# EDGAR Filing Document

**Accession Number:** 0001130144
**File Stem:** 0001558370-23-000398
**Filing Date:** 2023-1
**Character Count:** 19277
**Document Hash:** 1ff6c51f24fed98e5145701ca196700c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-23-000398.hdr.sgml**: 20230120

**ACCESSION NUMBER**: 0001558370-23-000398

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20230119

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230120

**DATE AS OF CHANGE**: 20230120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SIERRA BANCORP
- **CENTRAL INDEX KEY:** 0001130144
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 330937517
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-33063
- **FILM NUMBER:** 23540806

**BUSINESS ADDRESS:**
- **STREET 1:** 86 NORTH MAIN STREET
- **CITY:** PORTERVILLE
- **STATE:** CA
- **ZIP:** 93257
- **BUSINESS PHONE:** 5597824900

**MAIL ADDRESS:**
- **STREET 1:** 86 NORTH MAIN STREET
- **CITY:** PORTERVILLE
- **STATE:** CA
- **ZIP:** 93257

?xml version='1.0' encoding='UTF-8'?

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 8-K**

**CURRENT REPORT**

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) **January 19, 2023**

## SIERRA BANCORP
(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **California** | **000-33063** | **33-0937517** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

---

| | |
|:---|:---|
| **86 North Main Street, Porterville, CA 93257** | **86 North Main Street, Porterville, CA 93257** |
| (Address of principal executive offices) | (Zip code) |

---

**(559) 782-4900**

(Registrant's telephone number including area code)

**Not applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, no par value | BSRR | NASDAQ Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

#### Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(e)Sierra Bancorp (the "Company") (Nasdaq: BSRR), the bank holding company for Bank of the Sierra, announced that on January 19, 2023 its Board of Directors approved amendments to the employment agreements of: (1) President and CEO Kevin J. McPhaill; (2) EVP and CFO Christopher G. Treece; (3) EVP, CCO and CRO Hugh F. Boyle; (4) EVP and CBO Michael W. Olague; and (5) EVP and CAO Jennifer A. Johnson to provide certain revised terms in connection with each executive's change in control benefits. Each executive's change in control benefits has been revised to provide for a cash payment in the amount of two (2) times the executive's then current base salary and maximum eligible bonus, less applicable withholding deductions. The amendment was signed and became effective on January 19, 2023.

#### Item 9.01 f inancial Statements and Exhibits
(d)**Exhibits.** The information furnished pursuant to this item is set forth in the Exhibit Index, which appears below immediately before the signatures.

#### EXHIBIT INDEX

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.1 | [First amendment to employment agreement dated as of January 19, 2023 for Kevin J. McPhaill, Chief Executive Officer](bsrr-20230119xex10d1.htm) |
| 10.2 | [First amendment to employment agreement dated as of January 19, 2023 for Christopher G. Treece, Chief Financial Officer](bsrr-20230119xex10d2.htm) |
| 10.3 | [Second amendment to employment agreement dated as of January 19, 2023 for Hugh F. Boyle, Chief Credit Officer](bsrr-20230119xex10d3.htm) |
| 10.4 | [First amendment to employment agreement dated as of January 19, 2023 for Michael W. Olague, Chief Banking Officer](bsrr-20230119xex10d4.htm) |
| 10.5 | [First amendment to employment agreement dated as of January 19, 2023 for Jennifer A. Johnson, Chief Administrative Officer](bsrr-20230119xex10d5.htm) |
| 104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |

---

#### SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | SIERRA BANCORP | SIERRA BANCORP |
| Dated: January 20, 2023 | By:  | /s/ *Christopher G. Treece* |
|  |  | Christopher G. Treece |
|  |  | Executive Vice President & |
|  |  | Chief Financial Officer |

---

## Exhibit 10.1

**FIRST AMENDMENT TO**

**EMPLOYMENT AGREEMENT**

**THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT** (the "First Amendment") is entered into as of December [\*], 2022 by and between Sierra Bancorp, a California corporation ("<u>Bancorp</u>"), Bank of the Sierra, a California banking corporation ("<u>Bank</u>"), and Kevin J. McPhaill ("<u>Executive</u>") on the following terms and conditions.

**WHEREAS**, the Bank and Bancorp entered into an Employment Agreement with Executive (the "Agreement") effective January 1, 2019; and

**WHEREAS**, Executive, the Bank and Bancorp have agreed to amend the Agreement to provide for certain revised terms in connection with Executive's Change in Control benefits.

