<SEC-DOCUMENT>0001104659-25-073709.txt : 20250804
<SEC-HEADER>0001104659-25-073709.hdr.sgml : 20250804
<ACCEPTANCE-DATETIME>20250804171523
ACCESSION NUMBER:		0001104659-25-073709
CONFORMED SUBMISSION TYPE:	DEFR14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250804
DATE AS OF CHANGE:		20250804

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NETLIST INC
		CENTRAL INDEX KEY:			0001282631
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				954812784
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1227

	FILING VALUES:
		FORM TYPE:		DEFR14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33170
		FILM NUMBER:		251181523

	BUSINESS ADDRESS:	
		STREET 1:		111 ACADEMY, SUITE 100
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92617
		BUSINESS PHONE:		949-435-0025

	MAIL ADDRESS:	
		STREET 1:		111 ACADEMY, SUITE 100
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92617
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFR14A
<SEQUENCE>1
<FILENAME>tm2522481d1_defa14a.htm
<DESCRIPTION>DEFR14A
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20">Proxy Statement Pursuant to Section&nbsp;14(a)&nbsp;of
the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20">(Amendment No.&nbsp;1 )</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Filed by the Registrant <FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Filed by a Party other than the Registrant <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Preliminary Proxy Statement</FONT></TD></TR>
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    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
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    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20"><B>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</B></FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; font-size: 10pt; width: 5%"><FONT STYLE="font-family: Wingdings">&#120;</FONT><FONT STYLE="font-family: Wingdings"></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Definitive Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
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    <TD STYLE="white-space: nowrap; font-size: 10pt; width: 5%"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Definitive Additional Materials</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
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    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Soliciting Material under &sect;240.14a-12</FONT></TD></TR>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><B>NETLIST,&nbsp;INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20; border-top: black 0.75pt solid">(Name
of Registrant as Specified In Its Charter)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20; border-top: black 0.75pt solid">(Name
of Person(s)&nbsp;Filing Proxy Statement, if other than the Registrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">No fee required.</FONT></TD></TR>
  <TR>
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    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
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    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Fee paid previously with preliminary materials.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
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    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Fee computed on table in exhibit required by Item 25(b)&nbsp;per Exchange Act Rules&nbsp;14a6(i)(1)&nbsp;and 0-11.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On July&nbsp;24, 2025, Netlist,&nbsp;Inc. (the
 &ldquo;Company&rdquo;) filed its Definitive Proxy Statement on Schedule 14A (the &ldquo;Proxy Statement&rdquo;) for the Company's 2025
Annual Meeting of Stockholders with the Securities and Exchange Commission. The Proxy Statement was filed in connection with the Company&rsquo;s
2025 Annual Meeting of Stockholders to be held on September&nbsp;9, 2025 (the &ldquo;Annual Meeting&rdquo;). This supplement to the Proxy
Statement is being filed to amend and supplement certain information in the Proxy Statement. Other than the changes described in this
supplement, no other changes have been made to the Proxy Statement, and the Proxy Statement continues to be in full force and effect as
originally prepared and continues to seek the vote of Company Stockholders for the proposals to be voted on at the Annual Meeting. Capitalized
terms used but not otherwise defined in this supplement have the meanings ascribed to them in the Proxy Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="text-transform: uppercase">This supplement
should be read together with the Proxy Statement, which should be read in its entirety, as the Proxy Statement contains important additional
