Document:

exv10w1

Exhibit 10.1

Execution
Version

 

SIXTH AMENDMENT TO

AMENDED AND RESTATED CREDIT AGREEMENT

Dated September 17, 2009

Among

RESOLUTE ANETH, LLC,

as Borrower,

WACHOVIA BANK, NATIONAL ASSOCIATION,

as Administrative Agent,

WELLS FARGO BANK, NATIONAL ASSOCIATION

and BMO CAPITAL MARKETS FINANCING, INC.,

as Co-Syndication Agents,

DEUTSCHE BANK SECURITIES INC. and FORTIS CAPITAL CORP.,

as Co-Documentation Agents,

and

The Lenders Party Hereto

 

 

 

     THIS SIXTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Sixth
Amendment”), dated as of September 17, 2009, is by and among Resolute Aneth, LLC, a Delaware
limited liability company (the “Borrower”), Resolute Holdings Sub, LLC, a Delaware limited
liability company, and certain of its subsidiaries (collectively, the “Guarantors”),
Wachovia Bank, National Association, as Administrative Agent (the “Administrative Agent”),
Wells Fargo Bank, National Association and BMO Capital Markets Financing, Inc., as Co-Syndication
Agents (the “Co-Syndication Agents”), Deutsche Bank Securities Inc. and Fortis Capital
Corp., as Co-Documentation Agents (the “Co-Documentation Agents”) and the other Lenders
party hereto (the “Lenders”).

Recitals

     WHEREAS, the Borrower, the Guarantors, the Administrative Agent and the other lenders party
thereto entered into that certain Amended and Restated Credit Agreement, dated April 14, 2006, as
amended by that certain First Amendment to Amended and Restated Credit Agreement, dated June 27,
2007, that certain Second Amendment to Amended and Restated Credit Agreement, dated September 12,
2007, that certain Third Amendment to Amended and Restated Credit Agreement dated September 30,
2008, that certain Fourth Amendment to Amended and Restated Credit Agreement dated May 12, 2009,
and that certain Fifth Amendment to Amended and Restated Credit Agreement dated July 28, 2009 (as
the same may be amended, modified, supplemented or restated from time to time, the “Credit
Agreement”);

     WHEREAS, the Borrower has requested that the Administrative Agent and the Majority Lenders
amend the Credit Agreement to permit the merger of an Affiliate of the Borrower with Hicks
Acquisition Company and to make the other modifications specified herein; and

     WHEREAS, subject to the satisfaction of the conditions set forth herein, the Administrative
Agent and the Majority Lenders are willing to amend the Credit Agreement and to take such other
actions as provided herein.

     NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and
in the Credit Agreement, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree
as follows:

ARTICLE I

Definitions

Each capitalized term used in this Sixth Amendment and not defined herein shall have the meaning
assigned to such term in the Credit Agreement.

ARTICLE II

Amendments

     Section 2.01 Amendments to Section 1.02 of the Credit Agreement.

 

 

          (a) Section 1.02 of the Credit Agreement is hereby amended by adding the following new
definitions in their proper alphabetical order:

     “Hicks Merger” means the transactions described in that certain
Purchase and IPO Reorganization Agreement among Hicks SPAC, Resolute Energy
Corporation and others, dated August 2, 2009, whereby (a) Hicks SPAC and the Loan
Parties (as constituted immediately prior to the Sixth Amendment Effective Date)
other than Resolute Holdings Sub, LLC become direct or indirect wholly-owned
Subsidiaries of Parent and (b) Parent becomes a publicly held corporation.”

     “Hicks SPAC” means Hicks Acquisition Company I, Inc., a Delaware
corporation.

     “Sixth Amendment” means that certain Sixth Amendment to Amended and
Restated Credit Agreement, dated as of September 17, 2009, among the Borrower, the
Administrative Agent and the other Lenders party thereto.”

     “Sixth Amendment Effective Date” means the first Business Day on which
all of the conditions precedent set forth in Article III of the Sixth Amendment
shall have been satisfied.”

     (b) The definition of “Agreement” in Section 1.02 of the Credit Agreement is hereby
amended by deleting it in its entirety and inserting the following in lieu thereof:

     “Agreement” means this Credit Agreement, as amended by the First
Amendment, further amended by the Second Amendment, further amended by the Third
Amendment, further amended by the Fourth Amendment, further amended by the Fifth
Amendment, and further amended by the Sixth Amendment, as the same may from time to
time be amended, modified, supplemented or restated.”

          (c) The definition of “Change in Control” in Section 1.02 of the Credit Agreement is
hereby amended by deleting it in its entirety and inserting the following in lieu thereof:

     “Change in Control” means (a) a majority of the board of directors of
Parent ceases to be composed of individuals (i) who were members of such board on
the Sixth Amendment Effective Date, (ii) whose election or nomination to such board
was approved by individuals referred to in clause (i) above constituting at the time
of such election or nomination at least a majority of such board, or (iii) whose
election or nomination to such board was approved by individuals referred to in
clause (i) or (ii) above constituting at the time of such election or nomination at
least a majority of such board, (b) any “person” or “group” (as such terms are used
in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding
any employee benefit plan of such person or its subsidiaries and any person or
entity acting in its capacity as trustee, agent or other fiduciary or administrator
of such plan) shall acquire beneficial ownership (within the meaning of Rule 13d-3
and 13d-5 of the SEC under the Securities

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Exchange Act of 1934, as amended, and including holding proxies to vote for the
election of directors other than proxies held by Parent’s management or their
designees to be voted in favor of persons nominated by Parent’s board of directors)
of 35% or more of the outstanding voting securities of Parent, measured by voting
power (including both common stock and any preferred stock or other equity
securities entitling the holders thereof to vote with the holders of common stock in
the elections for directors of Parent), or (c) Parent shall cease to own, directly
or indirectly, at least 99.5% of the Equity Interests of Borrower.”

          (d) The definition of “Parent” in Section 1.02 of the Credit Agreement is hereby
amended by deleting it in its entirety and inserting the following in lieu thereof:

          “Parent” means Resolute Energy Corporation, a Delaware corporation.”

     Section 2.02 Amendment to Section 9.04 of the Credit Agreement. Section 9.04 of the
Credit Agreement is hereby amended by deleting it in its entirety and inserting the following in
lieu thereof:

     “Each Loan Party will not, and will not permit any Subsidiary to, declare or
make, or agree to pay or make, directly or indirectly, any Restricted Payment,
return any capital to its stockholders or make any distribution of its Property to
its Equity Interest holders, except (a) Loan Parties may make Restricted Payments
to each other, (b) Hicks SPAC and Parent may make payments in respect of forward
stock purchase agreements entered into by Hicks SPAC or Parent in order to secure
approval of the Hicks Merger, and (c) Parent may make Restricted Payments not to
exceed $1,500,000 in the aggregate during any fiscal year or $2,500,000 in the
aggregate during the term of this Agreement (other than (i) upon the occurrence and
during the continuance of any Event of Default with respect to matters specified in
Sections 10.01(a), (b), (f), (g), (h), (i), (j) or (k), or (ii) when the Borrowing
Base Utilization Percentage exceeds ninety percent (90%)).”

     Section 2.03 Amendment to Section 9.05(j) of the Credit Agreement. Section 9.05(j) of
the Credit Agreement is hereby amended by deleting it in its entirety and inserting the following
in lieu thereof:

     “(j) loans and advances to directors, officers and employees of Parent or any
Restricted Subsidiary permitted by applicable law not to exceed $250,000 in the
aggregate at any time.”

     Section 2.04 Amendment to Section 9.11 of the Credit Agreement. Section 9.11 of the
Credit Agreement is hereby amended by:

          (a) adding “(a)” immediately prior to “any Restricted Subsidiary” in the fourth line thereof;
and

          (b) deleting the period at the end of the last line of Section 9.11 and replacing it with “,
and (b) the applicable Loan Parties may consummate the Hicks Merger.”

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     Section 2.05 Amendment to Section 9.12 of the Credit Agreement. Section 9.12 of the
Credit Agreement is hereby amended by:

          (a) deleting the “and” immediately following clause (e) thereof;

          (b) inserting immediately after clause (f) thereof and immediately prior to the proviso that
follows clause (f), the following: “and (g) the sale or other disposition of the Equity Interests
in the Borrower to Hicks SPAC and the transfer of Equity Interests in Borrower and the Guarantors
to Resolute Energy Corporation in connection with and as part of the Hicks Merger;”.

     Section 2.06 Amendment to Section 9.20 of the Credit Agreement. Section 9.20 of the
Credit Agreement is hereby amended by adding “; provided that Borrower may prepay all
outstanding loans under the Second Lien Credit Agreement with the proceeds of the Hicks Merger”
immediately before the period at the end of Section 9.20.

