Christenson Vonn R 4

What Happened

• Vonn R. Christenson, a director of Sierra Bancorp (BSRR), exercised options to acquire 3,947 shares at $28.21/share (cost $111,345) on May 8, 2026, and sold those 3,947 shares the same day in an open-market transaction at $38.05/share for proceeds of $150,200. The filing also reports a derivative conversion/disposition at $0, consistent with the option-to-stock conversion associated with the exercise.

Key Details

• Transaction date: 2026-05-08
• Exercise: 3,947 shares acquired at $28.21 each; total exercise cost $111,345 (code M)
• Sale: 3,947 shares sold on open market at $38.05 each; total proceeds $150,200 (code S)
• Derivative conversion: 3,947 shares reported as disposed at $0 (conversion of the derivative instrument)
• Shares owned after transaction: not specified in the provided filing details
• Filing date: 2026-05-12 — four days after the May 8 transaction, which is beyond the typical 2-business-day Form 4 filing window and may represent a late filing

Context

• This was an option exercise followed by an immediate sale (a cashless or sell-to-cover style transaction): the insider exercised options and sold the resulting shares the same day. Such transactions often reflect routine option exercises and liquidity events rather than a new bullish or bearish signal. Transaction codes: M = option exercise/conversion, S = sale.