information about the Annual Meeting</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>











<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 13.5pt"><B>NETLIST,&nbsp;INC.<BR>
</B></FONT><B><FONT STYLE="font-size: 10pt">111 Academy Drive, #100<BR>
Irvine, California 92617<BR>
(949) 435-0025</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="text-transform: uppercase; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SUPPLEMENT NO. 1 TO PROXY STATEMENT<BR>
<FONT STYLE="font-size: 10pt">FOR<BR>
</FONT>2025 ANNUAL MEETING OF STOCKHOLDERS<BR>
TO BE HELD ON Tuesday, SEPTEMBER 9, 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This Proxy Statement Supplement (the &ldquo;Supplement&rdquo;)
supplements and amends the original definitive proxy statement of Netlist,&nbsp;Inc. (the &ldquo;Company&rdquo;, &ldquo;we&rdquo;, or
 &ldquo;our&rdquo;), dated July&nbsp;24, 2025 (the &ldquo;Proxy Statement&rdquo;) for the Company's 2025 Annual Meeting of Stockholders
(the &ldquo;Annual Meeting&rdquo;) to amend and supplement certain information in the Proxy Statement. As previously disclosed in the
Proxy Statement, the Annual Meeting will be held on September&nbsp;9, 2025 at 10:00 a.m., Pacific Time, or any adjournment thereof, at
the UCI Research Park, Olive Room, 5301 California,&nbsp;Irvine, California 92617.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Supplement should be read in conjunction with
the Proxy Statement, which should be read in its entirety and is available free of charge on the SEC&rsquo;s website at www.sec.gov. Page&nbsp;number
references below are to page&nbsp;numbers in the Proxy Statement, and capitalized terms used but not defined herein have the meanings
set forth in the Proxy Statement. Underlined text shows text being added to a referenced disclosure in the Proxy Statement, and strikethrough
text shows text being removed from a referenced disclosure in the Proxy Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Proxies already received will continue to be voted
as instructed unless otherwise revoked or changed by a subsequent proxy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>EXCEPT AS DESCRIBED IN
THIS SUPPLEMENT, THE INFORMATION PROVIDED IN THE PROXY STATEMENT REMAINS UNCHANGED. TO THE EXTENT THAT INFORMATION IN THIS SUPPLEMENT
DIFFERS FROM OR UPDATES INFORMATION CONTAINED IN THE PROXY STATEMENT, THE INFORMATION IN THIS SUPPLEMENT IS MORE CURRENT. THE PROXY STATEMENT
CONTAINS ADDITIONAL INFORMATION. THIS SUPPLEMENT SHOULD BE READ IN CONJUNCTION WITH THE PROXY STATEMENT.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><I>The disclosure on page&nbsp;7
of the Proxy Statement is hereby supplemented by amending and restating the section &ldquo;Security Ownership of Certain Beneficial Owners
and Management&rdquo; as follows to revise the description and number of shares beneficially owned by our President, Chief Executive
Officer and Director, Chun K. Hong:</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>SECURITY OWNERSHIP
OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The table below
sets forth information regarding the ownership of our common stock, as of July&nbsp;9, 2025 (the &ldquo;Table Date&rdquo;) unless otherwise
indicated in the footnotes to the table, by (i)&nbsp;all persons known by us to beneficially own more than 5% of our common stock, (ii)&nbsp;each
of our current directors <U>and director nominees</U>, (iii)&nbsp;each of our named executive officers, and (iv)&nbsp;all of our directors
and executive officers as a group. We know of no agreements among our stockholders that relate to voting or investment power over our
common stock or any arrangement the operation of which may at a subsequent date result in a change of control of our Company. Beneficial
ownership is determined in accordance with applicable SEC rules&nbsp;and generally reflects sole and shared voting or investment power
over securities. Under these rules, a person is deemed to be the beneficial owner of securities the person has the right to acquire as
of or within 60 days after the Table Date, upon the exercise of outstanding stock options or warrants, the conversion of outstanding
convertible notes, or the exercise or conversion of any other derivative securities affording the person the right to acquire shares
of our common stock. As a result, each person&rsquo;s percentage ownership set forth in the table below is determined by assuming that
all outstanding stock options, warrants or other derivative securities held by such person that are exercisable or convertible as of
or within 60 days after the Table Date have been exercised or converted. Except in cases where community property laws apply or as indicated
