Netlist, Inc. — Director's Dealing 2008

Jan 9, 2008

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: NETLIST INC (NLST)
CIK: 0001282631
Period of Report: 2008-01-01

Reporting Person: ITOW GAIL MISAKO (Vice President and CFO)

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (Right to Buy)	$2.55	2016-01-05	Common Stock (25000)		Direct
Employee Stock Option (Right to Buy)	$7.00	2016-08-14	Common Stock (10000)		Direct
Employee Stock Option (Right to Buy)	$1.93	2017-09-04	Common Stock (25000)		Direct

Footnotes

F1: The option was granted under the registrant's Amended and Restated 2000 Equity Incentive Plan and vests from the date of grant on January 5, 2006 over four years in four equal annual installments of 6,250 shares. The first installment of 6,250 shares vested on January 5, 2007 and the second installment of 6,250 shares vested on January 5, 2008.

F2: The option was granted under the registrant's Amended and Restated 2000 Equity Incentive Plan and vests from the date of grant on August 16, 2006 over four years in four equal annual installments of 2,500 shares. The first installment of 2,500 shares vested on August 14, 2007.

F3: The option was granted under the registrant's 2006 Amended and Restated Equity Incentive Plan and vests from the date of grant on September 4, 2007 over four years in four equal annual installments of 6,250 shares.