X0206 3 2022-01-27 0 0001805833 System1, Inc. SST 0001912571 Blend Stanley C/O SYSTEM1, INC. 4235 REDWOOD AVENUE MARINA DEL REY CA 90066 0 0 1 0 0001909643 Lone Star Friends Trust C/O SYSTEM1, INC. 4235 REDWOOD AVENUE MARINA DEL REY CA 90066 0 0 1 0 Class A Common Stock 3537147 I By Lone Star Trust Class A Common Stock 592514 I By Dante Trust Class A Common Stock 592514 I By Nola Trust Class A Common Stock 45367 D Class C Common Stock 7945580 I By Lone Star Trust Class C Common Stock 251379 I By Dante Trust Class C Common Stock 251379 I By Nola Trust Warrants (right to buy) Class A Common Stock 500000 I By Lone Star Trust Class B Units Class A Common Stock 7945580 I By Lone Star Trust Class B Units Class A Common Stock 251379 I By Dante Trust Class B Units Class A Common Stock 251379 I By Nola Trust 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). Reflects securities held by Lone Star Friends Trust ("Lone Star"). Mr. Blend is the Trustee of Lone Star, with sole voting and dispositive power over the assets of Lone Star (including the securities of the Company). Reflects securities held by the Dante Jacob Blend Trust (the "Dante Trust"). Mr. Blend is the Trustee of the Dante Trust. Reflects securities held by the Nola Delfina Blend Trust (the "Nola Trust"). Mr. Blend is the Trustee of the Nola Trust. In connection with the Business Combination, one share of the Company's Class C common stock was issued for each Class B Commnon Unit in S1 Holdco ("Class B Unit") held by the reporting person as of the closing of the Business Combination. Pursuant to the Fifth Amended and Restated Limited Liability Company Operating Agreement of S1 Holdco, the Class B Units are redeemable (in connection with the surrender and forfeiture of the corresponding shares of Class C common stock) on a one-for-one basis for shares of the Company's Class A common stock, or, (Continued from Footnote 5) at the election of the Company, cash equal to the volume weighted average market price of a share of Class A Common Stock at the time of such redemption. The Class B Units were acquired pursuant to a reclassification (exempt under Section 16b-7) and reorganization of the Company in connection with the Business Combination. Upon the closing of the Business Combination, the reporting person was issued one share of Class C Common Stock for each Clss B Unit held by the reporting person as of the closing. Upon the closing of the Business Combination, Lone Star acquired 500,000 warrants from BGPT Trebia LP at a price of $1.50 per warrant share. Each whole warrant entitles the holder thereof to purchase one share of the Company's Class A common stock at an exercise price of $11.50 per share. The warrants become exercisable 30 days after the completion of the Business Combination, and expire five (5) 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). Exhibit 24 - Power of Attorney /s/ Daniel Weinrot, Attorney-in-Fact for Stanley Blend 2022-03-07 /s/ Daniel Weinrot, Attorney-in-Fact for Lone Star Friends Trust 2022-03-07