Document:

Advisory Agreememnt Renewal

 Exhibit 10.3 
  
 December 3, 2007 
  
 Steve Filton 
 Senior Vice President & CFO 
 UHS of Delaware, Inc. 
 367 South Gulph Road 
 King of Prussia, PA 19406 
  
 Dear Steve; 
  
 The Board of
Trustees of Universal Health Realty Income Trust, at their December 3, 2007 meeting, authorized the renewal of the current Advisory Agreement between the Trust and UHS of Delaware, Inc. (“Agreement”) upon the same terms and
conditions. 
  
 This letter constitutes the Trust’s offer to
renew the Agreement, until December 31, 2008, upon the same terms and conditions. Please acknowledge UHS of Delaware’s acceptance of this offer by signing in the space provided below and returning one copy of this letter to me. Thank you.

  

	
	 Sincerely,

	
	 /s/ Cheryl K. Ramagano

	 Cheryl K. Ramagano

	 Vice President & Treasurer

  

			
	 Agreed and Accepted:

	
	 UHS OF DELAWARE, INC.

		
	By:	 	 /s/ Steve Filton

		 	 Steve Filton

		 	 Senior Vice President and CFO

  

	cc:	Charles BoyleFirst Amendment to the Amegy Bancorporation, Inc. Fourth Amended and Restated

 EXHIBIT 10.12 
 FIRST AMENDMENT 
 TO THE 
 Amegy Bancorporation, Inc. Fourth Amended and Restated Non-Employee Directors 
 Deferred Fee Plan 
 This First Amendment to the Amegy Bancorporation, Inc. Fourth Amended and Restated Non-Employee
Directors Deferred Fee Plan (the “Plan”) is made effective the 1st day of January, 2007, by Zions Bancorporation Benefits Committee (“Committee”) on behalf of Zions Bancorporation, hereinafter referred to as the
“Employer.” 
 W I T N E S S E T H: 
 WHEREAS, the Employer has heretofore entered into the Plan, which Plan has been amended and restated in its entirety effective for the Plan Year commencing on January 1, 2005, and for all plan years thereafter;
and 
 WHEREAS, the Employer has reserved the right to amend the Plan in whole or in part; and 
 WHEREAS, the Committee, for and on behalf of the Employer as a result of recent announcement by the Internal Revenue Service in Notice 2006-79 extending
until December 31, 2007, the right of a Participant to amend or provide for a new election with respect to the time and form of payment of such Participant’s benefit and not be subject to the required minimum five year delay under
Section 409A(a)(4) to December 31, 2007; and 
 WHEREAS, this amendment is within the authority granted to the Committee by the
Employer. 
 NOW THEREFORE, in consideration of the foregoing premises the Committee adopts the following amendment to the Plan (amended
language is in bold italics): 
 1. The following paragraph is added to the end of Section 5(a)(B): 
 Until December 31, 2007 or such other time as allowed by the Internal Revenue Service, a Participant may amend an existing
Deferral Election Form or complete a new Deferral Election Form modifying the time and/or form of payment of all or a portion of such Participant’s Deferred Compensation 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, 200 7(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. 
 2. In all other
respects the Plan is ratified and approved. 

 Dated this 9th day of January, 2007. 
  

			
	Zions Bancorporation Benefits Committee
		
	By	 	 /s/ Diana M. Andersen

		 	Diana M. AndersenZions Bancorporation Restated Pension Plan effective January 1, 2001

  
 EXHIBIT 10.20 
  
  
 ZIONS BANCORPORATION PENSION PLAN 
  
  
 As Restated Effective January 1, 2001 
 Including Amendments Adopted Through January 31, 2002 
  
  
  
 February 19, 2002 Edition 
  

 TABLE OF CONTENTS 
  

							
	 INTRODUCTION
	  	1
		
	 ARTICLE 1 DEFINITIONS
	  	3
		  	1.1  	    	Accrued Benefit	  	3
		  	1.2  	    	Accrued Benefit Attributable to the Old Plan Account	  	3
		  	1.3  	    	Accrued Benefit Attributable to Company Contributions	  	3
		  	1.4  	    	Actuarial Equivalence or Actuarial Equivalent	  	3
		  	1.5  	    	Affiliate or Subsidiary	  	4
		  	1.6  	    	Authorized Period of Absence	  	4
		  	1.7  	    	Beneficiary	  	4
		  	1.8  	    	Break in Service	  	6
		  	1.9  	    	Cash Balance Account	  	6
		  	1.10	    	Code	  	6
		  	1.11	    	Commerce Participant	  	6
		  	1.12	    	Commerce Plan	  	6
		  	1.13	    	Committee or Retirement Committee	  	6
		  	1.14	    	Company	  	6
		  	1.15	    	Compensation	  	7
		  	1.16	    	Disability Retirement Date	  	7
		  	1.17	    	Early Retirement Date and Earliest Retirement Date	  	7
		  	1.18	    	Earnings	  	8
		  	1.19	    	Eligibility Computation Period	  	10
		  	1.20	    	Eligible Employee	  	10
		  	1.21	    	Eligible Spouse	  	11
		  	1.22	    	Eligibility Computation Period	  	11
		  	1.23	    	Employee	  	11
		  	1.24	    	Employer	  	11
		  	1.25	    	Employment Date	  	11
		  	1.26	    	ERISA	  	11
		  	1.27	    	Grossmont Participant	  	11
		  	1.28	    	Grossmont Plan	  	12
		  	1.29	    	Hour of Service	  	12
		  	1.30	    	Investment Manager	  	13
		  	1.31	    	Late Retirement Date	  	14
		  	1.32	    	Nonvested Former Participant	  	14
		  	1.33	    	Normal Retirement Age	  	14
		  	1.34	    	Normal Retirement Date	  	14
		  	1.35	    	Old Plan Account	  	15
		  	1.36	    	Participant	  	15
		  	1.37	    	Participation Date	  	15
		  	1.38	    	Plan	  	15

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	  	- I -	  	2/19/2002 EDITION

							
	 	  	1.39	    	Plan Year	  	15
		  	1.40	    	Qualified Domestic Relations Order	  	15
		  	1.41	    	Qualified Military Service	  	16
		  	1.42	    	Retirement Date	  	16
		  	1.43	    	Single Life Annuity	  	16
		  	1.44	    	Sumitomo Participant	  	16
		  	1.45	    	Sumitomo Plan	  	17
		  	1.46	    	Termination of Employment	  	17
		  	1.47	    	Trust Agreement	  	17
		  	1.48	    	Trust Fund	  	17
		  	1.49	    	Trustee	  	17
		  	1.50	    	Year of Vesting Service	  	17
		  	1.51	    	Zions	  	19
		
	 ARTICLE 2 PARTICIPATION
	  	20
		  	2.1  	    	Participation Date	  	20
		  	2.2  	    	Reinstatement of Active Participation	  	21
		
	 ARTICLE 3 ESTABLISHMENT AND MAINTENANCE OF
CASH BALANCE ACCOUNT
	  	22
		  	3.1  	    	Initial Establishment of Cash Balance Account	  	22
		  	3.2  	    	Earnings Credits	  	24
		  	3.3  	    	Interest Credits	  	26
		  	3.4  	    	Maintenance of Account after Termination of Employment until Benefit Commencement	  	27
		  	3.5  	    	Establishment of New Account if Re-employed After Benefit Commencement	  	27
		
	 ARTICLE 4 ACCRUED BENEFIT
	  	29
		  	4.1  	    	Accrued Benefit	  	29
		  	4.2  	    	Cash Balance Accrued Benefit	  	29
		  	4.3  	    	Minimum Accrued Benefit	  	30
		  	4.4  	    	Grandfathered Minimum Accrued Benefit	  	30
		  	4.5  	    	Accrued Benefit Attributable to the Old Plan Account	  	30
		  	4.6  	    	Accrued Benefit Attributable to Company Contributions	  	30
		  	4.7  	    	Old Plan Account	  	30
		
	 ARTICLE 5 AMOUNT OF RETIREMENT INCOME
	  	32
		  	5.1  	    	Monthly Retirement Income	  	32
		  	5.2  	    	Normal Retirement Income	  	32
		  	5.3  	    	Early Retirement Income	  	32
		  	5.4  	    	Late Retirement Income	  	33
		  	5.5  	    	Disability Retirement Income	  	34
		  	5.6  	    	Application for Retirement Income	  	34
		  	5.7  	    	Forms of Retirement Income	  	35
		  	5.8  	    	Payment of Small Benefits	  	40
		  	5.9  	    	Eligible Rollover Distribution	  	41

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	  	- II -	  	2/19/2002 EDITION

							
	 	  	5.10	    	Re-employment After Retirement	  	42
		  	5.11	    	Commencement of Benefits	  	42
		  	5.12	    	Delay of Payment Due to Administrative Error	  	44
		  	5.13	    	Suspension of Benefits for Active Participants at Normal Retirement Date	  	45
		  	5.14	    	Benefits Under a Qualified Domestic Relations Order (QDRO)	  	46
		
	 ARTICLE 6 TERMINATION AND VESTING
	  	47
		  	6.1  	    	Vesting	  	47
		  	6.2  	    	Termination Benefit	  	47
		  	6.3  	    	Re-employment After Termination of Employment	  	48
		  	6.4  	    	Termination Benefits and Re-employment for Commerce Participants	  	49
		  	6.5  	    	Special Termination Benefit for Sumitomo Participants	  	49
		
	 ARTICLE 7 DISABILITY BENEFITS
	  	51
		  	7.1  	    	Determination of Disability	  	51
		  	7.2  	    	Eligibility for Disability Benefits	  	51
		  	7.3  	    	Disability Retirement Date	  	51
		  	7.4  	    	Disability Retirement Income	  	51
		
	 ARTICLE 8 DEATH BENEFITS
	  	53
		  	8.1  	    	Death after Commencement of Benefits	  	53
		  	8.2  	    	Death Prior to Commencement of Benefits	  	53
		  	8.3  	    	Effect of Old Plan Account	  	54
		  	8.4  	    	Return of Old Plan Account	  	54
		
	 ARTICLE 9 FINANCING THE PLAN
	  	55
		  	9.1  	    	Company Contributions	  	55
		  	9.2  	    	Return of Company Contributions	  	55
		  	9.3  	    	Employee Contributions	  	55
		
