Exhibit 2011: Search Term RAYMOND JAMES

Document Type: RAYMOND JAMES

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Okay, here are the exhibits from the case Card Connect, LLC v. Shift4 Payments, LLC that contain text messages and/or the term "RAYMOND JAMES", along with the OCR'd text from any sealed portions. I am providing the exact text from the exhibits, including any redactions that were present in the original documents.

Case Background:

This case was filed in the Delaware Court of Chancery. The docket number is 2018-0352-AGB. The core of the dispute revolves around the acquisition of Shift4 Payments, LLC by Lighthouse Network, the parent company of Card Connect, LLC, and subsequent disputes over earn-out payments and other contractual obligations.

The following are the exhibits from the provided data, that meet the requirements.

Exhibit 88:

From JRT to JS. 1/21/16 5:59 PM Hey just spoke with RJ. They pushed valuation real hard but the feeling is everyone is comfortable at 17-18x ($340-360mm). Very solid given where we started. Lighthouse on Monday.

From JS to JRT 1/21/16 6:13 PM Good work.

From JS to JRT 1/21/169:22PM Where r we on search?

From JRT to JS. 1/21/16 9:23 PM 2nd round on wed

From JRT to JS 1/21/16 9:23 PM Falfurrias next Monday

From JRT to JS 1/21/16 9:23 PM Lighthouse Monday

From JRT to JS 1/21/16 9:24 PM Then TA/vista/Welsh

From JRT to JS 1/21/16 9:24 PM U around next week?

From JS to JRT 1/21/169:25 PM On way back to Vegas but I can fly anywhere any day

From JRT to JS 1/21/16 9:24 PM Let's do falfurrias Monday Then lighthouse in Philly?

From JS to JRT 1/21/16 9:28PM

Ok.

From JRT to JS; 1/22/16 7:15 AM Spoke with RJ last night, Lighthouse on Monday in afternoon 3pm in Philly.

From JS to JRT 1/22/16 7:35 AM Ok. What about falfurrias?

From JRT to JS; 1/22/16 8:01 AM Monday at 9am in NY I can go up Sunday night if you want?

From JS to JRT 1/22/16 8:03 AM Sounds good.

From JRT to JS 1/22/16 8:05 AM Ok.

From JRT to JS: 1/25/16: 8:47 AM How was falfurrias?

From JS to JRT I/25/169:59 AM It went well. They seemed genuinely interested, particularly with the recurring revenue model. They also liked the fact we built vs bought our technology and discussed us acquiring other companies after they invest. They went thru their diligence and investment process. We will hear from then in a week or so if they want to move forward. It was 2 partners and 2 analysts. How's lighthouse?

From JRT to JS, 1/25/16, 10:50 AM I think pretty good. I really feel like they like s4. They obviously know the rev/costs. We gave them a 90 p page deck. I spoke with [Redacted] after

From JRT to JS, 1/25/16, 10:55 AM And they know our multiple is too low. I told him we r going to get 20+. He didn't flinch.

From JRT to JS 1/25/16 11:05 AM

RJ is working on this 24/7. Spoke with both [Redacted] and [Redacted] last night. From JS to JRT, 1/25/16, 11:31 AM Great.

From JS to JRT, 2/17/16, 8:29 PM

RJ called. Wants to push to get lighthouse done at $400-$420. Thoughts?

From JRT to JS, 2/17/16, 8:41 PM I guess we have to see everything that is included. We never had the ta vista and Welsh meetings yet?

From JRT to JS, 2/17/16, 8:48 PM Also, what r they saying about the process? Are they saying we will get a term sheet?

From JS to JRT. 2/17/16, 9:09 PM Havent had meetings yet RJ said tied up with earnings release. He is saying they want to move extremely fast and will get term sheet.

From JS to JRT 2/17/169:14 PM He also wants to get it done before first quarter earnings because the value only increases from here I told him that was fine but first quarter is almost over

From JRT to JS. 2/17/16, 9:23 PM Yeah. I hear you. It's a pretty big move up and I trust RJ

From JS to JRT; 2/17/16,9:24 PM I'm pretty sure they will shut us down

From JRT to JS 2/17/16 10:16 PM Sure. From JRT to JS 2/18/16 7:32AM What do u want to do today? You want me to go to RJ?

From JRT to JS 2/18/16 7:45 AM It's really just about setting up the calls. We can get term sheet first.

