BSRR Form 4: Michael Olague Withholds Shares for Tax on Vested Restricted Stock

Rhea-AI Filing Summary

Michael Olague, Executive Vice President/Chief Banking Officer of Sierra Bancorp (BSRR), reported sales of common stock on 08/20/2025. He disposed of 2,257 shares at a price of $29.26 per share to satisfy tax withholding related to the vesting of previously awarded restricted stock; following that transaction he directly beneficially owned 24,914 shares. The filing also shows an additional disposition of 8,809 shares (no price listed on that line). The Form 4 is signed 08/25/2025 and documents routine insider tax-withholding activity tied to equity compensation.

Positive

• Disclosed tax-withholding sale: The filing shows shares were withheld to satisfy tax obligations, indicating compliance with reporting requirements.
• Continued insider ownership: Reporting person retains 24,914 shares after the reported transaction, showing ongoing stake in the company.

Negative

• Disposition disclosed: The reporting person sold 2,257 shares at $29.26, which reduces insider holdings.
• Unclear line item: The form lists an additional 8,809 shares disposed without an associated price, leaving the economic details of that entry unspecified.

Insights

Securities Analyst

TL;DR: Insider sold shares to cover tax on vested restricted stock; this is routine and provides limited new information.

The reported disposition of 2,257 shares at $29.26 to satisfy tax withholding is a common administrative transaction following equity vesting and does not by itself indicate a change in company fundamentals or governance. The filing shows post-transaction direct ownership of 24,914 shares, which helps confirm continuing ownership. The separate line showing 8,809 shares disposed lacks an accompanying price on the form, so its economic terms are unclear from this document alone.

Corporate Governance Expert

TL;DR: Filing documents required disclosure of insider share withholding; it reflects compliance with reporting rules rather than a strategic disposition.

Withholding shares to satisfy tax obligations on vested restricted stock is standard practice and generally viewed as compliance activity. The report clarifies the reporting person’s role (EVP/Chief Banking Officer) and shows timely disclosure (signature dated 08/25/2025). The unexplained 8,809-share disposition entry reduces clarity; the form does not specify price or whether that line relates to the same vesting event or a separate transaction.

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

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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)
08/20/2025

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	08/20/2025		F		2,257(1)	D	$29.26	24,914	D
Common Stock								8,809	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

Explanation of Responses:

1. Withholding of shares of common stock to satisfy tax withholding obligations in connection with the vesting of previously awarded shares of restricted stock.

	/s/ Michael Olague	08/25/2025
	** 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

What did Michael Olague report on Form 4 for Sierra Bancorp (BSRR)?

He reported disposals of common stock on 08/20/2025, including 2,257 shares sold at $29.26 to satisfy tax withholding, with 24,914 shares owned after the transaction.

Why were shares disposed in this Form 4 filing?

The filing states the withholding of shares was to satisfy tax withholding obligations related to the vesting of previously awarded restricted stock.

How many shares did the reporting person own after the transaction?

The Form 4 shows the reporting person beneficially owned 24,914 shares following the reported transaction.

Is there any missing information in the Form 4?

Yes. One disposition line shows 8,809 shares disposed but does not list a transaction price, so the economic terms for that entry are not provided in this filing.

When was the Form 4 signed?

The signature on the Form 4 is dated 08/25/2025.