	 ARTICLE 10 TERMINATION OF THE PLAN
	  	56
		  	10.1  	    	Termination of Plan	  	56
		  	10.2  	    	Procedures Upon Termination of Plan	  	56
		
	 ARTICLE 11 INTERNAL REVENUE CODE LIMITATIONS
ON BENEFITS
	  	57
		  	11.1  	    	Earnings Limitation under Code Section 401(a)(17)	  	57
		  	11.2  	    	Maximum Retirement Benefit under Code Section 415	  	57
		  	11.3  	    	Additional Benefit Limits for Highly Compensated Employees	  	61
		  	11.4  	    	Top-Heavy Provisions	  	63
		
	 ARTICLE 12 ADMINISTRATION OF THE PLAN
	  	68
		  	12.1  	    	Administration	  	68
		  	12.2  	    	Records	  	69
		  	12.3  	    	Payment of Expenses	  	69
		  	12.4  	    	Delegation of Authority	  	69

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	  	- III -	  	2/19/2002 EDITION

							
	 	  	12.5  	    	Information Available	  	69
		  	12.6  	    	Claims and Appeals Procedure	  	69
		  	12.7  	    	Fiduciary Capacity	  	70
		  	12.8  	    	Committee Liability	  	71
		
	 ARTICLE 13 GENERAL PROVISIONS
	  	72
		  	13.1  	    	Amendment of Plan	  	72
		  	13.2  	    	Employment Status	  	72
		  	13.3  	    	Mergers or Consolidations	  	72
		  	13.4  	    	Provision Against Anticipation	  	73
		  	13.5  	    	Facility of Payment	  	73
		  	13.6  	    	Construction	  	73
		  	13.7  	    	Legal Actions	  	73
		
	 SIGNATURE PAGE
	  	74
		
	 APPENDIX I: FACTORS FOR SPOUSE OPTION
UNDER SECTION 5.7(A)
	  	75
		
	 APPENDIX II: ACTUARIAL EQUIVALENCE FOR MONTHLY
BENEFITS AND LUMP SUMS
	  	76
		
	 APPENDIX III: MINIMUM ACCRUED BENEFIT
	  	78
		
	 APPENDIX IV: ACQUISITION EFFECTIVE DATES
	  	83
		
	 APPENDIX V: DEFINITION OF “COMPANY”
	  	84

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	  	- IV -	  	2/19/2002 EDITION

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

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 1 -	  	2/19/2002 EDITION

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

 Except as specifically provided in the Plan, the rights and benefits of any Participant who terminates, dies or retires prior to the effective date of
this restatement or any other amendment to the Plan will be determined pursuant to the provisions of the Plan in effect on the earlier of his or her date of retirement, death or termination. 
 The Plan and Trust thereunder are created and maintained for the primary purpose of providing retirement benefits for eligible employees of the Zions Bancorporation and
its affiliates. It is intended that the Plan and Trust qualify under Sections 401(a) and 501(a) of the Internal Revenue Code of 1986, as amended, and that they meet the requirements of the Employee Retirement Income Security Act of 1974, as amended.

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 2 -	  	2/19/2002 EDITION

 Article 1 
 DEFINITIONS 
  

	1.1	Accrued Benefit 

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

	1.2	Accrued Benefit Attributable to the Old Plan Account 

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

	1.3	Accrued Benefit Attributable to Company Contributions 

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

	1.4	Actuarial Equivalence or Actuarial Equivalent 

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

	 	(a)	For purposes of determining (i) the monthly annuity benefits under Sections 4.2, 4.5, 5.3(b) and 8.2, and (ii) the value of lump sum payments under Sections 5.7(d) and
5.8, Actuarial Equivalence will be calculated in accordance with Appendix II. 

  

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

  

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

  

	 	(2)	Except as otherwise specified in Section 11.2, effective on or after January 1, 1995, for a benefit in the form of an annuity, the interest assumption (to adjust for age
and for the form of the benefit) shall be 5%. Notwithstanding any provision of Section 11.2 to the contrary, for a benefit payment after May 31, 1995 that is in a form that is subject to Code Section 417(e) (for example, a lump sum),
the interest assumption to adjust for age will be the “Applicable Interest Rate” specified in subsection (b) of Appendix II, and the interest assumption to adjust for the form of the benefit shall be 5%. 

  

	 	(c)	 For the purposes of determining the maximum retirement benefit in Section 11.2 for a Grossmont Participant who retires between January 1, 1998 and 

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 3 -	  	2/19/2002 EDITION

	 	 
December 31, 1998, Actuarial Equivalence will never be less than the amount the Grossmont Participant would have received under the Grossmont Plan.

  

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

  

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

  

	 	(2)	The interest assumption will be 6%. 

  

	1.5	Affiliate or Subsidiary 

 Affiliate or Subsidiary
means Zions Bancorporation and each member of a controlled group of corporations (as defined in Code Section 1563(a), determined without regard to Code Sections 1563(a)(4) and (e)(3)(C)), a group of trades or businesses (whether incorporated or
not) which are under common control within the meaning of Code Section 414(c), or an affiliated service group (as defined in Code Sections 414(m) or 414(o)), of which Zions Bancorporation is a part. With respect to the Maximum Retirement
Benefit defined in Section 11.2, in determining whether a corporation is a member of a controlled group of corporations the phrase “more than 50 percent” will be substituted for the phrase “at least 80 percent” each place it
appears in Code Section 1563(a)(1). 
  

	1.6	Authorized Period of Absence 

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

	 	(a)	Approved leave of absence; 

  

	 	(b)	Pregnancy; 

  

	 	(c)	Jury duty; 

  

	 	(d)	Qualified Military Service; or 

  

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

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

	1.7	Beneficiary 

  

	 	(a)	Beneficiary of Retirement Income of a Married Participant 

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 4 -	  	2/19/2002 EDITION

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

	 	(b)	Beneficiary of Retirement Income of an Unmarried Participant 

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

	 	(c)	Beneficiary of a Pre-Retirement Survivor’s Death Benefit 

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

	 	(d)	Beneficiary of Unpaid Balance of Old Plan Account 

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

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 5 -	  	2/19/2002 EDITION

	1.8	Break in Service 

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

	1.9	Cash Balance Account 

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

	1.10	Code 

 Code means the Internal Revenue Code of
1986, as amended. 
  

	1.11	Commerce Participant 

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

	1.12	Commerce Plan 

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

	1.13	Committee or Retirement Committee 

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

	1.14	Company 

 Company means Zions Bancorporation and
any Affiliate or Subsidiary which adopts this Plan with the consent of the Board of Directors of Zions Bancorporation. The Affiliates and Subsidiaries listed on Appendix V, as it may be revised from time to time, have 

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 6 -	  	2/19/2002 EDITION

 
adopted this Plan and are, as of the date or dates stated on Appendix V, a participating Company in the Plan. 
  

	1.15	Compensation 

 “Compensation” for any tax
year has the meaning set forth in Treasury Regulations Section 1.415-2(d). Effective January 1, 1998, Compensation shall also include any elective deferrals as defined in Code Section 402(g)(3) made by the Participant during a Plan
Year and any pre-tax Employee contributions made by the Employer on behalf of the Employee for the Plan Year, pursuant to Code Section 125 and/or Code Section 132(f)(4). 
 For Plan Years prior to January 1, 1997, in determining the Compensation of a Participant for purposes of determining whether he or she is a Highly
Compensated Employee (as defined in Section 11.3(a)(3)), the family aggregation rules of former Code Section 414(q)(6) shall apply, except that in applying such rules, the term “family” shall include only the Eligible Spouse of
the Participant and any lineal descendants of the Participant who have not attained age 19 before the close of the year. 
  

	1.16	Disability Retirement Date 

 Disability Retirement
Date is defined in Section 7.3. 
  

	1.17	Early Retirement Date and Earliest Retirement Date 

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

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

  

	 	 (1)
	 the Participant’s 55th birthday, 

  

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

  

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

  

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

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 7 -	  	2/19/2002 EDITION

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

  

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

  

	1.18	Earnings 

  

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

  

	 	(1)	the Participant’s wages, salaries, fees for professional service and other amounts received (without regard to whether or not an amount is paid in cash) for personal services
actually rendered in the course of employment with the Company to the extent that the amounts are includible in gross income (including, but not limited to, commissions paid salesmen, compensation for services on insurance premiums, tips, and
bonuses); 

  

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

  

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

  

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

  

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

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 8 -	  	2/19/2002 EDITION

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

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

	 	(B)	reimbursements or other expense allowances, fringe benefits (cash and non-cash), moving expenses, welfare benefits, and any lump sum amounts paid at Termination of Employment (on
account of such termination), such as severance pay, vacation and sick leave cash-outs; and 

  

	 	(5)	fees for service as a member of a board of directors, if any, paid to “Highly Compensated Employees” (as defined in Section 11.3(a)(3)). 

  

	 	(c)	Limitations on Earnings under Code Section 401(a)(17). 

 For each Plan Year, the amount of annual Earnings that shall be taken into account for purposes of determining benefit accruals under the Plan shall not exceed the limit that is in effect for that Plan Year under Code
Section 401(a)(17), after taking into account any amendment of that Code Section that is enacted into 

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 9 -	  	2/19/2002 EDITION

 
law and any adjustment to that limit that is authorized by the Secretary of the Treasury for the calendar year that coincides with that Plan Year (for
example, the limit shall be $170,000 for Plan Year 2001 and $200,000 for Plan Year 2002). 
 If a period over which Earnings is determined
under the Plan (determination period) is less than 12 months, the otherwise applicable dollar limit under Code Section 401(a)(17) for that calendar year will be multiplied by a fraction, the numerator of which is the number of months in the
determination period, and the denominator of which is 12, determined in a manner consistent with Treas. Reg. Section 1.401(a)(17)-1(b)(3). 
  

