, prior to the completion of the claims and claims review process set forth in Sections 13.6 and 13.7, nor following the expiration of two (2) years from the date of delivery of the final decision of the Plan
Administrator to the claimant under Section 13.7. 
 13.9 Compensation and Expenses of Plan Administrator: The Plan
Administrator may engage the services of any person, including counsel, whose services, in the opinion of the Plan Administrator, are necessary to assist it in carrying out its responsibilities under the Plan. The Employer may direct the Trustee to
pay any expenses properly and actually incurred for such services from the Trust Fund, including such reasonable compensation for services provided by the Plan Administrator as shall have been agreed upon between them, or, alternatively, the
Employer may pay such expenses or compensation directly, provided, however, that no individual acting as Plan Administrator shall receive any compensation if he already receives full-time pay from the Employer. 

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

  
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 ARTICLE XIV  

THE TRUSTEE 
 14.1 Appointment of Trustee: The Board of Directors of the Plan Sponsor shall appoint the Trustee. Nothing in this Plan shall prevent the Plan Sponsor from appointing multiple Trustees or creating
multiple Trust Funds, each with separate Trustees. If more than one person is appointed as Trustee of a single Trust Fund, they shall act by majority vote; provided, however, that they shall act by unanimous vote at any lime when there are only two
Trustees. In the event there is more than one Trustee, the reference to Trustee shall be deemed to refer to all the Trustees. 

14.2 Acceptance by Trustee: The Trustee shall accept its appointment by executing a separate trust agreement in a form acceptable
to the Trustee and Employer. Subject to Section 14.3, the provisions of the separate Trust Agreement shall control over those in this Plan, to the extent such provisions define the duties of the Trustee with respect to the Trust Fund.

 14.3 Provisions of Trust Agreement: The separate Trust Agreement shall authorize and empower the Trustee to invest up
to 100% of the Trust Fund in Employer Securities. The Trust Agreement shall also authorize and empower the Trustee to engage in Exempt Loan transactions on behalf of the Plan. An Exempt Loan transaction is a loan to the Trust that is primarily for
the benefit of the Participants and their Beneficiaries and further satisfies the following terms and conditions: 
  

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

  

	 	(b)	At the time the Exempt Loan is made the interest rate for the Exempt Loan must be reasonable and in combination, the rate of interest for the Exempt Loan and the price
of the Employer Securities to be acquired with the Exempt Loan proceeds shall not be such that Plan assets may be drained off. 

  

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

  

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

  
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Committee and the Trustee must account separately for such contributions and earnings in the books of account of the Plan until the Trust repays the Exempt Loan. 

 

	 	(e)	The Exempt Loan must provide for transfer of Plan assets upon default only upon and to the extent of the failure of the Plan to meet the payment schedule of the Exempt
Loan. 

  

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

  

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

 

	 	(h)	Notwithstanding the fact this Plan ceases to be an employee stock ownership plan, Employer Securities acquired with the proceeds of an Exempt Loan will continue after
the Trustee repays the loan to be subject to the provisions of Treas. Reg. §§54.4975-7(b)(4), (10), (11) and (12) relating to put, call or other options and to buy-sell or similar arrangements, except to the extent these
regulations are inconsistent with Code §409(h). 

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

	 	(a)	 With respect to the voting of Employer Securities that are not part of a registration-type class of securities (as defined in Code §409(e)(4)), a
Participant (or Beneficiary) has the right to direct the Trustee regarding the voting of such Employer Securities allocated to his Employer Securities Account with respect to any corporate matter that involves the

  
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approval or disapproval of any corporate merger or consolidation, recapitalization, reclassification, liquidation, dissolution, sale of substantially all assets of a trade or business, or such
similar transaction as the Treasury may prescribe in regulations. 

  

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

 The Trustee may
vote any Employer Securities described in subsection (b) as to which a Participant (or Beneficiary) fails to direct a vole as authorized by this Section 14.4. The Trustee shall not vole any Employer Securities described in subsection
(a) as to which a Participant is entitled to direct the Trustee to vote and the Trustee receives no direction from the Participant. 
 14.5 Investment Committee: In the event of appointment of an Investment Committee by the Plan Administrator, then except to the extent responsibility for certain Plan assets has been allocated to
an Investment Manager as provided in Section 13.4, the Investment Committee is authorized and empowered to direct investment of the Trust Fund, consistent with the terms of the separate Trust Agreement. The Investment Committee shall direct
investment and reinvestment of the Trust Fund to keep the Trust Fund invested without distinction between principal and income and in such securities or property, real or personal, wherever situated, as the Committee shall deem advisable consistent
with the investment policy of the Plan established under Article XVIII. The Committee shall give due regard to any limitations imposed by the Code or ERISA so that at all limes this Plan may qualify as a qualified Plan and Trust. 

14.6 Liability for Plan Expenses: The Plan specifically permits the payment of Plan administration and operation expenses from the
Plan’s Trust Fund. Moreover, the Plan also permits the allocation of certain administration expenses to an individual Participant’s Account whenever an expense can be specifically determined and the Participant’s Account identified
that gives rise to the expense. Expenses not attributable to particular Participant Accounts but nevertheless payable from the Trust Fund may be allocated among all Participant Accounts pro rata, or by any other appropriate method. The Plan Sponsor
shall determine in its sole discretion the extent to which Plan administration and operation expenses shall be paid from the Trust Fund or from individual Participant Accounts, provided that all such payments and charges shall comply with ERISA and
all regulations and other guidance issued by the Department of Labor. The Plan Sponsor shall be entitled to reimbursement from the Plan for payment of all Plan expenses advanced by the Plan Sponsor (whether charged to an individual
Participant’s Account or the Trust Fund as a whole) that are reasonably subject to reimbursement pursuant to ERISA and DOL regulations and other guidance, provided that no reimbursement to the Plan Sponsor shall be made with respect to any
charge applicable to an individual Participant’s Account unless the Participant has been previously informed through a summary plan description or similar document that his or her Account may be subject to such charges. 

  
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 14.7 Payment From the Trust Fund: At the direction of the Plan Administrator, the
Trustee shall, from time to time, in accordance with the terms of the Plan, make payments out of the Trust Fund. The Trustee shall not be responsible in any way for the application of such payments. 

