Company: CVBF
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0000950170-25-051966
Chunk: 86

Company: CVB FINANCIAL CORP
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 86
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 Mr. Brager for fiscal year 2024 was a total of 120% of his base salary, with a maximum of up to 180% of base salary. These total percentages, in turn, were divided into two components, with the incentive component targeted at 100% of his base salary up to a maximum of 150%, and the discretionary bonus component targeted at 20% of his base salary up to a maximum of 30%. In order to adequately recognize and compensate Mr. Brager for the plenary scope of his overall responsibilities, including his supervision of all our other executive officers, and to further incentivize him to meet his designated performance targets, Mr. Brager’s potential incentive and bonus compensation levels are set at higher percentages than those of our other NEOs.

For the first component, which was based on the five financial performance metrics specified in Mr. Brager’s CEO Plan, as enumerated in the preceding Tables, Mr. Brager’s aggregate incentive compensation for 2024 was $686,250. This amount was based on achieving the Level 1 benchmark on three of the five financial metrics, achieving the Level 3 benchmark on one financial metric, and falling short of the Level 1 threshold benchmark on one financial metric.

For the second component, Mr. Brager’s Subjective Job Performance rating was evaluated based on a scale ranging from 0% to 30% of annual base salary, with the target level set at 20% under his CEO Plan. For 2024, Mr. Brager’s Job Performance was judged to be “Excellent,” which in turn resulted in Mr. Brager’s achieving a plan-based discretionary award level of 26% of his base salary. In calculating this plan-based discretionary award for Mr. Brager, the Compensation Committee recognized Mr. Brager’s principal role in ensuring that the Company continued to attract, develop and retain a top quality workforce, enhancing the Company’s strategic planning process, maintaining the Company’s traditional focus on efficient operations, and effectively representing the Company and communicating skillfully with key constituencies, including the Company’s shareholders, Board of Directors, regulators and associates.

The Committee noted in this regard that, despite the challenging environment faced by the banking industry during 2024, Mr. Brager had succeeded in maintaining the Company’s annual net income at a level above $200 million for the fourth consecutive year of his tenure as CEO, while maintaining a distinctively safe and sound financial profile. Crucially, Citizens Business Bank was able to preserve valuable customer relationships