From: J. Isaac [Redacted]
Sent: Tuesday, October 23, 2018 4:42 PM
To: Jared Isaacman
Subject: Fwd: Meeting at Shift4

Jared

I wanted to give you an update.

[Redacted] and I met with the Card Connect guys after you left (Angelo, Frank and [Redacted] their counsel) to try to work
through the list of open items.

We made progress on a host of small items, including:
•     The parties agreed to change the place of the arbitration to Philadelphia (instead of Allentown) to make travel easier
•    The parties agreed. [Redacted]

[Redacted]

•     The parties tentatively agreed to carve out certain software related items from the scope of the non-compete section of the
      new agreement. We suggested adding to Schedule 1.1(a): "POS Software" so that [Redacted]
      wouldn't try to restrict us from entering into software arrangements with other gateways down the road.

[Redacted]

      Card Connect initially proposed adding "CardConnect Gateway" to the list of excluded items, but that
       seemed pretty silly considering we don't currently have such arrangements.

We made some progress on larger items, including:
•    Card Connect proposed that we amend the "End Date" definition in the new agreement -- which is the measuring stick
     for the non-solicit and non-compete to allow for the restraints to terminate earlier based on certain conditions. I have
     attached a redline reflecting their comments. They suggested that the End Date would be the earlier of (i) 9/15/2024
     (the current End Date), (ii) [Redacted] .
     I told them that
      we would consider their proposal, but that this was tied to economics and we couldn't respond until they gave us
     feedback on the $250 monthly minimum (discussed below).
•    Card Connect acknowledged that they owe us two payments under the Merchant Agreement aggregating $1.875
      million on 12/1/18 and 1/1/19. Angelo mentioned that they are building a "new system," but assured us that we would
     receive payments timely.
•     We continued to disagree and debate on some of the larger economic items:
      o    [Redacted]
      o    Monthly minimum -- they again refused to move on removing (or decreasing) the $250 monthly minimum
           per merchant. We are still waiting for a response from them on our [Redacted] proposal
           that we sent last week that would have helped them onboarding new accounts. I let Frank/Angelo know
           that we wouldn't respond to the new End Date proposal unless we received movement on this item.
      o    [Redacted]. We again confirmed that we were
           not going to agree to this formulation given the parties' intent.
•    [Redacted]
      but they wouldn't commit to a
     higher number.
In sum, we told them that we had provided concessions in response to their asks (i.e., agreeing to remove the "for cause"
termination right) and that we needed to see some movement on [Redacted] otherwise we would litigate
now.

I'll keep you in the loop. Thx.

J. Isaac

[Redacted]

CONFIDENTIAL

From: J. Isaac [Redacted]
Sent: Tuesday, November 13, 2018 5:17:44 PM
To: Jared Isaacman
Subject: Fwd: Draft Agenda for Shift4 / CardConnect Meeting

FYI. I spoke to Frank for about 30 mins just now.

[Redacted]

J. Isaac
[Redacted]

Begin forwarded message:

From: "J. Isaac [Redacted]
Date: November 13, 2018 at 3:44:05 PM EST
To: "[Redacted]
Cc: "[Redacted]
Subject: RE: Draft Agenda for Shift4 / CardConnect Meeting

Frank

I received feedback. A couple of thoughts up front.

First, we are not prepared to move forward with the [Redacted] project unless/until we have an agreement in
principle on economics.

Second, [Redacted]
. I'd like to try to nail
that down. It's easy.

Third, if we can get an agreement, I think we can bang out the legal docs quickly. There aren't a ton of open issues.

How about this:
•     Payment of amounts due under the Merchant Agreement
•    [Redacted]

•     Monthly minimum
•    [Redacted]
•    [Redacted].

If we can get those done, I'm good to move on to [Redacted]

Thanks.

