Document:

Zions Bancorporation Restated Excess Benefit Plan

 EXHIBIT 10.2 
 ZIONS BANCORPORATION 
 RESTATED EXCESS BENEFIT PLAN 
 Effective as of January 1, 2005 

 ZIONS BANCORPORATION 
 RESTATED EXCESS BENEFIT PLAN 
 (Effective January 1, 2005) 
  
 ARTICLE I 
 INTRODUCTION 
  
 1.1 Continuation of Existing Plan Benefits. Zions Bancorporation previously established the Zions Bancorporation Deferred Compensation Plan effective as of
January 1, 2001, which Plan was restated in its entirety effective January 1, 2003 (“Deferred Compensation Plan”). Effective January 1, 2004 certain benefits previously provided in the Deferred Compensation began to be
provided instead through this Plan. It is a purpose of this January 1, 2005 restatement to have those amounts which were 100% vested and credited to a Benefit Account in this Plan prior to January 1, 2005 (“409A 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 January 1, 2004 version of
this Plan (“Prior Plan”). Notwithstanding the foregoing, there shall only be one Plan which will include a Benefit Account for 409A Grandfather Amounts and a Benefit Account for post December 31, 2004 benefits. Accordingly, the
provisions of the Prior Plan shall govern that portion of a Participant’s Benefit Account which consists of 409A Grandfather Amounts. Unless specifically provided herein, the provisions of this restated Plan Document where different from the
Prior Plan shall apply only to amounts credited and 100% vested to a Benefit Account after December 31, 2004. If the application of any provision of this Plan document would constitute a “material modification” with respect to 409A
Grandfather Amounts under guidance issued by the Service under 409A, then such provision will not be applied to any 409A Grandfather Amounts and the provision of the Prior Plan will control. By this document the Prior 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 as a means to continue providing certain benefits to select employees which were previously provided through the Deferred Compensation Plan. Zions Bancorporation intends to maintain the Plan
primarily for the purpose of providing benefits for a select group of management or highly compensated employees, within the meaning of 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. 
  
 1.3
Combined Plans and Successor Plan. With the Deferred Compensation Plan as restated effective January 1, 2003, Zions Bancorporation combined and merged certain other plans which also provided for deferred compensation. The plans which were
combined and merged into the Deferred Compensation Plan (and jointly referred to hereafter as the “Merged Plans”) were: 
  
 Zions Bancorporation Deferred Compensation Plan for Value-Sharing Participants 
  

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 Zions Bancorporation Executive Management Plan (“SERP”) 
 Grossmont Bank Deferred Compensation Plan for Key Employees 
  
 Those portions of the Merged Plans which provided for continuing contributions from the Company (as hereafter defined) and which were preserved in the
Deferred Compensation Plan (including all related benefits and liabilities) were transferred to and assumed by this Plan, which was created by the Company for that purpose. From and after the January 1, 2004 no further benefits attributable to
Company contributions are available from or accrue under the Deferred Compensation Plan. All benefits previously provided under the Deferred Compensation Plan which were attributable to Company contributions shall only be payable by and available
from this Plan according to its terms, regardless of the time or manner such benefits may have been previously payable under the Merged Plans or the Deferred Compensation Plan. 
  
 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 Base Salary means the employee’s base salary paid for each payroll period, including any periodic payment which constitutes a draw or advance against future potential commission payments, and (ii) in the case of an
employee whose compensation from the Company contains a commission element, the amount of the commission as paid, excluding any draw or advance received, and without regard to any Bonus(es) or other additional amount(s) paid or payable to the
employee. 
  
 2.2 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 signed by the Participant and delivered to the Committee on a form 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. 
  
 2.3 Board means the Board of Directors of the Company. 
  
 2.4 Bonus means any periodic or non-periodic payment to the Participant which is not
part of the Participant’s Base Salary, including incentive pay, discretionary bonuses and any amount denominated and paid by the Company as a value sharing payment, and which is not otherwise excluded from the definition of Compensation
contained in this Plan. For purposes of this Section “discretionary bonus” means any one time annual payment (typically paid in February of each year) and not included in any incentive plan, “incentive pay” means any payment
(excluding commissions) made to compensate for meeting established goals or production levels set forth in documented performance plans and value sharing payments means monies paid according to long term based (more than one year) plans. 

