Document:

Exhibit 4.2

	
  NUMBER

  	
  SHARES

  
	
  -XX-

  	
  -XX-

  

 

ZIONS BANCORPORATION

TOTAL AUTHORIZED: 240,000 SHARES

Series A Floating-Rate Non-Cumulative Perpetual Preferred Stock

WITHOUT PAR VALUE

THIS CERTIFIES THAT                   
is the registered holder of                 
Shares of Series A Floating-Rate Non-Cumulative Perpetual Preferred Stock transferable
only on the books of the Corporation by the holder hereof in person or by Attorney
upon surrender of this Certificate properly endorsed.

In Witness Whereof, the said Corporation has caused
this Certificate to be signed by its duly authorized officers and its Corporate
Seal to be hereunto affixed this       day of                      
A.D.20    .

UPON REQUEST AND WITHOUT CHARGE, THE CORPORATION WILL
FURNISH TO ANY STOCKHOLDER A FULL STATEMENT OF THE DESIGNATIONS, PREFERENCES,
LIMITATIONS AND RELATIVE RIGHTS OF THE COMMON STOCK AND PREFERRED STOCK
(INCLUDING ALL SERIES THEREOF) OF THE CORPORATION.

 

	
  

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Corporate Secretary

  	
   

  	
   

  	
  President

  	
   

  	
   

  

 

For the value received,                     
hereby sell, assign and transfer unto                      
                                                                                                                                        

Shares represented by the within Certificate and do hereby irrevocably
constitute and appoint                                                     
Attorney to transfer the said Shares on the books of the within named
Corporation with full power of substitution in the premises.

 

	
  Dated
                               
  A.D.
  20             
  

  	
   

  
	
   

  	
  In the presence ofExhibit 4.3

EXECUTION COPY

DEPOSIT AGREEMENT

among

ZIONS BANCORPORATION,

ZIONS FIRST NATIONAL BANK,

as Depositary,

and

THE HOLDERS FROM TIME TO TIME OF

THE DEPOSITARY RECEIPTS DESCRIBED HEREIN

Dated as of

 

TABLE OF CONTENTS

	
  

  	
  Page

  
	
  ARTICLE I

  	
   

  
	
   

  	
   

  
	
  DEFINED TERMS

  	
   

  
	
   

  	
   

  
	
  Section
  1.1. Definitions

  	
  4

  
	
   

  	
   

  
	
  ARTICLE II

  	
   

  
	
   

  	
   

  
	
  FORM OF RECEIPTS, DEPOSIT OF SERIES A PREFERRED
  STOCK,

  	
   

  
	
  EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND

  	
   

  
	
  REDEMPTION OF RECEIPTS

  	
   

  
	
   

  	
   

  
	
  Section
  2.1. Form and Transfer of Receipts

  	
  6

  
	
  Section
  2.2. Deposit of Series A Preferred Stock; Execution and
  Delivery of Receipts in Respect Thereof

  	
  7

  
	
  Section
  2.3. Registration of Transfer of Receipts

  	
  8

  
	
  Section 2.4.
  Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal
  of Series A Preferred Stock

  	
  8

  
	
  Section
  2.5. Limitations on Execution and Delivery, Transfer, Surrender
  and Exchange of Receipts

  	
  9

  
	
  Section
  2.6. Lost Receipts, etc

  	
  9

  
	
  Section
  2.7. Cancellation and Destruction of Surrendered Receipts

  	
  10

  
	
  Section
  2.8. Redemption of Series A Preferred Stock

  	
  10

  
	
  Section
  2.9. Receipts Issuable in Global Registered Form

  	
  11

  
	
   

  	
   

  
	
  ARTICLE III

  	
   

  
	
   

  	
   

  
	
  CERTAIN OBLIGATIONS OF HOLDERS OF

  	
   

  
	
  RECEIPTS AND THE CORPORATION

  	
   

  
	
   

  	
   

  
	
  Section
  3.1. Filing Proofs, Certificates and Other Information

  	
  12

  
	
  Section
  3.2. Payment of Taxes or Other Governmental Charges

  	
  13

  
	
  Section
  3.3. Warranty as to Series A Preferred Stock

  	
  13

  
	
  Section
  3.4. Warranty as to Receipts

  	
  13

  
	
   

  	
   

  
	
  ARTICLE IV

  	
   

  
	
   

  	
   

  
	
  THE DEPOSITED SECURITIES; NOTICES

  	
   

  
	
   

  	
   

  
	
  Section
  4.1. Cash Distributions

  	
  13

  
	
  Section
  4.2. Distributions Other than Cash, Rights, Preferences or
  Privileges

  	
  14

  
	
  Section
  4.3. Subscription Rights, Preferences or Privileges

  	
  14

  
	
  Section
  4.4. Notice of Dividends, etc.; Fixing Record Date for Holders
  of Receipts

  	
  15

  
	
  Section
  4.5. Voting Rights

  	
  16

  

 

 

 

	
  Section 4.6.
  Changes Affecting Deposited Securities and Reclassifications,
  Recapitalizations, etc

  	
  16

  
	
  Section
  4.7. Delivery of Reports

  	
  17

  
	
  Section
  4.8. Lists of Receipt Holders

  	
  17

  
	
   

  	
   

  
	
  ARTICLE V

  	
   

  
	
   

  	
   

  
	
  THE DEPOSITARY, THE DEPOSITARY’S

  	
   

  
	
   

  	
   

  
	
  AGENTS, THE
  REGISTRAR AND THE CORPORATION

  	
   

  
	
  Section
  5.1. Maintenance of Offices, Agencies and Transfer Books by the
  Depositary; Registrar

  	
  17

  
	
  Section 5.2.
  Prevention of or Delay in Performance by the Depositary, the Depositary’s
  Agents, the Registrar or the Corporation

  	
  18

  
	
  Section
  5.3. Obligations of the Depositary, the Depositary’s Agents,
  the Registrar and the Corporation

  	
  18

  
	
  Section
  5.4. Resignation and Removal of the Depositary; Appointment of
  Successor Depositary

  	
  20

  
	
  Section
  5.5. Corporate Notices and Reports

  	
  20

  
	
  Section
  5.6. Indemnification by the Corporation

  	
  21

  
	
  Section
  5.7. Fees, Charges and Expenses

  	
  21

  
	
   

  	
   

  
	
  ARTICLE VI

  	
   

  
	
   

  	
   

  
	
  AMENDMENT AND TERMINATION

  	
   

  
	
   

  	
   

  
	
  Section 6.1.
  Amendment

  	
  21

  
	
  Section
  6.2. Termination

  	
  22

  
	
   

  	
   

  
	
  ARTICLE VII

  	
   

  
	
   

  	
   

  
	
  MISCELLANEOUS

  	
   

  
	
   

  	
   

  
	
  Section
  7.1. Counterparts

  	
  23

  
	
  Section
  7.2. Exclusive Benefit of Parties

  	
  23

  
	
  Section
  7.3. Invalidity of Provisions

  	
  23

  
	
  Section 7.4.
  Notices

  	
  23

  
	
  Section
  7.5. Depositary’s Agents

  	
  24

  
	
  Section
  7.6. Appointment of Registrar and Transfer Agent in Respect of
  the Receipts

  	
  24

  
	
  Section
  7.7. Appointment of Calculation Agent

  	
  24

  
	
  Section
  7.8. Holders of Receipts Are Parties

  	
  25

  
	
  Section
  7.9. Governing Law

  	
  25

  
	
  Section
  7.10. Inspection of Deposit Agreement

  	
  25

  
	
  Section 7.11.
  Headings

  	
  25

  

 

	
  Exhibit A

  	
  Form of Receipt

  
	
  Exhibit B

  	
  Articles of
  Amendment

  
	
  Exhibit C

  	
  Form of
  Officer’s Certificate

  

 

 ii

 

DEPOSIT AGREEMENT, dated as of                        , among ZIONS
BANCORPORATION, a Utah corporation, ZIONS FIRST NATIONAL BANK, a national
banking association formed under the laws of the United States, and the Holders
from time to time of the Receipts described herein.

WHEREAS, it is desired to provide, as hereinafter set
forth in this Deposit Agreement, for the deposit of shares of Series A
Preferred Stock of the Corporation from time to time with the Depositary for
the purposes set forth in this Deposit Agreement and for the issuance hereunder
of Receipts evidencing Depositary Shares in respect of the Series A Preferred
Stock so deposited; and

WHEREAS, the Receipts are to be substantially in the
form of Exhibit A annexed hereto, with appropriate insertions,
modifications and omissions, as hereinafter provided in this Deposit Agreement;

NOW, THEREFORE, in consideration of the premises, the
parties hereto agree as follows:

ARTICLE I

DEFINED TERMS

Section 1.1.  Definitions.

The following definitions shall for all purposes,
unless otherwise indicated, apply to the respective terms used in this Deposit
Agreement:

“Articles” shall mean the relevant Articles of
Amendment filed with the Utah Division of Corporations and Commercial Code
establishing the Series A Preferred Stock as a series of preferred stock of the
Corporation.

“Corporation” shall mean Zions Bancorporation,
a Utah corporation, and its successors.

“Deposit Agreement” shall mean this Deposit
Agreement, as amended or supplemented from time to time in accordance with the
terms hereof.

“Depositary” shall mean Zions First National
Bank, a national banking association formed under the laws of the United
States, and any successor as Depositary hereunder.

