Document:

Form of Stock Option Agreement (Employee)

 Exhibit 10.14 
 STOCK OPTION AWARD MEMORANDUM – 
 EMPLOYEE 

 

			
	Employee:	  	[FIRST NAME] [LAST NAME]
		
	Grant Date:	  	[GRANT DATE]
		
	Number of Shares Subject to Option:	  	[NUMBER OF SHARES]
		
	Exercise Price Per Option Share:	  	[EXERCISE PRICE]
		
	Type of Option:	  	
		
	Vesting Schedule:	  	

  

			
	Number of Option Shares	  	Date Exercisable
	1/3 of Option Shares	  	1st anniversary of Grant Date
	1/3 of Option Shares	  	2nd anniversary of Grant Date
	1/3 of Option Shares	  	3rd anniversary of Grant Date
		
	Expiration Date:	  	10 years after the Grant Date

 Additional terms and conditions of your Award are included in the Employee Stock Option Agreement. As a condition to
your ability to exercise your Option, you must log on to Fidelity’s website at www.netbenefits.fidelity.com and accept the terms and conditions of this Award within 120 calendar days of your Award Grant Date. If you do not accept the
terms and conditions of this Award within such time at www.netbenefits.fidelity.com, this Award will be forfeited and immediately terminate.  
 Note: Section 5(c) of the Employee Stock Option Agreement contains provisions that restrict your activities. These provisions apply to you and, by accepting this Award, you agree to be
bound by these restrictions.  

 EMPLOYEE STOCK OPTION AGREEMENT  

Pursuant to the Fiserv, Inc. 2007 Omnibus Incentive Plan (the “Plan”), Fiserv, Inc., a Wisconsin corporation
(the “Company”), has granted you an Option to purchase such number of shares of Company Common Stock (the “Option Shares”) as set forth in the Award Memorandum on the terms and conditions set forth in this
agreement (this “Agreement”), the Award Memorandum and the terms of the Plan. Capitalized terms used in this Agreement and not defined herein shall have the meanings set forth in the Plan. 

In the event of a conflict between the terms of this Agreement or the Award Memorandum and the terms of the Plan, the terms of the Plan
shall govern. In the event of a conflict between the terms of this Agreement and the Award Memorandum, the terms of this Agreement shall govern. 
  

	1.	Grant Date; Type of Option. The Option is granted to you on the Grant Date set forth in the Award Memorandum. If the Option is designated as a
“non-qualified stock option” in the Award Memorandum, then the Option will not be treated by you or the Company as an incentive stock option as defined in Section 422 of the Code. If the Option is designated as an “incentive
stock option” in the Award Memorandum, then the Option is intended to satisfy the requirements of Section 422 of the Code. 

  

	2.	Termination of Option. Your right to exercise the Option and to purchase the Option Shares shall expire and terminate in all events on the earliest of
(a) the Expiration Date set forth in the Award Memorandum or (b) the date upon which exercise is no longer permitted pursuant to Section 7 of this Agreement or (c) your failure to accept the terms of this Agreement, the Award
Memorandum and the Plan within the time period and in the manner specified in this Agreement. 

  

	3.	Exercise Price. The purchase price to be paid upon the exercise of the Option will be the Exercise Price Per Option Share set forth in the Award
Memorandum. 

  

	4.	Vesting; Provisions Relating to Exercise. Once you become entitled to exercise any part of the Option (and to purchase Option Shares) pursuant to the
vesting schedule set forth in the Award Memorandum, that right will continue until the date on which the Option expires and terminates. The right to purchase Option Shares under the Option is cumulative, so that if the full number of Option Shares
is not purchased in a single transaction, the balance may be purchased at any time or from time to time thereafter during the term of the Option. The Administrator, in its sole discretion, may at any time accelerate the time at which the Option
becomes exercisable by you with respect to any Option Shares. The Company may cancel, rescind, suspend, withhold or otherwise limit or restrict any unexpired, unpaid or deferred part of the Option at any time if you are not in compliance with all
applicable provisions of this Agreement, the Award Memorandum and the Plan. 

  

	5.	Confidential Information, Non-Competition and Related Covenants. 

 

	 	(a)	Definitions. 

  

	 	(i)	“Fiserv” means the Company, its direct and indirect subsidiaries, affiliated entities, successors, and assigns. 

 

	 	(ii)	“Confidential Information” means all trade secrets, Innovations (as defined below), confidential or proprietary business information and data, computer
software, and database technologies or technological information, formulae, templates, algorithms, designs, process and systems information, processes, intellectual property rights, marketing plans, client lists and specifications, pricing and cost
information and any other confidential information of Fiserv or its clients, vendors or subcontractors that relates to the business of Fiserv or to the business of any client, vendor or subcontractor of Fiserv or any other party with whom Fiserv
agrees to hold information in confidence, whether patentable, copyrightable or protectable as a trade secret or not, except: (A) information that is, at the time of disclosure, in the public domain or that is subsequently published or otherwise
becomes part of the public domain through no fault of yours; or (B) information that is disclosed by you under order of law or governmental regulation; provided, however, that you agree to notify the General Counsel of Fiserv upon receipt of
any request for disclosure as soon as possible prior to any such disclosure so that appropriate safeguards may be maintained. 

  
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	 	(iii)	“Competing Product or Service” means any product or service that is sold in competition with, or is being developed and that will compete with, a
product or service developed, manufactured, or sold by Fiserv. For purposes of this Section 5, Competing Products or Services as to you are limited to products and/or services with respect to which you participated in the development, planning,
testing, sale, marketing or evaluation on behalf of Fiserv during any part of your employment with Fiserv, or after the termination of your employment, during any part of the 24 months preceding the termination of your employment with Fiserv, or for
which you supervised one or more Fiserv employees, units, divisions or departments in doing so. 