 

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 2.5 Code means the Internal Revenue Code of 1986, as amended from time to time. 
 2.6 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). 
 2.7 Company means Zions Bancorporation, any successor
of Zions Bancorporation, and any subsidiary or affiliate of Zions Bancorporation which elects, with the approval of Zions Bancorporation, to become a participating employer under this Plan. Regardless of the adoption of or participation in this Plan
by one or more affiliates of Zions Bancorporation, 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 the Board of Directors of Zions Bancorporation, unless such rights or duties are specifically allocated or assigned under this Plan to the Committee or by Zions Bancorporation to one or more participating employers. 
 2.8 Compensation means the employee’s Base Salary, Bonus(es) and any amounts withheld by salary reduction under Code §§125 or 401(k), or under the
Deferred Compensation Plan. Compensation excludes any other form of remuneration paid or payable to an Eligible Employee, such as restricted stock, stock options, proceeds from stock options or stock appreciation rights, severance payments, moving
expenses, car or other special allowances, and any other amounts, whether or not included in an Eligible Employee’s taxable income. Company contribution credits under Article IV shall be computed before taking into account any reduction in an
Eligible Employee’s Compensation by salary reduction election under Code §§125 or 401(k), or deferral election under the Deferred Compensation Plan. 
 2.9 Benefit Account means a bookkeeping account established for and maintained on behalf of a Participant, which shall include and credit all amounts previously credited to the Participant under any of the Merged Plans as well as all
amounts attributable to Company contributions and credited under the Deferred Compensation Plan as of December 31, 2003. To determine the amount to be credited under this Plan based upon the Participant’s benefit under the SERP as of the
day before that amount was transferred to the Deferred Compensation Plan, this Plan shall calculate the lump sum present value on that date of the Participant’s accrued benefit, as defined in section 3.1 of the SERP. For this purpose this Plan
shall utilize the actuarial factors described in the Zions Bancorporation Pension Plan (“Pension Plan”) as applicable when calculating lump sum payment amounts. The Benefit Account shall also include net income (or losses) thereon, as have
been credited under the Deferred Compensation Plan and are credited under this Plan. 
 2.10 Deferred Compensation Plan means the Zions Bancorporation
Restated Deferred Compensation Plan, as restated effective January 1, 2004 as amended from time to time. The Deferred Compensation Plan shall provide benefits to certain Eligible Employees as determined through their deferral of Compensation.

  

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 2.11 Disability means 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. 
  
 2.12 Effective Date means January 1, 2005, the
date this Plan, as restated, shall be effective. The Prior Plan was effective January 1, 2004. The original effective date of the Deferred Compensation Plan is January 1, 2001. Notwithstanding the foregoing, unless specifically provide
herein, amounts deferred and vested under the this Plan, the Prior Plan or the Deferred Compensation Plan prior to January 1, 2005 shall not be subject to any amendments with an effective date subsequent to December 31, 2004. 

 
 2.13 Eligible Employee means a common law employee of the Company who: 

 

	 	(a)	on the day before to January 1, 2004 was a participant in the Deferred Compensation Plan; or 

  

	 	(b)	has or is projected to have Compensation in excess of $90,000 for the Plan Year commencing on the January 1, 2004 and for any Plan Year thereafter (or such greater
dollar amount as determined and announced by the Committee from year to year); and 

  

	 	(c)	having satisfied (a) or (b), is identified by the Committee and designated as eligible to participate in the Plan; 

  
 For purposes of determining as of any given date whether the Eligible
Employee’s Compensation will satisfy (b) above, the Committee may project the Eligible Employee’s current rate of Compensation on a Plan Year basis. The Committee may adjust the dollar amount in (b) above from year to year
consistent with any index selected by the Committee for this purpose, without further written amendment to this Plan. Except as otherwise provided in Section 3.1 (concerning an individual who ceases to be an Eligible Employee), an
individual’s status as an Eligible Employee for a Plan Year shall be determined immediately prior to the first day of the Plan Year. An individual’s status who becomes an Eligible Employee on or after the first day of a Plan Year but prior
to the next calendar quarter shall be determined prior to that calendar quarter. Notwithstanding the foregoing, the Committee may determine in writing that an otherwise Eligible Employee shall not be eligible to participate in this Plan. 

