Document:

Form of Change in Control Agreement between the Company and Certain Executive

 EXHIBIT 10.48 
 [FORM OF AGREEMENT] 
 ZIONS BANCORPORATION 
 CHANGE IN CONTROL AGREEMENT 
 SENIOR
EXECUTIVES 
 The company is a party to Change in Control Agreements with certain executive officers in the form attached hereto. 

 [FORM OF AGREEMENT] 
 ZIONS BANCORPORATION 
 CHANGE IN CONTROL AGREEMENT 
 SENIOR EXECUTIVES 
 (3X)

 [Date] 
 [Executive] 
 [Address] 
 Dear [Executive]: 
 Zions Bancorporation (the “Company”) considers it essential to the best interests of its shareholders to foster the continuous employment of key
management personnel. In connection with this, the Company’s Board of Directors (the “Board”) recognizes that, as is the case with many publicly held corporations, the possibility of a change in control of the Company may exist and
that the uncertainty and questions that it may raise among management could result in the departure or distraction of management personnel to the detriment of the Company and its shareholders. 
 The Board has decided to reinforce and encourage the continued attention and dedication of members of the Company’s management, including yourself,
to their assigned duties without the distraction arising from the possibility of a change in control of the Company. 
 In order to induce
you to remain in the employ of the Company or any of its affiliates (collectively, the “Company”), the Company hereby agrees that after this letter agreement (this “Agreement”) has been fully executed, you shall receive the
severance benefits set forth in Section 5 of this Agreement in the event your employment with the Company is terminated under the circumstances described in Section 4 of this Agreement subsequent to a Change in Control (as defined in
Section 2). 
 1. Term of Agreement. This Agreement shall commence on the date hereof and shall continue in effect through
December 31, 2009; provided, however, that commencing on March 1, 2009 and on each March 1 thereafter, the term of this Agreement shall automatically be extended for one additional year unless, not later than March 1 of
that preceding year, the Company shall have given notice that it does not wish to extend this Agreement; provided, further, that if a Change in Control (as defined in Section 2), occurs during the original or any extended term of this
Agreement, the term of this Agreement shall continue in effect for a period of not less than thirty-six (36) months beyond the month in which such Change in Control occurred. 
 2. Change in Control. 
  

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 No benefits shall be payable or provided under Section 3, 4 or 5 of this Agreement unless there has
been a Change in Control. For purposes of this Agreement, a Change in Control shall not be deemed to have occurred if the Board consisting of a majority of Continuing Directors as defined in Section (b) determines that, in their reasonable
judgment, a change in control has not occurred. Without such a determination, a change in control will be deemed to have occurred if: 
 (a) any Person (as defined in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) is or becomes the Beneficial Owner (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of securities of the Company representing 20% or more of the combined voting power of the Company’s then outstanding securities (“Outstanding Company Voting Securities”); provided,
however, that for purposes of this subsection (a), the following shall not constitute a Change in Control: (i) any acquisition by the Company or any corporation controlled by the Company, (ii) any acquisition by any employee benefit plan
(or related trust) sponsored or maintained by the Company or any corporation controlled by the Company, or (iii) any acquisition by a Person of 20% of the Outstanding Company Voting Securities as a result of an acquisition of common stock of
the Company by the Company which, by reducing the number of shares of common stock of the Company outstanding, increases the proportionate number of shares beneficially owned by such Person to 20% or more of the Outstanding Company Voting
Securities; provided, however, that if a Person shall become the beneficial owner of 20% or more of the Outstanding Company Voting Securities by reason of a share acquisition by the Company as described above and shall, after such share acquisition
by the Company, become the beneficial owner of any additional shares of common stock of the Company, then such acquisition shall constitute a Change in Control; 
 (b) during any period of two consecutive years (not including any period prior to the execution of this Agreement), individuals
who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with Company to effect a transaction described in Sections 2(b), (d), (e) or (f))
whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least a majority of the directors then still in office who either were directors at the beginning of the period or whose
election or nomination for election was previously so approved (hereinafter referred to as “Continuing Directors”), cease for any reason to constitute at least a majority thereof; 
 (c) the consummation by the Company of a merger or consolidation of Company with any other corporation (or other entity), other than a
merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity)
50% or more of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; provided, however, that a merger or consolidation effected to implement a
recapitalization of 

  

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the Company (or similar transaction) in which no Person acquires more than 20% of the Outstanding Company Voting Securities shall not constitute a Change in
Control; 
 (d) the stockholders of the Company approve a plan of complete liquidation of the Company; or 
 (e) the consummation of an agreement (or agreements) providing for the sale or disposition by the Company of all or substantially all of
the Company’s assets other than a sale or disposition which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent 50% or more of the combined voting power of the acquiring entity
outstanding immediately after such sale or disposition. 
 3. Accelerated Vesting Upon a Change in Control. 
 (a) All outstanding options, if any, granted to you by the Board (“Options”) under any of the Company’s stock option plans,
incentive plans, or other similar plans (or options substituted therefore covering the stock of a successor corporation) shall become fully vested and exercisable immediately prior to the Change in Control as to all shares of stock covered thereby,
and the restricted period with respect to any restricted stock or any other equity award granted to you thereunder shall lapse and such shares shall be distributed to you immediately prior to the Change in Control. 
 (b) All unpaid Senior Management Value Sharing Awards will be payable at the higher of their target value as established by the Executive
Compensation Committee of the Board (the “Committee”) or their value calculated under the terms of the Value Sharing Plan based on the average annual growth in Earnings per Share and the average Tangible Return on Equity from the inception
of each Plan Period through the fiscal quarter ending prior to the effective date of the Change of Control. Any such payments will be pro-rated based on multiplying them times a fraction, the numerator of which is the number of quarters completed in
the performance cycle and the denominator of which is the original number of quarters in the performance cycle called for in the plan. The payments described in this Section 3(b) shall be paid in a single lump sum within 30 days following the
Change in Control (with the actual payment date during such 30-day period to be determined in the Company’s sole discretion). 
 4.
Termination of Employment Following a Change in Control. 
 (a) General. During the term of this Agreement, if
any of the events described in Section 2 constituting a Change in Control shall have occurred, you shall be entitled to the benefits provided in Section 5(c) upon the subsequent termination of your employment, provided that such
termination occurs during the term of this Agreement and within the two (2) year period immediately following the date of such Change in Control, unless such termination is (i) because of your death or Disability (as defined in
Section 4(b)), (ii) by the Company for Cause (as defined in Section 4(c)), or (iii) by you other than for Good Reason (as defined in Section 4(d). In the event that you are entitled to such benefits, such benefits shall be
paid notwithstanding the subsequent expiration of the term of this Agreement. 
  

