Document:

Document

Exhibit 10.30

POOLING AGREEMENT
(CONVERSION HOTELS)
 
THIS POOLING AGREEMENT (this “Agreement”) is executed on December 15, 2020, but is made effective as of September 18, 2020, by and among Sonesta International Hotels Corporation, a Maryland corporation, and the other parties listed on Schedule A, as managers (each a “Manager” and collectively, “Managers”), and the parties listed on Schedule B, as owners (each an “Owner” and collectively, “Owners”).
 
RECITALS:
 
WHEREAS, contemporaneously with or prior to the execution of this Agreement, each Owner has entered into a Master Management Agreement or a Management Agreement with a Manager, as listed on Schedule C (each a “Management Agreement” and collectively, the “Management Agreements”) with respect to the real estate and personal property described in Schedule D opposite such Owner’s name which is operated as a full service or a select service hotel (each a “Hotel” and collectively, the “Hotels”).
 
WHEREAS, Owners and Managers desire to pool working capital for each of the Hotels and all revenues and reserves from operation of each of the Hotels for purposes of paying operating expenses of the Hotels and fees and other amounts due to Managers and Owners under the Management Agreements.
 
NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement and other good and valuable consideration, the receipt of which is hereby acknowledged, each Owner and each Manager agree as follows: 
 
ARTICLE I
DEFINED TERMS
 
a.Definitions.  Capitalized terms used, but not otherwise defined in this Agreement shall have the meanings given to such terms in the Management Agreements. The following capitalized terms as used in this Agreement shall have the meanings set forth below:
 
“Additional Hotel” is defined in Section 6.01.
 
“Additional Manager” is defined in Section 6.01.

“Additional Owner” is defined in Section 6.01.

“Agreement” is defined in the Preamble.
 
    

“Aggregate Additional Manager Advances” means the sum of Additional Manager Advances under all Management Agreements.
 
“Aggregate Annual Operating Statement” is defined in Article IV.
 
“Aggregate Base Management Fee” means an amount equal to 3% of the Aggregate Gross Revenues attributable to full service Hotels and 5% of the Aggregate Gross Revenues attributable to select service Hotels.
 
“Aggregate Deductions” means the sum of Deductions of the Hotels.

“Aggregate FF&E Reserve Deposit” means, with respect to each Year or portion thereof, an amount equal to five percent (5%) of Aggregate Gross Revenues.

“Aggregate Gross Room Revenues” means the sum of Gross Room Revenues of the Hotels.

“Aggregate Gross Revenues” means the sum of Gross Revenues of the Hotels.
 
“Aggregate Monthly Statement” is defined in Article IV.
 
“Aggregate Operating Profit” means an amount equal to Aggregate Gross Revenues less Aggregate Deductions.
 
“Aggregate Owner Advances” means the sum of Owner Advances under all Management Agreements.
  
“Aggregate Owner’s Priority” means the sum of the Owner’s Priority for the Hotels.

“Aggregate Owner’s Residual Payment” means, with respect to each Year or portion thereof an amount equal to Aggregate Operating Profit remaining after deducting amounts paid or payable in respect of Aggregate Owner’s Priority, Aggregate Reimbursable Advances, the Aggregate FF&E Reserve Deposit and the Aggregate Incentive Management Fee for such Year.
 
“Aggregate Reservation Fee” means for each Year or portion thereof an amount equal to one and one-half percent (1.5%) of Aggregate Gross Room Revenues.
 
“Aggregate Reimbursable Advances” means the sum of Reimbursable Advances of the Hotels.
“Aggregate System Fee” means with respect to each Year or portion thereof an amount equal to one and one-half percent (1.5%) of Aggregate Gross Revenues.
 
“Effective Date” means, with respect to each Hotel, the date listed as the Effective Date for such Hotel on Schedule D. 

2

“Hotel” and “Hotels” are defined in the Recitals.
 
“Landlord(s)” means the owner of the Hotel(s) set forth on Schedule D.
 
“Management Agreement” and “Management Agreements” are defined in the Recitals.
 
“Manager” and “Managers” are defined in the Preamble.

“Owner” and “Owners” are defined in the Preamble.

“Pooled FF&E Reserves” is defined in Section 5.01.B.

 “Pooled FF&E Reserve Account” is defined in Section 5.01.B.
 
ARTICLE II
GENERAL
 
The parties agree that from and after the Effective Date for each Hotel, so long as such Hotel is subject to this Agreement, all Working Capital and all Gross Revenues of such Hotel shall be pooled pursuant to this Agreement and disbursed to pay all Aggregate Deductions, fees and other amounts due to Managers and Owners (not including amounts due pursuant to Section 11.18 of the Management Agreements) with respect to the Hotels and that the corresponding provisions of each Management Agreement shall be superseded as provided in Section 3.03.  

 
ARTICLE III
PRIORITIES FOR DISTRIBUTION
OF AGGREGATE GROSS REVENUES
 
3.01.    Priorities for Distribution of Aggregate Gross Revenues.  Aggregate Gross Revenues shall be distributed in the following order of priority:
 
A.First, to pay all Aggregate Deductions (excluding the Aggregate Base Management Fee, the Aggregate Reservation Fee and the Aggregate System Fee);

B.Second, to Managers, an amount equal to the Aggregate Base Management Fee, the Aggregate Reservation Fee and the Aggregate System Fee;

C.Third, to Owners, an amount equal to Aggregate Owner’s Priority;

D.Fourth, pari passu, (i) to Owners, in an amount necessary to reimburse Owners for all Aggregate Owner Advances which have not yet been repaid pursuant to this Section 3.01, and (ii) to Managers, in an amount necessary to reimburse Managers for all Aggregate Additional Manager Advances which have not yet 
3

been repaid pursuant to this Section 3.01.  If at any time the amounts available for distribution to Owners and Managers pursuant to this Section 3.01 are insufficient (a) to repay all outstanding Aggregate Owner Advances, and (b) all outstanding Aggregate Additional Manager Advances, then Owners and Managers shall be paid from such amounts the amount obtained by multiplying a number equal to the amount of the funds available for distribution by a fraction, the numerator of which is the sum of all outstanding Aggregate Owner Advances, or all outstanding Aggregate Additional Manager Advances, as the case may be, and the denominator of which is the sum of all outstanding Aggregate Owner Advances plus the sum of all outstanding Aggregate Additional Manager Advances;

E.Fifth, to the Pooled FF&E Reserve Account, an amount equal to the Aggregate FF&E Reserve Deposit;

F.Finally, to Owners, the Aggregate Owner’s Residual Payment.
 
3.02.    Timing of Payments. 

A.     Payment of the Aggregate Deductions, excluding the Aggregate Base Management Fee, the Aggregate Reservation Fee and the Aggregate System Fee, shall be made in the ordinary course of business. The Aggregate Base Management Fee, the Aggregate Reservation Fee, the Aggregate System Fee, the Aggregate Owner’s Priority, the Aggregate FF&E Reserve Deposit, and the Aggregate Owner’s Residual Payment shall be paid on or before the twentieth (20th) day after the end of each calendar month, based upon Aggregate Gross Revenues or Aggregate Gross Room Revenues, as the case may, be for such month as reflected in the Aggregate Monthly Statement for such month.  If any installment of the Aggregate Base Management Fee, the Aggregate Reservation Fee, the Aggregate System Fee or the Aggregate Owner’s Priority is not paid when due, it shall accrue interest at the Interest Rate. Calculations and payments of the Aggregate FF&E Reserve Deposit and/or the Aggregate Owner’s Residual Payment with respect to each calendar month within a calendar year shall be accounted for cumulatively based upon the year-to-date Aggregate Operating Profit as reflected in the Aggregate Monthly Statement for such calendar month and shall be adjusted to reflect distributions for prior calendar months in such year. Additional adjustments to all payments will be made on an annual basis based upon the Aggregate Annual Operating Statement for the Year and any audit conducted pursuant to Section 4.02 of the Management Agreements.
 
B.     Subject to Section 3.02.C, if the portion of Aggregate Gross Revenues to be distributed to Managers or Owners pursuant to Section 3.01 is insufficient to pay amounts then due in full, any amounts left unpaid shall be paid from and to the extent of Aggregate Gross Revenues available therefor at the time distributions are made in successive calendar months until such amounts are paid in full, together with interest thereon, if applicable, and such payments shall be made from such available Aggregate Gross Revenues in the same order of priority as other payments made on account of such items in successive calendar months.
 
4

C.     Other than with respect to Aggregate Reimbursable Advances, calculations and payments of the fees and other payments in Section 3.01 and distributions of Aggregate Gross Revenues within a Year shall be accounted for cumulatively within a Year but shall not be cumulative from one Year to the next. Calculations and payments of Aggregate Reimbursable Advances shall be accounted for cumulatively within a Year and shall be cumulative from one Year to the next.
 
D.     The Aggregate Owner’s Priority, the Pooled FF&E Reserves and the Aggregate Owner’s Residual Payment shall be allocated among Owners as Owners shall determine in their sole discretion and Managers shall have no responsibility or liability in connection therewith. The Aggregate Incentive Management Fee, Aggregate Base Management Fee, the Aggregate Reservation Fee and the Aggregate System Fee shall be allocated among Managers as Managers shall determine in their sole discretion and Owners shall have no responsibility or liability in connection therewith.
 
3.03.    Relationship with Management Agreements.  For as long as this Agreement is in effect with respect to a Hotel, the provisions of Sections 3.01 and 3.02 shall supersede Sections 3.02 and 3.03 of the Management Agreement then in effect with the applicable Hotel.
 
ARTICLE IV
FINANCIAL STATEMENTS
 
Managers shall prepare and deliver the following financial statements to Owners:
 
(a)Within fifteen (15) days after the close of each calendar month, Managers shall deliver an accounting to Owners showing Aggregate Gross Revenues, Aggregate Gross Room Revenues, occupancy percentage and average daily rate, Aggregate Deductions, Aggregate Operating Profit, and applications and distributions thereof for the preceding calendar month and year-to-date (“Aggregate Monthly Statement”).
 
(b)Within forty-five (45) days after the end of each Year, Managers shall deliver to Owners and Landlords a statement (the “Aggregate Annual Operating Statement”) in reasonable detail summarizing the operations of the Hotels for the immediately preceding Year and an Officer’s Certificate setting forth the totals of Aggregate Gross Revenues, Aggregate Deductions, and the calculation of the Aggregate Owner’s Residual Payment for the preceding Year and certifying that such Aggregate Annual Operating Statement is true and correct. Managers and Owners shall, within ten (10) Business Days after Owner’s receipt of such statement, make any adjustments, by cash payment, in the amounts paid or retained for such Year as are required because of variances between the Aggregate Monthly Statements and the Aggregate Annual Operating Statement. Any payments shall be made together with interest at the Interest Rate from the date such amounts were due or paid, as the case may be, until paid or repaid. The Aggregate Annual Operating Statement shall be controlling over the Aggregate Monthly Statements and shall be final, subject to adjustments required as a result of an audit requested by Owners or Landlords pursuant to Section 4.02.B of the Management Agreements.

5

(c)Managers shall also prepare and deliver such other statements or reports as any Owners may, from time to time, reasonably request.
 
The financial statements delivered pursuant to this Article IV are in addition to any financial statements required to be prepared and delivered pursuant to the Management Agreements.
 
ARTICLE V
ACCOUNTS
 
5.01.    Accounts; Pooled FF&E Reserve Account.  

A.     Subject to Section 5.01.B, all Working Capital and all Gross Revenues of each of the Hotels may, until applied in accordance with this Agreement and the applicable Management Agreements, be pooled and deposited in one or more bank accounts in the name(s) of Owners designated by Managers, which accounts may, except as required by any Mortgage and related loan documentation or applicable law, be commingled accounts containing other funds owned by or managed by Managers. 

B.     Managers shall establish an interest-bearing account, in the name of Cambridge TRS, Inc., in a bank designated by Manager (and approved by Owners, such approval not to be unreasonably withheld), into which all FF&E Reserve Deposits and any other amounts to be deposited into an FF&E Reserve Account under a Management Agreement shall be paid (the “Pooled FF&E Reserve Account”). Funds on deposit in the Pooled FF&E Reserve Account (the “Pooled FF&E Reserves”) shall not be commingled with any other funds without Owners’ consent, and the Pooled FF&E Reserves shall be withdrawn from the Pooled FF&E Reserve Account and applied by Managers only to the extent they are permitted to withdraw and apply FF&E Reserves under a Management Agreement.

C.     Managers shall be authorized to access the accounts above without the approval of Owners, subject to (i) any limitation on the maximum amount of any check, if any, established between Managers and Owners as part of the Annual Operating Projections, and (ii) in the case of the Pooled FF&E Reserve Account, such other limitations as maybe set forth in the Management Agreements. One or more Owners shall be a signatory on all accounts maintained with respect to each Hotel, and Owners shall have the right to require that one or more Owners’ signature be required on all checks/withdrawals after the occurrence of a Manager Event of Default.  Owners shall provide such instructions to the applicable bank(s) as are necessary to permit Managers to implement Managers’ rights and obligations under this Agreement. The failure of any Owner to provide such instructions shall relieve any Manager of its obligations hereunder until such time as such failure is cured.

ARTICLE VI
ADDITION AND REMOVAL OF HOTELS
 
6

6.01.    Addition of Hotels.  At any time and from time to time, if a Manager or any Affiliate of Manager (an “Additional Manager”) and any Owner or any Affiliate of an Owner (an “Additional Owner”) add an additional Hotel (an “Additional Hotel”) to an existing Management Agreement or enter into a management agreement for the operation of an Additional Hotel, the Additional Owner may become a party to this Agreement by signing an accession agreement confirming the applicability of this Agreement to such Additional Hotel, provided if the Additional Owner is then a party to this Agreement, the Additional Hotel may be made subject to this Agreement by such Additional Owner and Manager amending and restating the applicable Schedules.  If an Additional Hotel is made subject to this Agreement other than on the first day of a calendar month, the parties shall include such prorated amounts of the Gross Revenues and Deductions (and other amounts as may be necessary) applicable to the Additional Hotel for such calendar month, as mutually agreed in their reasonable judgment, in the calculation of Aggregate Gross Revenues and Aggregate Deductions (and other amounts as may be necessary) for the calendar month in which the Additional Hotel became subject to this Agreement and shall make any other prorations, adjustments, allocations and changes required. Additionally, any amounts held as Working Capital for the Additional Hotel or to fund capital expenditures, if any, shall be held by Managers under this Agreement.
 