  
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 ARTICLE XV 
 THE EMPLOYER 
 15.1 Notification: The Plan Sponsor shall
notify the Plan Administrator and the Trustee in writing if a new Plan Administrator or Trustee has been appointed hereunder. 

15.2 Record Keeping: Each participating Zions Employer shall maintain records with respect to each Employee sufficient to enable
the Plan Administrator and Trustee to fulfill their duties and responsibilities under the Plan. 
 15.3 Bonding: The Plan
Administrator shall procure bonding to insure the Plan against risk of loss. The persons to be bonded and the amount necessary shall be determined in accordance with ERISA and regulations thereunder. No bonding shall be required pursuant to state
law. 
 15.4 Signature of Employer: All persons dealing with the Plan may rely on any document executed in the name of
the Plan Sponsor by its corporate President, Vice-President, or other duly authorized corporate officer, or by any other individual duly authorized by its Board of Directors, whether retroactive or prospective. 

15.5 Plan Counsel and Expenses: The Plan Sponsor may engage the service of any person or organization, including counsel, whose
services, in the opinion of the Plan Sponsor are necessary for the establishment or maintenance of this Plan. The expenses incurred or charged by a person or organization engaged by the Plan Sponsor pursuant to the previous sentence shall be paid by
the Plan Sponsor, or alternatively, the Plan Sponsor may direct the Trustee to pay such expenses from the Trust Fund. 
 15.6
Other Responsibilities: Nothing in this Article shall be construed to limit the responsibilities or duties allocated to the Plan Sponsor and Zions Employers in other Articles of the Plan. 

15.7 Affiliated Groups: 
  

	 	(a)	For purposes of crediting Hours of Service, all employees of all corporations or entities that are members of an Affiliated Group and all employees of any other entity
required to be aggregated with the Employer pursuant to regulations under Code §414(o) shall be treated as employed by a single Employer for purposes of Article III (Service), Article IV (Eligibility), Article V (Contributions) and Article XI,
(Vesting). Except as provided in Section 7.1, all employees of all corporations or entities that are members of an Affiliated Group and all employees of any other entity required to be aggregated with the Employer pursuant to regulations under
Code §414(o) shall be treated as employed by a single Employer. 

  

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

  
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the member of the group maintaining the integrated plan bears to the Annual Compensation received by the Participant from all members of the group maintaining all such integrated plans.

  

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

 

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

 

	 	(2)	The provisions of Section 15.7(a) through (c) shall not be applicable to such adopting Employers; and 

 

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

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

  
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 ARTICLE XVI 
 PLAN AMENDMENT OR MERGER 
 16.1 Power to Amend: The Plan
Sponsor and the Plan Administrator shall each have the power to amend, alter, or wholly revise the Plan, prospectively or retrospectively, at any time, and the interest of every Participant is subject to the power so reserved. The Plan Administrator
shall not exercise its power to amend without consent of the Plan Sponsor unless the Plan Sponsor has ceased to operate as a viable business entity or has filed or is subject to a petition under Chapter 7 of the U.S. Bankruptcy Code. 

16.2 Limitations on Amendments: Upon execution of any amendment, the Employer, Plan Administrator, Trustees, Participants and
their Beneficiaries shall be bound thereby; provided, however, that no amendment: 
  

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

 

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

 

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

 

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

 

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

Notwithstanding the above, any amendment may be made that may be or become necessary in order that the Plan will conform to the
requirements of Code §401(a), or of any generally similar successor provision, or in order that all of the provisions of the Plan will conform to all valid requirements of applicable federal and state laws. 

16.3 Method of Amendment: If the Plan is amended by the Plan Sponsor, the amendment shall be staled in an instrument in writing
signed in the name of the Plan Sponsor by a duly authorized corporate officer, or by any other individual duly authorized by the Plan Sponsor, whether retroactive or prospective. If the Plan is amended by the Plan Administrator, the amendment shall
be stated in an instrument in writing signed in the name of the Plan Administrator by the individual duly authorized by the Plan Administrator for that purpose, whether retroactive or prospective. 

16.4 Notice of Amendment: Written notice of each amendment shall be given promptly by the Plan Sponsor to any other Employers, the
Plan Administrator and the Trustee. 

  
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 16.5 Merger or Consolidation: This Plan and Trust may be merged or
consolidated with, or its assets or liabilities may be transferred to, any other plan only if the benefits that would be received by each Participant of this Plan, in the event of a termination of the Plan immediately after such merger,
consolidation or transfer, are at least equal to the benefits the Participant would have received if the Plan had terminated immediately before the merger, consolidation or transfer. The Trustee possesses the specific authority to enter into merger
agreements or direct transfer of assets agreements with the Trustees of other retirement plans described in Code §401(a) and to accept the direct transfer of Plan assets, or to transfer Plan assets, as a party to any such agreement.
Notwithstanding the foregoing, this Plan shall not enter into any merger or transfer agreement to transfer assets to this Plan from a plan that is subject to the provisions of Code §417. 

The Trustee may accept a direct transfer of Plan assets on behalf of an Employee prior to the date the Employee satisfies the Plan’s
eligibility condition(s). If the Trustee accepts such a direct transfer of Plan assets, the Advisory Committee and Trustee shall treat the Employee as a Participant for all purposes of the Plan except the Employee shall not make Elective Deferral
contributions under Article V nor shall the Employee share in Employer contributions or Participant forfeitures under Article VI until he actually becomes a Participant in the Plan. 

The Trustee shall hold, administer and distribute the transferred assets as a part of the Trust Fund and the Trustee shall maintain a
separate Predecessor Plan Account for the benefit of the Employee on whose behalf the Trustee accepted the transfer in order to reflect the value of the transferred assets. 

  
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 ARTICLE XVII 
 TERMINATION OR DISCONTINUANCE OF CONTRIBUTIONS 
 17.1 Right to
Terminate: The Plan Sponsor may terminate the Plan at any time by a written resolution by the Board of Directors specifying the termination date. The Plan Sponsor shall promptly notify the Plan Administrator, Trustee and any other Employers of
such action. Further, the Plan Sponsor shall notify all Participants and Former Participants of such action, and shall file all required reports with federal agencies, in accordance with applicable regulations. 

