From: J.D. Oder II
Sent: Saturday, May 19, 2018 5:55 PM
To: Sam Warshaver; Taylor LaFontsee; Michael D. Noble
Subject: Re: Meeting Tuesday

He did not
Sent from my iPhone

> On May 19, 2018, at 5:48 PM, Sam Warshaver <swarshaver@ftpartners.com> wrote:
>
> Great maybe we were just off on timing- did he call u just now?
>
>> On May 19, 2018, at 5:47 PM, J.D. Oder II <jod2@shift4.com> wrote:
>>
>> Haven't talked to him.
>>
>> Sent from my iPhone
>>
>>> On May 19, 2018, at 5:39 PM, Sam Warshaver <swarshaver@ftpartners.com> wrote:
>>>
>>> Perfect thanks
>>>
>>>> On May 19, 2018, at 5:37 PM, J.D. Oder II <jod2@shift4.com> wrote:
>>>>
>>>> I confirmed that Jared got the note.
>>>>
>>>> Sent from my iPhone
>>>>
>>>>> On May 19, 2018, at 4:35 PM, Sam Warshaver <swarshaver@ftpartners.com> wrote:
>>>>>
>>>>> Got it thanks-can u confirm jared (or whoever it was supposed to go to) got the note we sent
>>>>> Thx
>>>>>
>>>>>> On May 19, 2018, at 1:01 PM, J.D. Oder II <jod2@shift4.com> wrote:
>>>>>>
>>>>>> Spoke to Jared this morning, we are good for Tuesday.
>>>>>>
>>>>>> I think he is also working on getting Taylor and Noble free too.
>>>>>>
>>>>>> Sent from my iPhone

From:   Jared Isaacman
Sent:   Thursday, May 24, 2018 8:42 AM
To: 'rkennedy@first-annapolis.com'
Cc: Randy, Jr. Chin; J.D. Oder II
Subject:    RE: Shift4 Payments - Project Utah

Bob,

This has already been provided.

Randy – can you make sure Bob gets the projected #’s again.
Jared

From: Jared Isaacman [mailto:jared@shift4.com]
Sent: Sunday, June 03, 2018 3:30 PM
To: rkennedy@first-annapolis.com; Randy, Jr. Chin
Cc: J.D. Oder II
Subject: RE: Shift4 Payments - Project Utah

Randy,

Let’s address. We should also probably just send out the model at this point.

Jared

From: rkennedy@first-annapolis.com [mailto:rkennedy@first-annapolis.com]
Sent: Saturday, June 02, 2018 8:53 AM
To: Randy, Jr. Chin; Jared Isaacman
Cc: J.D. Oder II
Subject: RE: Shift4 Payments - Project Utah

Randy,

We are working through materials. I think your projections and model may have an error. You show EBITDA
increasing at a faster rate then Revenue, but costs increasing in line or at lower rate than increase in revenue.
This is not supportable in my experience.

I am using a revenue increase of 6% and EBITDA growth of 3%, but costs of goods and other expenses are
increasing at 2.5%. Please correct me if I am wrong.

Bob

Confidentiality Notice: This electronic transmission, including any attachments, is confidential and may
be privileged and/or proprietary. It is intended only for the individual or entity named above. Any use,
distribution. copying. printing, or disclosure of this communication by any other person is strictly
prohibited. If you are not the named addressee (or an employee or agent responsible for delivering this
message to a named addressee), you are prohibited from reading, saving. printing or copying this message
or any portion of it. If you have received this electronic transmission in error, please notify the sender by
reply transmittal, and then delete the message, as well as any attachments. Thank you.

From: rkennedy@first-annapolis.com [mailto:rkennedy@first-annapolis.com]
Sent: Monday, July 21, 2014 1:26 PM
To: jared@shift4.com
Subject: Question

Jared,

Is the 50 million of revenue in year one , net revenue after interchange or gross? Doesn’t look
like I/c is in cost of sales so was assuming gross which is not consistent with how you present
your company financials.