  

	 	(iv)	“Competitor” means an individual, business or any other entity or enterprise engaged or having publicly announced its intent to engage in the sale or
marketing of any Competing Product or Service. 

  

	 	(v)	“Innovations” means all developments, improvements, designs, original works of authorship, formulas, processes, software programs, databases, and trade
secrets, whether or not patentable, copyrightable or protectable as trade secrets, that you, either by yourself or jointly with others, create, modify, develop, or implement during the period of your employment with Fiserv that relate in any way to
Fiserv’s business. 

  

	 	(vi)	“Moral Rights” means any rights to claim authorship of a work of authorship, to object to or prevent the modification of any such work of authorship,
or to withdraw from circulation or control the publication or distribution of any such work of authorship. 

  

	 	(vii)	“Client” means any person, association or entity: (A) for which you directly performed services or for which you supervised others in performing
services with Fiserv, during any part of your employment with Fiserv, or after the termination of your employment, during any part of the 24 months preceding the termination of your employment with Fiserv; or (B) about which you have
Confidential Information as a result of your employment with Fiserv. 

  

	 	(viii)	“Prospective Client” means any client: (A) with which Fiserv was in active business discussions or negotiations at any time during any part of
your employment with Fiserv, or after the termination of your employment, during any part of the 24 months preceding the termination of your employment with Fiserv, in which you participated or for which you directly performed services or for which
you supervised others in performing services with Fiserv; or (B) about which you have Confidential Information as a result of your employment with Fiserv. 

 

	 	(b)	During your employment, Fiserv will provide you with Confidential Information relating to Fiserv, its business and clients, the disclosure or misuse of which would
cause severe and irreparable harm to Fiserv. You agree that all Confidential Information is and shall remain the sole and absolute property of Fiserv. Upon the termination of your employment for any reason, you shall immediately return to Fiserv all
documents and materials that contain or constitute Confidential Information, in any form whatsoever, including but not limited to, all copies, abstracts, electronic versions, and summaries thereof. You further agree that, without the written consent
of the Chief Executive Officer of the Company or, in the case of the Chief Executive Officer of the Company, without the written approval of the Board of Directors of the Company: 

 

	 	(i)	You will not disclose, use, copy or duplicate, or otherwise permit the use, disclosure, copying or duplication of any Confidential Information of Fiserv, other than in
connection with the authorized activities conducted in the course of your employment with Fiserv. You agree to take all reasonable steps and precautions to prevent any unauthorized disclosure, use, copying or duplication of Confidential Information.

  
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	 	(ii)	All Innovations are and shall remain the sole and absolute property of Fiserv. You will provide all assistance requested by Fiserv, at its expense, in the preservation
of its interest in any Innovations in any country, and hereby assign and agree to assign to Fiserv all rights, title and interest in and to all worldwide patents, patent applications, copyrights, trade secrets and other intellectual property rights
in any Innovation. You also assign and agree to assign to Fiserv, or where applicable, to waive, which waiver shall inure to the benefit of Fiserv and its assigns, all Moral Rights in any Innovation. 

 

	 	(c)	You agree that, without the written consent of the Chief Executive Officer of the Company or, in the case of the Chief Executive Officer of the Company, without the
written approval of the Board of Directors of the Company, you shall not engage in any of the conduct described in subsections (i) or (ii), below, either directly or indirectly, or as an employee, contractor, consultant, partner, officer,
director or stockholder, other than a stockholder of less than 5% of the equities of a publicly traded corporation, or in any other capacity for any person, firm, partnership or corporation: 

 

	 	(i)	During the time of your employment with Fiserv, you will not: (A) perform duties as or for a Competitor, Client or Prospective Client of Fiserv (except to the
extent required by your employment with Fiserv); or (B) participate in the inducement of or otherwise encourage Fiserv employees, clients, or vendors to currently and/or prospectively breach, modify, or terminate any agreement or relationship
they have or had with Fiserv. 

  

	 	(ii)	For a period of 12 months following the termination of your employment with Fiserv, you will not: (A) perform duties as or for a Competitor, Client or Prospective
Client of Fiserv that are the same as or similar to the duties performed by you for Fiserv at any time during any part of the 24 month period preceding the termination of your employment with Fiserv; (B) participate in the inducement of or
otherwise encourage Fiserv employees, clients, or vendors to currently and/or prospectively breach, modify, or terminate any agreement or relationship they have or had with Fiserv during any part of the 24 month period preceding the termination of
your employment with Fiserv; or (C) participate voluntarily or provide assistance or information to any person or entity either negotiating with Fiserv involving a Competing Product or Service, or concerning a potential or existing business or
legal dispute with Fiserv, including, but not limited to, litigation, except as may be required by law. 

 No
provision of these subsections (i) and (ii) shall apply to restrict your conduct, or trigger any reimbursement obligations under this Agreement, in any jurisdiction where such provision is, on its face, unenforceable and/or void as against
public policy, unless the provision may be construed or deemed amended to be enforceable and compliant with public policy, in which case the provision will apply as construed or deemed amended. 

 

	 	(d)	You acknowledge and agree that compliance with this Section 5 is necessary to protect the Company, and that a breach of any of this Section 5 will result in
irreparable and continuing damage to the Company for which there will be no adequate remedy at law. In the event of a breach of this Section 5, or any part thereof, the Company, and its successors and assigns, shall be entitled to injunctive
relief and to such other and further relief as is proper under the circumstances. The Company shall institute and prosecute proceedings in any Court of competent jurisdiction either in law or in equity to obtain damages for any such breach of this
Section 5, or to enjoin you from performing services in breach of Section 5(c) during the term of employment and for a period of 12 months following the termination of employment. You hereby agree to submit to the jurisdiction of any Court
of competent jurisdiction in any disputes that arise under this Agreement. 