6.02.    Removal of Hotels. From and after the date of termination of any Management Agreement with respect to any Hotel, such Hotel shall no longer be subject to this Agreement. If the termination occurs on a day other than the last day of a calendar month, the parties shall exclude such prorated amounts of the Gross Revenues and Deduction (and other amounts as may be necessary) applicable to such Hotel for such calendar month, as mutually agreed in their reasonable judgment, in the calculation of Aggregate Gross Revenues and Aggregate Deductions (and other amounts as may be necessary) for the calendar month in which the termination occurred. Additionally, Owners and Managers, acting reasonably, shall mutually agree to the portion of the Aggregate Working Capital and Aggregate Gross Revenues allocable to the Hotel being removed from this Agreement and the amount of the Aggregate Working Capital, Aggregate Gross Revenues so allocated and any amounts held to fund capital expenditures, shall be remitted to the relevant Owner and the relevant Owner and relevant Manager shall make any other prorations, adjustments, allocations and changes required.
 
ARTICLE VII
TERM AND TERMINATION
 
7.01.    Term.  This Agreement shall continue and remain in effect indefinitely unless terminated pursuant to Section 7.02.
 
7.02.     Termination.  This Agreement may be terminated as follows:
 
(a)By the mutual consent of Managers and Owners which are parties to this Agreement.

(b)Automatically, if all Management Agreements terminate or expire in their entirety for any reason.
7

(c)By Managers, if any or all Owners do not cure a material breach of this Agreement by any Owner or Landlord within thirty (30) days of written notice of such breach from any Manager and if such breach is not cured, it shall be an Owner Event of Default under the Management Agreements.

(d)By Owners, if any or all Managers do not cure a material breach of this Agreement by any Manager within thirty (30) days of written notice of such breach from any Owner and if such breach is not cured, it shall be a Manager Event of Default under the Management Agreements.
 
7.03.    Effect of Termination.  Upon the termination of this Agreement, except as otherwise provided in Section 8.04.B. of the Management Agreements, Managers shall be compensated for their services only through the date of termination and all amounts remaining in any accounts maintained by Managers pursuant to Article V, after payment of such amounts as may be due to Managers hereunder, shall be distributed to Owners. Notwithstanding the foregoing, upon the termination of any single Management Agreement, pooled funds shall be allocated as described in Section 6.02.
 
7.04.    Survival.  The following Sections of this Agreement shall survive the termination of this Agreement: Section 7.03 and Article VIII.
 
ARTICLE VIII
MISCELLANEOUS PROVISIONS
 
8.01.    Notices.  All notices, demands, consents, approvals, and requests given by any party to another party hereunder shall be in writing and shall be deemed to have been duly given when delivered in person, upon confirmation of receipt, or on the next business day if transmitted by nationally recognized overnight courier, to the parties at the following addresses:
 
To Owners:
 
Cambridge TRS, Inc.
Two Newton Place
255 Washington Street
Newton, Massachusetts 02458
Attn:  President
 
To Managers:
 
Sonesta International Hotels Corporation
Two Newton Place
255 Washington Street
Newton, Massachusetts 02458
Attn:  President
8

 
8.02.     Applicable Law; Arbitration.  This Agreement shall be interpreted, construed, applied and enforced in accordance with the laws of the Commonwealth of Massachusetts, with regard to its “choice of law” rules. Any “Dispute” (as such term is defined in the Management Agreements) under this Agreement shall be resolved through final and binding arbitration conducted in accordance with the procedures and with the effect of, arbitration as provided for in the Management Agreements.
 
8.03.    Severability.  If any term or provision of this Agreement or the application thereof in any circumstance is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions hereof shall not be in any way impaired, unless the provisions held invalid, illegal or unenforceable shall substantially impair the benefits of the remaining provisions hereof.
 
8.04.    Gender and Number.  Whenever the context of this Agreement requires, the gender of all words herein shall include the masculine, feminine, and neuter, and the number of all words herein shall include the singular and plural.
 
8.05.    Headings and Interpretation.  The descriptive headings in this Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. References to “Section” in this Agreement shall be a reference to a Section of this Agreement unless otherwise indicated. Whenever the words “include,” “includes” or “including” are used in this Agreement they shall be deemed to be followed by “without limitation.”  The words “hereof,” “herein,” “hereby,” and “hereunder, when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision unless otherwise indicated. The word “or” shall not be exclusive. This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting.
 
8.06.    Confidentiality of Information.  Any information exchanged between a Manager and each Owner pursuant to the terms and conditions of this Agreement shall be subject to Section 11.06 of the Management Agreements.
 
8.07.    Assignment.  Neither any Manager nor any Owner may assign its rights and obligations under this Agreement to any other Person without the prior written consent of the other parties.
 
8.08.    Entire Agreement; Construction; Amendment.  With respect to the subject matter hereof, this Agreement supersedes all previous contracts and understandings between the parties and constitutes the entire Agreement between the parties with respect to the subject matter hereof. Accordingly, in the event of any conflict between the provisions of this Agreement and the Management Agreements, the provisions of this Agreement shall control, and the provisions of the Management Agreements are deemed amended and modified, in each case as required to give effect to the intent of the parties in this Agreement. All other terms and conditions of the Management Agreements shall remain in full force and effect; provided that, to the extent that 
9

compliance with this Agreement shall cause a default, breach or other violation of the Management Agreement by one party, the other party waives any right of termination, indemnity, arbitration or otherwise under the Management Agreement related to that specific default, breach or other violations, to the extent caused by compliance with this Agreement. This Agreement may not be modified, altered or amended in any manner except by an amendment in writing, duly executed by the parties hereto.
 
8.09.    Third Party Beneficiaries.  The terms and conditions of this Agreement shall inure to the benefit of, and be binding upon, the respective successors, heirs, legal representatives or permitted assigns of each of the parties hereto and except for Landlord(s), which are intended third party beneficiaries, no Person other than the parties hereto and their successors and permitted assigns is intended to be a beneficiary of this Agreement.

[Remainder of page intentionally left blank; Signature page follows]
10

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement with the intention of creating an instrument under seal.

                    MANAGERS:

SONESTA INTERNATIONAL HOTELS CORPORATION, a Maryland corporation

By: /s/ Carlos R. Flores                           
      Carlos R. Flores
      President and Chief Executive Officer

SONESTA JERSEY CITY LLC,
SONESTA MORRIS PLAINS LLC,
SONESTA NANUET LLC,
SONESTA NJ LLC,
SONESTA RANDOLPH STREET LLC,
SONESTA REDONDO BEACH LLC,
SONESTA SAN JUAN LLC,
SONESTA STATE STREET LLC,
each a Maryland limited liability company

By: /s/ Carlos R. Flores                              
      Carlos R. Flores
      President and Chief Executive Officer

SONESTA CANADA ULC,
SONESTA TORONTO ULC, 
each a British Columbian unlimited liability company

By: /s/ Carlos R. Flores                              
      Carlos R. Flores
      President and Chief Executive Officer

[Signature Page to Pooling Agreement]

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement with the intention of creating an instrument under seal.

OWNERS:

CAMBRIDGE TRS, INC.,
HPT CY TRS, INC.,
HPT TRS IHG-2, INC.,
HPT TRS MRP, INC.,
each a Maryland corporation

By: /s/ John G. Murray                               
      John G. Murray
      President and Chief Executive Officer

HPT STATE STREET TRS LLC,
SVC JERSEY CITY TRS LLC,
SVC MORRIS PLAINS TRS LLC,
SVC NANUET TRS LLC,
SVC RANDOLPH STREET TRS LLC,
SVC REDONDO BEACH TRS LLC,
each a Maryland limited liability company

By: /s/ John G. Murray                               
      John G. Murray
      President and Chief Executive Officer

SVC SAN JUAN LLC,
a Puerto Rico limited liability company

By: /s/ John G. Murray                               
      John G. Murray
      President and Chief Executive Officer

[Signature Page to Pooling Agreement]

Schedule A
 
Managers
 
Sonesta Canada ULC
Sonesta Gatehall Drive LLC
Sonesta International Hotels Corporation
Sonesta Jersey City LLC
Sonesta Morris Plains LLC
Sonesta Nanuet LLC
Sonesta NJ LLC
Sonesta Randolph Street LLC
Sonesta Redondo Beach LLC
Sonesta San Juan LLC
Sonesta State Street LLC
Sonesta Toronto ULC

    

Schedule B
 
Owners
 
Cambridge TRS, Inc.
HPT CY TRS, Inc.
HPT State Street TRS LLC
HPT TRS IHG-2, Inc.
HPT TRS MRP, Inc.  
SVC Gatehall Drive TRS LLC
SVC Jersey City TRS LLC
SVC Morris Plains TRS LLC
SVC Nanuet TRS LLC
SVC NJ TRS LLC
SVC Randolph Street TRS LLC
SVC Redondo Beach TRS LLC
SVC San Juan LLC

    

Schedule C
Management Agreements
1.Master Management Agreement, dated as of September 25, 2020, between Sonesta International Hotels Corporation and Cambridge TRS, Inc. 
2.Management Agreement, dated as of October 1, 2020, between Sonesta NJ LLC and SVC NJ TRS LLC. 
3.Master Management Agreement, executed on November 25, 2020, but effective as of December 1, 2020, between Sonesta International Hotels Corporation and HPT TRS IHG-2, Inc.
4.Management Agreement, dated as of December 1, 2020, between Sonesta Redondo Beach LLC and SVC Redondo Beach TRS LLC.
5.Management Agreement, dated as of December 1, 2020, between Sonesta Randolph Street LLC and SVC Randolph Street TRS LLC.
6.Management Agreement, dated as of December 1, 2020, between Sonesta State Street LLC and HPT State Street TRS LLC.
7.Management Agreement, dated as of December 1, 2020, between Sonesta Jersey City LLC and SVC Jersey City TRS LLC.
8.Management Agreement, dated as of December 1, 2020, between Sonesta Morris Plains LLC and SVC Morris Plains TRS LLC.
9.Management Agreement, dated as of December 1, 2020, between Sonesta Nanuet LLC and SVC Nanuet TRS LLC.  (Nanuet Hotel)
10.Management Agreement, dated as of December 15, 2020, between San Juan LLC and SVC San Juan LLC.
11.Management Agreement, dated as of December 15, 2020, between Sonesta Canada ULC and HPT TRS IHG-2, Inc.
12.Management Agreement, dated as of December 15, 2020, between Sonesta Toronto ULC and HPT TRS IHG-2, Inc.
13.Master Management Agreement, dated as of December 15, 2020, between Sonesta International Hotels Corporation and HPT CY TRS, Inc., as amended.
14.Master Management Agreement, dated as of December 15, 2020, between Sonesta International Hotels Corporation and HPT TRS MRP, Inc., as amended. 
    

15.Management Agreement, dated as of February 12, 2021, between Sonesta Gatehall Drive LLC and SVC Gatehall Drive TRS LLC, as amended.

    

Schedule D
HOTELS
																		
		Hotel Name	Street Address	City	State	Effective
Date
		Sonesta Simply Suites
Birmingham	600 Corporate Ridge Dr	Birmingham	AL	12/01/2020
		Sonesta ES Suites Birmingham Homewood	50 State Farm Parkway	Birmingham	AL	02/08/2021
		Sonesta Select Birmingham	4300 Colonade Parkway	Birmingham	AL	02/08/2021
		Sonesta Simply Suites
Huntsville	201 Exchange Pl	Huntsville	AL	12/01/2020
		Sonesta Select Phoenix Chandler	920 North 54th Street	Chandler	AZ	02/08/2021
		Sonesta Simply Suites
Phoenix	11411 
N Black Canyon Hwy	Phoenix	AZ	12/01/2020
		Sonesta Select Phoenix Camelback	2101 E. Camelback Road	Phoenix	AZ	02/08/2021
		Sonesta Select Scottsdale at Mayo Clinic Campus	13444 E. Shea Boulevard	Scottsdale	AZ	02/08/2021
		Sonesta ES Suites Scottsdale	6040 North Scottsdale Road	Scottsdale	AZ	02/10/2021
		Sonesta Simply Suites Scottsdale North	10740 North 90th Street	Scottsdale	AZ	02/10/2021
		Sonesta Select Tempe	601 South Ash Avenue	Tempe	AZ	02/12/2021
		Sonesta Simply Suites
Phoenix Tempe	1335 W Baseline Road	Tempe	AZ	12/01/2020
		Sonesta ES Suites Tempe	5075 South Priest Drive	Tempe	AZ	02/12/2021
		Sonesta ES Suites 
Anaheim	1855 
S Manchester Avenue	Anaheim	CA	12/01/2020
		Sonesta
Anaheim	1915 
S Manchester Avenue	Anaheim	CA	12/01/2020
		Sonesta Select Camarillo	4994 Verdugo Way	Camarillo	CA	02/01/2021
		Sonesta ES Suites
Chatsworth	21902 Lassen	Chatsworth	CA	12/01/2020
		Sonesta Select Los Angeles LAX	2000 E. Mariposa Avenue	El Segundo	CA	02/01/2021
		Sonesta Emeryville	5555 Shellmound Street	Emeryville	CA	03/02/2021
		Sonesta ES Suites Huntington Beach	9930 Slater Avenue	Fountain Valley	CA	02/03/2021
		Sonesta Select Huntington Beach	9950 Slater Road	Fountain Valley	CA	02/03/2021
		Sonesta ES Suites Fresno	5322 North Diana Avenue	Fresno	CA	02/03/2021
		Sonesta Simply Suites 
Anaheim	12901 
Garden Grove Blvd	Garden Grove	CA	12/01/2020
		Sonesta Simply Suites 
Orange Cty. Spectrum Cntr.	16150 Sand Canyon Ave	Irvine	CA	12/01/2020

    