From JS to JRT; 2/18/16 7:51 AM Ok From JRT to JS, 2/18/16; 7:53 AM I will get going now..

From JS to JRT, 2/18/16, 7:54 AM Thx From JRT to JS, 2/18/16, 8:33 AM Just tried him now.

From JRT to JS, 2/22/16 7:12 PM. What r u thinking? From JS to JRT 2/22/16 7:56 PM I think lighthouse could be a good fit and if we can get close on price it will be great. The fact they do terminals too is a bonus and we both may be able to leam from each other. The fact they are public is a good and bad thing. Public companies tend to treat their step children differently but it may make it easier for us to raise money to buy others, so it may make it easier to grow. Im also a little nervous that we are only talking to them because they haven't moved as fast as I thought they would. I expected a term sheet or at least a draft of one by now. We could have pushed harder with TA and falfurrias too, and Welsh is in next week. So....I'm good with either way right now. I'm anxious to travel this week to see what is out there at Welsh. From JRT to JS 2/22/168:46PM Ok. Keep me in the loop. From JRT to JS ;2/24/16 4:38 PM RJ called. Said they r working on the term sheet today.

From JS to JRT, 2/25/16, 6:04 PM Anything back from rj?

From JRT to JR, 2/25/16, 7:31 PM. Yes. They r going to finalize this weekend. He said they were working on the deal all day in Philly.

From JRT to JS ,2/27/16, 9:40 AM How did it go yesterday.

From JS to JRT, 2/27/16, 9:43 AM It was good.

From JRT to JS, 2/27/16, 9:44 AM Did you see any term sheet? They know it's not just about $

From JS to JRT, 2/27/16, 9:46 AM The lawyers talked, the ts will get to our lawyers on Mon. We talked about that it wasnt all about price.

From JS to JRT, 2/27/16, 9:47 AM I leave for Vegas in a little bit, but I am around all day tomorrow and Monday if they want to talk From JRT to JS, 2/27/16,9:53 AM Ok

From JRT to JS 3/1/16 10:38AM Just got off with RJ. They r huddling today at noon on price. LH very excited. Think things look very good for tomorrow term sheet. I will keep u posted.

From JRT to JS, 3/1/16, 11:04 AM I will tell Jared. From JS to JRT, 3/1/16, 11:30 AM Ok.

From JRT to JS, 3/1/16, 4:47 PM Had call with RJ. All very positive. LH wants to get this done this month. They said they know the number needs to start with a 4. They have internal meetings tomorrow to finalize. I think we will have a very good starting point.

From JRT to JS 3/1/16 4:48PM I will call Jared now.

From JS to JRT, 3/1/16: 4:52 PM Ok. From JS to JRT, 3/1/16, 7:36 PM Great. From JRT to JS, 3/2/16 2:30 PM RJ just called and said all systems r go. We should have everything end of day.. From JS to JRT, 3/2/16, 2:39 PM Ok. From JRT to JS 3/2/16 5:07 PM RJ is calling me at 530pm From JS to JRT, 3/2/16, 5:31 PM Ok From JRT to JS, 3/2/16; 5:52 PM I am on with RJ and [Redacted] now

From JS to JRT 3/2/16 6:22 PM How bout now? From JRT to JS 3/2/16 6:23 PM Just got off. Call w Jared at 7pm. I think LH wants to get deal done asap. They are going to send term sheet tonight. Really good numbers for us...very fair (more than fair) and structure that makes sense..

From JS to JRT, 3/2/16, 6:24 PM Ok great From: JS to JRT, 3/9/16, 3:21 PM How r things going? From JRT to JS 3/09/16 3:59 PM Very good. We have outside counsel call at 430pm. I think we are really close and just need to work out some details...

From JRT to JS 3/09/16 4:00 PM RJ and I are meeting with LH on fri in Philly. They really want to get this done ASAP.

From JS to JRT, 3/9/16, 4:10 PM Ok From JRT to JS, 3/9/16, 8:21 PM Are you on the call? From JS to JRT. 3/9/16, 8:23 PM No. From JRT to JS, 3/9/16, 8:24 PM Please dial in.

From JRT to JS; 3/10/16 8:43 AM Hey the LH lawyers sent another draft this morning. Do u want me to send to you?

From JS to JRT, 3/10/16, 9:15 AM Yes From JRT to JS, 3/11/16, 7:57 AM Let me know when u want to connect with RJ this am...