  
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	 	(e)	You further agree that, in the event of your breach of this Section 5, the Company shall also be entitled to recover the value of any amounts previously paid or
payable or any shares (or the value of any shares) delivered or deliverable to you pursuant to any Fiserv bonus program, this Agreement, and any other Fiserv plan or arrangement. 

 

	 	(f)	You agree that the terms of this Agreement shall survive the termination of your employment with the Company. 

 

	 	(g)	YOU HAVE READ THIS SECTION 5 AND AGREE THAT THE CONSIDERATION PROVIDED BY THE COMPANY IS FAIR AND REASONABLE AND FURTHER AGREE THAT GIVEN THE IMPORTANCE TO THE COMPANY
OF ITS CONFIDENTIAL AND PROPRIETARY INFORMATION, THE POST-EMPLOYMENT RESTRICTIONS ON YOUR ACTIVITIES ARE LIKEWISE FAIR AND REASONABLE. 

  

	6.	Exercise of Option. To exercise the Option, you must complete the transaction through our administrative agent’s website at
www.netbenefits.fidelity.com or call its toll free number at (800) 544-9354, specifying the number of Option Shares being purchased as a result of such exercise, and make payment of the full Exercise Price for the Option Shares being purchased.
In no event may a fraction of a share be exercised or acquired. You must also pay any taxes or other amounts required to be withheld as provided in Section 9 of this Agreement. 

 

	7.	Termination of Employment. 

  

	 	(a)	Vesting. If you cease to be an employee of the Company or any subsidiary of the Company for any reason other than Cause (a “Termination Event”),
the Option may be exercised to the same extent that you were entitled to exercise the Option on the date of the Termination Event and had not previously done so. The remaining Option Shares that are not vested on such date shall become exercisable
as follows: 

  

					
	 Reason for Termination Event
	  	Unvested Option Shares that
Become Exercisable	 
	 Death, Disability, or Retirement
	  	 	100	% 
	 Any other reason
	  	 	0	% 

 For purposes of this Section 7, “Retirement” means the cessation of service as an
employee for any reason other than death, Disability or termination for Cause and (A) you are at least 60 years of age and your age plus years of service to the Company and its subsidiaries is equal to or greater than 70 or (B) you are
least 65 years of age. 
 If you are regularly scheduled to work less than 20 hours per calendar week for the Company or any
subsidiary of the Company, you will be deemed to have experienced a Termination Event. 
  

	 	(b)	Deadline for Exercise. 

  

	 	(i)	If your Termination Event is by reason of death, Disability or Retirement, you are (or in the event of your death or Disability resulting in judicial appointment of a
guardian ad litem, administrator or other legal representative, the executor or administrator of your estate, any person who shall have acquired the Option through bequest or inheritance or such guardian ad litem, administrator or other legal
representative is) entitled to exercise the Option per the terms contained herein within one year after you experience said Termination Event. 

  

	 	(ii)	Subject to Section 7(d), if your Termination Event is for a reason other than death, Disability or Retirement, you are entitled to exercise the Option per the
terms contained herein within 90 days after you experience said Termination Event. 

  
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	 	(iii)	If you die within the exercise periods described in subsections (i) and (ii) above, your executor, the administrator of your estate, or your beneficiary may
exercise the Option within one year after your death. 

  

	 	(c)	Expiration. Notwithstanding any provision contained in this Section 7 to the contrary, in no event may the Option be exercised to any extent by anyone after
the Expiration Date set forth in the Award Memorandum. 

  

	 	(d)	For Cause Termination Event. If your employment is terminated for Cause (a “For Cause Termination Event”), the Option, whether or not vested,
shall terminate immediately. For the sake of clarity, in the event that you experience a For Cause Termination Event, there shall be no accelerated vesting under Section 7(a). 

 

	 	(e)	Change of Control. If a Change of Control of the Company occurs, the provisions of Section 17(c) of the Plan shall apply to the Option. If the successor or
purchaser in the Change of Control has assumed the Company’s obligations with respect to the Option or provided a substitute award as contemplated by Section 17(c)(i) of the Plan and, within 12 months following the occurrence of the Change
of Control, you are terminated without Cause or you terminate your employment for Good Reason (as hereinafter defined), the Option or such substitute award shall become fully vested and exercisable with respect to all Option Shares covered by the
Option as of the time immediately prior to such termination of employment and, notwithstanding any other provision hereof, the Option shall become exercisable by you for 90 days following such termination (or such longer period as is otherwise
specified in Section 7(b)), and the provisions of Section 5 shall immediately cease to apply. 

“Good Reason” means your suffering any of the following events without your consent: (x) a significant or material
lessening of your responsibilities; (y) a reduction in your annual base salary or a material reduction in the level of incentive compensation for which you have been eligible during the two years immediately prior to the occurrence of the
Change of Control and/or a material adverse change in the conditions governing receipt of such incentive compensation from those that prevailed prior to the occurrence of the Change of Control; or (z) the Company requiring you to be based
anywhere other than within 50 miles of your place of employment at the time of the occurrence of the Change of Control, except for reasonably required travel to an extent substantially consistent with your business travel obligations. 

 

	 	(f)	Service as Director. For purposes of this Agreement, an employee of the Company, if also serving as a director, will not be deemed to have terminated employment
for purposes of this Agreement until his or her service as a director ends, and his or her years of service will be deemed to include years of service as a director. 

