SEC Contract Filing

Filing Date: 2018-09-13

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d621649dex101.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:10%; font-size:12.5pt; font-family:Times New Roman" ALIGN="justify">THIS EMPLOYMENT AGREEMENT (&#147;Agreement&#148;) is made and entered into on September&nbsp;12, 2018 (the &#147;Effective
Date&#148;), 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 Christopher D. Myers
(&#147;Executive&#148;) on the other hand, on the basis of the following. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:12.5pt; font-family:Times New Roman" ALIGN="justify">WHEREAS, the Bank and CVB have employed
Executive as the President and Chief Executive Officer of the Bank and CVB since August&nbsp;1, 2006, and Bank and CVB previously entered into an employment agreement with Executive on February&nbsp;4, 2014, which previous agreement is superseded by
this Agreement in accordance with Section G.11 below; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:12.5pt; font-family:Times New Roman" ALIGN="justify">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; 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:4%; font-size:12.5pt; font-family:Times New Roman" ALIGN="justify">A. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TERM OF EMPLOYMENT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:12.5pt; font-family:Times New Roman" ALIGN="justify">1<B><I>.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Term</U>. The Company hereby continues to employ Executive as
Company&#146;s President and Chief Executive Officer, and Executive hereby accepts such continued employment with the Company, for a period of three&nbsp;(3) years, commencing as of the Effective Date set forth above and continuing through the third
anniversary of the Effective Date (the &#147;Term&#148;), subject however to prior termination as hereinafter provided. 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 three (3)&nbsp;year period provided above, 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:4%; font-size:12.5pt; font-family:Times New Roman" ALIGN="justify">B. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DUTIES OF EXECUTIVE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:12.5pt; font-family:Times New Roman" ALIGN="justify">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Duties</U>. Executive&#146;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 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:10%; font-size:12.5pt; font-family:Times New Roman" ALIGN="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conflicts of Interest</U>.
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 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:12.5pt; font-family:Times New Roman" ALIGN="justify">3.&nbsp;&nbsp;&nbsp;&