Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(e)Sierra Bancorp (the "Company") (Nasdaq: BSRR), the bank holding company for Bank of the Sierra, announced that on January 19, 2023 its Board of Directors approved amendments to the employment agreements of: (1) President and CEO Kevin J. McPhaill; (2) EVP and CFO Christopher G. Treece; (3) EVP, CCO and CRO Hugh F. Boyle; (4) EVP and CBO Michael W. Olague; and (5) EVP and CAO Jennifer A. Johnson to provide certain revised terms in connection with each executive's change in control benefits. Each executive's change in control benefits has been revised to provide for a cash payment in the amount of two (2) times the executive's then current base salary and maximum eligible bonus, less applicable withholding deductions. The amendment was signed and became effective on January 19, 2023.

Item 9.01financial Statements and Exhibits

(d)Exhibits. The information furnished pursuant to this item is set forth in the Exhibit Index, which appears below immediately before the signatures.

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