Kazerani Moujan

SEC source: 0001845026-25-000002 · wk-form4_1754354601.xml · nonDerivative · entry 1

Kazerani Moujan · CIK 0001845026 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 40,292

F1 · shares: Represents a grant of 15,000 restricted stock units ("RSUs) which convert into Class A Common Stock on a one-for-one basis, pursuant to the 2022 Incentive Award Plan of the Issuer in connection with Ms. Kazerani's continued service as a member of its Board of Directors as of the close of business on the date of its annual shareholder meeting. The RSUs vest in four (4) substantially equal quarterly installments on each of September 15, 2025, December 15, 2025, March 15, 2026 and June 15, 2026 as long Ms. Kazerani continues to serve as a Director of the Issuer through the applicable vesting dates.

F2 · balance_after: Includes 15,000 unvested RSUs.

F3 · balance_after: Represents the total number of shares held after the Issuer's completion of a 1-for-10 reverse stock split that occurred on June 11, 2025.

SEC source: 0001628280-24-028156 · wk-form4_1718323318.xml · nonDerivative · entry 1

Kazerani Moujan · CIK 0001845026 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 252,924

F1 · shares: Represents a grant of 146,667 restricted stock units ("RSUs) which convert into Class A Common Stock on a one-for-one basis, pursuant to the 2022 Incentive Award Plan of the Issuer in connection with Ms. Kazerani's continued service as a member of its Board of Directors as of the close of business on the date of its annual shareholder meeting. The RSUs vest in four (4) substantially equal quarterly installments on each of September 15, 2024, December 15, 2024, March 15, 2025 and June 15, 2025 as long Ms. Kazerani continues to serve as a Director of the Issuer through the applicable vesting dates.

F2 · balance_after: Includes 165,900 unvested RSUs.

SEC source: 0001845026-23-000002 · wf-form4_169101750280688.xml · nonDerivative · entry 1

Kazerani Moujan · CIK 0001845026 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 106,257

F1 · shares: Represents a grant of 76,923 restricted stock units ("RSUs) which convert into Class A Common Stock on a one-for-one basis, pursuant to the 2022 Incentive Award Plan of the Issuer in connection with Ms. Kazerani's continued service as a member of its Board of Directors as of the close of business on the date of its annual shareholder meeting. The RSUs vest in four (4) substantially equal quarterly installments on each of September 15, 2023, December 15, 2023, March 15, 2024 and June 15, 2024 as long Ms. Kazerani continues to serve as a Director of the Issuer through the applicable vesting dates.

F2 · balance_after: Includes 76,923 unvested RSUs.

SEC source: 0000899243-22-017902 · doc4.xml · nonDerivative · entry 1

Kazerani Moujan · CIK 0001845026 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 29,334

F1 · price: Represents a grant of restricted stock units ("RSUs) which convert into Class A Common Stock on a one-for-one basis, pursuant to the 2022 Incentive Award Plan of the Issuer. As of the grant date (May 10, 2022) 5,866.80 RSUs were fully vested, and the remaining aggregate 23,467 will vest in four equal installments on each of July 28, 2022, October 28, 2022, January 28, 2023 and April 28, 2023.

SEC source: 0000899243-22-009805 · doc4a.xml · derivative · entry 2

Kazerani Moujan · CIK 0001845026 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By Spouse

Disclosed balance after: 40,700

Underlying: Class A Common Stock · 40,700 shares

Expires not disclosed

F2 · derivative.exercise_price: Each warrant entitles the holder thereof to purchase one share of Class A common stock of System1, Inc. (the "Company") at an exercise price of $11.50 per share. The warrants become exercisable 30 days after the completion of the Business Combination. The warrants expire five years after the completion of the Business Combination or earlier upon redemption or liquidation, as described under the heading "Description of System1 Securities-System1 Warrants" in the Company's registration statement on Form S-4 (File No. 333-260714).

F3 · price: Represents the weighted average purchase price paid. These warrants were purchased in multiple transactions at prices ranging from $1.00 to $1.06, inclusive. The reporting person undertakes to provide to the Company, any securityholder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of warrants purchased at each separate price within the ranges set forth in this footnote to this Form 4.

F2 · derivative.exercise_date: Each warrant entitles the holder thereof to purchase one share of Class A common stock of System1, Inc. (the "Company") at an exercise price of $11.50 per share. The warrants become exercisable 30 days after the completion of the Business Combination. The warrants expire five years after the completion of the Business Combination or earlier upon redemption or liquidation, as described under the heading "Description of System1 Securities-System1 Warrants" in the Company's registration statement on Form S-4 (File No. 333-260714).

F2 · derivative.expiration_date: Each warrant entitles the holder thereof to purchase one share of Class A common stock of System1, Inc. (the "Company") at an exercise price of $11.50 per share. The warrants become exercisable 30 days after the completion of the Business Combination. The warrants expire five years after the completion of the Business Combination or earlier upon redemption or liquidation, as described under the heading "Description of System1 Securities-System1 Warrants" in the Company's registration statement on Form S-4 (File No. 333-260714).

SEC source: 0000899243-22-009805 · doc4a.xml · nonDerivative · entry 1

Kazerani Moujan · CIK 0001845026 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By Spouse

Disclosed balance after: 20,500

F1 · price: Represents the weighted average purchase price paid. These shares were purchased in multiple transactions at prices ranging from $9.96 to $10.59, inclusive. The reporting person undertakes to provide to System1, Inc. (the "Company"), any securityholder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote to this Form 4.

SEC source: 0000899243-22-003803 · doc4.xml · nonDerivative · entry 1

Kazerani Moujan · CIK 0001845026 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 75,612

F1 · price: Received in connection with the business combination (the "Business Combination") among System1, Inc., (f/k/a Trebia Acquisition Corp., (the "Company"), S1 Holdco, LLC ("S1 Holdco"), Orchid Merger Sub I, Inc. ("Merger Sub I"), Orchid Merger Sub II, LLC ("Merger Sub II" and, together with Merger Sub I, the "Merger Subs"), System1 SS Protect Holdings, Inc. ("Protected") and the other parties signatory to that certain business combination agreement, dated as of June 28, 2021 (as amended on November 30, 2021, January 10, 2022 and January 25, 2022).

F2 · ownership.nature: Reflects shares held by Carbon Investments, LLC. Moujan Kazerani is a member and officer of Carbon Investments, LLC. Ms. Kazerani disclaims beneficial ownership of the shares except to the extent of her pecuniary interest therein.