Summary
This 8-K filing from Fiserv Inc. (FISV) on March 24, 2020, primarily addresses two key changes. Firstly, the company's Board of Directors approved an amendment to its bylaws, allowing for shareholder meetings to be conducted via remote communication. This change provides flexibility in how the company engages with its shareholders, which could be particularly relevant in situations requiring social distancing or remote participation. Secondly, and of greater immediate investor concern, Fiserv announced the cancellation of a previously planned blackout period for its employee benefit plans. This blackout was intended to facilitate a merger of two 401(k) plans, but due to market volatility considerations as of March 22, 2020, the merger has been deferred to an undetermined later date. Consequently, the trading restrictions on company stock for participants in these plans, including directors and executive officers, have been lifted.
Key Highlights
- 1Fiserv's Board of Directors amended bylaws to permit shareholder meetings via remote communication.
- 2This bylaw amendment offers increased flexibility for shareholder engagement.
- 3A previously announced blackout period for employee 401(k) plans has been cancelled.
- 4The cancellation is due to market volatility concerns as of March 22, 2020.
- 5The planned merger of two 401(k) plans has been deferred to an unannounced future date.
- 6Trading restrictions on Fiserv's common stock for plan participants, including executives, are no longer in effect.