Document:

EX-4.1

 Exhibit 4.1 

ATARA BIOTHERAPEUTICS, INC. 

FORM OF WARRANT TO PURCHASE COMMON STOCK 

Number of Shares: [    ] 

(subject to adjustment) 
  

			
	Warrant No. [    ]	  	Original Issue Date: December [    ], 2020

 Atara Biotherapeutics, Inc., a Delaware corporation (the “Company”), hereby certifies that, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, [    ] or its registered assigns (the “Holder”), is entitled, subject to the terms set forth below, to purchase from the
Company up to a total of [    ] shares of common stock, $0.0001 par value per share (the “Common Stock”), of the Company (each such share, a “Warrant Share” and all such shares, the
“Warrant Shares”) at an exercise price per share equal to $0.0001 per share (as adjusted from time to time as provided in Section 9 herein, the “Exercise Price”) upon surrender of this Warrant to Purchase
Common Stock (including any Warrants to Purchase Common Stock issued in exchange, transfer or replacement hereof, the “Warrant”) at any time and from time to time on or after the date hereof (the “Original Issue
Date”) and through and including 5:30 P.M., New York City time, on the date that is seven (7) years following the Original Issue Date (the “Expiration Date”), subject to the following terms and conditions: 

1. Definitions. For purposes of this Warrant, the following terms shall have the following meanings: 

(a) “Affiliate” means any Person directly or indirectly controlled by, controlling or under common control with, a Holder, as
such terms are used in and construed under Rule 405 under the Securities Act, but only for so long as such control shall continue. 
 (b)
“Commission” means the United States Securities and Exchange Commission. 
 (c) “Closing Sale Price” means,
for any security as of any date, the last trade price for such security on the Principal Trading Market for such security, as reported by Bloomberg L.P., or, if such Principal Trading Market begins to operate on an extended hours basis and does not
designate the last trade price, then the last trade price of such security prior to 4:00 P.M., New York City time, as reported by Bloomberg L.P., or if the security is not listed for trading on a national securities exchange or other trading market
on the relevant date, the last quoted bid price for the security in the over-the-counter market on the relevant date as reported by OTC Markets Group Inc. (or a similar
organization or agency succeeding to its functions of reporting prices). If the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be
the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then the Board of Directors of the Company shall use its good faith judgment
to determine the fair market value. The Board of Directors’ determination shall be binding upon all parties absent demonstrable error. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock
combination or other similar transaction during the applicable calculation period. 
 (d) “Marketable Securities” means
securities meeting all of the following requirements: (i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and is then current in its filing of all required reports and other information under the Securities Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer that would be received by Holder
in connection with the Fundamental Transaction (as defined below) were Holder to exercise this Warrant on or prior to the closing thereof is then traded or quoted on a nationally recognized securities exchange, inter-dealer quotation system or over-the-counter market, and (iii) following the closing of such Fundamental Transaction, the Holder would not be restricted from publicly
re-selling all of the issuer’s shares and/or other securities that would be received by the Holder in such Fundamental Transaction were the Holder to exercise or convert this Warrant in full on or prior
to the closing of such Fundamental Transaction, except to the extent that any such restriction (x) arises solely under federal or state securities laws, rules or regulations, and (y) does not extend beyond six (6) months from the
closing of such Fundamental Transaction. 

 (e) “Principal Trading Market” means the national securities exchange or
other trading market on which the Common Stock is primarily listed on and quoted for trading, which, as of the Original Issue Date, shall be the Nasdaq Global Select Market. 

(f) “Registration Statement” means the Company’s Registration Statement on Form
S-3ASR (File No. 333- 223262), that automatically became effective on February 27, 2018. 

(g) “Securities Act” means the Securities Act of 1933, as amended. 

(h) “Trading Day” means any weekday on which the Principal Trading Market is open for trading. If the Common Stock is not
listed or admitted for trading, “Trading Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in New York City are authorized or required
by law or other governmental action to close. 
 (i) “Transfer Agent” means Computershare Trust Company, N.A., the
Company’s transfer agent and registrar for the Common Stock, and any successor appointed in such capacity. 
 2. Issuance of Securities;
Registration of Warrants. The Warrant, as initially issued by the Company, is offered and sold pursuant to the Registration Statement. As of the Original Issue Date, the Warrant Shares are issuable under the Registration Statement. Accordingly,
the Warrant and, assuming issuance pursuant to the Registration Statement or an exchange meeting the requirements of Section 3(a)(9) of the Exchange Act as in effect on the Original Issue Date, the Warrant Shares, are not “restricted
securities” under Rule 144 promulgated under the Securities Act. The Company shall register ownership of this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the
record Holder (which shall include the initial Holder or, as the case may be, any assignee to which this Warrant is assigned hereunder) from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner
hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. 
 3.
Registration of Transfers. Subject to compliance with all applicable securities laws, the Company shall, or will cause its Transfer Agent to, register the transfer of all or any portion of this Warrant in the Warrant Register, upon surrender
of this Warrant, and payment for all applicable transfer taxes (if any). Upon any such registration or transfer, a new warrant to purchase Common Stock in substantially the form of this Warrant (any such new warrant, a “New
Warrant”) evidencing the portion of this Warrant so transferred shall be issued to the transferee, and a New Warrant evidencing the remaining portion of this Warrant not so transferred, if any, shall be issued to the transferring Holder.
The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance by such transferee of all of the rights and obligations in respect of the New Warrant that the Holder has in respect of this Warrant. The Company shall, or
will cause its Transfer Agent to, prepare, issue and deliver at the Company’s own expense any New Warrant under this Section 3. Until due presentment for registration of transfer, the Company may treat the registered Holder hereof as the
owner and holder for all purposes, and the Company shall not be affected by any notice to the contrary. 
 4. Exercise and Duration of Warrants. 

(a) All or any part of this Warrant shall be exercisable by the registered Holder in the manner set forth in Section 10 at any time and
from time to time on or after the Original Issue Date and through and including 5:30 P.M., New York City time, on the Expiration Date. 
 (b)
The Holder may exercise this Warrant by delivering to the Company (i) an exercise notice, in the form attached as Schedule 1 hereto (the “Exercise Notice”), completed and duly signed, and (ii) payment of the Exercise Price
for the number of Warrant Shares as to which this Warrant is being exercised (which will take the form of a “cashless exercise” pursuant to Section 10 below). The date on which such exercise notice is delivered to the Company (as
determined in accordance with the notice provisions hereof) is an “Exercise Date.” The Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder. Execution and delivery of the Exercise
Notice shall have the same effect as cancellation of the original Warrant and issuance of a New Warrant evidencing the right to purchase the remaining number of Warrant Shares, if any. The Holder and any assignee, by acceptance of this Warrant,
acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than
the amount stated on the face hereof. 

  
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 5. Delivery of Warrant Shares. 

(a) Upon exercise of this Warrant, the Company shall promptly (but in no event later than three (3) Trading Days after the Exercise Date),
upon the request of the Holder, credit such aggregate number of shares of Common Stock to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance account with The Depository Trust Company
(“DTC”) through its Deposit Withdrawal Agent Commission system, or if the Transfer Agent is not participating in the Fast Automated Securities Transfer Program (the “FAST Program”) or if the certificates are
required to bear a legend regarding restriction on transferability, issue and dispatch by overnight courier to the address as specified in the Exercise Notice, a certificate, registered in the Company’s share register in the name of the Holder
or its designee, for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise. The Holder, or any natural person or legal entity (each, a “Person”) so designated by the Holder to receive Warrant
Shares, shall be deemed to have become the holder of record of such Warrant Shares as of the Exercise Date, irrespective of the date such Warrant Shares are credited to the Holder’s DTC account or the date of delivery of the certificates
evidencing such Warrant Shares, as the case may be. 
 (b) If by the close of the third (3rd) Trading Day after the Exercise Date, the
Company fails to deliver to the Holder a certificate representing the required number of Warrant Shares in the manner required pursuant to Section 5(a) or fails to credit the Holder’s DTC account for such number of
Warrant Shares to which the Holder is entitled, and if after such third (3rd) Trading Day and prior to the receipt of such Warrant Shares, the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in
satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall, within three (3) Trading Days
after the Holder’s request promptly honor its obligation to deliver to the Holder a certificate or certificates representing such Warrant Shares and pay cash to the Holder in an amount equal to the excess (if any) of Holder’s total
purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased in the Buy-In less the product of (A) the number of shares of Common Stock purchased in the Buy-In, times (B) the Closing Sale Price of a share of Common Stock on the Exercise Date. 
 (c) To
the extent permitted by law and subject to Section 5(b), the Company’s obligations to issue and deliver Warrant Shares in accordance with and subject to the terms hereof (including the limitations set forth in Section 11 below) are
absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same, or
any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder or any other Person of any obligation to the Company or any violation or alleged violation of law by the Holder or any other Person, and
irrespective of any other circumstance that might otherwise limit such obligation of the Company to the Holder in connection with the issuance of Warrant Shares. Subject to Section 5(b), nothing herein shall limit the Holder’s right to
pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing
shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof. 
 6. Charges, Taxes and Expenses. Issuance and
delivery of certificates for shares of Common Stock upon exercise of this Warrant shall be made without charge to the Holder for any issue or transfer tax, transfer agent fee or other incidental tax or expense (excluding any applicable stamp duties)
in respect of the issuance of such certificates, all of which taxes and expenses shall be paid by the Company; provided, however, that the Company shall not be required to pay any tax that may be payable in respect of any transfer
involved in the registration of any certificates for Warrant Shares or the Warrants in a name other than that of the Holder or an Affiliate thereof. The Holder shall be responsible for all other tax liability that may arise as a result of holding or
transferring this Warrant or receiving Warrant Shares upon exercise hereof. 
 7. Replacement of Warrant. If this Warrant is mutilated, lost, stolen
or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon receipt of evidence reasonably satisfactory to
the Company of such loss, theft or destruction (in such case) and, in each case, a customary and reasonable indemnity and surety bond, if requested by the Company. Applicants for a New Warrant under such circumstances shall also comply with such
other reasonable regulations and procedures and pay such other reasonable third-party costs as the Company may prescribe. If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated Warrant
to the Company as a condition precedent to the Company’s obligation to issue the New Warrant. 
  

