Miller Rena A. 4

What Happened
Rena A. Miller, Executive Vice President & General Counsel of Zions Bancorporation (ZION), exercised options to acquire 3,837 shares on Feb 12, 2026 at $60.19 per share (total value $230,949). To cover tax liabilities associated with the exercise, a total of 191 shares were withheld/disposed across Feb 12–13, 2026 (86 shares withheld on Feb 12 at $60.19; 57 and 48 shares withheld on Feb 13 at $61.26), totaling approximately $11,608 in withheld value. The acquisitions are coded as A (award/acquisition) and the disposals as F (payment of exercise price or tax liability).

Key Details

• Primary acquisition: 3,837 shares @ $60.19 on 2026-02-12 = $230,949 (code A).
• Tax withholding disposals: 86 shares @ $60.19 on 2026-02-12 = $5,176; 57 shares @ $61.26 = $3,492; 48 shares @ $61.26 = $2,940 (total 191 shares, ~$11,608) (code F).
• Shares owned after the transaction: not specified in the provided filing excerpt.
• Filing date: 2026-02-17 for transactions occurring 2026-02-12–02-13 (appears to be filed 5 days after the primary transaction; Form 4s are generally required within 2 business days).
• Transaction codes: A = grant/award/acquisition; F = tax withholding/payment of exercise price.

Context

• This appears to be an option exercise with shares withheld to satisfy tax obligations (a common cashless-like mechanism). The withheld shares are not open-market sales for cash beyond covering taxes.
• Such withholding transactions are routine and reflect tax settlement of an exercise rather than a directional sale to diversify or raise cash. Purchases/acquisitions (here, the exercise) are generally more informative of insider accumulation than routine withholdings.