Also on an unrelated issue, and it may be too late. But in the discussion of moving money
around the company, it would have been a smaller number to move had you taken 13 million
for personal taxes owed because by moving the higher number for example 20mm , you incur
another 40% hit on the 7 million , that did get offset by avoiding paying 40% on the 13mm
you would have paid as a dividend. Also if you are using the 20mm to pay off related
company debt, it creates another tax issue as you took the money out of that entity to pay
your taxes.

Not critical to the deal but my job to make money not give it away.

Bob

From: J.D. Oder II [mailto:jod2@shift4,com]
Sent: Wednesday, November 14, 2018 4:45 PM
To: 'Sam Warshaver'
Cc: 'Taylor LaFontsee'; Jared Isaacman; Brad Herring; rkennedy@first-annapolis.com
Subject: RE: Follow up

He didn't respond.

I don't have the bandwidth to chase him right now, so I'll have to catch up with him next week.

From: Sam Warshaver [mailto:swarshaver@ftoartners.com]
Sent: Wednesday, November 14, 2018 4:43 PM
To: J.D. Oder II
Cc: Taylor LaFontsee; Jared Isaacman; Brad Herring; rkennedy@first-annapolis.com
Subject: RE: Follow up

Did he get back to you?

Sent from my iPhone

> On Nov 14, 2018, at 12:23 PM, J.D. Oder II <jod2@shift4.com> wrote:
>
> Responded.
>
>> On Nov 14, 2018, at 12:22 PM, Sam Warshaver <swarshaver@ftpartners.com>
>> wrote:
>>
>> You guys should probably call Taylor on the cell
>>
>> Sent from my iPhone
>>
>>> On Nov 14, 2018, at 12:01 PM, J.D. Oder II <jod2@shift4.com> wrote:
>>>
>>> Sam and Taylor,
>>>
>>>
>>> FYI, I just texted and emailed him to call me.
>>>
>>>
>>> J.D.

From:       Sam Warshaver [mailto:swarshaver@ftpartners.com]
Sent:       Tuesday, July 31, 2018 1:48 PM
To:     J.D. Oder II
Cc:     Taylor LaFontsee
Subject:        RE: signatures

He just called me I’m sure he has good simple reason- he usually answers me right away so if he doesn’t get back to you in an hour or so let randy know and copy me and I’ll help

Sam Warshaver
Managing Director
Financial Technology Partners LP
Financial Technology Partners GP LLC
FT Partners (Europe) LLP

220 Montgomery Street, Suite 1800 | San Francisco, CA 94104
Main: 415.512.8777 | Cell: 917.371.6907 | Fax: 415.512.8778
www.ftpartners.com

From: J.D. Oder II [mailto:jod2@shift4.com]
Sent: Tuesday, July 31, 2018 1:45 PM
To: 'Sam Warshaver'
Cc: 'Taylor LaFontsee'
Subject: RE: signatures

I texted and emailed him at 1:30 and said to contact you guys ASAP.

From: Sam Warshaver [mailto:swarshaver@ftpartners.com]
Sent: Tuesday, July 31, 2018 1:37 PM
To: J.D. Oder II
Cc: Taylor LaFontsee
Subject: RE: signatures

My apologies JD-

Can you please track down roque and tell him to call Taylor ASAP-

Taylor has been trying to reach him all day to get answers to some basic questions we need to move the process forward very quickly

Sam Warshaver
Managing Director
Financial Technology Partners LP
Financial Technology Partners GP LLC
FT Partners (Europe) LLP

From: Jared Isaacman [mailto:jared@shift4.com]
Sent: Friday, May 25, 2018 10:59 AM
To: rkennedy@first-annapolis.com
Cc: Randy, Jr. Chin; J.D. Oder II
Subject: Re: Shift4 Payments - Project Utah

Yes. It's about 70/30. We were 100% gateway only until ~2012.