  
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 8. Reservation of Warrant Shares. The Company covenants that it will, at all times while this Warrant
is outstanding, reserve and keep available out of the aggregate of its authorized but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise of this Warrant as herein provided, the
number of Warrant Shares that are initially issuable and deliverable upon the exercise of this entire Warrant, free from preemptive rights or any other contingent purchase rights of persons other than the Holder (taking into account the adjustments
and restrictions of Section 9). The Company covenants that all Warrant Shares so issuable and deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly and validly authorized,
issued and fully paid and non-assessable. The Company will take all such action as may be reasonably necessary to assure that such shares of Common Stock may be issued as provided herein without violation of
any applicable law or regulation, or of any requirements of any securities exchange or automated quotation system upon which the Common Stock may be listed. The Company further covenants that it will not, without the prior written consent of the
Holder, take any actions to increase the par value of the Common Stock at any time while this Warrant is outstanding. 
 9. Certain Adjustments. The
Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment from time to time as set forth in this Section 9. 

(a) Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend on its
Common Stock or otherwise makes a distribution on any class of capital stock issued and outstanding on the Original Issue Date and in accordance with the terms of such stock on the Original Issue Date or as amended, as described in the Registration
Statement, that is payable in shares of Common Stock, (ii) subdivides its outstanding shares of Common Stock into a larger number of shares of Common Stock, (iii) combines its outstanding shares of Common Stock into a smaller number of
shares of Common Stock or (iv) issues by reclassification of shares of capital stock any additional shares of Common Stock of the Company, then in each such case the Exercise Price shall be multiplied by a fraction, the numerator of which shall
be the number of shares of Common Stock outstanding immediately before such event and the denominator of which shall be the number of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to clause (i) of
this paragraph shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution, provided, however, that if such record date shall have been fixed and such dividend is
not fully paid on the date fixed therefor, the Exercise Price shall be recomputed accordingly as of the close of business on such record date and thereafter the Exercise Price shall be adjusted pursuant to this paragraph as of the time of actual
payment of such dividends. Any adjustment pursuant to clause (ii) or (iii) of this paragraph shall become effective immediately after the effective date of such subdivision or combination. 

(b) Pro Rata Distributions. If the Company, at any time while this Warrant is outstanding, distributes to all holders of Common Stock
for no consideration (i) evidences of its indebtedness, (ii) any security (other than a distribution of Common Stock covered by the preceding paragraph), (iii) rights or warrants to subscribe for or purchase any security, or (iv) cash
or any other asset (in each case, a “Distribution”), other than a reclassification as to which Section 9(c) applies, then in each such case, the Holder shall be entitled to participate in such Distribution to the same extent
that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the
ownership limitation set forth in Section 11(a) hereof) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of Common Stock are to be determined
for the participation in such Distribution (provided, however, to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the ownership limitation set forth in Section 11(a) hereof,
then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in
abeyance for the benefit of the Holder until the earlier of (i) such time, if ever, as the delivery to such Holder of such portion would not result in the Holder exceeding the ownership limitation set forth in Section 11(a) hereof and
(ii) such time as the Holder has exercised this Warrant. 

  
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 (c) Fundamental Transactions. If, at any time while this Warrant is outstanding
(i) the Company effects any merger or consolidation of the Company with or into another Person, in which the Company is not the surviving entity and in which the stockholders of the Company immediately prior to such merger or consolidation do
not own, directly or indirectly, at least 50% of the voting power of the surviving entity immediately after such merger or consolidation, (ii) the Company effects any sale to another Person of all or substantially all of its assets in one
transaction or a series of related transactions, (iii) pursuant to any tender offer or exchange offer (whether by the Company or another Person), holders of capital stock tender shares representing more than 50% of the voting power of the
capital stock of the Company and the Company or such other Person, as applicable, accepts such tender for payment, (iv) the Company consummates a stock purchase agreement or other business combination (including, without limitation, a
reorganization, recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person acquires more than the 50% of the voting power of the capital stock of the Company (except for
any such transaction in which the stockholders of the Company immediately prior to such transaction maintain, in substantially the same proportions, the voting power of such Person immediately after the transaction) or (v) the Company effects
any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property (other than as a result of a subdivision or combination of
shares of Common Stock covered by Section 9(a) above) (in any such case, a “Fundamental Transaction”), then following such Fundamental Transaction the Holder shall have the right to receive, upon exercise of this Warrant, the
same amount and kind of securities, cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to such Fundamental Transaction, the holder of the number of Warrant
Shares then issuable upon exercise in full of this Warrant without regard to any limitations on exercise contained herein (the “Alternate Consideration”). The Company shall not effect any Fundamental Transaction in which the Company
is not the surviving entity or the Alternate Consideration includes securities of another Person unless (i) the Alternate Consideration is solely cash and the Company provides for the simultaneous “cashless exercise” of this Warrant
pursuant to Section 10 below or (ii) prior to or simultaneously with the consummation thereof, any successor to the Company, surviving entity or other Person (including any purchaser of assets of the Company) shall assume the obligation to
deliver to the Holder such Alternate Consideration as, in accordance with the foregoing provisions, the Holder may be entitled to receive, and the other obligations under this Warrant. The provisions of this paragraph (c) shall similarly apply
to subsequent transactions analogous of a Fundamental Transaction type. Notwithstanding the foregoing, in the event of a Fundamental Transaction where the consideration payable to holders of Common Stock consists solely of cash, solely of Marketable
Securities or a combination of cash and Marketable Securities, then this Warrant shall automatically be deemed to be exercised in full in a “cashless exercise” pursuant to Section 10 below effective immediately prior to and contingent
upon the consummation of such Fundamental Transaction. 
 (d) Number of Warrant Shares. Simultaneously with any adjustment to the
Exercise Price pursuant to Section 9 (including any adjustment to the Exercise Price that would have been effected but for the final sentence in this paragraph (d)), the number of Warrant Shares that may be purchased upon exercise of this
Warrant shall be increased or decreased proportionately, so that after such adjustment the aggregate Exercise Price payable hereunder for the increased or decreased number of Warrant Shares shall be the same as the aggregate Exercise Price in effect
immediately prior to such adjustment. Notwithstanding the foregoing, in no event may the Exercise Price be adjusted below the par value of the Common Stock then in effect. 

(e) Calculations. All calculations under this Section 9 shall be made to the nearest
one-hundredth of one cent or the nearest share, as applicable. 
 (f) Notice of Adjustments.
Upon the occurrence of each adjustment pursuant to this Section 9, the Company at its expense will, at the written request of the Holder, promptly compute such adjustment, in good faith, in accordance with the terms of this Warrant and prepare
a certificate setting forth such adjustment, including a statement of the adjusted Exercise Price and adjusted number or type of Warrant Shares or other securities issuable upon exercise of this Warrant (as applicable), describing the transactions
giving rise to such adjustments and showing in detail the facts upon which such adjustment is based. Upon written request, the Company will promptly deliver a copy of each such certificate to the Holder and to the Company’s transfer agent. 