17.2 Effect of Termination: In the event of a Plan termination or a complete discontinuance of Employer Contributions, the rights
of all affected Participants to their Accrued Benefits as of the dale of such termination shall be fully vested and shall not thereafter be subject to forfeiture, except to the extent that law or regulation may preclude such vesting in order to
prohibit discrimination in favor of officers, shareholders, or highly compensated Employees. For purposes of the preceding sentence, a Participant who has terminated employment with the Employer and incurred five consecutive One Year Breaks in
Service as of the termination date shall not be considered to be affected by such Plan termination, and shall be vested in his Accrued Benefit only to the extent provided in the other applicable Articles of this Plan. All rights of Participants in
this Plan affecting Employer Securities held in trust for the benefit of Participants shall continue notwithstanding any Plan termination. 
 17.3 Manner of Distribution: In the event of a Plan termination, the Plan Administrator shall direct the Trustee to distribute the Accrued Benefits of all Participants, Former Participants, and
Beneficiaries in accordance with Article IX or Article XI. 
 Notwithstanding the above, no payment shall be made to a
Participant from his Participant Elective Deferral Account (or any other Account the contributions to which have been included in the Deferral Account for the Participant) unless or until such time as the Participant: 

 

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

  

	 	(b)	dies; 

  

	 	(c)	has a severance from employment; 

  

	 	(d)	 attains the age of 59 1/2; 

  

	 	(e)	incurs a Disability; or 

  

	 	(f)	incurs a Financial Hardship. 

All Elective Deferral Accounts shall be maintained by the Trustee and distributed at such time and in such manner as previously provided
herein. Alternatively, the balance in such Accounts may be transferred to another plan maintained or established by the Employer that qualifies under Code §401(a) as provided above, but only if such other plan contains the same restrictions on
the distribution of such transferred amounts as described in the preceding paragraph. 
 17.4 No Reversion: No
termination or amendment of this Plan and Trust and no other action shall divert any part of the funds to any purpose other than the exclusive benefit of Participants, 

  
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Former Participants or their Beneficiaries except, and notwithstanding any other provision of this Plan to the contrary, any amount held in an unallocated suspense account that cannot be
allocated to any Participant due to the limitations of Article VIII may be returned to the Employer upon termination of the Plan. 
 17.5 Termination of an Employer: An Employer, other than the Plan Sponsor, may terminate its participation in the Plan at any time by a written resolution by the Board of Directors specifying the
termination date. The Employer shall promptly notify the Plan Sponsor, Plan Administrator and Trustee of any such action or direction. The participation of an Employer in the Plan shall also terminate in the event of a complete discontinuance of
contributions by such Employer. 
 17.6 Partial Termination: A partial termination of the Plan may be deemed to have
occurred if a significant percentage of Participants are excluded from coverage by reason of amendment of the Plan, severance by an Employer or termination of an Employer, or if the Plan is amended to adversely affect the rights of employees to vest
in benefits under the Plan or to reduce or eliminate future benefit accruals under the Plan. The determination of whether a partial termination has occurred shall be made on the basis of the facts and circumstances in a particular case. 

17.7 Effect of Partial Termination: In the event of a partial termination of the Plan, the provisions of Section 17.2 shall
apply to those Participants affected by the partial termination. 

  
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 ARTICLE XVIII 
 FUNDING POLICY FOR PLAN BENEFITS 
 18.1 Funding Method: The
benefits provided by this Plan shall be funded by contributions of the Employer. Employer Non-Elective contributions and Employer Matching Contributions shall consist entirely of Employer Securities. The Employer may make its Non-Elective
Contribution or its Matching Contribution in cash or in kind, provided however, that if the Non-Elective Contribution or the Matching Contribution is made in cash, the Plan shall immediately acquire Employer Securities with the entire amount of the
Non-Elective Contribution and Matching Contribution and if the Non-Elective Contribution or the Matching Contribution is made in kind, it shall be made in the form of Employer Securities only. Elective Deferral Contributions shall be made in cash
only. All Employer Contribution amounts shall be determined as provided in this Plan. 
 18.2 Investment Policy: This
Plan has been established for the sole purpose of providing benefits to the Participants and their Beneficiaries. In determining investment directions hereunder, the Investment Committee shall lake account the investment policy rules and limitations
provided in the Plan, the advice provided by the Plan Administrator as to funding policy, and the short and long-range needs of the Plan based on the evident and probable requirements of the Plan as to the lime benefits shall be payable and the
requirements therefor. Benefits may be provided through any combination of investment media designed to provide the requisite liquidity, growth and security appropriate to this Plan. 

The following rules shall apply as of the Effective Date with respect to the investment of contributions to the Plan (regardless of
source) and existing Accounts in the Plan. 
  

	 	(a)	Subject to Section 18.6(e), no Participant shall direct investment into or out of Employer Securities in any Account. Effective January 1, 2007, this
restriction shall apply only with respect to Employer Securities in the Employer Non-Elective Contribution Account. 

  

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

 

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

 

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

 

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

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

  

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

 

	 	(h)	All restrictions in the foregoing subsections to investment direction into or out of Employer Securities or transfer of Employer Securities to or from the Employer
Securities Account shall be subject to the dividend investment rules of Section 6.3(e) and the diversification provisions of Section 6.6. 

 18.3 No Purchase of Life Insurance Contracts: Unless authorized by the Plan Sponsor pursuant to amendment to this Article XVIII, no insurance contracts shall be purchased by the Trustee on the life
of any Participant. 
 18.4 General Investments and Dividend Accounts: Benefits for Participants, to the extent not
funded through Employer Securities, shall be funded through the General Investments and Dividend Accounts. The General Investments Account may consist of any investment media offered by the Trustee or through the purchase of shares in any regulated
investment company as defined in Code §851(a), or through any investment proper and appropriate to be made by the Trustee in accordance with Article XIV, or through any combination of such investments other than Employer Securities. Rules and
procedures for the operation of the General Investments Account and Participant direction of investment therein are set forth in Section 18.6. 
 All cash dividends received and held in a Participant’s Dividend Account shall be invested in the stable asset fund described in section 18.6(b) until invested in Employer Securities or distributed
in cash pursuant to the Participant’s election under Section 6.3(e). Effective July 24, 2006, all dividends attributable to Employer Securities shall be subject to the same Participant investment direction rights as the Employer
Securities that were the source of the dividend. 
 18.5 Non-transferability of Annuity Contracts: In the event the
assets of the Trust Fund include allocated annuity contracts, all incidents of ownership in such contracts may be exercised by the Trustee, as directed by the Plan Administrator, except to the extent any death benefits payable thereunder may be paid
to the Beneficiary designated by the Participant. All such contracts shall provide that the owner may not change the ownership of the contract, nor may it be sold, assigned or pledged as collateral for a loan, as security for the performance of an
obligation, or for any other purpose to anyone. No annuity contract may be delivered to a Participant as a distribution from the Plan. 
 18.6 Establishment of Separate Funds: There is hereby reserved to the Plan Administrator (or the Committee designated by the Plan Administrator for this purpose) the right to direct the Trustee to
establish separate investment funds within the General Investments Account. The Plan Administrator (or Committee) may follow different investment policies with respect to each investment fund so established. In the sole discretion of the Sponsoring
Employer a Participant, Inactive Participant, Beneficiary or Alternate Payee shall be allowed to direct the Trustee to invest the amounts in his or her 

