Spoke with the client and they like #2 a lot but would like to see some different variations of it.
Examples: Orange letters inside of blue oval. Try another design of reversing the orange and blue. Try some other shapes besides the oval and possibly try some borders. Also, try using the sans font you used for the company name in #3 and #4.
In regards to #3 and #4, the client is not much of a fan of the design, but they gave recommendations of using more orange and not using the M to split the colors.