in the footnotes to the table, we believe each person named below possesses sole voting and investment power over all shares of common
stock shown as beneficially owned by such person. Unless otherwise indicated, the address for each person named below is c/o Netlist,&nbsp;Inc.,
111 Academy, Suite&nbsp;100,&nbsp;Irvine, CA 92617.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 68%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; white-space: nowrap; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; white-space: nowrap; width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; white-space: nowrap; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; white-space: nowrap; width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shares</B></FONT></TD>
    <TD STYLE="font-size: 10pt; white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Beneficially</B></FONT></TD>
    <TD STYLE="font-size: 10pt; white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    of Beneficial Owner</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Owned</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percent
    of Class(1)</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chun K. Hong(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>14,852,793</U><STRIKE>11,353,559</STRIKE></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>4.99</U><STRIKE>3.9</STRIKE>%</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gail Sasaki(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;189,368</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Blake Welcher(4)</FONT></TD>
    <TD STYLE="font-size: 10pt; white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;75,000</FONT></TD>
    <TD STYLE="font-size: 10pt; white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jun Cho(5)</FONT></TD>
    <TD STYLE="font-size: 10pt; white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;80,000</FONT></TD>
    <TD STYLE="font-size: 10pt; white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All executive officers and
    directors as a group (4 persons)(6)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>15,197,161</U><STRIKE>11,697,927</STRIKE></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>5.11</U><STRIKE>4.0</STRIKE>%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents beneficial ownership of less than 1%.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">All ownership percentages are based on 292,451,926 shares of our common stock outstanding as of the Table Date.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Represents (i)&nbsp;1,600,000 shares
    of common stock issuable upon the exercise of stock options that are or will be vested and exercisable within 60 days after the Table
    Date, (ii)&nbsp;9,653,559 outstanding shares of common stock, of which 3,611,177 shares are held by Mr.&nbsp;Hong and his wife, Won
    K. Cha, as co-trustees of the Hong-Cha Community Property Trust. Mr.&nbsp;Hong and Ms.&nbsp;Cha possess shared voting and investment
    power over the shares of common stock held by the Hong-Cha Community Property Trust, and each disclaims beneficial ownership of such
    shares except to the extent of his or her pecuniary interest therein<U>,</U><STRIKE>&#8239;and </STRIKE>(iii)&nbsp;100,000 restricted
    stock units (&ldquo;RSUs&rdquo;) that are scheduled to vest within 60 days after </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Table Date<U>,</U> &#8239;<U>and (iv) 3,499,234 <FONT STYLE="color: #231F20">shares of common stock underlying warrants exercisable
    within 60 days after the Table Date</FONT></U>. <U>The warrants held by Mr.&nbsp;Hong do not allow for an exercise that would result
    in the holder of such warrants (together with his affiliates, any &ldquo;group&rdquo; or any other persons whose beneficial ownership
    could be aggregated with the holder) beneficially owning more than 4.99% of the number of shares of common stock of the Company outstanding
    immediately following such exercise. As a result, 5,072,196 shares of common stock underlying these warrants are not included in
    the shares beneficially owned by Mr.&nbsp;Hong in this table.</U></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">(3)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Represents (i)&nbsp;25,000 RSUs that are scheduled to vest within 60 days after the Table Date and (ii)&nbsp;164,368 outstanding shares of common stock.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">(4)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Represents 75,000 outstanding shares of common stock.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="white-space: nowrap; vertical-align: top; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">(5)</FONT></TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Represents 80,000 outstanding shares of common stock.</FONT></TD></TR>
