Company: CVBF
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0000950170-25-051966
Chunk: 83

Company: CVB FINANCIAL CORP
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 83
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 the sole purpose of bringing Mr. Brager’s 2024 CEO Plan into conformity with the terms of his renewed 2024 CEO Employment Agreement, which became effective on the same date. In summary, these changes involved (i) adjusting the payout percentages corresponding to the levels of performance, and (ii) applying the percentages to Mr. Brager’s base salary as increased effective July 1, 2024, while (iii) making the structure of the CEO Plan consistent with the longstanding structure of the ECP Plan, with separate incentive compensation and discretionary bonus opportunities provided for the executives covered

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by either Plan, and (iv) in order to further harmonize the CEO and ECP Plans, using the same financial metrics and Level I, II and III benchmarks as had previously been approved under the ECP Plan on March 20, 2024.

Annual Performance Measures and Results.The following Table contains the Company’s 2024 targets and results for each of the performance incentive plan metrics, as well as how such 2024 results compared to the Company’s 2023 results.

The target thresholds to achieve Level 2 performance (target performance) on several metrics were set lower by the Compensation Committee for 2024, as compared to 2023 results, based on the consideration of economic forecasts which accounted for certain anticipated adverse factors expected to affect the Company’s financial performance for 2024, partly as a result of the prominent regional bank failures that occurred in 2023 and including the impact of continuing customer deposit outflows, higher bank borrowing costs, and lower net interest margins associated with reductions in short-term interest rates by the Federal Reserve. Our Compensation Committee considered these target thresholds challenging but reasonable to achieve for 2024 so did not further or subsequently adjust the plan design. As noted below, the majority of the metrics-based goals were not achieved at the target Level 2 performance thresholds established for 2024.

The cash awards provided to each of our NEOs under this incentive component of compensation are discussed below and set forth in column (g) of our Summary Compensation Table. The individual job performance appraisal for each such NEO in connection with his applicable plan-based discretionary bonus opportunity is also discussed separately below and set forth in column (d) of our Summary Compensation Table.

<div align='center'>2024 TABLE OF PERFORMANCE MEASURES AND PAYOUT LEVELS FOR NAMED EXECUTIVE OFFICER INCENTIVE AWARDS</div>

| Performance Measures                                       |     |                             |     |     Level 1