Document:

Zions Bancorporation Third Restated Deferred Compenstaion Plan for Directors

 EXHIBIT 10.7 
 ZIONS BANCORPORATION 
 THIRD RESTATED DEFERRED COMPENSATION PLAN FOR DIRECTORS 
 (Effective January 1, 2005) 
 ARTICLE I 
 INTRODUCTION 
 1.1 Restatement of Existing Plan. Zions Bancorporation previously established the Zions Bancorporation Deferred Compensation Plan for Directors effective April 23, 1986 (“Original Plan”). The
Original Plan was amended effective as of May 1, 1991 and again effective July 1, 2003 (“Prior Plan”) and amended effective January 1, 2005 (“Second Restated Plan”). It is a purpose of this Plan to have those
amounts which were 100% vested and credited to a Deferral Account prior to January 1, 2005 (“Grandfather Amounts”) be governed by the applicable laws and rules governing deferred compensation arrangements, prior to the enactment of
Section 409A of the Code (“409A”) together with the provisions of the Prior Plan. Notwithstanding the foregoing, there shall only be one Plan which will include a Deferral Account for Grandfather Amounts and a Deferral Account for
post December 31, 2004 deferrals. Accordingly, the provisions of the Prior Plan shall govern that portion of a Participant’s Deferral Account which consists of Grandfather Amounts. Unless specifically provided herein, the provisions of
this Plan Document where different from the Prior Plan shall apply only to amounts deferred and vested after December 31, 2004. If the application of any provision of this Plan document, would constitute a “material modification” with
respect to Grandfather Amounts under guidance issued by the Service under 409A, then such provision will not be applied to any Grandfather Amounts and the provision of the Prior Plan will control. By this document the Second Restated Plan is
restated and revised as of the Effective Date and to read as set forth hereafter. 
 1.2 Purpose of Plan. Zions Bancorporation has
established this Plan to provide members of the Board of Directors of Zions Bancorporation and members of the Board of Directors of participating subsidiaries of Zions Bancorporation the opportunity to defer the receipt of compensation paid to them
for their services as members of the respective Boards of Directors until such time as they are entitled to receive the compensation under the provisions of this Plan. Zions Bancorporation intends to maintain the Plan solely for the foregoing
purpose and to comply at all times with Sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended. The Plan will be interpreted in a manner consistent with these intentions. 
 ARTICLE II 
 DEFINITIONS 

 Definitions are contained in this article and throughout other sections of the Plan. The location of a definition is for convenience only
and should not be given any significance. A word or term defined in this article (or in any other article) will have the same meaning throughout the Plan unless the context clearly requires a different meaning. 

 2.1 Beneficiary means the individual(s) or entity(ies) designated by a Participant, or by the
Plan, to receive any benefit payable upon the death of a Participant or Beneficiary. A Beneficiary designation must be executed by the Participant and delivered to the Committee pursuant to procedures specified by the Committee for that purpose. In
the absence of a valid or effective Beneficiary designation, the Beneficiary will be the Participant’s surviving spouse, or if there is no surviving spouse, the Participant’s estate. 
 2.2 Board means the Board of Directors of the Company or the Board of Directors of a participating affiliate or subsidiary of the Company.

 2.3 Code means the Internal Revenue Code of 1986, as amended from time to time. 
 2.4 Committee means the Zions Bancorporation Benefits Committee. The Committee will serve as the “plan administrator” to manage and
control the operation and administration of the Plan, within the meaning of ERISA Section 3(16)(A). 
 2.5 Company means Zions
Bancorporation, any successor to Zions Bancorporation, and any subsidiary or affiliate of Zions Bancorporation which elects, with the approval of Zions Bancorporation, to participate in this Plan. In the event one or more affiliates or subsidiaries
of Zions Bancorporation participate in this Plan, all rights, duties and responsibilities for operation of this Plan, including all rights reserved to amend, alter, supplement or terminate this Plan, shall remain exclusively with and be exercised
solely by Zions Bancorporation, unless specifically allocated by Zions Bancorporation to one or more of the participating affiliates or subsidiaries. 
 2.6 Compensation means the remuneration paid to a Director for the services provided by the Director to the Company in the capacity as a member of the Board, including remuneration for services on any
sub-committee or division of the Board, but excluding (i) any amount paid solely to reimburse the Director for expenses incurred, and (ii) any amounts credited as earnings under this Plan. Deferral elections under this Plan shall be
computed on the amount of the Director’s Compensation. 
 2.7 Deferral Account means a bookkeeping account established for and
maintained on behalf of a Participant to which Compensation amounts are deferred, and net income (or losses) thereon, are credited under this Plan. 
 2.8 Deferred Compensation Agreement means an agreement described in Section 3.4 and entered into by a Participant and the Company to reduce the Participant’s Compensation for a specified period and contribute such amounts
to the Plan, in accordance with Article III. 
 2.9 Director means a member of the Board of Zions Bancorporation or any other
participating Company. 
  

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 2.10 Disability means “disability” (or similar term) a Participant is unable to engage
in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or is, by reason of any
medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months
under an accident and health plan covering employees of the Company. 
 2.11 Effective Date means January 1, 2005, the date this
Plan, as restated, shall be deemed effective. The original effective date is April 23, 1986. Notwithstanding the foregoing, amounts deferred and vested under the Plan prior to January 1, 2005 shall not be subject to any amendments to the
Plan with an effective date subsequent to December 31, 2004. 
 2.12 ERISA means the Employee Retirement Income Security Act of
1974, as amended. 
 2.13 Hardship means an unforeseeable emergency which is a severe financial hardship to the Participant resulting
from an illness or accident of the Participant, the Participant’s spouse, the Participant’s beneficiary, or the Participant’s dependent (as defined in section 152 of the Code without regard to section 152(b)(1), (b)(2) and (d)(1)(b));
loss of the Participant’s property due to casualty (including a need to rebuild a home following damage to a home not otherwise covered by insurance, for example, not as a result of a natural disaster); or other similar extraordinary and
unforeseeable circumstances arising as a result of events beyond the control of the Participant. For example, the imminent foreclosure of or eviction from the Participant’s primary residence may constitute an unforeseeable emergency. In
addition, the need to pay medical expenses, including nonrefundable deductibles, as well as for the costs of prescription drug medication may constitute an unforeseeable emergency. Finally, the need to pay for the funeral expenses of a spouse, a
beneficiary, or a dependent (as defined in section 152 of the Code without regard to section 152(b)(1), (b)(2) and (d)(1)(b)) may also constitute an unforeseeable emergency. Generally the purchase of a home or the payment of college tuition are not
unforeseeable emergencies. Whether a Participant is faced with an unforeseeable emergency is to be determined based on the relevant facts and circumstances of each case, but, in any case, a distribution on account of unforeseeable emergency may not
be made to the extent that such emergency is or may be relieved through reimbursement or compensation from insurance or otherwise, by liquidation of the Participant’s assets, to the extent the liquidation of assets would not cause severe
financial hardship, or by cessation of deferrals under the plan. A Hardship and any resulting distribution will be determined in accordance with section 409A of the Code and guidance issued by the Service there under. The Committee will have sole
discretion to determine whether a Hardship condition exists and the amount of the distribution. The Committee’s determination will be final. 
 A Participant must submit a written request for a distribution based on Hardship to the Committee on the form and in the manner prescribed by the Committee. The Hardship request must: (i) describe and certify the Hardship condition
substantiating the severe unforeseeable emergency and all circumstances necessary to meet the definition of Hardship; (ii) state the amount the Participant requests as a withdrawal of all or a portion of his Deferral Account; and 

