Shift4 Payments, Inc 8-K, filed Oct 26, 2023

About this 8-K

Items reported

Shift4 Payments, Inc. (FOUR)

8-K 2023-10-26 For: 2023-10-26

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Added on April 12, 2026

Shift4 Payments, Inc filed this 8-K on October 26, 2023.

Date: October 26, 2023

SHIFT4 PAYMENTS, INC.

/s/ Jordan Frankel

Jordan Frankel

Secretary, General Counsel and Executive Vice President, Legal, Risk and Compliance

Item 2.01: Completed an acquisition or sale of assets
Item 3.02: Unregistered sale of equity
Item 7.01: Regulation FD disclosure
Item 9.01: Financial statements and exhibits

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Exhibit No.		Description

2.1*		Merger Agreement by and among Credorax Inc., Shift4 Payments, LLC, Shift4 (BVI) Limited, Krieg Merger Sub Limited, and the other parties thereto, as amended.

99.1		Press release, dated October 26, 2023.

104		Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.


	Page

Article I DEFINITIONS		2
Section 1.1 Defined Terms		2
Article II THE MERGER		19
Section 2.1 The Merger		19
Section 2.2 Closing		19
Section 2.3 Effective Time		19
Section 2.4 The Memorandum and Articles of Association of the Surviving Corporation		19
Section 2.5 Directors of the Surviving Corporation		19
Section 2.6 Registered Agent		20
Article III MERGER CONSIDERATION; EFFECT OF THE MERGER; CLOSING DELIVERABLES		20
Section 3.1 Effect on Shares		20
Section 3.2 Consideration		22
Section 3.3 Closing Consideration		22
Section 3.4 Payments at Closing		23
Section 3.5 Estimated Closing Statement		24
Section 3.6 Post-Closing Adjustments		26
Section 3.7 Dissenting Shares		28
Section 3.8 Appraisal Rights; No Further Ownership Rights		28
Section 3.9 Earn-Out		29
Section 3.10 Equity Consideration		31
Section 3.11 Closing Deliverables		32
Section 3.12 Paying Agent		35
Section 3.13 Withholding		35
Section 3.14 Expense Fund		36
Section 3.15 Payments in Violation of Law		38
Section 3.16 US Shareholder Matters		38
Section 3.17 Seller Release		39
Article IV REPRESENTATIONS AND WARRANTIES OF THE COMPANY		39
Section 4.1 Organizational Matters, Good Standing and Qualification		39
Section 4.2 Share Structure		40
Section 4.3 Subsidiaries		41
Section 4.4 Power and Authority		41
Section 4.5 Consents		41
Section 4.6 Financials		41


Section 4.7 Undisclosed Liabilities			42
Section 4.8 Absence of Certain Changes			42
Section 4.9 Banking Licenses			42
Section 4.10 Litigation			42
Section 4.11 Compliance with Laws			43
Section 4.12 Intellectual Property			44
Section 4.13 Insurance			46
Section 4.14 Company Material Contracts			46
Section 4.15 Brokers			47
Section 4.16 Tax Matters			47
Section 4.17 Employment Matters			51
Section 4.18 Employee Benefits and Pension Schemes			53
Section 4.19 Real Property and Title to Assets			54
Section 4.20 Solvency			54
Section 4.21 No Other Representations or Warranties			54
Section 4.22 RESERVED			54
Section 4.23 Investments			54
Section 4.24 Full Disclosure			55
Section 4.25 Gaming Licenses			55
Article V REPRESENTATIONS AND WARRANTIES OF THE SELLERS			55
Section 5.1 Power and Authorization			55
Section 5.2 Title			55
Article VI REPRESENTATIONS AND WARRANTIES OF THE PARENT GROUP			56
Section 6.1 Organizational Matters, Good Standing and Qualification			56
Section 6.2 Capitalization			56
Section 6.3 Reports and Financial Statements			57
Section 6.4 Corporate Authority			57
Section 6.5 Brokers			58
Section 6.6 Approvals; No Violations			58
Section 6.7 Sufficient Funds			58
Section 6.8 Litigation			58
Section 6.9 Inspection			59
Section 6.10 No Other Representations or Warranties			59
Article VII COVENANTS			59
Section 7.1 Conduct of Business			59
Section 7.2 Interim Period Covenants			59
Section 7.3 Status; Notifications			62
Section 7.4 M&A Proposals			62
Section 7.5 Schedule of Exceptions Update			63
Section 7.6 Access			63


