From:  Jared Isaacman
To: Taylor Laurer
Date: 2018/11/05 11:57:12 AM
Subject: RE: FW:

Hey. Do not communicate on that cell phone again.

From: Taylor Laurer
Sent: Monday, November 5, 2018 11:57:00 AM
To: Jared Isaacman
Subject: FW: FW:

Attached

From: Taylor Rhodes
Sent: Monday, November 5, 2018 11:56:51 AM
To: Taylor Laurer
Subject: Fw: FW:

Please see below!

From: Deanna Lorenti <[REDACTED]>
Sent: Monday, November 5, 2018 8:51 AM
To: Taylor Rhodes<[REDACTED]>
Subject: FW: FW:

Can you send this to Taylor L?

Thanks

Sent from my iPhone

Begin forwarded message:

From: "Mike Sommers" <[REDACTED]>
Date: November 5, 2018 at 8:43:59 AM EST
To: "Lorenti, Deanna" <[REDACTED]>
Subject: RE: FW:

Got it. I think you'll like what you see.

From: Lorenti, Deanna [REDACTED]
Sent: Monday, November 5, 2018 8:43 AM
To: Mike Sommers
Subject: FW: FW:

Can review this week?

From:  Jared Isaacman
To: Taylor Laurer
Date: 2018/11/05 12:39:08 PM
Subject: RE: FW: FW:

Also, if you aren't in the office now. Please come in so we can talk

-------Original Message-------

From: Taylor Laurer
Sent: 11/5/2018 11:57:00 AM
To: Jared Isaacman
Subject: FW: FW:

Attached

From: Jared Isaacman [mailto:[REDACTED]]
Sent: Thursday, November 08, 2018 5:29 PM
To: J.D. Oder II [REDACTED]
Cc: 'Samir Gupte' [REDACTED]
Subject: CardConnect Follow-Up

J.D.,

Great call today. I just followed up with my COO (copied) and we are good to proceed.

We are prepared to:
1. Waive all integration and certification charges.
2. Match the economics that were outlined in the Card Connect/First Data proposal on interchange plus 12.5
basis points on all card brand volume and $0.05 per transaction with $10 a month per account and $10
statement fee.
3. We are prepared to offer a line of credit and/or a signing bonus associated with this opportunity, although
we will absolutely need an exclusive arrangement as those funds could never be recouped if we were one
vendor among many.

We believe in partnerships that create "water cooler" talk and do not believe that can be achieved without #3.

We are very excited about this opportunity and feel it will be a great way for us to apply pressure on First
Data/CardConnect. Your team shared many compelling reasons why going the "direct route" on the card
brand programs would benefit everyone.

We can begin the technical work immediately, and once you have had a chance to review, l'd like to get back
on the phone to discuss the overall volume, number of locations, potential timing, and if you think a line of
credit or signing bonus will be needed.

Thanks again - this is going to be awesome.

Best Regards,

Jared

--
Jared Isaacman
Founder/CEO
Shift4 Payments

From: Jared Isaacman [mailto:[REDACTED]]
Sent: Thursday, March 18, 2010 5:29 PM
To: Robert Carr
Cc: 'Taylor Laurer'
Subject: RE: lighthouse

Bob,

As I said, I appreciate your time today and look forward to hearing from you after your visit with First Data.

On the Harbortouch front, you guys should proceed with extreme caution. Here are many, many data points
to assist:

 The Harbortouch program is 100% derived from the intellectual property of the Mercury reseller
program, which was a program established at BA/Mercury prior to First Data’s acquisition. I know
this, because I worked as an outside sales agent for BA/Mercury at the time. I still have the original
program documentation (agent agreement and program guidelines) and it is 100% the same as the
Harbortouch program.

    o In fact, our very first merchant services customer (over 10 years ago) was a customer of
       mine from Mercury who had a terminal on their reseller program. It was a free Hypercom
       T7Plus back then, which is the same one used at Harbortouch.

    o What is also identical to the Mercury reseller program is the requirement of the terminal to
       download from the Mercury host. This will obviously make Harbortouch 100% reliant on
       Mercury for transaction processing and, at least from experience, the reliability of it has been
       terrible.

 Please do not make the mistake of sharing any data points with Harbortouch (pricing, terms, etc.)
   that you wouldn’t want Mercury or First Data to know.