<TR>
<TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: left; vertical-align: top">(6)</TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Represents (i)&nbsp;1,600,000 shares of common stock issuable upon the exercise of stock options that are or will be vested and exercisable within 60 days after the Table Date, (ii)&nbsp;9,972,927 outstanding shares of common stock<U>,</U> <STRIKE>and</STRIKE> (iii)&nbsp;125,000 RSUs that are scheduled to vest within 60 days after </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Table Date<U>, and (iv)&nbsp;3,499,234 <FONT STYLE="color: #231F20">shares of common stock underlying warrants exercisable within 60 days after the Table Date</FONT></U>.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><I>The disclosure on page&nbsp;23
of the Proxy Statement is hereby supplemented by amending and restating the section &ldquo;Certain Relationships and Related Person Transactions&rdquo;
as follows to add disclosure regarding Mr.&nbsp;Hong&rsquo;s purchase of securities in a recently completed public offering and the revised
related party transaction policy of the Company:</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>CERTAIN RELATIONSHIPS
AND RELATED PERSON TRANSACTIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Related Party Transactions</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Except as described
below and except for employment arrangements and compensation for Board service, which are described in &ldquo;Director Compensation,&rdquo;
since December&nbsp;30, 2023, there has not been, nor is there currently proposed, any transaction or series of transactions in which
our Company was or is to be a participant, in which the amount involved exceeds the lesser of $120,000 or 1% of the average of our total
assets at year-end for our last <U>two</U> completed fiscal year<U>s</U>, and in which any director, officer or beneficial owner of more
than 5% of our common stock, or member of any such person&rsquo;s immediate family, had or will have a direct or indirect material interest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><U>On
June&nbsp;24, 2025, we entered into a Securities Purchase Agreement with certain investors, including Chun K. Hong, our President,
Chief Executive Officer and Director (collectively, the &ldquo;Purchasers&rdquo;), pursuant to which we agreed to issue and sell to
the Purchasers in a registered offering (the &ldquo;2025 Offering&rdquo;) (i)&nbsp;17,142,860 shares of our common stock, and
(ii)&nbsp;Common Stock Purchase Warrants (the &ldquo;2025 Warrants&rdquo;) to purchase up to an aggregate of 34,285,720 shares of
our common stock, at a combined purchase price of $0.70 per share and accompanying 2025 Warrant. The 2025 Offering closed on
June&nbsp;25, 2025. The 2025 Offering resulted in aggregate gross proceeds to the Company of approximately $12.0 million and net
proceeds to the Company, after deducting placement agent fees and offering costs, of approximately $11.3 million. Mr.&nbsp;Hong
purchased, on the same terms as the other Purchasers and for an aggregate purchase price of approximately $3.0 million,
(i)&nbsp;4,285,715 shares of our common stock in the 2025 Offering and (ii)&nbsp;2025 Warrants to purchase up to 8,571,430 shares of&#8239;our
common stock. The 2025 Offering, including Mr.&nbsp;Hong&rsquo;s participation, was approved by the Audit Committee of the Board
pursuant to applicable law and the Company&rsquo;s related party transaction policy.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Our Executive Vice
President of Sales and Operations (formerly, our Vice President of Netlist Base and Commodity Sales), Paik K. Hong, is the brother of
Chun K. Hong<STRIKE>, our President, Chief Executive Officer and Director</STRIKE>. For fiscal year 2024, Mr.&nbsp;P. K. Hong earned
a cash salary of $250,000. He received $1,400 for weekly fitness training and $3,000 for matching contributions for a savings plan that
qualifies as a defined contribution plan under Section&nbsp;401(k)&nbsp;of the Code. He was also granted 100,000 shares of RSUs with
the grant date fair value of $133,000 measured in accordance with ASC 718. For fiscal year 2023, Mr.&nbsp;P. K. Hong earned a cash salary
of $233,334. He received $14,950 for weekly fitness training and $3,000 for matching contributions for a savings plan that qualifies
as a defined contribution plan under Section&nbsp;401(k)&nbsp;of the Code. He was also granted 50,000 shares of RSUs with the grant date
fair value of $182,500 measured in accordance with ASC 718. The grant date fair value was determined using the fair value of the underlying