(g) Notice of Corporate Events. If, while this Warrant is outstanding, the Company (i) declares a dividend or any other
distribution of cash, securities or other property in respect of its Common Stock, including, without limitation, any granting of rights or warrants to subscribe for or purchase any capital stock of the Company or any subsidiary,
(ii) authorizes or approves, enters into any agreement contemplating or solicits stockholder approval for any Fundamental Transaction or (iii) authorizes the voluntary dissolution, liquidation or winding up of the affairs of the Company,
then, except if such notice and the contents thereof shall be deemed to constitute material non-public information, the Company shall deliver to the Holder a notice of such transaction at least ten
(10) days prior to the 

  
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applicable record or effective date on which a Person would need to hold Common Stock in order to participate in or vote with respect to such transaction; provided, however, that the failure to
deliver such notice or any defect therein shall not affect the validity of the corporate action required to be described in such notice. In addition, if while this Warrant is outstanding, the Company authorizes or approves, enters into any agreement
contemplating or solicits stockholder approval for any Fundamental Transaction contemplated by Section 9(c), other than a Fundamental Transaction under clause (iii) of Section 9(c), then, except if such notice and the contents thereof
shall be deemed to constitute material non-public information, the Company shall deliver to the Holder a notice of such Fundamental Transaction at least ten (10) days prior to the date such Fundamental
Transaction is consummated. 
 10. Payment of Cashless Exercise Price. Notwithstanding anything contained herein to the contrary, this Warrant
may only be exercised through a “cashless exercise.” Upon exercise, the Company shall issue to the Holder the number of Warrant Shares in an exchange of securities effected pursuant to Section 3(a)(9) of the Securities Act as
determined as follows: 
 X = Y [(A-B)/A] 

where: 
 “X” equals
the number of Warrant Shares to be issued to the Holder; 
 “Y” equals the total number of Warrant Shares with respect to which
this Warrant is then being exercised; 
 “A” equals the Closing Sale Price per share of Common Stock as of the Trading Day on the
date immediately preceding the Exercise Date; and 
 “B” equals the Exercise Price per Warrant Share then in effect on the
Exercise Date. 
 For purposes of Rule 144 promulgated under the Securities Act, it is intended, understood and acknowledged that the Warrant Shares issued
in such a “cashless exercise” transaction shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the date this Warrant was originally issued (provided that
the Commission continues to take the position that such treatment is proper at the time of such exercise). 
 In no event will the exercise of this Warrant
be settled in cash. 
 11. Limitations on Exercise. 

(a) Notwithstanding anything to the contrary contained herein, the Company shall not effect any exercise of this Warrant, and the Holder shall
not be entitled to exercise this Warrant for a number of Warrant Shares in excess of that number of Warrant Shares which, upon giving effect or immediately prior to such exercise, would cause (i) the aggregate number of shares of Common Stock
beneficially owned by the Holder, its Affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act to exceed 9.99% (the “Maximum
Percentage”) of the total number of issued and outstanding shares of Common Stock of the Company following such exercise, or (ii) the combined voting power of the securities of the Company beneficially owned by the Holder and its
Affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act to exceed 9.99% of the combined voting power of all of the securities of
the Company then outstanding following such exercise. For purposes of this Warrant, in determining the number of outstanding shares of Common Stock, the Holder may rely on the number of outstanding shares of Common Stock as reflected in (x) the
Company’s most recent Form 10-Q or Form 10-K, as the case may be, filed with the Commission prior to the date hereof, (y) a more recent public announcement by
the Company or (z) any other notice by the Company or its transfer agent setting forth the number of shares of Common Stock outstanding. Upon the written request of the Holder, the Company shall within three (3) Trading Days confirm in
writing or by electronic mail to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of
the Company, including this Warrant, by the Holder since the date as of which such number of outstanding shares of Common Stock was reported. By written notice to the Company, the Holder may from time to time increase or decrease the Maximum
Percentage to any other percentage specified not in excess of 19.99% specified in such notice; provided that any such increase will not be effective until the sixty-first (61st) day after such notice is delivered to the Company. For

  
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purposes of this Section 11(a), the aggregate number of shares of Common Stock or voting securities beneficially owned by the Holder and its Affiliates and any other Persons whose beneficial
ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act shall include the shares of Common Stock issuable upon the exercise of this Warrant with respect to which such determination
is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (x) exercise of the remaining unexercised and non-cancelled portion of this Warrant by the Holder and
(y) exercise or conversion of the unexercised, non-converted or non-cancelled portion of any other securities of the Company that do not have voting power
(including without limitation any securities of the Company which would entitle the holder thereof to acquire at any time Common Stock, including without limitation any debt, preferred stock, right, option, warrant or other instrument that is at any
time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock), is subject to a limitation on conversion or exercise analogous to the limitation contained herein and is beneficially owned
by the Holder or any of its Affiliates and other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act. 

(b) This Section 11 shall not restrict the number of shares of Common Stock which a Holder may receive or beneficially own in order to
determine the amount of securities or other consideration that such Holder may receive in the event of a Fundamental Transaction as contemplated in Section 9(c) of this Warrant. 

12. No Fractional Shares. No fractional Warrant Shares will be issued in connection with any exercise of this Warrant. In lieu of any fractional shares
that would otherwise be issuable, the number of Warrant Shares to be issued shall be rounded down to the next whole number and the Company shall pay the Holder in cash the fair market value (based on the Closing Sale Price) for any such fractional
shares. 
 13. Notices. Any and all notices or other communications or deliveries hereunder (including, without limitation, any Exercise Notice)
shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via confirmed e-mail prior to 5:30 P.M., New York
City time, on a Trading Day, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via confirmed e-mail on a day that is not a Trading Day or later than
5:30 P.M., New York City time, on any Trading Day, (iii) the Trading Day following the date of mailing, if sent by nationally recognized overnight courier service specifying next business day delivery, or (iv) upon actual receipt by the
Person to whom such notice is required to be given, if by hand delivery. The addresses and e-mail addresses for such communications shall be: 

If to the Company: 

Atara Biotherapeutics, Inc. 

Attention: SVP and General Counsel 

611 Gateway Blvd., Suite 900 

South San Francisco, CA 94080 

Telephone: (650) 278-8930 

Email: amurugan@atarabio.com 

If to the Holder, to its address or e-mail address set forth herein or on the books and records of the
Company. 
 Or, in each of the above instances, to such other address or e-mail address as the recipient party has
specified by written notice given to each other party at least five (5) days prior to the effectiveness of such change. 
 14. Warrant Agent.
The Company shall initially serve as warrant agent under this Warrant. Upon ten (10) days’ notice to the Holder, the Company may appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or
any corporation resulting from any consolidation to which the Company or any new warrant agent shall be a party or any corporation to which the Company or any new warrant agent transfers substantially all of its corporate trust or shareholders
services business shall be a successor warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly cause notice of its succession as warrant agent to be mailed (by first class mail, postage prepaid) to
the Holder at the Holder’s last address as shown on the Warrant Register. 

  
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 15. Miscellaneous. 

(a) No Rights as a Stockholder. The Holder, solely in such Person’s capacity as a holder of this Warrant, shall not be entitled to
vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in such Person’s capacity as the Holder of this
Warrant, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, amalgamation, conveyance
or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In
addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are
asserted by the Company or by creditors of the Company. 
 (b) Authorized Shares. Except and to the extent as waived or consented to
by the Holder, the Company shall not by any action, including, without limitation, amending its certificate or articles of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of
securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such
actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares
above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable Warrant Shares upon the exercise of this Warrant, and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having
jurisdiction thereof as may be necessary to enable the Company to perform its obligations under this Warrant. 
 (c) Successors and
Assigns. Subject to compliance with applicable securities laws, this Warrant may be assigned by the Holder. This Warrant may not be assigned by the Company without the written consent of the Holder, except to a successor in the event of a
Fundamental Transaction. This Warrant shall be binding on and inure to the benefit of the Company and the Holder and their respective successors and assigns. Subject to the preceding sentence, nothing in this Warrant shall be construed to give to
any Person other than the Company and the Holder any legal or equitable right, remedy or cause of action under this Warrant. This Warrant may be amended only in writing signed by the Company and the Holder, or their successors and assigns. 

(d) Amendment and Waiver. Except as otherwise provided herein, this Warrant may be modified or amended or the provisions hereof waived
with the written consent of the Company and the Holder. 
 (e) Acceptance. Receipt of this Warrant by the Holder shall constitute
acceptance of and agreement to all of the terms and conditions contained herein. 
 (f) Governing Law; Jurisdiction. ALL QUESTIONS
CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF.
EACH OF THE COMPANY AND THE HOLDER HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION
HEREWITH OR WITH ANY TRANSACTION CONTEMPLATED HEREBY OR DISCUSSED HEREIN (INCLUDING WITH RESPECT TO THE ENFORCEMENT OF ANY OF THE TRANSACTION DOCUMENTS), AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY
CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT. EACH OF THE COMPANY AND THE HOLDER HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY
MAILING A COPY THEREOF VIA REGISTERED OR CERTIFIED MAIL OR OVERNIGHT DELIVERY (WITH EVIDENCE OF DELIVERY) TO SUCH PERSON AT THE ADDRESS IN EFFECT FOR NOTICES TO IT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS
AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW. EACH OF THE COMPANY AND THE HOLDER HEREBY WAIVES ALL RIGHTS TO A TRIAL BY JURY. 

