Company: CVBF
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0000950170-25-051966
Chunk: 96

Company: CVB FINANCIAL CORP
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 96
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SUs (13,699 target shares) and Time RSUs (13,699 shares). For Mr. Farnsworth and Mr. Wohl, the restricted stock units are for 21,074 shares and 18,440 shares, respectively, split equally between PRSUs (at target number of shares) and Time RSUs. For our NEOs other than Mr. Brager, their annual equity grants are generally targeted at a dollar value of shares equal to 100% of the applicable NEO's annualized base salary for the immediately preceding year. Similar to Mr. Brager’s equity grants, the PRSUs awarded to Messrs. Nicholson, Harvey, Farnsworth and Wohl are subject to the identical performance criteria and performance measurement period as are being applied to Mr. Brager’s 2024 PRSU grant, and the Time RSUs are set to vest in equal annual increments over the same three-year period.

PRSU Performance Criteria and Measurement Period.For each of our five NEOs who received grants of PRSUs in 2024, such PRSUs are scheduled to vest on the three-year anniversary of their January 24, 2024 grant date, based on the financial performance of the Company during a three-year performance consisting of the Company’s 2024, 2025 and 2026 fiscal years (the “Performance Period”).

The PRSUs are subject to two performance targets, each of which is to be weighted equally and averaged by calendar year over the three-year Performance Period: (i) the Company’s relative return on average tangible common equity compared to that of the other banks in the KBW Nasdaq Regional Banking Index (“Relative ROATCE”) and (ii) the Company’s relative return on average assets compared to that of the other banks in the KBW Nasdaq Regional Banking Index (“Relative ROAA”). These two measures are commonly utilized by banking organizations as reflective of important aspects of their overall financial performance.

The target number of shares under the PRSU grants would be vested on January 24, 2027 if the Company achieves the 50th percentile performance on both the Relative ROATCE and Relative ROAA measures over the Performance Period. The actual number of shares earned under the PRSU grants is subject to adjustment on a linear basis, plus or minus a maximum of 25% of the target number of shares (i.e., up to 125% or down 75% of the target number of shares), for (x) performance above the 50th