This excerpt taken from the CVBF DEF 14A filed Apr 16, 2008.
In connection with the hiring of Mr. Myers as our President and Chief Executive Officer, we adopted a deferred compensation plan for his benefit that became effective on January 1, 2007. Under the deferred compensation plan, Mr. Myers may defer up to 75% of his base salary and up to 100% of his bonus for each calendar year in which the plan is effective. CVB Financial Corp. has the discretion to make additional contributions to the plan for the benefit of Mr. Myers.
Interest shall be credited to Mr. Myers account balance at a fixed rate of at least 6% plus a bonus rate equal to the sum, if any, of the Treasury Bond Rate and 2% less 6%. The Compensation Committee has the discretion to make available to Mr. Myers one or more measurement funds, based on certain mutual funds, for the purpose of crediting or debiting additional amounts to Mr. Myers deferrals. The amount to be credited to Mr. Myers account balance is determined assuming Mr. Myers account balance had been hypothetically allocated among the measurement funds.
Mr. Myers may elect to receive scheduled distributions from the plan at his discretion. In addition, Mr. Myers may elect to receive all or part of his plan balance following retirement in one lump sum or in annual installments for a period of up to 15 years.
We also adopted a Deferred Compensation Plan for Directors & Certain Officers, effective as of February 21, 2007, for the benefit of our other named executive officers and certain other executives, employees, and independent contractors. Under this plan, each participant may defer up to 75% of his or her base salary and up to 100% of his or her bonus, any commission, and any independent contractor compensation for each calendar year in which the plan is effective. This plan does not provide for a guaranteed yield or return.
The following table shows Mr. Myers contributions and earnings during 2007 and account balances as of December 31, 2007 under CVB Financial Corp.s nonqualified deferred compensation plan for Mr. Myers. CVB Financial Corp. did not make any additional contributions to the plan for the benefit of Mr. Myers during 2007. No other individual deferred compensation as of December 31, 2007.
Nonqualified Deferred Compensation Fiscal Year 2007