---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-043740"
form_type: "8-K"
ticker: "FOUR"
cik: "0001794669"
company_name: "Shift4 Payments, Inc."
filed_at: "2026-02-10T23:59:59+00:00"
generated_at: "2026-05-16T03:37:56.649696+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Shift4 completes Up-C collapse; eliminates ~$440M TRA liability and removes Isaacman's majority voting control

## Summary
- Jared Isaacman exchanged all Class C shares for Class A shares and Rook redeemed 19.8M common units for Class A shares, cancelling Class B shares.
- Company relieved of estimated $440M future TRA payments; Rook assigned all TRA rights to Shift4 and waived any tax benefit payments.
- Consideration to Isaacman/Rook: $138.8M cash, 423,296 mandatory convertible preferred shares, and deemed satisfaction of 4Shares program commitment.
- Isaacman agreed to a five-year non-compete and will negotiate a return to service after his NASA Administrator term ends.
- Transaction eliminates Rook's majority voting power and removes certain Stockholders Agreement provisions.

## SEC filing metadata
- accession: 0001193125-26-043740
- form_type: 8-K
- ticker: FOUR
- cik: 0001794669
- company_name: Shift4 Payments, Inc.
- filed_at: 2026-02-10T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1794669/000119312526043740/0001193125-26-043740-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1794669/000119312526043740/d39143d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-043740
- JSON: https://secwatch.observer/filing/0001193125-26-043740.json
- Plain text: https://secwatch.observer/filing/0001193125-26-043740.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.