Netlist (NLST) director Blake Welcher awarded 100,000 RSUs in new grant

Q: What is Blake Welcher’s Netlist (NLST) share ownership after this Form 4?

After the reported grant, Welcher directly holds 200,000 shares of Netlist common stock. This amount includes shares subject to unvested restricted stock units, meaning some of the reported holdings remain contingent on future vesting over the four-year schedule.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

NETLIST INC director Blake Welcher received an equity grant of 100,000 shares of common stock in the form of restricted stock units. The award carries a grant/award acquisition price of $0.00 per share and is compensation, not an open-market purchase.

The RSUs vest over four years, with one quarter of the shares vesting on each anniversary of June 9, 2026, and shares delivered upon vesting. Each RSU represents a contingent right to receive one share of common stock. After this grant, Welcher holds 200,000 shares directly, including shares subject to unvested RSUs.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider WELCHER BLAKE

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	100,000	$0.00	--

Holdings After Transaction: Common Stock — 200,000 shares (Direct, null)

Footnotes (1)

The shares subject to the restricted stock units (the "RSUs") vest over a period of four years, with 1/4 of such shares vesting on each anniversary of June 9, 2026. The shares will be delivered to the reporting person upon vesting of the RSUs. Each RSU represents a contingent right to receive one share of common stock. The amount reported includes shares subject to unvested restricted stock units.

Key Figures

RSU grant size: 100,000 shares Grant price per share: $0.00 per share Post-grant holdings: 200,000 shares +2 more

5 metrics

RSU grant size 100,000 shares Restricted stock units of common stock granted to director

Grant price per share $0.00 per share Equity compensation grant, not an open-market purchase

Post-grant holdings 200,000 shares Total direct ownership after grant, including unvested RSUs

Vesting schedule 4 years RSUs vest with 1/4 each year from June 9, 2026

Vesting cadence 1/4 per anniversary One quarter vests on each anniversary of June 9, 2026

Key Terms

restricted stock units, vest, contingent right, unvested restricted stock units

4 terms

restricted stock units financial

"The shares subject to the restricted stock units (the "RSUs") vest over a period of four years"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

vest financial

"The shares subject to the restricted stock units (the "RSUs") vest over a period of four years"

A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.

contingent right financial

"Each RSU represents a contingent right to receive one share of common stock."

unvested restricted stock units financial

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

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Form 4 Insider Transactions: What Each Field Means →

06/09/2026 - 09:30 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a 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). See Instruction 10.

1. Name and Address of Reporting Person^*

WELCHER BLAKE

(Last)

(First)

(Middle)

111 ACADEMY, SUITE 100

(Street)

IRVINE

CALIFORNIA

92617

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
NETLIST INC [ NLST ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/05/2026

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

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction 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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	06/05/2026		A		100,000⁽¹⁾	A	$0.00	200,000⁽²⁾	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction 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 (Month/Day/Year)		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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The shares subject to the restricted stock units (the "RSUs") vest over a period of four years, with 1/4 of such shares vesting on each anniversary of June 9, 2026. The shares will be delivered to the reporting person upon vesting of the RSUs. Each RSU represents a contingent right to receive one share of common stock.

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

	/s/ Gail M. Sasaki, Attorney-in-Fact	06/09/2026
	** 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 Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did Netlist (NLST) director Blake Welcher report on this Form 4?

Blake Welcher reported receiving 100,000 shares of Netlist common stock as restricted stock units. The equity was granted at $0.00 per share as compensation and increases his direct holdings to 200,000 shares, including unvested RSUs subject to future vesting conditions.

Is Blake Welcher’s Netlist (NLST) Form 4 a stock purchase or compensation grant?

The Form 4 reflects a compensation grant, not a market purchase. Welcher received 100,000 restricted stock units of Netlist common stock at $0.00 per share, categorized as a grant or award acquisition rather than an open-market buy or sell transaction.

How do Blake Welcher’s Netlist (NLST) RSUs vest over time?

The restricted stock units vest over four years. One quarter of the 100,000 shares vests on each anniversary of June 9, 2026, with shares delivered to Welcher upon each vesting date, assuming continued satisfaction of the award’s vesting conditions.

Does the Netlist (NLST) Form 4 disclose any option exercises or sales by Blake Welcher?

The filing shows no option exercises or stock sales. It reports only one non-derivative transaction: a grant of 100,000 restricted stock units of common stock, classified as an acquisition by grant or award, with no sale-related transaction codes disclosed.