  

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(iii) demonstrate the amounts requested to be distributed do not exceed the amounts necessary to satisfy such emergency plus amounts necessary to pay any
federal, state, local, or foreign income taxes or penalties reasonably anticipated as a result of the distribution. Determinations of amounts necessary to satisfy an emergency must take into account any additional compensation that will be made
available due to the restriction on further deferrals set forth below in this Section. The Committee will have sole discretion to determine whether a Hardship exists and to determine the appropriate action, if any, provided however, in no event will
the Committee approve a Hardship distribution request for expenses related to any medical condition or expenses related to the death of any person unless the request for distribution is submitted to the Committee and approved by the Committee for
Hardship distribution prior to the date on which the expense is incurred. The Committee, in its sole discretion, may make exception to the foregoing rule if it determines that the circumstances creating the expense for which reimbursement is sought
were not reasonably foreseeable. Regardless of whether the Participant desires to reduce or cease any Compensation amounts to be deferred after the Hardship request is made, the Participant will be precluded from deferring Compensation for the
remainder of the Plan Year in which a Hardship is approved by the Committee. 
 2.14 Insolvent means the Company is (i) unable to
pay its debts as they become due or (ii) subject to a pending proceeding as a debtor under the United States Bankruptcy Code. 
 2.15
Investment Fund or Funds means the investment funds designated by the Committee as the basis for determining the investment return to be allocated to Participants’ Deferral Accounts. The Committee may change the Investment Funds at such
times as it deems appropriate. 
 2.16 Participant means a Director who is eligible to participate in the Plan as provided in
Section 3.1 and who has made an election to defer Compensation pursuant to the Plan. 
 2.17 Plan means the Zions Bancorporation
Second Restated Deferred Compensation Plan for Directors, as set forth in this document, and as further amended from time to time. 
 2.18
Plan Year means the Company’s fiscal year, beginning January 1 and ending December 31. 
 ARTICLE III 
 PARTICIPATION 
 3.1
Eligibility. A Director shall be eligible to participate in the Plan only to the extent and for the period that the Director continues as a member of the Board and receives Compensation. An individual who is a Director as of the first day of the
Plan Year but who ceases to be a Director during the Plan Year shall continue to participate in the Plan with respect to any Deferred Compensation Agreements in effect for the Plan Year, but shall terminate participation as of the end of the Plan
Year. The Participant shall not be permitted to enter into any new Deferred Compensation Agreements with the Company unless and until the individual again becomes a Director. 
  

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 3.2 Participation. A Director who participates in the Plan may elect to defer the receipt of
Compensation earned by the Director by completing an agreement as described in Section 3.4. The Director shall make the election in accordance with Section 3.3. The Company shall withhold amounts deferred by the Participant in accordance
with this election. The Participant’s deferred amounts shall be credited to the Deferral Account as provided in Article V and distributed in accordance with Article VI. An election to defer receipt of Compensation shall continue in
effect for a given Plan Year unless the Participant terminates as a Director. 
 3.3 Election Procedure. The Director shall elect to
defer Compensation under an agreement described in Section 3.4 by completing a Deferred Compensation Agreement in the form and in the manner prescribed by the Committee. The Agreement must be properly completed in accordance with procedures
prescribed by the Committee prior to the first day of the Plan Year for which Compensation shall be earned, provided however, that an individual who becomes a Director for the first time on or after the first day of a Plan Year may within thirty
(30) days of the effective date of his appointment make an election to defer Compensation that will be earned after the date such Director by executes a Deferred Compensation Agreement. 
 3.4 Deferred Compensation Agreement. A Deferred Compensation Agreement shall remain in effect for the Plan Year and for all subsequent Plan years
until amended or revoked by the Participant or terminated by the Company as provided in Section 3.5. The Deferred Compensation Agreement shall be applicable only to Compensation as defined in this Plan and which is earned after the date on
which the Agreement is effective. The Agreement shall define the amount of Compensation that shall be deferred for the Plan Year, and for all subsequent Plan Years and the manner of distribution. The minimum deferral percentage which may be elected
by a Director shall be five percent (5%) and all deferral percentages shall be in five percent (5%) increments. The Committee may, in its discretion, establish a greater minimum deferral percentage amount or incremental deferral percentage
for any given Plan Year. 
 3.5 Irrevocable Election. A Participant’s Deferred Compensation Agreement for a given Plan Year
cannot be amended by the Participant and, except as provided in Section 3.4 and this Section 3.5, is irrevocable. Any change as to the timing or manner of payment of benefits already credited to a Participant’s Deferral Account
(i) must be accomplished by a Participant in accordance with procedures prescribed by the Committee; (ii) will not take effect sooner than the earliest date allowable under 409A; (iii) with respect to a postponement of a distribution
(excluding payments for death, Disability or Hardship) the amended election must be completed in accordance with procedures prescribed by the Committee at least 12 months prior to the date the distribution was scheduled to begin; and (iv) no
acceleration in payment of a distribution may occur in violation of 409A. The Company reserves the right to modify any Deferred Compensation Agreement to reflect a change in Plan provisions or for administrative convenience, so long as such change
complies with section 409A of the Code and does not affect amounts deferred prior to January 1, 2005. 
  