 
 2.14 ERISA means the Employee Retirement Income Security Act of 1974, as amended.

  
 2.15 Hardship means a severe financial hardship to the Participant
resulting from an illness or accident of the Participant, the Participant’s spouse, or a dependent (as defined in section 152(a) of the Code) of the Participant, loss of the Participant’s property due to casualty, or other similar
extraordinary and unforeseeable circumstances arising as a result of events beyond the control of 

  

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the Participant. 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 financial need 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 (iii) demonstrate the amounts requested to be distributed do not exceed the amounts necessary to satisfy such emergency plus amounts necessary to pay taxes reasonably
anticipated as a result of the distribution, after taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or by liquidation of the Participants assets (to the extent the
liquidation of such assets would not itself cause severe financial hardship). 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. 
 2.16 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. 
 2.17 Investment Options means
the investments designated by the Committee as the basis for determining the earnings return to be allocated to Participants’ Benefit Accounts. The Committee may change Investment Options at such times as it deems appropriate. 
 2.18 Participant means an Eligible Employee who is eligible to participate in the Plan as provided in Section 3.1 and who is entitled to Company contribution
credits under Article IV. 
 2.19 Plan means the Zions Bancorporation Restated Excess Benefit Plan, as set forth in this document, as amended from
time to time. 
 2.20 Plan Year means the Company’s fiscal year, beginning January 1 and ending December 31. 
 2.21 Retirement Age means, while employed by the Company, attainment of age 55 with 10 Years of Service (“Early Retirement Age”), or attainment of age
65, without regard to Years of Service. 
  

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 2.22 Year of Service means, with respect to a Participant, a calendar year during which the Eligible Employee was
in full time employment with the Company for the entire year. Full time employment shall be determined according to the rules adopted and utilized by the Company to classify full time employees. 
 ARTICLE III 
 PARTICIPATION

 3.1 Eligibility. An Eligible Employee of the Company shall participate in the Plan only to the extent and for the period that the Eligible
Employee satisfies the definition of Eligible Employee in this Plan, is selected by the Committee to participate and is a member of a select group of management or highly compensated employees, as such group is described under Sections 201(2),
301(a)(3) and 401(a)(1) of ERISA. An individual who is an Eligible Employee as of the first day of the Plan Year but who ceases to be an Eligible Employee during the Plan Year shall terminate participation as of the end of the Plan Year. The
Participant shall not be permitted to re-enter the Plan unless and until the individual again becomes an Eligible Employee. 
 ARTICLE
IV 
 COMPANY CONTRIBUTION CREDITS 
 4.1 Limited Company Contributions. Except as specifically provided in this Article IV the Company shall not make or credit any contributions to the Plan. 
 4.2 Vesting. Except as otherwise provided in this Section, a Participant’s interest in the amounts in his or her Benefit Account attributable to (i) Company contribution credits made pursuant to this
Article IV, and (ii) any earnings credited to the Participant’s Benefit Account pursuant to Section 5.6, shall be at all times fully vested and nonforfeitable. Notwithstanding the foregoing, the following amounts credited to a
Participant’s Benefit Account, including earnings thereon, shall be subject to the vesting and forfeiture provisions outlined hereafter: 
  

	 	(a)	all amounts which have been credited under this Plan based upon the Participant’s benefit credited under the SERP as of December 31, 2002; 

 

	 	(b)	all amounts which have been credited under this Plan based upon the Participant’s benefit credited under the Grossmont Bank Deferred Compensation Plan for Key Employees
as of December 31, 2002; 

  

	 	(c)	all amounts which are credited under Section 4.3; and 

  

	 	(d)	all amounts which are credited under Section 4.4. 

  

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 The amounts described in (a), (c) and (d), including earnings thereon, shall become vested under the
same rules which apply to accrued benefits under the Pension Plan, without regard to whether the Pension Plan would be treated as a frozen plan or otherwise deemed to provide fully vested benefits due to its current status. The amounts described in
(a), (b), (c) and (d), including earnings thereon, shall also be subject to immediate forfeiture and loss (without regard to prior vested status or whether payment of such amounts has commenced under Article 6) if any of the following events
occurs: 
  

	 	(e)	the Company terminates the Participant’s employment for any act of willful malfeasance, gross misconduct or gross negligence in the performance of his or her duties; or

  

	 	(f)	the Participant enters into competition with the Company without the prior written permission of the Board of Zions Bancorporation. 

 4.3 SERP Participants Company Contribution Credit. An Eligible Employee who has a Benefit Account in the Plan by virtue of his or her participation in the SERP on
December 31, 2002 (“SERP Participant”) shall continue to receive Company contribution credits under this Plan on an annual basis from and after January 1, 2004 according to the following rules, as applicable. 
  

