From: J.R. Saas <jr@shift4.com>
Sent: Friday, May 12, 2017 9:30:29 PM
To: Taylor Saas
Cc: Nate Hirshberg; Michael Isaacman; Jared Isaacman
Subject: Re: CardConnect

Hey,
Can you look at this for me first thing in the morning?  I think I am getting played, and it
seems I have some exposure as result of the acquisition.  Seems like a breach to me.
Thanks Buddy.
J.R.

On May 12, 2017, at 7:03 PM, Taylor Saas <tsaas@bmslaw.com> wrote:
What's up?

On May 12, 2017, at 6:56 PM, J.R. Saas <jr@shift4.com> wrote:

Importance: High

Babe.
Please call me when you get a chance.  Its pretty important.
J.R.

From:   Jared Isaacman
Sent:   Friday, August 11, 2017 3:17 PM
To:     'Angelo Pal பிறந்த
Cc:     J.R. Saas; Nate Hirshberg
Subject:    RE: Card Connect

It looks like we are getting played here.

Jared Isaacman
Chief Executive Officer
Office: (484) 345-0500
Mobile: (908) 528-6225
[cid:bf768795-584e-4f18-975e-efe0e2e26137]

From: Angelo Pal                                    [mailto:angelo.palmisano@cardconnect.com]
Sent: Friday, August 11, 2017 2:47 PM
To: Jared Isaacman <jisaacman@shift4.com>
Cc: J.R. Saas <ir@shift4.com>; Nate Hirshberg <nhirshberg@shift4.com>
Subject: Card Connect

Jared,

You hung up before I could respond, so let me reiterate what I said at the end of our conversation.

Although CardConnect initially reached out to chat about possibly providing tokenization services to Shift4 and
integrating your gateway into our platform. per our discussion, the intent was never to have a single conversation.
We believe there are many opportunities to continue these discussions,

CardConnect is interested in having additional conversations with Shift4 if Shift4 is also,

Please call me to discuss.

Angelo M. Palmisano
President & Chief Financial Officer
CardConnect
1000 Continental Drive, Suite 300
King of Prussia, PA 19406
M: 484.580.9789
O:484.581,2270.
[cid:43343fd5-cbc8-4d6b-8e81-f0e7fc731f7b]
This message and any attachments contain confidential information. If you are not the
intended recipient, immediately notify sender and destroy this email.

bf768795-584e-4f18-975e-efe0e2e26137 is a Shift4 Payments logo with the red number 4.

43343fd5-cbc8-4d6b-8e81-f0e7fc731f7b is a card connect logo with many colors.

From: Jared Isaacman
Sent: Wednesday, August 30, 2017 9:57 AM
To: 'Jeff Shanahan'
Cc: J.R. Saas
Subject: FW: Potential Partnership 9.1.17,

Jeff,

I just do not see this going anywhere, You acquired a gateway customer of ours (Merchant Link) and now
you are all over us to "partner" with you, I have an obligation to inform our mutual stakeholders
(investors, employees, customers, etc.) why we would pass on such an "opportunity", Please advise,

Jared Isaacman
Chief Executive Officer
Office: (484) 345-0500
Mobile: (908) 528-6225
[cid:image001.png@01D3218E.89B69090]

From: Jeff Shanahan [mailto:jeff.shanahan@cardconnect.com]
Sent: Wednesday, August 30, 2017 9:40 AM
To: Jared Isaacman <jisaacman@shift4.com>
Cc: J.R. Saas <Jr@shift4.com>; Patrick Shanahan <patrick.shanahan@cardconnect.com>
Subject: RE: Potential Partnership 9.1.17,

Jared - Per your request, please see the below responses marked in red,

Look forward to our follow-up conversation,

From: Jared Isaacman [mailto:jisaacman@shift4.com]
Sent: Monday, August 28, 2017 4:45 PM
To: Jeff Shanahan <jeff.shanahan@cardconnect.com>
Cc: J.R. Saas <jr@shift4.com>
Subject: Potential Partnership

Jeff,

I have included my brother (J.R.) on this email, as he is responsible for managing our strategic initiatives
and assessing risk to the organization. He works closely with our Board and major investors,

As you and your brother both know, we are very active organization in terms of acquisitions and various
partnerships, We probably say "No" to over 99% of all deals which, considering we average over 2
acquisitions per year, indicates how many opportunities come our way,

Card Connect is clearly aware we are a target rich environment in the payment industry. We maintain deep
partnerships with hundreds of software companies throughout the world, transact billions in payments and
have many thousands of customers, Card Connect also knew this when you acquired one of our largest
gateway customers (Merchant Link) and when (without discussing it with us first) you issued a press

release that, at best, could be interpreted as misleading, We are accustomed to such behavior from
payment companies, It is a "dog eat dog" world out there,

That said, we are now being asked to consider a partnership with Card Connect and I have an obligation to
determine why that is not the worst idea I have heard in a while, I think it is reasonable to get responses
to the following questions before our call on Friday. Please respond within the body of the email.
*   How many active customers do you have within your "enterprise" solutions division? 10,000+

*   How much payment volume do you process annually in your "enterprise" division? $158+

* How many software companies (not resellers - ISVs) do you have direct gateway integrations with?
We have direct integrations with 70+ ISVs, and an additional 180+ through our ISV partners.