ARTICLE III

Conditions Precedent

     This Sixth Amendment shall be subject to the satisfaction of the following conditions
precedent or concurrent on or before October 15, 2009, and after giving effect to this Sixth
Amendment:

     (a) the Borrower, each of the Guarantors and each of the Majority Lenders shall have executed
and delivered counterparts of this Sixth Amendment;

     (b) the Borrower, each of the Guarantors and the Administrative Agent shall have executed and
delivered an amendment to the Guaranty and Collateral Agreement that, among other things, releases
the guaranty and pledge of assets by Resolute Holdings Sub, LLC, and each of Resolute Energy
Corporation and Hicks SPAC shall have executed and delivered a joinder agreement to the Guaranty
and Collateral Agreement and taken such other actions necessary to grant and perfect a security
interest in its respective Property;

     (c) substantially contemporaneously with the effectiveness of this Sixth Amendment, (i) the
Hicks Merger shall be consummated upon terms reasonably satisfactory to the Administrative Agent,
(ii) all loans outstanding under the Second Lien Credit Agreement shall be repaid in full from the
proceeds of the Hicks Merger, and (iii) the remaining proceeds of the Hicks Merger, net of (A)
payments to redeem, repurchase or otherwise cause to terminate any Hicks SPAC public warrants, (B)
payments in respect of any forward stock purchase agreements entered into by Hicks SPAC or Parent
in order to secure approval of the Hicks Merger, and (C) the expenses associated with the Hicks
Merger, shall be used to prepay Loans;

     (d) the Lenders shall have received all expenses for which invoices have been presented, on or
before the Sixth Amendment Effective Date; and

     (e) the Lenders shall have received such legal opinions, officer’s certificates, resolutions,
documents and other instruments as are customary for transactions of this type or as they may
reasonably request.

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ARTICLE IV

Representations and Warranties

     The Borrower hereby represents and warrants to each Lender that:

     (a) Each of the representations and warranties made by the Borrower under the Credit Agreement
and each other Loan Document is true and correct on and as of the actual date of execution of this
Sixth Amendment by the Borrower, as if made on and as of such date, except for any representations
and warranties made as of a specified date, which are true and correct as of such specified date.

     (b) At the time of, and immediately after giving effect to, this Sixth Amendment, no Default
has occurred and is continuing.

     (c) The execution, delivery and performance by the Borrower of this Sixth Amendment have been
duly authorized by the Borrower.

     (d) This Sixth Amendment constitutes the legal, valid and binding obligation of the Borrower,
enforceable against the Borrower in accordance with its terms.

     (e) The execution, delivery and performance by the Borrower of this Sixth Amendment (i) does
not require any consent or approval of, registration or filing with, or any other action by, any
Governmental Authority or any other third Person (including shareholders or any class of directors,
whether interested or disinterested, of the Borrower or any other Person), nor is any such consent,
approval, registration, filing or other action necessary for the validity or enforceability of this
Sixth Amendment or any Loan Document or the consummation of the transactions contemplated thereby,
except such as have been obtained or made and are in full force and effect other than those third
party approvals or consents which, if not made or obtained, would not cause a Default hereunder,
could not reasonably be expected to have a Material Adverse Effect or do not have an adverse effect
on the enforceability of the Loan Documents, (ii) will not violate any applicable law or regulation
or the charter, by-laws or other organizational documents of the Borrower or any Restricted
Subsidiary or any order of any Governmental Authority, (iii) will not violate or result in a
default under any indenture, agreement or other instrument binding upon the Borrower or any
Restricted Subsidiary or its Properties, or give rise to a right thereunder to require any payment
to be made by the Borrower or such Restricted Subsidiary and (iv) will not result in the creation
or imposition of any Lien on any Property of the Borrower or any Restricted Subsidiary (other than
the Liens created by this Sixth Amendment or the Loan Documents).

ARTICLE V

Miscellaneous

     Section 5.01 Credit Agreement in Full Force and Effect as Amended. Except as
specifically amended hereby, the Credit Agreement and other Loan Documents shall remain in full
force and effect and are hereby ratified and confirmed as so amended. Except as expressly set
forth herein, this Sixth Amendment shall not be deemed to be a waiver, amendment or modification of
any provisions of the Credit Agreement or any other Loan Document or any right, power or remedy of
the Administrative Agent or Lenders, or constitute a waiver of any provision

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of the Credit Agreement or any other Loan Document, or any other document, instrument and/or
agreement executed or delivered in connection therewith or of any Default or Event of Default under
any of the foregoing, in each case whether arising before or after the date hereof or as a result
of performance hereunder or thereunder. This Sixth Amendment also shall not preclude the future
exercise of any right, remedy, power, or privilege available to the Administrative Agent and/or
Lenders whether under the Credit Agreement, the other Loan Documents, at law or otherwise. All
references to the Credit Agreement shall be deemed to mean the Credit Agreement as modified hereby.
The parties hereto agree to be bound by the terms and conditions of the Credit Agreement and Loan
Documents as amended by this Sixth Amendment, as though such terms and conditions were set forth
herein. Each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,”
“herein” or words of similar import shall mean and be a reference to the Credit Agreement as
amended by this Sixth Amendment, and each reference herein or in any other Loan Documents to the
“Credit Agreement” shall mean and be a reference to the Credit Agreement as amended and modified by
this Sixth Amendment.

     Section 5.02 GOVERNING LAW. THIS SIXTH AMENDMENT, AND THE RIGHTS AND OBLIGATIONS OF
THE PARTIES HEREUNDER, SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE
STATE OF NEW YORK.

     Section 5.03 Descriptive Headings, Etc. The descriptive headings of the sections of
this Sixth Amendment are inserted for convenience only and shall not be deemed to affect the
meaning or construction of any of the provisions hereof. The statements made and the terms defined
in the recitals to this Sixth Amendment are hereby incorporated into this Sixth Amendment in their
entirety.

     Section 5.04 Payment of Expenses. The Borrower agrees to pay or reimburse the
Administrative Agent for all of its reasonable out-of-pocket costs and expenses incurred in
connection with this Sixth Amendment, the Loan Documents and any other documents prepared in
connection herewith and the transactions contemplated hereby, including, without limitation, the
reasonable fees and disbursements of counsel to the Lenders. The agreement set forth in this
Section 5.04 shall survive the termination of this Sixth Amendment and the Credit
Agreement.

     Section 5.05 Entire Agreement. This Sixth Amendment and the documents referred to
herein represent the entire understanding of the parties hereto regarding the subject matter hereof
and supersede all prior and contemporaneous oral and written agreements of the parties hereto with
respect to the subject matter hereof. This Sixth Amendment is a Loan Document executed under the
Credit Agreement.

     Section 5.06 Counterparts. This Sixth Amendment may be executed in any number of
counterparts and by different parties on separate counterparts, each of which shall constitute an
original but all of which when taken together shall constitute but one agreement. Delivery of an
executed counterpart of the signature page of this Sixth Amendment by facsimile or other electronic
transmission shall be effective as delivery of a manually executed counterpart thereof.

     Section 5.07   Successors.  The execution and delivery of this Sixth Amendment by any Lender shall be binding upon each of its successors and assigns.

[Signatures Begin on Next Page]

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     IN WITNESS WHEREOF, the parties hereto have caused this Sixth Amendment to be duly executed by
their respective authorized officers as of the date first written above.

 BORROWER: 

	 	 	 	 	 
	 	
RESOLUTE ANETH, LLC

 	 
	 	By:  	                             /s/ Theodore Gazulis
 	 
	 	 	Theodore Gazulis, 	 
	 	 	Vice President – Finance and Chief 

Financial Officer 	 
	 

GUARANTORS:

	 	 	 	 	 
	 	RESOLUTE HOLDINGS SUB, LLC

RESOLUTE NATURAL RESOURCES 

COMPANY, LLC (f/k/a Resolute Natural 

Resources Company)

RNRC HOLDINGS, INC.

RESOLUTE WYOMING, INC. (f/k/a Primary
Natural Resources, Inc.)