From: Jared Isaacman mailto:[REDACTED]
Sent: Friday, February 23, 2018 5:17 PM
To: Frank Young
Cc: Taylor Laurer
Subject: RE: P2Povo

Of ourse. I will get you the First Data certification. Will have my CTO follow up

Jared

-----Original Message-----
From: Frank Young [mailto:[REDACTED]
Sent: Friday, February 23, 2018 5:14:13 PM
To: 'Jared Isaacman' <[REDACTED]>
Cc: Taylor Laurer <[REDACTED]>
Subject: RE: P2Povo

Jared,

Do you have P2PE cert to First Data?

Thanks,
Frank

-----Original Message-----
From: Jared Isaacman [mailto:jisaacman@shift4.com]
Sent: Wednesday, February 14, 2018 7:21 PM
To: Frank Young
Cc: Taylor Laurer
Subject: P2Povo

Frank,

I should have mentioned before as I know it is important to your security requirements.

We are a validated P2PE solution provider. This means our encryption/tokenization methods are certified PCI
Council approved.

I would put our security capabilities up against anyone out there.

I am available by phone this week to discuss at your convenience.

Best Regards,

Jared

--
Jared Isaacman
Founder/CEO
Shift4 Payments
[REDACTED]
www.shift4.com

From: Jared Isaacman [mailto:[REDACTED]]
Sent: Sunday, June 03, 2018 9:37 PM
To: '[REDACTED]'
Subject:

I have 90 minutes before I leave today and on plane so apologize for any typos. There is just so much my
people and yours are missing that I had to share in written form. I also realize there are many parties to this
message that you must communicate this to after you and I connect.

I want to summarize two phone conversations. I felt the conversations, while pleasant, were very
concerning and indicative as to the challenges we are going to continue to encounter as we put this program
together. I want to be very clear that I am not blaming you personally for these conversations as I know you are
not a payment expert, are likely getting your talking points from your advisors, and it's very probable this is just
as frustrating for you as it is for me.

As I shared on our last call, I didn’t want to make this a frequent occurrence where you and I are often pulled
off the phone lines in order to put the program together, but I can clearly see after these two conversations that
we should implement "escalation procedures" to mitigate risk moving forward and put this collaboration
together for mutual success.

First, the phone calls.

I am going to summarize both calls as they were almost the exact same message only with different
personalities. Both of these members of your team opened by essentially saying, "We don't know who you
are, what you do or why we should do business with you. Give us your best sales pitch and reasons why we
should proceed with Shift4." This came from the same people who, just a few weeks earlier, had
acknowledged they had "heard great things" about us, how we were the last true independent gateway in the
industry, and that's why we are at this point. I thought it was a joke.

Second, both of your people stated they were not technical and were unable to answer my questions in terms
of the overall architecture of the integration or software environment. They didn't know the version of software
being used, the operating system or the APIs that could be supported. This is problematic since we were told
that the technical requirements were 99% complete.

It is my opinion, that your team is putting themselves at great financial risk, and introducing unnecessary delays
by relying on third-parties with conflicting financial incentives to advise on an area of considerable
importance - the payment integration. Your advisors are not capable of answering some of the most basic
questions and did not seem concerned by their acknowledged lack of knowledge. They literally said that you
have no payment experience, or expertise, on your staff and will do whatever your advisors tell you to do.
They are also directing your team on their "sales pitch" to us. I can only imagine the other terrible advice they
are likely giving out as part of this integration effort.

From: Jared Isaacman [mailto:[REDACTED]]
Sent: Tuesday, July 09, 2019 7:21 PM
To: '[REDACTED]' <[REDACTED]>
Cc: '[REDACTED]
Subject: Follow Up

[REDACTED]

As always, it was great connecting. I appreciate the follow-up call as today’s payment landscape discussion
was incredibly important. This needs to get completed. We are your best option.

I did follow up with my team per your request. They will get a proposal over to you tomorrow as it relates to a
signing bonus. While they are still going through the 2019 location count, inclusive of acquisitions, it's
anticipated to be ~$70M in processing volume representing ~400 locations. As a reminder, our proposal
includes:

   No gateway fees per location ($20/month savings)
   No annual PCI fees ($120+/year)
   A direct integration bypassing the many layers of the First Data environment (stable)
   A EMV and P2PE certified solution for all environments (Micros, Oracle, Agilisys, etc.)
   No annual contract and completely month-to-month
   A very low rate of 8.5 bps and $0.06 that includes all card brand fees

I also want to share that I did tell the internal team to prepare for a signing bonus of at least $500k.

I would also like to take a moment to share some color from my background, as I mentioned in our last call. I
do think this is important for others to hear as we work to complete this partnership.

We launched our payment gateway in 1999. We have competed with First Data and their various
acquisitions (Linkpoint, YourPay, IC Verify, Payeezy, Card Connect, etc.) for 20 years. We are also direct
with the card brands (Visa/MC/Amex/Discover) so we cut out many of unnecessary and costly layers that are
part of the First Data environment.

