[Form 4] Zions Bancorporation, N.A. Insider Trading Activity

Rhea-AI Filing Summary

Rena A. Miller, Executive VP & General Counsel of Zions Bancorporation (ZION), reported Form 4 transactions dated 08/22/2025. The filing shows she acquired 385 shares of common stock at $51.17 per share and disposed of 354 shares at $55.83 per share. After these transactions she beneficially owned 10,320 shares following the acquisition and 9,966 shares following the disposition, as reported.

The filing also discloses a stock option grant covering 385 underlying shares with an exercise price of $51.17 and an indicated exercisable/expiration note showing a vesting schedule; the issuer lists a date exercisable for some tranches as 02/28/2026. The form is signed and dated 08/25/2025.

Positive

• Timely disclosure of insider transactions with signature dated 08/25/2025
• Acquisition of 385 shares at $51.17 demonstrates continued direct ownership
• Option grant disclosed with graded vesting, consistent with executive compensation practices

Negative

• Disposition of 354 shares at $55.83 reduced direct holdings slightly
• Limited detail on vesting tranches—only one exercisable date shown, with a note that dates vary

Insights

Financial Analyst

TL;DR: Insider bought and sold small amounts of stock and holds roughly 10,000 shares; transactions appear routine, not material to valuation.

The reporting person executed a pair of offsetting transactions on 08/22/2025: a purchase of 385 shares at $51.17 and a sale of 354 shares at $55.83. Net change in reported beneficial ownership is modest, leaving approximately 10,000 shares held directly. The presence of an option grant for 385 shares with graded vesting indicates typical executive compensation rather than a one-off strategic stake purchase. For a large regional bank, these trade sizes are unlikely to be materially price-moving.

Corporate Governance Expert

TL;DR: Transactions and option grant follow standard compensation/vesting practices; disclosure is timely and properly documented.

The Form 4 discloses both non-derivative and derivative activity, a disclosed graded vesting schedule for the option, and a manual signature dated 08/25/2025. The filing meets Section 16 reporting requirements by showing acquisition, disposition, and option details. No exceptions, amendments, or unusual trading codes are present that would indicate governance concerns based on the filing alone.

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^*

Miller Rena 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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Executive VP & General Counsel

3. Date of Earliest Transaction (Month/Day/Year)
08/22/2025

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
Common Stock	08/22/2025		M		385	A	$51.17	10,320	D
Common Stock	08/22/2025		F		354	D	$55.83	9,966	D

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
Stock Option (right to buy)	$51.17	08/22/2025		M			385	(1)	02/28/2026	Common Stock	385	$51.17	0	D

Explanation of Responses:

1. Grant has a graded vesting schedule. Date exercisable will vary for each vesting tranche.

Remarks:

	Rena Miller	08/25/2025
	** 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 insider transactions did Rena A. Miller report on Form 4 for ZION?

She reported acquiring 385 shares at $51.17 and disposing of 354 shares at $55.83 on 08/22/2025.

How many ZION shares does Rena Miller beneficially own after the reported transactions?

The filing lists 10,320 shares after the acquisition and 9,966 shares after the disposition, as reported on the Form 4.

Was an option grant reported for ZION insider Rena Miller?

Yes. A stock option covering 385 underlying shares with an exercise price of $51.17 was disclosed, with a graded vesting schedule and an indicated tranche date of 02/28/2026.

When was the Form 4 signed and filed by the reporting person?

The Form 4 bears the reporting person's signature and is dated 08/25/2025.

What is Rena Miller's role at Zions Bancorporation as stated on the form?

She is listed as Executive VP & General Counsel and a director on the Form 4.