BWNR, LLC

WYNR, LLC

 	 
	 	By:  	/s/ Theodore Gazulis
 	 
	 	 	Theodore Gazulis, 	 
	 	 	Vice President – Finance and Chief 

Financial Officer 	 

Signature Page to

Sixth Amendment to Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	 	WACHOVIA BANK, NATIONAL ASSOCIATION,

as Administrative Agent and a Lender

 	 
	 	By:  	/s/ Kevin Scotto
 	 
	 	 	Kevin Scotto 	 
	 	 	Vice President 	 

Signature Page to

Sixth Amendment to Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Co-Syndication Agent and a Lender

 	 
	 	By:  	/s/ Oleg Kogan
 	 
	 	 	Oleg Kogan 	 
	 	 	Vice President 	 

Signature Page to

Sixth Amendment to Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	 	BMO CAPITAL MARKETS FINANCING, INC.,

as Co-Syndication Agent and a Lender

 	 
	 	By:  	/s/ Gumaro Tijerina
 	 
	 	 	Name:  	Gumaro Tijerina 	 
	 	 	Title:  	Director 	 

Signature Page to

Sixth Amendment to Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	 	DEUTSCHE BANK SECURITIES INC.,

as Co-Documentation Agent

 	 
	 	By:  	/s/ Vincent D’Amore
 	 
	 	 	Name:  	Vincent D’Amore 	 
	 	 	Title:  	Director 	 
	 	 	 
	 	By:  	                      /s/ Valerie Shapiro
 	 
	 	 	Name:  	Valerie Shapiro 	 
	 	 	Title:  	Vice President 	 

	 	 	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY 

AMERICAS, as a Lender

 	 
	 	By:  	/s/ Dusan Lazarov
 	 
	 	 	Name:  	Dusan Lazarov 	 
	 	 	Title:  	Vice President 	 
	 	 	 
	 	By:  	                        /s/ Valerie Shapiro
 	 
	 	 	Name:  	Valerie Shapiro 	 
	 	 	Title:  	Vice President 	 

Signature Page to

Sixth Amendment to Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	 	FORTIS CAPITAL CORP.,

as Co-Documentation Agent and a Lender

 	 
	 	By:  	/s/ Scott Myatt
 	 
	 	 	Name:  	Scott Myatt 	 
	 	 	Title:  	Director 	 
	 	 	 
	 	By:  	                  /s/ Ilene Fowler
 	 
	 	 	Name:  	Ilene Fowler 	 
	 	 	Title:  	Director 	 

Signature Page to

Sixth Amendment to Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,

as a Lender

 	 
	 	By:  	/s/ Bruce E.  Hernandez
 	 
	 	 	Name:  	Bruce E. Hernandez 	 
	 	 	Title:  	Vice President 	 

Signature Page to

Sixth Amendment to Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	 	UNION BANK, N.A.,

as a Lender

 	 
	 	By:  	/s/ Douglas Gale
 	 
	 	 	Name:  	Douglas Gale 	 
	 	 	Title:  	Vice President 	 

Signature Page to

Sixth Amendment to Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	 	UBS LOAN FINANCE LLC,

as a Lender

 	 
	 	By:  	/s/ Marie Haddad
 	 
	 	 	Name:  	Marie Haddad 	 
	 	 	Title:  	Associate Director 	 
	 	 	 
	 	By:  	                      /s/ Mary E. Evans
 	 
	 	 	Name:  	Mary E. Evans 	 
	 	 	Title:  	Associate Director 	 

Signature Page to

Sixth Amendment to Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	 	COMERICA BANK,

as a Lender

 	 
	 	By:  	/s/ Matt Turner
 	 
	 	 	Name:  	Matt Turner 	 
	 	 	Title:  	Corporate Banking Officer 	 

Signature Page to

Sixth Amendment to Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	 	GUARANTY BANK AND TRUST COMPANY,

as a Lender

 	 
	 	By:  	/s/ Gail J. Nofsinger
 	 
	 	 	Name:  	Gail J. Nofsinger 	 
	 	 	Title:  	Senior Vice President 	 

Signature Page to

Sixth Amendment to Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	 	CITICORP USA, INC.,

as a Lender

 	 
	 	By:  	/s/ John F. Miller
 	 
	 	 	Name:  	John F. Miller 	 
	 	 	Title:  	Attorney-In Fact 	 

Signature Page to

Sixth Amendment to Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	 	ALLIED IRISH BANKS, p.l.c.,

as a Lender

 	 
	 	By:  	/s/ David O’Driscoll
 	 
	 	 	Name:  	David O’Driscoll 	 
	 	 	Title:  	Assistant Vice President 	 
	 
	 	 	 
	 	By:  	                  /s/ Aidan Lanigan
 	 
	 	 	Name:  	Aidan Lanigan 	 
	 	 	Title:  	Vice President 	 

Signature Page to

Sixth Amendment to Amended and Restated Credit AgreementExhiibt 10.1

Exhibit 10.1

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (“Agreement”) is made and entered into on September 16, 2009 (the
“Effective Date”), by and among Citizens Business Bank, (“the Bank”) and CVB Financial Corp. (“CVB”
and with the Bank hereinafter collectively referred to as “the Company”) on the one hand, and
Christopher D. Myers (“Executive”) on the other hand, on the basis of the following.

WHEREAS, the Bank and CVB have employed Executive as the President and Chief Executive Officer
of the Bank and CVB since August 1, 2006; and

WHEREAS, the parties are willing to enter into this Agreement providing for the continuation
of such employment upon the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the
sufficiency of which is acknowledged, the parties hereto covenant and agree as follows:

A. TERM OF EMPLOYMENT

1. Term. The Company hereby continues to employ Executive, and Executive hereby
accepts such continued employment with the Company, for a period of five (5) years, commencing as
of the Effective Date set forth above (the “Term”), subject however to prior termination as
hereinafter provided. Where used herein, “Term” shall refer to the period of the employment of
Executive by the Company from the Effective Date through the end of the five (5) period provided
above, or such shorter period as Executive may be employed by the Company if Executive’s employment
is terminated earlier as hereinafter provided.

B. DUTIES OF EXECUTIVE

1. Duties. Executive’s duties under this Agreement shall include all ordinary and
reasonable duties customarily performed by the President and Chief Executive Officer of a
commercial banking institution in California, subject to the powers by law vested in the Boards of
Directors of the Bank and CVB. As such, Executive shall oversee all operational aspects of the
business and activities of the Company. Executive shall render his services to the Company and
shall exercise such corporate responsibilities as Executive may be directed by the Boards of
Directors. Executive shall perform his duties faithfully, diligently and to the best of his
ability, consistent with the highest and best standards of the banking industry and in compliance
with applicable laws.

 

 

 

2. Conflicts of Interest. Executive expressly agrees as a condition to the
performance by Company of its obligations herein that, during the Term, he will not, directly
or indirectly, render any services of an advisory nature or otherwise become employed by, or
participate or engage in, any business competitive with any businesses of the Company, without the
prior written consent of the Company; provided, however, that nothing herein shall prohibit
Executive from owning stock or other securities of a competitor which are relatively insubstantial
to the total outstanding stock of such competitor, and so long as he in fact does not have the
power to control or direct the management or policies of such competitor and does not serve as a
director or officer of, and is not otherwise associated with, any competitor except as consented to
by the Company. Nothing contained herein shall preclude substantially passive investments by
Executive during the Term that may require nominal amounts of his time, energies and interest.

3. Performance. During the Term, Executive shall devote substantially his full
energies, interests, abilities and productive time to the business of the Company. Executive shall
at all times loyally and conscientiously perform all of these duties and obligations hereunder and
shall at all times strictly adhere to and obey, and instruct and require all those working under
and with him strictly to adhere and obey, all applicable federal and state laws, statutes, rules
and regulations to the end that the Company shall at all times be in full compliance with such
laws, statutes, rules and regulations.

4. Subpoenas; Cooperation in Defense of the Company. If Executive, during the Term or
thereafter, is served with any subpoena or other compulsory judicial or administrative process
calling for production of confidential information or if Executive is otherwise required by law or
regulations to disclose Confidential Information (as described in Section G below), Executive will
promptly, before making any such production or disclosure, notify the Company’s counsel and provide
such information as the Company may reasonably request to take such action as the Company deems
necessary to protect its interests. Executive agrees to cooperate reasonably with the Company,
whether during the Term or thereafter, in the prosecution or defense of all threatened claims or
actual litigation in which the Company is or may become a party, whether now pending or hereafter
brought, in which Executive has knowledge of relevant facts or issues.

C. COMPENSATION

1. Salary. In consideration of the performance by Executive of all of his obligations
under this Agreement, the Bank agrees to pay Executive during the Term a base salary of $750,000
per year, less required taxes and withholdings, from the Effective Date for each year of the Term.
The base salary shall be payable in accordance with the Bank’s regular payroll practices. The
Compensation Committee of CVB’s Board of Directors may elect to adjust upward the base annual
salary provided for above and other compensation of Executive from time to time, at its sole
discretion.

2. Bonuses. For each calendar year in the Term, Executive shall be eligible to be
considered for a bonus consistent with the Bank’s applicable executive incentive compensation
program (currently under the CVB Financial Corp. Performance Compensation Plan), which provides for
bonuses in the range of 0% to 150% of Executive’s
base salary, based upon Executive’s performance and accomplishment of business and financial
goals during the completed fiscal year and the overall financial performance of the Bank. The
Compensation Committee of CVB’s Board of Directors retains the discretion as to whether to grant
bonuses each year, and in what amounts.