 

	 	(g)	No Further Obligation. The Company will have no further obligations to you under this Agreement if the Option ceases to become exercisable as provided herein.

  

	8.	Issuance of Shares. The Company, or its transfer agent, will issue and deliver the Option Shares to you as soon as practicable after you exercise any part
of the Option and pay the Exercise Price Per Option Share and all related withholding taxes. If you die before the Company has distributed any portion of the Option Shares purchased upon exercise, the Company will issue the Option Shares to your
estate or in accordance with applicable laws of descent and distribution. The Option Shares will be issued in book entry form, and the Company will not be liable for damages relating to any delays in making an appropriate book entry or any mistakes
or errors in the making of the book entry; provided that the Company shall correct any errors caused by it. Any such book entry will be subject to such stop transfer orders and other restrictions as the Company may deem advisable under (a) the
Plan and any agreement between you and the Company with respect to the Option Shares, (b) any applicable federal or state laws, and/or (c) the rules, regulations and other requirements of the Securities and Exchange Commission
(“SEC”) or any stock exchange upon which the Option Shares are listed. The Company may cause an appropriate book entry notation to be made with respect to the Option Shares to reference any of the foregoing restrictions.

  
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	9.	Non-Transferability of Award. Except as provided in the Plan, this Agreement and the Award Memorandum, until the Option Shares have been purchased upon
exercise of any part of this Option, this Option and the Option Shares issuable upon exercise hereunder and the rights and privileges conferred hereby may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated (by
operation of law or otherwise). Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of this Option, or of any right or privilege conferred hereby, contrary to the provisions of the Plan or of this Agreement, or upon any
attempted sale under any execution, attachment or similar process upon the rights and privileges conferred hereby, this Option and the rights and privileges conferred hereby shall immediately become null and void. 

 

	10.	Conditions to Issuance of Shares. The Option Shares issued to you hereunder upon exercise and purchase may be either previously authorized but unissued
shares or issued shares which have been reacquired by the Company. The Company shall not be required to issue any Option Shares hereunder prior to fulfillment of all of the following conditions: (a) the admission of such Option Shares to
listing on all stock exchanges on which such class of stock is then listed; (b) the completion of any registration or other qualification of such Option Shares under any state or federal law or under the rulings or regulations of the SEC or any
other governmental regulatory body, which the compensation committee of the Board of Directors (the “Compensation Committee”) shall, in its discretion, deem necessary or advisable; (c) the obtaining of any approval or other
clearance from any state or federal governmental agency, which the Compensation Committee shall, in its discretion, determine to be necessary or advisable; (d) the lapse of such reasonable period of time following the exercise of the Option as
the Compensation Committee may establish from time to time for reasons of administrative convenience; and (e) your acceptance of the terms and conditions of this Agreement, the Award Memorandum and the Plan within the time period and in the
manner specified in this Agreement. 

  

	11.	No Rights as Shareholder. Until you exercise any part of this Option, purchase Option Shares and the Option Shares are issued to you, you shall have no
rights as a shareholder of the Company with respect to the Option Shares. Specifically, you understand and agree that you do not have voting rights or the right to receive dividends or any other distributions paid with respect to shares of Company
common stock by virtue of this Option or the Option Shares subject hereto. 

  

	12.	Addresses for Notices. Any notice to be given to the Company under the terms of this Agreement shall be addressed to the Company as follows: Corporate
Secretary, Fiserv, Inc., 255 Fiserv Drive, Brookfield, WI 53045, or at such other address as the Company may hereafter designate in writing. Any notice to be given to you shall be addressed to you at the address set forth in the Company’s
records from time to time. 

  

	13.	Captions; Agreement Severable. Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction of
this Agreement. In the event that any provision in this Agreement shall be held invalid or unenforceable, such provision shall be severable from, and such invalidity or unenforceability shall not be construed to have any effect on, the remaining
provisions of this Agreement. 

  

	14.	Securities and Tax Representations.

  

	 	(a)	You acknowledge receipt of the prospectus under the Registration Statement on Form S-8 with respect to the Plan filed by the Company with the SEC. You represent and
agree that you will comply with all applicable laws and Company policies relating to the Plan, this Agreement, the exercise of the Option and any disposition of the Option Shares, and that upon the acquisition of any Option Shares, you will make or
enter into such written representations, warranties and agreements as the Company may reasonably request to comply with applicable securities laws or this Agreement. 

 

	 	(b)	 You represent and warrant that you understand the federal, state and local income and employment tax consequences of the granting of the Option, the
exercise of the Option, the purchase of Option Shares, and the subsequent sale or other disposition of any Option Shares. You understand and agree that when you exercise the Option, and thereby realize gross income (if any) taxable as compensation
in respect of such exercise, the Company will be required to 

  
 6 

	 	
withhold federal, state and local taxes on the full amount of the compensation income realized by you and may also be required to withhold other amounts as a result of such exercise unless the
Option is an incentive stock option. Accordingly, at or prior to the time that you exercise the Option, you hereby agree to provide the Company with cash funds or Option Shares equal in value to the total federal, state and local taxes and other
amounts required to be withheld by the Company or its subsidiary in respect of any compensation income in relation to the Option Shares or make other arrangements satisfactory to the Company regarding such amounts. All matters with respect to the
total amount to be withheld as a result of the exercise of the Option shall be determined by the Company in its sole discretion. 