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 (b) Disability. If, as a result of your incapacity due to physical or mental
illness, you shall have been absent from the full-time performance of your duties with the Company for six (6) consecutive months, and within thirty (30) days after written notice of termination is given you shall not have returned to the
full-time performance of your duties, your employment may be terminated for “Disability.” 
 (c) Cause.
Termination by the Company of your employment for “Cause” shall mean termination (i) upon your willful and continued failure to substantially perform your duties with the Company (other than any such failure resulting from your
incapacity due to physical or mental illness or any such actual or anticipated failure after your issuance of a Notice of Termination (as defined in Section 4(e) for Good Reason), after a written demand for substantial performance is delivered
to you by the Board, which demand specifically identifies the manner in which the Board believes that you have not substantially performed your duties, (ii) upon your willful and continued failure to substantially follow and comply with the
specific and lawful directives of the Board, as reasonably determined by the Board (other than any such failure resulting from your incapacity due to physical or mental illness or any such actual or anticipated failure after your issuance of a
Notice of Termination for Good Reason), after a written demand for substantial performance is delivered to you by the Board, which demand specifically identifies the manner in which the Board believes that you have not substantially performed your
duties, (iii) upon your willful commission of an act of fraud or dishonesty resulting in material economic or financial injury to the Company, or (iv) upon your willful engagement in illegal conduct or gross misconduct, in each case which
is materially and demonstrably injurious to the Company 
 (d) Good Reason. You shall be entitled to terminate your
employment for Good Reason. For purposes of this Agreement, “Good Reason” shall mean, without your express written consent, the occurrence after a Change in Control of any of the following circumstances unless (except in the case of
Sections 4(d)(iv)), such circumstances are fully corrected (provided such circumstances are capable of correction) prior to the Date of Termination (as defined in Section 4(f)) specified in the Notice of Termination given in respect thereof:

 (i) the assignment to you of any duties materially inconsistent with the position in the Company that you held immediately
prior to the Change in Control, a significant adverse alteration in the nature or status of your responsibilities or the conditions of your employment from those in effect immediately prior to such Change in Control, or any other action by the
Company that results in a material diminution in your position, authority, duties or responsibilities; 
 (ii) the
Company’s reduction by more than 10% of your annual total compensation as in effect on the date hereof or as the same may be increased from time to time; 
 (iii) the relocation of the Company’s offices at which you are principally employed immediately prior to the date of the
Change in Control (your “Principal Location”) which results in the one-way commuting distance for you increasing by more than thirty (30) miles from such location, or the Company’s requiring you, without your written consent, to
be based anywhere other than your Principal Location, except for required travel on the Company’s business to an extent substantially consistent with your present business travel obligations; 
  

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 (iv) the Company’s failure to pay to you any portion of your current compensation or
to pay to you any portion of an installment of deferred compensation under any deferred compensation program of the Company within thirty (30) days after the date such compensation is due; 
 (v) the Company’s failure to continue in effect any material compensation or benefit plan in which you participate immediately prior
to the Change in Control, unless an equitable arrangement (embodied in an ongoing substitute or alternative plan) has been made with respect to such plan, or the Company’s failure to continue your participation therein (or in such substitute or
alternative plan) on a basis not materially less favorable, both in terms of the amount of benefits provided and the level of your participation relative to other participants, as existed at the time of the Change in Control; or 
 (vi) any purported termination of your employment that is not effected pursuant to a Notice of Termination satisfying the requirements of
Section 4(e) hereof (and, if applicable, the requirements of Section 4(c) hereof), which purported termination shall not be effective for purposes of this Agreement. 
 Notwithstanding the foregoing, if you do not provide the Company with written notice of the occurrence of an act or circumstance of a type
described above in this Section 4 within sixty (60) days of your having knowledge thereof occurrence of a type described above in this Section 4, such act or occurrence shall no longer constitute a basis for an event of termination
for “Good Reason”. Your right to terminate your employment pursuant to this Section 4(d) shall not be affected by your incapacity due to physical or mental illness. Your continued employment shall not constitute consent to, or a
waiver of rights with respect to, any circumstance constituting Good Reason hereunder. 
 (e) Notice of Termination.
Any purported termination of your employment by the Company or by you (other than termination due to death which shall terminate your employment automatically) shall be communicated by written Notice of Termination to the other party hereto in
accordance with Section 7. “Notice of Termination” shall mean a notice that shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed
to provide a basis for termination of your employment under the provision so indicated. 
 (f) Date of Termination,
Etc. “Date of Termination” shall mean (a) if your employment is terminated due to your death, the date of your death; (b) if your employment is terminated for Disability, thirty (30) days after Notice of Termination
is given (provided that you shall not have returned to the full-time performance of your duties during such thirty (30)-day period), and (c) if your employment is terminated pursuant to Section 4(c), Section 4(d) or Section 4(e)
or for any other reason (other than death or Disability), the date specified in the Notice of Termination (which, in the case of a termination for Cause shall not be less than thirty (30) days from the date such Notice of Termination is given,
and in the case of a termination for Good Reason shall not be less than fifteen (15) nor more than sixty (60) days from the date such Notice of Termination is given). 
 5. Compensation Upon Termination or During Disability Following A Change in Control. 
  

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 Following a Change in Control during the term of this Agreement, you shall be entitled to the benefits
described below during a period of disability, or upon termination of your employment, as the case may be, provided that such period or termination occurs during the term of this Agreement and within the two (2) year period immediately
following the date of such Change in Control. The benefits to which you are entitled, subject to the terms and conditions of this Agreement, are: 
 (a) During any period during which you fail to perform your full-time duties with the Company as a result of incapacity due to physical or mental illness, you shall continue to receive your base salary at the rate in
effect at the commencement of any such period, together with all compensation payable to you under the Company’s disability plan or program or other similar plan during such period, until this Agreement is terminated pursuant to
Section 4(b) hereof. Thereafter, or in the event your employment is terminated by reason of your death, your benefits shall be determined under the Company’s retirement, insurance and other compensation programs then in effect in
accordance with the terms of such programs. 
 (b) If your employment shall be terminated (i) by the Company for
Cause or (ii) by you other than for Good Reason, the Company shall pay you (1) your full base salary, when due, through the Date of Termination at the rate in effect at the time Notice of Termination is given, (2) the unpaid portion,
if any, of any annual bonus for any prior year, and (3) all other amounts to which you are entitled under any compensation plan of the Company at the time such payments are due, and the Company shall have no further obligations to you under
this Agreement. 
 (c) If your employment by the Company shall be terminated by you for Good Reason or by the Company other
than for Cause or Disability, then you shall be entitled to the benefits provided below: 
 (i) the Company shall pay to you
(1) your full base salary, when due, through the Date of Termination at the rate in effect at the time Notice of Termination is given, at the time specified in Section 5(e), (2) the unpaid portion, if any, of any annual bonus, plus an
amount equal to your targeted annual bonus, pro rated from January 1 of the termination year through the Date of Termination, and (3) all other amounts to which you are entitled under any compensation plan of the Company at the time such
payments are due; 
 (ii) in lieu of any further salary payments to you for periods subsequent to the Date of
Termination, the Company shall pay as severance pay to you, at the time specified in Section 5(e), a lump sum severance payment equal to the sum of three (3) times your annual base salary as in effect as of the Date of Termination or
immediately prior to the Change in Control, whichever is greater, and three (3) times your targeted annual bonus as in effect as of the Date of Termination or the average annual bonus awarded to you (without reduction by reason of any
arrangement to defer payment of such bonus) with respect to the three (3) years immediately prior to the Change in Control, whichever is greater; 
 (iii) for a period of three (3) years following the Date of Termination, the Company shall continue to provide you and your eligible family 