																		
		Sonesta Select Laguna Hills	23175 Avenida de la Carlota	Laguna Hills	CA	02/03/2021
		Sonesta Simply Suites 
Orange County Irvine	3 South Pointe Drive	Lake Forest	CA	12/01/2020
		Sonesta 
Los Angeles Airport	5985 W Century Blvd	Los Angeles	CA	12/01/2020
		Sonesta
San Jose	777 Bellew Drive	Milpitas	CA	12/01/2020
		Sonesta Select Pleasant Hill	2250 Contra Costa Boulevard	Pleasant Hill	CA	02/01/2021
		Sonesta 
Redondo Beach & Marina	300 North Harbor Drive	Redondo Beach	CA	12/01/2020
		Sonesta ES Suites 
San Francisco Airport	1350 Huntington Ave	San Bruno	CA	12/01/2020
		Sonesta ES Suites
San Diego	11855 Avenue of Industry	San Diego	CA	12/01/2020
		Sonesta ES Suites 
San Diego Sorrento Mesa	6639 Mira Mesa Blvd	San Diego	CA	12/01/2020
		Sonesta ES Suites Carmel Mountain	11002 Rancho Carmel Drive	San Diego	CA	02/01/2021
		Sonesta ES Suites
San Jose Airport	1602 Crane Court	San Jose	CA	12/01/2020
		Sonesta Select San Jose Airport	1727 Technology Drive	San Jose	CA	02/05/2021
		Sonesta Select San Ramon	18090 San Ramon Valley Boulevard	San Ramon	CA	02/03/2021
		Sonesta Simply Suites 
Orange County Airport	2600 Red Hill Avenue	Santa Ana	CA	12/01/2020
		Sonesta Simply Suites
 Santa Clara
	481 El Camino Real	Santa Clara	CA	12/01/2020
		Sonesta Select San Francisco Airport	1300 Veterans Boulevard	South San Francisco	CA	03/02/2021
		Sonesta ES Suites 
San Francisco Airport 
Oyster Point	1350 Veterans Boulevard	South San Francisco	CA	03/02/2021
		Sonesta ES Suites
Sunnyvale	900 Hamlin Ct	Sunnyvale	CA	12/01/2020
		Sonesta Select Los Angeles Torrance	1925 W. 190th Street	Torrance	CA	02/05/2021
		Sonesta ES Suites
Torrance Redondo Beach	19901 Prairie Ave	Torrance	CA	12/01/2020
		Sonesta
Denver	1450 Glenarm Place	Denver	CO	12/01/2020
		Sonesta Simply Suites 
Denver Federal Center	895 Tabor Street	Lakewood	CO	12/01/2020
		Sonesta ES Suites
Denver South	7820 Park Meadows Drive	Lonetree	CO	12/01/2020
		Sonesta Select Newark	48 Geoffrey Drive	Newark	DE	02/10/2021

    

																		
		Royal Sonesta 
Washington DC	2121 P Street NW	Washington	DC	12/01/2020
		Sonesta Select Boca Raton	2000 NW Executive Center Circle	Boca Raton	FL	02/08/2021
		Sonesta Simply Suites 
Clearwater	13231 49th St N	Clearwater	FL	12/01/2020
		Sonesta ES Suites
Fort Lauderdale Plantation	410 North Pine Island Road	Fort Lauderdale	FL	12/01/2020
		Sonesta Simply Suites
Jacksonville	4990 Belfort Road	Jacksonville	FL	12/01/2020
		Sonesta ES Suites
Lake Buena Vista	8751 Suiteside Drive	Orlando	FL	12/01/2020
		Sonesta Simply Suites
Miami Airport	8855 NW 27th St	Miami	FL	12/01/2020
		Sonesta
Miami Airport	950 NW 42nd Avenue
	Miami	FL	12/01/2020
		Sonesta Select Miami Lakes	15700 NW 77th Court	Miami Lakes	FL	02/12/2021
		Sonesta ES Suites Atlanta North Point Mall	1325 North Point Drive	Alpharetta	GA	02/12/2021
		Sonesta ES Suites
Alpharetta North Point	3980
North Point Parkway	Alpharetta	GA	12/01/2020
		Sonesta ES Suites Atlanta Alpharetta Windward	5465 Windward Parkway	Alpharetta	GA	02/12/2021
		Sonesta Select Atlanta Midtown	1132 Techwood Drive NW	Atlanta	GA	02/08/2021
		Sonesta Select Atlanta Cumberland	3000 Cumberland Boulevard SE	Atlanta	GA	02/10/2021
		Sonesta Atlanta
Northwest Galleria	6345 
Powers Ferry Road NW	Atlanta	GA	09/18/2020
		Sonesta 
Atlanta Airport South	4669 Airport Blvd	Atlanta	GA	12/01/2020
		Sonesta
Atlanta Airport North	1325 Virginia Avenue	Atlanta	GA	12/01/2020
		Sonesta Simply Suites
Atlanta	3665 Shackleford Rd	Duluth	GA	12/01/2020
		Sonesta ES Suites
Atlanta - Perimeter Center	4601 Ridgeview Road	Dunwoody	GA	12/01/2020
		Sonesta Select Atlanta Airport	3399 International Boulevard	Hapeville	GA	02/10/2021
		Sonesta ES Suites Atlanta Kennesaw Town Center	3443 Busbee Drive NW	Kennesaw	GA	02/08/2021
		Sonesta Select
Atlanta Norcross	6235 
McDonough Drive NW	Norcross	GA	12/15/2020
		Sonesta Select Bettendorf	895 Golden Valley Drive	Bettendorf	IA	02/12/2021
		Sonesta Select
Arlington Heights	3700 North Wilke Road	Arlington Heights	IL	12/15/2020
		Royal Sonesta 
Chicago River North	505 North State Street	Chicago	IL	12/01/2020

    

																		
		The Allegro 
Royal Sonesta Hotel	171 West Randolph Street	Chicago	IL	12/01/2020
		Sonesta ES Suites Chicago Downtown	201 East Walton Place	Chicago	IL	03/02/2021
		Sonesta Simply Suites
Chicago Libertyville	1100 N US Route 45	Libertyville	IL	12/01/2020
		Sonesta
Chicago O'Hare Airport	10233 West Higgins Road	Rosemont	IL	12/01/2020
		Sonesta Simply Suites
Chicago O'Hare	4021 N Mannheim Rd	Schiller Park	IL	12/01/2020
		Sonesta Simply Suites
Chicago Naperville	27 W 300 Warrenville Rd	Warrenville	IL	12/01/2020
		Sonesta Simply Suites
Chicago Waukegan	1151 S Waukegan Rd	Waukegan	IL	12/01/2020
		Sonesta ES Suites Chicago Waukegan	1440 South White Oak Drive	Waukegan	IL	03/02/2021
		Sonesta Select
Chicago Elgin	2175 South Eighth Street	West Dundee	IL	12/15/2020
		Sonesta Select Indianapolis	37 W 103rd Street	Indianapolis	IN	02/08/2021
		Sonesta Simply Suites
Des Moines	7625 
Office Plaza Drive N	Des Moines	IA	12/01/2020
		Sonesta Simply Suites
Kansas City Overland Park	11001 Oakmont	Overland Park	KS	12/01/2020
		Sonesta Simply Suites
Wichita Northeast	3141 N Webb Road	Wichita	KS	12/01/2020
		Sonesta Simply Suites 
Wichita Airport	570 South Julia	Wichita	KS	12/01/2020
		Sonesta ES Suites New Orleans Convention Center	345 St. Joseph Street	New Orleans	LA	02/12/2021
		Sonesta ES Suites
Baton Rouge	4001 Nicholson Drive	Baton Rouge	LA	12/01/2020
		Sonesta ES Suites Annapolis	170 Admiral Cochrane Drive	Annapolis	MD	02/10/2021
		Sonesta Select Columbia	8910 Stanford Boulevard	Columbia	MD	03/02/2021
		Sonesta Select
Greenbelt	6301 
Golden Triangle Drive	Greenbelt	MD	12/15/2020
		Sonesta ES Suites Baltimore BWI Airport	1160 Winterson Road	Linthicum Heights	MD	02/08/2021
		Sonesta Simply Suites 
Baltimore BWI Airport	1247 Winterson Road	Linthicum Heights	MD	12/01/2020
		Sonesta Simply Suites
Boston Braintree	235 Wood Road	Braintree	MA	12/01/2020
		Sonesta Simply Suites
Boston Burlington	130 Middlesex Turnpike	Burlington	MA	12/01/2020
		Sonesta Select Boston Danvers	275 Independence Way	Danvers	MA	02/05/2021
		Sonesta Select Boston Foxborough	35 Foxborough Boulevard	Foxborough	MA	02/01/2021
		Sonesta Select Boston Lowell	30 Industrial Avenue East	Lowell	MA	02/01/2021

    

																		
		Sonesta Select Boston Milford	10 Fortune Boulevard	Milford	MA	02/05/2021
		Sonesta Select Boston Stoughton	200 Technology Center Drive	Stoughton	MA	02/03/2021
		Sonesta ES Suites Boston Westborough	25 Connector Road	Westborough	MA	02/01/2021
		Sonesta Select
Boston Woburn	240 Mishawum Road	Woburn	MA	12/15/2020
		Sonesta Simply Suites
Detroit Ann Arbor	701 Waymarket Way	Ann Arbor	MI	12/01/2020
		Sonesta Select Detroit Auburn Hills	2550 Aimee Lane	Auburn Hills	MI	02/12/2021
		Sonesta Simply Suites Detroit Novi	42600 West Eleven Mile Road	Novi	MI	02/10/2021
		Sonesta Select Detroit Novi	42700 W. Eleven Mile Road	Novi	MI	02/10/2021
		Sonesta Simply Suites
Detroit Southfield	1 Corporate Drive	Southfield	MI	12/01/2020
		Sonesta Simply Suites
Detroit Troy	2550 Troy Center Dr	Troy	MI	12/01/2020
		Sonesta Simply Suites
Detroit Warren	7010 Convention Blvd	Warren	MI	12/01/2020
		Sonesta ES Suites Detroit Warren	30120 North Civic Center Boulevard	Warren	MI	02/08/2021
		Sonesta Select Minneapolis	11391 Viking Drive	Eden Prairie	MN	02/12/2021
		Sonesta Simply Suites
Minneapolis Richfield	351 West 77th Street	Minneapolis	MN	12/01/2020
		Sonesta Simply Suites 
St Louis Earth City	3250 Rider Trail S	Earth City	MO	12/01/2020
		Sonesta Select Kansas City Airport	7901 N.W. Tiffany Springs Parkway	Kansas City	MO	02/10/2021
		Sonesta Select Kansas City South	500 E. 105th Street	Kansas City	MO	02/10/2021
		Sonesta Simply Suites
Las Vegas	4034 South Paradise Road	Las Vegas	NV	12/01/2020
		Sonesta Select Las Vegas	1901 North Rainbow Boulevard	Las Vegas	NV	02/12/2021
		Sonesta ES Suites Reno	9845 Gateway Drive	Reno	NV	02/10/2021
		Sonesta
Hamilton Park Morristown	175 Park Avenue	Florham Park	NJ	10/01/2020
		Sonesta
Jersey City	21 2nd Street
	Jersey City	NJ	12/01/2020
		Sonesta Select Mahwah	140 Route 17 South	Mahwah	NJ	02/12/2021
		Sonesta 
Parsippany Morris Plains	100 Candlewood Drive	Morris Plains	NJ	12/01/2020
		Sonesta Simply Suites
Philadelphia Mount Laurel	4000 Crawford Place	Mount Laurel	NJ	12/01/2020
		Sonesta ES Suites
Parsippany Morris Plains	3 Gatehall Drive	Parsippany	NJ	02/12/2021

    

																		
		Sonesta Simply Suites
Somerset	41 World's Fair Drive	Somerset	NJ	12/01/2020
		Sonesta Select Tinton Falls	600 Hope Road	Tinton Falls	NJ	02/08/2021
		Sonesta Select Whippany	157 Route 10 East	Whippany	NJ	02/10/2021
		Sonesta Simply Suites
Albuquerque	3025 Menaul Blvd NE	Albuquerque	NM	12/01/2020
		Sonesta ES Suites Albuquerque	3300 Prospect Avenue, NE	Albuquerque	NM	02/10/2021
		Sonesta 
Nanuet Rockland County	20 Overlook Boulevard	Nanuet	NY	12/01/2020
		Sonesta
White Plains	66 Hale Avenue	White Plains	NY	12/01/2020
		Sonesta ES Suites Raleigh Cary	2900 Regency Parkway	Cary	NC	02/01/2021
		Sonesta Simply Suites
Charlotte University	8812 
University East Drive	Charlotte	NC	12/01/2020
		Sonesta 
Charlotte	5700 Westpark Drive	Charlotte	NC	12/01/2020
		Sonesta Select Charlotte University	333 West W.T. Harris Boulevard	Charlotte	NC	02/03/2021
		Sonesta Select
Durham	Highway 54 East
301 Residence Inn Blvd.
	Durham	NC	12/15/2020
		Sonesta Select Raleigh Durham Airport	2001 Hospitality Court	Morrisville	NC	02/05/2021
		Sonesta ES Suites Raleigh Durham Airport	2020 Hospitality Court	Morrisville	NC	02/05/2021
		Sonesta
Columbus	33 East Nationwide Blvd	Columbus	OH	12/01/2020
		Sonesta Simply Suites
Columbus Airport	590 Taylor Rd	Gahanna	OH	12/01/2020
		Sonesta Simply Suites
Cleveland North Olmsted	24741 Country Club Blvd	N Olmstead	OH	12/01/2020
		Sonesta Simply Suites
Oklahoma City Airport	4400 River Park Drive	Oklahoma City	OK	12/01/2020
		Royal Sonesta 
Portland	506 
SW Washington Street	Portland	OR	12/01/2020
		Sonesta Select Allentown Bethlehem	2160 Motel Drive	Allentown	PA	02/03/2021
		Sonesta ES Suites Allentown Bethlehem	2180 Motel Drive	Bethlehem	PA	02/03/2021
		Sonesta Simply Suites 
Philadelphia Willow Grove	250
Business Center Drive	Horsham	PA	12/01/2020
		Sonesta Select Philadelphia Airport	8900 Bartram Avenue	Philadelphia	PA	03/02/2021
		Sonesta Simply Suites 
Pittsburgh Airport	100 Chauvet Drive	Pittsburgh	PA	12/01/2020
		Sonesta Select Newport Middletown	9 Commerce Drive	Middletown	RI	02/08/2021

    

