Management ChangeJun 1, 2026, 04:15 PM
CVB Financial Extends CEO David A. Brager's Contract to June 2029
AI Summary
CVB Financial Corp. and Citizens Business Bank have entered into a Third Amended and Restated Employment Agreement with CEO David A. Brager, extending his term through June 30, 2029. The agreement, an early renewal of his previous contract, maintains his current annualized base salary of $966,000. Mr. Brager remains eligible for an annual target bonus of 120% of his base salary and annual equity grants with an expected target value of 180% of his base salary. The agreement also outlines severance provisions for various termination scenarios, including a change-in-control.
Key Highlights
- CEO David A. Brager's employment agreement extended through June 30, 2029.
- Base salary set at current annualized level of $966,000.
- Target bonus opportunity of 120% of base salary, with a maximum of 180%.
- Expected annual target equity grant value of 180% of base salary.
- Minimum annual equity grant value of 150% of base salary.
- Severance for termination without cause: 2x base pay plus 2x average annual bonus.
- Change-in-control severance: 2.5x base pay plus 2.5x average annual bonus and 24 months medical/dental coverage.
Price Impact
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