	1.19	Eligibility Computation Period 

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

	1.20	Eligible Employee 

 Subject to the exclusions
stated in the following paragraph, Eligible Employee means an Employee of the Company. 
 “Eligible Employee” does not
include: (a) an Employee of an Affiliate or Subsidiary that is not a Company that has adopted the Plan and is participating in the Plan; (b) an Employee who is covered under a collective bargaining agreement where retirement benefits were
the subject of good faith bargaining which does not provide for retirement benefits under this Plan; (c) a person who performs services for a Company but is compensated for such services by means of the payroll of a third party employee leasing
organization; (d) any “leased employee” within the meaning of Code Section 414(n)(2), or (e) a person who is not treated by the Participating Company as an employee for payroll tax purposes, whether or not such person is
subsequently determined by a government agency, by the conclusion or settlement of threatened or pending litigation, or otherwise to be (or to have been) a common law employee of the Company. In the event of any determination by any court,
governmental agency or other party that a person excluded under clause “(c)”, “(d)” or “(e)” should be treated as a common-law employee of the Company for payroll tax purposes, the individual shall not be treated as an
Eligible Employee unless and until the date on which the individual is first recharacterized as an Employee for payroll tax purposes on the payroll system of the Company, and not as of any retroactive effective date of such recharacterization.

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 10 -	  	2/19/2002 EDITION

	1.21	Eligible Spouse 

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

	1.22	Eligibility Computation Period 

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

	1.23	Employee 

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

	1.24	Employer 

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

	1.25	Employment Date 

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

	1.26	ERISA 

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

	1.27	Grossmont Participant 

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

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 11 -	  	2/19/2002 EDITION

 Based upon his or her status in the Grossmont Plan on December 31, 1997, and based on whether or not
the Grossmont Participant becomes an Eligible Employee on January 1, 1998, a Grossmont Participant shall, as of January 1, 1998, be either an Active Participant, an Inactive Participant, a Terminated Vested Participant, a Disabled
Participant or a Retired Participant in this Plan (as those terms are defined in Section 1.36). 
  

	1.28	Grossmont Plan 

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

	1.29	Hour of Service 

 Hour of Service means:

  

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

  

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

  

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

  

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

  

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

 

	 	(d)	 Effective December 12, 1994, Qualified Military Service shall be credited for purposes of eligibility under Section 2.1(b) and for Years of Vesting
Service. For a Participant returning from Qualified Military Service on or after January 1, 

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 12 -	  	2/19/2002 EDITION

	 	 
2001, for purposes of satisfying the 1,000 Hours of Service requirement of Section 2.1(b) during an Eligibility Computation Period, and for purposes of
determining Years of Vesting Service, a Participant will receive 190 Hours of Service for each full or partial month during which the Participant is engaged in Qualified Military Service. 

  

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

  

	 	(f)	Solely for purposes of determining whether a Break in Service has occurred, an individual who is absent from work will receive credit for the Hours of Service which would have been
credited to the individual but for such absence if the absence is (1) because of the pregnancy of the individual, (2) because of the birth of a child of the individual, (3) because of the placement of a child with the individual in
connection with the adoption of such child by such individual, (4) for purposes of caring for such child for a period beginning immediately following such birth or placement, or (5) for family or medical leave required to be provided under
the Family and Medical Leave Act of 1993. Where such hours cannot be determined, eight Hours of Service per day of such absence will be used. The Hours of Service credited under this paragraph will be credited in the computation period in which the
absence begins if the crediting is necessary to prevent a Break in Service in that period. In all other cases, such hours will be credited in the following computation period. 

  

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

  

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

  

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

  

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

  

	1.30	Investment Manager 

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

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 13 -	  	2/19/2002 EDITION

	1.31	Late Retirement Date 

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

	1.32	Nonvested Former Participant 

 Nonvested Former
Participant means a prior Participant who has incurred a Termination of Employment and who does not have a vested interest in his or her Accrued Benefit in accordance with Section 6.1. 
 Nonvested Former Participant also means a prior participant in the Grossmont Plan who has incurred a Termination of Employment under that plan and who
did not have a vested interest in that plan on December 31, 1997. 
 Nonvested Former Participant also means a prior participant in the
Sumitomo Plan who has incurred a Termination of Employment under that plan and who did not have a vested interest in that plan on September 30, 1998. 
 Nonvested Former Participant also means a prior participant in the Commerce Plan who has incurred a Termination of Employment under that plan and who did not have a vested interest in that plan on December 31,
1998. 
  

	1.33	Normal Retirement Age 

 If the Participant’s
Participation Date is on or after July 1, 1994, his or her “Normal Retirement Age” is the later of: (a) his or her 65th birthday, or (b) the earlier of: (1) the date the Participant completes five Years of Vesting
Service, or (2) the fifth anniversary of his or her Participation Date provided the Participant is an Employee on or after the later of such date or his or her 65th birthday and earns at least one Year of Vesting Service after any Break in
Service. If the Participant first participated in the Plan before July 1, 1994, the Participant’s Normal Retirement Age is 65. 
 Notwithstanding the foregoing, the Normal Retirement Age for a Commerce Participant is his or her 65th birthday. 
  

	1.34	Normal Retirement Date 

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

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 14 -	  	2/19/2002 EDITION

	1.35	Old Plan Account 

 Old Plan Account is defined in
Section 4.7. 
  

	1.36	Participant 

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

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

  

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

  

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

  

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

  

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

  

	1.37	Participation Date 

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

	1.38	Plan 

 Plan means the Zions Bancorporation Pension
Plan. 
  

	1.39	Plan Year 

 Plan Year means a calendar year.

  

	1.40	Qualified Domestic Relations Order 

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

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 15 -	  	2/19/2002 EDITION

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

	1.41	Qualified Military Service 

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

	1.42	Retirement Date 

 Retirement Date means the date
the Participant’s benefits commence. Benefits may begin at the Participant’s Early, Normal, Late or Disability Retirement Date. 
  

	1.43	Single Life Annuity 

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

	1.44	Sumitomo Participant 

 “Sumitomo
Participant” means: 
  

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

  

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

 

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 16 -	  	2/19/2002 EDITION

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

	1.45	Sumitomo Plan 

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

	1.46	Termination of Employment 

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

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

  

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

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

	1.47	Trust Agreement 

 Trust Agreement means the
agreement between the Company and the Trustee. 
  

	1.48	Trust Fund 

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

	1.49	Trustee 

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

	1.50	Year of Vesting Service 

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

	 	(a)	 For Plan Years from December 31, 1994 to December 31, 1997, an Employee shall be credited with a partial Year of Vesting Service (measured in calendar
months) in a Plan Year in which the Employee completes less than 1,000 Hours of 

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 17 -	  	2/19/2002 EDITION

	 	 
Service but in which the Employee has a Benefit Service Date or in which the Employee retires, dies, or incurs a Termination of Employment if the Employee
completes 83.33 Hours of Service multiplied by the number of calendar months during such Plan Year in which the Employee completes at least one Hour of Service. The Employee will be credited with months of Service equal to the number of calendar
months during the Plan Year in which the Employee completes at least one Hour of Service. Twelve months of Service will equal a Year of Vesting Service. 

  

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

  

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

  

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

  

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

  

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

  

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

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

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

  

	 	(g)	Special Rules Applicable to Sumitomo Participants: 

  

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

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 18 -	  	2/19/2002 EDITION

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

  

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

  

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

  

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

  

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

  

	1.51	Zions 

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

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 19 -	  	2/19/2002 EDITION

 Article 2 
 PARTICIPATION 
  

	2.1	Participation Date 

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

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

  

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

  

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

  

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

  

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

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 20 -	  	2/19/2002 EDITION

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

  

	 	(g)	Effective April 1, 1997, for a former employee of an acquired company listed on Appendix IV who becomes an Eligible Employee as of the Acquisition Effective Date listed in that
Appendix, the Eligible Employee’s prior service as an employee of the acquired company (or of any affiliate or subsidiary of the acquired company) shall be credited for purposes of eligibility to become an Active Participant in the Plan. If
such Eligible Employee had accrued at least 1,000 hours of service (according to the records maintained by the acquired company) in the 12-month period ending on the Acquisition Effective Date (and had attained age 21 on or before such date), the
Eligible Employee shall become an Active Participant in this Plan as of the first day of the calendar month coinciding with or first following the Acquisition Effective Date. Otherwise, the Participation Date shall be the first day of the calendar
month coinciding with or first following the date on which the sum of the pre-acquisition service and post-acquisition Hours of Service satisfy the Eligibility Computation Period requirements of subsection (b) above (and the Eligible Employee
has attained at least age 21). 

  

	2.2	Reinstatement of Active Participation 

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

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 21 -	  	2/19/2002 EDITION

 Article 3 
 ESTABLISHMENT AND MAINTENANCE OF CASH BALANCE ACCOUNT 
 Except as otherwise stated, this Article shall be effective as of April 1, 1997. 
  

	3.1	Initial Establishment of Cash Balance Account 

  

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

  

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

  

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

  

	 	(d)	 With respect to each Inactive Participant and Terminated Vested Participant (as defined in Sections 1.27 and 1.36 of this Plan) in the Grossmont Plan on
December 31, 1997 who becomes an Active Participant in this Plan or after January 1, 1998 and each Nonvested Former Participant in the Grossmont Plan on 

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 22 -	  	2/19/2002 EDITION

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

  

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

  

	 	(f)	With respect to each inactive participant and terminated vested participant in the Sumitomo Plan on September 30, 1998 who becomes an Active Participant in this Plan after
October 1, 1998, and each nonvested former participant in the Sumitomo Plan who becomes an Active Participant in this Plan after October 1, 1998, a Cash Balance Account will be established on the date such Employee becomes an Active
Participant in this Plan. The initial balance in the Sumitomo Participant’s Cash Balance Account will equal the present value of his or her accrued benefit under the Sumitomo Plan as of September 30, 1998, expressed in the form of a Single
Life Annuity. The present value will be determined using a 7% interest rate, the Sumitomo Participant’s age on the date he or she again becomes an Active Participant, and the Applicable Mortality Table described in Section 1.4(b)(1) which
is in effect as of such date. 

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

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

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 23 -	  	2/19/2002 EDITION

	 	 
(as that plan was in effect on December 31, 1998) for terminations occurring during the 1999 plan year. 