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 Until December 31, 2007 or such other time as allowed by the Internal Revenue Service, a Participant
may amend an existing Deferred Compensation Agreement or complete a new Deferred Compensation Agreement modifying the time and/or form of payment of all or a portion of such Participant’s Deferral Account without regard to the requirement in
Section 409A(a)(4) that postponement in starting date for a distribution be for a minimum of five years from the previously selected payment start date. Any such amendment or new election must be made on or before December 31, 2007 (or
such other date as allowed by the Internal Revenue Service) and must not take effect earlier than 12 months from the date of such amendment. 
 A Participant’s election to defer Compensation under the Deferred Compensation Agreement shall become null and void upon the Participant’s termination or retirement from the Board. No Compensation that may be payable after the
Participant terminates or retires from the Board and otherwise would be subject to such Agreements shall be deferred under this Plan. 
 ARTICLE IV 
 COMPANY CONTRIBUTIONS 
 4.1 No Company Contributions. The Company shall not make or credit any additional contributions to the Plan beyond the amounts determined under
each Participant’s Deferral Compensation Agreement. 
 4.2 Vesting. A Participant’s interest in (i) the Compensation
deferred to his or her Deferral Account pursuant to Sections 3.2 through 3.4 of the Plan and (ii) any earnings credited to the Participant’s Deferral Account pursuant to Section 5.5 of the Plan, shall be at all times fully vested and
nonforfeitable. 
 ARTICLE V 
 PARTICIPANT ACCOUNT BALANCES 
 5.1 Establishment of Accounts. The Committee may select an independent record
keeper (who may be an affiliate of the Company) to establish and maintain a Deferral Account on behalf of each Participant. Contributions and net income (or losses) will be credited to each Deferral Account in accordance with the provisions of this
Article. 
 5.2 Bookkeeping. Deferral Accounts will be primarily for accounting purposes and will not restrict the operation of the
Plan or require separate earmarked assets to be allocated to any account. The establishment of a Deferral Account will not give any Participant the right to receive any asset held by the Company in connection with the Plan or otherwise. 

5.3 Crediting Deferred Compensation. Amounts deferred by a Participant will be credited to the Participant’s Deferral Account no later
than the first business day of the calendar quarter following the date as of which the amount would have been paid to the Participant absent a Deferred Compensation Agreement. This Plan is a restatement of the Prior Plan and includes accounts for
all amounts previously deferred under the Prior Plan. Notwithstanding the foregoing, amounts credited and 100% vested to a Deferral Account, will be governed by the language of the Prior Plan. 
  

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 5.4 Establishment of Investment Funds. The Committee shall establish two (2) Investment Funds
which will be maintained for the purpose of determining the investment return to be credited to a Participant’s Deferral Account. As of the Effective Date the Investment Funds shall consist of an Employer Securities Investment Fund and a
Guaranteed Income Investment Fund. The Committee may change from time to time the number, identity or composition of the Investment Funds or discontinue the availability of any Investment Fund. The investment vehicle for the Guaranteed Income
Investment Fund shall be determined solely in the discretion of the Committee. 
 Pursuant to rules adopted by the Committee, each
Participant will indicate the Investment Fund or Funds to which credits under Section 5.3 and any existing Deferral Account balance are to be credited. Investment Fund elections by Participants must be made in five percent (5%) increments
and at such times and in such manner as the Committee will specify. A Participant may change his or her Investment Fund at any time and in such manner as the Committee may specify. Each Participant shall be provided from time to time with the
investment “results” of the selected Investment Funds. The Company’s liability to the Participant for amounts in the Deferred Compensation Account will include gains and losses attributed to the Investment Funds selected by the
Participant. 
 5.5 Crediting Investment Results. A Participant’s Deferral Account balance will be increased or decreased to
reflect investment results, as they occur. Deferral Accounts will be credited with the investment return of the Investment Funds in which the Participant elected to be deemed to participate. The credited investment return is intended to reflect the
actual performance of the Investment Funds net of any investment or management fees. Nevertheless, no provision of this Plan shall be interpreted to require the Company to actually invest any amounts in any particular fund, whether or not such fund
is one of the Investment Funds available for selection by Participants in the Plan. 
 5.6 Notification to Participants. The Committee
shall notify each Participant with respect to the status of the Participant’s Deferral Account as soon as practicable after the end of each Plan Year. Neither the Company nor the Committee to any extent warrants, guarantees or represents that
the value of any Participant’s Deferral Account at any time will equal or exceed the amount previously allocated or contributed thereto. 
 5.7 Employer Securities. The Employer Securities in the Employer Securities Investment Fund shall consist of common stock issued by Zions Bancorporation which 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 which constitutes “Employer Securities” hereunder and if such conversion is at a conversion price which (as of the
date recorded and booked 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 which meets the above requirement. 
  

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 ARTICLE VI 
 DISTRIBUTION OF ACCOUNTS 
 6.1 Distribution upon Termination or Retirement from the
Board. A Participant who terminates or retires from the Board shall receive his vested Deferral Account in the manner elected by the Participant from the distribution options available under the Plan. An election regarding manner of payment of
the Participant’s Deferral Account balance (including all future years’ contributions) shall be made at the time the Participant first commences participation in the Plan and may be amended thereafter at the election of the Participant in
accordance with the provisions of Article III. 
 (a) Time of Payment. A Participant’s vested Deferral Account balance shall be
paid (or commence to be paid) no later than forty-five (45) days following the date of termination or retirement from the Board. 
 (b) Manner of Payment. Participant’s vested Deferral Account will be paid in accordance with such Participant’s Deferred Compensation Agreement(s). The choices granted to a Participant shall be a lump sum cash payment, or
in four separate annual payments. If no election has been made by the Participant, the Deferral Account will be paid in a lump sum. In the event a Participant fails to elect a manner of payment, the benefit under this plan will be paid in a lump
sum. 
 (c) Lump Sum Value of Deferred Account Balance. The value of a Participant’s Deferral Account to be distributed in a lump
sum shall be determined as of the date the payment is made. 
 (d) Calculation of Installment Amounts. To the extent payment is made
in four separate annual payments, the amount of the annual payment for a particular calendar year shall be determined by valuing the Participant’s Deferral Account as of the last day of the previous year, after all charges and adjustments for
gains and losses through that date. Future annual payments shall be determined each subsequent calendar year in the same manner and shall be adjusted to take into account the value of the Participant’s Deferral Account as of the end of each
previous calendar year and the number of remaining years over which the separate annual payments are to be made. In the final calendar year (or in any earlier calendar year, if applicable) the separate annual payment shall be adjusted to reflect any
earnings or losses on the Participant’s Deferral Account in the year of payment, if the effect of continuing payments would be to exhaust the Participant’s Deferral Account prior to final payment. Any excess in the Participant’s
Deferral Account at the final payment shall be made with the final payment. 
 6.2 Distribution Upon Death. In the event a Participant
dies prior to receiving all of his or her vested Deferral Account, the Participant’s Beneficiary shall receive the unpaid portion of the Participant’s Deferral Account in the form of a lump sum cash payment or in four
(4) substantially equal annual payments, according to the election(s) of the Participant under Section 6.1. 