shares of our common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">We have entered
into indemnification agreements with each of our directors and executive officers. In general, these agreements require us to indemnify
each such individual to the fullest extent permitted under Delaware law against certain liabilities that may arise by reason of their
service for us, and to advance expenses incurred as a result of any such proceeding as to which any such individual could be indemnified.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Policies and Procedures for Review
and Approval of Related Person Transactions</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The <U>Audit Committee
of our</U> Board of Directors is responsible for reviewing and approving in advance any transactions with a related party in accordance
with our related party transaction policy. We have adopted a written policy that requires all transactions between us and any director,
executive officer, holder of 5% or more of any class of our capital stock or any member of the immediate family of, or entities affiliated
with, any of them, or any other related persons, as defined in Item 404 of Regulation S-K, or their affiliates, in which the amount involved
<U>exceeds</U> <STRIKE>is equal to or greater than</STRIKE> <U>the lesser of</U> $120,000 <U>or 1% of the average of our total assets at
year-end for our last two completed fiscal years</U>, be approved in advance by our <U>Audit Committee</U> <STRIKE>Board</STRIKE>. Any
request for such a transaction must first be presented to the <U>Audit Committee</U> <STRIKE>Board </STRIKE>for review, consideration
and approval. In approving or rejecting any such proposal, the <U>Audit Committee</U> <STRIKE>Board </STRIKE>is to consider the relevant
facts and circumstances available and deemed relevant to the <U>Audit Committee</U> <STRIKE>Board</STRIKE>, including, but not limited
to, the extent of the related party&rsquo;s interest in the transaction, and whether the transaction is on terms no less favorable to
us than terms we could have generally obtained from an unaffiliated third party under the same or similar circumstances. <STRIKE>To the
extent any such transactions arise between the Board and our Company, we will seek stockholder approval.</STRIKE></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><I>The disclosure on page&nbsp;24
of the Proxy Statement is hereby supplemented by amending and restating the section &ldquo;Proposal No.&nbsp;1 &ndash; Election of Directors&rdquo;
as follows to disclose the prior board service and qualifications of Blake Welcher and Jun Cho:</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Proposal No.&nbsp;1
- Election of Directors</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Our Board of Directors
has nominated each of Chun K. Hong, Blake Welcher, and Jun Cho for re-election as our directors at the Annual Meeting. If elected, they
will each <FONT STYLE="color: #231F20">serve until the 2026 Annual Meeting of Stockholders and until his respective successor is duly
elected or appointed and qualified or until his earlier resignation or removal</FONT>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The director nominees
named in this Proxy Statement has consented to being named as a nominee and has agreed to serve as a director, if elected. The persons
named as proxies in the accompanying proxy card will vote the shares covered by any properly submitted proxy card for the election of
each of the director nominees named in this Proxy Statement, unless the proxy card indicates otherwise. The accompanying proxy card contains
a discretionary grant of authority with respect to this proposal, so that if one or more of the named director nominees becomes unable
or unwilling to serve, the persons named as proxies may vote for the election of any substitute nominees that our Board of Directors
may propose. However, the persons named as proxies may not vote for a greater number of persons than the total number of directors to
be elected at the Annual Meeting, which is one.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">There is no arrangement
or understanding between our directors or director nominees and any other person or persons pursuant to which any such individual was
or is to be selected as a director or director nominee of the Company. There are no family relationships between our directors, director
nominees or executive officers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Director Nominees</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>Chun K. Hong</I>,
64, is one of the founders of Netlist and has been our President and Chief Executive Officer and a director since our inception in June&nbsp;2000.
