# EDGAR Filing Document

**Accession Number:** 0000356171
**File Stem:** 0000356171-26-000010
**Filing Date:** 2026-3
**Character Count:** 990988
**Document Hash:** 56516fb11873fc803452a68e752f2477
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000356171-26-000010.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0000356171-26-000010

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 174

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TRICO BANCSHARES /
- **CENTRAL INDEX KEY:** 0000356171
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 942792841
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-10661
- **FILM NUMBER:** 26707245

**BUSINESS ADDRESS:**
- **STREET 1:** TRICO BANCSHARES
- **STREET 2:** 63 CONSTITUTION DRIVE
- **CITY:** CHICO
- **STATE:** CA
- **ZIP:** 95973
- **BUSINESS PHONE:** 5308980300

**MAIL ADDRESS:**
- **STREET 1:** TRICO BANCSHARES
- **STREET 2:** 63 CONSTITUTION DRIVE
- **CITY:** CHICO
- **STATE:** CA
- **ZIP:** 95973

?xml version='1.0' encoding='ASCII'? tcbk-20251231

**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington D.C. 20549**

**_____________________**

**FORM 10-K**

**_____________________**

**Annual Report Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**For the fiscal year ended December 31, 2025**

**Commission File Number 0-10661**

**_____________________**

![download.jpg](tcbk-20251231_g1.jpg)

**(Exact name of Registrant as specified in its charter)**

**_____________________**

---

| | |
|:---|:---|
| **California** | **94-2792841** |
| **(State or other jurisdiction<br>of incorporation or organization)** | **(I.R.S. Employer<br>Identification No.)** |
| **63 Constitution Drive, Chico, California** | **95973** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (530) 898-0300**

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of exchange on which registered** |
| **Common Stock** | **TCBK** | **NASDAQ** |

---

**Securities registered pursuant to Section 12(g) of the Act: None.**

**__________________**

Indicate by check mark whether the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☒ Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ No

Indicate by check mark whether the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. ☐ Yes&nbsp;&nbsp;&nbsp;&nbsp; ☒ No

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☒ Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "accelerated filer", "large accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | 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.&nbsp;&nbsp;&nbsp;&nbsp;☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. &nbsp;&nbsp;&nbsp;&nbsp;☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b)&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;

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. &nbsp;&nbsp;&nbsp;&nbsp;☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☒ No

The aggregate market value of the voting common stock held by non-affiliates of the Registrant, as of June 30, 2025, was approximately $1.4 billion.

The number of shares outstanding of Registrant's common stock, as of February 27, 2026, was 32,150,632.

**DOCUMENTS INCORPORATED BY REFERENCE**

**The information required to be disclosed pursuant to Part III of this report either shall be (i) deemed to be incorporated by reference from selected portions of the Registrant's definitive proxy statement for the annual meeting of shareholders to be held on May 21, 2026, if such proxy statement is filed with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the end of the Registrant's most recently completed fiscal year, or (ii) included in an amendment to this report filed with the Commission on Form 10-K/A not later than the end of such 120 day period.**

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| | | Page Number |
| [PART I](#i96306bd31fdb48d0aff8a60e9e95f8ae_10) | [PART I](#i96306bd31fdb48d0aff8a60e9e95f8ae_10) |  |
| [Item 1](#i96306bd31fdb48d0aff8a60e9e95f8ae_16) | <u>[Business](#i96306bd31fdb48d0aff8a60e9e95f8ae_16)</u> | [2](#i96306bd31fdb48d0aff8a60e9e95f8ae_16) |
| [Item 1A](#i96306bd31fdb48d0aff8a60e9e95f8ae_22) | <u>[Risk Factors](#i96306bd31fdb48d0aff8a60e9e95f8ae_22)</u> | [11](#i96306bd31fdb48d0aff8a60e9e95f8ae_22) |
| [Item 1B](#i96306bd31fdb48d0aff8a60e9e95f8ae_25) | <u>[Unresolved Staff Comments](#i96306bd31fdb48d0aff8a60e9e95f8ae_25)</u> | [25](#i96306bd31fdb48d0aff8a60e9e95f8ae_25) |
| [Item 1](#i96306bd31fdb48d0aff8a60e9e95f8ae_25)C | <u>[Cybersecurity](#i96306bd31fdb48d0aff8a60e9e95f8ae_28)</u> | [25](#i96306bd31fdb48d0aff8a60e9e95f8ae_28) |
| [Item 2](#i96306bd31fdb48d0aff8a60e9e95f8ae_31) | <u>[Properties](#i96306bd31fdb48d0aff8a60e9e95f8ae_31)</u> | [27](#i96306bd31fdb48d0aff8a60e9e95f8ae_31) |
| [Item 3](#i96306bd31fdb48d0aff8a60e9e95f8ae_34) | <u>[Legal Proceedings](#i96306bd31fdb48d0aff8a60e9e95f8ae_34)</u> | [27](#i96306bd31fdb48d0aff8a60e9e95f8ae_34) |
| [Item 4](#i96306bd31fdb48d0aff8a60e9e95f8ae_37) | <u>[Mine Safety Disclosures](#i96306bd31fdb48d0aff8a60e9e95f8ae_37)</u> | [28](#i96306bd31fdb48d0aff8a60e9e95f8ae_37) |
| [PART II](#i96306bd31fdb48d0aff8a60e9e95f8ae_40) | [PART II](#i96306bd31fdb48d0aff8a60e9e95f8ae_40) |  |
| [Item 5](#i96306bd31fdb48d0aff8a60e9e95f8ae_43) | <u>[Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#i96306bd31fdb48d0aff8a60e9e95f8ae_43)</u> | [29](#i96306bd31fdb48d0aff8a60e9e95f8ae_43) |
| [Item 6](#i96306bd31fdb48d0aff8a60e9e95f8ae_46) | <u>[\[Reserved\]](#i96306bd31fdb48d0aff8a60e9e95f8ae_46)</u> | [30](#i96306bd31fdb48d0aff8a60e9e95f8ae_46) |
| [Item 7](#i96306bd31fdb48d0aff8a60e9e95f8ae_49) | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i96306bd31fdb48d0aff8a60e9e95f8ae_49)</u> | [30](#i96306bd31fdb48d0aff8a60e9e95f8ae_49) |
| [Item 7A](#i96306bd31fdb48d0aff8a60e9e95f8ae_67) | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i96306bd31fdb48d0aff8a60e9e95f8ae_67)</u> | [53](#i96306bd31fdb48d0aff8a60e9e95f8ae_67) |
| [Item 8](#i96306bd31fdb48d0aff8a60e9e95f8ae_70) | <u>[Financial Statements and Supplementary Data](#i96306bd31fdb48d0aff8a60e9e95f8ae_70)</u> | [54](#i96306bd31fdb48d0aff8a60e9e95f8ae_70) |
| [Item 9](#i96306bd31fdb48d0aff8a60e9e95f8ae_196) | <u>[Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#i96306bd31fdb48d0aff8a60e9e95f8ae_196)</u> | [108](#i96306bd31fdb48d0aff8a60e9e95f8ae_196) |
| [Item 9A](#i96306bd31fdb48d0aff8a60e9e95f8ae_199) | <u>[Controls and Procedures](#i96306bd31fdb48d0aff8a60e9e95f8ae_199)</u> | [108](#i96306bd31fdb48d0aff8a60e9e95f8ae_199) |
| [Item 9B](#i96306bd31fdb48d0aff8a60e9e95f8ae_202) | <u>[Other Information](#i96306bd31fdb48d0aff8a60e9e95f8ae_202)</u> | [108](#i96306bd31fdb48d0aff8a60e9e95f8ae_202) |
| Item 9C | <u>[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i96306bd31fdb48d0aff8a60e9e95f8ae_205)</u> | [108](#i96306bd31fdb48d0aff8a60e9e95f8ae_205) |
| [PART III](#i96306bd31fdb48d0aff8a60e9e95f8ae_208) | [PART III](#i96306bd31fdb48d0aff8a60e9e95f8ae_208) |  |
| [Item 10](#i96306bd31fdb48d0aff8a60e9e95f8ae_211) | <u>[Directors, Executive Officers and Corporate Governance](#i96306bd31fdb48d0aff8a60e9e95f8ae_211)</u> | [109](#i96306bd31fdb48d0aff8a60e9e95f8ae_211) |
| [Item 11](#i96306bd31fdb48d0aff8a60e9e95f8ae_214) | <u>[Executive Compensation](#i96306bd31fdb48d0aff8a60e9e95f8ae_214)</u> | [109](#i96306bd31fdb48d0aff8a60e9e95f8ae_214) |
| [Item 12](#i96306bd31fdb48d0aff8a60e9e95f8ae_217) | <u>[Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#i96306bd31fdb48d0aff8a60e9e95f8ae_217)</u> | [109](#i96306bd31fdb48d0aff8a60e9e95f8ae_217) |
| [Item 13](#i96306bd31fdb48d0aff8a60e9e95f8ae_220) | <u>[Certain Relationships and Related Transactions, and Director Independence](#i96306bd31fdb48d0aff8a60e9e95f8ae_220)</u> | [109](#i96306bd31fdb48d0aff8a60e9e95f8ae_220) |
| [Item 14](#i96306bd31fdb48d0aff8a60e9e95f8ae_223) | <u>[Principal Accountant Fees and Services](#i96306bd31fdb48d0aff8a60e9e95f8ae_223)</u> | [109](#i96306bd31fdb48d0aff8a60e9e95f8ae_223) |
| [PART IV](#i96306bd31fdb48d0aff8a60e9e95f8ae_226) | [PART IV](#i96306bd31fdb48d0aff8a60e9e95f8ae_226) |  |
| [Item 15](#i96306bd31fdb48d0aff8a60e9e95f8ae_229) | <u>[Exhibits and Financial Statement Schedules](#i96306bd31fdb48d0aff8a60e9e95f8ae_229)</u> | [110](#i96306bd31fdb48d0aff8a60e9e95f8ae_229) |
| Item 16 | <u>[Form 10-K Summary](#i96306bd31fdb48d0aff8a60e9e95f8ae_232)</u> | [112](#i96306bd31fdb48d0aff8a60e9e95f8ae_232) |
| <u>[Signatures](#i96306bd31fdb48d0aff8a60e9e95f8ae_235)</u> | <u>[Signatures](#i96306bd31fdb48d0aff8a60e9e95f8ae_235)</u> | [113](#i96306bd31fdb48d0aff8a60e9e95f8ae_235) |

---

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

**GLOSSARY OF ACRONYMS AND TERMS**

The following listing provides a comprehensive reference of common acronyms and terms used throughout the document:

---

| | |
|:---|:---|
| **ACL** | Allowance for Credit Losses |
| **AFS** | Available-for-Sale |
| **AOCI** | Accumulated Other Comprehensive Income |
| **ASC** | Accounting Standards Codification |
| **CARES** | Coronavirus Aid, Relief and Economic Security Act |
| **CDs** | Certificates of Deposit |
| **CDI** | Core Deposit Intangible |
| **CECL** | Current Expected Credit Loss |
| **CODM** | Chief Operating Decision Maker |
| **COVID-19** | Coronavirus Disease |
| **CRE** | Commercial Real Estate |
| **CMO** | Collateralized mortgage obligation |
| **DFPI** | State Department of Financial Protection and Innovation |
| **FASB** | Financial Accounting Standards Board |
| **FDIC** | Federal Deposit Insurance Corporation |
| **FDIA** | Federal Deposit Insurance Act |
| **FHLB** | Federal Home Loan Bank |
| **FRB** | Federal Reserve Board |
| **FTE** | Fully taxable equivalent |
| **GAAP** | Generally Accepted Accounting Principles (United States of America) |
| **HELOC** | Home equity line of credit |
| **HTM** | Held-to-Maturity |
| **LIBOR** | London Interbank Offered Rate |
| **NIM** | Net interest margin |
| **NPA** | Nonperforming assets |
| **OCI** | Other comprehensive income |
| **PCD** | Purchase Credit Deteriorated |
| **PPP** | Paycheck Protection Program |
| **ROUA** | Right-of-Use Asset |
| **RSU** | Restricted Stock Unit |
| **SBA** | Small Business Administration |
| **SERP** | Supplemental Executive Retirement Plan |
| **SFR** | Single Family Residence |
| **SOFR** | Secured Overnight Financing Rate |
| **TDR** | Troubled Debt Restructuring |
| **VRB** | Valley Republic Bancorp |
| **XBRL** | eXtensible Business Reporting Language |

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

In addition to historical information, this Annual Report on Form 10-K contains forward-looking statements about TriCo Bancshares (the "Company," "TriCo" or "we") and its subsidiaries for which it claims the protection of the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current knowledge and belief of the Company's management ("Management") and include information concerning the Company's possible or assumed future financial condition and results of operations. When you see any of the words "believes", "expects", "anticipates", "estimates", or similar expressions, these generally indicate that we are making forward-looking statements. A number of factors, some of which are beyond the Company's ability to predict or control, could cause future results to differ materially from those contemplated.

Forward-looking statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond our control. There can be no assurance that future developments affecting us will be the same as those anticipated by management. We caution readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. These risks and uncertainties include, but are not limited to, the following: the conditions of the United States economy in general and the strength of the local economies in which we conduct operations; the impact of any future federal government shutdown and uncertainty regarding the federal government's debt limit or changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; the impacts of inflation, interest rate, market and monetary fluctuations on the Company's business condition and financial operating results; the impact of changes in financial services industry policies, laws and regulations; regulatory restrictions affecting our ability to successfully market and price our products to consumers; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learning; extreme weather, natural disasters and other catastrophic events that may or may not be caused by climate change and their effects on the Company's customers and the economic and business environments in which the Company operates; the impact of a slowing U.S. economy and decreases in housing and commercial real estate prices, potentially increased unemployment on the performance of our loan portfolio, the market value of our investment securities and possible other-than-temporary impairment of securities held by us due to changes in credit quality or rates; the availability of, and cost of, sources of funding and the demand for our products; adverse developments with respect to U.S. or global economic conditions and other uncertainties, including the impact of supply chain disruptions, commodities prices, inflationary pressures and labor shortages on the economic recovery and our business; the impacts of international hostilities, wars, terrorism or geopolitical events; adverse developments in the financial services industry generally such as the recent bank failures and any related impact on depositor behavior or investor sentiment; risks related to the sufficiency of liquidity; the possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and capital; the costs or effects of mergers, acquisitions or dispositions we may make, as well as whether we are able to obtain any required governmental approvals in connection with any such activities, or identify and complete favorable transactions in the future, and/or realize the anticipated financial and business benefits; the regulatory and financial impacts associated with exceeding $10 billion in total assets; the negative impact on our reputation and profitability in the event customers experience economic harm or in the event that regulatory violations are identified; the ability to execute our business plan in new markets; the future operating or financial performance of the Company, including our outlook for future growth and changes in the level and direction of our nonperforming assets and charge-offs; the appropriateness of the allowance for credit losses, including the assumptions made under our current expected credit losses model; any deterioration in values of California real estate, both residential and commercial; the effectiveness of the Company's asset management activities managing the mix of earning assets and in improving, resolving or liquidating lower-quality assets; the effect of changes in the financial performance and/or condition of our borrowers; changes in accounting standards and practices; changes in consumer spending, borrowing and savings habits; our ability to attract and maintain deposits and other sources of liquidity; the effects of changes in the level or cost of checking or savings account deposits on our funding costs and net interest margin; increasing noninterest expense and its impact on our financial performance; competition and innovation with respect to financial products and services by banks, financial institutions and non-traditional competitors including retail businesses and technology companies; the challenges of attracting, integrating and retaining key employees; the vulnerability of the Company's operational or security systems or infrastructure, the systems of third-party vendors or other service providers with whom the Company contracts, and the Company's customers to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and data/security breaches and the cost to defend against and respond to such incidents; the impact of the recent cyber security ransomware incident on our operations and reputation; increased data security risks due to work from home arrangements and email vulnerability; failure to safeguard personal information, and any resulting litigation; the effect of a fall in stock market prices on our brokerage and wealth management businesses; the transition from the LIBOR to new interest rate benchmarks; the emergence or continuation of widespread health emergencies or pandemics; the costs and effects of litigation and of unexpected or adverse outcomes in such litigation; and our ability to manage the risks involved in the foregoing. See also factors listed at Item 1A Risk Factors, in this report. You should carefully consider the factors discussed below, and in our Risk Factors or other disclosures, in evaluating these forward-looking statements.

Annualized, pro forma, projections and estimates are not forecasts and may not reflect actual results. All forward-looking statements speak only as of the date they are made and are based on information available at that time. Forward-looking statements speak only as of the date they are made, and the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, whether as a result of new information, future developments or otherwise, except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

**PART I**

**ITEM 1.&nbsp;&nbsp;&nbsp;&nbsp;BUSINESS**

**Overview**

TriCo Bancshares is a registered bank holding company under the Bank Holding Company Act of 1956, as amended (the "BHC Act"). TriCo's principal business is to serve as the holding company for our wholly-owned subsidiary, Tri Counties Bank, a California-chartered commercial bank (the "Bank"). TriCo is a California corporation and was incorporated in 1981. Our common stock is traded on the Nasdaq Global Select Market under the trading symbol "TCBK". The Company and the Bank are headquartered in Chico, California.

As a bank holding company, TriCo is subject to the supervision of the Board of Governors of the Federal Reserve System (the "FRB") under the BHC Act. The Bank is subject to the supervision of the California Department of Financial Protection & Innovation (the "DFPI") and the Federal Deposit Insurance Corporation (the "FDIC"). See "Regulation and Supervision."

The Company maintains two capital subsidiary business trusts (collectively, the Trusts), both organized by the Company. For financial reporting purposes, the Company's remaining investments in the Trusts of $1.2 million are accounted for under the equity method and, accordingly, are not consolidated and are included in other assets on the consolidated balance sheet. For more information regarding the trust preferred securities please refer to "Note 14 – Junior Subordinated Debt" to the consolidated financial statements within Part II, Item 8 of this report.

**Additional Information**

Our executive offices are located at 63 Constitution Drive, Chico, California 95973, and our telephone number is (530) 898-0300. Additional information concerning the Company can be found on our website at *www.tcbk.com.* Copies of our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to these reports are available free of charge through the investor relations page of our website, *www.tcbk.com/about/investor-relations*, as soon as reasonably practicable after the Company files these reports with the U.S. Securities and Exchange Commission ("SEC"). The information on our website is not part of this annual report.

**Tri Counties Bank**

The Bank was organized in 1975 and had total assets of approximately $9.8 billion at December 31, 2025. Based in Chico, California, the Bank offers an extensive and competitive breadth of consumer, small business and commercial banking services through its network of stand-alone and in-store branches in communities throughout California. In addition to its California community bank network, the Bank provides advanced online and mobile banking, a shared nationwide network of over 40,000 surcharge-free ATMs, and bankers available by phone 7 days per week.

The Bank provides a breadth of personal, small business and commercial financial services including accepting demand, savings and time deposits and making small business, commercial, real estate, and consumer loans, as well as a range of treasury management services and other customary banking services including safe deposit boxes at some branches. Brokerage and wealth management services are provided at the Bank's offices by Tri Counties Advisors through the Bank's arrangement with Raymond James Financial Services, Inc., an independent financial services provider and broker-dealer.

The Bank offers a variety of banking and financial services to both personal, small business and commercial customers. In many instances the owners or stakeholders of the business and commercial customers are also personal customers. The industries that we serve are diverse in both number and type and include, but are not limited to, manufacturing, real estate development, retail, wholesale, transportation, agriculture, commerce, oil & gas, and professional services. The majority of the Bank's loans are direct loans made to individuals and businesses in California where its branches or business lending centers are located. At December 31, 2025, the Bank's consumer loans net of deferred fees outstanding were $1.3 billion (18.5%), commercial and industrial loans outstanding were $464.4 million (6.5%), real estate construction loans of $301.0 million (4.2%), and commercial real estate loans were $4.9 billion (68.3%) of total loans. The Bank takes real estate, listed and unlisted securities, savings and time deposits, automobiles, machinery, equipment, inventory, accounts receivable and notes receivable secured by property as collateral for loans.

Most of the Bank's deposits are from individuals and business-related sources. No single person or group of persons provides a material portion of the Bank's deposits, the loss of any one or more of which would have a materially adverse effect on the business of the Bank, nor is a material portion of the Bank's loans concentrated within a single industry or group of related industries.

**Human Capital Resources**

At December 31, 2025, we employed 1,148 persons. Full-time equivalent employees numbered 1,135. Additionally, we at times will utilize temporary personnel to supplement our workforce. None of our employees are presently represented by a union or covered under a collective bargaining agreement. Management believes that its employee relations are good.

Our employees are critical to our success and competition for qualified banking personnel has historically been intense; therefore, our corporate culture is an important element of our board of directors' oversight of risk. Senior management is responsible for embodying, maintaining, and communicating our culture to employees. In that regard, our culture is designed to promote our commitment to improving

**2** TriCo Bancshares 2025 10-K

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the livelihood of our employees and guides us in making decisions throughout the Company. Our culture adheres to TriCo's values of trust, respect, integrity, communication and opportunity. We expect our people to treat each other and our customers with the highest level of honesty and respect and to do the right thing. We strive to be a force for good in everyday life. We dedicate resources to provide a safe and inclusive workplace; promoting diversity of thought and perspective, attracting and retaining diverse talent, and promoting our values by recognizing employees for both the results they deliver and how they achieve them. We offer professional growth opportunities through various training and development programs. We aim to engage our workforce through proactive listening, career conversations, performance discussions, and employee surveys.

We attract and retain employees by offering competitive compensation and benefit programs, considering the position's location and responsibilities. Our benefits include employer subsidized health insurance, wellness initiatives, employee assistance programs, tuition reimbursement, a 401(k) retirement plan and an employee stock ownership plan. In addition, we offer a portfolio of additional services and tools to support our employees' health and well-being.

We encourage our team members to share their talents in their communities through volunteer activities in education, economic development, human and health services, and community reinvestment. During 2025, our team members logged more than 10,100 volunteer hours, supporting more than 350 organizations, and approximately 4,500 of those hours were for the benefit of community development efforts to support programs and services to low- or moderate-income communities.

We strive to have a workforce that reflects the communities we serve and continue to promote diversity in leadership roles. We are dedicated to providing an inclusive, supportive, and discrimination-free workplace. We recognize employees based on their individual and departmental results, as well as overall Company results.

**Competition**

The banking business in California generally is highly competitive with respect to both loans and deposits. It is dominated by a relatively small number of national and regional banks with many offices operating over a wide geographic area, with the more metropolitan areas that we serve having a larger number of national and regional banks than the rest of our footprint. Among the advantages such major banks have over the Bank are their greater ability to finance investments in technology and marketing campaigns and to allocate their investment assets to regions of high yield and demand. By virtue of their greater total capitalization, such institutions also have substantially higher lending limits than the Bank.

In addition to competing with other banks, the Bank competes with savings institutions, credit unions, brokerage firms and the financial markets for funds. Yields on corporate and government debt securities and other commercial paper may be higher than on deposits, and therefore affect the ability of commercial banks to attract and hold deposits. We also compete for available funds with money market instruments and mutual funds. During periods of high or rising interest rates, money market funds have provided substantial competition to banks for deposits and they may continue to do so in the future. Mutual funds are also a major source of competition for savings dollars.

As the financial services industry becomes increasingly oriented toward technology-driven delivery systems, we face competition from banks and non-bank institutions without offices in our primary service area. We also increasingly compete with financial technology or "fintech" companies for loans and other financial services customers.

To compete effectively, the Bank relies substantially on local promotional activity, personal contacts by its officers, directors, employees and shareholders, extended hours, personalized service and its reputation in the communities it service.

**Regulation and Supervision**

*General*

The Company and the Bank are subject to extensive regulation under both federal and state law affecting most aspects of our operations. This regulation is intended primarily for the protection of customers, depositors, the FDIC deposit insurance fund and the banking system as a whole, and not for the protection of our shareholders. Set forth below is a summary description of the significant laws and regulations applicable to the Company and the Bank. The description is qualified in its entirety by reference to the applicable laws and regulations.

*Regulatory Agencies*

The Company is a legal entity separate and distinct from the Bank and its other subsidiaries. As a bank holding company, the Company is regulated under the BHC Act, and is subject to supervision, regulation and examination by the FRB. The Company is also under the jurisdiction of the SEC and is subject to the disclosure and regulatory requirements of the Securities Act of 1933 and the Securities Exchange Act of 1934, each administered by the SEC. The Company's common stock is listed on the Nasdaq Global Select Market ("Nasdaq") under the trading symbol "TCBK" and the Company is, therefore, subject to the rules of Nasdaq for listed companies.

The Bank is subject to regulation, supervision and periodic examination by the FDIC, which is the Bank's primary federal regulator and the DFPI.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") created the Consumer Financial Protection Bureau (the "CFPB") as an independent entity with broad rulemaking, supervisory and enforcement authority over consumer financial products and services. In addition, the CFPB is authorized to investigate consumer complaints and enforce rules related to consumer financial products and services. CFPB regulations and guidance apply to all financial institutions, including the Bank. Banks with $10 billion

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or more in assets are subject to examination by the CFPB, while banks with less than $10 billion in assets, including the Bank, continue to be examined for compliance with federal consumer laws by their primary federal banking agency. At December 31, 2025, the Company had $9.8 billion in total assets. See the Risk Factors section for a discussion of some of the risks the Bank will encounter when it exceeds $10 billion in assets as of a December 31 annual measurement date.

*The Bank Holding Company Act*

The Company is registered as a bank holding company under the BHC Act. In general, the BHC Act limits the business of bank holding companies to banking, managing or controlling banks and other activities that the FRB has determined to be so closely related to banking as to be a proper incident thereto. Qualified bank holding companies that elect to be financial holding companies may engage in any activity, or acquire and retain the shares of a company engaged in additional activities that are either (i) financial in nature or incidental to such financial activity or (ii) complementary to a financial activity, and do not pose a substantial risk to the safety and soundness of depository institutions or the financial system generally, as determined by the FRB. Activities that are financial in nature include securities underwriting and dealing, insurance underwriting and agency, and making merchant banking investments. The Company has not elected to become a financial holding company.

As a bank holding company, TriCo is required to file reports with the FRB and the FRB periodically examines the Company. A bank holding company is required by law to serve as a source of financial and managerial strength to its subsidiary bank and, under appropriate circumstances, to commit resources to support the subsidiary bank.

*Bank Acquisitions*

We are required to obtain prior FRB approval before acquiring more than 5% of the voting shares, or substantially all of the assets, of a bank holding company, bank or savings association. In addition, the prior approval of the FDIC and DFPI is required for a California chartered bank to merge with another bank or purchase the assets or assume the deposits of another bank. In determining whether to approve a proposed bank acquisition, bank regulators will consider, among other factors, the effect of the acquisition on competition, the public benefits expected to be received from the acquisition, capital adequacy and the acquiring institution's effectiveness in combating money laundering and its record of addressing the credit needs of the communities it serves, including the needs of low- and moderate-income neighborhoods under the Community Reinvestment Act of 1997, as amended ("CRA").

The standards by which mergers and acquisitions involving depository institutions or bank holding companies are evaluated by regulators continue to evolve. For example, the DOJ announced in September 2024 its withdrawal from the 1995 Bank Merger Guidelines to assess the competitive effects of bank merger transactions.

*Safety and Soundness Standards*

Under the Federal Deposit Insurance Corporation Improvement Act of 1991 ("FDICIA"), the federal bank regulatory agencies have established safety and soundness standards for insured depository institutions covering internal controls, information systems and internal audit systems; loan documentation; credit underwriting; interest rate exposure; asset growth; compensation (including executive compensation) fees and benefits; and asset quality, earnings and stock valuation.

If a federal bank regulatory agency determines that a depository institution fails to meet any standard established by the guidelines, the agency may require the institution to submit to the agency an acceptable plan to achieve compliance with the standard. The agencies may elect to initiate enforcement actions in certain cases rather than relying on a plan, particularly where an institution has failed to comply with an acceptable plan or where a failure to meet one or more of the standards could threaten the safe and sound operation of the institution.

In October 2025, the FDIC and Office of the Comptroller of the Currency ("OCC") issued a proposed rule that would define the term "unsafe or unsound practice" for purposes of their enforcement powers under the Federal Deposit Insurance Act. The proposed definition would focus on whether the practice is likely to materially harm, or already has materially harmed, the financial condition of an institution. The FRB has not issued a similar proposal.

*Dividends, Distributions and Stock Repurchases*

A California corporation such as TriCo may make a distribution to its shareholders to the extent that either the corporation's retained earnings meet or exceed the amount of the proposed distribution or the value of the corporation's assets exceed the amount of its liabilities plus the amount of shareholders preferences, if any, and certain other conditions are met. It is the FRB's policy that bank holding companies should generally pay dividends on common stock only out of income available over the past year, and only if prospective earnings retention is consistent with the organization's expected future needs and financial condition. In addition, a bank holding company's ability to pay dividends on its common stock may be limited if it fails to maintain an adequate capital conservation buffer under these capital rules. See "Regulatory Capital Requirements."

In certain circumstances, the Company's repurchases of its common stock may be subject to a prior approval or notice requirement under other regulations, policies or supervisory expectations of the FRB.

In August 2022, the Inflation Reduction Act of 2022 (the "IRA") was enacted. Among other things, the IRA imposes a new 1% excise tax on the fair market value of stock repurchased after December 31, 2022 by publicly traded U.S. corporations. With certain exceptions, the value of stock repurchased is determined net of stock issued in the year, including shares issued pursuant to compensatory arrangements.

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The primary source of funds for payment of dividends by TriCo to its shareholders has been and will be the receipt of dividends. TriCo's ability to receive dividends from the Bank is limited by applicable state and federal law. Under the California Financial Code, funds available for cash dividend payments by a bank are restricted to the lesser of: (i) retained earnings or (ii) the bank's net income for its last three fiscal years (less any distributions to shareholders made during such period). However, with the prior approval of the Commissioner of the DFPI, a bank may pay cash dividends in an amount not to exceed the greatest of the: (1) retained earnings of the bank; (2) net income of the bank for its last fiscal year; or (3) net income of the bank for its current fiscal year. However, if the DFPI finds that the shareholders' equity of the bank is not adequate or that the payment of a dividend would be unsafe or unsound, the Commissioner may order the bank not to pay a dividend to shareholders.

In addition, the Bank's ability to pay dividends may be limited if the Bank fails to maintain an adequate capital conservation buffer. See "Regulatory Capital Requirements."

The FRB, FDIC and the DFPI have authority to prohibit a bank holding company or a bank from engaging in practices which are considered to be unsafe and unsound. Depending on the financial condition of TriCo and the Bank and other factors, our regulators could determine that payment of dividends or other payments or stock repurchases by TriCo or the Bank might constitute an unsafe or unsound practice.

*The Community Reinvestment Act*

The CRA requires the federal banking regulatory agencies to periodically assess a bank's record of helping meet the credit needs of its entire community, including low- and moderate-income neighborhoods. The CRA also requires the agencies to consider a financial institution's record of meeting its community credit when evaluating applications for, among other things, domestic branches and mergers or acquisitions. The federal banking agencies rate depository institutions' compliance with the CRA. The ratings range from a high of "outstanding" to a low of "substantial noncompliance." A less than "satisfactory" rating could result in the suspension of any growth of the Bank through acquisitions or opening *de novo* branches until the rating is improved.

In October 2023, the FRB, the FDIC, and the OCC issued a final rule amending the agencies' CRA regulations. In July 2025, the federal banking agencies issued a joint Notice of Proposed Rulemaking, which, if finalized, would rescind the 2023 final rule and reinstate the CRA framework that existed prior to the issuance of that rule. Implementation of the October 2023 final rule, which was subject to an injunction and has not taken effect, would have materially changed the CRA framework, including imposing additional costs and changing how CRA performance would be assessed.

*Consumer Protection Laws and Supervision*

The Bank is subject to many federal consumer protection statutes and regulations, some of which are discussed below.

&nbsp;&nbsp;&nbsp;&nbsp;• The Equal Credit Opportunity Act generally prohibits discrimination in any credit transaction, whether for consumer or business purposes, on the basis of race, color, religion, national origin, sex, marital status, age (except in limited circumstances), receipt of income from public assistance programs, or good faith exercise of any rights under the Consumer Credit Protection Act.

&nbsp;&nbsp;&nbsp;&nbsp;• The Truth-in-Lending Act is designed to ensure that credit terms are disclosed in a meaningful way so that consumers may compare credit terms more readily and knowledgeably.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fair Housing Act regulates many practices, including making it unlawful for any lender to discriminate in its housing-related lending activities against any person because of race, color, religion, national origin, sex, handicap or familial status.

&nbsp;&nbsp;&nbsp;&nbsp;• The Home Mortgage Disclosure Act, which includes a "fair lending" aspect, requires the collection and disclosure of data about applicant and borrower characteristics as a way of identifying possible discriminatory lending patterns and enforcing anti-discrimination statutes.

&nbsp;&nbsp;&nbsp;&nbsp;• The Real Estate Settlement Procedures Act requires lenders to provide borrowers with disclosures regarding the nature and cost of real estate settlements and prohibits certain abusive practices, such as kickbacks, and places limitations on the amount of escrow accounts.

The CFPB has broad rule making authority for a wide range of consumer financial laws that apply to all banks, including, among other things, laws relating to fair lending and the authority to prohibit "unfair, deceptive or abusive" acts and practices. The CFPB has promulgated many mortgage-related rules, including rules related to requirements for "qualified mortgages," standards by which lenders must satisfy themselves of a borrower's ability to repay a mortgage loan, mortgage servicing standards, disclosure requirements, loan originator compensation standards, high-cost mortgage requirements, HMDA requirements, and appraisal and escrow standards for higher priced mortgages. The mortgage-related rules issued by the CFPB have materially restructured the origination, servicing, and securitization of residential mortgages in the United States. The CFPB has also taken positions on fair lending, including applying the disparate impact theory in auto financing, which could make it harder for lenders, such as the Bank, to charge different rates or apply different terms to loans to different customers. The CFPB's rules and policies have impacted, and will continue to impact, the business practices of mortgage lenders, including the Bank.

On October 22, 2024, the CFPB finalized a new rule that requires a provider of payment accounts or products, such as a bank, to make data available to consumers upon request regarding the products or services they obtain from the provider. Any such data provider also has to make such data available to third parties, with the consumer's express authorization and through an interface that satisfies formatting, performance and security standards, for the purpose of such third parties providing the consumer with financial products or services requested by the consumer. Data required to be made available under the rule includes transaction information, account balance, account

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and routing numbers, terms and conditions, upcoming bill information, and certain account verification data. The rule is intended to give consumers control over their financial data, including with whom it is shared, and encourage competition in the provision of consumer financial products or services. For banks with at least $10 billion and less than $250 billion in total assets, compliance with the rule's requirements is required beginning on April 1, 2027. However, the rule is the subject of litigation, which is currently stayed while the CFPB considers revisions to the rule and it is possible the rule will be substantially re-written or rescinded.

During 2025, the CFPB significantly reduced its staff. The reduction in force is the subject of litigation, and the staffing cuts are currently stayed pending the federal circuit court's rehearing of the case. The impact of these developments on banking organizations subject to CFPB regulation and supervision, including the Company in the event we exceed $10 billion in total assets, is uncertain. In addition, there is continued uncertainty about the CFPB's priorities under the current U.S. administration. For example, in February 2025, the Acting Director of the CFPB instructed agency staff to pause most activity, including supervision and enforcement. While it is presently unclear when and to what extent the CFPB will resume its activities, other governmental authorities, including state attorneys general or banking regulators, may seek to increase their regulation, supervision, and enforcement of providers of consumer financial products and services in response to changes at the CFPB. Moreover, changes at the CFPB may lead to federal legislative efforts to alter the framework for consumer financial services regulation.

We are also subject to certain state consumer protection laws and state attorneys general and other state officials are empowered to enforce certain federal consumer protection laws and regulations. State authorities have increased their focus on and enforcement of consumer protection rules. These federal and state consumer protection laws apply to a broad range of our activities and to various aspects of our business and include laws relating to interest rates, fair lending, disclosures of credit terms and estimated transaction costs to consumer borrowers, debt collection practices, the use of and the provision of information to consumer reporting agencies, and the prohibition of unfair, deceptive, or abusive acts or practices in connection with the offer, sale, or provision of consumer financial products and services.

Penalties for violations of the above laws may include fines, reimbursements, injunctive relief and other penalties. Failure to comply with consumer protection requirements may also result in our failure to obtain any required bank regulatory approval for merger or acquisition transactions we may wish to pursue or our prohibition from engaging in such transactions even if approval is not required.

*Privacy and Data Protection*

We are subject to a number of U.S. federal, state, local and foreign laws and regulations relating to consumer privacy and data protection. Under privacy protection provisions of the Gramm-Leach-Bliley Act of 1999 ("GLBA") and its implementing regulations and guidance, we are limited in our ability to disclose certain non-public information about consumers to non-affiliated third parties. Financial institutions, such as the Bank, are required by statute and regulation to notify consumers of their privacy policies and practices and, in some circumstances, allow consumers to prevent disclosure of certain personal information to a non-affiliated third party. In addition, such financial institutions must appropriately safeguard their customers' nonpublic, personal information.

Like other lenders, the Bank uses credit bureau data in their underwriting activities. Use of such data is regulated under the Fair Credit Reporting Act ("FCRA"), and the FCRA also regulates reporting information to credit bureaus, prescreening individuals for credit offers, sharing of information between affiliates, and using affiliate data for marketing purposes. Similar state laws may impose additional requirements on the Company and the Bank.

Data privacy and data protection are areas of increasing state legislative focus. For example, the California Consumer Privacy Act ("CCPA"), which became effective on January 1, 2020, applies to for-profit businesses that conduct business in California and meet certain revenue or data collection thresholds. The CCPA gives consumers the right to request disclosure of information collected about them, and whether that information has been sold or shared with others, the right to request deletion of personal information (subject to certain exceptions), the right to opt out of the sale of the consumer's personal information, and the right not to be discriminated against for exercising these rights. In addition, the California Privacy Rights Act ("CPRA"), which took effect on January 1, 2023, significantly modified the CCPA, including imposing additional obligations on covered companies and expanding California consumers' rights with respect to certain sensitive personal information. The CCPA and CPRA do not provide a blanket exemption for financial institutions, but instead contain a partial exemption for information collected by financial institutions where the information is itself subject to the GLBA (e.g., information about individuals who have obtained personal financial products from the institution). Such information is exempt from the privacy requirements of the CCPA, but, is not exempt from the private right of action conferred if a business fails to implement and maintain reasonable security to protect certain categories of information. In California, the CCPA, the CPRA, and their implementing regulations may be interpreted or applied in a manner inconsistent with our understanding.

State regulators have been increasingly active in implementing privacy and cybersecurity standards and regulations. Recently, several states have adopted regulations requiring certain financial institutions to implement cybersecurity programs and many states, including California, have recently implemented or modified their data breach notification, information security and data privacy requirements. We expect this trend of state-level activity in those areas to continue and are continually monitoring developments in the states in which our customers are located.

*Cybersecurity*

The federal banking regulators regularly issue new guidance and standards, and update existing guidance and standards, regarding cybersecurity intended to enhance cyber risk management among financial institutions. Financial institutions are expected to comply with

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such guidance and standards and to accordingly develop appropriate security controls and risk management processes. If we fail to observe such regulatory guidance or standards, we could be subject to various regulatory sanctions, including financial penalties. In 2023, the SEC issued a final rule that requires disclosure of material cybersecurity incidents, as well as cybersecurity risk management, strategy and governance. Under this rule, SEC registrants must generally disclose information about a material cybersecurity incident within four business days of determining it is material with periodic updates as to the status of the incident in subsequent filings, as necessary.

Banking organizations are required to notify their primary banking regulator within 36 hours of determining that a "computer-security incident" has materially disrupted or degraded, or is reasonably likely to materially disrupt or degrade, the banking organization's ability to carry out banking operations or deliver banking products and services to a material portion of its customer base, its businesses and operations that would result in material loss, or its operations that would impact the stability of the United States. Banks' service providers are required to notify any affected bank to or on behalf of which the service provider provides services "as soon as possible" after determining that it has experienced an incident that materially disrupts or degrades, or is reasonably likely to materially disrupt or degrade, covered services provided to such bank for as much as four hours.

Recent cyberattacks against banks and other financial institutions that resulted in unauthorized access to confidential customer information have prompted the federal banking regulators to issue guidance on cybersecurity. Among other things, financial institutions are expected to design multiple layers of security controls to establish lines of defense and ensure that their risk management processes address the risks posed by compromised customer credentials, including security measures to authenticate customers accessing internet-based services. A financial institution also should have a robust business continuity program to recover from a cyberattack and procedures for monitoring the security of third-party service providers that may have access to nonpublic data at the institution. Further, our service providers have obligations to safeguard their systems and sensitive information and we may be bound contractually and/or by regulation to comply with the same requirements. If the Company or its service providers fail to comply with applicable regulations and contractual requirements, we could be exposed to lawsuits, governmental proceedings or the imposition of fines, among other consequences.

Risks and exposures related to cybersecurity attacks, including litigation and enforcement risks, are expected to be elevated for the foreseeable future due to the rapidly evolving nature and sophistication of these threats, as well as due to the expanding use of Internet banking, mobile banking and other technology-based products and services by us and our customers.

See "Item 1A. Risk Factors" for a further discussion of risks related to cybersecurity, including the Bank's cybersecurity incident in 2023, and "Item 1C. Cybersecurity" for a further discussion of risk management strategies and governance processes related to cybersecurity.

*Regulatory Capital Requirements*

The Company and the Bank are subject to the minimum capital requirements of the FRB and FDIC, respectively. Capital requirements may have an effect on the Company's and the Bank's profitability and ability to pay dividends. If the Company or the Bank lacks adequate capital to increase its assets without violating the minimum capital requirements or if it is forced to reduce the level of its assets in order to satisfy regulatory capital requirements, its ability to generate earnings would be reduced.

We are subject to the capital framework for U.S. banking organizations known as Basel III. Basel III defines several measures of capital and establishes capital ratios based on a banking organization's levels of capital relative to risk-weighted assets. The risk-weighting of the asset depends on the nature of the asset but generally ranges from 0% for U.S. government and agency securities, to 1,250% for certain trading securitization exposures, resulting in higher risk weights for a variety of asset classes than previous regulations.

Under Basel III, the Company (on a consolidated basis) and the Bank are each subject to the following minimum capital ratios: (1) common equity Tier 1 capital or "CET1" to risk-weighted assets of 4.5%; (2) Tier 1 capital (that is, CET1 plus Additional Tier 1 capital) to risk-weighted assets of 6.0%; (3) Total capital (that is, Tier 1 capital plus Tier 2 capital) to risk-weighted assets of 8%; and (4) a leverage ratio (Tier 1 capital to average consolidated assets as reported on regulatory financial statements) of 4.0%. The Basel III capital framework includes a "capital conservation buffer" of 2.5%, composed entirely of CET1, on top of the minimum risk-weighted asset ratios. Banking institutions that fail to maintain a full capital conservation buffer face constraints on dividends, equity repurchases and discretionary executive compensation based on the amount of the shortfall and the institution's "eligible retained income" (that is, trailing net income for four quarters, net of distributions and tax effects not reflected in net income). The 2.5% capital conservation buffer effectively results in minimum ratios of (i) CET1 to risk-weighted assets of at least 7%, (ii) Tier 1 capital to risk-weighted assets of at least 8.5%, and (iii) total capital to risk-weighted assets of at least 10.5%.

We believe that we were in compliance with the requirements of the Basel III capital rules applicable to us as of December 31, 2025. For a discussion of the regulatory capital requirements, see "Note 26 – Regulatory Matters" to the consolidated financial statements at Part II, Item 8 of this report.

*Prompt Corrective Action*

Prompt Corrective Action regulations of the federal bank regulatory agencies establish five capital categories in descending order based on an institution's regulatory capital ratios: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized. Under the Prompt Corrective Action framework, insured depository institutions are required to meet the following minimum capital level requirements in order to qualify as "well capitalized:" (i) a common equity Tier 1 capital ratio of 6.5%; (ii) a Tier 1 capital ratio of 8%; (iii) a total capital ratio of 10%; and (iv) a Tier 1 leverage ratio of 5%. An institution may be downgraded to, or deemed to be in, a capital category that is lower than indicated by its capital ratios if it is determined to be in an unsafe or unsound condition or if it receives an unsatisfactory examination rating with respect to certain matters. Institutions classified in one of the three undercapitalized categories are

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subject to certain mandatory and discretionary supervisory actions, which include increased monitoring and review, implementation of capital restoration plans, asset growth restrictions, limitations upon expansion and new business activities, requirements to augment capital, restrictions upon deposit gathering and interest rates, replacement of senior executive officers and directors, and requiring divestiture or sale of the institution. The Bank's capital levels have exceeded the minimums necessary to be considered well capitalized under the current regulatory framework for prompt corrective action since adoption.

*Deposit Insurance*

Deposit accounts in the Bank are insured by the FDIC, generally up to a maximum of $250,000 per separately insured depositor. The Bank pays deposit insurance assessments as determined by the FDIC. The assessment rate for an institution with less than $10.0 billion in assets, such as the Bank, is based on its risk category, with certain adjustments for any unsecured debt or brokered deposits held by the bank. The assessment base against which the assessment rate is applied to determine the total assessment due for a given period is the depository institution's average total consolidated assets during the assessment period less average tangible equity during that assessment period. Institutions assigned to higher risk categories (that is, institutions that pose a higher risk of loss to the FDIC's deposit insurance fund (the "DIF")) pay assessments at higher rates than institutions that pose a lower risk. An institution's risk classification is assigned based on a combination of its financial ratios and supervisory ratings, reflecting, among other things, its capital levels and the level of supervisory concern that the institution poses to the regulators. Deposit insurance assessments are also affected by the minimum reserve ratio with respect to the DIF. The Dodd-Frank Act increased the DIF's minimum reserve ratio to 1.35% of the estimated amount of total insured deposits. In addition, the FDIC can impose special assessments in certain instances.

In November 2023, the FDIC issued a final rule to implement a special assessment to recover losses to the DIF incurred as a result of bank failures earlier that year and the FDIC's use of the systemic risk exception to cover certain deposits that were otherwise uninsured. The special assessment was based on estimated uninsured deposits as of December 31, 2022 (excluding the first $5.0 billion of deposits at an institution) and was assessed at a quarterly rate of 3.36 basis points over eight quarterly assessment periods, beginning in the first quarter of 2024. In December 2025, the FDIC reduced the rate at which the assessment is collected for the eighth quarter of the collection period, with an invoice payment date of March 30, 2026, from 3.36 basis points to 2.97 basis points. The Bank's uninsured deposits were below the threshold and therefore is not required to pay the special assessment. This updated assessment was made under the FDIC's final rule whereby the estimated loss pursuant to the systemic risk determination can be periodically adjusted. The FDIC has also retained the ability to cease collection early, extend the special assessment collection period and impose a final shortfall special assessment. The special assessments are tax deductible. The extent to which any such additional future assessments will impact our future deposit insurance expense is currently uncertain.

The Bank is generally unable to control the amount of premiums that it is required to pay for FDIC insurance or the amount of credit, if any, that it may be allowed to offset such assessments. If there are additional bank or financial institution failures or if the FDIC otherwise determines, the Bank may be required to pay even higher FDIC premiums than the recently increased levels. Increases in FDIC insurance premiums may have a material and adverse effect on the Company's earnings and could have a material adverse effect on the value of, or market for, the Company's common stock.

The FDIC may terminate a depository institution's deposit insurance upon a finding that the institution's financial condition is unsafe or unsound or that the institution has engaged in unsafe or unsound practices that pose a risk to the DIF or that may prejudice the interest of the bank's depositors. The termination of deposit insurance for the Bank would also result in the revocation of the Bank's charter by the DFPI.

*Depositor Preference*

The FDIA provides that, in the event of the "liquidation or other resolution" of an insured depository institution, the claims of depositors of the institution, including the claims of the FDIC as subrogee of insured depositors and certain claims for administrative expenses of the FDIC as a receiver, will have priority over other general unsecured claims against the institution. If an insured depository institution fails, insured and uninsured depositors, along with the FDIC, will have priority in payment ahead of unsecured, non-deposit creditors, including depositors whose deposits are payable only outside of the United States and the parent bank holding company, with respect to any extensions of credit they have made to such insured depository institution.

*Commercial Real Estate Concentrations*

Under guidance issued by the federal banking regulators, a financial institution is considered to have a significant commercial real estate ("CRE") concentration risk, and will be subject to enhanced supervisory expectations to manage that risk, if (i) total reported loans for construction, land development and other land ("C&D") represent 100% or more of the institution's total capital or (ii) total CRE loans represent 300% or more of the institution's total capital and the outstanding balance of the institution's CRE loan portfolio has increased by 50% or more during the prior 36 months.

As of December 31, 2025, our C&D concentration as a percentage of capital totaled 21.5% and our CRE concentration, net of owner-occupied loans, as a percentage of capital totaled 188.6%

*Bank Secrecy Act / Anti-Money Laundering*

The Bank Secrecy Act of 1970 and the USA Patriot Act of 2001 require financial institutions to develop policies, procedures, and practices to prevent and deter money laundering ("BSA/AML"), and mandate that every bank have a written, board-approved program that is reasonably

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designed to assure and monitor compliance with the BSA/AML laws. The program must, at a minimum: (1) provide for a system of internal controls to assure ongoing compliance; (2) provide for independent testing for compliance; (3) designate an individual responsible for coordinating and monitoring day-to-day compliance; and (4) provide training for appropriate personnel. In addition, banks are required to adopt a customer identification program, performing ongoing customer due diligence to understand the nature and purpose of customer relationships for the purpose of developing customer risk profiles and filing reports regarding known or suspected violations of federal law or suspicious transactions.

On December 3, 2019, three federal banking agencies and the Financial Crimes Enforcement Network ("FinCEN") issued a joint statement clarifying the compliance procedures and reporting requirements that banks must file for customers engaged in the growth or cultivation of hemp, including a clear statement that banks need not file a SAR on customers engaged in the growth or cultivation of hemp in accordance with applicable laws and regulations. This statement does not apply to cannabis-related business; thus, the statement only pertains to customers who are lawfully growing or cultivating hemp and are not otherwise engaged in unlawful or suspicious activity. On September 24, 2024, the California Governor announced emergency regulations to protect children and teens from the adverse effects of dangerous intoxicating hemp products are now in effect. Retailers must cease selling any industrial hemp food, beverage or dietary product intended for human consumption if there is any detectable THC or other intoxicating cannabinoids per serving. We are evaluating the impact of these regulations on our compliance operations.

Failure to comply with these requirements could have serious financial, legal and reputational consequences, including causing applicable bank regulatory authorities not to approve merger or acquisition transactions when regulatory approval is required or to prohibit such transactions even if approval is not required.

*Office of Foreign Assets Control Regulation*

The U.S. Treasury Department's Office of Foreign Assets Control, or OFAC, administers and enforces economic and trade sanctions against targeted foreign countries and regimes, under authority of various laws, including designated foreign countries, nationals and others. OFAC publishes lists of specially designated targets and countries. We are responsible for, among other things, blocking accounts of, and transactions with, such targets and countries, prohibiting unlicensed trade and financial transactions with them and reporting blocked transactions after their occurrence.

*Transactions with Affiliates*

Banks are also subject to certain restrictions imposed by the Federal Reserve Act on extensions of credit to executive officers, directors, principal shareholders (including the Company) or any related interest of such persons. Regulation O requires that such extensions of credit must be made on substantially the same terms, including interest rates and collateral as, and follow credit underwriting procedures that are not less stringent than, those prevailing at the time for comparable transactions with persons not affiliated with the bank, and must not involve more than the normal risk of repayment or present other unfavorable features. Banks are also subject to certain lending limits and restrictions on overdrafts to such persons. Regulation W requires that certain transactions between the Bank and its affiliates, including its holding company, be on terms substantially the same, or at least as favorable to the Bank, as those prevailing at the time for comparable transactions with or involving non-affiliated companies or, in the absence of comparable transactions, on terms and under circumstances, including credit standards, that in good faith would be offered to or would apply to non-affiliated companies.

*Source of Strength Doctrine*

Federal Reserve Board policy and federal law require bank holding companies to act as a source of financial and managerial strength to their subsidiary banks. Under this requirement, the Company is expected to commit resources to support the Bank, including at times when the Company may not be in a financial position to provide such resources. Any capital loans by a bank holding company to any of its subsidiary banks are subordinate in right of payment to depositors and to certain other indebtedness of such subsidiary banks. In the event of a bank holding company's bankruptcy, any commitment by the bank holding company to a federal bank regulatory agency to maintain the capital of a subsidiary bank will be assumed by the bankruptcy trustee and entitled to priority of payment.

*Interchange Fees*

Under the Durbin Amendment, adopted as part of the Dodd-Frank Act, the FRB adopted rules establishing standards for assessing whether the interchange fees that may be charged with respect to certain electronic debit transactions are "reasonable and proportional" to the costs incurred by issuers for processing such transactions.

Interchange fees, or "swipe" fees, are charges that merchants pay to us and other card-issuing banks for processing electronic payment transactions. FRB rules applicable to financial institutions that have assets of $10 billion or more provide that the maximum permissible interchange fee for an electronic debit transaction is the sum of 21 cents per transaction and 5 basis points multiplied by the value of the transaction. An upward adjustment of no more than 1 cent to an issuer's debit card interchange fee is allowed if the card issuer develops and implements policies and procedures reasonably designed to achieve certain fraud-prevention standards. In October 2023, the Federal Reserve issued a proposed rule under which the maximum permissible interchange fee for an electronic debit transaction would be the sum of 14.4 cents per transaction and 4 basis points multiplied by the value of the transaction. Furthermore, the fraud-prevention adjustment would increase from a maximum of 1 cent to 1.3 cents per debit card transaction. The proposal would adopt an approach for future adjustments to the interchange fee cap, which would occur every other year based on issuer cost data gathered by the FRB from large debit card issuers. The Bank is currently not subject to these restrictions or those proposed, however if our assets exceed $10 billion or more at December 31, 2026, these rules, if adopted, would be applicable to the Bank in July 2027. The extent to which any such proposed changes in permissible interchange fees will impact our future revenues is currently uncertain.

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Effective July 1, 2023, debit card issuers are required to enable all debit card transactions, including card-not-present transactions such as online payments, to be processed on at least two unaffiliated payment card networks.

*Incentive Compensation Policies and Restrictions*

In July 2010, the federal banking agencies issued guidance on sound incentive compensation policies that applies to all banking organizations supervised by the agencies (thereby including both the Company and the Bank). Pursuant to the guidance, to be consistent with safety and soundness principles, a banking organization's incentive compensation arrangements should: (1) provide employees with incentives that appropriately balance risk and reward; (2) be compatible with effective controls and risk management; and (3) be supported by strong corporate governance including active and effective oversight by the banking organization's board of directors. Monitoring methods and processes used by a banking organization should be commensurate with the size and complexity of the organization and its use of incentive compensation.

The Dodd-Frank Act requires the federal banking agencies and the SEC to establish joint regulations or guidelines for specified regulated entities having at least $1 billion in total assets, such as us, to prohibit incentive-based payment arrangements that encourage inappropriate risk taking by providing an executive officer, employee, director or principal shareholder with excessive compensation, fees, or benefits or that could lead to material financial loss to the entity. In addition, these regulators must establish regulations or guidelines requiring enhanced disclosure to regulators of incentive-based compensation arrangements. The agencies have not yet finalized these rules and the current administration has indicated its intention to abandon any reproposal.

Pursuant to the Dodd-Frank Act, in 2023, effective October 2, 2023, the Nasdaq Stock Market adopted a rule requiring listed companies to adopt policies to recover or "clawback" excess incentive-based compensation earned by a current or former executive officer during the three fiscal years preceding the date the listed company is required to prepare an accounting restatement, including to correct an error that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period. We adopted a compensation clawback policy pursuant to the listing standards that is included as Exhibit 97.1 to this report.

The scope and content of the U.S. banking regulators' policies on executive compensation may continue to evolve in the near future. It cannot be determined at this time whether compliance with such policies will adversely affect the Company's ability to hire, retain and motivate its key employees.

*Climate-Related and Other ESG Developments*

In recent years, federal, state and international lawmakers and regulators have increased their focus on financial institutions' and other companies' risk oversight, disclosures and practices in connection with climate change and other environmental, social and governance ("ESG") matters. In addition, several states, including California, have enacted or proposed statutes or regulations addressing climate change and other ESG issues, while other states have enacted or proposed "anti-ESG" statutes or regulations. Conversely, President Trump has issued a number of executive orders in 2025 that specifically target federal climate and ESG initiatives and the federal executive branch's retreat from ESG regulatory expectations. It is uncertain how these conflicting positions will impact our business.

On March 6, 2024, the SEC adopted rules creating a detailed and extensive special disclosure regime about climate risks for issuing and reporting companies. Various states and private parties have challenged the rules.The litigation was consolidated in the U.S. Eighth Circuit Court of Appeals, and the SEC previously stayed effectiveness of the rules pending completion of that litigation. Furthermore, the SEC notified the court that the SEC would cease its involvement in the defense of the rule, leaving it uncertain as to whether it will become effective.

In California, the Climate Corporate Data and Accountability Act ("CCDAA") requires both public and private U.S. businesses with revenues greater than $1 billion doing business in California to report their greenhouse gas emissions including scopes 1, 2, and 3 beginning in 2026 (for 2025 data) and also requires reporting companies to get third-party assurance of their reports. The Climate-Related Financial Risk Act (SB 261) mandates U.S. businesses with annual revenues over $500 million doing business in California to bi-annually disclose climate-related financial risks and their mitigation strategies beginning January 1, 2026. However, on November 18, 2025, the United States Court of Appeals for the Ninth Circuit granted an injunction halting enforcement of SB 261, pending resolution of a constitutional challenge. On January 9, 2026, a three-judge panel for the Ninth Circuit heard oral arguments relating to the challenges of SB 253 and SB 261. As of the date of this document, the panel did not issue a decision during the hearing. If the injunction is lifted, the Company could be subject to compliance with SB 261.

Disclosure requirements imposed by different regulators may not always be uniform, which may result in increased complexity, and cost, for compliance. Additionally, many of our suppliers and business partners may be subject to similar requirements, which may augment or create additional risks, including risks that may not be known to us.

As the Company continues to grow and expand the scope of our operations, our regulators generally will expect us to enhance our internal control programs and processes, including with respect to risk management and stress testing under a variety of adverse scenarios and related capital planning. In the event the federal banking agencies were to expand the scope of coverage of the new climate risk guidelines to institutions of our size or promulgate new regulations or supervisory guidance applicable to the Company, we would expect to experience increased compliance costs and other compliance-related risks.

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*Impact of Monetary Policies*

Banking is a business that depends on interest rate differentials. In general, the difference between the interest paid by a bank on its deposits and other borrowings, and the interest rate earned by banks on loans, securities and other interest-earning assets, comprises the major source of banks' earnings. Thus, the earnings and growth of banks are subject to the influence of economic conditions generally, both domestic and foreign, and also to the monetary and fiscal policies of the United States and its agencies, particularly the FRB. The FRB implements national monetary policy, such as seeking to curb inflation and combat recession, by its open-market dealings in United States government securities, by adjusting the required level of reserves for financial institutions subject to reserve requirements and through adjustments to the discount rate applicable to borrowings by banks which are members of the FRB. The actions of the FRB in these areas influence the growth of bank loans, investments and deposits, and also affect interest rates. The nature and timing of any future changes in such policies and their impact on the Company cannot be predicted. In addition, adverse economic conditions could make a higher provision for loan losses a prudent course and could cause higher loan loss charge-offs, thus adversely affecting the Company's net earnings.

*Future Legislation and Regulation*

Congress may enact legislation from time to time that affects the regulation of the financial services industry, and state legislatures may enact legislation from time to time affecting the regulation of financial institutions chartered by or operating in those states. Federal and state regulatory agencies also periodically propose and adopt changes to their regulations or change the way existing regulations are applied. The substance or impact of pending or future legislation or regulation, or the application thereof, cannot be predicted, although any change could impact the regulatory structure under which we or our competitors operate and may significantly increase costs, impede the efficiency of internal business processes, require an increase in regulatory capital, require modifications to our business strategy, and limit our ability to pursue business opportunities in an efficient manner. It could also affect our competitors differently than us, including in a manner that would make them more competitive. A change in statutes, regulations or regulatory policies applicable to us could have a material, adverse effect on our business, financial condition and results of operations.

President Trump has issued many executive orders that could impact our operations. For example, in August 2025, President Trump signed Executive Order 14331, "Guaranteeing Fair Banking Access for All Americans," which states that it is the policy of the United States that no American should be denied access to financial services because of their constitutionally or statutorily protected beliefs, affiliations, or political views. The Executive Order directs the Treasury Secretary and federal banking regulators to address politicized or unlawful debanking activities. We are evaluating this order and others to determine if any would have material impact on our financial condition or results of operations.

**ITEM 1A.&nbsp;&nbsp;&nbsp;&nbsp;RISK FACTORS**

An investment in our securities is subject to certain risks. In addition to the other information in this report, investors should carefully consider the following discussion of significant risks and uncertainties before making investment decisions about our securities. The events and consequences discussed in these risk factors could, in circumstances we may or may not be able to accurately predict, recognize, or control, have a material adverse effect on our business, growth, reputation, prospects, financial condition, operating results (including components of our financial results) liquidity, and stock price. Any of these risk factors could cause our actual results to differ materially from our historical results or the results contemplated by the forward-looking statements contained in this report. These risk factors do not identify all risks that we face; our operations could also be affected by factors, events, or uncertainties that are not presently known to us or that we currently do not consider to present significant risks to our operations.

**Risks Related to the Nature and Geographic Area of Our Business**

*The majority of our assets are loans, which are subject to credit risks.*

As a lender, we face a significant risk that we will sustain losses because borrowers, guarantors or related parties may fail to perform in accordance with the terms of the loans we make or acquire. Our earnings are significantly affected by our ability to properly originate, underwrite and service loans. Certain of our credit exposures are concentrated in industries that may be more susceptible to the long-term risks of climate change, natural disasters or global pandemics. To the extent that these risks may have a negative impact on the financial condition of borrowers, it could also have a material adverse effect on our business, financial condition and results of operations. We have underwriting and credit monitoring procedures and credit policies, including the establishment and review of the allowance for credit losses, that we believe appropriately address this risk by assessing the likelihood of nonperformance, tracking loan performance and diversifying our respective loan portfolios. Such policies and procedures, however, may not prevent unexpected losses that could adversely affect our results of operations. We could sustain losses if we incorrectly assess the creditworthiness of our borrowers or fail to detect or respond to deterioration in asset quality in a timely manner or as a result of deteriorating economic conditions, for example.

*Our allowance for credit losses may not be adequate to cover actual losses.*

Like other financial institutions, we maintain an allowance for credit losses to provide for loan defaults and non-performance. Our allowance for credit losses may not be adequate to cover actual loan losses, and future provisions for loan losses would reduce our earnings and could materially and adversely affect our business, financial condition and results of operations. Our allowance for credit losses is based on prior experience, as well as an evaluation of the known risks in the current portfolio, composition and growth of the loan portfolio and actual and forecast economic factors. Determining an appropriate level of allowance is an inherently difficult process and is based on numerous

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assumptions. The actual amount of future losses is susceptible to changes in economic, operating and other conditions, including changes in interest rates, unemployment and a number of other economic conditions that may be beyond our control and these losses may exceed current estimates. Effective January 1, 2020, we implemented a new accounting standard, "Measurement of Credit Losses on Financial Instruments," commonly referred to as the "Current Expected Credit Losses" standard, or "CECL." CECL changed the allowance for credit losses methodology from an incurred loss concept to an expected loss concept, which is more dependent on future economic forecasts, assumptions and models than previous methodology, which could result in increases and add volatility to our allowance for credit losses and future provisions for loan losses. These forecasts, assumptions and models are inherently uncertain and are based upon our management's reasonable judgment in light of information currently available.

In addition to periodic reviews completed by management and independent third parties retained by us, Federal and state bank regulatory agencies, as an integral part of their examination process, review our loans and allowance for credit losses. While we believe that our allowance for credit losses is adequate to cover estimated future losses, we cannot assure you that we will not increase the allowance for credit losses further or that the allowance will be adequate to absorb credit losses we actually incur. Credit losses in excess of our allowance or addition provisions to our allowance would reduce our net income and capital, potentially materially.

*Our business may be adversely affected by business conditions in California.*

We conduct most of our business in California. As a result of this geographic concentration, our financial results may be impacted by economic conditions in California. Deterioration in the economic conditions in California could result in the following consequences, any of which could have a material adverse effect on our business, financial condition, results of operations and cash flows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• problem assets and foreclosures may increase,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• demand for our products and services may decline,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• low cost or non-interest-bearing deposits may continue to decrease, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• collateral for loans made by us, especially real estate, may experience a decline in value and/or cash flows, in turn reducing customers' borrowing or repayment ability, and reducing the value of assets and collateral associated with our existing loans.

In view of the concentration of our operations and the collateral securing our loan portfolio in California, we may be particularly susceptible to the adverse effects of any of these consequences, any of which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

*Severe weather, natural disasters and other external events could adversely affect our business.*

Our operations and our customer base are primarily located in California where natural and other disasters may occur. California is vulnerable to natural disasters and other risks, such as earthquakes, fires, droughts and floods, the nature and severity of which may be impacted by climate change. These types of natural catastrophic events have at times disrupted the local economies, our business and customers in these regions. Such events could also affect the stability of our deposit base, impact real estate values, impair the ability of borrowers to obtain adequate insurance or repay outstanding loans, impair the value of collateral securing loans and cause significant property damage, result in losses of revenue and/or cause us to incur additional expenses. In addition, catastrophic events occurring in other regions of the world may have an impact on our customers and in turn, on us. Our business continuity and disaster recovery plans may not be successful upon the occurrence of one of these scenarios, and a significant catastrophic event anywhere in the world could materially adversely affect our operating results.

*A significant majority of the loans in our portfolio are secured by California real estate and a decline in real estate values could hurt our business.*

A downturn in real estate values in the markets which we conduct our business in California could hurt our business because most of our loans are secured by real estate. Real estate values and real estate markets are generally affected by changes in national, regional or local economic conditions, fluctuations in interest rates and the availability of loans to potential purchasers, changes in tax laws and other governmental statutes, regulations and policies. As real estate prices decline, the value of real estate collateral securing our loans is reduced. As a result, our ability to recover on defaulted loans by foreclosing and selling the real estate collateral could then be diminished and we would be more likely to suffer losses on defaulted loans. As of December 31, 2025, approximately 92.8% of the book value of our loan portfolio consisted of loans collateralized by various types of real estate. Substantially all of our real estate collateral is located in California; therefore, if there is a significant adverse decline in real estate values in California, the collateral for our loans will provide less security. Any such decline could have a material adverse effect on our business, financial condition and results of operations.

*We have significant exposure to risks associated with commercial real estate lending.*

A substantial portion of our loan portfolio consists of commercial real estate loans. As of December 31, 2025, we had approximately $4.6 billion of commercial real estate loans outstanding, which represented approximately 67.6% of our total loan portfolio. Consequently, commercial real estate-related credit risks are a significant concern for us. Commercial real estate loans are generally viewed as having more risk of default than some other types of loans because repayment of the loans often depends on the successful operation of the property and the income stream of the borrowers. In addition, these loans often involve larger loan balances to single borrowers or groups of related borrowers compared with other types of loans. In recent years, commercial real estate markets have been particularly impacted by the economic disruption resulting from the COVID-19 pandemic, which has been a catalyst for the evolution of various remote work options which could impact the vacancy rates and the long-term vacancy performance of some types of office properties within our commercial real estate portfolio. Accordingly, the federal banking regulatory agencies have expressed concerns about weaknesses in the current commercial

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real estate market. The adverse consequences from real estate-related credit risks tend to be cyclical and are often driven by national economic developments that are not controllable or entirely foreseeable by us or our borrowers.

*We are exposed to the risk of environmental liabilities with respect to properties to which we take title.*

In the course of our business, we foreclose and take title to real estate. As a result, we could be subject to environmental liabilities with respect to these properties. We may be held liable to a governmental entity or to third parties for property damage, personal injury, investigation and clean-up costs incurred by these parties in connection with environmental contamination, or may be required to investigate or clean-up hazardous or toxic substances, or chemical releases at a property. The costs associated with investigation or remediation activities could be substantial. In addition, if we are the owner or former owner of a contaminated site, we may be subject to common law or contractual claims by third parties (including purchasers of a property) based on damages and costs resulting from environmental contamination emanating from the property. When applicable, we establish contingent liability reserves for this purpose based on future reasonable and estimable costs developed by qualified soil and chemical engineering consultants. If we become subject to significant environmental liabilities or if our contingency reserve estimates are incorrect, our business, financial condition and results of operations could be materially adversely affected.

*We face strong competition from financial services companies and other companies that offer similar services, which could materially and adversely affect our business.*

Competition in the banking and financial services industry is intense. Our profitability depends upon our continued ability to successfully compete. We primarily compete in California for loans, deposits and customers with commercial banks, savings and loan associations, credit unions, finance companies, mutual funds, insurance companies, brokerage firms and Internet-based marketplace lending platforms. Our competitors include major financial companies whose greater resources may afford them a marketplace advantage by enabling them to maintain numerous locations and mount extensive promotional and advertising campaigns. Additionally, banks and other financial institutions with larger capitalization and financial intermediaries that are not subject to bank regulatory restrictions may have larger lending limits which would allow them to serve the credit needs of larger customers. Areas of competition include interest rates for loans and deposits, efforts to obtain loan and deposit customers and a range in quality of products and services provided, including new technology-driven products and services. Technological innovation continues to contribute to greater competition in domestic and international financial services markets as technological advances enable more companies, such as Internet-based marketplace lenders, financial technology (or "fintech") companies that rely on technology to provide financial services, often without many of the regulatory and capital restrictions that we face. We also face competition from out-of-state financial intermediaries that have opened loan production offices or that solicit deposits in our market areas. If we are unable to attract and retain banking customers, we may be unable to continue our loan growth and level of deposits and our business, financial condition and results of operations be adversely affected.

Additionally, consumers can maintain funds that would have historically been held as bank deposits in brokerage accounts or mutual funds. Consumers can also complete transactions such as paying bills and/or transferring funds directly without the assistance of banks. The growing experimentation with and adoption of advanced technologies—such as AI, quantum computing, distributed ledgers, tokenized deposits, blockchain, stablecoins, and other digital currencies, including the potential issuance, acceptance, and integration of central bank digital currencies—has the potential to fundamentally reshape the financial services landscape. Regulatory developments related to these emerging technologies, including the recent enactment of the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 ("GENIUS Act") and the potential passage of the Digital Asset Market Clarity Act of 2025 ("CLARITY Act"), further underscore this shift. This the emergence, adoption and evolution of new technologies that do not require intermediation, as well as advances in robotic process automation, could significantly affect the competition for financial services. The process of eliminating banks as intermediaries, known as "disintermediation," could result in the loss of fee income, as well as the loss of customer deposits and the related income generated from those deposits. Failure to keep pace with technological advancements could adversely affect our competitive position, diminish customer satisfaction, and reduce the accessibility and relevance of our products and services.

Our ability to compete successfully depends on a number of factors, including, among other things, (i) the ability to develop, maintain and build long-term customer relationships based on top quality service, high ethical standards and safe, sound assets; (ii) the ability to expand within our marketplace and with our market position; (iii) the scope, relevance and pricing of products and services offered to meet customer needs and demands; (iv) the rate at which we introduce new products and services relative to our competitors; (v) customer satisfaction with our level of service; and (vi) industry and general economic trends. Failure to perform in any of these areas could significantly weaken our competitive position, which could adversely affect our growth and profitability, which, in turn, could have a material adverse effect on our business, financial condition and results of operations.

*Challenges experienced by other financial institutions could negatively impact the broader financial markets and, in turn, indirectly have an adverse effect on our operations.*

The soundness and stability of many financial institutions are often closely interconnected through various credit, trading, clearing, or other operational relationships. As a result, concerns regarding—or an actual or threatened default by—any single institution could lead to widespread liquidity and credit problems, losses, or defaults across the broader financial system. This phenomenon, commonly referred to as "systemic risk," may adversely affect financial intermediaries such as clearing agencies, clearing houses, banks, securities firms, and exchanges with which we regularly engage, and may therefore negatively impact our operations.

Events in the financial services industry during 2023 illustrated this dynamic. A number of regional and community banks experienced deposit outflows and heightened liquidity pressures, which in turn contributed to broad market concerns about the financial condition and creditworthiness of other institutions. Although we were not directly affected by these bank failures, the resulting speed and ease in which

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news or rumors, including social media commentary, led depositors to withdraw or attempt to withdraw their funds from these and other financial institutions caused the stock prices of many financial institutions to become volatile, in particular regional, as well as community banks like us. Notably, the Company's share price decreased by 17% during the month of March 2023, consistent with other community banking organizations. These developments resulted in—and similar occurrences may again result in—significant and cascading disruptions across financial markets and the deposit environment, increased operating costs, reduced fee income, and increased volatility and downward pressure on the market value of our common stock.

*We may need to raise additional capital, but it may not be available on acceptable terms or at all.*

We are required by federal and state regulators to maintain adequate levels of capital. We may need to raise additional capital in the future to meet regulatory or other internal requirements. Our ability to raise additional capital, if needed, will depend on, among other things, conditions in the capital markets at that time, which are outside of our control, and our financial performance.

We cannot provide any assurance that access to such capital will be available to us on acceptable terms or at all. An event that may limit our access to the capital markets, such as a decline in the confidence of investors or counter-parties participating in the capital markets, may materially and adversely affect our capital costs and our ability to raise capital and, in turn, our liquidity. Further, if we need to raise capital in the future, we may have to do so when many other financial institutions are also seeking to raise capital and we would then have to compete with those institutions for investors. The inability to raise additional capital on acceptable terms when needed could have a materially adverse effect on our business, financial condition, or results of operations.

*Adverse changes in economic or market conditions, including health-related events, may hurt our businesses.*

Our success depends, to a certain extent, upon local, national and global economic and political conditions, as well as governmental monetary policies. Conditions such as an economic recession, pandemics, rising unemployment, adverse immigration policies impacting the labor market (notably agriculture), inflation, changes in interest rates, declines in asset values and other factors beyond our control may adversely affect our asset quality, deposit levels and our net income. Adverse changes in the economy may also have a negative effect on the demand for new loans and the ability of our existing borrowers to make timely repayments of their loans, which could adversely impact our growth and earnings. Economic and market conditions may also be affected by political developments in the U.S. and other countries and global conflicts, such the conflicts in Ukraine and the Middle East. Uncertainty about the federal fiscal policymaking process, the fiscal outlook of the federal government, prolonged government shutdowns, and future tax rates is a concern for businesses, consumers and investors in the United States. If these conditions continue for a prolonged period or result in sustained economic stress or recession, many of the risk factors identified in our Form 10-K could be exacerbated and such effects could have a material adverse impact on us in a number of ways related to credit, collateral, customer demand, funding, operations, interest rate risk, and human capital, as described in this document.

If the United States economy weakens or does not improve, our growth and profitability from our lending, deposit and investment operations could be constrained. Any of these potential outcomes could cause us to suffer losses in our investment securities portfolio, reduce our liquidity and capital levels, hamper our ability to deliver products and services to our clients and customers, and weaken our results of operations and financial condition.

**Risks Related to Interest Rates**

*Our business is subject to interest rate risk and variations in interest rates may negatively affect our financial performance.*

Our profitability is dependent to a large extent on our net interest income, which is the difference between interest income we earn as a result of interest paid to us on loans and investments and interest we pay to third-parties such as our depositors and those from which we borrow funds. Like most financial institutions, we are highly sensitive to many factors that are beyond our control, including general economic conditions and policies of various governmental and regulatory agencies and, in particular, the Federal Reserve Board. Changes in monetary policy, including changes in interest rates, could influence not only the interest we receive on loans and securities and the amount of interest we pay on deposits and borrowings, but such changes could also affect (i) our ability to originate loans and obtain deposits, (ii) the fair value of our financial assets and liabilities, (iii) the average duration of our securities portfolio, (iv) the value of our loan servicing rights, and (v) the slope of the overall yield curve and its impact on the value of the investment portfolio and reinvestment income. If the interest rates paid on deposits and other borrowings increase at a faster rate than the interest rates received on loans and investments, our net interest income, and earnings, could be adversely affected. Earnings could also be adversely affected if the interest rates received on loans and investments fall more quickly than the interest rates paid on deposits and other borrowings.

After an extended period at a target rate of 0-0.25%, the FRB began aggressively increasing interest rates in March 2022 and continuing into 2023. In late 2024, the FRB began lowering rates as inflationary pressure started to ease, and in late 2025, the FRB again lowered rates. However, the economic and inflationary outlook continues to remain uncertain. If the FRB were to reverse course and rapidly increase rates, the increase could result in further declines in the fair market values of long duration fixed rate investment securities, constrain our interest rate spread and may adversely affect our business forecasts. Increases in interest rates can have negative impacts on our business, including reducing our customers' desire to borrow money from us or adversely affecting their ability to repay their outstanding loans by increasing their debt obligations through the periodic reset of adjustable interest rate loans. If our borrowers' ability to pay their loans is impaired by increasing interest payment obligations, our level of non-performing assets would increase, producing an adverse effect on operating results. Asset values, especially commercial real estate as collateral, securities or other fixed rate earning assets, can decline significantly with relatively minor changes in interest rates. Conversely, decreases in interest rates can affect the amount of interest we earn on our loans and investment securities, which could have a material adverse effect on our financial condition and results of operations.

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Elevated inflation and expectations for elevated future inflation can adversely impact economic growth, consumer and business confidence, and our financial condition and results. In addition, elevated inflation may cause unexpected changes in monetary policies and actions which may adversely affect confidence and the economy. Although we have implemented strategies that we believe reduce the potential effects of adverse changes in interest rates on our results of operations, these strategies may not always be successful. Any of these events could adversely affect our results of operations, financial condition and liquidity.

*Reduction in the value, or impairment of our investment securities, can impact our earnings and common shareholders' equity.*

We maintained a balance of $2.0 billion, or approximately 21.1% of our assets, in investment securities at December 31, 2025. Changes in market interest rates can affect the fair value of these investment securities, with increasing interest rates generally resulting in a reduction of value. Although the reduction in value from temporary increases in market rates does not affect our income unless the security is sold, it does result in an unrealized loss recorded in accumulated other comprehensive income that can reduce our common stockholders' equity. Further, we must periodically test our investment securities for other-than-temporary impairment in value. In assessing whether the impairment of investment securities is other-than-temporary, we consider the length of time and extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability to retain our investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value in the near term.

*If we are required to sell securities to meet liquidity needs, we could realize significant losses.*

As a result of increases in interest rates in 2023 and most of 2024, the market values of previously issued government and other debt securities declined in value, resulting in unrealized losses in our securities portfolio. While we anticipate that the scheduled cash flows generated from our investment portfolio will be adequate to support the liquidity needs of the Company, if we were required to sell these securities to expedite the generation of cash flows to meet liquidity needs, we may be required to realize significant losses, which could impair our capital and financial condition and adversely affect our results of operations. Further, while we have taken actions to maximize our sources of liquidity, there is no guarantee that such sources will be available or sufficient in the event of sudden liquidity needs.

**Risks Related to Regulatory and Legal Matters**

*We operate in a highly regulated environment and we may be adversely affected by new laws and regulations or changes in existing laws and regulations. Any additional regulations are expected to increase our cost of operations. Furthermore, regulations may prevent or impair our ability to pay dividends, engage in acquisitions or operate in other ways.* 

We are subject to extensive regulation, supervision and examination by the DFPI, FDIC, and the FRB as well as regulations and policies of the CFPB. See "Item 1. Business - Regulation and Supervision" of this report for information on the regulation and supervision which governs our activities. Regulatory authorities have extensive discretion in their supervisory and enforcement activities, including the imposition of restrictions on our operations, the classification of our assets and determination of the level of our allowance for credit losses. Banking regulations or the actions of our banking regulators may limit our growth, earnings and the return to our shareholders by restricting certain of our activities, such as the payment of dividends to our shareholders, possible mergers with or acquisitions of or by other institutions, desired investments, loans and interest rates on loans, interest rates paid on deposits, service charges on deposit account transactions, the possible expansion or reduction of branch offices, and the ability to provide new products or services.

We also are subject to regulatory capital requirements. We could be subject to regulatory enforcement actions if any of our regulators determines for example, that we have violated a law or regulation, engaged in unsafe or unsound banking practice or lack adequate capital. Federal and state governments and regulators could pass legislation and adopt policies responsive to current credit conditions that would have an adverse effect on us and our financial performance. We cannot predict what changes, if any, will be made to existing federal and state legislation and regulations or the effect that such changes may have on our future business and earnings prospects. Any change in such regulation and oversight, whether in the form of regulatory policy, regulations, legislation or supervisory action, may have a material adverse impact on our operations, including the cost to conduct business.

Furthermore, the evolving landscape of legislative and regulatory actions, influenced by election cycles, introduces an additional layer of uncertainty for our operations. Elections can precipitate changes in government policies and regulations across various industries, potentially impacting our business. Uncertainty regarding potential changes in regulations or policies related to our industry may lead to increased costs of doing business and operational challenges. Economic conditions, including interest rates, inflation, and consumer spending, may be influenced by shifts in government leadership and policies, affecting our ability to maintain historical growth rates. Furthermore, the election process often introduces market volatility, impacting financial markets, currency exchange rates, and commodity prices. This volatility may pose risks to our financial performance, cost of capital, and access to funding.

While there have been significant revisions to the laws and regulations applicable to us that have been finalized in recent years, there are other rules to implement changes that have yet to be proposed or enacted by our regulators. The final timing, scope and impact of these changes to the regulatory framework applicable to financial institutions remains uncertain. Uncertainty exists with respect to new laws or regulations or changes in the interpretation or enforcement of existing laws or regulations, including potential deregulation in some areas. In addition, litigation challenging actions or regulations by federal or state authorities could, depending on the outcome, significantly affect the regulatory and supervisory framework affecting our operations. For more information on regulations to which we are subject and recent initiatives to reform financial institution regulation, see the "Regulation and Supervision" section in Item 1.

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**Risks Related to Our Growth and Expansion**

*Goodwill resulting from acquisitions may adversely affect our results of operations.*

Our balance sheet contains a substantial level of goodwill and other intangible assets as a result of our acquisitions. Potential impairment of goodwill and amortization of other intangible assets could adversely affect our financial condition and results of operations. We assess our goodwill and other intangible assets and long-lived assets for impairment annually and more frequently when required by U.S. GAAP. We are required to record an impairment charge if circumstances indicate that the asset carrying values exceed their fair values. Our assessment of goodwill, other intangible assets, or long-lived assets could indicate that an impairment of the carrying value of such assets may have occurred that could result in a material, non-cash write-down of such assets, which could have a material adverse effect on our results of operations and future earnings.