  

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

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

	3.2	Earnings Credits 

  

	 	(a)	General Rule for Earnings Credits 

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

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

  

	 	(b)	Acquisitions and Reinstatements in a Year of At Least 1,000 Hours 

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

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 24 -	  	2/19/2002 EDITION

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

  

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

  

	 	(c)	Acquisitions in a Year of Less Than 1,000 Hours 

 This
subsection shall apply to a Participant who becomes a Participant in this Plan as the result of an acquisition with an “Acquisition Effective Date” (as stated in Appendix IV) other than January 1 of a Plan Year, and who fails to
complete 1,000 Hours of Service in the Plan Year containing the Acquisition Effective Date. Such a Participant shall be entitled to an Earnings Credit for such Plan Year, if such Participant’s Hours of Service earned following the Acquisition
Effective Date, when annualized, equal or exceed 1,000. The annualized hours shall be the product of the Participant’s actual Hours of Service times a fraction, the numerator of which is 12 and the denominator of which is the number of
completed months as an Active Participant during the said Plan Year. The Earnings Credit for such Plan Year shall be as stated in Section 3.2(b)(2). For this purpose, Earnings will not include amounts earned prior to the Acquisition Effective
Date. 
  

	 	(d)	Earnings Credit If Employment Terminates Prior to Year End 

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

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 25 -	  	2/19/2002 EDITION

	 	(e)	Terminations of Employment in Plan Year 2000 

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

	3.3	Interest Credits 

  

	 	(a)	General Rule for Quarterly Interest Crediting 

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

	 	(b)	If An Account Balance Is Established During a Plan Year 

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

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

  

	 	(2)	 In any subsequent calendar quarter during the same Plan Year, interest shall be credited as stated in Section 3.1(a), except that the principal 

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 26 -	  	2/19/2002 EDITION

	 	 
amount shall be the opening balance of the Cash Balance Account rather than the balance as of January 1 of the Plan Year. 

 

	3.4	Maintenance of Account after Termination of Employment until Benefit Commencement 

  

	 	(a)	After Termination of Employment 

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

	 	(b)	If Re-Employed with an Existing Cash Balance Account Prior to Benefit Commencement 

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

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

  

	 	(a)	If a Nonvested Former Participant’s Cash Balance Account has ceased to be maintained due to the deemed zero-dollar “cash-out” distribution (under Section 6.3(b))
of his or her entire interest under the Plan, he or she becomes an Active Participant prior to incurring five consecutive Breaks in Service, and he or she completes a Year of Vesting Service following the date of re-employment, then, as of the date
of becoming an Active Participant (but contingent upon satisfying the said Year of Service requirement), the Participant’s Cash Balance Account will be restored to the balance in the Cash Balance Account as of the previous Termination of
Employment date, increased for interest in accordance with Section 3.3 for the period from the Termination of Employment date to the date the Participant again became an Active Participant. 

  

	 	(b)	 If a Retired Participant is re-employed by the Company and again becomes an Active Participant in the Plan after his or her Cash Balance Account has ceased to be
maintained pursuant to Section 3.4, a new Cash Balance Account, with an initial balance of zero, will be established as of the last day of the Plan Year in which he or she again becomes an Active Participant. The Cash Balance Account will be
credited with earnings and interest as provided in Sections 3.2 and 3.3. Any Retirement Income which is being paid as a monthly benefit to the Retired Participant as of the date of his or her re-employment shall not be suspended and 

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 27 -	  	2/19/2002 EDITION

	 	 
shall be unaffected by the resumption of employment. The benefit accrued by the Participant from the date of re-employment to the subsequent Termination of
Employment shall be subject to an election by the Participant with respect to the form and timing of the benefit which is separate and independent from the election that was applicable to the benefit that commenced on the prior Retirement Date.
Moreover, to the extent that a spousal consent is applicable to the benefit that accrued subsequent to the re-employment date, the person with the right to consent shall be the Eligible Spouse (if any) to whom the Participant is legally married at
the time of the commencement of the benefit that accrued subsequent to the re-employment date, and not the Eligible Spouse as of the first Retirement Date. 

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 28 -	  	2/19/2002 EDITION

 Article 4 
 ACCRUED BENEFIT 
  

	4.1	Accrued Benefit 

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

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

  

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

  

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

  

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

  

	4.2	Cash Balance Accrued Benefit 

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

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

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 29 -	  	2/19/2002 EDITION

	 	(b)	The monthly benefit in the form of a Single Life Annuity will be determined by using the assumptions for Actuarial Equivalence described in Section 1.4(a) and the age of the
Participant as of his or her Normal Retirement Date, or the current date, if later. 

  

	4.3	Minimum Accrued Benefit 

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

	4.4	Grandfathered Minimum Accrued Benefit 

 Any Active
Participant or Disabled Participant on March 31, 1997 who, as of December 31, 1997, has attained 55 years of age and has completed 10 Years of Vesting Service is eligible to receive a grandfathered minimum accrued benefit described in
Section 2.3 of Appendix III. 
  

	4.5	Accrued Benefit Attributable to the Old Plan Account 

 The Accrued Benefit Attributable to the Old Plan Account as of the Participant’s Normal Retirement Date, or current date if later, will be equal to the Participant’s Old Plan Account expressed as a monthly benefit under a Single
Life Annuity commencing on his or her Normal Retirement Date, or current date if later, using Actuarial Equivalence as provided in Section 1.4(a). 
 The Accrued Benefit Attributable to the Old Plan Account as of the Participant’s Early Retirement Date will be equal to the monthly benefit determined under the foregoing paragraph and, reduced by 5/9 of 1% for
each of the first 60 months by which the Early Retirement Date precedes his or her Normal Retirement Date and by 5/18 of 1% for each of the next 60 such months. 
  

	4.6	Accrued Benefit Attributable to Company Contributions 

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

	4.7	Old Plan Account 

 A Participant’s Old Plan
Account is his or her individual account balance under this Plan which resulted from the transfer of funds from a terminated plan formerly sponsored by the Company. The Old Plan Account shall include interest from the transfer date to the earlier of
the Participant’s Retirement Date or the date on which the Participant’s Old Plan Account is otherwise payable pursuant to the provisions of this Plan (the determination date) as follows: The rate of interest shall be compounded annually.
For Plan Years beginning before January 1, 1988 and continuing to the determination date, the interest rate shall be 5%. For each Plan Year beginning on or after January 1, 1988 

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 30 -	  	2/19/2002 EDITION

 
and continuing to the determination date, the interest rate shall be 120% of the federal mid-term rate (as defined in Code Section 1274) in effect on
the first day of such Plan Year. For purposes of determining the Accrued Benefit Attributable to the Old Plan Account, the Old Plan Account shall also include interest, compounded annually, at the Actuarial Equivalent interest rate (Section 1.4(a))
applicable to the determination date year, for each Plan Year from the determination date to the Participant’s Normal Retirement Date. In no event can a Participant’s Old Plan Account be withdrawn prior to Termination of Employment, death
or retirement. This section is effective January 1, 1995. 
  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 31 -	  	2/19/2002 EDITION

 Article 5 
 AMOUNT OF RETIREMENT INCOME 
  

	5.1	Monthly Retirement Income 

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

	5.2	Normal Retirement Income 

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

	5.3	Early Retirement Income 

  

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

  

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

  

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

  

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

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

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

  

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

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 32 -	  	2/19/2002 EDITIONd

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

  

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

  

							
	   Participant’s Age
 At Commencement
	 	 	 	Factor	  	 
				
	 55
	 		 	.4912	  	
	 56
	 		 	.5236	  	
	 57
	 		 	.5572	  	
	 58
	 		 	.5956	  	
	 59
	 		 	.6364	  	
	 60
	 		 	.6820	  	
	 61
	 		 	.7336	  	
	 62
	 		 	.7888	  	
	 63
	 		 	.8524	  	
	 64
	 		 	.9220	  	
	 65
	 		 	1.0000	  	

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

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

  

	5.4	Late Retirement Income 

  

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

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 33 -	  	2/19/2002 EDITION

	 	 
adjustment depending on the Form of Retirement Income elected in accordance with Section 5.7. 

  

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

  

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

  

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

  

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

  

	5.5	Disability Retirement Income 

 Disability
Retirement Income is described in Section 7.4. 
  

	5.6	Application for Retirement Income 

 Each
Participant must notify the Committee in writing of his or her intent to retire. Upon receipt of such notification, each Participant will receive a written explanation of the terms and conditions of the various Forms of Retirement Income and the
financial effect of electing each Form of Retirement Income. A Participant will have the right to elect or revise a previously elected Form of Retirement Income at any time during his or her Election Period. 
 A Participant’s Election Period is the 90 day period ending on the date his or her Retirement Income is to begin. The Committee will make Election
Information available to a Participant within a reasonable period of time prior to the date Retirement Income is to begin. In no event will a Participant’s Election Period end prior to the 30th day next following the day on which Election
Information and the information provided in accordance with the first paragraph of this Section 5.6 are first made available to him. 
 For purposes of this Section, Election Information will include: 
  

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

  

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

  

	 	(c)	 a notification that Retirement Income payments will be made in the 50% Spouse Option form (or the Life Annuity Form if the Participant is not married) unless he

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 34 -	  	2/19/2002 EDITION

	 	 
or she elects otherwise during the Election Period and his or her spouse consents to such election. 

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

	5.7	Forms of Retirement Income 

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

	 	(a)	Spouse Option. 

 A Spouse Option provides for a monthly
payment during the Participant’s life. After the Participant’s death, a percentage of the Participant’s Retirement Income will be paid for life to the Participant’s Eligible Spouse. The percentage to be paid to the
Participant’s Eligible Spouse will be 50%, 66 2/3% or 100% as elected by the Participant. The monthly payment under the Spouse Option will be equal to the Actuarial Equivalent of the amount payable under the Life Annuity form using the factors
from Appendix I. 
  

	 	(b)	Life Annuity. 

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

	 	(c)	Lump Sum Payment Option. 

 The Lump Sum Payment Option
provides for a single payment equal to the greater of the balance in the Participant’s Cash Balance Account as of the Participant’s 

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 35 -	  	2/19/2002 EDITION

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

	 	(d)	Lump Sum Payment of Old Plan Account Option. 

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

	 	(e)	Options Available Only to Grossmont Participants. 

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

	 	(1)	Ten Year Certain and Life Thereafter Option. 