  

	15.	Market Stand-Off. The Company reserves the right to impose restrictions on dispositions in connection with any underwritten public offering by the Company
of its equity securities pursuant to an effective registration statement filed under the Securities Act of 1933, as amended. Upon receipt of written notice from the Company of a trading restriction, you agree that you shall not directly or
indirectly sell, make any short sale of, loan, hypothecate, pledge, offer, grant or sell any option or other contract for the purchase of, purchase any option or other contract for the sale of, or otherwise dispose of or transfer or agree to engage
in any of the foregoing transactions with respect to, any Option Shares acquired under this Option without the prior written consent of the Company. Such restriction shall be in effect for such period of time following the date of the final
prospectus for the offering as may be determined by the Company. In no event, however, shall such period exceed one hundred eighty (180) days. 

  

	16.	General Provisions. 

  

	 	(a)	None of the Plan, this Agreement or the Award Memorandum confers upon you any right to continue to be employed by the Company or any subsidiary of the Company or limits
in any respect any right of the Company or any subsidiary of the Company to terminate your employment at any time, without liability. 

  

	 	(b)	This Agreement, the Award Memorandum and the Plan contain the entire agreement between the Company and you relating to the Option and supersede all prior agreements or
understandings relating thereto. 

  

	 	(c)	This Agreement and the Award Memorandum may only be modified, amended or cancelled as provided in the Plan. 

 

	 	(d)	If any one or more provisions of this Agreement or the Award Memorandum is found to be invalid, illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby. 

  

	 	(e)	Any remedies available to the Company under the Plan or this Agreement are cumulative and are in addition to, and are not affected by, the other rights and remedies
available to the Company under the Plan, this Agreement, by law or otherwise. 

  

	 	(f)	This Agreement and the Award Memorandum shall be governed by and construed in accordance with the laws of the State of Wisconsin, without regard to conflict of law
provisions. 

  

	 	(g)	The Company agrees, and you agree, to be subject to and bound by all of the terms and conditions of the Plan. The Prospectus for the Plan is accessible on the
administrative agent’s website (www.netbenefits.fidelity.com) in the “forms library” and a paper copy is available upon request. 

  

	 	(h)	During your lifetime, the Option may only be exercised by you or your legal representatives. 

 

	 	(i)	This Agreement and the Award Memorandum shall be binding upon and inure to the benefit of any successor or assign of the Company and to any heir, distributee, executor,
administrator or legal representative entitled by law to your rights hereunder. 

  
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	 	(j)	You understand that, under the terms of the Plan, this Agreement and the Award Memorandum, the Company may cancel or rescind the Option and/or the Option Shares in
certain circumstances. 

 By selecting the “I accept” box on the website of our administrative agent, you acknowledge
your acceptance of, and agreement to be bound by, this Agreement, the Award Memorandum and the Plan.  
 Your acceptance of the terms of
this Agreement, the Award Memorandum and the Plan through our administrative agent’s website is a condition to your ability to exercise your Option. You must log on to our administrative agent’s website and accept the terms and conditions
of this Agreement, the Award Memorandum and the Plan within 120 calendar days of your Award Grant Date. If you do not accept the terms and conditions of this Agreement, the Award Memorandum and the Plan within such time, this Award will be forfeited
and immediately terminate. 

  
 8Employment Agreement

 Exhibit 10.25 
 EMPLOYMENT AGREEMENT 
 This Agreement is made this 22nd day of December, 2008, by and between Fiserv, Inc., on behalf of
itself and its subsidiaries and affiliates (“Company”) and Rahul Gupta (“Employee”). 
 WHEREAS, the Company
and Employee entered into an Employment Agreement on November 21, 2006; and 
 WHEREAS, the Employee and the Company desire
to amend and restate the Employment Agreement to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and to eliminate certain historic provisions that are no longer applicable.

 NOW THEREFORE, in consideration of the premises set forth herein and intending to be legally bound, the parties hereto agree
as follows: 
 1. The Company agrees to employ Employee, and Employee agrees to be employed by the Company. During his
employment, Employee agrees to serve as Group President with such further responsibilities and duties commensurate with such position as contemplated by the Company’s by-laws and reasonably implemented by the Board of Directors and
Employee’s Direct Supervisor (as hereinafter defined) subject to the further terms and conditions of this Agreement. 
 2.
Employee agrees to accumulate stock ownership in the Company in accordance with the Company’s stock ownership policy as in effect from time to time. 
 3. The term of this Agreement shall begin on the date first written above and shall continue until terminated by either party upon written notice to the other party (“Term”). 

4. Employee hereby represents that he or she is free and able to enter into this Agreement with Company and that there is no reason,
known or unknown, which will prevent his performance of the terms and conditions contained in this Agreement. In the event that this representation is not correct, Employee agrees to indemnify and hold the Company harmless from and against any claim
made by another employer or company. 
 5. During the Employment Term, Employee shall devote substantially his full business
time, faithfully, conscientiously and to the best of his ability to the advancement of the interests of the Company and to the discharge of the responsibilities and offices held by him. Employee shall not engage in any other business activity,
whether or not pursued for pecuniary advantage, except as may be approved in advance by the Company, provided, however, that the foregoing shall not prohibit or limit Employee from participating in civic, charitable or other not-for-profit
activities or to manage personal passive investments, provided that such activities do not materially interfere with Employee’s services required under this Agreement and do not violate the Code of Conduct or other corporate policies of Fiserv.
Employee hereby acknowledges that he or she has read Fiserv’s Code of Conduct in effect as of the date hereof, attached hereto as Exhibit A, and agrees that he or she will comply with such Code of Conduct and other Fiserv corporate policies
regarding activities in the workplace, as they may be amended from time to time, in all material respects. Receipt of payments from former employers including Fidelity Investments and eFunds Corporation for past services that require no ongoing
obligations of Employee shall not constitute a violation of the Code of Conduct. 