*Potential acquisitions may disrupt our business and dilute shareholder value, we may not be able to successfully consummate or integrate such acquisitions, and we may not realize the anticipated benefits contemplated when pursuing a potential acquisition.*

The Company has in the past and may in the future pursue mergers and acquisition opportunities. Mergers and acquisitions involve a number of risks and uncertainties to us in addition to those presented by the nature of the business acquired, which may materially and adversely affect our results of operations. Our ability to analyze the risks presented by prospective acquisitions, as well as our ability to prepare in advance of closing for integration, may be limited to the extent that we cannot gather necessary or desirable information with respect to the business we are acquiring. We may also make certain assumptions related to an acquisition that may prove to be inaccurate that limit the anticipated benefits (such as cost savings from synergies or strategic gains or be able to offer enhanced product sets) or make the acquisition more expensive or take longer to complete and integrate than anticipated. Prior to closing an acquisition, prospective acquisition targets are also subject to their own risks that we cannot manage or control. Any acquisition could be dilutive to our earnings and shareholders' equity per share of our common stock.

Our ability to complete an acquisition may be dependent on regulatory agencies with responsibilities for reviewing or approving the transaction, which could delay, restrictively condition or result in denial of an acquisition, or otherwise limit the benefits of the acquisition. Changes in regulatory rules or standards or the application of those rules or standards, or future regulatory initiatives designed to mitigate risk or promote competition may also limit our ability to complete an acquisition. Further, once an acquisition is completed, it may be difficult for us to integrate the acquired business with our operations, and we may not see the anticipated benefits of any such acquisition.

*If we cannot attract deposits, our growth may be inhibited.*

We plan to increase the level of our assets, including our loan portfolio. Our ability to increase our assets depends in large part on our ability to attract additional deposits at favorable rates. We intend to seek additional deposits by offering deposit products that are competitive with those offered by other financial institutions in our markets and by establishing personal relationships with our customers. We cannot assure that these efforts will be successful. Our inability to attract additional deposits at competitive rates could have a material adverse effect on our business, financial condition and results of operations.

*Our growth and expansion may strain our ability to manage our operations and our financial resources.*

Our financial performance and profitability depend on our ability to execute our corporate growth strategy. In addition to seeking deposit and loan and lease growth in our existing markets, we may pursue expansion opportunities in new markets, enter into new lines of business or market areas or offer new products or services. Continued growth, however, may present operating and other problems that could adversely affect our business, financial condition and results of operations. Furthermore, any new line of business or market areas and/or new products or services could have a significant impact on the effectiveness of our system of internal controls. Accordingly, there can be no assurance that we will be able to execute our growth strategy or maintain the level of profitability that we have recently experienced.

Our growth may place a strain on our administrative, operational and financial resources and increase demands on our systems and controls. This business growth may require continued enhancements to and expansion of our operating and financial systems and controls and may strain or significantly challenge them. In addition, our existing operating and financial control systems and infrastructure may not be adequate to maintain and effectively monitor future growth. Our continued growth may also increase our need for qualified personnel. We cannot assure you that we will be successful in attracting, integrating and retaining such personnel.

*We will become subject to increased regulation when we have more than $10 billion in total consolidated assets.*

An insured depository institution with $10 billion or more in total assets is subject to supervision, examination, and enforcement with respect to consumer protection laws by the CFPB rather than its primary federal banking regulator. Under its current policies, the CFPB will assert jurisdiction in the first quarter after an insured depository institution's call reports show total consolidated assets of $10 billion or more for four consecutive quarters. The Bank had slightly less than $10 billion in total assets at December 31, 2025, so it is possible that with only modest growth, the CFPB, instead of the FDIC, may soon have primary examination and enforcement authority over the Bank. As an independent bureau focused solely on consumer financial protection, the CFPB may interpret or enforce consumer protection laws more strictly or severely than the FDIC.

Additionally, other regulatory requirements apply to depository institutions and holding companies with $10 billion or more in total consolidated assets, including a cap on interchange transaction fees for debit cards, as required by Federal Reserve Board regulations, which would significantly reduce our interchange revenue, and restrictions on proprietary trading and investment and sponsorship in hedge

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funds and private equity funds known as the Volcker Rule. See also "Item 1 - Business - Regulation and Supervision - Interchange Fees" in this report. Further, deposit insurance assessment rates are calculated differently, and may be higher, for insured depository institutions with $10 billion or more in total consolidated assets.

**Risks Relating to Ownership of Our Common Stock**

*Our ability to pay dividends is subject to legal and regulatory restrictions.*

Our ability to pay dividends to our shareholders is limited by California law and the policies and regulations of the FRB. The FRB has issued a policy statement on the payment of cash dividends by bank holding companies, which expresses the FRB's view that a bank holding company should pay cash dividends only to the extent that its net income for the past year is sufficient to cover both the cash dividends and a rate of earnings retention that is consistent with the holding company's capital needs, asset quality and overall financial condition. See "Item 1. Business - Regulation and Supervision – Restrictions on Dividends and Distributions."

As a holding company with no significant assets other than the Bank, our ability to continue to pay dividends depends in large part upon the Bank's ability to pay dividends to us. The Bank's ability to pay dividends or make other capital distributions to us is subject to the restrictions in the California Financial Code.

Our ability to pay dividends to our shareholders and the ability of the Bank to pay in dividends to us are subject to the requirements that we and the Bank maintain a sufficient level of capital to be considered a "well capitalized" institution as well as a separate capital conservation buffer, as further described under "Item 1. Business - Supervision and Regulation — Regulatory Capital Requirements" in this report.

From time to time, we may become a party to financing agreements or other contractual arrangements that have the effect of limiting or prohibiting us or the Bank from declaring or paying dividends. Our holding company expenses and obligations with respect to our trust preferred securities and corresponding junior subordinated deferrable interest debentures issued by us may limit or impair our ability to declare or pay dividends.

*Provisions of our governing documents and federal law may limit the ability of another party to acquire us, which could cause our stock price to decline.*

Various provisions of our articles of incorporation and bylaws could delay or prevent a third party from acquiring us, even if doing so might be beneficial to our shareholders. These provisions provide for, among other things, specified factors that the Board of Directors shall or may consider when evaluating an offer to merge, an offer to acquire all assets or a tender offer is received; advance notice provisions for director nominations and shareholder proposals; and the authority to issue preferred stock by action of the board of directors acting alone, without obtaining shareholder approval.

The BHC Act and the Change in Bank Control Act of 1978, as amended, together with federal regulations, require that, depending on the particular circumstances, either FRB approval must be obtained or notice must be furnished to the Federal Reserve Board and not disapproved prior to any person or entity acquiring "control" of a bank holding company such as TriCo. These provisions may prevent a merger or acquisition that would be attractive to shareholders and could limit the price investors would be willing to pay in the future for our common stock

*Holders of our junior subordinated debentures have rights that are senior to those of our shareholders.*

We have supported our growth through the prior issuance of trust preferred securities from special purpose trusts and accompanying junior subordinated debentures. At December 31, 2025, we had outstanding trust preferred securities and accompanying junior subordinated debentures with principal amount of $41.2 million. Payments of the principal and interest on the trust preferred securities are conditionally guaranteed by us. Further, the accompanying junior subordinated debentures we issued to the trusts are senior to our shares of common stock. As a result, we must make payments on the junior subordinated debentures before we can pay any dividends on our common stock and, in the event of our bankruptcy, dissolution or liquidation, the holders of the junior subordinated debentures must be satisfied before any distributions can be made on our common stock.

**Risks Relating to Operations, Technology Systems, Accounting and Internal Controls**

*If we fail to maintain an effective system of internal and disclosure controls, we may not be able to accurately report our financial results or prevent fraud. As a result, current and potential shareholders could lose confidence in our financial reporting, which would harm our business and the trading price of our securities.*

Effective internal control over financial reporting and disclosure controls and procedures are necessary for us to provide reliable financial reports and effectively prevent fraud and to operate successfully as a public company. If we cannot provide reliable financial reports or prevent fraud, our reputation and operating results would be harmed. We continually review and analyze our internal control over financial reporting for Sarbanes-Oxley Section 404 compliance. As part of that process we may discover material weaknesses or significant deficiencies in our internal controls. Any failure to maintain effective controls or timely effect any necessary improvement of our internal and disclosure controls could harm operating results or cause us to fail to meet our reporting obligations, which could affect our ability to remain listed with Nasdaq. Ineffective internal and disclosure controls could also cause investors to lose confidence in our reported financial information, which would likely have a negative effect on the trading price of our securities.

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*We experienced a criminal cyberattack in February 2023, which resulted in the temporary interruption of our systems, disclosure of certain confidential information, litigation and governmental inquiries, all of which could damage our reputation or create additional financial and legal exposure.*

As previously disclosed in the Current Report on Form 8-K we filed on February 14, 2023, the Bank experienced a cybersecurity incident in February 2023. After detecting unusual network activity, we shut down networked systems by taking them offline, which prevented access to internal systems, data and telephones for a limited period of time. We immediately launched an investigation and notified law enforcement and banking regulators. A digital forensics firm was engaged to help determine the scope of the incident and identify potentially impacted data. We received a demand for ransom from a party claiming responsibility for the incident. The Bank's core banking systems, including those that facilitate loan and deposit related transactions, were not affected and the Bank's resumed customer facing operations within two days. However, the Bank's internal system/server access as well as communication capabilities, including e-mail correspondence and telephones, required approximately one week of time for the restoration process to be completed in a safe and secure environment. The Company restored its systems without paying ransom.

The Bank worked with third-party forensic investigators to understand the nature and scope of the incident and to determine what and how much information was impacted. The Bank determined that its internal computer network had been infected with malware which prevented access to certain files on the network. Through its investigation, the Bank determined that an unauthorized actor illegally accessed and acquired data from certain systems, including the personal information of approximately 75,000 individuals, including certain current and former customers, individuals related to current and former customers, current and former employees and their dependents, and others. While the information impacted varied by individual, the types of information that were impacted included name, social security number, driver's license number, state identification number, financial account information, medical information, health insurance information, date of birth, passport number, digital/electronic signature, tax information, tax identification number, access credentials, and mother's maiden name. The Bank notified and will continue to notify impacted individuals consistent with state and federal requirements and the Bank is offered impacted individuals credit restoration services and 24 months of credit monitoring services at no cost. The Bank issued a press release regarding this event and posted notice of this event on its website.

As a result of the 2023 cyberattack, we have incurred and may continue to incur significant costs or experience other material financial impacts, which may not be covered by, or may exceed the coverage limits of, our cyber liability insurance, and such costs and impacts may have a material adverse effect on our business, reputation, financial condition and operating results. These risks may stem from litigation or governmental inquiries litigation to which we currently are or may become subject in connection with this incident, and the extent of remediation and other additional costs that may be incurred by us.

We face three purported class action lawsuits numerous lawsuits related to the 2023 cyberattack that have been filed in California Superior Court for the Counties of Contra Costa and Butte, seeking unspecified monetary damages, equitable relief, costs and attorneys' fees. The lawsuits were consolidated (*Donna Dryden v. Tri Counties Bank et. al.*, Superior Court of State of California - Butte County, 23-CV-03115) and allege breach of contract, negligence, violations of various privacy laws and a variety of other legal causes of action. Following mediation, the parties entered into a settlement agreement and on January 21, 2026, the court preliminarily approved the agreement. The Class is being notified by mail and we and hope to resolve this litigation quickly. The cost of the settlement is expected to be covered by insurance. However, we are unable to predict whether we may be subject to further private litigation. In addition, the Company received inquiries from various government authorities related to the 2023 cyberattack, which could result in sanctions, fines or penalties. We responded to these inquiries and cooperated fully. However, we cannot predict the timing or outcome of any of these inquiries, or whether we may be subject to further governmental inquiries.

Given the uncertainties about any further impacts of the incident, including the inherent uncertainties involved in litigation, contractual obligations, government investigations and regulatory enforcement decisions, we face the risk that outcomes from these risks could have a material adverse effect on our reputation, business and/or financial condition. In addition, litigation, government interventions, and negative media reports and any resulting damage to our reputation or loss of confidence in the security of our systems could adversely affect our business. It is possible that we could incur losses associated with these proceedings and inquiries, and the Company will continue to evaluate information as it becomes known and will record an estimate for losses at the time or times when it is both probable that a loss has been incurred and the amount of the loss is reasonably estimable. While we believe we have adequate insurance to cover most of the costs of the cyberattack, ongoing legal and other costs related to these proceedings and inquiries, as well as any potential future proceedings and inquiries, may be substantial, and losses associated with any adverse judgments, settlements, penalties or other resolutions of such proceedings and inquiries could be material to our business, reputation, financial condition and operating results.

*We face the risk that failures or breaches, including cyberattacks, of our operational or security systems or of those of our customers or vendors, could disrupt our business, result in the disclosure of confidential information, damage our reputation, and create significant financial and legal exposure.*

The Company, our customers, our vendors, and other third parties have experienced security breaches and cyber attacks in the past, and it is inevitable that additional breaches and attacks will occur in the future. While such breaches and attacks have not materially impacted the Company to date, future security breaches and cyber attacks could result in serious and harmful consequences for us or our clients and customers. A principal reason that we cannot provide absolute security against cyber attacks is that we may not always be possible to anticipate, detect or recognize threats to the Company's systems, or to implement effective preventive measures against all breaches because: the techniques used in cyber attacks evolve frequently and are increasingly sophisticated, and therefore may not be recognized until launched; cyber attacks can originate from a wide variety of sources, including our own employees, cyber-criminals, hacktivists, groups

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linked to terrorist organizations or hostile countries, or third parties whose objective is to disrupt the operations of financial institutions more generally; we do not have control over the cybersecurity of the systems of the large number of clients, customers, counterparties and third-party service providers with which we do business; and it is possible that a third party, after establishing a foothold on an internal network without being detected, might obtain access to other networks and systems. The risk of a security breach due to a cyber attack could increase in the future due to factors such as: our ongoing expansion of mobile and digital banking and other internet-based products and applications, and the increased use of remote access to facilitate remote arrangements for employees, vendors and other third parties. In addition, a third party could misappropriate confidential information obtained by intercepting signals or communications from mobile devices used by our employees. The techniques used in cyber attacks and breaches change rapidly and are increasingly sophisticated, including through the use of generative AI and deepfakes, and we expect additional risks in the future through the use of quantum computing, and we may not be able to anticipate cyber attacks or other data security breaches. Additionally, cyber attacks and breaches in some cases appear to be supported by foreign governments or other well-financed entities and often originate from less regulated and remote areas of the world. We have seen a higher volume and complexity of attacks during times of increased geopolitical tensions. A successful penetration or circumvention of the security of our systems or the systems of a vendor, governmental body or another market participant could cause serious negative consequences, including: significant disruption of our operations and those of our clients, customers and counterparties, including: losing access to operational systems; misappropriation of our confidential information or that of our clients, customers, counterparties, employees, regulators, or other individuals; disruption of or damage to our systems and those of our clients, customers and counterparties; the inability, or extended delays in the ability, to fully recover and restore data that has been stolen, manipulated or destroyed or the inability to prevent systems from processing fraudulent transactions; allegations or violations by the Company of applicable privacy and other laws; financial loss to us or to our clients, customers, counterparties, employees, or others; loss of confidence in our cybersecurity and business resiliency measures; dissatisfaction among our clients, customers or counterparties; significant exposure to litigation and regulatory fines, penalties or other sanctions; and harm to our reputation, all of which could have a material adverse effect on us. If personal, confidential or proprietary information of customers or others in the Bank's or such vendors' or other third-parties' possession were to be mishandled or misused, we could suffer significant regulatory consequences, reputational damage and financial loss, as discussed earlier regarding the Bank's 2023 cyberattack. The extent of a particular cyber attack and the steps that we may need to take to investigate the attack may not be immediately clear, and it may take a significant amount of time before such an investigation or determination, judicial or otherwise, can be completed. While such an investigation is ongoing, we may not necessarily know the full extent of the harm caused by the cyber attack, and that damage may continue to spread. These factors may inhibit our ability to provide rapid, full and reliable information about the cyber attack to its clients, customers, counterparties and regulators, and the public. Furthermore, it may not be clear how best to contain and remediate the harm caused by the cyber attack, and certain errors or actions could be repeated or compounded before they are discovered and remediated. Any or all of these factors could further increase the costs and consequences of a cyber attack.

In addition to threats from external sources, insider threats represent a significant risk to us. Insiders, including those having legitimate access to our information, communications systems and other technology and the information contained therein, have the easiest opportunity to make inappropriate use of their access. Addressing that risk requires understanding not only how to protect us from unauthorized use and disclosure of data, but also how to engage behavioral analytics and other tools to identify potential internal threats before any damage is done. As more work is conducted outside of our facilities, the risk of improper access to our network or confidential information has increased, including for reasons such as a failure by an employee or contractor to secure a device with Company access.

Although we devote significant resources to maintain and regularly upgrade our systems and processes that are designed to protect the security of our computer systems, software, networks, and other technology assets and the confidentiality, integrity, and availability of information belonging to us and our customers, there is no assurance that our security measures will be sufficient. We have implemented employee and customer awareness training regarding phishing, malware, and other cyber risks, however there can be no assurances that this training will be effective or sufficient. Furthermore, these risks are expected to increase in the future as we continue to increase our electronic payments and other internet-based product offerings and expand our internal usage of web-based products and applications.

Our procedures and safeguards to prevent unauthorized access to confidential information and to defend against cyberattacks seeking to disrupt our operations must be continually evaluated and enhanced to address the ever-evolving threat landscape and changing cybersecurity regulations. These preventative actions require the investment of significant resources and management time and attention. Nevertheless, we may not be able to anticipate, prevent, timely detect and/or effectively remediate all security breaches.

Any inability to prevent or adequately respond to the issues described above could disrupt the Company's business, inhibit its ability to retain existing customers or attract new customers, otherwise harm its reputation and/or result in financial losses, litigation, increased costs or other adverse consequences that could be material to the Company.

*Our reliance on third-party vendors exposes us to risks, including additional cybersecurity risks.*

Third-party vendors provide key components of our business infrastructure, including certain data processing and information services. On our behalf, third parties may transmit confidential, propriety information. Some of these third parties may engage vendors of their own, which introduces the risk that these "fourth parties" could be the source of operational and/or security failures. Although we require third-party providers and these fourth-party vendors to maintain certain levels of information security, such providers may remain vulnerable to breaches, unauthorized access, misuse, computer viruses, or other malicious attacks that could ultimately compromise sensitive information. Additionally, we do not have control of the cybersecurity systems, breach prevention, and response protocols of our third- or fourth-party vendors, including through our cybersecurity programs or policies. While the Company may have contractual rights to assess the effectiveness of many of our providers' systems and protocols, we do not have the means to know or assess the effectiveness of all of our providers' systems and controls at all times. We cannot provide any assurances that actions taken by us, or our third- or fourth-party vendors, including through our cybersecurity programs or policies, will adequately prevent or substantially mitigate the impacts of cybersecurity breaches or misuses of confidential information, unauthorized access to our networks or systems or exploits against third-or

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fourth-party environments, or that we, or our third- or fourth-party vendors, will be able to effectively identify, investigate, and remediate such incidents in a timely manner or at all. While we may contractually limit our liability in connection with attacks against third-party providers, we remain exposed to the risk of loss associated with such vendors.

Furthermore, a number of our vendors are large national entities with dominant market presence in their respective fields. Their services could prove difficult to replace in a timely manner if a failure or other service interruption were to occur. Failures of certain vendors to provide contracted services could adversely affect our ability to deliver products and services to our customers and cause us to incur significant expense.

These types of third-party relationships are subject to evolving and increasingly demanding regulatory requirements and attention by our bank regulators. Regulatory guidance requires us to enhance our due diligence, ongoing monitoring and control over our third-party vendors and subcontractors and other ongoing third-party business relationships. In certain cases, we may be required to renegotiate our agreements with these vendors and/or their subcontractors to meet these enhanced requirements, which could increase our costs. If our regulators conclude that we have not exercised adequate oversight and control over our third-party vendors and subcontractors or other ongoing third-party business relationships, or that such third parties have not performed appropriately, we could be subject to enforcement actions, including the imposition of civil money penalties or other administrative or judicial penalties or fines as well as requirements for customer remediation.

*We are subject to certain industry standards regarding our credit/debit card-related services. Failure to meet those standards may significantly impact our ability to offer these services.*

We are subject to the PCI-DSS, issued by the Payment Card Industry Security Standards Council. PCI-DSS contains compliance guidelines with regard to our security surrounding the physical and electronic storage, processing and transmission of cardholder data. Compliance with PCI-DSS and implementing related procedures, technology and information security measures requires significant resources and ongoing attention. Costs and potential problems and interruptions associated with the implementation of new or upgraded systems and technology, such as those necessary to achieve compliance with PCI-DSS or with maintenance or adequate support of existing systems could also disrupt or reduce the efficiency of our operations. Any material interruptions or failures in our payment-related systems or third parties that we rely upon could have a material adverse effect on our business, results of operations and financial condition. If there are amendments to PCI-DSS, the cost of compliance could increase, and we may suffer loss of critical data and interruptions or delays in our operations as a result. If we or our service providers are unable to comply with the standards imposed by PCI-DSS, we may be subject to fines and restrictions on our ability to offer certain services, which could materially and adversely affect our business.

*Our business is highly reliant on technology and our ability and our third-party service providers to manage the operational risks associated with technology.*

Our business involves storing and processing sensitive consumer and business customer data. We depend on internal systems, third-party service providers, cloud services and outsourced technology to support these data storage and processing operations. In addition, cloud technologies are also critical to the operation of our systems, and our reliance on cloud technologies is growing. Despite our efforts to ensure the security and integrity of our systems, we may not be able to anticipate, detect or recognize threats to our systems or those of third-party service providers or to implement effective preventive measures against all cybersecurity breaches. Cyberattack techniques change regularly and can originate from a wide variety of sources, including third parties who are or may be involved in organized crime or linked to terrorist organizations or hostile foreign governments, and such third parties may seek to gain access to systems directly or using equipment or security passwords belonging to employees, customers, third-party service providers or other users of our systems. These risks may increase in the future as we continue to increase our mobile, digital and other internet-based product offerings and expand our internal usage of web-based products and applications. A cybersecurity breach or cyberattack could persist for a long time before being detected and could result in theft of sensitive data or disruption of our transaction processing systems.

Our inability to use or access these information systems at critical points in time could unfavorably impact the timeliness and efficiency of our business operations. A breach of customer data security such as the breach of customer data in connection with the February 2023 cyberattack discussed above, may negatively impact our business reputation and cause a loss of customers. This event has resulted in increased expenses to contain the event, to notify impacted individuals and provide them with credit monitoring services, and to defend / respond to litigation. Cybersecurity risk management programs are expensive to maintain and will not protect us from all risks associated with maintaining the security of customer data and our proprietary data from external and internal intrusions, disaster recovery and failures in the controls used by our vendors.

*Cybersecurity and data privacy are areas of heightened legislative and regulatory focus.*

As cybersecurity and data privacy risks for banking organizations and the broader financial system have significantly increased in recent years, cybersecurity and data privacy issues have become the subject of increasing legislative and regulatory focus. The federal bank regulatory agencies have proposed enhanced cyber risk management standards, which would apply to a wide range of large financial institutions and their third-party service providers, including us, and would focus on cyber risk governance and management, management of internal and external dependencies, incident response, cyber resilience and situational awareness. Several states have also proposed or adopted cybersecurity legislation and regulations, which require, among other things, notification to affected individuals when there has been a security breach of their personal data. For more information regarding cybersecurity regulation, refer to "Item 1. Business - Supervision and Regulation."

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We receive, maintain and store non-public personal information of our customers and counterparties, including, but not limited to, personally identifiable information and personal financial information. The sharing, use, disclosure, and protection of this information are governed by federal and state law. Both personally identifiable information and personal financial information is increasingly subject to legislation and regulation, the intent of which is to protect the privacy of personal information that is collected and handled. For more information regarding data privacy regulation, refer to "Item 1. Business - Supervision and Regulation."

We may become subject to new legislation or regulation concerning cybersecurity or the privacy of personally identifiable information and personal financial information or of any other information we may store or maintain. We could be adversely affected if new legislation or regulations are adopted or if existing legislation or regulations are modified such that we are required to alter our systems or require changes to our business practices or privacy policies. If new or existing cybersecurity, data privacy, data protection, data transfer or data retention laws are implemented, interpreted or applied in a manner inconsistent with our current practices, including as a result of the network security incident discussed above, we may be subject to fines, litigation or regulatory enforcement actions or ordered to change our business practices, policies or systems in a manner that adversely impacts our operating results. In addition, any additional laws and regulatory enforcement measures will result in increased compliance costs.

*A failure to implement technological advances could negatively impact our business.* 

The banking industry is undergoing technological changes with frequent introductions of new technology-driven products and services. In addition to improving customer services, the effective use of technology increases efficiency and enables financial institutions to reduce costs. Our future success will depend, in part, on our ability to address the needs of our customers by using technology to provide products and services that will satisfy customer demands for convenience as well as to create additional efficiencies in our operations. Many of our competitors have substantially greater resources than we do to invest in technological improvements. We may not be able to effectively implement new technology-driven products and services or successfully market such products and services to our customers. In addition, advances in technology such as digital, mobile, telephone, text, and online banking; e-commerce; and self-service automatic teller machines and other equipment, as well as changing customer preferences to access our products and services through digital channels, could decrease the value of our branch network and other assets. We may close or sell certain branches and restructure or reduce our remaining branches and work force. These actions could lead to losses on assets, expense to reconfigure branches and loss of customers in certain markets. As a result, our business, financial condition or results of operations may be adversely affected.

*Our business is susceptible to fraud and conduct risk.* 

Our business exposes us to fraud risk from loan and deposit customers, the parties we do business with, as well as from employees, contractors and vendors. We rely on financial and other data from new and existing customers which could turn out to be fraudulent when accepting such customers, executing their financial transactions and making and purchasing loans and other financial assets. In times of increased economic stress we are at increased risk of fraud losses. We believe we have underwriting and operational controls in place to prevent or detect such fraud, but cannot provide assurance that these controls will be effective in detecting fraud or that we will not experience fraud losses or incur costs or other damage related to such fraud, at levels that adversely affect financial results or reputation. Our lending customers may also experience fraud in their businesses which could adversely affect their ability to repay their loans or make use of services. The Company's and its customers' exposure to fraud may increase our financial risk and reputation risk as it may result in unexpected loan losses that exceed those that have been provided for in the allowance for credit losses. In addition, we are subject to risk from the conduct of its employees, including the negative impact that can result from employee misconduct or failure by employees to conduct themselves in accordance with our policies, all of which could damage our reputation and result in loss of customers or other financial loss or expose us to increased regulatory or other risk.

*New lines of business, products or services and technological advancements, like artificial intelligence, may subject us to additional risks.*

From time to time, we implement new lines of business or offer new products and services within existing lines of business. There are substantial risks and uncertainties associated with these efforts, particularly in instances where the markets are not fully developed. In developing and marketing new lines of business and/or new products and services we invest significant time and resources. Initial timetables for the introduction and development of new lines of business and/or new products or services may not be achieved, and price and profitability targets may not prove feasible. External factors, such as compliance with regulations, competitive alternatives, and shifting market preferences, may also impact the successful implementation of a new line of business or a new product or service.

The financial services industry is continually undergoing rapid technological change with frequent introductions of new technology-driven products and services. Our future success depends, in part, upon our ability to address the needs of our customers by using technology to provide products and services that will satisfy customer demands, as well as to create additional efficiencies in our operations. Many of our competitors have substantially greater resources to invest in technological improvements. We may not be able to effectively implement new technology-driven products and services or be successful in marketing these products and services to our customers. In addition, our implementation of certain new technologies, such as those related to artificial intelligence ("AI"), automation and algorithms, in our business processes may have unintended consequences due to their limitations or our failure to use them effectively. In addition, the growing reliance on AI technologies by vendors, business partners, and technology solutions or applications introduces additional risks, including but not limited to: Algorithmic Bias that may result in unintended discriminatory outcomes and harm our reputation, loss of proprietary and confidential information through use of AI technologies, unauthorized access or breaches of data could compromise the integrity of our systems with AI dependency, evolving regulations and legal frameworks surrounding AI may pose challenges leading to legal and financial consequences for non-compliance, and protecting the intellectual property associated with AI technologies may be challenging, and unauthorized use or infringement by third parties could bring harm to our competitive position or reputation. Furthermore, cloud technologies are also critical to the operation of our systems, and our reliance on cloud technologies is growing. Failure to successfully keep pace with

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technological change affecting the financial services industry could have a material adverse effect on our business, financial condition and results of operations.

Furthermore, any new line of business, new product or service and/or new technology could have a significant impact on the effectiveness of our system of internal controls. Failure to successfully manage these risks in the development and implementation of new lines of business, new products or services and/or new technologies could have a material adverse effect on our business, financial condition and results of operations.

*The increased use and capacity of AI, Generative AI, large language models (LLMs), and AI agents by customers, vendors and competitors increases risks to our business.*

The use and capacity of AI, Generative AI, LLMs and AI agents has increased in the past year and is being employed by customers, competitors, and vendors at increased rates. Many of these tools can increase cybersecurity risks, require specific technical expertise to operate, or expose information through open source code. These tools are being used by parties in various capacities, and employing these tools without sufficient knowledge or expertise of the power and risks associated with the tools can increase risks for the users. These tools are relatively new and there is potential of continued and/or increased adoption of legal and regulatory frameworks governing the use of these tools, by law, our primary banking regulators, other federal or state regulatory bodies, or other self-regulatory organizations.

The use of these tools by customers can increase the risk of exposure to their personal information and/or banking credentials which can result in increased opportunities for bad actors to initiate fraudulent activity with respect to a customer's account(s). While we have implemented commercially reasonable policies and procedures to protect against fraudulent activity on the accounts of our customers, we cannot assure that such policies and procedures will prevent all fraudulent activity or capture activity that has been inadvertently been authorized by the customer. Such activity can result in financial liability and litigation risk to us and/or our customers, as well as harm to our reputation and negative impacts on our financial condition, results of our operations, business and prospects.

The use of these tools by vendors engaged by us can increase the risk of unauthorized use or disclosure of sensitive or confidential client or customer information and cyberattacks. In conducting due diligence of our vendors, we request information regarding how the vendor uses these tools and attempt to mitigate risks related to exposure by agreement with vendors. While these processes seek to mitigate risks associated with vendor use of these tools, we cannot eliminate this risk. Vendors may employ tools without realizing the risks associated with the tools, may have employees that use unauthorized technology tools that were not disclosed to us during our diligence process, or the tools that were disclosed may implement new services, features, or technologies that increase the exposure to cybersecurity risks. If a vendor engaged by us experienced a cyberattack related to use of these tools, or deliberately or inadvertently exposed sensitive or confidential client or customer information, we may experience financial liability and litigation risk to us and/or our customers, as well as harm to our reputation and negative impact on our financial condition, results of operations and business. Additionally, if any vendors incur additional costs related to any legal or regulatory framework adopted governing the use of such tools, we may face increased costs to engage such vendor, which could impact or financial condition and results of operations if we continue to use such vendor or as a result of costs incurred to find an alternative vendor.

The use of these tools by competitors may impair our ability to attract or retain business if our competitors are successful in their implementation. Failure to keep pace with these evolving technologies can have a negative impact on our financial condition, results of operations, business and prospects. In addition, if our competitors suffer any reputational harm as a result of the implementation of these evolving technologies, it could have a negative effect on the financial services industry as a whole and have a negative impact on our financial condition, results of operations, business and prospects. The increased use of these tools by competitors may also increase pressure to impose legal or regulatory frameworks regarding these tools, which could impact the financial services industry as a whole and cause us to incur increased costs to comply with such legal or regulatory frameworks, which may result in a negative impact on our financial condition, results of operations and business.

*We are subject to claims and litigation pertaining to intellectual property.* 

We rely on technology companies to provide information technology products and services necessary to support our day-to-day operations. Technology companies frequently enter into litigation based on allegations of patent infringement or other violations of intellectual property rights. In addition, patent holding companies seek to monetize patents they have purchased or otherwise obtained. Competitors of our vendors, or other individuals or companies, have from time to time claimed to hold intellectual property sold to us by its vendors. Such claims may increase in the future as the financial services sector becomes more reliant on information technology vendors. The plaintiffs in these actions frequently seek injunctions and substantial damages.

Regardless of the scope or validity of such patents or other intellectual property rights, or the merits of any claims by potential or actual litigants, we may have to engage in litigation that could be expensive, time-consuming, disruptive to our operations, and distracting to management. If we are found to infringe on one or more patents or other intellectual property rights, we may be required to pay substantial damages or royalties to a third-party. In certain cases, we may consider entering into licensing agreements for disputed intellectual property, although no assurance can be given that such licenses can be obtained on acceptable terms or that litigation will not occur. These licenses may also significantly increase our operating expenses. If legal matters related to intellectual property claims were resolved against us or settled, we could be required to make payments in amounts that could have a material adverse effect on our business, financial condition and results of operations.

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*Our failure to comply with anti-money laundering and anti-terrorism financing laws could have significant adverse consequences for us.*

The Bank Secrecy Act of 1970, the Patriot Act and other laws and regulations require financial institutions to institute and maintain an effective BSA/AML program, file suspicious activity reports and currency transaction reports and comply with other BSA/AML requirements. Our federal and state banking regulators regularly review our BSA/AML program. If FinCEN BSA/AML our program is deemed deficient, we could be subject to liability, including fines, civil money penalties and other regulatory enforcement actions, which may include restrictions on our business operations and our ability to pay dividends, restrictions on mergers and acquisitions activity, restrictions on expansion, and restrictions on entering new business lines. Our failure to maintain and implement adequate programs to combat money laundering and terrorist financing could also have significant reputational consequences for us and, in turn, could have a material adverse effect on our business, financial condition or results of operations.

*We can be negatively affected if we fail to identify and address operational risks associated with the introduction of or changes to products, services and delivery platforms.* 

When we launch a new product or service, introduce a new platform for the delivery or distribution of products or services (including mobile connectivity and cloud computing), or make changes to an existing product, service or delivery platform, we may not fully appreciate or identify new operational risks that may arise from those changes, or may fail to implement adequate controls to mitigate the risks associated with those changes. Any significant failure in this regard could diminish our ability to operate one or more of our businesses or result in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential liability to clients, counterparties and customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased operating expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• higher litigation costs, including regulatory fines, penalties and other sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• damage to our reputation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impairment of our liquidity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory intervention; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• weaker competitive standing.

Any of the foregoing consequences could materially and adversely affect our businesses and results of operations.

*Our business, financial condition and results of operations are subject to risk from changes in customer behavior.*

Individual, economic, political, industry-specific conditions and other factors outside of our control, such as fuel prices, energy costs, real estate values, inflation, taxes or other factors that affect customer income levels, could alter anticipated customer behavior, including borrowing, repayment, investment and deposit practices. Such a change in these practices could materially adversely affect our ability to anticipate business needs and meet regulatory requirements. Further, difficult economic conditions may negatively affect consumer confidence levels. A decrease in consumer confidence levels would likely aggravate the adverse effects of these difficult market conditions on us, our customers and others in the financial institutions industry.

*Our risk management framework may not be effective in identifying and mitigating every risk to us.*

We have implemented a risk management framework to mitigate our risk and loss exposure. This framework is comprised of various processes, systems and strategies, and is designed to identify, measure, assess, monitor, report and manage the types of risk to which we are subject, including, among others, credit, capital, interest rate, liquidity, legal and regulatory, cybersecurity, compliance, strategic, reputational and operational risks related to our employees, systems and vendors, among others. Any system of control and any system to reduce risk exposure, however well designed and operated, is based in part on certain assumptions and can provide only reasonable, not absolute, assurances that the objectives of the system are met and will be effective under all circumstances or that it will adequately identify, manage or mitigate any risk or loss to us. Additionally, instruments, systems, controls and strategies used to hedge or otherwise understand and manage exposure to the risks we are subject to could be less effective than anticipated. As a result, we may not be able to effectively mitigate our risk exposures in particular market environments or against particular types of risk. If our risk management framework is not effective, we could suffer unexpected losses and become subject to litigation, negative regulatory consequences, or reputational damage among other adverse consequences, any of which could result in our business, financial condition, results of operations or prospects being materially adversely affected.

**General Risk Factors**

*We depend on key personnel and the loss of one or more of those key personnel may materially and adversely affect our prospects. Furthermore, our business could suffer if we fail to attract and retain skilled people.*

Our future operating results depend substantially upon the continued service of our executive officers and key personnel. Our future operating results also depend in significant part upon our ability to attract and retain qualified management, financial, technical, marketing, sales and support personnel. Competition for qualified personnel is intense, including with respect to compensation and emerging workplace practices, accommodations and remote work options, and we cannot ensure success in attracting or retaining qualified personnel. Our current or future approach to in-office and work-from-home arrangements may not meet the needs or expectations of our current or prospective employees or may not be perceived as favorable as compared to the arrangements offered by competitors, which could adversely affect our ability to attract and retain employees. There may be only a limited number of persons with the requisite skills to serve in these positions, and it may be increasingly difficult for us to hire personnel over time. Our business, financial condition or results of

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operations could be materially adversely affected by the loss of any of our key employees, or our inability to attract and retain skilled employees.

*Litigation, regulatory actions and compliance issues could subject us to significant fines, penalties, judgments, remediation costs and/or requirements resulting in increased expenses.*

As a financial institution, we are at times subject to actual and threatened claims, litigation, arbitration, reviews, investigations, and other proceedings, including proceedings by governments and regulatory authorities, involving a wide range of issues, including labor and employment, data protection, data security, network security, consumer protection, commercial disputes, goods and services offered by us and by third parties, and other matters. Litigation matters range from individual actions involving a single plaintiff to class action lawsuits and can involve claims for substantial or indeterminate alleged damages or for injunctive or other relief. Any of these types of proceedings can have an adverse effect on us because of legal costs, disruption of our operations, diversion of management resources, negative publicity, and other factors. The outcomes of these matters are inherently unpredictable and subject to significant uncertainties. We establish accruals for those matters when a loss is considered probable and the related amount is reasonably estimable. Additionally, when it is practicable and reasonably possible that it may experience losses in excess of established accruals, then we estimate possible loss contingencies. Determining legal reserves for possible losses from such matters involves judgment and may not reflect the full range of uncertainties and unpredictable outcomes. Until the final resolution of such matters, we may be exposed to losses in excess of the amount recorded, and such amounts could be material. Should any of our estimates and assumptions change or prove to have been incorrect, it could have a material effect on our business, financial condition and results of operations. In addition, it is possible that a resolution of one or more such proceedings, including as a result of a settlement, could involve licenses, sanctions, consent decrees, or orders requiring us to make substantial future payments, preventing us from offering certain products or services, requiring us to change our business practices in a manner materially adverse to our business, requiring development of non-infringing or otherwise altered products or technologies, damaging our reputation, or otherwise having a material effect on our operations.

We contest liability and/or the amount of damages as appropriate in each pending matter. The outcome of pending and future matters could be material to our results of operations, financial condition and cash flows depending on, among other factors, the level of our earnings for that period, and could adversely affect our business and reputation. For a discussion of certain legal proceedings, see the risk factor titled "*We experienced a criminal cyberattack in February 2023, which resulted in the temporary interruption of our systems, disclosure of certain confidential information, litigation and governmental inquiries, all of which could damage our reputation or create additional financial and legal exposure.*"

In addition to litigation and regulatory matters, from time to time, through our operational and compliance controls, we identify compliance issues that require us to make operational changes and, depending on the nature of the issue, result in financial remediation to impacted customers. These self-identified issues and voluntary remediation payments could be significant depending on the issue and the number of customers impacted. They also could generate litigation or regulatory investigations that subject us to additional adverse effects on our business, results of operations and financial condition.

*We are subject to risk from fluctuating conditions in the financial markets and economic and political conditions generally.*

Our success depends, to a certain extent, upon local, national and global economic and political conditions, as well as governmental monetary policies. Our financial performance generally, and in particular the ability of borrowers to pay interest on and repay principal of outstanding loans and the value of collateral securing those loans, as well as demand for loans and other products and services we offer, is highly dependent upon the business environment in the markets where we operate, in the State of California and in the United States as a whole. A favorable business environment is generally characterized by, among other factors, economic growth, efficient capital markets, low inflation, low unemployment, high business and investor confidence, and strong business earnings. Unfavorable or uncertain economic and market conditions can be caused by a decline in economic growth both in the U.S. and internationally; declines in business activity or investor or business confidence; limitations on the availability of or increases in the cost of credit and capital; increases in inflation or interest rates; high unemployment; oil price volatility; natural disasters; trade policies and tariffs; or a combination of these or other factors. In addition, financial markets and global supply chains may be adversely affected by the current or anticipated impact of global wars/military conflicts, terrorism, trade policies, or other geopolitical events. Current economic conditions are being heavily impacted by prolonged inflationary conditions and higher interest rates, the effects of which may impact our profitability by negatively impacting our fixed costs and expenses. Economic and inflationary pressure on consumers and uncertainty regarding economic improvement could result in changes in consumer and business spending, borrowing and savings habits. Such conditions could have a material adverse effect on the credit quality of our loans and our business, financial condition and results of operations.

Federal budget deficit concerns and the potential for political conflict over legislation to fund U.S. government operations and raise the U.S. government's debt limit may increase the possibility of a default by the U.S. government on its debt obligations, related credit-rating downgrades, or an economic recession in the United States. Many of our investment securities are issued by the U.S. government and government agencies and sponsored entities. As a result of uncertain domestic political conditions, including potential future federal government shutdowns, the possibility of the federal government defaulting on its obligations for a period of time due to debt ceiling limitations or other unresolved political issues, investments in financial instruments issued or guaranteed by the federal government pose liquidity risks. In connection with prior political disputes over U.S. fiscal and budgetary issues leading to the U.S. government shutdown in 2023, both Fitch and S&P lowered their long-term sovereign credit rating on the U.S. from AAA to AA+, and further affirmed the ratings in 2024. A further downgrade, or downgrades by other rating agencies, as well as sovereign debt issues facing the governments of other countries, could have a material adverse impact on financial markets and economic conditions in the U.S. and worldwide.

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Furthermore, evolving responses from federal and state governments and other regulators, and our customers or our third-party partners or vendors, to challenges such as climate change have impacted and could continue to impact the economic and political conditions under which we operate which could have a material adverse effect on our business, financial condition and results of operations.

*Changes in the Federal, state or local tax laws may negatively impact our financial performance and we are subject to examinations and challenges by tax authorities.*

We are subject to federal and applicable state tax laws and regulations. Changes in these tax laws and regulations, some of which may be retroactive to previous periods, could increase our effective tax rates and, as a result, could negatively affect our current and future financial performance. Furthermore, tax laws and regulations are often complex and require interpretation. In the normal course of business, we are routinely subject to examinations and challenges from federal and applicable state tax authorities regarding the amount of taxes due in connection with investments we have made and the businesses in which we have engaged. Federal and state taxing authorities have been aggressive in challenging tax positions taken by financial institutions. These tax positions may relate to tax compliance, sales and use, franchise, gross receipts, payroll, property and income tax issues, including tax base, apportionment and tax credit planning. The challenges made by tax authorities may result in adjustments to the timing or amount of taxable income or deductions or the allocation of income among tax jurisdictions. If any such challenges are made and are not resolved in our favor, they could have a material adverse effect on our business, financial condition and results of operations.

*Climate change could have a material negative impact on us and our clients.*

Our business, as well as the operations and activities of our customers, could be negatively impacted by climate change. Climate change presents both immediate and long-term risks to us and our customers and these risks are expected to increase over time. Climate change presents multi-faceted risks, including (i) operational risk from the physical effects of climate events on our facilities and other assets as well as those of our customers; (ii) credit risk from borrowers with significant exposure to climate risk; (iii) legal, regulatory and compliance risks arising from the policy, legal and regulatory changes associated with the transition to a less carbon-dependent economy; and (iv) reputational risk from stakeholder concerns about our practices related to climate change, our carbon footprint and our business relationships with customers who operate in carbon-intensive industries, and from negative public opinion related to any of our actions or inaction in response to climate change and our climate change strategy. The risks associated with climate change are rapidly changing and evolving in an escalating fashion, making them difficult to assess due to limited data. Our business, reputation and ability to attract and retain employees may also be harmed if our response to climate change is perceived to be ineffective or insufficient.

Climate change exposes us and our customers to physical risk as its effects may lead to more frequent and more extreme weather events, such as prolonged droughts or flooding, tornados, hurricanes, wildfires and extreme seasonal weather; and longer-term shifts, such as increasing average temperatures, ozone depletion and rising sea levels. Such events and long-term shifts may damage, destroy or otherwise impact the value or productivity of our properties and other assets; increase the premiums for and reduce the availability of insurance; and/or disrupt our operations and other activities through prolonged outages. Such events and long-term shifts may also have a significant impact on our customers, which could amplify credit risk by diminishing borrowers' repayment capacity or collateral values, and other businesses and counterparties with whom we transact, which could have a broader impact on the economy, supply chains and distribution networks.

Climate change also exposes us and our customers to transition risks associated with the transition to a less carbon-dependent economy. Transition risks may result from changes in policies; laws and regulations; technologies; and/or market preferences to address climate change. Such changes could materially, negatively impact our business, results of operations, financial condition and/or our reputation, in addition to having a similar impact on our customers. We have customers who operate in carbon-intensive industries like oil and gas that are exposed to climate risks, such as those risks related to the transition to a less carbon-dependent economy, as well as customers who operate in low-carbon industries that may be subject to risks associated with new technologies. Federal and state banking regulators and supervisory authorities, investors and other stakeholders have increasingly viewed financial institutions as important in helping to address the risks related to climate change both directly and with respect to their customers, which may result in financial institutions coming under increased pressure regarding the disclosure and management of their climate risks and related lending and investment activities. Given that climate change could impose systemic risks upon the financial sector, either via disruptions in economic activity resulting from the physical impacts of climate change or changes in policies as the economy transitions to a less carbon-intensive environment, we face regulatory risk of increasing focus on our resilience to climate-related risks, including in the context of stress testing for various climate stress scenarios. Ongoing legislative or regulatory uncertainties and changes regarding climate risk management and practices may result in higher regulatory, compliance, credit and reputational risks and costs, and may subject us to different and potentially conflicting requirements.

**ITEM 1B.&nbsp;&nbsp;&nbsp;&nbsp;UNRESOLVED STAFF COMMENTS**

None.

**ITEM 1C. &nbsp;&nbsp;&nbsp;&nbsp;CYBERSECURITY**

*Risk Management and Strategy*

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The Company's information security program is designed to maintain the confidentiality, integrity, and availability for our systems and data, and we employ a holistic process for overseeing and managing cybersecurity and related risks. This process is integrated into our enterprise risk management framework and is supported by both management and our board of directors.

Our risk management program is designed to identify, assess, and mitigate risks across various aspects of our company, including financial, operational, regulatory, reputational, and legal. Cybersecurity is a critical component of this program, given the increasing reliance on technology and potential of cyber threats. Our Chief Information Security Officer ("CISO") is primarily responsible for this cybersecurity component and, as discussed below, periodically reports to the Information Technology/Cybersecurity Committee ("IT/Cybersecurity Committee") of our board of directors.

Our objective for managing cybersecurity risk is to prevent, detect, respond to, an recover from efforts to penetrate, disrupt, or misuse our systems or information. The structure of our information security program is aligned with the National Institute of Standards and Technology ("NIST") Cybersecurity Framework ("CSF"), applicable regulatory guidance, and other industry standards. This does not imply that we meet any particular technical standards, specifications, or requirements, but rather that we use the NIST CSF as a guide to help us identify, assess and manage cybersecurity risks relevant to our business. In addition, we leverage certain industry and government associations, third-party benchmarking, audits, and threat intelligence feeds to facilitate and promote program effectiveness. Our CISO and our Chief Information Officer ("CIO"), along with key members of their teams, regularly collaborate with peer banks, industry groups, law enforcement, and policymakers to discuss cybersecurity trends and issues and identify best practices. The information security program is periodically reviewed by such personnel with the goal of addressing changing threats and conditions.

We have established processes and systems designed to mitigate cyber risk, including regular and on-going education and training for employees, preparedness simulations and tabletop exercises, and recovery and resilience tests. We engage in regular assessments of our infrastructure, software systems, and network architecture, using internal cybersecurity experts and third-party specialists.

We engage qualified third parties, including independent assessors and external service providers, to support our cybersecurity and data privacy processes, including risk assessments, control validation, penetration testing, and program enhancements. These third parties provide security services, including regular reviews of our security environment to provide an independent, industry-recognized risk rating and internal audits of our technology and security controls. Further, we deploy technical safeguards designed to help protect our information systems from cybersecurity threats, including firewalls, multi-factor authentication, privileged access controls, endpoint detection and response solutions, logging, monitoring and alerting, email security, network security monitoring and access controls, which are evaluated and improved through vulnerability assessments and cybersecurity threat intelligence. Our third-party risk management program includes processes for identifying and managing material cybersecurity risks arising from third-party providers. The program is integrated into our enterprise-wide risk assessment process and reports relevant risks to the IT/Cybersecurity Committee of our board of directors. Furthermore, our third-party risk management program includes cybersecurity as an aspect of its risk assessment of third parties with the objective that key risks are identified and addressed. Moreover, the program also considers risks associated with certain fourth parties, entities that are partners or subcontractors of our direct third-party vendors, through assessments carried out internally and by our third-party service providers. This plan is tested periodically through tabletop exercises and simulations.

We maintain an Incident Response Plan that provides a documented framework for responding to actual or potential cybersecurity incidents, including timely notification of and escalation to the appropriate board-approved management committees, as discussed further below, and to the IT/Cybersecurity Committee of our board of directors. The Incident Response Plan is coordinated through the CISO and key members of management are embedded into the plan by its design. This plan facilitates coordination across multiple parts of our organization and is evaluated at least annually.

Lastly, we leverage internal and external auditors and independent external partners to periodically review our processes, systems, and controls, including with respect to our information security program, to assess their design and operating effectiveness and make recommendations to strengthen our risk management program.

*Governance*

Our CIO and CISO have extensive experience assessing and managing cybersecurity programs and cybersecurity risk. Our CIO and CISO have served in their positions since joining the Company in June, 2022 and January, 2022, respectively. Our CIO, who reports directly to the Chief Executive Officer, has 30 years of experience in various technology and security leadership positions across multiple industries including banking, insurance services, utilities, technology service providers, and as a member of the US Air Force. Prior to joining us, our CIO served as a CIO for multiple banks leading both technology and cybersecurity. Our CISO, reporting directly to the CIO, has over 35 years of experience in various technology and security leadership positions across multiple industries including banking, healthcare, automotive, mining, education, engineering, construction, and dairy product production.

Our board of directors has approved various management committees including the IT/Cybersecurity Committee, which provides oversight and governance of the technology program and the information security program, as well as oversight and governance of the Company's data and its storage. This committee is chaired by the CIO and includes various employees within the enterprise information security department, including the CISO, and other key departmental managers from throughout the entire company, including information technology, risk, compliance, operations and human resources/training. This committee generally meets quarterly to provide oversight of the risk management strategy, standards, policies, practices, controls, and mitigation and prevention efforts employed to manage security, data

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risks and incidents. The committee reports its findings to the management Enterprise Risk Committee. More frequent meetings occur from time to time in accordance with the Incident Response Plan to facilitate timely informing and monitoring efforts. The CISO reports on key issues, including significant cybersecurity and/or privacy incidents, discussed at management committee meetings and the actions taken in connection with those meetings to the IT/Cybersecurity Committee of the board of directors on a quarterly basis (or more frequently as may be required).

Our Board of Directors has ultimate oversight of cybersecurity risk, which it manages as part of our enterprise risk management program. That program is utilized in making decisions with respect to company priorities, resource allocations, and oversight structures. The IT/Cybersecurity Committee of the board of directors regularly reviews our cybersecurity program with management and reports to the Board of Directors. The IT/Cybersecurity Committee meets at least quarterly (or more frequently as may be required) and receives updates from the CISO on topics with respect to the cybersecurity program. The IT/Cybersecurity Committee reviews and approves our information security and technology strategies annually. Additionally, the Risk Committee of our board of directors reviews our cyber security risk profile on a quarterly basis. The management IT/Cybersecurity and Risk Committees each provide reports of their activities to the full board of directors at each board meeting in the event all board members are not present at the relevant board committee meetings.

*Cybersecurity Incidents*

In February 2023, we experienced a cyberattack that resulted in the temporary interruption of our systems, disclosure of certain confidential information, litigation and governmental inquiries, the consequences of which may be material. See "Item 1A. Risk Factors - We experienced a criminal cyberattack in February 2023, which resulted in the temporary interruption of our systems, disclosure of certain confidential information, litigation and governmental inquiries, all of which could damage our reputation or create additional financial and legal exposure.*"* in Item 1A. Risk Factors which is incorporated by reference into this Item 1C.

In addition, we have experienced unrelated incidents involving unauthorized access to certain confidential information and systems. Typically, these incidents have involved attempts to commit fraud by taking control of a customer's systems and/or emails, often by exploiting insider access or using compromised credentials. In other cases, the incidents have involved unauthorized access to certain of our customers' private information, including credit card information, financial data, social security numbers or passwords. Some of these incidents have occurred at third-party providers, including third parties who provide us with various systems and/or services. For example, in 2023, one of our third-party vendors experienced a cybersecurity incident due to a previously unknown (i.e., zero-day) vulnerability in a popular file sharing software the vendor used called MOVEit Transfer. To date, none of these incidents have materially affected or are reasonably likely to materially affect the Company or our financial position or results of operations.

Notwithstanding our defensive measures and processes, the threat posed by cyber-attacks is severe. Our internal systems, processes, and controls are designed to mitigate loss from cyberattacks. We continue to invest in the cybersecurity and resiliency of our networks and to enhance our internal controls and processes, which are designed to help protect our systems and infrastructure, and the information they contain. For more information regarding the risks we face from cybersecurity threats, see "Risks Related to Operations, Technology Systems, Accounting and Internal Controls" in Item 1A. Risk Factors which is incorporated by reference into this Item 1C.

**ITEM 2.&nbsp;&nbsp;&nbsp;&nbsp;PROPERTIES**

The Company is engaged in the banking business through 65 traditional branches, 3 in-store branches and 9 loan production offices in 32 counties throughout California including the counties of Butte, Colusa, Contra Costa, Del Norte, Fresno, Glenn, Humboldt, Kern, Lake, Los Angeles, Madera, Mendocino, Merced, Nevada, Orange, Placer, Sacramento, San Diego, San Francisco, San Mateo, Santa Clara, Shasta, Siskiyou, Sonoma, Stanislaus, Sutter, Tehama, Trinity, Tulare, Yolo and Yuba. All offices are constructed and equipped to meet prescribed security requirements.

As of December 31, 2025, the Company owned 31 branch office locations, two administrative buildings that include branch locations, and 7 other buildings that are used as either administrative, operational, or loan production offices. The Company leased 32 branch office locations, 3 in-store branch locations, and 9 loan production offices. Most of the leases contain multiple renewal options and provisions for rental increases, principally for changes in the cost of living index, property taxes and maintenance. All of the Company's existing facilities are considered to be adequate for the Company's present and future use. In the opinion of management, all properties are adequately covered by insurance. See "Note 7 – Premises and Equipment" to the consolidated financial statements at Part II, Item 8 of this report.

**ITEM 3.&nbsp;&nbsp;&nbsp;&nbsp;LEGAL PROCEEDINGS**

TriCo and its subsidiaries are routinely subject to actual or threatened legal proceedings, including litigation and regulatory matters, arising in the ordinary course of business. Litigation matters range from individual actions involving a single plaintiff to class action lawsuits and can involve claims for substantial or indeterminate alleged damages or for injunctive or other relief. See "Item 1A - Risk Factors" and "Item 1C - Cybersecurity" for a discussion of the Bank's cybersecurity attack in 2023. Neither the Company nor its subsidiaries are a party to any pending legal proceedings that are material, nor is their property the subject of any other material pending legal proceeding at this time. All other legal proceedings are routine and arise out of the ordinary course of the Company's business. None of those proceedings are currently expected to have a material adverse impact upon the Company's consolidated financial position, its operations in any material amount not already accrued, after taking into consideration any applicable insurance.

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**ITEM 4.&nbsp;&nbsp;&nbsp;&nbsp;MINE SAFETY DISCLOSURES**

Not applicable.

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**PART II**

**ITEM 5.&nbsp;&nbsp;&nbsp;&nbsp;MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES**

**Common Stock Market Prices and Dividends**

The Company's common stock is traded on the Nasdaq under the symbol "TCBK." As of February 24, 2026, there were approximately 1,573 shareholders of record of the Company's common stock. On February 27, 2026, the closing market price was $47.78 per share.

Information regarding restrictions on dividends, as required by this Item, is set forth in Item 1: "Business - Dividends, Distributions and Regulatory Matters" and in Note 26 - "Regulatory Matters" of the Notes to consolidated financial statements and incorporated into this Item by reference.

***TriCo Bancshares Stock Performance***

The following graph presents the cumulative total yearly shareholder return from investing $100 on December 31, 2020, in each of TriCo common stock, the Russell 3000 Index, and the S&P Western Bank Index. The S&P Western Bank Index includes banks located in California, Oregon, Washington, Montana, Hawaii and Alaska with market capitalization similar to that of TriCo's. The amounts shown assume that any dividends were reinvested.

![1179](tcbk-20251231_g2.jpg)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Period Ending** | **Period Ending** | **Period Ending** | **Period Ending** | **Period Ending** | **Period Ending** |
|<br>**Index** | **12/31/2020** | **12/31/2021** | **12/31/2022** | **12/31/2023** | **12/31/2024** | **12/31/2025** |
| TriCo Bancshares | 100.00 | 124.54 | 151.39 | 131.63 | 137.76 | 154.74 |
| Russell 3000 Index | 100.00 | 125.66 | 101.53 | 127.88 | 158.93 | 185.47 |
| S&P Western Bank Index | 100.00 | 154.19 | 119.66 | 118.94 | 165.75 | 213.10 |

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**ITEM 6.&nbsp;&nbsp;&nbsp;&nbsp;[RESERVED]**

**ITEM 7.&nbsp;&nbsp;&nbsp;&nbsp;MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**<u>Introduction</u>**

The following discussion and analysis is designed to provide a better understanding of the significant changes and trends related to the Company and the Bank's financial condition, operating results, asset and liability management, liquidity and capital resources and should be read in conjunction with the consolidated financial statements of the Company and the related notes at Part II, Item 8 of this report.

**<u>Financial Overview</u>**

In 2025, the Company reported net income of $121.6 million, a $6.7 million or 5.8% increase from the prior year. Earnings per share on a diluted basis for the year were $3.70, up 6.9% from the prior year. The current year net income was impacted by an increase in net interest income primarily associated with decreased interest expense and partially offset by an increase in provision for loan losses. In 2025, total interest expense was reported at $119.7 million, an decrease of $15.5 million or 11.4% from the prior year.

Net interest income on a fully tax equivalent (FTE) basis, a non-GAAP financial measure, was $351.9 million, an increase of $19.4 million, or 5.8%, from 2024. The increase in FTE net interest income reflects the $75.8 million, or 0.8%, increase in average earning assets and an 18 basis point increase in the FTE net interest margin to 3.89%. Average earning asset declines included a $226.1 million or 10.5% decrease in average securities, partially offset by an $166.3 million, or 2.5% increase in average loans and leases. The decrease in average securities was driven by the redeployment of liquidity from prepayments, maturities and sales into the pay down of borrowings and loan growth during 2025. The net interest margin expansion was driven by the declining rate environment and a liability sensitive balance sheet, resulting in a decrease in the cost of funds from both deposits and borrowings. This decrease in interest expense was supported by improved average balances on loans, flat yields on earnings assets and to a greater extent, by the continued balance sheet mix shift where liquidity from deposit growth and investment security principal repayments were utilized to pay down borrowings. Total average interest-bearing deposits was $5.7 billion and $5.4 billion during 2025 and 2024, respectively, while average other borrowings totaled $35.6 million and $294.3 million, respectively, during the same periods.

The provision for credit losses increased $5.4 million to $12.1 million, primarily due to growth in loan volume during 2025 and increased charge-offs, relative to the 2024 period with muted loan growth and less volatility within collateral values. The allowance for credit losses (ACL) was $125.8 million, or 1.77% of total loans and leases, at December 31, 2025, compared to $125.4 million, or 1.85% of total loans and leases, at December 31, 2024.

Noninterest income was $68.3 million, up $3.9 million, or 6.1%, from the prior year, while noninterest expenses of $241.0 million was up $6.9 million or 2.9%, from the prior year. The year over year changes in noninterest income reflected improved earnings on deposit accounts and other service fees, coupled with elevated earnings from asset management from continued growth in assets under management. The increase in noninterest expense meanwhile as compared to the trailing year is attributed primarily to a combination of routine merit increases, increased incentive compensation from elevated levels of both loan and deposit production, and targeted strategic hiring.

The tangible common equity to tangible assets ratio, a non-GAAP financial measure, was 10.71% at December 31, 2025, up 99 basis points from December 31, 2024, primarily due to an increase in tangible common equity related to the retention of 2025 earnings and a reduction in accumulated other comprehensive loss.

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**TRICO BANCSHARES**

Financial Summary

(In thousands, except per share amounts; unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Year ended December 31,** | 2025 | 2024 | 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | $470572 | $466638 | $438354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (119729) | (135204) | (81677) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income | 350843 | 331434 | 356677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | (12063) | (6632) | (23990) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noninterest income | 68338 | 64407 | 61400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noninterest expense | (240959) | (234105) | (233182) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 166159 | 155104 | 160905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | (44601) | (40236) | (43515) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $121558 | $114868 | $117390 |
| **Share Data** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings per share: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $3.72 | $3.47 | $3.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $3.70 | $3.46 | $3.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per share: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | $1.38 | $1.32 | $1.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Book value at period end | $41.07 | $37.03 | $34.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tangible book value at period end (2) | $31.52 | $27.60 | $25.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average common shares outstanding | 32673 | 33088 | 33261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average diluted common shares outstanding | 32855 | 33230 | 33355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding at period end | 32335 | 32970 | 33268 |
| **Financial Ratios** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the period: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return on average assets | 1.23% | 1.18% | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return on average equity | 9.45% | 9.57% | 10.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest margin(1) | 3.89% | 3.71% | 3.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Efficiency ratio | 57.48% | 59.14% | 55.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average equity to average assets | 13.06% | 12.30% | 11.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend payout ratio | 37.04% | 38.00% | 33.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At period end: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity to assets | 13.52% | 12.62% | 11.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capital to risk-weighted assets | 15.05% | 15.71% | 14.73% |
| **Balance Sheet Data** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | $1842417 | $2036610 | $2305882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | 7111087 | 6768523 | 6794470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 9822063 | 9673728 | 9910089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest bearing deposits | 2594032 | 2548613 | 2722689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 8263901 | 8087576 | 7834038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other borrowings | 11713 | 89610 | 632582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total junior subordinated debt | 41238 | 101191 | 101099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 1328001 | 1220907 | 1159682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total tangible equity (2) | $1019088 | $910033 | $844688 |

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(1)Fully taxable equivalent (FTE)

(2)Tangible equity is calculated by subtracting Goodwill and Other intangible assets from total shareholders' equity. Management believes that tangible equity is meaningful because it is a measure that the Company and investors commonly use to assess capital adequacy. Tangible book value is calculated by dividing tangible equity by shares outstanding at period end. See tables below for further details.

As TriCo Bancshares has not commenced any business operations independent of the Bank, the following discussion pertains primarily to the Bank. Average balances, including such balances used in calculating certain financial ratios, are generally comprised of average daily balances for the Company. Within Management's Discussion and Analysis of Financial Condition and Results of Operations, interest income and net interest income may be presented on a fully tax-equivalent (FTE) basis. The presentation of interest income and net interest income on a FTE basis is a common practice within the banking industry. Interest income and net interest income are shown on a non-FTE basis within Part II, Item 7 and Item 8 of this report, and a reconciliation of the FTE and non-FTE presentations is provided below in the discussion of net interest income.

In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this 10-K contains certain non-GAAP financial measures. Management has presented these non-GAAP financial measures because it believes that they provide useful and comparative information to assess trends in the Company's core operations reflected in the periods presented

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and facilitate the comparison of our performance with the performance of our peers. However, these non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP. Where applicable, comparable earnings information using GAAP financial measures is also presented. Because not all companies use the same calculations, our presentation may not be comparable to other similarly titled measures as calculated by other companies. For a reconciliation of these non-GAAP financial measures, see the tables below:

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| | | |
|:---|:---|:---|
| | Twelve months ended | Twelve months ended |
| (dollars in thousands) | December 31,<br>2025 | December 31,<br>2024 |
| **Net interest margin** |  |  |
| *Acquired loans discount accretion, net:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount (included in interest income) | $5153 | $4329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect on average loan yield | 0.08% | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect on net interest margin (FTE) | 0.06% | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest margin (FTE) | 3.89% | 3.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest margin less effect of acquired loan discount accretion (Non-GAAP) | 3.83% | 3.66% |

---

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| | | |
|:---|:---|:---|
| | Twelve months ended | Twelve months ended |
| (dollars in thousands) | December 31,<br>2025 | December 31,<br>2024 |
| **Pre-tax pre-provision return on average assets or equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (GAAP) | $121558 | $114868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclude provision for income taxes | 44601 | 40236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclude provision for credit losses | 12063 | 6632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income before income tax and provision expense (Non-GAAP) | $178222 | $161736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average assets (GAAP) | $9854786 | $9757326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average equity (GAAP) | $1286959 | $1200140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return on average assets (GAAP) | 1.23% | 1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-tax pre-provision return on average assets (Non-GAAP) | 1.81% | 1.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return on average equity (GAAP) | 9.45% | 9.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-tax pre-provision return on average equity (Non-GAAP) | 13.85% | 13.48% |

---

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| | | |
|:---|:---|:---|
| | Twelve months ended | Twelve months ended |
| (dollars in thousands) | December 31,<br>2025 | December 31,<br>2024 |
| **Return on tangible common equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average total shareholders' equity | $1286959 | $1200140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclude average goodwill | 304442 | 304442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclude average other intangibles | 5498 | 8592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average tangible common equity (Non-GAAP) | $977019 | $887106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (GAAP) | $121558 | $114868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclude amortization of intangible assets, net of tax effect | 1381 | 2900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tangible net income available to common shareholders (Non-GAAP) | $122939 | $117768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return on average equity | 9.45% | 9.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return on average tangible common equity (Non-GAAP) | 12.58% | 13.28% |

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| | | |
|:---|:---|:---|
| | As of | As of |
| (dollars in thousands) | December 31,<br>2025 | December 31,<br>2024 |
| **Tangible shareholders' equity to tangible assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders' equity (GAAP) | $1328001 | $1220907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclude goodwill and other intangible assets, net | 308913 | 310874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tangible shareholders' equity (Non-GAAP) | $1019088 | $910033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets (GAAP) | $9822063 | $9673728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclude goodwill and other intangible assets, net | 308913 | 310874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total tangible assets (Non-GAAP) | $9513150 | $9362854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders' equity to total assets (GAAP) | 13.52% | 12.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tangible shareholders' equity to tangible assets (Non-GAAP) | 10.71% | 9.72% |

---

---

| | | |
|:---|:---|:---|
| | As of | As of |
| (dollars in thousands) | December 31,<br>2025 | December 31,<br>2024 |
| **Tangible common shareholders' equity per share** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tangible shareholders' equity (Non-GAAP) | $1019088 | $910033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common shares outstanding at end of period | 32334974 | 32970425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common shareholders' equity (book value) per share (GAAP) | $41.07 | $37.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tangible common shareholders' equity (tangible book value) per share (Non-GAAP) | $31.52 | $27.60 |

---

**Critical Accounting Policies and Estimates**

In preparing the consolidated financial statements in accordance with generally accepted accounting principles in the United States of America (GAAP), management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. &nbsp;&nbsp;&nbsp;&nbsp;Our most significant accounting policies and estimates and their related application are discussed below.

*Allowance for Credit Losses*

Our ACL represents our current estimate of the lifetime credit losses expected from our loan and lease portfolio and our unfunded lending commitments. Management uses models that employ assumptions about current and future economic conditions throughout the contractual life of our loan portfolio. As part of our model risk oversight, we perform ongoing monitoring of model performance to assess modeling approaches and identify potential model enhancements, which may result in updates to our statistically based models from time-to-time. The impact from any refinement of estimates or changes to assumptions was insignificant to the financial statements during the current period. Ongoing oversight efforts include monitoring: CECL model outputs, loan portfolio risk ratings, economic conditions, loan concentrations and growth rates, past-due and non-performing trends, specific reserves for problem loans, and historical charge-off and recovery experience.

One of the key assumptions requiring significant judgment in the process is estimating the Company's ACL relates to macroeconomic forecasts that are incorporated into the loss models. As all economic outlooks are inherently uncertain, the Company utilizes various data points to better inform management's estimation of expected credit losses given observable and forecast changes in the economic environment and market conditions. These macroeconomic forecasts incorporate variables that have historically been key drivers of increases and decreases in credit losses. These variables include, but are not limited to: gross domestic product, unemployment rate, consumer price index, corporate interest rate spreads, and economic policy. Changes in the economic forecasts could significantly affect the estimated credit losses, which could potentially lead to materially different allowance levels from one reporting period to the next.

Certain loans are not included in pools of loans that are collectively evaluated. The segregation of these loans is based on the results from analysis of individually identified credits that meet management's criteria for individual evaluation. These loans are first reviewed individually to determine if such loans have a unique risk profile that would warrant individual evaluation. Loans where management has concluded that it is probable that the borrower will be unable to pay all amounts due under the original contractual terms are removed from the pools of loans collectively evaluated. They are then specifically reviewed and evaluated individually by management for loss potential by evaluating sources of repayment, including collateral as applicable, and a specified allowance for credit losses is established where necessary. By definition, any loan that management has placed on non-accrual is required to be individually evaluated, however, not all individually

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evaluated loans need to be placed on non-accrual.

Because current economic conditions and forecasts can change and determining the likelihood of future events make it inherently difficult to predict the amount of estimated credit losses on loans, management's determination of the appropriateness of the ACL, could change significantly. It is difficult to estimate how potential changes in any one economic factor or input might affect the overall allowance because a wide variety of factors and inputs are considered in estimating the allowance and changes in those factors and inputs considered may not occur at the same rate and may not be consistent across all product types. Additionally, changes in factors and inputs may move independently of one another, such that improvement in one or certain factors may offset deterioration in others. Thus, as a result of the significant size of the loan portfolio, the numerous assumptions in the model, and the high degree of potential change in such assumptions, there is a high degree of sensitivity to the reported amounts. The ACL is sensitive to changes in key assumptions, and changes in the economic forecasts, the forecast period, and other macroeconomic factors, such as those noted above, would all change the outcome of the quantitative components of the ACL. Those results would then need to be assessed from a qualitative perspective, potentially requiring further adjustments to the qualitative components to arrive at a reasonable and appropriate allowance for credit losses. Management believes that the ACL was adequate as of December 31, 2025.

*Other Accounting Policies and Estimates that are Not Considered Critical*

On an on-going basis, the Company evaluates its estimates, including those that may materially affect the financial statements and are related to investments, mortgage servicing rights, fair value measurements, retirement plans, intangible assets and the fair value of acquired assets and liabilities. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. The Company's policies related to these estimates can be found in Note 1 in the financial statements at Part II, Item 8 of this report.

**Geographical Descriptions**

For the purpose of describing the geographical location of the Company's operations, the Company has defined northern California as that area of California north of, and including, Stockton to the east and San Jose to the west; central California as that area of the state south of Stockton and San Jose, to and including, Bakersfield to the east and San Luis Obispo to the west; and southern California as that area of the state south of Bakersfield and San Luis Obispo.

**<u>Results of Operations</u>**

Average balances, including balances used in calculating certain financial ratios, are generally comprised of average daily balances for the Company. Within Management's Discussion and Analysis of Financial Condition and Results of Operations, certain performance measures including interest income, net interest income, net interest yield, and efficiency ratio are generally presented on a fully tax-equivalent (FTE) basis. The Company believes the use of these non-generally accepted accounting principles (non-GAAP) measures provides additional clarity in assessing its results.

**Net Interest Income**

Net interest income is our largest source of revenue and is the difference between the interest earned on interest-earning assets (generally loans, leases and investment securities) and the interest expense incurred in connection with interest-bearing liabilities (generally deposits and borrowed funds). The level of net interest income is primarily a function of the difference between the effective yield on our average interest-earning assets and the effective cost of our interest-bearing liabilities. These factors are influenced by the pricing and mix of interest-earning assets and interest-bearing liabilities which, in turn, are impacted by external factors such as local economic conditions, competition for loans and deposits, the monetary policy of the FRB and market interest rates. For further discussion, refer to "—Risk Factors – Risks Related to Interest Rates." Following is a summary of the Company's net interest income for the periods indicated (dollars in thousands):

**34** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

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| | | | |
|:---|:---|:---|:---|
| | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| | 2025 | 2024 | 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | $470572 | $466638 | $438354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (119729) | (135204) | (81677) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income (not FTE) | 350843 | 331434 | 356677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTE adjustment | 1050 | 1085 | 1536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income (FTE) | $351893 | $332519 | $358213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest margin (FTE) | 3.89% | 3.71% | 3.96% |
| Acquired loans discount accretion: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased loan discount accretion | $5153 | $4329 | $5651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect on average loan yield | 0.08% | 0.07% | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of purchased loan discount accretion on net interest margin (FTE) | 0.06% | 0.05% | 0.06% |

---

Net interest income (FTE) during the year ended December 31, 2025 increased $19.4 million or 5.8% to $351.9 million compared against $332.5 million during the year ended December 31, 2024. The increased amount of net interest income reflects the declining rate environment driving a decrease in the cost of funds from both deposits and borrowings, only slightly offset by modestly lower yields on loan and lease balances, and investment securities during 2025. Average loan balances increased by $166.3 million or 2.5% from December 31, 2024. Meanwhile, the yield on interest earning assets was 5.21% and 5.21% for the years ended December 31, 2025 and 2024, respectively. The unchanged earning asset yield was reflective of a 4 basis point decrease in total loan yields and a 3 basis point decrease in yield associated with total investment securities. Meanwhile, the costs of total interest bearing liabilities decreased 29 basis points to 2.04% during the year ended December 31, 2025, as compared to 2.33% for the year ended December 31, 2024. During the same period, costs associated with interest bearing deposits decreased by 12 basis points to 1.97% as compared to 2.09% in the prior year. The decrease in interest expense for the year ended December 31, 2025, as compared to the trailing year, was primarily due to the continued balance sheet mix shift where liquidity from deposit growth and investment security principal repayments were utilized to pay down borrowings.

Net interest income (FTE) during the year ended December 31, 2024 decreased $25.7 million or 7.2% to $332.5 million compared against $358.2 million during the year ended December 31, 2023. The decreased amount of net interest income reflects the higher rate environment driving an increase in the cost of funds from both deposits and borrowings, partially offset by improved yields on loan and lease balances, and investment securities during 2024. Average loan balances increased by $189.8 million or 2.9% from December 31, 2023. Meanwhile, the yield on interest earning assets was 5.21% and 4.87% for the years ended December 31, 2024 and 2023, respectively. This 34 basis point increase in total earning asset yield was attributable to a 35 basis point increase in total loan yields and a 7 basis point increase in yields on total investments. Of the 35 basis point increase in loan yields, 11 basis points was attributable to increased volume in average loans outstanding, and 26 basis points from elevated interest rates. There was a decline of 2 basis points attributed to the accretion of purchased loan fees. Meanwhile, the costs of total interest bearing liabilities increased 85 basis points to 2.33% during the year ended December 31, 2024, as compared to 1.48% for the year ended December 31, 2023. During the same period, costs associated with interest bearing deposits increased by 99 basis points to 2.09% as compared to 1.10% in the prior year. The increase in interest expense for the year ended December 31, 2024, as compared to the trailing year, was due to the increase in short term interest rates, as influenced by the FOMC actions, that began in 2023 and which remained elevated until late 2024.

For more information related to loan interest income, including loan purchase discount accretion, see the *Summary of Average Balances, Yields/Rates and Interest Differential*. The "Yield" and "Volume/Rate" tables shown below are useful in illustrating and quantifying the developments that affected net interest income during 2025 and 2024.

**Summary of Average Balances, Yields/Rates and Interest Differential – Yield Tables**

The following tables present, for the periods indicated, information regarding the Company's consolidated average assets, liabilities and shareholders' equity, the amounts of interest income from average earning assets and resulting yields, and the amount of interest expense paid on interest-bearing liabilities. Average loan balances include nonperforming loans. Interest income includes proceeds from loans on nonaccrual loans only to the extent cash payments have been received and applied to interest income. Yields on securities and certain loans have been adjusted upward to reflect the effect of income thereon exempt from federal income taxation at the statutory tax rate applicable during the period presented (dollars in thousands):

**35** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 |
| | Average<br>Balance | Interest<br>Income/<br>Expense | Rates<br>Earned<br>/Paid | Average<br>Balance | Interest<br>Income/<br>Expense | Rates<br>Earned<br>/Paid | Average<br>Balance | Interest<br>Income/<br>Expense | Rates<br>Earned<br>/Paid |
| Assets: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans | $6913337 | $397308 | 5.75% | $6747072 | $390491 | 5.79% | $6557246 | $356710 | 5.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities—taxable | 1787112 | 60398 | 3.38% | 2008823 | 68434 | 3.41% | 2272301 | 75203 | 3.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities—nontaxable (1) | 132154 | 4551 | 3.44% | 136530 | 4700 | 3.44% | 181766 | 6656 | 3.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | 1919266 | 64949 | 3.38% | 2145353 | 73134 | 3.41% | 2454067 | 81859 | 3.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash at Federal Reserve and other banks | 216083 | 9365 | 4.33% | 80439 | 4098 | 5.09% | 26469 | 1321 | 4.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 9048686 | 471622 | 5.21% | 8972864 | 467723 | 5.21% | 9037782 | 439890 | 4.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 806100 |  |  | 784462 |  |  | 832407 |  |  |
| Total assets | $9854786 |  |  | $9757326 |  |  | $9870189 |  |  |
| Liabilities and shareholders' equity: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing demand deposits | $1829324 | $25212 | 1.38% | $1734900 | $22998 | 1.33% | $1709930 | $11190 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings deposits | 2808876 | 49060 | 1.75% | 2677726 | 49028 | 1.83% | 2805424 | 31444 | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time deposits | 1106959 | 39033 | 3.53% | 999143 | 41100 | 4.11% | 473688 | 12453 | 2.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 5745159 | 113305 | 1.97% | 5411769 | 113126 | 2.09% | 4989042 | 55087 | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other borrowings | 35585 | 1065 | 2.99% | 294318 | 14706 | 5.00% | 430736 | 19712 | 4.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Junior subordinated debt | 78604 | 5359 | 6.82% | 101139 | 7372 | 7.29% | 101064 | 6878 | 6.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 5859348 | 119729 | 2.04% | 5807226 | 135204 | 2.33% | 5520842 | 81677 | 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing deposits | 2544718 |  |  | 2584904 |  |  | 3068839 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 163761 |  |  | 165056 |  |  | 178072 |  |  |
| Shareholders' equity | 1286959 |  |  | 1200140 |  |  | 1102436 |  |  |
| Total liabilities and shareholders' equity | $9854786 |  |  | $9757326 |  |  | $9870189 |  |  |
| Net interest spread (2) |  |  | 3.17% |  |  | 2.88% |  |  | 3.39% |
| Net interest income and interest margin (3) |  | $351893 | 3.89% |  | $332519 | 3.71% |  | $358213 | 3.96% |

---

(1)The fully-taxable equivalent (FTE) adjustment for interest income of non-taxable investment securities was $1.1 million, $1.1 million, and $1.5 million for the years ended December 31, 2025, 2024 and 2023, respectively.

(2)Net interest spread represents the average yield earned on interest-earning assets less the average rate paid on interest-bearing liabilities.

(3)Net interest margin is computed by dividing net interest income by total average earning assets.

**36** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

**Summary of Changes in Interest Income and Expense due to Changes in Average Asset and Liability Balances and Yields Earned and Rates Paid – Volume/Rate Tables**

The following table sets forth a summary of the changes in the Company's interest income and interest expense from changes in average asset and liability balances (volume) and changes in average interest rates for the periods indicated. Changes applicable to both rate and volume have been included in the rate variance. Amounts are calculated on a fully taxable equivalent basis:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | 2025 over 2024 | 2025 over 2024 | 2025 over 2024 | 2024 over 2023 | 2024 over 2023 | 2024 over 2023 |
| | Volume | Rate | Total | Volume | Rate | Total |
| Increase (decrease) in interest income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans | $9627 | $(2810) | $6817 | $10327 | $23454 | $33781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities | (7711) | (474) | (8185) | (10298) | 1573 | (8725) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash at Federal Reserve and other banks | 6904 | (1637) | 5267 | 2694 | 83 | 2777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 8820 | (4921) | 3899 | 2723 | 25110 | 27833 |
| Increase (decrease) in interest expense: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing demand deposits | 1256 | 958 | 2214 | 163 | 11645 | 11808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings deposits | 2400 | (2368) | 32 | (1431) | 19015 | 17584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time deposits | 4431 | (6498) | (2067) | 13814 | 14833 | 28647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other borrowings | (12937) | (704) | (13641) | (6243) | 1237 | (5006) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Junior subordinated debt | (1643) | (370) | (2013) | 5 | 489 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | (6493) | (8982) | (15475) | 6308 | 47219 | 53527 |
| Increase (decrease) in net interest income | $15313 | $4061 | $19374 | $(3585) | $(22109) | $(25694) |

---

**Year Over Year Balance Sheet Change**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Ending balances | As of December 31, | As of December 31, |  | <br> % Change |
| ($'s in thousands) | 2025 | 2024 | $ Change | <br> % Change |
| Total assets | $9822063 | $9673728 | $148335 | 1.5% |
| Total loans | 7111087 | 6768523 | 342564 | 5.1% |
| Total investments | 1842417 | 2036610 | (194193) | (9.5)% |
| Total deposits | 8263901 | 8087576 | 176325 | 2.2% |
| Total other borrowings | 11713 | 89610 | (77897) | (86.9)% |

---

Balance sheet mix shift where liquidity from deposit growth and investment security principal repayments and sales were utilized to pay down borrowings and benefit net interest income and net interest margin during the year ended 2025. More specifically, deposit increases of $176.3 million and principal, maturities, repayment and sales on investment securities of $194.2 million, facilitated a $77.9 million reduction in higher cost balances of other borrowings and an increase of $342.6 million in loans.