  

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members, based on the cost sharing arrangement between you and the Company on the date of the Change in Control, with medical and dental health benefits at
least equal to those which would have been provided to you and them if your employment had not been terminated or, if more favorable to you, as in effect generally at any time thereafter, provided, however, that if you become re-employed with
another employer and are eligible to receive medical and dental health benefits under another employer’s plans, the Company’s obligations under this Section 5(c)(iii) shall be reduced to the extent comparable benefits are actually
received by you, and any such benefits actually received by you shall be reported to the Company. In the event you are ineligible under the terms of such benefit plans or programs to continue to be so covered, in such event, the Company shall
provide you with substantially equivalent coverage through other sources or will provide you with quarterly payments (on the first business day of each calendar quarter, in advance) in such amounts that, after all taxes on such amounts, shall be
equal to the cost to you of providing yourself such benefit coverage. At the termination of the benefits coverage under the second preceding sentence, you, your spouse and your dependents shall be entitled to continuation coverage pursuant to
Section 4980B of the Internal Revenue Code of 1986, as amended (the “Code”), Sections 601-608 of the Employee Retirement Income Security Act of 1974, as amended, and under any other applicable law, to the extent required by such laws,
as if you had terminated employment with the Company on the date such benefits coverage terminates. The lump sum shall be determined on a present value basis using the interest rate provided in Section 1274(b)(2)(B) of the Code on the Date of
Termination. In each case, (other than a benefit plan providing for reimbursement of expenses referred to in Section 105(b) of the Code relating to amounts expended for medical care), the amount of benefits and payments to be provided under
this clause (iii) during a calendar year shall not affect the amount of benefits and payments to be provided in any other taxable year and any such benefits and payments shall not be subject to liquidation or exchange for another benefit;

 (iv) for a period of two (2) years following the Date of Termination, the Company shall, at its sole expense as
incurred, provide you with outplacement services, the scope and provider of which shall be selected by you in your sole discretion, at an aggregate cost to the Company not to exceed twenty five percent (25%) of your annual base salary as in
effect as of the Date of Termination or immediately prior to the Change in Control, whichever is greater. Except as otherwise expressly provided herein, to the extent any expense reimbursement under this clause (iv) is determined to be subject
to Section 409A (as defined below), the amount of any such expenses eligible for reimbursement in one calendar year shall not affect the expenses eligible for reimbursement in any other taxable year, in no event shall any expenses be reimbursed
after the last day of the calendar year following the calendar year in which the Executive incurred such expenses, and in no event shall any right to reimbursement be subject to liquidation or exchange for another benefit; 
 (v) you shall be fully vested in your accrued benefits under any qualified or nonqualified pension, profit sharing, deferred compensation
or 

  

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supplemental plans maintained by the Company for your benefit, except to the extent that the acceleration of vesting of such benefits would violate any
applicable law or require the Company to accelerate the vesting of the accrued benefits of all participants in such plan or plans, in which case the Company may elect to pay you a lump sum payment at the time specified in Section 5(e) in an
amount equal to the value of such unvested accrued benefits in lieu of accelerating the vesting of your benefits. In addition, the Company shall pay to you an amount equal to the amount the Company would have contributed to your account under the
Company’s 401(k) plan as a matching contribution had you remained employed by the Company for three (3) years after your Date of Termination and had you made the maximum elected deferral contributions. The matching contributions described
in the immediately preceding sentence shall be paid in a single lump sum within 30 days following the Date of Termination (with the actual payment date during such 30-day period to be determined in the Company’s sole discretion); 
 (vi)(1) anything in this Agreement to the contrary notwithstanding, if it shall be determined that any payment or distribution to you or
for your benefit (whether paid or payable or distributed or distributable) pursuant to the terms of this Agreement or otherwise pursuant to or by reason of any other agreement, policy, plan, program or arrangement, including without limitation any
stock option, stock appreciation right or similar right, or the lapse or termination of any restriction on or the vesting or exercisability of any of the foregoing (the “Payments”) would be subject to the excise tax imposed by
Section 4999 of the Code by reason of being “contingent on a change in the ownership or control” of the Company, within the meaning of Section 280G of the Code or to any similar tax imposed by state or local law, or any interest
or penalties with respect to such excise tax (such tax or taxes, together with any such interest or penalties, are collectively referred to as the “Excise Tax”), then your total payment or distribution will be reduced to such extent as
required to not trigger the excise tax. The determination of which payments or benefits to reduce to comply with this provision will be made by you. 
 (2) for the purposes of determining whether any of the Payments will be subject to the Excise Tax and the amount of such Excise Tax, such Payments will be treated as “parachute payments” within the meaning
of Section 280G of the Code, and all “parachute payments” in excess of the “base amount” (as defined under Section 280G(b)(3) of the Code) shall be treated as subject to the Excise Tax, unless and except to the extent
that in the opinion of the accountants such Payments (in whole or in part) either do not constitute “parachute payments” or represent reasonable compensation for services actually rendered (within the meaning of Section 280G(b)(4) of
the Code) in excess of the “base amount,” or such “parachute payments” are otherwise not subject to such Excise Tax. 
 6. Successors; Binding Agreement. 
 (a) The Company shall require any successor (whether direct or indirect,
by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would
be required to perform it if no such succession had taken place. Failure of the Company to obtain such assumption and agreement prior to the effectiveness of any such 

  

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succession shall be a breach of this Agreement and shall entitle you to terminate your employment and receive compensation from the Company in the same
amount and on the same terms to which you would be entitled hereunder if you terminate your employment for Good Reason following a Change in Control, except that for purposes of implementing the foregoing, the date on which any such succession
becomes effective shall be deemed the Date of Termination. Unless expressly provided otherwise, “Company” as used herein shall mean the Company as defined in this Agreement and any successor to its business and/or assets as aforesaid.