*   How many software companies (inclusive of ISV and VAR) organizations) resell your enterprise
payment gateway? 2,300+ (inclusive of ISV, VAR and referral partners)

*   Have you reviewed our customer agreement? Are there any compliance requirements that would
prevent you adhering to such terms including sharing 50% of all revenue derived from a
customer? Yes, we have reviewed your customer agreement and do not see any issues at a
summary level, I'm sure there will be details to work through, but nothing insurmountable.

* Please share a list of merchants you have boarded, specific to your enterprise division, within the
last 90 days. We do not share specific merchant names as a matter of practice, as you know
we recently completed the Merchant Link acquisition, one of the largest gateway providers in
the industry.

*   Can you point to a single Card Connect salesperson that is generating at least 10 new enterprise
merchant accounts per month without relying on other "feet on the street" to feed them business?
Yes. We would be consulting with our sales management in advance of Friday's call to
arrange an introduction,

*   Do you have any pending litigation with any of your enterprise customers or partners? Yes,
although we are not at liberty to discuss specifics. as you know, we acquired Merchant Link a
short time ago, and are still leaming all of the historical issues.

I believe the above information should provide us with a baseline to have a productive conversation,

[cid:image001.png@01D3218E.89B69090]

Jared Isaacman
9/1/17,10:12 AM
This card connect call is a joke
9/1/17,3:27 PM
Can u give me call
JR Saas
9/1/17,3:42 PM
yup
. Incoming call
15 hr ago
Jared Isaacman
9/5/17, 9:36 AM
I think it is prob time soon to put a press release
out on what happened at ml
Get all the facts together
And run it by counsel
9/5/17,9:37 AM
The channel checks will validate It too
JR Saas
9/5/17, 9:37 AM
Agreed

UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF DELAWARE
CARD CONNECT, LLC,
)
Plaintiff.
)
V.
)
C.A. No. 1:18-cv-01242-RGA
SHIFT4 PAYMENTS, LLC, f/k/a,
)
LIGHTSPEED PAYMENTS, LLC,
JURY TRIAL DEMANDED
Defendant.
)
)
PLAINTIFF'S OPENING BRIEF
IN SUPPORT OF ITS MOTION FOR SUMMARY JUDGMENT
OF NO ANTITRUST VIOLATION
OF COUNSEL:
Brian Farnan
Michael Stem
FARNAN LLP
919 N. Market Street, 12th Floor
Wilmington, DE 19801
(302) 777-0300
Attorneys for Plaintiff
Card Connect, LLC

Case 1:18-cv-01242-RGA Document 74-1 Filed 09/27/19 Page 1 of 28 PageID #: 2546

Case 1:18-cv-01242-RGA Document 61-5 Filed 08/16/19 Page 1 of 2 PageID #: 1616

Case 1:18-cv-01242-RGA Document 61-4 Filed 08/16/19 Page 1 of 2 PageID #: 1614

Case 1:18-cv-01242-RGA Document 61-3 Filed 08/16/19 Page 1 of 2 PageID #: 1612

From: Jared Isaacman
Sent: Wednesday, September 21, 2016 1:24 PM
To: J.R. Saas
Subject: Fwd: PCI P2PE validated solutions - we are not listed

FYI
Begin forwarded message:

From: "Stout, Greg" <Greg.Stout@firstdata.com>
Date: September 21, 2016 at 11:47:28 AM EDT
To: "Isaacman, Jared" <jisaacman@shift4.com>
Subject: PCI P2PE validated solutions - we are not listed

Jared,

FYI - I searched the PCI site for P2PE validated solutions/providers. I did not see Shift4 listed? I did
see Merchant Link listed, but they show only validated to First Data. Can you provide insight here?
Let me know if any questions.

Thank You

Greg Stout
First Data - Strategic Partner Management

From: J.R. Saas
Sent: Friday, August 25, 2017 9:16 AM
To: Jared Isaacman
Subject: Fwd: CardConnect Follow up Call

FYI. Let's be prepared to answer those questions. Also I wouldn't send
anything in writing.

