BSRR EVP Michael Olague Exercises Options and Disposes of Shares

Rhea-AI Filing Summary

Michael Olague, EVP/Chief Banking Officer of Sierra Bancorp (BSRR), reported exercising four option grants to acquire a total of 5,593 common shares on 08/08/2025 at strike prices of $28.21, $27.35, $27.30 and $27.11. He subsequently sold 5,593 shares at $28.35 and 3,600 shares at $28.5005, leaving reported direct beneficial ownership of 8,809 shares. The derivative table shows the exercised options had expirations between 2027 and 2030.

Positive

• Exercised vested stock options totaling 5,593 shares at disclosed strike prices ($28.21, $27.35, $27.30, $27.11).
• Filed required Section 16 disclosure showing option details and expirations (2027–2030), supporting transparency.

Negative

• Sold a total of 9,193 shares (5,593 at $28.35 and 3,600 at $28.5005), reducing direct holdings materially from the post-exercise level.
• Net direct holdings declined from a reported 18,002 shares after acquisitions to 8,809 shares after the sales.

Insights

Financial Analyst

TL;DR: Routine option exercises followed by share sales; net direct holdings declined but transactions appear compensation-driven and are disclosure-standard.

The filing shows exercise of four option grants totaling 5,593 shares at listed strike prices, immediately followed by sales of 5,593 and 3,600 shares at market prices. Reported direct ownership after these trades is 8,809 shares. For investors this is a routine Section 16 disclosure that documents monetization of vested compensation; the transactions do not on their face indicate new corporate developments or material corporate changes.

Corporate Governance Expert

TL;DR: Standard insider reporting: vested options exercised and subsequent open-market sales; filing provides clear option strike and expiration detail.

The report identifies the reporting person as an officer (EVP/Chief Banking Officer) and documents option exercises (exercise prices $28.21, $27.35, $27.30, $27.11) with expiration dates shown between 2027 and 2030. The trades are disclosed under proper codes and show the post-transaction direct ownership level (8,809 shares). From a governance perspective this meets routine transparency expectations under Section 16.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Olague Michael

(Last) (First) (Middle)

86 N MAIN STREET

(Street)

PORTERVILLE CA 93257

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SIERRA BANCORP [ BSRR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP/Chief Banking Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/08/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/08/2025		M		1,600	A	$28.21	14,009	D
Common Stock	08/08/2025		M		1,344	A	$27.35	15,353	D
Common Stock	08/08/2025		M		1,337	A	$27.3	16,690	D
Common Stock	08/08/2025		M		1,312	A	$27.11	18,002	D
Common Stock	08/08/2025		S		5,593	D	$28.35	12,409	D
Common Stock	08/08/2025		S		3,600	D	$28.5005	8,809	D
Common Stock								27,171	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options	$28.21	08/08/2025		M			1,600	02/16/2017	02/16/2027	Common Stock	1,600	$0	0	D
Stock Options	$27.35	08/08/2025		M			1,344	02/15/2019	02/15/2028	Common Stock	1,344	$0	0	D
Stock Options	$27.3	08/08/2025		M			1,337	02/21/2020	02/21/2029	Common Stock	1,337	$0	0	D
Stock Options	$27.11	08/08/2025		M			1,312	02/20/2021	02/20/2030	Common Stock	1,312	$0	0	D

Explanation of Responses:

	/s/ Michael Olague	08/11/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

Who filed the Form 4 for Sierra Bancorp (BSRR)?

The reporting person is Michael Olague, identified as an officer with the title EVP/Chief Banking Officer.

What transactions were reported on 08/08/2025 for BSRR?

The filing discloses option exercises that acquired 1,600, 1,344, 1,337, and 1,312 shares (total 5,593) and sales of 5,593 shares at $28.35 and 3,600 shares at $28.5005.

How many Sierra Bancorp shares does Michael Olague report owning after these transactions?

The report shows reported direct beneficial ownership of 8,809 common shares following the transactions.

Were derivative securities involved in the transactions?

Yes. Table II shows the exercises related to stock options (matching the four grants) with exercise prices listed and expiration dates between 2027 and 2030.

Is the reporting person a director or 10% owner of BSRR?

The form marks the reporting person as an Officer (EVP/Chief Banking Officer) and does not indicate a director or 10% owner status.