 

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3. Stock Option Grant. CVB will grant to Executive on the Effective Date stock
options to purchase 500,000 shares of CVB common stock. Such stock options shall be incentive
stock options for federal income tax purposes to the greatest extent permitted by law. The
exercise price per share for these stock options will be the closing selling price for CVB’s common
stock (NASDAQ:CVBF) on the grant date. These stock options will have a term of ten years; will
become vested and exercisable over five years (twenty percent (20%) on each of the first five
anniversaries of the Effective Date), provided that Executive continues in employment with the Bank
and or CVB through each such anniversary; and will be subject to the terms and conditions of the
CVB Financial Corp. 2008 Equity Incentive Plan. CVB may make subsequent stock option grants to
Executive at such times, in such amounts and on such terms as may be determined by the Compensation
Committee of CVB’s Board of Directors or the Committee administering the CVB Financial Corp. 2008
Equity Incentive Plan or other equity plan, in its sole and absolute discretion, which includes the
discretion not to make any grants to Executive in the future.

4. Restricted Stock Grant. CVB will grant to Executive on the Effective Date 250,000
restricted shares of CVB Financial Corp. common stock. These restricted shares will vest over five
years (twenty percent (20%) on each of the first five anniversaries of the Effective Date),
provided that Executive continues in employment with the Bank and or CVB through each such
anniversary, and will be subject to the terms and conditions of the CVB Financial Corp. 2008 Equity
Incentive Plan.

5. Deferred Compensation Program. The Company will continue to provide Executive that
certain deferred compensation program set forth in the CVB Financial Corp. Deferred Compensation
Plan For Christopher D. Myers, as amended and restated effective January 1, 2007, which plan may
not be amended or terminated except as expressly set forth in Article 10 of such plan.

D. EXECUTIVE BENEFITS

1. Group Medical, Life Insurance and 401(k) Benefits. During the Term, the Bank shall
provide for Executive’s participation in medical, accident, health benefits, disability insurance,
the 401(k) plan/profit sharing plan and other employee benefits as provided to other officers and
employees of the Bank, the amount extent and scope of which shall be determined in accordance with
the plans and policies adopted by the Bank as in effect from time to time, and subject to
applicable legal limitations.

 

- 3 -

 

2. Automobile. During the Term, the Bank shall provide Executive for his business use
an automobile which is approved by the Compensation Committee of CVB’s Board of Directors and which
is consistent with the Bank’s automobile policies. The Bank shall also reimburse Executive for all
reasonable automobile-related expenses, such as
gas and maintenance, incurred by Executive while using the automobile in furtherance of the
Bank’s business. Executive shall be responsible for maintaining all requisite documentation and
records concerning the use of such automobile which may be necessary to ensure compliance with
applicable federal and state income tax laws and regulations including, but not limited to, issues
involving the determination and reporting of the taxable income of Executive and establishing the
availability to the Bank of appropriate tax deductions. Executive agrees promptly to return the
automobile to the Bank at the time of any termination of this Agreement pursuant to Section F.
below, or at the time of the expiration of the Term.

3. Club Membership. During the Term, the Bank agrees to reimburse Executive for the
reasonable cost (including the cost of membership initiation fee and periodic dues) of one country
club membership upon submission of appropriate documentation by Executive. The Bank further agrees
to consider for possible reimbursement an additional membership by Executive in a second country
club should the Compensation Committee of CVB’s Board of Directors determine, in its sole
discretion, that such reimbursement is justified for business-related purposes.

E. REIMBURSEMENT FOR BUSINESS EXPENSES AND MATCHING CHARITABLE CONTRIBUTIONS

Executive shall be entitled to reimbursement by the Bank for any ordinary and necessary
business expenses incurred by Executive in the performance of Executive’s duties and in acting for
the Bank during the Term, which type of expenditures shall be determined by the Bank’s Board of
Directors, provided that:

(a) Each such expenditure is of a nature qualifying it as a proper deduction on the federal
and state income tax returns of the Bank as a business expense and not as compensation to
Executive; and

(b) Executive furnishes to the Bank adequate records and other documentary evidence required
by federal and state statutes and regulations issued by the appropriate taxing authorities for the
substantiation of such expenditures as deductible business expenses of the Bank and not as
compensation to Executive.

Provided that the Bank’s Board of Directors has granted specific approval in advance, any
reasonable and customary expenses of Executive for his activities in industry association groups,
or other business, industry, civic, or charitable organizations, that are not reimbursed by those
organizations, will be reimbursed by the Bank to Executive upon presentation of proper
documentation.

Notwithstanding any other provision of this Agreement, any reimbursements provided in this
Section E or in Section D above must be paid no later than the last day of the calendar year
following the calendar year in which such expenses were incurred; in no event will any such
reimbursements made in any one calendar year affect the reimbursements to be
made in any other calendar year; and Executive’s right to have the Company pay such expenses
may not be liquidated or exchanged for any other benefit.

 

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For so long as Executive serves on the advisory board of the Laurence D. and Lori W. Fink
Center for Finance and Investments (the “Fink Center”) at UCLA Anderson School of Management, the
Bank will match Executive’s personal charitable contributions to the Fink Center up to $10,000 for
each year during the Term.

F. TERMINATION

Notwithstanding any and all other provisions of this Agreement to the contrary, Executive’s
employment hereunder may be terminated by the Bank and CVB, with or without Cause, in the sole and
absolute discretion of the Boards of Directors of the Bank and CVB at any time. Upon any such
termination, the Bank shall pay to Executive (or to Executive’s estate in the event of his death)
the current base salary earned but unpaid through the date of termination, along with any earned
but unused vacation pay due at the time of termination (collectively, the “Accrued Obligations”),
which payment shall be made within thirty (30) days after the date of termination or at such
earlier time, as may be required by applicable law. The termination of Executive’s employment
shall not affect any rights or benefits that Executive may have pursuant to any insurance,
retirement, stock option, restricted stock, equity incentive, deferred compensation or other
benefit plans or arrangements of the Bank and CVB, to the extent that such rights or benefits have
vested prior to or as a result of such termination (the “Vested Benefits”). Any Vested Benefits
shall be paid or provided solely in accordance with the terms and conditions of such other plans
and arrangements. The payments provided in Sections F.1, F.2 and F.4 below, under the
circumstances set forth therein, shall be in full and complete satisfaction of any and all rights
and benefits that Executive might receive from his employment with the Bank and CVB, other than
such other rights and benefits, if any, as are expressly set forth or referenced herein. The Bank
and CVB shall have no other obligations to Executive (or to Executive’s heirs or legal
representatives) upon any termination of employment, except as expressly provided below.

1. Without Cause. If such termination occurs and is not for reasons described in
Sections F.2, F.3 or F.4 below, and Executive complies with Section G.4. below, then, in addition
to the Accrued Obligations and the Vested Benefits, the Bank shall pay to Executive an amount equal
to two times his then current annual base salary immediately preceding such termination in full and
complete satisfaction of any and all rights which Executive may enjoy hereunder. The payment shall
be made in equal installments on the Bank’s normal payroll dates during the 24 month period
immediately following such termination. Such payment is contingent upon Executive’s execution of
the Release described in Section F.5 within the time period described therein. Any payment
required to be made prior to the effectiveness of the Release shall be held back and paid on the
date that the Release becomes effective. For purposes of this Agreement, a decision by the Company
to not renew this Agreement or otherwise not renew Executive’s employment shall not be considered a
termination without Cause for any purpose under this Agreement.

 

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2. Upon Disability or Death.

(a) Disability. Executive’s employment hereunder may be terminated by the Bank and
CVB upon Executive’s inability to perform his duties hereunder as the President and Chief Executive
Officer of the Bank and CVB as a result of prolonged absence from work for health reasons or
physical or mental disability, illness or incapacity, for three (3) consecutive calendar months, or
for shorter periods aggregating four (4) months in any twelve (12) month period, as reasonably
determined by the Boards of Directors. In the event that Executive’s employment is terminated
under this Section F.2(a), and Executive complies with Section G.4. below, then, in addition to the
Accrued Obligations and Vested Benefits, the Bank shall pay to Executive Executive’s base salary,
as set forth in Section C.1 above, for twelve (12) months in equal installments on the Bank’s
normal payroll dates, adjusted as hereinafter set forth. Each payment shall be reduced by the
amount of any disability payments to be made under the Bank’s insurance plans, including workers
compensation, during the payroll period for which such payment is made. Such payment is contingent
upon Executive’s execution of the Release described in Section F.5 within the time period described
therein. Any payment required to be made prior to the effectiveness of the Release shall be held
back and paid on the date that the Release becomes effective.

(b) Executive’s Death. Executive’s employment hereunder shall terminate upon
Executive’s death. If Executive’s employment terminates under this Section F.2(b), the Bank shall
pay to Executive’s estate the Accrued Obligations and shall provide the Vested Benefits, but
Executive (and his estate, successors and beneficiaries) shall not have the right to receive any
other compensation or benefits for any period after the termination pursuant to this Section
F.2(b).