  
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 (g) Headings. The headings herein are for convenience only, do not constitute a part
of this Warrant and shall not be deemed to limit or affect any of the provisions hereof. 
 (h) Severability. In case any one or more
of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby, and the Company and the
Holder will attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Warrant. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 9 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by its
authorized officer as of the date first indicated above. 
  

			
	ATARA BIOTHERAPEUTICS, INC.
		
	By:	 	
                     

		 	Name:
		 	Title:

 SCHEDULE 1 

FORM OF EXERCISE NOTICE 

To be executed by the Holder to purchase shares of Common Stock under the Warrant 

Ladies and Gentlemen: 
 (1) The undersigned is the Holder of
Warrant No. ___ (the “Warrant”) issued by Atara Biotherapeutics, Inc., a Delaware corporation (the “Company”). Capitalized terms used herein and not otherwise defined herein have the respective meanings set forth in the Warrant.

 (2) The undersigned hereby exercises its right to purchase ___________ Warrant Shares pursuant to the Warrant. 

(3) The Holder intends that payment of the Exercise Price shall be made as a “Cashless Exercise” under Section 10 of the Warrant 

(4) Pursuant to this Exercise Notice, the Company shall deliver to the Holder Warrant Shares determined in accordance with the terms of the Warrant. The
Warrant Shares shall be delivered to the following DWAC Account Number: 
  

(5) By its delivery of this Exercise Notice, the undersigned represents and warrants to the Company that in giving effect to the exercise evidenced hereby the
Holder will not beneficially own in excess of the number of shares of Common Stock (as determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended) permitted to be owned under Section 11(a) of the Warrant
to which this notice relates. 
  

					
	Dated:	 	  
	 	
			
	Name of Holder:	 	  
	 	
			
	By:	 	  
	 	
			
	Name:	 	  
	 	
			
	Title:	 	  
	 	

 (Signature must conform in all respects to name of Holder as specified on the face of the Warrant)​
​

EMPLOYMENT AGREEMENT
This Employment Agreement (this “Agreement”) is entered into on December 8, 2020 to be effective as of December 14, 2020, by and between Sierra Bancorp, a California corporation (“Bancorp”), Bank of the Sierra, a California banking corporation (“Bank”), and Hugh Boyle (“Executive”) on the following terms and conditions.
		1.	Position

Executive shall be the Bank’s and Bancorp’s Executive Vice President and Chief Credit Officer (“CCO”).  In that role, he shall have the duties set forth in this Agreement and in the By-Laws of the Bank and Bancorp, subject to the direction of the Chief Executive Officer (“CEO”) or the Board of Directors of the Bank or Bancorp, as applicable.  In addition to such other duties as may be assigned to him, Executive shall be a member of the Executive Officers’ Committee and shall perform such duties as are customarily performed by the CCO of a bank holding company and commercial bank.
		2.	Devotion to Bank and Bancorp’s Business

Executive shall devote substantially all of his full business time, ability, and attention to the business of the Bank and Bancorp during the term of Executive’s employment under this Agreement and shall not during the term of his employment engage in any other business activities, duties, or pursuits whatsoever, or directly or indirectly render any services of a business, commercial, or professional nature to any other person or organization which is competitive with the Bank or Bancorp, whether for compensation or otherwise, without the prior written consent of the CEO or the Board of Directors of the Bank or Bancorp, as applicable. However, the expenditure of reasonable amounts of time for educational, charitable, or professional activities shall not be deemed a breach of this Agreement if those activities do not materially interfere with the services required of Executive under this Agreement.  Nothing in this Agreement shall be interpreted to prohibit Executive from making passive personal investments.  However, Executive shall not directly or indirectly acquire, hold, or retain any interest in any business competing with or similar in nature to the business of the Bank or Bancorp, as applicable, except passive shareholder investments in other financial institutions and their respective affiliates which do not exceed two percent (2%) of the outstanding voting securities in the aggregate of any single financial institution and its affiliates on a consolidated basis.
		3.	Noncompetition, Non-solicitation and Nondisclosure by Executive

(a)Executive shall not, during the term of Executive’s employment under this Agreement, directly or indirectly, either as an employee, employer, consultant, agent, principal, stockholder (except as permitted in paragraph 2 of this Agreement), officer, director, or in any other individual or representative capacity, engage or participate in any competitive banking or financial services business without the prior written consent of the Board of Directors of the Bank or Bancorp.

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(b)Following termination of this Agreement and Executive’s employment hereunder and for a period of twelve (12) months thereafter, Executive shall not use any confidential, trade secret, or proprietary information of the Bank or Bancorp, or their respective affiliates and subsidiaries, including information described in paragraph 6 below, to solicit, encourage or assist, directly, indirectly or in any manner whatsoever, (i) any employees of the Bank or Bancorp and their respective affiliates and subsidiaries to resign or to apply for or accept employment with any other competitive banking or financial services business within the counties in California in which the Bank has located its headquarters or branch offices; or (ii) any customer, person or entity that has or has had a business relationship with the Bank or Bancorp during the twelve (12) month period prior to Executive’s termination of employment with the Bank or Bancorp, to terminate or reduce such business relationship and engage in a business relationship with any other competitive banking or financial services business within the counties in California in which the Bank or Bancorp has located its headquarters or branch offices.
		4.	Term

Employee’s employment under this Agreement shall commence as of December 14, 2020 (the “Effective Date”) and shall continue thereafter until December 31, 2023 (the “Term”), subject to prior termination or extension as set forth in this Agreement.  The Term of the Agreement shall be automatically extended for a subsequent period or periods of one (1) year each unless, not later than six (6) months prior to the expiration of the then current Term, either party shall have given written notice to the other that the Term shall not be so extended.
​
		5.	Indemnification

To the extent permitted by law and applicable regulations, the Bank or Bancorp shall indemnify Executive if he was or is a party or is threatened to be made a party in any action brought by a third party against Executive (whether or not the Bank or Bancorp is joined as a party defendant) against expenses, judgments, fines, settlements and other amounts actually and reasonably incurred in connection with said action if Executive acted in good faith and in a manner Executive reasonably believed to be in the best interests of the Bank or Bancorp (and with respect to a criminal proceeding if Executive had no reasonable cause to believe his conduct was unlawful), provided that the alleged conduct of Executive arose out of and was within the course and scope of his employment as an officer or Executive of the Bank or Bancorp.
​
		6.	Disclosure of Information

Executive shall not, either before or after termination of Executive’s employment under this Agreement, without the prior written consent of the Board of Directors of the Bank or Bancorp, or except as required by law to comply with legal process including, without limitation, by oral or written testimony, 

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depositions, interrogatories, requests for information or documents, subpoena, civil investigative demand or similar process, disclose to anyone any financial information, trade or business secrets, customer lists, computer software or other information concerning the business or operations of the Bank or Bancorp, and their respective affiliates and subsidiaries; provided, that such information shall not include information (i) in or which enters the public domain (other than by breach of Executive’s obligations hereunder); (ii) acquired by Executive other than in connection with his employment; or (iii) that is disclosed to Executive by a third party not known to Executive to be obligated to the Bank or Bancorp, to keep such information confidential.  In the event Executive is required by law to disclose such information described in this paragraph 6, Executive will provide the Bank and Bancorp, and their counsel with immediate notice of such request so that they may consider seeking a protective order, provided that Executive shall not be required to incur any expense in connection therewith.  If, in the absence of a protective order or the receipt of a waiver hereunder, Executive is nonetheless, compelled to disclose any of such information to any tribunal or any other party or else stand liable for contempt or suffer other material censure or material penalty, then Executive may disclose (on an “as needed” basis only) such information to such tribunal or other party without liability hereunder. Notwithstanding the foregoing, Executive may disclose such information concerning the business or operations of the Bank or Bancorp, and their respective affiliates and subsidiaries as may be required by the Federal Deposit Insurance Corporation (“FDIC”), California Department of Business Oversight (“DBO”) or the Federal Reserve Bank of San Francisco or Board of Governors of the Federal Reserve System (collectively, the “FRB”) or other regulatory agency having jurisdiction over the operations of the Bank or Bancorp, in connection with an examination of the Bank or Bancorp, or other proceeding conducted by such regulatory agency.
		7.	Written, Printed or Electronic and Other Material

All written, printed or electronic material, notebooks and records including, without limitation, computer files used by Executive in performing duties for the Bank or Bancorp, other than Executive's personal address lists, telephone lists, notes and diaries, are and shall remain the sole property of the Bank or Bancorp.  Upon termination of employment, Executive shall promptly return all such material (including all copies, extracts and summaries thereof) and any other property of Bank or Bancorp in the possession or under the control of Executive to the Bank or Bancorp.
		8.	Compensation

(a)Salary

The Bank or Bancorp shall pay Executive an annual minimum base salary (“Base Salary”) from the Effective Date of three hundred ninety thousand dollars ($390,000.00), less appropriate withholding, taxes and similar deductions, payable in equal installments on those days when the Bank normally pays its employees.  