Begin forwarded message:

From: "Shanahan, Jeff" <jeff.shanahan@cardconnect.com>
Date: August 25, 2017 at 9:11:38 AM EDT
To: "J.R. Saas" <jr@shift4.com>
Cc: "Shanahan, Patrick" <patrick.shanahan@cardconnect.com>
Subject: CardConnect Follow up Call

JR - It was a pleasure speaking with you earlier this week and appreciate
you scheduling a follow-up call to continue exploring a potential
partnership between our respective organizations. As we discussed,
we're understand that you will likely have members of your Board on the
call and we look forward to the conversation. In preparation for our call,
please see a list of questions below that we were hoping to review.

Thanks and look forward to speaking again next week.

Questions:
•    Can you provide detail around the strategic rationale to explore the
sale of your gateway business or a potential partnership?
•    Can you confirm the total number of gateway connections and
breakdown of those connections by vertical (i.e. Retail, Restaurant,
Lodging, etc.)?
•    What is the total annual payment volume and transaction volume
associated with Shift4's gateway connections?
•    Can you also confirm the respective merchant pricing (rates and fees)
for those gateway connections?
•    Can you share the names of the top 10 gateway connections and
merchants?
•    Can you confirm if Shift4 uses a third-party provider for encryption
services?
•    Are you able to share any financial statements (audited or unaudited)
for review?

Case 1:18-cv-01242-RGA Document 61-2 Filed 08/16/19 Page 1 of 2 PageID #: 1610

From: Jared Isaacman
Sent: Monday, June 19, 2017 5:16 PM
To: J.R. Saas
Subject: Fwd: CC/ML

Begin forwarded message:
From: "Brinton, Chuck" <chuck.brinton@cardconnect.com>
Date: June 19, 2017 at 3:40:31 PM EDT
To: "Jared Isaacman (jisaacman@shift4.com)"
<jisaacman@shift4.com>
Cc: "Angelo Palmisano (angelo.palmisano@cardconnect.com)"
<angelo.palmisano@cardconnect.com>
Subject: CC/ML

Jared:

I just wanted to follow up with you on the recent CardConnect-Merchant Link press release.
I know your schedule is busy, but I would like the opportunity to discuss this with you so
there is not any confusion within the industry.

In addition, i would also look forward to continuing our conversations on future business
opportunities between CardConnect and Shift4. If you are available. I would appreciate
the chance to connect.

Best regards,
Chuck

-Original Message-----
From: Jared Isaacman <jisaacman@shift4.com>
Sent: Monday, May 29, 2017 9:45 PM
To: Randy Miskanic <randy@greatamerica.com>; J.R. Saas <jr@shift4.com>; Nate
Hirshberg
<nhirshberg@shift4.com>
Subject: RE: CardConnect :: Confidential

Absolutely.

Jared Isaacman
Chief Executive Officer
Office: (484) 345-0500
Mobile: (908) 528-6225

-----Original Message-----
From: Randy Miskanic [mailto:randy@greatamerica.com]
Sent: Monday, May 29, 2017 9:42 PM
To: J.R. Saas <ir@shift4.com>; Jared Isaacman <jisaacman@shift4.com>; Nate
Hirshberg
<nhirshberg@shift4.com>
Subject: RE: CardConnect :: Confidential

Can we hop on a call in the morning to discuss?

-Original Message-----
From: J.R. Saas
Sent: Monday, May 29, 2017 8:10 PM
To: Jared Isaacman; Nate Hirshberg; Randy Miskanic
Subject: CardConnect :: Confidential

All,

In light of the CardConnect IPO and their acquisition of Merchant Link (which
should close any day now), our friends at GreatAmerica Leasing brought to my
attention that CardConnect is marketing an "end to end" encryption solution
encompassing the technologies acquired from Merchant Link. As you know from
reviewing our previous agreements, we may have some recourse against
CardConnect for this activity, and GreatAmerica requested we at least make
them whole in the event of a breach.

I've been in touch with Taylor all weekend to discuss our options, which he
believes we have several considering the circumstances.

Thoughts?

- J.R.

From: Jared Isaacman
Sent: Sunday, June 11, 2017 9:20 PM
To: J.R. Saas
Subject: Fwd: Merchant Link Acquired

Begin forwarded message:

From: "Norris, William" <William.Norris@firstdata.com>
Date: June 11, 2017 at 6:54:37 PM EDT
To: "jisaacman@shift4.com" <jisaacman@shift4.com>
Subject: Merchant Link Acquired

For your review

From: Jared Isaacman <jisaacman@shift4.com>
Sent: Friday, June 09, 2017 9:12 AM
To: J.R. Saas <jr@shift4.com>
Subject: Re: Merchant Link - Breach of Contract?

