Key facts
- This page summarizes L. Michael Blend's Form 4 filing for System1, Inc. (SST).
- 1 reported transaction and 1 derivative row are listed below.
- Accepted by SEC: 03 Jul 2024, 21:06.
L. Michael Blend - 01 Jul 2024 Form 4 Insider Report for System1, Inc. (SST)
- Reporting relationship
- CEO & Chairman, Director
- Issuer ticker
- SST
- Reported as of
- 01 Jul 2024
- Net transaction value
- $0
- SEC form
- 4
- Accepted by SEC
- 03 Jul 2024, 21:06:24 UTC
- Prior SEC filing
- 21 Jun 2024
- Next SEC filing
- 14 Aug 2024
- Source filing
- View source filing
- Reporting owner signature
- /s/ Daniel Weinrot, Attorney-in-Fact for Michael Blend
Source evidence
Original filing metadata and source links for verification.
5 source fields
Reporting owner
1 detail
Key filing fact
L. Michael Blend filed Form 4 for System1, Inc. (SST) on 03 Jul 2024.
Change
- Previous filing in this sequence was filed on 21 Jun 2024.
- Current net transaction value: $0.
Research use
- This tells you what this filing adds before you inspect full transaction and derivative tables.
- You can trace every row back to the original SEC filing document.
Evidence
Filed on Form 4
View source filing
Ownership activity is grounded in SEC Form 4 disclosures.
Reported derivative securities
Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.
SST
transaction
Derivative
Stock Appreciation Rights
Award
- Transaction value
- $0
- Shares
- +2,500,000
- Change %
- Price
- $0.000000
- Shares after
- 2,500,000
- Date
- 01 Jul 2024
- Ownership
- Direct
- Underlying class
- Class A Common Stock
- Underlying amount
- 2,500,000
- Exercise price
- $1.44
- Footnotes
- F1, F2
* marks a reported price that did not pass the local price check.
Additional SEC filing notes
Filing notes and footnotes
Explanation of responses 2 footnotes
Footnote F1
These stock appreciation rights (these "SARs") were granted to the Reporting Person pursuant to the System1, Inc. 2024 Stock Appreciation Rights Plan, as amended (the "Plan") and a corresponding Stock Appreciation Rights Grant Notice and Award Agreement between System1, Inc. (the "Issuer") and the Reporting Person. The SARs reported on this Form 4 represent the right to receive (at the Issuer's discretion), upon exercise of the SARs by the Reporting Person, a payment in either (x) Class A Common Stock, par value $0.0001 per share ("Class A Common Stock") or (y) cash, in the amount equal to the number of shares of Class A Common Stock underlying the number of SARs being exercised multiplied by the excess of the fair market value of one share of Class A Common Stock on (i) the date the SARs are exercised, and (ii) $1.44, the Issuer's closing price on July 1, 2024 (the date the SARs were granted, the "Grant Date").
Footnote F2
These Stock Appreciation Rights ("SARs") were granted to the Reporting Person on July 1, 2024 under the System1, Inc. 2024 Stock Appreciation Rights Plan, as amended (the "Plan") and vest (i) 25% upon the Issuer first achieving trailing twelve month Adjusted EBITDA ("TTM Adjusted EBITDA") of $50.0 million after the date of grant, (ii) 25% upon the Issuer first achieving TTM Adjusted EBITDA of $60.0 million after the date of grant, (iii) 25% upon the Issuer first achieving TTM Adjusted EBITDA of $70.0 million after the date of grant and (iv) 25% upon the Issuer first achieving TTM Adjusted EBITDA of $80.0 million after the date of grant, in each case, subject to the terms of the Plan and an award agreement entered into between the Reporting Person and the Issuer pursuant to the Plan.