Company: CVBF
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0000950170-25-051966
Chunk: 90

Company: CVB FINANCIAL CORP
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 90
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With respect to these two components of Mr. Harvey’s Plan, the weightings of Mr. Harvey’s performance measures differed from those of our other NEOs because his incentive compensation and plan-based discretionary bonus compensation are designed to align more closely with Operations and Information Technology Division management, which includes a strong emphasis on management of operating expenses, plus customer service activities, staff recruitment, organizational structure and execution, technology and cybersecurity initiatives, systems integration, and product development and implementation.

For the first component, which was based on the five financial performance metrics set forth in Mr. Harvey’s incentive performance plan, as enumerated in the preceding Tables, Mr. Harvey’s aggregate incentive compensation for 2024 was $120,120. This amount was based on achieving the Level 1 benchmark on three of the five financial metrics, achieving the Level 3 benchmark on one financial metric, and falling short of the Level 1 threshold benchmark on one financial metric.

For the second component, in calculating the plan-based discretionary bonus to be paid to Mr. Harvey for 2024, the Compensation Committee recognized Mr. Harvey’s leadership in helping Citizens Business Bank to continue to develop a diverse and effective array of business banking products, including in the cash management and treasury product areas, to effectively manage the Company’s critical ongoing technology projects, and to develop and enhance Citizens Business Bank’s customer service platform, as part of demonstrating effective leadership over his department’s wide-ranging functions. In addition, the Committee noted that Mr. Harvey played a key role in completing four sale-leaseback transactions involving Citizens Business Bank properties and in helping to further streamline the Bank’s overall real estate footprint. In view of these considerations, the Committee approved a plan-based discretionary bonus of $109,200 for Mr. Harvey (which represents 20% of his base salary in effect as of March 1, 2024).

As a result of the combination of these items, the Compensation Committee awarded Mr. Harvey an aggregate objective incentive award and plan-based discretionary bonus award equal to $229,320 for 2024, which represents a cumulative total of 42% of his base salary in effect as of March 1, 2024. This compared to an aggregate amount of 47% of base salary for 2023 (which amount included a one-time supplemental discretionary bonus).

Mr. Wohl’s Annual Bonus.Mr. Wohl’s incentive and bonus compensation for 2024 was also comprised of two components, namely, a metrics-based incentive award and a plan-based discretionary bonus, in accordance with the financial