	 	(a)	Great Grandfather Benefits. A SERP Participant who continues to receive a benefit accrual under Section 4.4 of the Pension Plan shall receive Company contribution
credits to his or her Benefit Account at a rate equal to the actuarial equivalent of the annual benefit accrual under the Pension Plan, but only on the amount of Compensation (as defined in this Plan) which exceeds the level taken into account under
the Pension Plan. 

  

	 	(b)	Grandfather Benefits. A SERP Participant who continues to receive a benefit accrual under Section 4.8 of the Pension Plan shall receive Company contribution credits to
his or her Benefit Account at a rate equal to the annual benefit accrual rate described in section 3.2(g) of the Pension Plan, but only on the amount of Compensation (as defined in this Plan) which exceeds the level taken into account under the
Pension Plan. The Company contribution credit hereunder shall not include any equivalent amount for interest credits which may be provided under section 3.3 of the Pension Plan. 

  

	 	(c)	Other SERP Participant Benefits. A SERP Participant, whether or not entitled to a Company contribution credit under (a) or (b) above, shall receive Company
contribution credits under this Plan on an annual basis at a rate equal to the rate of the employer non-elective contribution made to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan (“Payshelter ESOP”) under
section 5.07 thereof, but only on the amount of Compensation (as defined in this Plan) which exceeds the level taken into account under the Payshelter ESOP. 

  

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 4.4 Company Contribution Credits for Executive Management Committee Members. An Eligible Employee who does not
receive Company contribution credits under Section 4.3 but who is an executive management committee member shall receive Company contribution credits under this Plan on an annual basis at a rate equal to the rate of the employer non-elective
contribution made to the Payshelter ESOP under section 5.07 thereof, but only on the amount of Compensation which exceeds the level taken into account under the Payshelter ESOP. 
 4.5 Company Contribution Credits for All Other Participants. A Participant who does not receive Company contribution credits under either Sections 4.3 or 4.4 but who participates in the Payshelter ESOP, shall
receive Company contribution credits under this Plan on an annual basis at a rate equal to the rate of the employer non-elective contribution made to the Payshelter ESOP under section 5.07 thereof, but only on the amount of the Participant’s
Compensation which exceeds the level taken into account under the Payshelter ESOP but does not exceed the dollar limit under Code §401(a)(17) which is applicable for the plan year. 
 ARTICLE V 
 PARTICIPANT BENEFIT ACCOUNT BALANCES 

5.1 Establishment of Benefit Accounts. The Committee may select an independent record keeper (who may be an affiliate of the Company) to establish and maintain
a Benefit Account under this Plan on behalf of each Participant. Contribution credits and credit for net income (or losses) will be allocated to each Benefit Account in accordance with the provision of this Article. 
 5.2 Bookkeeping. Benefit Accounts will be maintained 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 Benefit 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 Benefit Accounts. The Committee will credit to a Participant’s Benefit Account the amount determined by the Company under the terms of this
Plan at the time designated by the Company. To the extent the amount to be credited is based on a calculation of the Company’s contribution to the Pension Plan or Payshelter ESOP, the amount shall be credited at the time the Company makes its
contribution to the Pension Plan or Payshelter ESOP, as applicable. 
 5.4 Establishment of Investment Options. The Committee, in its sole discretion,
will establish one or more Investment Options which will be maintained for the purpose of determining the investment return to be credited to a Participant’s Benefit Account. The Committee may change from time to time the number, identity or
composition of the Investment Options or discontinue the availability of any Investment Option. The Investment Options will reflect investment choices which are available in the marketplace for self directed accounts in retirement plans and may be
(but need not be) the same investment choices available through any qualified retirement plan sponsored by the Company. 
  