 (b) This Agreement shall inure to the benefit of and be enforceable by you and your personal or legal representatives,
executors, administrators, successors, heirs, distributees, devisees and legatees. If you should die while any amount would still be payable to you hereunder had you continued to live, all such amounts, unless otherwise provided herein, shall
be paid in accordance with the terms of this Agreement to your devisee, legatee or other designee or, if there is no such designee, to your estate. 
 7. Notice. For the purpose of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by United States certified or
registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth on the first page of this Agreement, provided that all notices to the Company shall be directed to the attention of the Board with a copy to
the Secretary of the Company, or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon receipt. 
 8. Confidentiality, Non-Competition and Non-Solicitation Covenants. 
 (a) Confidentiality. You hereby agree that you shall not, directly or indirectly, disclose or make available to any person, firm,
corporation, association or other entity for any reason or purpose whatsoever, any Confidential Information (as defined below). You agree that, upon termination of your employment with the Company, all Confidential Information in your possession
that is in written or other tangible form (together with all copies or duplicates thereof, including computer files) shall be returned to the Company and shall not be retained by you or furnished to any third party, in any form except as provided
herein; provided, however, that you shall not be obligated to treat as confidential, or return to the Company copies of any Confidential Information that (i) was publicly known at the time of disclosure to you, (ii) becomes
publicly known or available thereafter other than by any means in violation of this Agreement or any other duty owed to the Company by any person or entity, or (iii) is lawfully disclosed to you by a third party. As used in this Agreement, the
term “Confidential Information” means: information disclosed to you or known by you as a consequence of or through your relationship with the Company, about the customers, employees, business methods, public relations methods,
organization, procedures or finances, including, without limitation, information of or relating to customer lists, of the Company. 
 (b) Non-Compete. You hereby agree that, for the period commencing on the Date of Termination and terminating on the first anniversary thereof, you shall: 
  

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 (i) not, directly or indirectly (whether as principal, agent, independent contractor,
consultant, employee or otherwise), own, manage, operate, join, control or otherwise carry on, participate in the ownership, management, operation or control of, provide services to, or be engaged in or concerned with, any business competitive with
that of the Company or any of its affiliates, which business is located within, or does business within, 50 miles of your primary work location at the time of termination of your employment (for purposes of the foregoing, any business competitive
with the Company or any of its affiliates shall include any organizational activities with respect to a business that would be so competitive once such business is organized and operating and shall include, but not be limited to, a bank, a savings
and loan, a credit union, a broker-dealer or an entity providing investment advisory services) (a “Competing Business”), provided that you shall not be prohibited from owning passively less than 5% of a Competing Business;

 (ii) inform any person which seeks to engage your services that you are bound by this Section 8(b) and the other terms
of this Agreement. 
 (c) Non-Solicitation. You hereby agree that, for the period commencing on the Date of Termination
and terminating on the first anniversary thereof, you shall not, either on your own account or jointly with or as a manager, agent, officer, employee, consultant, partner, joint venturer, owner or shareholder or otherwise on behalf of any other
person, firm or corporation, directly or indirectly solicit or attempt to solicit away from the Company any of its officers or employees or offer employment to any person who is an officer or employee of the Company; provided, however, that a
general advertisement to which an employee of the Company responds shall in no event be deemed to result in a breach of this Section 8(c). 
 (d) Survival. Any termination of your employment or of this Agreement (or breach of this Agreement by you or the Company) shall have no effect on the continuing operation of this Section 8. 
 (e) Validity. The parties hereto acknowledge that the potential restrictions on your future employment imposed by this
Section 8 are reasonable in both duration and geographic scope and in all other respects. If for any reason any court of competent jurisdiction shall find any provisions of this Section 8 unreasonable in duration or geographic scope or
otherwise, you and the Company hereby agree that the restrictions and prohibitions contained herein shall be effective to the fullest extent allowed under applicable law in such jurisdiction. 
 (f) Consideration. The parties acknowledge that this Agreement would not have been entered into and the benefits described in
Sections 3 and 5 would not have been promised in the absence of your promises under this Section 8. 
 9. Governing Law. The
validity, interpretation, construction and performance of this Agreement shall be governed on a non-exclusive basis by the laws of the State of Utah without giving effect to its conflicts of laws rules. 
 10. Joint and Several Liability. Any successors or assigns shall be jointly and severally liable with the Company under this Agreement.

  

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 11. Miscellaneous. No provision of this Agreement may be modified, waived or discharged
unless such waiver, modification or discharge is agreed to in writing and signed by you and such officer as may be specifically designated by the Board. No waiver by either party hereto at any time of any breach by the other party hereto of or
compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or
representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement. All references to sections of the Exchange Act or the
Code shall be deemed also to refer to any successor provisions to such sections. Any payments provided for hereunder shall be paid net of any applicable withholding required under federal, state or local law. Any obligations of the Company under
Sections 5 and 6 shall survive the expiration of the term of this Agreement. The section headings contained in this Agreement are for convenience only, and shall not affect the interpretation of this Agreement. 
 Notwithstanding anything to be contrary contained in Section 1 or this Section 11, the Company may amend, supplement or terminate the Agreement
at any time by giving you at least seven calendar days prior written notice of amendment, supplementation or termination; provided, however, that the Company may amend, supplement or terminate this Agreement under this Section 11 only if,

 (a) (i) the Board or Compensation Committee of the Board has determined generally to amend or supplement the terms and
conditions of outstanding change in control agreements or generally to terminate outstanding change in control agreements and replace them with new, modified change in control agreements, and (ii) concurrently with the amendment,
supplementation or termination of this Agreement the Company provides you with an executed amendment or supplement or new change in control agreement containing terms and conditions substantially the same as those contained in the general
amendments, supplements or new agreements (it being understood that the multiples contained in Section 5(c) of this Agreement and the terms of years contained in Sections 4, 5 or 8 of this Agreement will remain the same in the amendment,
supplement or new agreement provided to you); and 
 (b) (i) a Change in Control has not occurred prior to the effective
date of the amendment, supplementation or termination of this Agreement and (ii) the Company is not then or at such effective date, or within three months of such effective date does not become, a party to a definitive agreement providing for
transactions which, if consummated, would constitute a Change in Control. 
 12. Severability. The invalidity or unenforceability of
any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 
 13. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which
together shall constitute one and the same instrument. 
 14. Legal Fees. In addition to all other amounts payable to you under
this Agreement, the Company shall pay to you all reasonable legal fees and expenses incurred by you in connection with any Dispute arising out of or relating to this Agreement or the interpretation thereof (including, without limitation, all such
fees and expenses, if any, incurred in contesting or disputing any termination of your employment or in seeking to obtain or enforce any right or benefit provided by this 

  