  
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General Investments Account, consistent with the rules in this Section 18.6, in any or all of the investment Funds. The following administrative rules shall apply if such Funds are
established: 
  

	 	(a)	Income, gains and losses from each investments Fund will be reinvested in the same Fund and credited only to the General Investments Accounts of those Participants who
have a balance in such Fund, in a manner consistent with Section 6.3. 

  

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

  

	 	(c)	Each Participant shall be entitled to direct the portion of the contributions made to his/her General Investments Account that are to be invested in each of the
investment funds available. Upon the occurrence of any event or decision of the Plan Administrator that results in the deletion of any of the investment funds, that replaces any such fund with another fund, or that adds a new investment fund, the
Plan Administrator shall designate a default investment fund or funds into which contributions on behalf of a Participant shall be invested in the event no specific direction for investment is made by the Participant. The Plan Administrator shall
designate a default investment fund for any Participant or Beneficiary (including any Beneficiary by virtue of a Qualified Domestic Relations Order) who does not provide for investment instructions with respect to his/her General Investments Account
into any investment fund under this Section 18.6. Effective January 1, 2008, or as soon thereafter as the Plan Administrator shall have selected a “Qualified Default Investment Alternative,” as defined in DOL Reg.
§2550.404c-5(e)) (“QDIA”), and for all Plan Years commencing after that date, the default investment fund shall be the designated QDIA. Upon selection of the QDIA the Plan Administrator shall notify each Employee in the Plan of the
default investment option if an Employee fails to provide the Plan Administrator with investment instructions for his/her Account. The Notice shall be written in a manner calculated to be understood by the average Plan Participant and shall be
provided to the Participant at least 30 days (or if alter, as soon as possible following the Employment Commencement Date) prior to the beginning of each Plan Year. The Notice shall include an explanation of: 

 

	 	(1)	the circumstances under which the Participant’s Account will be invested in a QDIA in the absence of any other investment election by the Employee,

  

	 	(2)	the right of Participants and Beneficiaries to direct the investment of assets in their individual accounts, including a description of: 

 

	 	(A)	the QDIA and its investment objectives, risk and return characteristics (if applicable), and attendant fees and expenses; 

 

	 	(B)	 the right of Participants and Beneficiaries on whose behalf assets are invested in a QDIA to direct the investment of those assets to any other
investment 

  
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alternative under the Plan, including a description of any applicable restrictions, fees or expenses in connection with a transfer; and 

 

	 	(C)	where Participants and Beneficiaries can obtain investment information concerning the other investment alternatives available under the Plan. 

 

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

  

	 	(e)	A Participant may not direct (except as provided in Section 6.3(e)) any investment into the Employer Securities Account or (except as provided in Section 6.6)
the liquidation or sale of any Employer Securities in that Account. Effective January 1, 2007, a Participant may direct investment into the Employer Securities Account from any other sub-account in the Plan, with the exception of the Dividend
Account, which shall continue to be subject to the rules in Section 18.4. 

  

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

  

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

 

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

 

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

 

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

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

  
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 ARTICLE XIX 
 TOP-HEAVY PROVISIONS 
 19.1 Application: The provisions of
this Article XIX shall apply and shall supersede any conflicting provisions contained in any other Article of this Plan for purposes of determining whether the Plan is a top-heavy plan under Code §416(g) for Plan Years beginning after
December 31, 2001, and whether the Plan satisfies the minimum benefits requirements of Code §416(c) for such years. For Plan Years prior to January 1, 2002, the provisions of the Prior Plan shall apply. 

19.2 Special Definitions: For purposes of this Article and related Plan provisions, the following terms shall have the following
meanings unless a different meaning is plainly required by the context: 
  

	 	(a)	“Determination Date” shall mean, for any Plan Year subsequent to the first Plan Year, the last day of the preceding Plan Year. For the first Plan Year
of the Plan the Determination Date shall mean the last day of that Plan Year. 

  

	 	(b)	“Five Percent Owner” shall mean: 

  

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

  

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

 

	 	(c)	“Key Employee” shall mean any Employee or former Employee (and any Beneficiary of the Employee) who at any time during the Plan Year that includes the
Determination Date was: 

  

	 	(1)	an officer of the Employer having Top Heavy Compensation greater than $130,000 (as adjusted under Code §416(i)(l) for Plan Years beginning after December 31,
2002), 

  

	 	(2)	a Five Percent Owner of the Employer, or 

  

	 	(3)	a One Percent Owner of the Employer having annual compensation of more than $150,000. 

For purposes of subparagraph (1), no more than 50 Employees (or, if lesser, the greater of 3% or 10% of the number of Employees) shall be
treated as officers. 
 For purposes of determining who is a Five-Percent or a One-Percent Owner in subparagraphs (2) and
(3) above, the rules of subsections (b), (c) and (m) of Code §414 do not apply. Beneficiaries of an Employee acquire the character of the Employee who performed 

  
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service for the Employer. Inherited benefits will retain the character of the benefits of the Employee who performed services for the Employer. 

 

	 	(d)	“Non-Key Employee” shall mean any Employee or Inactive Employee (and any Beneficiary of such Employee) who is not a Key Employee. Non-Key Employees
include Employees who are Inactive Key Employees. 

