8-KLeadership ChangesOther EventsExhibits & Filings

FISERV INC 8-K Report, Executive Changes (Dec 1, 2017)

Filed December 1, 2017For Securities:FISV

Summary

This Form 8-K filing from Fiserv, Inc. (FISV) on December 1, 2017, primarily announces updates to its deferred compensation plans. The company's Board of Directors approved an amended and restated Nonqualified Deferred Compensation Plan for eligible employees, effective January 1, 2018. This plan allows select management and highly compensated employees to defer compensation, with flexible payout options including lump sum or up to 15 annual installments, and also permits company contributions under specific conditions. Additionally, the filing details amendments to deferred compensation plans and stock option agreements for non-employee directors, effective January 1, 2018. These changes are largely administrative and relate to compensation arrangements for key personnel. While not directly impacting current financial performance, these updates are relevant for understanding executive and director compensation structures and long-term incentive plans.

Key Highlights

  • 1Fiserv amended and restated its Nonqualified Deferred Compensation Plan for employees, effective January 1, 2018.
  • 2The employee plan allows deferral of compensation with flexible payout options (lump sum or installments) and potential company contributions.
  • 3The plan is subject to ERISA regulations and is limited to a select group of management or highly compensated employees.
  • 4Fiserv also amended its Non-Employee Director Deferred Compensation Plan, effective January 1, 2018.
  • 5Amendments were made to non-qualified stock option agreements for non-employee directors.
  • 6These changes affect the compensation and incentive structures for both key employees and directors.
  • 7The filing includes updated plan documents and stock option agreement forms as exhibits.

Frequently Asked Questions

The primary changes involve the amendment and restatement of Fiserv's Nonqualified Deferred Compensation Plan for employees and the Non-Employee Director Deferred Compensation Plan, both effective January 1, 2018. There were also amendments to non-qualified stock option agreements for non-employee directors.

Participation in the amended Fiserv, Inc. Nonqualified Deferred Compensation Plan is limited to a select group of management or highly compensated employees, as required by the Employee Retirement Income Security Act of 1974 (ERISA).

Participants can choose to have their deferred compensation paid out either as a lump sum or in up to 15 annual installments at a future selected time, including upon separation from service. They may also be able to change the time and form of payment under the plan's rules. The company may also make employer contributions.

These changes primarily relate to the structure of compensation and incentive plans for employees and directors. While they affect long-term compensation liabilities, they are not expected to have a significant immediate impact on Fiserv's current financial performance as reported in this specific 8-K filing, which focuses on plan design rather than specific financial outcomes.