																		
		Sonesta Select
Spartanburg	110 Mobile Drive	Spartanburg	SC	12/15/2020
		Sonesta ES Suites Nashville Brentwood	206 Ward Circle	Brentwood	TN	02/12/2021
		Sonesta Simply Suites
Nashville Brentwood	5129 Virginia Way	Brentwood	TN	12/01/2020
		Sonesta Select
Chattanooga	2210 Bams Drive	Chattanooga	TN	12/15/2020
		Sonesta Simply Suites
Knoxville	10206 Parkside Drive	Knoxville	TN	12/01/2020
		Sonesta Nashville Airport	600 Marriott Drive	Nashville	TN	03/02/2021
		Sonesta Select Nashville Airport Suites	1100 Airport Center Drive	Nashville	TN	02/08/2021
		Sonesta Simply Suites
Arlington	2221
Brookhollow Plaza Dr	Arlington	TX	12/01/2020
		The Stephen F Austin 
Royal Sonesta Hotel	701 Congress Avenue	Austin	TX	12/01/2020
		Sonesta Simply Suites 
Austin South	4320
IH 35 Frontage Road	Austin	TX	12/01/2020
		Sonesta Simply Suites
Austin Arboretum	9701 Stonelake Boulevard	Austin	TX	12/01/2020
		Sonesta ES Suites
Austin Arboretum	10201 Stonelake Blvd	Austin	TX	12/01/2020
		Sonesta ES Suites Dallas Market Center	6950 North Stemmons Freeway	Dallas	TX	02/03/2021
		Sonesta Suites
Dallas Park Central	7800 Alpha Road	Dallas	TX	09/25/2020
		Sonesta ES Suites
Dallas Park Central	7880 Alpha Road	Dallas	TX	09/25/2020
		Sonesta Select Dallas Central Expressway	10325 N. Central Expressway	Dallas	TX	02/01/2021
		Sonesta ES Suites Dallas Central Expressway	10333 North Central Expressway	Dallas	TX	02/01/2021
		Sonesta Simply Suites
Dallas Richardson	12525 Greenville Ave	Dallas	TX	12/01/2020
		Sonesta Simply Suites
Dallas Galleria	13939 Noel Road	Dallas	TX	12/01/2020
		Sonesta Select
Fort Worth	3751 NE Loop 820	Fort Worth	TX	12/15/2020
		Sonesta Simply Suites
Fort Worth	5201 Endicott Avenue	Fort Worth	TX	12/01/2020
		Sonesta ES Suites Fort Worth	5801 Sandshell Drive	Fort Worth	TX	02/03/2021
		Sonesta Simply Suites
Houston Clear Lake	2737 Bay Area Blvd	Houston	TX	12/01/2020
		Sonesta Simply Suites
Houston Galleria	4900 Loop Central Dr	Houston	TX	12/01/2020
		Sonesta Simply Suites
Houston City Centre	10503
Town & Country Way	Houston	TX	12/01/2020

    

																		
		Sonesta Simply Suites
Houston Westchase	4033 
W Sam Houston Parkway	Houston	TX	12/01/2020
		Sonesta ES Suites
Dallas - Las Colinas	1201 Executive Circle	Irving	TX	12/01/2020
		Sonesta Simply Suites
Dallas Las Colinas	5300 Green Park Drive	Irving	TX	12/01/2020
		Sonesta Simply Suites
Plano	4701 Legacy Drive	Plano	TX	12/01/2020
		Sonesta ES Suites Dallas Richardson	1040 Waterwood Drive	Richardson	TX	02/01/2021
		Sonesta Select Dallas Richardson	2191 N. Greenville Avenue	Richardson	TX	02/01/2021
		Sonesta ES Suites San Antonio Downtown	425 Bonham Street	San Antonio	TX	02/05/2021
		Sonesta Simply Suites
San Antonio Northwest	9350 IH 10 West	San Antonio	TX	12/01/2020
		Sonesta ES Suites
San Antonio Northwest	4320 Spectrum One	San Antonio	TX	12/01/2020
		Sonesta Simply Suites 
Salt Lake City Airport	2170 West North Temple	Salt Lake City	UT	12/01/2020
		Sonesta Select Arlington	1533 Clarendon Boulevard	Arlington	VA	02/05/2021
		Sonesta ES Suites Charlottesville	1111 Millmont Street	Charlottesville	VA	02/05/2021
		Sonesta ES Suites Fairfax	12815 Fairlakes Parkway	Fairfax	VA	02/01/2021
		Sonesta Simply Suites Falls Church	205 Hillwood Avenue	Falls Church	VA	02/03/2021
		Sonesta Simply Suites
Hampton	401 Butler Farm Road	Hampton	VA	12/01/2020
		Sonesta ES Suites
Dulles Airport	13700 Coppermine Rd	Herndon	VA	12/01/2020
		Sonesta Select Seattle Bellevue	14615 NE 29th Place	Bellevue	WA	02/03/2021
		Sonesta Select Seattle Renton	200 SW 19th Street	Renton	WA	02/05/2021
		Sonesta Simply Suites Seattle Renton	300 SW 19th Street	Renton	WA	02/05/2021
		The Alexis 
Royal Sonesta Hotel	1007 First Avenue	Seattle	WA	12/01/2020
		Sonesta ES Suites 
Vancouver - Portland West	7301 NE 41st Street	Vancouver	WA	12/01/2020
		Sonesta ES Suites Charleston	200 Hotel Circle	Charleston	WV	02/12/2021
		Sonesta Select Milwaukee Brookfield	16865 W. Bluemound Road	Brookfield	WI	03/02/2021
		Sonesta 
Milwaukee West	10499 Innovation Drive	Milwaukee	WI	12/01/2020
		The Yorkville 
Royal Sonesta Hotel	220 Bloor Street	Toronto	Ontario	12/15/2020

    

																		
		Sonesta ES Suites
Toronto	355 South Park Road	Toronto	Ontario	12/15/2020
		Royal Sonesta
San Juan	5961 Isla Verde Avenue	Carolina	PR	12/15/2020EX-10.5(b)

 Exhibit 10.5(b) 

 

	
	  
  

 
 CVB FINANCIAL CORP. 

DEFERRED COMPENSATION PLAN

 
  

Effective Date
 December 1,
2020
  
  

 CVB Financial Corp. Deferred Compensation Plan 

 

					
	ARTICLE I	  			
	 Establishment and Purpose
	  	 	2	 
		
	ARTICLE II	  			
	 Definitions
	  	 	2	 
		
	ARTICLE III	  			
	 Eligibility and Participation
	  	 	7	 
		
	ARTICLE IV	  			
	 Deferrals
	  	 	8	 
		
	ARTICLE V	  			
	 Company Contributions
	  	 	11	 
		
	ARTICLE VI	  			
	 Payments from Accounts
	  	 	12	 
		
	ARTICLE VII	  			
	 Valuation of Account Balances; Investments
	  	 	15	 
		
	ARTICLE VIII	  			
	 Administration
	  	 	16	 
		
	ARTICLE IX	  			
	 Amendment and Termination
	  	 	18	 
		
	ARTICLE X	  			
	 Informal Funding
	  	 	18	 
		
	ARTICLE XI	  			
	 Claims
	  	 	19	 
		
	ARTICLE XII	  			
	 General Provisions
	  	 	25	 

  
 Page 1 of 28 

 CVB Financial Corp. Deferred Compensation Plan 

 

 ARTICLE I 

Establishment and Purpose 
 CVB Financial Corp. (the
“Company”) has adopted this CVB Financial Corp. Deferred Compensation Plan, applicable to Compensation deferred under Compensation Deferral Agreements submitted on and after the Effective Date and Company Contributions credited on or after
the Effective Date. 
 The purpose of the Plan is to attract and retain key employees and non-employee members of
the Board of Directors of the Company by providing them with an opportunity to defer receipt of a portion of their salary, bonus, and other specified compensation. The Plan is not intended to meet the qualification requirements of Code
Section 401(a), but is intended to meet the requirements of Code Section 409A, and shall be operated and interpreted consistent with that intent. 

The Plan constitutes an unsecured promise by a Participating Employer to pay benefits in the future. Participants in the Plan shall have the status of general
unsecured creditors of the Company or the Participating Employer, as applicable. Each Participating Employer shall be solely responsible for payment of the benefits attributable to services performed for it. The Plan is unfunded for Federal tax
purposes and is intended to be an unfunded arrangement for eligible employees who are part of a select group of management or highly compensated employees of the Employer within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA and
independent contractors. Any amounts set aside to defray the liabilities assumed by the Company or a Participating Employer will remain the general assets of the Company or the Participating Employer and shall remain subject to the claims of the
Company’s or the Participating Employer’s creditors until such amounts are distributed to the Participants. 
 ARTICLE II

 Definitions 
  

	2.1	 Account. Account means a bookkeeping account maintained by the Committee to record the payment
obligation of a Participating Employer to a Participant as determined under the terms of the Plan. The Committee may maintain an Account to record the total obligation to a Participant and component Accounts to reflect amounts payable at different
times and in different forms. Reference to an Account means any such Account established by the Committee, as the context requires. Accounts are intended to constitute unfunded obligations within the meaning of Sections 201(2), 301(a)(3) and
401(a)(1) of ERISA. 

  

	2.2	 Account Balance. Account Balance means, with respect to any Account, the total payment obligation owed
to a Participant from such Account as of the most recent Valuation Date. 

  

	2.3	 Affiliate. Affiliate means a corporation, trade or business that, together with the Company, is treated
as a single employer under Code Section 414(b) or (c). 

  
 Page 1 of 28 

 CVB Financial Corp. Deferred Compensation Plan 

 

	2.4	 Beneficiary. Beneficiary means a natural person, estate, or trust designated by a Participant in
accordance with Section 6.5 hereof to receive payments to which a Beneficiary is entitled in accordance with provisions of the Plan. 

  

	2.5	 Board of Directors. Board of Directors means, for a Participating Employer organized as a corporation,
its board of directors and for a Participating Employer organized as a limited liability company, its board of managers. 

  

	2.6	 Business Day. Business Day means each day on which the New York Stock Exchange is open for business.

  

	2.7	 Change in Control. Change in Control means, with respect to a Participating Employer that is organized
as a corporation, any of the following events: (i) a change in the ownership of the Participating Employer, (ii) a change in the effective control of the Participating Employer, or (iii) a change in the ownership of a substantial
portion of the assets of the Participating Employer. 

 Change in Ownership. For purposes of this Section, a change
in the ownership of the Participating Employer occurs on the date on which any one person, or more than one person acting as a group, acquires ownership of stock of the Participating Employer that, together with stock held by such person or group
constitutes more than 50% of the total fair market value or total voting power of the stock of the Participating Employer. The acquisition by a person or group owning more than 50% of the total fair market value or total voting power of the stock of
such Participating Employer of additional shares of such Participating Employer shall not constitute a “change of the ownership” of such Participating Employer. 

Change in Effective Control. A change in the effective control of the Participating Employer occurs on the date on which either:
(i) a person, or more than one person acting as a group, acquires ownership of stock of the Participating Employer possessing 30% or more of the total voting power of the stock of the Participating Employer, taking into account all such stock
acquired during the 12-month period ending on the date of the most recent acquisition, provided that the acquisition by a person or group owning more than 30% of the total fair market value or total voting
power of the stock of such Participating Employer of additional shares of such Participating Employer shall not constitute a “change of effective control” of such Participating Employer, or (ii) a majority of the members of the
Participating Employer’s Board of Directors is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of such Board of Directors prior
to the date of the appointment or election, but only if no other corporation is a majority shareholder of the Participating Employer. 

Change in Ownership of Substantial Portion of Assets. A change in the ownership of a substantial portion of assets occurs on the date on
which any one person, or more than one person acting as a group, other than a person or group of persons that is related to the Participating Employer, acquires assets from the Participating Employer that have a total

  
 Page 2 of 28 

 CVB Financial Corp. Deferred Compensation Plan 

 

 
gross fair market value equal to or more than 40% of the total gross fair market value of all of the assets of the Participating Employer immediately prior to such acquisition or acquisitions,
taking into account all such assets acquired during the 12-month period ending on the date of the most recent acquisition. A transfer of assets shall not be treated as a “change in the ownership of a
substantial portion of the assets” when such transfer is made to an entity that is controlled by the shareholders of the transferor corporation as determined under Treas. Reg. section
1.409A-3(i)(5)(vii)(B). 
 An event constitutes a Change in Control with respect to a Participant
only if the Participant performs services for the Participating Employer that has experienced the Change in Control, or the Participant’s relationship to the affected Participating Employer otherwise satisfies the requirements of Treasury
Regulation Section 1.409A-3(i)(5)(ii). 
 Notwithstanding anything to the contrary herein, with
respect to a Participating Employer that is a partnership or limited liability company, Change in Control means only a change in the ownership of such entity or a change in the ownership of a substantial portion of the assets of such entity, and the
provisions set forth above respecting such changes relative to a corporation shall be applied by analogy. Any reference to a “majority shareholder” shall be treated as referring to a partner or member that (a) owns more than 50% of
the capital and profits interest of such entity, and (b) alone or together with others is vested with the continuing exclusive authority to make management decisions necessary to conduct the business for which the partnership or limited
liability company was formed. 
  

	2.8	 Claimant. Claimant means a Participant or Beneficiary filing a claim under Article XI of this Plan.

  

	2.9	 Code. Code means the Internal Revenue Code of 1986, as amended from time to time. 

 

	2.10	 Code Section 409A. Code Section 409A means section 409A of the Code, and
regulations and other guidance issued by the Treasury Department and Internal Revenue Service thereunder. 

  

	2.11	 Committee. Committee means the Company or a committee appointed by the Company to administer the Plan.

  

	2.12	 Company. Company means CVB Financial Corp. 

 

	2.13	 Company Contribution. Company Contribution means a credit by a Participating Employer to a
Participant’s Account(s) in accordance with the provisions of Article V of the Plan. Unless the context clearly indicates otherwise, a reference to Company Contribution shall include Earnings attributable to such contribution.

  

	2.14	 Compensation. Compensation means a Participant’s salary, bonus, commission, retainer, fees and such
other cash compensation approved by the Committee as Compensation that may be deferred under Section 4.2 of this Plan, excluding any compensation that has been previously deferred under this Plan or any other arrangement subject to Code
Section 409A and excluding any compensation that is not U.S. source income. 

