From: Jared Isaacman
Sent: Wednesday, December 11, 2019 4:21 PM
To: J.Resnick@shift4.com; abiederman@shift4.com
Subject:

Adam and Jon,

Hope you are both doing well.

I know there are a lot of industry rumors out there and they probably made their way to you
that we are out shopping the business. For the record, they are true. We are getting pretty far
along with TA and another PE firm that many of you know. They are submitting LOIs by the end
of the week. I think either could be good partners for us on the next chapter.

I have some concerns with the Card Connect litigation. First, it’s taking a very long time and I
doubt we will see resolution before the end of Q1 and that will not look good alongside the
PE activity. Second, I was planning a big family vacation at the end of Q1 on the boat
somewhere and it looks like I am getting deposed in early April so that is going to conflict.
Third, and obviously most important, the cash on our balance sheet between the holdback,
fees and the overall cost of the litigation will be unacceptable.

My ask is simple. I want to put an end to all of this. My objective is to get the best possible
outcome here and 1 am willing to accept some risk to make it a quick resolution. I have no
interest in going through 2020 with this on the books.

We have a board call tomorrow. I obviously think it will be best to have an update to share.

As always, appreciate your help.

Jared

CONFIDENTIAL

From:   Jared Isaacman
Sent:   Friday, January 17, 2020 11:30 AM
To: J.Resnick@shift4.com
Subject:    RE:

I also don’t think jpmc wants to get into our dispute with card connect. I don’t think they want to read about all
that in a lawsuit. Will stay in touch on all of it.

From: J.Resnick@shift4.com <J.Resnick@shift4.com>
Sent: Friday, January 17, 2020 9:57 AM
To: Jared Isaacman <jared@shift4.com>
Subject: Re:

I agree. It really depends on their appetite for payments I guess. I will let you know as soon
as I hear. They seemed genuinely interested so that's good.

>>On Jan 17, 2020, at 9:47 AM, Jared Isaacman <jared@shift4.com> wrote:
>>
>>
>>
>>Jon,
>>
>>I spoke with the global head of fintech banking at jpmc yesterday at length. Very nice
>>guy. He mentioned you spoke with them about banking for shift4 I gather a long time
>>ago. He said they would be interested.
>>
>>I thought it was a good fit for many reasons. First, they have a huge commercial card
>>presence so maybe they can get Amex acceptance up. Second, they own wepay which
>>is a good platform so maybe they are interested in consolidating it with ours. Third, I
>>think they are hungry to get into merchant acquiring. Forth, having a bank like them on
>>our side would be good if this card connect thing does drag on forever.
>>
>>What are your thoughts? Should I stay in touch with them.
>>
>>J
>>
>>CONFIDENTIAL

From:   Jared Isaacman <jared@shift4.com>
To: abiederman@shift4.com
Sent:   Wed, Dec 18, 2019 11:06 am
Subject:    RE: Happy Holidays

Agreed. Let’s talk tomorrow.

And yes, I am sure Taylor will support us in all areas. He is
a pro.

From: abiederman@shift4.com
Sent: Wednesday, December 18, 2019 10:57:11 AM
To: Jared Isaacman
Subject: Re: Happy Holidays

Yeah, I was a bit shocked on both fronts. Will have to
keep an eye on it.

On the topic of Card Connect, I'm working on a way to
get this to the CEO. I'm thinking that will be the
quickest/best way to get it resolved. We should talk it
through.

I'm guessing Taylor came recommended from Jeff. He
should be able to help with our lobbying efforts.

Sent from my iPhone

On Dec 18, 2019, at 10:53 AM, Jared Isaacman
<jared@shift4.com> wrote:

Adam,

Merry Christmas. Hope you guys do something
special for the holidays..

I saw two news items that caught my attention.
First, Global Payments bought a seemingly
non-strategic asset that is kinda like Harbortouch
from back in the day. Wonder if they would have
interest in our gateway. Second, I saw Jeff
Sprecher, who I am told used to be or still is a
large Card Connect shareholder, bought the NYSE.
That is a strange one. He must have liked the
merchant business.

Also, I am working with Taylor on some tax
considerations for 2020. I met him in DC but I
think you know him better. Do you think he can
help with some lobbying on the interchange
legislation? I figured he can assist.

j

CONFIDENTIAL

From: Jared Isaacman
Sent: Thursday, January 2, 2020 8:59 AM
To: 'Senator Toomey
Subject:

Senator,

Happy New Year! I hope you and your family had a wonderful holiday. 

I know there are a million pressing matters going on both here and overseas so I will keep this very brief. I need a little
help on two items and I know you will know what to do.