J. Isaac

From: Frank [Redacted]
Sent: Tuesday, November 13, 2018 10:02 AM
To: J. Isaac [Redacted]
Cc: [Redacted]
Subject: Draft Agenda for Shift4 / CardConnect Meeting

Isaac,

Please see the below draft agenda for our meeting with Shift4 and CardConnect this Friday (11/16). Let me know if you
have any suggested revisions.

1.   Merchant Agreement Amendment.
      a. Review and finalize open legal issues.
2.   [Redacted]
      a. [Redacted]
      b. Discuss CardConnect development and implementation resources required for project.
      c. Define project timeline with target launch date subject to finalizing details regarding scope and economics of
           project.
3.    [Redacted]
      a. [Redacted].

*** CONFIDENTIAL***

From: J. Isaac [Redacted]
Sent: Friday, December 21, 2018 9:23:46 PM
To: Jared Isaacman
Subject: Fwd: CardConnect

FYI.

J. Isaac

[Redacted]

Begin forwarded message:

From: "J. Isaac [Redacted]
Date: December 21, 2018 at 8:39:14 PM EST
To: "[Redacted]
Cc: [Redacted] Frank [Redacted]
Subject: CardConnect

All

I wanted to give you an update on today's call with CC. In short, they are not engaging.

We presented a revised proposal on economics, as follows:
•    We agreed that we would discuss [Redacted] after the agreement was done. I told them
      that we've had some preliminary convos on this, but that it was premature to get into it now.
•     We agreed to their request on [Redacted].

•    [Redacted]
We told them that this was a large concession, and that we expected
      movement on the monthly minimum.
•     Monthly minimum -- we agreed that we would eliminate the $250 monthly min on any merchants boarded on or
      before 12/31/2019.
We told them-and l think (hope) they finally get it-that we will have to move our dev resources
onto other projects with other parties if we don't have an agreement soon. [Redacted] are really
frustrating and the lack of engagement on their side means that it just doesn't make sense for us to continue a
[Redacted] exclusive" with them. We are happy to continue to give them the first crack at anything new
[Redacted] related, but we need to get something done.

I will be speaking with Jared, but I wanted to keep you in the loop. I will let you know if I hear anything on our proposal..

Thanks.
J. Isaac

From: J. Isaac [Redacted]
Sent: Wednesday, December 19, 2018 9:25 PM
To: Jared Isaacman
Subject: Fwd: Proposal

Jared

FYI. We have a call Friday with CC. Will keep you posted.

J. Isaac

[Redacted]
Begin forwarded message:

From: "J. Isaac [Redacted]
Date: December 19, 2018 at 7:32:57 PM EST
To: "[Redacted]
Cc: [Redacted] Frank [Redacted]
Subject: Proposal

CONFIDENTIAL

All
Please see the proposal below. To confirm, we have a call scheduled for this Friday (12/21) at 3:30pm. I will circulate a
dial-in.

• [Redacted]

      [Redacted].
•    Monthly minimum -- Shift4 proposes that the $250 monthly min be eliminated for any merchant boarded before
      12/31/2019.
• [Redacted]

Please let me know if you have any questions. Thanks.

J. Isaac

CONFIDENTIAL

From:   J. Isaac [Redacted]
Sent:   Sunday, January 27, 2019 8:40:34 PM
To: Jared Isaacman
Subject:    Fwd: Shift4 / CardConnect

Jared

I spoke to Frank today re Card Connect.

I told him that we were getting a lot of pressure from [Redacted] to move forward with other processors. I told him
that the economics were acceptable, but the non-solicit was a major problem. Frank totally got it. He said that
internally they would not be comfortable on that issue. The 5 years isn’t the problem, it’s tying the non-solicit to the
restrictive covenant. He totally understood that our issue was that we didn't want to be disadvantaged.

He will speak to Angelo and get back to me. I’m sure they are annoyed that we pulled the 12/31/19 on the $250 mins,
but I told him the non-solicit was more important than even the $250 minimums.

I’ll keep you in the loop. He said he would get back to me end of week.