  
 Page 3 of 28 

 CVB Financial Corp. Deferred Compensation Plan 

 

	2.15	 Compensation Deferral Agreement. Compensation Deferral Agreement means an agreement between a
Participant and a Participating Employer that specifies: (i) the amount of each component of Compensation that the Participant has elected to defer to the Plan in accordance with the provisions of Article IV, and (ii) the Payment Schedule
applicable to one or more Accounts. 

  

	2.16	 Deferral. Deferral means a credit to a Participant’s Account(s) that records that portion of the
Participant’s Compensation that the Participant has elected to defer to the Plan in accordance with the provisions of Article IV. Unless the context of the Plan clearly indicates otherwise, a reference to Deferrals includes Earnings
attributable to such Deferrals. 

  

	2.17	 Director. Director means a non-employee member of the Board of
Directors of the Company. 

  

	2.18	 Earnings. Earnings means an adjustment to the value of an Account in accordance with Article VII.

  

	2.19	 Effective Date. Effective Date means December 1, 2020. 

 

	2.20	 Eligible Employee. Eligible Employee means an Employee who is a member of a select group of management
or highly compensated employees or an independent contractor who has been notified during an applicable enrollment of his or her status as an Eligible Employee. The Committee has the discretion to determine which Employees and independent
contractors are Eligible Employees for each enrollment. 

  

	2.21	 Employee. Employee means a common-law employee of an Employer.

  

	2.22	 Employer. Employer means the Company and each Affiliate. 

 

	2.23	 ERISA. ERISA means the Employee Retirement Income Security Act of 1974, as amended from time to time.

  

	2.24	 Flex Account. Flex Account means a Separation Account or Specified Date Account established under the
terms of a Participant’s Compensation Deferral Agreement. Unless the Committee specifies otherwise, a Participant may maintain no more than six (6) Flex Accounts at any one time. 

 

	2.25	 Participant. Participant means an individual described in Article III. 

 

	2.26	 Participating Employer. Participating Employer means the Company and each Affiliate who has adopted the
Plan with the consent of the Company. Each Participating Employer shall be identified on Schedule A attached hereto. 

  
 Page 4 of 28 

 CVB Financial Corp. Deferred Compensation Plan 

 

	2.27	 Payment Schedule. Payment Schedule means the date as of which payment of an Account will commence and
the form in which payment of such Account will be made under the terms of a payment election in effect for such Account under the terms of this Plan. 

  

	2.28	 Performance-Based Compensation. Performance-Based Compensation means Compensation where the amount of,
or entitlement to, the Compensation is contingent on the satisfaction of pre-established organizational or individual performance criteria relating to a performance period of at least 12 consecutive months.
Organizational or individual performance criteria are considered pre-established if established in writing by not later than 90 days after the commencement of the period of service to which the criteria
relate, provided that the outcome is substantially uncertain at the time the criteria are established. Performance-Based Compensation shall not include any Compensation payable upon the Participant’s death or disability (as defined in Treas. Section 1.409A-1(e)) without regard to the satisfaction of the performance criteria. 

  

	2.29	 Plan. Plan means “CVB Financial Corp. Deferred Compensation” as documented herein and as may
be amended from time to time hereafter. However, to the extent permitted or required under Code Section 409A, the term Plan may in the appropriate context also means a portion of the Plan that is treated as a single plan under Treas. Reg. Section 1.409A-1(c), or the Plan or portion of the Plan and any other nonqualified deferred compensation plan or portion thereof that is treated as a single plan under such section. 

 

	2.30	 Plan Year. Plan Year means January 1 through December 31. 

 

	2.31	 Retirement. Retirement means when an Employee attains age 60 or age 55 with ten years of service based
on each 12 month period of service with an Employer commencing on the Employee’s hire date and each anniversary thereof. 

  

	2.32	 Separation Account. Separation Account means an Account established by the Committee in accordance with
a Participant’s Compensation Deferral Agreement to record Deferrals allocated to such Account by the Participant and which are payable upon the Participant’s Separation from Service as set forth in Section 6.3. The Committee may limit
the number of Separation Accounts that may be maintained at any one time by a Participant, as set forth in the Plan’s enrollment materials. 

  

	2.33	 Separation from Service. Separation from Service means an Employee’s termination of employment with
the Employer and all Affiliates. 

 Except in the case of an Employee on a bona fide leave of absence as provided below, an
Employee is deemed to have incurred a Separation from Service if the Employer and the Employee reasonably anticipated that the level of services to be performed by the Employee after a date certain would be reduced to 20% or less of the average
services rendered by the Employee during the immediately preceding 36-month period (or the total period of employment, if less than 36 months), disregarding periods during which the Employee was on a bona fide
leave of absence. 

  
 Page 5 of 28 

 CVB Financial Corp. Deferred Compensation Plan 

 

 An Employee who is absent from work due to military leave, sick leave, or other bona fide
leave of absence shall incur a Separation from Service on the first date immediately following the later of: (i) the six month anniversary of the commencement of the leave, or (ii) the expiration of the Employee’s right, if any, to
reemployment under statute or contract. 
 If a Participant ceases to provide services as an Employee and begins providing services as an
independent contractor for the Employer, a Separation from Service shall occur only if the parties anticipate that the level of services to be provided as an independent contractor are such that a Separation from Service would have occurred if the
Employee had continued to provide services at that level as an Employee. If, in accordance with the preceding sentence, no Separation from Service occurs as of the date the individual’s employment status changes, a Separation from Service shall
occur thereafter only upon the 12-month anniversary of the date all contracts with the Employer have expired, provided the Participant does not perform services for the Employer during that time. 

For purposes of determining whether a Separation from Service has occurred, the Employer means the Employer as defined in Section 2.22 of
the Plan, except that in applying Code sections 1563(a)(1), (2) and (3) for purposes of determining whether another organization is an Affiliate of the Company under Code Section 414(b), and in applying Treasury Regulation Section 1.414(c)-2 for purposes of determining whether another organization is an Affiliate of the Company under Code Section 414(c), “at least 50 percent” shall be used instead of “at least
80 percent” each place it appears in those sections. 
 The Committee specifically reserves the right to determine whether a sale or
other disposition of substantial assets to an unrelated party constitutes a Separation from Service with respect to a Participant providing services to the seller immediately prior to the transaction and providing services to the buyer after the
transaction. 
  

	2.34	 Specified Date Account. Specified Date Account means an Account established by the Committee to record
the amounts payable in a future year as specified in the Participant’s Compensation Deferral Agreement. The Committee may limit the number of Specified Date Accounts that may be maintained at any one time by a Participant, as set forth in the
Plan’s enrollment materials. 

  

	2.35	 Substantial Risk of Forfeiture. Substantial Risk of Forfeiture has the meaning specified in Treas. Reg. Section 1.409A-1(d). 

  

	2.36	 Termination Account. Termination Account means an Account established by the Committee to record Company
Contributions and Deferrals allocated to the Termination Account pursuant to a Participant’s Compensation Deferral Agreement, payable to a Participant upon Separation from Service in accordance with Section 6.3. 

  
 Page 6 of 28 

 CVB Financial Corp. Deferred Compensation Plan 

 

	2.37	 Unforeseeable Emergency. Unforeseeable Emergency means a severe financial hardship to the Participant
resulting from an illness or accident of the Participant, the Participant’s spouse, the Participant’s dependent (as defined in Code section 152, without regard to section 152(b)(1), (b)(2), and (d)(1)(B)), or a Beneficiary; loss of the
Participant’s property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance, for example, as a result of a natural disaster); or other similar extraordinary and unforeseeable
circumstances arising as a result of events beyond the control of the Participant. The types of events which may qualify as an Unforeseeable Emergency may be limited by the Committee. 

 

	2.38	 Valuation Date. Valuation Date means each Business Day. 

ARTICLE III 
 Eligibility and
Participation 
  

	3.1	 Eligibility and Participation. All Eligible Employees and Directors may enroll in the Plan. Eligible
Employees and Directors become Participants on the first to occur of (i) the date on which the first Compensation Deferral Agreement becomes irrevocable under Article IV, or (ii) for Eligible Employees, the date Company Contributions are
credited to an Account on behalf of such Eligible Employee. 

  

	3.2	 Duration. Only Eligible Employees and Directors may submit Compensation Deferral Agreements during an
enrollment and receive Company Contributions during the Plan Year. A Participant who is no longer an Eligible Employee but has not incurred a Separation from Service will not be allowed to submit Compensation Deferral Agreements but may otherwise
exercise all of the rights of a Participant under the Plan with respect to his or her Account(s). On and after a Separation from Service, a Participant shall remain a Participant as long as his or her Account Balance is greater than zero (0). All
Participants, regardless of employment status, will continue to be credited with Earnings and during such time may continue to make allocation elections as provided in Section 7.4. An individual shall cease being a Participant in the Plan when
his Account has been reduced to zero (0). 

  

	3.3	 Rehires. An Eligible Employee who Separates from Service and who subsequently resumes performing
services for an Employer in the same calendar year (regardless of eligibility) will have his or her Compensation Deferral Agreement for such year, if any, reinstated, but his or her eligibility to participate in the Plan in years subsequent to the
year of rehire shall be governed by the provisions of Section 3.1. 

  
 Page 7 of 28 

 CVB Financial Corp. Deferred Compensation Plan 

 

 ARTICLE IV 

Deferrals 
  

	4.1	 Deferral Elections, Generally. 

 

	 	(a)	 An Eligible Employee or Director may make an initial election to defer Compensation by submitting a
Compensation Deferral Agreement during the enrollment periods established by the Committee and in the manner specified by the Committee, but in any event, in accordance with Section 4.2. Unless an earlier date is specified in the Compensation
Deferral Agreement, deferral elections with respect to a Compensation source (such as salary, bonus, or other Compensation) become irrevocable on the latest date applicable to such Compensation source under Section 4.2. 

 

	 	(b)	 A Compensation Deferral Agreement that is not timely filed with respect to a service period or component of
Compensation, or that is submitted by a Participant who Separates from Service prior to the latest date such agreement would become irrevocable under Section 409A, shall be considered null and void and shall not take effect with respect to such
item of Compensation. The Committee may modify or revoke any Compensation Deferral Agreement prior to the date the election becomes irrevocable under the rules of Section 4.2. 

 

	 	(c)	 The Committee may permit different deferral amounts for each component of Compensation and may establish a
minimum or maximum deferral amount for each such component. Unless otherwise specified by the Committee in the Compensation Deferral Agreement, Participants may defer up to (75%) of their base compensation and up to (100%) of bonus, commissions, or
other Compensation earned during a Plan Year. 

  

	 	(d)	 Deferrals of cash Compensation shall be calculated with respect to the gross cash Compensation payable to the
Participant prior to any deductions or withholdings, but shall be reduced by the Committee as necessary so as not to exceed 100% of the cash Compensation of the Participant remaining after deduction of all required income and employment taxes,
required employee benefit deductions, deferrals to 401(k) plans and other deductions required by law. Changes to payroll withholdings that affect the amount of Compensation being deferred to the Plan shall be allowed only to the extent permissible
under Code Section 409A. 

  

	 	(e)	 The Eligible Employee or Director shall specify on his or her Compensation Deferral Agreement the amount of
Deferrals and whether to allocate Deferrals to the Termination Account or to one or more Flex Accounts. If no designation is made, Deferrals shall be allocated to the Termination Account. 

 

	4.2	 Timing Requirements for Compensation Deferral Agreements. 

 

	 	(a)	 Initial Eligibility. The Committee may permit an Eligible Employee or Director to defer Compensation
earned in the first year of eligibility. The Compensation Deferral Agreement must be filed within 30 days after attaining Eligible Employee status (or, for Directors, within 30 days of being seated as a member of the Board of Directors) and becomes
irrevocable not later than the 30th day. 

 A Compensation Deferral
Agreement filed under this paragraph applies to Compensation earned after the date that the Compensation Deferral Agreement becomes irrevocable. 

  
 Page 8 of 28 

 CVB Financial Corp. Deferred Compensation Plan 

 

	 	(b)	 Prior Year Election. Except as otherwise provided in this Section 4.2, the Committee may permit an
Eligible Employee or Director to defer Compensation by filing a Compensation Deferral Agreement no later than December 31 of the year prior to the year in which the Compensation to be deferred is earned. A Compensation Deferral Agreement filed
under this paragraph shall become irrevocable with respect to such Compensation not later than the December 31 filing deadline. 

  

	 	(c)	 Performance-Based Compensation. The Committee may permit an Eligible Employee or Director to defer
Compensation which qualifies as Performance-Based Compensation by filing a Compensation Deferral Agreement no later than the date that is six months before the end of the applicable performance period, provided that: 

 

	 	(i)	 the Participant performs services continuously from the later of the beginning of the performance period or the
date the performance criteria are established through the date the Compensation Deferral Agreement is submitted; and 

  

	 	(ii)	 the Compensation is not readily ascertainable as of the date the Compensation Deferral Agreement is filed.

 Any election to defer Performance-Based Compensation that is made in accordance with this paragraph and that becomes
payable as a result of the Participant’s death or disability (as defined in Treas. Reg. Section 1.409A-1(e)) or upon a change in control (as defined in Treas. Reg.
Section 1.409A-3(i)(5)) prior to the satisfaction of the performance criteria, will be void unless it would be considered timely under another rule described in this Section. 

 

	 	(d)	 Short-Term Deferrals. The Committee may permit Compensation that meets the definition of a
“short-term deferral” described in Treas. Reg. Section 1.409A-1(b)(4) to be deferred in accordance with the rules of Section 6.10, applied as if the date the Substantial Risk of Forfeiture
lapses is the date payments were originally scheduled to commence, provided, however, that the provisions of Section 6.10 shall not apply to payments attributable to a change in control (as defined in Treas. Reg.
Section 1.409A-3(i)(5)). A Compensation Deferral Agreement submitted in accordance with this paragraph becomes irrevocable on the latest date it could be submitted under Section 6.10.

  

	 	(e)	 Certain Forfeitable Rights. With respect to a legally binding right to a payment in a subsequent year
that is subject to a forfeiture condition requiring the Participant’s continued services for a period of at least 12 months from the date the Participant obtains the legally binding right, the Committee may permit an Eligible Employee or
Director to defer such Compensation by filing a 

  
 Page 9 of 28 

 CVB Financial Corp. Deferred Compensation Plan 

 

	 	
Compensation Deferral Agreement on or before the 30th day after the legally binding right to the Compensation accrues, provided that the
Compensation Deferral Agreement is submitted at least 12 months in advance of the earliest date on which the forfeiture condition could lapse. The Compensation Deferral Agreement described in this paragraph becomes irrevocable not later than such
30th day. If the forfeiture condition applicable to the payment lapses before the end of such 12-month
period as a result of the Participant’s death or disability (as defined in Treas. Reg. Section 1.409A-3(i)(4)) or upon a change in control (as defined in Treas. Reg.
Section 1.409A-3(i)(5)), the Compensation Deferral Agreement will be void unless it would be considered timely under another rule described in this Section. 

