System1, Inc. — Director's Dealing 2023

May 2, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: System1, Inc. (SST)
CIK: 0001805833
Period of Report: 2023-04-28

Reporting Person: Sestanovich Elizabeth (Chief People Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-04-28	Class A Common Stock	F	2753	$3.03	Disposed	137048	Direct

Footnotes

F1: Upon the vesting of 6,750 restricted stock units ("RSUs") previously granted to the reporting person, the Company withheld 2,753 shares to cover the reporting person's tax withholding obligation with respect to the vesting of such RSUs.

F2: Includes 871 shares received in connection with pro-rata distributions from OpenMail2, LLC to its members, for no consideration and in an exempt transaction under Rule 16a-9, since the Reporting Person's last reportable transaction filed on Form 4.

F3: Includes 57,987 unvested RSUs.