J. Isaac

[Redacted]

Sent from my iPhone

Begin forwarded message:
From: "J. Isaac [Redacted]
Date: January 27, 2019 at 1:29:20 PM EST
To: "[Redacted]
Cc: "[Redacted]
Subject: Shift4 / CardConnect

Frank

I wanted to follow up on our call.

I spoke to Jared and he wants to try to get something done. I told them that we were receiving a lot of pressure from
[Redacted] to move forward.

A couple of points:
•    He is ok with the 5 year restrictive covenant period. No issue.
•    He is ok with Card Connect’s concession and proposal that the non-solicit be co-terminus with the restrictive
 covenant term.
•    His issue is that we don’t want to do anything that puts us in a worse spot than other processors,
 gateways, etc.

Here is his proposal: after the restrictive covenant period expires, we will be permitted to solicit merchants
on Card Connect’s platform, but, if we do so, we will only solicit such merchants to the extent permitted by our
agreement with such other party. In other words, if we sign an agreement with another party that says we cannot
solicit their merchants, then we will live with that restriction with respect to Card Connect merchants even after
the restrictive covenant period. This seems like the only formulation that makes sense.

Let me know your thoughts. Thanks.

J. Isaac

CONFIDENTIAL

From:   J. Isaac [Redacted]
Sent:   Monday, February 11, 2019 11:59:37 AM
To: Jared Isaacman
Cc: Taylor Vaughan; Michael Isaacman
Subject:    Fwd: CC

Jared

FYI. I spoke to Frank this morning re CC. A couple of things:

•    Frank confirmed, again, that CC would pay amounts due under the Merchant Agreement;
•    On economics, Frank said that CC was comfortable with our prior proposal (including the 12/31/2019 sunset on $250
 monthly minimums on new accounts);
•    On the non-solicit, Frank said that he would not agree to the “most favored nations” concept and would not agree to
 a carve out for [Redacted].
•    We agreed to remove the following sentence from the non-solicit: “Notwithstanding anything to the contrary, in no
 event will this Section 6.4 apply following a Change of Control Transaction (as defined in that certain Letter
 Agreement, dated as of September [__], 2017, by and between CardConnect, LLC and Shift4 Payments, LLC).”

I told Frank that the non-solicit tied to the restrictive covenant period was very important to us and that we had come
down a lot in our asks. I also told him that we had offered him additional business beyond [Redacted].

He said he would discuss internally and get back to me ASAP.

I’ll keep you in the loop.

J. Isaac

[Redacted]

CONFIDENTIAL

From: Jared Isaacman
Sent: Wednesday, May 9, 2018, 12:51 PM
To: Abe Mಾಗ್ [Redacted]
Cc: Michael Isaacman; Taylor
Subject: Re: Harbortouch update

Good call.
[Redacted]

Sent from my iPhone

On May 9, 2018, at 12:43 PM, Abe Mಾಗ್ [Redacted] wrote:

     Jared, Mike and Taylor

 I believe we should start the path of going direct as a contingency for late
 summer early fall. We can always stop it any time but it takes months to get
 going. The biggest risk is losing the Amex part of the upside.

     As a reminder, HK (Herzliya) is ready to test our solution
 end-to-end before the end of the month.
    [Redacted]

 It would be good to test it

 Sent from my iPhone

Begin forwarded message:
From: Jared Isaacman
Date: May 9, 2018 at 12:17:06 PM EDT
To: Abe Mಾಗ್[Redacted], Michael Isaacman
[Redacted]
Cc: Taylor Vaughan [Redacted]
Subject: Harbortouch update

 Spoke to [Redacted]. I don't believe it makes sense for us to pursue that
 opportunity now.

 I have absolutely
 no confidence in the timeline and no reason to believe it would happen
 before September.

    [Redacted]
     I am guessing
 we are going to get a small piece of the upside opportunity anyway without
 having to go through weeks of integration work.

 I think the only reason to counter is if it will unlock value in the merchant
 agreement to keep us whole.

 Sent from my iPhone