“Depositary Shares” shall mean the depositary
shares, each representing one-fortieth of one share of the Series A Preferred
Stock, evidenced by a Receipt.

“Depositary’s Agent” shall mean an agent
appointed by the Depositary pursuant to Section 7.5.

 4
 

 

“Depositary’s Office” shall mean the principal
office of the Depositary in Salt Lake City, Utah, at which at any particular
time its depositary receipt business shall be administered.

“DTC” means The Depository Trust Company, a New
York corporation.

“Exchange Act” means
the Securities Exchange Act of 1934, as amended.

“Exchange Event” means with respect to any
Global Registered Receipt:

(1) (A) the Global Receipt Depository which is the
holder of such Global Registered Receipt or Receipts notifies the Corporation
that it is no longer willing or able to properly discharge its responsibilities
under any Letter of Representations or that it is no longer eligible or in good
standing under the Exchange Act, and (B) the Corporation has not appointed a
qualified successor Global Receipt Depository within 90 calendar days after
the Corporation received such notice, or

(2) the Corporation in its sole discretion notifies
the Depositary in writing that the Receipts or portion thereof issued or
issuable in the form of one or more Global Registered Receipts shall no longer
be represented by such Global Receipt or Receipts.

“Global Receipt Depository” means, with respect
to any Receipt issued hereunder, DTC or such other entity designated as Global
Receipt Depository by the Corporation in or pursuant to this Deposit Agreement,
which entity must be, to the extent required by any applicable law or regulation, a clearing
agency registered under the Exchange Act.

“Global
Registered Receipts” means a global registered Receipt registered in
the name of a nominee of DTC.

“Letter of Representations” means any
applicable agreement among the Corporation, the Depositary and a Global Receipt
Depository with respect to
such Global Receipt Depository’s rights and obligations with respect to any
Global Registered Receipts, as the same may be amended, supplemented, restated
or otherwise modified from time to time and any successor agreement thereto.

“Officer’s Certificate” means a certificate in
substantially the form set forth as Exhibit C hereto, which is signed by
an officer of the Corporation and which shall include the terms and conditions
of the Series A Preferred Stock to be issued by the Corporation and deposited
with the Depositary from time to time in accordance with the terms hereof.

“Receipt” shall mean one of the depositary
receipts issued hereunder, substantially in the form set forth as
Exhibit A hereto, whether in definitive or temporary form, and evidencing
the number of Depositary Shares with respect to the Series A Preferred Stock
held of record by the Record Holder of such Depositary Shares.

“Record Holder” or “Holder” as applied
to a Receipt shall mean the person in whose name such Receipt is registered on
the books of the Depositary maintained for such purpose.

 5
 

 

“Registrar” shall mean the Depositary or such
other successor bank or trust company which shall be appointed by the
Corporation to register ownership and transfers of Receipts as herein provided
and if a successor Registrar shall be so appointed, references herein to “the
books” of or maintained by the Depository shall be deemed, as applicable, to
refer as well to the register maintained by such Registrar for such purpose.

“Securities Act” shall mean the Securities Act
of 1933, as amended.

“Series A Preferred Stock” shall mean the
shares of the Corporation’s Series A Floating-Rate Non-Cumulative
Perpetual Preferred Stock, without par value, with a liquidation preference of
$1,000 per share, designated in the Articles and described in the Officer’s
Certificate delivered pursuant to Section 2.2 hereof.

ARTICLE II

FORM OF RECEIPTS, DEPOSIT OF SERIES A PREFERRED STOCK, 

EXECUTION AND DELIVERY, TRANSFER, SURRENDER

AND REDEMPTION OF RECEIPTS

Section 2.1.  Form and Transfer of Receipts.

The definitive Receipts shall be substantially in the
form set forth in Exhibit A annexed to this Deposit Agreement, with
appropriate insertions, modifications and omissions, as hereinafter provided
and shall be engraved or otherwise prepared so as to comply with applicable
rules of the New York Stock Exchange Inc.

Receipts shall be executed by the Depositary by the
manual signature of a duly authorized officer of the Depositary; provided, that
such signature may be a facsimile if a Registrar for the Receipts (other than
the Depositary) shall have been appointed and such Receipts are countersigned
by manual signature by a duly authorized officer of the Registrar.  No Receipt shall be entitled to any benefits
under this Deposit Agreement or be valid or obligatory for any purpose unless
it shall have been executed manually by a duly authorized officer of the
Depositary or, if a Registrar for the Receipts (other than the Depositary)
shall have been appointed, by manual or facsimile signature of a duly
authorized officer of the Depositary and countersigned by manual signature by a
duly authorized officer of such Registrar. 
The Depositary shall record on its books each Receipt so signed and
delivered as hereinafter provided.

Receipts shall be in denominations of any number of
whole Depositary Shares.

Receipts may be endorsed with or have incorporated in
the text thereof such legends or recitals or changes not inconsistent with the
provisions of this Deposit Agreement all as may be required by the Depositary
and approved by the Corporation or required to comply with any applicable law
or any regulation thereunder or with the rules and regulations of any
securities exchange upon which the Series A Preferred Stock, the Depositary
Shares or the Receipts may be listed or to conform with any usage with respect
thereto, or to indicate any special limitations or restrictions to which any
particular Receipts are subject.

 6
 

 

Title to Depositary Shares evidenced by a Receipt
which is properly endorsed or accompanied by a properly executed instrument of
transfer shall be transferable by delivery with the same effect as in the case
of a negotiable instrument; provided, however, that until transfer of any
particular Receipt shall be registered on the books of the Depositary as
provided in Section 2.3, the Depositary may, notwithstanding any notice to
the contrary, treat the Record Holder thereof at such time as the absolute
owner thereof for the purpose of determining the person entitled to
distributions of dividends or other distributions or to any notice provided for
in this Deposit Agreement and for all other purposes.

Section 2.2.  Deposit of Series A Preferred
Stock; Execution and Delivery of Receipts in Respect Thereof.

Subject to the terms and conditions of this Deposit
Agreement, the Corporation may from time to time deposit shares of Series A
Preferred Stock under this Deposit Agreement by delivery to the Depositary of a
certificate or certificates for such shares of Series A Preferred Stock to be
deposited, properly endorsed or accompanied, if required by the Depositary, by
a duly executed instrument of transfer or endorsement, in form satisfactory to
the Depositary, together with all such certifications as may be required by the
Depositary in accordance with the provisions of this Deposit Agreement and an
executed Officer’s Certificate attaching the Articles and all other information
required to be set forth therein, and together with a written order of the
Corporation directing the Depositary to execute and deliver to, or upon the
written order of, the person or persons stated in such order a Receipt or
Receipts evidencing in the aggregate the number of Depositary Shares
representing such deposited Series A Preferred Stock.  Each Officer’s Certificate delivered to the
Depositary in accordance with the terms of this Deposit Agreement shall be
deemed to be incorporated into this Deposit Agreement and shall be binding on
the Corporation, the Depositary and the Holders of Receipts to which such
Officer’s Certificate relates.

The Series A Preferred Stock that is deposited shall
be held by the Depositary at the Depositary’s Office or at such other place or
places as the Depositary shall determine. 
The Depositary shall not lend any Series A Preferred Stock deposited
hereunder.

Upon receipt by the Depositary of a certificate or
certificates for Series A Preferred Stock deposited in accordance with the
provisions of this Section, together with the other documents required as above
specified, and upon recordation of the Series A Preferred Stock on the books of
the Corporation (or its duly appointed transfer agent) in the name of the Depositary
or its nominee, the Depositary, subject to the terms and conditions of this
Deposit Agreement, shall execute and deliver to or upon the order of the person
or persons named in the written order delivered to the Depositary referred to
in the first paragraph of this Section, a Receipt or Receipts evidencing in the
aggregate the number of Depositary Shares representing the Series A Preferred
Stock so deposited and registered in such name or names as may be requested by
such person or persons.  The Depositary
shall execute and deliver such Receipt or Receipts at the Depositary’s Office
or such other offices, if any, as the Depositary may designate.  Delivery at other offices shall be at the
risk and expense of the person requesting such delivery.

 7
 

 

Section 2.3.  Registration of Transfer of
Receipts.

Subject to the terms and conditions of this Deposit
Agreement, the Depositary shall register on its books from time to time
transfers of Receipts upon any surrender thereof by the Holder in person or by
duly authorized attorney, properly endorsed or accompanied by a properly
executed instrument of transfer. 
Thereupon, the Depositary shall execute a new Receipt or Receipts
evidencing the same aggregate number of Depositary Shares as those evidenced by
the Receipt or Receipts surrendered and deliver such new Receipt or Receipts to
or upon the order of the person entitled thereto.

The Depositary shall not be required (a) to issue,
transfer or exchange any Receipts for a period beginning at the opening of
business 15 days next preceding any selection of Depositary Shares and
Series A Preferred Stock to be redeemed and ending at the close of
business on the day of the mailing of notice of redemption, or (b) to transfer
or exchange for another Receipt any Receipt called or being called for
redemption in whole or in part except as provided in Section 2.8.

Section 2.4.  Split-ups and Combinations of
Receipts; Surrender of Receipts and Withdrawal of Series A Preferred Stock.

Upon surrender of a Receipt or Receipts at the Depositary’s
Office or at such other offices as it may designate for the purpose of
effecting a split-up or combination of such Receipt or Receipts, and subject to
the terms and conditions of this Deposit Agreement, the Depositary shall
execute a new Receipt or Receipts in the authorized denomination or
denominations requested, evidencing the aggregate number of Depositary Shares
evidenced by the Receipt or Receipts surrendered, and shall deliver such new
Receipt or Receipts to or upon the order of the Holder of the Receipt or
Receipts so surrendered.