  

	 	(e)	“One Percent Owner” shall mean: 

  

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

  

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

 

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

 

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

  

	 	(h)	“Required Aggregation Group” shall mean: 

  

	 	(1)	each qualified plan of the Employer in which at least one Key Employee participates in the Plan Year containing the Determination Date or any of the four preceding plan
years (regardless of whether the plan has terminated; and 

  

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

  

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

  

	 	(j)	“Top-Heavy Compensation” shall have the same meaning as the term ‘Compensation’ defined in Section 7.1(b). Top Heavy Compensation
includes all Compensation paid for the Limitation Year without regard to when the Participant commenced participation in the Plan. 

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

 

	 	(1)	If the Employer maintains one or more defined contribution plans (including any simplified employee pension plan or any defined contribution plan terminated within the
one (1) year period ending on the Determination Date) and the Employer has never maintained any defined benefit plan that has covered or could cover a Participant in this Plan, the Top-Heavy Ratio is a fraction, the numerator of which is the
sum of the account balances of all Key Employees as of the Determination Date and the denominator of which is the sum of all account balances of all Participants as of the Determination Date. Both the numerator and denominator of the Top-Heavy Ratio
shall be adjusted to reflect any part of any account balance distributed in the one (1) year period ending on the Determination Date, including distributions under a terminated plan that, had it not been terminated, would have been aggregated
with the Plan under Code §416(g)(2)(A)(i), and any contribution that is due but unpaid as of the Determination Date. In the case of any distribution made for a reason other than severance from employment, death, or disability, the phrase
“5-year period” shall be substituted for “1-year period” in the preceding two sentences. In the case of a defined contribution plan that is not subject to Code §412, the adjustment for contributions due but unpaid is
generally the amount of any contributions actually made after the Top-Heavy Valuation Date but on or before the Determination Date; however, for the first plan year of such a plan, the adjustment shall also reflect the amount of any contributions
made after the Top-Heavy Valuation Date that are allocated as of a date in that first plan year. In the case of a defined contribution plan that is subject to Code §412, the account balances shall include contributions that would be allocated
as of a date not later than the Determination Date, even though those amounts are not yet required to be contributed; furthermore, the adjustment for contributions due but unpaid shall reflect the amount of any contribution actually made (or due to
be made) after the Top-Heavy Valuation Date but before the expiration date of the extended payment period in Code §412(c)(10). 

  

	 	(2)	 If the Employer maintains one or more defined contribution plans (including any simplified employee pension plan) and the Employer maintains or has
maintained one or more defined benefit plans that have covered or could cover a Participant in this Plan, the Top-Heavy Ratio is a fraction, the numerator of which is the sum of account balances under the defined contribution plans for all Key
Employees and the Present Value of accrued benefits under the defined benefit plans for all Key Employees, and the denominator of which is the sum of the account balances under the defined contribution plans for all Participants and the Present
Value of accrued benefits under the defined benefit plans for all Participants. Both the numerator and denominator of the Top-Heavy Ratio are adjusted for any part of any account balance or accrued benefit distributed in the one (1) year period
ending on the Determination Date and any contribution to a defined contribution plan due but unpaid as of the Determination Date. In the case of any distribution made for a reason other than severance from employment, death, or disability, the
phrase “5-year period” shall be substituted for “1-year period” in the preceding sentence. In the case of a defined 

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

  

	 	(3)	For purposes of (1) and (2) above, the value of account balances and the Present Value of accrued benefits shall be determined as of the most recent Top-Heavy
Valuation Date that falls within or ends with the twelve month period ending on the Determination Date. The account balances and accrued benefits of a Participant who is not a Key Employee but who was a Key Employee in any prior year shall be
disregarded. The account balances and accrued benefits of any Participant who has not performed any service for the Employer at any time during the one (1) year period ending on the Determination Date shall be disregarded. In the case of a
defined benefit plan, the Present Value of Accrued Benefits shall not reflect any proportional subsidies and shall reflect any non-proportional subsidies provided by the plan. The calculations of the Top-Heavy Ratio, and the extent to which
distributions, rollovers and transfers are taken into account shall be made in accordance with Code §416 and the Regulations thereunder. In the case of unrelated rollovers and transfers: (1) the plan making the distribution or transfer
shall count the distribution as part of an accrued benefit distributed; and (2) the plan accepting the rollover or transfer shall not consider the rollover or transfer as part of the accrued benefit if such rollover or transfer was accepted
after December 31, 1983, and shall consider the rollover or transfer as part of the accrued benefit if such rollover or transfer was accepted prior to January 1, 1984. In the case of related rollovers and transfers, the plan making the
distribution or transfer shall not count the distribution or transfer as part of an accrued benefit distributed, and the plan accepting the rollover or transfer shall count the rollover or transfer as part of the accrued benefit. Deductible employee
contributions shall not be taken into account for purposes of computing the Top-Heavy Ratio. When aggregating plans, the value of account balances and accrued benefits will be calculated with reference to the Determination Dates that fall within the
same calendar year. 

 For purposes of the above, a Participant’s Accrued Benefit in a defined benefit plan
shall be determined under a uniform accrual method that applies for all defined benefit plans maintained by the Employer or, if there is no such method, under the method described in Code §411(b)(1)(C) that provides the slowest rate of accrual.

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

19.3 Top Heavy Status: This Plan is Top-Heavy if any of the following conditions apply: 

 

	 	(a)	if the Top-Heavy Ratio for this Plan exceeds 60% and this Plan is not part of any Required Aggregation Group or Permissive Aggregation Group of plans;

  

	 	(b)	if this Plan is a part of a Required Aggregation Group of plans but not part of a Permissive Aggregation Group and the Top-Heavy Ratio for the Required Aggregation
Group of plans exceeds 60%; or 

  

	 	(c)	if this Plan is a part of a Permissive Aggregation Group of plans and the Top-Heavy Ratio for the Permissive Aggregation Group exceeds 60%. 