 The Ten
Year Certain and Life Thereafter Option provides a reduced monthly Retirement Income commencing on the Grossmont Participant’s Retirement Date and ceasing with the payment for the month in which the Grossmont Participant’s death occurs.
The Ten Year Certain and Life Thereafter Option shall be the Actuarial Equivalent of a Single Life Annuity Option. If a Grossmont Participant’s death should occur before 120 monthly payments have been made, such payment shall continue to his or
her Beneficiary(ies) until the earlier of (a) the Beneficiary(ies’) death(s), or (b) a total of 120 monthly Retirement Income payments to the Grossmont Participant and his or her Beneficiary(ies) have been made. 
 If a Grossmont Participant designates joint Beneficiaries, upon the Grossmont Participant’s death prior to the payment of 120 monthly payments, any
surviving Beneficiaries shall share equally. 
 In the event that the (or all) Beneficiary(ies) and the Grossmont Participant die prior to
the payment of a total of 120 monthly Retirement Income payments to the Grossmont Participant and/or his or her Beneficiary(ies); 

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 36 -	  	2/19/2002 EDITION

 
the balance of such 120 monthly payments shall be payable to the estate of the last survivor. 
 In the event the Grossmont Participant and his or her Beneficiary(ies) die prior to the date the Grossmont Participant’s benefits are scheduled to
commence, the rights of all persons shall be the same as if the option had not been elected. 
  

	 	(2)	Ten Year Certain Option. 

 The Ten Year Certain Option
provides a monthly Retirement Income commencing on the Grossmont Participant’s Retirement Date and ceasing after 120 monthly payments have been made. The Ten Year Certain Option shall be the Actuarial Equivalent of a Single Life Annuity Option.
If a Grossmont Participant’s death should occur before 120 monthly payments have been made, such payment shall continue to his or her Beneficiary(ies) until the earlier of (a) the Beneficiary(ies’) death(s), or (b) a total of 120
monthly Retirement Income payments to the Grossmont Participant and/or his or her Beneficiary(ies) have been made. 
 If a Grossmont
Participant designates joint Beneficiaries, upon the Grossmont Participant’s death prior to the payment of 120 monthly payments, any surviving Beneficiaries shall share equally. 
 In the event that the (or all) Beneficiary(ies) and the Grossmont Participant die prior to the payment of a total of 120 monthly Retirement Income
payments to the Grossmont Participant and/or his or her Beneficiary(ies), the balance of such 120 monthly payments shall be payable to the estate of the last survivor. 
 In the event the Grossmont Participant and his or her Beneficiary(ies) die prior to the date the Grossmont Participant’s benefits are scheduled to commence, the rights of all persons shall be the same as if the
option had not been elected. 
  

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

  

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

  

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

  

	 	(4)	 This subsection (e) shall only apply to the portion of a Grossmont Participant’s Accrued Benefit earned prior to January 1, 1998. The portion of a
Grossmont Participant’s Accrued Benefit earned on or after December 

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 37 -	  	2/19/2002 EDITION

	 	 
31, 1997 shall be paid in one of the forms described in subsections (a) through (d) of this Section 5.7. 

  

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

  

	 	(f)	Options Available to Sumitomo Participants: 

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

	 	(1)	Joint and Survivor Annuity. 

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

	 	(2)	Level Income Option. 

 A Sumitomo Participant who retires
prior to his or her Normal Retirement Date and whose benefit is paid in the form of a Life Annuity may elect to receive his or her benefits in a greater amount during the period before Social Security benefits could first be paid and a
correspondingly reduced amount after such benefits first become payable, such that the total income (including the adjusted benefit payable under the Plan and the Social Security benefit to which the Sumitomo Participant is entitled) shall be as
nearly uniform as possible both before and after commencement of Social Security benefits. The amount of the adjustment to the Sumitomo Participant’s benefit shall be calculated using the factors in Appendix III of the Sumitomo Plan.

  

	 	(3)	 This subsection (f) shall only apply to the portion of the Sumitomo Participant’s Accrued Benefit attributable to Section 4.1(c). The portion of a
Sumitomo Participant’s Accrued Benefit not attributable to Section 

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 38 -	  	2/19/2002 EDITION

	 	 
4.1(c) shall be paid in one of the forms described in subsections (a) through (d) of this Section 5.7. 

  

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

  

	 	(g)	Options Available to Commerce Participants. 

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

	 	(1)	Post-retirement 75% Spouse Option. 

 The post-retirement
75% Spouse Option provides a monthly payment during the Commerce Participant’s life. After the Commerce Participant’s death 75% of the Commerce Participant’s Retirement Income will be paid for life to the Commerce Participant’s
Eligible Spouse. The initial monthly payment under the 75% Spouse Option will be equal to the Actuarial Equivalent of the amount payable under the Life Annuity form. For the purpose of this paragraph (1), Actuarial Equivalent shall be calculated
using the 1984 Uniform Pensioners Mortality Table and an interest rate equal to the greater of 100% of the Pension Benefit Guaranty Corporation immediate interest rate in effect on the first day of the Plan Year in which the Commerce Participant
retires or 6.5%. 
 This paragraph (1) shall only apply to the portion of the Commerce Participant’s Accrued Benefit earned prior
to January 1, 1999 under the terms of the Commerce Plan. The portion of a Commerce Participant’s Accrued Benefit earned on or after January 1, 1999 shall be paid in one of the forms described in subsections (a) through
(d) of this Section 5.7. 
  

	 	(2)	Pre-retirement Spouse Options. 

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

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 39 -	  	2/19/2002 EDITION

 
greater of 100% of the Pension Benefit Guaranty Corporation immediate interest rate in effect on the first day of the Plan Year in which the Commerce
Participant’s Annuity Starting Date occurs or 6.5%. 
 This paragraph (2) shall only apply to the portion of the Commerce
Participant’s Accrued Benefit earned prior to January 1, 1999 under the terms of the Commerce Plan. The portion of a Commerce Participant’s Accrued Benefit earned on or after January 1, 1999 shall be paid in one of the forms
described in subsections (a) through (d) of this Section 5.7. 
  

	 	(3)	Commerce Lump Sum Option. 

 A Commerce Participant may
elect to receive the Actuarial Equivalent of his or her Accrued Benefit earned prior to January 1, 1999 in the form of a single payment effective on the first of any month following Termination of Employment, which date shall be considered the
Annuity Starting Date for the purpose of this form of benefit. For the purpose of this paragraph (3) Actuarial Equivalent shall be calculated using the 1984 Uniform Pensioners Mortality Table and an interest rate equal to 100% of the Pension
Benefit Guaranty Corporation’s (PBGC) interest rates in effect on the first day of the Plan Year in which the Commerce Participant’s Annuity Starting Date occurs. If the lump sum value using this basis exceeds $25,000 then Actuarial
Equivalent shall be calculated using the 1984 Uniform Pensioners Mortality Table and an interest rate equal to 120% of the PBGC rates. For the period of time prior to the Commerce Participant’s Normal Retirement Date, pre-retirement mortality
shall not be used. 
 The portion of a Commerce Participant’s Accrued Benefit earned on or after January 1, 1999 shall be paid on
the retirement date elected by the Commerce Participant in one of the forms described in subsections (a) through (d) of this Section 5.7. 
  

	 	(4)	A Commerce Participant’s Accrued Benefit payable under any of the forms described in this Section 5.7(g) shall never be less than his or her Accrued Benefit calculated as
of December 31, 1998 under the terms of the Commerce Plan. 

  

	5.8	Payment of Small Benefits 

 Effective for payments
to Participants first commencing after September 18, 1998, if a Participant has a Termination of Employment or dies and the Actuarial Equivalent value of the benefit payable under the Plan to such Participant or his or her Beneficiary does not
exceed $5,000 ($3,500, for payments commencing prior to September 18, 1998), the Committee will pay the Actuarial Equivalent value of such benefit to the Participant or Beneficiary in a lump sum. If a lump sum payment is made, no other benefit
under the 

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 40 -	  	2/19/2002 EDITION

 
Plan will be due to the Participant or Beneficiary. However, if the Participant receives less than the Actuarial Equivalent of his or her full Accrued
Benefit, such Accrued Benefit and related service shall be reinstated if the Participant repays the distributed lump sum with interest at one hundred and twenty percent (120%) of the Federal mid-term rate as in effect for the first month of the
Plan Year. Such repayment must be made prior to the earlier of (1) the fifth anniversary of the Participant’s re-employment date, or (2) the date the Participant incurs a five-year Break in Service. 
 If the Participant’s Vested Percentage is zero, the Participant will be deemed to have received a distribution of the Vested Percentage of his or
her Accrued Benefit and to have forfeited the nonvested percentage of his or her Accrued Benefit. 
 If the Actuarial Equivalent value of the
Participant’s benefit at the time of a distribution exceeds $5,000 (or $3,500, whichever is applicable), then such value at any subsequent time will be deemed to exceed $5,000 (or $3,500, whichever is applicable). 
  

	5.9	Eligible Rollover Distribution 

  

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

  

	 	(b)	Definitions. 

  

	 	(1)	Eligible rollover distribution: An eligible rollover distribution is any distribution of all or any portion of the amount payable by the Plan to a distributee, except that an
eligible rollover distribution does not include: (A) any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the distributee or the joint
lives (or joint life expectancies) of the distributee and the distributee’s designated beneficiary, or for a specified period of ten years or more; (B) any distribution to the extent such distribution is required under Code
Section 401(a)(9); or (C) the portion of any distribution that is not includible in gross income. 

  

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

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 41 -	  	2/19/2002 EDITION

	 	 
retirement plan is an individual retirement account or individual retirement annuity. 

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

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

  

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

  

	5.10	Re-employment After Retirement 

 In order to
retire, a Participant must have a Termination of Employment. Effective January 1, 1992, if a Retired Participant is rehired by the Company, his or her Retirement Income, if being paid in a Life Annuity form, will not be suspended. The Retired
Participant may earn additional benefits as provided in Article 3. The benefit attributable to service during the Participant’s re-employment that is not yet in payment status will be paid, or commence to be paid upon the earlier of the
Participant’s subsequent retirement or the Participant’s required beginning date described in Section 5.11(c). Such benefit may be paid in any form elected by the Participant, which form may be different from the form in which
benefits are currently being paid. 
 If the Participant dies during such period of re-employment, any death benefits attributable to service
during the Participant’s re-employment will be determined in accordance with Article 8. Any death benefit attributable to service before the Retired Participant’s re-employment will be determined in accordance with the provisions of the
applicable Form of Retirement Income elected at his or her original retirement. 
  

	5.11	Commencement of Benefits 

  

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

  

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

  

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

  

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

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 42 -	  	2/19/2002 EDITION

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

  

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

  

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

  

	 	 (3)
	 Retirement Income payments for a Participant who attained age 70 1/
2 before January 1, 1988, and who is not a 5% owner will begin not later than April 1 of the calendar year following the later of (A) the calendar year in which the
Participant attained age 70 1/2, or (B) the calendar year in which the Participant retires.

