Zions (ZION) director Vivian Lee awarded cash-settled deferred units

Rhea-AI Filing Summary

Lee Vivian S reported acquisition or exercise transactions in this Form 4 filing.

Zions Bancorporation director Vivian S. Lee reported an award of cash-settled deferred compensation units linked to common stock. On the reported date, Lee received 517.616 deferred compensation units at a reference value of $55.54 per unit, tied to Zions common stock performance.

Following this grant, Lee holds a total of 27,074.716 deferred compensation units. According to the disclosure, these phantom stock units are settled in cash upon the earlier of death or retirement, meaning they do not represent current share ownership or voting rights but a cash obligation based on future share value.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Lee Vivian S

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Deferred Comp	517.616	$55.54	$29K

Holdings After Transaction: Deferred Comp — 27,074.716 shares (Direct)

Footnotes (1)

1. [object Object]

Key Figures

Deferred units granted: 517.616 units Reference value per unit: $55.54 per unit Total deferred units after grant: 27,074.716 units

3 metrics

Deferred units granted 517.616 units Deferred compensation grant on March 30, 2026

Reference value per unit $55.54 per unit Value used for the deferred compensation award

Total deferred units after grant 27,074.716 units Director’s deferred compensation balance following transaction

Key Terms

Deferred Comp, phantom stock units, grant, award, or other acquisition, underlying security

4 terms

Deferred Comp financial

"security_title: "Deferred Comp""

phantom stock units financial

"The phantom stock units are settled in cash upon the earlier of death or retirement"

Phantom stock units are company promises that pay a cash or stock-equivalent award tied to the firm’s share price or value growth, but they do not issue actual shares. Think of them as a bonus check that moves with the stock like a mirror rather than handing over an ownership slice. Investors care because these awards can affect a company’s future cash obligations, executive incentives and reported expenses without causing share dilution.

grant, award, or other acquisition financial

"transaction_code_description: "Grant, award, or other acquisition""

underlying security financial

"underlying_security_title: "Common Stock""

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Lee Vivian S

(Last) (First) (Middle)

ONE SOUTH MAIN STREET, 11TH FLOOR

(Street)

SALT LAKE CITY UTAH 84133-1109

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ [ ZION ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/30/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Deferred Comp	$0	03/30/2026		A		517.616		(1)	(1)	Common Stock	517.616	$55.54	27,074.716	D

Explanation of Responses:

1. The phantom stock units are settled in cash upon the earlier of death or retirement

Remarks:

	By Rena Miller as attorney in fact	04/01/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did ZION director Vivian S. Lee report?

Vivian S. Lee reported receiving 517.616 deferred compensation units linked to Zions Bancorporation common stock. These units are a compensation award, not an open-market stock purchase, and their value is tied to the company’s share price over time.

How many deferred compensation units does Vivian S. Lee hold after this ZION filing?

After the reported award, Vivian S. Lee holds 27,074.716 deferred compensation (phantom stock) units. This total reflects accumulated compensation obligations that reference Zions Bancorporation’s common stock value rather than direct share ownership.

Are the deferred compensation units in the ZION Form 4 settled in stock or cash?

The deferred compensation, described as phantom stock units, is settled in cash. Payment occurs upon the earlier of death or retirement, based on the value of Zions Bancorporation common stock at that future time.

Does the ZION deferred compensation grant give Vivian S. Lee voting rights?

The phantom stock units are settled in cash and do not represent actual shares, so they do not provide voting rights. They function as a cash-based obligation referencing Zions Bancorporation’s common stock performance.

Was the ZION Form 4 transaction a stock purchase or sale by Vivian S. Lee?

The filing shows a grant of 517.616 deferred compensation units, not an open-market stock purchase or sale. It is a compensation-related award tied to Zions Bancorporation’s common stock value, reported with transaction code A for an acquisition.