Company: CVBF
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0000950170-25-051966
Chunk: 72

Company: CVB FINANCIAL CORP
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 72
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) the sum of (x) his then-current annual base pay plus (y) his average annual incentive compensation and bonus granted for the preceding two calendar years, which amount is payable over 18 months. In addition, upon a change-in-control, with or without Mr. Brager’s termination, Mr. Brager’s unvested Time RSUs and PRSUs would vest immediately, and unvested PRSUs would vest (x) at target levels if the relevant Performance Period is less than two years at the time of the change-in-control or (y) based on the applicable performance targets achieved if two or more years of the relevant Performance Period have transpired.

Moreover, in the event of termination of employment in connection with a change-in-control, Mr. Brager’s severance pay would be increased to include the cost equivalent of 24 months of medical and dental insurance coverage, including any applicable taxes.

Furthermore, in the event that Mr. Brager dies or becomes permanently disabled during his tenure as the Company’s President and CEO, Mr. Brager’s unvested stock options, Time RSUs and PRSUs would vest in full, with the unvested PRSUs to vest at the target number of shares established in the applicable grant.

Other Contract Terms.The 2024 CEO Employment Agreement provides for the following additional benefits: (a) Mr. Brager’s eligibility to participate in the Company’s group benefit plans and programs available to all associates of Citizens Business Bank, (b) a monthly automobile allowance of $2,000, (c) reimbursement for the reasonable costs of one country club membership, (d) eligibility to participate in the same deferred compensation program that is available to other senior executives and directors of the Company, and (e) reimbursement for other reasonable, ordinary and necessary business expenses.

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Compensation Arrangements with our OtherNamed Executive Officers

On July 2, 2024, the Company entered into 2024 NEO Employment Agreements with Messrs. Nicholson, Farnsworth, Harvey and Wohl, respectively. Although the Company had historically not provided employment agreements to any officer other than the Company’s CEO, the Company’s Board of Directors deemed it to be in the best interests of the Company to enter into the 2024 NEO Employment Agreements in recognition of each individual NEO’s respective tenure and experience, valuable skills and sustained excellent performance. The Company has previously disclosed the key terms of our 2024 NEO Employment Agreements, and submitted a complete copy