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On or before December 31, 2021, and not less than once each twelve (12) months thereafter, the Board of Directors of the Bank and Bancorp shall review the Base Salary of Executive to evaluate the Base Salary based upon the performance of Executive, market conditions for salaries to individuals similarly employed, increases in the cost of living, and similar factors.  Any such increase will be in the sole discretion of the Boards of Directors of the Bank and Bancorp.
(b)Bonus

At the end of each calendar year or any partial calendar year period in the Term, the amount of bonus compensation (“Bonus”), if any, to be paid to Executive shall be determined in the sole discretion of the Boards of Directors of the Bank and Bancorp based upon the performance of Executive and the results of the Bank’s and Bancorp’s operations and the terms of any bonus or incentive compensation plan then in effect respecting the executives of the Bank or Bancorp.  The amount of any annual bonus shall be paid to Executive not later than March 15 of the following year. Executive’s aggregate Bonus for any period for which a bonus is calculated shall not exceed 50% of Executive’s Base Salary for such period and shall be based on criteria set forth by the compensation committee of the Boards of Directors of Bank and Bancorp.
(c)Business Expenses

In accordance with Bank and Bancorp policy as it may exist from time to time, and subject to the approval of all such expenses by the Board of Directors of the Bank or Bancorp or their designee, as applicable, Executive shall be entitled to reimbursement by the Bank for any ordinary, reasonable business expenses incurred by Executive in the performance of Executive’s duties and in acting for the Bank or Bancorp during the term of this Agreement, provided that Executive furnishes to the Bank or Bancorp substantially adequate records and other documentary evidence as required by the Bank’s or Bancorp's policies.
(d)Benefits

During the term of his employment under this Agreement, Executive shall be entitled to receive the following benefits:
		(i)	Executive shall be eligible to participate in all Executive benefit plans maintained by the Bank or Bancorp, including (without limitation) any disability, health, vision, dental, accident and other insurance programs, 401(k) Plan, paid vacations, and similar plans or programs, subject to terms and conditions of each plan currently in effect.  The Bank and Bancorp will also pay fifty percent (50%) of Executive’s dependent group health, vision and dental plan premiums

		(ii)	The Bank will pay to Executive an automobile allowance of One Thousand Dollars ($1,000) per month.  Executive will pay all 

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			maintenance and repair costs during the term of Executive’s employment under this Agreement.  Executive shall acquire or otherwise make available for his business and personal use an automobile suitable to his position and maintain it in good condition and repair.  Executive shall (i) obtain and maintain public liability insurance and property damage insurance policies with insurer(s) acceptable to the Bank and with such coverages in such amounts as may be reasonably acceptable to the Bank from time to time, (ii) provide copies of such policies, endorsements or other evidence of insurance acceptable to the Bank and (iii) such insurance policies shall include notice to the Bank in the event the coverages approved by the Bank are changed in any material respect or cancelled.  Notwithstanding the foregoing, the Bank may, in its discretion, elect to (i) require that the policies name the Bank and Bancorp as an additional insured, subject to the requirement that Executive’s allowance described above shall be increased in an amount equal to the additional premium expense, if any, resulting from the Bank and Bancorp being named as an additional insured or (ii) provide and pay for such insurance policies in lieu of Executive maintaining such policies.

		(iii)	The Board of Directors agrees to provide Executive with an award of restricted shares of its common stock equal to a fair market value of Four Hundred Thousand Dollars ($400,000) based upon the closing price of such shares on the grant date and subject to annual vesting of a substantially equal number of shares per year over a five (5) year period.  The foregoing award shall be set forth in the Bank’s form of Restricted Share Agreement to be entered into between the Bank and Executive pursuant to and subject to the provisions of the Bank’s 2017 Stock Incentive Plan.  Any further grant of restricted shares, stock options, or other derivative securities to the Executive shall be determined and made in the sole discretion of the Board of Directors.  Notwithstanding any provision of any such equity based compensation plan or agreement, no right to continued employment shall be conferred upon the Executive thereunder or resulting therefrom.  Any right to employment and corresponding duties of the Executive pursuant to his employment by the Bank shall be limited to and interpreted solely in accordance with the terms and provisions of this Agreement. 

		(iv)	The Bank agrees to reimburse Executive for actual expenses incurred to relocate, not to exceed Thirty Thousand Dollars ($30,000), including up to 90 days temporary housing. 

		9.	Termination of Agreement and Employment

(a)Automatic Termination

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This Agreement shall terminate automatically without further act of the parties and immediately upon the occurrence of any one of the following events, subject to either party's right, without any obligation whatsoever, to waive an event reasonably susceptible of waiver, and the obligation of the Bank or Bancorp to pay the amounts which would otherwise be payable to Executive under this Agreement through the end of the month in which the event occurs.  Only in the event of termination based upon a Change in Control of Bancorp as provided in paragraph 9 (a) (viii), shall Executive be entitled to receive severance benefits based upon automatic termination pursuant to paragraph 9 (d) (i) of this Agreement:
		(i)
	The death of Executive.

		(ii)
	The willful, intentional and material breach or the habitual and continued neglect by Executive of his employment responsibilities and duties.

		(iii)
	The continuous mental or physical incapacity of Executive.

		(iv)
	Executive's willful and intentional violation of any state or federal banking or securities laws, or of the bylaws, rules, policies or resolutions of the Bank or Bancorp, or the rules or regulations of the FDIC, DBO, FRB or other regulatory agency or governmental authority having jurisdiction over the Bank or Bancorp, which has a material adverse effect upon the Bank or Bancorp.

		(v)
	The written determination by a state or federal regulatory agency or governmental authority having jurisdiction over the Bank or Bancorp that Executive is not suitable to act in the capacity for which he is employed by the Bank or Bancorp.

		(vi)
	Executive’s (A) conviction or plea of nolo contendere to any felony or a crime involving moral turpitude, or (B) Executive’s willful and intentional commission of a fraudulent or dishonest act.

		(vii)
	Executive’s non-insurability for surety bond coverage as determined in the sole discretion of the Bank’s insurer at any time during the term of Executive’s employment under this Agreement.

		(viii)
	A Change in Control of Bancorp.

(b)Termination by Bank

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The Bank and Bancorp may, at their election and in their sole discretion, terminate Executive’s employment and this Agreement at any time and for any reason or for no reason, upon thirty (30) days prior written notice to Executive, without prejudice to any other remedy to which the Bank or Bancorp may be entitled either at law, in equity or under this Agreement.  Unless otherwise agreed in writing by Bank and Bancorp, at the effective time of such notice Executive shall continue performing and discharging the duties and responsibilities of his positions for such thirty (30) day period.  All rights and obligations accruing to Executive under this Agreement shall cease at such termination, except that such termination shall not prejudice Executive’s rights regarding employment benefits which shall have accrued prior to such termination, including the right to receive the severance benefits specified in paragraph 9 (d) (ii) below.
(c)Termination by Executive
Executive may terminate his employment with the Bank and Bancorp and this Agreement at any time and for any reason or no reason, upon ninety (90) days prior written notice to the Bank and Bancorp.  Unless otherwise agreed in writing by the Bank and Bancorp, at the effective time of such notice Executive shall continue performing and discharging the duties and responsibilities of his positions for such ninety (90) day period.  All rights and obligations accruing to Executive under this Agreement shall cease at such termination, except that such termination shall not prejudice Executive's rights regarding employment benefits, including vested stock options or supplemental retirement or salary continuation plan benefits, which shall have accrued and vested prior to such termination.
(d)Severance Benefits
(i)Subject to paragraphs 11 and 23 of this Agreement, in the event of automatic termination based upon a Change in Control under paragraph 9 (a) (viii), then Executive shall receive Change in Control benefits consisting of (A) a cash payment in an amount equal to 150% of Executive's then current Base Salary during the year the termination occurs, less applicable withholding deductions (in addition to accrued Base Salary, incentive compensation, or other payments, if any, due Executive), payable in lump sum promptly after sixty (60) days following such termination, but in no event later than March 15 following the end of the calendar year that includes such termination; and (B) continuation of group health, vision and dental insurance coverages specified in paragraph 8 (d) (i) of this Agreement for Executive and fifty percent (50%) of the costs of Executive’s dependents pursuant to The Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), or under applicable California law pursuant to Assembly Bill No. 1401 (“Cal-COBRA”), with one hundred percent (100%) of premiums for the insurance coverages payable by the Bank or Bancorp monthly to Executive for a period of twelve (12) months from the date of termination.  Notwithstanding the foregoing or any other provision in this Agreement to the contrary, the obligation of the Bank or Bancorp to pay the premium costs related to the COBRA or Cal-COBRA continuation of insurance coverages shall terminate at the earlier of the 