Any Holder of a Receipt or Receipts may withdraw the
number of whole shares of Series A Preferred Stock and all money and other
property, if any, represented thereby by surrendering such Receipt or Receipts
at the Depositary’s Office or at such other offices as the Depositary may
designate for such withdrawals. 
Thereafter, without unreasonable delay, the Depositary shall deliver to
such Holder, or to the person or persons designated by such Holder as
hereinafter provided, the number of whole shares of Series A Preferred Stock
and all money and other property, if any, represented by the Receipt or
Receipts so surrendered for withdrawal, but Holders of such whole shares of
Series A Preferred Stock will not thereafter be entitled to deposit such Series
A Preferred Stock hereunder or to receive a Receipt evidencing Depositary
Shares therefor.  If a Receipt delivered
by the Holder to the Depositary in connection with such withdrawal shall
evidence a number of Depositary Shares in excess of the number of Depositary
Shares representing the number of whole shares of Series A Preferred Stock to
be so withdrawn, the Depositary shall at the same time, in addition to such
number of whole shares of Series A Preferred Stock and such money and other
property, if any, to be so withdrawn, deliver to such Holder, or subject to
Section 2.3 upon such Holder’s order, a new Receipt evidencing such excess
number of Depositary Shares.

Except as provided in Section 6.2, in no event
will fractional shares of Series A Preferred Stock (or any cash payment in lieu
thereof) be delivered by the Depositary. 
Delivery

 8
 

 

of the Series A Preferred Stock and money and other
property, if any, being withdrawn may be made by the delivery of such certificates,
documents of title and other instruments as the Depositary may deem
appropriate.

If the Series A Preferred Stock and the money and
other property, if any, being withdrawn are to be delivered to a person or
persons other than the Record Holder of the related Receipt or Receipts being
surrendered for withdrawal of such Series A Preferred Stock, such Holder shall
execute and deliver to the Depositary a written order so directing the
Depositary and the Depositary may require that the Receipt or Receipts surrendered
by such Holder for withdrawal of such shares of Series A Preferred Stock be
properly endorsed in blank or accompanied by a properly executed instrument of
transfer in blank.

Delivery of the Series A Preferred Stock and the money
and other property, if any, represented by Receipts surrendered for withdrawal
shall be made by the Depositary at the Depositary’s Office, except that, at the
request, risk and expense of the Holder surrendering such Receipt or Receipts
and for the account of the Holder thereof, such delivery may be made at such
other place as may be designated by such Holder.

Section 2.5.  Limitations on Execution and
Delivery, Transfer, Surrender and Exchange of Receipts.

As a condition precedent to the execution and
delivery, registration of transfer, split-up, combination, surrender or
exchange of any Receipt, the Depositary, any of the Depositary’s Agents or the
Corporation may require payment to it of a sum sufficient for the payment (or,
in the event that the Depositary or the Corporation shall have made such
payment, the reimbursement to it) of any charges or expenses payable by the
Holder of a Receipt pursuant to Section 5.7, may require the production of
evidence satisfactory to it as to the identity and  genuineness of any signature, and may also
require compliance with such regulations, if any, as the Depositary or the
Corporation may establish consistent with the provisions of this Deposit
Agreement and/or applicable law.

The deposit of the Series A Preferred Stock may be
refused, the delivery of Receipts against Series A Preferred Stock may be
suspended, the registration of transfer of Receipts may be refused and the
registration of transfer, surrender or exchange of outstanding Receipts may be
suspended (i) during any period when the register of shareholders of the
Corporation is closed or (ii) if any such action is deemed necessary or
advisable by the Depositary, any of the Depositary’s Agents or the Corporation
at any time or from time to time because of any requirement of law or of any
government or governmental body or commission or under any provision of this
Deposit Agreement.

Section 2.6.  Lost Receipts, etc.

In case any Receipt shall be mutilated, destroyed,
lost or stolen, the Depositary in its discretion may execute and deliver a
Receipt of like form and tenor in exchange and substitution for such mutilated
Receipt, or in lieu of and in substitution for such destroyed, lost or stolen
Receipt, upon (i) the filing by the Holder thereof with the Depositary of
evidence satisfactory to the Depositary of such destruction or loss or theft of
such Receipt, of the

 9
 

 

authenticity thereof and of such Holder’s ownership
thereof and (ii) the Holder thereof furnishing the Depositary with
reasonable indemnification satisfactory to the Depositary.

Section 2.7.  Cancellation and Destruction of
Surrendered Receipts.

All Receipts surrendered to the Depositary or any
Depositary’s Agent shall be cancelled by the Depositary.  Except as prohibited by applicable law or
regulation, the Depositary is authorized and directed to destroy all Receipts
so cancelled.

Section 2.8.  Redemption of Series A Preferred
Stock.

Whenever the Corporation shall be permitted and shall
elect to redeem shares of Series A Preferred Stock in accordance with the terms
of the Articles, it shall (unless otherwise agreed to in writing with the
Depositary) give or cause to be given to the Depositary, not less than 30 days
and not more than 60 days prior to the Redemption Date (as defined below),
notice of the date of such proposed redemption of Series A Preferred Stock and
of the number of such shares held by the Depositary to be so redeemed and the
applicable redemption price, which notice shall be accompanied by a certificate
from the Corporation stating that such redemption of Series A Preferred Stock
is in accordance with the provisions of the Articles.  On the date of such redemption, provided that
the Corporation shall then have paid or caused to be paid in full to the
Depositary the redemption price of the Series A Preferred Stock to be redeemed,
plus an amount equal to any declared and unpaid dividends thereon (without
accumulation of any undeclared dividends) to the date fixed for redemption, in
accordance with the provisions of the Articles, the Depositary shall redeem the
number of Depositary Shares representing such Series A Preferred Stock.  The Depositary shall mail notice of the
Corporation’s redemption of Series A Preferred Stock and the proposed
simultaneous redemption of the number of Depositary Shares representing the
Series A Preferred Stock to be redeemed by first-class mail, postage prepaid,
not less than 30 days and not more than 60 days prior to the date
fixed for redemption of such Series A Preferred Stock and Depositary Shares
(the “Redemption Date”), to the Record Holders of the Receipts
evidencing the Depositary Shares to be so redeemed at their respective last
addresses as they appear on the records of the Depositary; provided, however,
that neither failure to mail any such notice of redemption of Depositary Shares
to one or more such Holders nor any defect in any notice of redemption of
Depositary Shares to one or more such Holders shall affect the sufficiency of
the proceedings for redemption as to the other Holders.  Each such notice shall be prepared by the
Corporation and shall state: (i) the Redemption Date; (ii) the number
of Depositary Shares to be redeemed and, if less than all the Depositary Shares
held by any such Holder are to be redeemed, the number of such Depositary
Shares held by such Holder to be so redeemed; (iii) the redemption price;
(iv) the place or places where Receipts evidencing such Depositary Shares
are to be surrendered for payment of the redemption price; and (v) that
dividends in respect of the Series A Preferred Stock represented by such
Depositary Shares to be redeemed will cease to become payable on such
Redemption Date.  In case less than all
the outstanding Depositary Shares are to be redeemed, the Depositary Shares to
be so redeemed shall be selected either pro rata or by lot or in such other
manner as the Board of Directors of the Corporation or any duly authorized
committee of the Board of Directors of the Corporation may determine to be fair
and equitable.

 10
 

 

Notice having been mailed by the Depositary as
aforesaid, from and after the Redemption Date (unless the Corporation shall
have failed to provide the funds necessary to redeem the Series A Preferred
Stock evidenced by the Depositary Shares called for redemption)
(i) declared but unpaid dividends on the shares of Series A Preferred
Stock so called for Redemption shall cease to become payable from and after
such date, (ii) the Depositary Shares being redeemed from such proceeds
shall be deemed no longer to be outstanding, (iii) all rights of the
Holders of Receipts evidencing such Depositary Shares (except the right to
receive the redemption price) shall, to the extent of such Depositary Shares,
cease and terminate, and (iv) upon surrender in accordance with such
redemption notice of the Receipts evidencing any such Depositary Shares called
for redemption (properly endorsed or assigned for transfer, if the Depositary
or applicable law shall so require), such Depositary Shares shall be redeemed
by the Depositary at a redemption price per Depositary Share equal to
one-fortieth of the redemption price per share of the Series A Preferred Stock
so redeemed plus all money and other property, if any, represented by such
Depositary Shares, including all amounts paid by the Corporation in respect of
dividends which on the Redemption Date have been declared on the shares of
Series A Preferred Stock to be so redeemed and have not theretofore been paid.

If fewer than all of the Depositary Shares evidenced
by a Receipt are called for redemption, the Depositary will deliver to the
Holder of such Receipt upon its surrender to the Depositary, together with the
redemption payment, a new Receipt evidencing the Depositary Shares evidenced by
such prior Receipt and not called for redemption.

Section 2.9.  Receipts Issuable in Global
Registered Form.