Yep. See below.

Sent from my iPhone

On Jun 9, 2017, at 9:05 AM, J.R. Saas <jr@shift4.com> wrote:

Are we going to get something in writing so we can enforce?

> On Jun 9, 2017, at 9:02 AM, Jared Isaacman <jisaacman@shift4.com> wrote:
>
> I think so. The customer agreement indicates the customer and their
> processor (ml/cc) must adhere to it.
>
> Sent from my iPhone

From: Jared Isaacman
Sent: Thursday, June 08, 2017 1:04 PM
To: J.R. Saas
Subject: Fwd: Card Connect / Merchant Link

FYI.
Begin forwarded message:

From: "Miskanic, Randy" <randy@greatamerica.com>
Date: June 8, 2017 at 12:58:23 PM EDT
To: "Isaacman, Jared" <jisaacman@shift4.com>
Subject: Card Connect / Merchant Link

Jared, I am sure you saw that Card Connect now owns ML. Are they saying they
can do end to end encryption?

Sent from my iPhone

From: Jared Isaacman
Sent: Thursday, June 01, 2017 11:08 AM
To: J.R. Saas<jr@shift4.com>
Subject: Card Connect

Can you contact [REDACTED]
[REDACTED]

Also, merchant link/card connect will almost certainly be in breach of our customer
agreement. Please get Taylor involved as I do not want to miss this opportunity to
inflict pain. Ml is live with fd and processing transactions with our encryption
spec… meaning card connect is now too.

Sent from my Verizon, Samsung Galaxy smartphone

From: Jared Isaacman <jisaacman@shift4.com>
Sent: Wednesday, May 31, 2017 9:45 PM
To: J.R. Saas <jr@shift4.com>
Subject: Re: Congratulations!

Thanks. He called and emailed me too. I don't get what their angle is here. They used
our encryption spec without consent at merchant link. Now they are talking partnership.

Sent from my iPhone

On May 31, 2017, at 8:36 PM, J.R. Saas <jr@shift4.com> wrote:

Did you see the email below from Jeff Shanahan?

> Begin forwarded message:
>
>> From: "Shanahan, Jeff" <jeff.shanahan@cardconnect.com>
>> Date: May 31, 2017 at 7:45:05 PM EDT
>> To: "J.R. Saas" <jr@shift4.com>
>> Subject: Congratulations!
>>
>> JR - Congratulations on the big announcement today. I read that you
>> raised $90 million of new capital and wanted to reach out on behalf of
>> myself and the entire CardConnect team.
>>
>> My brother, Pat, and I have a lot of respect for all you guys have
>> accomplished in the payments industry
>>
>> Pat and I wanted to also follow up to see if you and Jared would be
>> available to discuss a potential partnership opportunity with CardConnect.
>> As you may know, we recently acquired Merchant-Link and we are
>> committed to becoming leaders in the gateway space. I'm sure you

From: Jared Isaacman
Sent: Friday, August 11, 2017 3:17 PM
To: 'Angelo Palmisano'
Cc: J.R. Saas; Nate Hirshberg
Subject: RE: Card Connect

It looks like we are getting played here.

Jared Isaacman
Chief Executive Officer
Office: (484) 345-0500
Mobile: (908) 528-6225
[cid:image001.png@01D33C61.551655F0]

From: Angelo Palmisano [mailto:angelo.palmisano@cardconnect.com]
Sent: Friday, August 11, 2017 2:47 PM
To: Jared Isaacman <jisaacman@shift4.com>
Cc: J.R. Saas <ir@shift4.com>; Nate Hirshberg <nhirshberg@shift4.com>
Subject: Card Connect

Jared,

You hung up before I could respond, so let me reiterate what I said at the end of our conversation.

Although CardConnect initially reached out to chat about possibly providing tokenization services to Shift4 and
integrating your gateway into our platform. per our discussion, the intent was never to have a single conversation.
We believe there are many opportunities to continue these discussions,

CardConnect is interested in having additional conversations with Shift4 if Shift4 is also,

Please call me to discuss.

Angelo M. Palmisano
President & Chief Financial Officer
CardConnect
1000 Continental Drive, Suite 300
King of Prussia, PA 19406
M: 484.580.9789
0:484.581.2270
[cid:image002.png@01D33C61.551655F0]
This message and any attachments contain confidential information. If you are not the
intended recipient, immediately notify sender and destroy this email.

image001.png@01D33C61.551655F0 is a Shift4 logo.

image002.png@01D33C61.551655F0 is a CardConnect logo.

Case 1:18-cv-01242-RGA Document 74-6 Filed 09/27/19 Page 1 of 4 PageID #: 2704