[Start of Text Message Exchange Image]
(Image of a phone screen showing text messages - All between Jared Isaacman and Taylor Lavery)

May 7, 2019

Taylor Lavery:
Hey, just got off phone with Bolt.
As follow up to your earlier question,
they are expecting that we eat all the
costs associated to the breach. So this
would be on top of other expenses we talked
about before.

Jared Isaacman: 5/7/19, 7:42 PM
Okay. That's all fraud related?

Taylor Lavery: 5/7/19, 7:49 PM
We are having general counsel review the Card
Connect agreement tomorrow, there
expectation is it is a pass thru, similar to
our Harbortouch agreement. We will
push back if legal says we can.

Jared Isaacman: 5/7/19, 7:49 PM
Yes

Taylor Lavery: 5/7/19, 7:49 PM
Yes, They claim all fraud and
expenses related

Jared Isaacman: 5/7/19, 7:49 PM
Ok. We have $4.8m of revenue to
offset.

Taylor Lavery: 5/7/19, 7:51 PM
We can't recognize any of that

Jared Isaacman: 5/7/19, 7:51 PM
Why

Taylor Lavery: 5/7/19, 7:51 PM
Because we can't take any action that would
cause us hardship.

Jared Isaacman: 5/7/19, 7:52 PM
Who says?

Taylor Lavery: 5/7/19, 7:52 PM
Their legal per our call last week

Jared Isaacman: 5/7/19, 7:53 PM
We should tell them now that we are
going to war. We can also drag this out
for a ling [sic] time.

Taylor Lavery: 5/7/19, 7:53 PM
Agreed

Jared Isaacman: 5/7/19, 7:54 PM
I could msg Scott now and say,
"Looks like we aren't going to get to a
resolution between reasonable
business people. We now believe
you are just trying to enrich
yourself while we commit
ourselves to war footing."

Jared Isaacman:5/7/19, 7:54 PM
Or something like that

Taylor Lavery: 5/7/19, 7:54 PM
Yes, lets coordinate on that tomorrow.

Jared Isaacman: 5/7/19, 7:56 PM
Okay. Do you have an approx. fraud
losses for the period we generated that
rev?
I want them to know we aren't
idiots. While we hope it doesn't come
to this...litigation wise...we will use it all
to offset those costs. Drag it out 3-4
years of legal bills.

Taylor Lavery: 5/7/19, 8:02 PM
Yes, I requested the total cost breakdown, to
include expenses and fraud loss, but
have not received anything.

Jared Isaacman: 5/7/19, 8:03 PM
Okay

[End of first part of text exchange]

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[Second part of Text Message Exchange]
(Continued text message exchange on same exhibit)

Jared Isaacman: 5/7/19, 8:03 PM
I think we have enough to scorch
some earth tomorrow

Taylor Lavery: 5/7/19, 8:03 PM
Agreed.

Jared Isaacman: 5/7/19, 8:03 PM
Just need to make sure we don't look
like a crazy ex girlfriend in the
process.
There is a balance...

[End of second part of text exchange]
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May 8, 2019

[Third part of Text Message Exchange]
(Continued text message exchange on same exhibit)
Taylor Lavery: 5/8/19, 2:52 PM
Hey, just got off the phone with Card
Connect legal and Bolt legal. They do
not believe they have any liability and
expect us to eat all fraud losses and all
expenses. They said everything should
be pass thru and we have an
obligation to fund all losses. We will
need your help...

Jared Isaacman: 5/8/19, 2:54 PM
That's an awesome way to start a
Friday
I mean a Wednesday

Taylor Lavery:: 5/8/19, 2:54 PM
lol

Jared Isaacman: 5/8/19, 2:54 PM
I'm going to send a few texts.
Can you summarize the main
disagreement points for me.

