Form 4: Sierra Bancorp EVP/CRO Natalia M. Coen Reports Acquisition of Restricted Stock

Natalia M. Coen, EVP/CRO of Sierra Bancorp, reports the acquisition of time-based and performance-based restricted stock awards.

Summary

• On February 13, 2025, Natalia M. Coen, EVP/CRO of Sierra Bancorp, acquired 3,843 shares of common stock as a time-based restricted stock award.
• These shares vest ratably over three years under the Issuer's 2023 Equity Incentive Plan.
• Coen also acquired 1,281 shares of common stock as a performance-based restricted stock award under the same plan.
• The number of performance-based shares vesting after three years will depend on the achievement of specified performance goals.
• Following these transactions, Coen directly owns 24,477 shares of Sierra Bancorp common stock.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive as it reflects standard executive compensation practices and aligns management interests with shareholders. There are no immediate financial implications, but it signals confidence in the company's future.

Positives

• The acquisition of restricted stock indicates confidence in the company's future performance from a key executive.
• The vesting schedules of the restricted stock awards incentivize long-term performance and retention of the executive.

Risks

• The performance-based restricted stock may not fully vest if the specified performance goals are not achieved.
• The restricted stock is subject to forfeiture upon the occurrence of certain events specified in the agreement.

Future Outlook

The vesting of the restricted stock awards is contingent upon continued employment and, in the case of the performance-based award, the achievement of specific performance goals over the next three years.

Industry Context

This filing is a routine disclosure of stock awards to a company executive, which is a common practice in the banking industry to align management's interests with those of shareholders.

Comparison to Industry Standards

• Stock-based compensation is a common practice among publicly traded banks like Sierra Bancorp to incentivize executives.
• Comparable companies such as Farmers & Merchants Bancorp (FMCI) and Bank of the Sierra (BOSC) also utilize equity incentive plans for their executives.
• The vesting schedules and performance metrics associated with these awards are typically aligned with industry benchmarks for executive compensation.

Stakeholder Impact

• Shareholders may view the stock awards as a positive sign, aligning executive interests with company performance.
• Employees may see this as a standard practice for executive compensation.

Key Dates

Keywords

Sierra Bancorp, BSRR, Natalia M. Coen, restricted stock, Equity Incentive Plan, beneficial ownership, Form 4, EVP/CRO