 

	 	(f)	 “Evergreen” Deferral Elections. The Committee, in its discretion, may provide that
Compensation Deferral Agreements will continue in effect for subsequent years or performance periods by communicating that intention to Participants in writing prior to the date Compensation Deferral Agreements become irrevocable under this
Section 4.2. An evergreen Compensation Deferral Agreement may be revoked or modified in writing prospectively by the Participant or the Committee with respect to Compensation for which such election remains revocable under this
Section 4.2. 

 A Compensation Deferral Agreement is deemed to be revoked for subsequent years if the Participant is
not an Eligible Employee or Director as of the last permissible date for making elections under this Section 4.2 or if the Compensation Deferral Agreement is cancelled in accordance with Section 4.6. 

 

	4.3	 Allocation of Deferrals. A Compensation Deferral Agreement may allocate Deferrals to the Termination
Account or to one or more Flex Accounts. The Committee may, in its discretion, establish in a written communication during enrollment a minimum deferral period for the establishment of a Specified Date Account (for example, the second Plan Year
following the year Compensation is first allocated to such Accounts). In the event a Participant’s Compensation Deferral Agreement allocates a component of Compensation to a Specified Date Account that commences payment in the year such
Compensation is earned, the Compensation Deferral Agreement shall be deemed to allocate the Deferral to the Participant’s Specified Date Account having the next earliest payment year. If the Participant has no other Specified Date Accounts, the
Committee will allocate the Deferral to the Termination Account. 

  

	4.4	 Deductions from Pay. The Committee has the authority to determine the payroll practices under which any
component of Compensation subject to a Compensation Deferral Agreement will be deducted from a Participant’s Compensation. 

  

	4.5	 Vesting. Participant Deferrals of cash Compensation shall be 100% vested at all times. Deferrals of
vesting awards of Compensation shall become vested in accordance with the provisions of the underlying award. 

  
 Page 10 of 28 

 CVB Financial Corp. Deferred Compensation Plan 

 

	4.6	 Cancellation of Deferrals. The Committee may cancel a Participant’s Deferrals: (i) for the
balance of the Plan Year in which an Unforeseeable Emergency occurs, and (ii) during periods in which the Participant is unable to perform the duties of his or her position or any substantially similar position due to a mental or physical
impairment that can be expected to result in death or last for a continuous period of at least six months, provided cancellation occurs by the later of the end of the taxable year of the Participant or the 15th day of the third month following the date the Participant incurs the disability (as defined in this paragraph (ii)). 

ARTICLE V 
 Company Contributions

  

	5.1	 Discretionary Company Contributions. A Participating Employer may, from time to time in its sole and
absolute discretion, credit discretionary Company Contributions in the form of matching, profit sharing or other contributions to any Participant in any amount determined by the Participating Employer. Company Contributions are credited to the
Participant’s Termination Account.  

 Make-Up Matching
Contribution. Company Contributions may take the form of “make-up” matching contributions, at the same matching contribution rate provided under the Company 401(k) plan with respect to Deferrals
that reduce 401(k) plan compensation below the limitation set forth in Code Section 401(a)(17). 
 Supplemental Matching
Contribution. Company Contributions may take the form of “supplemental” matching contributions, at the same contribution rate provided under the Company 401(k) plan with respect to compensation deferred above the compensation limit set
forth in Code Section 401(a)(17). 
 Discretionary Company Contribution. Discretionary Company Contributions are credited at the
sole discretion of the Participating Employer and the fact that a discretionary Company Contribution is credited in one year shall not obligate the Participating Employer to continue to make such Company Contributions in subsequent years. 

 

	5.2	 Vesting. Company Contributions vest according the schedule specified by the Committee on or before the
time the contributions are made. Make-up and supplemental matching contributions vest at the same rate as matching contributions under the Company 401(k) plan. 

All Company Contributions become 100% vested, if while employed by an Employer, a Participant dies, becomes disabled, his or her Employer
experiences a change in control as determined by the Company or the Participant attains age 60 or age 55 with ten years of service based on each 12 month period of service with an Employer commencing on the Employee’s hire date and each
anniversary thereof. 

  
 Page 11 of 28 

 CVB Financial Corp. Deferred Compensation Plan 

 

 ARTICLE VI 

Payments from Accounts 
  

	6.1	 General Rules. A Participant’s Accounts become payable upon the first to occur of the payment
events applicable to such Account under Sections 6.2 through 6.7. 

 Payment events and Payment Schedules elected by the
Participant shall be set forth in a valid Compensation Deferral Agreement that establishes the Account to which such elections apply in accordance with Article IV or in a valid modification election applicable to such Account as described in
Section 6.10. 
 Payment amounts are based on Account Balances as of the last Valuation Date of the month next preceding the month
actual payment is made. 
  

	6.2	 Specified Date Accounts. 

Except as provided in Section 6.3, Specified Date Accounts will be paid as follows: 

Commencement. Payment is made or begins in the year designated by the Participant.  

Form of Payment. Payment will be made in a lump sum, unless the Participant elected to receive annual installments up to ten years. 

 

	6.3	 Separation from Service. Upon a Participant’s Separation from Service other than death, the
Participant is entitled to receive: 

  

	 	•	 	 His or her vested Termination Account; 

 

	 	•	 	 Separation Accounts; and 

 

	 	•	 	 Specified Date Accounts having a payment commencement year after the Participant’s Separation from Service.

 Commencement. Payments commence in the calendar year next following the calendar year in which Separation from
Service occurs, unless the Participant elected a later year. Any later year election for the Termination Account will also apply to the Specified Date Accounts payable under this Section 6.3. A later year election will apply only if the
Participant has met the definition of Retirement as of the date of his or her Separation from Service. 
 Notwithstanding any other provision
of this Plan, payment to a Participant who is a “specified employee” as defined in Code Section 409A(a)(2)(B) will commence no earlier than six months following his or her Separation from Service. 

Form of Payment. The Termination Account and Separation Accounts will be paid in a single lump sum unless the Participant elected with
respect to an Account to receive annual installments up to ten years. Specified Date Accounts payable under this Section 6.3 that have not commenced payment as of the Participant’s Separation from Service

  
 Page 12 of 28 

 CVB Financial Corp. Deferred Compensation Plan 

 

 
will be paid in the same form elected for the Termination Account. A Participant’s election will apply only if the Participant has met the definition of Retirement as of the date of his or
her Separation from Service. If a Participant’s Separation from Service occurs prior to his or her Retirement, all of his or her Accounts payable under this Section 6.3 shall be paid in a single lump sum. 

 

	6.4	 Change in Control. Upon his or her initial enrollment in the Plan after the Effective Date, the
Participant may elect to receive his or her Accounts following Separation from Service that occurs within 24 months following a Change in Control. A Change in Control payment election will apply if the Participant has met the definition of
Retirement as of the date of his or her Separation from Service and supersedes all other Separation from Service Payment Schedules with respect to his or her Accounts. Payment will be made in a single lump sum commencing in the calendar year next
following the year in which Separation from Service occurs, unless the Participant elects during his or her initial enrollment to receive a designated number of annual installments up to five years. If an installment election is made, the election
will apply to the Termination Account, any Separation Accounts and any Specified Date Accounts that have not commenced payment as of the Participant’s Separation from Service. If a lump sum is elected, the election will apply to the unpaid
balances of all of the Participant’s Accounts subject to this Section 6.4. An election to receive a lump sum may not be modified under Section 6.10. 

 

	6.5	 Death. Notwithstanding anything to the contrary in this Article VI, upon the death of the Participant
(regardless of whether such Participant is an Employee or Director at the time of death), all remaining vested Account Balances shall be paid to his or her Beneficiary in a single lump sum no later than December 31 of the calendar year of the
Participant’s death. 

  

	 	(a)	 Designation of Beneficiary in General. The Participant shall designate a Beneficiary in the manner and
on such terms and conditions as the Committee may prescribe. No such designation shall become effective unless filed with the Committee during the Participant’s lifetime. Any designation shall remain in effect until a new designation is filed
with the Committee; provided, however, that in the event a Participant designates his or her spouse as a Beneficiary, such designation shall be automatically revoked upon the dissolution of the marriage unless, following such dissolution, the
Participant submits a new designation naming the former spouse as a Beneficiary. A Participant may from time to time change his or her designated Beneficiary without the consent of a previously-designated Beneficiary by filing a new designation with
the Committee. 

  

	 	(b)	 No Beneficiary. If a designated Beneficiary does not survive the Participant, or if there is no valid
Beneficiary designation, amounts payable under the Plan upon the death of the Participant shall be paid to the Participant’s spouse, or if there is no surviving spouse, then to the duly appointed and currently acting personal representative of
the Participant’s estate. 

  
 Page 13 of 28 

 CVB Financial Corp. Deferred Compensation Plan 

 

	6.6	 Unforeseeable Emergency. A Participant who experiences an Unforeseeable Emergency may submit a written
request to the Committee to receive payment of all or any portion of his or her vested Accounts. If the emergency need cannot be relieved by cessation of Deferrals to the Plan, the Committee may approve an emergency payment therefrom not to exceed
the amount reasonably necessary to satisfy the need, taking into account the additional compensation that is available to the Participant as the result of cancellation of deferrals to the Plan, including amounts necessary to pay any taxes or
penalties that the Participant reasonably anticipates will result from the payment. The amount of the emergency payment shall be subtracted from the Separation Accounts and then from the Specified Date Accounts, starting with the Account having the
latest commencement date until fully distributed, then continuing in this manner with the next latest Account until the full amount of the distribution is made. Emergency payments shall be paid in a single lump sum within the 90-day period following the date the payment is approved by the Committee. The Committee may specify that Deferrals will be distributed before any Company Contributions. 

 

	6.7	 Administrative Cash-Out of Small Balances. Notwithstanding
anything to the contrary in this Article VI, the Committee may at any time and without regard to whether a payment event has occurred, direct in writing an immediate lump sum payment of the Participant’s Accounts if the balance of such
Accounts, combined with any other amounts required to be treated as deferred under a single plan pursuant to Code Section 409A, does not exceed the applicable dollar amount under Code Section 402(g)(1)(B), provided any other such
aggregated amounts are also distributed in a lump sum at the same time. 

  

	6.8	 Acceleration of or Delay in Payments. Notwithstanding anything to the contrary in this Article VI, the
Committee, in its sole and absolute discretion, may elect to accelerate the time or form of payment of an Account, provided such acceleration is permitted under Treas. Reg. Section 1.409A-3(j)(4). The
Committee may also, in its sole and absolute discretion, delay the time for payment of an Account, to the extent permitted under Treas. Reg. Section 1.409A-2(b)(7). 

 

	6.9	 Rules Applicable to Installment Payments. If a Payment Schedule specifies installment payments, payments
will be made beginning as of the payment commencement date for such installments and shall continue to be made in each subsequent payment period until the number of installment payments specified in the Payment Schedule has been paid. The amount of
each installment payment shall be determined by dividing (a) by (b), where (a) equals the Account Balance as of the last Valuation Date in the month preceding the month of payment and (b) equals the remaining number of installment
payments. For purposes of Section 6.10, installment payments will be treated as a single payment. If an Account is payable in installments, the Account will continue to be credited with Earnings in accordance with Article VII hereof until the
Account is completely distributed. 

  

	6.10	 Modifications to Payment Schedules. A Participant may modify the Payment Schedule elected by him or her
with respect to an Account, consistent with the permissible Payment Schedules available under the Plan for the applicable payment event, provided such modification complies with the requirements of this Section 6.10. 

  
 Page 14 of 28 

 CVB Financial Corp. Deferred Compensation Plan 

 

	 	(a)	 Time of Election. The modification election must be submitted to the Committee not less than 12 months
prior to the date payments would have commenced under the Payment Schedule in effect prior to modification (the “Prior Election”). 

  

	 	(b)	 Date of Payment under Modified Payment Schedule. The date payments are to commence under the modified
Payment Schedule must be no earlier than five years after the date payment would have commenced under the Prior Election. Under no circumstances may a modification election result in an acceleration of payments in violation of Code
Section 409A. If the Participant modifies only the form, and not the commencement date for payment, payments shall commence on the fifth anniversary of the date payment would have commenced under the Prior Election. 

 

	 	(c)	 Irrevocability; Effective Date. A modification election is irrevocable when filed and becomes effective
12 months after the filing date. 

  

	 	(d)	 Effect on Accounts. An election to modify a Payment Schedule is specific to the Account or payment event
to which it applies and shall not be construed to affect the Payment Schedules or payment events of any other Accounts. 

ARTICLE VII 
 Valuation of Account
Balances; Investments 
  

	7.1	 Valuation. Deferrals shall be credited to appropriate Accounts on the date such Compensation would have
been paid to the Participant absent the Compensation Deferral Agreement. Valuation of Accounts shall be performed under procedures approved by the Committee. 

  

	7.2	 Earnings Credit. Each Account will be credited with Earnings on each Business Day, based upon the
Participant’s investment allocation among a menu of investment options selected in advance by the Committee, in accordance with the provisions of this Article VII (“investment allocation”). 

 

	7.3	 Investment Options. Investment options will be determined by the Committee. The Committee, in its sole
discretion, shall be permitted to add or remove investment options from the Plan menu from time to time, provided that any such additions or removals of investment options shall not be effective with respect to any period prior to the effective date
of such change. 

  

	7.4	 Investment Allocations. A Participant’s investment allocation constitutes a deemed, not actual,
investment among the investment options comprising the investment menu. At no time shall a Participant have any real or beneficial ownership in any investment option included in the investment menu, nor shall the Participating Employer or any
trustee acting on its behalf have any obligation to purchase actual securities as a result of a Participant’s investment allocation. A Participant’s investment allocation shall be used solely for purposes of adjusting the value of a
Participant’s Account Balances. 

