Item 5.02 Departure of directors or certain officers; election of directors; appointment of certain officers; compensatory arrangements of certain officers.
(b) and (c)On August 19, 2021, Director Robb Evans announced his retirement and tendered his resignation as a director of Sierra Bancorp (the “Company”) (Nasdaq: BSRR) and the Company’s wholly owned subsidiary, Bank of the Sierra, effective immediately. The Company’s Board of Directors thanked Mr. Evans for his years of service, and wished him well in his retirement.
Additionally, effective on August 20, 2021, the Company, Bank of the Sierra, and Mr. Matthew Macia, the Company’s and Bank of the Sierra’s Executive Vice President and Chief Risk Officer, mutually agreed to the termination of his employment and employment agreement. In accordance with his employment agreement, Mr. Macia will receive one year of base salary as severance compensation upon the effectiveness of a general release agreement, the form of which was attached to his employment agreement.
Effective August 20, 2021, Mr. Hugh Boyle, the Company’s and Bank of the Sierra’s Executive Vice President and Chief Credit Officer was appointed Chief Risk Officer and will continue to serve as both Chief Credit Officer and Chief Risk Officer, a joint role he previously held at a prior financial institution. As disclosed when Mr. Boyle joined the Company and Bank of the Sierra in December 2020, Mr. Boyle, currently 61 years old, holds both a Master of Science and Bachelor of Science degree from Pennsylvania State University. Prior to serving the Company and Bank of the Sierra, Mr. Boyle was the Chief Risk Officer and Chief Credit Officer for Banc of California in Santa Ana, California, positions he held from 2013 to 2019. Prior to Banc of California, he spent 29 years primarily serving in a credit or risk position for a variety of financial institutions including Goldman Sachs & Co., Lehman Brothers, Inc., Washington Mutual, Inc., Canadian Imperial Bank of Commerce, and Flagstar Bank. With the addition of the Chief Risk Officer responsibilities, Mr. Boyle’s annual base salary will be increased $24,000, but no other changes to his compensation arrangement under his current employment agreement will be made. To memorialize the change in title and base salary, an amendment to Mr. Boyle’s employment agreement was entered into, a copy of which is attached hereto as Exhibit 10.1, and incorporated herein by reference.
ITEM 9.01FINANCIAL STATEMENTS AND EXHIBITS
(d)Exhibits. The information required to be furnished pursuant to this item is set forth in the Exhibit Index which appears below, immediately before the signatures.
EXHIBIT INDEX
