| Type | Sym | Class | Transaction | Value $ | Shares | Change % | * Price $ | Shares After | Date | Ownership | Footnotes |
|---|---|---|---|---|---|---|---|---|---|---|---|
| transaction | SST | Class A common stock, par value $0.0001 per share | Other | $0 | -834K | -12.71% | $0.00 | 5.73M | Jan 26, 2022 | Direct | F1, F2, F3 |
| transaction | SST | Class A common stock, par value $0.0001 per share | Other | $0 | -1.99M | -34.76% | $0.00 | 3.74M | Jan 27, 2022 | Direct | F1, F2, F3 |
| Type | Sym | Class | Transaction | Value $ | Shares | Change % | * Price $ | Shares After | Date | Underlying Class | Amount | Exercise Price | Ownership | Footnotes |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| transaction | SST | Warrants | Award | +4.73M | 4.73M | Jan 27, 2022 | Class A common stock, par value $0.0001 | 4.73M | $11.50 | Direct | F1, F2, F5 | |||
| holding | SST | Class D common stock, par value $0.0001 per share | 834K | Jan 26, 2022 | Class A common stock, par value $0.0001 | 834K | Direct | F1, F2, F4 |
| Id | Content |
|---|---|
| F1 | This form is being filed by each of the following Reporting Persons: Trasimene Trebia, LP ("Trasimene"); Trasimene Trebia, LLC ("Trasimene Trebia"); and William P. Foley, II (collectively, the "Reporting Persons"). William P. Foley, II is the sole member of Trasimene Trebia, which is the sole general partner of Trasimene. Because of the relationships among the Reporting Persons, the Reporting Persons may be deemed to beneficially own the securities reported herein to the extent of their respective pecuniary interests. Each Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein, if any. |
| F2 | Directly owned by Trasimene. |
| F3 | Trasimene forfeited the shares of Class A common stock to the Issuer for no consideration pursuant to the Business Combination Agreement, dated June 28, 2021, by and among Trebia Acquisition Corp. ("Trebia"), S1 Holdco, LLC, Inc., System1 SS Protect Holdings, Inc., and the other parties thereto, as amended (the "Business Combination Agreement"), and the Amended and Restated Sponsor Agreement, dated January 10, 2022, by and among BGPT Trebia LP, Trasimene, and the other parties thereto (the "A&R Sponsor Agreement"). |
| F4 | See Remarks below. Under the Issuer's Certificate of Incorporation, the Class D common stock: is non-voting and does not confer economic rights other than the accrual of certain dividends; automatically converts into Class A common stock on a one-for-one basis if, during the period beginning on the closing of the transactions contemplated by the Business Combination Agreement (the "Closing") and ending on the fifth anniversary of the Closing, either the volume-weighted average price of Class A common stock equals or exceeds $12.50 per share for any 20 trading days within a period of 30 consecutive trading days or there is a "change in control" where the valuation of Class A common stock equals or exceeds $12.50 per share ("Class D Conversion Event"); and is automatically forfeited to the Issuer for no consideration if a Class D Conversion Event has not occurred prior to the fifth anniversary of the Closing. The Closing occurred on January 27, 2022. |
| F5 | In connection with the completion of Trebia's June 2020 initial public offering, Trasimene purchased the warrants in a private placement from Trebia, each exercisable to purchase (subject, initially, to the satisfaction of certain material conditions) one share of Class A Common Stock for $11.50 per share. The material conditions to exercise were satisfied upon the Closing, and the warrants by their terms become exercisable (including by cash settlement) 30 days following the Closing. |
In accordance with the Business Combination Agreement, Trebia, a Cayman Islands exempted company, domesticated as a Delaware corporation (the "Domestication") and changed its name to "System1, Inc." Pursuant to the Domestication, the 7,395,937 Class B ordinary shares of Trebia, par value $0.0001 per share, directly owned by Trasimene, converted automatically, on a one-for-one basis, into 6,562,187 shares of Class A common stock and 833,750 shares of Class D common stock. Exhibit 24.1 (Power of Attorney) and Exhibit 99.1 (Joint Filer Information and Signatures) are hereby incorporated by reference herein.