IIIV · i3 Verticals, Inc.

The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $18.72 to $19.35, inclusive. The reporting person undertakes to provide to i3 Verticals, Inc. (the "Issuer"), any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.

Represents shares of Class A common stock, par value $0.0001 per share ("Class A Common Stock"), of the Issuer held by Daily Family Investment, LLC, of which the Reporting Person serves as tax matters partner. The Reporting Person disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $23.06 to $23.46, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

Reflects the shares withheld to cover the payment of taxes following the vesting of 10,000 restricted stock units originally granted on February 11, 2025.

Reflects the shares withheld to cover the payment of taxes following the vesting of 10,000 restricted stock units originally granted on February 11, 2025.

Reflects the shares withheld to cover the payment of taxes following the vesting of 10,000 restricted stock units originally granted on February 11, 2025.

Reflects the shares withheld to cover the payment of taxes following the vesting of 5,500 restricted stock units originally granted on February 11, 2025.

Reflects the shares withheld to cover the payment of taxes following the vesting of 7,500 restricted stock units originally granted on February 11, 2025.

Reflects the shares withheld to cover the payment of taxes following the vesting of 10,000 restricted stock units originally granted on February 11, 2025.

The options vest ratably in five equal annual installments beginning on the first anniversary of the grant date, subject to the Reporting Person's continued service with the Issuer.

Reflects restricted stock units that will vest in full on the first anniversary of the grant date, subject to the Reporting Person's continued service with the Issuer.

The options vest ratably in five equal annual installments beginning on the first anniversary of the grant date, subject to the Reporting Person's continued service with the Issuer.

Reflects restricted stock units that will vest in full on the first anniversary of the grant date, subject to the Reporting Person's continued service with the Issuer.

The options vest ratably in five equal annual installments beginning on the first anniversary of the grant date, subject to the Reporting Person's continued service with the Issuer.

Reflects restricted stock units that will vest in full on the first anniversary of the grant date, subject to the Reporting Person's continued service with the Issuer.

The options vest ratably in five equal annual installments beginning on the first anniversary of the grant date, subject to the Reporting Person's continued service with the Issuer.

The options vest ratably in five equal annual installments beginning on the first anniversary of the grant date, subject to the Reporting Person's continued service with the Issuer.

Reflects restricted stock units that will vest in full on the first anniversary of the grant date, subject to the Reporting Person's continued service with the Issuer.

Reflects restricted stock units that will vest in full on the first anniversary of the grant date, subject to the Reporting Person's continued service with the Issuer.

Reflects restricted stock units that will vest in full on the first anniversary of the grant date, subject to the Reporting Person's continued service with the Issuer.

The options vest ratably in five equal annual installments beginning on the first anniversary of the grant date, subject to the Reporting Person's continued service with the Issuer.

Pursuant to the Amended and Restated Certificate of Incorporation of the Issuer and the Limited Liability Company Agreement of i3 Verticals, LLC, upon a permitted transfer of common units of i3 Verticals, LLC, the transferor must also transfer an equivalent number of shares of the Issuer's Class B common stock, par value $0.0001 per share ("Class B Common Stock") to the transferee. The shares of Class B Common Stock (i) confer no incidents of economic ownership on the holders thereof, (ii) only confer voting rights on the holders thereof and (iii) may only be issued, on a one-for-one basis, to the holders of Common Units.

This Form 4 shall not be deemed an admission that the Reporting Person is, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the beneficial owner of any securities held solely by the Reporting Person's spouse.

The Common Units may be redeemed by the holder at any time for an equal number of shares of Class A common stock, par value $0.0001 per share ("Class A Common Stock") or, at the election of i3 Verticals, LLC, cash equal to the volume-weighted average market price of such shares. Upon the redemption of a Common Unit for Class A Common Stock, any corresponding share of Class B Common Stock will be cancelled. The Common Units have no expiration date.

Represents permitted transfer of Common Units pursuant to the Limited Liability Company Agreement of i3 Verticals, LLC from Reporting Person's wife to Reporting Person for $24.50 per Common Unit.

This Form 4 shall not be deemed an admission that the Reporting Person is, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the beneficial owner of any securities held solely by the Reporting Person's spouse.

The Common Units may be redeemed by the holder at any time for an equal number of shares of Class A common stock, par value $0.0001 per share ("Class A Common Stock") or, at the election of i3 Verticals, LLC, cash equal to the volume-weighted average market price of such shares. Upon the redemption of a Common Unit for Class A Common Stock, any corresponding share of Class B Common Stock will be cancelled. The Common Units have no expiration date.