**Provision for Credit Losses**

The provision for credit losses during any period is the sum of the allowance for credit losses required at the end of the period and any net charge-offs during the period, less the allowance for credit losses required at the beginning of the period, and less any recoveries during the period. See the Tables labeled *"Allowance for Credit Losses – December 31, 2025 and 2024"* at Note 5 in Item 8 of Part II of this report for the components that make up the provision for credit losses for the years ended December 31, 2025 and 2024.

The Company recorded a provision for credit losses of $12.1 million during the year ended December 31, 2025, versus $6.6 million during the trailing year end. The increase in required provisioning during 2025 was largely attributed to loan growth and elevated charge-offs, relative to the 2024 period with muted loan growth and less volatility within collateral values.

The Company recorded a provision for credit losses of $6.6 million during the year ended December 31, 2024, versus $24.0 million during the trailing year end. The decrease in required provisioning during 2024 was largely attributed to muted loan growth and less change in qualitative reserves driven by more stability in CA unemployment trends and Corporate BBB bond yields, as compared to the trailing year.

Net charge-offs for the year ended December 31, 2025 totaled $9.9 million, as compared to net charge-offs of $2.6 million for the year ended December 31, 2024. Total nonperforming loans increased by 25 basis points to 0.90% of total loans at December 31, 2025 from 0.65% of total loans at December 31, 2024. For further details of the change in nonperforming loans during the period ended December 31, 2025 see the Tables, and associated narratives, labeled *"Changes in nonperforming assets during the year ended December 31, 2025"* and *"Changes in nonperforming assets during the three months ended December 31, 2025"* under the heading *"Asset Quality and Non-Performing Assets*" below.

**37** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

The following table summarizes the components of the provision for credit losses during the periods indicated (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| (dollars in thousands) | 2025 | 2024 | 2023 |
| Provision for allowance for credit losses | $10318 | $6482 | $22455 |
| Change in reserve for unfunded loan commitments | 1745 | 150 | 1535 |
| Total provision for credit losses | $12063 | $6632 | $23990 |

---

The provision for credit losses is based on management's evaluation of inherent risks in the loan portfolio and a corresponding analysis of the allowance for credit losses. Additional discussion on loan quality, our procedures to identify individually evaluation loans and the related reserves, if any, and the allowance for credit losses is provided under the heading *"Asset Quality and Non-Performing Assets*" below.

**Non-interest Income**

The following table summarizes the Company's non-interest income for the periods indicated (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| | 2025 | 2024 | 2023 |
| ATM and interchange fees | $25541 | $25319 | $26459 |
| Service charges on deposit accounts | 20967 | 19451 | 17595 |
| Other service fees | 5761 | 5301 | 4732 |
| Mortgage banking service fees | 1736 | 1739 | 1808 |
| Change in value of mortgage loan servicing rights | (560) | (480) | (506) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total service charges and fees | 53445 | 51330 | 50088 |
| Increase in cash value of life insurance | 3395 | 3257 | 3150 |
| Asset management and commission income | 7025 | 5573 | 4517 |
| Gain on sale of loans | 1606 | 1532 | 1166 |
| Lease brokerage income | 224 | 455 | 441 |
| Sale of customer checks | 1300 | 1216 | 1383 |
| (Loss) gain on sale or exchange of investment securities | (3247) | (43) | (284) |
| (Loss) gain on marketable equity securities | 84 | 126 | 36 |
| Other income | 4506 | 961 | 903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other non-interest income | 14893 | 13077 | 11312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | $68338 | $64407 | $61400 |

---

Non-interest income increased $3.9 million or 6.1% to $68.3 million during the twelve months ended December 31, 2025, compared to $64.4 million during the comparative twelve months ended December 31, 2024. Increased balances and transaction volume associated with assets under management drove an increase of $1.5 million in related fees, while increased customer usage activities contributed to an increase in service charges and customer fees $1.5 million in the current year as compared to 2024. During 2025, other income increased by $3.5 million due to $2.5 million gain on early extinguishment of subordinated debt, in addition to $1.2 million gain on life insurance benefits during the first quarter. As a partial offset, the Company incurred losses on the sale of investment securities totaling approximately $3.2 million, generating proceeds of $79.2 million.

Non-interest income increased $3.0 million or 4.9% to $64.4 million during the twelve months ended December 31, 2024, compared to $61.4 million during the comparative twelve months ended December 31, 2023. ATM and interchange fees declined in the 2024 period and resulted in a decrease of $1.1 million as compared to the twelve months ended December 31, 2023. Meanwhile, service charges on deposit accounts and other service fees increased by $1.9 million and $0.6 million, respectively, as compared to the equivalent period in 2023 following $0.9 million in waived or reversed fees as a courtesy to customers in the prior year. Elevated activity within asset management and the increases in value of Visa equity securities further contributed to the overall improvement in income during the year ended 2024.

**38** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

**Non-interest Expense**

The following table summarizes the Company's other non-interest expense for the periods indicated (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| | 2025 | 2024 | 2023 |
| Base salaries, net of deferred loan origination costs | $101546 | $96862 | $94564 |
| Incentive compensation | 20614 | 16897 | 15557 |
| Benefits and other compensation costs | 27611 | 26822 | 25674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total salaries and benefits expense | 149771 | 140581 | 135795 |
| Occupancy | 17180 | 16411 | 16135 |
| Data processing and software | 20218 | 20952 | 18933 |
| Equipment | 5159 | 5424 | 5644 |
| Intangible amortization | 1961 | 4120 | 6118 |
| Advertising | 3433 | 3851 | 3531 |
| ATM and POS network charges | 7586 | 7151 | 7080 |
| Professional fees | 6402 | 6794 | 7358 |
| Telecommunications | 1980 | 2053 | 2547 |
| Regulatory assessments and insurance | 5181 | 4951 | 5276 |
| Merger and acquisition expenses |  |  |  |
| Postage | 1440 | 1329 | 1236 |
| Operational losses | 1651 | 1681 | 2444 |
| Courier service | 2184 | 2119 | 1851 |
| (Gain) loss on sale or acquisition of foreclosed assets | 254 | (73) | (133) |
| (Gain) loss on disposal of fixed assets | 117 | 19 | 23 |
| Other miscellaneous expense | 16442 | 16742 | 19344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other non-interest expense | 91188 | 93524 | 97387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expense | $240959 | $234105 | $233182 |
| Average full-time equivalent staff | 1164 | 1170 | 1214 |

---

Non-interest expense increased $6.9 million or 2.9% to $241.0 million during the twelve months ended December 31, 2025, as compared to $234.1 million for the twelve months ended December 31, 2024. The largest component was salaries and benefits expense which increased $9.2 million or 6.5% to $149.8 million as compared to 2024, attributed to a combination of routine merit increases, increased incentive compensation from elevated levels of both loan and deposit production, and targeted strategic hiring. Other non-interest expense line items evidenced broad based but incremental decreases, driving a net decrease of $2.3 million year over year. For the year ending 2026, Management anticipates that total non-interest expenses will increase by approximately 5% as compared to the 2.9% increase experienced in the 2025 year.

Total non-interest expense increased $0.9 million or 0.4% to $234.1 million during the year ended December 31, 2024, as compared to $233.1 million for the comparative period in 2023. This was largely attributed to an increase of $4.8 million or 3.5% in total salaries and benefits expense to $140.6 million, from routine compensation adjustments and other increases in benefits and compensation. As noted above, salaries expense was also impacted by an increase in average compensation per employee as various strategic talent acquisitions were made in order to further prepare the Company to execute its growth objectives beyond $10 billion in total assets. Additionally, data processing and software expenses increased by $2.0 million or 10.7% related to ongoing investments in the Company's data management and security infrastructure. These increases were partially offset by declines in non-cash intangible amortization expense of $2.0 million or 32.7% and reductions in operational losses of $0.8 million or 31.2% due to ATM burglary expenses totaling $0.7 million in the comparative period.

**39** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

The provisions for income taxes applicable to income before taxes for the years ended December 31, 2025, 2024, and 2023 differ from amounts computed by applying the statutory Federal income tax rates to income before taxes. The effective tax rate and the statutory federal income tax rate are reconciled as follows:

---

| | | | |
|:---|:---|:---|:---|
| | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| | 2025 | 2024 | 2023 |
| Federal statutory income tax rate | 21.0% | 21.0% | 21.0% |
| State income taxes, net of federal tax benefit | 6.6 | 7.9 | 7.9 |
| Tax-exempt interest on municipal obligations | (0.6) | (0.5) | (0.7) |
| Tax-exempt life insurance related income | (0.6) | (0.4) | (0.4) |
| Low income housing and other tax credits | (8.7) | (7.9) | (6.6) |
| Low income housing tax credit amortization | 7.8 | 6.9 | 5.6 |
| Compensation and benefits | 0.4 | 0.1 | 0.3 |
| Non-deductible merger expenses |  |  |  |
| Other | 0.9 | (1.2) | (0.1) |
| Effective Tax Rate | 26.8% | 25.9% | 27.0% |

---

The effective tax rate on income was 26.8%, 25.9%, and 27.0% in 2025, 2024, and 2023, respectively. The effective tax rate was greater than the Federal statutory rates of 21% due to the addition of state tax expenses of 6.6%. The impact of Federal and state tax expenses were partially offset by Federal tax-exempt interest income of $5.0 million, $4.4 million, and $5.6 million, respectively, Federal and State tax-exempt income of $4.6 million, $3.3 million, and $3.1 million, respectively, from increase in cash value and gain on death benefit of life insurance, and low income housing tax credits and losses, net of amortization of $3.5 million, $3.0 million, and $1.9 million, respectively. The low-income housing tax credits and the equity compensation excess tax benefits represent direct reductions in tax expense. The items noted above resulted in an effective combined Federal and State income tax rate that differed from the combined Federal and State statutory income tax rate of approximately 29.6% during the three years ended 2025, 2024, and 2023.

**<u>Financial Condition</u>**

**Restricted Equity Securities**

Restricted equity securities were $17.3 million at December 31, 2025 and 2024 . The entire balance of restricted equity securities at December 31, 2025 and 2024 represents the Bank's investment in the Federal Home Loan Bank of San Francisco ("FHLB").

FHLB stock is carried at par and does not have a readily determinable fair value. While technically these are considered equity securities, there is no market for the FHLB stock. Therefore, the shares are considered as restricted investment securities. Management periodically evaluates FHLB stock for other-than-temporary impairment. Management's determination of whether these investments are impaired is based on its assessment of the ultimate recoverability of cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of cost is influenced by criteria such as (1) the significance of any decline in net assets of the FHLB as compared to the capital stock amount for the FHLB and the length of time this situation has persisted, (2) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB, (3) the impact of legislative and regulatory changes on institutions and, accordingly, the customer base of the FHLB, and (4) the liquidity position of the FHLB.

As a member of the FHLB system, the Bank is required to maintain a minimum level of investment in FHLB stock based on specific percentages of its outstanding mortgages, total assets, or FHLB advances. The Bank may request redemption at par value of any stock in excess of the minimum required investment. Stock redemptions are at the discretion of the FHLB.

**Loans**

The Bank concentrates its lending activities in four principal areas: real estate mortgage loans (residential and commercial loans), consumer loans, commercial loans (including agricultural loans), and real estate construction loans. The interest rates charged for the loans made by the Bank vary with the degree of risk, the size and maturity of the loans, the borrower's relationship with the Bank and prevailing money market rates indicative of the Bank's cost of funds.

The majority of the Bank's loans are direct loans made to individuals, farmers and local businesses. The Bank relies substantially on local promotional activity and personal contacts by bank officers, directors and employees to compete with other financial institutions. The Bank makes loans to borrowers whose applications include a sound purpose, a viable repayment source and a plan of repayment established at inception and generally backed by a secondary source of repayment.

**40** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

**Loan Portfolio Composition**

The following table shows the Company's loan balances, including net deferred loan fees, at the dates indicated:

---

| | | | |
|:---|:---|:---|:---|
| | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| (dollars in thousands) | 2025 | 2024 | 2023 |
| Commercial real estate | 4853762 | $4577632 | $4394802 |
| Consumer | 1314610 | 1281059 | 1313268 |
| Commercial and industrial | 464428 | 471271 | 586455 |
| Construction | 301045 | 279933 | 347198 |
| Agriculture production | 172494 | 151822 | 144497 |
| Leases | 4748 | 6806 | 8250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | $7111087 | $6768523 | $6794470 |
| Allowance for credit losses | $(125762) | $(125366) | $(121522) |

---

The Company did not have any significant loan purchases during 2025, 2024 and 2023.

The following table shows the Company's loan balances, including net deferred loan fees, as a percentage of total loans at the dates indicated:

---

| | | | |
|:---|:---|:---|:---|
| | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| (dollars in thousands) | 2025 | 2024 | 2023 |
| Commercial real estate | 68.3% | 67.6% | 64.7% |
| Consumer | 18.5% | 18.9% | 19.3% |
| Commercial and industrial | 6.5% | 7.1% | 8.7% |
| Construction | 4.2% | 4.1% | 5.1% |
| Agriculture production | 2.4% | 2.2% | 2.1% |
| Leases | 0.1% | 0.1% | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | 100.0% | 100.0% | 100.0% |
| Allowance for credit losses | 1.77% | 1.85% | 1.79% |

---

At December 31, 2025, loans including net deferred loan fees, totaled $7.1 billion which was a 5.1% or $342.6 million increase over the balance at the end of December 31, 2024. At December 31, 2024, loans including net deferred loan fees, totaled $6.8 billion, which was a 0.4% or $25.9 million decrease over the balance at the end of December 31, 2023.

From time to time the Bank may be presented with the opportunity to purchase individual or pools of loans in whole or in part outside of a transaction that would be considered a business combination. As of December 31, 2025 and 2024, the outstanding carrying value of purchased loans that were not acquired in a business combination totaled $158.9 million and $155.6 million, respectively.

**Asset Quality and Nonperforming Assets**

**Nonperforming Assets**

The following tables set forth the amount of the Bank's nonperforming assets as of the dates indicated. "Performing non-accrual loans" are loans that may be current for both principal and interest payments, or are less than 90 days past due, but for which payment in full of both principal and interest is not expected, and are not well secured and in the process of collection:

**41** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | December 31, | December 31, | December 31, | December 31, | December 31, |
| (dollars in thousands) | 2025 | 2024 | 2023 | 2022 | 2021 |
| Performing nonaccrual loans | $40762 | $19543 | $25380 | $19543 | $27713 |
| Nonperforming nonaccrual loans | 23374 | 24493 | 6500 | 1770 | 2637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonaccrual loans | 64136 | 44036 | 31880 | 21313 | 30350 |
| Loans 90 days past due and still accruing | 83 | 60 | 10 | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming loans | 64219 | 44096 | 31890 | 21321 | 30350 |
| Foreclosed assets | 6245 | 2786 | 2705 | 3439 | 2594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming assets | $70464 | $46882 | $34595 | $24760 | $32944 |
| U.S. government, including its agencies and its government-sponsored agencies, guaranteed portion of nonperforming loans | $— | $819 | $877 | $225 | $756 |
| Nonperforming assets to total assets | 0.72% | 0.48% | 0.35% | 0.25% | 0.38% |
| Nonperforming loans to total loans | 0.90% | 0.65% | 0.47% | 0.33% | 0.61% |
| Allowance for credit losses to nonperforming loans | 196% | 284% | 381% | 516% | 281% |

---

**Changes in nonperforming assets during the year ended December 31, 2025**

The following table shows the activity in the balance of nonperforming assets for the year ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in thousands) | Balance at December 31, 2024 | Additions | Advances/<br>Paydowns, net | Charge-offs/<br>Write-downs | Transfers to<br>Foreclosed<br>Assets | Balance at December 31, 2025 |
| Commercial real estate: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CRE non-owner occupied | $3017 | $5068 | $(996) | $— | $— | $7089 |
| &nbsp;&nbsp;&nbsp;&nbsp;CRE owner occupied | 3874 | 9725 | (5866) |  |  | 7733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multifamily | 480 |  | (45) |  |  | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Farmland | 16195 | 23994 | (1846) | (1053) | (5675) | 31615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate loans | 23566 | 38787 | (8753) | (1053) | (5675) | 46872 |
| Consumer: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR 1-4 1st DT | 5979 | 2546 | (2104) |  | (175) | 6246 |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR HELOCs and junior liens | 3868 | 3276 | (1670) |  |  | 5474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 204 | 539 | (109) | (175) |  | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer loans | 10051 | 6361 | (3883) | (175) | (175) | 12179 |
| Commercial and industrial | 9765 | 4792 | (1205) | (9339) |  | 4013 |
| Construction | 57 | 2163 | (1111) |  | (459) | 650 |
| Agriculture production | 657 | 3276 | (3417) | (11) |  | 505 |
| Leases |  |  |  |  |  |  |
| Total nonperforming loans | 44096 | 55379 | (18369) | (10578) | (6309) | 64219 |
| Foreclosed assets | 2786 |  | (2848) | (2) | 6309 | 6245 |
| Total nonperforming assets | $46882 | $55379 | $(21217) | $(10580) | $— | $70464 |

---

The table above does not include deposit overdraft charge-offs.

Nonperforming assets increased by $23.6 million or 50.3% to $70.5 million at December 31, 2025 from $46.9 million at December 31, 2024. The increase in nonperforming assets during 2025 was primarily the result of additions of nonperforming loans totaling $55.4 million, primarily consisting of farmland, partially offset by net paydowns, sales or upgrades of nonperforming loans to performing status totaling $18.4 million, and net charge-offs of $10.6 million.

**42** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

**Changes in nonperforming assets during the year ended December 31, 2024**

The following table shows the activity in the balance of nonperforming assets for the year ended December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in thousands) | Balance at December 31, 2023 | Additions | Advances/<br>Paydowns, net | Charge-offs/<br>Write-downs | Transfers to<br>Foreclosed<br>Assets | Balance at December 31, 2024 |
| Commercial real estate: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CRE non-owner occupied | $2024 | $4211 | $(3218) | $— | $— | $3017 |
| &nbsp;&nbsp;&nbsp;&nbsp;CRE owner occupied | 3994 | 774 | (894) |  |  | 3874 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multifamily |  | 502 | (22) |  |  | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Farmland | 14484 | 3712 | (2001) |  |  | 16195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate loans | 20502 | 9199 | (6135) |  |  | 23566 |
| Consumer: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR 1-4 1st DT | 2811 | 4060 | (641) | (26) | (225) | 5979 |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR HELOCs and junior liens | 3571 | 2138 | (1801) | (40) |  | 3868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 105 | 511 | (43) | (369) |  | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer loans | 6487 | 6709 | (2485) | (435) | (225) | 10051 |
| Commercial and industrial | 2513 | 11017 | (1978) | (1787) |  | 9765 |
| Construction | 67 | 9 | (7) |  | (12) | 57 |
| Agriculture production | 2321 | 692 | (906) | (1450) |  | 657 |
| Leases |  |  |  |  |  |  |
| Total nonperforming loans | 31890 | 27626 | (11511) | (3672) | (237) | 44096 |
| Foreclosed assets | 2705 | 423 | (395) | (184) | 237 | 2786 |
| Total nonperforming assets | $34595 | $28049 | $(11906) | $(3856) | $— | $46882 |

---

The table above does not include deposit overdraft charge-offs.

Nonperforming assets increased by $12.3 million or 35.5% to $46.9 million at December 31, 2024 from $34.6 million at December 31, 2023. The increase in nonperforming assets during 2024 was the result of $27.6 million of additions to non-performing loans, which was partially offset by net paydowns, sales or upgrades of nonperforming loans to performing status totaling $11.5 million and net charge-offs of $3.7 million.

**43** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

**Changes in nonperforming assets during the three months ended December 31, 2025**

The following table shows the activity in the balance of nonperforming assets for the quarter ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in thousands) | Balance at September 30, 2025 | Additions | Advances/<br>Paydowns, net | Charge-offs/<br>Write-downs (1) | Transfers to<br>Foreclosed<br>Assets | Balance at December 31, 2025 |
| Commercial real estate: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CRE non-owner occupied | $5246 | $2678 | $(835) | $— | $— | $7089 |
| &nbsp;&nbsp;&nbsp;&nbsp;CRE owner occupied | 6506 | 1432 | (205) |  |  | 7733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multifamily | 446 |  | (11) |  |  | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Farmland | 36291 | 406 | (1101) | (1053) | (2928) | 31615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate loans | 48489 | 4516 | (2152) | (1053) | (2928) | 46872 |
| Consumer: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR 1-4 1st DT | 6302 | 1153 | (1034) |  | (175) | 6246 |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR HELOCs and junior liens | 5784 | 315 | (625) |  |  | 5474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 421 | 112 | (7) | (67) |  | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer loans | 12507 | 1580 | (1666) | (67) | (175) | 12179 |
| Commercial and industrial | 1840 | 2926 | (651) | (102) |  | 4013 |
| Construction | 2138 | 74 | (1103) |  | (459) | 650 |
| Agriculture production | 673 | 45 | (213) |  |  | 505 |
| Leases |  |  |  |  |  |  |
| Total nonperforming loans | 65647 | 9141 | (5785) | (1222) | (3562) | 64219 |
| Foreclosed assets | 5430 |  | (2747) |  | 3562 | 6245 |
| Total nonperforming assets | $71077 | $9141 | $(8532) | $(1222) | $— | $70464 |

---

(1) Charge-offs and write-downs exclude deposit overdraft charge-offs.

Nonperforming assets decreased during the fourth quarter by $0.6 million or 0.9% to $70.5 million at December 31, 2025 compared to $71.1 million at September 30, 2025. The decrease in nonperforming assets during the fourth quarter of 2025 was the result of new nonperforming loans of $9.1 million, that were collectively offset by net paydowns, sales or upgrades of nonperforming loans to performing status totaling $5.8 million, and net charge-offs of $1.2 million in non-performing loans.

**44** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

**Changes in nonperforming assets during the three months ended December 31, 2024**

The following table shows the activity in the balance of nonperforming assets for the quarter ended December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in thousands) | Balance at September 30, 2024 | Additions | Advances/<br>Paydowns, net | Charge-offs/<br>Write-downs (1) | Transfers to<br>Foreclosed<br>Assets | Balance at December 31, 2024 |
| Commercial real estate: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CRE non-owner occupied | $3623 | $— | $(606) | $— | $— | $3017 |
| &nbsp;&nbsp;&nbsp;&nbsp;CRE owner occupied | 3278 | 748 | (152) |  |  | 3874 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multifamily | 502 |  | (22) |  |  | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Farmland | 12967 | 3712 | (484) |  |  | 16195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate loans | 20370 | 4460 | (1264) |  |  | 23566 |
| Consumer: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR 1-4 1st DT | 5997 | 413 | (206) |  | (225) | 5979 |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR HELOCs and junior liens | 4238 | 336 | (706) |  |  | 3868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 117 | 203 | (8) | (108) |  | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer loans | 10352 | 952 | (920) | (108) | (225) | 10051 |
| Commercial and industrial | 10642 | 410 | (774) | (513) |  | 9765 |
| Construction | 59 |  | (2) |  |  | 57 |
| Agriculture production | 213 | 475 | (31) |  |  | 657 |
| Leases |  |  |  |  |  |  |
| Total nonperforming loans | 41636 | 6297 | (2991) | (621) | (225) | 44096 |
| Foreclosed assets | 2764 | (19) |  |  | 225 | 2786 |
| Total nonperforming assets | $44400 | $6278 | $(2991) | $(805) | $— | $46882 |

---

(1) Charge-offs and write-downs exclude deposit overdraft charge-offs.

Nonperforming assets increased during the fourth quarter of 2024 by $2.5 million or 5.6% to $46.9 million at December 31, 2024 compared to $44.4 million at September 30, 2024. The increase in nonperforming assets during the fourth quarter of 2024 was the result of new nonperforming loans of $6.3 million, that were partially offset by net paydowns, sales or upgrades of nonperforming loans to performing status totaling $3.0 million, and net charge-offs of $0.6 million in non-performing loans.

**Allowance for Credit Losses - Investment Securities**

The Company evaluates available for sale debt securities in an unrealized loss position to determine whether the decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or noncredit-related factors. Any impairment that is not credit related is recognized in other comprehensive income, net of applicable taxes. Credit-related impairment is recognized as an allowance for credit losses on the balance sheet, limited to the amount by which the amortized cost basis exceeds the fair value, with a corresponding adjustment to earnings. Both the allowance for credit losses and the adjustment to net income may be reversed if conditions change. However, if the Company intends to sell an impaired available for sale debt security or more likely than not will be required to sell such a security before recovering its amortized cost basis, the entire impairment amount is recognized in earnings with a corresponding adjustment to the security's amortized cost basis. During the years ended December 31, 2025 and 2024, no allowance for credit losses nor impairment recognized in earnings related to available for sale investment securities was recorded.

**Allowance for Credit Losses - Held to Maturity Investment Securities**

In addition to credit losses associated with the Company's loan portfolio, the CECL standard requires that loss estimates be developed for securities classified as held-to-maturity (HTM). As of December 31, 2025, the Company's HTM investment portfolio had a carrying value of approximately $90.5 million and was comprised of $89.0 million in obligations backed by U.S. government agencies and $1.6 million in obligations of states and political subdivisions. As the 98.3% of the HTM portfolio consisted of investment securities where payment performance has an implicit or explicit guarantee from the U.S. government and where no history of credit losses exist, management believes that indicators for zero loss are present and therefore, no loss reserves were recognized in conjunction with the adoption of the CECL standard. Further, management separately evaluated its HTM investment securities from obligations of state and political subdivisions utilizing the historical loss data represented by similar securities over a period of time spanning nearly 50 years. Based on this evaluation, management determined that the expected credit losses associated with these securities is less than significant for financial reporting purposes. Therefore, as of and during the years ended December 31, 2025, 2024, and 2023, no allowance for credit losses related to HTM securities was recorded.

**45** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

**Allowance for Credit Losses - Unfunded Commitments**

The estimated credit losses associated with these unfunded lending commitments is calculated using the same models and methodologies for loans but also incorporates utilization assumptions at the estimated time of default based on a historical utilization rate for each segment. While the provision for credit losses associated with unfunded commitments is included in "provision for (benefit from) credit losses" on the consolidated statement of income, the reserve for unfunded commitments is maintained on the consolidated balance sheet in other liabilities.

**The Components of the Allowance for Credit Losses**

The following table summarizes the allocation of the allowance for credit losses between loan types:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | December 31, | December 31, | December 31, | December 31, | December 31, |
| (in thousands) | 2025 | 2024 | 2023 | 2022 | 2021 |
| Commercial real estate | $75532 | $72849 | $68864 | $61381 | $51140 |
| Consumer | 26283 | 27463 | 27453 | 24639 | 23474 |
| Commercial and industrial | 11430 | 14397 | 12750 | 13597 | 3862 |
| Construction | 8231 | 7224 | 8856 | 5142 | 5667 |
| Agriculture production | 4265 | 3403 | 3589 | 906 | 1215 |
| Leases | 21 | 30 | 10 | 15 | 18 |
| Total allowance for credit losses | $125762 | $125366 | $121522 | $105680 | $85376 |

---

The following table summarizes the allocation of the allowance for credit losses between loan types as a percentage of the total allowance for credit losses:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | December 31, | December 31, | December 31, | December 31, | December 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Commercial real estate | 60.1% | 58.1% | 56.6% | 58.0% | 59.9% |
| Consumer | 20.9% | 21.9% | 22.6% | 23.3% | 27.5% |
| Commercial and industrial | 9.1% | 11.5% | 10.5% | 12.9% | 4.5% |
| Construction | 6.5% | 5.8% | 7.3% | 4.9% | 6.6% |
| Agriculture production | 3.4% | 2.7% | 3.0% | 0.9% | 1.4% |
| Leases | —% | —% | —% | —% | 0.1% |
| Total allowance for credit losses | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |

---

The following table summarizes the allocation of the allowance for credit losses between loan types as a percentage of total loans in each of the loan categories listed:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | December 31, | December 31, | December 31, | December 31, | December 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Commercial real estate | 1.56% | 1.59% | 1.57% | 1.41% | 1.55% |
| Consumer | 2.00% | 2.14% | 2.09% | 1.99% | 2.19% |
| Commercial and industrial | 2.46% | 3.05% | 2.17% | 2.39% | 1.49% |
| Construction | 2.73% | 2.58% | 2.55% | 2.43% | 2.55% |
| Agriculture production | 2.47% | 2.24% | 2.48% | 1.48% | 2.39% |
| Leases | 0.44% | 0.44% | 0.12% | 0.19% | 0.27% |
| Total allowance for credit losses | 1.77% | 1.85% | 1.79% | 1.64% | 1.74% |

---

**46** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

The following tables summarize the net charge-off (recovery) activity in the allowance for credit/loan losses as a percentage of loans for the years indicated (dollars in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| Ratios: | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net charge-offs (recoveries) during period to average loans outstanding during period |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRE non-owner occupied | —% | (0.01)% | —% | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRE owner occupied | —% | —% | 0.38% | —% | (0.11)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multifamily | —% | —% | —% | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Farmland | (0.41)% | —% | —% | 0.01% | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFR 1-4 1st DT liens | —% | —% | (0.02)% | 0.00% | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFR HELOCs and junior liens | 0.01% | 0.10% | (0.01)% | 0.00% | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 1.04% | 0.81% | 0.50% | 0.20% | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | 1.93% | 0.23% | 0.60% | 0.17% | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction | —% | —% | —% | —% | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agriculture production | (0.40)% | 0.93% | —% | 0.00% | (0.05)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leases | —% | —% | —% | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for (benefit from) credit losses to average loans outstanding during period | 0.15% | 0.10% | 0.35% | 0.29% | (0.15)% |
| Allowance for credit losses to loans at year-end | 1.77% | 1.85% | 1.79% | 1.64% | 1.74% |

---

Generally, losses are triggered by non-performance by the borrower and calculated based on any difference between the current loan amount and the current value of the underlying collateral less any estimated costs associated with the disposition of the collateral.

**Foreclosed Assets, Net of Allowance for Losses**

The following tables detail the components and summarize the activity in foreclosed assets, net of allowances for losses for the years indicated (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Balance at December 31, 2024 | Additions | Advances/<br>Capitalized<br>Costs/Other | Sales | Valuation<br>Adjustments | Balance at December 31, 2025 |
| Land & Construction | $204 | $6135 | $— | $(2747) | $— | $3592 |
| Residential real estate | 1683 | 175 |  | (101) | (3) | 1754 |
| Commercial real estate | 899 |  |  |  |  | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total foreclosed assets | $2786 | $6310 | $— | $(2848) | $(3) | $6245 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Balance at December 31, 2023 | Additions | Advances/<br>Capitalized<br>Costs/Other | Sales | Valuation<br>Adjustments | Balance at December 31, 2024 |
| Land & Construction | $154 | $11 | $— | $— | $39 | $204 |
| Residential real estate | 1673 | 650 |  | (359) | (281) | 1683 |
| Commercial real estate | 878 | 21 |  |  |  | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total foreclosed assets | $2705 | $682 | $— | $(359) | $(242) | $2786 |

---

**47** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

**Deposit Portfolio Composition**

The following table shows the Company's deposit balances at the dates indicated:

---

| | | | |
|:---|:---|:---|:---|
| | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| (dollars in thousands) | 2025 | 2024 | 2023 |
| Noninterest-bearing demand | $2594032 | $2548613 | $2722689 |
| Interest-bearing demand | 1784769 | 1758629 | 1731814 |
| Savings | 2775058 | 2657849 | 2682068 |
| Time certificates, over $250,000 | 484858 | 485180 | 250180 |
| Other time certificates | 625184 | 637305 | 447287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | $8263901 | $8087576 | $7834038 |

---

Total uninsured deposits were estimated to be approximately $2.8 billion and $2.6 billion at December 31, 2025 and 2024, respectively.

**Other Borrowings**

See Note 13 to the consolidated financial statements at Part II, Item 8 of this report for information about the Company's other borrowings.

**Junior Subordinated Debt**

See Note 14 to the consolidated financial statements at Part II, Item 8 of this report for information about the Company's junior subordinated debt.

**Equity**

See Note 16 and Note 26 in the consolidated financial statements at Part II, Item 8 of this report for a discussion of shareholders' equity and regulatory capital, respectively. Management believes that the Company's capital is adequate to support anticipated growth, meet the cash dividend requirements of the Company and meet the future risk-based capital requirements of the Bank and the Company.

On February 25, 2021 the Board of Directors approved the authorization to repurchase up to 2,000,000 shares of the Company's common stock (the 2021 Repurchase Plan), which approximated 6.7% of the shares outstanding as of the approval date. The following table shows the repurchases made by the Company during 2025 under the 2021 Plan:

---

| | | | |
|:---|:---|:---|:---|
| Period | Total number of <br>shares purchased | Average price <br>paid per share | Maximum number<br>of shares remaining that may<br>yet be purchased under<br>the 2021 Plan |
| October 1-31, 2025 |  |  | 308785 |
| November 1-30, 2025 | 99904 | 46.20 | 208881 |
| December 1-31, 2025 | 87530 | 48.88 | 121351 |
| January 1, 2025 - December 31, 2025 | 709172 | $42.51 | 121351 |

---

The Company announced the Board of Directors approved the authorization to repurchase up to 2,000,000 shares of the Company's common stock, no par value per share which approximates 6.2% of the currently outstanding common shares. The Company's 2025 Share Repurchase Program replaces and supersedes the current 2021 Share Repurchase Plan which has been terminated. Under the new program, management is authorized to repurchase shares at its discretion through Rule 10b5-1 plans, open market purchases, privately negotiated transactions, block purchases or otherwise in a manner that is intended to comply with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934. The Board may suspend or discontinue the program at any time. There were no shares repurchased under this Program during 2025.

**Market Risk Management**

**Overview.** The goal for managing the assets and liabilities of the Bank is to maximize shareholder value and earnings while maintaining a high quality balance sheet without exposing the Bank to undue interest rate risk. The Board of Directors has overall responsibility for the Company's interest rate risk management policies. The Bank has an Asset and Liability Management Committee which establishes and monitors guidelines to control the sensitivity of earnings and the fair value of certain assets and liabilities as may be caused by changes in interest rates. The Company does not hold any financial instruments that are not maintained in US dollars and is not party to any contracts that may be settled or repaid in a denomination other than US dollars.

**Asset/Liability Management.** Activities involved in asset/liability management include but are not limited to lending, accepting and placing deposits, investing in securities and issuing debt. Interest rate risk is the primary market risk associated with asset/liability management. Sensitivity of earnings to interest rate changes arises when yields on assets change in a different time period or in a different amount from

**48** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

that of interest costs on liabilities. To mitigate interest rate risk, the structure of the balance sheet is managed with the goal that movements of interest rates on assets and liabilities are correlated and contribute to earnings even in periods of volatile interest rates. The asset/liability management policy sets limits on the acceptable amount of variance in net interest margin and market value of equity under changing interest environments. Market value of equity is the net present value of estimated cash flows from the Bank's assets, liabilities and off-balance sheet items. The Bank uses simulation models to forecast net interest margin and market value of equity.

Simulation of net interest margin and market value of equity under various interest rate scenarios is the primary tool used to measure interest rate risk. The Bank estimated the potential impact of changing interest rates on net interest margin and market value of equity using computer-modeling techniques. A balance sheet forecast is prepared using inputs of actual loan, securities and interest-bearing liability (i.e. deposits/borrowings) positions as the beginning base.

In the simulation of net interest income and market value of equity, the forecast balance sheet is processed against various interest rate scenarios. These various interest rate scenarios include a flat rate scenario, which assumes interest rates are unchanged in the future, and rate ramp and or shock scenarios including -300, -200, -100, +100, +200, and +300 basis points around the flat scenario. At December 31, 2025, the overnight Federal funds rate, the rate primarily used in these interest rate shock scenarios, was 3.75%. These scenarios assume that 1) interest rates increase or decrease evenly (in a "ramp" fashion) over a twelve-month period and remain at the new levels beyond twelve months or 2) that interest rates change instantaneously ("shock"). The simulation results shown below assume no changes in the structure of the Company's balance sheet over the twelve months being measured.

The following table summarizes the estimated effect on net interest income and market value of equity to changing interest rates as measured against a flat rate (no interest rate change) instantaneous shock scenario over a twelve month period utilizing the Company's specific mix of interest earning assets and interest bearing liabilities as of December 31, 2025.

---

| | | |
|:---|:---|:---|
| Interest Rate Risk Simulations:<br>Change in Interest<br>Rates (Basis Points) | Estimated Change in<br>Net Interest Income (NII)<br>(as % of NII) | Estimated<br> Change in<br> Market Value of Equity (MVE)<br>(as % of MVE) |
| +300 (shock) | (5.2)% | (4.6)% |
| +200 (shock) | (3.5)% | (2.9)% |
| +100 (shock) | (1.6)% | (0.9)% |
| +&nbsp;&nbsp;&nbsp;&nbsp;0 (flat) |  |  |
| -100 (shock) | (0.1)% | (1.6)% |
| -200 (shock) | (0.3)% | (5.3)% |
| -300 (shock) | 2.0% | (10.6)% |

---

These simulations indicate that given a "flat or static" balance sheet size scenario, and if interest-bearing checking, savings and money market interest rates track the general interest rate changes by the rate shock values listed above, the Company's balance sheet is liability sensitive over a twelve month time horizon for both a rates up and rates down shock scenario, with greater sensitivity skewed toward rates up. "Asset sensitive" implies that net interest income increases when interest rates rise and decrease when interest rates decrease. "Liability sensitive" implies that net interest income decreases when interest rates rise and increase when interest rates decrease. "Neutral sensitivity" implies that net interest income does not change when interest rates change. The asset liability management policy limits aggregate market risk, as measured in this fashion, to an acceptable level within the context of risk-return trade-offs.

The simulation results noted above do not incorporate any management actions that might moderate the negative consequences of interest rate deviations. In addition, the simulation results noted above contain various assumptions such as a flat balance sheet, and the rate that deposit interest rates change instantaneously as general interest rates change. Therefore, they do not reflect likely actual results, but serve as estimates of interest rate risk. More specifically, the Company's pre-existing low cost of funds, and the presumption that depositors will not accept a negative rate environment, does not allow management the ability to meaningfully adjust the cost of deposits below zero. In addition, many of the Company's loans and investment securities are considered fixed rate interest earning assets. Therefore, in an instantaneous upward rate shock scenario, management would expect the cost of interest bearing liabilities to reprice faster than interest earning assets.

As with any method of measuring interest rate risk, certain shortcomings are inherent in the method of analysis presented in the preceding tables. For example, although certain of the Company's assets and liabilities may have similar maturities or repricing time frames, they may react in different degrees to changes in market interest rates. In addition, the interest rates on certain of the Company's asset and liability categories may precede, or lag behind, changes in market interest rates. Also, the actual rates of prepayments on loans and investments could vary significantly from the assumptions utilized in deriving the results as presented in the preceding tables. Further, a change in U.S. Treasury rates accompanied by a change in the shape of the treasury yield curve could result in different estimations from those presented herein. Accordingly, the results in the preceding tables should not be relied upon as indicative of actual results in the event of changing market interest rates. Additionally, the resulting estimates of changes in market value of equity are not intended to represent, and should not be construed to represent, estimates of changes in the underlying value of the Company.

**49** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

Interest rate sensitivity is a function of the repricing characteristics of the Company's portfolio of assets and liabilities. One aspect of these repricing characteristics is the time frame within which the interest-bearing assets and liabilities are subject to change in interest rates either at replacement, repricing or maturity. An analysis of the repricing time frames of interest-bearing assets and liabilities is sometimes called a "gap" analysis because it shows the gap between assets and liabilities repricing or maturing in each of a number of periods. Another aspect of these repricing characteristics is the relative magnitude of the repricing for each category of interest earning asset and interest-bearing liability given various changes in market interest rates. Gap analysis gives no indication of the relative magnitude of repricing given various changes in interest rates. Interest rate sensitivity management focuses on the maturity of assets and liabilities and their repricing during periods of changes in market interest rates. Interest rate sensitivity gaps are measured as the difference between the volumes of assets and liabilities in the Company's current portfolio that are subject to repricing at various time horizons.

The following interest rate sensitivity table shows the Company's repricing gaps as of December 31, 2025. In this table transaction deposits, which may be repriced at will by the Company, have been included in the less than 3-month category. The inclusion of all of the transaction deposits in the less than 3-month repricing category causes the Company to appear liability sensitive. Because the Company may reprice its transaction deposits at will, transaction deposits may or may not reprice immediately with changes in interest rates.

Due to the limitations of gap analysis, as described above, the Company does not actively use gap analysis in managing interest rate risk. Instead, the Company relies on the more sophisticated interest rate risk simulation model described above as its primary tool in measuring and managing interest rate risk.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025 | Repricing within: | Repricing within: | Repricing within: | Repricing within: | Repricing within: |
| (dollars in thousands) | Less than 3<br>months | 3 - 6 months | 6 - 12 months | 1 - 5 years | Over 5 years |
| Interest-earning assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash at Federal Reserve and other banks | $98067 | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities | 422231 | 82342 | 93007 | 650234 | 661677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans | 1590940 | 395774 | 769111 | 3721225 | 510873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 2111238 | 478116 | 862118 | 4371459 | 1172550 |
| Interest-bearing liabilities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction deposits | 7160243 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time | 850121 | 137922 | 107094 | 14904 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other borrowings | 11713 |  |  |  | . |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Junior subordinated debt | 40000 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | $8062077 | $137922 | $107094 | $14904 | $— |
| Interest sensitivity gap | $(5950839) | $340194 | $755024 | $4356555 | $1172550 |
| Cumulative sensitivity gap | $(5950839) | $(5610645) | $(4855621) | $(499066) | $673484 |
| As a percentage of earning assets: |  |  |  |  |  |
| Interest sensitivity gap | (65.8)% | 3.8% | 8.3% | 48.1% | 13.0% |
| Cumulative sensitivity gap | (65.8)% | (62.0)% | (53.7)% | (5.5)% | 7.4% |

---

**Liquidity**

Liquidity refers to the Company's ability to provide funds at an acceptable cost to meet loan demand and deposit withdrawals, as well as contingency plans to meet unanticipated funding needs or loss of funding sources. These objectives can be met from either the asset or liability side of the balance sheet. Asset liquidity sources consist of the repayments and maturities of loans, selling of loans, short-term money market investments, maturities of securities and sales of securities from the available-for-sale portfolio. These activities are generally summarized as investing activities in the Consolidated Statement of Cash Flows. Net cash from investing activities totaled $82.6 million in 2025. Proceeds from the maturity and sales of investment securities, net of purchases, provided the bulk of the cash flows totaling approximately $271.5 million, in addition to $354.1 million from the net origination and collection of loans outstanding.

Liquidity may also be impacted from liabilities through changes in deposits and borrowings outstanding. These activities are included under financing activities in the Consolidated Statement of Cash Flows. In 2025, financing activities used funds totaling $38.6 million, resulting from a reduction in short term borrowings of $77.9 million, $45.0 million in dividend payment outflows, and an additional $32.0 million allocated toward the repurchase of common stock, partially offset by an increase in deposits totaling $176.3 million. The Company's primary sources of remaining available liquidity from available borrowings and in transit items include the following for the periods indicated:

**50** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

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| | | |
|:---|:---|:---|
| (dollars in thousands) | December 31, 2025 | December 31, 2024 |
| Borrowing capacity at correspondent banks and FRB | $2905789 | $2821678 |
| Less: borrowings outstanding |  | (75000) |
| Unpledged available-for-sale (AFS) investment securities | 963625 | 1279422 |
| Cash held or in transit with FRB | 98067 | 96395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total primary liquidity | $3967481 | $4122495 |

---

---

| | | |
|:---|:---|:---|
| Estimated uninsured deposit balances | $2826547 | $2584265 |

---

At December 31, 2025, the Company's primary sources of liquidity represented 48% of total deposits and 140% of estimated total uninsured (excluding collateralized municipal deposits and intercompany balances) deposits, respectively. As secondary sources of liquidity, the Company's held-to-maturity investment securities had a fair value of $87.0 million, including approximately $3.6 million in net unrealized losses. The Company did not utilize any brokered deposits during 2025 or 2024. While these sources are expected to continue to provide significant amounts of funds in the future, their mix, as well as the possible use of other sources, will depend on future economic and market conditions.

Liquidity is also provided or used through the results of operating activities. In 2025, operating activities provided cash of $133.3 million, primarily from net income of $121.6 million. In 2024, operating activities provided cash of $109.7 million, primarily from net income of $114.9 million.

Loan demand during 2026 will depend in part on economic and competitive conditions. The Company emphasizes the solicitation of non-interest bearing demand deposits and money market checking deposits, which are the least sensitive to interest rates. The outlook for deposit balances during 2025 is also subject to actions from the Federal Reserve, heightened competition, the success of the Company's sales efforts, as well as the delivery of superior customer service and market conditions. The Federal Reserve's recent decrease in Fed Funds rates provided a modest level of relief on deposit margin expense, however, the competitive landscape for attracting and retaining deposit balances will continue to remain challenging during 2025. Therefore, due to concerns such as uncertainty in the general economic environment, political uncertainty, and loan demand, levels of customer deposits are not certain and forecasted changes in those balances are subject to significant volatility and uncertainty. Depending on economic conditions, interest rate levels, and a variety of other conditions, proceeds from the sale or maturity of investment securities may be used to fund loans, or reduce short-term borrowings. At December 31, 2025, we believe the Company has sufficient liquidity and capital resources to meet its cash flow obligations over the foreseeable future.

The principal cash requirements of the Company are dividends on common stock when declared. The Company is dependent upon the payment of cash dividends by the Bank to service its commitments. Shareholder dividends are expected to continue subject to the Board's discretion and continuing evaluation of capital levels, earnings, asset quality and other factors. The Company expects that the cash dividends paid by the Bank to the Company will be sufficient to meet this payment schedule. Dividends from the Bank are subject to certain regulatory restrictions.

The maturity distribution of certificates of deposit in denominations in excess of $250,000 is set forth in the following table. These deposits are generally more rate sensitive than other deposits and, therefore, are more likely to be withdrawn to obtain higher yields elsewhere if available.

**Portion of certificates of deposit in excess of $250,000**

---

| | |
|:---|:---|
| (dollars in thousands) | At December 31, 2025 |
| Time remaining until maturity: |  |
| Less than 3 months | $244971 |
| 3 months to 6 months | 22728 |
| 6 months to 12 months | 21539 |
| More than 12 months | 1221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $290459 |

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**51** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

**Loan maturities**

Loan demand also affects the Company's liquidity position. The following table presents the maturities of loans, net of deferred loan fees, at December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Within<br>One Year | After One<br>But Within<br>Five Years | After Five But Within 15 Years | After 15<br>Years | Total |
| | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| Loans with predetermined interest rates: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Real Estate | $191546 | $560595 | $743056 | $20022 | $1515219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer | 13442 | 30053 | 83394 | 415383 | 542272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial & Industrial | 10073 | 123486 | 84131 | 16634 | 234324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction | 15379 | 2552 | 10803 | 62686 | 91420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agricultural Production | 826 | 10971 | 589 |  | 12386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leases |  | 4748 |  |  | 4748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans with predetermined interest rates | 231266 | 732405 | 921973 | 514725 | 2400369 |
| Loans with floating interest rates: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Real Estate | 136008 | 848502 | 2296362 | 57671 | 3338543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer | 13762 | 75761 | 102530 | 580285 | 772338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial & Industrial | 121770 | 52238 | 32131 | 23965 | 230104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction | 39583 | 50901 | 104410 | 14731 | 209625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agricultural Production | 123974 | 36131 |  | 3 | 160108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leases |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans with floating interest rates | 435097 | 1063533 | 2535433 | 676655 | 4710718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | $666363 | $1795938 | $3457406 | $1191380 | $7111087 |

---

**Investment maturities**

The maturity distribution and yields of the investment portfolio at December 31, 2025 is presented in the following tables. The timing of the maturities indicated in the tables below is based on final contractual maturities. Most mortgage-backed securities return principal throughout their contractual lives. As such, the weighted average life of mortgage-backed securities based on outstanding principal balance is usually significantly shorter than the final contractual maturity indicated below. Yields on tax exempt securities are shown on a tax equivalent basis.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Within<br>One Year | Within<br>One Year | After One Year<br>but Through<br>Five Years | After One Year<br>but Through<br>Five Years | After Five Years<br>but Through Ten<br>Years | After Five Years<br>but Through Ten<br>Years | After Ten<br>Years | After Ten<br>Years | Total | Total |
| | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield |
| | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| <u>Debt Securities Available for Sale</u> |  |  |  |  |  |  |  |  |  |  |
| Obligations of US government agencies | $— | —% | $35795 | 3.14% | $87185 | 1.61% | $941048 | 2.55% | $1064028 | 2.49% |
| Obligations of states and political subdivisions |  | —% | 24459 | 3.20% | 93928 | 3.08% | 102299 | 3.39% | 220686 | 3.24% |
| &nbsp;&nbsp;Corporate bonds |  | —% | 4463 | 8.54% | 495 | 5.50% |  | —% | 4958 | 8.24% |
| Asset backed securities |  | —% | 4072 | 4.60% | 19082 | 5.53% | 246366 | 5.24% | 269520 | 5.25% |
| Non-agency collateralized mortgage obligations |  | —% |  | —% |  | —% | 172739 | 2.90% | 172739 | 2.90% |
| Total debt securities available for sale | $— | —% | $68789 | 3.59% | $200690 | 2.66% | $1462452 | 3.07% | $1731931 | 3.04% |
| <u>Debt Securities Held to Maturity</u> |  |  |  |  |  |  |  |  |  |  |
| Obligations of US government agencies | $57 | 1.95% | $1618 | 2.16% | $86369 | 2.72% | $936 | 4.19% | 88980 | 2.72% |
| Obligations of states and political subdivisions |  | —% | 994 | 3.56% | 570 | 3.76% |  | —% | 1564 | 3.63% |
| &nbsp;&nbsp;Total debt securities held to maturity | $57 | 1.95% | $2612 | 2.69% | $86939 | 2.72% | $936 | 4.19% | $90544 | 2.74% |

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**52** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

**Off-Balance Sheet Items**

The Bank has certain ongoing commitments under leases. See Note 11 of the financial statements at Part II, Item 8 of this report for the terms. These commitments do not significantly impact operating results. As of December 31, 2025, commitments to extend credit and commitments related to the Bank's deposit overdraft privilege product were the Bank's only financial instruments with off-balance sheet risk. The Bank has not entered into any material contracts for financial derivative instruments such as futures, swaps, options, etc. Commitments to extend credit were $2.2 billion and $2.1 billion at December 31, 2025 and 2024, respectively, and represent 31.2% of the total loans outstanding at year-end 2025 versus 32.0% at December 31, 2024. Commitments related to the Bank's deposit overdraft privilege product totaled $125.3 million and $121.0 million at December 31, 2025 and 2024, respectively.

**Certain Contractual Obligations**

The following chart summarizes certain contractual obligations of the Company as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (dollars in thousands) | Total | Less than<br>one year | 1-3<br>years | 4-5<br>years | More than<br>5 years |
| Time deposits | $1110042 | $1094810 | $14288 | $944 | $— |
| Junior subordinated debt: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TriCo Trust I(1) | 20619 |  |  |  | 20619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TriCo Trust II(2) | 20619 |  |  |  | 20619 |
| Operating lease obligations | 31530 | 6149 | 12814 | 4937 | 7630 |
| Deferred compensation(3) | 2082 | 612 | 853 | 617 |  |
| Supplemental retirement plans(3) | 16129 | 1818 | 3076 | 2989 | 8246 |
| Total contractual obligations | $1201021 | $1103389 | $31031 | $9487 | $57114 |

---

(1)Junior subordinated debt, adjustable rate of three-month SOFR plus 3.05%, callable in whole or in part by the Company on a quarterly basis beginning October 7, 2008, matures October 7, 2033.

(2)Junior subordinated debt, adjustable rate of three-month SOFR plus 2.55%, callable in whole or in part by the Company on a quarterly basis beginning July 23, 2009, matures July 23, 2034.

(3)These amounts represent known certain payments to participants under the Company's deferred compensation and supplemental retirement plans. See Note 22 in the financial statements at Part II, Item 8 of this report for additional information related to the Company's deferred compensation and supplemental retirement plan liabilities.

**ITEM 7A.&nbsp;&nbsp;&nbsp;&nbsp;QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

See "Market Risk Management" under Item 7 of this report which is incorporated herein.

**53** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

**ITEM 8.&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

**INDEX TO FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| | Page |
| <u>[Consolidated Balance Sheets as of](#i96306bd31fdb48d0aff8a60e9e95f8ae_76)December 31, 2025[and](#i96306bd31fdb48d0aff8a60e9e95f8ae_76)2024</u> | [55](#i96306bd31fdb48d0aff8a60e9e95f8ae_76) |
| <u>[Consolidated Statements of Income for the years ended](#i96306bd31fdb48d0aff8a60e9e95f8ae_79)December 31, 2025[,](#i96306bd31fdb48d0aff8a60e9e95f8ae_79)2024[, and](#i96306bd31fdb48d0aff8a60e9e95f8ae_79)2023</u> | [56](#i96306bd31fdb48d0aff8a60e9e95f8ae_79) |
| <u>[Consolidated Statements of Comprehensive Income](#i96306bd31fdb48d0aff8a60e9e95f8ae_82)[for the years ended](#i96306bd31fdb48d0aff8a60e9e95f8ae_82)December 31, 2025, 2024 and 2023</u> | [56](#i96306bd31fdb48d0aff8a60e9e95f8ae_82) |
| <u>[Consolidated Statements of Changes in Shareholders' Equity for the years ended](#i96306bd31fdb48d0aff8a60e9e95f8ae_85)December 31, 2025[,](#i96306bd31fdb48d0aff8a60e9e95f8ae_85)2024[, and](#i96306bd31fdb48d0aff8a60e9e95f8ae_85)2023</u> | [57](#i96306bd31fdb48d0aff8a60e9e95f8ae_85) |
| <u>[Consolidated Statements of Cash Flows for the years ended](#i96306bd31fdb48d0aff8a60e9e95f8ae_88)December 31, 2025[,](#i96306bd31fdb48d0aff8a60e9e95f8ae_88)2024[, and](#i96306bd31fdb48d0aff8a60e9e95f8ae_88)2023</u> | [58](#i96306bd31fdb48d0aff8a60e9e95f8ae_88) |
| <u>[Notes to Consolidated Financial Statements](#i96306bd31fdb48d0aff8a60e9e95f8ae_91)</u> | [59](#i96306bd31fdb48d0aff8a60e9e95f8ae_91) |
| <u>[Management's Report on Internal Control over Financial Reporting](#i96306bd31fdb48d0aff8a60e9e95f8ae_190)</u> | [105](#i96306bd31fdb48d0aff8a60e9e95f8ae_190) |
| <u>Report of Independent Registered Public Accounting Firm (Baker Tilly US, LLP, San Francisco, California, PCAOB ID: 23)</u> | [106](#i96306bd31fdb48d0aff8a60e9e95f8ae_193) |

---

**54** TriCo Bancshares 2025 10-K

------

**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

**TRICO BANCSHARES**

**CONSOLIDATED BALANCE SHEETS**

(In thousands, except share data)

---

| | | |
|:---|:---|:---|
| | At December 31,<br>2025 | At December 31,<br>2024 |
| Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks | $92914 | $85409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash at Federal Reserve and other banks | 64100 | 59547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 157014 | 144956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketable equity securities | 2692 | 2609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Available for sale debt securities, at fair value (amortized cost of $1,883,412 and $2,138,533) | 1731931 | 1904885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Held to maturity debt securities, at amortized cost, net of allowance for credit losses of $0 | 90544 | 111866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted equity securities | 17250 | 17250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans held for sale | 2695 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans | 7111087 | 6768523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses | (125762) | (125366) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans, net | 6985325 | 6643157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premises and equipment, net | 69724 | 70287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash value of life insurance | 137253 | 140149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest receivable | 33652 | 34810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 304442 | 304442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other intangible assets, net | 4471 | 6432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating leases, right-of-use | 25505 | 23529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 259565 | 268647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $9822063 | $9673728 |
| Liabilities and Shareholders' Equity: |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing demand | $2594032 | $2548613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing | 5669869 | 5538963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 8263901 | 8087576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest payable | 8795 | 11501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liability | 27278 | 25437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 141137 | 137506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other borrowings | 11713 | 89610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Junior subordinated debt | 41238 | 101191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 8494062 | 8452821 |
| Commitments and contingencies (Note 15) |  |  |
| Shareholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, no par value: 1,000,000 shares authorized; zero issued and outstanding at December 31, 2025 and 2024, respectively |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, zero par value: 50,000,000 shares authorized; issued and outstanding: 32,334,974 and 32,970,425 at December 31, 2025 and 2024, respectively | 682362 | 693462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 740244 | 679907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss, net of tax | (94605) | (152462) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 1328001 | 1220907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $9822063 | $9673728 |

---

The accompanying notes are an integral part of these consolidated financial statements.

**55** TriCo Bancshares 2025 10-K

------

**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

**TRICO BANCSHARES**

**CONSOLIDATED STATEMENTS OF INCOME**

(In thousands, except per share data)

---

| | | | |
|:---|:---|:---|:---|
| | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| | 2025 | 2024 | 2023 |
| Interest and dividend income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans, including fees | $397308 | $390491 | $356710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable securities | 58890 | 66912 | 73924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax exempt securities | 3501 | 3615 | 5120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 1508 | 1522 | 1294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest bearing cash at Federal Reserve and other banks | 9365 | 4098 | 1306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest and dividend income | 470572 | 466638 | 438354 |
| Interest expense: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits | 113305 | 113126 | 55087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other borrowings | 1065 | 14706 | 19712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Junior subordinated debt | 5359 | 7372 | 6878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 119729 | 135204 | 81677 |
| Net interest income | 350843 | 331434 | 356677 |
| Provision for credit losses | 12063 | 6632 | 23990 |
| Net interest income after provision for credit losses | 338780 | 324802 | 332687 |
| Noninterest income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service charges and fees | 53445 | 51330 | 50088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commissions on sale of non-deposit investment products | 7025 | 5573 | 4517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in cash value of life insurance | 3395 | 3257 | 3150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of loans | 1606 | 1532 | 1166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on sale of investment securities | (3247) | (43) | (284) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 6114 | 2758 | 2763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | 68338 | 64407 | 61400 |
| Noninterest expense: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salaries and related benefits | 149771 | 140581 | 135795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 91188 | 93524 | 97387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | 240959 | 234105 | 233182 |
| Income before provision for income taxes | 166159 | 155104 | 160905 |
| Provision for income taxes | 44601 | 40236 | 43515 |
| Net income | $121558 | $114868 | $117390 |
| Earnings per common share: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $3.72 | $3.47 | $3.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $3.70 | $3.46 | $3.52 |

---

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

(In thousands)

---

| | | | |
|:---|:---|:---|:---|
| | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| | 2025 | 2024 | 2023 |
| Net income | $121558 | $114868 | $117390 |
| Other comprehensive income, net of tax: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gains (losses) on available for sale securities arising during the period, after reclassifications | 57876 | (1286) | 41365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in minimum pension liability, after reclassifications | 31 | 1801 | (263) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in joint beneficiary agreement liability | (50) | 192 | (366) |
| Other comprehensive income | 57857 | 707 | 40736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comprehensive income | $179415 | $115575 | $158126 |

---

The accompanying notes are an integral part of these consolidated financial statements.

**56** TriCo Bancshares 2025 10-K

------

**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

**TRICO BANCSHARES**

**CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY**

(In thousands, except share and per share data)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Shares of<br>Common<br>Stock | Common<br>Stock | Retained<br>Earnings | Accumulated<br>Other<br>Comprehensive<br>Income (Loss) | Total |
| Balance at January 1, 2023 | 33331513 | $697448 | $542873 | $(193905) | $1046416 |
| Net income |  |  | 117390 |  | 117390 |
| Other comprehensive income |  |  |  | 40736 | 40736 |
| Service condition RSU vesting |  | 2806 |  |  | 2806 |
| Market plus service condition RSU vesting |  | 1319 |  |  | 1319 |
| Service condition RSUs released | 81902 |  |  |  |  |
| Market plus service condition RSUs released | 55928 |  |  |  |  |
| Stock options exercised | 8000 | 156 |  |  | 156 |
| Repurchase of common stock, net | (209241) | (4380) | (4860) |  | (9240) |
| Dividends paid ($1.20 per share) |  |  | (39901) |  | (39901) |
| Balance at December 31, 2023 | 33268102 | 697349 | 615502 | (153169) | 1159682 |
| Net income |  |  | 114868 |  | 114868 |
| Other comprehensive income |  |  |  | 707 | 707 |
| Service condition RSU vesting |  | 3224 |  |  | 3224 |
| Market plus service condition RSU vesting |  | 1442 |  |  | 1442 |
| Service condition RSUs released | 78403 |  |  |  |  |
| Market plus service condition RSUs released | 32248 |  |  |  |  |
| Stock options exercised | 7500 | 174 |  |  | 174 |
| Repurchase of common stock, net | (415828) | (8727) | (6817) |  | (15544) |
| Dividends paid ($1.32 per share) |  |  | (43646) |  | (43646) |
| Balance at December 31, 2024 | 32970425 | 693462 | 679907 | (152462) | 1220907 |
| Net income |  |  | 121558 |  | 121558 |
| Other comprehensive income |  |  |  | 57857 | 57857 |
| Service condition RSU vesting |  | 3375 |  |  | 3375 |
| Market plus service condition RSU vesting |  | 1382 |  |  | 1382 |
| Service condition RSUs released | 85204 |  |  |  |  |
| Market plus service condition RSUs released | 31788 |  |  |  |  |
| Stock options exercised |  |  |  |  |  |
| Repurchase of common stock, net | (752443) | (15857) | (16190) |  | (32047) |
| Dividends paid ($1.38 per share) |  |  | (45031) |  | (45031) |
| Balance at December 31, 2025 | 32334974 | $682362 | $740244 | $(94605) | $1328001 |

---

The accompanying notes are an integral part of these consolidated financial statements.

**57** TriCo Bancshares 2025 10-K

------

**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

**TRICO BANCSHARES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

(In thousands)

---

| | | | |
|:---|:---|:---|:---|
| | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| | 2025 | 2024 | 2023 |
| Operating activities: |  |  |  |
| Net income | $121558 | $114868 | $117390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation of premises and equipment, and amortization | 6377 | 5998 | 6366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 1961 | 4120 | 6118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 12063 | 6632 | 23990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of investment securities premium, net | 1680 | 865 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on sale of investment securities | 3247 | 43 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Originations of loans for resale | (71716) | (59620) | (43313) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of loans originated for resale | 70762 | 60401 | 45467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of loans | (1606) | (1532) | (1166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair market value of mortgage servicing rights | 560 | 480 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on extinguishment of junior subordinated debt | (2504) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on sale of real estate owned, net | 253 | 8 | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax benefit (expense) | 2545 | (646) | (2399) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on transfer of loans to real estate owned |  | (81) | (114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease payments | (6185) | (6170) | (6378) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of fixed assets | 117 | 19 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in cash value of life insurance | (3395) | (3257) | (3150) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on life insurance death benefit | (1219) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on marketable equity securities | (83) | (40) | (36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity compensation vesting expense | 4757 | 4666 | 4125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of other real estate | 3 | 323 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of operating lease right of use asset | 6050 | 5950 | 6364 |
| Change in: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 1158 | 1958 | (4912) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable | (2706) | 3056 | 7278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities, net | (10384) | (28334) | (18647) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash from operating activities | 133293 | 109707 | 138887 |
| Investing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturities and principal repayments of securities available for sale | 318597 | 401384 | 321738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturities and principal repayments of securities held to maturity | 21145 | 21421 | 27260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of available for sale securities | 79154 | 31534 | 71024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of securities available for sale | (147380) | (187763) | (34468) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan origination and principal collections, net | (354123) | 22628 | (345902) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans purchased | (4672) |  | (6423) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of real estate owned | 2594 | 351 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of premises and equipment | (5362) | (4557) | (4886) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life insurance proceeds | 7415 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (82632) | 284998 | 28567 |
| Financing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in deposits | 176325 | 253538 | (494975) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in other borrowings | (77897) | (542972) | 367977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of junior subordinated debt | (59953) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock, net | (32047) | (15544) | (9240) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | (45031) | (43646) | (39901) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise of stock options |  | 174 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (38603) | (348450) | (175983) |
| Net change in cash and cash equivalents | 12058 | 46255 | (8529) |
| Cash and cash equivalents at beginning of year | 144956 | 98701 | 107230 |
| Cash and cash equivalents at end of year | $157014 | $144956 | $98701 |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2023 |
| Supplemental disclosure of cash flow activity: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest expense | $122435 | $132148 | $74399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for income taxes | $27667 | $33700 | $45300 |
| Supplemental disclosure of noncash activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on securities available for sale | $82167 | $(1827) | $58757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans transferred to foreclosed assets | $6309 | $682 | $155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market value of shares tendered in-lieu of cash to pay for exercise of options and/or related taxes | $1900 | $1363 | $2266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations incurred in conjunction with leased assets | $6894 | $2226 | $4300 |

---

The accompanying notes are an integral part of these consolidated financial statements.

**58** TriCo Bancshares 2025 10-K

------

**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

**TRICO BANCSHARES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Years Ended December 31, 2025, 2024 and 2023**

**Note 1 – Summary of Significant Accounting Policies**

**Description of Business and Basis of Presentation**

TriCo Bancshares (the "Company" or "we") is a California corporation organized to act as a bank holding company for Tri Counties Bank (the "Bank"). The Company and the Bank are headquartered in Chico, California. The Bank is a California-chartered bank that is engaged in the general commercial and retail banking business in 31 California counties. The consolidated financial statements are prepared in accordance with accounting policies generally accepted in the United States of America and general practices in the banking industry. All adjustments necessary for a fair presentation of these consolidated financial statements have been included and are of a normal and recurring nature. The financial statements include the accounts of the Company and its wholly-owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation.

The Company has two capital subsidiary business trusts (collectively, the Trusts) organized by the Company that issued trust preferred securities. For financial reporting purposes, the Company's investments in the Trusts of $1.2 million are accounted for under the equity method and, accordingly, are included in other assets on the consolidated balance sheets. The subordinated debentures issued and guaranteed by the Company and held by the Trusts are reflected as debt on the Company's consolidated balance sheets.

**Use of Estimates in the Preparation of Financial Statements**

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

**Segment and Significant Group Concentration of Credit Risk**

The Company grants agribusiness, commercial, consumer, and residential loans to customers located throughout California. The Company has a diversified loan portfolio generally consistent with the business segments located in this geographical area. While the chief operating decision-maker (CODM) may monitor the revenue streams of the various products and services, operations are managed, financial performance is evaluated, and decisions are generally made on a Company-wide basis. Discrete financial information is not available other than on a Company-wide basis. Accordingly, operations are considered by management to be aggregated in one reportable operating segment.

**Geographical Descriptions**

For the purpose of describing the geographical location of the Company's operations, the Company has defined northern California as that area of California north of, and including, Stockton to the east and San Jose to the west; central California as that area of the state south of Stockton and San Jose, to and including, Bakersfield to the east and San Luis Obispo to the west; and southern California as that area of the state south of Bakersfield and San Luis Obispo.

**Cash and Cash Equivalents**

For purposes of the consolidated statements of cash flows, cash and cash equivalents include cash on hand, amounts due from banks, and federal funds sold. Net cash flows are reported for loan and deposit transactions and other borrowings.

**Non-Marketable and Other Equity Securities**

Non-marketable and other equity securities include qualified public welfare investments and venture capital/private equity funds. The Company's accounting for investments in non-marketable and other equity securities depends on several factors, including the level of ownership, power to control and the legal structure of the subsidiary making the investment. We base our accounting for such securities on: (i) fair value accounting, (ii) measurement alternative for other investments without a readily determinable fair value, and (iii) equity method accounting. During the twelve months ended December 31, 2025, 2024 and 2023, the Company recognized an insignificant amount of earnings and losses in the consolidated statements of net income related to changes in the fair value of non-marketable and other equity securities.

**Debt Securities**

The Company classifies its debt securities into one of three categories: trading, available for sale or held to maturity. Trading securities are bought and held principally for the purpose of selling in the near term and changes in the value of these securities are recorded through earnings. Held to maturity securities are those securities which the Company has the ability and intent to hold until maturity. These securities are carried at cost adjusted for amortization of premium and accretion of discount, computed by the effective interest method over their contractual lives. All other securities not included in trading or held to maturity are classified as available for sale. AFS securities are

**59** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

recorded at fair value. Unrealized gains and losses, net of the related tax effect, on available for sale securities are reported as a separate component of other accumulated comprehensive income in shareholders' equity until realized. Discounts are amortized or accreted over the expected life of the related investment security as an adjustment to yield using the effective interest method. Premiums on callable debt securities are generally amortized to the earliest call date of the security with the exception of mortgage backed securities, where estimated prepayments, if any, are considered. Dividend and interest income are recognized when earned. Realized gains and losses are derived from the amortized cost of the security sold. The Company did not have a significant level of debt securities classified as trading during the three-year period ended December 31, 2025.

The Company has made a policy election to exclude accrued interest from the amortized cost basis of debt securities and report accrued interest separately in the consolidated balance sheets. A debt security is placed on nonaccrual status at the time any principal or interest payments become more than 90 days delinquent or if full collection of interest or principal becomes uncertain. Accrued interest for a security placed on nonaccrual is reversed against interest income. There was no accrued interest related to debt securities reversed against interest income for the years ended December 31, 2025, 2024 or 2023.

**Restricted Equity Securities**

Restricted equity securities represent the Company's investment in the stock of the Federal Home Loan Bank of San Francisco ("FHLB") and are carried at par value, which reasonably approximates its fair value. While technically these are considered equity securities, there is no market for FHLB stock. Therefore, the shares are considered as restricted investment securities. Management periodically evaluates FHLB stock for other-than-temporary impairment. Management's determination of whether these investments are impaired is based on its assessment of the ultimate recoverability of cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of cost is influenced by criteria such as (1) the significance of any decline in net assets of the FHLB as compared to the capital stock amount for the FHLB and the length of time this situation has persisted, (2) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB, (3) the impact of legislative and regulatory changes on institutions and, accordingly, the customer base of the FHLB, and (4) the liquidity position of the FHLB.

As a member of the FHLB system, the Bank is required to maintain a minimum level of investment in FHLB stock based on specific percentages of its outstanding mortgages, total assets, or FHLB advances. The Bank may request redemption at par value of any stock in excess of the minimum required investment. Stock redemptions are at the discretion of the FHLB. Both cash and stock dividends are reported as income when received.

**Loans Held for Sale**

Loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or fair value, as determined by aggregate outstanding commitments from investors of current investor yield requirements. Net unrealized losses are recognized through a valuation allowance by charges to non-interest income.

Mortgage loans held for sale are generally sold with the mortgage servicing rights retained by the Company. Gains or losses on the sale of loans that are held for sale are recognized at the time of the sale and determined by the difference between net sale proceeds and the net book value of the loans less the estimated fair value of any retained mortgage servicing rights.

**Loans** 

Loans that Management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal amount outstanding, net of deferred loan fees and costs. Loan origination and commitment fees and certain direct loan origination costs are deferred, and the net amount is amortized as an adjustment to the related loan's yield over the actual life of the loan. Loans on which the accrual of interest has been discontinued are designated as nonaccrual loans.

Loans are placed in nonaccrual status when reasonable doubt exists as to the full, timely collection of interest or principal, or a loan becomes contractually past due by 90 days or more with respect to interest or principal and is not well secured and in the process of collection. When a loan is placed on nonaccrual status, all interest previously accrued but not collected is reversed. Income on such loans is then recognized only to the extent that cash is received and where the future collection of principal is considered probable. Interest accruals are resumed on such loans only when they are brought fully current with respect to interest and principal and when, in the judgment of Management, the loan is estimated to be fully collectible as to both principal and interest. Accrued interest receivable is not included in the calculation of the allowance for credit losses.

**Allowance for Credit Losses** 

The Company performs an ACL evaluation on its loan and lease portfolio and its HTM and AFS securities portfolios. The ACL on loan and lease portfolio and HTM securities are provided through an expected loss methodology referred to as CECL methodology. The ACL on AFS securities is provided when a credit loss is deemed to have occurred for securities which the Company does not intend to sell or is not required to sell. The CECL methodology also applies to credit exposures on off-balance-sheet loan commitments.

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*Loans*

The ACL is a valuation account that is deducted from the loan's amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the recorded loan balance is confirmed as uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Regardless of the determination that a charge-off is appropriate for financial accounting purposes, the Company manages its loan portfolio by continually monitoring, where possible, a borrower's ability to pay through the collection of financial information, delinquency status, borrower discussion and the encouragement to repay in accordance with the original contract or modified terms, if appropriate.

The ACL consists of two primary components: (1) the determination of an ACL for loans that are individually identified and analyzed and (2) establishment of an ACL for loans collectively analyzed. To determine the collectively analyzed portion of the ACL, the Company identified various portfolio segments based on loan attributes such as, but not limited to; collateral type and loan purpose or use, to ensure loans with similar risk characteristics are measured on a collective basis. The Company utilizes three different loss model configurations and assigned each of the portfolio segments to one of the three loss model configurations. Historical credit loss experience for financial institutions nationwide, paired with relevant forecasts of macroeconomic conditions, forms the basis for the estimate of expected credit losses amongst the collectively analyzed loan portfolio. Further, each of the three loss model configurations utilized by the Company incorporate unique inputs, such as the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Commercial Real Estate*: origination vintage, delinquency status, loan-to-value as of the origination date, stated maturity date, property type, and property status

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) Commercial and Industrial*: loan size, credit spread at origination, risk grade, business sector, and loan type

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(3) Consumer:* FICO, origination vintage, product type, and state geography if applicable

After quantitative considerations, management evaluates the need for additional qualitative adjustments that consider the expected impact of certain factors not fully captured in the quantitative and macroeconomic reserve calculations. These qualitative adjustments may apply to the collectively analyzed pool as a whole, one or more of the three loss models, or to one or more of the loan portfolio segments.

Purchased financial assets with a more-than-insignificant amount of credit deterioration since origination ("PCD assets") that are measured at amortized cost, the initial allowance for credit losses is added to the purchase price rather than reported as a provision for credit losses. Subsequent changes in the allowance for credit losses on PCD assets are recognized through the provision for credit losses.

*HTM Securities*

For HTM debt securities, the Company measures expected credit losses on held-to-maturity debt securities on a collective basis by major security type, then further disaggregated by sector and bond rating. Accrued interest receivable on held-to-maturity (HTM) debt securities is excluded from the estimate of credit losses. The estimate of expected credit losses considers historical credit loss information that is adjusted for current condition and reasonable and supportable forecasts based on current and expected changes in credit ratings and default rates. Nearly all of the Company's HTM securities are issued by the U. S. Government entities or agencies, and based on the absence of any historical or expected losses, all qualify for a zero loss assumption. Therefore, no allowance for credit losses has been recognized during the years ended December 31, 2025, 2024 or 2023.

*AFS Securities*

The Company evaluates available for sale debt securities in an unrealized loss position to determine whether the decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or noncredit-related factors. Any impairment that is not credit related is recognized in other comprehensive income, net of applicable taxes. Credit-related impairment is recognized as an allowance for credit losses on the balance sheet, limited to the amount by which the amortized cost basis exceeds the fair value, with a corresponding adjustment to earnings. Both the allowance for credit losses and the adjustment to net income may be reversed if conditions change. However, if the Company intends to sell an impaired available for sale debt security or more likely than not will be required to sell such a security before recovering its amortized cost basis, the entire impairment amount is recognized in earnings with a corresponding adjustment to the security's amortized cost basis. In evaluating available for sale debt securities in unrealized loss positions for impairment and the criteria regarding its intent or requirement to sell such securities, the Company considers the extent to which fair value is less than amortized cost, whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuers' financial condition, among other factors. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the ACL when management believes the uncollectability of an available for sale debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. No security credit losses were recognized during the years ended December 31, 2025, 2024 or 2023.

*Unfunded commitments*

The Company is required to include unfunded commitments that are expected to be funded in the future within the allowance for credit loss calculation, other than those that are unconditionally cancellable. To arrive at that reserve, the reserve percentage determined within the same three loss models described above is applied to the unused portion of the expected commitment balance and is multiplied by the expected funding rate. To determine the expected funding rate, the Company uses a historical utilization rate for each segment. The allowance for credit losses for off-balance-sheet credit risk exposures is reported in other liabilities in the condensed consolidated balance sheets.

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**Real Estate Owned**

Real estate owned (REO) includes assets acquired through, or in lieu of, loan foreclosure. REO is held for sale and are initially recorded at fair value less estimated costs to sell at the date of acquisition, establishing a new cost basis. Physical possession of residential real estate property collateralizing a consumer mortgage loan occurs when legal title is obtained upon completion of foreclosure or when the borrower conveys all interest in the property to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Any write-downs based on the asset's fair value less costs to sell at the date of acquisition are charged to the allowance for loan and lease losses. Any recoveries based on the asset's fair value less estimated costs to sell in excess of the recorded value of the loan at the date of acquisition are recorded to the allowance for loan and lease losses. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through expense. Operating costs after acquisition are expensed. Revenue and expenses from operations and changes in the valuation allowance are included in other non-interest expense, along with the gain or loss on sale of REO.

**Premises and Equipment**

Land is carried at cost. Land improvements, buildings and equipment, including those acquired under capital lease, are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expenses are computed using the straight-line method over the shorter of the estimated useful lives of the related assets or lease terms. Asset lives range from 3-10 years for furniture and equipment and 15-40 years for land improvements and buildings.

**Company Owned Life Insurance**

The Company has purchased life insurance policies on certain key executives. Company owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement.

As a result of current tax law and the nature of these policies, the Bank records any increase in cash value of these policies as nontaxable non-interest income. If Management decided to surrender any of the policies prior to the death of the insured, such surrender may result in a tax expense associated with the life-to-date cumulative increase in cash value of the policy. If the Bank retains such policies until the death of the insured, the Bank would receive nontaxable proceeds from the insurance company equal to the death benefit of the policies. The Bank has entered into Joint Beneficiary Agreements (JBAs) with certain of the insured that provide some level of sharing of the death benefit, less the cash surrender value, among the Bank and the beneficiaries of the insured upon the receipt of death benefits.

**Goodwill, Other Intangible and Long-Lived Assets**

Goodwill represents the excess of costs over fair value of net assets of businesses acquired from a business combination. The Company has an identifiable intangible asset consisting of core deposit intangibles ("CDI"). CDI are amortized over their respective estimated useful lives and reviewed periodically for impairment. Goodwill and other intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized, but instead tested for impairment at least annually. Other intangible assets with estimable useful lives are amortized over their respective estimated useful lives to their estimated residual values, and reviewed periodically for impairment.

As of September 30 of each year, goodwill is tested for impairment, and is tested for impairment more frequently if events and circumstances indicate that the asset might be impaired. An impairment loss is recognized to the extent that the carrying amount exceeds the asset's fair value.

Long-lived assets, such as premises and equipment, and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposed group classified as held for sale would be presented separately in the appropriate asset and liability sections of the consolidated balance sheet.

**Mortgage Servicing Rights**

Mortgage servicing rights ("MSR") represent the Company's right to a future stream of cash flows based upon the contractual servicing fee associated with servicing mortgage loans. Our MSR arise from residential and commercial mortgage loans that we originate and sell, but retain the right to service the loans. The net gain from the retention of the servicing right is included in gain on sale of loans in non-interest income when the loan is sold. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. Servicing fees, when earned, and changes in fair value of the MSR, are recorded in non-interest income.

The Company accounts for MSR at fair value. The determination of fair value of our MSR requires management judgment because they are not actively traded. The determination of fair value for MSR requires valuation processes which combine the use of discounted cash flow models and extensive analysis of current market data to arrive at an estimate of fair value. The cash flow and prepayment assumptions used in our discounted cash flow model are based on empirical data drawn from the historical performance of our MSR, which we believe

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are consistent with assumptions used by market participants valuing similar MSR, and from data obtained on the performance of similar MSR. The key assumptions used in the valuation of MSR include mortgage prepayment speeds and the discount rate. These variables can, and generally will, change from quarter to quarter as market conditions and projected interest rates change. The key risks inherent with MSR are prepayment speed and changes in interest rates.

**Leases**

The Company records a right-of-use asset ("ROUA") on the consolidated balance sheets for those leases that convey rights to control use of identified assets for a period of time in exchange for consideration. The Company is also required to record a lease liability on the consolidated balance sheets for the present value of future payment commitments. Substantially all of the Company's leases are comprised of operating leases in which the Company is lessee of real estate property for branches, ATM locations, and general administration and operations. The Company has elected not to include short-term leases (i.e. leases with initial terms of twelve months or less) within the ROUA and lease liability. Known or determinable adjustments to the required minimum future lease payments are included in the calculation of the Company's ROUA and lease liability. Adjustments to the required minimum future lease payments that are variable and will not be determinable until a future period, such as changes in the consumer price index, are included as variable lease costs. Additionally, expected variable payments for common area maintenance, taxes and insurance are not unknown and not determinable at lease commencement and therefore, are not included in the determination of the Company's ROUA or lease liability.

The value of the ROUA and lease liability is impacted by the amount of the periodic payment required, length of the lease term, and the discount rate used to calculate the present value of the minimum lease payments. The Company's lease agreements often include one or more options to renew at the Company's discretion. If at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the ROU asset and lease liability. The Company uses the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term.

**Off-Balance Sheet Credit Related Financial Instruments**

In the ordinary course of business, the Company has entered into commitments to extend credit, including commitments under credit card arrangements, commercial letters of credit, and standby letters of credit. Such financial instruments are recorded when they are funded.

**Low Income Housing Tax Credits**

The Company accounts for low income housing tax credits and the related qualified affordable housing projects using the proportional amortization method. Under the proportional amortization method, the Company amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). Upon entering into a qualified affordable housing project, the Company records, in other liabilities, the entire amount that it has agreed to invest in the project, and an equal amount, in other assets, representing its investment in the project. As the Company disburses cash to satisfy its investment obligation, other liabilities are reduced. Over time, as the tax credits and other tax benefits of the project are realized by the Company, the investment recorded in other assets is reduced using the proportional amortization method.