  

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Payment shall commence no later than forty-five (45) days after the Participant dies and the Committee has been provided with written proof of the
Participant’s death. If distribution is made in a lump sum, then for purposes of this Section 6.2, the value of a Participant’s Deferral Account to be distributed shall be determined as of the date the payment is made, and shall be
credited with earnings through such date. In the case of a Participant who dies while employed with the Company, the Deferral Account shall be credited with any deferred amounts that would have been credited to the account if the Participant
had continued employment with the Company through such date. 
 6.3 Cash Payments Only. All distributions under the Plan will be made
in cash by check, unless in the sole discretion of the Company it determines to make a distribution in kind (or partly in kind and partly in cash) from the account, if any, which the Company has established to provide a source of payment for the
benefits due a Participant. In the event of a distribution of property, the property will be valued at fair market value as of the date of distribution. 
 6.4 Disability. For the purposes of Sections 6.2 and 6.3, in the event of a Participant’s Disability, the Participant will be considered to have separated from employment as of the first day the
Participant meets the definition of Disability. 
 6.5 Distribution Upon Hardship. In the event a Participant is entitled to receive a
distribution on account of Hardship, the distribution shall be made in the form of a lump sum cash payment. The amount of any Hardship distribution will not exceed the amounts allowable under IRS Guidelines. Payment shall commence as soon as
administratively feasible after the Participant’s request for hardship distribution has been approved by the Committee. 
 6.6
Specified Employee. Notwithstanding any other provision of this Article VI, any distribution to a person who is a “specified employee” as defined under Section 409A(a)(2)(b)(i) of the Code may not be made before the date which is
6 months after the date such person ceases being a member of the Board (or, if earlier, the date of death of the Specified Employee). 
 6.7 Grandfather Amounts. Grandfather amounts shall be governed by the plan language in this Article which was effective prior to January 1, 2005. 
 ARTICLE VII 
 PLAN ADMINISTRATION 
 7.1 Plan Administrator. This Plan shall be administered by the Committee, which will be the Plan Administrator. The Committee members shall be
appointed by and serve at the pleasure of the Board. 
 7.2 Administration of the Plan. The Committee shall have the sole authority to
control and manage the operation and administration of the Plan and have all powers, authority and discretion necessary or appropriate to carry out the Plan provisions, and to interpret and 

  

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apply the terms of the Plan to particular cases or circumstances. The Committee may also select and appoint such advisors, consultants and legal counsel as
the Committee shall deem appropriate to aid it in carrying out its responsibilities and duties. All decisions, determinations and interpretations of the Committee will be binding on all interested parties, subject to the claims and appeal procedure
necessary to satisfy the minimum standard of ERISA Section 503, and will be given the maximum deference allowed by law. The Committee may delegate in writing its responsibilities as it sees fit. 
 Committee members who are Participants will abstain from voting on any Plan matters that relate primarily to themselves or that would cause them to be in
constructive receipt of amounts credited to their respective Deferral Account. The Board will identify three or more individuals to serve as a temporary replacement of the Committee members in the event that all three members must abstain from
voting. 
 7.3 Indemnification. The Company will and hereby does indemnify and hold harmless any of its employees, officers, directors
or members of the Committee who have discretionary or administrative responsibilities with respect to the Plan from and against any and all losses, claims, damages, expenses and liabilities (including reasonable attorneys’ fees and amounts
paid, with the approval of the Board, in settlement of any claim) arising out of or resulting from the implementation of a duty, act or decision with respect to the Plan, so long as such duty, act or decision does not involve gross negligence or
willful misconduct on the part of any such individual. 
 7.4 Claims Procedure. A Participant or his Beneficiary (the
“Claimant”) may file a written claim for benefits under the Plan with the Committee. Within sixty (60) days of the filing of the claim, the Committee shall notify the Claimant of the Committee’s decision whether to approve the
claim. Such notice shall include specific reasons for any denial of the claim. Within sixty (60) days of the date the Claimant was notified of the denial of a claim, the Claimant may appeal the Committee’s decision by making a written
submission containing any pertinent information. Any decision not appealed within such sixty (60)-day period shall be final, binding and conclusive. The Committee shall review information submitted with an appeal and render a decision within sixty
(60) days of the submission of the appeal. If it is not feasible for the Committee to render a decision on an appeal within the prescribed sixty (60)-day period, the period may be extended to a one hundred twenty (120)-day period. 

ARTICLE VIII 
 AMENDMENT AND
TERMINATION 
 8.1 Authority to Amend Plan Termination. The Committee has the power and authority in its sole discretion to
adopt amendments and make further changes to the Plan, to the extent that: 
 (a) the amendment or change is designed to clarify a
provision or provisions of the Plan; or 
  

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 (b) the amendment is designed or intended to maintain or to bring the Plan into compliance with
applicable Federal or state law; or 
 (c) the amendment will not create or result in a significant increase in the cost to the
Company or any subsidiary thereof of maintaining or operating the Plan or have a material, substantive effect on the rights or obligations of the Company or any subsidiary thereof with respect to the Plan. 
 8.2 Residual Authority to Amend or Terminate the Plan. Any amendment to the Plan which would create or result in a significant increase in the
cost to the Company or any subsidiary thereof to maintain or operate the Plan, which would have a material, substantive effect on the rights or obligations of the Company or any subsidiary thereof, which would decrease or substantially or materially
increase the benefits of any Director, Participant or Beneficiary, or which is not permitted to be made by the Committee under Section 8.1 must be adopted or ratified by the Board. 
 The Board has sole authority to terminate the Plan in its entirety, which it may do at any time and for any reason. No termination of the Plan will
reduce or eliminate any Participant’s Deferral Account balance as of the date of the termination or any other date. Upon termination of the Plan, each Participant’s Deferral Account shall be distributed to the Participant at the times and
in accordance with the distribution rules set forth in Article VI. 
 ARTICLE IX 
 MISCELLANEOUS 
 9.1 Funding
Arrangements. The Committee shall determine the amounts it deems necessary or appropriate to fund the Company’s obligation to pay Deferral Accounts. Such amounts shall be held in trust by a trustee selected by the Committee, and shall be
earmarked to pay benefits under the terms of the Plan. The Committee will direct the Company to make periodic contributions to the trust at such times and in such amounts as the Committee deems appropriate. 
 Trust assets cannot be diverted to, or used for, any purpose except payments to Participants and Beneficiaries under the terms of the Plan or, if the
Company is Insolvent, to pay the Company’s creditors. Participants and Beneficiaries will have no right against the Company with respect to the payment of any portion of the Participant’s Deferral Account, except as a general unsecured
creditor of the Company. 
 9.2 Nonalienation. No benefit or interest of any Participant or Beneficiary under this Plan will be
subject to any manner of assignment, alienation, anticipation, sale transfer, pledge or encumbrance, whether voluntary or involuntary. Notwithstanding the foregoing, the Committee will honor community property or other marital property rights, but
only to the extent required by law. Prior to distribution to a Participant or Beneficiary, no Deferral Account balance will be in any manner subject to the debts, contracts, liabilities, engagements or torts of the Participant or Beneficiary. Assets
held in trust to fund this Plan may, however, be diverted to pay the Company’s creditors, if the Company is Insolvent. 
  

