Elizabeth Sestanovich - Jun 17, 2022 Form 4 Insider Report for System1, Inc. (SST)

Role: Chief People Officer
Signature: /s/ Daniel Weinrot, Attorney-in-Fact for Elizabeth Sestanovich
Stock symbol: SST
Transactions as of: Jun 17, 2022
Transactions value $: $0
Form type: 4
Date filed: 6/22/2022, 06:35 PM
Previous filing: May 12, 2022
Next filing: Aug 16, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SST	Class A Common Stock	Award	$0	+21.4K	+17.98%	$0.00	140K	Jun 17, 2022	Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Ms. Sestanovich was granted 21,368 restricted stock units ("RSUs") in connection with the replacement of previously unvested Value Creation Units of the Issuer's predecessor entity (the "Original VCUs") outstanding as of the closing of the Issuer's business combination transaction (the "Replacement RSUs"), of which 6,999 of the Replacement RSUs were deemed vested as of the grant date. Each Replacement RSU represents the right to receive one (1) share of SST Class A Common Stock upon vesting. Subject to the continued employment of Ms. Sestanovich through the applicable vesting dates, the Replacement RSUs vest in quarterly installments over the course of the Original VCU remaining vesting schedule(s).
F2	Includes 74,369 unvested RSUs.

Content

Ms. Sestanovich was granted 21,368 restricted stock units ("RSUs") in connection with the replacement of previously unvested Value Creation Units of the Issuer's predecessor entity (the "Original VCUs") outstanding as of the closing of the Issuer's business combination transaction (the "Replacement RSUs"), of which 6,999 of the Replacement RSUs were deemed vested as of the grant date. Each Replacement RSU represents the right to receive one (1) share of SST Class A Common Stock upon vesting. Subject to the continued employment of Ms. Sestanovich through the applicable vesting dates, the Replacement RSUs vest in quarterly installments over the course of the Original VCU remaining vesting schedule(s).

Includes 74,369 unvested RSUs.