Company: CVBF
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0000950170-25-051966
Chunk: 113

Company: CVB FINANCIAL CORP
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 113
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                             |     |               |     | 823,900(5)   |     |     823,900 |

The Company’s 2018 Equity Incentive Plan and 2008 Equity Incentive Plan both permit the Compensation Committee to accelerate the vesting of stock options and reduce the period of restriction stock in the event of the continuous service of the associate or consultant terminates due to retirement or death.

Pursuant to Mr. Brager's 2024 CEO Employment Agreement, this amount represents the sum of (i) two times Mr. Brager's annualized rate of base salary compensation in effect at December 31, 2024 and (ii) two times the average of Mr. Brager's annual aggregate bonuses for 2023 and 2024.

For each of our individual NEOs, this amount represents the sum of (i) two times his annual rate of base salary compensation for 2024, (ii) two times the average of his annual aggregate bonuses for 2023 and 2024 and (iii) a lump sum amount (grossed up for any applicable payroll taxes) equal to 24 months of the cost of equivalent medical and dental plan coverage then being utilized by the affected NEO and his dependents, as determined under the then-applicable health care continuation provisions of COBRA.

These amounts represent (i) the sum of (w) the number of shares of unvested Time RSUs that each individual held on December 31, 2024, (x) the number of shares of unvested PRSUs granted in 2022 (assuming vesting based on performance results for 2022, 2023 and 2024) that each individual held on December 31, 2024, (y) the number of shares of unvested PRSUs granted in 2023 (assuming vesting based on performance results for 2023 and 2024) that each individual held on December 31, 2024 and (z) the number of shares of unvested PRSUs granted in 2024 (assuming vesting at target award levels) that each individual held on December 31, 2024, times (ii) the closing price of the Company’s shares on December 31, 2024, which was $21.41. The terms of the PRSU grants to our NEOs provide that, in the event of a change in control prior to the end of the three-year vesting period,