From JRT to JS; 3/14/16 11:27 AM How did it go on Friday? I left you a message and sent text..

From JS to JRT, 3/14/16, 12:19 PM I thought it was good. From JRT to JS, 3/14/16, 12:21 PM Ok. What are next steps? I think we need to move this along this week.

From JRT to JS, 3/14/16, 12:31 PM We r meeting with your lawyers this afternoon.

From JS to JRT, 3/14/16, 12:38 PM We need to get all the documents done From JRT to JS, 3/14/16, 12:45 PM Let's get this done this week. I will talk with lawyers and RJ today...

From JS to JRT. 3/14/16 12:46PM Please do.

From JS to JRT, 3/18/16, 6:53 PM Any updates?

From JRT to JS, 3/18/16, 8:41 PM Yes. We had a call with RJ and [Redacted]. We feel really good that this deal is coming together. The lawyers are going to work 24/7 to get this done. We r pushing hard to get this done.

From JRT to JS; 3/20/16 1:11PM Hey do you have a copy of your employment agreement. LH wants to see everyone's.

From JRT to JS, 3/20/16, 3:53 PM I know Randy has a copy. From JS to JRT, 3/20/16, 4:01 PM I don't From: JRT to JS; 3/20/16 9;07 PM Hey do you have Randy's number?

From JS to JRT, 3/20/16. 9:27 PM [Redacted]

From JRT to JS, 3/20/16 9:30 PM Thanks. From JRT to JS; 3/21/16 8:44 AM When do u want to speak to RJ this am?

From JRT to JS, 3/21/16, 11:06 AM Let me know. I spoke to RJ this am and all looks good.

From JRT to JS, 3/21/16, 11:32 AM LH is sending diligence list today. From: JRT to JS. 3/25/16 8:32 AM Do you have time to talk to RJ this am?

From JRT to JS, 3/29/16, 2:53 PM Jared and Randy in route to airport should be calling u shortly from car

From JS to JRT, 3/29/16. 5:16 PM Ok From JS to JRT, 3/29/16, 5:44 PM They just left my office

From JRT to JS, 4/5/16, 9:25 PM. Can you talk on wed?

From JRT to JS, 4/10/16, 7:51 PM Good luck this week!

From JRT to JS, 4/11/16, 9:07 PM I will be in touch.

From JRT to JS, 4/14/16, 5:07 PM Can you talk now?

From: JRT to JS. 4/18/16 8:03 AM Sorry. Heading to airport now. From JRT, 4/18/16, 10:23 AM Can you brief JS. I can't really talk. On plane.

From JRT, 5/1/16, 9:34 AM Can you talk this am? Want your input.

From JRT, 5/1/16, 4:32 PM I have a call at 5pm with RJ

From JRT, 5/2/16, 4:08 PM I will be on with RJ and [Redacted] in 5 mins. Do you want to join?

From: JRT, 5/5/16, 8:56 PM. I was on with RJ and their CFO today. They very much want to get this done.

From: JRT, 5/8/16, 8:42 PM How was your call?

From: JRT, 5/9/16, 8:11 AM Let's connect this morning. From: JRT, 5/11/16. 6:07 PM Are you available?

From JRT, 5/12/16. 8:48 AM Let's catch up this am. From JRT, 5/16/16, 7:45 PM. Everything go ok today? From JRT, 5/19/16, 9:29 PM How did everything go today?

From: JRT. 5/25/16, 7:20 PM Do you have call with RJ. They can do 730pm or 8pm which is better?

From: JRT, 5/26/16, 9:12 PM How was your call with RJ? From: JRT, 5/27/16, 8:47 AM Can you connect today?

From: JRT, 6/1/16, 7:25 PM How are things going? From JRT, 6/9/16. 11:00 AM Can we chat?

From JRT 6/9/16 11:02 AM Want your input

From JRT to JS. 6/10/16 7:12AM Can you talk? Want to give you update before I leave.

From JRT to JS 6/10/16 7:42AM I will only be a few mins. From JS to JRT 6/10/16 8:01 AM, Sorry. Just saw this. Now?

From JRT to JS 6/10/16 8:11 AM Yes. From JRT to JS; 6/13/16 3:35 PM Can you please call me? From JRT, 6/14/16. 6:49 PM Any updates?

From JRT to JS 6/15/16 8:44 AM Can you talk this am?

From JRT to JS, 6/16/16; 10:17 AM Do u have a few mins to talk

From JRT, 6/20/16, 7:41 PM Are you around?