If the Corporation shall determine in a writing
delivered to the Depositary that the Receipts are to be issued in whole or in
part in the form of one or more Global Registered Receipts, then the Depositary
shall, in accordance with the other provisions of this Deposit Agreement,
execute and deliver one or more Global Registered Receipts evidencing such
Receipts, which (i) shall represent, and shall be denominated in an amount
equal to the aggregate number of, the Receipts to be represented by such Global
Registered Receipt or Receipts and (ii) shall be registered in the name of
the Global Receipt Depository therefor or its nominee.

Notwithstanding any other provision of this Deposit
Agreement to the contrary, unless otherwise provided in the Global Registered
Receipt, a Global Registered Receipt may only be transferred in whole and only
by the applicable Global Receipt Depository for such Global Registered Receipt
to a nominee of such Global Receipt Depository, or by a nominee of such Global
Receipt Depository to such Global Receipt Depository or another nominee of such
Global Receipt Depository, or by such Global Receipt Depository or any such
nominee to a successor Global Receipt Depository for such Global Registered
Receipt selected or approved by the Corporation or to a nominee of such
successor Global Receipt Depository. 
Except as provided below, owners solely of beneficial interests in a
Global Registered Receipt shall not be entitled to receive physical delivery of
the Receipts represented by such Global Registered Receipt.  Neither any such beneficial owner nor any
direct or indirect participant of a Global Receipt Depository shall have any
rights under this Deposit Agreement with respect to any Global Registered
Receipt held on their behalf by a Global Receipt Depository and such Global
Receipt Depository may be treated by the Corporation, the Depositary, any
Depositary’s Agent

 11
 

 

and any director, officer, employee or agent of the
Corporation, the Depositary or any Depositary’s Agent as the holder of such
Global Registered Receipt for all purposes whatsoever.

Unless and until definitive Receipts are delivered to
the owners of the beneficial interests in a Global Registered Receipt, (1) the
applicable Global Receipt Depository will make book-entry transfers among
its participants and receive and transmit all payments and distributions in
respect of the Global Registered Receipts to such participants, in each case,
in accordance with its applicable procedures and arrangements, and (2) whenever
any notice, payment or other communication to the Holders of Global Registered
Receipts is required under this Deposit Agreement, the Corporation and the
Depositary shall give all such notices, payments and communications specified
herein to be given to such holders to the applicable Global Receipt Depository.

If an Exchange Event has occurred with respect to any
Global Registered Receipt, then, in any such event, the Depositary shall, upon
receipt of a written order from the Corporation for the execution and delivery
of individual definitive registered Receipts in exchange for such Global
Registered Receipt, execute and deliver individual definitive registered
Receipts, in authorized denominations and of like tenor and terms in an
aggregate number of Receipts represented thereby equal to the number of
Receipts represented by the Global Registered Receipt surrendered in exchange
for such Global Registered Receipt.

Definitive registered Receipts issued in exchange for
a Global Registered Receipt pursuant to this Section shall be registered in
such names and in such authorized denominations as the Global Receipt
Depository for such Global Registered Receipt shall instruct the Depositary in
writing.  The Depositary shall deliver
such Receipts to the persons in whose names such Receipts are so registered.

Notwithstanding anything to the contrary in this
Deposit Agreement, should the Corporation determine that the Receipts should be
issued as a Global Registered Receipt, the parties hereto shall comply with the
terms of each Letter of Representations.

ARTICLE III

CERTAIN OBLIGATIONS OF

HOLDERS OF RECEIPTS AND THE CORPORATION

Section 3.1.  Filing Proofs, Certificates and
Other Information.

Any Holder of a Receipt may be required from time to
time to file such proof of residence, or other matters or other information, to
execute such certificates and to make such representations and warranties as
the Depositary or the Corporation may reasonably deem necessary or proper.  The Depositary or the Corporation may
withhold the delivery, or delay the registration of transfer or redemption, of
any Receipt or the withdrawal of the Series A Preferred Stock represented by
the Depositary Shares and evidenced by a Receipt or the distribution of any
dividend or other distribution or the sale of any rights or of the proceeds
thereof until such proof or other information is filed or such certificates are
executed or such representations and warranties are made.

 12
 

 

Section 3.2.  Payment of Taxes or Other
Governmental Charges.

Holders of Receipts shall be obligated to make
payments to the Depositary of certain charges and expenses, as provided in
Section 5.7.  Registration of
transfer of any Receipt or any withdrawal of Series A Preferred Stock and all
money or other property, if any, represented by the Depositary Shares evidenced
by such Receipt may be refused until any such payment due is made, and any
dividends or other distributions (including of any liquidation preference) may
be withheld or any part of or all the Series A Preferred Stock or other property
represented by the Depositary Shares evidenced by such Receipt and not
theretofore sold may be sold for the account of the Holder thereof (after
attempting by reasonable means to notify such Holder prior to such sale), and
such dividends or other distributions (including of any liquidation preference)
or the proceeds of any such sale may be applied to any payment of such charges
or expenses, the Holder of such Receipt remaining liable for any deficiency.

Section 3.3.  Warranty as to Series A Preferred
Stock.

The Corporation hereby represents and warrants that
the Series A Preferred Stock, when issued, will be duly authorized, validly
issued, fully paid and nonassessable. 
Such representation and warranty shall survive the deposit of the Series
A Preferred Stock and the issuance of the related Receipts.

Section 3.4.  Warranty as to Receipts.

The Corporation hereby represents and warrants that
the Receipts, when issued, will represent legal and valid interests in the
Series A Preferred Stock.  Such representation
and warranty shall survive the deposit of the Series A Preferred Stock and the
issuance of the Receipts.

ARTICLE IV

THE DEPOSITED SECURITIES; NOTICES

Section 4.1.  Cash Distributions.

Whenever the Depositary shall receive any cash
dividend or other cash distribution on the Series A Preferred Stock, the
Depositary shall, subject to Sections 3.1 and 3.2, distribute to Record
Holders of Receipts on the record date fixed pursuant to Section 4.4 such
amounts of such dividend or distribution as are, as nearly as practicable, in
proportion to the respective numbers of Depositary Shares evidenced by the
Receipts held by such Holders; provided, however, that in case the Corporation
or the Depositary shall be required to withhold and shall withhold from any cash
dividend or other cash distribution in respect of the Series A Preferred Stock
an amount on account of taxes, the amount made available for distribution or
distributed in respect of Depositary Shares shall be reduced accordingly.  The Depositary shall distribute or make
available for distribution, as the case may be, only such amount, however, as
can be distributed without attributing to any Holder of Receipts a fraction of
one cent, and any balance not so distributable shall be held by the Depositary
(without liability for interest thereon) and shall be added to and be treated
as part of the next sum received by the Depositary for distribution to Record
Holders of Receipts then outstanding. 
Each Holder of a Receipt shall provide the Depositary with its certified
tax identification number on a properly completed Form

 13
 

 

W-8 or W-9, as may be applicable.  Each Holder of a Receipt acknowledges that,
in the event of non-compliance with the preceding sentence, the Internal
Revenue Code of 1986, as amended, may require withholding by the Depositary of
a portion of any of the distributions to be made hereunder.

Section 4.2.  Distributions Other than Cash,
Rights, Preferences or Privileges.

Whenever the Depositary shall receive any distribution
other than cash, rights, preferences or privileges upon the Series A Preferred
Stock, the Depositary shall, at the direction of the Corporation, subject to
Sections 3.1 and 3.2, distribute to Record Holders of Receipts on the
record date fixed pursuant to Section 4.4 such amounts of the securities
or property received by it as are, as nearly as practicable, in proportion to
the respective numbers of Depositary Shares evidenced by such Receipts held by
such Holders, in any manner that the Depositary may deem equitable and practicable
for accomplishing such distribution.  If
in the opinion of the Depositary such distribution cannot be made
proportionately among such Record Holders in accordance with the direction of
the Corporation, or if for any other reason (including any requirement that the
Corporation or the Depositary withhold an amount on account of taxes) the
Depositary deems, after consultation with the Corporation, such distribution
not to be feasible, the Depositary may, with the approval of the Corporation,
adopt such method as it deems equitable and practicable for the purpose of
effecting such distribution, including the sale (at public or private sale) of
the securities or property thus received, or any part thereof, in a
commercially reasonable manner.  The net
proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be
distributed or made available for distribution, as the case may be, by the
Depositary to Record Holders of Receipts as provided by Section 4.1 in the
case of a distribution received in cash. 
The Corporation shall not make any distribution of such securities or
property to the Depositary and the Depositary shall not make any distribution
of such securities or property to the Holders of Receipts unless the
Corporation shall have provided an opinion of counsel stating that such
securities or property have been registered under the Securities Act or do not
need to be registered in connection with such distributions.

Section 4.3.  Subscription Rights, Preferences or
Privileges.

If the Corporation shall at any time offer or cause to
be offered to the persons in whose names the Series A Preferred Stock is
recorded on the books of the Corporation any rights, preferences or privileges
to subscribe for or to purchase any securities or any rights, preferences or
privileges of any other nature, such rights, preferences or privileges shall in
each such instance be made available by the Depositary to the Record Holders of
Receipts in such manner as the Corporation shall instruct the Depositary in
writing, either by the issuance to such Record Holders of warrants representing
such rights, preferences or privileges or by such other method as may be
approved by the Depositary in its discretion with the approval of the
Corporation; provided, however, that (i) if at the time of issue or offer
of any such rights, preferences or privileges the Depositary determines that it
is not lawful or (after consultation with the Corporation) not feasible to make
such rights, preferences or privileges available to Holders of Receipts by the
issuance of warrants or otherwise, or (ii) if and to the extent so
instructed by Holders of Receipts who do not desire to exercise such rights,
preferences or privileges, then the Depositary, in its discretion (with
approval of the Corporation, in any case where the Depositary has determined
that it is not feasible to make such rights, preferences or

 14
 

 

privileges available), may, if applicable laws or the
terms of such rights, preferences or privileges permit such transfer, sell such
rights, preferences or privileges at public or private sale, at such place or
places and upon such terms as it may deem proper.  The net proceeds of any such sale shall,
subject to Sections 3.1 and 3.2, be distributed by the Depositary to the
Record Holders of Receipts entitled thereto as provided by Section 4.1 in
the case of a distribution received in cash.