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 9.3 Domestic Relations Order. In the event the Committee receives a Domestic Relations Order from
a potential Alternate Payee, the Committee shall promptly notify the Participant, or Beneficiary whose benefit is the subject of such order and provide him/her with information concerning the Plan’s procedures for administering QDROs. Unless
and until the order is set aside, the following provisions shall apply: 
 (a) Committee Determination. The Committee shall within a
reasonable time determine whether the order is a QDRO and shall notify the Participant or Beneficiary whose benefit is the subject of the order, of its determination. The Committee may designate a representative to carry out its duties under this
provision. 
 (b) Compliance with Section 409A. Nothing in this Section 9.3(b) shall violate Section 409A of the Code
and any regulations promulgated hereunder and no payment shall occur prior to the date that the Participant whose benefits are subject to the QDRO would have been entitled to receive payment in accordance with any Deferred Compensation Agreement in
existence as of the date of the QDRO. In the event that the QDRO applies to deferrals which occur after the date of the QDRO, the Alternate Payee shall be entitled to a distribution on such future deferrals on the date that the Participant would
have been entitled to receive payment. 
 9.4 QDRO definitions. For purposes of Section 9.3 the following definitions and rules
shall apply: 
 (a) “Alternate Payee” shall mean any spouse, former spouse, child or other dependent of a 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. 
 (b) “Domestic Relations Order” shall mean any judgment, decree, or order (including approval of a property settlement agreement) which: 
 (i) relates to the provision of child support, alimony payments, or marital property rights to a spouse, child, or other dependent of a Participant; and

 (ii) 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 which satisfies the criteria set forth as a QDRO
under policies established by the Committee. 
 9.5 Limitation of Rights. Nothing in this Plan will be construed to give a Participant
the right to continue as a member of any Board or at any particular position or to interfere with the right of the Company to terminate a Participant from the board at any time and for any reason. 
  

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 9.6 Section 409A. This Plan is intended to meet the requirements of Section 409A of the
Code, and shall be administered in a manner that is intended to meet those requirements and shall be construed and interpreted in accordance with such intent. To the extent that a distribution, payment, or the settlement or deferral thereof, is
subject to Section 409A of the Code, except as the Committee otherwise determines in writing, the Deferral Account shall be paid, settled or deferred in a manner that will meet the requirements of Section 409A of the Code, including
regulations or other guidance issued with respect thereto, such that the payment, settlement or deferral shall not be subject to the excise tax applicable under Section 409A of the Code. Any provision of this Plan that would cause the Deferral
Account or the payment, settlement or deferral thereof to fail to satisfy Section 409A of the Code shall be amended to comply with Section 409A of the Code on a timely basis, which may be made on a retroactive basis, in accordance with
regulations and other guidance issued under Section 409A of the Code. 
 9.7 Governing Law. To the extent that state law applies,
the provisions of this Plan will be construed, enforced and administered in accordance with the laws of the state of Utah, except to the extent pre-empted by ERISA. 
 9.8 Grandfather Amounts. The provisions of Sections 9.3, 9.4, and 9.6 shall apply to Grandfather Amounts. 
  

 13Fifth Amended and Restated Amegy Bancorporation, Inc.

 EXHIBIT 10.8 
 AMEGY BANCORPORATION, INC. 
 FIFTH AMENDED AND RESTATED NON-EMPLOYEE DIRECTORS 
 DEFERRED FEE PLAN 
 1. Purpose. The purpose of
the Plan is to provide Non-Employee Directors an opportunity to defer payment of all or a portion of their Director’s Fees in accordance with the terms and conditions set forth herein. 
 2. Definitions. For the purposes of the Plan, the following capitalized words shall have the meanings set forth below: 
 “Advisory Director” means an advisory director of the Bank Board and any member of any advisory board of directors or similar
group or committee that may be constituted from time to time by the Board, the Bank Board, or management of the Company or the Bank. 
 “Bank” means Amegy Bank N.A., a wholly-owned subsidiary of the Company. 
 “Bank Board” means the
Board of Directors of the Bank. 
 “Board” means the Board of Directors of the Company. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
 “Committee” means the Benefits Committee of the Company. 
 “Common Stock” means the common stock of the Company. 
 “Company” means Zions Bancorporation. 
 “Deferral Election Form” means the form which may be electronic or written as determined by the Committee, pursuant to which a
Non-Employee Director makes a deferral election under the Plan. 
 “Deferral Period” means each calendar year. The
first Deferral Period under the Plan shall commence January 1, 2002. If an individual becomes eligible to participate in the Plan after the commencement of a Deferral Period, the Deferral Period for that individual shall be the remainder of
such Deferral Period following his Election Date. 
 “Deferred Benefit” means an amount that will be paid on a
deferred basis under the Plan. 

 “Deferred Compensation Account” means the bookkeeping account established for
each Non-Employee Director for purposes of measuring his or her Deferred Benefit and shall include subaccounts for Deferred Benefits that are to be paid at different times and/or in a different manner. 
 “Director’s Fee” means the cash portion of the annual retainer fee and any other fees payable for service on the Bank
Board, including, without limitation, any meeting fees or fees for serving as a chair of any committee of the Bank Board or any fees received as an Advisory Director. 
 “Election Date” means the day immediately preceding the commencement of a Deferral Period. If an individual first becomes
eligible to participate in the Plan after the start of a Deferral Period, the Election Date shall be not later than the thirtieth day following the initial date such individual became a Non-Employee Director. 
 “Fair Market Value” means the closing sales price of a share of Common Stock on the applicable date (or, if there was no trading
in the shares on such date, on the next preceding date on which there was trading) on the principal exchange or system on which the shares are sold, as reported in The Wall Street Journal or other reporting service approved by the Committee.