From JRT to JS 6/20/16 :23 Randy and [Redacted] on way to airport and want to call you.

From JRT to JS, 7/7/16: 6:45 PM Are you around? I am on with RJ now.

From JRT, 7/8/16, 7:33 PM I am on with RJ now. From JRT to JS, 7/10/16, 6:14 PM I am on a call now with RJ

From JS to JRT 7/10/16 6:37PM How was the call?

From:JRT, 7/11/16, 7:43 AM Do you have time to connect this morning?

From JRT, 7/18/16, 8:40 AM Can you talk this am?

From JRT, 8/9/16, 7:03 PM. Just got off with RJ. They want to finalize docs this week and said they are instructing their lawyers accordingly.

From JRT, 8/17/16, 8:25 PM How did it go today? From JRT, 8/25/16, 10:16 PM How did call go?

From JRT, 9/8/16, 9:21 PM Do you have time to talk this weekend?

From JRT, 10/12/16, 7:41 PM Can you please give me a call? From JRT, 10/26/16 10:13 PM Any updates from your end.

From JRT, 10/27/16, 8:06 AM Can you please give me quick call. From JRT, 10/27/16, 9:17 AM Sorry. I missed your call. Traveling this am. From JRT, 11/1/16, 6:57 PM Please call me when u can.

From: JRT 11/7/16 at 8:06 PM How did everything go today? From: JRT 11/15/16 at 7:36 PM Can u please call me tonight.

From JRT to JS ,11/28/16, 9:13 AM Can you talk? From JRT, 12/1/16, 8:02 PM I missed your call tonight. Can we catch up this weekend? From JRT, 12/18/16 8:06 PM Any updates?

From JRT, 1/3/17, 8:59 PM Any updates?

From JRT, 1/9/17; 7:52 PM Can you talk this week?

From JRT, 1/14/17, 9:57 AM Can you talk to RJ this weekend. From JRT, 1/14/17, 11:51 AM Sorry. I mean next week.

From JRT, 1/29/17, 10:06 AM How was your week? Did you guys travel? I think we are very close.

From JRT, 2/10/17, 7:13 PM. How was your week? From JRT, 2/19/17, 7:21 PM. Can we catch up this week? From JRT, 3/6/17, 7:34 PM Are you around?

From JRT, 3/16/17, 6:37 PM. Any updates?

From JRT, 5/12/17, 9:21 AM Can you please call today. From JRT, 5/12/17, 4:43 PM Sorry. I missed your call, From JRT, 6/4/17, 8:14 PM. Are you around?

From JRT, 6/12/17, 6:58 PM. How was your weekend? From JRT, 6/27/17, 7:10 PM Are you around? From JRT, 7/5/17, 10:17 PM Can we speak this week? From JRT, 7/18/17, 9:23 PM. How was your week?

From JRT, 8/7/17, 7:10 PM Can you talk this week? From JRT, 9/5/17, 10:29 PM How are things?

From JRT, 10/15/17, 7:02 PM Can we catch up when u have time.

From JRT, 11/13/17, 8:13 PM Can we speak soon when you have time. From JRT, 11/14/17, 6:25 PM. Sorry to miss you. Let's try this week.

From JRT, 11/27/17, 10:34 PM How was your holiday?

From JRT, 12/6/17, 7:04 PM Can you speak? From JRT, 12/27/17, 5:52 PM How as your holiday?

From JRT to JS 1/4/18 6:41PM Any word? I left a message for [Redacted] as well.

From JRT, 2/19/18, 8:31 PM Can we speak this week? From JRT, 3/14/18, 6:59 PM Can we speak this week?

From JRT, 3/20/18, 7:52 PM I just left u message and sent email. Please let me know.

Exhibit 90:

From: Jared Isaacman Sent: Wednesday, January 20, 2016 4:58 PM To: [Redacted] Cc: [Redacted] Subject: Re: Draft Agenda for Today

I spoke with rj. No worries.

Sent from my iPhone

Exhibit 117:

From JRT cell to JSI cell: 1/21/16 5:59 PM Hey just spoke with RJ. They pushed valuation real hard but the feeling is everyone is comfortable at 17-18x ($340-$360mm). Very solid given where we started. Lighthouse on Monday.

From JSI cell to JRT to cell: 1/21/16 6:13 PM Good work.

