Company: CVBF
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0000950170-25-051966
Chunk: 110

Company: CVB FINANCIAL CORP
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 110
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 amount equal to (x) two times (2x) his annual base salary for the last calendar year immediately preceding the change in control, plus (y) two times (2x) his average annual bonus granted for the preceding two calendar years, plus (z) a lump sum amount (adjusted upward for any payroll and other taxes due) equal to 24 months of the cost of equivalent medical and dental plan coverage available to the affected NEO and his dependents under the Company’s then-available benefit plans. 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.

In addition, upon the occurrence of a change in control, with or without the CEO's or applicable NEO’s termination, (a) the CEO's and such NEO’s unvested Time RSUs and any options or restricted shares would vest immediately and (b) such NEO’s 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 of 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 at the time of any such termination or change in control.

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In the case of our CEO and each of our other NEOs, if his employment is terminated in connection with the affected NEO’s death or disability, the CEO or affected NEO would receive the death and disability benefits that he is entitled to be paid under Citizens Business Bank’s associate insurance plans. Furthermore, in the event that our CEO or one of our NEOs dies or becomes permanently disabled during his tenure as our CEO or one of the Company’s NEOs, respectively, the CEO's or affected NEO’s unvested stock options, Time RSUs and PRSUs would vest in full, with the PRSUs to vest at the target number of shares established in the applicable equity grant.

Under the common terms of our Employment Agreements, if our CEO or one of our NEOs is terminated for cause or as a result of his death or disability, he would be paid his base salary earned through the date of termination, as well as pay for any vacation accrued but not used as of that date.

However, in the case of Mr. Brager, by virtue his unique