19.4 Top-Heavy Minimum Required Allocation: For any Plan Year in which the Plan is Top-Heavy: 

 

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

  

	 	(1)	three percent of the Participant’s Top-Heavy Compensation; or 

  

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

  

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

  
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	 	(1)	the Participant’s failure to complete 1,000 Hours of Service (or any equivalent provided in the Plan); 

 

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

 

	 	(3)	Compensation less than a stated amount; 

  

	 	(4)	the Employer having no Net Profits; or 

  

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

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

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

  

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

  

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

 19.5 Non-forfeitability of Minimum Top Heavy Allocation: The minimum allocation of Employer
contributions or forfeitures required under Section 19.4 (to the extent required to be nonforfeitable under Code §416(b)) shall not be forfeited in the case of a suspension of benefits under Code §411(a)(3)(B) or a withdrawal of
mandatory employee contributions under Code §411(a)(3)(D). 
 19.6 Minimum Vesting Provision: For any Plan Year in
which this Plan is Top-Heavy, the following vesting schedule shall automatically apply to each Participant in the Plan, unless under Section 11.1 the Participant would be entitled to a larger vested benefit, in which case the benefit as
provided in Section 11.1 shall apply to the Participant: 

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

 This vesting schedule
applies to all accrued benefits within the meaning of Code §411(a)(7), except those attributable to employee contributions, including benefits accrued before the effective date of Code §416 and benefits accrued before the Plan became
Top-Heavy. No reduction in vested percentage may occur in the event the Plan’s status as Top-Heavy changes for any Plan Year. Any change in the Plan’s vesting schedule due to a change in Top-Heavy status shall be subject to the provision
of Section 11.10. However, this Section does not apply to the Accrued Benefit of any Employee who does not have an Hour of Service after the Plan has initially become Top Heavy; such Employee’s Vested Interest attributable to Employer
contributions and forfeitures shall be determined without regard to this Section. 
 19.7 Participant Elective Deferrals:
Elective Deferrals shall not be taken into account in determining under Section 19.4 the amount of Employer contributions to be allocated to a Participant who is a Non-key Employee. 

  
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 ARTICLE XX 
 PROVISIONS AFFECTING BENEFITS 
 20.1 Availability of Loans:
Upon acceptance of an application by a Participant who is an active Employee, the Plan Administrator shall direct the Trustee to make a loan to the Participant from his Plan Accounts (including any Rollover Accounts, but excluding his Employer
Securities Account and his Dividend Account), subject to the provisions of this Article. In considering a Participant’s application for a loan, the Plan Administrator shall base its decision whether to grant a loan on a uniform and
non-discriminatory policy, without regard to the race, color, religion, sex, age or national origin of the applicant. 
 20.2
Loan Administration: The Employer shall prepare and adopt a written Participant Loan Administration Policy Statement, whose provisions shall be made part of this Plan. The Policy Statement shall set forth: 

 

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

 

	 	(b)	the procedure for applying for a loan; 

  

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

  

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

  

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

  

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

  

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

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

 

	 	(a)	Fifty percent of the Vested Interest in his Plan Accounts (including any Rollover Accounts, but excluding his Employer Securities Account, effective January 1,
2007, excluding only his Employer Non-Elective Contribution Account and his Dividend Account); or 

  

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

  

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

  

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

  
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 20.4 Collateral Requirements: Any loan to a Participant shall be secured solely by
the balance in his Plan Account (including any Rollover Accounts, but excluding his Employer Securities Account). In the event of default on the loan, however, foreclosure and attachment of the security shall not occur until a distributable event
occurs under the Plan. 
 20.5 Loan Terms: Any loan made to a Participant by the Trustee shall be evidenced by a
promissory note of the Participant drawn in favor of the Trust. The note shall bear a reasonable rate of interest and shall be amortized in level installments payable at least quarterly within a specified period of time not to exceed five years,
unless the loan is used to acquire a dwelling unit that, within a reasonable period of time (determined at the time the loan is made), will be used as the principal residence of the Participant, in which case the specified period of time shall not
exceed 10 years. Effective January 1, 2002, repayment of a loan to a Participant who is on a leave of absence may be suspended for the shorter of (i) one year or (ii) the term of the leave of absence, provided that upon commencement
of repayments, the loan shall continue to satisfy all requirements of the Plan and all applicable laws and regulations. Suspension of loan repayments shall also be governed by the rules in Section 3.13(f) with respect to any Qualified Military
Service. 
 20.6 Accounting for Loans: Any loan to a Participant pursuant to this Article shall be treated as a directed
investment of his Participant Accounts (excluding his Employer Security Account). For purposes of allocating income in the General Investments Account of the Trust Fund pursuant to Section 6.3(c), the balance in his General Investments Account
shall be treated as equal to the actual balance in the Account minus the outstanding balance of any loans. Furthermore, for purposes of Section 6.3, repayments of principal and interest on the loan shall be treated as deposits to the adjusted
balance (determined pursuant to the preceding sentence) of his General Investments Account 
 20.7 Effect of Termination of
Employment or Plan: If a Participant terminates employment with the Employer for any reason, the outstanding balance of any loans made to him shall become fully payable no later than the last day of the calendar quarter following the calendar
quarter in which his Termination of Employment occurs, or, if earlier, on his Distribution Date. In the event of a termination of the Plan, any outstanding loans shall be due and fully payable within 90 days of the effective dale of such
termination, or the date the Participant or Beneficiary is notified of such termination. If the Participant or Beneficiary has not fully repaid any loan as of the date full payment is due, any unpaid balance shall be deducted from his Vested Accrued
Benefit prior to determining the amount of any immediate or deferred benefit payable to the Participant or Beneficiary, his spouse or his Beneficiary and applied toward repayment of the loan. The deduction shall be applied only against the
Participant’s General Investments Account. 
 20.8 No Spousal Consent: No spousal consent shall be required for any
loan from any Account in the Plan. 
 20.9 Anti-Alienation: Except as specifically provided in Section 20.10 no
benefit that shall be payable out of the Trust Fund to any person (including a Participant, Former Participant or Beneficiary) shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge,
and any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber, or charge the same shall be void. No benefit shall in any manner be liable for or subject 

  
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to the debts, contracts, liabilities, engagements, or toils of any person, nor shall it be subject to attachment or legal process for or against person, and the same shall not be recognized by
the Trustee, except to such extent as may be required by law. 
 20.10 Qualified Domestic Relations Orders:
Section 20.9 shall apply to the creation, assignment, or recognition of a right to any benefit payable with respect to a Participant, Former Participant or Beneficiary pursuant to a Domestic Relations Order, unless such Domestic Relations Order
is determined to be a Qualified Domestic Relations Order (“QDRO”). In the event the Plan, the Trustee, or the Plan Administrator receives a Domestic Relations Order, the Plan Administrator shall promptly notify the Participant, Former
Participant or Beneficiary whose benefit is the subject of such order and provide him with a copy of the Plan’s written procedures for administering QDROs. Administration expenses incurred by the Plan with respect to the QDRO (including costs
associated with review and determination of the order as a valid QDRO) shall be chargeable to the individual Participant’s Account. Unless and until the order is set aside, the following provisions shall apply: 