 “Non-Employee Director” means a member of the Bank Board and an Advisory Director who is not an employee of the
Company or any of its subsidiaries. 
 “Plan” means this Amegy Bancorporation, Inc. Non-Employee Directors Deferred
Fee Plan as amended or restated from time to time. 
 3. Administration. 
 (a) The Plan shall be administered by the Committee. 
 (b) The Committee shall have the sole authority to control and manage the operation and administration of the Plan and have all powers,
authority and discretion necessary or appropriate to carry out the Plan provisions, and to interpret and apply the terms of the Plan to particular cases or circumstances. To the extent permitted under this Plan or authorized by the Board, the
Committee may amend any provision of this Plan at any time and for any reason. The Committee may also select and appoint such advisors, consultants and legal counsel as the Committee shall deem appropriate to aid it in carrying out its
responsibilities and duties. All decisions, determinations and interpretations of the Committee will be binding on all interested parties, subject to the claims and appeal procedure necessary to satisfy the minimum standard of ERISA
Section 503, and will be given the maximum deference allowed by law. The Committee may delegate in writing its responsibilities as it sees fit. 
  

 2 

 Committee members who are Participants will abstain from voting on any Plan matters that
relate primarily to themselves or that would cause them to be in constructive receipt of amounts credited to their respective Deferred Compensation Account. The Board will identify three or more individuals to serve as a temporary replacement of the
Committee members in the event that all three members must abstain from voting. 
 (c) Each member of the Committee and each
other person acting at the direction of or on behalf of the Committee shall not be liable for any determination or anything done or omitted to be done by him or by any other member of the Committee or any other such individual in connection with the
Plan, except for his own gross negligence or willful misconduct or as expressly provided by statute, and to the extent permitted by law and the bylaws of the Company, shall be fully indemnified and protected by the Company with respect to such
determination, act or omission. 
 4. Shares Available. The Company is authorized to credit up to 125,000 Stock Units and to issue up to
125,000 shares of Common Stock, respectively, under the Plan (the “Plan Limit”). Such shares of Common Stock may be newly issued shares of Common Stock or reacquired shares of Common Stock held in the treasury of the Company. 

5. Deferral of Director’s Fees. 
 (a) Deferral Elections. 
 (i) General Provisions. Unless the Committee provides otherwise, Non-Employee
Directors may elect to defer all, one-half or none of their Director’s Fees with respect to a Deferral Period in the manner provided in this Section 5. A Non-Employee Director’s Deferred Benefit is at all times nonforfeitable.

 (ii) Deferral Election Forms. In order for a Non-Employee Director to participate in the Plan for a given Deferral Period, a Deferral
Election Form, completed and delivered to the Company in accordance with procedures established by the Committee on or prior to the applicable Election Date or such earlier date specified by the Committee. A Deferral Election Form shall remain in
effect only for the Deferral Period for that Election Date. A Non-Employee Director electing to participate in the Plan shall indicate on his Deferral Election Form: 
 (A) the percentage of the Director’s Fees for the Deferral Period to be deferred, which election shall be irrevocable for such
Deferral Period, and 
  

 3 

 (B) the timing and manner of payment of the Director’s Fees deferred for that
Deferral Period. Any subsequent change as to the timing and manner of payment of Deferred Benefits already credited to the Non-Employee Director’s Deferred Compensation Account must (i) be made at least 12 months prior to the date of the
scheduled payment or commencement of payment; (ii) delay the subsequent payment or commencement of payment at least five years after the date on which such payment or commencement of payment would otherwise have been made or commenced; and
shall not be effective for 12 months following the change. Until December 31, 2007 or such other time as allowed by the Internal Revenue Service, a Participant may amend an existing Deferred Compensation Agreement or complete a new Deferred
Compensation Agreement modifying the time and/or form of payment of all or a portion of such Participant’s Deferral Account without regard to the requirement in Section 409A(a)(4) that postponement in starting date for a distribution be
for a minimum of five years from the previously selected payment start date. Any such amendment or new election must be made on or before December 31, 2007(or such other date as allowed by the Internal Revenue Service) and must not take effect
earlier than 12 months from the date of such amendment. 
 (iii) Time and/or Manner of Distribution. All distributions shall commence at such
time the Non-Employee Director ceases to be a director and in the form of a lump sum unless a different time and/or manner of distribution is specified in a properly completed and delivered Deferral Election Form. 
 (iv) Effect of No Deferral Election. A Non-Employee Director who does not have a completed Deferral Election Form on file with the Company on or prior to
the applicable Election Date for a Deferral Period may not defer his Director’s Fees for such Deferral Period. 
 (b)
Establishment of Deferred Compensation Accounts. A Non-Employee Director’s deferrals will be credited to a Deferred Compensation Account set up for that Non-Employee Director by the Company in accordance with the provisions of this
Section 5. 
 (c) Crediting of Stock Units to Deferred Compensation Accounts. 
  

 4 

 (i) Number of Stock Units. The portion of the Director’s Fees that a Non-Employee Director elects
to defer shall be credited to the Participant’s Deferral Account no later than the first business day of the calendar quarter following the date as of which the amount would have been paid to the Participant absent a Deferral Election Form. The
number of Stock Units to be credited to the Deferred Compensation Account shall be determined by dividing (1) the amount of the Director’s Fees deferred during such quarter by (2) the Fair Market Value of a share of Common Stock as of
the date of crediting, and (3) multiplying such result by 1.25. 
 (ii) Dividends. No adjustment or credit will be made to a Deferred
Compensation Account by reason of the making of any distribution in respect of the Common Stock, other than a transaction described in Section 7(b). 
 (iii) No Rights as Stockholder. The crediting of Stock Units to a Non-Employee Director’s Deferred Compensation Account shall not confer on the Non-Employee Director any rights as a stockholder of the Company.