  

	 	 (4)
	 Retirement Income payments for a Participant who attained age 70 1/
2 before January 1, 1988, and who is a 5% owner will begin not later than April 1 of the calendar year following the later of (A) the calendar year in which the
Participant attained age 70 1/2, or (B) the earlier of (i) the calendar year within which ends the Plan Year in which
the Participant becomes a 5% owner, or (ii) the calendar year in which the Participant retires. 

  

	 	 (5)
	 A Participant is treated as a 5% owner for purposes of this paragraph (c), if such Participant is a 5% owner as defined
in Code Section 416(i) at any time during the Plan Year ending within the calendar year in which such owner attains age 66 1/2 or any subsequent Plan Year. Once a Participant is described in this subparagraph, distributions will continue to such Participant even if such Participant ceases to own more than 5% of the Company in a subsequent year. Effective
January 1, 1999, a Participant is treated as a 5% owner if the Participant is a “5 percent owner” (as defined in Code Section 416(i)(1)(B)(i)) at any time during the calendar year in which the Participant attains age 70-1/2.

  

	 	(6)	 If a Participant receives payments under this paragraph (c), such payments will be determined as if the Participant’s Late Retirement Date were the 

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 43 -	  	2/19/2002 EDITION

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

  

	 	(7)	Effective January 1, 1999, for a Participant whose continued active employment results in the deferral of Retirement Income to a date later than April 1 following the
calendar year the Participant attains age 70-1/2 (the “Base Date”), the Accrued Benefit for such a Participant shall be Actuarially adjusted to reflect the deferral period from the Base Date to the date the Participant commences payment of
Retirement Income. The Actuarial adjustment shall be based on the factors stated in Section 1.4(d). 

  

	5.12	Delay of Payment Due to Administrative Error 

  

	 	(a)	Delay in Commencing Annuity Payments 

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

	 	(b)	Delay in Payment of Lump-Sum 

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

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

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 44 -	  	2/19/2002 EDITION

	 	 
for the whole and/or partial years from the said 60th
day to the payment date; or 

  

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

  

	5.13	Suspension of Benefits for Active Participants at Normal Retirement Date 

  

	 	(a)	Permissible Suspension 

 For a Participant who has not
previously commenced receiving monthly benefits and who continues in active service as an Employee after attaining his or her Normal Retirement Date, the right to receive payment of benefits shall be suspended so long as such employment continues,
but not later than any required beginning date applicable to the Participant under Section 5.11(c), at which time the benefit shall commence. For any period of suspension between the Normal Retirement Date and April 1 following the year
the Participant attains age 70-1/2 there shall be no Actuarial adjustment to the Participant’s benefit attributable to the suspension of the benefit. For any period of suspension that continues past such date, the terms of
Section 5.11(c)(7) shall apply. 
 Any such suspension shall not apply to a Participant who has attained age 65 and performs no more
than 40 Hours of Service per month. The benefit for such a Participant shall commence on the later of the Normal Retirement Date or the first day of the month following the date the Participant performs 40 or fewer Hours of Service per month.

  

	 	(b)	Notice of Suspension of Benefits 

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

	 	(c)	Participant’s Duty to Notify Plan Administrator 

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

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 45 -	  	2/19/2002 EDITION

	 	(d)	Benefits Paid in Error May Offset Future Benefits 

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

	5.14	Benefits Under a Qualified Domestic Relations Order (QDRO) 

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

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

  

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

  

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

 Notwithstanding any other provision of this Section, a QDRO may not (1) require a form of benefit distribution not provided under the terms of this
Plan, (2) cause any unvested benefit to be vested, (3) cause a Participant’s Accrued Benefit to have a value greater than the value determined under the terms of this Plan, (4) provide for a distribution to commence from an
alternate payee’s benefit at a time later than the latest date or age as of which a benefit distribution may commence under this Plan, or (5) otherwise state terms which are inconsistent with the terms of this Plan. 
 The Committee (or QDRO administrator) shall determine whether a domestic relations order meets the requirements of this Section within a reasonable
period after it is received by the Committee (or QDRO administrator). The Committee (or QDRO administrator) shall notify the Participant and any alternate payee that a domestic relations order has been received. Any amounts due the alternate payee
under the domestic relations order which, in its absence, would be paid to the Participant or a beneficiary, shall be held during the period while the domestic relations order’s qualified status is being determined. If a domestic relations
order is not affirmatively determined to be a QDRO, then such restriction shall lapse on the earlier of the (a) the date the order is determined not to be a QDRO and appeal rights under Section 12.6(c) or (d) (whichever is applicable)
have expired or been exhausted, or (b) 18 months after such restriction is imposed. 
  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 46 -	  	2/19/2002 EDITION

 Article 6 
 TERMINATION AND VESTING 
  

	6.1	Vesting 

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

	6.2	Termination Benefit 

  

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

  

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

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 47 -	  	2/19/2002 EDITION

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

  

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

  

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

  

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

  

	6.3	Re-employment After Termination of Employment 

  

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

  

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

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 48 -	  	2/19/2002 EDITION

	 	 
Account and Accrued Benefit will be restored in accordance with Sections 3.5(a) and 4.1 respectively. 

  

	6.4	Termination Benefits and Re-employment for Commerce Participants 

  

	 	(a)	A Commerce Participant may elect to receive the portion of his or her Accrued Benefit earned prior to January 1, 1999 on the first day of any month coincident with or following
his or her Termination of Employment (“Termination Benefit”). The Termination Benefit is the Actuarial Equivalent of the Accrued Benefit earned prior to January 1, 1999. For early retirement reduction, Actuarial Equivalent shall be
calculated as described in Section 5.3(e). For benefit form adjustment, Actuarial Equivalent shall be calculated as described in Sections 5.7(g)(2) and 5.7(g)(3). Upon meeting the requirements of Section 1.17(d), a Commerce Participant may
receive the remainder of his or her Accrued Benefit earned on or after January 1, 1999. 

  

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

  

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

  

	 	(2)	In the event a Commerce Participant received a lump sum distribution under Section 5.7(g)(3) upon Termination of Employment and becomes re-employed prior to incurring five
(5) consecutive one (1) year Breaks-In-Service, he or she may repay such benefit with interest, at one hundred and twenty percent (120%) of the Federal mid-term rate as in effect for the first month of the Plan Year, to the Plan
within five (5) years after re-employment. The Accrued Benefit of a Commerce Participant who makes such repayment shall be determined as if no prior distribution occurred. 

  

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

  

	6.5	Special Termination Benefit for Sumitomo Participants 

 This Section applies to a Sumitomo Participant who (a) had a Termination of Employment for any reason between October 1, 1998 and September 30, 1999, (b) was not a Highly Compensated Employee (as defined in this Plan)
for the Plan Year in which the Termination of Employment occurred, and (c) elected to receive severance benefits in connection with his or her separation from the Company under either the Sumitomo 

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 49 -	  	2/19/2002 EDITION

 
Severance Benefit Program, the Executive Retention and Severance Benefit Agreement and/or the Key Contributor Retention and Severance Agreement (which are
plans and programs that are not part of this Plan and are not funded by the Trust Fund). In the case of each Sumitomo Participant who met all of the conditions of the previous sentence, the minimum benefit under Section 4.1(c) of this Plan as
of his or her Termination of Employment shall be increased by 6.5%. 
  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 50 -	  	2/19/2002 EDITION

 Article 7 
 DISABILITY BENEFITS 
  

	7.1	Determination of Disability 

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

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

  

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

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

	7.2	Eligibility for Disability Benefits 

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

	7.3	Disability Retirement Date 

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

	7.4	Disability Retirement Income 

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

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 51 -	  	2/19/2002 EDITION

 
disability in which 1,000 Hours of Service were worked. Disability Retirement Income will be subject to adjustment depending on the Form of Retirement Income
elected in accordance with Section 5.7. 
  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 52 -	  	2/19/2002 EDITION

 Article 8 
 DEATH BENEFITS 
  

	8.1	Death after Commencement of Benefits 

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

	8.2	Death Prior to Commencement of Benefits 

 This
Section 8.2 shall be effective April 1, 1997, except as otherwise stated below. 
  

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

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

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

  

	 	(2)	 Effective January 1, 1998, for a Grossmont Participant who has a minimum benefit described in Section 4.1(b), the Cash Balance Annuity shall not be less
than the monthly amount that would be payable as a 50% pre-retirement survivor annuity to the Eligible Spouse with respect to that 

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 53 -	  	2/19/2002 EDITION

	 	 
minimum benefit, in accordance with the actuarial factors and other terms of the Grossmont Plan that were in effect on December 31, 1997.

  

	 	(3)	Effective October 1, 1998, for a Sumitomo Participant who has a minimum benefit described in Section 4.1(c), the Cash Balance Annuity shall not be less than the monthly
amount that would be payable as a 50% pre-retirement survivor annuity to his or her Eligible Spouse with respect to that minimum benefit, in accordance with the actuarial factors and other terms of the Sumitomo Plan that were in effect on
September 30, 1998. 

  

	 	(4)	Effective January 1, 1999, for a Commerce Participant who has a minimum benefit described in Section 4.1(d), the Cash Balance Annuity shall not be less than the monthly
amount that would be payable as a 50% pre-retirement survivor annuity to the Eligible Spouse with respect to that minimum benefit, in accordance with the actuarial factors and other terms of the Commerce Plan that were in effect on December 31,
1998. 

  

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

  

	8.3	Effect of Old Plan Account 

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

	8.4	Return of Old Plan Account 

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

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

  

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

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 54 -	  	2/19/2002 EDITION

 Article 9 
 FINANCING THE PLAN 
  

	9.1	Company Contributions 

  

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

  

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

  

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

  

	9.2	Return of Company Contributions 

  

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

  

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

  

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

  

	9.3	Employee Contributions 

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

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 55 -	  	2/19/2002 EDITION

 Article 10 
 TERMINATION OF THE PLAN 
  

	10.1	Termination of Plan 

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

	10.2	Procedures Upon Termination of Plan 

 Upon
termination of the Plan, the following provisions will apply: 
  

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

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

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

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

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

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 56 -	  	2/19/2002 EDITION

 Article 11 
 INTERNAL REVENUE CODE LIMITATIONS ON BENEFITS 
  

	11.1	Earnings Limitation under Code Section 401(a)(17) 

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

 

	11.2	Maximum Retirement Benefit under Code Section 415 

  

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

  

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

  

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

  

	 	(3)	“Compensation” has the meaning stated in Section 1.15. 