[End of the third part of text exchange]
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[Fourth part of Text Message Exchange]
(Continued text message exchange on same exhibit)

Taylor Lavery: 5/8/19, 3:00 PM
1. Pass thru expenses - they believe
all losses are passed thru to us,
including expenses. They have not
provided a full breakdown.
2. They believe we need additional
time to migrate merchants, even
though we have only 214
merchants and they only process $5-
6m in volume. They claim there
are extenuating circumstances.
3. They claim revenue, transaction
fees, expenses were all estimates,
so we can't rely on them

Jared Isaacman: 5/8/19, 3:01PM
Any estimate on expenses?
What are extenuating
circumstances? That seems like
the most ridiculous one.

[End of fourth part of text exchange]
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[Fifth part of Text Message Exchange]
(Continued text message exchange on same exhibit)

Taylor Lavery: 5/8/19, 3:08 PM
We estimate expenses to be around $400-500k
right now, that is just a guess. Only actual
expenses we know about is the $37k in legal
fees. They said they would provide a
breakdown, but have not. My guess is they
will try and stick us with the
$2.1m, just a guess.
Extenuating circumstances is because Bolt is
going thru a PCI audit, so they claim their
resources tied up.

Jared Isaacman: 5/8/19,3:10 pm
Did we ask for this audit?

Taylor Lavery: 5/8/19, 3:10 PM
No

Jared Isaacman:5/8/19, 3:10 PM
Okay.

[End of fifth part of text exchange]
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[Sixth part of Text Message Exchange]
(Continued text message exchange on same exhibit)
Jared Isaacman: 5/8/19, 3:12 PM
I'm going to do this now. Hold on
incoming.

Taylor Lavery: 5/8/19, 3:12 PM
kk

Jared Isaacman: 5/8/19, 3:30 PM
Sent

[End of Sixth part of text exchange]
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[Seventh part of Text Message Exchange]
(Continued text message exchange on same exhibit)
Jared Isaacman: 5/8/19, 9:37 PM
Scott called me. I didn't pick up.

Taylor Lavery: 5/8/19,9:40 PM
Let him sit and stew...

[End of Seventh part of Text Exchange and Exhibit 28]

Scott,
I am in receipt of the email below and have also
been kept up to speed on the correspondence
between our respective legal teams.  I'm very
disappointed, although not surprised, at the position
Card Connect is taking in this matter.
We entered into negotiations on the Bolt portfolio
last year, and we made our intentions clear from the
outset. We were looking for a reasonable, economic
wind-down of the portfolio that supported our
retention efforts for as long as possible, while being sure
not to disadvantage Card Connect in any way. In that
spirit, we relied on representations made by Card
Connect, relating to transaction counts, monthly
revenue, expenses and anticipated fraud that could
occur during the wind-down period. The wind-down
date was established, consistent with cur contract,
and all of our actions were governed by those
expectations.
It now seems, based on Card Connect's position,
the Bolt portfolio was considerably misrepresented. I
recognize your own employment at Card Connect was
just beginning around that time, but nevertheless our
decisions were made in reliance on information
represented by semenior [sic] members of your present
team.
We simply cannot accept further costs, expenses, fraud
liabilities or other misrepresentations in connection
with the Bolt portfolio. There are only 214 merchants
remaining on the platform who we will begin
immediately transitioning for termination within 30
days. Do not use excuses of an audit, for which we
never requested, for not taking responsibility for the
Bolt environment.

We will not be paying another invoice to Card Connect,
We have already instructed our bank to reject all
incoming ACH requests. We will also be seeking
damages associated with the losses we incurred during
the wind-down period, arising from acting on the
representations made by Card Connect throughout the
negotiation process.
Please do not mistake my candor as a lack of respect
for you; but 1 have little patience left for members of
your current executive team.

Jared

[End of Exhibit 18]

[Start of Text Message Log Image]
(Image of a phone screen showing text messages - All between Jared Isaacman and Scott Ward)

May 8, 2019

Jared Isaacman: 5/8/19, 3:26PM
Scott, I am in receipt of the email
below and have also been kept up to
speed on the correspondence
between our respective legal teams.
I'm very disappointed, although not
surprised, at the position Card
Connect is taking in this matter. We
entered into negotiations on the Bolt
portfolio last year, and we made our
intentions clear from the outset. We
were looking for a reasonable,
economic wind-down of the portfolio
that supported our retention efforts
for as long as possible, while being
sure not to disadvantage Card
Connect in any way. In that spirit,
we relied on representations made by
Card Connect, relating to
transaction counts, monthly revenue,
expenses and anticipated fraud that
could occur during the wind-down
period. The wind-down date was
established, consistent with our
contract, and all of our actions were
governed by those expectations.