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 Pursuant to rules adopted by the Committee each Participant will indicate the Investment Options to which
contribution credits under Article IV and any existing Benefit Account balances shall be deemed allocated. Investment Option elections of Participants must be made in whole percentage increments and at such times and in such manner as the Committee
will specify. A Participant may change his or her Investment Options at any time and in such manner as the Committee shall specify. Each Participant shall be provided from time to time with the earnings “results” of the selected Investment
Options. The Company’s liability to the Participant for amounts in his or her Benefit Account will include gains and losses attributed to the Investment Options selected by the Participant. 
 5.5 Crediting Investment Results. A Participant’s Benefit Account balance will be increased or decreased to reflect investment results, as they occur. While
the credited investment return to the Participant’s Benefit Account is intended to reflect the actual performance of the Investment Options, net of any investment or management fees, in which the Participant is deemed invested, nevertheless, no
provision of this Plan shall be interpreted to require the Company to actually invest any amounts in any particular Investment Option or any other fund, whether or not the fund is one of the Investment Options 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
Benefit 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 Benefit Account at any time will equal or exceed
the amount previously allocated or contributed thereto. 
 ARTICLE VI 
 DISTRIBUTION OF ACCOUNTS 
 6.1 Distribution Upon Separation from Employment or
Attainment of Retirement Age. A Participant who separates from employment with the Company, whether before or after attaining Retirement Age shall receive his vested Benefit Account at the time and in the manner elected by the Participant
pursuant to his/her election(s) provided to the Committee. An election regarding the time and manner of payment of the Participant’s Benefit Account balance (including all future years’ contribution credits) shall be made at the time the
Participant first commences participation in the Plan and in accordance with rules established by the Committee. The distribution election may be amended any time thereafter in the discretion of the Participant and in accordance with rules
established by the Committee. However, any change in a Participant’s distribution election, unless specifically provided in the amended election shall be prospective only and take effect with respect to amounts credited to such
Participant’s account for plan years beginning after the year in which the amended distribution election was executed. To the extent the Participant specifically elects to have an amended distribution election modify the timing and/or manner of
the of payment of sums credited to such Participants account prior to and through the year in which the amended distribution election is executed, such amended distribution election shall be applied only as allowed under 409A including but not
limited to the requirements that a change in time and/or manner must be executed at least twelve months prior to the date the payment would have been made; there shall be no acceleration of any payment in 

  

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contravention of 409A; and any postponement of a distribution shall be for a minimum of five years from the date the distribution was to have been made.

  

	 	(a)	Time of Payment. A Participant’s vested Benefit Account balance shall be paid (or commence to be paid) by the later of the first date it is administratively feasible or
the end of the calendar year in which the payment was to be made. 

  

	 	(b)	Manner of Payment. A Participant’s vested Benefit Account will be paid in accordance with the Participant’s election(s) provided to the Committee. The Participant
may elect the manner of distribution as follows: a lump sum cash payment, or a series of substantially equal separate annual payments over a period of five (5), ten (10), fifteen (15) or twenty (20) years. If separate annual payments are
elected, then each year’s annual payment will be divided into twelve substantially equal monthly payments which shall be paid monthly. If no election has been made by the Participant, the vested Benefit Account will be paid in five separate
annual payments. Each year’s annual payment shall be paid in 12 equal monthly installments. For this purpose the amount of each substantially equal annual payment shall be determined and adjusted annually by dividing the amount in the
Participant’s Deferral Account as of the preceding December 31 by the number of annual installments remaining. The final monthly or yearly installment payment shall be the remaining balance in the Participant’s Deferral Account on the
date the payment is made. 

  

	 	(c)	Value of Benefit Account Balance. The value of a Participant’s Benefit Account to be distributed shall be determined as of the date a payment is made, and shall be
charged with distributions and adjusted for gains and losses, through such date. 

 6.2 Distribution of Small Accounts Upon Separation of
Employment. A Participant who separates from employment with the Company for any reason and who, at the time of separation has a balance in his or her Benefit Account which is less than Ten Thousand Dollars ($10,000.00) shall receive the amounts
credited to his vested Benefit Account in a lump sum cash payment only, commencing the latter of as soon as administratively feasible or the last day of the Calendar year in which the separation from employment occurred, without regard to any later
distribution election. For purposes of this Section 6.2, the value of a Participant’s Benefit Account to be distributed shall be determined as of the date the payment is made, and shall be credited with earnings through that date.

 6.3 Distribution Upon Death. In the event a Participant dies prior to receiving all of his or her vested Benefit Account, the Participant’s
Beneficiary shall receive the unpaid portion of the Participant’s Benefit Account in the form of lump sum cash payment no later than one hundred twenty (120) days after the Participant dies and the Committee is provided with written proof
of the Participant’s death. For purposes of this Section 6.3, the value of a Participant’s Benefit Account to be distributed shall be determined as of the date the payment is made, and shall be credited with earnings through such
date and, in the case of a Participant who dies while employed with the Company, any contribution credits that would have been allocated to the Benefit Account if the Participant had continued employment with the Company through such date.

  

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 6.4 Distribution in the Event of Hardship. Prior to a distribution under Sections 6.1 or 6.3, payment of all or a
portion of a Participant’s vested Benefit Account may be made in the event of Hardship. The amount of any Hardship distribution will not exceed the amounts necessary to satisfy the emergency plus amounts necessary to pay taxes reasonably
anticipated as a result of the distribution, after taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s assets (to the
extent the liquidation of such assets would not itself cause severe financial hardship. A Hardship distribution shall be made in a single sum cash payment as soon as practicable after the Committee approves the Hardship withdrawal request.

 6.5 Cash Payments Only. All distributions from the Plan will be made in cash by check. 
 6.6 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 first meets the definition of Disability. 
 6.7 Separation From Employment. An Employee or
Participant shall incur a separation from employment due to the voluntary or involuntary resignation or discharge from his or her position with the Company, or his or her death, retirement, failure to return to active work at the end of an
authorized leave of absence or the authorized extension(s) thereof, or upon the happening of any other event or circumstance which, under the then current policy of the Company results in the cessation of the employer-employee relationship.
Separation from employment shall not be deemed to occur merely because of a transfer of employment between participating employers who are affiliated with the Company. 
 6.8 Change in Ownership or Effective Control. In the event there is a “Change in Ownership or Effective Control” regarding Zions Bancorporation, 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. For purposes of this paragraph, “Change in Ownership or Effective
Control” shall mean a change in ownership or effective control of Zions Bancorporation or in the ownership of a substantial portion of the assets of Zions Bancorporation as determined under Section 409A of the Code or regulations
promulgated there under. 
 6.9 Specified Employee. Notwithstanding any other provision of this Article VI, any distribution to a specified employee
(as defined in 409A) may not be made before the date which is 6 months after the date of separation from service (or, if earlier, the date of death of the Specified Employee) or a Change of Control. 
 6.10 409A Grandfather Amounts. All provisions of this Article VI except 6.2, 6.8 and 6.9. 
  

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 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 Amendment or Termination.
To the extent permitted under this Plan or authorized by the Board of Directors of Zions Bancorporation, the Committee may amend any provision of this Plan at any time and for any reason. Only the Board of Directors of Zions Bancorporation may
terminate the Plan in its entirety. No amendment or termination of the Plan will reduce any Participant’s Benefit Account balance as of the effective date of such amendment or termination. Upon termination of the Plan in its entirety, each
Participant’s Benefit Account shall be distributed to the Participant at the times and in accordance with the distribution rules set forth in Article VI. Notwithstanding the foregoing, 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 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. 
 7.3 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 apply the terms
of the Plan to particular cases or circumstances. 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
Benefit Accounts. 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. 
 7.4 Indemnification. The Company will and hereby does indemnify and hold harmless any of its employees, officers, directors or members of the Committee who have
fiduciary 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. 
  

 13 

 7.5 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. 
 7.6 Limitations of Actions on Claims. The delivery to the Participant of the final decision of the Committee with respect to a claim for benefits which has been reviewed and considered under the appeal
procedures of Section 7.5 shall commence the period during which the Participant may bring legal action for judicial review of the Committee’s decision. No civil action with respect to the claim for benefits or the subject matter thereof
may be commenced by the Participant, whether such action is pursued through litigation, arbitration or otherwise, prior to the completion of the claims and claims review process set forth in Section 7.5, nor following the expiration of two
(2) years from the date of delivery of the final decision of the Committee to the Participant under Section 7.5. 
 ARTICLE
VIII 
 MISCELLANEOUS 
 8.1 Trust for Benefit Accounts. The Committee shall determine the amounts it deems necessary or appropriate to satisfy the Company’s obligation to pay the Benefit Accounts at the appropriate time to Participants and
Beneficiaries. Such amounts shall be held in a trust established by the Company for this purpose with by a trustee selected by the Committee. The trust shall be an asset of the Company and shall be earmarked to pay benefits under the terms of the
Plan. 
 The trust shall provide that its assets may not 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 or the trust with respect to the payment of any portion of the
Participant’s Benefit Account, except as a general unsecured creditor of the Company. 
 8.2 Non-alienation. 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 or as specifically provided in this Plan. Prior to distribution to a Participant or Beneficiary, no Benefit 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. 
  

