Company: CVBF
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0000950170-25-051966
Chunk: 94

Company: CVB FINANCIAL CORP
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 94
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 402(x)(1) of SEC Regulation S-K, we do not grant stock options, SARs or similar option-like instruments in anticipation of the release of material nonpublic information that is likely to result in changes to the price of our common stock, such as a significant positive or negative earnings announcement, nor do we time the public release of such information based on stock option grant dates. In addition, we do not grant stock options, SAR’s or similar option like instruments during periods in which there is material nonpublic information about our Company, including (i) outside a “trading window” established in connection with the public release of earnings information under our Insider Trading Policy or (ii) at any time during the four business days prior to or the one business day following the filing of our periodic reports or the filing or furnishing of a Form 8-K that discloses material nonpublic information. These restrictions do not apply to restricted stock, restricted stock units, performance units, or other types of equity awards that do not include an exercise price related to the market price of our common stock on the date of grant. If stock options are granted by the Company, they are granted with an exercise price equal to the closing market price of our common stock on the date of grant.

The Compensation Committee has not granted any stock options, SARs or similar option like instruments to any of our NEOs since 2016, including no such grants having been made within the Company’s most recently completed fiscal year. The Committee has, on occasion, awarded stock options to officers below the level of our NEOs, primarily at the time when our annual equity grants are made to officers at this level, which in recent years has typically occurred during the month of March, or, less frequently, in connection with the hiring of a new officer.

CVB Financial Corp.’s Board of Directors has designated the Company’s CEO, Mr. Brager, as a Plan Administrator under our 2018 Equity Incentive Plan, and has delegated to him the authority to make equity grants to non-executive officers of restricted stock or options on shares of CVB Financial Corp., in amounts up to 5,000 shares for any individual award, subject to reporting any and all such grants to the Compensation Committee at its next scheduled meeting.

Additionally, under our 2018 Equity Incentive Plan, dividends are paid on grants of restricted stock shares and dividend equivalents are paid on Time RSUs which have not yet vested at the same rate as dividends declared on all other shares of