Exhibit 127:

From: Jared Isaacman Sent: Wednesday, March 02, 2016 6:19:23 PM To: [Redacted] Cc: [Redacted] Subject: Fwd: Shift4 Term Sheet.

FYI. Raymond James will incorporate our feedback. Begin forwarded message:

From: Jared Isaacman Date: March 2, 2016 at 5:50:20 PM EST To: [Redacted] Cc: "[Redacted]" , Randy Subject: Re: Shift4 Term Sheet

This looks very good and is a great starting point. A couple thoughts.

  1. The purchase price now assumes our 16' rev is 22.8. I'm good with it but we should probably get comfortable with it.
  2. The mgmt comp plan isn't clear. It just says 350k salary. This should really be 550k for myself 350k for randy and the 600k to other key execs which totals the 1.5. At a minimum, it should say my comp is separate from this plan to avoid issues later. Also, if we do over 24mm in year one which I think is highly likely, is there a kicker?
  3. It doesn't say we are going to be running our company. The SHIFT4 Board section assumes it's us running it which is good but the comp plan should mention it.
  4. I think 36 months is too long for both the earn out and lockup. The s4 team is going to have a lot of net worth tied up in this deal so they should have a chance to get liquid before then. I think the longest should be 2 years and the shortest can be 12-18 months. I'm open to suggestions here.
  5. The 20mm line should be 25mm and say for general use for things like acquisitions.
  6. The earn out plan should be tied to ebitda as well. The 7mm net rev target is easy to calculate. The s4 team needs .
  7. I want to keep going through his document with the lawyers and Randy

Sent from my iPhone

Exhibit 133:

From JRT to JS, 3/1/16 10:38AM Just got off with RJ. They r huddling today at noon on price. LH very excited. Think things look very good for tomorrow term sheet. I will keep u posted.

From JRT to JS, 3/1/16, 4:47 PM Had call with RJ. All very positive. LH wants to get this done this month. They said they know the number needs to start with a 4. They have internal meetings tomorrow to finalize. I think we will have a very good starting point.

Exhibit 134:

From: Jared Isaacman <[Redacted]> Date: March 2, 2016 at 5:50:20 PM EST To:[Redacted] Cc: "[Redacted]" <[Redacted]>, Randy [Redacted] Subject: Re: Shift4 Term Sheet

This looks very good and is a great starting point. A couple thoughts.

  1. The purchase price now assumes our 16' rev is 22.8. I'm good with it but we should probably get comfortable with it.
  2. The mgmt comp plan isn't clear. It just says 350k salary. This should really be 550k for myself 350k for randy and the 600k to other key execs which totals the 1.5. At a minimum, it should say my comp is separate from this plan to avoid issues later. Also, if we do over 24mm in year one which I think is highly likely, is there a kicker?
  3. It doesn't say we are going to be running our company. The SHIFT4 Board section assumes it's us running it which is good but the comp plan should mention it.
  4. I think 36 months is too long for both the earn out and lockup. The s4 team is going to have a lot of net worth tied up in this deal so they should have a chance to get liquid before then. I think the longest should be 2 years and the shortest can be 12-18 months. I'm open to suggestions here.
  5. The 20mm line should be 25mm and say for general use for things like acquisitions.
  6. The earn out plan should be tied to ebitda as well. The 7mm net rev target is easy to calculate. The s4 team needs .
  7. I want to keep going through his document with the lawyers and Randy

Sent from my iPhone

Exhibit 140: From JRT cell to JSI cell: 3/09/16 3:59 PM Very good. We have outside counsel call at 430pm. I think we are really close and just need to work out some details... From JRT cell to JSI cell: 3/09/16 3:59 PM RJ and I are meeting with LH on fri in Philly. They really want to get this done ASAP.

From JRT cell to JSI cell: 3/18/16 8:41 PM Yes. We had a call with RJ and [Redacted] We feel really good that this deal is coming together. The lawyers are going to work 24/7 to get this done. We r pushing hard to get this done.

Exhibit 145:

From: JRT Sent: 8/9/2016 7:03:18 PM To: JS Subject: Message from JRT

Just got off with RJ. They want to finalize docs this week and said they are instructing their lawyers accordingly.


These represent all of the exhibit files that contained either direct text message conversations (that include both parties sending and receiving messages), or that mention "RAYMOND JAMES." I included any related email forwards if they provide context to a text message or discussion. I've OCR'd the text and presented it verbatim, including any redactions that appear.

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