For the last 10 years, our company has supported a $10M partner program to assist software companies
with integrating payments into their applications because it is in our best interest that they have payment
capabilities within their products. This payment program includes many forms of financial aid, such as
revenue sharing when they use our payment gateway, engineering cost subsidies when they complete
development to our gateway, and bonus payments for certifications to our gateway. This program is
available to all of our customers, which includes your company.

I am also going to put a placeholder on the calendar so we can connect next week.

Thank you again and I look forward to making this happen – as it truly delivers benefits to all parties.

Best Regards,

Jared
--
Jared Isaacman
Founder/CEO
Shift4 Payments

From: Jared Isaacman [mailto:[REDACTED]
Sent: Monday, July 15, 2019 5:53 PM
To: [REDACTED]
Cc:[REDACTED]
Subject: Re: Talking Points

Got it. Just landed. Will do my best to get you something in the next 30 mins

Sent from my iPhone

On Jul 15, 2019, at 5:45 PM, [REDACTED] wrote:

[REDACTED], per our brief chat, I wanted to follow up on the talking points we discussed. Any insight you can
give would be helpful. Apologies for the short notice.

I have copied [REDACTED]

Thanks

[REDACTED]

From: Jared Isaacman [mailto:[REDACTED]
Sent: Wednesday, July 17, 2019 1:56 PM
To: taylor@first-american.net
Cc: [REDACTED], [REDACTED]
Subject: RE: Talking Points

Thanks, just landed.. I was referring to if we paid a bonus, that could never happen.

Per our discussion, a per location fee based on revenue is not a preferred option. It would have to very high
and that would just defeat the purpose of taking advantage of the volume benefits we discussed.

I will come back shortly with a recommended bonus amount.

Jared

-----Original Message-----
From: Taylor Laurer [mailto:taylor@first-american.net]
Sent: Wednesday, July 17, 2019 1:54:00 PM
To: 'Jared Isaacman' <[REDACTED]>
Cc: '[REDACTED]' <[REDACTED]>;[REDACTED]
Subject: RE: Talking Points

Can you clarify what you mean in your last sentence?

Thanks!

Taylor Laurer
President

First American Payment Systems
100 Throckmorton Street
Suite 1800
Fort Worth, TX 76102
[REDACTED] | www.first-american.net

-----Original Message-----

From: Jared Isaacman [mailto:[REDACTED]
Sent: Wednesday, July 17, 2019 1:53 PM
To: taylor@first-american.net
Cc: [REDACTED]
Subject: RE: Talking Points

One additional thought, as it was a topic of conversation. We would never use another gateway at your
restaurant, regardless if such incentives were in place. It would probably be cheaper for us to leave.

Jared

-----Original Message-----
From: Jared Isaacman [mailto:[REDACTED]
Sent: Wednesday, July 17, 2019 1:42 PM
To: taylor@first-american.net
Cc:[REDACTED]; [REDACTED]
Subject: Talking Points

Taylor and Neil,

I apologize for the delay in responding. I was mid-flight and without internet access.

I did want to share some thoughts to help with finalizing our arrangement.

First, I do believe we have a very compelling value proposition for your business. It includes:

• Bypassing all of the layers within the First Data environment (stability/performance)
• Eliminates per location/monthly fees and an annual contract
• An extremely low rate that benefits from all of the card brand programs
• A direct connection with our four-wall certifications to all of your systems
• The elimination of at least $500k that otherwise would be paid to CardConnect

I agree with your earlier comments that incentives, such as signing bonuses, are unnecessary when there is
such a strong value proposition in place.

In prior discussions, there has been an emphasis on "cost" and "risk" to [REDACTED]. I can
certainly appreciate this perspective. I do, however, believe that the most important message to convey should
revolve around the inherent risk in your present environment.

• You are in an annual contract that renews next month
• It is with a vendor, CardConnect, that has been sold twice in the last three years
• You are a small customer to First Data, representing less than .01% of their revenue, which naturally
    limits the support you will receive
• You are paying for services you should not have to pay for
• You are at the mercy of a vendor, CardConnect, that is incentivized to raise your rates.

I just have a single question to consider. If a payment gateway were to experience a major outage and cause
nationwide disruptions, do you think that CardConnect has more to lose, and would do more for their parent
company First Data, or for a customer that represents .01% of First Data’s annual revenue? That answer is
obvious to me.

I'd like to get this wrapped up, as do you.

Let's connect this afternoon.

