Sierra Bancorp Creates Director Emeritus Role, Adopts Retirement Plan

What Happened
Sierra Bancorp (BSRR) announced on July 23, 2026 that it established a Director Emeritus position and adopted a Retirement Plan for Directors Emeritus, effective the same date. The Plan provides retirement benefits to qualified non‑employee directors of Sierra Bancorp and members of the board of its wholly owned subsidiary, Bank of the Sierra, who meet the Plan’s eligibility requirements and sign a Director Emeritus Agreement.

Key Details

• Annual benefit equals 50% of the director’s annual cash retainer (committee retainers excluded), based on the 12‑month period immediately preceding retirement.
• The benefit is payable for three (3) years following retirement, subject to Plan conditions and the Director Emeritus Agreement.
• Eligibility requires voluntary retirement after serving the Plan’s minimum years and execution of the Director Emeritus Agreement.
• The Board of Directors, or a committee appointed by the Board, will administer the Plan. The Plan is filed as Exhibit 10.1 to the 8‑K.

Why It Matters
This creates a defined, limited-duration retirement benefit tied to director cash retainers aimed at retaining experienced non‑employee directors. For investors, the Plan could increase future director-related compensation expense if eligible directors retire and receive payments, but it does not create an immediate cash outflow until a qualifying retirement occurs. Watch for future disclosures if and when a director becomes a Director Emeritus and the company records related expenses or obligations.