The Corporation shall notify the Depositary whether
registration under the Securities Act of the securities to which any rights,
preferences or privileges relate is required in order for Holders of Receipts
to be offered or sold the securities to which such rights, preferences or
privileges relate, and the Corporation agrees with the Depositary that it will
file promptly a registration statement pursuant to the Securities Act with
respect to such securities to which such rights, preferences or privileges
relate and use its reasonable best efforts and take all steps available to it
to cause such registration statement to become effective sufficiently in
advance of the expiration of such rights, preferences or privileges to enable
such Holders to exercise such rights, preferences or privileges.  In no event shall the Depositary make
available to the Holders of Receipts any right, preference or privilege to
subscribe for or to purchase any securities unless and until such registration
statement shall have become effective, or the Corporation shall have provided
to the Depositary an opinion of counsel to the effect that the offering and
sale of such securities to the Holders are exempt from registration under the
provisions of the Securities Act.

The Corporation shall notify the Depositary whether
any other action under the laws of any jurisdiction or any governmental or
administrative authorization, consent or permit is required in order for such
rights, preferences or privileges to be made available to Holders of Receipts,
and the Corporation agrees with the Depositary that the Corporation will use
its reasonable best efforts to take such action or obtain such authorization,
consent or permit sufficiently in advance of the expiration of such rights,
preferences or privileges to enable such Holders to exercise such rights,
preferences or privileges.

Section 4.4.  Notice of Dividends, etc.; Fixing
Record Date for Holders of Receipts.

Whenever any cash dividend or other cash distribution
shall become payable or any distribution other than cash shall be made, or if
rights, preferences or privileges shall at any time be offered, with respect to
the Series A Preferred Stock, or whenever the Depositary shall receive notice
of any meeting at which holders of the Series A Preferred Stock are entitled to
vote or of which holders of the Series A Preferred Stock are entitled to
notice, or whenever the Depositary and the Corporation shall decide it is
appropriate, the Depositary shall in each such instance fix a record date
(which shall be the same date as the record date fixed by the Corporation with
respect to or otherwise in accordance with the terms of the Series A Preferred
Stock, as identified to the Depositary by the Corporation) for the
determination of the Holders of Receipts who shall be entitled to receive such
dividend, distribution, rights, preferences or privileges or the net proceeds
of the sale thereof, or to give instructions for the exercise of voting rights
at any such meeting, or who shall be entitled to notice of such meeting or for
any other appropriate reasons.

 15
 

 

Section 4.5.  Voting Rights.

Upon receipt of notice of any meeting at which the
holders of the Series A Preferred Stock are entitled to vote, the Depositary
shall, as soon as practicable thereafter, mail to the Record Holders of
Receipts a notice prepared by the Corporation which shall contain (i) such
information as is contained in such notice of meeting and (ii) a statement
that the Holders may, subject to any applicable restrictions, instruct the
Depositary as to the exercise of the voting rights pertaining to the amount of
Series A Preferred Stock represented by their respective Depositary Shares (including
an express indication that instructions may be given to the Depositary to give
a discretionary proxy to a person designated by the Corporation) and a brief
statement as to the manner in which such instructions may be given.  Upon the written request of the Holders of
Receipts on the relevant record date, the Depositary shall endeavor insofar as
practicable to vote or cause to be voted, in accordance with the instructions
set forth in such requests, the maximum number of whole shares of Series A
Preferred Stock represented by the Depositary Shares evidenced by all Receipts
as to which any particular voting instructions are received.  The Corporation hereby agrees to take all
reasonable action which may be deemed necessary by the Depositary in order to
enable the Depositary to vote such Series A Preferred Stock or cause such
Series A Preferred Stock to be voted.  In
the absence of specific instructions from Holders of Receipts, the Depositary
will vote, to the extent permitted by the rules of the New York Stock Exchange
or any other applicable regulatory body, the Series A Preferred Stock
represented by the Depositary Shares evidenced by the Receipts of such Holders
proportionately with votes cast pursuant to instructions received from the
other Holders.

Section 4.6.  Changes Affecting Deposited
Securities and Reclassifications, Recapitalizations, etc.

Upon any change in par or stated value, split-up,
combination or any other reclassification of the Series A Preferred Stock or
upon any recapitalization, reorganization, merger or consolidation affecting
the Corporation or to which it is a party, the Depositary may in its discretion
with the approval of, and shall upon the instructions of, the Corporation, and
(in either case) in such manner as the Depositary may deem equitable,
(i) make such adjustments as are certified by the Corporation in the
fraction of an interest represented by one Depositary Share in one share of
Series A Preferred Stock and in the ratio of the redemption price per
Depositary Share to the redemption price per share of Series A Preferred Stock,
in each case as may be necessary fully to reflect the effects of such change in
par or stated value, split-up, combination or other reclassification of the
Series A Preferred Stock, or of such recapitalization, reorganization, merger
or consolidation and (ii) treat any securities which shall be received by
the Depositary in exchange for or upon conversion of or in respect of the
Series A Preferred Stock as new deposited securities so received in exchange
for or upon conversion or in respect of such Series A Preferred Stock.  In any such case, the Depositary may in its
discretion, with the approval of the Corporation, execute and deliver
additional Receipts or may call for the surrender of all outstanding Receipts
to be exchanged for new Receipts specifically describing such new deposited
securities.  Anything to the contrary
herein notwithstanding, Holders of Receipts shall have the right from and after
the effective date of any such change in par or stated value, split-up,
combination or other reclassification of the Series A Preferred Stock or any
such recapitalization, reorganization, merger or consolidation to surrender
such Receipts to the Depositary with instructions to convert, exchange or
surrender the Series A Preferred Stock

 16
 

 

represented thereby only into or for, as the case may
be, the kind and amount of shares and other securities and property and cash
into which the Series A Preferred Stock represented by such Receipts might have
been converted or for which such Series A Preferred Stock might have been
exchanged or surrendered immediately prior to the effective date of such
transaction.

Section 4.7.  Delivery of Reports.

The Depositary shall furnish to Holders of Receipts
any reports and communications received from the Corporation which are received
by the Depositary and which the Corporation is required to furnish to the
holders of the Series A Preferred Stock.

Section 4.8.  Lists of Receipt Holders.

Reasonably promptly upon request from time to time by
the Corporation, at the sole expense of the Corporation, the Depositary shall
furnish to it a list, as of the most recent practicable date, of the names,
addresses and holdings of Depositary Shares of all registered Holders of
Receipts.

ARTICLE V

THE DEPOSITARY, THE DEPOSITARY’S

AGENTS, THE REGISTRAR AND THE CORPORATION

Section 5.1.  Maintenance of Offices, Agencies
and Transfer Books by the Depositary; Registrar.

Upon execution of this Deposit Agreement, the
Depositary shall maintain at the Depositary’s Office facilities for the
execution and delivery, registration and registration of transfer, surrender
and exchange of Receipts, and at the offices of the Depositary’s Agents, if
any, facilities for the delivery, registration of transfer, surrender and
exchange of Receipts, all in accordance with the provisions of this Deposit
Agreement.

The Depositary shall keep books at the Depositary’s
Office for the registration and registration of transfer, surrender and
exchange of Receipts, which books at all reasonable times shall be open for
inspection by the Record Holders of Receipts; provided that any such Holder
requesting to exercise such right shall certify to the Depositary that such
inspection shall be for a proper purpose reasonably related to such person’s
interest as an owner of Depositary Shares evidenced by the Receipts.

The Depositary may close such books, at any time or
from time to time, when deemed expedient by it in connection with the
performance of its duties hereunder.

The Depositary may, with the approval of the
Corporation, appoint a Registrar for registration of the Receipts or the
Depositary Shares evidenced thereby.  If
the Receipts or the Depositary Shares evidenced thereby or the Series A Preferred
Stock represented by such Depositary Shares shall be listed on one or more
national securities exchanges, the Depositary will appoint a Registrar
(acceptable to the Corporation) for registration of the Receipts or Depositary
Shares in accordance with any requirements of such exchange.  Such Registrar (which may be the Depositary
if so permitted by the requirements of any such exchange) may be

 17
 

 

removed and a substitute registrar appointed by the
Depositary upon the request or with the approval of the Corporation.  If the Receipts, Depositary Shares or Series
A Preferred Stock are listed on one or more other securities exchanges, the
Depositary will, at the request of the Corporation, arrange such facilities for
the delivery, registration, registration of transfer, surrender and exchange of
the Receipts, Depositary Shares or Series A Preferred Stock as may be required
by law or applicable securities exchange regulation.

Section 5.2.  Prevention of or Delay in
Performance by the Depositary, the Depositary’s Agents, the Registrar or the
Corporation.