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Agreement, or in connection with any tax audit or proceeding to the extent attributable to the application of Section 4999 of the Code to any payment or
benefit provided hereunder), regardless of the outcome of such proceeding; provided, however, that in the event you commence such action, you shall not be entitled to recover such fees and costs if the court determines that you brought the
claim in bad faith or the claim was frivolous. 
 15. At-Will Employment. Nothing in the foregoing diminishes or alters the
Company’s policy of at-will employment for all employees, where both the Company and you may terminate the employment relationship at any time and for any reason, with or without cause or notice. 
 16. Effectiveness; Entire Agreement. This Agreement shall become effective only upon our receipt from you prior to [specify date] of a copy of
this Agreement executed by you and the Company. 
 This Agreement sets forth the entire agreement of the parties hereto in respect of the
subject matter contained herein and supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether oral or written, by any officer, employee or representative of any party hereto; and any
prior agreement of the parties hereto in respect of the subject matter contained herein, including, without limitation, any prior severance agreements, is hereby terminated and cancelled. [Without limiting the foregoing, you expressly agree that all
rights and benefits held by you under [specify outstanding agreements and prevision thereof] shall terminate and have no force or effect upon the effectiveness of this Agreement. – add this prevision if employee is party to outstanding change
in control agreement or provisions.] Any of your rights hereunder shall be in addition to any rights you may otherwise have under benefit plans or agreements of the Company to which you are a party or in which you are a participant, including, but
not limited to, any Company sponsored employee benefit plans and stock options plans. Provisions of this Agreement shall not in any way abrogate your rights under such other plans and agreements. 
 17. Section 409A. Notwithstanding anything to the contrary in this Agreement or elsewhere, if you are a “specified employee” as
determined pursuant to Section 409A of the Code (“Section 409A”) as of the date of your “separation from service” (within the meaning of Final Treasury Regulation 1.409A-1(h)) and if any payment or benefit provided for in
this Agreement or otherwise both (x) constitutes a “deferral of compensation” within the meaning of Section 409A and (y) cannot be paid or provided in the manner otherwise provided without subjecting you to “additional
tax”, interest or penalties under Section 409A, then any such payment or benefit that is payable during the first six months following your “separation from service” shall be paid or provided to you in a cash lump-sum, with
interest at LIBOR, on the first business day of the seventh calendar month following the month in which your “separation from service” occurs. In addition, any payment or benefit due upon a termination of your employment that
represents a “deferral of compensation” within the meaning of Section 409A shall only be paid or provided to you upon a “separation from service”.
 If this letter sets forth our agreement on the subject matter hereof, kindly sign and return to the Company the enclosed copy of this letter, which shall then constitute our agreement on this subject. 
  

 13 

			
	Sincerely,
	ZIONS BANCORPORATION
		
	By:	 	 
	Its:	 	 

  

			
	 
	[Executive]
		
	Dated:	 	 

  

 14Employment Agreement between the Company and Dallas Haun

 EXHIBIT 10.53 
 EMPLOYMENT AGREEMENT 
 AGREEMENT, dated as of the 20th day of July, 2007, between Zions
Bancorporation (the “Company”) and Dallas E. Haun (the “Employee”). 
 WHEREAS, the Company
desires to engage the Employee as Chief Executive Officer of Nevada State Bank (the “Bank”) and Employee is willing to serve in such capacity, on the terms and conditions set forth below; 
 NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS: 
 1.    Employment Period. The Company hereby agrees to employ the Employee, and the Employee hereby agrees to
work in the employ of the Company, subject to the terms and conditions of this Agreement, for the period commencing on September 3, 2007 (the “Effective Date”) and ending on the fifth anniversary of the Effective Date (the
“Employment Period”). 
 2.    Terms of Employment. 
 (a)      Position and Duties. 
 (i)    During the Employment Period, the Employee shall serve as the Chief Executive Officer of the Bank with the
appropriate authority, duties and responsibilities attendant to such position and any other duties that may be assigned by the Board of Directors of the Company (the “Board”). Employee shall report to the Chairman of the Board and
Chief Executive Officer of the Company. 
 (ii)   During the Employment Period, and excluding any periods of
vacation and sick leave to which the Employee is entitled, the Employee agrees to devote substantially all of his business attention and time to the business and affairs of the Bank and to use the Employee’s reasonable best efforts to perform
such responsibilities. During the Employment Period it shall not be a violation of this Agreement for the Employee, if consistent with the code of conduct of the Company, to (A) serve on corporate, civic or charitable boards or committees,
(B) deliver lectures, fulfill speaking engagements and (C) manage personal investments, so long as such activities do not interfere with the performance of the Employee’s responsibilities as an employee of the Company in accordance
with this Agreement. 
 (b)      Compensation. 
  

 (i)    Annual Base Salary. During the Employment Period, the
Employee shall receive an annual base salary (“Annual Base Salary”) of $400,000, which shall be subject to (A) review by the Compensation Committee of the Board (the “Compensation Committee”) during the first
calendar quarter of 2008, with any increase effective retroactively to January 1, 2008, and (B) annual review by the Compensation Committee for increases thereafter. No increase in Annual Base Salary shall limit or reduce any other right
of or obligation to the Employee under this Agreement. Annual Base Salary shall not be reduced at any time (including after any such increase), other than as part of an across the board salary reduction applicable to other senior officers of the
Company and the term Annual Base Salary as utilized in this Agreement shall refer to Annual Base Salary as so increased or decreased. 
 (ii)    Annual Bonus. During the Employment Period, the Employee shall be eligible to be paid an annual cash bonus (“Annual Bonus”) with a target level of not less than 60%
percent of Annual Base Salary or such greater amount as determined by the Compensation Committee, subject to a maximum target level of 90% of Annual Base Salary, payable in accordance with the procedures applicable to other similarly situated senior
officers of the Company; provided, however, (A) Employee’s Annual Bonus for calendar 2007 shall be $215,000, payable on or before March 15, 2008, and (B) Employee’s Annual Bonus for calendar year 2008 shall be
equal to a minimum of 50% of Annual Base Salary, payable on or before March 15, 2009. 
 (iii)    Effective Date Payment; Upfront Restricted Stock. On the Effective Date, the Company will pay the Employee a one-time lump sum cash payment in the amount of $287,500. Notwithstanding the foregoing, in no
event shall the amounts be taken into consideration for purposes of any compensation or benefit plan of the Company or any of its affiliates. As soon as practicable after the Effective Date, the Company shall grant the Employee the number of shares
of restricted stock of the Company equal to $287,500, divided by the “Fair Market Value” (within the meaning of the Company’s 2005 Stock Option and Incentive Plan (the “2005 Plan”)) of a share of Company Common Stock on the
date such shares of restricted stock are granted (the “Upfront Restricted Stock”). The restrictions on the Upfront Restricted Stock shall lapse in equal annual installments on each of the first four anniversaries of the date of grant and
shall otherwise be subject to the terms of the 2005 Plan and the award agreement evidencing the grant of such Upfront Restricted Stock. 
 (iv)    Make-Whole Equity Grant. As soon as practicable after the Effective Date, the Company shall grant to the Employee awards of stock options and restricted stock (collectively, the
“Make-Whole Grant”) under the 2005 Plan, as follows: (A) stock options to purchase 31,642 shares of Company Common Stock, with vesting and expiration dates apportioned ratably based on the vesting and expiration dates applicable to
the Employee’s unvested 

  