  
 Page 15 of 28 

 CVB Financial Corp. Deferred Compensation Plan 

 

 A Participant shall specify an investment allocation for each of his Accounts in accordance
with procedures established by the Committee. Allocation among the investment options must be designated in increments of 1%. The Participant’s investment allocation will become effective on the same Business Day or, in the case of investment
allocations received after a time specified by the Committee, the next Business Day. 
 A Participant may change an investment allocation on
any Business Day, both with respect to future credits to the Plan and with respect to existing Account Balances, in accordance with procedures adopted by the Committee. Changes shall become effective on the same Business Day or, in the case of
investment allocations received after a time specified by the Committee, the next Business Day, and shall be applied prospectively. 
  

	7.5	 Unallocated Deferrals and Accounts. If the Participant fails to make an investment allocation with
respect to an Account, such Account shall be invested in an investment option, the primary objective of which is the preservation of capital, as determined by the Committee. 

 

	7.6	 Valuations Final After 180 Days. The Participant shall have 180 days following the Valuation Date on
which the Participant failed to receive the full amount of Earnings and to file a claim under Article XI for the correction of such error. 

ARTICLE VIII 
 Administration 

 

	8.1	 Plan Administration. This Plan shall be administered by the Committee which shall have discretionary
authority to make, amend, interpret, and enforce all appropriate rules and regulations for the administration of this Plan and to utilize its discretion to decide or resolve any and all questions, including but not limited to eligibility for
benefits and interpretations of this Plan and its terms, as may arise in connection with the Plan. Claims for benefits shall be filed with the Committee and resolved in accordance with the claims procedures in Article XI. 

 

	8.2	 Administration Upon Change in Control. Upon a change in control affecting the Company, the Committee, as
constituted immediately prior to such change in control, shall continue to act as the Committee. The Committee, by a vote of a majority of its members, shall have the authority (but shall not be obligated) to appoint an independent third party to
act as the Committee. For purposes of this Section 8.2, a “change in control” means a change in control within the meaning of the rabbi trust agreement associated with the Plan or if no such definition is provided, the term shall have
the meaning under Code Section 409A. 

  
 Page 16 of 28 

 CVB Financial Corp. Deferred Compensation Plan 

 

 Upon such change in control, the Company may not remove the Committee or its members, unless
a majority of Participants and Beneficiaries with Account Balances consent to the removal and replacement of the Committee. Notwithstanding the foregoing, the Committee shall not have authority to direct investment of trust assets under any rabbi
trust described in Section 10.2. 
 The Participating Employers shall, with respect to the Committee identified under this Section:
(i) pay all reasonable expenses and fees of the Committee, (ii) indemnify the Committee (including individuals serving as Committee members) against any costs, expenses and liabilities including, without limitation, attorneys’ fees
and expenses arising in connection with the performance of the Committee’s duties hereunder, except with respect to matters resulting from the Committee’s gross negligence or willful misconduct, and (iii) supply full and timely
information to the Committee on all matters related to the Plan, any rabbi trust, Participants, Beneficiaries and Accounts as the Committee may reasonably require. 
  

	8.3	 Withholding. The Participating Employer shall have the right to withhold from any payment due under the
Plan (or with respect to any amounts credited to the Plan) any taxes required by law to be withheld in respect of such payment (or credit). Withholdings with respect to amounts credited to the Plan shall be deducted from Compensation that has not
been deferred to the Plan. 

  

	8.4	 Indemnification. The Participating Employers shall indemnify and hold harmless each employee, officer,
director, agent or organization, to whom or to which are delegated duties, responsibilities, and authority under the Plan or otherwise with respect to administration of the Plan, including, without limitation, the Committee, its delegees and its
agents, against all claims, liabilities, fines and penalties, and all expenses reasonably incurred by or imposed upon him or it (including but not limited to reasonable attorney fees) which arise as a result of his or its actions or failure to act
in connection with the operation and administration of the Plan to the extent lawfully allowable and to the extent that such claim, liability, fine, penalty, or expense is not paid for by liability insurance purchased or paid for by the
Participating Employer. Notwithstanding the foregoing, the Participating Employer shall not indemnify any person or organization if his or its actions or failure to act are due to gross negligence or willful misconduct or for any such amount
incurred through any settlement or compromise of any action unless the Participating Employer consents in writing to such settlement or compromise. 

  

	8.5	 Delegation of Authority. In the administration of this Plan, the Committee may, from time to time,
employ agents and delegate to them such administrative duties as it sees fit, and may from time to time consult with legal counsel who shall be legal counsel to the Company. 

 

	8.6	 Binding Decisions or Actions. The decision or action of the Committee in respect of any question arising
out of or in connection with the administration, interpretation and application of the Plan and the rules and regulations thereunder shall be final and conclusive and binding upon all persons having any interest in the Plan. 

  
 Page 17 of 28 

 CVB Financial Corp. Deferred Compensation Plan 

 

 ARTICLE IX 

Amendment and Termination 
  

	9.1	 Amendment and Termination. The Company may at any time and from time to time amend the Plan or may
terminate the Plan as provided in this Article IX. Each Participating Employer may also terminate its participation in the Plan. 

  

	9.2	 Amendments. The Company, by action taken by its Board of Directors, may amend the Plan at any time and
for any reason, provided that any such amendment shall not reduce the vested Account Balances of any Participant accrued as of the date of any such amendment or restatement (as if the Participant had incurred a voluntary Separation from Service on
such date). The Board of Directors of the Company may delegate to the Committee the authority to amend the Plan without the consent of the Board of Directors for the purpose of: (i) conforming the Plan to the requirements of law;
(ii) facilitating the administration of the Plan; (iii) clarifying provisions based on the Committee’s interpretation of the Plan documents; and (iv) making such other amendments as the Board of Directors may authorize. No
amendment is needed to revise the list of Participating Employers set forth on Schedule A attached hereto. 

  

	9.3	 Termination. The Company, by action taken by its Board of Directors, may terminate the Plan and pay
Participants and Beneficiaries their Account Balances in a single lump sum at any time, to the extent and in accordance with Treas. Reg. Section 1.409A-3(j)(4)(ix). 

 

	9.4	 Accounts Taxable Under Code Section 409A. The Plan is intended to constitute a plan
of deferred compensation that meets the requirements for deferral of income taxation under Code Section 409A. The Committee, pursuant to its authority to interpret the Plan, may sever from the Plan or any Compensation Deferral Agreement any
provision or exercise of a right that otherwise would result in a violation of Code Section 409A. 

 ARTICLE X

 Informal Funding 
  

	10.1	 General Assets. Obligations established under the terms of the Plan may be satisfied from the general
funds of the Participating Employers, or a trust described in this Article X. No Participant, spouse or Beneficiary shall have any right, title, or interest whatever in assets of the Participating Employers. Nothing contained in this Plan, and no
action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship, between the Participating Employers and any Employee, Director, spouse, or Beneficiary. To the extent that any person
acquires a right to receive payments hereunder, such rights are no greater than the right of an unsecured general creditor of the Participating Employer. 

  

	10.2	 Rabbi Trust. A Participating Employer may, in its sole discretion, establish a grantor trust, commonly
known as a rabbi trust, as a vehicle for accumulating assets to pay benefits under the Plan. Payments under the Plan may be paid from the general assets of the Participating Employer or from the assets of any such rabbi trust. Payment from any such
source shall reduce the obligation owed to the Participant or Beneficiary under the Plan. 

  
 Page 18 of 28 

 CVB Financial Corp. Deferred Compensation Plan 

 

 If a rabbi trust is in existence upon the occurrence of a “change in control”, as
defined in such trust, the Participating Employer shall, upon such change in control, and on each anniversary of the change in control, contribute in cash or liquid securities such amounts as are necessary so that the value of assets after making
the contributions exceed 125% of the total value of all Account Balances. 
 ARTICLE XI 

Claims 
  

	11.1	 Filing a Claim. Any controversy or claim arising out of or relating to the Plan shall be filed in
writing with the Committee which shall make all determinations concerning such claim. Any claim filed with the Committee and any decision by the Committee denying such claim shall be in writing and shall be delivered to the Participant or
Beneficiary filing the claim (the “Claimant”). Notice of a claim for payments shall be delivered to the Committee within 90 days of the latest date upon which the payment could have been timely made in accordance with the terms of the Plan
and Code Section 409A, and if not paid, the Participant or Beneficiary must file a claim under this Article XI not later than 180 days after such latest date. If the Participant or Beneficiary fails to file a timely claim, the Participant
forfeits any amounts to which he or she may have been entitled to receive under the claim. 

  

	 	(a)	 In General. Notice of a denial of benefits (other than claims based on disability) will be provided
within 90 days of the Committee’s receipt of the Claimant’s claim for benefits. If the Committee determines that it needs additional time to review the claim, the Committee will provide the Claimant with a notice of the extension before
the end of the initial 90-day period. The extension will not be more than 90 days from the end of the initial 90-day period and the notice of extension will explain the
special circumstances that require the extension and the date by which the Committee expects to make a decision. 

  

	 	(b)	 Disability Benefits. Notice of denial of claims based on disability will be provided within forty-five
(45) days of the Committee’s receipt of the Claimant’s claim for disability benefits. If the Committee determines that it needs additional time to review the disability claim, the Committee will provide the Claimant with a notice of
the extension before the end of the initial 45-day period. If the Committee determines that a decision cannot be made within the first extension period due to matters beyond the control of the Committee, the
time period for making a determination may be further extended for an additional 30 days. If such an additional extension is necessary, the Committee shall notify the Claimant prior to the expiration of the initial
30-day extension. Any notice of extension shall indicate the circumstances necessitating the extension of time, the date by which the Committee expects to furnish a notice of decision, the specific standards
on which such entitlement to a benefit is based, the unresolved issues that prevent a 

  
 Page 19 of 28 

 CVB Financial Corp. Deferred Compensation Plan 

 

	 	
decision on the claim and any additional information needed to resolve those issues. A Claimant will be provided a minimum of 45 days to submit any necessary additional information to the
Committee. In the event that a 30-day extension is necessary due to a Claimant’s failure to submit information necessary to decide a claim, the period for furnishing a notice of decision shall be tolled
from the date on which the notice of the extension is sent to the Claimant until the earlier of the date the Claimant responds to the request for additional information or the response deadline. 

 

	 	(c)	 Contents of Notice. If a claim for benefits is completely or partially denied, notice of such denial
shall be in writing. Any electronic notification shall comply with the standards imposed by Department of Labor Regulation 29 CFR 2520.104b-1(c)(1)(i), (iii), and (iv). The notice of denial shall set forth the
specific reasons for denial in plain language. The notice shall: (i) cite the pertinent provisions of the Plan document, and (ii) explain, where appropriate, how the Claimant can perfect the claim, including a description of any additional
material or information necessary to complete the claim and why such material or information is necessary. The claim denial also shall include an explanation of the claims review procedures and the time limits applicable to such procedures,
including the right to appeal the decision, the deadline by which such appeal must be filed and a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse decision on appeal and the
specific date by which such a civil action must commence under Section 11.4. 

 In the case of a complete or partial
denial of a disability benefit claim, the notice shall provide such information and shall be communicated in the manner required under applicable Department of Labor regulations. 

 

	11.2	 Appeal of Denied Claims. A Claimant whose claim has been completely or partially denied shall be
entitled to appeal the claim denial by filing a written appeal with a committee designated to hear such appeals (the “Appeals Committee”). A Claimant who timely requests a review of the denied claim (or his or her authorized
representative) may review, upon request and free of charge, copies of all documents, records, and other information relevant to the denial and may submit written comments, documents, records, and other information relating to the claim to the
Appeals Committee. All written comments, documents, records, and other information shall be considered “relevant” if the information: (i) was relied upon in making a benefits determination, (ii) was submitted, considered, or
generated in the course of making a benefits decision regardless of whether it was relied upon to make the decision, or (iii) demonstrates compliance with administrative processes and safeguards established for making benefit decisions. The
review shall take into account all comments, documents, records, and other information submitted by the Claimant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. The
Appeals Committee may, in its sole discretion and if it deems appropriate or necessary, decide to hold a hearing with respect to the claim appeal. 

  
 Page 20 of 28 

 CVB Financial Corp. Deferred Compensation Plan 

 

	 	(a)	 In General. Appeal of a denied benefits claim (other than a disability benefits claim) must be filed in
writing with the Appeals Committee no later than 60 days after receipt of the written notification of such claim denial. The Appeals Committee shall make its decision regarding the merits of the denied claim within 60 days following receipt of the
appeal (or within 120 days after such receipt, in a case where there are special circumstances requiring extension of time for reviewing the appealed claim). If an extension of time for reviewing the appeal is required because of special
circumstances, written notice of the extension shall be furnished to the Claimant prior to the commencement of the extension. The notice will indicate the special circumstances requiring the extension of time and the date by which the Appeals
Committee expects to render the determination on review. The review will take into account comments, documents, records, and other information submitted by the Claimant relating to the claim without regard to whether such information was submitted
or considered in the initial benefit determination. 

  

	 	(b)	 Disability Benefits. Appeal of a denied disability benefits claim must be filed in writing with the
Appeals Committee no later than 180 days after receipt of the written notification of such claim denial. The review shall be conducted in accordance with applicable Department of Labor regulations. 

The Appeals Committee shall make its decision regarding the merits of the denied claim within 45 days following receipt of the appeal (or
within 90 days after such receipt, in a case where there are special circumstances requiring extension of time for reviewing the appealed claim). If an extension of time for reviewing the appeal is required because of special circumstances, written
notice of the extension shall be furnished to the Claimant prior to the commencement of the extension. The notice will indicate the special circumstances requiring the extension of time and the date by which the Appeals Committee expects to render
the determination on review. Following its review of any additional information submitted by the Claimant, the Appeals Committee shall render a decision on its review of the denied claim. 

 

	 	(c)	 Contents of Notice. If a benefits claim is completely or partially denied on review, notice of such
denial shall be in writing. Any electronic notification shall comply with the standards imposed by Department of Labor Regulation 29 CFR 2520.104b-1(c)(1)(i), (iii), and (iv). Such notice shall set forth the
reasons for denial in plain language. 

 The decision on review shall set forth: (i) the specific reason or reasons
for the denial, (ii) specific references to the pertinent Plan provisions on which the denial is based, (iii) a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to and copies of all
documents, records, or other information relevant (as defined above) to the Claimant’s claim, and (iv) a statement of the Claimant’s right to bring an action under Section 502(a) of ERISA, following an adverse decision on review
and the specific date by which such a civil action must commence under Section 11.4. 