Neither the Depositary nor any Depositary’s Agent nor
any Registrar nor the Corporation shall incur any liability to any Holder of a
Receipt if by reason of any provision of any present or future law, or
regulation thereunder, of the United States of America or of any other
governmental authority or, in the case of the Depositary, the Depositary’s
Agent or the Registrar, by reason of any provision, present or future, of the
Corporation’s Restated Articles of Incorporation (including the Articles) or by
reason of any act of God or war or other circumstance beyond the control of the
relevant party, the Depositary, the Depositary’s Agent, the Registrar or the
Corporation shall be prevented or forbidden from, or subjected to any penalty
on account of, doing or performing any act or thing which the terms of this
Deposit Agreement provide shall be done or performed; nor shall the Depositary,
any Depositary’s Agent, any Registrar or the Corporation incur liability to any
Holder of a Receipt (i) by reason of any nonperformance or delay, caused
as aforesaid, in the performance of any act or thing which the terms of this
Deposit Agreement provide shall or may be done or performed, or (ii) by
reason of any exercise of, or failure to exercise, any discretion provided for
in this Deposit Agreement except as otherwise explicitly set forth in this
Deposit Agreement.

Section 5.3.  Obligations of the Depositary, the
Depositary’s Agents, the Registrar and the Corporation.

None of the Depositary, any Depositary’s Agent, any Registrar
or the Corporation assumes any obligation or shall be subject to any liability
under this Deposit Agreement to Holders of Receipts other than for its
negligence, willful misconduct or bad faith. 
Notwithstanding anything in this Deposit Agreement to the contrary,
neither the Depositary nor any Depositary’s Agent nor any Registrar nor the
Corporation shall be liable in any event for special, punitive, incidental,
indirect or consequential losses or damages of any kind whatsoever (including
but not limited to lost profits).

None of the Depositary, any Depositary’s Agent, any
Registrar or the Corporation shall be under any obligation to appear in,
prosecute or defend any action, suit or other proceeding in respect of the
Series A Preferred Stock, the Depositary Shares or the Receipts which in its
opinion may involve it in expense or liability unless indemnity satisfactory to
it against all expense and liability be furnished as often as may be required.

None of the Depositary, any Depositary’s Agent, any Registrar
or the Corporation shall be liable for any action or any failure to act by it
in reliance upon the written advice of legal counsel or accountants, or
information from any person presenting Series A Preferred Stock for deposit,
any Holder of a Receipt or any other person believed by it in good faith to be
competent

 18
 

 

to give such information.  The Depositary, any Depositary’s Agent, any
Registrar and the Corporation may each rely and shall each be protected in
acting upon or omitting to act upon any written notice, request, direction or
other document believed by it to be genuine and to have been signed or
presented by the proper party or parties.

The Depositary will indemnify the Corporation
(including each of their officers, directors and employees) against any
liability which may directly arise out of acts performed or omitted by the
Depositary or any Depositary Agent due to its or their negligence, willful
misconduct or bad faith.

The Depositary shall not be responsible for any
failure to carry out any instruction to vote any of the shares of Series A
Preferred Stock or for the manner or effect of any such vote made, as long as
any such action or non-action is not taken in bad faith.  The Depositary undertakes, and any Registrar
shall be required to undertake, to perform such duties and only such duties as
are specifically set forth in this Deposit Agreement, and no implied covenants
or obligations shall be read into this Deposit Agreement against the Depositary
or any Registrar.

The Depositary, any Depositary’s Agents and any
Registrar may own and deal in any class of securities of the Corporation and
its affiliates and in Receipts.  The
Depositary may also act as transfer agent or registrar of any of the securities
of the Corporation and its affiliates.

The Depositary shall not be under any liability for
interest on any monies at any time received by it pursuant to any of the
provisions of this Deposit Agreement or of the Receipts, the Depositary Shares
or the Series A Preferred Stock nor shall it be obligated to segregate such
monies from other monies held by it, except as required by law.  The Depositary shall not be responsible for
advancing funds on behalf of the Corporation and shall have no duty or obligation
to make any payments if it has not timely received sufficient funds to make
timely payments.

In the event the
Depositary believes any ambiguity or uncertainty exists hereunder or in any
notice, instruction, direction, request or other communication, paper or
document received by the Depositary hereunder, or in the administration of any
of the provisions of this Deposit Agreement, or the Depositary shall deem it
necessary or desirable that a matter be proved or established prior to taking,
omitting or suffering to take any action hereunder, the Depositary may, in its
sole discretion upon written notice to the Corporation, refrain from taking any
action and shall be fully protected and shall not be liable in any way to the
Corporation, any Holders of Receipts or any other person or entity for refraining
from taking such action, unless the Depositary receives written instructions or
a certificate signed by the Corporation which eliminates such ambiguity or
uncertainty to the satisfaction of the Depositary or which proves or
establishes the applicable matter to the satisfaction of the Depositary.  The Depositary shall not be liable to the
Corporation or any Holder of Receipts for any action taken by it in accordance
with the written instruction of the Corporation or the Holders of Receipts.

 19

 

Section 5.4.  Resignation and Removal of the
Depositary; Appointment of Successor Depositary.

The Depositary may at any time resign as Depositary
hereunder by delivering notice of its election to do so to the Corporation,
such resignation to take effect upon the appointment of a successor Depositary
and its acceptance of such appointment as hereinafter provided.

The Depositary may at any time be removed by the
Corporation by notice of such removal delivered to the Depositary, such removal
to take effect upon the appointment of a successor Depositary hereunder and its
acceptance of such appointment as hereinafter provided.

In case at any time the Depositary acting hereunder
shall resign or be removed, the Corporation shall, within 60 days after
the delivery of the notice of resignation or removal, as the case may be,
appoint a successor Depositary, which shall be a bank or trust company having
its principal office in the United States of America and having a combined
capital and surplus of at least $50,000,000. 
If no successor Depositary shall have been so appointed and have
accepted appointment within 60 days after delivery of such notice, the
resigning or removed Depositary may petition any court of competent jurisdiction
for the appointment of a successor Depositary. 
Every successor Depositary shall execute and deliver to its predecessor
and to the Corporation an instrument in writing accepting its appointment
hereunder, and thereupon such successor Depositary, without any further act or
deed, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor and for all purposes shall be the Depositary
under this Deposit Agreement, and such predecessor, upon payment of all sums
due it and on the written request of the Corporation, shall promptly execute
and deliver an instrument transferring to such successor all rights and powers
of such predecessor hereunder, shall duly assign, transfer and deliver all
right, title and interest in the Series A Preferred Stock and any moneys or
property held hereunder to such successor, and shall deliver to such successor
a list of the Record Holders of all outstanding Receipts and such records,
books and other information in its possession relating thereto.  Any successor Depositary shall promptly mail
notice of its appointment to the Record Holders of Receipts.

Any entity into or with which the Depositary may be
merged, consolidated or converted shall be the successor of the Depositary
without the execution or filing of any document or any further act, and notice
thereof shall not be required hereunder. 
Such successor Depositary may authenticate the Receipts in the name of
the predecessor Depositary or its own name as successor Depositary.

Section 5.5.  Corporate Notices and Reports.

The Corporation agrees that it will deliver to the
Depositary, and the Depositary will, promptly after receipt thereof, transmit
to the Record Holders of Receipts, in each case at the addresses recorded in
the Depositary’s books, copies of all notices and reports (including without
limitation financial statements) required by law, by the rules of any national
securities exchange upon which the Series A Preferred Stock, the Depositary
Shares or the Receipts are listed or by the Corporation’s Restated Articles of
Incorporation (including the Articles), to be furnished to the Record Holders
of Receipts.  Such transmission will be
at the Corporation’s 

 20
 

 

expense and the Corporation will provide the
Depositary with such number of copies of such documents as the Depositary may
reasonably request.  In addition, the
Depositary will transmit to the Record Holders of Receipts at the Corporation’s
expense such other documents as may be requested by the Corporation.

Section 5.6.  Indemnification by the Corporation.

Notwithstanding Section 5.3 to the contrary, the
Corporation shall indemnify the Depositary, any Depositary’s Agent and any
Registrar (including each of their officers, directors, agents and employees)
against, and hold each of them harmless from, any loss, damage, cost, penalty,
liability or expense (including the reasonable costs and expenses of defending
itself) which may arise out of acts performed, suffered or omitted to be taken
in connection with this Deposit Agreement and the Receipts by the Depositary,
any Registrar or any of their respective agents (including any Depositary’s
Agent) and any transactions or documents contemplated hereby, except for any
liability arising out of negligence, willful misconduct or bad faith on the
respective parts of any such person or persons. 
The obligations of the Corporation set forth in this Section 5.6
shall survive any succession of any Depositary, Registrar or Depositary’s
Agent.

Section 5.7.  Fees, Charges and Expenses.

The Corporation agrees promptly to pay the Depositary
the compensation to be agreed upon with the Corporation for all services
rendered by the Depositary hereunder and to reimburse the Depositary for its
reasonable out-of-pocket expenses (including reasonable counsel fees and
expenses) incurred by the Depositary without negligence, willful misconduct or
bad faith on its part (or on the part of any agent or Depositary Agent) in
connection with the services rendered by it (or such agent or Depositary Agent)
hereunder.  The Corporation shall pay all
charges of the Depositary in connection with the initial deposit of the Series
A Preferred Stock and the initial issuance of the Depositary Shares, all
withdrawals of shares of Series A Preferred Stock by owners of Depositary
Shares, and any redemption or exchange of the Series A Preferred Stock at the
option of the Corporation.  The
Corporation shall pay all transfer and other taxes and governmental charges
arising solely from the existence of the depositary arrangements.  All other transfer and other taxes and
governmental charges shall be at the expense of Holders of Depositary Shares
evidenced by Receipts.  If, at the
request of a Holder of Receipts, the Depositary incurs charges or expenses for
which the Corporation is not otherwise liable hereunder, such Holder will be
liable for such charges and expenses; provided, however, that the Depositary
may, at its sole option, require a Holder of a Receipt to prepay the Depositary
any charge or expense the Depositary has been asked to incur at the request of
such Holder of Receipts.  The Depositary
shall present its statement for charges and expenses to the Corporation at such
intervals as the Corporation and the Depositary may agree.