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expiration of twelve (12) months from the date of termination or the date of commencement of comparable insurance coverages for Executive by another employer. After such expiration date, Executive shall have such rights to continue to participate under the Bank’s group health benefits plan at Executive’s expense as may be available under COBRA or Cal COBRA.  Executive agrees to notify the Bank as soon as practicable, but not less than ten (10) business days in advance of the commencement of such comparable insurance coverages with another employer and to repay to the Bank any amounts paid by the Bank to or for the benefit of Executive that overlap the coverages provided by the other employer.
(ii)Subject to paragraphs 11 and 23 of this Agreement, termination by the Bank and Bancorp of this Agreement and Executive’s employment under paragraph 9 (b), other than in connection with an event constituting automatic termination; then Executive shall receive severance benefits consisting of (A) a cash payment in an amount equal to 100% of Executive's then current Base Salary during the year the termination occurs, less applicable withholding deductions (in addition to accrued Base Salary, incentive compensation, or other payments, if any, due Executive), payable in lump sum promptly after sixty (60) days following such termination (but in no event later than March 15 following the end of the calendar year that includes such termination) calendar years preceding the termination and (B) continuation of group health, vision and dental insurance coverages specified in paragraph 8 (d) (i) of this Agreement for Executive and fifty percent (50%) of the costs of Executive’s dependents pursuant to The Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), or under applicable California law pursuant to Assembly Bill No. 1401 (“Cal-COBRA”), with one hundred percent (100%) of premiums for the insurance coverages payable by the Bank or Bancorp monthly to Executive for a period of twelve (12) months from the date of termination.  Notwithstanding the foregoing or any other provision in this Agreement to the contrary, the obligation of the Bank or Bancorp to pay the premium costs related to the COBRA or Cal-COBRA continuation of insurance coverages shall terminate at the earlier of the expiration of twelve (12) months from the date of termination or the date of commencement of comparable insurance coverages for Executive by another employer. After such expiration date, Executive shall have such rights to continue to participate under the Bank’s group health benefits plan at Executive’s expense as may be available under COBRA or Cal COBRA.  Executive agrees to notify the Bank as soon as practicable, but not less than ten (10) business days in advance of the commencement of such comparable insurance coverages with another employer and to repay to the Bank any amounts paid by the Bank to or for the benefit of Executive that overlap the coverages provided by the other employer.
(iii)Executive acknowledges and agrees that severance benefits pursuant to this paragraph 9 (d) are in lieu of all damages, payments and liabilities on account of the early termination of Executive’s employment under this Agreement.  Any payment made under any subparagraph of paragraph 9 (d) shall preclude further payment under any other subparagraph of paragraph 9 (d).
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(e)Change in Control
As contemplated by paragraph 9 (a) (viii), Executive shall be entitled to receive severance in the event of a “Change in Control”  under paragraph 9 (d) (1) occurring while Executive is employed by the Bank or Bancorp.  Such event shall automatically terminate employment under this Agreement.
(i)“Change in Control” of the Bancorp or the Bank shall be deemed to have occurred (as of a particular day, as specified by the Board) upon the occurrence of any of the following events:
(A)Any one Person, or more than one Person acting as a group, acquires ownership of stock of the Bank or Bancorp that, together with stock held by such Person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of the Bancorp; provided, however, that a Change of Control shall not be deemed to have occurred in the event of either:
(1)a reorganization in which the shareholders of the Bancorp before the reorganization hold equity interests, directly or indirectly, in the reorganized company in substantially the same proportion as they held equity interests in Bancorp; or
(2)a change of control of the Bank where approval of the payment to Executive under Part 359 of the FDIC’s regulation is required and is not obtained; or
(3)a merger or acquisition by the Bancorp that is approved by the Bank's Board and in which the shareholders of the Bancorp immediately before completion of the transaction hold, directly or indirectly, more than 50% of the equity interests in the surviving corporation after completion of the transaction.
(B)one Person, or more than one Person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such Person or group), assets from the Bank or Bancorp that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all assets of Bancorp immediately prior to such acquisition or acquisitions.  
(C)References to "group" within this definition of "Change of Control" will be determined in a manner provided for in Treasury Regulations promulgated under Internal Revenue Code section 409A, in particular Treasury Regulation Section 1.409A-3(i)(5)(v)(B) as applicable except to the extent modified or further limited above, and to the extent this definition serves as a payment event for nonqualified deferred compensation within the meaning of Code Section 409A, any transactions constituting a Change in Control under the above referenced definition will only constitute a payment event under this 

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Agreement if, and to the extent, such definition does not violate Internal Revenue Code section 409A.
(ii)A Change in Control shall not be deemed to occur unless and until all regulatory  approvals required in order to effectuate a Change in Control of the Bank have been obtained and the transaction constituting the Change in Control has been consummated.  
(f)Release of All Claims
Notwithstanding any other provision of this Agreement to the contrary, the Bank and Executive agree it shall be an express condition to Executive’s receipt of any severance benefits of any kind under paragraph 9 (d), that Executive execute a full and complete release, substantially in the form and content attached hereto as Exhibit A, of any and all claims against the Bank and Bancorp and their respective affiliates, directors, officers, employees, agents, attorneys, insurers, and successors in interest, arising from or in any way related to Executive’s employment or termination of Executive’s employment pursuant to this Agreement and Executive shall not revoke such release of claims.
10.[RESERVED]
11.Section 409A and 280G Limitations
(a)General
It is the intention the Bank, Bancorp and Executive that this Agreement shall be interpreted and administered consistent with Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”) and that the severance and other benefits payable to Executive under this Agreement either be exempt from, or otherwise comply with, Section 409A.  Notwithstanding any other term, provision, or other matter set forth elsewhere in this Agreement, to the extent that any provision of this Agreement may be determined by the Bank, with the advice of its independent accounting firm or other tax advisors, to be subject to and not in compliance with Section 409A, such provisions shall be interpreted in the manner required to comply with Section 409A.  The Bank, Bancorp and Executive further acknowledge and agree that if, in the judgment of the Bank and Bancorp, with the advice of its independent accounting firm or other tax advisors, amendment of this Agreement is necessary to clarify any of the terms of this Agreement, or to comply with Section 409A, the Bank, Bancorp and Executive will negotiate reasonably and in good faith to amend the terms of this Agreement to the extent necessary so that it complies (with the most limited possible economic effect on the Bank and Executive) with Section 409A.  If any payment under this Agreement fails to comply with or be exempt from Section 409A, neither the Bank nor Bancorp shall have liability for any taxes, penalties, interest or fees imposed on Executive and Executive shall have no claim against the Bank or Bancorp or any of its directors, 

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officers, employees, stockholders, affiliates, managers, members, partners, agents, attorneys or representatives for any such taxes, penalties, interest or fees.
​
(b)Payments to Specified Employees
(i)Notwithstanding any provision of this Agreement to the contrary, if Executive is considered a “Specified Employee” (as defined below), any distributions hereunder which would otherwise be made to Executive pursuant to the terms of this Agreement shall not be made during the first six (6) months following termination of employment that constitutes a separation from service pursuant to Section 409A unless Executive dies prior to the end of such six (6) month period.  Any distribution which would otherwise be paid to Executive during such six (6) month period shall be accumulated and paid to Executive in a lump sum on the first day of the seventh (7th) month following such a separation from service.  All subsequent distributions shall be paid in the manner otherwise specified in this Agreement.
(ii)The term “Specified Employee” shall mean an employee who at the time of separation from service is a “Key Employee” of the Bank or Bancorp or a successor entity of either, if any stock of the Bank or Bancorp or a successor entity of either is publicly traded on an established securities market or otherwise.  For purposes of this Agreement, an employee is a Key Employee if the employee meets the requirements of section 416(i)(1)(A)(i), (ii), or (iii) of the Internal Revenue Code of 1986, as amended (applied in accordance with the regulations thereunder and disregarding section 416(i)(5) thereof) at any time during the twelve (12) month period ending on December 31 (the "Identification Period").  If the employee is a Key Employee during an Identification Period, the employee is treated as a Key Employee for purposes of this Agreement during the twelve (12) month period that begins on the first day of April following the close of the Identification Period.
(c)280 G
If Executive’s severance or other compensation provided by the Bank or Bancorp under this Agreement or outside this Agreement would cause any such payment to be an “excess parachute payment” (as defined in Section 280G(b)(1) of the Internal Revenue Code), then the payments made under paragraph 9 hereof or made outside this Agreement, as applicable, will be reduced (pro rata in the case of installment payments) to the largest amount which may be paid without any portion of such amount being subject to the excise tax imposed by Section 4999 of the Internal Revenue Code.  In the event there is a dispute among the parties regarding the extent to which payments must be reduced pursuant to this paragraph 11 (c), such dispute will be resolved by the good faith determination of the Board of Directors of the Bank or Bancorp or the Compensation Committee of the Board of Directors of the Bank or Bancorp.
12.Notices

