Company: CVBF
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0000950170-25-051966
Chunk: 76

Company: CVB FINANCIAL CORP
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 76
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7.0%       |
| E. Allen Nicholson  |     |           $520,000 |     |           $536,000 |     | 3.1%       |
| David F. Farnsworth |     |           $400,000 |     |           $412,000 |     | 3.0%       |
| David C. Harvey     |     |           $530,000 |     |           $546,000 |     | 3.0%       |
| Richard H. Wohl     |     |           $350,000 |     |           $361,000 |     | 3.1%       |

The Compensation Committee believes that these increases put the base salaries of our NEOs at levels that were more comparable to those of executive officers at comparably-sized peer group banks and bank holding companies performing similar functions, based on the NEO compensation benchmarking study conducted by Pearl Meyer in November 2023.

In December 2024, the Compensation Committee made further adjustments to the base salary levels of all five of our continuing NEOs, including Mr. Brager, based on the more recent compensation benchmarking study performed by Pearl Meyer in November 2024. This set of base salary increases will take in effect on January 1, 2025, and thus will be reported in connection with the Company’s annual proxy statement to be issued in 2026 covering our 2025 fiscal year.

Annual Performance Compensation Plans (Incentive Compensation and Plan-based Discretionary Bonus Amounts)

Our Compensation Committee reviews and approves annual PCPs for each of our NEOs. The categories and parameters of the objective financial and operational metrics which underlie the determination of the incentive compensation payments under our annual PCPs are in turn derived from our Company’s 2023 Executive Incentive Plan (the “Executive Incentive Plan”). The Compensation Committee believes the Executive Incentive Plan plays a central role in linking executive compensation to specific and objective goals intended to result in both short-term and long-term increases in shareholder value.

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The Company’s 2024 PCPs provide that each of our NEOs should be eligible for both annual incentive compensation awards and annual plan-based discretionary bonus awards, with the potentially larger incentive compensation payments to be based on entirely objective criteria and the potentially smaller discretionary bonus payments to be based on more subjective criteria, as further explained below. The Compensation Committee uses a combination of financial metrics and individual goals to develop an annual incentive program and plan-based discretionary bonus program