Section 7.7 Confidentiality; Publicity			64
Section 7.8 Taxation			64
Section 7.9 Section 280G			66
Section 7.10 Regulatory Conditions			66
Section 7.11 OF AC Condition			68
Section 7.12 Indemnification, Exculpation and Insurance			68
Section 7.13 Representation and Warranty Insurance			69
Section 7.14 Parent Equity Plan and RSU Grants			69
Section 7.15 Key Employment Agreements			70
Section 7.16 Further Assurances			70
Article VIII CONDITIONS			70
Section 8.1 Conditions to each Party’s Obligation to Effect the Merger			70
Section 8.2 Conditions to Obligations of Parent Group			71
Section 8.3 Conditions to Obligation of the Company			71
Section 8.4 Frustration of Closing Conditions			72
Article IX INDEMNIFICATION			72
Section 9.1 Indemnification			72
Section 9.2 Third Party Claim Indemnification Procedures			74
Section 9.3 Notice of Claims			75
Section 9.4 No Multiple Recoveries			76
Section 9.5 Determination of Losses			76
Section 9.6 No Rights of Set-Off			76
Section 9.7 Tax Treatment of Payments			76
Article X TERMINATION			77
Section 10.1 Termination			77
Section 10.2 Notice of Termination			77
Section 10.3 Effect of Termination			77
Article XI MISCELLANEOUS AND GENERAL PROVISIONS			78
Section 11.1 Entire Agreement			78
Section 11.2 Amendment			78
Section 11.3 Waivers			78
Section 11.4 Assignment and Succession			78
Section 11.5 Governing Law & Jurisdiction			78
Section 11.6 Appointment of Process Agent			79
Section 11.7 Specific Performance			79
Section 11.8 Cost and Expenses			80
Section 11.9 Notices			80
Section 11.10 No Third Party Beneficiaries			81
Section 11.11 Transfer Taxes			81
Section 11.12 Severability			81


Section 11.13 Rules of Construction			82
Section 11.14 Shareholders’ Representative			84
Section 11.15 Counterparts			87


Exhibit A		Voting Agreement;

Exhibit B		Articles of Merger;

Exhibit C		Basis of Presentation of Closing Total Indebtedness, Closing Net Cash, Closing Working Capital, Closing Consideration, Current Assets, Current Liabilities, Deferred Tax Assets, [***] (form of calculation) and accounting principles (including illustrative example);

Exhibit D		Plan of Merger;

Exhibit E		Representations and Warranties Insurance Policy;

Exhibit F		Illustrative Example of Merger Consideration Adjustment;

Exhibit G		Letter of Transmittal;

Exhibit H		Company Schedule of Exceptions;

Exhibit I		Company Closing Certificate;

Exhibits J1 & J2		Company Corporate Approvals (Board of Directors and Shareholders);

Exhibit K		Estimated Closing Statement (including illustrative example);

Exhibit L		Parent and Merger Sub Closing Certificate;

Exhibits M1A and M1B and M2A		Merger Sub Corporate Approvals (Board of Directors and Shareholder) and Parent Sub Corporate Approval (Board of Directors and Shareholder);

Exhibit N		Treatment of Company Warrant;

Exhibit O		Distribution Waterfall;

Exhibit P		Ordinary A Shares Preferred Amount Calculation;

Exhibit Q		Ordinary A Shares Approvals (Plan of Merger, Articles of Association);

Exhibit R		Value of Visa Shares (Guidelines for Calculation);

Exhibit S		[***]

Exhibit T		Form of self-declaration


CREDORAX INC.

