Company: CVBF
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0000950170-25-051966
Chunk: 71

Company: CVB FINANCIAL CORP
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 71
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 2024, Mr. Brager received equity awards consisting of 32,600 time-based restricted stock units (Time RSUs) and 32,600 performance-based restricted stock units (PRSUs). The aggregate number of shares, divided equally between Time RSUs and PRSUs, was calculated by dividing an initial and target value of shares of $1,275,000 (150% of Mr. Brager’s then-current annual base salary) by $18.98, which was the closing price for CVB Financial Corp. stock on January 24, 2024.

The Time RSUs are scheduled to vest in three equal annual installments, in each case on the anniversary date of their grant date of January 24, 2024, in 2025, 2026, and 2027, respectively, as long as Mr. Brager is employed by the Company on the applicable vesting date. The first installment of Time RSUs vested as scheduled on January 24, 2025.

The PRSUs are scheduled to vest on the three-year anniversary of their January 24, 2024 grant date, which is January 24, 2027, based on the financial performance of the Company during a three-year performance period consisting of the Company's 2024, 2025, and 2026 fiscal years. The PRSUs are subject to two performance targets, each of which is to be weighted equally and averaged by calendar year over the three-year performance period. For further details on the required calculations regarding the vesting of our PRSUs, please see the section of this proxy statement below on "PRSU Performance Criteria and Measurement Period."

Severance Benefits.Subject to the Company’s receipt of a release of claims, the 2024 CEO Employment Agreement provides severance benefits for Mr. Brager in specified situations.

If Mr. Brager is terminated without “cause,” he will receive an amount, payable over 18 months, equal to two times (2x) the sum of his then-current annual base pay and his average annual incentive compensation and bonus for the preceding two calendar years.

In the event Mr. Brager is terminated without “cause” within 180 days before or 12 months after a “change-in-control” or resigns for “good reason” within 12 months after a “change-in-control” (as such terms are defined in the 2024 CEO Employment Agreement), he will be entitled to severance pay equal to two times (2x