Form 4: Fiserv Director Heidi Miller Reports Acquisition of Deferred Compensation Notional Units

Director Heidi Miller reports acquisition of 209 deferred compensation notional units under Fiserv's Non-Employee Director Deferred Compensation Plan on September 30, 2024.

Summary

• Heidi Miller, a director at Fiserv Inc., reported the acquisition of 209 deferred compensation notional units on September 30, 2024.
• These units were allocated under the Fiserv, Inc. Non-Employee Director Deferred Compensation Plan.
• The units represent deferred director fees, where cash payments are exchanged for notional units.
• The value of the deferred compensation was $37,500.
• The number of units was calculated based on Fiserv's closing stock price of $179.65 on September 30, 2024.
• Upon cessation of service, each unit will be settled for one share of Fiserv common stock.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to director compensation, indicating stable corporate governance practices. The sentiment is neutral to slightly positive as it shows alignment of director interests with the company's long-term performance.

Positives

• The acquisition of deferred compensation units aligns the director's interests with the long-term performance of Fiserv.
• The plan allows directors to defer fees and receive stock in the future.

Future Outlook

Upon cessation of service, each notional unit will be settled in shares of Fiserv common stock on a one-for-one basis.

Industry Context

This filing is a routine disclosure of insider transactions, specifically related to director compensation. It's common for companies to offer deferred compensation plans to align the interests of directors with shareholders.

Comparison to Industry Standards

• Deferred compensation plans for non-employee directors are a common practice among publicly traded companies.
• The specifics of these plans, such as the deferral rate and the valuation method, can vary.
• Comparing Fiserv's plan to those of similar companies like Global Payments Inc. or Automatic Data Processing, Inc. (ADP) would provide a better understanding of its competitiveness.
• These plans are often benchmarked against industry peers to ensure they are attractive to qualified board members.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders by aligning director interests with the company's long-term performance.
• The plan provides a mechanism for directors to increase their stake in the company.

Key Dates