**Income Taxes**

The Company's accounting for income taxes is based on an asset and liability approach. The Company recognizes the amount of taxes payable or refundable for the current year, and deferred tax assets and liabilities for the future tax consequences that have been recognized in its financial statements or tax returns. The measurement of tax assets and liabilities is based on the provisions of enacted tax laws. A valuation allowance, if needed, reduces deferred tax assets to the expected amount most likely to be realized. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and recoverable taxes paid in prior years. Although realization is not assured, management believes it is more likely than not that all of the deferred tax assets will be realized.

A tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. Interest and/or penalties related to income taxes are reported as a component of non-interest income.

**Share-Based Compensation**

Compensation cost is recognized for stock options and restricted stock awards issued to employees and directors, based on the fair value of the awards at the date of grant. The estimate of the fair value of stock options and performance based restricted awards are based on a Black-Scholes or Monte Carlo model, respectively, while the market price of the common stock at the date of grant is used for time based restricted awards. Compensation cost is recognized over the required service period, generally defined as the vesting or measurement period. The Company's accounting policy is to recognize forfeitures as they occur.

**Earnings per Share**

Basic earnings per share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. There are no unvested share-based payment awards that contain rights to nonforfeitable dividends (participating securities). Diluted earnings per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustments to income that would result from assumed issuance. Potential common shares that may be issued by the Company relate solely from outstanding stock options and restricted stock units, and are determined using the treasury stock method.

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**Revenue Recognition**

The Company earns a variety of revenue including interest and fees from customers. Certain sources of revenue are recognized within interest or fee income and are outside of the scope of ASC 606. Other sources of revenue fall within the scope of ASC 606 and are generally recognized within noninterest income.

The Company recognizes revenue when the performance obligations related to the transfer of goods or services under the terms of a contract are satisfied. Some obligations are satisfied at a point in time while others are satisfied over a period of time. Revenue is recognized as the amount of consideration to which the Company expects to be entitled to in exchange for transferring goods or services to a customer. When consideration includes a variable component, the amount of consideration attributable to variability is included in the transaction price only to the extent it is probable that significant revenue recognized will not be reversed when uncertainty associated with the variable consideration is subsequently resolved. Generally, the variability relating to the consideration is explicitly stated in the contracts, but may also arise from the Company's customer business practices, for example, waiving certain fees related to customer's deposit accounts. The Company's contracts generally do not contain terms that require significant judgment to determine the variability impacting the transaction price. The Company has evaluated the nature of its revenue streams and determined that further disaggregation of revenue into more granular categories beyond what is presented in Note 18 was not necessary. The following are descriptions of revenues within the scope of ASC 606.

*Deposit service charges*

The Company earns fees from its deposit customers for account maintenance, transaction-based and overdraft services. Account maintenance fees consist primarily of account fees and analyzed account fees charged on deposit accounts on a monthly basis. The performance obligation is satisfied and the fees are recognized on a monthly basis as the service period is completed. Transaction-based fees on deposit accounts are charged to deposit customers for specific services provided to the customer, such as non-sufficient funds fees, overdraft fees, and wire fees. The performance obligation is completed as the transaction occurs and the fees are recognized at the time each specific service is provided to the customer.

*Debit and ATM interchange fees*

Debit and ATM interchange income represent fees earned when a debit card issued by the Company is used. The Company earns interchange fees from debit cardholder transactions through the Visa payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. The performance obligation is satisfied and the fees are earned when the cost of the transaction is charged to the cardholders' debit card. Certain expenses directly associated with the credit and debit card are recorded on a net basis with the interchange income.

*Commission on sale of non-deposit investment products*

Commissions on sale of non-deposit investment products consist of fees earned from advisory asset management, trade execution and administrative fees from investments. Advisory asset management fees are variable, since they are based on the underlying portfolio value, which is subject to market conditions and asset flows. Advisory asset management fees are recognized quarterly and are based on the portfolio values at the end of each quarter. Brokerage accounts are charged commissions at the time of a transaction and the commission schedule is based upon the type of security and quantity. In addition, revenues are earned from selling insurance and annuity policies. The amount of revenue earned is determined by the value and type of each instrument sold and is recognized at the time the policy or contract is written.

*Merchant fee income*

Merchant fee income represents fees earned by the Company for card payment services provided to its merchant customers. The Company outsources these services to a third party to provide card payment services to these merchants. The third party provider passes the payments made by the merchants through to the Company. The Company, in turn, pays the third party provider for the services it provides to the merchants. These payments to the third party provider are recorded as expenses as a net reduction against fee income. In addition, a portion of the payment received represents interchange fees which are passed through to the card issuing bank. Income is primarily earned based on the dollar volume and number of transactions processed. The performance obligation is satisfied and the related fee is earned when each payment is accepted by the processing network.

*Gain/loss on other real estate owned, net*

The Company records a gain or loss from the sale of other real estate owned when control of the property transfers to the buyer, which generally occurs at the time of an executed deed of trust. When the Company finances the sale of other real estate owned to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the other real estate owned asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on sale, the Company adjusts the transaction price and related gain or loss on sale if a significant financing component is present. Gains or losses from transactions associated with other real estate owned are recorded as a component of non-interest expense.

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**Reclassifications**

Certain amounts reported in previous consolidated financial statements have been reclassified and recalculated to conform to the presentation in this report. These reclassifications did not affect previously reported amounts of net income, total assets or total shareholders' equity.

**Note 2 – Accounting Standards Update**

*Accounting standards adopted in the current period*

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| | | |
|:---|:---|:---|
| <u>Standard</u> | <u>Summary of Guidance</u> | <u>Effects on financial statements</u> |
| ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures | • Requires a tabular rate reconciliation using both percentages and reporting currency amounts between the reported amount of income tax expense (or benefit) to the amount of statutory federal income tax at current rates for specified categories using specified disaggregation criteria.<br>• The amount of net income taxes paid for federal, state, and foreign taxes, as well as the amount paid to any jurisdiction that net taxes exceed a 5% quantitative threshold.<br>• The amendments will require the disclosure of pre-tax income disaggregated between domestic and foreign, as well as income tax expense disaggregated by federal, state, and foreign.<br>• The amendment also eliminates certain disclosures related to unrecognized tax benefits and certain temporary differences. | • The Company adopted the ASU for the annual reporting period beginning on January 1, 2025, as reflected within Note 19, Income Taxes. |

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*Accounting standards yet to be adopted*

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| | | |
|:---|:---|:---|
| <u>Standard</u> | <u>Summary of Guidance</u> | <u>Effects on financial statements</u> |
| ASU 2025-08 - Financial Instruments, Credit Losses (Topic 326): Purchased Loans | • Expands the use of the gross-up method for accounting for certain acquired loans, specifically purchased seasoned loans ("PSLs"). | • The ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of such amendments to the consolidated financial statements and related disclosures. |

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**Note 3 – Investment Securities**

The amortized cost and estimated fair values of investment securities classified as available for sale and held to maturity are summarized in the following tables:

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| | | | | |
|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| (in thousands) | Amortized<br>Cost | Gross<br>Unrealized<br>Gains | Gross<br>Unrealized<br>Losses | Estimated<br>Fair Value |
| <u>Debt Securities Available for Sale</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations of U.S. government agencies | $1174813 | $1600 | $(112385) | $1064028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations of states and political subdivisions | 240199 | 110 | (19623) | 220686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | 4981 | 3 | (26) | 4958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset backed securities | 270817 | 131 | (1428) | 269520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-agency collateralized mortgage obligations | 192602 | 209 | (20072) | 172739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total debt securities available for sale | $1883412 | $2053 | $(153534) | $1731931 |
| <u>Debt Securities Held to Maturity</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations of U.S. government agencies | $88980 | $5 | $(3552) | $85433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations of states and political subdivisions | 1564 |  | (10) | 1554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total debt securities held to maturity | $90544 | $5 | $(3562) | $86987 |

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There was no allowance for credit losses recorded for the held to maturity debt portfolio as of or for the years ended December 31, 2025 and 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
| | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| (in thousands) | Amortized<br>Cost | Gross<br>Unrealized<br>Gains | Gross<br>Unrealized<br>Losses | Estimated<br>Fair Value |
| <u>Debt Securities Available for Sale</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations of U.S. government agencies | $1268654 | $16 | $(174485) | $1094185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations of states and political subdivisions | 249627 | 66 | (28949) | 220744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | 6182 |  | (345) | 5837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset backed securities | 314814 | 687 | (1238) | 314263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-agency collateralized mortgage obligations | 299256 | 238 | (29638) | 269856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total debt securities available for sale | $2138533 | $1007 | $(234655) | $1904885 |
| <u>Debt Securities Held to Maturity</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations of U.S. government agencies | $109155 | $3 | $(7443) | $101715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations of states and political subdivisions | 2711 | 2 | (79) | 2634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total debt securities held to maturity | $111866 | $5 | $(7522) | $104349 |

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During the year ended December 31, 2025, proceeds from sales of debt securities totaled $79.2 million, resulting in gross losses of $3.2 million. During the year ended December 31, 2024, proceeds from sales of debt securities totaled $31.5 million, resulting in gross losses of $2.9 million. In addition, during 2024 the Company participated in and completed an exchange offering with Visa, which resulted in a gain of $2.9 million. There were no sales of debt securities during the year ended 2023. Investment securities with an aggregate carrying value of $839.6 million and $716.0 million at December 31, 2025 and 2024, respectively, were pledged as collateral for specific borrowings, lines of credit and local agency deposits.

The amortized cost and estimated fair value of debt securities at December 31, 2025 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. At December 31, 2025, obligations of U.S. government and agencies with an amortized cost basis totaling $1.2 billion consist almost entirely of residential real estate mortgage-backed securities whose contractual maturity, or principal repayment, will follow the repayment of the underlying mortgages. For purposes of the following table, the entire outstanding balance of these mortgage-backed securities issued by U.S. government corporations and agencies is categorized based on final maturity date. At December 31, 2025, the Company estimates the average remaining life of these mortgage-backed securities issued by U.S. government corporations and agencies to be approximately 6.08 years. Average remaining life is defined as the time span after which the principal balance has been reduced by half.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| | Available for Sale | Available for Sale | Held to Maturity | Held to Maturity |
| (In thousands) | Amortized<br>Cost | Estimated<br>Fair Value | Amortized<br>Cost | Estimated<br>Fair Value |
| Due in one year | $— | $— | $57 | $57 |
| Due after one year through five years | 70429 | 68790 | 2613 | 2583 |
| Due after five years through ten years | 214922 | 200690 | 86939 | 83440 |
| Due after ten years | 1598061 | 1462451 | 935 | 907 |
| Totals | $1883412 | $1731931 | $90544 | $86987 |

---

Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:

**66** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| | Less than 12 months | Less than 12 months | 12 months or more | 12 months or more | Total | Total |
| (in thousands) | Fair<br>Value | Unrealized<br>Loss | Fair<br>Value | Unrealized<br>Loss | Fair<br>Value | Unrealized<br>Loss |
| <u>Debt Securities Available for Sale</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations of U.S. government agencies | $39263 | $(133) | $916500 | $(112252) | $955763 | $(112385) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations of states and political subdivisions | 2874 | (106) | 201382 | (19517) | 204256 | (19623) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | 495 | (5) | 2229 | (21) | 2724 | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset backed securities | 94965 | (161) | 70084 | (1267) | 165049 | (1428) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-agency collateralized mortgage obligations | 10524 | (1) | 131873 | (20071) | 142397 | (20072) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total debt securities available for sale | $148121 | $(406) | $1322068 | $(153128) | $1470189 | $(153534) |
| <u>Debt Securities Held to Maturity</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations of U.S. government agencies | $— | $— | $85273 | $(3552) | $85273 | $(3552) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations of states and political subdivisions |  |  | 1555 | (10) | 1555 | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total debt securities held to maturity | $— | $— | $86828 | $(3562) | $86828 | $(3562) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | Less than 12 months | Less than 12 months | 12 months or more | 12 months or more | Total | Total |
| (in thousands) | Fair<br>Value | Unrealized<br>Loss | Fair<br>Value | Unrealized<br>Loss | Fair<br>Value | Unrealized<br>Loss |
| <u>Debt Securities Available for Sale</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations of U.S. government agencies | $63714 | $(842) | $1021654 | $(173643) | $1085368 | $(174485) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations of states and political subdivisions | 7457 | (140) | 208063 | (28809) | 215520 | (28949) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | 1229 | (17) | 4608 | (328) | 5837 | (345) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset backed securities | 44707 | (30) | 75734 | (1208) | 120441 | (1238) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-agency collateralized mortgage obligations |  |  | 236671 | (29638) | 236671 | (29638) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total securities available for sale | $117107 | $(1029) | $1546730 | $(233626) | $1663837 | $(234655) |
| <u>Debt Securities Held to Maturity</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations of U.S. government agencies | $— | $— | $101553 | $(7443) | $101553 | $(7443) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations of states and political subdivisions |  |  | 1485 | (79) | 1485 | (79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total debt securities held to maturity | $— | $— | $103038 | $(7522) | $103038 | $(7522) |

---

The following securities had unrealized losses as of December 31, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obligations of U.S. government corporations and agencies included 134 debt securities with aggregate depreciation of 10.5% from the Company's amortized cost basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obligations of states and political subdivisions included 140 debt securities with aggregate depreciation of 8.8% from the Company's amortized cost basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Corporate bonds included 3 debt securities with aggregate depreciation of 0.9% from the Company's amortized cost basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Asset backed securities included 24 debt securities with aggregate depreciation of 0.9% from the Company's amortized cost basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-agency collateralized mortgage obligations included 14 debt securities with aggregate depreciation of 12.4% from the Company's amortized cost basis.

Based on an evaluation of available information including security type, counterparty credit quality, past events, current conditions, and reasonable and supportable forecasts that are relevant to collectability of cash flows, as of December 31, 2025, the Company has concluded that it expects to receive all contractual cash flows from each security held in its AFS and HTM debt securities portfolio. As such, the unrealized losses on these securities were caused by the changes in market interest rates or the widening of market spreads subsequent to the initial purchase of these securities and are not due to the underlying credit of the issuers.

**67** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

The Company monitors credit quality of debt securities held-to-maturity through the use of credit rating. The Company monitors the credit rating on a monthly basis. The following table summarizes the amortized cost of debt securities held-to-maturity at the dates indicated, aggregated by credit quality indicator:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
| (in thousands) | AAA/AA/A | BBB/BB/B | AAA/AA/A | BBB/BB/B |
| <u>Debt Securities Held to Maturity</u> |  |  |  |  |
| Obligations of U.S. government agencies | $88980 | $— | $109155 | $— |
| Obligations of states and political subdivisions | 1564 |  | 2711 |  |
| &nbsp;&nbsp;Total debt securities held to maturity | $90544 | $— | $111866 | $— |

---

**Note 4 – Loans**

A summary of loan balances follows:

---

| | | |
|:---|:---|:---|
| (in thousands) | December 31, 2025 | December 31, 2024 |
| Commercial real estate: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CRE non-owner occupied | $2495849 | $2323036 |
| &nbsp;&nbsp;&nbsp;&nbsp;CRE owner occupied | 1020770 | 961415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multifamily | 1085698 | 1028035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Farmland | 251445 | 265146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate loans | 4853762 | 4577632 |
| Consumer: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR 1-4 1st DT liens | 842169 | 859660 |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR HELOCs and junior liens | 431772 | 363420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 40669 | 57979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer loans | 1314610 | 1281059 |
| Commercial and industrial | 464428 | 471271 |
| Construction | 301045 | 279933 |
| Agriculture production | 172494 | 151822 |
| Leases | 4748 | 6806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans, net of deferred loan fees and discounts | $7111087 | $6768523 |
| Total principal balance of loans owed, net of charge-offs | $7141911 | $6804113 |
| Unamortized net deferred loan fees | (15896) | (15283) |
| Discounts to principal balance of loans owed, net of charge-offs | (14928) | (20307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans, net of unamortized deferred loan fees and discounts | $7111087 | $6768523 |
| Allowance for credit losses | $(125762) | $(125366) |

---

**Note 5 – Allowance for Credit Losses**

The ACL was $125.8 million as of December 31, 2025 as compared to $125.4 million at December 31, 2024. The provision for credit losses on loans of $10.3 million during the year ended December 31, 2025 was comprised of $1.7 million in reserves on collectively evaluated loans, a reversal of $1.4 million on individually evaluated reserves and most notably, $10.0 million to replenish reserves following the net charge-off activity. The ACL estimate incorporates assumptions from Management surrounding expected trends within certain macro economic indicators, such as U.S. unemployment rates, gross domestic product, corporate borrowing rates and inflation data, as Management observes the performance of these indicators to have a direct impact on the performance of the Company's loan portfolio.

The following tables summarize the activity in the allowance for credit losses, and ending balance of loans, net of unearned fees for the periods indicated.

**68** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Allowance for Credit Losses – December 31, 2025 | Allowance for Credit Losses – December 31, 2025 | Allowance for Credit Losses – December 31, 2025 | Allowance for Credit Losses – December 31, 2025 | Allowance for Credit Losses – December 31, 2025 |
| (in thousands) | Beginning<br>Balance | Charge-offs | Recoveries | Provision for<br>(Benefit From)<br>Credit Losses | Ending <br>Balance |
| Commercial real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRE non-owner occupied | $37229 | $— | $2 | $3069 | $40300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRE owner occupied | 15747 |  | 1 | (3036) | 12712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multifamily | 15913 |  |  | 1414 | 17327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Farmland | 3960 | (1053) |  | 2286 | 5193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate loans | 72849 | (1053) | 3 | 3733 | 75532 |
| Consumer: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFR 1-4 1st DT liens | 14227 |  | 6 | (3188) | 11045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFR HELOCs and junior liens | 10411 |  | 26 | 2827 | 13264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 2825 | (649) | 138 | (340) | 1974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer loans | 27463 | (649) | 170 | (701) | 26283 |
| Commercial and industrial | 14397 | (9338) | 291 | 6080 | 11430 |
| Construction | 7224 |  |  | 1007 | 8231 |
| Agriculture production | 3403 | (11) | 665 | 208 | 4265 |
| Leases | 30 |  |  | (9) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses on loans | 125366 | (11051) | 1129 | 10318 | 125762 |
| Reserve for unfunded commitments | 6000 |  |  | 1745 | 7745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $131366 | $(11051) | $1129 | $12063 | $133507 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Allowance for Credit Losses – December 31, 2024 | Allowance for Credit Losses – December 31, 2024 | Allowance for Credit Losses – December 31, 2024 | Allowance for Credit Losses – December 31, 2024 | Allowance for Credit Losses – December 31, 2024 |
| (in thousands) | Beginning<br>Balance | Charge-offs | Recoveries | Provision for<br>(Benefit from)<br>Credit Losses | Ending <br>Balance |
| Commercial real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRE non-owner occupied | $35077 | $— | $187 | $1965 | $37229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRE owner occupied | 15081 |  | 2 | 664 | 15747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multifamily | 14418 |  |  | 1495 | 15913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Farmland | 4288 |  |  | (328) | 3960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate loans | 68864 |  | 189 | 3796 | 72849 |
| Consumer: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFR 1-4 1st DT liens | 14009 | (27) |  | 245 | 14227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFR HELOCs and junior liens | 10273 | (41) | 395 | (216) | 10411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 3171 | (746) | 217 | 183 | 2825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer loans | 27453 | (814) | 612 | 212 | 27463 |
| Commercial and industrial | 12750 | (1787) | 547 | 2887 | 14397 |
| Construction | 8856 |  |  | (1632) | 7224 |
| Agriculture production | 3589 | (1450) | 65 | 1199 | 3403 |
| Leases | 10 |  |  | 20 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses on loans | 121522 | (4051) | 1413 | 6482 | 125366 |
| Reserve for unfunded commitments | 5850 |  |  | 150 | 6000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $127372 | $(4051) | $1413 | $6632 | $131366 |

---

**69** TriCo Bancshares 2025 10-K

------

**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Allowance for Credit Losses – December 31, 2023 | Allowance for Credit Losses – December 31, 2023 | Allowance for Credit Losses – December 31, 2023 | Allowance for Credit Losses – December 31, 2023 | Allowance for Credit Losses – December 31, 2023 |
| (in thousands) | Beginning<br>Balance | Charge-offs | Recoveries | Provision for<br>(Benefit from)<br>Credit Losses | Ending <br>Balance |
| Commercial real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRE non-owner occupied | $30962 | $— | $— | $4115 | $35077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRE owner occupied | 14014 | (3637) | 2 | 4702 | 15081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multifamily | 13132 |  |  | 1286 | 14418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Farmland | 3273 |  |  | 1015 | 4288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate loans | 61381 | (3637) | 2 | 11118 | 68864 |
| Consumer: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFR 1-4 1st DT liens | 11268 |  | 262 | 2479 | 14009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFR HELOCs and junior liens | 11413 | (66) | 723 | (1797) | 10273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 1958 | (558) | 190 | 1581 | 3171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer loans | 24639 | (624) | 1175 | 2263 | 27453 |
| Commercial and industrial | 13597 | (3879) | 316 | 2716 | 12750 |
| Construction | 5142 |  |  | 3714 | 8856 |
| Agriculture production | 906 |  | 34 | 2649 | 3589 |
| Leases | 15 |  |  | (5) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses on loans | 105680 | (8140) | 1527 | 22455 | 121522 |
| Reserve for unfunded commitments | 4315 |  |  | 1535 | 5850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $109995 | $(8140) | $1527 | $23990 | $127372 |

---

As part of the on-going monitoring of the credit quality of the Company's loan portfolio, management tracks certain credit quality indicators including, but not limited to, trends relating to (i) the level of criticized and classified loans, (ii) net charge-offs, (iii) non-performing loans, and (iv) delinquency within the portfolio. The Company analyzes loans individually to classify the loans as to credit risk and grading. This analysis is performed annually for all outstanding balances greater than $1.0 million and non-homogeneous loans, such as commercial real estate loans, unless other indicators, such as delinquency, trigger more frequent evaluation. Loans below the $1.0 million threshold and homogenous in nature are evaluated as needed for proper grading based on delinquency and borrower credit scores.

Collateral values may be determined by appraisals obtained through Bank approved, licensed appraisers, qualified independent third parties, public value information (blue book values for autos), sales invoices, or other appropriate means. Appropriate valuations are obtained at initiation of the credit and periodically (every 3-12 months depending on collateral type) once repayment is questionable and the loan has been classified.

The Company utilizes a risk grading system to assign a risk grade to each of its loans. Loans are graded on a scale ranging from Pass to Loss. A description of the general characteristics of the credit quality indicators is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Pass* – This grade represents loans ranging from acceptable to very little or no credit risk. These loans typically meet most if not all policy standards in regard to: loan amount as a percentage of collateral value, debt service coverage, profitability, leverage, and working capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Special Mention* – This grade represents "Other Assets Especially Mentioned" in accordance with regulatory guidelines and includes loans that display some potential weaknesses which, if left unaddressed, may result in deterioration of the repayment prospects for the asset or may inadequately protect the Company's position in the future. These loans warrant more than normal supervision and attention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Substandard* – This grade represents "Substandard" loans in accordance with regulatory guidelines. Loans within this rating typically exhibit weaknesses that are well defined to the point that repayment is jeopardized. Loss potential is, however, not necessarily evident. The underlying collateral supporting the credit appears to have sufficient value to protect the Company from loss of principal and accrued interest, or the loan has been written down to the point where this is true. There is a definite need for a well-defined workout/rehabilitation program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Doubtful* – This grade represents "Doubtful" loans in accordance with regulatory guidelines. An asset classified as Doubtful has all the weaknesses inherent in a loan classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Pending factors include proposed merger, acquisition, or liquidation procedures, capital injection, perfecting liens on additional collateral, and financing plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Loss* – This grade represents "Loss" loans in accordance with regulatory guidelines. A loan classified as Loss is considered uncollectible and of such little value that its continuance as a bankable asset is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off the loan, even though some recovery may be affected in the future. The portion of the loan that is graded loss should be charged off no later than the end of the quarter in which the loss is identified.

**70** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

The following tables present ending loan balances by loan category and risk grade for the periods indicated:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Term Loans Amortized Cost Basis by Origination Year - As of December 31, 2025 | Term Loans Amortized Cost Basis by Origination Year - As of December 31, 2025 | Term Loans Amortized Cost Basis by Origination Year - As of December 31, 2025 | Term Loans Amortized Cost Basis by Origination Year - As of December 31, 2025 | Term Loans Amortized Cost Basis by Origination Year - As of December 31, 2025 | Term Loans Amortized Cost Basis by Origination Year - As of December 31, 2025 | | | |
| (in thousands) | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total |
| Commercial real estate: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Credit quality indicators | &nbsp;&nbsp;Credit quality indicators |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | $262241 | $188789 | $162739 | $417564 | $276975 | $1007772 | $140006 | $— | $2456086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  | 818 | 12692 | 1634 | 4566 | 3182 | 105 |  | 22997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  | 1728 |  | 15038 |  |  | 16766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Doubtful/Loss |  |  |  |  |  |  |  |  |  |
| Total CRE non-owner occupied | $262241 | $189607 | $175431 | $420926 | $281541 | $1025992 | $140111 | $— | $2495849 |
| Current year gross charge-offs | $— | $— | $— | $— | $— | $— | $— | $— | $— |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Commercial real estate: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Credit quality indicators | &nbsp;&nbsp;Credit quality indicators |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | $147249 | $79772 | $76729 | $177644 | $168858 | $301503 | $33540 | $| $985295 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention | 8636 | 135 | 361 | 1045 | 237 | 5148 | 5184 |  | 20746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  | 7244 | 3176 | 4140 | 169 |  | 14729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Doubtful/Loss |  |  |  |  |  |  |  |  |  |
| Total CRE owner occupied | $155885 | $79907 | $77090 | $185933 | $172271 | $310791 | $38893 | $| $1020770 |
| Current year gross charge-offs | $— | $— | $— | $— | $— | $— | $— | $| $— |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Commercial real estate: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Credit quality indicators | &nbsp;&nbsp;Credit quality indicators |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | $92061 | $68472 | $27502 | $185703 | $288556 | $358396 | $48246 | $| $1068936 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  |  | 3044 | 443 | 202 |  |  | 3689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  | 435 |  | 12638 |  |  | 13073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Doubtful/Loss |  |  |  |  |  |  |  |  |  |
| Total multifamily | $92061 | $68472 | $27502 | $189182 | $288999 | $371236 | $48246 | $| $1085698 |
| Current year gross charge-offs | $— | $— | $— | $— | $— | $— | $— | $| $— |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Commercial real estate: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Credit quality indicators | &nbsp;&nbsp;Credit quality indicators |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | $8901 | $23038 | $18261 | $34581 | $14831 | $49450 | $35723 | $| $184785 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention | 624 |  |  | 1937 | 2618 | 2462 | 1978 |  | 9619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  | 816 | 9414 | 20263 | 13252 | 13296 |  | 57041 |
| &nbsp;&nbsp;&nbsp;&nbsp;Doubtful/Loss |  |  |  |  |  |  |  |  |  |
| Total farmland | $9525 | $23038 | $19077 | $45932 | $37712 | $65164 | $50997 | $| $251445 |
| Current year gross charge-offs | $— | $— | $— | $— | $509.00 | $— | $544.00 | $| $1053 |

---

**71** TriCo Bancshares 2025 10-K

------

**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Term Loans Amortized Cost Basis by Origination Year - As of December 31, 2025 | Term Loans Amortized Cost Basis by Origination Year - As of December 31, 2025 | Term Loans Amortized Cost Basis by Origination Year - As of December 31, 2025 | Term Loans Amortized Cost Basis by Origination Year - As of December 31, 2025 | Term Loans Amortized Cost Basis by Origination Year - As of December 31, 2025 | Term Loans Amortized Cost Basis by Origination Year - As of December 31, 2025 | | | |
| (in thousands) | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total |
| Consumer loans: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Credit quality indicators | &nbsp;&nbsp;Credit quality indicators |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | $81083 | $45517 | $87492 | $159382 | $218999 | $225410 | $— | $5688 | $823571 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  | 1091 |  | 581 | 4642 | 1918 |  | 406 | 8638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  | 219 | 284 | 3313 | 5618 |  | 526 | 9960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Doubtful/Loss |  |  |  |  |  |  |  |  |  |
| Total SFR 1st DT liens | $81083 | $46608 | $87711 | $160247 | $226954 | $232946 | $— | $6620 | $842169 |
| Current year gross charge-offs | $— | $— | $— | $— | $— | $— | $— | $— | $— |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Consumer loans: |  |  |  |  |  |  |
| &nbsp;&nbsp;Credit quality indicators | &nbsp;&nbsp;Credit quality indicators |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | $2116 | $| $53 | $408407 | $5407 | $415983 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  |  | 9482 | 377 | 9859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  | 5604 | 326 | 5930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Doubtful/Loss |  |  |  |  |  |  |
| Total SFR HELOCs and junior liens | $2116 | $| $53 | $423493 | $6110 | $431772 |
| Current year gross charge-offs | $— | $| $— | $— | $— | $— |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Consumer loans: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Credit quality indicators | &nbsp;&nbsp;Credit quality indicators |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | $4222 | $4795 | $13717 | $4010 | $4094 | $7489 | $540 | $| $38867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention | 77 | 12 | 202 | 1 | 251 | 153 | 43 |  | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  | 69 | 256 | 303 | 190 | 242 | 3 |  | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Doubtful/Loss |  |  |  |  |  |  |  |  |  |
| Total other consumer | $4299 | $4876 | $14175 | $4314 | $4535 | $7884 | $586 | $| $40669 |
| Current year gross charge-offs | $481 | $65 | $15 | $— | $— | $69 | $19 | $| $649 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Commercial and industrial loans: | Commercial and industrial loans: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Credit quality indicators | &nbsp;&nbsp;Credit quality indicators |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | $122819 | $44904 | $35360 | $52018 | $16922 | $6046 | $170194 | $73 | $448336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention | 50 | 234 | 2810 | 707 |  | 37 | 5330 |  | 9168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  | 310 | 96 | 618 | 2816 | 342 | 2695 | 47 | 6924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Doubtful/Loss |  |  |  |  |  |  |  |  |  |
| Total commercial and industrial | $122869 | $45448 | $38266 | $53343 | $19738 | $6425 | $178219 | $120 | $464428 |
| Current year gross charge-offs | $510 | $95 | $— | $— | $58 | $— | $8675 | $— | $9338 |

---

**72** TriCo Bancshares 2025 10-K

------

**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Term Loans Amortized Cost Basis by Origination Year - As of December 31, 2025 | Term Loans Amortized Cost Basis by Origination Year - As of December 31, 2025 | Term Loans Amortized Cost Basis by Origination Year - As of December 31, 2025 | Term Loans Amortized Cost Basis by Origination Year - As of December 31, 2025 | Term Loans Amortized Cost Basis by Origination Year - As of December 31, 2025 | Term Loans Amortized Cost Basis by Origination Year - As of December 31, 2025 | | | |
| (in thousands) | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total |
| Construction loans: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Credit quality indicators | &nbsp;&nbsp;Credit quality indicators |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | $45182 | $84196 | $104482 | $44172 | $7021 | $13108 | $— | $— | $298161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention | 372 |  | 1862 |  |  |  |  |  | 2234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  |  | 529 | 121 |  |  | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Doubtful/Loss |  |  |  |  |  |  |  |  |  |
| Total construction | $45554 | $84196 | $106344 | $44172 | $7550 | $13229 | $— | $— | $301045 |
| Current year gross charge-offs | $— | $— | $— | $— | $— | $— | $— | $— | $— |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Agriculture production loans: | Agriculture production loans: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Credit quality indicators | &nbsp;&nbsp;Credit quality indicators |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | $1816 | $727 | $1029 | $1409 | $393 | $7282 | $137121 | $| $149777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  |  |  |  |  | 22079 |  | 22079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  | 114 | 237 | 135 | 152 |  | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Doubtful/Loss |  |  |  |  |  |  |  |  |  |
| Total agriculture production | $1816 | $727 | $1029 | $1523 | $630 | $7417 | $159352 | $| $172494 |
| Current year gross charge-offs | $— | $— | $— | $— | $— | $11 | $— | $| $11 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Leases: |  |  |  |  |
| &nbsp;&nbsp;Credit quality indicators | &nbsp;&nbsp;Credit quality indicators |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | $4748 | $| $| $4748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Doubtful/Loss |  |  |  |  |
| Total leases | $4748 | $| $| $4748 |
| Current year gross charge-offs | $— | $| $| $— |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total loans outstanding: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Credit quality indicators | &nbsp;&nbsp;Credit quality indicators |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | $772438 | $540210 | $527311 | $1076483 | $996649 | $1976509 | $973777 | $11168 | $6874545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention | 9759 | 2290 | 17927 | 8949 | 12757 | 13102 | 44201 | 783 | 109768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  | 379 | 1387 | 20140 | 30524 | 51526 | 21919 | 899 | 126774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Doubtful/Loss |  |  |  |  |  |  |  |  |  |
| Total loans outstanding | $782197 | $542879 | $546625 | $1105572 | $1039930 | $2041137 | $1039897 | $12850 | $7111087 |
| Current year gross charge-offs | $991 | $160 | $15 | $— | $567 | $80 | $9238 | $— | $11051 |

---

**73** TriCo Bancshares 2025 10-K

------

**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2024 | Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2024 | Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2024 | Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2024 | Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2024 | Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2024 | | | |
| (in thousands) | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total |
| Commercial real estate: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Credit quality indicators | &nbsp;&nbsp;Credit quality indicators |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | $184623 | $177650 | $408129 | $282953 | $152278 | $909735 | $163628 | $— | $2278996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  | 836 | 1688 |  |  | 24840 | 506 |  | 27870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  |  |  | 16170 |  |  | 16170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Doubtful/Loss |  |  |  |  |  |  |  |  |  |
| Total CRE non-owner occupied | $184623 | $178486 | $409817 | $282953 | $152278 | $950745 | $164134 | $— | $2323036 |
| Prior year gross charge-offs | $— | $— | $— | $— | $— | $— | $— | $— | $— |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Commercial real estate: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Credit quality indicators | &nbsp;&nbsp;Credit quality indicators |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | $83320 | $75804 | $191619 | $177134 | $104490 | $254282 | $35961 | $| $922610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention | 1618 |  | 2699 | 1731 | 206 | 11950 |  |  | 18204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  | 242 | 7798 | 5380 | 3490 | 3644 | 47 |  | 20601 |
| &nbsp;&nbsp;&nbsp;&nbsp;Doubtful/Loss |  |  |  |  |  |  |  |  |  |
| Total CRE owner occupied | $84938 | $76046 | $202116 | $184245 | $108186 | $269876 | $36008 | $| $961415 |
| Prior year gross charge-offs | $— | $— | $— | $— | $— | $— | $— | $| $— |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Commercial real estate: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Credit quality indicators | &nbsp;&nbsp;Credit quality indicators |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | $65376 | $27904 | $171470 | $294317 | $117889 | $289229 | $44816 | $| $1011001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  |  | 11926 |  | 207 | 3393 |  | 15526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  | 480 |  | 554 | 474 |  |  | 1508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Doubtful/Loss |  |  |  |  |  |  |  |  |  |
| Total multifamily | $65376 | $27904 | $171950 | $306243 | $118443 | $289910 | $48209 | $| $1028035 |
| Prior year gross charge-offs | $— | $— | $— | $— | $— | $— | $— | $| $— |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Commercial real estate: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Credit quality indicators | &nbsp;&nbsp;Credit quality indicators |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | $23780 | $18205 | $45582 | $20832 | $15066 | $36909 | $44083 | $| $204457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  | 2057 | 7944 | 47 | 3764 | 1356 |  | 15168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  | 2770 |  | 20414 |  | 10416 | 11921 |  | 45521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Doubtful/Loss |  |  |  |  |  |  |  |  |  |
| Total farmland | $23780 | $20975 | $47639 | $49190 | $15113 | $51089 | $57360 | $| $265146 |
| Prior year gross charge-offs | $— | $— | $— | $— | $— | $— | $— | $| $— |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Consumer loans: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Credit quality indicators | &nbsp;&nbsp;Credit quality indicators |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | $60203 | $113467 | $173217 | $241388 | $115915 | $137361 | $| $3952 | $845503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  | 60 |  |  | 892 |  | 239 | 1191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  | 244 | 137 | 3467 | 2092 | 6393 |  | 633 | 12966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Doubtful/Loss |  |  |  |  |  |  |  |  |  |
| Total SFR 1st DT liens | $60203 | $113711 | $173414 | $244855 | $118007 | $144646 | $| $4824 | $859660 |
| Prior year gross charge-offs | $— | $27 | $— | $— | $— | $— | $| $— | $27 |

---

**74** TriCo Bancshares 2025 10-K

------

**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2024 | Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2024 | Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2024 | Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2024 | Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2024 | Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2024 | | | |
| (in thousands) | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total |
| Consumer loans: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Credit quality indicators | &nbsp;&nbsp;Credit quality indicators |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | $236 | $— | $— | $— | $— | $68 | $345902 | $5799 | $352005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  |  |  |  | 4 | 6082 | 327 | 6413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  |  |  |  | 4579 | 423 | 5002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Doubtful/Loss |  |  |  |  |  |  |  |  |  |
| Total SFR HELOCs and junior liens | $236 | $— | $— | $— | $— | $72 | $356563 | $6549 | $363420 |
| Prior year gross charge-offs | $— | $— | $— | $— | $— | $— | $41 | $— | $41 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Consumer loans: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Credit quality indicators | &nbsp;&nbsp;Credit quality indicators |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | $10371 | $21746 | $5891 | $6059 | $4917 | $6991 | $610 | $| $56585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  | 63 | 34 | 227 | 107 | 41 | 21 |  | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard | 37 | 152 | 304 | 111 | 2 | 294 | 1 |  | 901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Doubtful/Loss |  |  |  |  |  |  |  |  |  |
| Total other consumer | $10408 | $21961 | $6229 | $6397 | $5026 | $7326 | $632 | $| $57979 |
| Prior year gross charge-offs | $385 | $88 | $40 | $74 | $37 | $108 | $14 | $| $746 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Commercial and industrial loans: | Commercial and industrial loans: | Commercial and industrial loans: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Credit quality indicators | &nbsp;&nbsp;Credit quality indicators |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | $73321 | $49921 | $61634 | $48255 | $3721 | $8463 | $203978 | $150 | $449443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention | 137 | 775 | 1970 | 63 | 275 | 851 | 3197 |  | 7268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard | 272 | 35 | 682 | 728 |  | 596 | 12200 | 47 | 14560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Doubtful/Loss |  |  |  |  |  |  |  |  |  |
| Total commercial and industrial | $73730 | $50731 | $64286 | $49046 | $3996 | $9910 | $219375 | $197 | $471271 |
| Prior year gross charge-offs | $389 | $— | $178 | $95 | $24 | $— | $1101 | $— | $1787 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Construction loans: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Credit quality indicators | &nbsp;&nbsp;Credit quality indicators |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | $36031 | $124759 | $80269 | $11354 | $6714 | $7359 | $| $266486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  | 13390 |  |  |  |  | 13390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  |  |  | 57 |  | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Doubtful/Loss |  |  |  |  |  |  |  |  |
| Total construction | $36031 | $124759 | $93659 | $11354 | $6714 | $7416 | $| $279933 |
| Prior year gross charge-offs | $— | $— | $— | $— | $— | $— | $| $— |

---

**75** TriCo Bancshares 2025 10-K

------

**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2024 | Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2024 | Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2024 | Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2024 | Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2024 | Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2024 | | | |
| (in thousands) | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total |
| Agriculture production loans: | Agriculture production loans: | Agriculture production loans: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Credit quality indicators | &nbsp;&nbsp;Credit quality indicators |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | $265 | $1434 | $2297 | $905 | $175 | $7477 | $133115 | $— | $145668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  |  |  | 2 | 218 | 5192 |  | 5412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  | 138 | 485 | 107 | 12 |  |  | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Doubtful/Loss |  |  |  |  |  |  |  |  |  |
| Total agriculture production | $265 | $1434 | $2435 | $1390 | $284 | $7707 | $138307 | $— | $151822 |
| Prior year gross charge-offs | $— | $— | $173 | $— | $— | $— | $1277 | $— | $1450 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Leases: |  |  |  |  |
| &nbsp;&nbsp;Credit quality indicators | &nbsp;&nbsp;Credit quality indicators |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | $6806 | $| $| $6806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Doubtful/Loss |  |  |  |  |
| Total leases | $6806 | $| $| $6806 |
| Prior year gross charge-offs | $— | $| $| $— |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total loans outstanding: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Credit quality indicators | &nbsp;&nbsp;Credit quality indicators |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | $544332 | $610890 | $1140108 | $1083197 | $521165 | $1657874 | $972093 | $9901 | $6539560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention | 1755 | 1674 | 21898 | 21891 | 637 | 42767 | 19747 | 566 | 110935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard | 309 | 3443 | 9539 | 30585 | 6245 | 38056 | 28748 | 1103 | 118028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Doubtful/Loss |  |  |  |  |  |  |  |  |  |
| Total loans outstanding | $546396 | $616007 | $1171545 | $1135673 | $528047 | $1738697 | $1020588 | $11570 | $6768523 |
| Prior year gross charge-offs | $774 | $115 | $391 | $169 | $61 | $108 | $2433 | $— | $4051 |

---

Once a loan becomes delinquent and repayment becomes questionable, a Bank collection officer will address collateral shortfalls with the borrower and attempt to obtain additional collateral. If this is not forthcoming and payment in full is unlikely, the Bank will estimate its probable loss, using a recent valuation as appropriate to the underlying collateral less estimated costs of sale, and charge the loan down to the estimated net realizable amount. Depending on the length of time until ultimate collection, the Bank may revalue the underlying collateral and take additional charge-offs as warranted. Revaluations may occur as often as every 3-12 months depending on the underlying collateral and volatility of values. Final charge-offs or recoveries are taken when collateral is liquidated and actual loss is known. Unpaid balances on loans after or during collection and liquidation may also be pursued through lawsuit and attachment of wages or judgment liens on borrower's other assets.

**76** TriCo Bancshares 2025 10-K

------

**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

The following table shows the ending balance of current and past due originated loans by loan category as of the date indicated:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Analysis of Past Due Loans - As of December 31, 2025 | Analysis of Past Due Loans - As of December 31, 2025 | Analysis of Past Due Loans - As of December 31, 2025 | Analysis of Past Due Loans - As of December 31, 2025 | Analysis of Past Due Loans - As of December 31, 2025 | Analysis of Past Due Loans - As of December 31, 2025 |
| (in thousands) | 30-59 days | 60-89 days | > 90 days | Total Past<br>Due Loans | Current | Total |
| Commercial real estate: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRE non-owner occupied | $1599 | $1728 | $3692 | $7019 | $2488830 | $2495849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRE owner occupied | 3261 |  | 2189 | 5450 | 1015320 | 1020770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multifamily | 687 | 147 |  | 834 | 1084864 | 1085698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Farmland |  |  | 10937 | 10937 | 240508 | 251445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate loans | 5547 | 1875 | 16818 | 24240 | 4829522 | 4853762 |
| Consumer: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFR 1-4 1st DT liens | 832 | 1968 | 1697 | 4497 | 837672 | 842169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFR HELOCs and junior liens | 516 | 1305 | 1843 | 3664 | 428108 | 431772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 183 | 19 | 387 | 589 | 40080 | 40669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer loans | 1531 | 3292 | 3927 | 8750 | 1305860 | 1314610 |
| Commercial and industrial | 1619 | 522 | 1629 | 3770 | 460658 | 464428 |
| Construction |  |  | 603 | 603 | 300442 | 301045 |
| Agriculture production |  | 88 | 480 | 568 | 171926 | 172494 |
| Leases |  |  |  |  | 4748 | 4748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $8697 | $5777 | $23457 | $37931 | $7073156 | $7111087 |

---

The following table shows the ending balance of current and past due originated loans by loan category as of the date indicated:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Analysis of Past Due Loans - As of December 31, 2024 | Analysis of Past Due Loans - As of December 31, 2024 | Analysis of Past Due Loans - As of December 31, 2024 | Analysis of Past Due Loans - As of December 31, 2024 | Analysis of Past Due Loans - As of December 31, 2024 | Analysis of Past Due Loans - As of December 31, 2024 |
| (in thousands) | 30-59 days | 60-89 days | > 90 days | Total Past<br>Due Loans | Current | Total |
| Commercial real estate: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRE non-owner occupied | $221 | $— | $2452 | $2673 | $2320363 | $2323036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRE owner occupied | 1625 | 85 | 3619 | 5329 | 956086 | 961415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multifamily | 1120 |  |  | 1120 | 1026915 | 1028035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Farmland | 2686 | 113 | 6145 | 8944 | 256202 | 265146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate loans | 5652 | 198 | 12216 | 18066 | 4559566 | 4577632 |
| Consumer: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFR 1-4 1st DT liens |  | 6 | 1556 | 1562 | 858098 | 859660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFR HELOCs and junior liens | 201 | 852 | 1078 | 2131 | 361289 | 363420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 50 |  | 132 | 182 | 57797 | 57979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer loans | 251 | 858 | 2766 | 3875 | 1277184 | 1281059 |
| Commercial and industrial | 537 | 308 | 9257 | 10102 | 461169 | 471271 |
| Construction |  |  |  |  | 279933 | 279933 |
| Agriculture production | 37 | 317 | 314 | 668 | 151154 | 151822 |
| Leases |  |  |  |  | 6806 | 6806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $6477 | $1681 | $24553 | $32711 | $6735812 | $6768523 |

---

**77** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

The following table shows the ending balance of non accrual loans by loan category as of the date indicated:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Non Accrual Loans | Non Accrual Loans | Non Accrual Loans | Non Accrual Loans | Non Accrual Loans | Non Accrual Loans |
| | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 |
| (in thousands) | Non accrual with no allowance for credit losses | Total non accrual | Past due 90 days or more and still accruing | Non accrual with no allowance for credit losses | Total non accrual | Past due 90 days or more and still accruing |
| Commercial real estate: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRE non-owner occupied | $7089 | $7089 | $— | $3017 | $3017 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRE owner occupied | 7733 | 7733 |  | 3632 | 3874 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multifamily | 435 | 435 |  | 480 | 480 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Farmland | 26840 | 31615 |  | 12483 | 16195 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate loans | 42097 | 46872 |  | 19612 | 23566 |  |
| Consumer: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFR 1-4 1st DT liens | 6246 | 6246 |  | 5979 | 5979 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFR HELOCs and junior liens | 5192 | 5474 |  | 3370 | 3868 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 80 | 459 |  | 41 | 204 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer loans | 11518 | 12179 |  | 9390 | 10051 |  |
| Commercial and industrial | 1228 | 3976 | 36 | 830 | 9707 | 59 |
| Construction | 650 | 650 |  | 57 | 57 |  |
| Agriculture production | 435 | 460 | 45 |  | 656 |  |
| Leases |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-total | 55928 | 64137 | 81 | 29889 | 44037 | 59 |
| Less: Guaranteed loans | (1667) | (1688) |  | (828) | (816) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total, net | $54261 | $62449 | $81 | $29061 | $43221 | $59 |

---

Interest income on non accrual loans that would have been recognized during the years ended December 31, 2025, 2024, and 2023, if all such loans had been current in accordance with their original terms, totaled $5.0 million, $4.2 million, and $2.5 million, respectively. Interest income actually recognized on these loans during the years ended December 31, 2025, 2024, and 2023 was $1.0 million, $0.8 million, and $1.0 million, respectively.

**78** TriCo Bancshares 2025 10-K

------

**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

The following tables present the amortized cost basis of collateral dependent loans by class of loans as of the following periods:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2025 |
| (in thousands) | Retail | Office | Warehouse | Other | Multifamily | Farmland | SFR -1st Deed | SFR -2nd Deed | Automobile/Truck | A/R and Inventory | Equipment | Total |
| Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CRE non-owner occupied | $2892 | $3195 | $— | $1002 | $— | $— | $— | $— | $— | $— | $— | $7089 |
| &nbsp;&nbsp;&nbsp;&nbsp;CRE owner occupied | 4564 | 1432 |  | 1737 |  |  |  |  |  |  |  | 7733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multifamily |  |  |  |  | 435 |  |  |  |  |  |  | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Farmland |  |  |  |  |  | 31615 |  |  |  |  |  | 31615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate loans | 7456 | 4627 |  | 2739 | 435 | 31615 |  |  |  |  |  | 46872 |
| Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR 1-4 1st DT liens |  |  |  |  |  |  | 6246 |  |  |  |  | 6246 |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR HELOCs and junior liens |  |  |  |  |  |  | 1579 | 3687 |  |  |  | 5266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  |  |  |  |  |  |  |  | 456 |  |  | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer loans |  |  |  |  |  |  | 7825 | 3687 | 456 |  |  | 11968 |
| Commercial and industrial |  |  |  |  |  |  |  |  |  | 1477 | 2499 | 3976 |
| Construction |  |  |  | 529 |  |  | 121 |  |  |  |  | 650 |
| Agriculture production |  |  |  | 153 |  |  |  |  |  | 25 | 282 | 460 |
| Leases |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $7456 | $4627 | $— | $3421 | $435 | $31615 | $7946 | $3687 | $456 | $1502 | $2781 | $63926 |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 |
| (in thousands) | Retail | Office | Warehouse | Other | Multifamily | Farmland | SFR -1st Deed | SFR -2nd Deed | Automobile/Truck | A/R and Inventory | Equipment | Total |
| Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CRE non-owner occupied | $2452 | $356 | $— | $210 | $— | $— | $— | $— | $— | $— | $— | $3018 |
| &nbsp;&nbsp;&nbsp;&nbsp;CRE owner occupied |  | 260 | 142 | 3472 |  |  |  |  |  |  |  | 3874 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multifamily |  |  |  |  | 480 |  |  |  |  |  |  | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Farmland |  |  |  |  |  | 16448 |  |  |  |  |  | 16448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate loans | 2452 | 616 | 142 | 3682 | 480 | 16448 |  |  |  |  |  | 23820 |
| Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR 1-4 1st DT liens |  |  |  |  |  |  | 5979 |  |  |  |  | 5979 |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR HELOCs and junior liens |  |  |  |  |  |  | 1291 | 2079 |  |  |  | 3370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  |  |  |  |  |  |  |  | 132 |  |  | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer loans |  |  |  |  |  |  | 7270 | 2079 | 132 |  |  | 9481 |
| Commercial and industrial |  |  |  | 8334 |  |  |  | 54 |  | 530 | 788 | 9706 |
| Construction |  |  |  |  |  |  | 57 |  |  |  |  | 57 |
| Agriculture production |  |  |  |  |  |  |  |  |  |  | 12 | 12 |
| Leases |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $2452 | $616 | $142 | $12016 | $480 | $16448 | $7327 | $2133 | $132 | $530 | $800 | $43076 |

---

**79** TriCo Bancshares 2025 10-K

------

**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

Modifications to borrowers experiencing financial difficulty may include interest rate reductions, principal or interest forgiveness, forbearances, term extensions, and other actions intended to minimize economic loss and to avoid foreclosure or repossession of collateral.

The following tables show the amortized cost basis of loans that were both experiencing financial difficulty and modified during the periods presented. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivables is also presented below.

---

| | | |
|:---|:---|:---|
| | For the twelve months ended December 31, 2025 | For the twelve months ended December 31, 2025 |
| (in thousands) | Combination - Term Extension / Rate Change | Total % of Loans Outstanding |
| Consumer: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR 1-4 1st DT liens | $199 | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer loans | $199 | n/m |

---

The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the twelve months ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| Modification Type | Loan Type | Financial Effect |
| Combination - term extension / rate change | SFR 1-4 1st DT liens | Added 36 months to the life of the loan; converted to fixed interest rate |

---

---

| | | | |
|:---|:---|:---|:---|
| | For the twelve months ended December 31, 2024 | For the twelve months ended December 31, 2024 | For the twelve months ended December 31, 2024 |
| (in thousands) | Payment Delay / Extension | Combination - Term Extension / Rate Change | Total % of Loans Outstanding |
| Commercial real estate: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CRE non-owner occupied | $— | $211 | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;CRE owner occupied |  | 219 | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Multifamily | 295 |  | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate loans | 295 | 430 | n/m |
| Consumer: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 41 |  | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer loans | 41 |  | n/m |
| Commercial and industrial | 1008 |  | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $1344 | $430 | n/m |

---

The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the twelve months ended December 31, 2024:

---

| | | |
|:---|:---|:---|
| Modification Type | Loan Type | Financial Effect |
| Combination - term extension / rate change | CRE non-owner occupied | Added 120 months to the life of the loan; converted from variable to fixed interest rate |
| Combination - term extension / rate change | CRE owner occupied | Added 24 months to the life of the loan; converted from variable to fixed |
| Payment delay / term extension | Multifamily | Added 12 months to the life of the loan |
| Payment delay / term extension | SFR HELOCs and junior liens | Added 60 months to the life of the loan |
| Payment delay / term extension | Commercial and industrial | Added 53 months to the life of the loan |

---

There were no loans with payment defaults by borrowers experiencing financial difficulty during the year ended December 31, 2025 which had material modifications in rate, term or principal forgiveness during the twelve months prior to default.

**80** TriCo Bancshares 2025 10-K

------

**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

**Note 6 – Real Estate Owned**

A summary of the activity in the balance of real estate owned follows:

---

| | | |
|:---|:---|:---|
| | Year ended December 31, | Year ended December 31, |
| (in thousands) | 2025 | 2024 |
| Beginning balance, net | $2786 | $2705 |
| Additions/transfers from loans | 6309 | 682 |
| Dispositions/sales | (2966) | (359) |
| Valuation adjustments | 116 | (242) |
| Ending balance, net | $6245 | $2786 |
| Ending valuation allowance | $(601) | $(717) |
| Ending number of foreclosed assets | 12 | 10 |
| Proceeds from sale of real estate owned | $2594 | $351 |
| Gain (loss) on sale of real estate owned | $(253) | $(8) |

---

At December 31, 2025, there were no additional real estate properties with formal foreclosure proceedings underway.

**Note 7 – Premises and Equipment**

---

| | | |
|:---|:---|:---|
| | As of December 31, | As of December 31, |
| (in thousands) | 2025 | 2024 |
| Land and land improvements | $26452 | $26365 |
| Buildings | 67597 | 66520 |
| Furniture and equipment | 47848 | 45205 |
|  | 141897 | 138090 |
| Less: Accumulated depreciation | (73295) | (69057) |
|  | 68602 | 69033 |
| Construction in progress | 1122 | 1254 |
| Total premises and equipment | $69724 | $70287 |

---

Depreciation expense for premises and equipment amounted to $5.8 million, $5.6 million, and $5.8 million during the years ended 2025, 2024, and 2023, respectively.

**Note 8 – Cash Value of Life Insurance**

A summary of the activity in the balance of cash value of life insurance follows:

---

| | | |
|:---|:---|:---|
| | Year ended December 31, | Year ended December 31, |
| (in thousands) | 2025 | 2024 |
| Beginning balance | $140149 | $136892 |
| Increase in cash value of life insurance | 3395 | 3257 |
| Gain on death benefit | 1219 |  |
| Insurance proceeds receivable reclassified to other assets | (7510) |  |
| Ending balance | $137253 | $140149 |
| End of period death benefit | $218192 | $224723 |
| Number of policies owned | 200 | 216 |
| Insurance companies used | 14 | 14 |
| Current and former employees and directors covered | 77 | 79 |

---

**Note 9 – Goodwill and Other Intangible Assets**

**81** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

The following table summarizes the Company's goodwill intangible as of the dates indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in thousands) | December 31,<br>2025 | Additions | Reductions | December 31,<br>2024 |
| Goodwill | $304442 | $— | $— | $304442 |

---

Impairment exists when a Company's carrying value exceeds its fair value. Goodwill is evaluated for impairment annually. At September 30, 2025, the Company had positive equity and the Company elected to perform a qualitative assessment to determine if it was more likely than not that the fair value of the Company exceeded its carrying value, including goodwill. The qualitative assessment indicated that it was more likely than not that the fair value of the reporting unit exceeds its carrying value, resulting in no impairment. For each of the years in the three year period ended December 31, 2025, there were no impairment charges recognized.

The following table summarizes the Company's core deposit intangibles ("CDI") as of the dates indicated:

---

| | | |
|:---|:---|:---|
| (in thousands) | December 31,<br>2025 | December 31,<br>2024 |
| Core deposit intangibles, gross | $38240 | $38240 |
| &nbsp;&nbsp;Fully amortized portion |  |  |
| Core deposit intangibles, gross ending balance | 38240 | 38240 |
| Accumulated amortization, gross | (31808) | (27688) |
| &nbsp;&nbsp;Fully amortized portion |  |  |
| &nbsp;&nbsp;Amortization expense | (1961) | (4120) |
| Accumulated amortization, gross ending balance | (33769) | (31808) |
| Core deposit intangible, net | $4471 | $6432 |

---

The Company's remaining net CDI balance of $4.5 million as of December 31, 2025 reflects gross balances recorded from the VRB acquisition on March 25, 2022 totaling $10.6 million and the FNBB acquisition on July 6, 2018 totaling $27.6 million. The following table summarizes the Company's estimated core deposit intangible amortization (dollars in thousands):

---

| | |
|:---|:---|
| Years Ended | Estimated CDI Amortization |
| 2026 | $1527 |
| 2027 | 1008 |
| 2028 | 797 |
| 2029 | 587 |
| 2030 | 377 |
| Thereafter | 175 |
|  | $4471 |

---

**82** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

**Note 10 – Mortgage Servicing Rights**

The following tables summarize the activity in, and the main assumptions used to determine the fair value of mortgage servicing rights for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
| (in thousands) | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| (in thousands) | 2025 | 2024 | 2023 |
| Balance at beginning of period | $6626 | $6606 | $6712 |
| Additions | 574 | 500 | 400 |
| Change in fair value | (560) | (480) | (506) |
| Balance at end of period | $6640 | $6626 | $6606 |
| Contractually specified servicing fees, late fees and ancillary fees earned | $1736 | $1739 | $1808 |
| Balance of loans serviced at: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | $702596 | $714801 | $739919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $693679 | $702596 | $714801 |
| Period end: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted-average prepayment speed (CPR) | 119.0% | 109.0% | 116.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted-average expected life (years) | 7.7 | 8.0 | 7.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted-average discount rate | 12.0% | 12.0% | 12.0% |

---

The changes in fair value of MSRs during 2025 were primarily due to changes in mortgage prepayment speeds and changes in principal balances of the underlying mortgages. The changes in fair value of MSRs during 2024 were primarily due to changes in principal balance and mortgage prepayment speeds of the MSRs. The changes in fair value of MSRs during 2023 were primarily due to changes in investor require rate of return, or discount rate, of the MSRs.

**Note 11 - Leases**

The following table presents the components of lease expense for the periods indicated:

---

| | | |
|:---|:---|:---|
| | Year ended December 31, | Year ended December 31, |
| (in thousands) | 2025 | 2024 |
| Operating lease cost | $5864 | $5730 |
| Short-term lease cost | 216 | 216 |
| Variable lease cost (income) | (30) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total lease cost | $6050 | $5950 |

---

The following table presents supplemental cash flow information related to leases as of the periods ended:

---

| | | |
|:---|:---|:---|
| | Year ended December 31, | Year ended December 31, |
| (in thousands) | 2025 | 2024 |
| Cash paid for amounts included in the measurement of lease liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating cash flows for operating leases | $6185 | $6170 |
| ROUA obtained in exchange for operating lease liabilities | $6894 | $2226 |

---

The following table presents the weighted average operating lease term and discount rate as of the periods ended:

---

| | | |
|:---|:---|:---|
| | Year ended December 31, | Year ended December 31, |
| | 2025 | 2024 |
| Weighted-average remaining lease term | 7.4 years | 7.6 years |
| Weighted-average discount rate | 3.8% | 3.5% |

---

**83** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

At December 31, 2025, future expected operating lease payments are as follows (in thousands):

---

| | |
|:---|:---|
| Periods ending December 31, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026 | $6149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2027 | 5528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2028 | 4279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2029 | 3007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030 | 2630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thereafter | 9937 |
|  | 31530 |
| Discount for present value of expected cash flows | (4252) |
| Lease liability at December 31, 2025 | $27278 |

---

**Note 12 – Deposits**

A summary of the balances of deposits follows:

---

| | | |
|:---|:---|:---|
| (in thousands) | December 31, | December 31, |
| (in thousands) | 2025 | 2024 |
| Noninterest-bearing demand | $2594032 | $2548613 |
| Interest-bearing demand | 1784769 | 1758629 |
| Savings | 2775058 | 2657849 |
| Time certificates, $250,000 and over | 484858 | 485180 |
| Other time certificates | 625184 | 637305 |
| Total deposits | $8263901 | $8087576 |

---

Overdrawn deposit balances of $2.7 million and $2.5 million were classified as consumer loans at December 31, 2025 and 2024, respectively.

At December 31, 2025, the scheduled maturities of time deposits were as follows (in thousands):

---

| | |
|:---|:---|
| | Scheduled<br>Maturities |
| 2026 | $1094810 |
| 2027 | 9045 |
| 2028 | 4147 |
| 2029 | 1096 |
| 2030 | 944 |
| Thereafter |  |
| Total | $1110042 |

---

**Note 13 – Other Borrowings**

A summary of the balances of other borrowings follows:

---

| | | |
|:---|:---|:---|
| | December 31, | December 31, |
| (in thousands) | 2025 | 2024 |
| Term borrowing at FHLB, fixed rate of 5.23%, maturity date of April 8, 2025 |  | 75000 |
| Other collateralized borrowings, fixed rate, as of December 31, 2025 and 2024 of 0.05%, payable on January 2, 2026 and January 2, 2025, respectively | 11713 | 14610 |
| Total other borrowings | $11713 | $89610 |

---

Other collateralized borrowings are generally overnight maturity borrowings from non-financial institutions that are collateralized by securities owned by the Company. As of December 31, 2025, the Company has pledged as collateral and sold under agreements to repurchase investment securities with fair value of $11.7 million under these other collateralized borrowings.

**84** TriCo Bancshares 2025 10-K

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The Company maintains a collateralized line of credit with the FHLB. Based on the FHLB stock requirements at December 31, 2025, this line provided for maximum borrowings of $2.4 billion of which none was outstanding. As of December 31, 2025, the Company had designated investment securities with a fair value of $50.3 million and loans with unpaid principal balances totaling $4.4 billion as potential collateral under this collateralized line of credit with the FHLB.

The Company maintains a collateralized line of credit with the Federal Reserve Bank of San Francisco ("FRB"). As of December 31, 2025, this line provided for maximum borrowings of $363.7 million of which none was outstanding. As of December 31, 2025, the Company has loans with unpaid principal balances totaling $506.7 million as potential collateral under this collateralized line of credit with the FRB.

The Company has available unused correspondent banking lines of credit from commercial banks totaling $85.0 million for federal funds transactions at December 31, 2025.

**Note 14 – Junior Subordinated Debt**

At December 31, 2025, the Company has two wholly-owned subsidiary business trusts that had issued $41.2 million of trust preferred securities (the Trusts). Trust preferred securities accrue and pay distributions periodically at specified annual rates as provided in the indentures. The trusts used the net proceeds from the offering to purchase a like amount of subordinated debentures (the Debentures) of the Company. The Debentures are the sole assets of the trusts. The Company's obligations under the subordinated debentures and related documents, taken together, constitute a full and unconditional guarantee by the Company of the obligations of the trusts. The trust preferred securities are mandatorily redeemable upon the maturity of the Debentures, or upon earlier redemption as provided in the indentures. The Company has the right to redeem the Debentures in whole (but not in part) on or after specific dates, at a redemption price specified in the indentures plus any accrued but unpaid interest to the redemption date. The Company also has a right to defer consecutive payments of interest on the debentures for up to five years.

The recorded book values of the Debentures issued by the Trusts are reflected as junior subordinated debt in the Company's consolidated balance sheets. The common stock issued by the Trusts and owned by the Company is recorded in other assets in the Company's consolidated balance sheets. The recorded book value of the debentures issued by the Trusts, less the recorded book value of the common stock of the Trusts owned by the Company will continue to qualify as Tier 1 or Tier 2 capital under interim guidance issued by the Board of Governors of the Federal Reserve System until only five years remain until their scheduled maturity.

At December 31, 2024, the Company owned three additional Trusts as a result of its acquisition of North Valley Bancorp (NVB) in 2014, and two additional tranches of subordinated debt from the acquisition of Valley Republic Bancorp (VRB) in 2022. However, the Company repaid both the holders of the NVB trusts and VRB subordinated debt, with a face values totaling $57.7 million and a recorded book values of $60.2 million, during 2025 resulting in a $2.5 million gain on extinguishment of debt and recorded within other non-interest income.

The following table summarizes the terms and recorded balance of each subordinated debenture as of the dates indicated (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | Coupon Rate <br>(Variable) 3 mo. SOFR + | As of December 31, 2025 | As of December 31, 2025 | December 31, 2024 |
| Subordinated Debt Series | Maturity<br>Date | Face<br>Value | Coupon Rate <br>(Variable) 3 mo. SOFR + | Current<br>Coupon Rate | Recorded<br>Book Value | Recorded<br>Book Value |
| TriCo Cap Trust I | 10/7/2033 | $20619 | 3.05% | 7.22% | $20619 | $20619 |
| TriCo Cap Trust II | 7/23/2034 | 20619 | 2.55% | 6.67% | 20619 | 20619 |
| North Valley Trust II |  |  |  |  |  | 5713 |
| North Valley Trust III |  |  |  |  |  | 4571 |
| North Valley Trust IV |  |  |  |  |  | 7863 |
| VRB Subordinated - 6% |  |  |  |  |  | 16799 |
| VRB Subordinated - 5% |  |  |  |  |  | 25007 |
|  |  | $41238 |  |  | $41238 | $101191 |

---

**Note 15 – Commitments and Contingencies**

*Restricted Cash Balances* — Reserves (in the form of deposits with the San Francisco Federal Reserve Bank) were not required to be maintained as of December 31, 2025 and 2024.

*Financial Instruments with Off-Balance-Sheet Risk* — The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby letters of credit, and deposit account overdraft privilege. Those instruments involve, to varying degrees, elements of risk in excess

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of the amount recognized in the balance sheet. The contract amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments.

The Company's exposure to loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit written is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. The Company's exposure to loss in the event of nonperformance by the other party to the financial instrument for deposit account overdraft privilege is represented by the overdraft privilege amount disclosed to the deposit account holder.

The following table presents a summary of the Bank's commitments and contingent liabilities:

---

| | | |
|:---|:---|:---|
| | December 31, | December 31, |
| (in thousands) | 2025 | 2024 |
| Financial instruments whose amounts represent risk: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commitments to extend credit: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial loans | $814732 | $788491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer loans | 598264 | 627681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate mortgage loans | 432608 | 419172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate construction loans | 334130 | 272308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standby letters of credit | 38986 | 39804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposit account overdraft privilege | 125317 | 121006 |

---

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates of one year or less or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer's credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on Management's credit evaluation of the customer. Collateral held varies, but may include accounts receivable, inventory, property, plant and equipment, residential properties, and income-producing commercial properties.

Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support private borrowing arrangements. Most standby letters of credit are issued for one year or less. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Collateral requirements vary, but in general follow the requirements for other loan facilities.

Deposit account overdraft privilege amount represents the unused overdraft privilege balance available to the Company's deposit account holders who have deposit accounts covered by an overdraft privilege. The Company has established an overdraft privilege for certain of its deposit account products whereby all holders of such accounts who bring their accounts to a positive balance at least once every thirty days receive the overdraft privilege. The overdraft privilege allows depositors to overdraft their deposit account up to a predetermined level. The predetermined overdraft limit is set by the Company based on account type.

*Legal Proceedings —* The Company is party to various legal and administrative proceedings and claims. While any litigation contains an element of uncertainty, management believes that neither the Company nor its subsidiaries are a party to any pending legal proceedings that are material, nor is their property the subject of any other material pending legal proceeding at this time. All other legal proceedings are routine and arise out of the ordinary course of the Bank's business. None of those proceedings are currently expected to have a material adverse impact upon the Company's and the Bank's business, their consolidated financial position nor their operations in any material amount not already accrued, after taking into consideration any applicable insurance and any contingency reserves.

*Other Commitments and Contingencies*—The Company has entered into employment agreements or change of control agreements with certain officers of the Company providing severance payments and accelerated vesting of benefits under supplemental retirement agreements to the officers in the event of a change in control of the Company and termination for other than cause or after a substantial and material change in the officer's title, compensation or responsibilities.

In April 2024, Visa Inc. announced the commencement of an exchange offer for Visa Class B-1 common stock and the Company subsequently tendered all of its Visa Class B-1 common stock in exchange for a combination of Visa Class B-2 common stock and Visa Class C common stock. Completion of the exchange resulted in a gain of $2.9 million relating to the Visa Class C common stock, which was subsequently disposed. Visa Class B-2 common stock continues to be carried at zero. The Bank owns 6,698 shares of Class B-2 common stock of Visa Inc. which may be convertible into Class A common stock at a conversion ratio of 1.5108 per Class B-2 share. As of December 31, 2025, the value of the Class A shares was $350.71 per share. Utilizing the conversion ratio, the value of unredeemed Class A equivalent shares owned by the Bank was $3.5 million as of December 31, 2025, and has not been reflected in the accompanying consolidated financial statements. The shares of Visa Class B-2 common stock are restricted and may not be transferred. Visa Member Banks are required to fund an escrow account to cover settlements, resolution of pending litigation and related claims. If the funds in the

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escrow account are insufficient to settle all the covered litigation, Visa may sell additional Class A shares, use the proceeds to settle litigation, and further reduce the conversion ratio. If funds remain in the escrow account after all litigation is settled, the Class B-2 conversion ratio may be increased to reflect that surplus. Until all U.S. covered litigation obligations have been satisfied or the Applicable Conversion Rate for the Class B-2 common stock reaches zero, there is no dollar cap on the amount of payments that a participating holder and its guarantors may be obligated to make under its Makewhole Agreement.

Mortgage loans sold to investors may be sold with servicing rights retained, with only the standard legal representations and warranties regarding recourse to the Bank. Management believes that any liabilities that may result from such recourse provisions are not significant.

**Note 16 – Shareholders' Equity**

**Dividends Paid**

The Bank paid to the Company cash dividends in the aggregate amounts of $133.4 million, $71.2 million, and $52.8 million in 2025, 2024, and 2023, respectively. The Bank is regulated by the Federal Deposit Insurance Corporation ("FDIC") and the State of California Department of Financial Protection & Innovation (the "DFPI"). Absent approval from the Commissioner of the DFPI, California banking laws generally limit the Bank's ability to pay dividends to the lesser of (1) retained earnings or (2) net income for the last three fiscal years, less cash distributions paid during such period. Under this law, at December 31, 2025, the Bank could have paid additional dividends totaling $110.9 million to the Company without the approval of the Commissioner of the DFPI.

**Stock Repurchase Program**

The Company's Board of Directors has approved the authorization to repurchase up to 2,000,000 shares of the Company's common stock (the "2025 Repurchase Program" or the "2025 Program"). The Company's 2025 Share Repurchase Program replaces and supersedes the 2021 Share Repurchase Program which has been terminated as of December 31, 2025. The actual timing of any share repurchases will be determined by the Company's management and therefore the total value of the shares to be purchased under the 2025 Program is subject to change. The 2025 Program has no expiration date but the Board may suspend or discontinue the program at any time. There were no shares repurchased under the 2025 Program during 2025 and therefore, 2,000,000 shares remained available for repurchase as of December 31, 2025.

Under the former 2021 Stock Repurchase Program, the Company repurchased 709,172, 379,279, and 150,000 shares for years ended December 31, 2025, 2024 and 2023, respectively.

**Stock Repurchased Under Equity Compensation Plans**

The Company's shareholder-approved equity compensation plans permit employees to tender recently vested shares in lieu of cash for the payment of withholding taxes on such shares. During the years ended December 31, 2025, 2024, and 2023, employees tendered zero, zero, and 2,506 shares, respectively, of the Company's common stock in connection with option exercises. Employees also tendered 43,271, 36,549 and 52,437 shares in connection with other share based awards during December 31, 2025, 2024 and 2023, respectively. In total, shares of the Company's common stock tendered had market values of $1.9 million, $1.4 million, and $2.3 million for the years ended December 31, 2025, 2024 and 2023, respectively. The tendered shares were retired. The market value of tendered shares is the last market trade price at closing on the day an option is exercised or the other share based award vests. Stock repurchased under equity incentive plans are not included in the total of stock repurchased under the 2025 or 2021 Repurchase Programs.

**Note 17 – Stock Options and Other Equity-Based Incentive Instruments**

On April 16, 2024, the Board of Directors adopted the 2024 Equity Incentive Plan (2024 Plan) which was approved by shareholders on May 23, 2024. The 2024 Plan allows for up to 1,200,000 shares to be issued in connection with equity-based incentives. In conjunction with shareholder approval of the 2024 Plan, the 2019 Equity Incentive Plan (2019 Plan), which allowed for up to 1,500,000 shares to be issued in connection with equity-based incentives, is no longer available for grant issuances. While no new awards can be granted under the 2019 Plan, existing grants continue to be governed by the terms, conditions and procedures set forth in any applicable award agreement.

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Stock option activity is summarized in the following table for the dates indicated:

---

| | | | |
|:---|:---|:---|:---|
| | Number of<br>Shares | Option Price<br>per Share | Weighted<br>Average<br>Exercise<br>Price |
| Outstanding at January 1, 2024 | 7500 | $23.21 | $23.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options granted |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options exercised | (7500) | $23.21 | $23.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options forfeited |  |  |  |
| Outstanding at December 31, 2024 |  | $0.00 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options granted |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options exercised |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options forfeited |  |  |  |
| Outstanding at December 31, 2025 |  | $— | $— |

---

The Company did not modify any options grants during the three-year period ended December 31, 2025.

The following table shows the total intrinsic value of options exercised, the total fair value of options vested, total compensation costs for options recognized in income, total tax benefit and excess tax benefits recognized in income related to compensation costs for options during the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
| | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| (in thousands) | 2025 | 2024 | 2023 |
| Intrinsic value of options exercised | $— | $153 | $134 |
| Fair value of options that vested |  |  |  |
| Total compensation costs for options recognized in expense |  |  |  |
| Total tax benefit recognized in income related to compensation costs for options |  | 42 | 40 |
| Excess tax benefit recognized in income |  |  |  |

---

There were no stock options granted during 2025, 2024 and 2023, respectively.

Restricted stock unit activity is summarized in the following table for the dates indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Service Condition Vesting RSUs | Service Condition Vesting RSUs | Market Plus Service Condition<br>Vesting RSUs | Market Plus Service Condition<br>Vesting RSUs |
| | Number<br>of RSUs | Weighted Average <br>Fair Value on<br>Date of Grant | Number of<br>RSUs | Weighted Average <br>Fair Value on<br>Date of Grant |
| Outstanding at January 1, 2025 | 152572 |  | 144715 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSUs granted | 81060 | $37.68 | 49692 | $28.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional market plus service condition RSUs vested |  |  |  |  |
| RSUs added through dividend credits | 4598 |  |  |  |
| RSUs released through vesting | (85204) |  | (31788) |  |
| RSUs forfeited/expired | (11937) |  | (17134) |  |
| Outstanding at December 31, 2025 | 141089 |  | 145485 |  |

---

The Company uses a Monte Carlo simulation model to determine the grant-date fair value of awards with market plus service conditions (PSU). The weighted average fair value and assumptions used to value the PSU awards granted with market-based performance conditions are as follows:

**88** TriCo Bancshares 2025 10-K

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| | | |
|:---|:---|:---|
| | December 31, | December 31, |
| | 2025 | 2024 |
| Performance share fair value | $28.62 | $20.86 |
| Risk-free interest rate | 3.91% | 4.32% |
| Expected volatility | 33.75% | 32.06% |
| Expected life (years) | 3 | 3 |
| Expected dividend yield | 3.31% | 3.99% |

---

The 141,089 of service condition vesting RSUs outstanding as of December 31, 2025 include a feature whereby each RSU outstanding is credited with a dividend amount equal to any common stock cash dividend declared and paid, and the credited amount is divided by the closing price of the Company's stock on the dividend payable date to arrive at an additional amount of RSUs outstanding under the original grant. Additional RSUs credited through dividends are subject to the same vesting requirements as the original grant. The Company expects to recognize $3.0 million of pre-tax compensation costs related to these service condition vesting RSUs between December 31, 2025 and their vesting dates. The Company did not modify any service condition vesting RSUs during 2025 or 2024.

The Company expects to recognize $1.5 million of pre-tax compensation costs related to the market plus service condition RSUs between December 31, 2025 and their vesting dates. As of December 31, 2025, the number of market plus service condition vesting RSUs outstanding that will actually vest, and be released, may be reduced to zero or increased to 218,228 depending on the total return of the Company's common stock versus the total return of an index of bank stocks from the grant date to the vesting date. The Company did not modify any market plus service condition vesting RSUs during 2025 or 2024.

The following table shows the compensation costs and excess tax benefits for RSUs recognized in income for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
| | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| (in thousands) | 2025 | 2024 | 2023 |
| Total compensation costs recognized in income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service condition vesting RSUs | $3375 | $3224 | $2806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market plus service condition vesting RSUs | 1382 | 1442 | 1319 |
| Excess tax benefit recognized in income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service condition vesting RSUs | $1032 | $964 | $924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market plus service condition vesting RSUs | 478 | 427 | 594 |

---

**Note 18 – Non-interest Income and Expense**

The components of other non-interest income were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| (in thousands) | 2025 | 2024 | 2023 |
| ATM and interchange fees | $25541 | $25319 | $26459 |
| Service charges on deposit accounts | 20967 | 19451 | 17595 |
| Other service fees | 5761 | 5301 | 4732 |
| Mortgage banking service fees | 1736 | 1739 | 1808 |
| Change in value of mortgage loan servicing rights | (560) | (480) | (506) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total service charges and fees | 53445 | 51330 | 50088 |
| Asset management and commission income | 7025 | 5573 | 4517 |
| Increase in cash value of life insurance | 3395 | 3257 | 3150 |
| Gain on sale of loans | 1606 | 1532 | 1166 |
| Lease brokerage income | 224 | 455 | 441 |
| Sale of customer checks | 1300 | 1216 | 1383 |
| (Loss) gain on sale of investment securities | (3247) | (43) | (284) |
| (Loss) gain on marketable equity securities | 84 | 126 | 36 |
| Other | 4506 | 961 | 903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other noninterest income | 14893 | 13077 | 11312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | $68338 | $64407 | $61400 |

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Mortgage banking servicing fee income (expense), net of change in value of mortgage loan servicing rights, totaling $1.2 million, $1.3 million, and $1.3 million were recorded within service charges and fees for the years ended December 31, 2025, 2024, and 2023, respectively.

The components of noninterest expense were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| (in thousands) | 2025 | 2024 | 2023 |
| Base salaries, net of deferred loan origination costs | $101546 | $96862 | $94564 |
| Incentive compensation | 20614 | 16897 | 15557 |
| Benefits and other compensation costs | 27611 | 26822 | 25674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total salaries and benefits expense | 149771 | 140581 | 135795 |
| Occupancy | 17180 | 16411 | 16135 |
| Data processing and software | 20218 | 20952 | 18933 |
| Equipment | 5159 | 5424 | 5644 |
| Intangible amortization | 1961 | 4120 | 6118 |
| Advertising | 3433 | 3851 | 3531 |
| ATM and POS network charges | 7586 | 7151 | 7080 |
| Professional fees | 6402 | 6794 | 7358 |
| Telecommunications | 1980 | 2053 | 2547 |
| Regulatory assessments and insurance | 5181 | 4951 | 5276 |
| Postage | 1440 | 1329 | 1236 |
| Operational losses | 1651 | 1681 | 2444 |
| Courier service | 2184 | 2119 | 1851 |
| (Gain) loss on sale or acquisition of foreclosed assets | 254 | (73) | (133) |
| (Gain) loss on disposal of fixed assets | 117 | 19 | 23 |
| Other miscellaneous expense | 16442 | 16742 | 19344 |
| Total other noninterest expense | 91188 | 93524 | 97387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | $240959 | $234105 | $233182 |

---

**Note 19 – Income Taxes**

The components of consolidated income tax expense are as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| | 2025 | 2024 | 2023 |
| Current tax expense |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal | $23353 | $23128 | $26133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State | 18703 | 17754 | 19781 |
|  | $42056 | 40882 | 45914 |
| Deferred tax expense |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal | 1095 | 512 | (1330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State | 1450 | (1158) | (1069) |
|  | 2545 | (646) | (2399) |
| Total tax expense | $44601 | $40236 | $43515 |

---

A deferred tax asset or liability is recognized for the tax consequences of temporary differences in the recognition of revenue and expense for financial and tax reporting purposes. The net change during the year in the deferred tax asset or liability results in a deferred tax expense or benefit.

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The Company recognized, as components of tax expense, tax credits and other tax benefits, and amortization expense relating to our investments in Qualified Affordable Housing Projects as follows for the periods indicated (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| | 2025 | 2024 | 2023 |
| Tax credits and other tax benefits – decrease in tax expense | $(13139) | $(11650) | $(10857) |
| Amortization – increase in tax expense | $13000 | $10762 | $9092 |

---

The carrying value of Low Income Housing Tax Credit Funds was $122.8 million and $109.1 million as of December 31, 2025 and 2024, respectively. As of December 31, 2025, the Company has committed to make additional capital contributions to the Low Income Housing Tax Credit Funds in the amount of $59.0 million, and these contributions are expected to be made over the next several years.