 14 

 8.3 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 8.3(b) shall be would 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

  
 8.4 QDRO definitions. For purposes of Section 8.3
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. 

  

 15 

 8.5 Limitation of Rights. Nothing in this Plan will be construed to give a Participant the right to continue in
the employ of the Company at any particular position or to interfere with the right of the Company to discharge, lay off or discipline a Participant at any time and for any reason, or to give the Company the right to require any Participant to
remain in its employ or to interfere with the Participant’s right to terminate his or her employment. 
  
 8.6 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 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. 
  
 8.7 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. 
  
 8.8 409A Grandfather Amounts. Sections 8.3. and 8.4 shall apply to 409A Grandfather Amounts. 
  
 IN WITNESS WHEREOF, the Company by its duly authorized officer has executed this Zions Bancorporation Excess Benefit Plan as
of the 1st day of January, 2005. 
  

			
	 ZIONS BANCORPORATION
 BENEFITS
COMMITTEE

		
	By	 	 /s/ Thomas E. Laursen

		
	Title:	 	 

  

 16Zions Bancorporation Second Restated Deferred Compensation Plan

 EXHIBIT 10.3 
 ZIONS BANCORPORATION 
 SECOND 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”). 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 or 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 Prior 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 Deferral 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. 
  

 2 

 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 a severe financial hardship to the Participant resulting from an illness or accident of the
Participant, the Participant’s spouse, or a dependent (as defined in section 152(a) of the Code) of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising
as a result of events beyond the control of the Participant. A Hardship and any resulting distribution will be determined in accordance with Section 409A of the Code and guidance issued by the Service thereunder. 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. 
 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. 
  

 3 

 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. 
 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 this Section 3.5, is irrevocable. A Participant shall be permitted, prior to the commencement of each subsequent Plan Year
following execution of the Deferred Compensation Agreement, to amend the deferral amount applicable to the Participant’s Compensation; to change the manner of distribution; or to revoke the Deferred Compensation Agreement entirely. The
amendment or revocation shall be effective only as of the first day of the next following Plan Year and shall be accomplished by completion of a new Deferred Compensation Agreement. However, any 

  

 4 

 
change in a Participant’s Deferred Compensation Agreement, unless specifically provided in the new Deferred Compensation Agreement shall be prospective
only and take effect with respect to amounts credited to such Participant’s account for plan years beginning after the year in which the new Deferred Compensation Agreement was executed. To the extent the Participant specifically elects to have
a Deferred Compensation Agreement modify the manner of payment of sums credited to such Participant’s account prior to and through the year in which the Deferred Compensation Agreement is executed, such Deferred Compensation Agreement shall be
applied only as allowed under Section 409A including but not limited to the requirements that a change in the manner of distribution must be executed at least twelve months prior to the date the payment would have been made and there shall be
no acceleration of any payment in contravention of Section 409A. The Company reserves the right to modify any Deferred Compensation Agreement to reflect a change in Plan provisions or for administrative convenience. 
 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 

 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. 

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 

  

 6 

 
“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. 
 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. 
 (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)

  

 7 

 
substantially equal annual payments, according to the election(s) of the Participant under Section 6.1. 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. 
 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. Payment shall commence as soon as administratively feasible after the Participant’s request for hardship distribution has been approved by the Committee. 
 6.6 Change in Ownership or Effective Control. In the event there is a “Change in Ownership or Effective Control” regarding Zions
Bancorporation, then notwithstanding any the terms of any Deferred Compensation Agreement, 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.
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. 
 6.7 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 of separation from service (or, if
earlier, the date of death of the Specified Employee) or a Change in Ownership or Effective Control. 
 6.8 Grandfather Amounts. All
provisions of this Article VI shall apply to Grandfather Amounts except 6.6 and 6.7. 
  

 8 

 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 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. 
  

 9 

 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 
 (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. 
  

 10 

 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. 
  
 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). 
  

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 (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. 
  
 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. 
  
 IN WITNESS WHEREOF, the Committee, acting on behalf of the Company under
authority duly and specifically granted by the Board, has executed this Zions Bancorporation Deferred Compensation Plan as of the 1st day of January, 2005. 
  

			
	 ZIONS BANCORPORATION BENEFITS COMMITTEE
 for and on behalf of
 ZIONS BANCORPORATION

		
	By:	 	 /s/ Thomas E. Laursen

		
	Title:	 	 

  

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