TMCnet News

ZIONS BANCORPORATION /UT/ FILES (8-K) Disclosing Change in Directors or Principal Officers
[October 30, 2014]

ZIONS BANCORPORATION /UT/ FILES (8-K) Disclosing Change in Directors or Principal Officers


(Edgar Glimpses Via Acquire Media NewsEdge) ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS As disclosed in the Definitive Proxy Statement on Schedule 14A for the 2014 annual meeting of shareholders (the "Proxy Statement") of Zions Bancorporation (the "Company"), 2013 annual incentive compensation for Harris Simmons, Chairman and Chief Executive Officer, and Doyle Arnold, Vice Chairman and Chief Financial Officer, and performance-conditioned restricted stock units and performance-conditions stock options granted in May 2013 to Messrs. Simmons and Arnold (the "Performance RSUs" and the "Performance Stock Options") were subject to performance vesting conditions, including acceptance of the Company's 2014 Comprehensive Capital Analysis and Review ("CCAR") submission by the Board of Governors of the Federal Reserve System (the "Federal Reserve"). The Compensation Committee delayed determination of such 2013 annual incentives and vesting of the Performance RSUs and Performance Stock Options pending the review of the Company's 2013 CCAR submission by the Federal Reserve.



Following the Federal Reserve's acceptance of the Company's resubmitted 2013 CCAR submission in the third quarter of 2014, the Compensation Committee met on Saturday, October 25, 2014, and awarded Messrs. Simmons and Arnold the 2013 annual incentive compensation listed in the below table and determined that the performance vesting conditions on the portion of the Performance RSUs listed in the table below were satisfied. The portion of the Performance RSUs that did not vest were forfeited. As indicated in the table below, the Compensation Committee determined that all of the Performance Stock Options should be forfeited.

Target Target Annual Target Performance Performance Performance Annual Incentive Performance RSUs Stock Stock Options Named Executive Officer Incentive Awarded RSUs Vested Options Vested Harris Simmons $ 548,500 $ 356,525 19,951 12,968 28,806 0 Doyle Arnold $ 385,000 $ 250,250 11,671 7,573 17,974 0 These annual incentives and Performance RSUs constituted 65% of the target amounts. The value of the Performance RSUs, based on the closing price of the Company's common stock on Monday, October 27, 2014, was $358,569 and $209,398, respectively. Please refer to the Proxy Statement for further information on the Company's incentive compensation plans and compensation paid and awarded to the named executive officers of the Company relative to the Company's 2013 fiscal year.


--------------------------------------------------------------------------------

[ Back To TMCnet.com's Homepage ]