3. For Cause. The Company may terminate immediately Executive’s employment hereunder
for “Cause”, if the Board of Directors of either the Bank or CVB reasonably determines that
Executive has:

(i) committed a significant act of dishonesty, deceit or breach of fiduciary duty in the
performance of Executive’s duties as an employee of the Company;

(ii) grossly neglected or willfully failed in any way to perform substantially the duties of
such employment after a written demand for performance is given to Executive by the Board of
Directors of the Bank or CVB which demand specifically identifies the manner in which such Board of
Directors believes Executive has failed to perform his duties; or

(iii) willfully acted or failed to act in any other way that materially and adversely affects
the Company.

In the event of a termination of Executive’s employment by the Company under this Section F.3,
the Company shall deliver to Executive, at the time Executive is notified of the termination of his
employment, a written statement setting forth
in reasonable detail the facts and circumstances claimed by the Company to provide a basis for
the termination of Executive’s employment under this Section F.3.

 

- 6 -

 

If Executive’s employment terminates under this Section F.3, the Bank shall pay Executive the
Accrued Obligations and shall provide the Vested Benefits. Executive shall not have the right to
receive any other compensation or benefits for any period after the termination pursuant to this
Section F.3. Any termination under this Section F.3 shall not prejudice any remedy which the
Company may otherwise have at law, in equity, or under this Agreement.

4. Upon a Change in Control.

(a) Except for any termination pursuant to Sections F.2 or F.3 hereof, and provided that
Executive complies with Section G.4. below, if within one hundred twenty (120) days prior to the
completion of a Change in Control (as defined below) Executive’s employment with the Company is
terminated by the Bank or CVB without Cause, or within one (1) year after the completion of a
Change in Control Executive’s employment with the Company is (i) terminated by the Bank or CVB or
any successor to the Bank or CVB, or (ii) Executive resigns his employment with the Bank and CVB
for any reason; or (iii) Executive is offered a position with any successor to the Bank or CVB at
or around the time of such Change in Control, but decides that he does not wish to accept such a
position and, as a result, Executive suffers a job loss (either by termination or resignation),
Executive shall be entitled to receive an amount equal to two times Executive’s annual base salary
for the last calendar year ended immediately preceding the Change in Control, plus two times
Executive’s average of any annual bonus received for the last two calendar years ended immediately
preceding the Change in Control. Such amounts shall be paid (without interest or other adjustment)
in equal installments on the Bank’s (or its successor’s) normal payroll dates during the 24 month
period immediately following such termination. Such payment is contingent upon Executive’s
execution of the Release described in Section F.5 within the time period described therein. Any
payment required to be made prior to the effectiveness of the Release shall be held back and paid
on the date that the Release becomes effective. If Executive is entitled to payments under this
Section F.4 as a result of a termination of his employment occurring prior to the completion of a
Change in Control, such payments shall be made in accordance with Section F.1 prior to the
completion of the Change in Control, and a makeup payment of the difference between the payments
provided under Section F.1 and the payments required by this Section F.4 for the period prior to
the completion of the Change in Control shall be made on the Bank’s (or its successor’s) first
normal payroll date following the completion of the Change in Control.

(b) A “Change in Control” shall be deemed to have occurred on the earliest date on which the
conditions set forth in any of the following paragraphs shall have been satisfied:

(i) any one person, or more than one person acting as a group, acquires (or has acquired
during the 12 month period ending on the date of the most
recent acquisition) ownership of stock of CVB or the Bank possessing more than 50% of the
total voting power of CVB’s or the Bank’s stock; provided, however, it is expressly acknowledged by
Executive that this provision shall not be applicable to any person who is, as of the date of this
Agreement, a Director of CVB or the Bank;

 

- 7 -

 

(ii) a majority of the members of CVB’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
CVB’s Board prior to the date of the appointment or election;

(iii) a merger or consolidation where the holders of the Bank’s or CVB’s voting stock
immediately prior to the effective date of such merger or consolidation own less than 50% of the
voting stock of the entity surviving such merger or consolidation;

(iv) any one person, or more than one person acting as a group, acquires (or has acquired
during the twelve month period ending on the date of the most recent acquisition by such person or
persons) assets from the Bank that have a total gross fair market value greater than 50% of the
total gross fair market value of all of the Bank’s assets immediately before the acquisition or
acquisitions; provided, however, transfer of assets that otherwise would satisfy the requirements
of this subsection (iv) will not be treated as a change in the ownership of such assets if the
assets are transferred to:

(A) a shareholder of the Bank (immediately before the asset transfer) in exchange for or with
respect to the stock of the Bank held by such shareholder;

(B) an entity, 50% or more of the total value or voting power of which is owned, directly or
indirectly by CVB or the Bank;

(C) a person, or more than one person acting as a group, that owns, directly or indirectly,
50% or more of the total value or voting power of all the outstanding stock of CVB or the Bank; or

(D) an entity, at least 50% of the total value or voting power is owned, directly or
indirectly by a person (or group of persons) that owns, directly or indirectly, 50% or more of the
total value or voting power of all the outstanding stock of the Bank.

Each event comprising a Change in Control is intended to constitute a “change in ownership or
effective control”, or a “change in the ownership of a substantial portion of the assets,” of CVB
or the Bank as such terms are defined for purposes of Section 409A of the Internal Revenue Code and
“Change in Control” as used herein shall be interpreted consistently therewith.

 

- 8 -

 

Notwithstanding the foregoing, a Change in Control shall not be deemed to occur as a result of
any transaction which merely changes the jurisdiction of incorporation of CVB or the Bank.

5. Release. As a condition to Executive receiving any payments pursuant to Sections
F.1, F.2(a), and F.4 hereof, Executive must execute and deliver a general release to the Company
not later than forty-five (45) days following the date of termination of employment, substantially
in the form attached hereto as Exhibit A, releasing the Bank, CVB, their respective
employees, officers, directors, stockholders and agents, and each person who controls any of them
within the meaning of Section 15 of the Securities Act of 1933, as amended, from any and all claims
of any kind or nature, whether known or unknown (other than claims with respect to payments
pursuant to Sections F.1, F.2 and F.4, payment of Accrued Obligations and provision of Vested
Benefits and valid claims for indemnification under Section G.5 of this Agreement) from the
beginning of time to the date of termination.

6. Payment on Death. Executive may designate in writing (only on a form provided by
the Bank and delivered by the Executive to the Bank before Executive’s death) primary and
contingent beneficiaries to receive the balance of any payment under any of Sections F.1, F.2(a) or
F.4 that are not made prior to the Executive’s death and the proportions in which such
beneficiaries are to receive such payment. The total amount of the balance of such payment shall
be paid to such beneficiaries in a single lump sum payment (not discounted to present value) made
within ninety (90) days following Executive’s death. Executive may change beneficiary designations
from time to time by completing and delivering additional such forms to the Bank. The last written
beneficiary designation delivered by Executive to the Bank prior to the Executive’s death will
control. If Executive fails to designate a beneficiary in such manner, or if no designated
beneficiary survives Executive, then Executive’s payment balance shall be paid to the Executive’s
estate in an lump sum payment (not discounted to present value) within ninety (90) days following
Executive’s death.

7. Regulatory Provisions.

(a) Compliance with Safety and Soundness Standards. Notwithstanding anything
contained herein to the contrary, in no event shall the total compensation paid out upon the
departure of Executive be in excess of that considered by the FDIC or the California Commissioner
of Financial Institutions to be safe and sound at the time of such payment, taking into
consideration all applicable laws, regulations, or other regulatory guidance. Any payments made
to Executive, pursuant to this Agreement or otherwise, are subject to and conditioned upon
compliance with 12 U.S.C. Section 1828(k) and any regulations promulgated thereunder.

 

- 9 -

 

(b) Suspension and Removal Orders. If Executive is suspended and/or temporarily
prohibited from participating in the conduct of the Company’s affairs by notice served under
Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act (12
U.S.C. Section 1818(e)(3) and (g)(1)), the Company’s obligations under this Agreement shall be
suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in
the notice are dismissed, the Company shall (to the fullest extent permitted by law): (i) pay
Executive the compensation withheld while its obligations under this Agreement were suspended; and
(ii) reinstate (in whole or in part) any of its obligations which were suspended. If Executive is
removed and/or permanently prohibited from participating in the conduct of the Company’s affairs by
an order issued under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act (12 U.S.C.
Section 1818(e)(3) or (g)(1)), all obligations of the Company under this Agreement shall terminate
as of the effective date of the order, but vested rights of the parties shall not be affected.