  

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

  

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

  

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

  

	 	(1)	 The dollar limit set forth in Code Section 415(b)(1)(A), as that limit may be modified for the applicable Limitation Year either by amendment of Code
Section 415(b)(1) or as a result of an adjustment approved by the Secretary of the Treasury pursuant to Section 415(d) (for example, the limit shall be $140,000 in Plan Year 2001 and $160,000 in Plan Year 

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 57 -	  	2/19/2002 EDITION

	 	 
2002) Effective each January 1, this limitation will be automatically adjusted to the new dollar limitation prescribed by the Secretary of the Treasury
for that calendar year. 

  

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

  

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

  

	 	(d)	Service or participation less than ten years 

  

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

  

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

  

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

  

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

  

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

  

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

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 58 -	  	2/19/2002 EDITION

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

  

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

  

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

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

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

  

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

  

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

  

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

  

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

  

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

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 59 -	  	2/19/2002 EDITION

	 	(3)	If the Participant’s benefit commencement date occurs after attaining age 65 under circumstances resulting in a right to receive an Actuarial adjustment in the benefit payable
under the Plan, the Annual Benefit Dollar Limit shall be increased by means of an Actuarial adjustment based on either (A) an interest rate of 5% (applied solely to the period that is subject to Actuarial adjustment under the Plan), or
(B) the Actuarial adjustment factor that is applicable to the Participant’s benefit under the Plan, whichever produces the lower limitation amount. When calculating the adjustment of the Annual Benefit Dollar Limit according to this
paragraph, mortality shall be ignored. 

  

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

  

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

  

	 	(i)	The terms of this subsection shall not apply to any benefit which commences on or after January 1, 2000. 

 In any case in which a person is a Participant in both a defined benefit plan and a defined contribution plan maintained by any Affiliate or Subsidiary
of the Company, the sum of (1) and (2) below for any Limitation Year may not exceed 1.0: 
  

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

  

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

  

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

 If the Employee was a participant in one or more defined benefit plans maintained by any Affiliate or Subsidiary, which were in existence on May 5,
1986, the amount calculated in (B) will not be less than 125% of 

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 60 -	  	2/19/2002 EDITION

 
the Employee’s accrued benefit under such defined benefit plans as of December 31, 1986, determined without regard to any change in the terms or
conditions of the plan made after May 5, 1986, and without regard to any cost of living adjustment occurring after May 5, 1986. The preceding sentence only applies if the defined benefit plans individually and in the aggregate satisfied
the requirement of Code Section 415 as in effect on December 31, 1986. 
  

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

  

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

  

	 	(B)	The lesser of 125% of the maximum annual additions to such account for all Years of Vesting Service with the Employer, or 1.4 multiplied by 25% of the Participant’s
Compensation for all Years of Vesting Service with the Employer. 

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

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

  

	11.3	Additional Benefit Limits for Highly Compensated Employees 

  

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

  

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

  

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

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 61 -	  	2/19/2002 EDITION

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

  

	 	(A)	Any Employee who performs services for an Affiliate or Subsidiary of the Employer during the determination year and who received Compensation in excess of the dollar amount stated
in Code Section 414(q)(1)(B)(i) (as adjusted by the Secretary of the Treasury) during the look-back year (for example, the said adjusted amount shall be $85,000 for the 2001 look-back year and $90,000 for the 2002 look-back year). Provided,
however, that, for Plan Years 1998 and thereafter, such an Employee shall not be considered a Highly Compensated Employee unless he or she has Compensation from the Employer during the look-back year that causes him or her to be among the highest
paid 20% of the Employees of the Employer for a year in which the 20% limitation is in effect under the defined contribution plans maintained by the Employer. 

  

	 	(B)	Any Employee who is a 5% owner (as defined in code Section 416(i)(1)(B)(i)) of the Employer at any time during the look-back year or the determination year.

  

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

  

	 	(4)	“Highly Compensated Former Employee” means any former Employee who was a Highly Compensated Employee for a separation year (as defined in Treasury Regulation
Section 1.414(q)-1T) or for any determination year ending on or after the Employee attains age 55, as provided by Code Section 414(q)(9) and the regulations thereunder. 

  

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

  

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

  

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

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

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 62 -	  	2/19/2002 EDITION

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

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

	11.4	Top-Heavy Provisions 

  

	 	(a)	Top-Heavy Plan 

 Notwithstanding any other provision of
this Plan to the contrary, this article will apply if the Plan is a Top-Heavy Plan. The Plan will be a Top-Heavy Plan if, as of the Determination Date, the present value of the cumulative accrued benefits of Key Employees exceeds sixty percent of
the present value of the cumulative accrued benefits under the Plan of all Participants and Beneficiaries (but excluding the value of the accrued benefits of former Key Employees and individuals who have not performed any services for the Company
during the five year period ending on the Determination Date). This percentage will be computed in accordance with Code Section 416(g). 
 In determining whether this Plan is a Top-Heavy Plan, all employers that are aggregated under Code Sections 414(b), (c) and (m) will be treated as a single 

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 63 -	  	2/19/2002 EDITION

 
employer. In addition, all plans that are part of the Aggregation Group will be treated as a single plan. In determining present values, mortality will be
based on the 1984 Unisex Pension Mortality Table and the interest rate utilized will be five percent. 
  

	 	(b)	Definition of Terms 

 For purposes of this
Section 11.4 only, the following terms will have the following meanings: 
  

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

  

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

  

	 	(3)	“Compensation” shall be as defined in Section 1.15, subject to the limitations imposed by Code Section 401(a)(17), as amended by law and as adjusted by the
Secretary of the Treasury. 

  

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

  

	 	(5)	For Plan Years commencing prior to January 1, 2002, “Key Employee” means an Employee, a former Employee, or the Beneficiary of a former Employee who, in the Plan Year
containing the Determination Date, or any of the four preceding Plan Years, is: 

  

	 	(A)	An officer of the Company having an annual compensation from the Company greater than 50 percent of the amount in effect under Code Section 415(b)(1)(A) for the calendar year
in which any such Plan Year ends. Not more than 50 Employees (or, if fewer, the greater of three Employees or ten percent of the Employees not excluded under Code Section 414(q)(8)), including those Employees included under paragraphs (B),
(C) and (D) below, will be considered as officers for purposes of this subparagraph. 

  

	 	(B)	 One of the ten Employees having an annual Compensation from the Employer greater than the amount in effect under Code Section 415(c)(1)(A) for the calendar
year in which any such Plan Year ends and owning (or considered as owning within the 

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 64 -	  	2/19/2002 EDITION

	 	 
meaning of Code Section 318) both more than a one-half percent interest and the largest interests in the Company. 

  

	 	(C)	A “five-percent owner” (as defined in Code Section 416(i)) of the Employer. 

  

	 	(D)	A “one-percent owner” (as defined in Code Section 416(i)) of the Employer having an annual Compensation from the Employer of more than $150,000 for a Plan Year.

 Neither the aggregation rules nor the rules under Code Sections 414(b), (c) and (m) will apply in determining
whether an Employee is a five-percent owner or a one-percent owner. 
  

	 	(6)	For Plan Years commencing on or after January 1, 2002, “Key Employee” means an Employee or former Employee (and, in the case of a deceased former Employee, his or her
Beneficiary under the Plan) where the Employee or former Employee, during the Plan Year containing the Determination Date, is either: 

  

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

  

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

  

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

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

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

  

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

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 65 -	  	2/19/2002 EDITION

	 	(9)	“Required Aggregation Group” means: 

  

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

  

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

  

	 	(10)	“Top-Heavy Group” means the Aggregation Group if the sum of (1) and (2) below exceeds 60% of a similar sum determined for all Employees (excluding former Key
Employees and individuals who have not performed any services for the Employer during the five year period ending on the Determination Date): 

  

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

  

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

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

  

	 	(c)	Modification of Vesting Schedule 

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

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

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 66 -	  	2/19/2002 EDITION

 A Participant’s vested Accrued Benefit Attributable to Company Contributions will not be less than
that determined as of the last day of the last Plan Year in which the Plan was a Top-Heavy Plan. 
 If the Plan ceases to be Top-Heavy, each
Participant with three or more Years of Vesting Service (determined as of the first day of the Plan Year in which the Plan ceases to be Top- Heavy) will continue to have his or her Vested Percentage for Accrued Benefit Attributable to Company
Contributions determined in accordance with this subsection (c). 
  

	 	(d)	Minimum Benefit 

 If the Plan is Top-Heavy in a Plan Year,
the Accrued Benefit as of the last day of such Plan Year for any Participant who is not a Key Employee, but who is employed or on an Authorized Period of Absence in such Plan Year, will not be less than the Actuarial Equivalent of an annual benefit
payable in the form of a straight life annuity beginning on the Participant’s Normal Retirement Date equal to the lesser of (i) two percent of the Participant’s Average Compensation multiplied by Years of Vesting Service or
(ii) twenty percent of the Participant’s Average Compensation. For purposes of this subsection (d), any Years of Vesting Service will be disregarded if: 
  

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

  

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

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

	 	(e)	Modification of Maximum Benefit 

 For Plan Years
commencing prior to January 1, 2000, if the Plan is a Top-Heavy Plan in a Plan Year, Sections 11.2(i)(1)(B) and 11.2(i)(2)(B) will be amended for such Plan Year by substitution of “100%” for “125%” where such percentage
appears therein. 
  