Represents permitted transfer of Common Units pursuant to the Limited Liability Company Agreement of i3 Verticals, LLC from Reporting Person's wife to Reporting Person for $24.50 per Common Unit.

Pursuant to the Amended and Restated Certificate of Incorporation of the Issuer and the Limited Liability Company Agreement of i3 Verticals, LLC, upon a permitted transfer of common units of i3 Verticals, LLC, the transferor must also transfer an equivalent number of shares of the Issuer's Class B common stock, par value $0.0001 per share ("Class B Common Stock") to the transferee. The shares of Class B Common Stock (i) confer no incidents of economic ownership on the holders thereof, (ii) only confer voting rights on the holders thereof and (iii) may only be issued, on a one-for-one basis, to the holders of Common Units.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $23.25 to $23.31, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $24.00 to $24.60, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

Reflects the shares withheld to cover the payment of taxes following the vesting of 1,250 restricted stock units originally granted on November 16, 2022.

Represents performance-based restricted stock units which vest based on the achievement of certain adjusted diluted earnings per share targets, which, on November 14, 2025, the Compensation Committee of the Board of Directors of the Issuer determined were achieved. Such performance-based restricted stock units were originally granted on September 2, 2022. Performance-based restricted stock units with respect to 10,000 shares of Class A common stock of the Issuer remain eligible to vest in respect of performance for future fiscal years.

Reflects the shares withheld to cover the payment of taxes following the vesting of 15,000 performance-based restricted stock units originally granted on September 2, 2022.

Represents performance-based restricted stock units which vest based on the achievement of certain adjusted diluted earnings per share targets, which, on November 14, 2025, the Compensation Committee of the Board of Directors of the Issuer determined were achieved. Such performance-based restricted stock units were originally granted on September 2, 2022. Performance-based restricted stock units with respect to 10,000 shares of Class A common stock of the Issuer remain eligible to vest in respect of performance for future fiscal years.

Reflects the shares withheld to cover the payment of taxes following the vesting of 15,000 performance-based restricted stock units originally granted on September 2, 2022.

Reflects the shares withheld to cover the payment of taxes following the vesting of 15,000 performance-based restricted stock units originally granted on September 2, 2022.

Reflects the shares withheld to cover the payment of taxes following the vesting of 15,000 performance-based restricted stock units originally granted on September 2, 2022.

Represents performance-based restricted stock units which vest based on the achievement of certain adjusted diluted earnings per share targets, which, on November 14, 2025, the Compensation Committee of the Board of Directors of the Issuer determined were achieved. Such performance-based restricted stock units were originally granted on September 2, 2022. Performance-based restricted stock units with respect to 10,000 shares of Class A common stock of the Issuer remain eligible to vest in respect of performance for future fiscal years.

Represents performance-based restricted stock units which vest based on the achievement of certain adjusted diluted earnings per share targets, which, on November 14, 2025, the Compensation Committee of the Board of Directors of the Issuer determined were achieved. Such performance-based restricted stock units were originally granted on September 2, 2022. Performance-based restricted stock units with respect to 10,000 shares of Class A common stock of the Issuer remain eligible to vest in respect of performance for future fiscal years.

Reflects the shares withheld to cover the payment of taxes following the vesting of 15,000 performance-based restricted stock units originally granted on September 2, 2022.

Represents performance-based restricted stock units which vest based on the achievement of certain adjusted diluted earnings per share targets, which, on November 14, 2025, the Compensation Committee of the Board of Directors of the Issuer determined were achieved. Such performance-based restricted stock units were originally granted on September 2, 2022. Performance-based restricted stock units with respect to 10,000 shares of Class A common stock of the Issuer remain eligible to vest in respect of performance for future fiscal years.

Reflects the shares withheld to cover the payment of taxes following the vesting of 15,000 performance-based restricted stock units originally granted on September 2, 2022.

Represents performance-based restricted stock units which vest based on the achievement of certain adjusted diluted earnings per share targets, which, on November 14, 2025, the Compensation Committee of the Board of Directors of the Issuer determined were achieved. Such performance-based restricted stock units were originally granted on September 2, 2022. Performance-based restricted stock units with respect to 10,000 shares of Class A common stock of the Issuer remain eligible to vest in respect of performance for future fiscal years.

Reflects the shares withheld to cover the payment of taxes following the vesting of 3,750 restricted stock units originally granted on September 20, 2024.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $30.90 to $31.14, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

The options vested fully on the first anniversary of the grant date.

The options vested fully on the first anniversary of the grant date.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $31.50 to $32.09, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

The options vested fully on the first anniversary of the grant date.