**NOW, THEREFORE**, for good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the Bank and Bancorp and the Executive hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Paragraph 9(d)(i)(A) of the Agreement is amended and restated in its entirety to read as follows:

a cash payment in an amount equal to two (2) times Executive's then current Base Salary and maximum eligible bonus compensation under paragraph 8(b), less applicable withholding deductions, payable in lump sum promptly after sixty (60) days following such termination, but in no event later than March 15 following the end of the calendar year that includes such termination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Capitalized terms used herein and not otherwise defined shall have the same meaning as set forth in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This First Amendment may be entered into in one or more counterparts, all of which shall be considered one and the same instrument, and it shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Except as expressly modified herein, the terms of the Agreement remain unchanged and in full force and effect.

[*Signature page to follow*]

------

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

**EXECUTIVE**

Kevin J. McPhaill

**SIERRA BANCORP**

A California corporation

By:

Name:Morris A. Tharp

Title:Chairman of the Board

**BANK OF THE SIERRA**

A California banking corporation

By:

Name:Morris A. Tharp

Title:Chairman of the Board

------

## Exhibit 10.2

**FIRST AMENDMENT TO**

**EMPLOYMENT AGREEMENT**

**THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT** (the "First Amendment") is entered into as of December [\*], 2022 by and between Sierra Bancorp, a California corporation ("<u>Bancorp</u>"), Bank of the Sierra, a California banking corporation ("<u>Bank</u>"), and Christopher G. Treece ("<u>Executive</u>") on the following terms and conditions.

**WHEREAS**, the Bank and Bancorp entered into an Employment Agreement with Executive (the "Agreement") effective January 1, 2020; and

**WHEREAS**, Executive, the Bank and Bancorp have agreed to amend the Agreement to provide for certain revised terms in connection with Executive's Change in Control benefits.

**NOW, THEREFORE**, for good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the Bank and Bancorp and the Executive hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Paragraph 9(d)(i)(A) of the Agreement is amended and restated in its entirety to read as follows:

a cash payment in an amount equal to two (2) times Executive's then current Base Salary and maximum eligible bonus compensation under paragraph 8(b), less applicable withholding deductions, payable in lump sum promptly after sixty (60) days following such termination, but in no event later than March 15 following the end of the calendar year that includes such termination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Capitalized terms used herein and not otherwise defined shall have the same meaning as set forth in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This First Amendment may be entered into in one or more counterparts, all of which shall be considered one and the same instrument, and it shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Except as expressly modified herein, the terms of the Agreement remain unchanged and in full force and effect.

[*Signature page to follow*]

------

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

**EXECUTIVE**

Christopher G. Treece

**SIERRA BANCORP**

A California corporation

By:

Name:Kevin J. McPhaill

Title:President & CEO

**BANK OF THE SIERRA**

A California banking corporation

By:

Name:Kevin J. McPhaill

Title:President & CEO

------

## Exhibit 10.3

**SECOND AMENDMENT TO**

**EMPLOYMENT AGREEMENT**

**THIS SECOND AMENDMENT TO EMPLOYMENT AGREEMENT** (the "Second Amendment") is entered into as of December [\*], 2022 by and between Sierra Bancorp, a California corporation ("<u>Bancorp</u>"), Bank of the Sierra, a California banking corporation ("<u>Bank</u>"), and Hugh F. Boyle ("<u>Executive</u>") on the following terms and conditions.

**WHEREAS**, the Bank and Bancorp entered into an Employment Agreement with Executive (the "Agreement") effective December 14, 2020;

**WHEREAS**, on August 20, 2021, the Agreement was amended to provide for certain revised terms in connection with Executive's appointment as Chief Risk Officer (the "First Amendment'); and

**WHEREAS**, Executive, the Bank and Bancorp have agreed to amend the Agreement to provide for certain revised terms in connection with Executive's Change in Control benefits.

