Form 4: Zions Bancorporation Exec Disposes Shares for Tax

Zions Bancorporation's Executive VP & General Counsel, Rena A. Miller, reported a disposition of 118 common shares to cover tax liabilities.

Summary

• Rena A. Miller, Executive VP & General Counsel of Zions Bancorporation, National Association (ZION), reported an insider transaction.
• On December 15, 2025, Miller disposed of 118 shares of Zions Bancorporation common stock.
• The shares were disposed of at a price of $54.08 per share.
• This transaction, coded as 'F', indicates the payment of tax liability by delivering or withholding securities incident to the receipt, exercise, or vesting of a security.
• Following this transaction, Miller directly beneficially owns 9,848 shares of common stock.
• The transaction was made pursuant to a Rule 10b5-1(c) plan, indicating it was a pre-planned sale.

Sentiment

Score: 5

Explanation: Neutral. This is a routine, pre-planned transaction for tax purposes and does not indicate a change in sentiment towards the company or its prospects.

Future Outlook

NA

Industry Context

This is a routine insider transaction common across all industries, typically related to executive compensation and tax obligations upon equity award vesting. It does not reflect specific industry trends for banking.

Comparison to Industry Standards

• This type of transaction (disposition of shares for tax withholding) is a standard practice for executives across publicly traded companies when equity awards vest.
• It aligns with typical compensation structures and tax compliance mechanisms seen in financial institutions and other sectors.
• No specific comparable companies or projects are relevant for this routine administrative filing.

Stakeholder Impact

• Minimal impact on shareholders as this is a small, routine transaction for tax purposes by an executive.
• No direct impact on employees, customers, suppliers, or creditors.

Key Dates

Recommendation

This Form 4 reports a routine, pre-planned disposition of a small number of shares by an executive to cover tax liabilities associated with equity vesting. Such transactions are administrative in nature and do not typically reflect a change in the executive's confidence in the company or its future performance. Therefore, it provides no new information that would warrant a change in investment recommendation; a 'hold' stance remains appropriate unless other fundamental factors change.

Keywords

Zions Bancorporation, ZION, Insider Trading, Form 4, Stock Disposition, Executive Compensation, Tax Withholding, Rena A. Miller, 10b5-1 Plan