Sierra Bancorp adopts Director Emeritus retirement plan with 3-year 50% retainer benefit

SIERRA BANCORP

Eligible directors with 10+ years service (or 5+5) can retire as Director Emeritus and receive 50% of annual cash retainer for 3 years.
Upon Change in Control, all non-employee directors get 1.5x annual retainer lump sum, replacing other benefits.
Plan includes non-compete, non-disparagement, confidentiality obligations, and board observer rights.
Plan effective July 23, 2026; administered by Board or committee.

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