Company: CVBF
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0000950170-25-051966
Chunk: 58

Company: CVB FINANCIAL CORP
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 58
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 fiscal year, (ii) all individuals who served as such entity’s principal financial officer (“PFO”) during any portion of the most recent year, plus (iii) the entity’s three most highly compensated executive officers other than any PEOs or PFOs who were serving as executive officers at the end of the most recent fiscal year, plus (iv) up to two additional individuals for whom disclosure would have been provided but for the fact that such individual was not serving as an executive officer of such entity at the end of this last completed fiscal year. Accordingly, CVB Financial Corp.’s reportable NEOs for 2024 are as follows:

| David A. Brager     | President and CEO of CVB Financial Corp. and Citizens Business Bank (sometimes referred to as the “CEO”) |
| E. Allen Nicholson  | Executive Vice President, CFO of CVB Financial Corp. and Citizens Business Bank                          |
| David F. Farnsworth | Executive Vice President, Chief Credit Officer of Citizens Business Bank                                 |
| David C. Harvey     | Executive Vice President, COO of Citizens Business Bank                                                  |
| Richard H. Wohl     | Executive Vice President, General Counsel of CVB Financial Corp. and CitizensBusiness Bank               |

2024 Compensation Program Overview

The Compensation Committee believes that CVB Financial Corp.’s executive compensation program is well-designed to support growth in enterprise and shareholder value within the context of maintaining a sound and compliant financial and risk management structure. The following points summarize how the Compensation Committee addressed the key issues and components of our executive compensation program for our 2024 fiscal year:

The Company’s overall compensation program for our executive officers for 2024 adhered to our traditional structure consisting of three primary components, including (i) a base salary, (ii) metrics-based incentive compensation and a plan-based discretionary bonus, both of which are elements of our executive Performance Compensation Plans (“PCPs”), and (iii) equity-based compensation.

The Committee determined that it was in the best interests of the Company to enter into an early renewal of Mr. Brager’s employment arrangements as our CEO in the form of a Second Amended and Restated Employment Agreement dated July 1, 2024 (“2024 CEO Employment Agreement”), the key terms of which are outlined in the section of this proxy statement on “Compensation Arrangements with our President and Chief Executive Officer.”

Mr. Brager’s compensation as our CEO for 2024 conformed to the terms of his 2024 CEO Employment Agreement and his