Company: CVBF
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0000950170-25-051966
Chunk: 65

Company: CVB FINANCIAL CORP
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 65
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 President and CEO summarizes the previous year’s performance of selected officers and associates for the Compensation Committee and makes recommendations to the Compensation Committee regarding base salary levels, cash incentive compensation targets, performance goals, discretionary bonus targets and equity incentive awards for our NEOs (other than for himself) for approval or modification. The Compensation Committee determines each element of the President and CEO’s compensation.

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In February and March of each calendar year, the Compensation Committee determines cash payments under the prior year’s incentive compensation plans and plan-based discretionary bonus plans, as applicable, and generally in the first ninety days of each year (except as noted above), the Compensation Committee determines target amounts and performance criteria for the current year’s annual incentive plans. The Compensation Committee similarly meets from time to time to determine equity incentive awards for eligible associates, including our NEOs.

Role of our Compensation Consultants

The Compensation Committee has the authority to consult and retain internal and external advisors as needed. In determining the compensation of our named executive officers, including our President and CEO, and our Board of Directors, the Compensation Committee has elected to utilize a variety of resources, including, from time to time, reports, information and advice provided by leading national and regional firms specializing in providing compensation consulting services to public companies.

Since June 2019, our Compensation Committee has retained Pearl Meyer as the Company’s primary outside compensation consultants. During the Company’s 2024 fiscal year, Pearl Meyer supported the Compensation Committee in connection with the following specific projects: (i) advising the Committee regarding the terms and conditions associated with the negotiation of the Company’s 2024 CEO Employment Agreement with our President and CEO, Mr. David A. Brager (see “Compensation Arrangements with our President and Chief Executive Officer” below), (ii) advising the Committee regarding the terms and conditions of the Company’s new 2024 NEO Employment Agreements with each of our respective NEOs, (iii) reviewing and recalibrating the Company’s peer group of comparable banking companies for our 2024 fiscal year, (iv) performing benchmarking studies covering the compensation of our President and CEO, our other NEOs and our other executive officers, (v) providing compensation trends and regulatory updates, and (vi) providing assistance in connection with the preparation of our annual proxy statement. For further information regarding the Company’s peer group and the benchmarking of compensation for our NEOs for 2024, please refer to the section of this proxy statement below on “Peer Group Criteria and Composition for 2024.”

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