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Any notices to be given hereunder shall be in writing and may be transmitted by email with confirmation of receipt by the recipient or its counsel, personal delivery or by U.S. mail, registered or certified, postage prepaid with return receipt requested.  Mailed notices shall be addressed to Executive at the address listed in Executive’s personnel file and to the Bank at its principal business office located at 86 N. Main Street, Porterville , California 93257.  A party may change the address for receipt of notices by written notice in accordance with this paragraph 12.  Notices delivered personally shall be deemed communicated as of the date of actual receipt; mailed notices shall be deemed communicated as of three (3) days after the date of mailing; and emailed notices upon confirmation of receipt.
13.Arbitration​
All claims, disputes and other matters in question arising out of or relating to Executive’s employment and/or this Agreement or the breach or interpretation thereof, other than those matters which are to be determined by the Bank or Bancorp, in their respective sole and absolute discretion, shall be resolved by binding arbitration before a representative member, selected by the mutual agreement of the parties, of the American Arbitration Association (“AAA”) in accordance with the rules and procedures of AAA then in effect.  Notice of the demand for arbitration shall be filed in writing with the other party to this Agreement and with AAA.  In no event shall the demand for arbitration be made after the date when institution of legal or equitable proceedings based on such claim, dispute or other matter in question would be barred by the applicable statute of limitations.  Any award rendered by AAA shall be in writing and final and binding upon the parties, and as applicable, their respective heirs, beneficiaries, legal representatives, agents, successors and assigns, and may be entered in any court having jurisdiction thereof to the extent permitted by applicable law.  The obligations and rights of the parties to arbitrate pursuant to this clause shall be specifically enforceable in accordance with, and shall be applied, construed and interpreted consistently with, the provisions of the Federal Arbitration Act, 9 U.S.C. section 1, et seq.  Executive agrees to conduct arbitration as an individual solely upon and related to Executive’s own claims and waives any right to pursue such claims as a class action.  Any arbitration hereunder shall be conducted in Fresno, California, unless otherwise agreed to by the parties.
14.Attorneys' Fees and Costs​
In the event of litigation, arbitration or any other action or proceeding between the parties to interpret or enforce this Agreement or any part thereof or otherwise arising out of or relating to this Agreement, the prevailing party shall be entitled to recover its costs related to any such action or proceeding and its reasonable fees of attorneys, accountants and expert witnesses incurred by such party in connection with any such action or proceeding.  The prevailing party shall be deemed to be the party which obtains substantially the relief sought by final resolution, compromise or settlement, or as may otherwise be determined by order of a court of competent jurisdiction in the event of litigation, an award or decision of one or more arbitrators 

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in the event of arbitration, or a decision of a comparable official in the event of any other action or proceeding.  Every obligation to indemnify under this Agreement includes the obligation to pay reasonable fees of attorneys, accountants and expert witnesses incurred by the indemnified party in connection with matters subject to indemnification.
15.Entire Agreement​
This Agreement supersedes any and all other agreements, either oral or in writing, between the parties with respect to the employment of Executive by the Bank and contains all of the covenants and agreements between the parties with respect to the employment of Executive by the Bank or Bancorp; provided, that, this Agreement does not supersede or replace the rights and benefits under (i) any supplemental retirement or salary continuation plan, or (ii) any stock option or equity award agreement between Bancorp and Executive of this Agreement.  Each party to this Agreement acknowledges that no other representations, inducements, promises, or agreements, oral or otherwise, have been made by any party, or anyone acting on behalf of any party, which are not set forth herein, and that no other agreement, statement, or promise not contained in this Agreement shall be valid or binding on either party.
16.Modifications​
Any modification of this Agreement will be effective only if it is in writing and signed by a party or its authorized representative.
17.Waiver​
The failure of a party to insist on strict compliance with any of the terms, provisions, covenants, or conditions of this Agreement by another party shall not be deemed a waiver of any term, provision, covenant, or condition, individually or in the aggregate, unless such waiver is in writing, nor shall any waiver or relinquishment of any right or power at any one time or times be deemed a waiver or relinquishment of that right or power for all or any other times.
18.Partial Invalidity​
If any provision in this Agreement is held by a court of competent jurisdiction to be invalid, void, or unenforceable, the remaining provisions shall nevertheless continue in full force and effect without being impaired or invalidated in any way.
19.Interpretation​
This Agreement shall be construed without regard to the party responsible for the preparation of the Agreement and shall be deemed to have been prepared jointly by the parties.  Any ambiguity or uncertainty existing in this Agreement shall not be interpreted against either party, but according to the application of other rules of contract interpretation, if an ambiguity or uncertainty exists.

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20.Governing Law and Venue​
The laws of the State of California, other than those laws denominated choice of law rules, and the rules and regulations of the regulatory authorities having jurisdiction over the Bank and Bancorp including, but not limited to, the FRB, FDIC and BDO, shall govern the validity, construction and effect of this Agreement, except for paragraph 13 regarding arbitration, which shall be governed by the Federal Arbitration Act (9 U.S.C. § 1, et seq.).  Any action which in any way involves the rights, duties and obligations of the parties hereunder and is not resolved by binding arbitration shall be brought in the courts of the State of California or federal court and venue for any action or proceeding shall be in the California Superior Court for Tulare or in the United States District Court for the Eastern District of California, and the parties hereby submit to the personal jurisdiction of said courts.
21.Payments Due Deceased Executive​
If Executive dies prior to the expiration of the term of Executive’s employment, any payments that may be due Executive from the Bank or Bancorp under this Agreement as of the date of death shall be paid to Executive's heirs, beneficiaries, successors, permitted assigns or transferees, executors, administrators, trustees, or any other legal or personal representatives.
22.Assignment/Binding Effect​
Except as specifically set forth in this Agreement, Executive may not assign, delegate or otherwise transfer any of Executive’s rights, benefits, duties or obligations under this Agreement without the prior written consent of the Bank and Bancorp.  This Agreement shall inure to the benefit of and be binding upon the Bank and Bancorp and their respective successors and assigns, and Executive and Executive’s heirs, beneficiaries, successors, permitted assigns or transferees, executors, administrators, trustees, and any other legal or personal representatives.
23.Regulatory Limitations​
Executive, the Bank, and Bancorp acknowledge and agree that notwithstanding any other provision of this Agreement to the contrary, the rights, benefits, duties, or obligations of the parties hereunder are conditioned upon and subject to the rules and regulations promulgated by regulatory authorities having jurisdiction over the Bank.
24.Effect of Termination on Certain Provisions ​
Upon the termination of this Agreement, the obligations of the Bank and Executive hereunder shall cease except to the extent of the Bank or Bancorp’s obligations to make payments, if any, to or for the benefit of Executive following termination, and provided that paragraphs 3, 5, 6, 7, 9(f), 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24 and 25 shall remain in full force and effect.