 - 2 - 

 
outstanding stock options to purchase stock of his current employer, and (B) 6,529 shares of restricted stock with lapse restriction dates apportioned
ratably based on the lapse restriction dates applicable to the Employee’s outstanding restricted stock of his current employer. 
 (v)    Annual Equity Grants. During the Employment Period, Employee shall be eligible to receive annual stock option, restricted stock or other equity awards in an amount to be determined,
and on terms and conditions, specified by the Compensation Committee in its sole discretion. Such grants shall be made at times and on terms that are no less favorable to those awards granted to similarly situated senior officers of the Company;
provided, however, that for the 2008 calendar year, the Company shall grant to Employee, during the second calendar quarter of 2008, a stock option to purchase 17,000 shares of Company Common Stock with a per share exercise price equal
to the Fair Market Value of a share of Company Common Stock on the date of grant and which vest, subject to the Employee’s continued employment with the Company through the applicable vesting date, in equal installments on each of the first
three anniversaries of the date of grant. 
 (c)      Benefits. 
 (i)    Employee Benefit Plans. Except as otherwise provided herein, during the Employment Period, the
Employee shall be entitled to participate in all employee benefit and other plans, practices, policies and programs and fringe benefits (including, but not limited to, profit sharing and 401(k) plan participation and health insurance) on a basis no
less favorable than that provided to other senior officers of the Company. 
 (ii)    Relocation;
Temporary Housing; Travel Expenses. During the Employment Period, the Company shall reimburse or pay the Employee for (i) reasonable costs of moving from California to Nevada for the Employee in 2007 and for the Employee’s family no
later than 2009, (ii) a temporary housing allowance for the twenty-one month period following the Effective Date in an amount equal to $2,000 per month, and (iii) expenses for travel between California and Nevada for the twenty-one month
period following the Effective Date in an amount equal to $600 per month. 
 (iii)    Profit-Sharing
Make-Up. As soon as practicable following the Effective Date, the Company shall pay the Employee, on a non-qualified basis, a one-time cash payment in an amount equal to $13,200, in consideration for the amount of profit sharing contributions
the Employee will forgo under his current employer’s retirement plan for the 2007 plan year. 
 (iv)    2008 Value Sharing Plan Make-Up; Value Sharing Plan Participation. In lieu of participating in the Company’s Value Sharing Plan for 2008, during the first calendar quarter of 2009, provided the
Employee is 

  

 - 3 - 

 
employed as of the payment date, the Company shall pay the Employee a one-time cash award equal to the greater of (i) $275,000 or (ii) gross amount
of William Martin’s Value Sharing Plan payment for 2006-2008 (disregarding any deferral of payment). Provided the Company adopts a Value Sharing Plan for any period subsequent to 2008 and during the term of this Agreement, the Employee shall
participate in such plan on a basis, determined by the Compensation Committee, commensurate with Employee’s position and responsibilities relative to those of other senior officers of the Company. 
 (v)    Club Dues. During the Employment Period, the Company shall reimburse the Employee for monthly dues for
a country club mutually acceptable to Employee and Company in Las Vegas, Nevada. Membership may be purchased by either Employee or Bank and will remain the property of the purchaser. 
 (vi)    Vacation. During the Employment Period, the Employee shall be entitled to four weeks of paid vacation
each calendar year. 
 (vii)   Indemnification. To the extent permitted by law, the Company will
indemnify the Employee against any actual or threatened action, suit or proceeding, whether civil, criminal, administrative or investigative, arising by reason of the Employee’s status as a director, officer, employee and/or agent of the Seller
or the Company during the Employee’s employment. In addition, to the extent permitted by law, the Company will pay or reimburse any expenses, including reasonable attorney’s fees, the Employee incurs in investigating and defending any
actual or threatened action, suit or proceeding for which the Employee may be entitled to indemnification under this Section 2(c)(vii). 
 3.    Termination of Employment. 
 (a)        Death or Disability. The Employee’s employment shall terminate automatically upon the Employee’s death during the Employment Period. If the Company determines in good faith
that the Disability of the Employee has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to the Employee written notice in accordance with Section 10(b) of its intention to terminate
the Employee’s employment. In such event, the Employee’s employment with the Company shall terminate effective on the 30th day after receipt of such notice by the Employee (the “Disability Effective Date”), provided that,
within the 30 days after such receipt, the Employee shall not have returned to full-time performance of the Employee’s duties. For purposes of this Agreement, “Disability” shall mean that the Employee is unable to engage in any
substantial gainful activity by reason of a medically determinable physical or mental impairment that can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 

  

 - 4 - 

 
months. The Employee agrees to provide such medical evidence as may be requested by the Company and/or to be evaluated by a mutually agreed upon licensed
physician. If the Employee’s condition constitutes total disability under the federal Social Security Acts, he shall be deemed to be disabled. 
 (b)        Cause. During the Employment Period, the Company may terminate the Employee’s employment during the Employment Period with or without Cause. For purposes
of this Agreement, “Cause” shall mean that the Employee: 
 (i)      repeatedly fails to report to work other than as a result of illness, Disability, paid leave or agreed upon unpaid leave; 
 (ii)     is (A) convicted of, or pleads guilty or nolo contendere to, a misdemeanor involving
fraud, theft or embezzlement or a felony, or (B) otherwise disqualified or barred by any governmental or regulatory authority from serving in the capacity contemplated by this Agreement; or 
 (iii)    has not established his primary residence in Clark County, Nevada prior to the second anniversary of the
Effective Date of this Agreement. 
 Notwithstanding the foregoing, the Employee shall not be deemed to have been terminated for
“Cause” hereunder unless and until there shall have been delivered to the Employee a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters of the Board then in office at a meeting of the Board called and
held for such purpose (after reasonable notice to the Employee and an opportunity for the Employee, together with the Employee’s counsel, to be heard before the Board), finding that, in the good faith opinion of the Board, the Employee had
committed an act set forth above in this Section 3(b) and specifying the particulars thereof in detail. Nothing herein shall limit the right of the Employee or his legal representatives to contest the validity or propriety of any such
determination. 
 (c)      Good Reason. The Employee’s employment may be
terminated by the Employee with or without Good Reason. For purposes of this Agreement, “Good Reason” shall mean in the absence of a written consent of the Employee: 
 (i)    a material and adverse change in the Employee’s position with the Company after the Effective Time as
set forth in Section 2(a)(i) or the failure to provide the Employee with authority, responsibilities and reporting relationships consistent with such position; 
 (ii)    any failure by the Company to comply with any of the provisions of Section 2(b) or 2(c), other than
insubstantial or inadvertent 

  

 - 5 - 

 
failures not in bad faith which are remedied by the Company promptly (but in no event more than 15 days) after receipt of notice thereof given by the
Employee; 
 (iii)    the Company relocating the Employee’s principal work location to a location
that is more than fifty (50) miles from the Employee’s principal work location on the Effective Date; or 
 (iv)    any purported termination by the Company of the Employee’s employment otherwise than as expressly permitted by this Agreement. 
 For the avoidance of doubt, expiration of the Employment Period in accordance with Section 1 hereof, shall not be deemed to be a termination of the Employee’s employment without Cause and shall not entitle
the Employee to terminate his employment for Good Reason. 
 (d)      Notice of
Termination. Any termination by the Company or by the Employee shall be communicated by Notice of Termination to the other party hereto given in accordance with Section 10(b). For purposes of this Agreement, a “Notice of
Termination” means a written notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to
provide a basis for termination of the Employee’s employment under the provision so indicated and (iii) if the Date of Termination (as defined below) is other than the date of receipt of such notice, specifies the Date of Termination.