First, I am working on my annual presentation to the Federal Reserve and it's always very well received. They often
ask me to present to the various Governors who oversee payments. I always put a great deal of effort into preparing
for this presentation and, of course, share my perspective from the front lines. I have attached last year's presentation
for your reference. I would really appreciate it if you can put in a good word for me at the Fed. I know you are very
close with all the Governors there. It would be great if they take my concerns seriously.

Second, I was hoping you could get me your autograph for a veteran I know. He sent me a text that I have copied
below. His name is Frank and I can ship the items to your office. I am only asking for this one veteran --- I do not
want to make a habit of this. I have a lot of asks all the time.

Frank: "Buddy, hey I hate to ask but my friends Dad served with our Senator Toomey and is dying of cancer from
agent orange. He would be happy to get a picture and autograph if you could ask for me."

Thanks again. Again, sorry to bother you with so much. I know you will give me good guidance.

Jared

CONFIDENTIAL

From:   Jared Isaacman
Sent:   Thursday, January 2, 2020 10:48 AM
To: 'Senator Toomey'
Subject:    RE: Happy Holidays

Senator,

Sorry. I forgot to add another important item. Please forgive me.

I am a big supporter of Representative McHenry. As you know, he is also on the financial services committee with
you and serves as the ranking member. He has some big shoes to fill with you retiring as chairman .

I am throwing a big event for him on Super Bowl Sunday, and I expect a large crowd. As you know, I really don’t like
getting involved in politics (too much drama), but I am doing this as a sign of respect for his leadership and all of the
past support he has provided me representing the payments industry. He has been invaluable.

Can I count on you to show up? I would love to have a current sitting Senator there.

Jared

CONFIDENTIAL

From: Senator Toomey
Sent: Thursday, January 2, 2020 11:35 AM
To: Jared Isaacman
Subject: Re: Happy Holidays

>Jared
>
>I really appreciate the kind words.
>
>I will check my schedule for Super Bowl Sunday. I would love to be there to
>honor Congressman McHenry
>
>I also reached out to a friend at the Fed. Let me see if he can help.
>
>I am happy to sign anything for a vet. Send it over
>Best
>Pat

Sent via the Samsung Galaxy S9, an AT&T 5G Evolution capable smartphone

CONFIDENTIAL

From: Jared Isaacman
Sent: Tuesday, February 4, 2020 7:51 PM
To: Senator Toomey
Subject:

Senator,

It was great seeing you Sunday. I really appreciate you making the trip to support representative McHenry. He was
very grateful.

On a different note, I am getting increasingly concerned about the Card Connect litigation. As you know, it’s our
biggest competitor on the street right now and we were forced to put the brakes on an acquisition we wanted to
close in January. I heard from another CEO in our industry that Card Connect is contacting our customers
attempting to solicit them in violation of our agreements. This could inflict a great deal of damage to us right now
before this litigation is resolved. They want to destroy our ability to make acquisitions forever !

Do you think there is anything to do here? I recall that they were contributors to the other side in your last
campaign. I am very annoyed but there is not much I can do.

I have an update on the matter. The judge just unsealed the record to the public ! I wonder if they can get any
political help to stop the games. We need the government to help small business against these bullies.

Thanks again for your guidance.

Jared

CONFIDENTIAL

Unknown: Hope you are doing well. I was reminded in an email that it’s been 9 months since we spoke. I also happen to have some
important news to share. Are you available for a call?

Jared Isaacman: Yes. How about tomorrow around lunch my time. I will fill you in on the cardconnect developments.

570-xxx-xxxx
Today 4:19 PM
Did you get my package? I also
followed up with your guy on the
emails. He needs a list to do the
export.
Yes. Got it today. Thx u. I will put
together a list now

10/31/19, 4:20 PM
I added a keyword search in the
discovery order that you may pick Up

I didn't mean to do that

Oh. Ok. I will have my guy remove it

What was the phrase?

/9j/4AAQSkZJRgABAQAAAQABAAD/2wBDAAIBAQIBAQICAgICAgICAwUDAwMDAwYEBAMFBwYHBwcGBwcICQsJCAgK
CAcHCg0KCgsMDAwMBwkODw0MDgsMDAz/2wBDAQICAgMDAwYDAwYMCAcIDAwMDAwMDAwMDAwMDAwMDAwMDAwMDAwM
DAwMDAwMDAwMDAwMDAwMDAwMDAwMDAz/wAARCAEsAeADASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL
/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwE
AAwEBAQEBAQEBAQAAAAAAAAECAwQFBgc