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25.Advice of Counsel and Advisors​
Executive acknowledges and agrees that he has read and understands the terms and provisions of this Agreement and prior to signing this Agreement, he has had the advice of counsel and/or such other advisors as he deemed appropriate in connection with his review and analysis of such terms and provisions of this Agreement.
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IN WITNESS WHEREOF, this Agreement is executed as of the day and year first above written.
EXECUTIVE
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/s/ Hugh Boyle​ ​​ ​​ ​
Hugh Boyle
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SIERRA BANCORP
A California corporation
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By:​ ​/s/ Kevin McPhaill  ​ ​
Name:Kevin McPhaill
Title:President/CEO
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BANK OF THE SIERRA 
A California banking corporation 
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By:​ ​/s/ Kevin McPhaill  ​ ​
Name:Kevin McPhaill
Title:President/CEO
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EXHIBIT A
GENERAL RELEASE AGREEMENT
THIS GENERAL RELEASE AGREEMENT (the “Release Agreement”) is entered into by and among Hugh Boyle (the “Executive”), Sierra Bancorp, a California corporation (“Bancorp”), Bank of the Sierra, a California banking corporation (“Bank”), for the purposes set forth hereinafter.
In consideration for the payment of severance of that certain Employment Agreement between the parties dated _________, 2020, (the “Employment Agreement”), which payments the Executive is not otherwise entitled to receive and the sufficiency of which the Executive acknowledges, the Executive has agreed to waive any and all claims or grievances which the Executive has or may have against the Bank and Bancorp and all of their respective past, present and future affiliates, subsidiaries, predecessors, and successor corporations, and their respective subsidiaries and affiliates, and their respective past or present shareholders, directors, officers, employees, trustees, agents, and representatives, in their individual or representative capacities, and all benefits plans of such companies, including current and former trustees and administrators of such plans (all of the foregoing individually and collectively referred to hereinafter as the “Released Parties”), in accordance with the terms of this Release Agreement. Nothing contained in this Release Agreement shall be interpreted as an admission of liability by any of the Released Parties.
In furtherance of the foregoing, the Executive agrees, for the Executive and for all persons acting on the Executive's behalf (such as, but not limited to, the Executive's family, heirs, executors, administrators, personal representatives, agents and/or legal representatives), to forever and fully release and discharge the Released Parties from any and all claims, actions, causes of action, contracts, grievances, demands, and/or other liability of any nature whatsoever against any or all of the Released Parties, that the Executive ever had by reason of or arising out of any matter, cause and/or event occurring on or prior to the date of the expiration of the revocation period described below including, but not limited to, the following matters (which are individually and collectively referred to hereinafter as the “Released Claims”):
(i)any and all claims of any nature which are in any way related to the Executive's employment, the termination of such employment, the Agreement, promissory estoppel, any and all claims for forced resignation, constructive discharge, libel, slander, deprivation of due process, wrongful discharge, discrimination, harassment of any nature, breach of contract, breach of implied contract, the infliction of emotional distress, detrimental reliance, invasion of privacy, negligence, malicious prosecution, false imprisonment, fraud, assault and battery, interference with contractual or other relationships, retaliatory discharge or treatment and/or termination in violation of public policy;
(ii)any and all claims under any federal, state and/or local discrimination law, regulation, executive order, rule and/or ordinance;
(iii)any and all claims which could have been alleged in any litigation between the Executive and any of the Released Parties;

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(iv)any right, claim or demand, which may have arisen on or prior to the date of signing of this Release Agreement, which the Executive may have pursuant to the Age Discrimination in Employment Act, the Older Workers Benefits Protection Act, the WARN Act, the Employee Retirement Income Security Act, the Americans With Disabilities Act, the Fair Labor Standards Act, the Equal Pay Act, the Family Medical Leave Act, the Occupational Safety and Health Act, the Uniformed Services Employment and Reemployment Rights Act, the Fair Credit Reporting Act, Title VII of the Civil Rights Act of 1964, the California Labor Code, the California Fair Employment and Housing Act, the California Labor Management Relations and Employment Practices Laws, the California Wages, Hours and Payment of Wages Laws, the California Equal Pay Laws, the California Handicapped Laws, the California Family Rights Act, the California Sexual Orientation Bias Laws, the California Aids Laws, and/or any other federal, state and/or local law, executive order, rule, ordinance or regulation, all as they have been or may be amended; and
(v)any and all claims arising or accruing through the date of the signing of this Release Agreement, of whatever nature, kind or character, whether known or unknown, past or present, and in furtherance thereof, the Executive expressly waives all rights under Section 1542 of the California Civil Code which reads as follows:
Section 1542. “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.”
It is expressly understood and agreed by the Executive that this Release Agreement is in full accord, satisfaction and discharge of any and all doubtful and disputed claims by the Executive against the Released Parties, and that this Release Agreement is intended to include in its effect and to extinguish all claims, whether or not known to the Executive.
Notwithstanding the foregoing or any contrary provision of this Release Agreement, the Executive and the Bank agree that the Released Claims shall exclude the Executive’s (i) rights to indemnification under the Bank’s articles of incorporation and bylaws, or under any indemnification agreement between Bank and Executive and (ii) vested benefits under plans or programs maintained by the Bank in which the Executive participated prior to the Executive’s termination of employment including, but not limited to any stock option and equity award plans.
The parties further understand and agree as follows:
1.The Executive is not entitled to receive any other compensation, benefit or other payment under the Agreement or this Release Agreement, other than any salary and unused paid time off to the date of termination of employment and any vested benefits under any benefit plan of  the Bank in which the Executive participated. The Executive agrees that the Executive is not entitled to any other benefits under any other program or plan of the Bank or its respective affiliates or subsidiaries.
2.Upon the request of the Bank, the Executive has or will promptly return all property of the Bank and its affiliates and subsidiaries, to them, including, but not limited to, club 

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membership interests, customer information, computers and other electronic and technology devices, keys to offices, identification cards and corporate credit cards, prior to receipt of any payments pursuant to this Release Agreement.
3.To the maximum extent permitted by law, the Executive agrees never to file a lawsuit, grievance, or any other type of action asserting any Released Claims under this Release Agreement.
4.This Release Agreement will forever and for all time bar any action and/or Released Claims of the Executive that occurred on or prior to the date of the expiration of the revocation period described below.
5.The Executive shall comply with the non-solicitation and nondisclosure provisions set forth in Change in Control Agreement.
6.The Executive and the Bank agree that no party or its representatives will make, directly or indirectly, or knowingly encourage any other person or entity to make, any disparaging, derogatory, or defamatory statement(s) regarding the other or any of the Released Parties to third parties including, but not limited to, customers and prospective customers of  the Bank, and/or its affiliates and subsidiaries, whether communicated in oral, written, electronic or other form including, but not limited to, through the use of public or social media, the internet, electronic devices, any news or press media, or other form of publication. This restriction shall include, but not be limited to, statements regarding the Bank’s policies, procedures, or practices (including, but not limited to, business, lending, or credit policies, procedures or practices). Notwithstanding the foregoing, the parties may provide truthful information in response to a legal subpoena or other legal process.
7.If any provision in this Release Agreement is held by a court of competent jurisdiction to be invalid, void, or unenforceable, the remaining provisions shall nevertheless continue in full force and effect without being impaired or invalidated in any way.

THE EXECUTIVE IS HEREBY ADVISED TO CONSULT WITH AN ATTORNEY PRIOR TO SIGNING THIS RELEASE AGREEMENT AND THE EXECUTIVE IS PROVIDED WITH A PERIOD OF FORTY-FIVE (45) DAYS IN WHICH TO CONSIDER THIS RELEASE AGREEMENT. THE FORTY-FIVE (45) DAY CONSIDERATION PERIOD EXPIRES ON ________________, 20__.  
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FOR AN ADDITIONAL PERIOD OF SEVEN (7) DAYS FOLLOWING THE SIGNING OF THIS RELEASE AGREEMENT, THE EXECUTIVE MAY REVOKE THIS RELEASE AGREEMENT BY DELIVERY OF A WRITTEN NOTICE OF REVOCATION TO ______________________________________________________, ON OR BEFORE, 5:00 P.M. PACIFIC TIME OF THE SEVENTH DAY, OR BY MAILING (CERTIFIED MAIL SUGGESTED) A WRITTEN NOTICE OF REVOCATION TO _________________, WHICH MUST BE POSTMARKED NO LATER THAN THAT DATE. THIS RELEASE AGREEMENT SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL SUCH SEVEN (7) DAY PERIOD HAS EXPIRED. IF THE EXECUTIVE FAILS TO SIGN THIS RELEASE AGREEMENT WHEN SCHEDULED, OR IF THE EXECUTIVE REVOKES THIS 

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RELEASE AGREEMENT, IT SHALL NOT BE EFFECTIVE AND ENFORCEABLE AND THE EXECUTIVE WILL NOT RECEIVE ANY PAYMENTS OR BENEFITS DESCRIBED IN THIS RELEASE AGREEMENT, AND MUST RETURN ALL CONSIDERATIONS WHICH MAY HAVE BEEN PAID UNDER THIS RELEASE AGREEMENT WHICH WERE CONDITIONED UPON THE EXECUTION AND EFFECTIVENESS OF THIS RELEASE AGREEMENT.
THE EXECUTIVE ACKNOWLEDGES THAT THE EXECUTIVE HAS HAD THE FORTY-FIVE (45) DAY TIME PERIOD REFERENCED ABOVE TO REVIEW THIS RELEASE AGREEMENT AND HAS CAREFULLY READ AND UNDERSTANDS ITS CONTENTS. THE EXECUTIVE HAS HAD AN OPPORTUNITY DURING THAT FORTY-FIVE (45) DAY PERIOD TO CONSULT WITH AN ATTORNEY REGARDING ITS TERMS. THE EXECUTIVE ACKNOWLEDGES VOLUNTARILY SIGNING THIS RELEASE AGREEMENT WITH THE FULL KNOWLEDGE OF ITS TERMS.
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IN WITNESS WHEREOF, the parties have executed this Release Agreement on ____________, 202_, in the City of ​ ​                  , County of                            , State of California.
EXECUTIVE
​
____________________________________
Hugh Boyle
​
​
SIERRA BANCORP
A California corporation
​
​
By:_________________________________
Name:
Title:
​
​
​
BANK OF THE SIERRA 
A California banking corporation 
​
​
By:_________________________________
Name:
Title:

Exhibit A

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