(c) Termination by Default. If the Bank is in default (as defined in Section 3(x)(1)
of the Federal Deposit Insurance Act (12 U.S.C. Section 1813(x)(1)), all obligations under this
Agreement shall terminate as of the date of default, but vested rights of the parties shall not be
affected.

8. Certain Limitations. Notwithstanding any other provision of this Agreement, if the
total amounts payable pursuant to this Agreement, together with all other payments to which
Executive is entitled, would constitute an “excess parachute payment” (as defined in Section 280G
of the Internal Revenue Code), as amended, such payments shall be reduced to the largest amount
which may be paid without any portion of such amount being subject to the excise tax imposed by
Section 4999 of the Internal Revenue Code. Such reduction shall be made first to the payment
specified in Section F.4(a) hereof (if applicable), applied equally among each of the installments
thereof. In the event there is a dispute among the parties regarding the extent to which payments
must be reduced pursuant to this Section, such dispute shall be settled in accordance with Section
G.13 herein; no such disputed payment shall be made until the dispute is settled.

9. No Duty to Mitigate; No Offset. Executive shall not be required to mitigate the
amount of any payments to Executive provided for under Sections F.1, F.2 and F.4 of this Agreement
by actively seeking alternative employment during the periods for which such payments are paid. In
addition, the Company shall not have any right to offset amounts earned by Executive following
termination against any payments to be paid to Executive pursuant to Sections F.1, F.2 and F.4 of
this Agreement in the event that Executive obtains other employment during the periods that such
payments are being paid.

10. Withholding Taxes. The Company will withhold federal, state, local or foreign
income taxes, FICA taxes, and any other applicable taxes from any and all payments made hereunder
as required by applicable law.

 

- 10 -

 

11. Section 409A Compliance. The Company and Executive intend that any payments and
benefits that may be provided under this Section F are to be exempt from or to comply with the
requirements of Section 409A of the U.S. Internal Revenue Code of 1986, as amended, and U.S.
Treasury guidance issued thereunder (“Section 409A”) so as not
to result in the imposition of any tax, interest charge or other assessment, penalty or
addition under Section 409A. In this regard, the following provisions shall apply to this
Agreement.

(a) For purposes of determining the date on which any payment is to be made or benefit
provided under this Agreement, references to “termination of employment,” “employment terminates”
and similar terms shall mean “separation from service” as defined for purposes of Section 409A.
Any payments under Sections F.1, F.2 or F.4 shall be made or shall commence only after Executive
has a “separation from service” with the Company as defined under Section 409A.

(b) Each payment provided under this Section F shall be treated as a separate “payment”
(separate from any other payment from the Company to Executive, whether or not under this
Agreement) for purposes of Section 409A. Neither the Company nor Executive shall have the right to
accelerate or defer the delivery of any such payment except to the extent specifically permitted or
required by Section 409A.

(c) It is intended that each payment that may become due under Section F.2 will qualify and be
treated as “disability pay” or “death benefits” within the meaning of Treasury Regulation Section
1.409A-1(a)(5) to the maximum extent permissible under Section 409A.

(d) Notwithstanding anything to the contrary in this Agreement, to the extent required to
comply with Section 409A, if, as of the date of Executive’s separation from service with the
Company, Executive is a “specified employee” (for purposes of Section 409A(a)(2)(B)), then each
payment under this Section F that is considered to be a payment of non-qualified deferred
compensation in connection with a separation from service with the Company that otherwise would
have been payable at any time during the six-month period immediately following such separation
from service shall not be paid prior to, and shall instead be payable in a lump sum as soon as
practicable following, the expiration of such six-month period (or, if earlier, upon Executive’s
death). This six-month delay shall not apply to any payment that is a short-term deferral within
the meaning of Treasury Regulation Section 1.409A-1(b)(4) or “disability pay” or “death benefits”
within the meaning of Treasury Regulation Section 1.409A-1(a)(5). Additionally, such six-month
delay shall not apply to any payment if and to the maximum extent that such payment is deemed to be
paid under a separation pay plan that does not provide for a deferral of compensation by reason of
the application of Treasury Regulation 1.409A-1(b)(9)(iii) (relating to separation pay upon an
involuntary separation from service). Any payment that qualifies for the exception under Treasury
Regulation Section 1.409A-1(b)(9)(iii) must be paid no later than the last day of the second
taxable year following the taxable year in which Employee’s separation from service occurs.

(e) In addition to any specific references to Section 409A in this Agreement, all terms and
conditions of this Agreement are intended, and shall be interpreted and applied to the greatest
extent possible in such manner as may be necessary, to exclude any compensation and benefits
provided by this Agreement from the definition of “deferred
compensation” within the meaning of Section 409A or to comply with the provisions of Section
409A.

 

- 11 -

 

G. GENERAL PROVISIONS

1. Company Confidential Information and Trade Secrets. During his employment with the
Company Executive has had access to and has become acquainted with, and during the Term Executive
will continue to have access to and to become acquainted with, what Executive and the Company
acknowledge are trade secrets and other confidential and proprietary information of the Company,
including but not limited to, knowledge or data concerning the Company, its operations and
business, the identity of customers of the Company, including knowledge of their financial
conditions their financial needs, as well as their methods of doing business, pricing information
for the purchase or sale of assets, financing and securitization arrangements, research materials,
manuals, computer programs, formulas for analyzing asset portfolios, marketing plans and tactics,
salary and wage information, and other business information (hereinafter “Confidential
Information”). Executive acknowledges that all Confidential Information is and shall continue to
be the exclusive property of the Company, whether or not prepared in whole or in part by Executive.
Executive shall not disclose any of the aforesaid Confidential Information, directly or
indirectly, under any circumstances or by any means, to third persons without the prior written
consent of the Company, or use it in any way, except as required in the course of Executive’s
employment with the Company.

2. Company’s Ownership in Executive’s Work. Executive agrees that all inventions,
discoveries, improvements, trade secrets, formulae, techniques, processes, and know-how, whether or
not patentable, and whether or not reduced to practice, that are conceived or developed during the
Executive’s employment with the Company, either alone or jointly with others, if on the Company’s
time, using the Company’s facilities, relating to the Company or to the banking industry shall be
owned exclusively by the Company, and Executive hereby assigns to the Company all of the
Executive’s right, title, and interest in all such intellectual property. Executive agrees that
the Company shall be the sole owner of all domestic and foreign patents or other rights pertaining
thereto, and further agrees to execute all documents that the Company reasonably determines to be
necessary or convenient for use in applying for, prosecuting, perfecting, or enforcing patents or
other intellectual property rights, including the execution of any assignments, patent
applications, or other documents that the Company may reasonably request. This provision is
intended to be applied consistent with applicable law.

 

- 12 -

 

3. Statutory Limitation on Assignment. Executive understands that the Company is
hereby advising Executive that any provision in this Agreement requiring Executive to assign rights
in any invention does not apply to an invention that qualifies fully under the provisions of
Section 2870 of the California Labor Code. That Section provides as follows:

“(a) Any provision in an employment agreement which provides that an employee shall assign, or
offer to assign, any of his or her rights in an invention to his or her employer shall not apply to
an invention that the employee developed entirely on his or her own time without using the
employer’s equipment, supplies facilities, or trade secret information, except for those inventions
that either:

(1) Relate at the time of conception or reduction to practice of the invention to the
employer’s business, or actual or demonstrably anticipated research or development of the employer;
or

(2) Result from any work performed by the employee for the employer.

(b) To the extent a provision in an employment agreement purports to require an employee to
assign an invention otherwise excluded from being required to be assigned under subdivision (a),
the provision is against the public policy of the state and is unenforceable.”

By signing this Agreement, Executive acknowledges that this paragraph shall constitute written
notice of the provisions of Section 2870.

4. Covenant Not to Solicit Customers or Fellow Employees. If the Company or the
Executive terminates this Agreement for any reason, including nonrenewal at the end of the Term,
Executive agrees that, for the one (1) year period following termination of Executive’s employment
with the Company, Executive shall not use the Company’s confidential information or trade secrets
to solicit the banking business of any customer with whom the Bank, CVB or a subsidiary bank is
doing or has done business during the one (1) year period preceding such termination, use such
confidential information or trade secrets to encourage any such customers to stop using the
facilities or services of the Company, or use such confidential information or trade secrets to
encourage any such customers to use the facilities or services of any competitor of the Company.
Executive further agrees, during the term of Executive’s employment with the Company and for a one
year period following the termination of Executive’s employment with the Company for any reason,
including nonrenewal at the end of the Term, not to solicit the services of any officer, employee
or independent contractor of the Bank or CVB.

