<SEC-DOCUMENT>0001140361-22-018936.txt : 20220512
<SEC-HEADER>0001140361-22-018936.hdr.sgml : 20220512
<ACCEPTANCE-DATETIME>20220512214609
ACCESSION NUMBER:		0001140361-22-018936
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20220510
FILED AS OF DATE:		20220512
DATE AS OF CHANGE:		20220512

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			FOLEY WILLIAM P II
		CENTRAL INDEX KEY:			0000903213
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39331
		FILM NUMBER:		22920004

	MAIL ADDRESS:	
		STREET 1:		FIDELITY NATIONAL FINANCIAL, INC.
		STREET 2:		601 RIVERSIDE AVENUE
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32204

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			System1, Inc.
		CENTRAL INDEX KEY:			0001805833
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
		IRS NUMBER:				981531250
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		4235 REDWOOD AVENUE
		CITY:			MARINA DEL REY
		STATE:			CA
		ZIP:			90066
		BUSINESS PHONE:		310-924-6037

	MAIL ADDRESS:	
		STREET 1:		4235 REDWOOD AVENUE
		CITY:			MARINA DEL RAY
		STATE:			CA
		ZIP:			90066

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Trebia Acquisition Corp.
		DATE OF NAME CHANGE:	20200306
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2022-05-10</periodOfReport>

    <issuer>
        <issuerCik>0001805833</issuerCik>
        <issuerName>System1, Inc.</issuerName>
        <issuerTradingSymbol>SST</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000903213</rptOwnerCik>
            <rptOwnerName>FOLEY WILLIAM P II</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O 1701 VILLAGE CENTER CIRCLE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>LAS VEGAS</rptOwnerCity>
            <rptOwnerState>NV</rptOwnerState>
            <rptOwnerZipCode>89134</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isTenPercentOwner>true</isTenPercentOwner>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A common stock, par value $0.0001 per share</value>
            </securityTitle>
            <transactionDate>
                <value>2022-05-10</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>24000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>24000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class A common stock, par value $0.0001 per share</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>6601898</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F3"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Note</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Represents an award of restricted stock units pursuant to the Issuer's 2022 Incentive Award Plan. Each restricted stock unit represents a contingent right to receive one share of the Issuer's Class A common stock. Pursuant to the terms of the award agreement, 4,800 of the restricted stock units vested on the date of grant, and the remaining aggregate 19,200 restricted stock units will vest ratably on each of July 28, 2022, October 28, 2022, January 28, 2023 and April 28, 2023.</footnote>
        <footnote id="F2">Not applicable.</footnote>
        <footnote id="F3">Directly owned by Trasimene Trebia, LP (&quot;Trasimene&quot;). The Reporting Person is the sole member of Trasimene Trebia, LLC (&quot;Trasimene Trebia&quot; and together with Trasimene and the Reporting Person, the &quot;Parties&quot;), which is the sole general partner of Trasimene. Because of the relationships among the Parties, the Parties may be deemed to beneficially own the securities reported herein to the extent of their respective pecuniary interests. Each of the Parties disclaims beneficial ownership of the securities reported herein, except to the extent of such Party's pecuniary interest therein, if any.</footnote>
    </footnotes>

    <remarks>Exhibit 24.1 (Power of Attorney) is hereby incorporated by reference herein.</remarks>

    <ownerSignature>
        <signatureName>/s/ Daniel Weinrot, Attorney-in-Fact for William P. Foley, II</signatureName>
        <signatureDate>2022-05-12</signatureDate>
    </ownerSignature>
</ownershipDocument>
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<DOCUMENT>
<TYPE>EX-24.1
<SEQUENCE>2
<FILENAME>brhc10037627_ex24-1.htm
<DESCRIPTION>EXHIBIT 24.1
<TEXT>
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      <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><font style="font-variant: normal;">Exhibit </font>24.1<br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-variant: small-caps; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-variant: small-caps; font-weight: bold;">POWER OF ATTORNEY</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="color: #000000;">With respect to holdings of and
        transactions in securities issued by System1, Inc. (the &#8220;</font><font style="font-weight: bold; font-style: italic; color: #000000;">Company</font><font style="color: #000000;">&#8221;), the undersigned hereby constitutes and appoints Michael Blend, Tridivesh Kidambi, and Daniel Weinrot, or any of them signing singly, with full power of substitution and
        resubstitution, to act as the undersigned&#8217;s true and lawful attorney-in-fact to</font>:</div>
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          <td style="width: 36pt;"><br>
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          <td style="width: 27pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">execute for and on behalf of the undersigned, Schedules 13D and 13G in accordance with Section 13 of the Securities Exchange Act of 1934, as amended (the &#8220;<font style="font-weight: bold; font-style: italic;">Exchange Act</font>&#8221;), and the rules thereunder, and Forms 3, 4, and 5 in accordance with Section 16 of the Exchange Act and the
              rules thereunder;</div>
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    </div>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 27pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete and execute any such Schedule 13D or 13G or Form 3,
              4, or 5, complete and execute any amendment or amendments thereto, and timely file such schedule or form with the SEC and any stock exchange or similar authority; and</div>
          </td>
        </tr>

    </table>
    <div><br>
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    <table cellspacing="0" cellpadding="0" id="z4e8ee907b42149e195c14e5956e29e49" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 27pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">3.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">take any other action of any type whatsoever in connection with the foregoing which, in the opinion of such attorney-in-fact, may be of benefit to, in the best interest
              of, or legally required by, the undersigned, it being understood that the documents executed by such attorney-in-fact on behalf of the undersigned pursuant to this Power of Attorney shall be in such form and shall contain such terms and
              conditions as such attorney-in-fact may approve in such attorney-in-fact&#8217;s discretion.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">The undersigned hereby grants to each such attorney-in-fact full power and authority to do and perform any and every act and thing
      whatsoever requisite, necessary, or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution and
      resubstitution or revocation, hereby ratifying and confirming all that such attorney-in-fact, or such attorneys-in-fact substitute or substitutes, shall lawfully do or cause to be done by virtue of this Power of Attorney and the rights and powers
      herein granted.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">The undersigned acknowledges that the foregoing attorneys-in-fact, in serving in such capacity at the request of the undersigned, are
      not assuming, nor is the Company assuming, any of the undersigned&#8217;s responsibilities to comply with Section 13 and Section 16 of the Exchange Act.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">This Power of Attorney shall remain in full force and effect until the undersigned is no longer required to file Schedule 13D and 13G
      and Forms 3, 4, and 5 with respect to the undersigned&#8217;s holdings of and transactions in securities issued by the Company, unless earlier revoked by the undersigned in a signed writing delivered to the foregoing attorneys-in-fact.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of this 21st day of January, 2022.</div>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
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              <div style="font-family: 'Times New Roman', Times, serif;"><u>/s/ William P. Foley, II</u></div>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
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              <div style="font-family: 'Times New Roman', Times, serif;">Name: William P. Foley, II</div>
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