FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response...
0.5
                      
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

SASAKI GAIL M
2. Issuer Name and Ticker or Trading Symbol

NETLIST INC [ NLST ]
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                    _____ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
Vice President and CFO
(Last)          (First)          (Middle)

175 TECHNOLOGY, SUITE 150
3. Date of Earliest Transaction (MM/DD/YYYY)

7/2/2021
(Street)

IRVINE, CA 92618
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 7/2/2021  S(1)  50000 D$4.20 474545 D  
Common Stock 7/6/2021  M  75000 A$0.70 549545 D  
Common Stock 7/6/2021  S(1)  75000 D$5.25 474545 D  
Common Stock 7/6/2021  M  15000 A$0.711 489545 D  
Common Stock 7/6/2021  S(1)  15000 D$5.25 474545 D  
Common Stock 7/6/2021  M  60000 A$0.710 534545 D  
Common Stock 7/6/2021  S(1)  60000 D$5.25 474545 D  
Common Stock 7/6/2021  M  75000 A$0.842 549545 D  
Common Stock 7/6/2021  S(1)  75000 D$5.40 474545 D  

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security3. Trans. Date3A. Deemed Execution Date, if any4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Employee Stock Option (right to buy) $0.70 7/6/2021  M   75000     (2)1/18/2026 Common Stock 75000 $0 375000 D  
Employee Stock Option (right to buy) $0.711 7/6/2021  M   15000     (3)2/11/2023 Common Stock 15000 $0 360000 D  
Employee Stock Option (right to buy) $0.710 7/6/2021  M   60000     (4)2/11/2023 Common Stock 60000 $0 300000 D  
Employee Stock Option (right to buy) $0.842 7/6/2021  M   75000     (5)1/6/2025 Common Stock 75000 $0 225000 D  

Explanation of Responses:
(1) This transaction was effected pursuant to a Rule 10b5-1 Plan.
(2) This option vested in 16 equal quarterly installments from April 18, 2016 to January 18, 2020.
(3) This option vested in 16 equal installments from May 11, 2013 to February 11, 2017.
(4) This option vested in 16 equal installments from May 11, 2013 to February 11, 2017.
(5) This option vested in 16 equal installments from April 6, 2015 to January 6, 2019

Reporting Owners
Reporting Owner Name / Address
Relationships
Director10% OwnerOfficerOther
SASAKI GAIL M
175 TECHNOLOGY, SUITE 150
IRVINE, CA 92618


Vice President and CFO

Signatures
/s/ Gail M. Sasaki7/7/2021
**Signature of Reporting PersonDate


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.