System1, Inc. — Director's Dealing 2022

May 12, 2022

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: System1, Inc. (SST)
CIK: 0001805833
Period of Report: 2022-05-10

Reporting Person: Sestanovich Elizabeth (Chief People Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2022-05-10	Class A Common Stock	A	60000	$0.00	Acquired	118841	Direct

Footnotes

F1: Ms. Sestanovich was granted 60,000 restricted stock units ("RSUs") in connection with her continued employment with System1, Inc. ("SST"). Each RSU represents the right to receive one share of SST Class A Common Stock upon vesting. Subject to the continued employment of Ms. Sestanovich through the applicable vesting dates, (i) 3,000 of the RSUs will vest on January 28, 2023, (ii) 9,000 of the RSUs will vest in quarterly installments of 2,250 each on January 28, April 28, July 28 and October 28, 2024 and (iii) the remaining 48,000 RSUs will vest in eight (8) quarterly installments of 6,000 each on the quarterly anniversary thereafter.