Jared Isaacman: 5/8/19, 3:27 PM
It now seems, based on Card
Connect's position, the Bolt portfolio
was considerably misrepresented. |
recognize your own employment at
Card Connect was just beginning
around that time, but nevertheless
our decisions were made in reliance
on information represented by
senior members of your present team.

Jared Isaacman: 5/8/19,3:27 PM
We simply cannot accept turther
costs, expenses, fraud liabilities or
other misrepresentations in
connection with the Bolt portfolio.
There are only 214 merchants.
remaining on the platform who we
will begin immediately transitioning
for termination within 30 days. Do
not use excuses of an audit, for
which we never requested, for not
taking responsibility for the Bolt
environment.
We will not be paying another invoice
to Card Connect. We have already
instructed our bank to reject all
incoming ACH requests. We will also
be seeking damages associated with
the losses we incurred during the
wind-down period, arising from
acting on the representations made
by Card Connect throughout the
negotiation process.

Jared Isaacman: 5/8/19, 3:27 PM
Please do not mistake my candor as
a lack of respect for you; but I have
little patience left for members of
your current executive team.

[End of Exhibit 24]

[Start of Text Message Exchange Image]
(Image of a phone screen showing text messages)

Jared Isaacman: 1/24/19, 4:36 PM
So it seems we are escalating
quickly towards litigation. Pretty
absurd. Any chance of the
Godfather stepping in here?

Mike Mertz: 1/24/19, 4:46 PM
Can u give me a 10 second summary

Jared Isaacman: 1/24/19, 4:51 PM
Okay. We buy assets (customer
contracts). We do not assume liability
for anything before that time. We are
good customers - lots of payments
processing business to them. We
have them a security deposit. We did
everything right. They claim all fraud
losses in history(before we owned the
customers, like two years before ) are
on us. This is the complete opposite
of what two members of their
executive team said when we did the
deal. They want to take it out of our
security deposit. We have emails .
They owe us money

Jared Isaacman: 1/24/19,4:52 PM
This is not my preferred area of
expertise

Mike Mertz: 1/24/19, 4:53 PM
Got it... let me see what i can do

Jared Isaacman: 1/24/19, 4:53 PM
I appreciate it

Mike Mertz: 1/24/19, 5:15 PM
Talked to (redacted).
He wants
another day or 2 before pulling in JE.

Jared Isaacman: 1/24/19, 5:16 PM
Ok.

[End of Exhibit 34]

From:  Jared Isaacman
Sent: Friday, January 18, 2019 3:55:38 PM
To: abe.mcgrew@cardconnect.com
Cc: Taylor Lavery
Subject: Bolt

Abe,
As follow up to our call on Wednesday, please find to attached
the following information:
1. Sample merchant statement, from December, with current
pricing
2. Active MID report, capturing all merchants curently processing
volume on the platform.
3. Transaction count by card type for the last 90 days.
As mentioned, we intend to transition the remaining merchants
off of the Bolt platform within 4-5 months. We can manage
communication to the merchants, but would request Card Connect
to initiate the 60 day notice of termination, on your letterhead,
around the middle of February. This should provide for sufficient
time to complere [sic] the transition by the end of Q2.
Ihave also attached the prior analysis we performed last summer,
with a snapshot of financials from that period. As you can see, the
revenue has declined since then. We recognize there has been
some incremental fraud loss during the wind-down, and we still
intend to reconcile any shorfall between the $30k deposit and
actual losses. We will also make sure Card Connect is covered for
any expenses incurred, up until the last merchant has
transitioned.
Please let me know if you have any questions.

Jared
Attachments:
Bolt Merchant Statement (Dec).pdf
Bolt Active MID Report.xlsx
Bolt Transaction Report.xlsx
Bolt Financials.pdf

[End of Exhibit 5]