 (e)      Date of Termination. “Date of Termination” means the date
specified in the Notice of Termination which shall not be less than 30 days nor more than 60 days after the date such notice is given, provided, however, that, if the Employee’s employment is terminated by reason of death or
Disability, the Date of Termination shall be the date of death of the Employee or the Disability Effective Date, as the case may be. 
 4.    Obligations of the Company upon Termination. 
 (a)      Other than for Cause; For Good Reason. If, during the Employment Period, the Company shall terminate the Employee’s employment other than for Cause or Disability, or the Employee shall
terminate employment for Good Reason, the Company shall have no further obligations to the Employee other than: 
 (i)    the Company shall pay to the Employee in a lump sum in cash within 10 days after the Date of Termination an amount equal to the sum of (A) the amount equal to the Employee’s earned but unpaid Annual Base
Salary, accrued but unused vacation time accrued through the Date of Termination and any earned Annual Bonus for a completed prior year to the extent theretofore unpaid, plus (B) the amount equal to (1) the Employee’s 

  

 - 6 - 

 
Annual Bonus, at target, for the year of termination times (2) a fraction, the numerator of which is the number of days in the current fiscal year of
the Company through the Date of Termination and the denominator of which is 365; 
 (ii)    the Company
shall make monthly cash payments to the Employee for the period commencing on the Date of Termination and ending on the fifth anniversary of the Effective Date in an amount equal to 1/12 the then-current annual rate of Annual Base Salary multiplied
by 1.6; 
 (iii)    through the fifth anniversary of the Effective Date, the Company shall continue to
provide medical, life insurance, dental and other welfare benefits to the Employee, his spouse and his eligible dependents on the same basis and at the same cost as such benefits are then currently provided to the Employee (the “Welfare
Benefits”); provided that such benefits shall be secondary to any other coverage obtained by the Employee; 
 (iv)   all Company stock options, restricted stock and other equity awards (including, but not limited to, the Upfront Restricted Stock and the Make-Whole Grant) shall become immediately vested; and 
 (v)    to the extent not theretofore paid or provided, the Company shall timely pay or provide to the Employee any
other amounts or benefits required to be paid or provided or which the Employee is eligible to receive under any plan, program, policy or practice or other contract or agreement of the Company and its affiliated companies through the Date of
Termination other than any severance plan, program, policy, agreement or other arrangement of the Company and its affiliates, (such other amounts and benefits shall be hereinafter referred to as the “Other Benefits”). 
 (b)      Death; Disability. If, during the Employment Period, the Employee’s employment shall
terminate on account of death or Disability, the Company shall have no further obligations to the Employee other than to provide the Employee (or his estate) (i) the Employee’s Annual Base Salary and earned but unused vacation time accrued
through the Date of Termination to the extent theretofore unpaid, (ii) the Welfare Benefits, and (iii) the Other Benefits. 
 (c)      For Cause; Other than for Good Reason. If, during the Employment Period, the Company shall terminate the Employee’s employment for Cause or the Employee terminates
his employment without Good Reason, the Company shall have no further obligations to the Employee other than the obligation to pay to the Employee (i) the Employee’s Annual Base Salary and earned but unused vacation time accrued through
the Date of Termination to the extent theretofore unpaid, (ii) the Other Benefits, and (iii) the Annual Payments required under Section 2(b)(iii), subject to the terms and conditions of that section. 
  

 - 7 - 

 (d)    Release of Claims. The Company’s obligation to
provide the benefits described in Section 4(c) shall be subject to the Employee’s execution, delivery and nonrevocation (within any applicable revocation period) of a general release of claims in form reasonably satisfactory to the Company
providing for a full release of any claims the Employee may have against the Company and its affiliates and their officers, directors, employees, stockholders and agents. 
 5.    Full Settlement. The Company’s obligation to make the payments provided for in this Agreement and
otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may otherwise have against the Employee or others. In no event shall the
Employee be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Employee under any of the provisions of this Agreement, and such amounts shall not be reduced whether or not the Employee
obtains other employment. 
 6.    Change in Control Agreement. As soon as practicable following
the Effective Date, the Employee shall be entitled to enter into a change in control agreement with the Company on the same terms as the agreement provided to similarly situated employees of the Company, a copy of which is attached hereto as
Appendix A. 
 7.    Confidential Information; Covenants Not to Compete or Solicit Clients and
Employees. 
 (a)    Confidential Information. The Employee hereby acknowledges that, as an
employee of the Company, he will be making use of, acquiring and adding to confidential information of a special and unique nature and value relating to the Company and the Bank and their strategic plan and financial operations. The Employee further
recognizes and acknowledges that all confidential information is the exclusive property of the Company or its affiliates, is material and confidential, and is critical to the successful conduct of the business of the Company. Accordingly, the
Employee hereby covenants and agrees that he will use confidential information for the benefit of the Company and its affiliates only and shall not at any time, directly or indirectly, during the Employment Period or thereafter divulge, reveal or
communicate any confidential information to any person, firm, corporation or entity whatsoever, or use any confidential information for his own benefit or for the benefit of others. Notwithstanding the foregoing, the Employee shall be authorized to
disclose confidential information (i) as may be required by law or legal process after providing the Company with prior written notice and an opportunity to respond to such disclosure, (ii) in any criminal proceeding against him after
providing the Company with prior written notice and an opportunity to seek protection for such confidential information and (iii) with the prior written consent of the Company. 
 (b)    Non-Compete. During the Employee’s employment with the Company, and for the period, if any,
during which the Company is making the 

  

 - 8 - 

 
payments described under Section 4(a)(ii) hereof (the “Restricted Period”), the Employee shall not, without the prior written consent of the
Company and the Bank, directly or indirectly engage in the business of commercial and/or retail banking in competition with the business of the Company within the State of Nevada nor will the Employee engage, within this geographical area, in the
design, development, distribution, or sale of a product or service in competition with any product or service being marketed or planned by the Company or the Bank at such time, the plans, designs or specifications of which have been revealed to the
Employee. The Employee agrees to waive any objection to the validity of this covenant and acknowledges that these limited prohibitions are reasonable as to time, geographical area and scope of activities to be restrained and that these limited
prohibitions do not impose a greater restraint than is necessary to protect the Company’s goodwill, proprietary information and other business interests. “Competitive Activity” shall mean the prohibitions set forth above in this
Section 7(b); provided, however, that notwithstanding anything contained in the foregoing provisions of this Section 7(b) to the contrary, “Competitive Activity” shall not include holding a 5% or less equity, voting
or profit participation interest in any enterprise that engages in any Competitive Activity. 
 (c)    Non-Solicitation. During the Employee’s employment with the Company, and for the Restricted Period, the Employee shall not, without the prior written consent of the Company and the Bank, directly or
indirectly: (i) solicit or attempt to solicit, or interfere with or attempt to interfere with, the Company’s, the Bank’s or any affiliate’s relationships with any of its or their customers, (ii) cause, induce, solicit,
encourage, or aid, or attempt to do so, any employee of the Company, the Bank or any of their affiliates to terminate employment with the Company, the Bank or any of their affiliates or to accept employment with any business, operation, corporation,
partnership, limited liability company, association, agency or any other person or entity with which the Employee may be employed or otherwise associated or (iii) interfere or attempt to interfere with any employee’s employment
relationship with the Company, the Bank or any of their affiliates. 
 (d)    The Employee and the
Company acknowledge and agree that the Company and the Bank have legitimate business interests to protect relative to Employee, including trade secrets, other valuable confidential and proprietary business information, substantial relationships with
specific prospective and existing customers, substantial relationships with other employees of the Company, the Bank and their affiliates, customer goodwill associated with the Company’s, the Bank’s and their affiliates’ trade names,
and the Company’s, the Bank’s and their affiliates’ servicing of specific markets provided to Employee. Employee agrees that the restrictions contained in this Section 7 are necessary and reasonable for the protection of the
legitimate business interests and goodwill of the Company, the Bank and their affiliates described above, and Employee agrees to waive any objection to the enforcement of this covenant and that any breach of this Section 7 will cause the
Company, the Bank and their affiliates substantial and irrevocable damage and, therefore, the Company and the Bank shall have the right, in addition to any other remedies it may have, to seek specific performance and injunctive relief, without the
need to post a bond or other security. Employee agrees that if any 

