Chun K. Hong - 31 Dec 2025 Form 4 Insider Report for NETLIST INC (NLST)

Role
President, CEO and Chairman, Director
Signature
/s/ Gail M. Sasaki, Attorney-in-Fact
Issuer symbol
NLST
Transactions as of
31 Dec 2025
Net transactions value
-$40,000
Form type
4
Filing time
05 Jan 2026, 21:30:09 UTC
Previous filing
01 Dec 2025
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Hong Chun K President, CEO and Chairman, Director 111 ACADEMY, SUITE 100, IRVINE /s/ Gail M. Sasaki, Attorney-in-Fact 05 Jan 2026 0001381057

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction NLST Common Stock Options Exercise $210,000 +300,000 +3.7% $0.7000 8,354,382 31 Dec 2025 Direct F1, F2
transaction NLST Common Stock Sale $200,000 -200,000 -2.4% $1.00 8,154,382 05 Jan 2026 Direct F2, F3
transaction NLST Common Stock Sale $50,000 -50,000 -1.4% $1.00 3,561,177 05 Jan 2026 Hong-Cha Property Trust F4

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction NLST Employee Stock Option (right to buy) Options Exercise $0 -300,000 -100% $0.000000 0 31 Dec 2025 Common Stock 300,000 $0.7000 Direct F1
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Explanation of Responses:

Id Content
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.