 (iv) Conversion of Stock Units. The conversion of Stock Units based on stock of Amegy Bancorporation, Inc. to stock of the Company shall
be determined by the Company. 
 (d) Written Statements of Account. The Company will furnish each Non-Employee Director with a
statement setting forth the value of such Non-Employee Director’s Deferred Compensation Account as of the end of each Deferral Period and all credits to and payments from the Deferred Compensation Account during the Deferral Period. Such
statement will be furnished as soon as reasonably practical after the end of the Deferral Period. 
 (e) Manner of Payment of
Deferred Benefit. Payment of the Deferred Benefits shall be in shares of Common Stock. Payment shall be made either in a single lump sum or in a series of five or fewer annual installments, as elected by the Non-Employee Director at the time of the
deferral. The amount of each installment payment to a Non-Employee Director shall be determined in accordance with the formula B/(N-P), where “B” is the total value of the Deferred Compensation Account as of the installment calculation
date, “N” is the number of installments elected by the Non-Employee Director and “P” is the number of installments previously paid to the Non-Employee Director. Any partial unit resulting in the calculation above will be settled
in cash. 
 (f) Commencement of Payment of Deferred Benefit. Payment of a Non-Employee Director’s Deferred Compensation
Account, including subaccounts, shall commence as soon as reasonably practicable after the earlier to occur of: 
 (i) his or her termination
as a Non-Employee Director; and 
  

 5 

 (ii) the date specified in the Deferral Election Form executed by the Non-Employee Director; 

(iii) in no event will the payment or commencement of payment be not later than the later of December 31 of the year in which such
Participant’s right to payment began or the 15th day of the third month following such date. 
 provided, however, that if the
Non-Employee Director is employed by the Company or the Bank following his or her termination as a Non-Employee Director, then payment of such account shall not commence until his or her separation from service with the Company or the Bank; and,
provided further, that if he or she is a “specified employee’ as defined under Section 409A of the Code or the regulations promulgated thereunder, payment of a such participant’s Non-Employee Director’s Deferred Compensation
Account cannot be made before the earlier of (i) the date that is six months after the date of the specified employee’s separation from service; or (ii) the date of the specified employee’s death. 
 (g) Death. In the event of a Non-Employee Director’s death, the Non-Employee Director’s entire Deferred Benefit will be
distributed in a lump sum to the Non-Employee Director’s beneficiary as soon as reasonably practicable after the date of death. 
 (h) Restrictions on Transfer. The Company shall pay all Deferred Benefits payable under the Plan only to the Non-Employee Director or beneficiary designated under the Plan to receive such amounts. Neither a Non-Employee Director nor his
beneficiary shall have any right to anticipate, alienate, sell, transfer, assign, pledge, encumber or change any benefits to which he may become entitled under the Plan, and any attempt to do so shall be void. A Deferred Benefit shall not be subject
to attachment, execution by levy, garnishment, or other legal or equitable process for a Non-Employee Director’s or beneficiary’s debts or other obligations. 
 (i) Domestic Relations Order. In the event the Committee receives a Domestic Relations Order from a potential Alternate Payee, the
Committee shall promptly notify the Non-Employee Director, Former Non-Employee Director or Beneficiary whose benefit is the subject of such order and provide him/her with information concerning the Plans’ procedures for administering QDROs.
Unless and until the order is set aside, the following provisions shall apply: 
 (i) The Committee shall within a reasonable time determine
whether the order is a QDRO and shall notify the Non-Employee Director, Former Non-Employee Director or Beneficiary whose benefit is the subject of the order, of its determination. The Committee may designate a representative to carry out its duties
under this provision. 
  

 6 

 (ii) Nothing in this Section 5(i) shall be deemed to allow payment under a QDRO to an Alternate
Payee of any benefit which would violate Section 409A of the Code and any regulations promulgated hereunder and no payment shall occur prior to the date that the Non-Employee Director or Former Non-Employee Director whose benefits are subject
to the QDRO would have been entitled to receive payment in accordance with any Deferral Election in existence as of the date of the QDRO. In the event that the QDRO applies to deferrals which occur after the date of the QDRO, the Alternate Payee
shall be entitled to a distribution on such future deferrals on the date that the Non-Employee Director or Former Non-Employee Director would have been entitled to receive payment 
 (j) QDRO definitions. For purposes of 5(i) the following definitions and rules shall apply: 
 (i) “Alternate Payee” shall mean any spouse, former spouse, child or other dependent of a Non-Employee Director or Former Non-Employee Director
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 Non-Employee Director or Former Non-Employee Director. 
 (ii) “Domestic Relations Order” shall mean any judgment, decree, or order (including approval of a property settlement agreement) which:

 A. relates to the provision of child support, alimony payments, or marital property rights to a spouse, child, or other dependent of a
Non-Employee Director or Former Non-Employee Director and 
 B. is made pursuant to a state domestic relations law (including a community
property law). 
 (iii) “Qualified Domestic Relations Order” shall mean any Domestic Relations Order which satisfies the criteria
set forth as a QDRO under policies established by the Committee. 
  

 7 

 (k) Change in Ownership or Effective Control. In the event there is a “Change in
Ownership or Effective Control” regarding the Company, then notwithstanding any the terms of any Deferral Election, all Deferred Benefits under this Plan shall become due and payable upon the date established by the Committee as the effective
date of the change of control. Notwithstanding the foregoing, with respect to “Specified Employees” as defined under Section 409A of the Code, Specified Employee’s benefits will be payable 6 months after the date non Specified
Employee’s Deferred Benefits are payable under this Section 5(k). For purposes of this paragraph, “Change in Ownership or Effective Control” shall mean a change in ownership or effective control of the Company or in the ownership
of a substantial portion of the assets of the Company as determined under Section 409A of the Code or regulations promulgated there under. 
 6. Designation of Beneficiary. 
 (a) Beneficiary Designations. Each Non-Employee Director may designate a
beneficiary to receive any Deferred Benefit due under the Plan on the Non-Employee Director’s death by executing a beneficiary designation form provided by the Company. 
 (b) Change of Beneficiary Designation. A Non-Employee Director may change an earlier beneficiary designation by executing a later
beneficiary designation form and delivering it to the Company. The execution of a beneficiary designation form and its receipt by the Company revokes and rescinds any prior beneficiary designation form. 
 7. Recapitalization or Reorganization. 
 (a) Authority of the Company and Stockholders. The existence of the Plan shall not affect or restrict in any way the right or power of the Company or the stockholders of the Company to make or authorize any
adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, any merger or consolidation of the Company, any issue of stock or of options, warrants or rights to purchase stock or of bonds,
debentures, preferred or prior preference stocks having rights superior to or affecting the Common Stock or the rights thereof or which are convertible into or exchangeable for Common Stock, or the dissolution or liquidation of the Company, or any
sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise. 
 (b) Change in Capitalization. Notwithstanding any other provision of the Plan, in the event of any change in the outstanding Common Stock by reason of a stock dividend, recapitalization, reclassification,
reorganization, merger, consolidation, stock split, combination, exchange of shares or other transaction: 