 

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

  

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

 

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

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

 

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

  

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

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

  

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

 

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

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

  

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

 

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

  

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

 

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

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

  
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 21.5 Amendment: The Sponsoring Employer may amend this Plan at any time without
regard to whether there are Participating Zions Employers hereunder. No written action of a Participating Zions Employer shall be required to validate an amendment. 
 21.6 Discontinuance of Participation: A Participating Zions Employer shall be permitted to discontinue or revoke its participation in the Plan. At the time of any discontinuance or revocation,
satisfactory evidence thereof and of any applicable conditions imposed shall be delivered to the Trustee. If so directed by the Plan Administrator, the Trustee shall transfer, deliver and assign Contracts and other Fund assets allocable to the
Participants of such Participating Zions Employer to the new Trustee as shall have been designated by the Participating Zions Employer, in the event that it has established a separate pension plan for its Employees. No such transfer shall be made if
the result is the elimination or reduction of any Code §411(d)(6) protected benefits. If no successor is designated, the Trustee shall retain the assets for the Employees of the Participating Zions Employer pursuant to the provisions of the
Plan. In no event shall any part of the corpus or income of the Trust as it relates to the Participating Zions Employer be used for or diverted for purposes other than for the exclusive benefit of the Employees of the Participating Zions Employer.

 21.7 Administrator’s Authority: The Plan Administrator shall have authority to make any and all necessary rules
or regulations, binding upon all Participating Zions Employers and all Participants, to effectuate the purposes of this Article. 
 21.8 Participating Employer Contributions: All contributions made by a Participating Zions Employer, as provided for in this Plan, shall be determined separately for each Participating Zions
Employer, and shall be allocated only among Participants eligible to share who are Employees of the Participating Zions Employer making the contribution. The Administrator shall keep separate books and records concerning the affairs of each
Participating Zions Employer hereunder and as to the accounts and credits of the Employees of each Participating Zions Employer. The Trustee may, but need not, register Contracts so as to evidence that a particular Participating Zions Employer is
the interested Employer hereunder. In the event of an Employee transfer from one Participating Zions Employer to another, the employing Employer shall immediately notify the Administrator. 

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

  
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 ARTICLE XXIII 
 MISCELLANEOUS 
 23.1 Participant’s Rights: This plan
shall not be deemed to constitute a contract between the Employer and any Participant or to be a consideration or an inducement for the employment of any Participant or Employee. Nothing contained in this Plan shall be deemed to give any Participant
or Employee the right to be retained in the service of the Employer or to interfere with the right of the Employer to discharge any Participant or Employee at any time regardless of the effect that such discharge shall have upon him as a Participant
of this Plan. 
 23.2 Actions Consistent with Terms of Plan: All actions taken by the Employer. Plan Administrator or
Trustee with respect to Trust assets shall be in accordance with the terms of the Plan and Trust. 
 23.3 Performance of
Duties: All parties to this Plan and Trust, or those claiming any interest hereunder, agree to perform any and all acts and execute any and all documents and papers that are necessary or desirable for carrying out this Plan and Trust or any of
its provisions. 
 23.4 Validity of Plan: This Plan shall be construed in a way that is consistent with ERISA and
regulations thereunder, the Internal Revenue Code and regulations thereunder, and, to the extent state law has not been preempted by federal law, the laws of the state in which the Plan Sponsor has its principal office. In case any provision of this
Plan shall be held illegal or invalid for any reason, such determination shall not affect the remaining provisions of the Plan; but the Plan shall be construed and enforced as if such provision had never been included therein. 

23.5 Legal Action: In the event any claim, suit, or proceeding is brought regarding the Trust and/or Plan established hereunder to
which the Trustee or the Plan Administrator may be a party, and such claim, suit, or proceeding is resolved in favor of the Trustee or Plan Administrator, they shall be entitled to be reimbursed from the Trust Fund for any and all costs,
attorney’s fees, and other expenses pertaining thereto incurred by them for which they shall have become liable. 
 23.6
Gender and Number: Wherever any words are used herein in the masculine, feminine or neuter gender, they shall be construed as though they were also used in another gender in all cases where they would so apply, and whenever any words are used
herein in the singular or plural form, they shall be construed as though they were also used in the other form in all cases where they would so apply. 
 23.7 Uniformity: All provisions of this Plan shall be interpreted and applied in a uniform, nondiscriminatory manner. 
 23.8 Headings: The headings and subheadings of this Agreement have been inserted for convenience of reference and are to be ignored in any construction of the provisions hereof. 

23.9 Receipt and Release for Payments: Any payment to any Participant, his legal representative, Beneficiary, or to any guardian
or committee appointed for such Participant or Beneficiary in accordance with the provisions of the Plan, shall, to the extent thereof, be in full satisfaction of all 

  
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claims against the Trustee and the Employer, either of whom may require such Participant, legal representative, Beneficiary, guardian or committee, as a condition precedent to such payment, to
execute a receipt and release thereof in such form as shall be determined by the Trustee or Employer. 
 23.10 Payments to
Minors, Incompetents: In the event the Plan Administrator must direct a payment from the Plan to or for the benefit of any minor or incompetent Participant or Beneficiary, the Plan Administrator, in its sole and absolute discretion may, but need
not, order the Trustee to make distribution to any of the following: a legal or natural guardian of the minor or other relative or adult with whom the minor temporarily or permanently resides, a court-appointed conservator of any incompetent, a
relative or adult with whom the incompetent temporarily or permanently resides, a residential care facility, rest home, sanitarium or similar entity with which the incompetent temporarily or permanently resides, a person or entity that has applied
for and been designated by the United Stales Government as the recipient or custodian for Social Security benefits for the minor or incompetent. The Plan Administrator may also make payment as directed by the attorney-in-fact of an incompetent
Participant when such direction is pursuant to an unrevoked and valid durable power of attorney. Any guardian, conservator, relative, attorney-in-fact, other person or entity shall have full authority and discretion to expend the distribution for
the use and benefit of the minor or incompetent. The receipt of the distribution by the guardian, conservator, relative, attorney-in-fact, other person or entity shall be a complete discharge to the Plan, Plan Administrator and Trustee, without any
responsibility on the part of the Trustee or the Plan Administrator to see to the application thereof. A Participant shall be deemed incompetent if he or she is incapable of properly using, expending, investing, or otherwise disposing of the
distribution, and a court order or the written opinion of a qualified physician, psychiatrist or psychologist setting forth facts consistent with the standards outlined in this Section is presented to the Plan Administrator. 

