Company: CVBF
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0000950170-25-051966
Chunk: 75

Company: CVB FINANCIAL CORP
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 75
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2, between the Company and each NEO who is now party to an Employment Agreement, the form of which Severance Compensation Agreement was previously filed as an Exhibit to the Company’s 2022 Form 10-K, and such Severance Compensation Agreements have thus been terminated and are no longer in force.

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COMPENSATION DISCUSSION AND ANALYSIS — DISCUSSIONOF 2024 NAMED EXECUTIVE OFFICERS’ COMPENSATION PROGRAM

As noted above, our executive compensation program has traditionally consisted of three primary components, including (1) a base salary, (2) a metrics-based incentive award and a plan-based discretionary bonus award, both of which are typically awarded pursuant to metrics or criteria outlined in our executive Performance Compensation Plans (“PCPs”), and (3) equity-based compensation.

BaseSalary

It is our philosophy that our executives should be paid a base salary that we believe is competitive with the salaries paid by comparable organizations. We predicate the base salary on the executive’s ability, experience and past and potential performance and contribution to CVB Financial Corp. and Citizens Business Bank. In addition, we determine the base salary range, in part, by periodically benchmarking our executives’ base salaries against the base salaries for comparable positions at the institutions in our peer group, as discussed above. Our outside compensation consultants and our Human Resources Department gather this information to analyze appropriate salary levels for our NEOs, as well as for all of our other associates. Each year we generally establish a pool for base salary increases and incentive award percentage increases for each associate based on this peer group information and his or her job performance.

Base Salaries of our NEOs.The base salaries of our NEOs other than Mr. Brager were increased effective January 1, 2024. Mr. Brager's base salary was increased from $825,000 to $850,000, or 3.0%, effective January 1, 2024, and this base salary was subsequently increased again to $915,000, effective July 1, 2024, in connection with the 2024 renewal of Mr. Brager's CEO Employment Agreement, so his annual salary and percentage increase are based on a blended rate of $882,500 for 2024.

| NEO                 |     | 2023 Annual Salary |     | 2024 Annual Salary |     | % Increase |
| David A. Brager     |     |           $825,000 |     |           $882,500 |     |