  

 8 

 
(i) such proportionate adjustments as may be necessary (as determined by the Committee in its sole discretion) to reflect such change shall be made to
prevent dilution or enlargement of the rights of Non-Employee Directors under the Plan with respect to the aggregate number of shares of Common Stock authorized to be awarded under the Plan and the number of Stock Units credited to a Non-Employee
Director’s Deferred Compensation Account, and (ii) the Committee may make such other adjustments, consistent with the foregoing, as it deems appropriate in its sole discretion. 
 (c) Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company and to the extent permitted by
Section 409A of the Code, all Deferred Benefits credited to the Non-Employee Director’s Deferred Compensation Account as of the date of the consummation of a proposed dissolution or liquidation shall be paid in cash to the Non-Employee
Director or, in the event of death of the Non-Employee Director prior to payment, to the beneficiary thereof on the date of the consummation of such proposed action. The cash amount paid for each Stock Unit shall be the Fair Market Value of a share
of Common Stock as of the date of the consummation of such proposed action. 
 8. Plan Limit, Termination and Amendment of the Plan.

 (a) Plan Limit. If the Plan Limit has been reached, no additional Director Fees may be deferred after that date and any
dividend equivalents credited thereafter shall be credited as a bookkeeping “cash” amount, rather than as Stock Units, and shall be credited with interest, until paid in cash, at the Company’s prime rate of interest each valuation
date. 
 (b) General Power of Board. Notwithstanding anything herein to the contrary, the Board may at any time and from time
to time terminate, modify, suspend or amend the Plan in whole or in part and, upon termination of the Plan, immediately settle all Stock Units in shares of Common Stock notwithstanding any deferral elections to the contrary; provided, however, that
no such termination, modification, suspension or amendment shall be effective without stockholder approval if such approval is required to comply with any applicable law or stock exchange rule; and, provided further, that the Board may not, without
stockholder approval, increase the maximum number of shares issuable under the Plan, except as provided in Section 7(b) above. 
 Notwithstanding anything herein to the contrary, (i) no amendment shall be made to the Plan with respect to any amount deferred and vested prior to January 1, 2005 unless such amendment explicitly provides that it is applicable to
such amount; and (ii) except as the Committee otherwise determines in writing, no distribution shall be made upon termination of the Plan if such distribution shall be subject to the excise tax applicable under Section 409A of the Code.

  

 9 

 9. Miscellaneous. 
 (a) No Right to Reelection. Nothing in the Plan shall be deemed to create any obligation on the part of the Board or Bank Board to
nominate any of its members for reelection by the Company’s stockholders, nor confer upon any Non-Employee Director the right to remain a member of the Board or Bank Board or an Advisory Director for any period of time, or at any particular
rate of compensation. 
 (b) Unfunded Plan. 
 (i) Generally. This Plan is unfunded. Amounts payable under the Plan will be satisfied solely out of the general assets of the Bank subject to the claims of the Bank’s creditors, except to the extent the Company
determines to create a Rabbi Trust to hold assets to satisfy any amounts due participants under this Plan. In such event the assets of the Rabbi Trust shall be available to general creditors of the Bank in the event of bankruptcy or insolvency or as
otherwise required by law. 
 (ii) Deferred Benefits. A Deferred Benefit represents at all times an unfunded and unsecured contractual
obligation of the Bank and each Non-Employee Director or beneficiary will be a general unsecured creditor of the Bank. No Non-Employee Director, beneficiary or an other person shall have any interest in any fund or in any specific asset of the Bank
by reason of any amount credited to him hereunder, nor shall any Non-Employee Director, beneficiary or any other person have any right to receive any distribution under the Plan except as, and to the extent, expressly provided in the Plan.

 (c) Other Compensation Arrangements. Benefits received by a Non-Employee Director pursuant to the provisions of the Plan
shall not be included in, nor have any effect on, the determination of benefits under any other arrangement provided by the Bank or the Company. 
 (d) Securities Law Restrictions. All certificates for shares of Common Stock delivered under the Plan shall be subject to such stock-transfer orders and other restrictions as the Company may deem advisable under the
rules, regulations, and other requirements of the Securities and Exchange Commission or any exchange upon which the Common Stock is then listed, and any applicable federal or state securities law, and the Committee may cause a legend or legends to
be put on any such certificates to make appropriate reference to such restrictions. No shares of Common Stock shall be issued hereunder unless the Company shall have determined that such issuance is in compliance with, or pursuant to an exemption
from, all applicable federal and state securities laws. 
  

 10 

 (e) Expenses. The costs and expenses of administering the Plan shall be borne by the
Bank. 
 (f) Applicable Law. Except as to matters of federal law, the Plan and all actions taken thereunder shall be governed
by and construed in accordance with the laws of the State of Texas without giving effect to conflicts of law principles. 
 (g) Effective Date. It is the intent of this Plan to preserve pre 409A rights with respect to those amounts deferred and vested prior to January 1, 2005. The Plan was effective as of January 1, 2002, with amendments effective as
of November 5, 2003. Each of the Second, Third, Fourth and Fifth Amended and Restated versions of the Plan were effective January 1, 2005 and were intended to make the Plan compliant with 409A requirements as they became known and are be
effective only with respect to amounts deferred and vested on or after January 1, 2005. 
 (h) Section 409A. This
Plan is intended to meet the requirements of Section 409A of the Code, and shall be administered in a manner that is intended to meet those requirements and shall be construed and interpreted in accordance with such intent. To the extent that
an award or payment, or the settlement or deferral thereof, is subject to Section 409A of the Code, except as the Committee otherwise determines in writing, the award shall be granted, paid, settled or deferred in a manner that will meet the
requirements of Section 409A of the Code, including regulations or other guidance issued with respect thereto, such that the grant, payment, settlement or deferral shall not be subject to the excise tax applicable under Section 409A of the
Code. Any provision of this Agreement that would cause the award or the payment, settlement or deferral thereof to fail to satisfy Section 409A of the Code shall be amended to comply with Section 409A of the Code on a timely basis, which
may be made on a retroactive basis, in accordance with regulations and other guidance issued under Section 409A of the Code. 
  

 11

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