From: Jared Isaacman [mailto:[REDACTED]]
Sent: Friday, June 29, 2018 6:15 PM
To: [REDACTED]
Subject: Re:

I am 100% in for a pure rev share. We have a $10M partner fund to assist software companies with going to
market with a payment solution. In this situation, no investment would be required but we can share economics.

I am simply traveling now and then will give you the many reasons why pure rev share makes far more sense
than them entering that big world of payments.

Let's connect by phone later.

Jared

Sent from my iPhone

On Jun 29, 2018, at 6:10 PM, [REDACTED] wrote:

Jared,

I spoke to [REDACTED] briefly. He is interested in discussing the revenue share further. He also mentioned
he is currently in discussions with First Data regarding becoming a payment facilitator. His goal is to
eventually become a PF to capture more of the overall revenue.

I would like to set up another meeting for next week if possible. What does your availability look like?

Thanks,
[REDACTED]

From: Jared Isaacman [mailto:[REDACTED]]
Sent: Monday, July 09, 2018 7:33 PM
To: [REDACTED]
Subject:

This is a total mess and waste of time. They do not know how to build an integration. It's probably best to just
tell [REDACTED] that his guys are not qualified and to find a new team to advise him. He's going to lose
millions in breakage.

Sent from my iPhone

From: Jared Isaacman [mailto:[REDACTED]]
Sent: Sunday, November 19, 2017, 10:57 PM
To: [REDACTED]
Subject:

[REDACTED]
I greatly appreciate the time today. I know how busy your schedule is.

Per your request, I wanted to share some preliminary information in advance of our meeting on the 29th
with [REDACTED]

Background: We began as a payment gateway company with our first customer going live in 1999. We
have competed with First Data and their various gateway acquisitions (Linkpoint, Yourpay, CardConnect,
etc.). We are connected directly with Visa, MasterCard, American Express and Discover. For perspective,
First Data purchased Card Connect for ~$780M last year. We have always viewed Card Connect as our
primary competitor in the gateway space.

Industry Problem: We have witnessed significant consolidation within the payment space. First Data,
Vantiv, Chase and Global Payments have acquired all the major competitor. This has resulted in awful
service.

Shift4 Solution: We are the last, scaled, independent payment gateway in the country. We provide
superior technologies, support and economic.

Opportunity: We have traditionally provided our payment gateway services on a wholesale basis to
software companies and resellers. Restaurant Manager is a reseller of Card Connect, which is owned by
First Data. Card Connect imposes an additional layer on the payment process. They operate their own
payment gateway but also resell other gateways, like ours, at higher prices.

We can provide Restaurant Manager, and all their point of sale software partners, with a direct connection
that eliminates the cost and stability challenges imposed by Card Connect. It also delivers far superior
economics that improve my 2-3x.

Best Regards,

From: Jared Isaacman [mailto:[REDACTED]
Sent: Tuesday, February 04, 2020 2:09 PM
To: [REDACTED]
Cc: [REDACTED] [REDACTED]
Subject:

[REDACTED],
As always, great talking to you.

We appreciate the feedback. Per our discussion, will absolutely get you our economic proposal, and
technical documentation, this week.

Best Regards,

Jared

--
Jared Isaacman
Founder/CEO
Shift4 Payments

From: Jared Isaacman [mailto:[REDACTED]]
Sent: Thursday, July 09, 2020 9:17 PM
To:[REDACTED]
Subject: Re: cloud

Sounds good. I have customer meetings until 12:30pm so please call after that.

Sent from my iPhone

On Jul 9, 2020, at 6:46 PM, wrote:

Jared,

I can be available tomorrow anytime after 10am EST. Let me know what works best for you.

Thank you,

Sent from my iPhone

> On Jul 9, 2020, at 3:28 PM, Jared Isaacman <[REDACTED]> wrote:
>
> 
> Can you call tomorrow?
>
> Sent from my iPhone

From: Jared Isaacman [[REDACTED]]
Sent: Tuesday, November 27, 2018 1:32 PM
To: [REDACTED]
Subject:

[REDACTED]
Thank you for your time earlier today. I appreciate you walking me through the environment.

Please see the below questions, per our discussion.

1.  Can send me a list of the levels and versions of the software that are presently deployed?
2.  Can you confirm a date for when the production environment will be upgraded, to at least version [REDACTED] so we can deploy a certified solution?
3. Can you please introduce me to your contact at [REDACTED] so we can coordinate certification schedules?

I look forward to your response and finalizing our arrangement, which can begin delivering value within the next 30-60 days.

Best Regards,

--
Jared Isaacman
Founder/CEO
Shift4 Payments