[Form 4] System1, Inc. Insider Trading Activity

Rhea-AI Filing Summary

CEE Holdings Trust, a reporting person identified as a director of System1, Inc. (SST), purchased 11,015 shares of Class A common stock on 08/22/2025 at a weighted-average price of $7.32 per share. After the transaction the trust beneficially owned 919,555 shares. The filing states the purchase occurred in multiple trades at prices ranging from $6.79 to $7.50, and the trustee who signed the Form 4 is Brittany Gale of Jackson Hole Trust Company. This disclosure reports an insider acquisition by a director and provides the mandatory details required under Section 16.

Positive

• Insider purchase disclosed: Director-affiliated trust acquired 11,015 shares, showing insider buying activity.
• Transparent pricing: Filing provides weighted-average price $7.32 and explicit execution price range $6.79–$7.50.
• Complete disclosure: Form 4 includes resulting beneficial ownership (919,555 shares) and trustee signature.

Negative

• None.

Insights

Securities Analyst

TL;DR: A director-related trust bought 11,015 SST shares at a $7.32 weighted average, modestly increasing insider ownership to 919,555 shares.

The Form 4 shows a routine insider purchase by CEE Holdings Trust, reported under Section 16. The transaction size (11,015 shares) is small relative to total beneficial ownership but signals an insider acquisition. The weighted-average price and disclosed execution range provide transparency on price levels. No sales, options, or derivative transactions are reported, and no additional context (e.g., total outstanding shares) is provided in the filing.

Corporate Governance Expert

TL;DR: Director-affiliated trust acquired shares via multiple trades; disclosure is complete and complies with Form 4 requirements.

The filing is properly executed and signed by the trustee. It identifies the reporting person, relationship to the issuer (Director), transaction date, number of shares acquired, price range, and resulting beneficial ownership. The explanation clarifies weighted-average pricing across multiple trades. There are no indications of planned dispositions or derivative holdings in this Form 4.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

CEE Holdings Trust

(Last) (First) (Middle)

C/O JACKSON HOLE TRUST COMPANY

185 W. BROADWAY, SUITE 101

(Street)

JACKSON HOLE WY 83001

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
System1, Inc. [ SST ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/22/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	08/22/2025		P		11,015(1)	A	$7.32	919,555	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. The shares were purchased in more than one transaction at prices ranging from $6.79 to $7.50, inclusive. The Reporting Person(s) undertake(s) to provide to the Issuer, any security holder, 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 range set forth in this footnote.

Remarks:

	/s/ Brittany Gale, Senior Trust Officer of Jackson Hole Trust Company, Trustee	08/26/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did CEE Holdings Trust report for SST?

The trust reported acquiring 11,015 shares of SST Class A common stock on 08/22/2025.

At what price were the SST shares purchased according to the Form 4?

The weighted-average price was $7.32 per share, with trades executed between $6.79 and $7.50.

How many SST shares does the reporting person beneficially own after the purchase?

After the reported transaction the reporting person beneficially owned 919,555 shares.

Who signed the Form 4 for the reporting person?

The Form 4 was signed by Brittany Gale, Senior Trust Officer of Jackson Hole Trust Company, Trustee on 08/26/2025.

Does the Form 4 report any derivative transactions for SST?

No. Table II for derivative securities contains no reported transactions in this filing.