Company: CVBF
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0000950170-25-051966
Chunk: 69

Company: CVB FINANCIAL CORP
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 69
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 for CVB Financial Corp. and Citizens Business Bank, effective March 16, 2020, and his role and title were expanded to President and CEO effective November 19, 2021. Mr. Brager has been employed by Citizens Business Bank since 2003 and was promoted in 2020 from his prior position as our Executive Vice President and Sales Division Manager.

On July 1, 2024, the Company entered into a Second Amended and Restated Employment Agreement with Mr. Brager (the“2024 CEO Employment Agreement”), even though the term of Mr. Brager’s previous 2022 Employment Agreement was not scheduled to expire until June 30, 2025. The Compensation Committee believes that Mr. Brager’s performance as our President and CEO has been excellent, and that his continued leadership is critical to our success, and, as a result, the Committee decided that confirmation of Mr. Brager’s employment arrangements with the Company would be prudent. As per its practice, the Committee retained the Company’s outside compensation consultants at Pearl Meyer, and consulted with our external corporate counsel at Manatt, Phelps & Phillips, LLP, to assist in the formulation and negotiation of appropriate terms and conditions for the 2024 CEO Employment Agreement. Among other inputs, Pearl Meyer provided support to the Committee in reviewing and calibrating the peer group of financial institutions that we believe are comparable to the Company, which in turn provided additional data and corroboration for the purpose of benchmarking and analyzing the desired elements and projected dollar values of a comprehensive employment and compensation package for Mr. Brager.

The Company has previously disclosed the key terms of our 2024 CEO Employment Agreement with Mr. Brager, and submitted a complete copy of such Employment Agreement, pursuant to a Form 8-K filed with the SEC on July 1, 2024.

Term.The 2024 CEO Employment Agreement provides for a term of three years, commencing on July 1, 2024, and ending on June 30, 2027.

Base Salary.Pursuant to the 2024 CEO Employment Agreement, Mr. Brager’s base salary was set at an annualized level of $915,000, effective at the commencement of the renewed term, with any further merit increases in base salary at the discretion of the Compensation Committee, based on the Committee’s evaluation of Mr. Brager’s and the Company’s performance.

Annual incentive opportunity.Under the terms of his 2024 CEO Employment Agreement, operating in conjunction with