23.11 Missing Persons: Notwithstanding any provision in this Plan and Trust to the contrary, if the Plan Administrator is unable
to locate any Inactive Participant who has incurred a Termination of Employment and is entitled to benefits under this Plan within three (3) years of the date he becomes entitled to a distribution from the Trust Fund, any amounts being held for
his behalf shall be forfeited as of the last day of the Plan Year that contains the third anniversary of the date of his distribution entitlement. The forfeited amounts shall be applied as provided in Section 11.7(b). The Plan Administrator
shall proceed with due diligence in attempting to locale any Former Participant. In the Plan Administrator’s sole discretion, due diligence may include any or all of the following actions: 

 

	 	(a)	inquiry of any Beneficiary or Alternate Payee of the Inactive Participant whose names and addresses are known to the Plan Administrator; 

 

	 	(b)	use of the Internal Revenue Service letter forwarding program under Rev. Rul. 94-22; 

 

	 	(c)	use of a commercial locator service; or 

  

	 	(d)	use of the Social Security Administration search program. 

 In no event shall a forfeiture occur until the Plan Administrator has mailed the Inactive Participant a notice of the benefits and the provisions of this section to his last known address, via U.S. Mail
postage prepaid, return receipt requested. 

  
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 If the Inactive Participant is located subsequent to such forfeiture, the forfeited amount
shall be reinstated and the Inactive Participant shall receive a distribution of his Vested Interest in accordance with the provisions of the Plan. 
 23.12 Prohibition Against Diversion of Funds: It shall be impossible by operation of the Plan or of the Trust, by termination of either, by power of revocation or amendment, by the happening
of any contingency, by collateral arrangement or by any other means, for any part of the corpus or income of any trust fund maintained pursuant to the Plait or any funds contributed thereto to be used for, or diverted to, purposes other than the
exclusive benefit of Participants, Former Participants or their Beneficiaries, except as provided in Sections 17.4 and 23.17. 

23.13 Applicability of Plan: The provisions of this Plan shall apply only to persons who are or who become Participants in this
Plan on or after the Effective Date or with respect to Plan provisions with alternate effective dates, such alternate dates. Except as specifically provided in this Plan, the provisions of the Prior Plan will continue to apply to persons who are
Former Participants or who are not employed by a Zions Employer on the Effective Date or as applicable, alternate effective dates, unless and until such time as such persons may again become Participants in this Plan. 

23.14 Misstatement of Age: If a Participant or Beneficiary misstates or misrepresents his age, date of birth or any other material
information to the Employer, Plan Administrator or Trustee, the amount, terms and conditions of any benefits payable from the Plan that are attributable to periods prior to the discovery of such misstatement or misrepresentation shall be limited to
the lesser (or more restrictive) of: the amount, terms and conditions determined based on the misstated information; or the amount, terms and conditions determined based on the correct information. The Plan Administrator shall have sole and absolute
authority for applying the preceding sentence. 
 23.15 Return of Contributions to the Employer: Notwithstanding any
provision of this Plan to the contrary, if any contribution (or portion thereof) by the Employer to the Trust is made as a result of a mistake of fact, or if any contribution (or part thereof) by the Employer to the Trust Fund that is conditioned
upon the deductibility of the contribution by the Employer under the Code is disallowed, whether by agreement within the Internal Revenue Service or by final decision of a court of competent jurisdiction, the Employer may demand repayment of the
mistaken or disallowed amount. The Trustee shall return the mistaken or disallowed contribution within one year following the time the mistaken contribution was made or the disallowed contribution was disallowed. Investment earnings attributable to
the mistaken or disallowed amount shall not be returned, but any investment losses attributable thereto shall reduce the amount so returned. 
 23.16 Correction of Incorrect Benefit Payments: In the event of a misstatement, computational error or other error in Plan records or administration, including a failure by the Plan to value
correctly a Participant’s Account or any assets therein (including any Employer Securities) or to calculate or determine correctly costs or expenses attributable to a Participant’s Account, or in the event costs or expenses attributable to
a Participant’s Account or assets therein are not incurred by the Plan prior to the dale distribution of the Participant’s Account occurs, and as a result a Participant or Beneficiary is underpaid or overpaid, the Plan shall not be liable
to the Participant or Beneficiary for any more than the correct benefit amount under the Plan. 

  
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 Underpayment amounts may be corrected by the Plan by adding to future payments or by making
a single one-time lump sum payment. Overpayment amounts may be deducted by the Plan from any future payments due from the Plan to the Participant or Beneficiary. In lieu of receiving reduced future payments a Participant or Beneficiary may make a
lump sum payment to the Plan of any overpayment. In the event no future payments are owing or will be made, the Plan may require a lump sum repayment from the Participant or Beneficiary of the overpayment amount. Each Participant and Beneficiary in
the Plan shall receive any distribution from the Plan, regardless of when paid, subject to the right of the Plan to obtain recovery of overpaid amounts as provided herein. The right of the Plan to establish the propriety of distributions from the
Plan and/or obtain recovery shall be an equitable remedy and shall extend to all amounts distributed from the Plan, without regard to when the distribution occurs or may have previously occurred. 

23.17 Counterparts: This Plan and Trust may be executed in any number of counterparts, each of which shall be deemed to be an
original, and the counterparts shall constitute one and the same instrument. 
 IN WITNESS WHEREOF, the Plan Sponsor has
caused this Plan to be executed by its duly authorized representative and the Plan Administrator has accepted the Plan this 24th day of December, 2010. 
  

									
	PLAN SPONSOR:	 		 	PLAN ADMINISTRATOR:
	Zions Bancorporation	 		 	Zions Bancorporation
					
	By:	 	 /s/ Diana M. Andersen
	 		 	By:	 	 /s/ Diana M. Andersen

	Name:	 	Diana M. Andersen	 		 	Name:	 	Diana M. Andersen
	Title:	 	SVP & Dir. of Corp. Benefits	 		 	Title:	 	SVP & Dir. of Corp. Benefits

  
 -111-

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