 6. For all services to be rendered by Employee in any capacity during the term of this
Agreement, the Company shall pay or cause to be paid to Employee and shall provide or cause to be provided to him the following: 

(a) An annual salary at a minimum rate of $400,000 per year, commencing on his first day of employment, which is expected to be
December 18, 2006, payable in accordance with the normal payroll practices and schedule of the Company. Beginning in February 2008 and thereafter, the Employee’s direct supervisor (“Direct Supervisor”) will determine
Employee’s salary at a level at least equal to Employee’s salary in the previous year. To that end, Employee’s Direct Supervisor will review annually the performance of Employee. The term “salary” shall not include any
payment or other benefit that is denominated as or is in the nature of a bonus, incentive payment, commission, profit-sharing payment, retirement or pension accrual, insurance benefit, other fringe benefit or expense allowance, whether or not
taxable to Employee as income. 
 (b) In addition to the salary provided above, Employee shall be entitled to participate in the
Management Bonus Plan or other incentive compensation program, as offered by the Company from time to time for senior executives of the Company. If Employee shall not be employed by the Company on the date of payment of any incentive compensation
hereunder, Employee shall not be entitled to any portion of any payment under the Management Bonus Plan or other incentive compensation program. 
 (c) The Employee shall receive equity in the Company (each a “Stock Program”) as follows: 
 (i) As of the date of commencement of employment by Employee hereunder (December 18, 2006), Fiserv granted to Employee pursuant to the terms of the Fiserv, Inc. Stock Option and Restricted Stock Plan (the
“Stock Option and Restricted Stock Plan”), an option to purchase 15,000 shares of Common Stock, $.01 par value, of Fiserv (“Fiserv Common Stock”). The exercise price of such options equals the fair market value of Fiserv Common
Stock as determined under the terms of the Stock Option and Restricted Stock Plan on the date of commencement of employment hereunder. Such options shall vest over a four-year period, with 1/3 of such options vesting on each of the second, third and
fourth anniversary dates of the date of grant. 
 (ii) On the date of commencement of employment hereunder
(December 18, 2006), Employee received 6,950 shares of restricted stock under the terms of the Stock Option and Restricted Stock Plan and the restricted stock agreement covering such shares of restricted stock. Such shares of restricted stock shall
vest on the fourth anniversary of the date of the commencement of employment hereunder. 
 (iii) On
March 30, 2007, Employee received an option to purchase 17,425 shares of common stock and 2,356 shares of restricted stock. 

  
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 (iv) To the extent Employee shall thereafter be eligible to participate in
the Fiserv Senior Managers and Senior Professionals Stock Option and Restricted Stock Program, options and restricted stock granted (or restricted stock units or other equity instruments issuable under the Stock Option and Restricted Stock Plan or
any successor plan thereto) thereunder may be subject to participation levels and vesting schedules not commensurate with Employee’s position and may be determined in connection with Employee’s annual performance evaluation and granted
annually during the Employment Term. All equity awards granted or issued hereafter will be subject to the terms of the Stock Option and Restricted Stock Plan as it may be amended from time to time, or any successor plan thereto, and of the specific
award agreement pursuant to which any such equity awards may be granted or issued from time to time. 
 The terms of the specific award agreement
pursuant to which equity awards may be granted or issued hereunder shall govern treatment of such equity award in the event of the death or disability (as defined in any such agreement) of Employee. Such awards will also have vesting and other terms
as specified in the award agreement covering such equity awards, which may be different than other employees of Fiserv. 
 (d) In
addition to the salary and incentive compensation provided above, Employee shall be entitled to participate in any employee benefit plans, welfare benefit plans, retirement plans, and other fringe benefit plans from time to time in effect for senior
executives of the Company generally; provided, however, that such right or participation in any such plans and the degree or amount thereof shall be subject to the terms of the applicable plan documents, generally applicable Fiserv policies and to
action by the Board of Directors of Fiserv or any administrative or other committee provided in or contemplated by such plan, it being mutually agreed that this Agreement is not intended to impair the right of any committee or other group or person
concerned with the administration of such plans to exercise in good faith the full discretion reposed in them by such plans. 

(e) Employee shall be entitled to a minimum of four (4) weeks paid vacation in accordance with the Company’s standard vacation
policies. 
 (f) All compensation or other benefits payable or owing to Employee hereunder shall be subject to withholding taxes
and other legally required deductions pursuant to federal, state or local law. 
 7. Employee’s employment hereunder shall
terminate under the following circumstances: 
 (a) In the event Employee dies, this Agreement and the Company’s obligations
under this Agreement shall terminate as of the end of the month during which his death occurs. 
 (b) If Employee, due to
physical or mental illness, becomes so disabled as to be unable to perform substantially all of his duties, the Employee’s employment will terminate according to the policies of the Company. 

