SEC Contract Filing

Filing Date: 2020-02-20

Document Content:
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<TYPE>EX-10.1
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<FILENAME>d871023dex101.htm
<DESCRIPTION>EX-10.1
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<TITLE>EX-10.1</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12.5pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12.5pt; font-family:Times New Roman" ALIGN="center">EMPLOYMENT AGREEMENT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12.5pt; font-family:Times New Roman" ALIGN="justify">THIS EMPLOYMENT AGREEMENT (&#147;Agreement&#148;) is made and entered into on February&nbsp;14, 2020, by and among Citizens
Business Bank, (&#147;the Bank&#148;) and CVB Financial Corp. (&#147;CVB&#148; and with the Bank hereinafter collectively referred to as &#147;the Company&#148;) on the one hand, and David A. Brager (&#147;Executive&#148;) on the other hand, on the
basis of the following. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12.5pt; font-family:Times New Roman" ALIGN="justify">WHEREAS, Executive currently serves as an Executive Vice President of the Bank, and the Bank
and CVB wish to employ Executive as the Chief Executive Officer of the Bank and CVB effective March&nbsp;16, 2020 (the &#147;Effective Date&#148;); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12.5pt; font-family:Times New Roman" ALIGN="justify">WHEREAS, the parties are willing to enter into this Agreement providing for such employment upon the terms and conditions
set forth herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12.5pt; font-family:Times New Roman" ALIGN="justify">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: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12.5pt; font-family:Times New Roman">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TERM OF
EMPLOYMENT </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12.5pt; font-family:Times New Roman" ALIGN="justify">1<B><I>.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term</U>.&nbsp;&nbsp;&nbsp;&nbsp;The
Company hereby employs Executive as Company&#146;s Chief Executive Officer, and Executive hereby accepts such employment with the Company, for a period of approximately three&nbsp;(3) years, commencing as of the Effective Date set forth above and
continuing through March&nbsp;31, 2023 (the &#147;Initial Term&#148;), subject however to prior termination as hereinafter provided. At the conclusion of the Initial Term, and each successive renewal term thereafter, the Agreement shall be
automatically renewed for an additional <FONT STYLE="white-space:nowrap">one-year</FONT> term, unless either party gives written notice of its intention to terminate the Agreement at least six (6)&nbsp;months prior to the automatic renewal date.
Where used herein, &#147;Term&#148; shall refer to the period of the employment of Executive by the Company from<B> </B>the Effective Date through the end of the Initial Term and each additional <FONT STYLE="white-space:nowrap">one-year</FONT>
renewal term, or such shorter period as Executive may be employed by the Company if Executive&#146;s employment is terminated earlier as hereinafter provided. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12.5pt; font-family:Times New Roman">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DUTIES OF EXECUTIVE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12.5pt; font-family:Times New Roman" ALIGN="justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Duties</U>.&nbsp;&nbsp;&nbsp;&nbsp;Executive&#146;s duties under this
Agreement shall include all ordinary and reasonable duties customarily performed by the Chief Executive Officer of a commercial banking institution in California, subject to the provisions of the Bank&#146;s and CVB&#146;s corporate bylaws and 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 report solely to the Boards of Directors of the Bank and CVB, and 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. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:12.5pt; font-family:Times New Roman" ALIGN="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conflicts of
Interest</U>.&nbsp;&nbsp;&nbsp;&nbsp;Executive expressly agrees as a condition to the performance by the 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 assoc