	 	(f)	Collective Bargaining Agreements 

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

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 67 -	  	2/19/2002 EDITION

 Article 12 
 ADMINISTRATION OF THE PLAN 
  

	12.1	Administration 

  

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

  

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

  

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

  

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

  

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

  

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

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 68 -	  	2/19/2002 EDITION

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

  

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

  

	12.2	Records 

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

	12.3	Payment of Expenses 

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

	12.4	Delegation of Authority 

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

	12.5	Information Available 

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

	12.6	Claims and Appeals Procedure 

  

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

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 69 -	  	2/19/2002 EDITION

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

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

	12.7	Fiduciary Capacity 

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

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 70 -	  	2/19/2002 EDITION

	12.8	Committee Liability 

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

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 71 -	  	2/19/2002 EDITION

 Article 13 
 GENERAL PROVISIONS 
  

	13.1	Amendment of Plan 

  

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

  

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

  

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

  

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

  

	13.2	Employment Status 

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

	13.3	Mergers or Consolidations 

 If this Plan merges or
consolidates with, or transfers its assets or liabilities to any other qualified plan of deferred compensation, no Participant will, as a result of such merger, 

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 72 -	  	2/19/2002 EDITION

 
consolidation or transfer, be entitled to a benefit on the day following such event which is less than the benefit to which he or she is entitled on the day
preceding such event. For purposes of this Section, the benefit to which a Participant is entitled will be calculated based upon the assumption that a Plan termination and distribution of assets occurred on the day as of which the Participant’s
entitlement is being determined. 
  

	13.4	Provision Against Anticipation 

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

	13.5	Facility of Payment 

 If any Participant or
Beneficiary is physically or mentally incapable of giving a valid receipt for any payment due him and no legal representative has been appointed for such Participant or Beneficiary, the Committee may direct the Trustee to make such payment to any
person or institution maintaining such Participant or Beneficiary and the release of such person or institution will be a valid and complete discharge for such payment. Any final payment or distribution to any Participant, the legal representative
of the Participant, or to any Beneficiaries of such Participant in accordance with the provisions herein will be in full satisfaction of all claims against the Plan, the Committee, the Trustee and the Company arising under or by virtue of the Plan.

  

	13.6	Construction 

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

	13.7	Legal Actions 

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

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 73 -	  	2/19/2002 EDITION

 SIGNATURE PAGE 
 This Zions Bancorporation Pension Plan, as restated effective as of January 1, 2001, is hereby approved
this 19th day of February, 2002, at Salt Lake City, Utah. 
  

			
	ZIONS BANCORPORATION
		
	By	 	 /s/ Harris H. Simmons

		 	Name: Harris H. Simmons
		
		 	Title:   President and Chief Executive Officer

  

	
	ATTEST:
	
	 /s/ Diana M. Andersen
 Name: Diana M. Andersen

	
	Title:   Vice President and Manager

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 74 -	  	2/19/2002 EDITION

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

							
		  	Joint & Survivor Option
				
		  	50%	 	66 2/3%
	 	100%
				
	 Spouse same age as Employee
	  	.880	 	.850	 	.790
				
	 For each year the Spouse is younger than
 the Employee subtract
	  	-.005	 	-.006	 	-.008
				
	 For each year the Spouse is older than the
 Employee add
	  	.005	 	.006	 	.008

 The maximum adjustment for age differential is limited to 20 years. 
  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 75 -	  	2/19/2002 EDITION

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

  

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

  

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

  

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

  

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

  

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

  

							
	 Age
	 	Factor	 	Age	 	Factor
	 32
	 	0.6404	 	49	 	2.4180
	 33
	 	0.6920	 	50	 	2.6182
	 34
	 	0.7479	 	51	 	2.8357
	 35
	 	0.8082	 	52	 	3.0721
	 36
	 	0.8735	 	53	 	3.3292
	 37
	 	0.9441	 	54	 	3.6090
	 38
	 	1.0205	 	55	 	3.9138
	 39
	 	1.1031	 	56	 	4.2458
	 40
	 	1.1925	 	57	 	4.6080

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	  	-76-	  	2/19/2002 EDITION

							
	 Age
	 	Factor	 	Age	 	Factor
	 41
	 	1.2892	 	58	 	5.0034
	 42
	 	1.3939	 	59	 	5.4356
	 43
	 	1.5073	 	60	 	5.9088
	 44
	 	1.6301	 	61	 	6.4279
	 45
	 	1.7632	 	62	 	6.9983
	 46
	 	1.9075	 	63	 	7.6261
	 47
	 	2.0639	 	64	 	8.3184
	 48
	 	2.2337	 	65	 	9.0836

  

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

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	  	-77-	  	2/19/2002 EDITION

 APPENDIX III: MINIMUM ACCRUED BENEFIT 

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

	1.1	Covered Compensation 

 Covered Compensation for a
Plan Year means the average of the Social Security Taxable Wage Bases for each year in the 35-year period ending with the last day of the year in which the Participant attains (or will attain) Social Security Retirement Age as determined under the
exact tables provided by the Commissioner of Internal Revenue. Covered Compensation for any Plan Year after 1991 will be equal to 1991 Covered Compensation. Social Security Taxable Wage Base means the contribution and benefit base in effect under
Section 230 of the Social Security Act for the specified calendar year. 
 For purposes of this Section 1.1, a Participant’s
Social Security Retirement Age is determined based on the following table: 
  

							
	 Year of
 Birth
	 	 Social Security
 Retirement Age
	 	 	 	 
				
	Before 1938	 	65	 		 	
	1938 to 1954	 	66	 		 	
	1955 and after	 	67	 		 	

  

	1.2	Credited Service 

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

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

  

	 	(1)	the Participant’s employment date, 

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	-78-	  	2/19/2002 EDITION

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

  

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

  

	 	(b)	No Credited Service will be earned during a Plan Year beginning after December 31, 1988 unless the Employee completes at least 1,000 Hours of Service during that Plan Year
except as follows: (1) through the period ending on December 31, 1997 and for Plan Year 2000, in order to earn Credited Service during the Plan Year in which the Employee has a Benefit Service Date or during the Plan Year in which the
Employee retires or dies, the Employee must complete 83.33 Hours of Service multiplied by the number of calendar months during such Plan Year in which the Employee completes at least one Hour of Service; and (2) effective for the 1995-1997 and
the 2000 Plan Years, the foregoing sentence shall also apply to a Plan Year in which the Employee incurs a Termination of Employment. 

  

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

  

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

  

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

  

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

  

	1.3	Final Average Earnings 

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

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 79 -	  	2/19/2002 EDITION

 In determining Final Average Earnings, Plan Years after 1988 during which the Participant earns fewer
than 1,000 Hours of Service will be disregarded while allowing the immediately prior Plan Year and immediately subsequent Plan Year to be treated as though they are consecutive years. 
 In determining Final Average Earnings, Earnings will be annualized in the Plan Year of hire if the employee earned 1,000 Hours of Service during the
one-year period beginning on the Employee’s Employment Date. Earnings are annualized by dividing actual earnings for the Plan Year (excluding bonuses) by the number of months of actual earnings, then multiplying the result by 12 then adding
bonuses. 
 For purposes of calculating Final Average Earnings, the $200,000 Earnings limitation that applies under Code
Section 401(a)(17) for Plan Year 2002 and thereafter (subject to annual adjustment in years following 2002) shall not be applied retroactively to any Plan Year prior to 2002. 
 Article 2 
 Accrued Benefits 
  

	2.1	Prior Plan Benefit Formula 

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

	 	(a)	the sum of: 

  

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

  

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

  

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

  

	 	(2)	1.65% of Earnings (determined by applying the Code Section 401(a)(17) limitations, as adjusted, that were in effect in the respective year in which Earnings were received) for
each Plan Year after December 31, 1993 in which the Participant earns a full or partial year of Credited Service. 

  

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

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 80 -	  	2/19/2002 EDITION

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

  

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

  

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

  

	 	(c)	the annual accrued benefit on December 31, 1988 under the terms of the Plan as then in effect determined without regard to the $200,000 or $150,000 limitations under
Section 1.18(c) of the Plan. 

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

	2.2	Minimum Accrued Benefit 

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

	2.3	Grandfathered Minimum Accrued Benefit 

 The minimum
grandfathered accrued benefit is the amount determined under Section 2.1 of this Appendix; provided, however, that, effective January 1, 2002 for a Participant with at least an Hour or Service on or after that date, the minimum
grandfathered accrued benefit shall take into account any Credited Service and Earnings which may be accrued or earned by an Active Participant until the earliest to occur of December 31, 2006, the Participant’s Termination of Employment
or the date of any termination of, or cessation of accruals under, the Plan. 
 Article 3 
 Minimum Early Retirement Benefits 
 The minimum early
retirement benefit equals the greater of the amount in Section 2.2 and 2.3 of this Appendix, reduced by 1/3 of 1% for each month by which the Early Retirement Date precedes the Normal Retirement Date. 
 Article 4 
 Minimum Death Benefit

  

	4.1	Death After Eligibility for Retirement 

 If a
Participant (other than a Retired Participant) dies on or after the earliest date on which he or she could retire in accordance under the Plan, his or her Eligible Spouse, if any, will receive a monthly benefit equal to the amount the Eligible
Spouse would have 

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 81 -	  	2/19/2002 EDITION

 
been entitled to under Article 2 of this Appendix if the Participant had elected the 50% Spouse Option and retired on the first day of the month coinciding
with or following the date of death. This benefit will be payable monthly to the Eligible Spouse beginning on the first day of the month coinciding with or next following the Participant’s death and will continue until the death of the Eligible
Spouse. 
  

	4.2	Death Before Eligibility for Retirement 

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

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

  

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

  

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

  

	 	(d)	died immediately after retiring. 

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

	4.3	Alternate Death Benefit For Old Plan Accounts 

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

	4.4	Other 

  

	 	(a)	Benefits under this Article will be paid as soon as practicable after the Participant’s death except that the Eligible Spouse may elect to defer commencement of the benefit
described in Sections 4.1, 4.2, or 4.3 of this Appendix until any date which is before the Participant’s Normal Retirement Date. An Eligible Spouse who makes an election under Section 4.3 of this Appendix may not defer receipt of the Old
Plan Account. 

  

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

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 82 -	  	2/19/2002 EDITION

 APPENDIX IV: ACQUISITION EFFECTIVE DATES

 “Acquisition Effective Date” means the date described below: 
  

			
	 Acquisition
	 	 Effective Date

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

  

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 83 -	  	2/19/2002 EDITION

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

 Commerce Bank of Washington National Association 
 Digital
Signature Trust Co. 
 Lexign Inc. 
 National Bank of Arizona

 Nevada State Bank 
 Phaos Technology Corporation 

Vectra Bank of Colorado National Association 
 Zions Bancorporation

 Zions First National Bank 
 Zions Credit Corporation

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

  

					
	ZIONS BANCORPORATION PENSION PLAN	 	- 84 -	  	2/19/2002 EDITION

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