Sierra Bancorp creates director emeritus retirement plan
Sierra Bancorp created a Director Emeritus position and adopted a Retirement Plan for Directors Emeritus effective July 23, 2026.
Rhea-AI Filing Summary
Sierra Bancorp created a Director Emeritus position and adopted a Retirement Plan for Directors Emeritus effective July 23, 2026. The plan covers qualified non-employee directors of the company and its wholly owned subsidiary, Bank of the Sierra, to support director retention.
To receive benefits, an Eligible Director must voluntarily retire after serving the minimum years specified in the plan and sign a Director Emeritus Agreement. Annual benefits equal 50% of the director’s prior 12-month board cash retainer (excluding committee retainers) and are payable for three years, subject to plan conditions. The Board, or a designated committee, administers the plan.
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8-K Event Classification
2 items: 8.01, 9.01
2 items
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Benefit Percentage: 50% of annual cash retainer
Benefit Term: 3 years
Plan Effective Date: July 23, 2026
3 metrics
Benefit Percentage
50% of annual cash retainer
Annual retirement benefit for a Director Emeritus under the plan
Benefit Term
3 years
Period during which Director Emeritus benefits are payable
Plan Effective Date
July 23, 2026
Effective date of the Retirement Plan for Directors Emeritus
Key Terms
Director Emeritus, Retirement Plan for Directors Emeritus, Eligible Director, Director Emeritus Agreement, +1 more
5 terms
Director Emeritus regulatory
"Registrant established the position of Director Emeritus"
Retirement Plan for Directors Emeritus regulatory
"adopted the Retirement Plan for Directors Emeritus (the “Plan”)"
Eligible Director regulatory
"qualified non-employee directors (each, an “Eligible Director”)"
Director Emeritus Agreement regulatory
"enter into a Director Emeritus Agreement with Registrant or Bank"
wholly owned subsidiary financial
"members of the board of its wholly owned subsidiary, Bank of the Sierra"
A wholly owned subsidiary is a company whose entire ownership is held by another company (the parent), so the parent controls decisions, operations, and finances. Think of it as a fully controlled branch that runs as its own legal entity but whose results flow straight into the parent’s financial statements; investors watch these structures because they affect consolidated revenue, risk exposure, and how profits, liabilities, and cash flow are allocated across the corporate group.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What corporate change did Sierra Bancorp (BSRR) make on July 23, 2026?
Sierra Bancorp established a Director Emeritus position and adopted a Retirement Plan for Directors Emeritus effective July 23, 2026. The plan provides defined retirement benefits for qualified non-employee directors of Sierra Bancorp and its wholly owned subsidiary, Bank of the Sierra.
Who qualifies as an Eligible Director under Sierra Bancorp (BSRR)'s new plan?
An Eligible Director is a qualified non-employee director of Sierra Bancorp’s Board or Bank of the Sierra’s board. To receive benefits, the director must voluntarily retire after serving the minimum years specified in the plan and sign a Director Emeritus Agreement.
How are Director Emeritus retirement benefits calculated at Sierra Bancorp (BSRR)?
Annual Director Emeritus benefits equal 50% of the annual cash retainer (excluding committee retainers) the director received during the prior 12-month period. The calculation is based on service on the Sierra Bancorp and/or Bank of the Sierra boards immediately before retirement.
For how long are Director Emeritus benefits paid under Sierra Bancorp (BSRR)'s plan?
Sierra Bancorp’s plan pays the annual Director Emeritus benefit for three years. Payments remain subject to the conditions outlined in the Retirement Plan for Directors Emeritus and the related Director Emeritus Agreement signed by the retiring director.
Who administers Sierra Bancorp (BSRR)'s Retirement Plan for Directors Emeritus?
The Retirement Plan for Directors Emeritus is administered by Sierra Bancorp’s Board of Directors or another committee appointed by the Board. This administrator oversees eligibility, benefit determinations, and other plan administration matters under the plan’s terms.
Does Sierra Bancorp (BSRR)'s Director Emeritus plan cover Bank of the Sierra directors?
Yes. The plan covers qualified non-employee directors of Sierra Bancorp and members of the board of its wholly owned subsidiary, Bank of the Sierra. Both entities’ eligible directors may become Directors Emeritus and receive benefits if plan conditions are met.
AI-generated analysis. How Rhea-AI works. Not financial advice.
