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

Director Heidi Miller reports acquisition of deferred compensation notional units under Fiserv's Non-Employee Director Deferred Compensation Plan.

Summary

• Heidi Miller, a director at Fiserv Inc., reported the acquisition of 219 deferred compensation notional units on March 31, 2024.
• These units were allocated under the Fiserv, Inc. Non-Employee Director Deferred Compensation Plan.
• The units represent deferred director fees, where $35,000 of compensation was deferred.
• The number of units was calculated based on a price of $159.82 per share of Fiserv's common stock on March 28, 2024.
• Following the cessation of service, each notional unit will be settled in shares of Fiserv common stock on a one-for-one basis.
• After the transaction, Miller directly owns 4,254 derivative securities.

Sentiment

Score: 7

Explanation: The document reflects a neutral sentiment as it is a standard regulatory filing related to director compensation. It doesn't indicate any positive or negative events, but rather a routine transaction.

Positives

• The acquisition of deferred compensation units aligns the director's interests with the long-term performance of Fiserv.
• The deferred compensation plan allows directors to defer fees in exchange for notional units, potentially offering tax advantages.

Future Outlook

Following cessation of the reporting person's service to the company, 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 related to director compensation and is typical for publicly traded companies. It reflects standard practices for incentivizing and aligning the interests of board members with shareholder value.

Comparison to Industry Standards

• Deferred compensation plans for non-employee directors are a common practice among publicly traded companies, including Fiserv's competitors in the financial technology sector such as Global Payments, PayPal, and Block (formerly Square).
• These plans often allow directors to defer cash fees in exchange for stock or stock-based units, aligning their interests with long-term shareholder value.
• The specific terms of these plans, such as the deferral rate, vesting schedule, and settlement method, can vary across companies.

Stakeholder Impact

• The transaction has a minimal direct impact on stakeholders.
• It provides transparency regarding director compensation, which is relevant to shareholders.

Key Dates