The covenants contained in this Section G.4 shall be considered as a series of separate
covenants, one for each political subdivision of California, and one for each entity or individual
with respect to whom solicitation is prohibited. Except as provided in the previous sentence, each
such separate covenant shall be deemed identical in terms to the covenant contained in this Section
G.4. If in any arbitration or judicial proceeding an arbitrator or a court refuses to enforce any
of such separate covenants (or any part thereof), then such unenforceable covenant (or such part)
shall be eliminated from this Agreement to the extent necessary to permit the remaining separate
covenants (or portions thereof) to be enforced. In the event that a provision of this Section G.4
or any such separate covenant or portion thereof, is determined to exceed the time, geographic or
scope limitations permitted
by applicable law, then such provision shall be reformed to the maximum time, geographic or
scope limitations, as the case may be, permitted by applicable law. Executive hereby consents, to
the extent Executive may lawfully do so, to the arbitral or judicial modification of this Agreement
as described in this Section G.4.

 

- 13 -

 

5. Indemnification. To the fullest extent permitted by law, applicable statutes, and
the Articles, Bylaws and resolutions of the Bank and CVB in effect from time to time, the Company
shall indemnify Executive from and against liability, claims or loss arising out of Executive’s
service, actions or omissions concerning or relative to the performance of Executive’s duties for
the Company, including, but not limited to judgments, fines, settlements and advancement of
expenses incurred in the defense of actions, proceedings and appeals therefrom. The Company’s
obligations under this Section G.5 shall survive the expiration or termination of this Agreement.

6. Return of Documents. Executive expressly agrees that all manuals, documents,
files, reports, studies, instruments or other materials used and/or developed by Executive during
the Term are solely the property of the Company, and that Executive has no right, title or interest
therein. Upon termination of Executive’s employment hereunder, Executive or Executive’s
representative shall promptly deliver possession of all of said property to the Company in good
condition.

7. Notices. Any notice, request, demand or other communication required or permitted
hereunder shall be deemed to be properly given when personally served in writing, when deposited in
the United States mail, registered or certified, postage prepaid, addressed to the party to whom it
is directed at the address listed below, or by facsimile, to the number specified below. Either
party may change its address by written notice in accordance with this Paragraph.

If to the Bank and CVB:

Citizens Business Bank and CVB Financial Corp.

701 N. Haven Avenue, Suite 350

Ontario, California 91764

Attention: Chairman of the Board

Telephone: (909) 980-4030

Facsimile: (909) 481-2130

With a copy to:

William Quicksilver, Esq.

Manatt, Phelps & Phillips, LLP

11355 West Olympic Blvd.

Los Angeles, CA 90064

Telephone: (310) 312-4210

Facsimile: (310) 312-4224

 

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If to the Executive:

Christopher D. Myers

26023 Charing Cross Road

Valencia, California 91355

Telephone: (661) 253-5078

With a copy to:

Stephen A. Del Guercio, Esq.

Demetriou, Del Guercio, Springer & Francis, LLP

801 South Grand Avenue, Suite 1000

Los Angeles, California 90017

Telephone: (213) 624-8407

Facsimile: (213) 624-0174

8. California Law. This Agreement is to be governed by and construed under the laws
of the State of California, without regard to the choice of law provisions of California, except to
the extent federal law mandatorily applies, in which case this Agreement shall be governed by and
construed under federal law.

9. Captions and Paragraph Headings. Captions and paragraph headings used herein are
for convenience only and are not a part of this Agreement and shall not be used in construing it.

10. Invalid Provisions. Should any provision of this Agreement for any reason be
declared invalid, the validity and binding effect of any remaining portion shall not be affected,
and the remaining portions of this Agreement shall remain in full force and effect as if this
Agreement had been executed with said provision eliminated.

 

- 15 -

 

11. Entire Agreement. Except as provided below, this Agreement contains the entire
agreement of the parties concerning Executive’s employment with Company and Executive’s severance
compensation upon termination of such employment. This Agreement supersedes any and all other
agreements, understandings, negotiations and discussions, either oral or in writing, between the
parties hereto with respect to the employment of Executive by the Company and the termination of
such employment, provided, however that this Agreement does not supersede any stock option
agreement,
restricted stock agreement, deferred compensation plan or agreement, retirement plan or
program, or COBRA rights under any health care plan or program under which Executive (or his
beneficiaries) may be eligible to receive benefits. Each party to this Agreement acknowledges that
no representations, inducements, promises, or agreements, oral or otherwise, have been made by any
party, or anyone acting on behalf of any party, which are not embodied herein, and that no other
agreement, statement, or promise not contained in this Agreement shall be valid or binding. This
Agreement may not be modified or amended by oral agreement, but only by an agreement in writing
signed by an authorized representative of the Company and Executive.

12. Receipt of Agreement. Each of the parties hereto acknowledges that it or he has
read this Agreement in its entirety and does hereby acknowledge receipt of a fully executed copy
thereof. A fully executed copy shall be an original for all purposes, and is a duplicate original.

13. Arbitration. Executive and the Company agree that, to the fullest extent
permitted by law, Executive and the Company will submit all disputes arising under this Agreement
or arising out of or related to Executive’s employment with or separation from the Bank and/or CVB, to final and binding arbitration in Ontario, California before an arbitrator associated with the
American Arbitration Association, JAMS or other mutually agreeable alternative dispute resolution
service. Included within this provision are any claims based on violation of local, state or
federal law, such as claims for discrimination or civil rights violations under Title VII of the
Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Americans with Disabilities
Act, the California Fair Employment and Housing Act, the California Labor Code, or similar
statutes. If there is a dispute as to whether an issue or claim is arbitrable, the arbitrator will
have the authority to resolve any such dispute, including claims as to fraud in the inducement or
execution, or claims as to validity, construction, interpretation or enforceability.

The arbitrator selected shall have the authority to grant Executive or the Company or both all
remedies otherwise available by law. The arbitrator will be selected from a neutral panel pursuant
to the National Rules for the Resolution of Employment Disputes of the American Arbitration
Association or similar rules of the selected service (“Rules of Selected Service”). The
arbitration will be conducted in accordance with the Rules of Selected Service Notwithstanding
anything to the contrary in the Rules of Selected Service, however, the arbitration shall provide
(i) for written discovery and depositions adequate to give the parties access to documents and
witnesses that are essential to the dispute and (ii) for a written decision by the arbitrator that
includes the essential findings and conclusions upon which the decision is based. The arbitrator’s
award shall be enforceable in any court having jurisdiction thereof. The parties shall each bear
their own costs and attorneys’ fees incurred in conducting the arbitration and, except in such
disputes where Executive asserts a claim otherwise under a state of federal statute prohibiting
discrimination in employment (“a Statutory Claim”), or unless required otherwise by applicable law,
shall split equally the fees and administrative costs charged by the arbitrator and the applicable
arbitration service. In disputes where 

 

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Executive
asserts a Statutory Claim against the Bank, or where otherwise required by law, Executive shall be required to pay only the applicable
arbitration service filing fee to the extent such filing fee does not exceed the fee to file a
complaint in state or federal court. The Company shall pay the balance of the arbitrator’s fees
and administrative costs. To the extent permissible under the law, however, and following the
arbitrator’s ruling on the matter, the arbitrator may rule that the arbitrator’s fees and costs be
distributed in an alternative manner. To the extent that applicable law provides that a prevailing
party is entitled to recover attorneys fees and costs, the arbitrator shall apply the same standard
with respect to the awarding of fees and costs as would be awarded if such claim had been asserted
in state or federal court. This mutual arbitration agreement does not prohibit or limit either the
Executive’s or the Company’s right to seek equitable relief from a court, including, but not
limited to, injunctive relief, a temporary restraining order, or other interim or conservatory
relief, pending the resolution of a dispute by arbitration. The arbitrator shall have no authority
to add to or to modify the terms described in this Paragraph, 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.

14. Applicability of Agreement. This Agreement does not create, and shall not be
construed as creating, any rights enforceable by a person not a party to this Agreement (except as
specifically provided in this Agreement).

[REMAINDER OF PAGE BLANK]

 

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IN WITNESS WHEREOF, the Bank and CVB have caused this Agreement to be executed by a duly
authorized officer or representative and Executive has executed this Agreement to be effective as
of the Effective Date.

	 	 	 	 	 
	Dated:  September 16, 2009 	CITIZENS BUSINESS BANK

 	 
	 	By:  	/s/ Edward J. Biebrich, Jr.
 	 
	 	 	Name:  	Edward J. Biebrich Jr. 	 
	 	 	Title:  	EVP, CFO 	 
	 
	Dated:  September 16, 2009 	CVB FINANCIAL CORP.