The provisions for income taxes applicable to income before taxes for the years ended December 31, 2025, 2024 and 2023 differ from amounts computed by applying the statutory Federal income tax rates to income before taxes. The effective tax rate and the statutory federal income tax rate are reconciled as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| (in thousands) | 2025 | 2025 | 2024 | 2023 |
| Federal statutory income tax rate | $34893 | 21.0% | 21.0% | 21.0% |
| California income taxes, net of federal tax benefit | 11131 | 6.6 | 7.9 | 7.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nontaxable and nondeductible items, net |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt interest on municipal obligations | (978) | (0.6) | (0.5) | (0.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt life insurance related income | (969) | (0.6) | (0.4) | (0.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity compensation | 659 | 0.4 | 0.1 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax credits |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low income housing tax credits | (14401) | (8.7) | (7.9) | (6.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other reconciling items |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low income housing tax credit amortization | 13001 | 7.8 | 6.9 | 5.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 1265 | 0.9 | (1.2) | (0.1) |
| Provision for income taxes | $44601 | 26.8% | 25.9% | 27.0% |

---

**91** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

The temporary differences, tax effected, which give rise to the Company's net deferred tax asset recorded in other assets are as follows for the years indicated (in thousands):

---

| | | |
|:---|:---|:---|
| | December 31, | December 31, |
| | 2025 | 2024 |
| Deferred tax assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for losses and reserve for unfunded commitments | $39470 | $38837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred compensation | 1455 | 1471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | 2680 | 3881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional unfunded status of the supplemental retirement plans | 14941 | 15062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liability | 8064 | 7520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State taxes | 2983 | 2814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share based compensation | 1263 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonaccrual interest | 2108 | 1477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition cost basis | 7013 | 10477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized loss on securities | 44783 | 69075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax credits | 776 | 852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net operating loss carryforwards | 323 | 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 65 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax assets | 125924 | 153899 |
| Deferred tax liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities income | (777) | (777) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | (7883) | (7696) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right of use asset | (7540) | (6956) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Funded pension liability | (4768) | (4755) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities accretion | (2239) | (2957) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage servicing rights valuation | (1958) | (1953) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core deposit intangible | (1111) | (1647) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Junior subordinated debt |  | (1036) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other | (1744) | (1368) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax liability | (28020) | (29145) |
| Net deferred tax asset | $97904 | $124754 |

---

As part of the merger with FNB Bancorp in 2018 and North Valley Bancorp in 2014, TriCo acquired federal and state net operating loss carryforwards, capital loss carryforwards, and tax credit carryforwards. These tax attribute carryforwards will be subject to provisions of the tax law that limit the use of such losses and credits generated by a company prior to the date certain ownership changes occur. There were no federal and $4.2 million California net operating loss carryforwards subject to these limitations as of December 31, 2025. The amount of the Company's tax credits that would be subject to these limitations as of December 31, 2025 are $0.3 million and $0.6 million for federal and California, respectively. Due to the limitation, a significant portion of the state tax credits will expire regardless of whether the Company generates future taxable income. As such, the Company has recorded the future benefit of these tax credits on the books at the value which is more likely than not to be realized. These tax loss and tax credit carryforwards expire at various dates through 2033.

The Company believes that a valuation allowance is not needed to reduce the deferred tax assets as it is more likely than not that the results of future operations will generate sufficient taxable income to realize the deferred tax assets, including the tax attribute carryforwards acquired as part of past mergers.

Disclosure of unrecognized tax benefits at December 31, 2025 and 2024 were not considered significant for disclosure purposes. Management does not expect the unrecognized tax benefit will materially change in the next 12 months. During the years ended December 31, 2025 and 2024 the Company did not recognize any significant amounts related to interest and penalties associated with taxes. The Company files income tax returns in the U.S. federal jurisdiction, and California. With few exceptions, the Company is no longer subject to U.S. federal and state/local income tax examinations by tax authorities for years before 2022 and 2021, respectively.

**92** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

Cash paid for income taxes, net of refunds, were as follows:

---

| | |
|:---|:---|
| | Year ended December 31, |
| (in thousands) | 2025 |
| US federal | $15600 |
| California state and local | 12067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cash paid for income taxes, net of refunds | $27667 |

---

**Note 20 – Earnings per Share**

Earnings per share have been computed based on the following:

---

| | | | |
|:---|:---|:---|:---|
| | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| (in thousands) | 2025 | 2024 | 2023 |
| Net income | $121558 | $114868 | $117390 |
| Average number of common shares outstanding | 32673 | 33088 | 33261 |
| Effect of dilutive stock options and restricted stock | 182 | 142 | 94 |
| Average number of common shares outstanding used to calculate diluted earnings per share | 32855 | 33230 | 33355 |
| Equity awards excluded from diluted earnings per share because their effect was antidilutive |  |  |  |

---

**Note 21 – Comprehensive Income (Loss)**

Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income. The components of other comprehensive income and related tax effects are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| (in thousands) | 2025 | 2024 | 2023 |
| Unrealized holding gains (losses) on available for sale securities before reclassifications | $78920 | $(4772) | $58444 |
| Amounts reclassified out of accumulated other comprehensive loss: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized loss on debt securities | 3247 | 2945 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total amounts reclassified out of accumulated other comprehensive loss | 3247 | 2945 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized holding gains (losses) on available for sale securities after reclassifications | 82167 | (1827) | 58728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax effect | (24291) | 541 | (17363) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized holding gains (losses) on available for sale securities, net of tax | 57876 | (1286) | 41365 |
| Change in unfunded status of the supplemental retirement plans before reclassifications | 701 | 3017 | 81 |
| Amounts reclassified out of accumulated other comprehensive loss: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of prior service cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of actuarial losses | (657) | (459) | (455) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total amounts reclassified out of accumulated other comprehensive loss | (657) | (459) | (455) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unfunded status of the supplemental retirement plans after reclassifications | 44 | 2558 | (374) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax effect | (13) | (757) | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unfunded status of the supplemental retirement plans, net of tax | 31 | 1801 | (263) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in joint beneficiary agreement liability before reclassifications | (50) | 192 | (366) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax effect |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unfunded status of the supplemental retirement plans, net of tax | (50) | 192 | (366) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other comprehensive income (loss) | $57857 | $707 | $40736 |

---

**93** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

The components of accumulated other comprehensive loss, included in shareholders' equity, are as follows:

---

| | | |
|:---|:---|:---|
| | Year Ended December 31, | Year Ended December 31, |
| (in thousands) | 2025 | 2024 |
| Net unrealized loss on available for sale securities | $(151481) | $(233648) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax effect | 44783 | 69075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized holding loss on available for sale securities, net of tax | (106698) | (164573) |
| Unfunded status of the supplemental retirement plans | 16129 | 16085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax effect | (4768) | (4756) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unfunded status of the supplemental retirement plans, net of tax | 11361 | 11329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joint beneficiary agreement liability, net of tax | 732 | 782 |
| Accumulated other comprehensive loss | $(94605) | $(152462) |

---

**Note 22 – Retirement Plans**

**401(k) Plan**

The Company sponsors a 401(k) Plan whereby substantially all employees aged 21 and over with 90 days of service may participate. Participants may contribute a portion of their compensation subject to certain limits based on federal tax laws. The Company provides a discretionary matching contribution equal to 50% of participant's elective deferrals, up to 4% of eligible compensation. The Company recorded salaries & benefits expense attributable to the 401(k) Plan matching contributions for the years ended:

---

| | | | |
|:---|:---|:---|:---|
| | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| (in thousands) | 2025 | 2024 | 2023 |
| 401(k) Plan benefits expense | $1515 | $1705 | $1767 |
| 401(k) Plan contributions made by the Company | $1548 | $1752 | $1524 |

---

**Employee Stock Ownership Plan**

Substantially all employees with at least one year of service are covered by a discretionary employee stock ownership plan (ESOP). Company shares owned by the ESOP are paid dividends and included in the calculation of earnings per share as common shares outstanding. Contributions are made to the plan at the discretion of the Board of Directors. Expenses related to the Company's ESOP, included in benefits and other compensation costs under salaries and benefits expense, and contributions to the plan for the years ended were:

---

| | | | |
|:---|:---|:---|:---|
| | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| (in thousands) | 2025 | 2024 | 2023 |
| ESOP benefits expense | $3136 | $3514 | $3075 |
| ESOP contributions made by the Company | $2661 | $3640 | $2977 |

---

**Deferred Compensation Plans**

The Company has deferred compensation plans for certain directors and key executives, which allow certain directors and key executives designated by the Board of Directors of the Company to defer a portion of their compensation. The Company has purchased insurance on the lives of certain of the participants and intends to hold these policies until death as a cost recovery of the Company's deferred compensation obligations of $4.9 million and $5.0 million at December 31, 2025 and 2024, respectively. Earnings credits on deferred balances included in non-interest expense are included in the following table:

---

| | | | |
|:---|:---|:---|:---|
| | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| (in thousands) | 2025 | 2024 | 2023 |
| Deferred compensation earnings credits included in non-interest expense | $227 | $212 | $210 |

---

**Supplemental Retirement Plans**

The Company has supplemental retirement plans for certain directors and key executives. These plans are non-qualified defined benefit plans and are unsecured and unfunded. The Company has purchased insurance on the lives of the participants and intends to hold these policies until death as a cost recovery of the Company's retirement obligations. The cash values of the insurance policies purchased to fund the deferred compensation obligations and the supplemental retirement obligations were $137.3 million and $140.1 million at December 31, 2025 and 2024, respectively.

**94** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

The Company recorded, in other liabilities, the additional funded status of the supplemental retirement plans of $16.1 million and $16.1 million related to the supplemental retirement plans as of December 31, 2025 and 2024, respectively. These amounts represent the amount by which the projected benefit obligations for these retirement plans exceeded the fair value of plan assets plus amounts previously accrued related to the plans. The projected benefit obligation is recorded in other liabilities.

At December 31, 2025 and 2024, the additional funded status of the supplemental retirement plans of $16.1 million and $16.1 million were offset by a reduction of shareholders' equity accumulated other comprehensive gain of $11.4 million and $11.3 million, respectively, representing the after-tax impact of the additional funded status of the supplemental retirement plans, and the related deferred tax liability of $4.8 million and $4.8 million, respectively. Amounts recognized as a component of accumulated other comprehensive income (loss) as of year-end that have not been recognized as a component of the combined net period benefit cost of the Company's defined benefit pension plans are presented in the following table. The Company expects to recognize approximately $0.7 million of the net actuarial loss reported in the following table as of December 31, 2025 as a component of net periodic benefit cost during 2026.

---

| | | |
|:---|:---|:---|
| | December 31, | December 31, |
| (in thousands) | 2025 | 2024 |
| Transition obligation | $— | $— |
| Prior service cost |  |  |
| Net actuarial (gain) loss | (16129) | (16085) |
| Amount included in accumulated other comprehensive income (loss) | (16129) | (16085) |
| Deferred tax liability (benefit) | 4768 | 4756 |
| Amount included in accumulated other comprehensive income (loss), net of tax | $(11361) | $(11329) |

---

Information pertaining to the activity in the supplemental retirement plans, using a measurement date of December 31, is as follows:

---

| | | |
|:---|:---|:---|
| | December 31, | December 31, |
| (in thousands) | 2025 | 2024 |
| Change in benefit obligation: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit obligation at beginning of year | $(34863) | $(38645) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of obligations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service cost | (109) | (114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest cost | (1852) | (1830) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actuarial (loss) gain | 701 | 3017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plan amendments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefits paid | 1715 | 2709 |
| Benefit obligation at end of year | $(34408) | $(34863) |
| Change in plan assets: |  |  |
| Fair value of plan assets at beginning of year | $— | $— |
| Fair value of plan assets at end of year | $— | $— |
| Funded status | $(34408) | $(34863) |
| Unrecognized net obligation existing at January 1, 1986 |  |  |
| Unrecognized net actuarial (loss) gain | (16129) | (16085) |
| Unrecognized prior service cost |  |  |
| Accumulated other comprehensive loss | 16129 | 16085 |
| Accrued benefit cost | $(34408) | $(34863) |
| Accumulated benefit obligation | $(34408) | $(34863) |

---

**95** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

The following table sets forth the net periodic benefit cost recognized for the supplemental retirement plans:

---

| | | | |
|:---|:---|:---|:---|
| | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| (in thousands) | 2025 | 2024 | 2023 |
| Net pension cost included the following components: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service cost-benefits earned during the period | $109 | $114 | $138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest cost on projected benefit obligation | 1852 | 1830 | 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of net obligation at transition |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of prior service cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recognized net actuarial loss (gain) | (45) | 16 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of loss (gain) | (612) | (475) | (466) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recognition of pension service cost to due amendment |  |  |  |
| Net periodic pension cost | $1304 | $1485 | $1698 |

---

The following table sets forth assumptions used in accounting for the plans:

---

| | | | |
|:---|:---|:---|:---|
| | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| | 2025 | 2024 | 2023 |
| Discount rate used to calculate benefit obligation | 5.40% | 5.59% | 5.01% |
| Discount rate used to calculate net periodic pension cost | 5.59% | 5.01% | 5.23% |
| Average annual increase in executive compensation | —% | —% | —% |
| Average annual increase in director compensation | —% | —% | —% |

---

The following table sets forth the expected benefit payments to participants and estimated contributions to be made by the Company under the supplemental retirement plans for the years indicated:

---

| | | |
|:---|:---|:---|
| (in thousands) | Expected Benefit <br>Payments to <br>Participants | Estimated<br>Company<br>Contributions |
| 2026 | $1753 | $1753 |
| 2027 | 2796 | 2796 |
| 2028 | 2795 | 2795 |
| 2029 | 2768 | 2768 |
| 2030 | 2766 | 2766 |
| 2031-2035 | 14340 | 14340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $27218 | $27218 |

---

 **Note 23 – Related Party Transactions**

In the ordinary course of business, the Bank has made loans to certain of its directors and executive officers (and their associated and affiliated companies). All such loans have been made in accordance with regulatory requirements.

The following table summarizes the activity in these loans for the periods indicated:

---

| | |
|:---|:---|
| (in thousands) |  |
| Balance January 1, 2024 | $1533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advances/new loans | 1257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Removed/payments | (335) |
| Balance December 31, 2024 | 2455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advances/new loans | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Removed/payments | (852) |
| Balance December 31, 2025 | $1633 |

---

Deposits of directors, officers and other related parties to the Bank totaled $35.0 million and $33.1 million at December 31, 2025 and 2024, respectively.

**96** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

**Note 24 – Fair Value Measurement**

The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In estimating fair value, the Company utilizes valuation techniques that are consistent with the market approach, income approach, and/or the cost approach. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability including assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset and the risk of nonperformance. Securities available-for-sale and mortgage servicing rights are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as loans held for sale, loans held for investment and certain other assets. These nonrecurring fair value adjustments typically involve application of lower of cost or market accounting or impairment write-downs of individual assets.

The Company groups assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observable nature of the assumptions used to determine fair value. These levels are:

Level 1 —&nbsp;&nbsp;&nbsp;&nbsp;Valuation is based upon quoted prices for identical instruments traded in active markets.

Level 2 —&nbsp;&nbsp;&nbsp;&nbsp;Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.

Level 3 —&nbsp;&nbsp;&nbsp;&nbsp;Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques.

*Securities available for sale* — Securities available for sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security's credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level 2 securities include mortgage-backed securities issued by government sponsored entities, municipal bonds and corporate debt securities. The Company had no securities classified as Level 3 during any of the periods covered in these financial statements.

*Loans held for sale* — Loans held for sale are carried at the lower of cost or fair value. The fair value of loans held for sale is based on what secondary markets are currently offering for loans with similar characteristics. As such, we classify those loans subjected to nonrecurring fair value adjustments as Level 2.

*Individually evaluated loans* — Loans are not recorded at fair value on a recurring basis. However, from time to time, loans may require individual analysis and an allowance for credit losses is established. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are an example. The fair value of individually evaluated loans is estimated using one of several methods, including collateral value, fair value of similar debt, enterprise value, liquidation value and discounted cash flows. Those individually evaluated loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. Individually evaluated loans where an allowance is established based on the fair value of collateral require classification in the fair value hierarchy. When the fair value of the collateral is based on an observable market price or a current appraised value which uses substantially observable data, the Company records the loan as nonrecurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is below the appraised value, or the appraised value contains a significant unobservable assumption, such as deviations from comparable sales, and there is no observable market price, the Company records the loan as nonrecurring Level 3.

*Foreclosed assets* — Foreclosed assets include assets acquired through, or in lieu of, loan foreclosure. Foreclosed assets are held for sale and are initially recorded at fair value at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, management periodically performs valuations and the assets are carried at the lower of carrying amount or fair value less cost to sell. When the fair value of foreclosed assets is based on an observable market price or a current appraised value which uses substantially observable data, the Company records the asset as nonrecurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value, or the appraised value contains a significant unobservable assumption, such as deviations from comparable sales, and there is no observable market price, the Company records the foreclosed asset as nonrecurring Level 3. Revenue and expenses from operations and changes in the valuation allowance are included in other non-interest expense.

*Mortgage servicing rights* — Mortgage servicing rights are carried at fair value. A valuation model, which utilizes a discounted cash flow analysis using a discount rate and prepayment speed assumptions is used in the computation of the fair value measurement. While the prepayment speed assumption is currently quoted for comparable instruments, the discount rate assumption currently requires a significant degree of management judgment and is therefore considered an unobservable input. As such, the Company classifies mortgage servicing rights subjected to recurring fair value adjustments as Level 3. Additional information regarding mortgage servicing rights can be found in Note 10 in the consolidated financial statements at Item 1 of this report.

**97** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

The tables below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| <u>Fair value at December 31, 2025</u> | Total | Level 1 | Level 2 | Level 3 |
| Marketable equity securities | $2692 | $2692 | $— | $— |
| Debt securities available for sale: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations of U.S. government agencies | 1064028 |  | 1064028 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations of states and political subdivisions | 220686 |  | 220686 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | 4958 |  | 4958 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset backed securities | 269520 |  | 269520 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-agency collateralized mortgage obligations | 172739 |  | 172739 |  |
| Loans held for sale | 2695 |  | 2695 |  |
| Mortgage servicing rights | 6640 |  |  | 6640 |
| Total assets measured at fair value | $1743958 | $2692 | $1734626 | $6640 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <u>Fair value at December 31, 2024</u> | Total | Level 1 | Level 2 | Level 3 |
| Marketable equity securities | $2609 | $2609 | $— | $— |
| Debt securities available for sale: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations of U.S. government agencies | 1094185 |  | 1094185 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations of states and political subdivisions | 220744 |  | 220744 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | 5837 |  | 5837 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset backed securities | 314263 |  | 314263 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-agency collateralized mortgage obligation | 269856 |  | 269856 |  |
| Loans held for sale | 709 |  | 709 |  |
| Mortgage servicing rights | 6626 |  |  | 6626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets measured at fair value | $1914829 | $2609 | $1905594 | $6626 |

---

Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally corresponds with the Company's quarterly valuation process. There were no transfers between any levels during 2025 or 2024.

The following table provides a reconciliation of assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the years ended December 31, 2025, 2024, and 2023. Had there been any transfer into or out of Level 3 during 2025, 2024, or 2023, the amount included in the "Transfers into (out of) Level 3" column would represent the beginning balance of an item in the period (interim quarter) during which it was transferred (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Year ended December 31, | Beginning<br>Balance | Transfers<br>into (out of)<br>Level 3 | Change<br>Included<br>in Earnings | Issuances | Ending<br>Balance |
| 2025: Mortgage servicing rights | $6626 |  | $(560) | $574 | $6640 |
| 2024: Mortgage servicing rights | $6606 |  | $(480) | $500 | $6626 |
| 2023: Mortgage servicing rights | $6712 |  | $(506) | $400 | $6606 |

---

The Company's method for determining the fair value of mortgage servicing rights is described in Note 1. The key unobservable inputs used in determining the fair value of mortgage servicing rights are mortgage prepayment speeds and the discount rate used to discount cash projected cash flows. Generally, any significant increases in the mortgage prepayment speed and discount rate utilized in the fair value measurement of the mortgage servicing rights will result in a negative fair value adjustments (and decrease in the fair value measurement). Conversely, a decrease in the mortgage prepayment speed and discount rate will result in a positive fair value adjustment (and increase in the fair value measurement). Note 10 contains additional information regarding mortgage servicing rights.

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The following table present quantitative information about recurring Level 3 fair value measurements at December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| December 31, 2025 | Fair Value<br>(in thousands) | Valuation<br>Technique | Unobservable<br>Inputs | Range,<br>Weighted<br>Average |
| &nbsp;&nbsp;Mortgage Servicing Rights | $6640 | Discounted<br>cash flow | Constant<br>prepayment rate | 6%-12%, 7% |
|  |  |  | Discount rate | 10%-14%, 12% |
| December 31, 2024 |  |  |  |  |
| &nbsp;&nbsp;Mortgage Servicing Rights | $6626 | Discounted<br>cash flow | Constant<br>prepayment rate | 6%-11%, 7% |
|  |  |  | Discount rate | 10%-14%, 12% |

---

The tables below present the recorded amount of assets and liabilities measured at fair value on a nonrecurring basis for which a change in fair value was recorded, as of the dates indicated.

---

| | | | | |
|:---|:---|:---|:---|:---|
| December 31, 2025 | Total | Level 1 | Level 2 | Level 3 |
| Fair value: |  |  |  |  |
| &nbsp;&nbsp;Individually evaluated loans | $7545 |  |  | $7545 |
| &nbsp;&nbsp;Real estate owned | 3562 |  |  | 3562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets measured at fair value | $11107 |  |  | $11107 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| December 31, 2024 | Total | Level 1 | Level 2 | Level 3 |
| Fair value: |  |  |  |  |
| &nbsp;&nbsp;Individually evaluated loans | $8770 |  |  | $8770 |
| &nbsp;&nbsp;Real estate owned | 709 |  |  | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets measured at fair value | $9479 |  |  | $9479 |

---

The tables below present the net losses resulting from non-recurring fair value adjustments of assets and liabilities for the periods indicated, regardless of whether the asset is still being held at fair value at period end (in thousands):

---

| | | |
|:---|:---|:---|
| | December 31, | December 31, |
| | 2025 | 2024 |
| Individually evaluated loans | $9710 | $4575 |
| Real estate owned | 3 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total losses from non-recurring measurements | $9713 | $4594 |

---

The individually evaluated loan amount above represents collateral dependent loans with unique risk characteristics that have been adjusted to fair value. When we identify a collateral dependent loan as requiring individual evaluation, we measure the need for credit reserves using the current fair value of the collateral, less selling costs. Depending on the characteristics of a loan, the fair value of collateral is generally estimated by obtaining external appraisals. If we determine that the value of the loan is less than the recorded investment in the loan, we recognize this impairment and adjust the carrying value of the loan to fair value through the allowance for loan and lease losses. The loss represents charge-offs or impairments on collateral dependent loans for fair value adjustments based on the fair value of collateral. The carrying value of loans fully charged-off is zero.

The real estate owned amounts above represents impaired real estate that has been adjusted to fair value. Foreclosed assets represent real estate which the Bank has taken control of in partial or full satisfaction of loans. At the time of foreclosure, other real estate owned is recorded at fair value less costs to sell, which becomes the property's new basis. Any write-downs based on the asset's fair value at the date of acquisition are charged to the allowance for loan and lease losses. After foreclosure, management periodically performs valuations such that the real estate is carried at the lower of its new cost basis or fair value, net of estimated costs to sell. Fair value adjustments on other real estate owned are recognized within net loss on real estate owned. The loss represents impairments on non-covered other real estate owned for fair value adjustments based on the fair value of the real estate.

The Company's property appraisals are primarily based on the sales comparison approach and income approach methodologies, which consider recent sales of comparable properties, including their income generating characteristics, and then make adjustments to reflect the general assumptions that a market participant would make when analyzing the property for purchase. These adjustments may increase or

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decrease an appraised value and can vary significantly depending on the location, physical characteristics and income producing potential of each property. Additionally, the quality and volume of market information available at the time of the appraisal can vary from period to period and cause significant changes to the nature and magnitude of comparable sale adjustments. Given these variations, comparable sale adjustments are generally not a reliable indicator for how fair value will increase or decrease from period to period. Under certain circumstances, management discounts are applied based on specific characteristics of an individual property.

The following tables present quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| December 31, 2025 | Fair Value<br>(in thousands) | Valuation Technique | Unobservable Inputs | Range,<br>Weighted Average |
| Individually evaluated loans | $7545 | Sales comparison <br>approach;<br>Income approach | Adjustment for differences between<br>comparable sales; Capitalization rate | Not meaningful;<br>N/A |
| Real estate owned (Farmland) | $2928 | Sales comparison <br>approach | Adjustment for differences between<br>comparable sales | Not meaningful;<br>N/A |
| Real estate owned (SFR) | $634 | Sales comparison <br>approach;<br>Income approach | Adjustment for differences between<br>comparable sales | Not meaningful;<br>N/A |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| December 31, 2024 | Fair Value<br>(in thousands) | Valuation Technique | Unobservable Inputs | Range,<br>Weighted Average |
| Individually evaluated loans | $8770 | Sales comparison <br>approach;<br>Income approach | Adjustment for differences between<br>comparable sales; Capitalization rate | Not meaningful;<br>N/A |
| Real estate owned (Residential) | $709 | Sales comparison <br>approach | Adjustment for differences between<br>comparable sales | Not meaningful;<br>N/A |

---

The estimated fair values of financial instruments that are reported at amortized cost in the Corporation's consolidated balance sheets, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value, were as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
| | Carrying<br>Amount | Fair<br>Value | Carrying<br>Amount | Fair<br>Value |
| Financial assets: |  |  |  |  |
| Level 1 inputs: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks | $92914 | $92914 | $85409 | $85409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash at Federal Reserve and other banks | 64100 | 64100 | 59547 | 59547 |
| Level 2 inputs: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities held to maturity | 90544 | 86987 | 111866 | 104349 |
| Level 3 inputs: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans, net | 6985325 | 6803008 | 6643157 | 6293727 |
| Financial liabilities: |  |  |  |  |
| Level 2 inputs: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Demand, money market and savings deposits | 7153859 | 7153859 | 6965091 | 6965091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time deposits | 1110042 | 1109820 | 1122485 | 1122148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other borrowings | 11713 | 11713 | 89610 | 89780 |
| Level 3 inputs: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Junior subordinated debt | 41238 | 40673 | 101191 | 103630 |

---

The methods and assumptions used to estimate the fair value of each class of financial instruments not measured at fair value are as follows:

Securities held to maturity - This includes mortgage-backed securities issued by government sponsored entities and municipal bonds. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security's credit rating, prepayment assumptions and other factors such as credit loss assumptions.

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Loans - Loans are generally valued by discounting expected cash flows using market inputs with adjustments based on cohort level assumptions for certain loan types as well as internally developed estimates at a business segment level. Due to the significance of the unobservable market inputs and assumptions, as well as the absence of a liquid secondary market for most loans, these loans are classified as Level 3. Certain loans are measured based on observable market prices sourced from external data providers and classified as Level 2. Nonaccrual loans are written down and reported at their estimated recovery value which approximates their fair value and classified as Level 3.

Deposits - The estimated fair value of deposits with no stated maturity, such as demand deposit accounts, money market accounts, and savings accounts was the amount payable on demand at the reporting date. The fair value of time deposits was estimated based on a discounted cash flow technique using Level 3 inputs appropriate to the contractual maturity.

Other borrowings - The cash flows were calculated using the contractual features of the advance and then discounted using observable market. These are short-term in nature.

Junior subordinated debt - The fair value of structured financings was estimated based on a discounted cash flow technique using observable market interest rates adjusted for estimated spreads.

**Note 25 – TriCo Bancshares Condensed Financial Statements (Parent Only)**

**Condensed Balance Sheets**

---

| | | |
|:---|:---|:---|
| | December 31,<br>2025 | December 31,<br>2024 |
| | (In thousands) | (In thousands) |
| Assets |  |  |
| Cash and cash equivalents | $6352 | $12518 |
| Investment in Tri Counties Bank | 1362148 | 1308545 |
| Other assets | 1336 | 1888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1369836 | $1322951 |
| Liabilities and shareholders' equity |  |  |
| Other liabilities | $597 | $853 |
| Junior subordinated debt | 41238 | 101191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 41835 | 102044 |
| Shareholders' equity: |  |  |
| Preferred stock, no par value: 1,000,000 shares authorized; zero issued and outstanding at December 31, 2025 and 2024, respectively |  |  |
| Common stock, no par value: 50,000,000 shares authorized; issued and outstanding: 32,334,974 and 32,970,425 at December 31, 2025 and 2024, respectively | 682362 | 693462 |
| Retained earnings | 740244 | 679907 |
| Accumulated other comprehensive loss, net | (94605) | (152462) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 1328001 | 1220907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $1369836 | $1322951 |

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**Condensed Statements of Income**

---

| | | | |
|:---|:---|:---|:---|
| | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| | 2025 | 2024 | 2023 |
| | | (In thousands) | |
| Net interest expense | $(5359) | $(7372) | $(6878) |
| Gain on extinguishment of subordinated debt | 2504 |  |  |
| Administration expense | (1171) | (1096) | (1096) |
| Loss before equity in net income of Tri Counties Bank | (4026) | (8468) | (7974) |
| Equity in net income of Tri Counties Bank: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributed | 133406 | 71152 | 52805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Excess distributions) undistributed | (9012) | 49681 | 70202 |
| Income tax benefit | 1190 | 2503 | 2357 |
| Net income | $121558 | $114868 | $117390 |

---

**Condensed Statements of Comprehensive Income**

---

| | | | |
|:---|:---|:---|:---|
| | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| | 2025 | 2024 | 2023 |
| | | (In thousands) | |
| Net income | $121558 | $114868 | $117390 |
| Other comprehensive income (loss), net of tax: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in unrealized gains on available for sale securities arising during the period | 57876 | (1286) | 41365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in minimum pension liability | 31 | 1801 | (263) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in joint beneficiary agreement liability | (50) | 192 | (366) |
| Other comprehensive income | 57857 | 707 | 40736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comprehensive income | $179415 | $115575 | $158126 |

---

**Condensed Statements of Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
| | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| | 2025 | 2024 | 2023 |
| | | (In thousands) | |
| Operating activities: |  |  |  |
| Net income | $121558 | $114868 | $117390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excess distributed (undistributed) equity in earnings of Tri Counties Bank | 9012 | (49681) | (70202) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity compensation vesting expense | 4757 | 4666 | 4125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on extinguishment of subordinated debt | (2504) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in other assets and liabilities | (1958) | (4675) | (3959) |
| Net cash provided by operating activities | 130865 | 65178 | 47354 |
| Financing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of junior subordinated debt | (59953) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise of stock options |  | 174 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock | (32047) | (15544) | (9240) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | (45031) | (43646) | (39901) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used for financing activities | (137031) | (59016) | (48985) |
| Net change in cash and cash equivalents | (6166) | 6162 | (1631) |
| Cash and cash equivalents at beginning of year | 12518 | 6356 | 7987 |
| Cash and cash equivalents at end of year | $6352 | $12518 | $6356 |

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**Note 26 – Regulatory Matters**

The Company and the Bank are subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. These capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require that minimum amounts and ratios of total, Tier 1, and common equity Tier 1capital to risk-weighted assets, and of Tier 1 capital to average assets be maintained. Under applicable capital requirements both the Company and the Bank are required to have a common equity Tier 1 capital ratio of 4.5%, a Tier 1 leverage ratio of 4.0%, a Tier 1 risk-based ratio of 6.0% and a total risk-based ratio of 8.0%. In addition, the Company and the Bank are also required to maintain a capital conservation buffer consisting of common equity Tier 1 capital above 2.5% of minimum risk based capital ratios to avoid restrictions on certain activities including payment of dividends, stock repurchases and discretionary bonuses to executive officers. The additional 2.5% buffer, where applicable, is included in the minimum ratios set forth in the table below. Management believes as of December 31, 2025 and 2024, the Company and Bank meet all capital adequacy requirements to which they are subject.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Actual | Actual | Required for Capital Adequacy Purposes | Required for Capital Adequacy Purposes | Required to be<br>Considered Well<br>Capitalized Under Prompt Corrective Action Regulations | Required to be<br>Considered Well<br>Capitalized Under Prompt Corrective Action Regulations |
| (in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio |
| <u>As of December 31, 2025:</u> |  |  |  |  |  |  |
| Total Capital (to Risk Weighted Assets): | Total Capital (to Risk Weighted Assets): | Total Capital (to Risk Weighted Assets): | Total Capital (to Risk Weighted Assets): | Total Capital (to Risk Weighted Assets): | Total Capital (to Risk Weighted Assets): | Total Capital (to Risk Weighted Assets): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated | $1256506 | 15.05% | $876852 | 10.50% | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tri Counties Bank | $1250620 | 14.98% | $876708 | 10.50% | $834960 | 10.00% |
| Tier 1 Capital (to Risk Weighted Assets): | Tier 1 Capital (to Risk Weighted Assets): | Tier 1 Capital (to Risk Weighted Assets): | Tier 1 Capital (to Risk Weighted Assets): | Tier 1 Capital (to Risk Weighted Assets): | Tier 1 Capital (to Risk Weighted Assets): | Tier 1 Capital (to Risk Weighted Assets): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated | $1151744 | 13.79% | $709832 | 8.50% | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tri Counties Bank | $1145890 | 13.72% | $709716 | 8.50% | $667968 | 8.00% |
| Common equity Tier 1 Capital (to Risk Weighted Assets): | Common equity Tier 1 Capital (to Risk Weighted Assets): | Common equity Tier 1 Capital (to Risk Weighted Assets): | Common equity Tier 1 Capital (to Risk Weighted Assets): | Common equity Tier 1 Capital (to Risk Weighted Assets): | Common equity Tier 1 Capital (to Risk Weighted Assets): | Common equity Tier 1 Capital (to Risk Weighted Assets): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated | $1111744 | 13.31% | $584568 | 7.00% | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tri Counties Bank | $1145890 | 13.72% | $584472 | 7.00% | $542724 | 6.50% |
| Tier 1 Capital (to Average Assets): | Tier 1 Capital (to Average Assets): | Tier 1 Capital (to Average Assets): | Tier 1 Capital (to Average Assets): | Tier 1 Capital (to Average Assets): | Tier 1 Capital (to Average Assets): | Tier 1 Capital (to Average Assets): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated | $1151744 | 11.84% | $389131 | 4.00% | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tri Counties Bank | $1145890 | 11.78% | $388982 | 4.00% | $486227 | 5.00% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Actual | Actual | Required for Capital Adequacy Purposes | Required for Capital Adequacy Purposes | Required to be<br>Considered Well<br>Capitalized Under Prompt Corrective Action Regulations | Required to be<br>Considered Well<br>Capitalized Under Prompt Corrective Action Regulations |
| (in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio |
| <u>As of December 31, 2024:</u> |  |  |  |  |  |  |
| Total Capital (to Risk Weighted Assets): | Total Capital (to Risk Weighted Assets): | Total Capital (to Risk Weighted Assets): | Total Capital (to Risk Weighted Assets): | Total Capital (to Risk Weighted Assets): | Total Capital (to Risk Weighted Assets): | Total Capital (to Risk Weighted Assets): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated | $1258218 | 15.71% | $840943 | 10.50% | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tri Counties Bank | $1248802 | 15.60% | $840740 | 10.50% | $800704 | 10.00% |
| Tier 1 Capital (to Risk Weighted Assets): | Tier 1 Capital (to Risk Weighted Assets): | Tier 1 Capital (to Risk Weighted Assets): | Tier 1 Capital (to Risk Weighted Assets): | Tier 1 Capital (to Risk Weighted Assets): | Tier 1 Capital (to Risk Weighted Assets): | Tier 1 Capital (to Risk Weighted Assets): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated | $1118292 | 13.96% | $680763 | 8.50% | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tri Counties Bank | $1148328 | 14.34% | $680599 | 8.50% | $640563 | 8.00% |
| Common equity Tier 1 Capital (to Risk Weighted Assets): | Common equity Tier 1 Capital (to Risk Weighted Assets): | Common equity Tier 1 Capital (to Risk Weighted Assets): | Common equity Tier 1 Capital (to Risk Weighted Assets): | Common equity Tier 1 Capital (to Risk Weighted Assets): | Common equity Tier 1 Capital (to Risk Weighted Assets): | Common equity Tier 1 Capital (to Risk Weighted Assets): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated | $1060690 | 13.24% | $560628 | 7.00% | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tri Counties Bank | $1148328 | 14.34% | $560493 | 7.00% | $520458 | 6.50% |
| Tier 1 Capital (to Average Assets): | Tier 1 Capital (to Average Assets): | Tier 1 Capital (to Average Assets): | Tier 1 Capital (to Average Assets): | Tier 1 Capital (to Average Assets): | Tier 1 Capital (to Average Assets): | Tier 1 Capital (to Average Assets): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated | $1118292 | 11.70% | $382214 | 4.00% | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tri Counties Bank | $1148328 | 12.02% | $382096 | 4.00% | $477620 | 5.00% |

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 **Note 27 – Segment Information**

The Company's reportable segment is determined by the Chief Executive Officer, who is designated the chief operating decision maker, based upon information provided about the Company's products and services offered, primary banking operations. The segment is also distinguished by the level of information provided to the chief operation decision maker, who uses such information to review performance of various components of the business, which are then aggregated if operating performance, products/services, and customers are similar. The chief operating decision maker will evaluate the financial performance of the Company's business components such as by evaluating revenue streams, significant expenses, and budget to actual results in assessing the Company's segment and in the determination of allocating resources. The chief operating decision maker uses revenue streams to evaluate product pricing and significant expenses to assess performance and evaluate return on assets. The chief operating decision maker uses consolidated net income to benchmark the Company against its competitors. The benchmarking analysis coupled with monitoring of budget to actual results are used in assessing performance and in establishing compensation. Loans and investments are the primary sources of revenue in the banking operation. Interest expense on deposits and borrowings, provisions for credit losses, and payroll comprise the significant expenses in the banking operation. All operations are domestic.

Accounting policies for segments are the same as those described in Note 1. Segment performance is evaluated using consolidated net income. Information reported internally for performance assessment by the chief operating decision maker follows, inclusive of reconciliations of the banking segment totals to the financial statements:

---

| | | | |
|:---|:---|:---|:---|
| | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| (in thousands) | 2025 | 2024 | 2023 |
| &nbsp;&nbsp;Interest income | $470572 | $466638 | $438354 |
| Reconciliation of revenue: |  |  |  |
| &nbsp;&nbsp;Other revenues | 68338 | 64407 | 61400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consolidated revenues | 538910 | 531045 | 499754 |
| Less: |  |  |  |
| &nbsp;&nbsp;Interest expense | 119729 | 135204 | 81677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Segment net interest income and noninterest income | 419181 | 395841 | 418077 |
| Less: |  |  |  |
| &nbsp;&nbsp;Provision for credit losses | 12063 | 6632 | 23990 |
| &nbsp;&nbsp;Salaries and benefits expense | 149771 | 140581 | 135795 |
| &nbsp;&nbsp;Other banking segment items | 91188 | 93524 | 97387 |
| &nbsp;&nbsp;Provision for income taxes | 44601 | 40236 | 43515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Segment net income/consolidated net income | $121558 | $114868 | $117390 |
| Reconciliation of assets: |  |  |  |
| &nbsp;&nbsp;Total assets for reportable segment | $9822063 | $9673728 | $9910089 |
| &nbsp;&nbsp;Other assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consolidated assets | $9822063 | $9673728 | $9910089 |

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**MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING**

Management of TriCo Bancshares is responsible for establishing and maintaining effective internal control over financial reporting. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles.

Under the supervision and with the participation of management, including the principal executive officer and principal financial officer, the Company conducted an evaluation of the effectiveness of internal control over financial reporting based on the framework in the 2013 Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation under the framework in the 2013 Internal Control – Integrated Framework, management of the Company has concluded the Company maintained effective internal control over financial reporting, as such term is defined in Securities Exchange Act of 1934 Rules 13a-15(f), as of December 31, 2025.

Internal control over financial reporting cannot provide absolute assurance of achieving financial reporting objectives because of its inherent limitations. Internal control over financial reporting is a process that involves human diligence and compliance and is subject to lapses in judgment and breakdowns resulting from human failures. Internal control over financial reporting can also be circumvented by collusion or improper management override. Because of such limitations, there is a risk that material misstatements may not be prevented or detected on a timely basis by internal control over financial reporting. However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to reduce, though not eliminate, this risk.

Management is also responsible for the preparation and fair presentation of the consolidated financial statements and other financial information contained in this report. The accompanying consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles and include, as necessary, best estimates and judgments by management.

In addition to management's assessment, Baker Tilly US, LLP, an independent registered public accounting firm, has audited the Company's consolidated financial statements as of and for the year ended December 31, 2025, and the Company's effectiveness of internal control over financial reporting as of December 31, 2025, dated March 2, 2026, as stated in its report, which is included herein.

---

| |
|:---|
| /s/ Richard P. Smith |
| Richard P. Smith<br>President and Chief Executive Officer |

---

---

| |
|:---|
| /s/ Peter G. Wiese |
| Peter G. Wiese<br>Executive Vice President and Chief Financial Officer |
| March 2, 2026 |

---

**105** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of

TriCo Bancshares

***Opinions on the Financial Statements and Internal Control over Financial Reporting***

We have audited the accompanying consolidated balance sheets of TriCo Bancshares (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, changes in shareholders' equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control - Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2025 and 2024, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control - Integrated Framework (2013)* issued by COSO.

***Basis for Opinions***

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's consolidated financial statements and an opinion on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures to respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

***Definition and Limitations of Internal Control Over Financial Reporting***

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

***Critical Audit Matter***

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

**106** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

*Allowance for Credit Losses - Loans*

*Critical Audit Matter Description*

As described in Notes 1 and 5 to the consolidated financial statements, the Company's allowance for credit losses for loans was $125.8 million as of December 31, 2025. The allowance for credit losses for loans is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. The Company's allowance for credit losses for loans consists of two primary components: (1) the determination of the allowance for credit losses for loans that are individually identified and analyzed and (2) establishment of an allowance for credit losses for loans collectively analyzed. The collectively analyzed component is based on historical credit loss experience for financial institutions nationwide, paired with relevant forecasts of macroeconomic conditions.

We identified the forecasted macroeconomic conditions utilized by the Company's management in the estimate of the allowance for credit losses for loans as a critical audit matter. The principal consideration for our determination of this component of the allowance for credit losses for loans, as a critical audit matter is the significant judgment required by management in the application of the forecasted macroeconomic conditions. Auditing management's judgments regarding the forecasted macroeconomic conditions applied to the allowance for credit losses for loans involved significant audit effort, as well as especially challenging and subjective auditor judgment when performing audit procedures and evaluating the results of those procedures.

*How We Addressed the Matter in Our Audit* 

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included evaluating the design and testing the operating effectiveness of internal controls related to the Company's calculation of the allowance for credit losses on loans, including controls related to the evaluation of the forecasted macroeconomic conditions and underlying loan data used. Our audit procedures related to the Company's allowance for credit losses on loans included the following, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluating the reasonableness and appropriateness of the forecasted macroeconomic conditions used in the calculation by obtaining management's analysis and supporting documentation and testing whether the forecasted macroeconomic conditions used in the calculation of the allowance for credit losses for loans are supported by the analysis provided by management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Testing the completeness and accuracy of data used in the calculation of the allowance for credit losses for loans

/s/ Baker Tilly US, LLP

San Francisco, California

March 2, 2026

We have served as the Company's auditor since 2018.

**107** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

**ITEM 9.&nbsp;&nbsp;&nbsp;&nbsp;CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE**

None.

**ITEM 9A.&nbsp;&nbsp;&nbsp;&nbsp;CONTROLS AND PROCEDURES**

**(a) Evaluation of Disclosure Controls and Procedures**

As of December 31, 2025, the end of the period covered by this Annual Report on Form 10-K, the Company's Chief Executive Officer and Chief Financial Officer evaluated the effectiveness of the Company's disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based upon that evaluation, the Company's Chief Executive Officer and Chief Financial Officer each concluded that as of December 31, 2025, the Company's disclosure controls and procedures were effective to ensure that the information required to be disclosed by the Company in this Annual Report on Form 10-K was recorded, processed, summarized and reported within the time periods specified in the SEC's rules and instructions for Form 10-K.

**(b) Management's Report on Internal Control over Financial Reporting and Attestation Report of Registered Public Accounting Firm**

Management's report on internal control over financial reporting is set forth on page 106 of this report and is incorporated herein by reference. The effectiveness of the Company's internal control over financial reporting as of December 31, 2025, has been audited by Baker Tilly US, LLP, an independent registered public accounting firm, as stated in its report, which is set forth on pages 107 - 108 of this report and is incorporated herein by reference.

**(c) Changes in Internal Control over Financial Reporting**

No change in the Company's internal control over financial reporting occurred during the fourth quarter of the year ended December 31, 2025, that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

**ITEM 9B.&nbsp;&nbsp;&nbsp;&nbsp;OTHER INFORMATION**

All information required to be disclosed in a current report on Form 8-K during the fourth quarter of 2025 was so disclosed.

**ITEM 9C. DISCLOSURES REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**

None

**108** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

**PART III**

**ITEM 10.&nbsp;&nbsp;&nbsp;&nbsp;DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE**

The information required by this Item 10 shall either be incorporated herein by reference from the Company's Proxy Statement for the 2026 annual meeting of shareholders, which will be filed with the Commission pursuant to Regulation 14A or included in an amendment to this Form 10-K.

**ITEM 11.&nbsp;&nbsp;&nbsp;&nbsp;EXECUTIVE COMPENSATION**

**Equity Compensation Plans**

The following table shows shares reserved for issuance for outstanding options, stock appreciation rights and warrants granted under our equity compensation plans as of December 31, 2025. All of our equity compensation plans have been approved by shareholders.

---

| | | | |
|:---|:---|:---|:---|
| Plan category | (a) Number of securities to<br>be issued upon exercise<br>of outstanding options, warrants and rights | (b) Weighted average<br>exercise price of<br>outstanding options,<br>warrants and rights | (c) Number of securities remaining available<br>for issuance under future equity compensation plans<br>(excluding securities reflected in column (a)) |
| Equity compensation plans not approved by shareholders |  | $— |  |
| Equity compensation plans approved by shareholders | 126373 | $35.02 | 1073627 |
| Total | 126373 | $35.02 | 1073627 |

---

The information required by this Item 11 shall either be incorporated herein by reference from the Company's Proxy Statement for the 2026 annual meeting of shareholders, which will be filed with the Commission pursuant to Regulation 14A or included in an amendment to this Form 10-K.

**ITEM 12.&nbsp;&nbsp;&nbsp;&nbsp;SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS**

The information required by this Item 12 shall either be incorporated herein by reference from the Company's Proxy Statement for the 2026 annual meeting of shareholders, which will be filed with the Commission pursuant to Regulation 14A or included in an amendment to this Form 10-K.

**ITEM 13.&nbsp;&nbsp;&nbsp;&nbsp;CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE**

The information required by this Item 13 shall either be incorporated herein by reference from the Company's Proxy Statement for the 2026 annual meeting of shareholders, which will be filed with the Commission pursuant to Regulation 14A or included in an amendment to this Form 10-K.

**ITEM 14.&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL ACCOUNTANT FEES AND SERVICES**

The information required by this Item 14 shall either be incorporated herein by reference from the Company's Proxy Statement for the 2026 annual meeting of shareholders, which will be filed with the Commission pursuant to Regulation 14A or included in an amendment to this Form 10-K.

**109** TriCo Bancshares 2025 10-K

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**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

**PART IV**

**ITEM 15.&nbsp;&nbsp;&nbsp;&nbsp;EXHIBITS AND FINANCIAL STATEMENT SCHEDULES**

(a)Documents filed as part of this report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.All Financial Statements.

The consolidated financial statements of Registrant are included in Part II, Item 8 of this report, and are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Financial statement schedules.

Schedules have been omitted because they are not applicable or are not required under the instructions contained in Regulation S-X or because the information required to be set forth therein is included in the consolidated financial statements or notes thereto at Part II, Item 8 of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Exhibits.

The exhibit list required by this item is incorporated by reference to the Exhibit Index filed with this report.

(b)Exhibits filed:

---

| | |
|:---|:---|
| Exhibit No. | &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;&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;Exhibit |
| 2.1 | Reserved |
| <u>[2.2](https://www.sec.gov/Archives/edgar/data/356171/000119312517366565/d56929dex21.htm)</u> | Agreement and Plan of Reorganization dated as of December 11, 2017, by and between TriCo Bancshares and FNB Bancorp (incorporated by reference to Exhibit 2.1 to TriCo's Current Report on Form 8-K filed on December 11, 2017). |
| <u>[2.3](https://www.sec.gov/Archives/edgar/data/0000356171/000035617121000038/exhibit21mergeragreement.htm)</u> | Agreement and Plan of Merger and Reorganization dated as of July 27, 2021, by and between TriCo Bancshares and Valley Republic Bancorp (incorporated by reference to Exhibit 2.1 to TriCo's Current Report on Form 8-K filed on July 27, 2021). |
| <u>[3.1](https://www.sec.gov/Archives/edgar/data/356171/000035617109000014/restatearticlescorp3-09.txt)</u> | Restated Articles of Incorporation (incorporated by reference to Exhibit 3.1 to TriCo's Current Report on Form 8-K filed on March 17, 2009). |
| <u>[3.2](https://www.sec.gov/Archives/edgar/data/356171/000035617123000033/exhibit31-tcbkamendedbylaws.htm)</u> | Amended and Restated Bylaws of TriCo (incorporated by reference to Exhibit 3.1 to TriCo's Current Report on Form 8-K filed May 23, 2023). |
| 4.1 | Instruments defining the rights of holders of the long-term debt securities of the TriCo and its subsidiaries are omitted pursuant to section (b)(4)(iii)(A) of Item 601 of Regulation S-K. TriCo hereby agrees to furnish copies of these instruments to the Securities and Exchange Commission upon request. |
| <u>[4.2](https://www.sec.gov/Archives/edgar/data/356171/000035617120000021/tcbk-20191231xex42desc.htm)</u> | TriCo Bancshares securities registered pursuant to Section 12 of the Securities Exchange Act of 1934 (incorporated by reference to Exhibit 4.2 of TriCo's Annual Report on Form 10- K for the year ended December 31, 2023). |
| <u>[10.1\*](https://www.sec.gov/Archives/edgar/data/356171/000119312513298732/d572289dex101.htm)</u> | Form of Change of Control Agreement among TriCo, Tri Counties Bank and each of Dan Bailey, Craig Carney, Peter Wiese, Greg Gehlmann and other executives (incorporated by reference to Exhibit 10.2 to TriCo's Current Report on Form 8-K filed on April 14, 2021). |
| <u>[10.2\*](https://www.sec.gov/Archives/edgar/data/0000356171/000035617121000015/exhibit101trico-2021rsmith.htm)</u> | Amended and Restated Employment Agreement between TriCo, Tri Counties Savings Bank and Richard Smith dated as of April 12, 2021 (incorporated by reference to Exhibit 10.1 to TriCo's Current Report on Form 8-K filed April 13, 2021). |
| <u>[10.3\*](https://www.sec.gov/Archives/edgar/data/356171/000093066103000154/dex109.htm)</u> | Tri Counties Bank Executive Deferred Compensation Plan restated April 1, 1992, and January 1, 2005 (incorporated by reference to Exhibit 10.9 to TriCo's Quarterly Report on Form 10-Q for the quarter ended September 30, 2005). |
| <u>[10.4\*](https://www.sec.gov/Archives/edgar/data/356171/000035617104000008/tcb10q2q04.txt)</u> | Tri Counties Bank Deferred Compensation Plan for Directors effective January 1, 2005 (incorporated by reference to Exhibit 10.12 to TriCo's Quarterly Report on Form 10-Q for the quarter ended September 30, 2005). |
| <u>[10.5\*](https://www.sec.gov/Archives/edgar/data/356171/000035617104000008/tcb10q2q04.txt)</u> | 2005 Tri Counties Bank Deferred Compensation Plan for Executives and Directors effective January 1, 2005 (incorporated by reference to Exhibit 10.11 to TriCo's Quarterly Report on Form 10-Q for the quarter ended September 30, 2005). |
| 10.6 | Reserved |
| <u>[10.7\*](https://www.sec.gov/Archives/edgar/data/356171/000035617104000008/tcb10q2q04.txt)</u> | Tri Counties Bank Supplemental Retirement Plan for Directors dated September 1, 1987, as restated January 1, 2001, and amended and restated January 1, 2004 (incorporated by reference to Exhibit 10.12 to TriCo's Quarterly Report on Form 10-Q for the quarter ended June 30, 2004). |
| <u>[10.8\*](https://www.sec.gov/Archives/edgar/data/356171/000035617104000008/tcb10q2q04.txt)</u> | 2004 TriCo Bancshares Supplemental Retirement Plan for Directors effective January 1, 2004 (incorporated by reference to Exhibit 10.13 to TriCo's Quarterly Report on Form 10-Q for the quarter ended June 30, 2004). |
| <u>[10.9\*](https://www.sec.gov/Archives/edgar/data/356171/000035617104000008/tcb10q2q04.txt)</u> | Tri Counties Bank Supplemental Executive Retirement Plan effective September 1, 1987, as amended and restated January 1, 2004 (incorporated by reference to Exhibit 10.14 to TriCo's Quarterly Report on Form 10-Q for the quarter ended June 30, 2004). |
| <u>[10.10\*](https://www.sec.gov/Archives/edgar/data/356171/000035617104000008/tcb10q2q04.txt)</u> | 2004 TriCo Bancshares Supplemental Executive Retirement Plan effective January 1, 2004 (incorporated by reference to Exhibit 10.15 to TriCo's Quarterly Report on Form 10-Q for the quarter ended June 30, 2004). |
| <u>[10.11\*](https://www.sec.gov/Archives/edgar/data/356171/000035617103000009/tcb10q3q03.txt)</u> | Form of Joint Beneficiary Agreement effective March 31, 2003 between Tri Counties Bank and each of Craig Carney and Richard Smith (incorporated by reference to Exhibit 10.14 to TriCo's Quarterly Report on Form 10-Q for the quarter ended September 30, 2003). |
| <u>[10.12\*](https://www.sec.gov/Archives/edgar/data/356171/000035617103000009/tcb10q3q03.txt)</u> | Form of Joint Beneficiary Agreement effective March 31, 2003 between Tri Counties Bank and each of Don Amaral, Craig Compton, John Hasbrook, and Michael Koehnen (incorporated by reference to Exhibit 10.15 to TriCo's Quarterly Report on Form 10-Q for the quarter ended September 30, 2003). |

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**110** TriCo Bancshares 2025 10-K

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| | |
|:---|:---|
| <u>[10.13\*](https://www.sec.gov/Archives/edgar/data/356171/000035617103000009/tcb10q3q03.txt)</u> | Form of Tri Counties Bank Executive Long Term Care Agreement effective June 10, 2003 between Tri Counties Bank and Craig Carney (incorporated by reference to Exhibit 10.16 to TriCo's Quarterly Report on Form 10-Q for the quarter ended September 30, 2003). |
| <u>[10.14\*](https://www.sec.gov/Archives/edgar/data/356171/000035617103000009/tcb10q3q03.txt)</u> | Form of Tri Counties Bank Director Long Term Care Agreement effective June 10, 2003 between Tri Counties Bank and each of John Hasbrook, and Michael Koehnen (incorporated by reference to Exhibit 10.17 to TriCo's Quarterly Report on Form 10-Q for the quarter ended September 30, 2003). |
| <u>[10.15\*](https://www.sec.gov/Archives/edgar/data/356171/000119312513362873/d595647dex101.htm)</u> | Form of Indemnification Agreement between TriCo and its directors and executive officers (incorporated by reference to Exhibit 10.1 to TriCo's Current Report on Form 8-K filed September 10, 2013). |
| <u>[10.16\*](https://www.sec.gov/Archives/edgar/data/356171/000119312513362873/d595647dex102.htm)</u> | Form of Indemnification Agreement between Tri Counties Bank and its directors and executive officers. (incorporated by reference to Exhibit 10.2 to TriCo's current report on Form 8-K filed September 10, 2013). |
| <u>[10.17\*](https://www.sec.gov/Archives/edgar/data/356171/000035617120000021/tcbk-20191231xex1026tr.htm)</u> | TriCo's 2019 Equity Incentive Plan (incorporated by reference to Exhibit 10.26 to TriCo's Annual Report on Form 10-K filed on March 2, 2019). |
| 10.18 | Reserved |
| <u>[10.19\*](https://www.sec.gov/Archives/edgar/data/356171/000119312519217370/d750536dex992.htm)</u> | Form of Restricted Stock Unit Agreement and Grant Notice for Employees pursuant to TriCo's 2019 Equity Incentive Plan (incorporated by reference to Exhibit 99.2 of TriCo's Quarterly Report on Form 10-Q for the quarter ended June 30, 2019). |
| <u>[10.20\*](https://www.sec.gov/Archives/edgar/data/356171/000119312519217370/d750536dex993.htm)</u> | Form of Performance Award Agreement and Grant Notice for Employees pursuant to TriCo's 2019 Equity Incentive Plan (incorporated by reference to Exhibit 99.1 of TriCo's Quarterly Report on Form 10-Q for the quarter ended June 30, 2019). |
| <u>[10.21\*](https://www.sec.gov/Archives/edgar/data/356171/000035617123000010/exhibit10262022execrsuawar.htm)</u> | Form of Restricted Stock Unit Agreement and Grant Notice for Executives pursuant to TriCo's 2019 Equity Incentive Plan (incorporated by reference to Exhibit 10.26 of TriCo's Annual Report on Form 10-K for the year ended December 31, 2023). |
| <u>[10.22\*](https://www.sec.gov/Archives/edgar/data/356171/000035617123000010/exhibit10272022execpsuawar.htm)</u> | Form of Performance Award and Grant Notice for Executives pursuant to TriCo's 2019 Equity Incentive Plan (incorporated by reference to Exhibit 10.27 of TriCo's Annual Report on Form 10-K for the year ended December 31, 2023). |
| <u>[10.23\*](https://www.sec.gov/Archives/edgar/data/356171/000035617122000065/tcbk-20221227ex101xsmith.htm)</u> | Amendment to SERP and Participation Agreement - Richard P. Smith (incorporated by reference to Exhibit 10.1 to TriCo's Current Report on Form 8-K filed December 28, 2022). |
| <u>[10.24\*](https://www.sec.gov/Archives/edgar/data/356171/000035617122000065/tcbk-20221227ex102xbailey.htm)</u> | Amendment to SERP and Participation Agreement - Daniel K. Bailey (incorporated by reference to Exhibit 10.2 to TriCo's Current Report on Form 8-K filed December 28, 2022). |
| <u>[10.25\*](https://www.sec.gov/Archives/edgar/data/356171/000035617122000065/tcbk-20221227ex103xcarney.htm)</u> | Amendment to SERP and Participation Agreement - Craig B. Carney (incorporated by reference to Exhibit 10.3 to TriCo's Current Report on Form 8-K filed December 28, 2022). |
| <u>[10.26](https://www.sec.gov/Archives/edgar/data/356171/000035617125000012/exhibit1026.htm)</u>\* | TriCo 2024 Equity Incentive Plan (incorporated by reference to Exhibit 10.26 to TriCo's Annual Report on Form 10-K for the year ended December 31, 2024). |
| <u>[10.27\*](https://www.sec.gov/Archives/edgar/data/356171/000035617124000133/a101-2024nonexecrsuawardgr.htm)</u> | Form of Restricted Stock Unit Agreement and Grant Notice for Non-Executives pursuant to TriCo's 2019 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 of TriCo's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024) |
| <u>[10.28\*](https://www.sec.gov/Archives/edgar/data/356171/000035617124000133/a102-2024execrsuawardgrant.htm)</u> | Form of Restricted Stock Unit Agreement and Grant Notice for Executives pursuant to TriCo's 2019 Equity Incentive Plan (incorporated by reference to Exhibit 10.2 of TriCo's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024) |
| <u>[10.29\*](https://www.sec.gov/Archives/edgar/data/356171/000035617124000133/a103-2024nonexecpsuawardgr.htm)</u> | Form of Performance Award Agreement and Grant Notice for Non-Executives pursuant to TriCo's 2019 Equity Incentive Plan (incorporated by reference to Exhibit 10.3 of TriCo's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024) |
| <u>[10.30\*](https://www.sec.gov/Archives/edgar/data/356171/000035617124000133/a104-2024execpsuawardgrant.htm)</u> | Form of Performance Award Agreement and Grant Notice for Executives pursuant to TriCo's 2019 Equity Incentive Plan (incorporated by reference to Exhibit 10.4 of TriCo's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024) |
| <u>[10.31\*](exhibit1031formofrsudirect.htm)</u> | Form of Restricted Stock Unit Agreement and Grant Notice for Non-employee Directors pursuant to TriCo's 2024 Equity Incentive Plan [filed herewith] |
| <u>[10.32\*](exhibit1032fomofnonexecrsu.htm)</u> | Form of Restricted Stock Unit Agreement and Grant Notice for Employees pursuant to TriCo's 2024 Equity Incentive Plan [filed herewith] |
| <u>[10.33\*](exhibit1033formofnonexecps.htm)</u> | Form of Performance Award Agreement and Grant Notice for Employees pursuant to TriCo's 2024 Equity Incentive Plan [filed herewith] |
| <u>[10.34\*](exhibit1034formofexecrsuaw.htm)</u> | Form of Restricted Stock Unit Agreement and Grant Notice for Executives pursuant to TriCo's 2024 Equity Incentive Plan [filed herewith] |
| <u>[10.35\*](exhibit1035formofexecpsuaw.htm)</u> | Form of Performance Award and Grant Notice for Executives pursuant to TriCo's 2024 Equity Incentive Plan [filed herewith] |
| <u>[10.36\*](exhibit1036tricomanagement.htm)</u> | TriCo Bancshares Key Management Change in Control Severance Plan [filed herewith] |
| <u>[10.37\*](exhibit1037formofparticipa.htm)</u> | Form of Participation Agreement for TriCo Bancshares Key Management Change in Control Severance Plan [filed herewith] |
| <u>[19](exhibit19tricobancsharesin.htm)</u> | TriCo Insider Trading Policy [filed herewith] |
| <u>[21.1](https://www.sec.gov/Archives/edgar/data/356171/000119312518067418/d504131dex211.htm)</u> | List of Subsidiaries (incorporated by reference to Exhibit 21.1 of TriCo's Annual Report on Form 10- K for the year ended December 31, 2023). |
| <u>[23.1](a231consentfrombakertilly.htm)</u> | Consent of Baker Tilly US, LLP, Independent Registered Public Accounting Firm [filed herewith] |
| <u>[31.1](tcbk-20251231xex311.htm)</u> | Rule 13a-14(a)/15d-14(a) Certification of CEO |
| <u>[31.2](tcbk-20251231xex312.htm)</u> | Rule 13a-14(a)/15d-14(a) Certification of CFO |
| <u>[32.1](tcbk-20251231xex321.htm)</u> | Section 1350 Certification of CEO\*\* |

---

**111** TriCo Bancshares 2025 10-K

------

**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

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

---

| | |
|:---|:---|
| <u>[32.2](tcbk-20251231xex322.htm)</u> | Section 1350 Certification of CFO\*\* |
| <u>[97.1](https://www.sec.gov/Archives/edgar/data/356171/000035617124000012/tricobancsharesclawbackcom.htm)</u> | TriCo Compensation Clawback Policy (incorporated by reference exhibit 97.1 of TriCo's Annual Report on Form 10-K for the year ended December 31, 2023). |
| 101.INS | Inline XBRL Instance Document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101) |

---

&nbsp;&nbsp;&nbsp;&nbsp;\*&nbsp;&nbsp;&nbsp;&nbsp;Management contract or compensatory plan or arrangement

\*\*&nbsp;&nbsp;&nbsp;&nbsp;Furnished herewith. This exhibit shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

(c)Financial statement schedules filed:

See Item 15(a)(2) above.

**ITEM 16.&nbsp;&nbsp;&nbsp;&nbsp;FORM 10-K SUMMARY**

None.

**112** TriCo Bancshares 2025 10-K

------

**<u>[**Table of Contents**](#i96306bd31fdb48d0aff8a60e9e95f8ae_7)</u>**

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: March 2, 2026 |  | TRICO BANCSHARES |
|  | By: | /s/ Richard P. Smith |
|  |  | Richard P. Smith, President and Chief Executive Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| Date: March 2, 2026 | /s/ Richard P. Smith |
|  | Richard P. Smith, Chairman of the Board, President, Chief Executive<br>Officer and Director (Principal Executive Officer) |
| Date: March 2, 2026 | /s/ Peter G. Wiese |
|  | Peter G. Wiese, Executive Vice President and Chief Financial Officer<br>(Principal Financial and Accounting Officer) |
| Date: March 2, 2026 | /s/ Kirsten E. Garen |
|  | Kirsten E. Garen, Director |
| Date: March 2, 2026 | /s/ Cory W. Giese |
|  | Cory W. Giese, Independent Lead Director |
| Date: March 2, 2026 | /s/ John S.A. Hasbrook |
|  | John S.A. Hasbrook, Director |
| Date: March 2, 2026 | /s/ Margaret L. Kane |
|  | Margaret L. Kane, Director |
| Date: March 2, 2026 | /s/ Michael W. Koehnen |
|  | Michael W. Koehnen, Director |
| Date: March 2, 2026 | /s/ Anthony L. Leggio |
|  | Anthony L. Leggio, Director |
| Date: March 2, 2026 | /s/ Martin A. Mariani |
|  | Martin A. Mariani, Director |
| Date: March 2, 2026 | /s/ Thomas C. McGraw |
|  | Thomas C. McGraw, Director |
| Date: March 2, 2026 | /s/ Kimberley H. Vogel |
|  | Kimberley H. Vogel, Director |
| Date: March 2, 2026 | /s/ Jon Y. Nakamura |
|  | Jon Y. Nakamura, Director |

---

**113** TriCo Bancshares 2025 10-K

## Exhibit 10.31

Exhibit 10.31

**TRICO BANCSHARES**

**DIRECTOR RESTRICTED STOCK UNIT GRANT NOTICE**

TriCo Bancshares, a California corporation (the "***Company***"), pursuant to its 2024 Equity Incentive Plan (the "***Plan***"), hereby grants to the holder listed below (the "***Participant***" or ***"you"***), a Restricted Stock Unit Award (the "***Award***"). The Award shall be comprised of restricted stock units (the "***Units***" or *"****RSUs****"*), each of which is a right to receive one (1) share of Common Stock, on the terms and conditions set forth herein and in the Restricted Stock Unit Award Agreement attached hereto (the "***Award Agreement***") and the Plan, which are incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Grant Notice and the Award Agreement.

---

| |
|:---|
| Participant: |
| Date of Grant: **xxx xx, xxxx** |
| Number of Units/Shares Subject to Award: |

---

---

| | |
|:---|:---|
| **Vesting Schedule**: | Except as otherwise set forth in the Award Agreement, the Award will vest upon the Participant's completion of one (1) year of Continuous Service following the Date of Grant.\*<br>\**For vesting dates that fall on weekends and holidays, this date will be the next business day following such date.* |

---

By signing below or by electronic acceptance or authentication in a form authorized by the Company, you agree to be bound by the terms and conditions of the Plan, the Award Agreement and the Grant Notice. You confirm that you have reviewed and fully understand all provisions of the Plan, the Award Agreement, and the Grant Notice in their entirety and have had an opportunity to obtain the advice of counsel prior to executing below. You hereby agree to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan, the Award Agreement, the Grant Notice or relating to the RSUs.

---

| | | |
|:---|:---|:---|
| **TRICO BANCSHARES** | **TRICO BANCSHARES** | **PARTICIPANT** |
| By: |  | By: |
| Name: |  | Print Name: |
| Title: | Chairman of the Board&nbsp;&nbsp;&nbsp;&nbsp; |  |

---

ATTACHMENTS:&nbsp;&nbsp;&nbsp;&nbsp;Restricted Stock Unit Award Agreement. A copy of the TriCo Bancshares 2024 Equity Incentive Plan, and the prospectus for the Plan prepared in connection with the registration with the Securities and Exchange Commission of the shares of Common Stock issuable pursuant to the Award are available on the Human Resources section of the Company's intranet or upon request to Human Resources.

Exhibit 10.31

------

**TriCo Bancshares**

**2024 EQUITY INCENTIVE PLAN** 

**RESTRICTED STOCK UNIT AWARD AGREEMENT**

Pursuant to the Restricted Stock Unit Award Grant Notice ("***Grant Notice***") and this Restricted Stock Unit Award Agreement ("***Award Agreement***"), TriCo Bancshares (the "***Company***") has awarded you a Restricted Stock Unit Award under its 2024 Equity Incentive Plan, (the "***Plan***") for the number of RSUs specified in the Grant Notice (collectively, the "***Award***"). Except where indicated otherwise, defined terms not explicitly defined in this Award Agreement but defined in the Plan or Grant Notice shall have the same definitions as in the Plan or Grant Notice. You hereby understand that the shares of Common Stock issued with respect to the Award are subject to minimum holding requirements described in Section 29 of the Plan.

The details of your Award are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Number of Restricted Stock Units and Shares of Common Stock**. The number of RSUs subject to your Award is set forth in the Grant Notice. Each RSU shall represent the right to receive one (1) share of Common Stock. The number of RSUs will increase by any dividend equivalents, as described in Section 3 below. The number of RSUs subject to your Award and the number of shares of Common Stock deliverable with respect to such RSUs may be adjusted from time to time for capitalization adjustments as described in Section 11(a) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Vesting**. The RSUs shall vest, if at all, as provided in the vesting schedule set forth in your Grant Notice; provided, however, that except as provided herein, vesting shall cease upon the termination of your Continuous Service for any reason. Other than due to your retirement from the Board or as otherwise provided herein, in the event that your service with the Company terminates for any reason, with or without cause, you shall forfeit and the Company shall automatically reacquire all RSUs which are not, as of the time of such termination, vested Units, and you shall not be entitled to any payment therefor. If you retire from the Board prior to one year of Continuous Service following the Grant date, the RSUs shall vest on your date of retirement from the Board.

If you die while you are eligible to vest in RSUs under this Award, the RSUs will immediately vest and will be distributed in shares of Common Stock (after applicable tax withholding, if any) to your designated beneficiary on file with the Company's stock administration department or Human Resources, or if no beneficiary has been designated or survives you or if beneficiary designation is not recognized by local legislation, then to your estate. Any shares will be distributed no later than the end of the calendar year immediately following the calendar year which contains your date of death; however, our administrative practice is to register such shares in the name of your beneficiary or estate within 60 days of the Company's receipt of any required documentation.

Exhibit 10.31

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Except as otherwise determined by the Committee under the terms of Section 11 of the Plan, in the event of a Change in Control, no acceleration of vesting shall occur with respect to the Units granted in this Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.Dividends**. If the Company pays dividends with respect to the Common Stock (the date of any such payment is a "***Dividend Date***"), then dividend equivalents shall then be credited to any then outstanding RSUs. The amount of such dividend equivalent credit will be equal to the dollar value of dividends paid on an actual shares of Common Stock on the Dividend Date, multiplied by the number of outstanding RSUs held by you pursuant to this Award as of the Dividend Date. This aggregate dollar amount will then be divided by the Fair Market Value on the Dividend Date of a share of Common Stock, and the resulting quotient shall be the number of additional RSUs ("***Additional RSUs***") that will be credited to this Award. Such Additional RSUs will be subject to the Plan and the same vesting (on a pro-rata basis based on each vesting tranche of RSUs outstanding hereunder on the Dividend Date), forfeiture restrictions, restrictions on transferability, and settlement provisions as apply to the RSUs that are the subject of this Award and for avoidance of doubt Additional RSUs will also be eligible to accrue future dividend equivalents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.No Ownership Rights/Rights as a Shareholder**. You shall have no rights as a shareholder with respect to any shares of Common Stock which may be issued in settlement of this Award until the date of the issuance of such shares of Common Stock under the terms of this Award Agreement (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment shall be made for dividends, dividend equivalents, distributions or other rights for which the record date is prior to the date such certificate is issued, except as provided in Section 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.Payment**. Subject to Section 11 below, you will not be required to make any payment to the Company with respect to your receipt of the Award, vesting of the RSUs, or the delivery of the shares of Common Stock subject to the RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.Delivery of Shares**. Subject to Sections 7 and 11 below, the Company will issue you one share of Common Stock for each RSU which vests under this Award Agreement, on the applicable vesting date or as soon as practicable thereafter, but not later than thirty (30) days from the vesting date (the actual date of such issuance during such period shall be solely determined by the Company). The form of delivery (e.g., a stock certificate or electronic entry evidencing such shares of Common Stock) shall be determined by the Company. You hereby authorize the Company, in its sole discretion, to deposit for your benefit with a Company-designated brokerage firm or, at the Company's discretion, any other broker with which you have an account relationship of which the Company has notice any or all shares of Common Stock acquired by you pursuant to the settlement of the Award. Except as provided by the preceding sentence, a certificate for the shares of Common Stock as to which the Award is settled shall be registered in your name, or, if applicable, in the names of your heirs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.Restrictions on Grant of the Award and Issuance of Shares**. The grant of the Award and issuance of shares of Common Stock upon settlement of the Award shall be subject to compliance with all applicable requirements of U.S. federal or state law with respect to such securities. No shares of Common Stock may be issued hereunder if the issuance of such shares of Common Stock would constitute a violation of any applicable U.S. federal or state securities laws or other laws or regulations or the

Exhibit 10.31

------

requirements of any stock exchange or market system upon which the Common Stock may then be listed. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company's legal counsel to be necessary to the lawful issuance of any shares of Common Stock subject to the Award shall relieve the Company of any liability in respect of the failure to issue such shares of Common Stock as to which such requisite authority shall not have been obtained. As a condition to the settlement of the Award, the Company may require you to satisfy any qualifications that may be necessary or appropriate to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect thereto as may be requested by the Company. Further, regardless of whether the transfer or issuance of the shares of Common Stock to be issued pursuant to the Units has been registered under the Securities Act or has been registered or qualified under the securities laws of any state, the Company may impose additional restrictions upon the sale, pledge, or other transfer of the shares of Common Stock (including the placement of appropriate legends on stock certificates and the issuance of stop-transfer instructions to the Company's transfer agent) if, in the judgment of the Company and the Company's counsel, such restrictions are necessary in order to achieve compliance with the provisions of the Securities Act, the securities laws of any state, or any other law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.Transfer Restrictions**. Prior to the time that the shares of Common Stock subject to your Award have been delivered to you, you may not transfer, pledge, sell or otherwise dispose of such shares of Common Stock or of the RSUs. For example, you may not use shares of Common Stock that may be issued in respect of your RSUs as security for a loan, nor may you transfer, pledge, sell or otherwise dispose of such shares of Common Stock. This restriction on transfer will lapse upon delivery to you of shares of Common Stock in respect of your vested RSUs. Your Award is not transferable, except by will or by the laws of descent and distribution. Notwithstanding the foregoing, by delivering written notice to the Company, in a form satisfactory to the Company, you may designate a third party who, in the event of your death, shall thereafter be entitled to receive any distribution of shares of Common Stock in respect of vested RSUs pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.Award Not a Service Contract**. Your Award is not an employment or service contract, and nothing in your Award shall be deemed to create in any way whatsoever any obligation on your part to continue in the service of the Company or any Affiliate, or on the part of the Company or any Affiliate to continue such service. In addition, nothing in your Award shall obligate the Company or any Affiliate, their respective shareholders, boards of directors or employees to continue any relationship that you might have as an Employee or Consultant of the Company or any Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.Unsecured Obligation**. Your Award is unfunded, and even as a holder of vested RSUs, you shall be considered an unsecured creditor of the Company with respect to the Company's obligation, if any, to issue shares of Common Stock pursuant to this Agreement. Nothing contained in this Award Agreement, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind or a fiduciary relationship between you and the Company or any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.Withholding of Taxes**. At the time the Grant Notice is executed, or at any time thereafter as requested by the Company, you hereby authorize withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for, any sums required to satisfy the U.S. federal, state, and local taxes required by law to be withheld with respect to any taxable event arising as a result of your participation in the Plan (referred to herein as "***Tax-Related Items***"). The Company or

Exhibit 10.31

------

any Affiliate, as appropriate, shall have the authority and the right to deduct or withhold, or require you to remit an amount sufficient to satisfy applicable Tax-Related Items or to take such other action as may be reasonably necessary to satisfy such Tax-Related Items. In this regard, you authorize the Company and any Affiliate, or their respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)withholding from your wages or other cash compensation paid to you; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)withholding from proceeds of the sale of shares of Common Stock acquired upon vesting and settlement of the RSUs, either through a voluntary sale or through a mandatory sale arranged by the Company (on your behalf pursuant to this authorization); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)withholding in shares of Common Stock to be issued upon vesting and settlement of the RSUs; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)direct payment from you.

The Company does not have any duty or obligation to minimize your liability for Tax-Related Items arising from the Award, and, will not be liable to you for any Tax-Related Items arising in connection with the Award. Finally, you shall pay any amount of Tax-Related Items that the Company or any Affiliate may be required to withhold as a result of your participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the shares of Common Stock that may be issued in connection with the settlement of the RSUs if you fail to comply with your Tax-Related Items obligations.

You represent, warrant and acknowledge that the Company has made no warranties or representations to you with respect to the income tax consequences of the transactions contemplated by this Award Agreement, and you are in no manner relying on the Company or the Company's representatives for an assessment of such tax consequences. YOU UNDERSTAND THAT THE TAX LAWS AND REGULATION ARE SUBJECT TO CHANGE. YOU SHOULD CONSULT YOUR OWN TAX ADVISOR REGARDING THE UNITS. NOTHING STATED HEREIN IS INTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED, FOR THE PURPOSE OF AVOIDING TAXPAYER PENALTIES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.Notices.** Any notice required to be given or delivered to the Company under the terms of this Award Agreement shall be in writing and addressed to the Company at its principal corporate offices. Any notice required to be given or delivered to you shall be in writing and addressed to you at the address maintained for you in the Company's records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.Miscellaneous**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The rights and obligations of the Company with respect to your Award shall be transferable to any one or more persons or entities, and all covenants and

Exhibit 10.31

------

agreements hereunder shall inure to the benefit of, and be enforceable by the Company's successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;You agree upon request to execute any further documents or instruments necessary or desirable in the sole determination of the Company to carry out the purposes or intent of your Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;All obligations of the Company under the Plan and this Agreement will be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;You agree that the Company does not have any duty or obligation to minimize your liability for tax withholding obligations arising from the Award and will not be liable to you for any tax withholding obligations arising in connection with the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.Headings**. The headings of the Sections and subsections in this Award Agreement are inserted for convenience only and shall not be deemed to constitute a part of this Award Agreement or to affect the meaning of this Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.Severability**. If all or any part of this Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not invalidate any portion of this Agreement or the Plan not declared to be unlawful or invalid. Any Section of this Agreement (or part of such a Section) so declared to be unlawful or invalid shall, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.Compliance with Code Section 409A**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)It is intended that the RSUs granted hereunder be exempt from or comply with the requirements of Code Section 409A, so that none of the RSUs, or the resulting shares of Common Stock or compensation, if any, shall be subject to the additional tax imposed by Section 409A. The vesting and settlement of such RSUs are intended to qualify for the "short-term deferral" exemption from Code Section 409A. The settlement of each cash installment of RSUs that vests is intended to constitute a "separate payment" for purposes of Treasury Regulation Section 1.409A-2(b)(2). As such, each eligible vested RSU shall be settled, per the terms of the Plan, the Grant Notice and this Award Agreement, within the short-term deferral period, as defined in Code Section 409A, the applicable Treasury Regulations and related guidance issued thereunder. Notwithstanding any other provision of the Plan, this Award Agreement, or the Grant Notice:

&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;(i)The Plan, this Award Agreement and the Grant Notice shall be interpreted in accordance with, and incorporate the terms and conditions required by, Code Section 409A and any Department of Treasury regulations and other applicable guidance issued thereunder (including any regulations or guidance that may be issued after the date hereof), and any ambiguities herein shall be interpreted to so comply.

Exhibit 10.31

------

&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;(ii)The Company reserves the right, to the extent the Company deems necessary or advisable in its sole discretion, to unilaterally amend or modify the Plan and/or this Award Agreement to ensure that the RSUs qualify for exemption from, comply with or otherwise avoid the imposition of any additional tax or income recognition under Code Section 409A; *provided*, *however*, that the Company makes no representations that the RSUs will be exempt from Code Section 409A and makes no undertaking to preclude Code Section 409A from applying to the RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Separation from Service; Required Delay in Payment to Specified Employee.** Notwithstanding anything set forth herein to the contrary, no amount payable pursuant to this Award Agreement on account of your termination of Service which constitutes a "deferral of compensation" within the meaning of Code Section 409A shall be paid unless and until you have incurred a "separation from service" within the meaning of Code Section 409A. Furthermore, to the extent that you are a "Specified Employee" within the meaning of Code Section 409A as of the date of your separation from service, no amount that constitutes a deferral of compensation which is payable on account of the your separation from service that would result in the imposition of additional tax under Code Section 409A if issued to you on or within the six (6) month period following your termination of employment shall be paid to you before the date (the "***Delayed Payment Date***") which is the first day of the seventh month after the date of your separation from service or, if earlier, ten (10) days following the date of your death following such separation from service. All such amounts that would, but for this Section, become payable prior to a Delayed Payment Date will be accumulated and paid on the Delayed Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.Restrictions on Contracts and Payments for Insured Depository Institutions in Troubled Status**. The parties acknowledge and agree that the restrictions contained in the Federal Deposit Insurance Act, Section 18(k) [12 U.S.C. §1828(k)], relating to contracts for and payment of executive compensation and benefits by insured depository institutions in "troubled" condition could apply in the future. In the event that any such restrictions or any contractual arrangement with or required by a regulatory authority require the Company to seek or demand repayment or return of any payments made to you under this Award Agreement and the Plan for any reason, you agree to repay to the Company the aggregate amount of such payments no later than thirty (30) days following your receipt of a written notice from the Company indicating that payments received by you under this Award Agreement and the Plan are subject to recapture or clawback.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.Authorization to Release Necessary Personal Information**. You hereby authorize and direct the Company to collect, use and transfer in electronic or other form, any personal information (the "***Data***"), the nature and amount of your compensation and the fact and conditions of your participation in the Plan (including, but not limited to, your name, home address, telephone number, date of birth, social security number, salary, job title, number of shares held and the details of all RSUs or any other entitlement to shares awarded, cancelled, exercised, vested, unvested or outstanding) for the purpose of implementing, administering and managing your participation in the Plan. You understand that the Data may be transferred to the Company or any Affiliate, or to any third parties assisting in the implementation, administration and management of the Plan, including any requisite transfer to a brokerage firm or other third party assisting with administration of the Award or with whom shares acquired upon settlement of this Award or cash from the sale of such shares may be deposited. Furthermore, you acknowledge and understand that the transfer of the Data to the Company or any Affiliate, or to any third parties is necessary for your participation in the Plan. You may at any time

Exhibit 10.31

------

withdraw the consents herein, by contacting the Company's stock administration department in writing. You further acknowledge that withdrawal of consent may affect your ability to realize benefits from the Award, and your ability to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.Counterparts**. The Grant Notice may be executed in counterparts, including execution by facsimile, pdf or other electronic transmission, which, when taken together, will be deemed to constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.Administration**. The Committee shall have the power to interpret the Plan and this Award Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules. All actions taken and all interpretations and determinations made by the Committee or the Board in good faith shall be final and binding upon you, the Company and all other interested persons. No member of the Committee or the Board shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan, this Award Agreement or the Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.Governing Law**. The interpretation, performance and enforcement of this Award Agreement shall be governed by the laws of the State of California, U.S.A. without regard to the conflict-of-laws rules thereof or of any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.Governing Plan Documents**. The Grant Notice, this Award Agreement, and the RSUs evidenced hereby (i) are made and granted pursuant to the Plan and are in all respects limited by and subject to the terms of the Plan, the provisions of which are hereby made a part of your Award, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan, and (ii) constitute the entire agreement between you and the Company on the subject matter hereof and supersede all proposals, written or oral, and all other communications between the parties related to the subject matter. In the event of any conflict between the provisions of your Award Agreement and those of the Plan, the provisions of the Plan shall control.