(c) Employee’s employment may be terminated for cause, effective immediately upon written notice to Employee by the Company that
shall set forth the specific nature of the reasons for termination. Only the following acts or omissions by Employee shall constitute “cause” for termination: 

  
 3 

 (i) dishonesty or similar serious misconduct, directly related to the
performance of Employee’s duties and responsibilities hereunder, which results from a willful act or omission and which is injurious to the operations, financial condition or business reputation of the Company; 

(ii) Employee being named as a defendant in any criminal proceedings, and as a result of being named as a defendant, the
operations, financial condition or reputation of the Company are materially injured or Employee is convicted of a crime; 
 (iii) Employee’s drug or alcohol use in violation of any Company policy or which materially impairs the performance of his duties and responsibilities as set forth herein; 

(iv) substantial, continuing willful and unreasonable inattention to, neglect of or refusal by Employee to perform
Employee’s duties or responsibilities under this Agreement; 
 (v) willful and intentional violation of a
material provision of the Fiserv Code of Conduct, as it may be amended from time to time, or other Fiserv corporate policies regarding activities in the workplace in effect at the time; or 

(vi) any other willful or intentional breach or breaches of this Agreement by Employee, which breaches are, singularly or
in the aggregate, not cured within 30 days of written notice of such breach or breaches to Employee from the Company. 
 (d)
Employee’s employment may be terminated by the Employee by written notice to the Company and Employee’s Direct Supervisor in the event of a material breach by the Company of any of the provisions of this Agreement, provided, however, that
the Company shall have been given notice at least 30 days in advance of the anticipated termination date and an opportunity to cure any such event of a material breach. In the event of termination pursuant to the first sentence of this subsection
(d), Employee shall be entitled to receive termination benefits in accordance with subsection (f) below. If Employee terminates his employment for reasons other than those enumerated in the first sentence of this subsection (d), he shall not be
entitled to termination benefits described in subsection (f) below. 
 (e) Employee’s employment may be terminated at
the election of the Company upon written notice to Employee by the Company at any time for the convenience of the Company. 
 (f)
If Employee’s employment is terminated by the Company for any reason other than as specified in subsection (a), (b) or (c) above or if terminated by Employee pursuant to the first sentence of subsection (d) above, subject to
execution by Employee of a general release in favor of the Company, Employee shall be entitled to: 
 (i) receive
a lump sum equal to twelve months of salary, at the salary rate in effect immediately prior to the notice of termination; 

  
 4 

 (ii) equity awards pursuant to Section 6(c)(i) and 6(c)(ii) above shall
immediately vest and Employee shall have 30 days from the date of termination to exercise any options; 
 (iii)
the benefit of additional vesting of any options or shares of restricted stock granted to Employee pursuant to any Stock Program as though the Employee had been employed for the additional twelve-month period; and 

(iv) reimbursement by the Company to the Employee for any expenses incurred by the Employee for payment of COBRA premiums
for one (1) year following the date of termination of his employment, or until the Employee obtains health care coverage through subsequent employment, whichever is earlier. 
 The payment due under subsection (f)(i) shall be paid to the Employee in a cash equivalent lump sum on the first day of the seventh month following the month in which the Employee’s Separation from
Service occurs, without interest thereon; provided that, if on the date of the Employee’s Separation from Service, neither the Company nor any other entity that is considered a “service recipient” with respect to the Employee within
the meaning of Code Section 409A has any stock which is publicly traded on an established securities market (within the meaning of Treasury Regulation Section 1.897-l(m)) or otherwise, then such payment shall be paid to the Employee in a
cash equivalent lump sum within ten (10) business days after the Employee’s Separation from Service. 
 For purposes hereof, the term
“Separation from Service” shall have the same meaning as ascribed to such term in the Employee’s Key Executive Employment and Severance Agreement with the Company. 
 All other incentive compensation and benefits being received by Employee shall cease upon termination of employment, subject to applicable law. 

8. The Employee Confidential Information and Development Agreement of the Company, attached hereto as Exhibit B is hereby incorporated
herein by reference. Employee hereby confirms that he or she is bound by its terms. Such confidential information is understood to include, without limitation, products, technology, intellectual property, customer lists, prospect lists and price
lists, or any part of such items, and any information relating to Company’s method and technique used in servicing its customers. 
 9. (a) For purposes of this Section 9, the following definitions apply: 
 (i) “Customer” means any person, association or entity: (1) for which Employee has directly performed services, (2) for which Employee has supervised others in performing
services, or (3) about which Employee has special knowledge as a result of his employment with the Company, during all or any part of the twenty-four (24) month period ending on the date of the termination of his employment with the
Company. 
 (ii) “Competing Product or Service” means any product or service which is sold in
competition with, or is being developed and which will compete with, a product or service developed, manufactured, or sold by the Company. For purposes of this Agreement, “Competing Products or Services” are limited to products and/or
services 

  
 5 

 
for which Employee participated in the development, planning, testing, sale, marketing or evaluation of on behalf of the Company in or during any part of the last twenty-four (24) months of
his employment with the Company, or for which Employee supervised one or more Company employees, units, divisions or departments in doing so. 
 (iii) “Special Knowledge” means material, non-public information about a person, association or entity that Employee learned as a result of his employment with the Company and/or the
Company’s client development or marketing efforts during all or any part of the last twenty-four (24) months of his employment with the Company. 
 (b) Employee agrees that the Company’s customer contacts and relations are established and maintained at great expense. Employee further agrees that, as an employee of the Company, he or she will
have unique and extensive exposure to and contact with the Company’s customers and employees, and that he or she will have had the opportunity to establish unique relationships that would enable him to compete unfairly against the Company.
Moreover, Employee acknowledges that he or she will have had unique and extensive knowledge of the Company’s trade secret and confidential information, and that such information, if used by him or others, would allow him or others to compete
unfairly against the Company. Therefore, in consideration of the compensation and benefits paid to him pursuant to this Agreement, Employee agrees that, for a period of twelve months after the date of the termination of his employment, Employee will
not, either on his own behalf of on behalf of any other person, association or entity: 
 (i) Contact any
Customer for the purpose of soliciting or inducing such client to purchase a Competing Product or Service; 

(ii) Solicit an employee of the Company to terminate his employment with the Company; 

(iii) Become financially interested in, be employed by or have any connection with, directly or indirectly, either
individually or as owner, partner, agent, employee, consultant, creditor or otherwise, except for the account of or on behalf of the Company, or its affiliates, in any business or activity listed on Exhibit C, or any affiliate, successor or assign
of such business or activity or any other business enterprise that engages in substantial competition with the Company or any of its subsidiaries in the business of providing management solutions to the financial industry; provided, however, that
Employee, with prior permission from the Company, such permission not to be unreasonably withheld, may seek employment in a business or activity listed in Exhibit C so long as the employment is not in an area that provides a Competing Product or
Services and provided further that nothing in this Agreement shall prohibit Employee from owning publicly traded stock or other securities of a competitor amounting to less than one percent of such outstanding class of securities of such competitor;
or 
 (iv) Become an owner, partner, director or officer of a company that develops, sells or markets a Competing
Product or Service. 

