Form 4: Fiserv Director Ajei Gopal Defers Compensation

Fiserv Director Ajei Gopal received 253 deferred compensation notional units, valued at $32,500, under the company's non-employee director plan.

Summary

• Ajei Gopal, a Director at Fiserv Inc. (FI), was allocated 253 deferred compensation notional units.
• These units were credited on September 30, 2025, in respect of $32,500 of deferred compensation.
• The number of notional units was calculated by dividing the deferred compensation amount by the closing price of Fiserv's common stock on September 30, 2025, which was $128.93 per share.
• The notional units were allocated under the Fiserv, Inc. Non-Employee Director Deferred Compensation Plan.
• Each notional unit will be settled in shares of Fiserv common stock on a one-for-one basis following the cessation of Mr. Gopal's service to the company.
• Following this transaction, Mr. Gopal beneficially owns 1,122 derivative securities (notional units).

Sentiment

Score: 6

Explanation: Slightly positive, as it indicates director commitment and alignment with shareholder interests through deferred compensation, though it's a routine transaction.

Positives

• The deferral of compensation by a director aligns their long-term interests with those of the shareholders, as the value of their deferred compensation is tied to the company's stock performance.
• Participation in the deferred compensation plan demonstrates a director's commitment to the company's future.

Negatives

• This transaction does not represent a direct cash investment in the company's stock by the director, but rather a deferral of earned compensation.

Future Outlook

The deferred compensation notional units will be settled in shares of Fiserv common stock on a one-for-one basis upon the cessation of the reporting person's service to the company.

Industry Context

Deferred compensation plans for non-employee directors are a common practice across various industries, including financial technology, to attract and retain qualified board members while aligning their interests with long-term shareholder value.

Comparison to Industry Standards

• The use of deferred compensation notional units, convertible to common stock, is a standard mechanism for non-employee director compensation in publicly traded companies, similar to practices seen at peers like Visa (V) or Mastercard (MA) which often offer equity-based or deferred compensation components to their board members to foster long-term alignment.

Corporate Governance

Related Party Transactions

• Ajei Gopal, a Director of Fiserv Inc., deferred $32,500 of compensation under the company's Non-Employee Director Deferred Compensation Plan, resulting in the allocation of 253 notional units.

Stakeholder Impact

• Shareholders: The deferral of compensation into equity-linked units aligns the director's financial interests more closely with long-term shareholder value.
• Management: Reinforces the existing compensation structure designed to attract and retain qualified board members.

Next Steps

• The notional units will convert into Fiserv common stock on a one-for-one basis upon Ajei Gopal's cessation of service to the company.

Key Dates

Recommendation

This Form 4 reports a routine deferred compensation transaction for a director and does not present new information that would materially alter the fundamental valuation or outlook for Fiserv Inc. It is a standard insider transaction that typically does not warrant a change in investment recommendation.

Keywords

Fiserv, FI, Ajei Gopal, Director Compensation, Deferred Compensation, Insider Transaction, Form 4, Notional Units, Equity Compensation