Netlist, Inc. — Director's Dealing 2026

Jan 5, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NETLIST INC (NLST)
CIK: 0001282631
Period of Report: 2025-12-31

Reporting Person: Hong Chun K (Director, President, CEO and Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-12-31	Common Stock	M	300000	$0.70	Acquired	8354382	Direct
2026-01-05	Common Stock	S	200000	$1.00	Disposed	8154382	Direct
2026-01-05	Common Stock	S	50000	$1.00	Disposed	3561177	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-12-31	Employee Stock Option (right to buy)	$0.70	M	300000	Disposed	2026-01-18	Common Stock (300000)	Direct

Footnotes

F1: The Reporting Person acquired 300,000 shares of the Issuer's common stock, par value $0.001 per share (the "Common Stock"), upon the exercise in full of a stock option scheduled to expire on 1/18/2026 previously issued pursuant to the Issuer's Amended and Restated 2006 Equity Incentive Plan. The Reporting Person paid the full exercise price of $210,000.00 ($0.70 per share) and applicable withholding taxes of $73,248.00 in cash, for a total cash amount of $283,248.00. No shares of Common Stock of the Issuer were sold or withheld in connection with the exercise.

F2: The amount reported includes shares subject to unvested restricted stock units.

F3: This sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on September 12, 2025.

F4: This sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the Chun Ki Hong Won Kyung Cha Community Property Trust dated 8/16/2004 on September 12, 2025.