Company: CVBF
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0000950170-25-051966
Chunk: 73

Company: CVB FINANCIAL CORP
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 73
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 of the form of the 2024 NEO Employment Agreements, pursuant to a Form 8-K filed with the SEC on July 3, 2024.

Term.Each 2024 NEO Employment Agreements provides that the applicable NEO shall be employed for a term of two years, with successive renewal terms for one-year periods thereafter, unless terminated by either the Company or the applicable NEO.

Base Salary.The respective 2024 NEO Employment Agreements provide that each NEO shall be paid a base salary at an annual rate to be determined by the Company’s CEO and the Compensation Committee, and that this base salary may be adjusted from time to time in the CEO’s and Committee’s sole discretion.

Annual incentive opportunity.During the term of each NEO's respective 2024 NEO Employment Agreement, the NEO will continue to be eligible to participate each year in the Company’s Executive Performance Compensation Plan adopted under the Company’s 2023 Executive Incentive Plan, with a target metrics-based incentive opportunity of 0% to 60% of his applicable base salary.

Annual discretionary bonus opportunity.The 2024 NEO Employment Agreements further provide that each NEO shall be eligible to receive an additional discretionary bonus opportunity in the range of 0% to 20% of his applicable base salary, depending on his achievement of specified performance goals and the CEO’s and Compensation Committee’s evaluation of the individual NEO’s overall performance.

Long-term equity incentives.In accordance with the terms of the Company’s 2018 Equity Incentive Plan, the respective 2024 NEO Employment Agreements provide for the Compensation Committee to make additional Time RSUs, PRSUs and/or stock option or restricted stock grants to the applicable NEO annually during the term of his Employment Agreement, with an expected annual target grant date value of the underlying equity of approximately 100% of such NEO’s annual base salary for the preceding calendar year, but with no minimum guaranteed annual grant date value, in such forms of awards and on such terms as may be determined from time to time by the Compensation Committee. The performance criteria and performance targets for the PRSUs are to be established by the Compensation Committee and set forth in an award agreement as of the grant date. Except as described below, the PRSUs will vest, based on performance, at the end of their associated three-year performance periods only if the applicable NEO continues in employment with the Company through such dates.

Severance Benefits.The respective 2024 NEO Employment Agreements also provide that, if the applicable NEO is terminated without “cause” (other