8-KMaterial AgreementsExhibits & Filings

FISERV INC 8-K Report, Material Agreement (Aug 2, 2006)

Filed August 2, 2006For Securities:FISV

Summary

Fiserv, Inc. (FISV) filed an 8-K on August 2, 2006, reporting a material definitive agreement. Specifically, the company entered into a consulting agreement with Kenneth R. Jensen, a former Senior Executive Vice President and CFO, who is also a current Director. This agreement outlines that Mr. Jensen will provide consulting services related to his areas of expertise within the company's operations.

Key Highlights

  • 1Fiserv entered into a consulting agreement with former CFO and current Director, Kenneth R. Jensen, effective August 1, 2006.
  • 2Mr. Jensen will receive a monthly payment of $10,000 for his services.
  • 3Consulting services will focus on providing expertise related to areas of Fiserv's operations where Mr. Jensen has significant background.
  • 4The agreement is set to expire on the first day of the month of Fiserv's 2007 annual shareholder meeting.
  • 5This filing also lists the consulting agreement as an exhibit.

Frequently Asked Questions

The agreement is designed to leverage Kenneth R. Jensen's extensive knowledge and expertise in Fiserv's operations, particularly given his former role as Senior Executive Vice President, Chief Financial Officer, Treasurer and Assistant Secretary. This ensures continuity of knowledge transfer and access to critical insights.

The financial impact is limited and clearly defined. Fiserv will pay Mr. Jensen $10,000 per month, totaling a maximum of $120,000 over a full year, assuming the agreement runs until the 2007 annual meeting. This is a fixed, manageable expense for specialized consulting.

The agreement is scheduled to terminate on the first day of the month in which Fiserv's 2007 annual meeting of shareholders is held. This provides a defined period for his consulting services.

Yes, Mr. Jensen is identified as a Director of the Company, and the agreement outlines his transition from a senior executive role to a consulting capacity. His continued board membership, combined with this consulting role, suggests a desire to retain his valuable institutional knowledge and strategic guidance.