Mr.&nbsp;Hong assumed the title of Chairman of the Board of Directors in January&nbsp;2004 and became the sole member of the Board of
Directors in August&nbsp;2020. Prior to his tenure at Netlist, Mr.&nbsp;Hong had served in various other executive positions including
President and Chief Operating Officer of Infinilink Corporation, a DSL equipment company; as Executive Vice President of Viking Components,&nbsp;Inc.,
a memory subsystems manufacturing company; and as General Manager of Sales at LG Semicon Co.,&nbsp;Ltd., a public semiconductor manufacturing
company in South Korea. Mr.&nbsp;Hong received his Bachelor of Science degree in economics from Virginia Commonwealth University and
his Master of Science degree in technology management from Pepperdine University&rsquo;s Graduate School of Management. As one
of our founders and as our Chief Executive Officer, Mr.&nbsp;Hong brings to the Board extensive knowledge of our organization and our
market<U>, which we believe qualifies him to serve as a member of our Board</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>Blake Welcher</I>,
63, currently serves as a Strategic Board Member of Curbit <U>since April&nbsp;2020</U>. He also served as Chief Legal Officer of Revolution
Prep LLC<U>, from February&nbsp;2021 to August&nbsp;2022,</U> and as Vice President, General Counsel of PSI Servies LLC. Prior to this,
he had a long tenure at DTS,&nbsp;Inc. As Executive VP, Legal&nbsp;&amp; Licensing, General Counsel, and Corporate Secretary, he oversaw
the company&rsquo;s global legal and licensing operations, corporate governance and risk management. <U>Mr.&nbsp;Welcher previously served
as a member of our Board from August&nbsp;2013 to August&nbsp;2020.</U> Mr.&nbsp;Welcher holds a Juris Doctorate and Masters of Intellectual
Property degree from Franklin Pierce Law Center and is a U.S. licensed Patent Attorney. He received his undergraduate degree from California
Polytechnic State University at San Luis Obispo. <U>We believe Mr.&nbsp;Welcher&rsquo;s extensive legal and licensing experience and
corporate governance expertise qualifies him to serve as a member of our Board.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>Jun Cho</I>,
64, most recently served as Vice President and General Counsel for the India Asia Pacific Region for Stellantis NV<U>, from April&nbsp;1998
to June&nbsp;2023</U>, where he led initiatives in technology licensing, product distribution, M&amp;A transactions and joint ventures,
from Beijing, Shanghai and Auburn Hills. Prior to that, he specialized in international financing and corporate transactions working
for Debevoise&nbsp;&amp; Plimpton in New York, Kim&nbsp;&amp; Chang in Seoul, Korea and Arnold&nbsp;&amp; Porter in Washington D.C. <U>Mr.&nbsp;Cho
previously served as a member of our Board from November&nbsp;2014 to August&nbsp;2020.</U> Mr.&nbsp;Cho holds a Juris Doctorate degree
from the New York University School of Law and is admitted to the bar in the state of New York and in Washington D.C. He received his
undergraduate degree from the College of William and Mary. <U>We believe Mr.&nbsp;Cho&rsquo;s experience leading initiatives for Stellantis
NV and his prior experience as counsel specializing in international financing and corporate transactions qualifies him to be a member
of our Board.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Unless authority
to vote for the nominee is withheld, the shares represented by the enclosed proxy will be voted FOR the election of each of Chun K. Hong,
Blake Welcher, and Jun Cho as director. In the event that a nominee becomes unable or unwilling to serve, the shares represented by the
enclosed proxy will be voted for the election of such other person as the Board of Directors may recommend in such nominee&rsquo;s place.
We have no reason to believe that any of the nominees will be unable or unwilling to serve as a director.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">A plurality of
the votes cast &ldquo;FOR&rdquo; the nominees at the Annual Meeting is required to elect the nominees as directors.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>THE BOARD RECOMMENDS
THAT YOU VOTE &ldquo;FOR&rdquo; THE ELECTION OF CHUN K. HONG, BLAKE WELCHER, AND JUN CHO AS DIRECTORS, AND PROXIES SOLICITED BY THE BOARD
OF DIRECTORS WILL BE VOTED IN FAVOR THEREOF UNLESS A STOCKHOLDER HAS INDICATED OTHERWISE ON THE PROXY.</B></FONT></P>

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