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

Role: Chief People Officer
Signature: /s/ Daniel Weinrot, Attorney-in-Fact for Elizabeth Sestanovich
Issuer symbol: SST
Transactions as of: 17 Jun 2022
Net transactions value: $0
Form type: 4
Filing time: 22 Jun 2022, 18:35:24 UTC
Previous filing: 12 May 2022
Next filing: 16 Aug 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SST	Class A Common Stock	Award	$0	+21,368	+18%	$0.000000	140,209	17 Jun 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.