Company: CVBF
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0000950170-25-051966
Chunk: 59

Company: CVB FINANCIAL CORP
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 59
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 2022 CEO Employment Agreement, as applicable, for the respective portions of 2024 during which each such Agreement was in effect:

Mr. Brager’s base salary was set at an annualized rate of $850,000 (this annualized base salary was increased by the Compensation Committee from its previous level of $800,000, effective on January 1, 2024), and this $850,000 base salary level was further increased to an annualized rate of $915,000, effective on July 1, 2024, pursuant to the revised terms of Mr. Brager’s 2024 CEO Employment Agreement;

Mr. Brager earned an aggregate annual cash incentive and bonus of $924,150 for 2024 in accordance with the metrics and other criteria specified in his 2024 CEO PCP, which was revised effective July 1, 2024 to reflect the revised terms of his 2024 CEO Employment Agreement; and

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On January 24, 2024, Mr. Brager received grants of 32,600 performance-based restricted stock units ("PRSUs") and 32,600 time-based restricted stock units ("RSUs") for our 2024 fiscal year (with the performance metrics keyed in equal measure to the Company’s relative return on average tangible common equity and relative return on average assets, calculated over a three-year performance period, as compared to the same two metrics for the group of banks included in the KBW Nasdaq Regional Banking index).

Effective on July 2, 2024, the Company entered into employment agreements (collectively, the “2024 NEO Employment Agreements”) with each of our four other current named executive officers, the key terms of which are outlined in the section of this proxy statement on “Compensation Arrangements with our Other Named Executive Officers.”

Each of the 2024 NEO Employment Agreements provides that the applicable NEO shall be paid a base salary at an annual rate to be determined from time to time by the Company’s CEO and the Compensation Committee;

Each NEO will continue to be eligible to participate each year in the Company’s Executive Compensation Plan, with a target metrics-based incentive opportunity of 0% to 60% of base salary and with an additional discretionary bonus opportunity in the range of 0% to 20% of base salary; and

The respective 2024 NEO Employment Agreements further provide for the Compensation Committee to make additional equity grants to the applicable NEO annually, with an expected target grant date value of