Netlist, Inc. — Director's Dealing 2006

Nov 29, 2006

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: NETLIST INC (NLST)
CIK: 0001282631
Period of Report: 2006-11-29

Reporting Person: Hong Nam Ki (Director)

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (right to buy)	$0.20	2012-03-01	Common Stock (100000)		Direct
Employee Stock Option (right to buy)	$2.55	2015-03-31	Common Stock (25000)		Direct
Employee Stock Option (right to buy)	$2.55	2015-03-31	Common Stock (10000)		Direct
Employee Stock Option (right to buy)	$7.00	2016-08-14	Common Stock (10000)		Direct

Footnotes

F1: The option became exercisable as to 6,250 shares upon grant on March 31, 2005. The option vests as to the remaining shares in three equal annual installments. The first such installemnt of 6,250 shares vested on March 31, 2006.

F2: The option vests in four equal annual installments. The first installment of 6,250 shares vested on March 31, 2006.

F3: The option vests in sixteen equal quarterly installments. The first installment of 625 shares vested on November 1, 2006.