 	 
	 	By:  	/s/ George Borba
 	 
	 	 	Name:  	George Borba 	 
	 	 	Title:  	Chairman of the Board 	 
	 
	 	EXECUTIVE

 	 
	Dated:  September 16, 2009 	/s/ Christopher D. Myers
 	 
	 	CHRISTOPHER D. MYERS 	 
	 	 	 

 

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EXHIBIT A

FORM OF WAIVER AND RELEASE AGREEMENT

This Waiver and Release Agreement (the “Agreement”) is entered into by and between Christopher
D. Myers (hereinafter “Executive”), on the one hand, and CVB Financial Corp. and Citizens Business
Bank (hereinafter collectively, the “Company”), on the other hand, as required by Paragraph F.5. of
the Employment Agreement entered into between Executive and the Company on
 _____, 2009 (the
“Employment Agreement”).

1. Termination of Employment. Effective
 _____, the Executive’s employment with
the Company shall end and Executive will no longer be employed by the Company in any capacity.

2. Severance Pay. Provided that Executive has satisfied all of the requirements
contained in his Employment Agreement regarding his receipt of severance pay, including Section G
of the Employment Agreement and its sub-paragraphs, (which are incorporated herein as though set
forth in full), the Company agrees that, eight days after receipt by the Company of a signed
original of this Agreement and provided that Executive does not revoke this Agreement as set forth
in Paragraph 6, below, the Company shall pay to Executive severance pay in the amount of
 _____, less all applicable state and federal withholdings (“Severance Pay”). Such
Severance Pay shall be paid at the times and in the fashion described in the applicable
paragraph(s) of the Employment Agreement. Executive understands and agrees that the Severance Pay
provided to Executive under the terms of this Agreement is in addition to anything of value to
which Executive is otherwise entitled and that Executive would not receive the Severance Pay except
for Executive’s agreement to sign this Agreement and to fulfill the promises set forth herein.

3. Warranty. Executive acknowledges that, other than the Severance Pay set forth in
Paragraph 2, above, he has received all wages, compensation and other benefits due him as a result
of his employment with and separation from the Company.

4. Release of Known and Unknown Claims. In exchange for the agreements contained in
this Agreement, Executive agrees unconditionally and forever to release and discharge the Company
and the Company’s affiliated, related, parent and subsidiary corporations, as well as the Company’s
and any affiliated, related, parent and subsidiary corporation’s respective attorneys, agents,
representatives, partners, joint venturers, successors, assigns, insurers, owners, employees,
officers, and directors, past and present (hereinafter the “Releasees”) from any and all claims,
actions, causes of action, demands, rights, or damages of any kind or nature which he may now have,
or ever have, whether known or unknown, including any claims, causes of action or demands of any
nature arising out of or in any way relating to his employment with, or separation from the Company
on or before the date of the execution of this Agreement.

 

- 19 -

 

This release specifically includes, but is not limited to, any claims for fraud; breach of
contract; breach of implied covenant of good faith and fair dealing; inducement of breach;
interference with contract; wrongful or unlawful discharge or demotion; violation of public
policy; assault and battery (sexual or otherwise); invasion of privacy; intentional or negligent
infliction of emotional distress; intentional or negligent misrepresentation; conspiracy; failure
to pay wages, benefits, vacation pay, severance pay, attorneys’ fees, or other compensation of any
sort; retaliation, discrimination or harassment on the basis of age, race, color, sex, gender,
national origin, ancestry, religion, disability, handicap, medical condition, marital status,
sexual orientation or any other protected category; any claim under Title VII of the Civil Rights
Act of 1964, as amended, the Americans with Disabilities Act, the Age Discrimination in Employment
Act, the Older Workers Benefit Protection Act, the California Fair Employment and Housing Act, the
California Labor Code, the California Family Rights Act, the Family and Medical Leave Act, or
Section 1981 of Title 42 of the United States Code; violation of COBRA; violation of any safety and
health laws, statutes or regulations; violation of ERISA; violation of the Internal Revenue Code;
or any other wrongful conduct, based upon events occurring prior to the date of execution of this
Agreement.

Executive further agrees knowingly to waive the provisions and protections of Section 1542 of
the California Civil Code, which reads:

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW
OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE
RELEASE, WHICH, IF KNOWN BY HIM OR HER, MUST HAVE MATERIALLY AFFECTED HIS OR
HER SETTLEMENT WITH THE DEBTOR.

This release of claims does not include any claim which cannot be waived by private agreement.
Nothing in this release of claims shall be construed as prohibiting Executive from making a future
claim with the Equal Employment Opportunity Commission or any similar state agency including, but
not limited to the California Department of Fair Employment and Housing, or from cooperating with
such agency in any investigation or proceeding; provided, however, that should Executive pursue
such an administrative action against the Releasees, or any of them, Executive agrees and
acknowledges that he will not seek, nor shall he be entitled to recover, any monetary damages from
any such proceeding. In addition, this Agreement does not apply to any claims for unemployment
compensation benefits, workers compensation benefits, health insurance benefits under the
Consolidated Omnibus Budget Reconciliation Act (COBRA), claims with regard to vested benefits under
a retirement plan governed by the Employee Retirement Income Security Act (ERISA) or claims for
indemnification as described in Paragraph G.5. of the Employment Agreement, which is incorporated
herein as though set forth in full.

5. Knowing and Voluntary. Executive represents and agrees that he is entering into
this Agreement knowingly and voluntarily. Executive affirms that no promise or inducement was made
to cause him to enter into this Agreement, other than the Severance Pay promised to Executive in
this Agreement. Executive further confirms that he has not relied upon any other statement or
representation by anyone other than what is in this Agreement as a basis for his agreement.

 

- 20 -

 

6. Knowing and Voluntary Waiver of Age Discrimination Claim. Executive expressly
acknowledges:

• that he has been provided Twenty-One (21) days to consider this Agreement,

• that he was informed to consult with counsel regarding this Agreement;

• that he has had the opportunity to consult with counsel;

• that to the extent Executive has taken fewer than Twenty-One (21) days to
consider this Agreement, Executive acknowledges that he has had sufficient time to consider
the Agreement and to consult with counsel and that he does not desire additional time;

• that he was informed that the Agreement is revocable by Executive for a period
of seven (7) calendar days following his execution of this Agreement;

• that any revocation must be in writing, must specifically revoke this
Agreement, and must be received by the Company (attn: Human Resources, 701 North Haven
Avenue, Ontario, CA 91764) prior to the eighth calendar day following the execution of this
Agreement;

• that Executive understands that if he revokes this Agreement, he will not
receive the Severance Pay; and

• that this Agreement becomes effective, enforceable and irrevocable on the
eighth calendar day following Executive’s execution of this Agreement provided that
Executive does not revoke the Agreement.

7. Governing Law. This Agreement shall be construed under the laws of the State of
California, both procedural and substantive.

8. Confidentiality. Executive agrees not to disclose the existence of this Agreement
or any of its terms to anyone other than his attorneys, accountants and immediate family members,
or where compelled by an order of a court of competent jurisdiction or a subpoena issued under the
authority thereof.

9. Cooperation in Defense of the Company. The terms of Paragraph B.4. of the
Employment Agreement are incorporated herein as if set forth in full.

10. Waiver. The failure to enforce any provision of this Agreement shall not be
construed to be a waiver of such provision or to affect the validity of this Agreement or the right
of any party to enforce this Agreement.

11. Modification. No amendments to this Agreement will be valid unless written and
signed by Executive and an authorized representative of the Company.

 

- 21 -

 

12. Severability. If any sentence, phrase, paragraph, subparagraph or portion of this
Agreement is found to be illegal or unenforceable, such action shall not affect the validity or
enforceability of the remaining sentences, phrases, paragraphs, subparagraphs or portions of this
Agreement.

13. Entire Agreement/Integration. This Agreement, any confidentiality, proprietary
information, or inventions agreements signed by Executive during his employment with the Company
(all of which survive the termination of the employment relationship), and all relevant portions of
the Employment Agreement which survive the termination of the employment relationship, constitute
the entire agreement between Executive and the Company concerning the terms of Executive’s
employment with and separation from the Company and the compensation related thereto. All prior
discussions and negotiations have been and are merged and integrated into, and are superseded by,
this Agreement.

14. Arbitration. Any and all disputes or claims arising out of or in any way related
to this Agreement including, without limitation, fraud in the inducement of this Agreement, ors
relating to the general validity or enforceability of this Agreement, shall be submitted to final
and binding arbitration before an arbitrator as set forth in Paragraph G.13. of the Employment
Agreement, which is incorporated herein as thought set forth in full.

PLEASE READ CAREFULLY. THIS AGREEMENT CONTAINS A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.
THE UNDERSIGNED AGREE TO THE TERMS OF THIS AGREEMENT AND VOLUNTARILY ENTER INTO IT WITH THE INTENT
TO BE BOUND THEREBY.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	CHRISTOPHER D. MYERS	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Date:	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	CITIZENS BUSINESS BANK	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	 	 	Date:	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Its:	 

	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	CVB FINANCIAL CORP	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	 	 	Date:	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Its:	 

	 	 	 	 	 	 	 	 	 	 	 

 

- 22 -

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