  
 Page 21 of 28 

 CVB Financial Corp. Deferred Compensation Plan 

 

 For the denial of a disability benefit, the notice will also include such additional
information and be communicated in the manner required under applicable Department of Labor regulations. 
  

	11.3	 Claims Appeals Upon Change in Control. Upon a change in control, the Appeals Committee, as constituted
immediately prior to such change in control, shall continue to act as the Appeals Committee. The Company may not remove any member of the Appeals Committee, but may replace resigning members if 2/3rds of the members of the Board of Directors of the
Company and a majority of Participants and Beneficiaries with Account Balances consent to the replacement. For purposes of this Section 11.3, a “change in control” means a change in control within the meaning of the rabbi trust
agreement associated with the Plan or if no such definition is provided, the term shall have the meaning under Code Section 409A. 

The Appeals Committee shall have the exclusive authority at the appeals stage to interpret the terms of the Plan and resolve appeals under the
Claims Procedure. 
 Each Participating Employer shall, with respect to the Committee identified under this Section: (i) pay its
proportionate share of all reasonable expenses and fees of the Appeals Committee, (ii) indemnify the Appeals Committee (including individual committee members) against any costs, expenses and liabilities including, without limitation,
attorneys’ fees and expenses arising in connection with the performance of the Appeals Committee hereunder, except with respect to matters resulting from the Appeals Committee’s gross negligence or willful misconduct, and (iii) supply
full and timely information to the Appeals Committee on all matters related to the Plan, any rabbi trust, Participants, Beneficiaries and Accounts as the Appeals Committee may reasonably require. 

 

	11.4	 Legal Action. A Claimant may not bring any legal action, including commencement of any arbitration,
relating to a claim for benefits under the Plan unless and until the Claimant has followed the claims procedures under the Plan and exhausted his or administrative remedies under Sections 11.1 and 11.2. No such legal action may be brought more than
twelve (12) months following the notice of denial of benefits under Section 11.2, or if no appeal is filed by the applicable appeals deadline, twelve (12) months following the appeals deadline. 

If a Participant or Beneficiary prevails in a legal proceeding brought under the Plan to enforce the rights of such Participant or any other
similarly situated Participant or Beneficiary, in whole or in part, the Participating Employer shall reimburse such Participant or Beneficiary for all legal costs, expenses, attorneys’ fees and such other liabilities incurred as a result of
such proceedings. If the legal proceeding is brought in connection with a change in control as defined in Section 11.3, the Participant or Beneficiary may file a claim directly with the trustee of any rabbi trust established under

  
 Page 22 of 28 

 CVB Financial Corp. Deferred Compensation Plan 

 

 
the Plan for reimbursement of such costs, expenses, and fees. For purposes of the preceding sentence, the amount of the claim shall be treated as if it were an addition to the Participant’s
or Beneficiary’s Account Balance and will be included in determining the Participating Employer’s trust funding obligation under Section 10.2. 
  

	11.5	 Discretion of Appeals Committee. All interpretations, determinations, and decisions of the Appeals
Committee with respect to any claim shall be made in its sole discretion and shall be final and conclusive. 

  

	11.6	 Arbitration. 

  

	 	(a)	 Prior to Change in Control. If, prior to a change in control as defined in Section 11.3, any claim
or controversy between a Participating Employer and a Participant or Beneficiary is not resolved through the claims procedure set forth in Article XI, such claim shall be submitted to and resolved exclusively by expedited binding arbitration by a
single arbitrator. Arbitration shall be conducted in accordance with the following procedures: 

 The complaining party
shall promptly send written notice to the other party identifying the matter in dispute and the proposed remedy. Following the giving of such notice, the parties shall meet and attempt in good faith to resolve the matter. In the event the parties
are unable to resolve the matter within 21 days, the parties shall meet and attempt in good faith to select a single arbitrator acceptable to both parties. If a single arbitrator is not selected by mutual consent within ten Business Days following
the giving of the written notice of dispute, an arbitrator shall be selected from a list of nine persons each of whom shall be an attorney who is either engaged in the active practice of law or recognized arbitrator and who, in either event, is
experienced in serving as an arbitrator in disputes between employers and employees, which list shall be provided by the main office of either JAMS, the American Arbitration Association (“AAA”) or the Federal Mediation and Conciliation
Service. If, within three Business Days of the parties’ receipt of such list, the parties are unable to agree on an arbitrator from the list, then the parties shall each strike names alternatively from the list, with the first to strike being
determined by the flip of a coin. After each party has had four strikes, the remaining name on the list shall be the arbitrator. If such person is unable to serve for any reason, the parties shall repeat this process until an arbitrator is selected.

 Unless the parties agree otherwise, within 60 days of the selection of the arbitrator, a hearing shall be conducted before such arbitrator
at a time and a place agreed upon by the parties. In the event the parties are unable to agree upon the time or place of the arbitration, the time and place shall be designated by the arbitrator after consultation with the parties. Within 30 days of
the conclusion of the arbitration hearing, the arbitrator shall issue an award, accompanied by a written decision explaining the basis for the arbitrator’s award. 

  
 Page 23 of 28 

 CVB Financial Corp. Deferred Compensation Plan 

 

 In any arbitration hereunder, the Participating Employer shall pay all administrative fees of
the arbitration and all fees of the arbitrator, except that the Participant or Beneficiary may, if he/she/it wishes, pay up to one-half of those amounts. Each party shall pay its own attorneys’ fees,
costs, and expenses, unless the arbitrator orders otherwise. The prevailing party in such arbitration, as determined by the arbitrator, and in any enforcement or other court proceedings, shall be entitled, to the extent permitted by law, to
reimbursement from the other party for all of the prevailing party’s costs (including but not limited to the arbitrator’s compensation), expenses, and attorneys’ fees. The arbitrator shall have no authority to add to or to modify this
Plan, shall apply all applicable law, and shall have no lesser and no greater remedial authority than would a court of law resolving the same claim or controversy. The arbitrator shall have no authority to add to or to modify this Plan, shall apply
all applicable law, and shall have no lesser and no greater remedial authority than would a court of law resolving the same claim or controversy. The arbitrator shall, upon an appropriate motion, dismiss any claim without an evidentiary hearing if
the party bringing the motion establishes that it would be entitled to summary judgment if the matter had been pursued in court litigation. 

The parties shall be entitled to discovery as follows: Each party may take no more than three depositions. The Participating Employer may
depose the Participant or Beneficiary plus two other witnesses, and the Participant or Beneficiary may depose the Participating Employer, pursuant to Rule 30(b)(6) of the Federal Rules of Civil Procedure, plus two other witnesses. Each party may
make such reasonable document discovery requests as are allowed in the discretion of the arbitrator. 
 The decision of the arbitrator shall
be final, binding, and non-appealable, and may be enforced as a final judgment in any court of competent jurisdiction. 

This arbitration provision of the Plan shall extend to claims against any parent, subsidiary, or affiliate of each party, and, when acting
within such capacity, any officer, director, shareholder, Participant, Beneficiary, or agent of any party, or of any of the above, and shall apply as well to claims arising out of state and federal statutes and local ordinances as well as to claims
arising under the common law or under this Plan. 
 Notwithstanding the foregoing, and unless otherwise agreed between the parties, either
party may apply to a court for provisional relief, including a temporary restraining order or preliminary injunction, on the ground that the arbitration award to which the applicant may be entitled may be rendered ineffectual without provisional
relief. 
 Any arbitration hereunder shall be conducted in accordance with the Federal Arbitration Act: provided, however, that, in the event
of any inconsistency between the rules and procedures of the Act and the terms of this Plan, the terms of this Plan shall prevail. 

  
 Page 24 of 28 

 CVB Financial Corp. Deferred Compensation Plan 

 

 If any of the provisions of this Section 11.6(a) are determined to be unlawful or
otherwise unenforceable, in the whole part, such determination shall not affect the validity of the remainder of this section and this section shall be reformed to the extent necessary to carry out its provisions to the greatest extent possible and
to insure that the resolution of all conflicts between the parties, including those arising out of statutory claims, shall be resolved by neutral, binding arbitration. If a court should find that the provisions of this Section 11.6(a) are not
absolutely binding, then the parties intend any arbitration decision and award to be fully admissible in evidence in any subsequent action, given great weight by any finder of fact and treated as determinative to the maximum extent permitted by law.

 The parties do not agree to arbitrate any putative class action or any other representative action. The parties agree to arbitrate only
the claims(s) of a single Participant or Beneficiary. 
  

	 	(b)	 Upon Change in Control. Upon a change in control as defined in Section 11.3, Section 11.6(a)
shall not apply and any legal action initiated by a Participant or Beneficiary to enforce his or her rights under the Plan may be brought in any court of competent jurisdiction. Notwithstanding the Appeals Committee’s discretion under Sections
11.3 and 11.5, the court shall apply a de novo standard of review to any prior claims decision under Sections 11.1 through 11.3 or any other determination made by the Company, its Board of Directors, a Participating Employer, the Committee, or the
Appeals Committee. 

 ARTICLE XII 

General Provisions 
  

	12.1	 Assignment. No interest of any Participant, spouse or Beneficiary under this Plan and no benefit payable
hereunder shall be assigned as security for a loan, and any such purported assignment shall be null, void and of no effect, nor shall any such interest or any such benefit be subject in any manner, either voluntarily or involuntarily, to
anticipation, sale, transfer, assignment, or encumbrance by or through any Participant, spouse, or Beneficiary. Notwithstanding anything to the contrary herein, however, the Committee has the discretion to make payments to an alternate payee in
accordance with the terms of a domestic relations order (as defined in Code Section 414(p)(1)(B)). 

 The Company may
assign any or all of its liabilities under this Plan in connection with any restructuring, recapitalization, sale of assets or other similar transactions affecting a Participating Employer without the consent of the Participant. 

 

	12.2	 No Legal or Equitable Rights or Interest. No Participant or other person shall have any legal or
equitable rights or interest in this Plan that are not expressly granted in this Plan. Participation in this Plan does not give any person any right to be retained in the service of the Participating Employer. The right and power of a Participating
Employer to dismiss or discharge an Employee or Director is expressly reserved. The Participating Employers make no representations or warranties as to the tax consequences to a Participant or a Participant’s beneficiaries resulting from a
deferral of income pursuant to the Plan. 

  
 Page 25 of 28 

 CVB Financial Corp. Deferred Compensation Plan 

 

	12.3	 No Employment Contract. Nothing contained herein shall be construed to constitute a contract of
employment between an Employee or Director and a Participating Employer. 

  

	12.4	 Notice. Any notice or filing required or permitted to be delivered to the Committee under this Plan
shall be delivered in writing, in person, or through such electronic means as is established by the Committee. Notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the
receipt for registration or certification. Written transmission shall be sent by certified mail to: 

 CVB FINANCIAL
CORP. 
 701 NORTH HAVEN AVENUE 

ONTARIO, CA 91764 
 ATTN:
HUMAN RESOURCES 
 Any notice or filing required or permitted to be given to a Participant under this Plan shall be sufficient if in
writing or hand-delivered, or sent by mail to the last known address of the Participant. 
  

	12.5	 Headings. The headings of Sections are included solely for convenience of reference, and if there is any
conflict between such headings and the text of this Plan, the text shall control. 

  

	12.6	 Invalid or Unenforceable Provisions. If any provision of this Plan shall be held invalid or
unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof and the Committee may elect in its sole discretion to construe such invalid or unenforceable provisions in a manner that conforms to applicable law or as
if such provisions, to the extent invalid or unenforceable, had not been included. 

  

	12.7	 Lost Participants or Beneficiaries. Any Participant or Beneficiary who is entitled to a benefit from the
Plan has the duty to keep the Committee advised of his or her current mailing address. If benefit payments are returned to the Plan or are not presented for payment after a reasonable amount of time, the Committee shall presume that the payee is
missing. The Committee, after making such efforts as in its discretion it deems reasonable and appropriate to locate the payee, shall stop payment on any uncashed checks and may discontinue making future payments until contact with the payee is
restored. If the Committee is unable to locate the Participant or Beneficiary after five years of the date payment is scheduled to be made, provided that a Participant’s Account shall not be credited with Earnings following the first
anniversary of such date on which payment is to be made and further provided, however, that such benefit shall be reinstated, without further adjustment for interest, if a valid claim is made by or on behalf of the Participant or Beneficiary for all
or part of the forfeited benefit. 

  
 Page 26 of 28 

 CVB Financial Corp. Deferred Compensation Plan 

 

	12.8	 Facility of Payment to a Minor. If a distribution is to be made to a minor, or to a person who is
otherwise incompetent, then the Committee may, in its discretion, make such distribution: (i) to the legal guardian, or if none, to a parent of a minor payee with whom the payee maintains his or her residence, or (ii) to the conservator or
committee or, if none, to the person having custody of an incompetent payee. Any such distribution shall fully discharge the Committee, the Company, and the Plan from further liability on account thereof. 

 

	12.9	 Governing Law. To the extent not preempted by ERISA, the laws of the State of California shall govern
the construction and administration of the Plan. 

  

	12.10	 Compliance With Code Section 409A; No Guarantee. This Plan is intended to be
administered in compliance with Code Section 409A and each provision of the Plan shall be interpreted consistent with Code Section 409A. Although intended to comply with Code Section 409A, this Plan shall not constitute a guarantee to
any Participant or Beneficiary that the Plan in form or in operation will result in the deferral of federal or state income tax liabilities or that the Participant or Beneficiary will not be subject to the additional taxes imposed under
Section 409A. No Employer shall have any legal obligation to a Participant with respect to taxes imposed under Code Section 409A. 

IN WITNESS WHEREOF, the undersigned executed this Plan as of the 1st day of December, 2020, to be
effective as of the Effective Date. 
 CVB FINANCIAL CORP. 
  

			
	        /s/    E. Allen Nicholson	 	(Signature)
		
	 By:     E. Allen Nicholson
	 	(Print Name)
		
	 Its:     Chief Financial Officer
	 	(Title)

  
 Page 27 of 28 

 CVB Financial Corp. Deferred Compensation Plan 

 

 Schedule A 

Participating Employers 
 CVB Financial Corp.

 Citizens Business Bank 

  
 Page 28 of 28

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00322-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00322-of-00352.parquet"}]]