4//SEC Filing
Coppola Brian 4
Accession 0001628280-24-031216
CIK 0001805833other
Filed
Jul 2, 8:00 PM ET
Accepted
Jul 3, 9:07 PM ET
Size
7.1 KB
Accession
0001628280-24-031216
Insider Transaction Report
Form 4
Coppola Brian
Chief Ad Operations Officer
Transactions
- Award
Stock Appreciation Rights
2024-07-01+475,000→ 475,000 totalExercise: $1.44Exp: 2031-07-01→ Class A Common Stock (475,000 underlying)
Footnotes (2)
- [F1]These stock appreciation rights (these "SARs") were granted to the Reporting Person pursuant to the System1, Inc. 2024 Stock Appreciation Rights Plan, as amended (the "Plan") and a corresponding Stock Appreciation Rights Grant Notice and Award Agreement between System1, Inc. (the "Issuer") and the Reporting Person. The SARs reported on this Form 4 represent the right to receive (at the Issuer's discretion), upon exercise of the SARs by the Reporting Person, a payment in either (x) Class A Common Stock, par value $0.0001 per share ("Class A Common Stock") or (y) cash, in the amount equal to the number of shares of Class A Common Stock underlying the number of SARs being exercised multiplied by the excess of the fair market value of one share of Class A Common Stock on (i) the date the SARs are exercised, and (ii) $1.44, the Issuer's closing price on July 1, 2024 (the date the SARs were granted, the "Grant Date").
- [F2]These Stock Appreciation Rights ("SARs") were granted to the Reporting Person on July 1, 2024 under the System1, Inc. 2024 Stock Appreciation Rights Plan, as amended (the "Plan") and vest (i) 25% upon the Issuer first achieving trailing twelve month Adjusted EBITDA ("TTM Adjusted EBITDA") of $50.0 million after the date of grant, (ii) 25% upon the Issuer first achieving TTM Adjusted EBITDA of $60.0 million after the date of grant, (iii) 25% upon the Issuer first achieving TTM Adjusted EBITDA of $70.0 million after the date of grant and (iv) 25% upon the Issuer first achieving TTM Adjusted EBITDA of $80.0 million after the date of grant, in each case, subject to the terms of the Plan and an award agreement entered into between the Reporting Person and the Issuer pursuant to the Plan.
Documents
Issuer
System1, Inc.
CIK 0001805833
Entity typeother
Related Parties
1- filerCIK 0001906904
Filing Metadata
- Form type
- 4
- Filed
- Jul 2, 8:00 PM ET
- Accepted
- Jul 3, 9:07 PM ET
- Size
- 7.1 KB