[Form 4] ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ Insider Trading Activity

Rhea-AI Filing Summary

Lee Vivian S, a director of ZIONS BANCORPORATION, NATIONAL ASSOCIATION (ZION), reported a Form 4 disclosing a transaction dated 10/03/2025. The filing shows an acquisition of 501.735 deferred compensation/phantom stock units (transaction code A) that are recorded with a $0 per-unit price and a noted underlying common stock amount of 25,650.812 shares listed as beneficially owned following the transaction. The filing states the phantom stock units are settled in cash upon the earlier of death or retirement. The report was signed on 10/06/2025 by an attorney-in-fact. This disclosure documents officer/director holdings and a compensation-related award but does not include sale activity or cash proceeds.

Positive

• Director disclosed ownership of 25,650.812 common shares, improving transparency
• Phantom units acquired (501.735) tied to deferred compensation, showing alignment with long-term pay

Negative

• Phantom units settle in cash, so they do not increase voting stock and limit direct share alignment
• No price received reported (listed as $0), providing limited information on economic value realization

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
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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 UT 84133-1109

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
10/03/2025

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

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

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

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	10/03/2025		A		501.735		(1)	(1)	Common Stock	501.735	$0	25,650.812	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	10/06/2025
	** 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.

FAQ

What did ZION director Lee Vivian S report on Form 4?

The Form 4 reports an acquisition of 501.735 deferred compensation/phantom stock units on 10/03/2025 and a beneficial ownership balance of 25,650.812 common shares.

How are the phantom stock units settled for Lee Vivian S?

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

Does the Form 4 show any sales by the reporting person?

No. The filing records an acquisition (transaction code A) and shows the ownership level after the transaction; it does not list any disposals.

Who filed the Form 4 for Lee Vivian S?

The Form 4 was signed by Rena Miller as attorney-in-fact on 10/06/2025.

Are the phantom units convertible into common stock?

The filing notes the units are settled in cash on specified events; it does not state conversion into common stock.