  

 - 9 - 

 
covenant contained in Section 7 of this Agreement is found by a court of competent jurisdiction to contain limitations as to time, geographical area, or
scope of activity that are not reasonable and impose a greater restraint than is necessary to protect the goodwill or other business interest of the Company, the Bank or any of their affiliates, then the court shall reform the covenant to the extent
necessary to cause the limitations contained in the covenant as to time, geographical area, and scope of activity to be restrained to be reasonable and to impose a restraint that is not greater than necessary to protect the goodwill and other
business interests of the Company, the Bank and their affiliates and to enforce the covenant as reformed. 
 (e)    Employee specifically recognizes and affirms that each of the covenants contained in (a), (b) and (c) of this Section 7 is a material and important term of this Agreement which has induced the
Company to provide for the award of the Compensation provided hereunder, the disclosure of confidential information referenced herein, and the other promises made by the Company herein. 
 8.    Successors. 
 (a)    This Agreement is personal to the Employee and without the prior written consent of the Company shall not be
assignable by the Employee otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Employee’s legal representatives. 
 (b)    This Agreement shall inure to the benefit of and be binding upon the Company and its successors. 

(c)    The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or
otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such
succession had taken place. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid. 
 9.    Disputes. 
 (a)    Mandatory Arbitration. Subject to the provisions of this Section 9, any controversy or claim
between the Employee and the Company arising out of or relating to or concerning this Agreement (including the covenants contained in Section 7, except for any such controversy or claim arising out of or relating to or concerning injunctive
relief for the Employee’s breach or purported breach of Section 7, which the Company shall have the right, in addition to any other remedies it may have, to seek specific performance and injunctive relief with a court of competent
jurisdiction, without the need to post a bond or other security) or any aspect of the Employee’s employment with the Company or the Seller or the termination of that employment (together, an “Employment Matter”) shall be
finally settled by binding arbitration in Las 

  

 - 10 - 

 
Vegas, Nevada administered by the American Arbitration Association (the “AAA”) under its Commercial Arbitration Rules then in effect. A
decision must be rendered within 10 days after the parties’ closing statements or submission of post-hearing briefs and all expenses of arbitration shall be borne by the Company. 
 (b)    Governing Law. This Agreement shall be governed by and construed in accordance with the law of the
State of Nevada applicable to contracts made and to be performed entirely within that State. The Employee agrees to exclusive venue and jurisdiction in Las Vegas, Nevada. 
 (c)    Costs. To the extent permitted by law, the Company shall pay or reimburse any reasonable expenses,
including reasonable attorney’s fees, the Employee incurs as a result of any Employment Matter, provided, however, that if in any such arbitration proceeding, litigation proceeding or other legal action, the arbitrator or court
determines that the Employee has presented or defended any issue in such proceeding or action in bad faith, such arbitrator or court, as the case may be, may allocate the portion of such costs and expenses relating to such issue between the Company
and the Employee in any other manner deemed fair, equitable and reasonable by such arbitrator or court; provided further, however, that in no event shall the Employee be required to reimburse the Company for any of the Company’s
costs and expenses relating to any such proceeding or action. 
 10. Miscellaneous. 
 (a)    The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. This
Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives. 
 (b)    All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the
other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 
  

			
	If to the Employee:
	
	At the Employee’s address last shown on the Company’s records.
	
	If to the Company:
	
	Zions Bancorporation
	Attention:	 	Thomas E. Laursen
		 	Senior Vice President & General Counsel
	Address:	 	One South Main Street, Suite 1134
		 	Salt Lake City, Utah 84111
	Telecopy Number: (801) 524-2129

  

 - 11 - 

 or to such other address as either party shall have furnished to the other in writing in accordance
herewith. Notice and communications shall be effective when actually received by the addressee. 
 (c) The invalidity or
unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. 
 (d) The Company may withhold from any amounts payable under this Agreement such Federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation. 
 (e) The Employee’s or the Company’s failure to insist upon strict compliance with any provision of this Agreement or the
failure to assert any right the Employee or the Company may have hereunder, including, without limitation, the right of the Employee to terminate employment for Good Reason pursuant to Section 3(c) or the Company’s right to terminate the
Employee for Cause pursuant to Section 3(b), shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement. 
 (f) From and after the Effective Date, this Agreement shall supersede any other employment, severance agreements between the parties,
(and the Employee shall not be eligible for severance benefits under any plan, program or policy of the Company), other than the change in control agreement described in Section 6 hereof.  
 (g) Any reference to a Section herein is a reference to a section of this Agreement unless otherwise stated. 
 (h) This Agreement is intended to comply with the requirements of Section 409A of the Code (to the extent applicable) and the
Company agrees to interpret, apply and administer this Agreement in the least restrictive manner necessary to comply with such requirements and without resulting in any diminution in the value of payments or benefits to the Employee. To the extent
that any payments to be provided to the Employee under this Agreement result in the deferral of compensation under Section 409A of the Code, and if the Employee is a “Key Employee” as defined in Section 416(i) of the Code, then
such amounts paid to the Employee upon the earlier of (i) six months and one day after the Employee’s Termination Date or (ii) any other date permitted under Section 409A(a)(2) and 409A(a)(3) of the Code. 
  

 - 12 - 

 IN WITNESS WHEREOF, the Employee has hereunto set the Employee’s hand and, pursuant
to the authorization from its Board, the Company has caused these presents to be executed in its name on its behalf, all as of the day and year first above written. 
  

			
	ZIONS BANCORPORATION
		
	By:	 	 /s/ Harris H. Simmons

	Name:	 	Harris H. Simmons
	Title:	 	Chairman, President & Chief
		 	Executive Officer
	
	EMPLOYEE
	
	 /s/ Dallas E. Haun

	Dallas E. Haun

  

 - 13 -

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