McPhaill Kevin J 4

What Happened

• Kevin J. McPhaill, President and CEO of Sierra Bancorp (BSRR), exercised a total of 20,000 option-derived shares (transaction code M) between Feb 6–10, 2026, paying about $549,850 in exercise costs. He concurrently sold 20,000 shares in open-market transactions (transaction code S) on the same dates for total gross proceeds of about $747,146. The exercises and sales were executed across three trading days (Feb 6, Feb 9, Feb 10) at varying strike and market prices.

Key Details

• Exercise (acquired) totals: 20,000 shares; aggregate exercise cost ≈ $549,850.
  • 2026-02-06: exercised 7,368 shares at $27.11–$28.21 (multiple lots) — several lots (249, 630, 631, 3,688, 2,570)
  • 2026-02-09: exercised 3,319 shares (2,181 @ $28.21; 1,138 @ $27.35)
  • 2026-02-10: exercised 8,913 shares (3,232 @ $27.35; 4,369 @ $27.30; 1,312 @ $27.11)
• Open-market sales totals: 20,000 shares; aggregate proceeds ≈ $747,146.
  • 2026-02-06: sold 7,768 shares @ $37.98 = $295,010
  • 2026-02-09: sold 3,319 shares @ $37.02 = $122,869
  • 2026-02-10: sold 8,913 shares @ $36.94 = $329,267
• The filing shows the derivative conversion lines (disposal at $0.00) consistent with option exercise and conversion to common shares.
• Shares owned after these transactions were not specified in the provided data.
• No 10b5‑1 plan, tax-withholding, or late-filing note was indicated in the details you provided; Form 4 was filed on Feb 10, 2026.

Context

• These transactions are option exercises followed by immediate sales of the resulting shares — in practice this is often done to realize option value and cover exercise costs/withholding. Because the exercised shares were sold rather than held, this activity is neutral-to-liquidating rather than a straightforward bullish purchase signal.
• This report concerns an executive (CEO), not a 10% owner or institutional investor; retail investors typically view purchases as stronger signals than exercises paired with sales.