[Form 4] Shift4 Payments, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Nancy Disman, Chief Financial Officer of Shift4 Payments (FOUR), reported a planned sale of company stock under a Rule 10b5-1 trading plan. On 09/15/2025 she disposed of 5,000 shares of Class A common stock at a weighted average price of $87.2808 per share, with transaction prices in the range $86.79 to $87.78. After the sale she beneficially owned 135,420 shares. The Form 4 was signed by an attorney-in-fact and filed on 09/17/2025. The filing includes a statement that further detail on the number of shares sold at each specific price is available upon request.

Positive

• Sale executed pursuant to a Rule 10b5-1 plan, indicating a pre-established trading arrangement intended to limit allegations of opportunistic insider trading
• Weighted-average price and price range disclosed, offering transparency into execution prices
• Post-transaction beneficial ownership reported (135,420 shares), allowing investors to see remaining insider exposure

Negative

• None.

Insights

Securities Compliance Analyst

TL;DR: Routine insider sale under a Rule 10b5-1 plan, properly disclosed with weighted-average pricing and post-sale holdings.

The Form 4 documents a scheduled disposition under a pre-established Rule 10b5-1 plan, which generally provides an affirmative defense to insider trading allegations when properly adopted. The filing reports a weighted-average sale price and discloses the price range for the multiple executions that comprised the sale. It also states the reporting person's beneficial ownership after the transaction, enabling straightforward calculation of remaining insider exposure. The form was executed by an attorney-in-fact and contains the customary offer to provide granular execution details on request, consistent with best practices for transparency in such plans.

Corporate Finance Officer

TL;DR: Non-material single-date sale relative to company size; no new compensation or derivative activity disclosed.

The disclosure shows a single, non-derivative sale of 5,000 Class A shares at an $87.2808 weighted average price, reducing direct holdings to 135,420 shares. There are no accompanying option exercises, grants, or derivative transactions reported on this Form 4. As presented, the transaction appears administrative and aligned with a Rule 10b5-1 plan rather than a discretionary insider sale, and the filing includes necessary execution detail and signature protocol.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Disman Nancy

(Last) (First) (Middle)

3501 CORPORATE PARKWAY

(Street)

CENTER VALLEY PA 18034

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Shift4 Payments, Inc. [ FOUR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	09/15/2025		S		5,000(1)	D	$87.2808(2)	135,420	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents sales pursuant to a Rule 10b5-1 trading plan.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $86.79 to $87.78, 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 range set forth in this footnote.

	/s/ Jordan Frankel, Attorney-in-Fact for Nancy Disman	09/17/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Nancy Disman report on Form 4 for FOUR?

She reported a sale of 5,000 Class A shares on 09/15/2025 under a Rule 10b5-1 plan at a weighted average price of $87.2808, leaving 135,420 shares beneficially owned.

Was the sale part of a Rule 10b5-1 trading plan?

Yes. The Form 4 explicitly states the sales were made pursuant to a Rule 10b5-1 trading plan.

What price range were the shares sold at?

The filing discloses the shares were sold in multiple transactions at prices ranging from $86.79 to $87.78.

When was the Form 4 filed and who signed it?

The Form 4 was filed with a signature by an attorney-in-fact for Nancy Disman and dated 09/17/2025.

Did the Form 4 report any derivative transactions or option exercises?

No. The filing reports only a non-derivative sale of Class A common stock and contains no derivative or option activity.