By	/s/ Igal Rotem
	Name:	Igal Rotem
	Title:	Director

SHIFT4 PAYMENTS, LLC

By	/s/ Jordan Frankel
	Name:	Jordan Frankel
	Title:	General Counsel and authorized signatory

SHIFT4 (BVI) LIMITED

By		/s/ Jordan Frankel
	Name:	Jordan Frankel
	Title:	Authorized signatory of the corporate director, Shift4 Payments, LLC

KRIEG MERGER SUB LIMITED

By	/s/ Jordan Frankel
	Name:	Jordan Frankel
	Title:	Authorized signatory of the corporate director, Shift4 Payments, LLC


FTV IV, L.P. By: FTV Management IV, L.L.C. Its General Partner

By: /s/ David A. Haynes
		Name: David A. Haynes
		Title: Manager


Blumberg Capital II, L.P By: Blumberg Capital Management II, LLC Its General Partner

By: /s/ Steve Gillian
Name:		Steve Gillian
Title:		COO/CFO


Blumberg Capital Opportunity Fund (CR), L.P By: Blumberg Capital Opportunity Fund Management, LLC Its General Partner

By: /s/ Steve Gillian
Name:		Steve Gillian
Title:		COO/CFO


BINYAMIN NACHMAN

By: /s/ Binyamin Nachman
Name:		Binyamin Nachman


By:		/s/ Ehud Krieger
Name:		Ehud Krieger

For and on behalf of Krieger Holdings Ltd.


By:		/s/ Itzhak Pritzker
Name:		Itzhak Pritzker

In the case of a corporate entity, for and on behalf of: Jacob Pritzker & Partners, Construction Company, Haifa, Ltd.


By:		/s/ Eyal Moshiah
Name:		Eyal Moshiah

In the case of a corporate entity, for and on behalf of: Novel Collection (HK) Ltd.


By: /s/ Aviram Shemer
Name:		Aviram Shemer


By: /s/ Nathan Shaked
Name:		Nathan Shaked


By:		/s/ Deni Alhadef
Name:		Deni Alhadef


By:		/s/ Adi Babayoff
Name:		Adi Babayoff


By:		/s/ Udi Toledano
Name:		Udi Toledano

In the case of a corporate entity, for and on behalf of: UTA Capital LLC


ACKNOWLEDGED AND AGREED

/s/ Jordan Frankel
Shift 4 Payments, LLC
Name:		Jordan Frankel
Title:		General Counsel and Authorized Signatory

/s/ Jordan Frankel
Shift 4 (BVI) Limited
Name:		Jordan Frankel
Title:		Authorized Signatory

/s/ Jordan Frankel
Krieg Merger Sub Limited
Name:		Jordan Frankel
Title:		Authorized Signatory


/s/ Binyamin Nachman The Shareholders’ Representative

Name:		Binyamin Nachman


Company Name:		Credorax Inc. (the “Company”)

Registration No.:		1384200

Charge ID:		V4R60I

Description of Charge:		Floating charge dated 15 November 2016 (the “Charge”) entered into between the Company and Israeli VC Partners, LP (the “Chargee”)


DECLARED the ____ day of _______________ 2023 by the above-named IGAL ROTEM at	)
	:
	)
	:
Before me:	)
	:
	)
	:
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Notary Public/Commissioner for Oaths		IGAL ROTEM


ACKNOWLEDGED AND AGREED

/s/ Jordan Frankel
Shift4 Payments, LLC

Name:		Jordan Frankel
Title:		General Counsel and Authorized Signatory

/s/ Jordan Frankel
Shift4 (BVI) Limited
Name:		Jordan Frankel
Title:		Authorized Signatory

/s/ Jordan Frankel
Krieg Merger Sub Limited
Name:		Jordan Frankel
Title:		Authorized Signatory