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
                                                                                  
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OMB Number: 3235-0287
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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)

51 DISCOVERY, SUITE 150 		3. Date of Earliest Transaction (MM/DD/YYYY)

2/7/2012
(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   2/7/2012     M (2)    10625   A $0.29   23750   D    
Common Stock   2/7/2012     M (2)    10000   A $0.33   33750   D    
Common Stock   2/7/2012     S (1) (2)    10625   D $4.0001   23125   D    
Common Stock   2/7/2012     S (1) (2)    10000   D $4.0001   13125   D    
Common Stock   2/7/2012     S (1)    3750   D $4.0001   9375   D    
Common Stock   2/8/2012     M (2)    13486   A $0.33   22861   D    
Common Stock   2/8/2012     S (1) (2)    13486   D $4.20   9375   D    
Common Stock   2/9/2012     M (2)    7764   A $0.33   17139   D    
Common Stock   2/9/2012     M (2)    22343   A $1.93   39482   D    
Common Stock   2/9/2012     S (1) (2)    7764   D $4.20   31718   D    
Common Stock   2/9/2012     S (1) (2)    22343   D $4.20   9375   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 Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. 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 Date 7. 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)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (Right to Buy)   $0.29   2/7/2012     M         10625      (3) 11/20/2018   Common Stock   10625   $0   6250   D    
Employee Stock Option (Right to Buy)   $0.33   2/7/2012     M         10000      (4) 6/10/2019   Common Stock   10000   $0   40000   D    
Employee Stock Option (Right to Buy)   $0.33   2/8/2012     M         13486      (4) 6/10/2019   Common Stock   13486   $0   26514   D    
Employee Stock Option (Right to Buy)   $0.33   2/9/2012     M         7764      (4) 6/10/2019   Common Stock   7764   $0   18750   D    
Employee Stock Option (Right to Buy)   $1.93   2/9/2012     M         22343      (5) 9/4/2017   Common Stock   22343   $0   2657   D    

Explanation of Responses:
(1)  Sales reported were effected pursuant to a Rule 10b-5-1 trading plan previously adopted by the reporting person.
(2)  Exercise of stock option and same day sale of underlying common shares pursuant to the Amended and Restated 2006 Equity Incentive Plan of Netlist, Inc.
(3)  The option vests in sixteen (16) equal quarterly installments through November 14, 2012.
(4)  The option vests in sixteen (16) equal quarterly installments through June 10, 2013.
(5)  The option vested in four (4) equal annual installments through September 4, 2011 and is fully vested.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
SASAKI GAIL M
51 DISCOVERY, SUITE 150
IRVINE, CA 92618

Vice President and CFO

Signatures
/s/ Gail M. Sasaki 2/9/2012
** Signature of Reporting Person Date


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.