From: Jared Isaacman <redacted>
To: "[Redacted]
Date: July 4, 2017 4:10PM
[Redacted]-
Just heard Blackstone committed to investing $100M+ in
Shift4 at close. Very serious people that took a real hard
look at us, mgmt, customers tech stack compliance etc.
Was an absolute requirement of their investment to stay w
my team long term.

From: Jared Isaacman <redacted>
To: Taylor Lauber <redacted>
Date: 11/14/2017 1:46:01 PM
Subject:

Begin forwarded message:
From: Stephen Schwarzman <redacted>
Date: November 14, 2017 at 1:16:18 PM EST
To: Jared Isaacman <redacted>
Subject:
Jared,
Great call. We also picked up additional positive feedback
from some of your biggest customers. We're backing an
unusual winner.

From: Jared Isaacman <redacted>
To: Taylor Lauber <redacted>
Date: 8/1/2017 9:36:13 AM
I am about to finalize deal w Blackstone. It's at $290M
pre-money, Want to allocate 80-90% of that to
shareholders. I take nothing. How does that sound?
This is a big league PE firm, a very serious process.

From: Taylor Lauber <redacted>
To: Jared Isaacman <redacted>
Date: 8/1/2017 9:48:10 AM
Sounds amazing. So around 240 to go around?

From: Jared Isaacman <redacted>
To: Taylor Lauber <redacted>
Date:8/1/2017 9:49:12 AM
yup

From: Jared Isaacman <redacted>
To: Taylor Lauber <redacted>
Date: August 7, 2017 5:14 PM
Any concerns w $200-220M going to shareholders in
BX deal?
---
From: Taylor Lauber <redacted>
To: Jared Isaacman <redacted>
Date: August 7, 2017 5:16 PM
No. Happy for everyone
---
From: Jared Isaacman
To: Taylor Lauber <redacted>
Date: August 7, 2017 5:18PM
Ok. Good. Would rather keep everyone involved than
start from scratch.

From: Jared Isaacman
To: Taylor Lauber
Date: 9/5/2017 7:37:17 PM
Also, don't want to create unnecessary distraction but
blackstone transaction is not going to happen. I can
explain why in person, they were just too difficult, but
walking away doesn't mean you and I can turn this in to
a multibillion enterprise of our own.

From: Taylor Lauber
To: Jared Isaacman
Date: 9/5/2017 7:37:40 PM
Ok whatever you think is best

From: Jared Isaacman <redacted>
To: Taylor Lauber <redacted>
Date: 9/5/2017 7:38:15 PM
We will talk at s&I. We are just going to change
industries.

From: Taylor Lauber
To: Jared Isaacman
Date: 9/5/2017 7:38:23 PM
Ok

From: Jared Isaacman <redacted>
To: Taylor Lauber <redacted>
Date: 12/2/17 8:23:23 PM

Did you speak with Blackstone?

From: Taylor Lauber <redacted>
To: Jared Isaacman <redacted>
Date: 12/2/17 8:23:38 PM

No

From: Taylor Lauber <redacted>
To: Jared Isaacman <redacted>
Date: 12/2/17 8:26:28 PM

I saw email to [Redacted] but didn't respond.

From: Jared Isaacman <redacted>
To: Taylor Tauber <redacted>
Date: 12/2/17 8:27:05 PM

Ok. Good. I don't think you should respond. I can't believe they went around me.

From: Jared Isaacman <redacted>
To: Taylor Lauber <redacted>
Date: 12/2/17 8:27:21 PM

Just say nothing

Taylor Lauber<redacted>
To: Jared Isaacman <redacted>
Date: 12/2/17 8:29:03 PM

I hadn't planned on it after our last conversation,

From: Jared Isaacman
Sent: Saturday, July 27, 2019 6:10 PM
To: Schwarzman, Stephen
Cc: Taylor Lauber; J. Taylor Crandall
Subject: Sensitive

Steve,

There were $90M of earn-outs to shareholders achieved in 2018 (of
which $54M went to Lauber). The proxy for the earn-out achievement,
which was defined in advance in our original merger agreement, was
EBITDAC of Shift4 in 2018.
Lauber has now entered into an agreement to acquire CardConnect
and, in doing so, communicated to at least one party an anticipated
run-rate EBITDAC, as of the closing of the CardConnect acquisition,
that is in excess of 170M.
This would be very problematic and represent the achievement of an
additional milestone triggering another $10M payment to the prior
shareholders (and $6M to Lauber).

Please advise.