  
 6 

 (c) Notwithstanding any other provision of this Agreement, this Section 8: 

(i) Shall not bar Employee from all employment. Employee warrants and agrees that there are ample employment opportunities
that he or she could fill following his employment with the Company, in his field of experience, without violating this Agreement; 
 (ii) Shall not bar Employee from performing clerical, menial or manual labor; 
 (iii) Shall not prohibit Employee from investing as a passive investor in the capital stock or other securities of a publicly traded corporation listed on a national security exchange. 

10. Employee acknowledges and agrees that compliance with this Agreement is necessary to protect the Company, and that a breach of this
Agreement will result in irreparable and continuing damage to the Company for which there will be no adequate remedy at law. Employee hereby agrees that in the event of any such breach of this Agreement, the Company, and its successors and assigns,
shall be entitled to injunctive relief and to such other and further relief as is proper under the circumstances. Employee further agrees that, in the event of his intentional breach of this Agreement, the Company shall be entitled to recover the
value of any amounts previously paid or payable to Employee pursuant to Section 6(b) hereof and of any Stock Program. Employee understands and agrees that the losses incurred by the Company as a result of such breach of this Agreement would be
difficult or impossible to calculate, as they are based on, among other things, the value of the knowledge and information gained by the Employee at the expense of the Company, but that the actual value exceeds the amounts paid or payable to
Employee pursuant to Section 6(b) and any Stock Program. Accordingly, the amount paid or payable to Employee pursuant to Section 6(b) and any Stock Program herein represents the Employee’s agreement to pay and the Company’s
agreement to accept as liquidated damages, and not as a penalty, such amount for any such Employee breach. Employee and the Company hereby agree to submit themselves to the jurisdiction of any Court of competent jurisdiction in any disputes that
arise under this Agreement. 
 11. The Company shall be eligible to deduct and withhold from all compensation payable to
Employee pursuant to this Agreement all amounts required to be deducted and withheld therefrom pursuant to any present or future law, regulation or ordinance of the United States of America or any state or local jurisdiction therein or any foreign
taxing jurisdiction. In addition, if prior to the date of payment of the amount due under Section 7(f)(i) or other deferred compensation payments or benefits hereunder, the Federal Insurance Contributions Act (FICA) tax imposed under Sections
3101, 3121(a) and 3121(v)(2) of the Code, where applicable, becomes due with respect to any payment or benefit to be provided hereunder, the Company may provide for an immediate payment of the amount needed to pay Employee’s portion of such tax
(plus an amount equal to the taxes that will be due on such amount) and Employee’s payment or benefits shall be reduced accordingly. 
 12. Employee agrees that the terms of this Agreement shall survive the termination of his employment with the Company. 
 13. This Agreement shall be governed by and construed in accordance with the laws in the State of Wisconsin, without reference to conflict of law principles thereof. 

  
 7 

 14. The language used in this Agreement will be deemed to be the language chosen by the
parties to express their mutual intent. In the event an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties and no presumption or burden of proof will arise favoring or
disfavoring any party by virtue of the authorship of any provisions of this Agreement. 
 15. THE EMPLOYEE HAS READ THIS
AGREEMENT AND AGREES THAT THE CONSIDERATION PROVIDED BY THE COMPANY IS FAIR AND REASONABLE AND FURTHER AGREES THAT GIVEN THE IMPORTANCE TO THE COMPANY OF ITS CONFIDENTIAL AND PROPRIETARY INFORMATION, THE POST-EMPLOYMENT RESTRICTIONS ON THE
EMPLOYEE’S ACTIVITIES ARE LIKEWISE FAIR AND REASONABLE. 
 16. If any provision of this Agreement shall be declared illegal
or unenforceable by a final judgment of a court of competent jurisdiction, the remainder of this Agreement, or the application of such provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be
affected thereby, and each remaining provision of this Agreement shall be valid and be enforceable to the fullest extent permitted by law. 
 17. No term or condition of this Agreement shall be deemed to have been waived, nor shall thereby create any estoppel against the enforcement of any provision of this Agreement, except by written
instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the specific term or condition for the future
or as to any act other than that specifically waived. 
 18. No term or provision or the duration of this Agreement shall be
altered, varied or contradicted except by a writing to that effect, executed by authorized officers of the Company and Fiserv and by Employee, and in compliance with Internal Revenue Code Section 409A. 

IN WITNESS WHEREOF, the undersigned have hereunto set their hands. 

 

			
	 EMPLOYEE:
	  	FISERV, INC.:
		
	 /s/ Rahul
Gupta                                        
        
	  	By: /s/ Jeffery W.
Yabuki                                        
            
	 EMPLOYEE
	  	Jeffery W. Yabuki
		
	 RAHUL
GUPTA                                        
        
	  	President and Chief Executive
Officer                                
	 Printed Name
	  	Title

  
 8

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