Company: CVBF
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0000950170-25-051966
Chunk: 70

Company: CVB FINANCIAL CORP
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 70
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 his 2024 CEO Performance Compensation Plan, Mr. Brager is provided with a target cash incentive opportunity of 100% of base salary and a maximum incentive opportunity of 150% for each calendar year during the term of the Agreement. Mr. Brager’s 2024 CEO Performance Compensation Plan was revised, effective July 1, 2024, to take into account the enhanced terms of his 2024 CEO Employment Agreement, including his increased base salary, since, as noted, his potential incentive awards are calculated as a percentage of his annualized base salary.

Annual discretionary bonus opportunity.In accordance with his 2024 CEO Employment Agreement, Mr. Brager’s 2024 CEO Performance Compensation Plan was revised, effective July 1, 2024, to provide for a separate and additional discretionary bonus opportunity, ranging from 0% to 30% of his base salary, based on a set of more subjective objectives, such as attracting, developing and retaining top talent at the Company, formulating and communicating a well-conceived long term strategic plan, effective and prudent resource allocation, and effective communication with the Company’s shareholders and regulators. This discretionary bonus component for Mr. Brager is similar to the discretionary bonus opportunity that has traditionally been provided to each of our other NEOs, although our other NEOs are eligible for a maximum subjective bonus opportunity ranging from 0% to 20% of their respective base salaries, and the subjective objectives are tailored to each NEO’s position and responsibilities.

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Long-term equity incentives.Under the terms of his 2024 CEO Employment Agreement, the Compensation Committee intends to grant to Mr. Brager annual equity awards with a target value equal to 180% of his annual base salary at the time of grant, and with a minimum value equal to 150% of his annual base salary at the time of grant, in such forms of awards and on such terms as may be determined by the Committee.

For our 2024 fiscal year, Mr. Brager received equity awards with an aggregate initial and target value equal to 150% of his then-current annual base salary of $850,000, because, at the time such awards were granted, on January 24, 2024, Mr. Brager’s 2022 Employment Agreement was still in effect, and this prior 2022 Employment Agreement provided for Mr. Brager to receive annual equity awards with a target value equal to 150% of his then-current annual base salary. Accordingly, on January 24,