Exhibit 10.31

## Exhibit 10.32

Exhibit 10.32

**TRICO BANCSHARES**

**RESTRICTED STOCK UNIT GRANT NOTICE**

TriCo Bancshares, a California corporation (the "***Company***"), pursuant to its 2024 Equity Incentive Plan (the "***Plan***"), hereby grants to the holder listed below (the "***Participant***" or ***"you"***), a Restricted Stock Unit Award (the "***Award***"). The Award is comprised of restricted stock units (the "***Units***" or *"****RSUs****"*), each of which is a right to receive one (1) share of Common Stock, on the terms and conditions set forth herein and in the Restricted Stock Unit Award Agreement attached hereto (including <u>Appendix A</u>, the "***Award Agreement***") and the Plan, which are incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Grant Notice and the Award Agreement.

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| |
|:---|
| Participant: **[insert name]** |
| Grant Date: **[month date year]** |
| Number of RSUs Subject to Award: **[●]** |

---

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| | |
|:---|:---|
| **Vesting Schedule**: | The Award will vest in three (3) equal annual installments on each of the first three anniversaries of the Grant Date (such period, "***Vesting Period***")\* subject to the Participant's continued employment or provision of services to the Company or any Affiliate thereof ("***Continuous Service***") following the Grant Date through each applicable vesting date, or as otherwise provided herein.<br>\**For vesting dates that fall on weekends and holidays, this date will be the next business day following such date.* |
| **Vesting Date:** | 1/3 of the RSUs shall vest on the first anniversary of the of the Grant Date.<br>1/3 of the RSUs shall vest on the second anniversary of the of the Grant Date.<br>1/3 of the RSUs shall vest on the third anniversary of the of the Grant Date. |

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By signing below or by electronic acceptance or authentication in a form authorized by the Company, you agree to be bound by the terms and conditions of the Plan, the Award Agreement and the Grant Notice. You confirm that you have reviewed and fully understand all provisions of the Plan, the Award Agreement (including <u>Appendix A</u>), and the Grant Notice in their entirety and have had an opportunity to obtain the advice of counsel prior to executing below. You hereby agree to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan, the Award Agreement, the Grant Notice or relating to the RSUs.

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| | | |
|:---|:---|:---|
| **TRICO BANCSHARES** | **TRICO BANCSHARES** | **PARTICIPANT** |
| By: |  | By: |
| Name: | Richard P. Smith&nbsp;&nbsp;&nbsp;&nbsp; | Print Name: |
| Title: | President & CEO&nbsp;&nbsp;&nbsp;&nbsp; |  |

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ATTACHMENTS:&nbsp;&nbsp;&nbsp;&nbsp;Restricted Stock Unit Award Agreement. A copy of the TriCo Bancshares 2024 Equity Incentive Plan, and the prospectus for the Plan prepared in connection with the registration with the Securities and Exchange Commission of the shares of Common Stock issuable pursuant to the Award are available on the Human

Exhibit 10.32 <br>

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Resources section of the Company's intranet or upon request to Human Resources.

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

Exhibit 10.32 <br>

&nbsp;&nbsp;&nbsp;&nbsp;2

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**TriCo Bancshares**

**2024 EQUITY INCENTIVE PLAN** 

**RESTRICTED STOCK UNIT AWARD AGREEMENT**

Pursuant to the Restricted Stock Unit Award Grant Notice ("***Grant Notice***") and this Restricted Stock Unit Award Agreement (including <u>Appendix A</u>, the "***Award Agreement***"), TriCo Bancshares (the "***Company***") has awarded you a Restricted Stock Unit Award under its 2024 Equity Incentive Plan, (the "***Plan***") for the number of RSUs specified in the Grant Notice (collectively, the "***Award***"). Except where indicated otherwise, defined terms not explicitly defined in this Award Agreement but defined in the Plan or Grant Notice shall have the same definitions as in the Plan or Grant Notice. You hereby understand that the shares of Common Stock issued with respect to the Award are subject to the minimum holding requirements described in Section 29 of the Plan.

The details of your Award are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Number of Restricted Stock Units and Shares of Common Stock**. The number of RSUs subject to your Award is set forth in the Grant Notice. Each RSU shall represent the right to receive one (1) share of Common Stock. The number of RSUs will increase by any dividend equivalents, as described in Section 3 below. The number of RSUs subject to your Award and the number of shares of Common Stock deliverable with respect to such RSUs may be adjusted from time to time for capitalization adjustments as described in Section 5 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Vesting**.

3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Normal Vesting</u>.** Except as otherwise provided by this Award Agreement, Units shall vest as provided in the Grant Notice. Units which have become vested are referred to herein as "***Vested Units***," and all other Units are referred to herein as "***Unvested Units***."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Death/Disability</u>**. If you die or become Permanently Disabled (as defined below) while you are eligible to vest in RSUs under this Award, the RSUs will immediately vest and, if you die, will be distributed in shares of Common Stock (after applicable tax withholding, if any) to your designated beneficiary on file with the Company's stock administration department or Human Resources, or if no beneficiary has been designated or survives you or if beneficiary designation is not recognized by local legislation, then to your estate (in the case of death) or to you (or your legal representatives) (in the case of Permanent Disability). Any shares of Common Stock will be distributed no later than the end of the calendar year immediately following the calendar year which contains your date of death or Permanent Disability; however, with respect to shares of Common Stock issued due to death, our administrative practice is to register such shares of Common Stock in the name of your beneficiary or estate within 60 days of the Company's receipt of any required documentation.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)"***Permanently Disabled***" means your "permanent disability" as such term is defined in the long-term disability insurance provided by the Company, or if such insurance is not provided by Company, the term shall mean that you have been deemed by a medical care provider to indefinitely be unable to perform the essential functions of your position with the Company with or without reasonable accommodation,

Exhibit 10.32 <br>

&nbsp;&nbsp;&nbsp;&nbsp;3

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provided, in each case, that such event satisfies the requirements of you becoming "disabled" under Code Section 409 and you have satisfied the Release / Certification Requirements set forth below.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **<u>Release / Certification</u>**. You shall meet the Release / Certification requirements, if: (i) within 55 days following your termination of Continuous Service because you are Permanently Disabled, you (or your legal representatives) execute and deliver a general release of claims in favor of the Company, having such form and terms as the Company shall specify, and such release becomes irrevocable, and (ii) in all cases, you have complied with all other terms of the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Continued Vesting on Retirement / Full Career Eligibility</u>**. In the event and for so long as you meet the Retirement/Full Career Eligibility Requirements described in <u>Appendix A</u> hereto at the time of your termination of Continuous Service then, subject to the terms and conditions set forth in this Award Agreement (including, but not limited to, Section 12 - Right to Set Off and Section 20 - Clawback" in this Award Agreement and the sections entitled "Your Obligations" and "Additional Conditions Precedent" in <u>Appendix A</u>), you will be eligible to continue to vest (as you otherwise would vest had you remained employed by the Company and/or an Affiliate through the applicable Vesting Date) with respect to this Award following your termination of Continuous Service due to your qualifying Retirement/Full Career Eligibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.(d) **<u>No Vesting on Termination of Continuous Service</u>.** In the event of your termination of Continuous Service for any reason prior to the Vesting Date, with or without Cause, other than as described in Sections 2(b) and 2(c), or as determined by the Company under Section 11 of the Plan, and to the extent any Units otherwise remain Unvested Units upon your termination of Continuous Service, you shall forfeit and the Company shall automatically reacquire all Unvested Units, and you shall not be entitled to any payment with respect to the shares of Common Stock or other consideration therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.Dividends**. If the Company pays dividends with respect to the Common Stock (the date of any such payment is a "***Dividend Date***"), then dividend equivalents shall then be credited to any then outstanding RSUs. The amount of such dividend equivalent credit will be equal to the dollar value of dividends paid on actual shares of Common Stock on the Dividend Date, multiplied by the number of outstanding RSUs held by you pursuant to this Award as of the Dividend Date. This aggregate dollar amount will then be divided by the Fair Market Value on the Dividend Date of a share of Common Stock, and the resulting quotient shall be the number of additional RSUs ("***Additional RSUs***") that will be credited to this Award. Such Additional RSUs will be subject to the Plan and the same vesting (on a pro-rata basis based on each vesting tranche of RSUs outstanding hereunder on the Dividend Date), forfeiture restrictions, restrictions on transferability, and settlement provisions as apply to the RSUs that are the subject of this Award and for avoidance of doubt Additional RSUs will also be eligible to accrue future dividend equivalents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.No Ownership Rights/Rights as a Shareholder/Other Restrictions**. You shall have no rights as a shareholder with respect to any shares of Common Stock which may be issued in settlement of this Award until the date of the issuance of such shares of Common Stock under the terms of this Award Agreement (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment shall be made for dividends, dividend equivalents, distributions or other rights for which the record date is prior to the date such certificate is issued, except as provided in Section 1.

Exhibit 10.32 <br>

&nbsp;&nbsp;&nbsp;&nbsp;4

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You also acknowledge that should there be a determination that the cancellation provisions of this award apply during the period when the vesting of any outstanding RSUs has been suspended, then you agree that such RSUs may be cancelled in whole or part. (See Section 12 – Right to Set Off and Section 20 - Clawback in this Award Agreement and the section entitled "Additional Conditions Precedent" in <u>Appendix A</u>, as well as Section 24 - Amendment permitting suspension of vesting.)

With respect to any applicable vesting date, the Company may impose for any reason, as of such vesting date for such period as it may specify in its sole discretion, such restrictions on the Common Stock to be issued to you as it may deem appropriate, including, but not limited to, restricting the sale, transfer, pledging, assignment, hedging or encumbrance of such shares of Common Stock. Such restrictions described in the last sentence shall not impact your right to vote or receive dividends with respect to the Common Stock. By accepting this Award, you acknowledge that during such specified period should there be a determination that the recovery provisions of this award apply, then you agree that you may be required to pay the Company up to an amount equal to the fair market value (determined as of the applicable vesting date) of the gross number of shares subject to such restrictions (notwithstanding the limitation set forth in the Section 12 - Right to Set Off). (See Section 20 - Clawback in this Award Agreement and the section "Additional Conditions Precedent" in <u>Appendix A</u>.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.Payment**. Subject to Section 11 below, you will not be required to make any payment to the Company with respect to your receipt of the Award, vesting of the RSUs, or the delivery of the shares of Common Stock subject to the RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.Delivery of Shares**. Subject to Sections 7 and 11 below, the Company will issue you one share of Common Stock for each RSU which vests under this Award Agreement, on the applicable vesting date or as soon as practicable thereafter, but not later than thirty (30) days from the applicable vesting date (the actual date of such issuance during such period shall be solely determined by the Company). The form of delivery (e.g., a stock certificate or electronic entry evidencing such shares of Common Stock) shall be determined by the Company. You hereby authorize the Company, in its sole discretion, to deposit for your benefit with a Company-designated brokerage firm or, at the Company's discretion, any other broker with which you have an account relationship of which the Company has notice any or all shares of Common Stock acquired by you pursuant to the settlement of the Award. Except as provided by the preceding sentence, a certificate for the shares of Common Stock as to which the Award is settled shall be registered in your name, or, if applicable, in the names of your heirs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.Restrictions on Grant of the Award and Issuance of Shares**. The grant of the Award and issuance of shares of Common Stock upon settlement of the Award shall be subject to compliance with all applicable requirements of U.S. federal or state law with respect to such securities. No shares of Common Stock may be issued hereunder if the issuance of such shares of Common Stock would constitute a violation of any applicable U.S. federal or state securities laws or other laws or regulations or the requirements of any stock exchange or market system upon which the Common Stock may then be listed. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company's legal counsel to be necessary to the lawful issuance of any shares of Common Stock subject to the Award shall relieve the Company of any liability in respect of the failure to issue such shares of Common Stock as to which such requisite authority shall not have been obtained. As a condition to the settlement of the Award, the Company may require you to satisfy any qualifications that may be necessary or appropriate to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect thereto as may be requested by the

Exhibit 10.32 <br>

&nbsp;&nbsp;&nbsp;&nbsp;5

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Company. Further, regardless of whether the transfer or issuance of the shares of Common Stock to be issued pursuant to the Units has been registered under the Securities Act or has been registered or qualified under the securities laws of any state, the Company may impose additional restrictions upon the sale, pledge, or other transfer of the shares of Common Stock (including the placement of appropriate legends on stock certificates and the issuance of stop-transfer instructions to the Company's transfer agent) if, in the judgment of the Company and the Company's counsel, such restrictions are necessary in order to achieve compliance with the provisions of the Securities Act, the securities laws of any state, or any other law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.Transfer Restrictions**. Prior to the time that the shares of Common Stock subject to your Award have been delivered to you, you may not transfer, pledge, sell or otherwise dispose of such shares of Common Stock or of the RSUs. For example, you may not use shares of Common Stock that may be issued in respect of your RSUs as security for a loan, nor may you transfer, pledge, sell or otherwise dispose of such shares of Common Stock. This restriction on transfer will lapse upon delivery to you of shares of Common Stock in respect of your vested RSUs. Your Award is not transferable, except by will or by the laws of descent and distribution. Notwithstanding the foregoing, by delivering written notice to the Company, in a form satisfactory to the Company, you may designate a third party who, in the event of your death, shall thereafter be entitled to receive any distribution of shares of Common Stock in respect of vested RSUs pursuant to this Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.Award Not a Service Contract**. Your Award is not an employment or service contract, and nothing in your Award shall be deemed to create in any way whatsoever any obligation on your part to continue in the service of the Company or any Affiliate, or on the part of the Company or any Affiliate to continue such service. In addition, nothing in your Award shall obligate the Company or any Affiliate, their respective shareholders, boards of directors or employees to continue any relationship that you might have as an employee or service provider of the Company or any Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.Unsecured Obligation**. Your Award is unfunded, and even as a holder of vested RSUs, you shall be considered an unsecured creditor of the Company with respect to the Company's obligation, if any, to issue shares of Common Stock pursuant to this Award Agreement. Nothing contained in this Award Agreement, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind or a fiduciary relationship between you and the Company or any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.Withholding of Taxes**. At the time the Grant Notice is executed, or at any time thereafter as requested by the Company, you hereby authorize withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for, any sums required to satisfy the U.S. federal, state, and local taxes required by law to be withheld with respect to any taxable event arising as a result of your participation in the Plan (referred to herein as "***Tax-Related Items***"). The Company or any Affiliate, as appropriate, shall have the authority and the right to deduct or withhold, or require you to remit an amount sufficient to satisfy applicable Tax-Related Items or to take such other action as may be reasonably necessary to satisfy such Tax-Related Items. In this regard, you authorize the Company and any Affiliate, or their respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)withholding from your wages or other cash compensation paid to you; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)withholding from proceeds of the sale of shares of Common Stock acquired upon vesting and settlement of the RSUs, either through a voluntary sale or through a mandatory sale arranged by the Company (on your behalf pursuant to this authorization); or

Exhibit 10.32 <br>

&nbsp;&nbsp;&nbsp;&nbsp;6

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)withholding in shares of Common Stock to be issued upon vesting and settlement of the RSUs; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)direct payment from you.

The Company does not have any duty or obligation to minimize your liability for Tax-Related Items arising from the Award, and, will not be liable to you for any Tax-Related Items arising in connection with the Award. Finally, you shall pay any amount of Tax-Related Items that the Company or any Affiliate may be required to withhold as a result of your participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the shares of Common Stock that may be issued in connection with the settlement of the RSUs if you fail to comply with your Tax-Related Items obligations.

You represent, warrant and acknowledge that the Company has made no warranties or representations to you with respect to the income tax consequences of the transactions contemplated by this Award Agreement, and you are in no manner relying on the Company or the Company's representatives for an assessment of such tax consequences. YOU UNDERSTAND THAT THE TAX LAWS AND REGULATION ARE SUBJECT TO CHANGE. YOU SHOULD CONSULT YOUR OWN TAX ADVISOR REGARDING THE UNITS. NOTHING STATED HEREIN IS INTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED, FOR THE PURPOSE OF AVOIDING TAXPAYER PENALTIES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.Right to Set Off.** Although the Company expects to settle this award in share(s) of Common Stock as of the applicable vesting date, as set forth in your Award Agreement, the Company may, to the maximum extent permitted by applicable law (including Section 409A of the Code to the extent it is applicable to you), retain for itself funds or the shares of Common Stock resulting from any vesting or settlement of this Award to satisfy any obligation or debt that you owe to the Company and/or an Affiliate. Notwithstanding any bank account agreement with the Company and/or an Affiliate to the contrary, the Company will not recoup or recover any amount owed from any funds or unrestricted securities held in your name and maintained at the Company and/or Affiliate pursuant to such bank account agreement to satisfy any obligation or debt owed by you under this Award without your consent. This restriction on the Company does not apply to accounts described and authorized in Section 6 – Delivery of Shares described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.Notices.** Any notice required to be given or delivered to the Company under the terms of this Award Agreement shall be in writing and addressed to the Company at its principal corporate offices. Any notice required to be given or delivered to you shall be in writing and addressed to you at the address maintained for you in the Company's records or at the address of the local office of the Company or Affiliate at which you work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.Miscellaneous**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The rights and obligations of the Company with respect to your Award shall be transferable to any one or more persons or entities, and all covenants and agreements

Exhibit 10.32 <br>

&nbsp;&nbsp;&nbsp;&nbsp;7

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hereunder shall inure to the benefit of, and be enforceable by the Company's successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;You agree upon request to execute any further documents or instruments necessary or desirable in the sole determination of the Company to carry out the purposes or intent of your Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;All obligations of the Company under the Plan and this Award Agreement will be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Your rights, if any, in respect of or in connection with the Units are derived solely from the discretionary decision of the Company to permit you to participate in the Plan and to benefit from a discretionary Award. By accepting the Units, you expressly acknowledge that there is no obligation on the part of the Company to continue the Plan and/or grant any additional Units or other Awards to you. The Units are not intended to be compensation of a continuing or recurring nature, or part of your normal or expected compensation, and in no way represents any portion of your salary, compensation, or other remuneration for purposes of pension benefits, severance, redundancy, resignation or any other purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.Headings**. The headings of the Sections and subsections in this Award Agreement are inserted for convenience only and shall not be deemed to constitute a part of this Award Agreement or to affect the meaning of this Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.**16. &nbsp;&nbsp;&nbsp;&nbsp;Severability**. If all or any part of this Award Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not invalidate any portion of this Award Agreement or the Plan not declared to be unlawful or invalid. Any Section of this Award Agreement (or part of such a Section) so declared to be unlawful or invalid shall, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.**17. &nbsp;&nbsp;&nbsp;&nbsp;Compliance with Code Section 409A**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)It is intended that the RSUs granted hereunder be exempt from or comply with the requirements of Code Section 409A, so that none of the RSUs, or the resulting shares of Common Stock or compensation, if any, shall be subject to the additional tax imposed by Section 409A. The vesting and settlement of such RSUs are intended to qualify for the "short-term deferral" exemption from Code Section 409A. The settlement of each installment of RSUs that vests is intended to constitute a "separate payment" for purposes of Treasury Regulation Section 1.409A-2(b)(2). As such, each eligible vested RSU shall be settled, per the terms of the Plan, the Grant Notice and this Award Agreement, within the short-term deferral period, as defined in Code Section 409A, the applicable Treasury Regulations and related guidance issued thereunder. Notwithstanding any other provision of the Plan, this Award Agreement, or the Grant Notice:

&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;(i)The Plan, this Award Agreement and the Grant Notice shall be interpreted in accordance with, and incorporate the terms and conditions required by, Code Section 409A and any Department of Treasury regulations and other applicable guidance issued

Exhibit 10.32 <br>

&nbsp;&nbsp;&nbsp;&nbsp;8

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thereunder (including any regulations or guidance that may be issued after the date hereof), and any ambiguities herein shall be interpreted to so comply.

&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;(ii)The Company reserves the right, to the extent the Company deems necessary or advisable in its sole discretion, to unilaterally amend or modify the Plan and/or this Award Agreement to ensure that the RSUs qualify for exemption from, comply with or otherwise avoid the imposition of any additional tax or income recognition under Code Section 409A; *provided*, *however*, that the Company makes no representations that the RSUs will be exempt from Code Section 409A and makes no undertaking to preclude Code Section 409A from applying to the RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Separation from Service; Required Delay in Payment to Specified Employee.** Notwithstanding anything set forth herein to the contrary, no amount payable pursuant to this Award Agreement on account of your termination of Service which constitutes a "deferral of compensation" within the meaning of Code Section 409A shall be paid unless and until you have incurred a "separation from service" within the meaning of Code Section 409A. Furthermore, to the extent that you are a "Specified Employee" within the meaning of Code Section 409A as of the date of your separation from service, no amount that constitutes a deferral of compensation which is payable on account of your separation from service that would result in the imposition of additional tax under Code Section 409A if issued to you on or within the six (6) month period following your termination of employment shall be paid to you before the date (the <br>***"Delayed Payment Date"***) which is the first day of the seventh month after the date of your separation from service or, if earlier, ten (10) days following the date of your death following such separation from service. All such amounts that would, but for this Section, become payable prior to the Delayed Payment Date will be accumulated and paid on the Delayed Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.**18. &nbsp;&nbsp;&nbsp;&nbsp;Restrictions on Contracts and Payments for Insured Depository Institutions in Troubled Status**. The parties acknowledge and agree that the restrictions contained in the Federal Deposit Insurance Act, Section 18(k) [12 U.S.C. §1828(k)], relating to contracts for and payment of executive compensation and benefits by insured depository institutions in "troubled" condition could apply in the future. In the event that any such restrictions or any contractual arrangement with or required by a regulatory authority require the Company to seek or demand repayment or return of any payments made to you under this Award Agreement and the Plan for any reason, you agree to repay to the Company the aggregate amount of such payments no later than thirty (30) days following your receipt of a written notice from the Company indicating that payments received by you under this Award Agreement and the Plan are subject to recapture or clawback.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.**19. &nbsp;&nbsp;&nbsp;&nbsp;Authorization to Release Necessary Personal Information**. You hereby authorize and direct the Company to collect, use and transfer in electronic or other form, any personal information (the "***Data***"), the nature and amount of your compensation and the fact and conditions of your participation in the Plan (including, but not limited to, your name, home address, telephone number, date of birth, social security number, salary, job title, number of shares held and the details of all RSUs or any other entitlement to shares awarded, cancelled, exercised, vested, unvested or outstanding) for the purpose of implementing, administering and managing your participation in the Plan. You understand that the Data may be transferred to the Company or any Affiliate, or to any third parties assisting in the implementation, administration and management of the Plan, including any requisite transfer to a brokerage firm or other third party assisting with administration of the Award or with whom shares acquired upon settlement of this Award or cash from the sale of such shares may be deposited. Furthermore, you

Exhibit 10.32 <br>

&nbsp;&nbsp;&nbsp;&nbsp;9

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acknowledge and understand that the transfer of the Data to the Company or any Affiliate, or to any third parties is necessary for your participation in the Plan. You may at any time withdraw the consents herein, by contacting the Company's stock administration department in writing. You further acknowledge that withdrawal of consent may affect your ability to realize benefits from the Award, and your ability to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.**20. &nbsp;&nbsp;&nbsp;&nbsp;Clawback.** In consideration of the grant of this Award, you agree that this Award is subject to any clawback under Section 27 of the Plan and the Company's Compensation Clawback Policy (or any successor policy, the "***Policy***") adopted by the Board and in effect from time to time, as permitted by law. For the avoidance of doubt, nothing in these terms and conditions in any way limits the rights of the Company and/or an Affiliate under the Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.**21. &nbsp;&nbsp;&nbsp;&nbsp;Counterparts**. The Grant Notice may be executed in counterparts, including execution by facsimile, pdf or other electronic transmission, which, when taken together, will be deemed to constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.**22. &nbsp;&nbsp;&nbsp;&nbsp;Administration**. The Committee shall have the power to interpret the Plan and this Award Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules. All actions taken and all interpretations and determinations made by the Committee or the Board in good faith shall be final and binding upon you, the Company and all other interested persons. No member of the Committee or the Board shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan, this Award Agreement or the Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.Governing Law**. The interpretation, performance and enforcement of this Award Agreement shall be governed by the laws of the State of California, U.S.A. without regard to the conflict-of-laws rules thereof or of any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.&nbsp;&nbsp;&nbsp;&nbsp;Amendment.** The Committee or its nominee reserves the right to amend this Award Agreement in any manner, at any time and for any reason; provided, however, that no such amendment shall materially adversely affect your rights under this Award Agreement without your consent except to the extent that the Committee or its delegate considers advisable to (i) comply with applicable laws or changes in or interpretation of applicable laws, regulatory requirements and accounting rules or standards and/or (ii) make a change in a scheduled vesting date or impose the restrictions described above under Section 4 - No Ownership Rights/Rights as Shareholder/Other Restrictions, in either case, to the extent permitted by Section 409A of the Code if it is applicable to you. This Award Agreement may not be amended except in writing signed by the Chief Executive Officer or Chair of the Committee of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. &nbsp;&nbsp;&nbsp;&nbsp;**Internal Revenue Code Section 280G.** Notwithstanding any provision of this Award Agreement to the contrary, in the event of a change in control and the Award is accelerated, and it would be more likely than not that all or a portion of any benefit payment under this Award Agreement, alone or together with any other compensation or benefit payable to you, will be a non-deductible expense to the Company by reason of Code Section 280G, the

Exhibit 10.32 <br>

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Company shall reduce, but not less than zero, the benefits payable under this Award Agreement or the Plan as necessary to avoid the application of Section 280G.

27.**26. &nbsp;&nbsp;&nbsp;&nbsp;Governing Plan Documents**. The Grant Notice, this Award Agreement, and the RSUs evidenced hereby (i) are made and granted pursuant to the Plan and are in all respects limited by and subject to the terms of the Plan, the provisions of which are hereby made a part of your Award, and are further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan, and (ii) constitute the entire agreement between you and the Company on the subject matter hereof and supersede all proposals, written or oral, and all other communications between the parties related to the subject matter. In the event of any conflict between the provisions of this Award Agreement and those of the Plan, the provisions of the Plan shall control.

Exhibit 10.32 <br>

&nbsp;&nbsp;&nbsp;&nbsp;11

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**Appendix A to Restricted Stock Unit Award Agreement**

**Termination of Employment**

Except as explicitly set forth under "Section 2 - Vesting" of the Award Agreement and this <u>Appendix A</u>, any Unvested Units outstanding under this Award will be cancelled effective on the termination of your Continuous Service for any reason.

Subject to these terms and conditions (including, but not limited to, Sections "12 – Right to Set Off" and "20 - Clawback" in the Award Agreement, and the Sections "Your Obligations" and "Additional Conditions Precedent" in this <u>Appendix A</u>), however, a portion of your Award will be eligible to continue vesting as if you were still employed by the Company or an Affiliate though the Vesting Date if the following circumstances apply to you:

**<u>Retirement/Full Career Eligibility</u>**

Your RSUs under this Award may be eligible for continued vesting upon your qualified retirement if the Chief Executive Officer (or, if you are the Chief Executive Officer, the Committee or its nominee) determines, in their sole discretion, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you voluntarily terminated your Continuous Service with the Company and/or an Affiliate, <u>and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you had completed at least ten (10) years of Continuous Service with the Company and/or an Affiliate immediately preceding your termination date, <u>and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• your age on your date of termination equaled or exceeded sixty-five (65) <u>and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you provided at least six (6) months advance written notice to the Company of your intention to voluntarily terminate your employment under this provision, during which notice period you provided such services as requested by the Company and/or an Affiliate in a cooperative and professional manner and you did not perform any services for any other employer, <u>and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continued vesting shall be appropriate, which determination shall be made prior to your termination and will be based on your performance and conduct (before and after providing notice), <u>and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you satisfied the Release/Confirmation Requirements set forth below.

After receipt of such advance written notice, the Company and/or an Affiliate may choose to have you continue to provide services during such six (6) month period as a condition to continued vesting or may, in its sole discretion, elect to shorten the length of the six (6) month period to a date no earlier than the date you would otherwise meet the age and service requirements.

**<u>Portion of Your Award Subject to Continued Vesting Following Retirement</u>**

If you meet the requirements of this <u>Appendix A</u>, the number of RSUs under this Award that will be eligible to continue vesting following the termination of your Continuous Service, if any, will be a percentage of the RSUs that would have vested if your Continuous Service had continued through the applicable vesting date (as determined in accordance with the Award Agreement) based on your years of Continuous Service preceding your termination of Continuous Service, as follows:

Exhibit 10.32 <br>

&nbsp;&nbsp;&nbsp;&nbsp;12

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 0% if you have less than 10 years of Continuous Service,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 20% if you have at least 10 but less than 11 years of Continuous Service,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 40% if you have at least 11 but less than 12 years of Continuous Service,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 60% if you have at least 12 but less than 13 years of Continuous Service,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 80% if you have at least 13 but less than 14 years of Continuous Service, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% if you have 15 or more years of Continuous Service.

There is no pro rata credit for partial years of Continuous Service.

The portion of your Award that is subject to continued vesting upon your qualifying retirement is referred to as the "CV Award." Any portion of your Award that does not continue to vest hereunder will, upon the date of your termination of Continuous Service, be immediately cancelled and forfeited as of such date without any payment or other consideration therefor.

So, for example if you had 100 Unvested Units and you had 11.5 years of Continuous Service immediately preceding your termination of Continuous Service, and you complied with the terms of <u>Appendix A</u>, your CV Award would be comprised of 40 RSUs (40% of 100 RSUs) , subject to the terms set forth in this <u>Appendix A</u>. The remaining 60 RSUs would be immediately forfeited on the date your Continuous Service terminates.

**Release/Confirmation**

To qualify for continued vesting after your termination of Continuous Service as described in this <u>Appendix A</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you must timely execute and deliver a release of claims in favor of the Company and its Affiliates, having such form and terms as the Company shall specify within 55 days of the termination of your Continuous Service,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prior to the termination of your Continuous Service, you must confirm with management that you meet the eligibility criteria (including providing at least nine (9) months advance written notification), advise that you are seeking to be treated as an individual eligible for "Retirement/Full Career Eligibility", and receive written consent to such continued vesting, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in all cases, you must comply with all other terms of the Award Agreement. (See section captioned "Your Obligations".)

**Your Obligations**

In consideration of the grant of this CV Award, you agree to comply with and be bound by the obligations set forth below next to the subsections captioned "--Confidentiality & Non-Solicitation", "--False Statements", "--Cooperation", "--Compliance with Award Agreement" and "--Notice Period."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>Confidentiality & Non-Solicitation</u>**

You will not, either during your Continuous Service with the Company and/or an Affiliate or thereafter, directly or indirectly use or disclose to anyone any Confidential Information (as defined herein) related to the Company and/or an Affiliate's business or its customers except as explicitly permitted by the TriCo Bancshares Code of Ethics and Business Conduct Policy (as amended or replaced from time to time, the "Code of Conduct") and applicable policies or law or legal process. "Confidential Information" includes but is not limited to: (i) information received by the Company and/or an Affiliate

Exhibit 10.32 <br>

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from third parties under confidential conditions; (ii) intellectual property and trade secrets, technical, product, business, financial, or development information from the Company and/or an Affiliate, the use or disclosure of which reasonably might be construed to be contrary to the interest of the Company and/or an Affiliate; or (iii) other proprietary information or data, including, but not limited to, customer lists and information. In addition, following your termination of employment, you will not, without prior written authorization, access the Company and/or an Affiliate's private and internal information through telephonic, intranet or internet means.

If you are required by law or requested to provide information to any private party, including the news media, related to your or anyone else's employment with the Company and/or an Affiliate, you will, in advance of providing any response (to the extent lawfully permitted), and within five days of receiving any such legal demand or request, provide written notice to the Company and/or an Affiliate. Additionally, you agree to cooperate with the Company and/or an Affiliate in connection with the request for such information to the extent lawfully permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>False Statements</u>**

You will not, either during your Continuous Service with the Company and/or an Affiliate or thereafter, make any untrue statements, such that they are made with knowledge of their falsity or with reckless disregard for their truth or falsity, about the Company and/or an Affiliate, its employees, officers, directors or shareholders as a group in verbal, written, electronic or any other form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>Cooperation</u>**

You will cooperate with any Company and/or Affiliate investigation, inquiry, or litigation, and provide full and accurate information to the Company and/or an Affiliate and its counsel with respect to any matter that relates to issues or events about which you may have knowledge or information, subject to reimbursement for actual, appropriate and reasonable out-of-pocket expenses incurred by you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>Compliance with Award Agreement</u>**

You will provide the Company and/or an Affiliate with any information reasonably requested to determine compliance with the Award Agreement, and you authorize the Company and/or an Affiliate to disclose the terms of the Award Agreement to any third party who might be affected thereby, including your prospective employer.

**Additional Conditions Precedent**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>Detrimental Conduct, Risk Related and Other Cancellation/Recapture</u>**

In addition to the cancellation provisions described under Sections 12 - Right to Set Off and 20 - Clawback in the Award Agreement, up to 100% of continued vesting of your RSUs under this CV Award is further subject to the condition that neither the Company nor an Affiliate in its sole discretion determines that:

oAny of the following detrimental and risk-related conduct has occurred:

Exhibit 10.32 <br>

&nbsp;&nbsp;&nbsp;&nbsp;14

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you engaged in conduct detrimental to the Company and/or an Affiliate insofar as it causes material financial or reputational harm to the Company and/or an Affiliate or its business activities, or

this CV Award was based on materially inaccurate performance metrics, whether or not you were responsible for the inaccuracy, or

this CV Award was based on a material misrepresentation by you, or

you improperly or with gross negligence failed to identify, raise or assess, in a timely manner and as reasonably expected, risks and/or concerns with respect to risks material to the Company and/or an Affiliate or its business activities, or

your Continuous Service was terminated for Cause or, in the case of a determination after the termination of your Continuous Service, that your Continuous Service could have been terminated for Cause; or

oyou have failed to comply with any of the advance notice/cooperation requirements or employment restrictions applicable to your termination of Continuous Service, or

oyou have failed to sign and return the release described under the section captioned "Release/Confirmation" by the specified deadline, or

oyou have violated any of the provisions as set forth above in the section captioned "Your Obligations".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The term "Cause," has the meaning set forth in the Plan, but for purposes of this <u>Appendix A</u> also includes your material violation of any written polices or procedures of the Company and your willful, continued and unreasonable failure to perform your duties or obligations under this <u>Appendix A</u>.

Up to 75% of your CV Award may be cancelled if the Chief Executive Officer of the Company determines in his or her sole discretion that cancellation of up to 75% of the CV Award is appropriate in light of either or both of the following factors:

oYour performance in relation to the priorities for your position have been unsatisfactory for a sustained period of time, or

oYour conduct is not consistent with the Company's expectations as documented in the Code of Conduct or the applicable ethics and conduct sections of the Company's and/or Affiliate's Employee Handbook.

Any determination above with respect to these performance provisions is subject to ratification by the Committee. In the case of an award to the Chief Executive Officer, all such determinations shall be made by the Committee and ratified by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>Company Performance</u>**

If the Company's pre-tax provision income is negative for any of the four calendar quarters immediately preceding the date of the termination of your Continuous Service, then (1) only 25% of such portion of your CV Award shall be eligible for vesting on the Vesting Date and (2) the remaining 75% of such portion of your CV award shall be automatically canceled and forfeited.

Exhibit 10.32 <br>

&nbsp;&nbsp;&nbsp;&nbsp;15

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>Recovery</u>**

In addition, you may be required to pay the Company and/or an Affiliate up to an amount equal to the fair market value (determined as of the applicable Vesting Date) of the gross number of shares of Common Stock previously distributed under this CV Award as follows:

oPayment may be required with respect to any shares of Common Stock distributed within the three year period prior to a notice-of-recovery under this section, if the Company and/or an Affiliate in its sole discretion determines that:

you committed a fraudulent act, or engaged in knowing and willful misconduct related to your employment, or

you violated any of the provisions as set forth above in the section captioned "Your Obligations", or

you violated the restrictions and conditions set forth in this <u>Appendix A</u> following the termination of your employment.

Notice-of-recovery under this subsection is a written (including electronic) notice from the Company and/or an Affiliate to you either requiring payment under this subsection or stating that the Company is evaluating requiring payment under this subsection. Without limiting the foregoing, notice-of-recovery will be deemed provided if the Company makes a good faith attempt to provide written (including electronic) notice at your last known address maintained in the Company's and/or an Affiliate's employment records. For the avoidance of doubt, a notice-of-recovery that the Company is evaluating requiring payment under this subsection shall preserve the Company's rights to require payment as set forth above in all respects and the Company shall be under no obligation to complete its evaluation other than as the Company may determine in its sole discretion.

For purposes of this subsection, shares of Common Stock distributed under this CV Award include shares of Common Stock withheld for tax purposes. However, it is the Company's intention that you only be required to pay the amounts under this subsection with respect to shares of Common Stock that are or may be received by you following a determination of tax liability and that you will not be required to pay amounts with respect to shares of Common Stock representing irrevocable tax withholdings or tax payments previously made (whether by you or the Company and/or an Affiliate) that you will not be able to recover, recapture or reclaim (including as a tax credit, refund or other benefit). Accordingly, the Company will not require you to pay any amount that the Company or its nominee in his or her sole discretion determines is represented by such withholdings or tax payments.

Payment may be made in shares of Common Stock or in cash. You agree that any repayment will be a lawful recovery under the terms and conditions of your Award Agreement and is not to be construed in any manner as a penalty.

Nothing in the section in any way limits your obligations under Section 20 – Clawback in the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>Right to an Injunction</u>**

Exhibit 10.32 <br>

&nbsp;&nbsp;&nbsp;&nbsp;16

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You acknowledge that a violation or attempted violation of any of the provisions set forth in "Your Obligations" set forth herein will cause immediate and irreparable damage to the Company and/or an Affiliate, and therefore agree that the Company and/or an Affiliate shall be entitled as a matter of right to an injunction, from any court of competent jurisdiction, restraining any violation or further violation of any of the provisions set forth in "Your Obligations"; such right to an injunction, however, shall be cumulative and in addition to whatever other remedies the Company and/or an Affiliate may have under law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>Suspension of Vesting</u>**

To the extent provided under Section 24 – Amendment in the Award Agreement, the Company reserves the right to suspend vesting of the CV Award and/or distribution of shares of Common Stock under the CV Award, including, without limitation, during any period that the Company is evaluating whether this CV Award is subject to cancellation and/or recovery and/or whether the conditions for distributions of shares of Common Stock under the CV Award are satisfied. The Company is not responsible for any price fluctuations during any period of suspension and, if applicable, suspended units will be reinstated consistent with Plan administration procedures. See Section 4 - No Ownership Rights/Rights as a Shareholder/Other Restrictions in the Award Agreement.

**Limitation on Restrictions and Conditions**

Nothing in this <u>Appendix A</u> precludes you from reporting to the Company and/or an Affiliate's management or directors, the government, a regulator, a self-regulatory agency, your attorneys or a court, conduct you believe to be in violation of the law or concerns of any known or suspected Code of Conduct violation. It is also not intended to prevent you from responding truthfully to questions or requests from the government, a regulator or in a court of law. The Company hereby provides, and you hereby acknowledge, the following notifications in accordance with the Federal Defend Trade Secrets Act of 2016 (18 U.S.C. § 1833(b)(1)):

&nbsp;&nbsp;&nbsp;&nbsp;(i) An individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (A) is made (1) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney; and (2) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.

Exhibit 10.32 <br>

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## Exhibit 10.33

Exhibit 10.33

**TRICO BANCSHARES**

**PERFORMANCE AWARD GRANT NOTICE**

TriCo Bancshares, a California corporation (the "***Company***"), pursuant to its 2024 Equity Incentive Plan (the "***Plan***"), hereby grants to the holder listed below (the "***Participant***" or ***"you"***), a Performance Award (the "***Award***"). Such award shall be comprised of performance-based Restricted Stock Units (the "***Units***" or *"****PSUs****"*), each of which is a right to receive the value of one (1) share of Common Stock, on the terms and conditions set forth herein and in the Performance Award Agreement attached hereto (the "***Award Agreement***") and the Plan, which are incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Grant Notice and the Award Agreement.

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| | |
|:---|:---|
| **Participant:** | **[insert name]** |
| **Grant Date:** | **<u>xxxxx xx, xxxx</u>** |
| **Target Number of Units:** | **____**, subject to adjustment as provided by the Award Agreement. |
| **Maximum Number of Units:** | <u>#</u> which is <u>150</u>% of the Target Number of Units, subject to adjustment as provided by the Award Agreement. |
| **Performance Period:\*** | Three years beginning **<u>xxxxx xx, xxxx</u>** and ending **<u>xxxxx xx, xxxx</u>** subject to Sections 3, 7.1 and 7.2 of the Award Agreement.<br>*\*For performance periods that fall on weekends and holidays, this date will be the next business/trading day following such date.* |
| **Performance Measure:** | The difference, measured in percentage points, for the Performance Period between the Company Total Shareholder Return and the Benchmark Index Total Return, both determined in accordance with Section 2.2 of the Award Agreement (or as otherwise provided in the Award Agreement). |
| **Benchmark Index:** | The KBW Regional Banking Index (Ticker Symbol ^KRX) |
| **Relative Return Factor:** | A percentage (rounded to the nearest 1/10th of 1% and not greater than 150% or less than 0%) equal to the sum of 100% plus the product of 2 multiplied by the difference (whether positive or negative) equal to (i) the Company Total Shareholder Return minus (ii) the Benchmark Index Total Return, as illustrated by <u>Appendix A</u>.  |
| **Vesting Date:** | The "Vesting Date" is the date upon which the Committee officially determines the degree of achievement of the Performance Measure in accordance with Section 2.2 of the Award Agreement (or as otherwise provided in the Award Agreement). The Vesting Date shall occur within 45 days following the final date of the Performance Period, except as otherwise provided by the Award Agreement. |

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Exhibit 10.33 -1- <br>

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| | |
|:---|:---|
| **Vested Units:** | Provided that there has been no termination of Participant's continued employment or provision of services to the Company or any Affiliate thereof ("Continuous Service") prior to the Vesting Date (except as otherwise provided by the Award Agreement), the number of Vested Units, if any (not to exceed the Maximum Number of Units), shall equal the product of (i) the Target Number of Units and (ii) the Relative Return Factor (rounded down to the nearest whole share), as illustrated by <u>Appendix A</u>. |
| **Settlement Date:** | For each Vested Unit, except as otherwise provided by the Award Agreement, a date occurring during the 28 day period following the Vesting Date, which date during such period shall be solely determined by the Company. |

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By signing below or by electronic acceptance or authentication in a form authorized by the Company, the Participant agrees to be bound by the terms and conditions of the Plan, the Award Agreement (including <u>Appendixes A</u> and <u>B</u>) and the Grant Notice. The Participant has reviewed and fully understands all provisions of the Plan, the Award Agreement, and the Grant Notice in their entirety and has had an opportunity to obtain the advice of counsel prior to executing below. The Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan, the Award Agreement, the Grant Notice or relating to the PSUs.

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| | |
|:---|:---|
| **TRICO BANCSHARES** | **PARTICIPANT** |
| By: | By: |
| Name: | Print Name: |
| Title: |  |

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ATTACHMENTS:&nbsp;&nbsp;&nbsp;&nbsp;Performance Award Agreement. A copy of the TriCo Bancshares 2024 Equity Incentive Plan, and the prospectus for the Plan prepared in connection with the registration with the Securities and Exchange Commission of the shares of Common Stock issuable pursuant to the Award are available on the Human Resources section of the Company's intranet or upon request to Human Resources.

Exhibit 10.33 -2- <br>

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**TRICO BANCSHARES**

**PERFORMANCE AWARD AGREEMENT**

TriCo Bancshares (the "***Company***") has granted to the Participant named in the Performance Award Grant Notice (the *"****Grant Notice****"*), to which this Performance Award Agreement (including <u>Appendixes A</u> and <u>B</u>, this *"****Award Agreement****"*) is attached, an Award consisting of performance-based Restricted Stock Units (the "***Units***" or *"****PSUs****"*) subject to the terms and conditions set forth in the Grant Notice and this Award Agreement. This Award has been granted pursuant to the TriCo Bancshares 2024 Equity Incentive Plan (the *"****Plan****"*), as amended, the provisions of which are incorporated herein by reference. Participant agrees that any shares of Common Stock issued with respect to the Award are subject to the minimum holding requirements described in Section 29 of the Plan.

Unless otherwise defined herein or in the Grant Notice, capitalized terms shall have the meanings assigned under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.<u>The Award</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1The Company hereby awards to the Participant the Target Number of Units set forth in the Grant Notice, which, depending on the extent to which a performance goal is attained during the Performance Period, may result in the Participant earning as little as zero (0) Units or as many as the Maximum Number of Units. Units which have become vested are referred to herein as "***Vested Units***," and all other Units are referred to herein as "***Unvested Units***." Subject to the terms of this Award Agreement and the Plan, each Unit, to the extent it is earned and becomes a Vested Unit, represents a right to receive on the Settlement Date one (1) share of Common Stock or, at the discretion of the Committee, the Fair Market Value thereof in cash. Unless and until a Unit has vested and becomes a Vested Unit as set forth in the Grant Notice, the Participant will have no right to settlement of such Units (including any rights with respect to dividends payable with respect to the underlying shares of Common Stock). Prior to settlement of any earned and vested Units, such Units will represent an unfunded and unsecured obligation of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.<u>Performance Measurement</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1Level of Performance Measure Attained.** As soon as practicable following completion of the Performance Period, but in any event no later than 45 days thereafter, the Committee shall certify in writing the level of attainment of the Performance Measure during the Performance Period, the resulting Relative Return Factor and the number of Units which have become Vested Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3Components of Performance Measure.** The components of Performance Measure shall be determined for the Performance Period in accordance with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 &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;(a)"***Company Total Shareholder Return***" means the percentage point increase or decrease in (i) the Average Per Share Closing Price for the 30 trading day period

Exhibit 10.33 -1- <br>

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ending on the last day of the Performance Period over (ii) the Average Per Share Closing Price for the 30 trading day period ending on the first day of the Performance Period.

&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;(b)"***Average Per Share Closing Price***" means the average of the daily closing prices per share of Common Stock as reported on the Nasdaq Stock Market (or such other market on which shares of Common Stock are traded) for all trading days falling within an applicable 30 trading day period described in (a) above. The Average Per Share Closing Price shall be adjusted in each case to reflect an assumed reinvestment, as of the of applicable ex-dividend date, of all cash dividends and other cash distributions (excluding cash distributions resulting from share repurchases or redemptions by the Company) paid to shareholders during the 30 trading day period ending on the first day of the Performance Period and during the Performance Period.

&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;(c)"***Benchmark Index Total Return***" means the percentage point increase or decrease in (i) the Average Closing Index Value for the 30 trading day period ending on the last day of the Performance Period over (ii) the Average Closing Index Value for the 30 trading day period ending on the first day of the Performance Period.

&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;(d)"***Average Closing Index Value***" means the average of the daily closing index values of the Benchmark Index for all trading days falling within an applicable 30 trading day period described in (c) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.<u>Vesting</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1Normal Vesting.** Except as otherwise provided by this Award Agreement, Units shall vest and become Vested Units as provided in the Grant Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2Vesting Upon a Change in Control.** In the event of a Change in Control, vesting shall be determined in accordance with Section 7.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3Vesting Upon Involuntary Termination Following a Change in Control.** In the event that upon or within twelve (12) months following the consummation of a Change in Control, the Participant experiences a termination of Continuous Service due to Involuntary Termination, then vesting shall be determined in accordance with Section 7.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4Vesting Upon Death/Disability.** If the Participant dies or becomes Permanently Disabled (as defined below) while the Participant is eligible to vest in PSUs under this Award, the PSUs will immediately vest pro rata in a similar fashion as set forth in Section 7 and, if the Participant dies, will be distributed in shares of Common Stock (after applicable tax withholding, if any) to the Participant's designated beneficiary on file with the Company's stock administration department or Human Resources, or if no beneficiary has been designated or survives the Participant or if the beneficiary designation is not recognized by local legislation, then to the Participant's estate (in the case of death) or to the Participant (or the Participant's legal representatives) (in the case of Permanent Disability).

&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;(a)"**Permanently Disabled**" means the Participant's "permanent disability" as such term is defined in the long-term disability insurance provided by the Company, or if such insurance is not provided by Company, the term shall mean that the Participant has been determined by a medical care provider to be indefinitely unable to perform the essential functions the Participant's position with the Company with or without reasonable accommodation, such event satisfies the requirements of you becoming "disabled" under Code

Exhibit 10.33 -2- <br>

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Section 409A and the Participant has satisfied the Release/Certification Requirements set forth below.

&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;(b)**<u>Release/Certification</u>**. The Participant shall meet the Release/Certification requirements if: (i) within 55 days following the Participant's termination of Continuous Service because the Participant is Permanently Disabled, the Participant (or the Participant's legal representatives) executes and delivers a general release of claims in favor of the Company, having such form and terms as the Company shall specify, and such release becomes irrevocable, and (ii) in all cases, the Participant has complied with all other terms of the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6Continued Vesting on Retirement / Full Career Eligibility.** In the event and for so long as the Participant meets the Retirement/Full Career Eligibility Requirements described in <u>Appendix B</u> hereto at the time of the termination of Participant's Continuous Service then, subject to the terms and conditions set forth in this Award Agreement (including, but not limited to, "Section 4.5 – Right to Set Off" and "Section 11.1 – Clawback" in this Award Agreement and the sections entitled "Your Obligations" and "Additional Conditions Precedent" in <u>Appendix B</u>) the Participant will be eligible to continue to vest (as the Participant would otherwise would vest had the Participant remained employed by the Company and/or an Affiliate through the Vesting Date) with respect to this Award following the Participant's termination of Continuous Service due to the Participant's qualifying Retirement/Full Career Eligibility as provided in <u>Appendix B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.7No Vesting on Termination of Continuous Service.** In the event of the Participant's termination of Continuous Service for any reason prior to the Vesting Date, with or without Cause, other than as described in Sections 3.2, 3.3, 3.4, or 3.5, or as determined by the Company under Section 11 of the Plan, and to the extent any Units otherwise remain Unvested Units upon the Participant's termination of Continuous Service, the Participant shall forfeit and the Company shall automatically reacquire all Unvested Units, and the Participant shall not be entitled to any payment with respect to the shares of Common Stock or other consideration therefor. Notwithstanding the foregoing, in the event of Participant's termination of Continuous Service by reason of Participant's death, Disability or Involuntary Termination upon a Change in Control, in each case, following the end of the Performance Period, but prior to the Vesting Date, Participant shall vest with respect to the actual number of PSUs determined based upon the satisfaction of the applicable Performance Measure for the Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.9Additional Definitions.** The following terms shall have the meanings set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 &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;(a)"**Cause**" has the meaning assigned under the Plan, but shall also include a Participant's material violation of the Company's written policies or procedures.

&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;(b)"**Involuntary Termination**" means that a Participant experiences a termination of Continuous Service by the Company without Cause or by the Participant's resignation for "Good Reason".

&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;(c) &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;(d) The Participant's Termination of Continuous Service for "**Good Reason**" means Participant experiences any of the following (without Participant's consent):

&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;(e) &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a material diminution in the Participant's base compensation;

Exhibit 10.33 -3- <br>

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&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)a material diminution in the Participant's authority, duties, or responsibilities;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)a material change (of at least 50 miles) in geographic location at which the Participant must perform the services; or

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)any other action or inaction that constitutes a material breach of the terms of an applicable employment or consulting agreement (or similar agreement).<br>

If Participant wishes to resign for Good Reason, (A) the Participant must provide the Company with a written notice describing the event which is giving rise to such right, which notice must be delivered to the Company no later than 60 days following the first occurrence of such event; (B) the Company must fail to cure such condition within 30 days of receipt of such notice and (C) Participant must resign within 30 days of the expiration of such cure period.

Except as otherwise set forth in this Section 3 or as determined by the Committee under the terms of Section 11 of the Plan, in the event of a Change in Control, no acceleration of vesting shall occur with respect to the Units granted in this Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.<u>Settlement of the Award</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1Issuance of Shares of Common Stock or Cash Equivalent*.*** Subject to the provisions of Section 4.3 and Section 5 below, the Company shall issue to the Participant on the Settlement Date with respect to each Vested Unit to be settled on such date one (1) share of Common Stock. Shares of Common Stock issued in settlement of Vested Units shall not be subject to any restriction on transfer other than any such restriction as may be required pursuant to Section 4.3 or provided for in Section 29 of the Plan. At the discretion of the Committee, payment with respect to all or any portion of the Vested Units may be made in a lump sum cash payment in an amount equal to the Fair Market Value, determined as of the Settlement Date, of the shares of Common Stock or other securities or property otherwise issuable in settlement of such Vested Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2Beneficial Ownership of Shares; Certificate Registration*.*** The Participant hereby authorizes the Company, in its sole discretion, to deposit for the benefit of the Participant with a Company-designated brokerage firm or, at the Company's discretion, any other broker with which the Participant has an account relationship of which the Company has notice any or all shares of Common Stock acquired by the Participant pursuant to the settlement of the Award. Except as provided by the preceding sentence, a certificate for the shares of Common Stock as to which the Award is settled shall be registered in the name of the Participant, or, if applicable, in the names of the Participant's heirs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3Restrictions on Grant of the Award and Issuance of Shares*.*** The grant of the Award and issuance of shares of Common Stock upon settlement of the Award shall be subject to compliance with all applicable requirements of U.S. federal or state law with respect to such securities. No shares of Common Stock may be issued hereunder if the issuance of such shares of Common Stock would constitute a violation of any applicable U.S. federal or state securities laws or other laws or regulations or the requirements of any stock exchange or market system upon which the shares of Common Stock may then be listed. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company's legal counsel to be necessary to the lawful issuance of any shares of Common Stock subject to the Award shall relieve the Company of any liability in respect of the failure to

Exhibit 10.33 -4- <br>

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issue such shares of Common Stock as to which such requisite authority shall not have been obtained. As a condition to the settlement of the Award, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect thereto as may be requested by the Company. Further, regardless of whether the transfer or issuance of the shares of Common Stock to be issued pursuant to the Units has been registered under the Securities Act or has been registered or qualified under the securities laws of any state, the Company may impose additional restrictions upon the sale, pledge, or other transfer of the shares of Common Stock (including the placement of appropriate legends on stock certificates and the issuance of stop-transfer instructions to the Company's transfer agent) if, in the judgment of the Company and the Company's counsel, such restrictions are necessary in order to achieve compliance with the provisions of the Securities Act, the securities laws of any state, or any other law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4Fractional Shares*.*** The Company shall not be required to issue fractional shares of Common Stock upon the settlement of the Award, and any fractional shares of Common Stock shall be distributed in an equivalent cash amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5&nbsp;&nbsp;&nbsp;&nbsp;Right to Set Off.** Although the Company expects to settle this award in share(s) of Common Stock as of the applicable vesting date, the Company may, to the maximum extent permitted by applicable law (including Section 409A of the Code to the extent it is applicable to you), retain for itself funds or the shares of Common Stock resulting from any vesting of this Award to satisfy any obligation or debt that the Participant owes to the Company and/or an Affiliate. Notwithstanding any bank account agreement with the Company and/or an Affiliate to the contrary, the Company will not recoup or recover any amount owed from any funds or unrestricted securities held in the Participant's name and maintained at the Company and/or Affiliate pursuant to such bank account agreement to satisfy any obligation or debt owed by the Participant under this Award without the Participant's consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.<u>Tax Withholding and Advice</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1In General.** Subject to Section 5.2, at the time the Grant Notice is executed, or at any time thereafter as requested by the Company, the Participant hereby authorizes withholding from payroll and any other amounts payable to the Participant, and otherwise agrees to make adequate provision for, any sums required to satisfy the U.S. federal, state, and local taxes required by law to be withheld with respect to any taxable event arising as a result of the Participant's participation in the Plan (referred to herein as "***Tax-Related Items***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2Withholding of Taxes.** The Company or any Affiliate, as appropriate, shall have the authority and the right to deduct or withhold, or require the Participant to remit an amount sufficient to satisfy applicable Tax-Related Items or to take such other action as may be reasonably necessary to satisfy such Tax-Related Items. In this regard, the Participant authorizes the Company and any Affiliate, or their respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following:

&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;(a)withholding from the Participant's wages or other cash compensation paid to the Participant; or

&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;(b)withholding from proceeds of the sale of shares of Common Stock acquired upon vesting and settlement of the PSUs, either through a voluntary sale or through a

Exhibit 10.33 -5- <br>

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mandatory sale arranged by the Company (on the Participant's behalf pursuant to this authorization); or

&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;(c)withholding in shares of Common Stock to be issued upon vesting and settlement of the PSUs; or

&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;(d)direct payment from the Participant.

The Company does not have any duty or obligation to minimize the Participant's liability for Tax-Related Items arising from the Award, and, will not be liable to the Participant for any Tax-Related Items arising in connection with the Award. Finally, the Participant shall pay any amount of Tax-Related Items that the Company or any Affiliate may be required to withhold as a result of his or her participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the shares of Common Stock that may be issued in connection with the settlement of the PSUs if the Participant fails to comply with his or her Tax-Related Items obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3Tax Advice**. The Participant represents, warrants and acknowledges that the Company has made no warranties or representations to the Participant with respect to the income tax consequences of the transactions contemplated by this Award Agreement, and the Participant is in no manner relying on the Company or the Company's representatives for an assessment of such tax consequences. THE PARTICIPANT UNDERSTANDS THAT THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. THE PARTICIPANT SHOULD CONSULT HIS OR HER OWN TAX ADVISOR REGARDING THE UNITS. NOTHING STATED HEREIN IS INTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED, FOR THE PURPOSE OF AVOIDING TAXPAYER PENALTIES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.<u>Authorization to Release Necessary Personal Information</u>**.

&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;6.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2The Participant hereby authorizes and directs the Participant's service recipient to collect, use and transfer in electronic or other form, any personal information (the "***Data***"), the nature and amount of the Participant's compensation and the fact and conditions of the Participant's participation in the Plan (including, but not limited to, the Participant's name, home address, telephone number, date of birth, social security number, salary, job title, number of shares of Common Stock held and the details of all Units or any other entitlement to shares of Common Stock awarded, cancelled, exercised, vested, unvested or outstanding) for the purpose of implementing, administering and managing the Participant's participation in the Plan. The Participant understands that the Data may be transferred to the Company or any Affiliate, or to any third parties assisting in the implementation, administration and management of the Plan, including any requisite transfer to a brokerage firm or other third party assisting with administration of the Award or with whom shares of Common Stock acquired upon settlement of this Award or cash from the sale of such shares of Common Stock may be deposited. Furthermore, the Participant acknowledges and understands that the transfer of the Data to the Company or any Affiliate, or to any third parties is necessary for Participant's participation in the Plan. The Participant may at any time withdraw the consents herein, by contacting the Company's stock administration department in writing. The Participant further acknowledges

Exhibit 10.33 -6- <br>

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that withdrawal of consent may affect the Participant's ability to realize benefits from the Award, and the Participant's ability to participate in the Plan.

7. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.*<u>Change in Control</u>*.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2In the event of a Change in Control, this Section 7 shall determine the treatment of the Units which have not otherwise become Vested Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1Effect of Change in Control on Award.** In the event of a Change in Control which occurs more than 12 months following the Grant Date, the Performance Period shall end on the day immediately preceding the Change in Control (the "***Adjusted Performance Period***"). The number and vesting of Units shall be determined for the Adjusted Performance Period in accordance with the following:

&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;(a)**Vested Units.** In the Committee's determination of the number of Vested Units for the Adjusted Performance Period, the following modifications shall be made to the components of the Relative Return Factor:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Company Total Shareholder Return shall be determined as provided by Section 2.2, except that the Average Per Share Closing Price for the thirty (30) trading day period ending on the last day of the Adjusted Performance Period shall be replaced with the price per share of Common Stock to be paid to the holder thereof in accordance with the definitive agreement governing the transaction constituting the Change in Control (or, in the absence of such agreement, the closing price per share of Common Stock as reported on the Nasdaq Stock Market for the last trading day of the Adjusted Performance Period), adjusted to reflect an assumed reinvestment, as of the applicable ex-dividend date, of all cash dividends and other cash distributions (excluding cash distributions resulting from share repurchases or redemptions by the Company) paid to shareholders during the Adjusted Performance Period, as illustrated in Section 2.2.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Benchmark Index Total Return shall be determined as provided by Section 2.2, except that for the purposes of clause (a) thereof, the Average Closing Index Value shall be determined for the 30 trading day period ending on the last day of the Adjusted Performance Period.

&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;(b)**Accelerated Units.** As of the last day of the Adjusted Performance Period and provided that the Participant has not experienced a termination of Continuous Service prior to such date, a portion of the Units determined in accordance with Section 7.1(a) shall become Vested Units (the "***Accelerated Units***"), with such portion determined by multiplying the total number of such Units by a fraction, the numerator of which equals the number of days contained in the Adjusted Performance Period and the denominator of which equals the number of days contained in the original Performance Period determined without regard to this Section. The Accelerated Units shall be settled in accordance with Section 4 immediately prior to the consummation of the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2Involuntary Termination Upon or Following Change in Control.** If Section 7.1 does not apply, in the event that upon or within twelve (12) months following the consummation of the Change in Control (but no earlier than the twelve month anniversary of the Grant Date), the Participant experiences an Involuntary Termination, the Units determined in accordance with Section 7.1(a) (as if Section 7.1 applied) shall be deemed Vested Units effective as of the date of the Participant's Involuntary Termination and shall be settled in accordance with

Exhibit 10.33 -7- <br>

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Section 4, treating the date of the Participant's termination of Continuous Service as the Vesting Date, provided that payment for each Vested Unit shall be made in the amount and in the form of the consideration (whether stock, cash, other securities or property or a combination thereof) to which a holder of a share of Common Stock on the effective date of the Change in Control was entitled (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares of Common Stock).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3Internal Revenue Code Section 280G**. Notwithstanding any provision of this Award Agreement to the contrary, in the event that it would be more likely than not that all or a portion of any benefit payment under this Award Agreement, alone or together with any other compensation or benefit payable to Participant, will be a non-deductible expense to the Company by reason of Code Section 280G, the Company shall reduce, but not less than zero, the benefits payable under this Award Agreement or the Plan as necessary to avoid the application of Section 280G.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.<u>Adjustments for Changes in Capital Structure</u>.**

The number of Units awarded pursuant to this Award Agreement is subject to adjustment as provided in Section 5 of the Plan and otherwise is subject to Section 11 of the Plan, to the extent such section does not contradict Section 7 of this Award Agreement. Upon the occurrence of an event described in Plan Section 5, any and all new, substituted or additional securities or other property to which a holder of a share of Common Stock issuable in settlement of the Award would be entitled shall be immediately subject to the Award Agreement and included within the meaning of the terms "shares of Common Stock" for all purposes of the Award. The Participant shall be notified of such adjustments and such adjustments shall be binding upon the Company and the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.<u>No Entitlement or Claims for Compensation</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1**The Participant's rights, if any, in respect of or in connection with the Units are derived solely from the discretionary decision of the Company to permit the Participant to participate in the Plan and to benefit from a discretionary Award. By accepting the Units, the Participant expressly acknowledges that there is no obligation on the part of the Company to continue the Plan and/or grant any additional Units or other Awards to the Participant. The Units are not intended to be compensation of a continuing or recurring nature, or part of the Participant's normal or expected compensation, and in no way represents any portion of the Participant's salary, compensation, or other remuneration for purposes of pension benefits, severance, redundancy, resignation or any other purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2**Neither the Plan nor the Units shall be deemed to give the Participant a right to remain an employee, director or consultant of the Company or any Affiliate. The Company reserves the right to terminate the employment or service of the Participant at any time, with or without cause, and for any reason, subject to applicable laws, the Company's Articles of Incorporation and Bylaws and the Participant's written employment or consulting agreement (or similar agreement) (if any), and the Participant shall be deemed irrevocably to have waived any claim to damages or specific performance for breach of contract or dismissal, compensation for loss of office, tort or otherwise with respect to the Plan, this Award, Units or any other outstanding Award that is forfeited and/or is terminated by its terms or to any future Award.

Exhibit 10.33 -8- <br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.<u>Rights as a Shareholder</u>.**

The Participant shall have no rights as a shareholder with respect to any shares of Common Stock which may be issued in settlement of this Award until the date of the issuance of such share of Common Stock under this Award Agreement (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment shall be made for dividends, dividend equivalents, distributions or other rights for which the record date is prior to the date such shares are issued, except as provided in Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.<u>Miscellaneous Provisions</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1Clawback.** In consideration of the grant of this Award, the Participant agrees that this Award is subject to any clawback under Section 27 of the Plan and the Company's Compensation Clawback Policy (or any successor policy, the "***Policy***") adopted by the Board and in effect from time to time, as permitted by law. For the avoidance of doubt, nothing in these terms and conditions in any way limits the rights of the Company and/or an Affiliate under the Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2Amendment.** The Committee may amend this Award Agreement at any time; provided, however, that no such amendment may adversely affect the Participant's rights under this Award Agreement without the consent of the Participant, except to the extent such amendment is necessary to comply with applicable law, including, but not limited to, Code Section 409A. No amendment or addition to this Award Agreement shall be effective unless in writing and signed by the parties to this Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3Nontransferability of the Award.** Prior to the issuance of shares of Common Stock on the applicable Settlement Date, no right or interest of the Participant in the Award nor any shares of Common Stock issuable on settlement of the Award shall be in any manner pledged, encumbered, or hypothecated to or in favor of any party other than the Company or shall become subject to any lien, obligation, or liability of such Participant to any other party other than the Company. Except as otherwise provided by the Committee, no Award shall be assigned, transferred or otherwise disposed of other than by will or the laws of descent and distribution. All rights with respect to the Award shall be exercisable during the Participant's lifetime only by the Participant or the Participant's guardian or legal representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.4Further Instruments.** The parties hereto agree to execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of this Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.5Binding Effect.** This Award Agreement shall inure to the benefit of the successors and assigns of the Company and, subject to the restrictions on transfer set forth herein, be binding upon the Participant and the Participant's heirs, executors, administrators, successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.6Notices.** Any notice required to be given or delivered to the Company under the terms of this Award Agreement shall be in writing and addressed to the Company at its principal corporate offices. Any notice required to be given or delivered to the Participant shall be in writing and addressed to the Participant at the address maintained for the Participant in the Company's records or at the address of the local office of the Company or Affiliate at which the Participant works.

Exhibit 10.33 -9- <br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.7Construction of Award Agreement.** The Grant Notice, this Award Agreement, and the Units evidenced hereby (i) are made and granted pursuant to the Plan and are in all respects limited by and subject to the terms of the Plan, the provisions of which are hereby made a part of Participant's Award, and are further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan, and (ii) constitute the entire agreement between the Participant and the Company on the subject matter hereof and supersede all proposals, written or oral, and all other communications between the parties related to the subject matter. In the event of any conflict between the provisions of this Award Agreement and those of the Plan, the provisions of the Plan shall control. The headings of the Sections in this Award Agreement are inserted for convenience only and shall not be deemed to constitute a part of this Award Agreement or to affect the meaning of this Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.8Governing Law.** The interpretation, performance and enforcement of this Award Agreement shall be governed by the laws of the State of California, U.S.A. without regard to the conflict-of-laws rules thereof or of any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.9Section 409A.**

&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;(a)**Compliance with Code Section 409A.** It is intended that the Performance Share Units granted hereunder be exempt from or comply with the requirements of Code Section 409A, so that none of the Units, or the resulting shares of Common Stock or compensation, if any, shall be subject to the additional tax imposed by Section 409A. The vesting and settlement of such Units are intended to qualify for the "short-term deferral" exemption from Code Section 409A. Each installment of Units that vests is intended to constitute a "separate payment" for purposes of Treasury Regulation Section 1.409A-2(b)(2). As such, each eligible Vested Unit shall be settled, per the terms of the Plan, the Grant Notice and this Award Agreement, within the short-term deferral period, as defined in Code Section 409A, the applicable Treasury Regulations and related guidance issued thereunder. Notwithstanding any other provision of the Plan, this Award Agreement or the Grant Notice:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Plan, this Award Agreement and the Grant Notice shall be interpreted in accordance with, and incorporate the terms and conditions required by, Code Section 409A and any Department of Treasury regulations and other applicable guidance issued thereunder (including any regulations or guidance that may be issued after the date hereof), and any ambiguities herein shall be interpreted to so comply.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company reserves the right, to the extent the Company deems necessary or advisable in its sole discretion, to unilaterally amend or modify the Plan and/or this Award Agreement to ensure that the Units qualify for exemption from, comply with or otherwise avoid the imposition of any additional tax or income recognition under Code Section 409A; *provided*, *however*, that the Company makes no representations that the Units will be exempt from Code Section 409A and makes no undertaking to preclude Code Section 409A from applying to the Units.

&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;(b)**Separation from Service; Required Delay in Payment to Specified Employee.** Notwithstanding anything set forth herein to the contrary, no amount payable pursuant to this Award Agreement on account of the Participant's termination of Continuous Service which constitutes a "deferral of compensation" within the meaning of Code Section 409A shall be paid unless and until the Participant has incurred a "separation from service" within the meaning of Code Section 409A. Furthermore, to the extent that the Participant is a "Specified Employee" within the meaning of Code Section 409A as of the date of

Exhibit 10.33 -10- <br>

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the Participant's separation from service, no amount that constitutes a deferral of compensation which is payable on account of the Participant's separation from service that would result in the imposition of additional tax under Code Section 409A if issued to Participant on or within the six (6) month period following Participant's separation from service shall be paid to the Participant before the date (the *"****Delayed Payment Date****"*) which is the first day of the seventh month after the date of the Participant's separation from service or, if earlier, ten (10) days following the date of the Participant's death following such separation from service. All such amounts that would, but for this Section, become payable prior to the Delayed Payment Date will be accumulated and paid on the Delayed Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.10Restrictions on Contracts and Payments for Insured Depository Institutions in Troubled Status**. The parties acknowledge and agree that while the restrictions contained in the Federal Deposit Insurance Act, Section 18(k) [12 U.S.C. §1828(k)], relating to contracts for and payment of executive compensation and benefits by insured depository institutions in "troubled" condition, do not currently apply to the Company or the Participant, such provisions could apply in the future. In the event that any such restrictions or any contractual arrangement with or required by a regulatory authority require the Company to seek or demand repayment or return of any payments made to the Participant under this Award Agreement and the Plan for any reason, the Participant agrees to repay to the Company the aggregate amount of such payments no later than thirty (30) days following the Participant's receipt of a written notice from the Company indicating that payments received by the Participant under this Award Agreement and the Plan are subject to recapture or clawback.

12.11 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.12Administration.** The Committee shall have the power to interpret the Plan and this Award Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules. All actions taken and all interpretations and determinations made by the Committee or the Board in good faith shall be final and binding upon the Participant, the Company and all other interested persons. No member of the Committee or the Board shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan, this Award Agreement or the Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.13Counterparts.** The Grant Notice may be executed in counterparts, including execution by facsimile, pdf or other electronic transmission, which, when taken together, will be deemed to constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.14Severability.** If all or any part of this Award Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not invalidate any portion of this Award Agreement or the Plan not declared to be unlawful or invalid. Any Section of this Award Agreement (or part of such a Section) so declared to be unlawful or invalid shall, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid.

Exhibit 10.33 -11- <br>

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**<u>APPENDIX A</u>**

**ILLUSTRATION OF RELATIVE RETURN FACTOR AND RESULTING NUMBER OF VESTED UNITS**

---

| | | |
|:---|:---|:---|
| **Percentage Point Difference of<br>Company TSR Over/Under<br>Benchmark Index Total Return** | **Relative Return Factor** | **Vested Units<br>(Per 1,000 Target Units)** |
| 25 and Over | 150% | 1500 |
| 20 | 140% | 1400 |
| 15 | 130% | 1300 |
| 10 | 120% | 1200 |
| 9 | 118% | 1180 |
| 8 | 116% | 1160 |
| 7 | 114% | 1140 |
| 6 | 112% | 1120 |
| 5 | 110% | 1100 |
| 4 | 108% | 1080 |
| 3 | 106% | 1060 |
| 2 | 104% | 1040 |
| 1 | 102% | 1020 |
| 0 | 100% | 1000 |
| -1 | 98% | 980 |
| -2 | 96% | 960 |
| -3 | 94% | 940 |
| -4 | 92% | 920 |
| -5 | 90% | 900 |
| -6 | 88% | 880 |
| -7 | 86% | 860 |
| -8 | 84% | 840 |
| -9 | 82% | 820 |
| -10 | 80% | 800 |
| -15 | 70% | 700 |
| -20 | 60% | 600 |
| -25 | 50% | 500 |
| -25 and less | 0% | 0 |

---

Exhibit 10.33 -12- <br>

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**<u>APPENDIX A (CONTINUED)</u>**

**ILLUSTRATIONS OF CALCULATION OF VESTED UNITS**

**PER 1,000 TARGET UNITS**

**Company Total Shareholder Return Exceeds Benchmark Index Total Return**

---

| | | |
|:---|:---|:---|
| **Assumptions:** |  |  |
| <br>**Target Number of Units** |  | <br>1000 |
| **TCBK:** |  |  |
| Average Per Share Closing Price (beginning) |  | $25.00 |
| Average Per Share Closing Price (ending) |  | $30.00 |
| **KBW Regional Banking Index:** |  |  |
| Average Closing Index Value (beginning) |  | $80.00 |
| Average Closing Index Value (ending) |  | $90.00 |
| **Computations:** |  |  |
| Company Total Shareholder Return | ((30.00 / 25.00) - 1) x 100 | 20.0% |
| Benchmark Index Total Return | ((90.00 / 80.00) - 1) x 100 | 12.5% |
| Relative Return Factor | 100 + (2.0 x (20.0 – 12.5)) | 115.0% |
| **Vested Units** | 1,000 x 115.0% | 1150 |

---

Exhibit 10.33 -13- <br>

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**<u>APPENDIX A (CONTINUED)</u>**

**ILLUSTRATIONS OF CALCULATION OF VESTED UNITS**

**PER 1,000 TARGET UNITS**

**Company Total Shareholder Return Is Less Than Benchmark Index Total Return**

---

| | | |
|:---|:---|:---|
| **Assumptions:** |  |  |
| <br>**Target Number of Units** |  | <br>1000 |
| **TCBK:** |  |  |
| Average Per Share Closing Price (beginning) |  | $25.00 |
| Average Per Share Closing Price (ending) |  | $30.00 |
| **KBW Regional Banking Index:** |  |  |
| Average Closing Index Value (beginning) |  | $80.00 |
| Average Closing Index Value (ending) |  | $100.00 |
| **Computations:** |  |  |
| Company Total Shareholder Return | ((30.00 / 25.00) - 1) x 100 | 20.0% |
| Benchmark Index Total Return | ((100.00 / 80.00) - 1) x 100 | 25.0% |
| Relative Return Factor | 100 + (2.0 x (20.0 – 25.0)) | 90.0% |
| **Vested Units** | 1,000 x 90.0% | 900 |

---

Exhibit 10.33 -14- <br>

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**APPENDIX B**

**CONTINUED VESTING ON RETIREMENT / ELIGIBILITY**

**Termination of Employment**

Except as explicitly set forth under "Section 3 - Vesting" of the Award Agreement and this <u>Appendix B</u>, any Unvested Units outstanding under this Award will be cancelled effective on the termination of your Continuous Service for any reason.

Subject to these terms and conditions (including, but not limited to, "Sections 4.5 – Right to Set Off" and "Section 11.1 - Clawback" in the Award Agreement, and the Sections "Your Obligations" and "Additional Conditions Precedent" in this <u>Appendix B</u>), however, a portion of your PSUs will be eligible to continue vesting as if you were still employed by the Company or an Affiliate through the Vesting Date if the following circumstances apply to you:

**<u>Retirement/Full Career Eligibility</u>**

Your PSUs under this Award may be eligible for continued vesting upon your qualified retirement if the Chief Executive Officer (or, if you are the Company's Chief Executive Officer, the Committee or its nominee) determines, in their sole discretion, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you voluntarily terminated your Continuous Service with the Company and/or an Affiliate, <u>and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you had completed at least ten (10) years of Continuous Service with the Company and/or an Affiliate immediately preceding your termination date, <u>and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• your age on your date of termination equaled or exceeded sixty-five (65) <u>and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you provided at least six (6) months advance written notice to the Company of your intention to voluntarily terminate your employment under this provision, during which notice period you provided such services as requested by the Company and/or an Affiliate in a cooperative and professional manner and you did not perform any services for any other employer, <u>and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continued vesting shall be appropriate, which determination shall be made prior to your termination and will be based on your performance and conduct (before and after providing notice), <u>and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you satisfied the Release/Confirmation Requirements set forth below.

After receipt of such advance written notice, the Company and/or an Affiliate may choose to have you continue to provide services during such six (6) month period as a condition to continued vesting or may, in its sole discretion, elect to shorten the length of the six (6) month period to a date no earlier than the date you would otherwise meet the age and service requirements.

**<u>Portion of Your PSUs Subject to Continued Vesting Following Retirement</u>**

If you meet the requirements of this <u>Appendix B</u>, the number of PSUs under this Award that will be eligible to continue vesting following the termination of your Continuous Service, if any, will

Exhibit 10.33 -15- <br>

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be a percentage of the PSUs that would have vested if your Continuous Service had continued through the Vesting Date (as determined in accordance with the Award Agreement and <u>Appendix A</u>) based on your years of Continuous Service preceding your termination of Continuous Service, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 0% if you have less than 10 years of Continuous Service,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 20% if you have at least 10 but less than 11 years of Continuous Service,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 40% if you have at least 11 but less than 12 years of Continuous Service,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 60% if you have at least 12 but less than 13 years of Continuous Service,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 80% if you have at least 14 but less than 15 years of Continuous Service, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% if you have 15 or more years of Continuous Service.

There is no pro rata credit for partial years of Continuous Service.

The portion of your Award that is subject to continued vesting upon your qualifying retirement is referred to as the "**CV Award**." Any portion of your Award that does not continue to vest hereunder will, upon the date of your termination of Continuous Service, be immediately cancelled and forfeited as of such date without any payment or other consideration therefor.

So, for example, if you have 11.5 years of Continuous Service immediately preceding your termination of Continuous Service and the Committee determines that, based on the degree of achievement of the Performance Measures and the terms of <u>Appendix A</u>, the number of vested PSUs under your Award would be 110 PSUs, then you would be entitled to 44 PSUs (i.e., 40% of 110 PSUs), subject to potential adjustment described in this <u>Appendix B</u>.

**Release/Confirmation**

To qualify for continued vesting after your termination of Continuous Service as described in this <u>Appendix B</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you must timely execute and deliver a release of claims in favor of the Company and its Affiliates, having such form and terms as the Company shall specify within 55 days of the termination of your Continuous Service,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prior to the termination of your Continuous Service, you must confirm with management that you meet the eligibility criteria (including providing at least nine (9) months advance written notification), advise that you are seeking to be treated as an individual eligible for "Retirement/Full Career Eligibility", and receive written consent to such continued vesting, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in all cases, you must comply with all other terms of the Award Agreement. (See section captioned "Your Obligations".)

**Your Obligations**

In consideration of the grant of this CV Award, you agree to comply with and be bound by the obligations set forth below next to the subsections captioned "--Confidentiality & Non-Solicitation", "--False Statements", "--Cooperation", "--Compliance with Award Agreement" and "--Notice Period."

Exhibit 10.33 -16- <br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>Confidentiality & Non-Solicitation</u>**

You will not, either during your Continuous Service with the Company and/or an Affiliate or thereafter, directly or indirectly use or disclose to anyone any Confidential Information (as defined herein) related to the Company and/or an Affiliate's business or its customers except as explicitly permitted by the TriCo Bancshares Code of Ethics and Business Conduct Policy (as amended or replaced from time to time, the "Code of Conduct") and applicable policies or law or legal process. "Confidential Information" includes but is not limited to: (i) information received by the Company and/or an Affiliate from third parties under confidential conditions; (ii) intellectual property and trade secrets, technical, product, business, financial, or development information from the Company and/or an Affiliate, the use or disclosure of which reasonably might be construed to be contrary to the interest of the Company and/or an Affiliate; or (iii) other proprietary information or data, including, but not limited to, customer lists and information. In addition, following your termination of employment, you will not, without prior written authorization, access the Company and/or an Affiliate's private and internal information through telephonic, intranet or internet means.

If you are required by law or requested to provide information to any private party, including the news media, related to your or anyone else's employment with the Company and/or an Affiliate, you will, in advance of providing any response (to the extent lawfully permitted), and within five days of receiving any such legal demand or request, provide written notice to the Company and/or an Affiliate. Additionally, you agree to cooperate with the Company and/or an Affiliate in connection with the request for such information to the extent lawfully permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>False Statements</u>**

You will not, either during your Continuous Service with the Company and/or an Affiliate or thereafter, make any untrue statements, such that they are made with knowledge of their falsity or with reckless disregard for their truth or falsity, about the Company and/or an Affiliate, its employees, officers, directors or shareholders as a group in verbal, written, electronic or any other form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>Cooperation</u>**

You will cooperate with any Company and/or Affiliate investigation, inquiry, or litigation, and provide full and accurate information to the Company and/or an Affiliate and its counsel with respect to any matter that relates to issues or events about which you may have knowledge or information, subject to reimbursement for actual, appropriate and reasonable out-of-pocket expenses incurred by you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>Compliance with Award Agreement</u>**

You will provide the Company and/or an Affiliate with any information reasonably requested to determine compliance with the Award Agreement, and you authorize the

Exhibit 10.33 -17- <br>

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Company and/or an Affiliate to disclose the terms of the Award Agreement to any third party who might be affected thereby, including your prospective employer.

