Step 1: Focus on which named factor regulates the terminal complement step that builds the lytic pore rather than the earlier convertase steps.
Step 2: Factor S, the protein vitronectin, attaches to nascent C5b-7 in the fluid phase so the complex cannot anchor to a membrane, blunting formation of C5b-9 and protecting bystander cells. This is the direct modulator of MAC-mediated cytolysis.
Step 3: The other choices act upstream: Factor I degrades C3b and C4b, Factor H is its cofactor and a decay accelerator of the alternative pathway, and Factor B feeds the alternative pathway convertase. They do not touch the assembled attack complex.
Step 4: Hence the modulator of MAC cytolytic activity is Factor S.
\[\boxed{\text{Factor S (vitronectin)}}\]