Related Party Transactions |
12 Months Ended |
|---|---|
Dec. 27, 2025 | |
| Related Party Transactions | |
| Related Party Transactions | Note 6—Related Party Transactions Transactions with related parties are reviewed and approved by the audit committee of our board of directors. We believe the terms of the related party transactions described below were no less favorable to us than terms that could have been obtained from unaffiliated third parties under similar circumstances. June 2025 Offering. On June 24, 2025, we entered into a Securities Purchase Agreement in connection with a registered offering of common stock and warrants (the “June 2025 Offering”). Chun K. Hong, our Chairperson, President and Chief Executive Officer, participated in the June 2025 Offering on the same terms as all other purchasers and acquired 4,285,715 shares of common stock and warrants to purchase up to 8,571,430 shares of common stock for an aggregate purchase price of approximately $3.0 million. The transaction was approved by the audit committee in accordance with the policy described above. We received the full purchase price in cash; no amounts were due from Mr. Hong as of December 27, 2025 or December 28, 2024. See also Note 8—Stockholders’ Equity for additional information about the June 2025 Offering and related warrants. Family relationship—executive officer compensation. 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. For fiscal year 2025, Mr. P. K. Hong earned a cash salary of $250,000. He received $3,000 for matching contributions for a savings plan that qualifies as a defined contribution plan under Section 401(k) of the Code. He was also granted 100,000 shares of RSUs with the grant date fair value of $63,525 measured in accordance with ASC 718. For fiscal year 2024, Mr. 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 401(k) 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. The grant date fair value was determined using the fair value of the underlying shares of our common stock. |