Thread regarding Fiserv Inc. layoffs

Non-compete attached to vested shares?

I've gotten vested shares for a few years, but I don't remember having to "accept" the award. As part of the acceptance, there's a section on not working for companies that provide similar services to Fiserv, and not doing work similar to the work that you did at Fiserv. This isn't attached to the vested shares directly, it's just a section that basically says "if you accept these shares, you agree to the following".

It's pretty underhanded to try to slip a non-compete into a bonus. I feel like this is new for this year, can anyone confirm? You have 120 days to accept the bonus before it's automatically rejected.

by Anonymous
| 1691 views | | 6 replies (last March 8, 2025) | Reply
Post ID: @OP+1jnnt1b1w
Comment! It's anonymous!

6 replies (most recent on top)

I've had to accept every year.

by Anonymous
| | Reply
Post ID: @gj+1jnnt1b1w

Can confirm this has been part of the bonus acceptance for years. If you’re looking to leave, don’t accept it so you are not bound by the non-compete. Plus, you lose the RSUs if you leave before they vest.

by Anonymous
| | Reply
Post ID: @ay+1jnnt1b1w

Thanks for this. I didn't notice this but planned to decline anyway because no company is going to have me by the ovaries from two years over a little rinky-di-k few thousand dollars when I can just purchase shares on the free market. They can keep their little rinky-di-k 5% discount.

Small price to pay for freedom. Not worth the strings attached. Just clicked the DECLINE button .

by Anonymous
| | Reply
Post ID: @aj+1jnnt1b1w

It means nothing and cannot supersede federal law. It is a very old language. Biden did one thing right! Folks can compete on day 1. Google it.

by Anonymous
| | Reply
Post ID: @ae+1jnnt1b1w

Sadly, that language has been in there for years.

by Anonymous
| | Reply
Post ID: @a4+1jnnt1b1w

As of April 2024, the Federal Trade Commission (FTC) has adopted a rule effectively banning most non-compete agreements for employees, meaning they are considered unenforceable in most cases, with limited exceptions for senior executives; however, a federal court has recently blocked this rule, leaving the legality of non-competes currently in a state of uncertainty.

If you’re an executive then possible but regardless I think you’re/were safe

by Anonymous
| | Reply
Post ID: @a1+1jnnt1b1w

Post a reply

: