Company: CVBF
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0000950170-25-051966
Chunk: 60

Company: CVB FINANCIAL CORP
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 60
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 approximately 100% of such NEO’s annual base salary for the preceding calendar year, but with no minimum guaranteed annual grant date value.

Base salary increases were also implemented for our four other NEOs on January 1, 2024 at moderate but varying levels, reflecting adjustments based on changes in market compensation rates and individual performance levels.

With respect to metrics-based incentive compensation for our NEOs for 2024, the Compensation Committee continued to utilize CVB Financial Corp.’s 2023 Executive Incentive Plan, which was originally adopted by the Committee on February 22, 2023 and included as an exhibit to CVB Financial Corp.’s Form 10-K for 2023. The Committee employed the business criteria and other key terms outlined in our 2023 Executive Incentive Plan in connection with reviewing and approving our CEO PCP and our individual NEO PCPs for our 2024 fiscal year.

Annual incentive payouts for our five NEOs under the Company’s annual CEO and NEO PCPs for 2024 were keyed to our traditional metrics of net profit and operating expense management goals, loan and deposit growth and retention, non-interest income, credit quality and loan delinquency metrics.

As in the past, the net profit measure remained the most important metric for all five of our NEOs under their respective PCPs, and the relative weighting of other measures was allocated to emphasize areas over which each individual executive had more direct responsibilities;

Overall annual incentive payouts under our CEO and NEO PCPs varied by executive, at 75% of base salary for our CEO and ranging from 14% to 22% of the applicable NEO’s base salary for our other NEOs;

Similar to past years, in 2024, the PCPs for our NEOs included an added discretionary component, based upon a more subjective evaluation of each eligible NEO’s individual performance, which allows for an assessment of each such NEO’s individual contributions to CVB Financial Corp. that could not be captured by looking solely at our financial metrics;

Each of Messrs. Nicholson, Farnsworth, Harvey and Wohl could earn up to an additional 20% of their respective base salaries under this separate plan-based discretionary component. For 2024, each of these NEOs received a payout of 20% of base salary for this separate individual performance component; and

In the case of Mr. Brager, this discretionary component of compensation was set at a higher potential range of up to 30% of base salary, and he received an award of 26