---
schema_version: "secwatch.filing_event.v1"
accession: "0001805833-23-000162"
form_type: "8-K"
ticker: "SST"
cik: "0001805833"
company_name: "System1, Inc."
filed_at: "2023-09-12T23:59:59+00:00"
generated_at: "2026-06-10T21:17:24.043047+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.45
calibrated_materiality_score: 0.45
confidence: "high"
source: SEC EDGAR
---

# System1 subsidiary issues $5.2M promissory note to insider Marc Mezzacca, converting M&A holdback into loan

## Summary
- Principal $5.16M; interest at SOFR + 3.15%; four equal amortization payments of ~$1.3M from Apr to Jul 2024.
- Issued to Marc Mezzacca, CouponFollow GM, substituting holdback from NextGen Shopping merger.
- 12% closing fee ($618,778) payable in two installments on Oct 15 and Dec 15, 2023.
- Matures Jul 1, 2024; mandatory prepayment on change of control, asset sales >$2.5M, or refinancing of existing credit.
- CouponFollow Incentive Plan amended in connection with this note.

## SEC filing metadata
- accession: 0001805833-23-000162
- form_type: 8-K
- ticker: SST
- cik: 0001805833
- company_name: System1, Inc.
- filed_at: 2023-09-12T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.45
- calibrated_materiality_score: 0.45
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1805833/000180583323000162/0001805833-23-000162-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1805833/000180583323000162/sst-20230906.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001805833-23-000162
- JSON: https://secwatch.observer/filing/0001805833-23-000162.json
- Plain text: https://secwatch.observer/filing/0001805833-23-000162.txt

## Key facts
- Debt Financings
  System1, Inc. incurred loan of $5.2 million with Marc Mezzacca at Secured Overnight Financing Rate ("SOFR") as administered by the Federal Reserve.
  - Instrument: loan
  - Principal: $5.2 million
  - Counterparty: Marc Mezzacca
  - Rate: Secured Overnight Financing Rate ("SOFR") as administered by the Federal Reserve
  - Event: incurrence
  source text: System1 entered into a $5.2 million Senior Unsecured Promissory Note with the Lender party thereto.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1805833/000180583323000162/0001805833-23-000162-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.