**NOW, THEREFORE**, for good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the Bank and Bancorp and the Executive hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Paragraph 9(d)(i)(A) of the Agreement is amended and restated in its entirety to read as follows:

a cash payment in an amount equal to two (2) times Executive's then current Base Salary and maximum eligible bonus compensation under paragraph 8(b), less applicable withholding deductions, payable in lump sum promptly after sixty (60) days following such termination, but in no event later than March 15 following the end of the calendar year that includes such termination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Capitalized terms used herein and not otherwise defined shall have the same meaning as set forth in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This Second Amendment may be entered into in one or more counterparts, all of which shall be considered one and the same instrument, and it shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Except as expressly modified herein, the terms of the Agreement remain unchanged and in full force and effect.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

**EXECUTIVE**

Hugh F. Boyle

**SIERRA BANCORP**

A California corporation

By:

Name:Kevin J. McPhaill

Title:President & CEO

**BANK OF THE SIERRA**

A California banking corporation

By:

Name:Kevin J. McPhaill

Title:President & CEO

------

## Exhibit 10.4

**FIRST AMENDMENT TO**

**EMPLOYMENT AGREEMENT**

**THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT** (the "First Amendment") is entered into as of December [\*], 2022 by and between Sierra Bancorp, a California corporation ("<u>Bancorp</u>"), Bank of the Sierra, a California banking corporation ("<u>Bank</u>"), and Michael W. Olague ("<u>Executive</u>") on the following terms and conditions.

**WHEREAS**, the Bank and Bancorp entered into an Employment Agreement with Executive (the "Agreement") effective January 1, 2019; and

**WHEREAS**, Executive, the Bank and Bancorp have agreed to amend the Agreement to provide for certain revised terms in connection with Executive's Change in Control benefits.

**NOW, THEREFORE**, for good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the Bank and Bancorp and the Executive hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Paragraph 9(d)(i)(A) of the Agreement is amended and restated in its entirety to read as follows:

a cash payment in an amount equal to two (2) times Executive's then current Base Salary and maximum eligible bonus compensation under paragraph 8(b), less applicable withholding deductions, payable in lump sum promptly after sixty (60) days following such termination, but in no event later than March 15 following the end of the calendar year that includes such termination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Capitalized terms used herein and not otherwise defined shall have the same meaning as set forth in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This First Amendment may be entered into in one or more counterparts, all of which shall be considered one and the same instrument, and it shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Except as expressly modified herein, the terms of the Agreement remain unchanged and in full force and effect.

[*Signature page to follow*]

------

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

**EXECUTIVE**

Michael W. Olague

**SIERRA BANCORP**

A California corporation

By:

Name:Kevin J. McPhaill

Title:President & CEO

**BANK OF THE SIERRA**

A California banking corporation

By:

Name:Kevin J. McPhaill

Title:President & CEO

------

## Exhibit 10.5

**FIRST AMENDMENT TO**

**EMPLOYMENT AGREEMENT**

**THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT** (the "First Amendment") is entered into as of December [\*], 2022 by and between Sierra Bancorp, a California corporation ("<u>Bancorp</u>"), Bank of the Sierra, a California banking corporation ("<u>Bank</u>"), and Jennifer A. Johnson ("<u>Executive</u>") on the following terms and conditions.

**WHEREAS**, the Bank and Bancorp entered into an Employment Agreement with Executive (the "Agreement") effective February 3, 2020; and

**WHEREAS**, Executive, the Bank and Bancorp have agreed to amend the Agreement to provide for certain revised terms in connection with Executive's Change in Control benefits.

**NOW, THEREFORE**, for good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the Bank and Bancorp and the Executive hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Paragraph 9(d)(i)(A) of the Agreement is amended and restated in its entirety to read as follows:

a cash payment in an amount equal to two (2) times Executive's then current Base Salary and maximum eligible bonus compensation under paragraph 8(b), less applicable withholding deductions, payable in lump sum promptly after sixty (60) days following such termination, but in no event later than March 15 following the end of the calendar year that includes such termination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Capitalized terms used herein and not otherwise defined shall have the same meaning as set forth in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This First Amendment may be entered into in one or more counterparts, all of which shall be considered one and the same instrument, and it shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Except as expressly modified herein, the terms of the Agreement remain unchanged and in full force and effect.

[*Signature page to follow*]

------

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

**EXECUTIVE**

Jennifer A. Johnson

**SIERRA BANCORP**

A California corporation

By:

Name:Kevin J. McPhaill

Title:President & CEO

**BANK OF THE SIERRA**

A California banking corporation

By:

Name:Kevin J. McPhaill

Title:President & CEO

------