Sent from my iPhone

On May 25, 2018, at 10:57 AM, rkennedy@first-annapolis.com
<rkennedy@first-annapolis.com<mailto:rkennedy@first-annapolis.com>> wrote:
Jared,

Is your end to end model about 70% of revenue and gateway 30%.

Bob

From:       J.D. Oder II
Sent:       Sunday, June 10, 2018 7:02 PM
To:     'Sam Warshaver'
Cc:     jared@shift4.com; 'rkennedy@first-annapolis.com'; 'Taylor LaFontsee'
Subject:        RE: congrats

FYI, he just texted me that the deadline is aggressive, but he will try his best.

From: Sam Warshaver [mailto:swarshaver@ftpartners.com]
Sent: Sunday, June 10, 2018 6:49 PM
To: J.D. Oder II
Cc: jared@shift4.com; rkennedy@first-annapolis.com; Taylor LaFontsee
Subject: Re: congrats

Great- thanks

And can you and Jared both stress we don’t need all the info by Monday but would love to get whatever they have so we can make it part of the
“war room” prep

Sam Warshaver
Managing Director
Financial Technology Partners LP
Financial Technology Partners GP LLC
FT Partners (Europe) LLP

220 Montgomery Street, Suite 1800 | San Francisco, CA 94104
Main: 415.512.8777 | Cell: 917.371.6907 | Fax: 415.512.8778
www.ftpartners.com

From: J.D, Oder II
Sent: Monday, December 17, 2018 9:52 AM
To: 'Sam Warshaver'; 'Taylor LaFontsee'; Jared Isaacman; Brad Herring
Cc: rkennedy@first-annapolis.com
Subject: RE: Project Cardinal

I haven't heard back.

My guess is that they are tied up in meetings today, similar to yesterday.

From: Sam Warshaver [mailto:swarshaver@ftpartners.com]
Sent: Monday, December 17, 2018 9:21 AM
To: J.D. Oder II; Taylor LaFontsee; Jared Isaacman; Brad Herring
Cc: rkennedy@first-annapolis.com
Subject: RE: Project Cardinal

Any chance he got back to you or did you get him live? Thx

Sam Warshaver
Managing Director
Financial Technology Partners LP
Financial Technology Partners GP LLC
FT Partners (Europe) LLP

220 Montgomery Street, Suite 1800 | San Francisco, CA 94104
Main: 415.512.8777 | Cell: 917.371.6907 | Fax: 415.512.8778
www.ftpartners.com

From: J.D. Oder II [mailto:jod2@shift4.com]
Sent: Sunday, December 16, 2018 3:59 PM
To: 'Sam Warshaver'
Cc: 'Taylor LaFontsee'; Jared Isaacman; Brad Herring; rkennedy@first-
annapolis.com
Subject: RE: Project Cardinal
He's researching now and will reply shortly.
From: Sam Warshaver [mailto:swarshaver@ftpartners.com]
Sent: Sunday, December 16, 2018 3:47 PM
To: J.D. Oder II
Cc: Taylor LaFontsee; Jared Isaacman; Brad Herring; rkennedy@first-
annapolis.com
Subject: RE: Project Cardinal
Thx- can u ping him again please
We would really appreciate it
Sam Warshaver
Managing Director
Financial Technology Partners LP
Financial Technology Partners GP LLC
FT Partners (Europe) LLP
220 Montgomery Street, Suite 1800 | San Francisco, CA 94104
Main: 415.512.8777 | Cell: 917.371.6907 | Fax: 415.512.8778
www.ftpartners.com
From: J.D. Oder II [mailto:jod2@shift4.com]
Sent: Sunday, December 16, 2018 3:31 PM
To: 'Sam Warshaver'
Cc: 'Taylor LaFontsee'; Jared Isaacman; Brad Herring; rkennedy@first-
annapolis.com

Jared Isaacman
From:
Sent:
To:
Cc:
Subject:

Attachments:

Jared Isaacman
Thursday, March 28, 2019 8:24 PM
Michael Isaacman
J.D. Oder; Taylor LaFontsee; Stephanie রাখবে; Daniel S
FW: Searchlight diligence call
ATT00001.txt

FYI. Please see below correspondence from Searchlight.
I did not respond. JD is drafting something for me to review.
Jared

Begin forwarded message:
From: "Brescia, Chris*" <Chris.Brescia@searchlightcap.com<mailto:Chris.Brescia@searchlightcap.com>>
Date: March 28, 2019 at 8:06:30 PM EDT
To: Jared Isaacman
<jared@shift4.com<mailto:jared@shift4.com>>
Cc: "Wasserman, James" <James.Wasserman@searchlightcap.com<mailto:James.Wasserman@searchlightcap.com>>,
"Sica,
Andrew" <Andrew.Sica@searchlightcap.com<mailto:Andrew.Sica@searchlightcap.com>>
Subject: Searchlight diligence call
Jared,

We enjoyed spending time with you, JD and Taylor last week and appreciate the time you spent educating us on
the business. After further internal discussion, we wanted to see you'd be available to connect tomorrow
afternoon
together with Andrew Sica to run through a few follow-up diligence questions?
I'm free after 2pm ET - let me know what works best.

Thanks
Chris

Chris Brescia | Partner | Searchlight Capital Partners
745 5th Avenue, 28th Floor | New York, NY 10151
T +1.212.845.6714 | M +1.347.886.1067
Chris.Brescia@searchlightcap.com<mailto:Chris.Brescia@searchlightcap.com> | www.searchlightcap.com<http://www.searchlightcap.com/>

From: jared@shift4.com
Subject: Fwd: Searchlight - Follow up items
Date: May 7, 2019 at 9:36:44 AM EDT
To: jod2@shift4.com
Cc: tlaf@shift4.com, swarshaver@ftpartners.com, brad@shift4.com

Can you reply and let them know it’s coming. State that we have absolutely every intention of completing the transaction with
them before Memorial Day.

Jared

Begin forwarded message:

From: "Brescia, Chris*" <Chris.Brescia@searchlightcap.com>
Date: May 7, 2019 at 9:31:25 AM EDT
To: Jared Isaacman <jared@shift4.com>
Cc: "Wasserman, James" <James.Wasserman@searchlightcap.com>
Subject: Searchlight - Follow up items

Jared - wanted to follow up on the outstanding information requests. Appreciate your and the team's help pulling these items.

Also, not sure if we'll be connecting today but let me know if there's time to catch up.

Thanks
Chris

- Revenue by product type for Q1 2019 (e.g., gateway, POS, etc. - see attached for breakdown of 2018 revenue)
- Datasets to tie out numbers in management model
    - Total gateway customer count and total gateway transaction count
    - Breakdown of net revenue and net income by end-to-end vs. gateway merchants
- F1 sales rep productivity - committed quota, actual monthly quota attainment, number and size of deals, comp plans
 - Merchant attrition (customer and volume) - quarterly for 2018 / 2019 by customer segment (e.g., <$1mm of annual charge volume, $1-5mm of annual charge volume, >$5mm of annual charge volume
- Top 25 enterprise merchants - monthly charge volume in Q4 2018 and Q1 2019

Chris Brescia | Partner | Searchlight Capital Partners
745 5th Avenue, 28th Floor | New York, NY 10151
T +1.212.845.6714 | M +1.347.886.1067
Chris.Brescia@searchlightcap.com | www.searchlightcap.com

Flynn [00:46:58] The one thing I wanted. Talk about, and maybe we'll offline it and have further conversation,
but I think the words. Securities fraud. If you want, I'll bring up I think that the words securities fraud.
Came up somewhere. And. And when it was first put a plan, they had a five year window and they walked
it all the way down to a to a very small window so that they knew what was going to expire. I guess my point
is, can we can that be pulled back out to five years or not? My understanding and talking to everybody is it
can't, but maybe you can help clarify that.