Stanley Blend - Dec 24, 2024 Form 4 Insider Report for System1, Inc. (SST)

Role: 10%+ Owner
Signature: /s/ Daniel Weinrot, Attorney--in-Fact for Stanley Blend
Stock symbol: SST
Transactions as of: Dec 24, 2024
Transactions value $: $0
Form type: 4
Date filed: 12/27/2024, 07:58 PM
Previous filing: Aug 14, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SST	Class A Common Stock	Conversion of derivative security		+2.5M			2.5M	Dec 24, 2024	Trust (Lone Star Friends Trust)	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	SST	Class B Units	Conversion of derivative security		-2.5M	-35.84%		4.48M	Dec 24, 2024	Class A Common Stock	2.5M		Trust (Lone Star Friends Trust)	F1

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

Explanation of Responses:

Id	Content
F1	Pursuant to the Seventh Amended and Restated Limited Liability Company Operating Agreement of S1 Holdco, the Class B Units are redeemable (in connection with the surrender and forfeiture of the corresponding shares of Class C common stock) on a one-for-one basis for shares of the Company's Class A common stock, or, at the election of the Company, cash equal to the volume weighted average market price of a share of Class A Common Stock at the time of such redemption.

Content

Pursuant to the Seventh Amended and Restated Limited Liability Company Operating Agreement of S1 Holdco, the Class B Units are redeemable (in connection with the surrender and forfeiture of the corresponding shares of Class C common stock) on a one-for-one basis for shares of the Company's Class A common stock, or, at the election of the Company, cash equal to the volume weighted average market price of a share of Class A Common Stock at the time of such redemption.