Exhibit 10.33 -18- <br>

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**Additional Conditions Precedent**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>Detrimental Conduct, Risk Related and Other Cancellation/Recapture</u>**

In addition to the cancellation provisions described under Sections "4.5 - Right to Set Off" and "11.1 - Clawback" in the Award Agreement, up to 100% of continued vesting of your PSUs under this CV Award is further subject to the condition that neither the Company nor an Affiliate in its sole discretion determines that:

oAny of the following detrimental and risk-related conduct has occurred:

you engaged in conduct detrimental to the Company and/or an Affiliate insofar as it causes material financial or reputational harm to the Company and/or an Affiliate or its business activities, or

this CV Award was based on materially inaccurate performance metrics, whether or not you were responsible for the inaccuracy, or

this CV Award was based on a material misrepresentation by you, or

you improperly or with gross negligence failed to identify, raise or assess, in a timely manner and as reasonably expected, risks and/or concerns with respect to risks material to the Company and/or an Affiliate or its business activities, or

your Continuous Service was terminated for Cause or, in the case of a determination after the termination of your Continuous Service, that your Continuous Service could have been terminated for Cause, or

oyou have failed to comply with any of the advance notice/cooperation requirements or employment restrictions applicable to your termination of Continuous Service, or

oyou have failed to sign and return the release described under the section captioned "<u>Release/Confirmation</u>" by the specified deadline, or

oyou have violated any of the provisions as set forth above in the section captioned "<u>Your Obligations</u>".

The term "Cause," has the meaning set forth in the Plan, but for purposes of this <u>Appendix B</u> also includes your material violation of any written polices or procedures of the Company and your willful, continued and unreasonable failure to perform your duties or obligations under this <u>Appendix B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>Performance Assessment</u>**

Up to 75% of your CV Award may be cancelled if the Chief Executive Officer of the Company determines in his or her sole discretion that cancellation of up to 75% of the CV Award is appropriate in light of either or both of the following factors:

oYour performance in relation to the priorities for your position have been unsatisfactory for a sustained period of time, or

oYour conduct is not consistent with the Company's expectations as documented in the Code of Conduct or the applicable ethics and conduct sections of the Company's and/or Affiliate's Employee Handbook.

Exhibit 10.33 -19- <br>

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Any determination above with respect to these performance provisions is subject to ratification by the Committee. In the case of an award to the Chief Executive Officer, all such determinations shall be made by the Committee and ratified by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>Company Performance</u>**

If the Company's pre-tax provision income is negative for any of the four calendar quarters immediately preceding the date of the termination of your Continuous Service, then (1) only 25% of such portion of your CV Award shall be eligible for vesting on the Vesting Date and (2) the remaining 75% of such portion of your CV award shall be automatically canceled and forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>Recovery</u>**

In addition, you may be required to pay the Company and/or an Affiliate up to an amount equal to the fair market value (determined as of the Vesting Date) of the gross number of shares of Common Stock previously distributed under this CV Award as follows:

oPayment may be required with respect to any shares of Common Stock distributed within the three year period prior to a notice-of-recovery under this section, if the Company and/or an Affiliate in its sole discretion determines that:

you committed a fraudulent act, or engaged in knowing and willful misconduct related to your employment, or

you violated any of the provisions as set forth above in the section captioned "Your Obligations", or

you violated the restrictions and conditions set forth in this <u>Appendix B</u> following the termination of your employment.

Notice-of-recovery under this subsection is a written (including electronic) notice from the Company and/or an Affiliate to you either requiring payment under this subsection or stating that the Company is evaluating requiring payment under this subsection. Without limiting the foregoing, notice-of-recovery will be deemed provided if the Company makes a good faith attempt to provide written (including electronic) notice at your last known address maintained in the Company's and/or an Affiliate's employment records. For the avoidance of doubt, a notice-of-recovery that the Company is evaluating requiring payment under this subsection shall preserve the Company's rights to require payment as set forth above in all respects and the Company shall be under no obligation to complete its evaluation other than as the Company may determine in its sole discretion.

For purposes of this subsection, shares of Common Stock distributed under this CV Award include shares of Common Stock withheld for tax purposes. However, it is the Company's intention that you only be required to pay the amounts under this subsection with respect to shares of Common Stock that are or may be received by you following a determination of tax liability and that you will not be required to pay amounts with respect to shares of Common Stock representing irrevocable tax withholdings or tax

Exhibit 10.33 -20- <br>

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payments previously made (whether by you or the Company and/or an Affiliate) that you will not be able to recover, recapture or reclaim (including as a tax credit, refund or other benefit). Accordingly, the Company will not require you to pay any amount that the Company or its nominee in his or her sole discretion determines is represented by such withholdings or tax payments.

Payment may be made in shares of Common Stock or in cash. You agree that any repayment will be a lawful recovery under the terms and conditions of your Award Agreement and is not to be construed in any manner as a penalty.

Nothing in the section in any way limits your obligations under "Section 11.1 - Clawback" in the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>Right to an Injunction</u>**

You acknowledge that a violation or attempted violation of any of the provisions set forth in "Your Obligations" set forth herein will cause immediate and irreparable damage to the Company and/or an Affiliate, and therefore agree that the Company and/or an Affiliate shall be entitled as a matter of right to an injunction, from any court of competent jurisdiction, restraining any violation or further violation of any of the provisions set forth in "Your Obligations"; such right to an injunction, however, shall be cumulative and in addition to whatever other remedies the Company and/or an Affiliate may have under law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>Suspension of Vesting</u>**

To the extent provided under "Section 11.2 – Amendment" in the Award Agreement, the Company reserves the right to suspend vesting of the CV Award and/or distribution of shares of Common Stock under the CV Award, including, without limitation, during any period that the Company is evaluating whether the CV Award is subject to cancellation and/or recovery and/or whether the conditions for distributions of shares of Common Stock under the CV Award are satisfied. The Company is not responsible for any price fluctuations during any period of suspension and, if applicable, suspended units will be reinstated consistent with Plan administration procedures. See "Section 10 - Rights as a Shareholder" in the Award Agreement.

**Limitation on Restrictions and Conditions**

Nothing in this <u>Appendix B</u> precludes you from reporting to the Company and/or an Affiliate's management or directors, the government, a regulator, a self-regulatory agency, your attorneys or a court, conduct you believe to be in violation of the law or concerns of any known or suspected Code of Conduct violation. It is also not intended to prevent you from responding truthfully to questions or requests from the government, a regulator or in a court of law. The Company hereby provides, and you hereby acknowledge, the following notifications in accordance with the Federal Defend Trade Secrets Act of 2016 (18 U.S.C. § 1833(b)(1)):

Exhibit 10.33 -21- <br>

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&nbsp;&nbsp;&nbsp;&nbsp;(i) An individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (A) is made (1) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney; and (2) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.

Exhibit 10.33 -22- <br>

## Exhibit 10.34

Exhibit 10.34

**TRICO BANCSHARES**

**RESTRICTED STOCK UNIT GRANT NOTICE**

TriCo Bancshares, a California corporation (the "***Company***"), pursuant to its 2024 Equity Incentive Plan (the "***Plan***"), hereby grants to the holder listed below (the "***Participant***" or ***"you"***), a Restricted Stock Unit Award (the "***Award***"). The Award is comprised of restricted stock units (the "***Units***" or *"****RSUs****"*), each of which is a right to receive one (1) share of Common Stock, on the terms and conditions set forth herein and in the Restricted Stock Unit Award Agreement attached hereto (including <u>Appendix A</u>, the "***Award Agreement***") and the Plan, which are incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Grant Notice and the Award Agreement.

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| |
|:---|
| Participant: **[insert name]** |
| Grant Date: **[month date year]** |
| Number of RSUs Subject to Award: **[●]** |

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| | |
|:---|:---|
| **Vesting Schedule**: | The Award will vest in three (3) equal annual installments on each of the first three anniversaries of the Grant Date (such period, "***Vesting Period***")\* subject to the Participant's continued employment or provision of services to the Company or any Affiliate thereof ("***Continuous Service***") following the Grant Date through each applicable vesting date, or as otherwise provided herein.<br>\**For vesting dates that fall on weekends and holidays, this date will be the next business day following such date.* |
| **Vesting Date:** | 1/3 of the RSUs shall vest on the first anniversary of the of the Grant Date.<br>1/3 of the RSUs shall vest on the second anniversary of the of the Grant Date.<br>1/3 of the RSUs shall vest on the third anniversary of the of the Grant Date. |

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By signing below or by electronic acceptance or authentication in a form authorized by the Company, you agree to be bound by the terms and conditions of the Plan, the Award Agreement and the Grant Notice. You confirm that you have reviewed and fully understand all provisions of the Plan, the Award Agreement (including <u>Appendix A</u>), and the Grant Notice in their entirety and have had an opportunity to obtain the advice of counsel prior to executing below. You hereby agree to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan, the Award Agreement, the Grant Notice or relating to the RSUs.

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| | |
|:---|:---|
| **TRICO BANCSHARES** | **PARTICIPANT** |
| By: | By: |
| Name: | Print Name: |
| Title: |  |

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ATTACHMENTS:&nbsp;&nbsp;&nbsp;&nbsp;Restricted Stock Unit Award Agreement. A copy of the TriCo Bancshares 2024 Equity Incentive Plan, and the prospectus for the Plan prepared in connection with the registration with the Securities and Exchange Commission of the shares of Common Stock issuable pursuant to the Award are available on the Human

Exhibit 10.34 <br>

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Resources section of the Company's intranet or upon request to Human Resources.

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

Exhibit 10.34 <br>

&nbsp;&nbsp;&nbsp;&nbsp;2

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**TriCo Bancshares**

**2024 EQUITY INCENTIVE PLAN** 

**RESTRICTED STOCK UNIT AWARD AGREEMENT**

Pursuant to the Restricted Stock Unit Award Grant Notice ("***Grant Notice***") and this Restricted Stock Unit Award Agreement (including <u>Appendix A</u>, the "***Award Agreement***"), TriCo Bancshares (the "***Company***") has awarded you a Restricted Stock Unit Award under its 2024 Equity Incentive Plan, (the "***Plan***") for the number of RSUs specified in the Grant Notice (collectively, the "***Award***"). Except where indicated otherwise, defined terms not explicitly defined in this Award Agreement but defined in the Plan or Grant Notice shall have the same definitions as in the Plan or Grant Notice. You agree that any shares of Common Stock issued with respect to the Award are subject to the minimum holding requirements described in Section 29 of the Plan.

The details of your Award are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Number of Restricted Stock Units and Shares of Common Stock**. The number of RSUs subject to your Award is set forth in the Grant Notice. Each RSU shall represent the right to receive one (1) share of Common Stock. The number of RSUs will increase by any dividend equivalents, as described in Section 3 below. The number of RSUs subject to your Award and the number of shares of Common Stock deliverable with respect to such RSUs may be adjusted from time to time for capitalization adjustments as described in Section 5 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Vesting**.

3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Normal Vesting</u>.** Except as otherwise provided by this Award Agreement, Units shall vest as provided in the Grant Notice. Units which have become vested are referred to herein as "***Vested Units***," and all other Units are referred to herein as "***Unvested Units***."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Death/Disability</u>**. If you die or become Permanently Disabled (as defined below) while you are eligible to vest in RSUs under this Award, the RSUs will immediately vest and, if you die, will be distributed in shares of Common Stock (after applicable tax withholding, if any) to your designated beneficiary on file with the Company's stock administration department or Human Resources, or if no beneficiary has been designated or survives you or if beneficiary designation is not recognized by local legislation, then to your estate (in the case of death) or to you (or your legal representatives) (in the case of Permanent Disability). Any shares of Common Stock will be distributed no later than the end of the calendar year immediately following the calendar year which contains your date of death or Permanent Disability; however, with respect to shares of Common Stock issued due to death, our administrative practice is to register such shares of Common Stock in the name of your beneficiary or estate within 60 days of the Company's receipt of any required documentation.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)"***Permanently Disabled***" means your "permanent disability" as such term is defined in the long-term disability insurance provided by the Company, or if such insurance is not provided by Company, the term shall mean that you have been deemed by a medical care provider to indefinitely be unable to perform the essential functions of your position with the Company with or without reasonable accommodation,

Exhibit 10.34 <br>

&nbsp;&nbsp;&nbsp;&nbsp;3

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provided, in each case, that such event satisfies the requirements of you becoming "disabled" under Code Section 409 and you have satisfied the Release / Certification Requirements set forth below.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **<u>Release / Certification</u>**. You shall meet the Release / Certification requirements, if: (i) within 55 days following your termination of Continuous Service because you are Permanently Disabled, you (or your legal representatives) execute and deliver a general release of claims in favor of the Company, having such form and terms as the Company shall specify, and such release becomes irrevocable, and (ii) in all cases, you have complied with all other terms of the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Continued Vesting on Retirement / Full Career Eligibility</u>**. In the event and for so long as you meet the Retirement/Full Career Eligibility Requirements described in <u>Appendix A</u> hereto at the time of your termination of Continuous Service then, subject to the terms and conditions set forth in this Award Agreement (including, but not limited to, Section 12 - Right to Set Off and Section 20 - Clawback" in this Award Agreement and the sections entitled "Your Obligations" and "Additional Conditions Precedent" in <u>Appendix A</u>), you will be eligible to continue to vest (as you otherwise would vest had you remained employed by the Company and/or an Affiliate through the applicable Vesting Date) with respect to this Award following your termination of Continuous Service due to your qualifying Retirement/Full Career Eligibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.(d) **<u>No Vesting on Termination of Continuous Service</u>.** In the event of your termination of Continuous Service for any reason prior to the Vesting Date, with or without Cause, other than as described in Sections 2(b) and 2(c), or as determined by the Company under Section 11 of the Plan, and to the extent any Units otherwise remain Unvested Units upon your termination of Continuous Service, you shall forfeit and the Company shall automatically reacquire all Unvested Units, and you shall not be entitled to any payment with respect to the shares of Common Stock or other consideration therefor. Notwithstanding anything herein to the contrary, the Award shall continue to vest (A) if you are an Employee, you cease to be an Employee and simultaneously become a Director; (B) you are a Director, you cease to be a Director and simultaneously become an Employee; and (C) if you are both an Employee and a Director, you cease to be an Employee, but you continue to provide services as a Director, or you cease to provide services as a Director, but you continue to provide services as an Employee (in which event, Termination of Continuous Service shall be determined based on your Termination of Continuous Service as a Director or Employee (whichever is later), as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.Dividends**. If the Company pays dividends with respect to the Common Stock (the date of any such payment is a "***Dividend Date***"), then dividend equivalents shall then be credited to any then outstanding RSUs. The amount of such dividend equivalent credit will be equal to the dollar value of dividends paid on actual shares of Common Stock on the Dividend Date, multiplied by the number of outstanding RSUs held by you pursuant to this Award as of the Dividend Date. This aggregate dollar amount will then be divided by the Fair Market Value on the Dividend Date of a share of Common Stock, and the resulting quotient shall be the number of additional RSUs ("***Additional RSUs***") that will be credited to this Award. Such Additional RSUs will be subject to the Plan and the same vesting (on a pro-rata basis based on each vesting tranche of RSUs outstanding hereunder on the Dividend Date), forfeiture restrictions, restrictions on transferability, and settlement provisions as apply to the RSUs that are the subject of this Award and for avoidance of doubt Additional RSUs will also be eligible to accrue future dividend equivalents.

Exhibit 10.34 <br>

&nbsp;&nbsp;&nbsp;&nbsp;4

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.No Ownership Rights/Rights as a Shareholder/Other Restrictions**. You shall have no rights as a shareholder with respect to any shares of Common Stock which may be issued in settlement of this Award until the date of the issuance of such shares of Common Stock under the terms of this Award Agreement (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment shall be made for dividends, dividend equivalents, distributions or other rights for which the record date is prior to the date such certificate is issued, except as provided in Section 1.

You also acknowledge that should there be a determination that the cancellation provisions of this award apply during the period when the vesting of any outstanding RSUs has been suspended, then you agree that such RSUs may be cancelled in whole or part. (See Section 12 – Right to Set Off and Section 20 - Clawback in this Award Agreement and the section entitled "Additional Conditions Precedent" in <u>Appendix A</u>, as well as Section 24 - Amendment permitting suspension of vesting.)

With respect to any applicable vesting date, the Company may impose for any reason, as of such vesting date for such period as it may specify in its sole discretion, such restrictions on the Common Stock to be issued to you as it may deem appropriate, including, but not limited to, restricting the sale, transfer, pledging, assignment, hedging or encumbrance of such shares of Common Stock. Such restrictions described in the last sentence shall not impact your right to vote or receive dividends with respect to the Common Stock. By accepting this Award, you acknowledge that during such specified period should there be a determination that the recovery provisions of this award apply, then you agree that you may be required to pay the Company up to an amount equal to the fair market value (determined as of the applicable vesting date) of the gross number of shares subject to such restrictions (notwithstanding the limitation set forth in the Section 12 - Right to Set Off). (See Section 20 - Clawback in this Award Agreement and the section "Additional Conditions Precedent" in <u>Appendix A</u>.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.Payment**. Subject to Section 11 below, you will not be required to make any payment to the Company with respect to your receipt of the Award, vesting of the RSUs, or the delivery of the shares of Common Stock subject to the RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.Delivery of Shares**. Subject to Sections 7 and 11 below, the Company will issue you one share of Common Stock for each RSU which vests under this Award Agreement, on the applicable vesting date or as soon as practicable thereafter, but not later than thirty (30) days from the applicable vesting date (the actual date of such issuance during such period shall be solely determined by the Company). The form of delivery (e.g., a stock certificate or electronic entry evidencing such shares of Common Stock) shall be determined by the Company. You hereby authorize the Company, in its sole discretion, to deposit for your benefit with a Company-designated brokerage firm or, at the Company's discretion, any other broker with which you have an account relationship of which the Company has notice any or all shares of Common Stock acquired by you pursuant to the settlement of the Award. Except as provided by the preceding sentence, a certificate for the shares of Common Stock as to which the Award is settled shall be registered in your name, or, if applicable, in the names of your heirs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.Restrictions on Grant of the Award and Issuance of Shares**. The grant of the Award and issuance of shares of Common Stock upon settlement of the Award shall be subject to compliance with all applicable requirements of U.S. federal or state law with respect to such securities. No shares of Common Stock may be issued hereunder if the issuance of such shares of Common Stock would constitute a violation of any applicable U.S. federal or state securities laws or other laws or regulations or the requirements of any stock exchange or market system

Exhibit 10.34 <br>

&nbsp;&nbsp;&nbsp;&nbsp;5

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upon which the Common Stock may then be listed. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company's legal counsel to be necessary to the lawful issuance of any shares of Common Stock subject to the Award shall relieve the Company of any liability in respect of the failure to issue such shares of Common Stock as to which such requisite authority shall not have been obtained. As a condition to the settlement of the Award, the Company may require you to satisfy any qualifications that may be necessary or appropriate to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect thereto as may be requested by the Company. Further, regardless of whether the transfer or issuance of the shares of Common Stock to be issued pursuant to the Units has been registered under the Securities Act or has been registered or qualified under the securities laws of any state, the Company may impose additional restrictions upon the sale, pledge, or other transfer of the shares of Common Stock (including the placement of appropriate legends on stock certificates and the issuance of stop-transfer instructions to the Company's transfer agent) if, in the judgment of the Company and the Company's counsel, such restrictions are necessary in order to achieve compliance with the provisions of the Securities Act, the securities laws of any state, or any other law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.Transfer Restrictions**. Prior to the time that the shares of Common Stock subject to your Award have been delivered to you, you may not transfer, pledge, sell or otherwise dispose of such shares of Common Stock or of the RSUs. For example, you may not use shares of Common Stock that may be issued in respect of your RSUs as security for a loan, nor may you transfer, pledge, sell or otherwise dispose of such shares of Common Stock. This restriction on transfer will lapse upon delivery to you of shares of Common Stock in respect of your vested RSUs. Your Award is not transferable, except by will or by the laws of descent and distribution. Notwithstanding the foregoing, by delivering written notice to the Company, in a form satisfactory to the Company, you may designate a third party who, in the event of your death, shall thereafter be entitled to receive any distribution of shares of Common Stock in respect of vested RSUs pursuant to this Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.Award Not a Service Contract**. Your Award is not an employment or service contract, and nothing in your Award shall be deemed to create in any way whatsoever any obligation on your part to continue in the service of the Company or any Affiliate, or on the part of the Company or any Affiliate to continue such service. In addition, nothing in your Award shall obligate the Company or any Affiliate, their respective shareholders, boards of directors or employees to continue any relationship that you might have as an employee or service provider of the Company or any Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.Unsecured Obligation**. Your Award is unfunded, and even as a holder of vested RSUs, you shall be considered an unsecured creditor of the Company with respect to the Company's obligation, if any, to issue shares of Common Stock pursuant to this Award Agreement. Nothing contained in this Award Agreement, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind or a fiduciary relationship between you and the Company or any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.Withholding of Taxes**. At the time the Grant Notice is executed, or at any time thereafter as requested by the Company, you hereby authorize withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for, any sums required to satisfy the U.S. federal, state, and local taxes required by law to be withheld with respect to any taxable event arising as a result of your participation in the Plan (referred to herein as "***Tax-Related Items***"). The Company or any Affiliate, as appropriate, shall have the authority and the right to deduct or withhold, or require you to remit an amount sufficient to satisfy applicable Tax-Related Items or to take such other action as may be reasonably necessary to satisfy such Tax-Related Items. In this regard, you authorize the Company and any Affiliate, or

Exhibit 10.34 <br>

&nbsp;&nbsp;&nbsp;&nbsp;6

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their respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)withholding from your wages or other cash compensation paid to you; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)withholding from proceeds of the sale of shares of Common Stock acquired upon vesting and settlement of the RSUs, either through a voluntary sale or through a mandatory sale arranged by the Company (on your behalf pursuant to this authorization); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)withholding in shares of Common Stock to be issued upon vesting and settlement of the RSUs; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)direct payment from you.

The Company does not have any duty or obligation to minimize your liability for Tax-Related Items arising from the Award, and, will not be liable to you for any Tax-Related Items arising in connection with the Award. Finally, you shall pay any amount of Tax-Related Items that the Company or any Affiliate may be required to withhold as a result of your participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the shares of Common Stock that may be issued in connection with the settlement of the RSUs if you fail to comply with your Tax-Related Items obligations.

You represent, warrant and acknowledge that the Company has made no warranties or representations to you with respect to the income tax consequences of the transactions contemplated by this Award Agreement, and you are in no manner relying on the Company or the Company's representatives for an assessment of such tax consequences. YOU UNDERSTAND THAT THE TAX LAWS AND REGULATION ARE SUBJECT TO CHANGE. YOU SHOULD CONSULT YOUR OWN TAX ADVISOR REGARDING THE UNITS. NOTHING STATED HEREIN IS INTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED, FOR THE PURPOSE OF AVOIDING TAXPAYER PENALTIES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.Right to Set Off.** Although the Company expects to settle this award in share(s) of Common Stock as of the applicable vesting date, as set forth in your Award Agreement, the Company may, to the maximum extent permitted by applicable law (including Section 409A of the Code to the extent it is applicable to you), retain for itself funds or the shares of Common Stock resulting from any vesting or settlement of this Award to satisfy any obligation or debt that you owe to the Company and/or an Affiliate. Notwithstanding any bank account agreement with the Company and/or an Affiliate to the contrary, the Company will not recoup or recover any amount owed from any funds or unrestricted securities held in your name and maintained at the Company and/or Affiliate pursuant to such bank account agreement to satisfy any obligation or debt owed by you under this Award without your consent. This restriction on the Company does not apply to accounts described and authorized in Section 6 – Delivery of Shares described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.Notices.** Any notice required to be given or delivered to the Company under the terms of this Award Agreement shall be in writing and addressed to the Company at its principal corporate offices. Any notice required to be given or delivered to you shall be in writing and addressed to you at the address maintained for you in the Company's records or at the address of the local office of the Company or Affiliate at which you work.

Exhibit 10.34 <br>

&nbsp;&nbsp;&nbsp;&nbsp;7

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.Miscellaneous**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The rights and obligations of the Company with respect to your Award shall be transferable to any one or more persons or entities, and all covenants and agreements hereunder shall inure to the benefit of, and be enforceable by the Company's successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;You agree upon request to execute any further documents or instruments necessary or desirable in the sole determination of the Company to carry out the purposes or intent of your Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;All obligations of the Company under the Plan and this Award Agreement will be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Your rights, if any, in respect of or in connection with the Units are derived solely from the discretionary decision of the Company to permit you to participate in the Plan and to benefit from a discretionary Award. By accepting the Units, you expressly acknowledge that there is no obligation on the part of the Company to continue the Plan and/or grant any additional Units or other Awards to you. The Units are not intended to be compensation of a continuing or recurring nature, or part of your normal or expected compensation, and in no way represents any portion of your salary, compensation, or other remuneration for purposes of pension benefits, severance, redundancy, resignation or any other purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.Headings**. The headings of the Sections and subsections in this Award Agreement are inserted for convenience only and shall not be deemed to constitute a part of this Award Agreement or to affect the meaning of this Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.**16. &nbsp;&nbsp;&nbsp;&nbsp;Severability**. If all or any part of this Award Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not invalidate any portion of this Award Agreement or the Plan not declared to be unlawful or invalid. Any Section of this Award Agreement (or part of such a Section) so declared to be unlawful or invalid shall, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.**17. &nbsp;&nbsp;&nbsp;&nbsp;Compliance with Code Section 409A**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)It is intended that the RSUs granted hereunder be exempt from or comply with the requirements of Code Section 409A, so that none of the RSUs, or the resulting shares of Common Stock or compensation, if any, shall be subject to the additional tax imposed by Section 409A. The vesting and settlement of such RSUs are intended to qualify for the "short-term deferral" exemption from Code Section 409A. The settlement of each installment of RSUs that vests is intended to constitute a "separate payment" for purposes of Treasury Regulation Section 1.409A-2(b)(2). As such, each eligible vested RSU shall be settled, per the terms of the Plan, the Grant Notice and this Award Agreement, within the short-term deferral period, as defined in

Exhibit 10.34 <br>

&nbsp;&nbsp;&nbsp;&nbsp;8

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Code Section 409A, the applicable Treasury Regulations and related guidance issued thereunder. Notwithstanding any other provision of the Plan, this Award Agreement, or the Grant Notice:

&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;(i)The Plan, this Award Agreement and the Grant Notice shall be interpreted in accordance with, and incorporate the terms and conditions required by, Code Section 409A and any Department of Treasury regulations and other applicable guidance issued thereunder (including any regulations or guidance that may be issued after the date hereof), and any ambiguities herein shall be interpreted to so comply.

&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;(ii)The Company reserves the right, to the extent the Company deems necessary or advisable in its sole discretion, to unilaterally amend or modify the Plan and/or this Award Agreement to ensure that the RSUs qualify for exemption from, comply with or otherwise avoid the imposition of any additional tax or income recognition under Code Section 409A; *provided*, *however*, that the Company makes no representations that the RSUs will be exempt from Code Section 409A and makes no undertaking to preclude Code Section 409A from applying to the RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Separation from Service; Required Delay in Payment to Specified Employee.** Notwithstanding anything set forth herein to the contrary, no amount payable pursuant to this Award Agreement on account of your termination of Service which constitutes a "deferral of compensation" within the meaning of Code Section 409A shall be paid unless and until you have incurred a "separation from service" within the meaning of Code Section 409A. Furthermore, to the extent that you are a "Specified Employee" within the meaning of Code Section 409A as of the date of your separation from service, no amount that constitutes a deferral of compensation which is payable on account of your separation from service that would result in the imposition of additional tax under Code Section 409A if issued to you on or within the six (6) month period following your termination of employment shall be paid to you before the date (the <br>***"Delayed Payment Date"***) which is the first day of the seventh month after the date of your separation from service or, if earlier, ten (10) days following the date of your death following such separation from service. All such amounts that would, but for this Section, become payable prior to the Delayed Payment Date will be accumulated and paid on the Delayed Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.**18. &nbsp;&nbsp;&nbsp;&nbsp;Restrictions on Contracts and Payments for Insured Depository Institutions in Troubled Status**. The parties acknowledge and agree that the restrictions contained in the Federal Deposit Insurance Act, Section 18(k) [12 U.S.C. §1828(k)], relating to contracts for and payment of executive compensation and benefits by insured depository institutions in "troubled" condition could apply in the future. In the event that any such restrictions or any contractual arrangement with or required by a regulatory authority require the Company to seek or demand repayment or return of any payments made to you under this Award Agreement and the Plan for any reason, you agree to repay to the Company the aggregate amount of such payments no later than thirty (30) days following your receipt of a written notice from the Company indicating that payments received by you under this Award Agreement and the Plan are subject to recapture or clawback.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.**19. &nbsp;&nbsp;&nbsp;&nbsp;Authorization to Release Necessary Personal Information**. You hereby authorize and direct the Company to collect, use and transfer in electronic or other form, any personal information (the "***Data***"), the nature and amount of your compensation and the fact and conditions of your participation in the Plan (including, but not limited to, your name, home address, telephone number, date of birth, social security number, salary, job title, number of shares held and the details of all RSUs or any other entitlement to shares awarded, cancelled, exercised, vested, unvested or outstanding) for the purpose of implementing, administering and

Exhibit 10.34 <br>

&nbsp;&nbsp;&nbsp;&nbsp;9

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managing your participation in the Plan. You understand that the Data may be transferred to the Company or any Affiliate, or to any third parties assisting in the implementation, administration and management of the Plan, including any requisite transfer to a brokerage firm or other third party assisting with administration of the Award or with whom shares acquired upon settlement of this Award or cash from the sale of such shares may be deposited. Furthermore, you acknowledge and understand that the transfer of the Data to the Company or any Affiliate, or to any third parties is necessary for your participation in the Plan. You may at any time withdraw the consents herein, by contacting the Company's stock administration department in writing. You further acknowledge that withdrawal of consent may affect your ability to realize benefits from the Award, and your ability to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.**20. &nbsp;&nbsp;&nbsp;&nbsp;Clawback.** In consideration of the grant of this Award, you agree that this Award is subject to any clawback under Section 27 of the Plan and the Company's Compensation Clawback Policy (or any successor policy, the "***Policy***") adopted by the Board and in effect from time to time, as permitted by law. For the avoidance of doubt, nothing in these terms and conditions in any way limits the rights of the Company and/or an Affiliate under the Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.**21. &nbsp;&nbsp;&nbsp;&nbsp;Counterparts**. The Grant Notice may be executed in counterparts, including execution by facsimile, pdf or other electronic transmission, which, when taken together, will be deemed to constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.**22. &nbsp;&nbsp;&nbsp;&nbsp;Administration**. The Committee shall have the power to interpret the Plan and this Award Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules. All actions taken and all interpretations and determinations made by the Committee or the Board in good faith shall be final and binding upon you, the Company and all other interested persons. No member of the Committee or the Board shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan, this Award Agreement or the Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.Governing Law**. The interpretation, performance and enforcement of this Award Agreement shall be governed by the laws of the State of California, U.S.A. without regard to the conflict-of-laws rules thereof or of any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.&nbsp;&nbsp;&nbsp;&nbsp;Amendment.** The Committee or its nominee reserves the right to amend this Award Agreement in any manner, at any time and for any reason; provided, however, that no such amendment shall materially adversely affect your rights under this Award Agreement without your consent except to the extent that the Committee or its delegate considers advisable to (i) comply with applicable laws or changes in or interpretation of applicable laws, regulatory requirements and accounting rules or standards and/or (ii) make a change in a scheduled vesting date or impose the restrictions described above under Section 4 - No Ownership Rights/Rights as Shareholder/Other Restrictions, in either case, to the extent permitted by Section 409A of the Code if it is applicable to you. This Award Agreement may not be amended except in writing signed by the Chief Executive Officer or Chair of the Committee of the Company.

Exhibit 10.34 <br>

&nbsp;&nbsp;&nbsp;&nbsp;10

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. &nbsp;&nbsp;&nbsp;&nbsp;**Internal Revenue Code Section 280G.** Notwithstanding any provision of this Award Agreement to the contrary, in the event of a change in control and the Award is accelerated, and it would be more likely than not that all or a portion of any benefit payment under this Award Agreement, alone or together with any other compensation or benefit payable to you, will be a non-deductible expense to the Company by reason of Code Section 280G, the Company shall reduce, but not less than zero, the benefits payable under this Award Agreement or the Plan as necessary to avoid the application of Section 280G.

27.**26. &nbsp;&nbsp;&nbsp;&nbsp;Governing Plan Documents**. The Grant Notice, this Award Agreement, and the RSUs evidenced hereby (i) are made and granted pursuant to the Plan and are in all respects limited by and subject to the terms of the Plan, the provisions of which are hereby made a part of your Award, and are further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan, and (ii) constitute the entire agreement between you and the Company on the subject matter hereof and supersede all proposals, written or oral, and all other communications between the parties related to the subject matter. In the event of any conflict between the provisions of this Award Agreement and those of the Plan, the provisions of the Plan shall control.

Exhibit 10.34 <br>

&nbsp;&nbsp;&nbsp;&nbsp;11

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**Appendix A to Restricted Stock Unit Award Agreement**

**Termination of Employment**

Except as explicitly set forth under "Section 2 - Vesting" of the Award Agreement and this <u>Appendix A</u>, any Unvested Units outstanding under this Award will be cancelled effective on the termination of your Continuous Service for any reason.

Subject to these terms and conditions (including, but not limited to, Sections "12 – Right to Set Off" and "20 - Clawback" in the Award Agreement, and the Sections "Your Obligations" and "Additional Conditions Precedent" in this <u>Appendix A</u>), however, a portion of your Award will be eligible to continue vesting as if you were still employed by the Company or an Affiliate though the Vesting Date if the following circumstances apply to you:

**<u>Retirement/Full Career Eligibility</u>**

Your RSUs under this Award may be eligible for continued vesting upon your qualified retirement if the Chief Executive Officer (or, if you are the Chief Executive Officer, the Committee or its nominee) determines, in their sole discretion, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you voluntarily terminated your Continuous Service with the Company and/or an Affiliate, <u>and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you had completed at least six (6) years of Continuous Service with the Company and/or an Affiliate immediately preceding your termination date, <u>and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• your age on your date of termination equaled or exceeded sixty-two (62) <u>and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you provided at least nine (9) months advance written notice to the Company of your intention to voluntarily terminate your employment under this provision, during which notice period you provided such services as requested by the Company and/or an Affiliate in a cooperative and professional manner and you did not perform any services for any other employer, <u>and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continued vesting shall be appropriate, which determination shall be made prior to your termination and will be based on your performance and conduct (before and after providing notice), <u>and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you satisfied the Release/Confirmation Requirements set forth below.

After receipt of such advance written notice, the Company and/or an Affiliate may choose to have you continue to provide services during such nine (9) month period as a condition to continued vesting or may, in its sole discretion, elect to shorten the length of the nine (9) month period to a date no earlier than the date you would otherwise meet the age and service requirements.

**<u>Portion of Your Award Subject to Continued Vesting Following Retirement</u>**

If you meet the requirements of this <u>Appendix A</u>, the number of RSUs under this Award that will be eligible to continue vesting following the termination of your Continuous Service, if any, will be a percentage of the RSUs that would have vested if your Continuous Service had continued through the applicable vesting date (as determined in accordance with the Award Agreement) based on your years of Continuous Service preceding your termination of Continuous Service, as follows:

Exhibit 10.34 <br>

&nbsp;&nbsp;&nbsp;&nbsp;12

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 0% if you have less than 6 years of Continuous Service,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 20% if you have at least 6 but less than 7 years of Continuous Service,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 40% if you have at least 7 but less than 8 years of Continuous Service,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 60% if you have at least 8 but less than 9 years of Continuous Service,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 80% if you have at least 9 but less than 10 years of Continuous Service, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% if you have 10 or more years of Continuous Service.

There is no pro rata credit for partial years of Continuous Service.

The portion of your Award that is subject to continued vesting upon your qualifying retirement is referred to as the "CV Award." Any portion of your Award that does not continue to vest hereunder will, upon the date of your termination of Continuous Service, be immediately cancelled and forfeited as of such date without any payment or other consideration therefor.

So, for example if you had 100 Unvested Units and you had 7.5 years of Continuous Service immediately preceding your termination of Continuous Service, and you complied with the terms of <u>Appendix A</u>, your CV Award would be comprised of 40 RSUs (40% of 100 RSUs) , subject to the terms set forth in this <u>Appendix A</u>. The remaining 60 RSUs would be immediately forfeited on the date your Continuous Service terminates.

**Release/Confirmation**

To qualify for continued vesting after your termination of Continuous Service as described in this <u>Appendix A</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you must timely execute and deliver a release of claims in favor of the Company and its Affiliates, having such form and terms as the Company shall specify within 55 days of the termination of your Continuous Service,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prior to the termination of your Continuous Service, you must confirm with management that you meet the eligibility criteria (including providing at least nine (9) months advance written notification), advise that you are seeking to be treated as an individual eligible for "Retirement/Full Career Eligibility", and receive written consent to such continued vesting, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in all cases, you must comply with all other terms of the Award Agreement. (See section captioned "Your Obligations".)

**Your Obligations**

In consideration of the grant of this CV Award, you agree to comply with and be bound by the obligations set forth below next to the subsections captioned "--Confidentiality & Non-Solicitation", "--False Statements", "--Cooperation", "--Compliance with Award Agreement" and "--Notice Period."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>Confidentiality & Non-Solicitation</u>**

You will not, either during your Continuous Service with the Company and/or an Affiliate or thereafter, directly or indirectly use or disclose to anyone any Confidential Information (as defined herein) related to the Company and/or an Affiliate's business or its customers except as explicitly permitted by the TriCo Bancshares Code of Ethics and Business Conduct Policy (as amended or replaced from time to time, the "Code of Conduct") and applicable policies or law or legal process. "Confidential Information" includes but is not limited to: (i) information received by the Company and/or an Affiliate

Exhibit 10.34 <br>

&nbsp;&nbsp;&nbsp;&nbsp;13

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from third parties under confidential conditions; (ii) intellectual property and trade secrets, technical, product, business, financial, or development information from the Company and/or an Affiliate, the use or disclosure of which reasonably might be construed to be contrary to the interest of the Company and/or an Affiliate; or (iii) other proprietary information or data, including, but not limited to, customer lists and information. In addition, following your termination of employment, you will not, without prior written authorization, access the Company and/or an Affiliate's private and internal information through telephonic, intranet or internet means.

If you are required by law or requested to provide information to any private party, including the news media, related to your or anyone else's employment with the Company and/or an Affiliate, you will, in advance of providing any response (to the extent lawfully permitted), and within five days of receiving any such legal demand or request, provide written notice to the Company and/or an Affiliate. Additionally, you agree to cooperate with the Company and/or an Affiliate in connection with the request for such information to the extent lawfully permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>False Statements</u>**

You will not, either during your Continuous Service with the Company and/or an Affiliate or thereafter, make any untrue statements, such that they are made with knowledge of their falsity or with reckless disregard for their truth or falsity, about the Company and/or an Affiliate, its employees, officers, directors or shareholders as a group in verbal, written, electronic or any other form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>Cooperation</u>**

You will cooperate with any Company and/or Affiliate investigation, inquiry, or litigation, and provide full and accurate information to the Company and/or an Affiliate and its counsel with respect to any matter that relates to issues or events about which you may have knowledge or information, subject to reimbursement for actual, appropriate and reasonable out-of-pocket expenses incurred by you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>Compliance with Award Agreement</u>**

You will provide the Company and/or an Affiliate with any information reasonably requested to determine compliance with the Award Agreement, and you authorize the Company and/or an Affiliate to disclose the terms of the Award Agreement to any third party who might be affected thereby, including your prospective employer.

**Additional Conditions Precedent**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>Detrimental Conduct, Risk Related and Other Cancellation/Recapture</u>**

In addition to the cancellation provisions described under Sections 12 - Right to Set Off and 20 - Clawback in the Award Agreement, up to 100% of continued vesting of your RSUs under this CV Award is further subject to the condition that neither the Company nor an Affiliate in its sole discretion determines that:

oAny of the following detrimental and risk-related conduct has occurred:

Exhibit 10.34 <br>

&nbsp;&nbsp;&nbsp;&nbsp;14

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you engaged in conduct detrimental to the Company and/or an Affiliate insofar as it causes material financial or reputational harm to the Company and/or an Affiliate or its business activities, or

this CV Award was based on materially inaccurate performance metrics, whether or not you were responsible for the inaccuracy, or

this CV Award was based on a material misrepresentation by you, or

you improperly or with gross negligence failed to identify, raise or assess, in a timely manner and as reasonably expected, risks and/or concerns with respect to risks material to the Company and/or an Affiliate or its business activities, or

your Continuous Service was terminated for Cause or, in the case of a determination after the termination of your Continuous Service, that your Continuous Service could have been terminated for Cause; or

oyou have failed to comply with any of the advance notice/cooperation requirements or employment restrictions applicable to your termination of Continuous Service, or

oyou have failed to sign and return the release described under the section captioned "Release/Confirmation" by the specified deadline, or

oyou have violated any of the provisions as set forth above in the section captioned "Your Obligations".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The term "Cause," has the meaning set forth in the Plan, but for purposes of this <u>Appendix A</u> also includes your material violation of any written polices or procedures of the Company and your willful, continued and unreasonable failure to perform your duties or obligations under this <u>Appendix A</u>.

Up to 75% of your CV Award may be cancelled if the Chief Executive Officer of the Company determines in his or her sole discretion that cancellation of up to 75% of the CV Award is appropriate in light of either or both of the following factors:

oYour performance in relation to the priorities for your position have been unsatisfactory for a sustained period of time, or

oYour conduct is not consistent with the Company's expectations as documented in the Code of Conduct or the applicable ethics and conduct sections of the Company's and/or Affiliate's Employee Handbook.

Any determination above with respect to these performance provisions is subject to ratification by the Committee. In the case of an award to the Chief Executive Officer, all such determinations shall be made by the Committee and ratified by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>Company Performance</u>**

If the Company's pre-tax provision income is negative for any of the four calendar quarters immediately preceding the date of the termination of your Continuous Service, then (1) only 25% of such portion of your CV Award shall be eligible for vesting on the Vesting Date and (2) the remaining 75% of such portion of your CV award shall be automatically canceled and forfeited.

Exhibit 10.34 <br>

&nbsp;&nbsp;&nbsp;&nbsp;15

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>Recovery</u>**

In addition, you may be required to pay the Company and/or an Affiliate up to an amount equal to the fair market value (determined as of the applicable Vesting Date) of the gross number of shares of Common Stock previously distributed under this CV Award as follows:

oPayment may be required with respect to any shares of Common Stock distributed within the three year period prior to a notice-of-recovery under this section, if the Company and/or an Affiliate in its sole discretion determines that:

you committed a fraudulent act, or engaged in knowing and willful misconduct related to your employment, or

you violated any of the provisions as set forth above in the section captioned "Your Obligations", or

you violated the restrictions and conditions set forth in this <u>Appendix A</u> following the termination of your employment.

Notice-of-recovery under this subsection is a written (including electronic) notice from the Company and/or an Affiliate to you either requiring payment under this subsection or stating that the Company is evaluating requiring payment under this subsection. Without limiting the foregoing, notice-of-recovery will be deemed provided if the Company makes a good faith attempt to provide written (including electronic) notice at your last known address maintained in the Company's and/or an Affiliate's employment records. For the avoidance of doubt, a notice-of-recovery that the Company is evaluating requiring payment under this subsection shall preserve the Company's rights to require payment as set forth above in all respects and the Company shall be under no obligation to complete its evaluation other than as the Company may determine in its sole discretion.

For purposes of this subsection, shares of Common Stock distributed under this CV Award include shares of Common Stock withheld for tax purposes. However, it is the Company's intention that you only be required to pay the amounts under this subsection with respect to shares of Common Stock that are or may be received by you following a determination of tax liability and that you will not be required to pay amounts with respect to shares of Common Stock representing irrevocable tax withholdings or tax payments previously made (whether by you or the Company and/or an Affiliate) that you will not be able to recover, recapture or reclaim (including as a tax credit, refund or other benefit). Accordingly, the Company will not require you to pay any amount that the Company or its nominee in his or her sole discretion determines is represented by such withholdings or tax payments.

Payment may be made in shares of Common Stock or in cash. You agree that any repayment will be a lawful recovery under the terms and conditions of your Award Agreement and is not to be construed in any manner as a penalty.

Nothing in the section in any way limits your obligations under Section 20 – Clawback in the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>Right to an Injunction</u>**

Exhibit 10.34 <br>

&nbsp;&nbsp;&nbsp;&nbsp;16

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You acknowledge that a violation or attempted violation of any of the provisions set forth in "Your Obligations" set forth herein will cause immediate and irreparable damage to the Company and/or an Affiliate, and therefore agree that the Company and/or an Affiliate shall be entitled as a matter of right to an injunction, from any court of competent jurisdiction, restraining any violation or further violation of any of the provisions set forth in "Your Obligations"; such right to an injunction, however, shall be cumulative and in addition to whatever other remedies the Company and/or an Affiliate may have under law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>Suspension of Vesting</u>**

To the extent provided under Section 24 – Amendment in the Award Agreement, the Company reserves the right to suspend vesting of the CV Award and/or distribution of shares of Common Stock under the CV Award, including, without limitation, during any period that the Company is evaluating whether this CV Award is subject to cancellation and/or recovery and/or whether the conditions for distributions of shares of Common Stock under the CV Award are satisfied. The Company is not responsible for any price fluctuations during any period of suspension and, if applicable, suspended units will be reinstated consistent with Plan administration procedures. See Section 4 - No Ownership Rights/Rights as a Shareholder/Other Restrictions in the Award Agreement.

**Limitation on Restrictions and Conditions**

Nothing in this <u>Appendix A</u> precludes you from reporting to the Company and/or an Affiliate's management or directors, the government, a regulator, a self-regulatory agency, your attorneys or a court, conduct you believe to be in violation of the law or concerns of any known or suspected Code of Conduct violation. It is also not intended to prevent you from responding truthfully to questions or requests from the government, a regulator or in a court of law. The Company hereby provides, and you hereby acknowledge, the following notifications in accordance with the Federal Defend Trade Secrets Act of 2016 (18 U.S.C. § 1833(b)(1)):

&nbsp;&nbsp;&nbsp;&nbsp;(i) An individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (A) is made (1) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney; and (2) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.

Exhibit 10.34 <br>

&nbsp;&nbsp;&nbsp;&nbsp;17

## Exhibit 10.35

Exhibit 10.35

**TRICO BANCSHARES**

**PERFORMANCE AWARD GRANT NOTICE**

TriCo Bancshares, a California corporation (the "***Company***"), pursuant to its 2024 Equity Incentive Plan (the "***Plan***"), hereby grants to the holder listed below (the "***Participant***" or ***"you"***), a Performance Award (the "***Award***"). Such award shall be comprised of performance-based Restricted Stock Units (the "***Units***" or *"****PSUs****"*), each of which is a right to receive the value of one (1) share of Common Stock, on the terms and conditions set forth herein and in the Performance Award Agreement attached hereto (the "***Award Agreement***") and the Plan, which are incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Grant Notice and the Award Agreement.

---

| | |
|:---|:---|
| **Participant:** | **[insert name]** |
| **Grant Date:** | **<u>xxxxx xx, xxxx</u>** |
| **Target Number of Units:** | **____**, subject to adjustment as provided by the Award Agreement. |
| **Maximum Number of Units:** | <u>#</u> which is <u>150</u>% of the Target Number of Units, subject to adjustment as provided by the Award Agreement. |
| **Performance Period:\*** | Three years beginning **xxxxx xx, xxxx** and ending **xxxxx xx, xxxx** subject to Sections 3, 7.1 and 7.2 of the Award Agreement.<br>*\*For performance periods that fall on weekends and holidays, this date will be the next business/trading day following such date.* |
| **Performance Measure:** | The difference, measured in percentage points, for the Performance Period between the Company Total Shareholder Return and the Benchmark Index Total Return, both determined in accordance with Section 2.2 of the Award Agreement (or as otherwise provided in the Award Agreement). |
| **Benchmark Index:** | The KBW Regional Banking Index (Ticker Symbol ^KRX) |
| **Relative Return Factor:** | A percentage (rounded to the nearest 1/10th of 1% and not greater than 150% or less than 0%) equal to the sum of 100% plus the product of 2 multiplied by the difference (whether positive or negative) equal to (i) the Company Total Shareholder Return minus (ii) the Benchmark Index Total Return, as illustrated by <u>Appendix A</u>. |
| **Vesting Date:** | The "Vesting Date" is the date upon which the Committee officially determines the degree of achievement of the Performance Measure in accordance with Section 2.2 of the Award Agreement (or as otherwise provided in the Award Agreement). The Vesting Date shall occur within 45 days following the final date of the Performance Period, except as otherwise provided by the Award Agreement. |

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Exhibit 10.35 -1- <br>

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---

| | |
|:---|:---|
| **Vested Units:** | Provided that there has been no termination of Participant's continued employment or provision of services to the Company or any Affiliate thereof ("Continuous Service") prior to the Vesting Date (except as otherwise provided by the Award Agreement), the number of Vested Units, if any (not to exceed the Maximum Number of Units), shall equal the product of (i) the Target Number of Units and (ii) the Relative Return Factor (rounded down to the nearest whole share), as illustrated by <u>Appendix A</u>. |
| **Settlement Date:** | For each Vested Unit, except as otherwise provided by the Award Agreement, a date occurring during the 28 day period following the Vesting Date, which date during such period shall be solely determined by the Company. |

---

By signing below or by electronic acceptance or authentication in a form authorized by the Company, the Participant agrees to be bound by the terms and conditions of the Plan, the Award Agreement (including <u>Appendixes A</u> and <u>B</u>) and the Grant Notice. The Participant has reviewed and fully understands all provisions of the Plan, the Award Agreement, and the Grant Notice in their entirety and has had an opportunity to obtain the advice of counsel prior to executing below. The Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan, the Award Agreement, the Grant Notice or relating to the PSUs.

---

| | |
|:---|:---|
| **TRICO BANCSHARES** | **PARTICIPANT** |
| By: | By: |
| Name: | Print Name: |
| Title: |  |

---

ATTACHMENTS:&nbsp;&nbsp;&nbsp;&nbsp;Performance Award Agreement. A copy of the TriCo Bancshares 2024 Equity Incentive Plan, and the prospectus for the Plan prepared in connection with the registration with the Securities and Exchange Commission of the shares of Common Stock issuable pursuant to the Award are available on the Human Resources section of the Company's intranet or upon request to Human Resources.

Exhibit 10.35 -2- <br>

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**TRICO BANCSHARES**

**PERFORMANCE AWARD AGREEMENT**

TriCo Bancshares (the "***Company***") has granted to the Participant named in the Performance Award Grant Notice (the *"****Grant Notice****"*), to which this Performance Award Agreement (including <u>Appendixes A</u> and <u>B</u>, this *"****Award Agreement****"*) is attached, an Award consisting of performance-based Restricted Stock Units (the "***Units***" or *"****PSUs****"*) subject to the terms and conditions set forth in the Grant Notice and this Award Agreement. This Award has been granted pursuant to the TriCo Bancshares 2024 Equity Incentive Plan (the *"****Plan****"*), as amended, the provisions of which are incorporated herein by reference. Participant agrees that any shares of Common Stock issued with respect to the Award are subject to the minimum holding requirements described in Section 29 of the Plan.

Unless otherwise defined herein or in the Grant Notice, capitalized terms shall have the meanings assigned under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.<u>The Award</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1The Company hereby awards to the Participant the Target Number of Units set forth in the Grant Notice, which, depending on the extent to which a performance goal is attained during the Performance Period, may result in the Participant earning as little as zero (0) Units or as many as the Maximum Number of Units. Units which have become vested are referred to herein as "***Vested Units***," and all other Units are referred to herein as "***Unvested Units***." Subject to the terms of this Award Agreement and the Plan, each Unit, to the extent it is earned and becomes a Vested Unit, represents a right to receive on the Settlement Date one (1) share of Common Stock or, at the discretion of the Committee, the Fair Market Value thereof in cash. Unless and until a Unit has vested and becomes a Vested Unit as set forth in the Grant Notice, the Participant will have no right to settlement of such Units (including any rights with respect to dividends payable with respect to the underlying shares of Common Stock). Prior to settlement of any earned and vested Units, such Units will represent an unfunded and unsecured obligation of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.<u>Performance Measurement</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1Level of Performance Measure Attained.** As soon as practicable following completion of the Performance Period, but in any event no later than 45 days thereafter, the Committee shall certify in writing the level of attainment of the Performance Measure during the Performance Period, the resulting Relative Return Factor and the number of Units which have become Vested Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3Components of Performance Measure.** The components of Performance Measure shall be determined for the Performance Period in accordance with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 &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;(a)"***Company Total Shareholder Return***" means the percentage point increase or decrease in (i) the Average Per Share Closing Price for the 30 trading day period

Exhibit 10.35 -1- <br>

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ending on the last day of the Performance Period over (ii) the Average Per Share Closing Price for the 30 trading day period ending on the first day of the Performance Period.

&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;(b)"***Average Per Share Closing Price***" means the average of the daily closing prices per share of Common Stock as reported on the Nasdaq Stock Market (or such other market on which shares of Common Stock are traded) for all trading days falling within an applicable 30 trading day period described in (a) above. The Average Per Share Closing Price shall be adjusted in each case to reflect an assumed reinvestment, as of the of applicable ex-dividend date, of all cash dividends and other cash distributions (excluding cash distributions resulting from share repurchases or redemptions by the Company) paid to shareholders during the 30 trading day period ending on the first day of the Performance Period and during the Performance Period.

&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;(c)"***Benchmark Index Total Return***" means the percentage point increase or decrease in (i) the Average Closing Index Value for the 30 trading day period ending on the last day of the Performance Period over (ii) the Average Closing Index Value for the 30 trading day period ending on the first day of the Performance Period.

&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;(d)"***Average Closing Index Value***" means the average of the daily closing index values of the Benchmark Index for all trading days falling within an applicable 30 trading day period described in (c) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.<u>Vesting</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1Normal Vesting.** Except as otherwise provided by this Award Agreement, Units shall vest and become Vested Units as provided in the Grant Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2Vesting Upon a Change in Control.** In the event of a Change in Control, vesting shall be determined in accordance with Section 7.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3Vesting Upon Involuntary Termination Following a Change in Control.** In the event that upon or within twelve (12) months following the consummation of a Change in Control, the Participant experiences a termination of Continuous Service due to Involuntary Termination, then vesting shall be determined in accordance with Section 7.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4Vesting Upon Death/Disability.** If the Participant dies or becomes Permanently Disabled (as defined below) while the Participant is eligible to vest in PSUs under this Award, the PSUs will immediately vest pro rata in a similar fashion as set forth in Section 7 and, if the Participant dies, will be distributed in shares of Common Stock (after applicable tax withholding, if any) to the Participant's designated beneficiary on file with the Company's stock administration department or Human Resources, or if no beneficiary has been designated or survives the Participant or if the beneficiary designation is not recognized by local legislation, then to the Participant's estate (in the case of death) or to the Participant (or the Participant's legal representatives) (in the case of Permanent Disability).

&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;(a)"**Permanently Disabled**" means the Participant's "permanent disability" as such term is defined in the long-term disability insurance provided by the Company, or if such insurance is not provided by Company, the term shall mean that the Participant has been determined by a medical care provider to be indefinitely unable to perform the essential functions the Participant's position with the Company with or without reasonable accommodation, such event satisfies the requirements of you becoming "disabled" under Code

Exhibit 10.35 -2- <br>

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Section 409A and the Participant has satisfied the Release/Certification Requirements set forth below.

&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;(b)**<u>Release/Certification</u>**. The Participant shall meet the Release/Certification requirements if: (i) within 55 days following the Participant's termination of Continuous Service because the Participant is Permanently Disabled, the Participant (or the Participant's legal representatives) executes and delivers a general release of claims in favor of the Company, having such form and terms as the Company shall specify, and such release becomes irrevocable, and (ii) in all cases, the Participant has complied with all other terms of the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6Continued Vesting on Retirement / Full Career Eligibility.** n the event and for so long as the Participant meets the Retirement/Full Career Eligibility Requirements described in <u>Appendix B</u> hereto at the time of the termination of Participant's Continuous Service then, subject to the terms and conditions set forth in this Award Agreement (including, but not limited to, "Section 4.5 – Right to Set Off" and "Section 11.1 – Clawback" in this Award Agreement and the sections entitled "Your Obligations" and "Additional Conditions Precedent" in <u>Appendix B</u>)) the Participant will be eligible to continue to vest (as the Participant otherwise would vest had the Participant remained employed by the Company and/or an Affiliate through the Vesting Date) with respect to this Award following the termination of the Participant's Continuous Service due to the Participant's qualifying Retirement/Full Career Eligibility as provided in <u>Appendix B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.7No Vesting on Termination of Continuous Service.** In the event of the Participant's termination of Continuous Service for any reason prior to the Vesting Date, with or without Cause, other than as described in Sections 3.2, 3.3, 3.4, or 3.5, or as determined by the Company under Section 11 of the Plan, and to the extent any Units otherwise remain Unvested Units upon the Participant's termination of Continuous Service, the Participant shall forfeit and the Company shall automatically reacquire all Unvested Units, and the Participant shall not be entitled to any payment with respect to the shares of Common Stock or other consideration therefor. The Award shall continue to vest if a Participant (A) who is an Employee, ceases to be an Employee and simultaneously becomes a Director; (B) who is a Director, ceases to be a Director and simultaneously becomes an Employee, and (C) who is both an Employee and a Director ceases to be an Employee, but continues to provide services as a Director, or ceases to provide services as Director, but continues to provide services as an Employee (in which event, Termination of Continuous Service shall be determined based on Participant's Termination of Continuous Service as a Director or Employee (whichever is later), as applicable). Notwithstanding the foregoing, in the event of Participant's termination of Continuous Service by reason of Participant's death, Disability or Involuntary Termination upon a Change in Control, in each case, following the end of the Performance Period, but prior to the Vesting Date, Participant shall vest with respect to the actual number of PSUs determined based upon the satisfaction of the applicable Performance Measure for the Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.9Additional Definitions.** The following terms shall have the meanings set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 &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;(a)"**Cause**" has the meaning assigned under the Plan, but shall also include a Participant's material violation of the Company's written policies or procedures.

&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;(b)"**Involuntary Termination**" means that a Participant experiences a termination of Continuous Service by the Company without Cause or by the Participant's resignation for "Good Reason".

&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;(c) Exhibit 10.35 -3- <br>

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&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;(d) The Participant's Termination of Continuous Service for "**Good Reason**" means Participant experiences any of the following (without Participant's consent):

&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;(e) &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a material diminution in the Participant's base compensation;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)a material diminution in the Participant's authority, duties, or responsibilities;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)a material change (of at least 50 miles) in geographic location at which the Participant must perform the services; or

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)any other action or inaction that constitutes a material breach of the terms of an applicable employment or consulting agreement (or similar agreement).<br>

If Participant wishes to resign for Good Reason, (A) the Participant must provide the Company with a written notice describing the event which is giving rise to such right, which notice must be delivered to the Company no later than 60 days following the first occurrence of such event; (B) the Company must fail to cure such condition within 30 days of receipt of such notice and (C) Participant must resign within 30 days of the expiration of such cure period.

Except as otherwise set forth in this Section 3 or as determined by the Committee under the terms of Section 11 of the Plan, in the event of a Change in Control, no acceleration of vesting shall occur with respect to the Units granted in this Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.<u>Settlement of the Award</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1Issuance of Shares of Common Stock or Cash Equivalent*.*** Subject to the provisions of Section 4.3 and Section 5 below, the Company shall issue to the Participant on the Settlement Date with respect to each Vested Unit to be settled on such date one (1) share of Common Stock. Shares of Common Stock issued in settlement of Vested Units shall not be subject to any restriction on transfer other than any such restriction as may be required pursuant to Section 4.3 or provided for in Section 29 of the Plan. At the discretion of the Committee, payment with respect to all or any portion of the Vested Units may be made in a lump sum cash payment in an amount equal to the Fair Market Value, determined as of the Settlement Date, of the shares of Common Stock or other securities or property otherwise issuable in settlement of such Vested Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2Beneficial Ownership of Shares; Certificate Registration*.*** The Participant hereby authorizes the Company, in its sole discretion, to deposit for the benefit of the Participant with a Company-designated brokerage firm or, at the Company's discretion, any other broker with which the Participant has an account relationship of which the Company has notice any or all shares of Common Stock acquired by the Participant pursuant to the settlement of the Award. Except as provided by the preceding sentence, a certificate for the shares of Common Stock as to which the Award is settled shall be registered in the name of the Participant, or, if applicable, in the names of the Participant's heirs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3Restrictions on Grant of the Award and Issuance of Shares*.*** The grant of the Award and issuance of shares of Common Stock upon settlement of the Award shall be subject to compliance with all applicable requirements of U.S. federal or state law with respect to

Exhibit 10.35 -4- <br>

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such securities. No shares of Common Stock may be issued hereunder if the issuance of such shares of Common Stock would constitute a violation of any applicable U.S. federal or state securities laws or other laws or regulations or the requirements of any stock exchange or market system upon which the shares of Common Stock may then be listed. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company's legal counsel to be necessary to the lawful issuance of any shares of Common Stock subject to the Award shall relieve the Company of any liability in respect of the failure to issue such shares of Common Stock as to which such requisite authority shall not have been obtained. As a condition to the settlement of the Award, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect thereto as may be requested by the Company. Further, regardless of whether the transfer or issuance of the shares of Common Stock to be issued pursuant to the Units has been registered under the Securities Act or has been registered or qualified under the securities laws of any state, the Company may impose additional restrictions upon the sale, pledge, or other transfer of the shares of Common Stock (including the placement of appropriate legends on stock certificates and the issuance of stop-transfer instructions to the Company's transfer agent) if, in the judgment of the Company and the Company's counsel, such restrictions are necessary in order to achieve compliance with the provisions of the Securities Act, the securities laws of any state, or any other law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4Fractional Shares*.*** The Company shall not be required to issue fractional shares of Common Stock upon the settlement of the Award, and any fractional shares of Common Stock shall be distributed in an equivalent cash amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5&nbsp;&nbsp;&nbsp;&nbsp;Right to Set Off.** Although the Company expects to settle this award in share(s) of Common Stock as of the applicable vesting date, the Company may, to the maximum extent permitted by applicable law (including Section 409A of the Code to the extent it is applicable to you), retain for itself funds or the shares of Common Stock resulting from any vesting of this Award to satisfy any obligation or debt that the Participant owes to the Company and/or an Affiliate. Notwithstanding any bank account agreement with the Company and/or an Affiliate to the contrary, the Company will not recoup or recover any amount owed from any funds or unrestricted securities held in the Participant's name and maintained at the Company and/or Affiliate pursuant to such bank account agreement to satisfy any obligation or debt owed by the Participant under this Award without the Participant's consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.<u>Tax Withholding and Advice</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1In General.** Subject to Section 5.2, at the time the Grant Notice is executed, or at any time thereafter as requested by the Company, the Participant hereby authorizes withholding from payroll and any other amounts payable to the Participant, and otherwise agrees to make adequate provision for, any sums required to satisfy the U.S. federal, state, and local taxes required by law to be withheld with respect to any taxable event arising as a result of the Participant's participation in the Plan (referred to herein as "***Tax-Related Items***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2Withholding of Taxes.** The Company or any Affiliate, as appropriate, shall have the authority and the right to deduct or withhold, or require the Participant to remit an amount sufficient to satisfy applicable Tax-Related Items or to take such other action as may be reasonably necessary to satisfy such Tax-Related Items. In this regard, the Participant authorizes the Company and any Affiliate, or their respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following:

Exhibit 10.35 -5- <br>

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&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;(a)withholding from the Participant's wages or other cash compensation paid to the Participant; or

&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;(b)withholding from proceeds of the sale of shares of Common Stock acquired upon vesting and settlement of the PSUs, either through a voluntary sale or through a mandatory sale arranged by the Company (on the Participant's behalf pursuant to this authorization); or

&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;(c)withholding in shares of Common Stock to be issued upon vesting and settlement of the PSUs; or

&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;(d)direct payment from the Participant.

The Company does not have any duty or obligation to minimize the Participant's liability for Tax-Related Items arising from the Award, and, will not be liable to the Participant for any Tax-Related Items arising in connection with the Award. Finally, the Participant shall pay any amount of Tax-Related Items that the Company or any Affiliate may be required to withhold as a result of his or her participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the shares of Common Stock that may be issued in connection with the settlement of the PSUs if the Participant fails to comply with his or her Tax-Related Items obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3Tax Advice**. The Participant represents, warrants and acknowledges that the Company has made no warranties or representations to the Participant with respect to the income tax consequences of the transactions contemplated by this Award Agreement, and the Participant is in no manner relying on the Company or the Company's representatives for an assessment of such tax consequences. THE PARTICIPANT UNDERSTANDS THAT THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. THE PARTICIPANT SHOULD CONSULT HIS OR HER OWN TAX ADVISOR REGARDING THE UNITS. NOTHING STATED HEREIN IS INTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED, FOR THE PURPOSE OF AVOIDING TAXPAYER PENALTIES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.<u>Authorization to Release Necessary Personal Information</u>**.

&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;6.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2The Participant hereby authorizes and directs the Participant's service recipient to collect, use and transfer in electronic or other form, any personal information (the "***Data***"), the nature and amount of the Participant's compensation and the fact and conditions of the Participant's participation in the Plan (including, but not limited to, the Participant's name, home address, telephone number, date of birth, social security number, salary, job title, number of shares of Common Stock held and the details of all Units or any other entitlement to shares of Common Stock awarded, cancelled, exercised, vested, unvested or outstanding) for the purpose of implementing, administering and managing the Participant's participation in the Plan. The Participant understands that the Data may be transferred to the Company or any Affiliate, or to any third parties assisting in the implementation, administration and management of the Plan, including any requisite transfer to a brokerage firm or other third party assisting with administration of the Award or with whom shares of Common Stock acquired upon settlement of this Award or cash from the sale of such shares of Common Stock may be deposited.

Exhibit 10.35 -6- <br>

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Furthermore, the Participant acknowledges and understands that the transfer of the Data to the Company or any Affiliate, or to any third parties is necessary for Participant's participation in the Plan. The Participant may at any time withdraw the consents herein, by contacting the Company's stock administration department in writing. The Participant further acknowledges that withdrawal of consent may affect the Participant's ability to realize benefits from the Award, and the Participant's ability to participate in the Plan.

7. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.*<u>Change in Control</u>*.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2In the event of a Change in Control, this Section 7 shall determine the treatment of the Units which have not otherwise become Vested Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1Effect of Change in Control on Award.** In the event of a Change in Control which occurs more than 12 months following the Grant Date, the Performance Period shall end on the day immediately preceding the Change in Control (the "***Adjusted Performance Period***"). The number and vesting of Units shall be determined for the Adjusted Performance Period in accordance with the following:

&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;(a)**Vested Units.** In the Committee's determination of the number of Vested Units for the Adjusted Performance Period, the following modifications shall be made to the components of the Relative Return Factor:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Company Total Shareholder Return shall be determined as provided by Section 2.2, except that the Average Per Share Closing Price for the thirty (30) trading day period ending on the last day of the Adjusted Performance Period shall be replaced with the price per share of Common Stock to be paid to the holder thereof in accordance with the definitive agreement governing the transaction constituting the Change in Control (or, in the absence of such agreement, the closing price per share of Common Stock as reported on the Nasdaq Stock Market for the last trading day of the Adjusted Performance Period), adjusted to reflect an assumed reinvestment, as of the applicable ex-dividend date, of all cash dividends and other cash distributions (excluding cash distributions resulting from share repurchases or redemptions by the Company) paid to shareholders during the Adjusted Performance Period, as illustrated in Section 2.2.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Benchmark Index Total Return shall be determined as provided by Section 2.2, except that for the purposes of clause (a) thereof, the Average Closing Index Value shall be determined for the 30 trading day period ending on the last day of the Adjusted Performance Period.

&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;(b)**Accelerated Units.** As of the last day of the Adjusted Performance Period and provided that the Participant has not experienced a termination of Continuous Service prior to such date, a portion of the Units determined in accordance with Section 7.1(a) shall become Vested Units (the "***Accelerated Units***"), with such portion determined by multiplying the total number of such Units by a fraction, the numerator of which equals the number of days contained in the Adjusted Performance Period and the denominator of which equals the number of days contained in the original Performance Period determined without regard to this Section. The Accelerated Units shall be settled in accordance with Section 4 immediately prior to the consummation of the Change in Control.

Exhibit 10.35 -7- <br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2Involuntary Termination Upon or Following Change in Control.** If Section 7.1 does not apply, in the event that upon or within twelve (12) months following the consummation of the Change in Control (but no earlier than the twelve month anniversary of the Grant Date), the Participant experiences an Involuntary Termination, the Units determined in accordance with Section 7.1(a) (as if Section 7.1 applied) shall be deemed Vested Units effective as of the date of the Participant's Involuntary Termination and shall be settled in accordance with Section 4, treating the date of the Participant's termination of Continuous Service as the Vesting Date, provided that payment for each Vested Unit shall be made in the amount and in the form of the consideration (whether stock, cash, other securities or property or a combination thereof) to which a holder of a share of Common Stock on the effective date of the Change in Control was entitled (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares of Common Stock).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3Internal Revenue Code Section 280G**. Notwithstanding any provision of this Award Agreement to the contrary, in the event that it would be more likely than not that all or a portion of any benefit payment under this Award Agreement, alone or together with any other compensation or benefit payable to Participant, will be a non-deductible expense to the Company by reason of Code Section 280G, the Company shall reduce, but not less than zero, the benefits payable under this Award Agreement or the Plan as necessary to avoid the application of Section 280G.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.<u>Adjustments for Changes in Capital Structure</u>.**

The number of Units awarded pursuant to this Award Agreement is subject to adjustment as provided in Section 5 of the Plan and otherwise is subject to Section 11 of the Plan, to the extent such section does not contradict Section 7 of this Award Agreement. Upon the occurrence of an event described in Plan Section 5, any and all new, substituted or additional securities or other property to which a holder of a share of Common Stock issuable in settlement of the Award would be entitled shall be immediately subject to the Award Agreement and included within the meaning of the terms "shares of Common Stock" for all purposes of the Award. The Participant shall be notified of such adjustments and such adjustments shall be binding upon the Company and the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.<u>No Entitlement or Claims for Compensation</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1**The Participant's rights, if any, in respect of or in connection with the Units are derived solely from the discretionary decision of the Company to permit the Participant to participate in the Plan and to benefit from a discretionary Award. By accepting the Units, the Participant expressly acknowledges that there is no obligation on the part of the Company to continue the Plan and/or grant any additional Units or other Awards to the Participant. The Units are not intended to be compensation of a continuing or recurring nature, or part of the Participant's normal or expected compensation, and in no way represents any portion of the Participant's salary, compensation, or other remuneration for purposes of pension benefits, severance, redundancy, resignation or any other purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2**Neither the Plan nor the Units shall be deemed to give the Participant a right to remain an employee, director or consultant of the Company or any Affiliate. The Company reserves the right to terminate the employment or service of the Participant at any time, with or without cause, and for any reason, subject to applicable laws, the Company's Articles of Incorporation and Bylaws and the Participant's written employment or consulting agreement (or similar agreement) (if any), and the Participant shall be deemed irrevocably to

Exhibit 10.35 -8- <br>

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have waived any claim to damages or specific performance for breach of contract or dismissal, compensation for loss of office, tort or otherwise with respect to the Plan, this Award, Units or any other outstanding Award that is forfeited and/or is terminated by its terms or to any future Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.<u>Rights as a Shareholder</u>.**

The Participant shall have no rights as a shareholder with respect to any shares of Common Stock which may be issued in settlement of this Award until the date of the issuance of such share of Common Stock under this Award Agreement (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment shall be made for dividends, dividend equivalents, distributions or other rights for which the record date is prior to the date such shares are issued, except as provided in Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.<u>Miscellaneous Provisions</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1Clawback.** In consideration of the grant of this Award, the Participant agrees that this Award is subject to any clawback under Section 27 of the Plan and the Company's Compensation Clawback Policy (or any successor policy, the "***Policy***") adopted by the Board and in effect from time to time, as permitted by law. For the avoidance of doubt, nothing in these terms and conditions in any way limits the rights of the Company and/or an Affiliate under the Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2Amendment.** The Committee may amend this Award Agreement at any time; provided, however, that no such amendment may adversely affect the Participant's rights under this Award Agreement without the consent of the Participant, except to the extent such amendment is necessary to comply with applicable law, including, but not limited to, Code Section 409A. No amendment or addition to this Award Agreement shall be effective unless in writing and signed by the parties to this Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3Nontransferability of the Award.** Prior to the issuance of shares of Common Stock on the applicable Settlement Date, no right or interest of the Participant in the Award nor any shares of Common Stock issuable on settlement of the Award shall be in any manner pledged, encumbered, or hypothecated to or in favor of any party other than the Company or shall become subject to any lien, obligation, or liability of such Participant to any other party other than the Company. Except as otherwise provided by the Committee, no Award shall be assigned, transferred or otherwise disposed of other than by will or the laws of descent and distribution. All rights with respect to the Award shall be exercisable during the Participant's lifetime only by the Participant or the Participant's guardian or legal representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.4Further Instruments.** The parties hereto agree to execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of this Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.5Binding Effect.** This Award Agreement shall inure to the benefit of the successors and assigns of the Company and, subject to the restrictions on transfer set forth herein, be binding upon the Participant and the Participant's heirs, executors, administrators, successors and assigns.

Exhibit 10.35 -9- <br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.6Notices.** Any notice required to be given or delivered to the Company under the terms of this Award Agreement shall be in writing and addressed to the Company at its principal corporate offices. Any notice required to be given or delivered to the Participant shall be in writing and addressed to the Participant at the address maintained for the Participant in the Company's records or at the address of the local office of the Company or Affiliate at which the Participant works.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.7Construction of Award Agreement.** The Grant Notice, this Award Agreement, and the Units evidenced hereby (i) are made and granted pursuant to the Plan and are in all respects limited by and subject to the terms of the Plan, the provisions of which are hereby made a part of Participant's Award, and are further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan, and (ii) constitute the entire agreement between the Participant and the Company on the subject matter hereof and supersede all proposals, written or oral, and all other communications between the parties related to the subject matter. In the event of any conflict between the provisions of this Award Agreement and those of the Plan, the provisions of the Plan shall control. The headings of the Sections in this Award Agreement are inserted for convenience only and shall not be deemed to constitute a part of this Award Agreement or to affect the meaning of this Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.8Governing Law.** The interpretation, performance and enforcement of this Award Agreement shall be governed by the laws of the State of California, U.S.A. without regard to the conflict-of-laws rules thereof or of any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.9Section 409A.**

&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;(a)**Compliance with Code Section 409A.** It is intended that the Performance Share Units granted hereunder be exempt from or comply with the requirements of Code Section 409A, so that none of the Units, or the resulting shares of Common Stock or compensation, if any, shall be subject to the additional tax imposed by Section 409A. The vesting and settlement of such Units are intended to qualify for the "short-term deferral" exemption from Code Section 409A. Each installment of Units that vests is intended to constitute a "separate payment" for purposes of Treasury Regulation Section 1.409A-2(b)(2). As such, each eligible Vested Unit shall be settled, per the terms of the Plan, the Grant Notice and this Award Agreement, within the short-term deferral period, as defined in Code Section 409A, the applicable Treasury Regulations and related guidance issued thereunder. Notwithstanding any other provision of the Plan, this Award Agreement or the Grant Notice:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Plan, this Award Agreement and the Grant Notice shall be interpreted in accordance with, and incorporate the terms and conditions required by, Code Section 409A and any Department of Treasury regulations and other applicable guidance issued thereunder (including any regulations or guidance that may be issued after the date hereof), and any ambiguities herein shall be interpreted to so comply.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company reserves the right, to the extent the Company deems necessary or advisable in its sole discretion, to unilaterally amend or modify the Plan and/or this Award Agreement to ensure that the Units qualify for exemption from, comply with or otherwise avoid the imposition of any additional tax or income recognition under Code Section 409A; *provided*, *however*, that the Company makes no representations that the Units will be exempt from Code Section 409A and makes no undertaking to preclude Code Section 409A from applying to the Units.

Exhibit 10.35 -10- <br>

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&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;(b)**Separation from Service; Required Delay in Payment to Specified Employee.** Notwithstanding anything set forth herein to the contrary, no amount payable pursuant to this Award Agreement on account of the Participant's termination of Continuous Service which constitutes a "deferral of compensation" within the meaning of Code Section 409A shall be paid unless and until the Participant has incurred a "separation from service" within the meaning of Code Section 409A. Furthermore, to the extent that the Participant is a "Specified Employee" within the meaning of Code Section 409A as of the date of the Participant's separation from service, no amount that constitutes a deferral of compensation which is payable on account of the Participant's separation from service that would result in the imposition of additional tax under Code Section 409A if issued to Participant on or within the six (6) month period following Participant's separation from service shall be paid to the Participant before the date (the *"****Delayed Payment Date****"*) which is the first day of the seventh month after the date of the Participant's separation from service or, if earlier, ten (10) days following the date of the Participant's death following such separation from service. All such amounts that would, but for this Section, become payable prior to the Delayed Payment Date will be accumulated and paid on the Delayed Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.10Restrictions on Contracts and Payments for Insured Depository Institutions in Troubled Status**. The parties acknowledge and agree that while the restrictions contained in the Federal Deposit Insurance Act, Section 18(k) [12 U.S.C. §1828(k)], relating to contracts for and payment of executive compensation and benefits by insured depository institutions in "troubled" condition, do not currently apply to the Company or the Participant, such provisions could apply in the future. In the event that any such restrictions or any contractual arrangement with or required by a regulatory authority require the Company to seek or demand repayment or return of any payments made to the Participant under this Award Agreement and the Plan for any reason, the Participant agrees to repay to the Company the aggregate amount of such payments no later than thirty (30) days following the Participant's receipt of a written notice from the Company indicating that payments received by the Participant under this Award Agreement and the Plan are subject to recapture or clawback.

12.11 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.12Administration.** The Committee shall have the power to interpret the Plan and this Award Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules. All actions taken and all interpretations and determinations made by the Committee or the Board in good faith shall be final and binding upon the Participant, the Company and all other interested persons. No member of the Committee or the Board shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan, this Award Agreement or the Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.13Counterparts.** The Grant Notice may be executed in counterparts, including execution by facsimile, pdf or other electronic transmission, which, when taken together, will be deemed to constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.14Severability.** If all or any part of this Award Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not invalidate any portion of this Award Agreement or the Plan not declared to be unlawful or invalid. Any Section of this Award Agreement (or part of such a Section) so declared to be unlawful or invalid shall, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid.

Exhibit 10.35 -11- <br>

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**<u>APPENDIX A</u>**

**ILLUSTRATION OF RELATIVE RETURN FACTOR AND RESULTING NUMBER OF VESTED UNITS**

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| | | |
|:---|:---|:---|
| **Percentage Point Difference of<br>Company TSR Over/Under<br>Benchmark Index Total Return** | **Relative Return Factor** | **Vested Units<br>(Per 1,000 Target Units)** |
| 25 and Over | 150% | 1500 |
| 20 | 140% | 1400 |
| 15 | 130% | 1300 |
| 10 | 120% | 1200 |
| 9 | 118% | 1180 |
| 8 | 116% | 1160 |
| 7 | 114% | 1140 |
| 6 | 112% | 1120 |
| 5 | 110% | 1100 |
| 4 | 108% | 1080 |
| 3 | 106% | 1060 |
| 2 | 104% | 1040 |
| 1 | 102% | 1020 |
| 0 | 100% | 1000 |
| -1 | 98% | 980 |
| -2 | 96% | 960 |
| -3 | 94% | 940 |
| -4 | 92% | 920 |
| -5 | 90% | 900 |
| -6 | 88% | 880 |
| -7 | 86% | 860 |
| -8 | 84% | 840 |
| -9 | 82% | 820 |
| -10 | 80% | 800 |
| -15 | 70% | 700 |
| -20 | 60% | 600 |
| -25 | 50% | 500 |
| -25 and less | 0% | 0 |

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Exhibit 10.35 -12- <br>

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**<u>APPENDIX A (CONTINUED)</u>**

**ILLUSTRATIONS OF CALCULATION OF VESTED UNITS**

**PER 1,000 TARGET UNITS**

**Company Total Shareholder Return Exceeds Benchmark Index Total Return**

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| | | |
|:---|:---|:---|
| **Assumptions:** |  |  |
| <br>**Target Number of Units** |  | <br>1000 |
| **TCBK:** |  |  |
| Average Per Share Closing Price (beginning) |  | $25.00 |
| Average Per Share Closing Price (ending) |  | $30.00 |
| **KBW Regional Banking Index:** |  |  |
| Average Closing Index Value (beginning) |  | $80.00 |
| Average Closing Index Value (ending) |  | $90.00 |
| **Computations:** |  |  |
| Company Total Shareholder Return | ((30.00 / 25.00) - 1) x 100 | 20.0% |
| Benchmark Index Total Return | ((90.00 / 80.00) - 1) x 100 | 12.5% |
| Relative Return Factor | 100 + (2.0 x (20.0 – 12.5)) | 115.0% |
| **Vested Units** | 1,000 x 115.0% | 1150 |

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Exhibit 10.35 -13- <br>

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**<u>APPENDIX A (CONTINUED)</u>**

**ILLUSTRATIONS OF CALCULATION OF VESTED UNITS**

**PER 1,000 TARGET UNITS**

**Company Total Shareholder Return Is Less Than Benchmark Index Total Return**

---

| | | |
|:---|:---|:---|
| **Assumptions:** |  |  |
| <br>**Target Number of Units** |  | <br>1000 |
| **TCBK:** |  |  |
| Average Per Share Closing Price (beginning) |  | $25.00 |
| Average Per Share Closing Price (ending) |  | $30.00 |
| **KBW Regional Banking Index:** |  |  |
| Average Closing Index Value (beginning) |  | $80.00 |
| Average Closing Index Value (ending) |  | $100.00 |
| **Computations:** |  |  |
| Company Total Shareholder Return | ((30.00 / 25.00) - 1) x 100 | 20.0% |
| Benchmark Index Total Return | ((100.00 / 80.00) - 1) x 100 | 25.0% |
| Relative Return Factor | 100 + (2.0 x (20.0 – 25.0)) | 90.0% |
| **Vested Units** | 1,000 x 90.0% | 900 |

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Exhibit 10.35 -14- <br>

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**APPENDIX B**

**CONTINUED VESTING ON RETIREMENT / ELIGIBILITY**

**Termination of Employment**

Except as explicitly set forth under "Section 3 - Vesting" of the Award Agreement and this <u>Appendix B</u>, any Unvested Units outstanding under this Award will be cancelled effective on the termination of your Continuous Service for any reason.