ARTICLE VI

AMENDMENT AND TERMINATION

Section 6.1.  Amendment.

The form of the Receipts and any provisions of this
Deposit Agreement may at any time and from time to time be amended by agreement
between the Corporation and the

 21
 

 

Depositary in any respect which they may deem
necessary or desirable; provided, however, that no such amendment which shall
materially and adversely alter the rights of the Holders of Receipts shall be
effective unless such amendment shall have been approved by the Holders of
Receipts representing in the aggregate a majority (or, in the case of
amendments relating to or affecting rights to receive dividends or
distributions or voting or redemption rights, at least two-thirds) of the
Depositary Shares then outstanding. 
Every Holder of an outstanding Receipt at the time any such amendment becomes
effective shall be deemed, by continuing to hold such Receipt, to consent and
agree to such amendment and to be bound by this Depositary Agreement as amended
thereby.  In no event shall any amendment
impair the right, subject to the provisions of Sections 2.5 and 2.6 and
Article III, of any owner of Depositary Shares to surrender any Receipt
evidencing such Depositary Shares to the Depositary with instructions to
deliver to the Holder the Series A Preferred Stock and all money and other
property, if any, represented thereby, except in order to comply with mandatory
provisions of applicable law or the rules and regulations of any governmental
body, agency or commission, or applicable securities exchange.

Section 6.2.  Termination.

This Deposit Agreement may be terminated by the
Corporation at any time upon not less than 60 days prior written notice to the
Depositary, in which case, at least 30 days prior to the date fixed in such
notice for such termination, the Depositary will mail notice of such
termination to the record holders of all Receipts then outstanding.  If any Receipts shall remain outstanding
after the date of termination of this Deposit Agreement, the Depositary
thereafter shall discontinue the transfer of Receipts, shall suspend the distribution
of dividends to the Holders thereof and shall not give any further notices
(other than notice of such termination) or perform any further acts under this
Deposit Agreement, except that the Depositary shall continue to collect
dividends and other distributions pertaining to Series A Preferred Stock, shall
sell rights, preferences or privileges as provided in this Deposit Agreement
and shall deliver the number of whole or fractional shares of Series A
Preferred Stock and any money and other property, if any, represented by
Receipts upon surrender thereof by the Holders thereof.  At any time after the expiration of two years
from the date of termination, the Depositary may sell Series A Preferred Stock
then held hereunder at public or private sale, at such places and upon such
terms as it deems proper and may thereafter hold the net proceeds of any such
sale, together with any money and other property held by it hereunder, without
liability for interest, for the benefit, pro rata in accordance with their
holdings, of the Holders of Receipts that have not theretofore been
surrendered.  After making such sale, the
Depositary shall be discharged from all obligations under this Deposit
Agreement except to account for such net proceeds and money and other property,
and it obligations to the Corporation under Section 5.3.

This Deposit Agreement shall terminate automatically
if (i) all outstanding Depositary Shares issued hereunder have been
redeemed pursuant to Section 2.8 or (ii) there shall have been made a
final distribution in respect of the Series A Preferred Stock in connection
with any liquidation, dissolution or winding up of the Corporation and such
distribution shall have been distributed to the Holders of Receipts
representing Depositary Shares pursuant to Section 4.1 or 4.2, as applicable.

 22
 

 

Upon the termination of this Deposit Agreement, the
Corporation shall be discharged from all obligations under this Deposit
Agreement except for its obligations to the Depositary, any Depositary’s Agent
and any Registrar under Sections 5.6 and 5.7.

ARTICLE VII

MISCELLANEOUS

Section 7.1.  Counterparts.

This Deposit Agreement may be executed in any number
of counterparts, and by each of the parties hereto on separate counterparts,
each of which counterparts, when so executed and delivered, shall be deemed an
original, but all such counterparts taken together shall constitute one and the
same instrument.

Section 7.2.  Exclusive Benefit of Parties.

This Deposit Agreement is for the exclusive benefit of
the parties hereto, and their respective successors hereunder, and shall not be
deemed to give any legal or equitable right, remedy or claim to any other
person whatsoever.

Section 7.3.  Invalidity of Provisions.

In case any one or more of the provisions contained in
this Deposit Agreement or in the Receipts should be or become invalid, illegal
or unenforceable in any respect, the validity, legality and enforceability of
the remaining provisions contained herein or therein shall in no way be
affected, prejudiced or disturbed thereby.

Section 7.4.  Notices.

Any and all notices to be given to the Corporation
hereunder or under the Receipts shall be in writing and shall be deemed to have
been duly given if personally delivered or sent by mail, or by telegram or
facsimile transmission or electronic mail, confirmed by letter, addressed to
the Corporation at

Zions Bancorporation

One South Main Street, Suite 1134

Salt Lake City, Utah 84111

Attn:  Secretary

Fax:  (801) 524-2129

or at any other addresses of
which the Corporation shall have notified the Depositary in writing.

Any and all notices to be given to the Depositary
hereunder or under the Receipts shall be in writing and shall be deemed to have
been duly given if personally delivered or sent by mail, or by facsimile
transmission confirmed by letter, addressed to the Depositary at the
Depositary’s Office at

 23
 

 

Zions First National Bank

10 E. South Temple, 12th Floor

Salt Lake City, Utah 84133

Attn:  Secretary

Fax:  (801) 594-8018

or at any other address of which the Depositary shall
have notified the Corporation in writing.

Any and all notices to be given to any Record Holder
of a Receipt hereunder or under the Receipts shall be in writing and shall be
deemed to have been duly given if personally delivered or sent by mail or
facsimile transmission or confirmed by letter, addressed to such Record Holder
at the address of such Record Holder as it appears on the books of the
Depositary, or if such Holder shall have timely filed with the Depositary a
written request that notices intended for such Holder be mailed to some other address,
at the address designated in such request.

Delivery of a notice sent by mail or by facsimile
transmission shall be deemed to be effected at the time when a duly addressed
letter containing the same (or a confirmation thereof in the case of a facsimile
transmission) is deposited, postage prepaid, in a post office letter box.  The Depositary or the Corporation may,
however, act upon any facsimile transmission received by it from the other or
from any Holder of a Receipt, notwithstanding that such facsimile transmission
shall not subsequently be confirmed by letter or as aforesaid.

Section 7.5.  Depositary’s Agents.

The Depositary may from time to time appoint
Depositary’s Agents to act in any respect for the Depositary for the purposes
of this Deposit Agreement and may at any time appoint additional Depositary’s
Agents and vary or terminate the appointment of such Depositary’s Agents.  The Depositary will promptly notify the
Corporation of any such action.

Section 7.6.  Appointment of Registrar and Transfer
Agent in Respect of the Receipts.

The Corporation hereby appoints the Depositary as
registrar and transfer agent in respect of the Receipts and the Depositary
hereby accepts such appointments.  With
respect to the appointments of the Depositary as registrar and transfer agent
in respect of the Receipts, each of the Corporation and the Depositary, in
their respective capacities under such appointments, shall be entitled to the
same rights, indemnities, immunities and benefits as the Corporation and Depositary
(in its capacity as the Depositary) hereunder, respectively, as if explicitly
named in each such provision.

Section 7.7.  Appointment of Calculation Agent.

The Corporation hereby appoints the Depositary as
calculation agent solely with respect to calculating the amount of dividends to
be paid with respect to the Series A Preferred Stock, including
determining the Three-Month LIBOR (as defined in Exhibit B), if
applicable, in the manner and at the times provided in the Articles which are
set forth in Exhibit B annexed hereto, and the Depositary hereby accepts such
appointment.  The Depositary, in its
capacity as

 24
 

 

the calculation agent, shall communicate in writing
such determination of Three-Month LIBOR and its calculation of the amount of
such dividends to the Corporation in the manner set forth in Section 7.4 hereof
or, alternately, to the Corporation via electronic mail (at an electronic mail
address provided to the Depositary by the Corporation), followed by a
telephonic confirmation.  With respect to
the appointment of the Depositary as calculation agent, each of the Corporation
and the Depositary, in their respective capacities under such appointment,
shall be entitled to the same rights, indemnities, immunities and benefits as
the Corporation and Depositary (in its capacity as the Depositary) hereunder,
respectively, as if explicitly named in each such provision.  In furtherance thereof, the Depositary, as
calculation agent, may seek guidance from the Corporation in making any
determinations under the terms of the Articles.

Section 7.8.  Holders of Receipts Are Parties.

The Holders of Receipts from time to time shall be
parties to this Deposit Agreement and shall be bound by all of the terms and
conditions hereof and of the Receipts and of the Officer’s Certificate by
acceptance of delivery thereof.

Section 7.9.  Governing Law.

