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

Rhea-AI Filing Summary

Claire A. Huang, a director of ZIONS BANCORPORATION, NATIONAL ASSOCIATION (ZION), received 532.275 phantom stock units under a deferred compensation arrangement. The phantom units are settled in cash upon the earlier of death or retirement, creating a future cash obligation tied to the company’s common stock value. After the grant, Ms. Huang is reported to directly beneficially own 31,074.542 shares of common stock. The transaction was reported as an acquisition of a derivative-style award rather than a direct stock purchase, and the form was submitted by a single reporting person filing through an authorized attorney-in-fact.

Positive

• Director maintains substantial direct stake of 31,074.542 shares, aligning interests with shareholders
• Phantom units are cash-settled, avoiding immediate share dilution for existing shareholders

Negative

• Grant creates a cash-settlement liability tied to future stock value and timing of retirement/death
• Amount of deferred compensation (532.275 units) introduces future cash outflow uncertainty for investors

Insights

Compensation Analyst

Grant aligns long-term director pay with shareholder value while creating a cash liability.

The award is a phantom stock unit settled in cash, meaning its value tracks common shares but will be paid in cash rather than issuing new shares. This preserves share count but creates an explicit cash obligation that will vary with the stock price.

Key dependencies are the company’s future stock price and the director’s retirement/death timing; monitor plan vesting and payout formulas over the next multi-year horizon for potential cash outflows.

Corporate Governance Expert

Director ownership remains substantial, supporting alignment with shareholders.

After the reported grant, the director holds 31,074.542 shares directly, which is a meaningful ownership position that typically reinforces incentive alignment for board oversight. The grant mechanism (cash-settled phantom units) avoids share dilution but shifts compensation risk to cash flow.

Watch for disclosures of aggregate deferred compensation liabilities in periodic reports and any changes to director compensation policy within the next reporting cycle.

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^*

Huang Claire A

(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		532.275		(1)	(1)	Common Stock	532.275	$0	31,074.542	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 transaction did the ZION director report on Form 4?

The report shows an acquisition of 532.275 phantom stock units under a deferred compensation plan, recorded as a derivative-style award.

How are the phantom stock units settled for ZION (ticker ZION)?

The phantom stock units are settled in cash upon the earlier of death or retirement, not by issuing common shares.

How many ZION shares does the reporting director own after the reported transaction?

The reporting person beneficially owns 31,074.542 shares of common stock following the transaction.

Did the Form 4 indicate direct or indirect ownership for the shares?

The filing indicates the post-transaction ownership is direct (reported as D for direct ownership).

Was the Form 4 filed jointly or by a single reporting person for ZION?

The Form 4 was filed by one reporting person (single filer), as indicated on the form.