Subject to these terms and conditions (including, but not limited to, "Sections 4.5 – Right to Set Off" and "Section 11.1 - Clawback" in the Award Agreement, and the Sections "Your Obligations" and "Additional Conditions Precedent" in this <u>Appendix B</u>), however, a portion of your PSUs will be eligible to continue vesting as if you were still employed by the Company or an Affiliate through the Vesting Date if the following circumstances apply to you:

**<u>Retirement/Full Career Eligibility</u>**

Your PSUs under this Award may be eligible for continued vesting upon your qualified retirement if the Chief Executive Officer (or, if you are the Company's Chief Executive Officer, the Committee or its nominee) determines, in their sole discretion, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you voluntarily terminated your Continuous Service with the Company and/or an Affiliate, <u>and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you had completed at least six (6) years of Continuous Service with the Company and/or an Affiliate immediately preceding your termination date, <u>and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• your age on your date of termination equaled or exceeded sixty-two (62) <u>and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you provided at least nine (9) months advance written notice to the Company of your intention to voluntarily terminate your employment under this provision, during which notice period you provided such services as requested by the Company and/or an Affiliate in a cooperative and professional manner and you did not perform any services for any other employer, <u>and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continued vesting shall be appropriate, which determination shall be made prior to your termination and will be based on your performance and conduct (before and after providing notice), <u>and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you satisfied the Release/Confirmation Requirements set forth below.

After receipt of such advance written notice, the Company and/or an Affiliate may choose to have you continue to provide services during such nine (9) month period as a condition to continued vesting or may, in its sole discretion, elect to shorten the length of the nine (9) month period to a date no earlier than the date you would otherwise meet the age and service requirements.

**<u>Portion of Your PSUs Subject to Continued Vesting Following Retirement</u>**

If you meet the requirements of this <u>Appendix B</u>, the number of PSUs under this Award that will be eligible to continue vesting following the termination of your Continuous Service, if any, will

Exhibit 10.35 -15- <br>

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be a percentage of the PSUs that would have vested if your Continuous Service had continued through the Vesting Date (as determined in accordance with the Award Agreement and <u>Appendix A</u>) based on your years of Continuous Service preceding your termination of Continuous Service, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 0% if you have less than 6 years of Continuous Service,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 20% if you have at least 6 but less than 7 years of Continuous Service,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 40% if you have at least 7 but less than 8 years of Continuous Service,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 60% if you have at least 8 but less than 9 years of Continuous Service,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 80% if you have at least 9 but less than 10 years of Continuous Service, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% if you have 10 or more years of Continuous Service.

There is no pro rata credit for partial years of Continuous Service.

The portion of your Award that is subject to continued vesting upon your qualifying retirement is referred to as the "**CV Award**." Any portion of your Award that does not continue to vest hereunder will, upon the date of your termination of Continuous Service, be immediately cancelled and forfeited as of such date without any payment or other consideration therefor.

So, for example, if you have 7.5 years of Continuous Service immediately preceding your termination of Continuous Service and the Committee determines that, based on the degree of achievement of the Performance Measures and the terms of <u>Appendix A</u>, the number of vested PSUs under your Award would be 110 PSUs, then you would be entitled to 44 PSUs (i.e., 40% of 110 PSUs), subject to potential adjustment described in this <u>Appendix B</u>.

**Release/Confirmation**

To qualify for continued vesting after your termination of Continuous Service as described in this <u>Appendix B</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you must timely execute and deliver a release of claims in favor of the Company and its Affiliates, having such form and terms as the Company shall specify within 55 days of the termination of your Continuous Service,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prior to the termination of your Continuous Service, you must confirm with management that you meet the eligibility criteria (including providing at least nine (9) months advance written notification), advise that you are seeking to be treated as an individual eligible for "Retirement/Full Career Eligibility", and receive written consent to such continued vesting, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in all cases, you must comply with all other terms of the Award Agreement. (See section captioned "Your Obligations".)

**Your Obligations**

In consideration of the grant of this CV Award, you agree to comply with and be bound by the obligations set forth below next to the subsections captioned "--Confidentiality & Non-Solicitation", "--False Statements", "--Cooperation", "--Compliance with Award Agreement" and "--Notice Period."

Exhibit 10.35 -16- <br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>Confidentiality & Non-Solicitation</u>**

You will not, either during your Continuous Service with the Company and/or an Affiliate or thereafter, directly or indirectly use or disclose to anyone any Confidential Information (as defined herein) related to the Company and/or an Affiliate's business or its customers except as explicitly permitted by the TriCo Bancshares Code of Ethics and Business Conduct Policy (as amended or replaced from time to time, the "Code of Conduct") and applicable policies or law or legal process. "Confidential Information" includes but is not limited to: (i) information received by the Company and/or an Affiliate from third parties under confidential conditions; (ii) intellectual property and trade secrets, technical, product, business, financial, or development information from the Company and/or an Affiliate, the use or disclosure of which reasonably might be construed to be contrary to the interest of the Company and/or an Affiliate; or (iii) other proprietary information or data, including, but not limited to, customer lists and information. In addition, following your termination of employment, you will not, without prior written authorization, access the Company and/or an Affiliate's private and internal information through telephonic, intranet or internet means.

If you are required by law or requested to provide information to any private party, including the news media, related to your or anyone else's employment with the Company and/or an Affiliate, you will, in advance of providing any response (to the extent lawfully permitted), and within five days of receiving any such legal demand or request, provide written notice to the Company and/or an Affiliate. Additionally, you agree to cooperate with the Company and/or an Affiliate in connection with the request for such information to the extent lawfully permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>False Statements</u>**

You will not, either during your Continuous Service with the Company and/or an Affiliate or thereafter, make any untrue statements, such that they are made with knowledge of their falsity or with reckless disregard for their truth or falsity, about the Company and/or an Affiliate, its employees, officers, directors or shareholders as a group in verbal, written, electronic or any other form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>Cooperation</u>**

You will cooperate with any Company and/or Affiliate investigation, inquiry, or litigation, and provide full and accurate information to the Company and/or an Affiliate and its counsel with respect to any matter that relates to issues or events about which you may have knowledge or information, subject to reimbursement for actual, appropriate and reasonable out-of-pocket expenses incurred by you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>Compliance with Award Agreement</u>**

You will provide the Company and/or an Affiliate with any information reasonably requested to determine compliance with the Award Agreement, and you authorize the

Exhibit 10.35 -17- <br>

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Company and/or an Affiliate to disclose the terms of the Award Agreement to any third party who might be affected thereby, including your prospective employer.

**Additional Conditions Precedent**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>Detrimental Conduct, Risk Related and Other Cancellation/Recapture</u>**

In addition to the cancellation provisions described under Sections "4.5 - Right to Set Off" and "11.1 - Clawback" in the Award Agreement, up to 100% of continued vesting of your PSUs under this CV Award is further subject to the condition that neither the Company nor an Affiliate in its sole discretion determines that:

oAny of the following detrimental and risk-related conduct has occurred:

you engaged in conduct detrimental to the Company and/or an Affiliate insofar as it causes material financial or reputational harm to the Company and/or an Affiliate or its business activities, or

this CV Award was based on materially inaccurate performance metrics, whether or not you were responsible for the inaccuracy, or

this CV Award was based on a material misrepresentation by you, or

you improperly or with gross negligence failed to identify, raise or assess, in a timely manner and as reasonably expected, risks and/or concerns with respect to risks material to the Company and/or an Affiliate or its business activities, or

your Continuous Service was terminated for Cause or, in the case of a determination after the termination of your Continuous Service, that your Continuous Service could have been terminated for Cause, or

oyou have failed to comply with any of the advance notice/cooperation requirements or employment restrictions applicable to your termination of Continuous Service, or

oyou have failed to sign and return the release described under the section captioned "<u>Release/Confirmation</u>" by the specified deadline, or

oyou have violated any of the provisions as set forth above in the section captioned "<u>Your Obligations</u>".

The term "Cause," has the meaning set forth in the Plan, but for purposes of this <u>Appendix B</u> also includes your material violation of any written polices or procedures of the Company and your willful, continued and unreasonable failure to perform your duties or obligations under this <u>Appendix B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>Performance Assessment</u>**

Up to 75% of your CV Award may be cancelled if the Chief Executive Officer of the Company determines in his or her sole discretion that cancellation of up to 75% of the CV Award is appropriate in light of either or both of the following factors:

Exhibit 10.35 -18- <br>

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oYour performance in relation to the priorities for your position have been unsatisfactory for a sustained period of time, or

oYour conduct is not consistent with the Company's expectations as documented in the Code of Conduct or the applicable ethics and conduct sections of the Company's and/or Affiliate's Employee Handbook.

Any determination above with respect to these performance provisions is subject to ratification by the Committee. In the case of an award to the Chief Executive Officer, all such determinations shall be made by the Committee and ratified by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>Company Performance</u>**

If the Company's pre-tax provision income is negative for any of the four calendar quarters immediately preceding the date of the termination of your Continuous Service, then (1) only 25% of such portion of your CV Award shall be eligible for vesting on the Vesting Date and (2) the remaining 75% of such portion of your CV award shall be automatically canceled and forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>Recovery</u>**

In addition, you may be required to pay the Company and/or an Affiliate up to an amount equal to the fair market value (determined as of the Vesting Date) of the gross number of shares of Common Stock previously distributed under this CV Award as follows:

oPayment may be required with respect to any shares of Common Stock distributed within the three year period prior to a notice-of-recovery under this section, if the Company and/or an Affiliate in its sole discretion determines that:

you committed a fraudulent act, or engaged in knowing and willful misconduct related to your employment, or

you violated any of the provisions as set forth above in the section captioned "Your Obligations", or

you violated the restrictions and conditions set forth in this <u>Appendix B</u> following the termination of your employment.

Notice-of-recovery under this subsection is a written (including electronic) notice from the Company and/or an Affiliate to you either requiring payment under this subsection or stating that the Company is evaluating requiring payment under this subsection. Without limiting the foregoing, notice-of-recovery will be deemed provided if the Company makes a good faith attempt to provide written (including electronic) notice at your last known address maintained in the Company's and/or an Affiliate's employment records. For the avoidance of doubt, a notice-of-recovery that the Company is evaluating requiring payment under this subsection shall preserve the Company's rights to require payment as set forth above in all respects and the Company shall be under no obligation to complete its evaluation other than as the Company may determine in its sole discretion.

Exhibit 10.35 -19- <br>

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For purposes of this subsection, shares of Common Stock distributed under this CV Award include shares of Common Stock withheld for tax purposes. However, it is the Company's intention that you only be required to pay the amounts under this subsection with respect to shares of Common Stock that are or may be received by you following a determination of tax liability and that you will not be required to pay amounts with respect to shares of Common Stock representing irrevocable tax withholdings or tax payments previously made (whether by you or the Company and/or an Affiliate) that you will not be able to recover, recapture or reclaim (including as a tax credit, refund or other benefit). Accordingly, the Company will not require you to pay any amount that the Company or its nominee in his or her sole discretion determines is represented by such withholdings or tax payments.

Payment may be made in shares of Common Stock or in cash. You agree that any repayment will be a lawful recovery under the terms and conditions of your Award Agreement and is not to be construed in any manner as a penalty.

Nothing in the section in any way limits your obligations under "Section 11.1 - Clawback" in the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>Right to an Injunction</u>**

You acknowledge that a violation or attempted violation of any of the provisions set forth in "Your Obligations" set forth herein will cause immediate and irreparable damage to the Company and/or an Affiliate, and therefore agree that the Company and/or an Affiliate shall be entitled as a matter of right to an injunction, from any court of competent jurisdiction, restraining any violation or further violation of any of the provisions set forth in "Your Obligations"; such right to an injunction, however, shall be cumulative and in addition to whatever other remedies the Company and/or an Affiliate may have under law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **<u>Suspension of Vesting</u>**

To the extent provided under "Section 11.2 – Amendment" in the Award Agreement, the Company reserves the right to suspend vesting of the CV Award and/or distribution of shares of Common Stock under the CV Award, including, without limitation, during any period that the Company is evaluating whether the CV Award is subject to cancellation and/or recovery and/or whether the conditions for distributions of shares of Common Stock under the CV Award are satisfied. The Company is not responsible for any price fluctuations during any period of suspension and, if applicable, suspended units will be reinstated consistent with Plan administration procedures. See "Section 10 - Rights as a Shareholder" in the Award Agreement.

**Limitation on Restrictions and Conditions**

Nothing in this <u>Appendix B</u> precludes you from reporting to the Company and/or an Affiliate's management or directors, the government, a regulator, a self-regulatory

Exhibit 10.35 -20- <br>

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agency, your attorneys or a court, conduct you believe to be in violation of the law or concerns of any known or suspected Code of Conduct violation. It is also not intended to prevent you from responding truthfully to questions or requests from the government, a regulator or in a court of law. The Company hereby provides, and you hereby acknowledge, the following notifications in accordance with the Federal Defend Trade Secrets Act of 2016 (18 U.S.C. § 1833(b)(1)):

&nbsp;&nbsp;&nbsp;&nbsp;(i) An individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (A) is made (1) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney; and (2) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.

Exhibit 10.35 -21- <br>

## Exhibit 10.36

Exhibit 10.36

**TRICO BANCSHARES**

**KEY MANAGEMENT CHANGE IN CONTROL SEVERANCE PLAN**

<br> **Article 1<br>ESTABLISHMENT AND PURPOSE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1Establishment of the Plan**. TriCo Bancshares (the "Company") hereby establishes a change in control severance plan to be known as the "TriCo Bancshares Key Management Change in Control Severance Plan" (the "Plan").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2Purpose of the Plan**. The Plan is designed to provide certain severance payments and other benefits to selected employees of the Company and its Subsidiaries in the event that their employment (1) is terminated by the Company without Cause or by the employee for Good Reason, and (2) such termination occurs within the one year period immediately following a Change in Control. The Plan is intended as an unfunded welfare benefit plan for purposes of ERISA, and a severance pay plan within the meaning of Department of Labor Regulation 2510.3-2(b).

**Article 2<br> DEFINITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1Whenever used in the Plan, the following terms shall have the meanings set forth below (such defined terms are in addition to terms defined elsewhere in the Plan) unless the context clearly indicates to the contrary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"Base Salary" means, except as may otherwise be specified in a Participant's Participation Agreement, the salary of record for the Participant in United States dollars as annual salary, whether or not deferred, but excluding all other amounts received, including bonus equity grants and other incentive or bonus compensation and benefits under pension, welfare and fringe benefit plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"Board" means the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"Cause" means and includes the occurrence of any of the following: (i) the Participant's indictment or charge (including any plea of guilty or nolo contendere) with any criminal act involving fraud, dishonesty, misappropriation or moral turpitude, or which impairs the Participant's ability to perform his or her duties with the Company or any Subsidiary, (ii) the Participant's repeated failure or inability to perform any reasonable assigned duties after written notice from the Company or any Subsidiary, and a reasonable opportunity to cure such failure or inability, (iii) the Participant's theft, dishonesty, willful misconduct, breach of fiduciary duty for personal profit, or falsification of any documents or records of the Company or any Subsidiary, (iv) any material breach by the Participant of any employment, service, confidentiality or other similar agreement between the Participant and the Company or any Subsidiary, as determined in good faith by the Company, which breach is not cured pursuant to the terms of such agreement, (v) the Participant's engagement in any conduct which is or can reasonably be expected to be materially detrimental or injurious to the business or reputation of the Company or any Subsidiary; (vi) the Participant's material failure to abide by the Company's or any Subsidiary's code of conduct or other policies (including, without limitation, policies relating to confidentiality and reasonable workplace conduct); (vii) the Participant's unauthorized use, misappropriation, destruction or diversion of any tangible or intangible asset or corporate opportunity of the Company or any Subsidiary (including, without limitation, the Participant's

A/75753443.4

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improper use or disclosure of the Company's or any Subsidiary's confidential or proprietary information); (viii) any intentional act by the Participant which has a material detrimental effect on the Company's or any Subsidiary's reputation or business; and/or (ix) the Participant's employment is terminated, or the Participant is barred from working for or being associated with any depository institution, pursuant to the final order of any bank regulatory agency. Any voluntary termination of employment or service by the Participant in anticipation of an involuntary termination of the Participant's employment or service, as applicable, for Cause shall be deemed to be a termination for Cause. A Participant's service shall be deemed to have been terminated for Cause if, after the Participant's service has terminated, facts or circumstances are discovered that would have justified a termination for Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"Change in Control" means the occurrence or consummation of any of the following events:

&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;(i)upon the Company's knowledge that any person (as such term is used in Section 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended) is or becomes "the beneficial owner" (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of shares representing forty percent (40%) or more of the combined voting power of the then outstanding securities of the Company; or

&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;(ii)the consummation of a merger or consolidation of the Company with or into another entity or any other corporate reorganization, if persons who were not shareholders of the Company immediately prior to such merger, consolidation or other reorganization own immediately after such merger, consolidation or other reorganization fifty percent (50%) or more of the voting power of the outstanding securities of the company resulting from such merger, consolidation or other reorganization.

&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;(iii)Notwithstanding the foregoing, such an occurrence shall constitute a "Change of Control" only if the occurrence is a "change in ownership," a "change in effective control" or a "change in the ownership of a substantial portion of the assets" (as such terms are defined for purposes of Section 409A of the Internal Revenue Code of 1986, as amended ("Section 409A")) of the Company or any parent thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)"Change in Control Benefits" means the benefits described in Article 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)"Code" means the Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)"Committee" means the Compensation and Management Succession Committee of the Board or any successor committee serving as the compensation committee of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)"Disability" means a physical or mental impairment which prevents a Participant from performing the essential functions of the Participant's position with the Company with or without reasonable accommodation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)"Effective Date of Termination" means the date on which a Participant's Termination of Employment occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)"ERISA" means the Employee Retirement Income Security Act of 1974, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)"Good Reason Termination" means the termination of a Participant's employment by a Participant pursuant to and in accordance with the procedures set forth in Section 3.2(b).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)"Good Reason" means, with respect to a particular Participant, the occurrence of any either or both of the following without the Participant's express written consent:

&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;(i)a reduction in the Participant's Base Salary; or

&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;(ii)the relocation of Participant's principal location of employment to any location more than 50 miles from Tri Counties Bank's headquarters as of the date of this Plan is adopted which, if different, is also more than 50 miles from the Participant's principal place of employment as of the date of the Participant's Participation Agreement, except for required travel on business of Employer to an extent substantially consistent with Employee's present business travel obligations, and that occurs after or in connection with the Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)"Involuntary Separation from Service" means the termination of a Participant's employment by the Company for any reason other than Cause, death of the Participant, or Disability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)"Notice of Good Reason" means a written notice stating all facts constituting a Good Reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)"Participant" means an employee of the Company or any Subsidiary who is part of a select group of management or highly compensated employees, who has been informed in writing that he or she is eligible for benefits under the Plan and who also enters into a Participation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)"Participation Agreement" means an agreement under this Plan in a form specified by the Company that is signed by the Participant and a duly authorized officer on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)"Target Bonus Amount" means, for any fiscal year, the amount of the Participant's target bonus for such fiscal year/performance period. If the Participant's target bonus award has not been determined with respect to a fiscal year/performance period, the Target Bonus Award shall be determined based on the Participant's actual annual bonus with respect to the immediately preceding fiscal year/performance period or, if none, the actual amount of the bonus, if any, paid to the Participant with respect to the immediately preceding fiscal year/performance period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)"Release" means a release agreement approved by the Company that is effective after the Effective Date of Termination, which will require the Participant to waive and release: all known and unknown claims and rights directly or indirectly arising from his or her employment and the termination of that employment or otherwise arising out of or relating in any way to any acts, circumstances, facts, transactions, omissions, or other subject matters, based on facts occurring prior to the time Participant executes the release agreement, including but not limited to any and all claims under applicable state and federal laws, including but not limited to claims under Title VII of the Civil Rights Act of 1964, as amended; Sections 1981 and 1983 of the Civil Rights Act of 1866; Executive Order 11,246; the Employee Retirement Income Security Act of 1974, as amended; the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA") and California "mini-COBRA"; the Family and Medical Leave Act; the Worker Adjustment and Retraining Notification Act and Cal WARN; the Rehabilitation Act of 1973; the Americans with Disabilities Act of 1990; the Equal Pay Act; Age Discrimination in Employment Act of 1967, as amended; the National Labor Relations Act; the Occupational Safety and Health Act; the Genetic Information Nondiscrimination Act; the California Family Rights Act; the California Fair Employment and Housing Act; the California

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Labor Code including Section 132a; the California Constitution; any California Wage Order; the California Private Attorney General Act of 2004; the California Confidentiality of Medical Information Act; the California Business & Professions and Government Codes; claims under any other federal, state or local law, regulation or common law, including but not limited to claims relating to wrongful or constructive termination, harassment, failure to prevent harassment, discrimination, retaliation, and denial of accommodation; claims for personal and physical injury, medical loss, negligence, invasion of privacy, defamation, and intentional or negligent infliction of emotional distress; claims for breach of contract (whether oral, written, implied or express), interference with contract, promissory estoppel, and breach of the implied covenant of good faith and fair dealing; claims for violation of public policy, tort and fraud; claims arising under the Plan or the Participant's Participation Agreement, any employment contract, offer letter, retention agreement, severance agreement, or severance policy; claims for wages, bonuses, commissions, overtime, meal periods, equity, severance pay and damages; claims for penalties, costs, interest, and attorneys' fees; and claims arising out of any wrongdoing whatsoever under any theory now or ever recognized. In releasing these claims against the Company and its Subsidiaries, Participant will release the officers, directors, shareholders, managers, affiliates, agents and representatives, successors and assigns of the Company and its Subsidiaries. Notwithstanding the foregoing, it is not a condition for Change in Control Benefits that a Participant agree to waive any rights to benefits for worker's compensation or unemployment compensation benefits; benefits under COBRA; any rights under state or federal law which may not be waived by a release agreement; or for any right to which Participant is vested under the employee benefit plans of the Company or its Subsidiaries to the extent they are identified in the Release, which claims will be preserved. Also, it shall not be a condition for Change in Control Benefits that the Participant waive any claims which arise from events occurring after the execution of the release of claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)"Subsidiary" means any entity in which the Company directly or indirectly owns a controlling interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)"Termination of Employment" with respect to a Participant means the Participant's "separation from service," as defined under Code Section 409A and Treasury Regulation Section 1.409A-1(h)(i), from the Company and its Subsidiaries (as applicable).

**Article 3<br>ELIGIBLE PARTICIPANTS.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1Designation of Eligibility**. The Board or the Committee shall determine whether an employee is initially eligible as a Participant, whether that Participant retains that eligibility to receive Change in Control Benefits under the Plan and the level of Change in Control Benefits to which that Participant may become entitled as provided herein. Eligibility decisions shall be made by official action of the Board or the Committee, or the individual or subcommittee to whom a delegation is made by the Board or the Committee. Subject to Sections 3.2 and 3.3, eligibility shall be effective on the date established by the Board or the Committee. Participants who become ineligible shall be informed in writing. If a Participant is notified of ineligibility or termination of the Plan, such notice shall be effective on the first anniversary of the date that the Participant is notified of that decision. Each Participant must acknowledge and agree, by executing the Participation Agreement: (a) to comply with certain confidentiality provisions; (b) that the Plan supersedes entirely any prior agreement, arrangement, plan or program for the payment of severance, salary continuation or the provision of other benefits in connection with a Change in Control; and (c) that Participant accepts the authority of the Board and the Committee under Article 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2Eligibility for Change in Control Benefits**. A Participant will be eligible for Change in Control Benefits under the Plan only if, during the period (a) commencing on the

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occurrence of a Change in Control and (b) ending on the date that that is one year following a Change in Control, one of the following occurs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**Involuntary Separation from Service**. The Participant has an Involuntary Separation from Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Good Reason Termination**. A Good Reason occurs and the Participant terminates employment with the Company pursuant to and in accordance with the procedures set in this Section 3.2(b). In the event a condition arises which may constitute a Good Reason, the Participant shall provide a Notice of Good Reason to the Company within 90 days of the initial existence of the Good Reason. Upon receiving a Notice of Good Reason, the Company shall be permitted a period of 30 days to remedy the condition. If such condition is not remedied within such 30-day period, the Participant shall terminate his or her employment within 60 days of providing the Notice of Good Reason to the Company. In the event the Participant does not notify the Company within 90 days of the initial existence of the Good Reason, or a Participant does not terminate his or her employment within 60 days of the later of providing the Notice of Good Reason to the Company, the Participant shall not be eligible for Change in Control Benefits under the Plan as a result of any Termination of Employment resulting from or relating to such Good Reason and any such Termination of Employment shall not constitute a Good Reason Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3Release**. A Participant will be eligible for Change in Control Benefits under the Plan only if, within 60 days after the Effective Date of Termination, he or she has signed and not revoked (if applicable) a Release, and such Release has become effective by its terms. In the event a Participant should fail to execute the Release within the above timeframe after the Effective Date of Termination, or should revoke the Release (if applicable), the Company shall not have any obligation to make the payments provided under the Plan. A Participant must also acknowledge in the Participation Agreement that the Change in Control Benefits must be repaid, and the payment of any future Change in Control Benefits, if any, will cease in the event that the Company determines, in its sole discretion, that the Participant has breached any post-employment obligations owed to the Company, including those set forth in any non-solicitation and confidentiality provision signed by the Participant, compliance therewith is an express condition precedent to the Change in Control Benefits. Once payments have been made under the Plan, the Company shall have no further severance obligations to the Participant, whether under another agreement or plan, and no additional severance will be payable in connection with the Participant's Termination of Employment; provided however, that the payment of benefits hereunder shall have no impact on retirement-type benefits such as those accrued under any supplemental executive retirement plans, deferred compensation plans or other pension benefit plans in which the Participant also participates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4Restrictions on Payments by the Company**. Anything in the Plan to the contrary notwithstanding, any Change in Control Benefits provided under the Plan are subject to and conditioned upon compliance with all applicable state and federal laws, rules and regulations, including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**Clawback and Offset**. To the extent permitted by applicable laws, any payments made under the Plan or any other compensation or benefit policy or agreement of the Company may be subject to forfeiture or repayment (such forfeiture or repayment a "clawback"), in the Plan Administrator's sole discretion and consistent with any clawback policy adopted by the Company, if the payment or benefit, right to receive payment or benefit, the award of any payment or benefit or vesting of any payment or benefit is based on performance metrics (including any financial reporting measure) that are determined to be materially inaccurate, manipulated or fraudulent in nature, and irrespective of any fault, misconduct or responsibility of, or by, any recipient of such payment or benefit, or such right to receive such payment or

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benefit. A financial reporting measure shall be deemed materially inaccurate if the Company is required to prepare a restatement due to the Company's material noncompliance (whether one occurrence or a series of occurrences of noncompliance) with any financial reporting requirement under the securities laws (including if the Company is required to prepare an accounting restatement to correct an error (or a series of errors)) and such restatement includes restatements that (1) correct errors that are material to previously issued financial statements (commonly referred to as "Big R" restatements), and (2) correct errors that are not material to previously issued financial statements, but would result in a material misstatement if (a) the errors were left uncorrected in the current report, or (b) the error correction was recognized in the current period (commonly referred to as "little r" restatements). If the Company determines that any payment or benefit, or right to receive such payment or benefit, or the award of any such payment or benefit or vesting of any such payment or benefit would be lower (or less advantages to the Participant) (with such difference, the "Excess Amount") if such payment or benefit, right to receive such payment or benefit, the award of any such payment or benefit or vesting of any such payment or benefit would have been determined based such restated amounts, the Excess Amount of such payment or benefit, or such right to receive such payment or benefit, or such award of any such payment or benefit or such vesting of any such payment or benefit, shall be forfeited or maybe be required to be repaid, as applicable. A financial reporting measure is any measure determined and presented in accordance with the accounting principles used in preparing the Company's financial statements, and any measure that a derived wholly or in part from such measures (including stock price and total shareholder return). For avoidance of doubt, financial reporting measures include "non-GAAP financial measures" for purposes of Securities Exchange Act of 1934 Regulation G and 17 CFR 229.10 as well other measures, metrics and ratios that are not non- GAAP measures, like same store sales. Financial reporting measures may or may not be included in a filing with the Securities and Exchange Commission, and may be presented outside the financial statements, such as in Management's Discussion and Analysis of Financial Conditions and Results of Operations or the performance graph. It is specifically understood that to the extent of an impact on amount of Excess Amount cannot be calculated directly from the information in an accounting restatement (e.g., if its impact is not clear on Company's stock price), such Excess Amount shall be based on a reasonable estimate by the Board (or an applicable committee thereof) of the effect of the accounting restatement on financial measure (including the stock price or total shareholder return) based upon which the such payment or benefit, right to receive such payment or benefit, the award of any such payment or benefit or vesting of any such payment or benefit was determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Plan Administrator shall have authority to determine the amount of the payment that may be forfeited or subject to repayment and may determine, in its sole discretion and calculated on a pre-tax basis, not to implement a clawback, unless the clawback is mandated by applicable laws. Unless otherwise paid back to the Company by the Participant, the Company shall have the right, in its sole and absolute discretion, to offset the amount of the payment that is to be forfeited or repaid under Section 3.4(a) against any current amounts due to the Participant, including, but not limited to, through the forfeiture or cancellation of any vested or unvested payments or benefits, cash repayment, or both. Notwithstanding any other provisions in this Plan, any compensation (whether under this Plan or otherwise) received by Participant which is subject to recovery under any applicable laws, government regulation or stock exchange listing requirement (or any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing requirement), will be subject to such deductions and clawback as may be required to be made pursuant to such applicable law, government regulation or stock exchange listing requirement (or any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing requirement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**Compliance with Banking Laws**. Any payments made pursuant to the Plan shall be subject to and conditioned upon compliance with 12 U.S.C. Section 1828(k) and any regulations promulgated thereunder. If any payments contemplated to be made by the

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Company pursuant to the Plan may not be made in compliance with 12 U.S.C. Section 1828(k) and any regulations promulgated thereunder on the Effective Date of Termination, such payments may never be made by the Company. In addition, any payments contemplated to be made by the Company pursuant to the Plan shall not be payable to the extent such payments are barred or prohibited by an action or order issued to the Company or any of its Subsidiaries by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the California Department of Financial Institutions or any other applicable banking regulatory agency.

**Article 4<br>CHANGE IN CONTROL BENEFITS** 

**<u>Article 5</u>**Provided that the conditions of Article 3 are satisfied, a Participant shall be entitled to receive the payments and benefits specified in the Participation Agreement or as otherwise specified below, in each case without duplication. Unless otherwise specified in a Participation Agreement, payments shall be made on the first regular payroll period following the sixtieth (60) day after the Effective Date of Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1Severance Payments**. A Participant shall be entitled to receive a lump sum payment equal to (a) a multiple (which may be a fractional amount or percentage) of his or her monthly Base Salary, as specified in his or her Participation Agreement *plus* (b) a multiple (which may be a fractional amount or percentage) of his or her Target Bonus Amount, if any, for the plan year in which the Effective Date of Termination occurs, as specified in his or her Participation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2Vested Benefits**. All other benefits to which the Participant has a vested right, as of the Effective Date of Termination, shall be paid or provided according to the provisions of the governing plan or program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3Changes in Benefits**. Any change to the Plan that reduces the Change in Control Benefits described in this Article 4 with respect to any Participation Agreement then in effect shall take effect one year after that change is adopted by official action of the Board or the Committee. The previous sentence notwithstanding, the Plan may be modified and altered at any time in order to comply with applicable laws, rules and regulations, including applicable listing standards of any exchange on which the Company's common stock is listed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4Tax Withholdings**. All payments described herein or in the Participation Agreement shall be reduced by applicable withholdings and paid pursuant to the Company's ordinary payroll practices. No interest shall accrue on any such payments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5Offset for Required Payments**. To the extent that a federal, state or local law, including, without limitation, the Federal Worker Retraining and Notification Act and similar state laws, including, without limitation, California Labor Code section 1400, *et seq.*) requires the Company to give advance notice or make a payment of any kind to a Participant because of that employee's involuntary termination of employment due to layoff, reduction in force, plant or facility closing, sale of business, change of control, or other similar event or reason (individually and/or collectively, as applicable, a "WARN Event"), the payments to which the Participant is eligible under the Plan shall be offset by the numbers of days' pay received: (a) in lieu of notice pursuant to WARN, or (b) during a leave of absence scheduled to comply with WARN ("WARN Leave of Absence Pay"). If the payment-in-lieu of notice or WARN Leave of Absence Pay exceeds the amount of the Participant's Change in Control Benefits, the Participant shall not be entitled to any additional Change in Control Benefits. Any payment required for a WARN Event will be made regardless of whether the Participant signs a Release.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6Limitation on Excess Parachute Payments**. In the event it shall be determined that any payment or distribution by the Company to or for the benefit of a Participant (whether paid or payable or distributed or distributable pursuant to the terms of this Plan or otherwise) (a "Payment") constitute "excess parachute payments" within the meaning of Section 280G of the Code, that are subject to the excise tax imposed by Section 4999 of the Code (or similar tax and/or assessment) (such taxes and assessments, together with any such interest and penalties, are hereinafter collectively referred to as the "Excise Tax"), and, if so, then Company shall pay or provide to Executive the greatest of the following, whichever gives the Participant the highest net after-tax amount (after taking into account federal, state, local and payroll taxes at the Participant's actual marginal rates and the Excise Tax): (1) all of the Payments or (2) Payments not in excess of the greatest amount of Payments that can be paid that would not result in the imposition of the excise tax under Section 4999 of the Code (the "Safe Harbor Amount"). Payments shall be made as follows: (A) if none of the Payments constitute nonqualified deferred compensation (within the meaning of Code Section 409A), then such reduction and/or repayment shall occur in the manner the Participant elects in writing prior to the date of Payment; or (B) if any Payment constitutes non-qualified deferred compensation or if the Participant fails to elect an order in the event that none of the Payments constitutes non-qualified deferred compensation (within the meaning of Code Section 409A), then the Payments to be reduced will be determined in a manner which maximizes the Participant's economic position and, to the extent the economic cost is equivalent between one or more Payments, such Payments will be reduced in the inverse order of when payment would have been made to the Participant, until the aggregate Payments payable to the Participant equal the Safe Harbor Amount (the "Reduced Amount"). The Company shall select a firm of certified public accountants of national standing (the "Accounting Firm"), which may be the firm regularly auditing the financial statements of the Company or any affiliate of the Company. The Accounting Firm shall make all determinations required to be made under this Section 4.6 and shall provide detailed supporting calculations to the Company and the Participant within 30 days after the Effective Date of Termination or such earlier time as is requested by the Company. Any such determination by the Accounting Firm shall be binding upon the Company and the Participant. The Accounting Firm shall determine which and how much of the Plan Payment shall be eliminated or reduced consistent with the requirements of this Section 4.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.7Code Section 409A**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)It is the Company's intention that amounts paid under the Plan shall not constitute "deferred compensation" as that term is defined under Code Section 409A and the regulations promulgated thereunder, because the amounts paid under the Plan are structured to comply with the "short-term deferral" exception to Code Section 409A as described in Treasury Regulations Section 1.409A-1(b)(4), and this Plan and any Participation Agreement shall be interpreted and administered in accordance with such intentions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding the foregoing, the Company does not warrant to any Participant that any amounts paid or benefits delivered under the Plan will be exempt from, or paid in compliance with, Code Section 409A. By executing a Participation Agreement, each Participant acknowledges and agrees that he or she bears the entire risk of any adverse federal, state or local tax consequences and penalty taxes which may result from payments under the Plan on a basis contrary to the provisions of Code Section 409A or comparable provisions of any applicable state or local income tax laws, and that in no event will the Company or any Subsidiary be required to pay any Participant any "gross up" with respect to any amounts payable by the Participant pursuant to Section 409A or comparable state or local tax laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding anything in this Plan or any Participation Agreement to the contrary, if, as of the date of his Termination of Employment, a Participant is deemed to be a "specified employee" of the Company for purposes of Code Section 409A, if and to the extent

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that any portion of the payments and benefits payable upon such Termination of Employment is subject to Code Section 409A, such portion shall not be paid to the Participant before the date that is six months after the Participant's Termination of Employment or, if earlier, the date of the Participant's death. Any portion of the payments and benefits so delayed shall be paid in a single lump sum without interest at the end of the required delay period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)In no event may a Participant, directly or indirectly, designate the calendar year of a payment under this Plan, and where a payment may occur in one year or the next, it shall be made in the second year. For purposes of Code Section 409A, a Participant's right to receive any installment payments pursuant to this Plan shall be treated as a right to receive a series of separate and distinct payments.

**Article 6<br>ADMINISTRATION PROVISIONS.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1Modification, Amendment or Termination**. The Plan has been adopted by the Board. The Board, the Committee, or a designee of the Board or the Committee may modify, amend or terminate the Plan in its sole discretion through a formal action of such individual or entity evidenced in writing. Any modifications or amendments to the Plan that adversely affect rights of Participants in the Plan shall not be effective until one year following the adoption of such modification or amendment. Any communications or other purported modifications to the Plan that have not been so adopted are void. Notwithstanding the foregoing, following a Change in Control, the Plan cannot be modified, amended or terminated, nor may the eligibility or level of participation of a Participant, as set forth in the applicable Participation Agreement, be revoked or modified, for one year following such Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2Claims and Appeals**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**Filing Claims**. Any Participant who believes he or she is entitled to Change in Control Benefits may file a claim for benefits with the Committee (or its designee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Notification to Claimant**. If a claim is wholly or partially denied, the Committee (or its designee) will furnish written or electronic notification (in accordance with Department of Labor Regulations Section 2520.104b-1(c)) of the decision to the Participant within 90 days of receipt of the claim in a manner calculated to be understood by the Participant. Such notification shall contain the following information:

&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;(1) the specific reason or reasons for the denial;

&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;(2) specific reference to pertinent Plan provisions upon which the denial is based;

&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;(3) a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary; and

&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) a description of the Plan's claims review procedures describing the steps to be taken and the applicable time limits to submit claims for review, including a statement of the Participant's right to bring a civil action under ERISA Section 502(a) following an adverse benefit determination on review.

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If special circumstances require an extension of time for the Committee (or its designee) to process the claim, the 90-day period may be extended for an additional 90 days. Prior to the termination of the initial 90-day period, the Participant shall be furnished with a written or electronic notice setting forth the reason for the extension. The notice shall indicate the special circumstances requiring an extension of time and the date by which the Committee (or its designee) expects to render the benefit determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**Review Procedure**. A Participant or his or her authorized representative may, with respect to any denied claim:

&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;(1) request a full and fair review upon a written application filed within 60 days after receipt by the claimant of written or electronic notification of the denial of his or her claim;

&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;(2) submit written comments, documents, records and other information relating to the claim for benefits; and

&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;(3) upon request, and free of charge, be provided reasonable access to and copies of documents and records and other information relevant to the claim for benefits.

Upon receipt of a timely, written application for review, the Committee (or its designee) shall undertake a review, taking into account all comments, documents, records and information submitted by the Participant relating to the claim without regard to whether the information was submitted or considered in the initial benefit determination. If the Participant (or his or her duly authorized representative) fails to appeal the initial benefit determination to the Committee (or its designee) in writing within the prescribed period of time, then the Committee's (or its designee's) adverse determination shall be final, binding and conclusive.

Any request or submission must be in writing and directed to the Committee (or its designee). The Committee (or its designee) will have the sole responsibility for the review of any denied claim and will take all steps appropriate in light of its findings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**Decision on Review**. The Committee (or its designee) will render a decision upon review no later than 60 days after receipt of the request for a review. If special circumstances (such as the need to hold a hearing on any matter pertaining to the denied claim) warrant additional time, the decision will be rendered as soon as possible, but not later than 120 days after receipt of the request for review. Written notice specifying the circumstances requiring an extension will be furnished to the Participant prior to the commencement of the extension. The decision on review will be in writing and will include specific reasons for the decision, written in a manner calculated to be understood by the Participant, as well as specific references to the pertinent provisions of the Plan on which the decision is based, including a statement of the Participant's right to bring a civil action under ERISA Section 502(a). If the decision on review is not furnished to the Participant within the time limits prescribed above, the claim will be deemed denied on review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)**Exhaustion of Remedies**. A Participant wishing to seek judicial review of an adverse benefit determination under the Plan, whether in whole or in part, must file any suit or legal action, including, without limitation, a civil action under ERISA Section 502(a), within one year of the date the final decision on the adverse benefit determination on review is issued or

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should have been issued or lose any rights to bring such an action. If any such judicial proceeding is undertaken, the evidence presented shall be strictly limited to the evidence timely presented to the Committee. A Participant may bring an action under ERISA only after he or she has exhausted the Plan's claims and appeal procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3Administration**. The Committee shall serve as the "Plan Administrator" of the Plan and the "named fiduciary" within the meaning of such terms as defined in ERISA. The Plan Administrator shall have full power and discretionary authority to determine eligibility for Change in Control Benefits and to construe the terms of the Plan, including, but not limited to, the making of factual determinations, the determination of all questions concerning benefits and procedures for claim review and the resolution of all other questions arising under the Plan. Change in Control Benefits under the Plan will be payable only if the Plan Administrator determines in the Plan Administrator's sole discretion that the Participant is entitled to them. The decisions of the Plan Administrator shall be final and conclusive with respect to all questions concerning the administration of the Plan upon all Participants, the Company, and all persons claiming through them.

The Plan Administrator may delegate to other persons responsibilities for performing certain of the duties of the Plan Administrator under the terms of the Plan and may seek such expert advice as the Plan Administrator deems reasonably necessary with respect to the Plan. The Plan Administrator shall be entitled to rely upon the information and advice furnished by such delegatees and experts, unless actually knowing such information and advice to be inaccurate or unlawful. The Plan Administrator has discretionary authority to grant or deny benefits under the Plan. In no event shall a Participant or any other person be entitled to challenge a decision of the Plan Administrator in court or in any other administrative proceeding unless and until the claim and appeals procedures established under the Plan have been complied with and exhausted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4Binding on Successors**. The Plan shall be binding on the Company's successors, including following a Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5No Assignment**. Change in Control Benefits payable under the Plan shall not be subject to anticipation, alienation, pledge, sale, transfer, assignment, garnishment, attachment, execution, encumbrance, levy, lien, or charge, and any attempt to cause such Change in Control Benefits to be so subjected shall not be recognized, except to the extent required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6No Employment Rights**. The Plan shall not confer employment rights upon any person. No person shall be entitled, by virtue of the Plan, to remain in the employ of the Company and nothing in the Plan shall restrict the right of the Company to terminate the employment of any employee or other person at any time, for any reason and with or without notice or cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7Plan Funding**. No employee shall acquire by reason of the Plan any right in or title to any assets, funds, or property of the Company. Any payment that becomes due under the Plan is an unfunded obligation and shall be paid from the general assets of the Company. No employee, officer, director or agent of the Company personally guarantees in any manner the payment of Change in Control Benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8Applicable Law**. The Plan shall be governed and construed in accordance with ERISA, and in the event that any reference shall be made to state law, the laws of the State of California shall apply, without regard to its conflicts of law provisions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.9Severability**. If any provision of the Plan is found, held or deemed by a court of competent jurisdiction to be void, unlawful or unenforceable under any applicable statute or other controlling law, the remainder of the Plan shall continue in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.10No Duplication of Benefits**. The payments and benefits under this Plan are intended to constitute the exclusive payments in the nature of severance or termination pay that shall be due to any Participant upon his or Termination of Employment in connection with a Change in Control, and shall be in lieu of and not in addition to any such other payments under any agreement, plan, practice or policy of the Company and its Subsidiaries. Accordingly, if a Participant is a party to an employment, severance, termination, salary continuation or other or similar agreement with, or is a participant in any other severance plan, practice or policy of, the Company or any of its Subsidiaries, the severance benefits to which the Participant is entitled under this Plan shall be reduced (but not below zero) by the amount of severance pay to which he or she is entitled under such other agreement, plan, practice or policy. The severance benefits to which a Participant is otherwise entitled under this Plan shall be further reduced (but not below zero) by (i) any cash payments to which the Participant may be entitled under any federal, state or local plant-closing (or similar or analogous) law (including, without limitation, pursuant to WARN and Cal-WARN); or (ii) the amount of short-term or long-term disability benefits payable to the Participant under any plan, program or arrangement of the Company or any of its Subsidiaries, in the event that the severance benefits payable hereunder do not reduce the amount of short-term or long-term disability benefits payable to the Participant under such plan, program, or arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.11Effective Date**. The Plan shall take effect as of March 19, 2024.

## Exhibit 10.37

Exhibit 10.37

**FORM OF**

**TRICO BANCSHARES<br>KEY MANAGEMENT CHANGE IN CONTROL SEVERANCE PLAN**

**<u>PARTICIPATION AGREEMENT</u>**

THIS PARTICIPATION AGREEMENT (this "Agreement") is made and entered into as of ______, 20__ (the "Effective Date") by and between [<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</u> (the "Participant") and TriCo Bancshares, a California corporation (the "Company"), on behalf of itself and any of its Subsidiaries or affiliates which employs the Participant.

The Participant has been designated as eligible to participate in the TriCo Bancshares Key Management Change in Control Severance Plan (the "Plan"). Intending to be legally bound by this Agreement, the parties agree as provided below. All capitalized words and phrases shall be either as defined herein or, if not so defined, as defined by the Plan, as applicable.

**1. Participation in the Plan; Offset of Any Other Rights to Change in Control Benefits**. I accept my designation as a Participant under the terms of the Plan and, pursuant thereto, I agree to forego entirely any other benefits or payments to which I may otherwise be entitled under the terms of any other policy, plan or program of the Company or any of its Subsidiaries, or agreement with the Company or any of its Subsidiaries, which provides for the payment of severance or change in control benefits, or salary continuation, in the event of my termination of employment in connection with a change in control of the Company. Therefore, this Agreement and the Plan supersede all prior agreements and understandings relating to or providing for severance or change in control benefits or salary continuation in the event of my termination of employment in connection with a change in control of the Company.

**2. Termination of Employment**. I acknowledge that I will be eligible for Change in Control Benefits under the Plan only if during the period (a) commencing on the occurrence of a Change in Control and (b) ending on the date that is one year following a Change in Control, one of the following occurs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.**I experience an Involuntary Separation from Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.**I experience a Good Reason Termination. In the event I believe I am eligible for Change in Control Benefits under the Plan due to the occurrence of a Good Reason, I shall provide a Notice of Good Reason to the Company within 90 days of the initial existence of the Good Reason. Upon receiving a Notice of Good Reason, the Company shall be permitted a period of 30 days to remedy the condition. If such condition is not remedied, I shall terminate my employment within 60 days of providing the Notice of Good Reason to the Company. In the event I do not notify the Company within 90 days of the initial existence of the Good Reason, or I do not terminate my employment within 60 days of providing the Notice of Good Reason to the Company, I acknowledge that I will not be eligible for Change in Control Benefits under the Plan as a result of any Termination of Employment resulting from or relating to such Good Reason and any such Termination of Employment shall not constitute a Good Reason Termination.

**3. Amount of Change in Control Benefits, Payment, etc**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.**In the event an Involuntary Separation from Service or Good Reason Termination occurs within the time period set forth in Article 2, so long as I sign and do not revoke the Release and otherwise comply with the terms, conditions, and restrictions provided in the Plan, I

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shall be entitled to a Change in Control Benefit, which shall be comprised of a lump sum payment equal to (a) [●] times my Base Salary plus (b) [●] times/a prorated portion of my Target Bonus Amount for the plan year in which my Effective Date of Termination occurs (based on the number of months of service completed for the fiscal year which my Effective Date of Termination occurs). The Change in Control Benefits in this paragraph shall be paid on the first regular payroll period following the 60th day after my Effective Date of Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.**I hereby accept my designation as eligible to participate in the Plan. I also accept the terms of the Plan and this Agreement, acknowledge that I have carefully reviewed the terms of the Plan and this Agreement, accept the authority of the Board and the Committee under Article 5 of the Plan and agree that nothing in this Agreement shall confer any employment rights or restrict the right of the Company or any of its Subsidiaries to terminate my employment at any time, for any reason and with or without notice or cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.**I hereby accept and acknowledge the provisions of the Plan provided for under Section 3.4 (Restrictions on Payments by the Company), including, but not limited to, (a) a clawback of any payments based on a performance metrics that are determined to be materially inaccurate, manipulated or fraudulent in nature pursuant to any clawback policy adopted by the Company; and (b) a requirement that payments made under the Plan comply with 12 U.S.C. Section 1828(k) and any action or order issued to the Company or any of its Subsidiaries by an applicable banking regulatory agency. I further acknowledge that the Company shall not be obligated to pay me any Change of Control benefits if I breach any of my post-employment obligations owed to the Company, including those set forth in this Agreement or any other confidentiality provision signed by me.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4.**I further acknowledge and agree that the Company may offset any amounts that are required to be paid back to the Company hereunder against any current amounts due to me from the Company or any Subsidiary, including, but not limited to, salary, incentive compensation, stock awards, severance, deferred compensation or any other funds due to me from the Company or any Subsidiary, to the extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5.**I further acknowledge and agree that the amounts payable to me under the Plan and this Agreement are the maximum pay and benefits payable by the Company and its Subsidiaries the event of my involuntary termination of employment. To the extent that a federal, state or local law, including, without limitation, the Federal Worker Retraining and Notification Act and similar state laws, including, without limitation, California Labor Code section 1400, *et seq*.) requires the Company or any Subsidiary to give advance notice or make a payment of any kind to me because of my involuntary termination of employment due to layoff, reduction in force, plant or facility closing, sale of business, change of control, or other similar event or reason (individually and/or collectively, as applicable, a "WARN Event"), the benefits to which I am eligible to receive under the Plan and this Agreement shall be offset by the numbers of days' pay received: (a) in lieu of notice pursuant to WARN, or (b) during a leave of absence scheduled to comply with WARN ("WARN Leave of Absence Pay"). Any payment required for a WARN Event will be made regardless of whether I sign the Release.

**4. Confidentiality**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.Confidential Information**. I recognize and acknowledge that all information pertaining to the affairs, business, clients, or customers of the Company or any of its Subsidiaries (any or all of such entities being hereinafter referred to as the "Business"), as such information may exist from time to time, other than information that the Company has previously made publicly available or which is in the public domain, is confidential information and is a unique and valuable asset of the Business, access to and knowledge of which are essential to the performance of my duties ("Confidential Information"). I shall not, except to the extent

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reasonably necessary in the performance of my duties under this Agreement, divulge to any person, firm, association, corporation, or governmental agency, any information concerning the affairs, business, clients, or customers of the Business (except such information as is required by law to be divulged to a government agency or pursuant to lawful process), or make use of any such information for my own purposes or for the benefit of any person, firm, association or corporation (except the Business) and shall use my reasonable best efforts to prevent the disclosure of any such information by others. All records, memoranda, letters, books, papers, reports, accountings, experience or other data, and other records and documents relating to the Business, whether made by me or otherwise coming into my possession, are confidential information and are, shall be, and shall remain the property of the Business. No copies thereof shall be made, and I agree, on termination of my employment or on demand of the Company, to deliver the same to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.Non-Solicitation Using Trade Secrets**. Unless otherwise provided in a writing signed by the parties, for a period of twelve (12) months following my Involuntary Separation from Service or Good Reason Termination (the "Protected Period"), my right to receive and retain Change in Control Benefits set forth in the Plan and this Agreement will be conditioned upon my not, either directly or indirectly, using the trade secrets of the Company (a) to solicit any customer or client of the Company or its subsidiaries with whom I came into contact as a direct result of my employment with the Company, and who remains a customer or client at the time of my Effective Date of Termination, for the account of any entity or person engaged in competition with the Company or any of its subsidiaries or (b) solicit or induce any employees or contractors of the Company or its subsidiaries who worked in the same geographic region of the Company as me to terminate their employment or retention with the Company or its subsidiaries or otherwise interfering with the relationship between the Company or its subsidiaries and their employees or contractors during the Protected Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.Remedies**. Compliance with Section 4 is an express condition precedent to Change in Control Benefits, and the Company's obligation to make payments under this Agreement and the Plan shall cease upon a violation of the preceding provisions of this Section 4, and the Company will be entitled to monetary damages upon any such violation of the preceding provisions of this Section 4 (in an amount not less than the value of the applicable Change in Control Benefits actually paid to me). In addition, I acknowledge that there would be no adequate remedy at law or in damages to compensate the Company for any violation of this Section 4, and agree that the Company shall be entitled to injunctive relief requiring specific performance by me of this Section 4 without the necessity of proving actual damages or the posting of a bond, and I consent to the entry thereof.

**5. Limitation on Excess Parachute Payments**. I understand that any Change in Control Benefits to which I would otherwise be entitled under the Plan and this Agreement are subject to reduction in accordance with the terms of the Plan by the Committee in order to avoid or mitigate the application of Section 280G of the Code.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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This Agreement has been duly executed and is effective as of the Effective Date first written above.

TRICO BANCSHARES

TRI COUNTIES BANK

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| | |
|:---|:---|
| By:<br>_________________________________ |  |
| Richard P. Smith<br>President & Chief Executive Officer<br>I hereby accept my eligibility to participate in the Change in Control Benefits described in this Agreement and the Plan and agree to be bound by the terms of the Plan and this Agreement. | Richard P. Smith<br>President & Chief Executive Officer<br>I hereby accept my eligibility to participate in the Change in Control Benefits described in this Agreement and the Plan and agree to be bound by the terms of the Plan and this Agreement. |
|  | <br>_____________________________________<br>Participant |

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[SIGNATURE PAGE TO CHANGE IN CONTROL PLAN PARTICIPATION AGREEMENT]

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## Exhibit 19.1

Exhibit 19

**TRICO BANCSHARES INSIDER TRADING POLICY 2026**

**Policy**

**Introduction**

The Board of Directors of TriCo Bancshares has adopted this policy to provide guidelines to all directors, officers, employees and consultants of TriCo with respect to trading in TriCo securities, as well as the securities of publicly traded companies with whom TriCo has a business relationship / certain other publicly traded companies as described in this policy.

This policy has been designed to prevent insider trading and other activities which may lead to allegations of insider trading; as well as to educate certain Company personnel regarding trading requirements. Your strict adherence to this policy will help safeguard TriCo's reputation and will further ensure that TriCo conducts its business with the highest level of integrity and in accordance with the highest ethical standards. Each TriCo associate is responsible for the consequences of his or her actions. You are responsible for understanding and complying with this policy.

Federal and state securities laws prohibit the purchase or sale of a company's securities by anyone who is aware of material information about that company that is not generally known or available to the public. These laws also prohibit anyone who is aware of material nonpublic information from disclosing this information to others who may trade. Companies and their controlling persons may also be subject to liability if they fail to take reasonable steps to prevent insider trading by company personnel.

It is important that you understand the breadth of activities that constitute illegal insider trading and the consequences, which can be severe. Cases have been successfully prosecuted against trading by associates through foreign accounts, trading by family members and friends, and trading involving only a small number of shares. Both the U.S. Securities and Exchange Commission (the "SEC") and the Financial Industry Regulatory Authority ("FINRA") investigate and are highly effective at detecting insider trading. Both the SEC and the U.S. Department of Justice pursue insider trading violations vigorously.

**Sanctions and Penalties**

Violations of the insider trading laws can result in severe civil and criminal sanctions. For example, under U.S. securities laws, individuals may be subject to imprisonment for up to 20 years, criminal fines of up to about $5 million and civil fines of up to three times the profit gained, or loss avoided. Failure to comply with this policy may also subject you to sanctions imposed by TriCo, up to and including immediate dismissal for cause, whether or not your failure to comply with this policy results in a violation of law.

**Responsibilities and Authorities**

***Any employee, officer or director who knows of or suspects any insider trading violation by any other employee, officer, or director, should report the violation immediately to our internal Legal Department or by calling our anonymous hotline, 844-920-1189 or visit tcbk.ethicspoint.com, to report such violations.***

**Board of Directors Responsibilities** 

The Board of Directors is responsible to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Maintain and annually review this policy;

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Exhibit 19

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Oversee promotion and enforcement of this policy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Oversee any investigations of any tips or complaints regarding potential insider trading.

The Board has appointed oversight of enforcement of this Policy to the Company's Secretary and the Company's CEO/President.

**Management Responsibilities**

The General Counsel is responsible for ensuring it is distributed to all applicable Designated Persons and any other persons or vendors deemed appropriate to receive a copy as determined in accordance with this Policy.

**Scope of This Policy**

***Persons Subject to This Policy.*** As a director, officer, employee or consultant of TriCo or its subsidiaries, this policy applies to you. The same restrictions that apply to you apply to your family members who reside with you, anyone else who lives in your household, and any other person or entity (for example, family members who do not live in your household, a trustee of a trust, an executor of an estate or a custodian) but whose transactions in TriCo securities are directed by you or are subject to your influence or control (such as parents or children who consult with you before they trade in TriCo securities). You are responsible for making sure that any transaction in securities covered by this policy by any of these people complies with this policy.

***Transactions Subject to This Policy.*** Except as provided below, this policy applies to any and all transactions in the Company's securities, including transactions in common stock, options, preferred stock, restricted stock, restricted stock units, and any other type of securities that the Company may issue. This Policy applies to such securities regardless of whether they are held in a brokerage account, a trust account, a retirement account, margin account or any other holding arrangement. As noted herein, the policy also can be applicable to securities of other companies.

**STANDARDS**

**Definition of Material Non-Public Information**

"Material non-public information" is any material information about TriCo that has not yet become publicly available.

Information is "material" if a reasonable investor would likely consider it important in making a decision to buy, hold or sell securities. Any information that could reasonably be expected to affect the price of the security is material. The information may be positive or negative. Financial information is frequently material, even if it covers only part of a fiscal period or less than all of TriCo's operations, since either of these might convey enough information about TriCo's consolidated results to be considered material information. Other common examples of information that may be material include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information regarding sales, revenues or earnings (including projections);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial forecasts of any kind, including earnings estimates or changes in previously announced earnings estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• major changes in previously disclosed financial information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• business trends and metrics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the possibility of mergers, acquisitions, investments or divestitures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developments in products or services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• gain or loss of customers;

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Exhibit 19

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• execution or termination of contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financings or restructurings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• non-recurring gains or losses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in business strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developments in litigation or government investigations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• public or private debt or equity offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• TriCo share repurchases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory developments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• stock splits or dividend information.

It is not possible to define all categories of material information, and you should recognize that the public, the media, and the courts may use hindsight in judging what is material. Therefore, it is important to err on the side of caution and assume information is material if there is any doubt.

Information is "non-public" if it is not generally known or available to the public. Information may still be non-public even though it is widely known within TriCo.

Release of information to the media does not immediately mean the information has become publicly available. Information is considered to be available to the public only when it has been released broadly to the marketplace (such as by a press release or an SEC filing) and the investing public has had time to absorb and evaluate it. Ordinarily, information about TriCo should not be considered public until at least two full trading days have passed following its formal release to the market. For example, if TriCo announces earnings before trading begins on a Tuesday, the first time you can buy or sell TriCo securities is the opening of the market on Thursday (assuming you are not aware of other material non-public information at that time). If, however, TriCo announces earnings after trading begins that Tuesday, the first time you can buy or sell TriCo securities is the opening of the market on the Friday following the announcement.

**<u>Requirements Applicable to Everyone</u>**

***No trading in TriCo securities while aware of material non-public information***

You are prohibited from engaging in any transaction in TriCo securities while aware of material non-public information about TriCo. It makes no difference whether or not you relied upon or used material non-public information in deciding to trade – if you are aware of material non-public information about TriCo, the prohibition applies. You should avoid even the appearance of an improper transaction to preserve TriCo's reputation for adhering to the highest ethical standards of conduct.

This prohibition covers virtually all transactions in TriCo securities. "Securities" includes common stock, options to purchase common stock, debt securities, preferred stock, and derivative securities such as put and call options, warrants, swaps, caps, and collars. Transactions in TriCo securities include purchases, sales, pledges, hedges, loans, and gifts of TriCo securities, as well as other direct or indirect transfers of TriCo securities. Certain of these transactions are addressed in more detail below and may not be permitted under this policy. This prohibition extends to trades of TriCo securities in which you have any "beneficial" or other interest, or over which you exercise investment control, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions in TriCo securities held in joint accounts or accounts of persons or entities controlled directly or indirectly by you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions in TriCo securities for which you act as trustee, executor, or custodian; and

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Exhibit 19

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions in any other account or investment involving in any way any TriCo securities over which you exercise any direct or indirect control.

**Exceptions**

*Stock Option Exercises.* This prohibition does not apply to the exercise of stock options issued under TriCo plans if the exercise price is paid in cash or through TriCo withholding a portion of the shares underlying the options. Similarly, TriCo may withhold underlying shares to satisfy tax withholding requirements. This prohibition does apply, however, to sales of the underlying stock and broker-assisted cashless exercises of options, as well as to any other market sales for the purpose of generating the cash needed to cover the costs of exercise.

*Vesting of Restricted Stock or Settlement of RSUs/PSUs.* This prohibition does not apply to the automatic deduction of shares by TriCo from your restricted stock or RSUs/PSUs account to satisfy the minimum statutory tax withholding liability upon the vesting of restricted stock or settlement of performance stock units. The prohibition does apply, however, to any open market sale of vested shares, including to satisfy tax liabilities.

*Dividend Reinvestment Plan.* This prohibition does not apply to purchases of TriCo stock under a dividend reinvestment plan that results from your reinvestment of dividends paid on TriCo stock held in such plan; provided your entering into such plan was during a period you were not aware of any material non-public information and (if you are a Designated Person) and was not during a quarterly blackout period. This prohibition does apply, however, to other purchases of TriCo stock under the plan that result from additional contributions you choose to make to the dividend reinvestment plan, or to increases or decreases in your level of participation in the plan. This prohibition also applies to your sale of any TriCo securities purchased pursuant to the plan.

*Certain Transfers.* This prohibition does not apply to the transfer of shares to an entity that does not involve a change in the beneficial ownership of the shares (for example, to a trust of which you are the sole beneficiary).

*10b5-1 Plans.* This prohibition does not apply to trades made pursuant to a valid "10b5-1 plan" approved by TriCo as described below.

***No trading in securities of other companies while aware of material non-public information***

TriCo may engage in business transactions with companies whose securities are publicly traded. These transactions may include, among other things, mergers, acquisitions, divestitures or renewal or termination of significant contracts or other arrangements. Information learned in connection with these transactions or relationships may constitute material non-public information about the other company. In addition, you may learn of other material non-public information while with TriCo relevant to the securities of other companies. You are prohibited from trading in the securities of these companies while aware of material non-public information about the companies and from communicating that information to any other person for such use.

***No "tipping" of material non-public information***

You may not pass material non-public information about TriCo or any other company on to others or otherwise make unauthorized disclosure or use of this information, regardless of whether you profit or intend to profit by the tipping, disclosure, or use. This practice, known as "tipping," also violates the securities laws

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Exhibit 19

and can result in the same civil and criminal penalties that apply to insider trading, even though you did not trade and did not gain any benefit from another's trading.

***Frequent trading of TriCo securities is strongly discouraged***

Frequent trading of TriCo securities can create an appearance of wrongdoing even if the decision to trade was based solely on public information such as stock price ranges and other market events. You are strongly discouraged from trading in TriCo securities for short-term trading profits. Daily or frequent trading, which can be time-consuming and distracting, is strongly discouraged. TriCo reserves the right to request brokerage account statements to assure compliance with this and other provisions of the policy.

***No trading on rumors***

Rumors within TriCo concerning matters which, if true, would be material non-public information are deemed to constitute material non-public information for purposes of this policy. Accordingly, you should not trade on the basis of these rumors.

***Material non-public information must be kept confidential***

Material non-public information about TriCo or its business partners is the property of TriCo, and unauthorized disclosure or use of that information is prohibited. That information should be maintained in strict confidence and should be discussed, even within TriCo, only with persons who have a "need to know." You should exercise the utmost care and circumspection in dealing with information that may be material non-public information. Conversations in public places, such as hallways, elevators, restaurants, and airplanes, involving information of a sensitive or confidential nature should be avoided. Written information should be appropriately safeguarded and should not be left where it may be seen by persons not entitled to the information. The unauthorized disclosure of information could result in serious consequences to TriCo, whether or not the disclosure is made for the purpose of facilitating improper trading in securities.

***Participation in electronic bulletin boards, chat rooms, blogs or websites must be consistent with this Policy***

Any written or verbal statement that would be prohibited under the law or under this policy is equally prohibited if made on electronic bulletin boards, chat rooms, blogs, websites or any other form of social media, including the disclosure of material non-public information about TriCo or material non-public information with respect to other companies that you come into possession of as an associate of TriCo.

***Public disclosures should be made only by authorized officers***

No individuals other than specifically authorized personnel should release material information to the public or respond to inquiries from the media, analysts, investors, or others outside of TriCo. You should not respond to these inquiries unless expressly authorized to do so and should refer any inquiries to the Chief Executive Officer or the Chief Financial Officer.

***Post-employment transactions may be prohibited***

The portions of this policy relating to trading while in possession of material non-public information and the use or disclosure of that information continue to apply to transactions in TriCo securities even after termination of employment or association with TriCo. If you are aware of material non-public information about TriCo when your employment or other business relationship with TriCo ends, you may not trade in TriCo securities or disclose the material non-public information to anyone else until that information is made public or becomes no longer material.

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***Exceptions***

In certain limited circumstances, a transaction otherwise prohibited by this policy may be permitted if, prior to the transaction, the General Counsel determines that the transaction is not inconsistent with the purposes of this policy. ***The existence of a personal financial emergency does not excuse you from compliance with this policy and will not be the basis for an exception to the policy for a transaction that is inconsistent with the purposes of the policy.***

**<u>Additional Requirements Applicable to Designated Persons</u>**

**"Designated Persons"** are those who are at an enhanced risk of possessing inside information and who therefore must exercise greater diligence to comply with insider trading prohibitions. This group includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all members of the Board of Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each officer of the Company who has been designated by the Board of Directors as an "executive officer" for the purposes of the reporting requirements of Section 16 of the Securities Exchange Act of 1934, as amended

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any additional persons that the Company may from time to time designate as being subject to these additional restrictions because of their position with the Company and access to material non-public information.

This list shall be periodically updated by the General Counsel in consultation with TriCo's Chief Executive Officer, Chief Financial Officer, and other senior executive officers. Updates to the list do not require additional approvals. The General Counsel will notify you if you are considered a Designated Person under this policy.

If you are a Designated Person that is not a director or executive officer, the procedures set forth in this section of the policy will cease to apply to your transactions in TriCo securities upon the expiration of any blackout period that is applicable to your transactions at the time your employment or other relationship with TriCo ends. Directors will remain Designated Persons for a period of six months following the last day of service as a director of TriCo, and executive officers will remain Designated Persons for a period of six months following the last day of employment with TriCo. This period will be longer if you remain in receipt of material non-public information after your departure.

***Quarterly blackout periods***

No Designated Person may trade in TriCo securities during a quarterly blackout period, regardless of whether they are then actually aware of material non-public information.

A quarterly blackout period is in effect with respect to each quarterly earnings announcement, starting on the close of trading on the 15th day of the third month of the applicable TriCo fiscal quarter and ending when two full trading days have passed following the public announcement of TriCo's quarterly financial results; provided you have been notified that the blackout period has ended. TriCo has selected this period because it is the time when there is likely to be material non-public information about TriCo that may be available to Designated Persons.

------

Exhibit 19

For certain Designated Persons designated by the General Counsel, in consultation with the Chief Executive Officer and the Chief Financial Officer from time to time, the quarterly blackout period may start prior to close of the 15th day of the third month of the quarter.

Notwithstanding the above, a quarterly blackout period does not prohibit trading in TriCo securities pursuant to a valid pre-existing 10b5-1 plan approved by TriCo as described below.

***Event-specific blackout periods***

Although you are always responsible for monitoring for yourself whether you possess material non-public information, from time-to-time TriCo may decide to impose a special trading blackout on those Designated Persons who are aware of particular information that TriCo determines may be considered material non-public information. This kind of trading blackout may be imposed in connection with a potential acquisition, a financial analyst conference, an anticipated positive or negative earnings surprise or other material development. If you are subject to the blackout, you may not trade in any TriCo securities, except pursuant to a 10b5-1 plan previously approved by TriCo, until notified that the blackout has ended.

The General Counsel, in consultation with the Chief Executive Officer and the Chief Financial Officer, will determine whether an event-specific blackout should be imposed. The existence of an event-specific blackout will not be generally announced. If you are covered by the event-specific blackout, the General Counsel will notify you. Any person made aware of an event-specific blackout should not disclose the existence of the blackout to anyone else.

***Trading pre-clearance requirement for certain Designated Persons***

Certain Designated Persons designated by the General Counsel, in consultation with the Chief Executive Officer and the Chief Financial Officer from time to time, must obtain pre-clearance by TriCo's General Counsel or, in his or her absence, TriCo's Chief Financial Officer (each an "Approving Person") before engaging in any transaction involving TriCo securities, including, but not limited to, purchases, sales, and gifts. Those Designated Persons who are required to obtain pre-clearance will be notified from time to time by the General Counsel of the applicable pre-clearance or other procedures applicable to them. The following Designated Persons are always subject to pre-clearance: directors and "executive officers" as defined in Section 16 of the Exchange Act. Each Approving Person should consult with the other Approving Person, or his or her designee, prior to granting pre-clearance for trades. Neither Approving Person may engage in a transaction in TriCo securities unless the other Approving Person has pre-cleared the transaction.

The Approving Persons are under no obligation to approve a transaction submitted for pre-clearance and may determine not to permit a transaction, even if it would not violate the federal securities laws or a specific provision of this policy. In certain circumstances, other employees may be asked to clear with an Approving Person all proposed transactions before initiating them. The fact that a particular intended trade has been denied pre-clearance should be treated as confidential information and should not be disclosed to any person unless authorized by the Approving Person.

If a request for pre-clearance is approved, you have four business days to affect the transaction (or, if sooner, before commencement of a quarterly or event-specific blackout period). Under no circumstance may a person trade while aware of material non-public information about TriCo, even if pre-cleared. Thus, if you become aware of material non-public information after receiving pre-clearance, but before the trade has been executed, you must not affect the pre-cleared transaction.

------

Exhibit 19

TriCo's approval of any particular transaction under this pre-clearance procedure does not insulate any Designated Person from liability under the securities laws. Under the law, the ultimate responsibility for determining whether an individual is aware of material non-public information about TriCo rests with that individual in all cases.

***No short sales of TriCo securities***

You may not engage in short sales of TriCo securities (sales of securities that are not then owned), including "sales against the box" (short sales not exceeding the number of shares already owned). Generally, short sales are transactions whereby a person will benefit from a decline in the price of the securities, and TriCo believes it is inappropriate for associates to engage in these transactions with respect to TriCo securities.

***No trading in derivatives of TriCo***

You may not trade in derivatives of a TriCo security, such as exchange-traded put or call options and forward transactions.

***No hedging transactions***

Certain forms of hedging or monetization transactions may offset a decrease, or limit your ability to profit from an increase in the value of TriCo securities you hold, enabling you to continue to own TriCo securities without the full risks and rewards of ownership. TriCo believes that such transactions separate the holder's interests from those of other stockholders. Therefore, you and any person acting on your behalf are prohibited from purchasing any financial instruments (such as prepaid variable forward contracts, equity swaps, collars or exchange funds) or otherwise engaging in any transactions that hedge or offset any decrease in the market value of TriCo securities or limit your ability to profit from an increase in the market value of TriCo securities.

***No margin accounts or pledges***

Securities held in a margin account or pledged as collateral for a loan may be sold without your consent by the broker if you fail to meet a margin call or by the lender in foreclosure if you default on the loan. Because a margin or foreclosure sale may occur at a time when you are aware of material nonpublic information or otherwise are not permitted to trade in TriCo securities, you are prohibited from holding TriCo securities in a margin account or pledging TriCo securities as collateral for a loan.

***Limited use of standing orders***

Standing orders should be used only for three business days. A standing order placed with a broker to sell or purchase stock at a specified price leaves you with no control over the timing of the transaction. A standing order transaction executed by the broker when you are aware of material nonpublic information may result in unlawful insider trading. A standing order incorporated into a 10b5-1 plan approved by TriCo is permitted.

**10b5-1 Plans**

SEC Rule 10b5-1(c) of the Securities Exchange Act of 1934 permits corporate insiders to establish written trading plans (commonly referred to as "10b5-1 plans") that can be useful in enabling insiders to plan ahead without fear that they might become exposed to material non-public information that will prevent them from trading. Where a valid 10b5-1 plan has been established at a time when the insider was not in possession of material non-public information, trades executed as specified by the plan do not violate the securities laws or this policy even if the insider is in possession of material non-public information at the time the trade is executed. Trades executed as specified by the plan are not subject to the pre-clearance requirement.

To qualify as a 10b5-1 plan for purposes of this policy, the plan must meet the following requirements:

------

Exhibit 19

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It must be reviewed and approved in advance by the General Counsel at least five business days in advance of being entered into (or, if revised or amended, such proposed revisions or amendments have been reviewed and approved by the General Counsel at least five business days in advance of being entered into);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It provides that no trades may occur thereunder until expiration of the applicable cooling-off period specified in Rule 10b5-1(c)(ii)(B), and no trades occur until after that time. The appropriate cooling-off period will vary based on your status with the Company. For directors and officers, the cooling-off period ends on the later of (x) ninety days after adoption or certain modifications of the 10b5-1 plan; or (y) two business days following disclosure of the Company's financial results in a Form 10-Q or Form 10-K for the quarter in which the 10b5-1 plan was adopted. For all others, the cooling-off period ends 30 days after adoption or modification of the 10b5-1 plan. This required cooling-off period will apply to the entry into a new 10b5-1 plan and any revision or modification of a 10b5-1 plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is entered into in good faith, and not as part of a plan or scheme to evade the prohibitions of Rule 10b5-1, at a time when you are not in possession of material nonpublic information about the Company; and, if you are a director or officer, the 10b5-1 plan must include representations certifying to that effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It gives a third party the discretionary authority to execute such purchases and sales, outside your control, so long as such third party does not possess any material nonpublic information about the Company; or explicitly specifies the security or securities to be purchased or sold, the number of shares, the prices and/or dates of transactions, or other formula(s) describing such transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is your only outstanding approved 10b5-1 plan with the Company (subject to the exceptions set out in Rule 10b5-1(c)(ii)(D)).

No 10b5-1 plan may be adopted during a blackout period. The General Counsel may consider additional factors in approving a 10b5-1 plan, including, but not limited to, compliance with TriCo's applicable minimum stock ownership guidelines. These pre-planned trading programs are available only to corporate officers and such other TriCo employees as may be designated from time to time by the Chief Executive Officer, the Chief Financial Officer, and the General Counsel. For more information about how to establish a 10b5-1 plan, please contact the General Counsel. TriCo reserves the right to disapprove any submitted plan.

**Other Securities Matters – Section 16 Insiders**

***Short-Swing Profits.*** Executive officers, directors and holders of 10% or more of the Company's securities as defined in Section 16 of the Exchange Act are liable for any "short-swing" profits from purchases and sales of the Company's securities under Section 16(b) of the Exchange Act. The practical effect of this section provides that any such person who makes both a purchase and sale (or a sale and purchase) of the Company's securities within a period of six months must pay to the Company the excess of the sale price over the purchase price even if no real profit was made. This obligation exists whether or not the person had knowledge of any material nonpublic information. Under Section 16, the receipt of options under the Company's stock option plans, the exercise of that option and the purchase of Company common stock through our ESOP or 401(k) plan is not subject to these restrictions; however, the sale of any such shares purchased is subject to this six-month rule.

***Filing Disclosures.*** Directors and "executive officers" as defined in Section 16 of the Exchange Act are required to file forms with the Securities and Exchange Commission disclosing certain acquisition or

------

Exhibit 19

disposition activity in Company securities (i.e., on Form 3, Form 4, and Form 5). Disclosure of trading by these persons may be required within two business days following any trading activity in Company securities.

***Brokerage Accounts.*** Directors and "executive officers" as defined in Section 16 of the Exchange Act ("Section 16 Persons") should use only a broker who is familiar with the requirements of Section 16 under the Exchange Act, Rule 144 under the Securities Act of 1933, and this Policy. Section 16 Persons and directors must report to the General Counsel any brokerage account that they directly or indirectly hold or trade in TriCo stock. Such initial information shall include the name, address and phone number of the brokerage firm and an individual contact at the brokerage firm that is familiar with the individual's account. The broker shall be required to maintain appropriate controls on the account to avoid inadvertent trading in violation of Section 16. The General Counsel shall determine whether the broker meets these requirements, including the ability to comply with Section 16. The broker will be responsible to provide periodic updates/reports on any TriCo stock holdings or transactions in TriCo stock by the insider and proof of compliance to the General Counsel as requested. Section 16 Persons should remember that a broker has no legal responsibility for a client's Section 16 filings, short-swing profit rule violations, or compliance with this policy.

**Inquiries**

Any questions about this policy, its application to a proposed transaction, or the requirements of applicable laws should be directed to the General Counsel.

**Definitions**

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| | |
|:---|:---|
| **Term** | **Definition** |
| **Company or TriCo** | Trico Bancshares and its subsidiaries, including but not limited to, Tri Counties Bank |
| **Designated Persons** | Designated Persons include:<br>A.Each director of TriCo Bancshares or its subsidiaries (the "Company");<br>B.Each officer of the Company who has been designated by our board of directors as an "executive officer" for purposes of the reporting requirements and trading restrictions of Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"); and<br>C.Any additional persons that the Company may from time to time designate as being subject to this policy because of their position with the Company and access to material nonpublic information. |
| **Trading Window** | The period of time that: (i) begins after the close of trading two full trading days following the Company's quarterly earnings release and (ii) ends at the close of trading on the 15th day of the third month of each fiscal quarter (i.e., March, June, September and December). |
| **Puts & Calls** | Publicly traded options to sell or buy stock. |
| **Insider Trading** | Trading of a public company's stock or other securities (such as bonds or stock options) by individuals with access to non-public information about the company. |

---

------

Exhibit 19

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| | |
|:---|:---|
| **Term** | **Definition** |
| **Safe Harbor** | A provision of a statute or a regulation that specifies that certain conduct will be deemed not to violate a given rule. |
| **Blackout Period** | A period when a public company's directors, officers, and specified employees cannot trade the company's stock. |
| **Margin Account** | An account offered by brokerages that allows investors to borrow money to buy securities. |
| **Broker** | Individuals who bring together buyers and sellers of investments. They are usually required to be licensed to act on behalf of buyers and sellers of stock. |
| **Short swing profit** | Profits made from the purchase and sale of company stock if both transactions occur within a six-month period. |
| **RSU** | A Restricted Share Unit (RSU) is a vehicle the Board may use from time to time, to grant Company stock as a compensation award to certain employees. These units (equal in value to one share of common stock of the Corporation) are restricted until a specified vesting period has passed. |
| **PSU** | A Performance Share Unit (PSU) is a vehicle the Board may use from time to time, to grant Company stock as a compensation award to certain employees based upon achievement of pre-established performance targets. These units (equal in value to one share of common stock of the Corporation) are restricted until a vesting period has passed, as outlined in the Company's Equity Plan or agreed to as set forth at the time of the grant. |
| **Approval Persons** | The individuals appointed to review and approve pre-clearance trading requests. |

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------

Exhibit 19

**ATTACHMENT A – Insider Trading Pre-Clearance Request Form**

**TRICO BANCSHARES**

**INSIDER TRADING PRE-CLEARANCE REQUEST**

&nbsp;&nbsp;&nbsp;&nbsp;Individual Proposing to Trade:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Proposed Trade:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Proposed Trade Date:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;<u>Trading Window</u>. Confirm that the trade will be made during a trading window.

&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 16 Compliance</u>. Confirm, if the individual is an executive officer or director subject to Section 16 of the Securities Exchange Act of 1934, that the proposed trade will not give rise to any potential liability under Section 16 as a result of matched past (or intended future) transactions, or will not otherwise violate Section 16 trading prohibitions.

Also, ensure that a Form 4 has been or will be completed and will be timely filed.

&nbsp;&nbsp;&nbsp;&nbsp;<u>Rule 144 Compliance</u>. Confirm proposed trade is under Rule 144 (generally, sales by directors, executive officers, 10% stockholders, or any shares previously issued without registration), that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current public information requirement has been met;

&nbsp;&nbsp;&nbsp;&nbsp;Shares are not restricted or, if restricted, the one-year holding period has been met;

&nbsp;&nbsp;&nbsp;&nbsp;Volume limitations are not exceeded (confirm the individual is not part of an aggregated group);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The manner of sale requirements have been met; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notice of Form 144 has been completed and filed.

&nbsp;&nbsp;&nbsp;&nbsp;<u>Rule 10b-5 Concerns</u>. Confirm that (i) the individual has been reminded that trading is prohibited when in possession of any material information regarding the Company that has not been adequately disclosed to the public, and (ii) the Authorized Outside Counsel has discussed with the individual any information known to the individual or the Authorized Outside Counsel which might be considered material, so that the individual has made an informed judgment as to the presence of inside information.

Date: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

General Counsel

Date: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Signature of Designated Person

## Exhibit 23.1

Exhibit 23.1

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the Registration Statements on Form S-3 (No. 333-272332) and Form S-8 (No. 333-236916) of TriCo Bancshares (the "Company") of our report dated March 2, 2026, relating to the consolidated financial statements of the Company and the effectiveness of internal control over financial reporting of the Company, appearing in this Annual Report on Form 10-K of the Company for the year ended December 31, 2025.

/s/ Baker Tilly US, LLP

San Francisco, California

March 2, 2026

## Exhibit 31.1

**Exhibit 31.1**

Rule 13a-14(a)/15d-14(a) Certification of CEO

I, Richard P. Smith, certify that;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this report on Form 10-K of TriCo Bancshares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiary, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 2, 2026 | /s/ Richard P. Smith |
| | Richard P. Smith |
| | President and Chief Executive Officer |

---

## Exhibit 31.2

**Exhibit 31.2**

Rule 13a-14(a)/15d-14(a) Certification of CFO

I, Peter G. Wiese, certify that;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this report on Form 10-K of TriCo Bancshares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiary, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 2, 2026 | /s/ Peter G. Wiese |
| | Peter G. Wiese |
| | Executive Vice President and Chief Financial Officer |

---

## Exhibit 32.1

**Exhibit 32.1**

Section 1350 Certification of CEO

In connection with the Quarterly Report of TriCo Bancshares (the "Company") on Form 10-K for the period ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Richard P. Smith, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ Richard P. Smith |
| Richard P. Smith |
| President and Chief Executive Officer |

---

A signed original of this written statement required by Section 906 has been provided to TriCo Bancshares and will be retained by TriCo Bancshares and furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 32.2

**Exhibit 32.2**

Section 1350 Certification of CFO

In connection with the Quarterly Report of TriCo Bancshares (the "Company") on Form 10-K for the period ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Peter G. Wiese, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company

---

| |
|:---|
| /s/ Peter G. Wiese |
| Peter G. Wiese |
| Executive Vice President and Chief Financial Officer |

---

A signed original of this written statement required by Section 906 has been provided to TriCo Bancshares and will be retained by TriCo Bancshares and furnished to the Securities and Exchange Commission or its staff upon request.

<br>