Miller Rena A. 4

What Happened

• Rena A. Miller, Executive Vice President & General Counsel of Zions Bancorporation (ZION), exercised stock options on Feb 3, 2026 covering 998 shares (489 @ $45.65 and 509 @ $48.65). The exercise cost (strike payment) totaled $47,086.
• The filing shows shares were disposed/withheld the same day: 362 shares and 402 shares were surrendered/withheld to cover tax obligations (F) at reported values of $22,404 and $24,856 (total $47,260). The filing also reports disposition of the 489 and 509 share lots (M) valued at $22,323 and $24,763 (total $47,086). Combined reported dispositions equal $94,346 in value. These entries indicate options were exercised and some or all shares were immediately withheld/sold to cover taxes and/or convert to cash.

Key Details

• Transaction date: 2026-02-03; Form 4 filed: 2026-02-04 (timely).
• Options exercised: 489 shares @ $45.65 (cost $22,323); 509 shares @ $48.65 (cost $24,763). Total exercise cost = $47,086.
• Tax withholding (F): 362 shares @ $61.89 ($22,404) and 402 shares @ $61.83 ($24,856). Total withheld = 764 shares ($47,260).
• Reported dispositions (M/derivative): 489 shares ($22,323) and 509 shares ($24,763) — total $47,086. These reflect shares acquired via exercise that were reported as disposed.
• Shares owned after the transaction: not provided in the excerpt.
• Footnote: F1 indicates the grant has a graded vesting schedule; exercisability dates vary by tranche.
• No 10b5-1 plan or late-filing indication shown in the provided data.

Context

• Transaction codes: M = option exercise/conversion; F = payment of exercise price or tax liability. The pattern (exercise + withheld shares + immediate disposals) is consistent with a cashless exercise or sale-to-cover for tax withholding — common, routine insider transactions that convert option value to cash.
• These entries are factual reporting of option exercise and resulting share dispositions/withholdings; they do not by themselves indicate the insider’s view of the company’s prospects.