Company: CVBF
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0000950170-25-051966
Chunk: 111

Company: CVB FINANCIAL CORP
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 111
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 role as our President and CEO, his potential termination payments are triggered by an additional set of circumstances as provided in his 2024 CEO Employment Agreement. Specifically, if Mr. Brager’s employment is terminated without cause (other than in connection with a “change in control” as defined in his 2024 CEO Employment Agreement), then Mr. Brager would be entitled to (i) his base salary earned through termination date plus any accrued but unused vacation pay, and (ii) additional payments in an amount equal to (x) two times (2x) his then-current annual base salary plus (y) two times (2x) his average annual bonus granted for the preceding two calendar years. The additional payments would be made in equal installments on Citizens Business Bank’s normal payroll dates over an 18-month period, subject to a delay in payment of amounts due within the first six months following termination if and to the extent required by Section 409A of the Internal Revenue Code.

Under the terms of each executive's respective Employment Agreement, the receipt by Mr. Brager of additional payments in connection with his termination without cause, or the receipt by any of our NEOs (including Mr. Brager) of additional payments in connection with a change in control, would be conditioned upon such executive’s (i) execution of a general waiver and release agreement in favor of CVB Financial Corp. and Citizens Business Bank, (ii) agreement to specified restrictions on the use of the Company’s confidential information, and (iii) agreement not to solicit any customers or fellow employees of Citizens Business Bank for a period of one year following his termination of employment.

In addition, under the terms of the Company’s 2018 Equity Incentive Plan and 2008 Equity Incentive Plan, upon a “change of control” of the Company, unless otherwise stated in an award agreement, (i) awards granted under both Equity Incentive Plans become fully exercisable as of the date of the change in control, whether or not otherwise then exercisable and (ii) all restrictions and conditions on any award then outstanding shall lapse as of the date of the change in control. Under each of our NEO’s respective PRSU award agreements, unvested PRSUs would vest at target levels if less than two years of the applicable Performance Period have been completed at the time of any such termination or change in control or would vest at the number of shares based upon the performance levels actually achieved if at least two years of the applicable Performance Period have been completed