This Deposit Agreement and the Receipts and all rights
hereunder and thereunder and provisions hereof and thereof shall be governed
by, and construed in accordance with, the laws of the State of New York without
giving effect to applicable conflicts of law principles.

Section 7.10.  Inspection of Deposit Agreement.

Copies of this Deposit Agreement shall be filed with
the Depositary and the Depositary’s Agents and shall be open to inspection
during business hours at the Depositary’s Office and the respective offices of
the Depositary’s Agents, if any, by any Holder of a Receipt.

Section 7.11.  Headings.

The headings of articles and sections in this Deposit
Agreement have been inserted for convenience only and are not to be regarded as
a part of this Deposit Agreement or the Receipts or to have any bearing upon
the meaning or interpretation of any provision contained herein or in the
Receipts.

[Remainder of page intentionally left blank; signature page follows.]

 25
 

 

IN WITNESS WHEREOF, the Corporation and the Depositary
have duly executed this Deposit Agreement as of the day and year first above
set forth, and all Holders of Receipts shall become parties hereto by and upon
acceptance by them of delivery of Receipts issued in accordance with the terms
hereof.

	
  

  	
  ZIONS BANCORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ZIONS FIRST
  NATIONAL BANK,

  
	
   

  	
  as Depositary

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
						

 

 

 26

 

EXHIBIT A

[FORM OF FACE OF RECEIPT]

UNLESS THIS RECEIPT IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO ZIONS BANCORPORATION OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.

DEPOSITARY SHARES

DR

DEPOSITARY RECEIPT FOR DEPOSITARY SHARES, EACH

REPRESENTING ONE-FORTIETH OF ONE SHARE OF

SERIES A FLOATING-RATE NON-CUMULATIVE PERPETUAL PREFERRED STOCK

OF ZIONS BANCORPORATION

INCORPORATED UNDER THE LAWS OF THE STATE OF UTAH

CUSIP 98973A 10 4

Zions First National Bank, as Depositary (the
“Depositary”), hereby certifies that Cede & Co. is the registered owner of
[                      ]
Depositary Shares (“Depositary Shares”), each Depositary Share representing
one-fortieth of one share of Series A Floating-Rate Non-Cumulative
Perpetual Preferred Stock, without par value, with a liquidation preference of
$1,000 per share (the “Series A Preferred Stock”), of Zions Bancorporation, a
Utah corporation (the “Corporation”), on deposit with the Depositary, subject
to the terms and entitled to the benefits of the Deposit Agreement dated as of
December 7, 2006 (the “Deposit Agreement”), among the Corporation, the
Depositary and the Holders from time to time of receipts evidencing Depositary
Shares (“Receipts”).  By accepting this
Receipt, the Holder hereof becomes a party to and agrees to be bound by all the
terms and conditions of the Deposit Agreement. 
This Receipt shall not be valid or obligatory for any purpose or
entitled to any benefits under the Deposit Agreement unless it shall have been
executed by the Depositary by the manual signature of a duly authorized officer
or, if executed in facsimile by the Depositary, countersigned by a Registrar in
respect of the Depositary Receipts by the manual signature of a duly authorized
officer thereof.

Dated:

ZIONS FIRST NATIONAL BANK, 

as Depositary

	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  
				

 

 A-1
 

 

[FORM OF REVERSE OF RECEIPT]

ZIONS BANCORPORATION

The Corporation will furnish without charge to each
receiptholder who so requests a copy of the Deposit Agreement and a copy or
summary of the Articles of Amendment relating to the Series A Preferred
Stock.  Any such request is to be
addressed to the Depositary named on the face of this Receipt.

The Corporation will furnish without charge to each
receiptholder who so requests the powers, designations, preferences and
relative, participating, optional or other special rights of each class of
stock or series thereof of the Corporation, and the qualifications, limitations
or restrictions of such preferences and/or rights.  Such request may be made to the Corporation
or to the Registrar.

EXPLANATION OF ABBREVIATIONS

The following abbreviations when used in the form of
ownership on the face of this Receipt shall be construed as though they were
written out in full according to applicable laws or regulations.  Abbreviations in addition to those appearing
below may be used. 

	
  Abbreviation

  	
   

  	
  Equivalent Phrase

  	
   

  	
  Abbreviation

  	
   

  	
  Equivalent Phrase

  	
   

  
	
  JT TEN

  	
   

  	
  As joint tenants, with right of survivorship and not
  as tenants in common

  	
   

  	
  TEN BY ENT

  	
   

  	
  As tenants by the entireties

  	
   

  
	
  TEN IN COM

  	
   

  	
  As tenants in common

  	
   

  	
  UNIF GIFT MIN ACT

  	
   

  	
  Uniform Gifts to Minors Act

  	
   

  

 

	
  Abbreviation

  	
   

  	
  Equivalent Word

  	
   

  	
  Abbreviation

  	
   

  	
  Equivalent Word

  	
   

  	
  Abbreviation

  	
   

  	
  Equivalent Word

  	
   

  
	
  ADM

  	
   

  	
  Administrator(s), Administratrix

  	
   

  	
  EX

  	
   

  	
  Executor(s), Executrix

  	
   

  	
  PAR

  	
   

  	
  Paragraph

  	
   

  
	
  AGMT

  	
   

  	
  Agreement

  	
   

  	
  FBO

  	
   

  	
  For the benefit of

  	
   

  	
  PL

  	
   

  	
  Public Law

  	
   

  
	
  ART

  	
   

  	
  Article

  	
   

  	
  FDN

  	
   

  	
  Foundation

  	
   

  	
  TR

  	
   

  	
  (As) trustee(s), for, of

  	
   

  
	
  CH

  	
   

  	
  Chapter

  	
   

  	
  GDN

  	
   

  	
  Guardian(s)

  	
   

  	
  U

  	
   

  	
  Under

  	
   

  
	
  CUST

  	
   

  	
  Custodian for

  	
   

  	
  GDNSHP

  	
   

  	
  Guardianship

  	
   

  	
  UA

  	
   

  	
  Under agreement

  	
   

  
	
  DEC

  	
   

  	
  Declaration

  	
   

  	
  MIN

  	
   

  	
  Minor(s)

  	
   

  	
  UW

  	
   

  	
  Under will of, Of will of, Under last will &
  testament

  	
   

  
	
  EST

  	
   

  	
  Estate, of Estate of

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 A-2
 

 

For value received,                           
hereby sell(s), assign(s) and transfer(s) unto

INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE

PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

                     Depositary
Shares represented by the within Receipt, and do(es) hereby irrevocably
constitute and appoint                      
Attorney to transfer the said Depositary Shares on the books of the within
named Depositary with full power of substitution in the premises.

Dated:

NOTICE: The signature to the assignment must
correspond with the name as written upon the face of this Receipt in every
particular, without alteration or enlargement or any change whatsoever.

SIGNATURE GUARANTEED

NOTICE: If applicable,
the signature(s) should be guaranteed by an eligible guarantor institution
(banks, stockbrokers, savings and loan associations, and credit unions with
membership in an approved signature guarantee medallion program), pursuant to
Rule 17Ad-15 under the Securities Exchange Act of 1934.

 A-3

 

EXHIBIT B

ARTICLES OF AMENDMENT

 B-1

 

EXHIBIT C

FORM OF OFFICER’S CERTIFICATE

I,                                
[name],                            
[title] of Zions Bancorporation (the “Corporation”), hereby certify that
pursuant to the terms of the Articles of Amendment filed with the Utah Division
of Corporations and Commercial Code on December 7, 2006 (the “Articles of
Amendment”), and pursuant to resolutions adopted by the Board of Directors of
the Corporation (the “Board of Directors”) on October 27, 2006 and resolutions
adopted by written consent of the Pricing Committee of the Board of Directors
on December 4, 2006, the Corporation has established the Series A
Floating-Rate Non-Cumulative Perpetual Preferred Stock, without par value, with
a liquidation preference of $1,000 per share (the “Series A Preferred Stock”),
which the Corporation desires to deposit with the Depositary for the purposes
of being subject to the terms and conditions of the Deposit Agreement, dated as
of December 7, 2006, by and among the Corporation, Zions First National
Bank and the Holders of Receipts issued thereunder from time to time (the
“Deposit Agreement”).  In connection
therewith, the Board of Directors or a duly authorized committee thereof has
authorized the terms and conditions with respect to the Series A Preferred
Stock as described in the Articles of Amendment attached as Annex A
hereto.  Any terms of the Series A
Preferred Stock that are not so described in the Articles of Amendment and any
terms of the Receipts representing such Series A Preferred Stock that are not
described in the Deposit Agreement are described below:

Aggregate Number of shares of Series A Preferred Stock
issued on the day hereof: 240,000

CUSIP Number for Receipt: 98973A 10 4

Denomination of Depositary Share per share of Series A
Preferred Stock:  1/40th of a share of
Series A Preferred Stock

Redemption Provisions (if different than as set forth
in the Deposit Agreement):  N/A

Name of Global Receipt Depositary:  The Depository Trust Company

Name of Registrar and Transfer Agent with Respect to
the Receipts:  Zions First National Bank

Name of Registrar and Transfer Agent with Respect to
the Series A Preferred Stock:  Zions
First National Bank

Name of Calculation Agent:  Zions First National Bank

Special terms and conditions:  None

Closing date:

All capitalized terms used but not defined herein
shall have such meaning as ascribed thereto in the Deposit Agreement.

 C-1
 

 

This certificate is dated -.

	
  

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 C-2

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