Document:

EXHIBIT
10.3

September 17, 2007

MFIC Corporation

30 Ossipee Road

Newton, MA 02464

Attn:  Jack Swig, Secretary

AFFIRMATION AND
RELEASE AGREEMENT

Gentlemen:

I hereby affirm that
provisions of my existing agreements with the Company relating to confidentiality,
non-disclosure, inventions assignment and other matters, and that such
agreements will survive my resignation.

I hereby acknowledge that
MFIC Corporation (the “Company”) has informed me of my right to consult, and
that I have consulted with, an attorney with respect to the Resignation
Agreement dated even herewith (the “Resignation Agreement”), and that I have
knowingly and intentionally waived my right to take the additional time
prescribed by law to decide whether or not to sign the Agreement.  I recognize that I will have seven days after
executing this agreement to revoke my execution of this agreement (the “Revocation
Period”), which can be accomplished by delivering a written notice of
revocation to the Company before the expiration of the Revocation Period.  This agreement shall not be effective (and
the Company shall have no obligations hereunder) until the expiration of the
Revocation Period.

I, for myself, my heirs,
successors, assigns, and affiliates, hereby knowingly and voluntarily remise,
release and forever discharge the Company, together with all of its current and
former officers, directors, agents, representatives and employees, and each of
its predecessors, successors and assigns (collectively, the “Releasees”), from
any and all debts, demands, actions, causes of action, accounts, covenants,
contracts, agreements, claims, damages, omissions, promises, and any and all
claims and liabilities whatsoever, of every name and nature, known or unknown,
suspected or unsuspected, both in law and equity (“Claims”), which I ever had,
now have, or may hereafter claim to have against the Releasees by reason of any
matter, cause or thing whatsoever arising from the beginning of time to the
time I sign this agreement (the “General Release”).  This General Release of Claims shall apply to
any Claim of any type, including, without limitation, any and all Claims of any
type that I may have arising under the common law, under Title VII of the Civil
Rights Act of 1964, the Civil Rights Act of 1991, the Age Discrimination in Employment
Act of 1967, the Older Workers Benefit Protection Act, the Americans With
Disabilities Act of 1967, the Family and Medical Leave Act of 1993, the
Employee Retirement Income Security Act of 1974, or Mass. Gen. Laws ch. 151B,
each as amended, and any other federal, state or local statutes, regulations,
ordinances or common law creating employment-related causes of action, or under
any policy, agreement, understanding or promise, written or oral, formal or
informal, between any of the Releasees and me, and shall 

further apply, without
limitation, to any and all Claims in connection with, related to or arising out
of my employment and other tenures with the Company, or the termination of my
employment with the Company, and all Claims for alleged tortious conduct.  I also hereby waive any Claim for
reinstatement, severance pay, variable compensation or bonus payments (other
than the amounts specified in the Resignation Agreement between me and the
Company dated even herewith (the “Resignation Agreement”)), commissions,
attorney’s fees, or costs.  By signing
this Agreement, I agree and represent that I will not be entitled to any
personal recovery in any action or proceeding that may be commenced on my
behalf arising out of any of the matters that are the subject of this paragraph;
provided, however, that nothing in this paragraph shall prevent me from seeking
to enforce my rights under this agreement or the Resignation Agreement.

IN WITNESS WHEREOF, the
undersigned have caused this Agreement to be executed as of the date first
above written.

MFIC CORPORATION,

a Delaware corporation

	
  By:

  	
   

  	
  /s/ James N. Little

  	
   

  	
  /s/ Irwin J. Gruverman

  
	
  Name:

  	
   

  	
  James N. Little

  	
   

  	
  Irwin J. Gruverman

  
	
  Title:

  	
   

  	
  Acting Chairman of the Board

  	
   

  	
   

  

 

 2EXHIBIT
4.3

NETLIST,
INC.

STOCK OPTION AGREEMENT

(Employment
Inducement Grant)

This NON-STATUTORY
STOCK OPTION AGREEMENT, dated as of September 17, 2007 (this “Agreement”),
is between NETLIST, INC., a Delaware corporation (the “Company”), and
Nita J. Moritz (the “Optionee”).

R E C I T A L S

A.            Optionee has not previously been an
officer, director or employee of the Company, and this Option (as defined
below) is granted to Optionee to attract and retain Optionee to serve the
Company in the capacity of Vice President and Chief Financial Officer.

B.            This Agreement, and the grant of an
Option to the Optionee pursuant to the terms and conditions hereof, have been
approved by the Board of Directors of the Company (the “Board”).

C.            This Option is designated as a non-qualified
stock option, and does not qualify
as an incentive stock option within the meaning of Section 422 of the Internal
Revenue Code of 1986, as amended (the “Code”).

A G R E E M E N T

In
consideration of the foregoing recitals and of the mutual covenants contained
herein, the parties, intending to be legally bound, agree as follows:

1.             Grant  of  Option.  The Company hereby grants to the Optionee, as
an inducement to accept employment with the Company pursuant to the terms and
conditions of that certain employment agreement, dated September 17, 2007,
between the Company and Optionee, an option (the “Option”) to purchase
from the Company all or any number of an aggregate of 200,000 shares (the “Option
Shares”), of the Company’s common stock, $.001 par value per share, at a
price of $1.67 per share, on the terms and subject to the conditions of this
Agreement.  This grant is not made pursuant to the Company’s
2006 Equity Incentive Plan (the “Plan”). 
However, except as otherwise expressly provided herein, this grant is
subject to the rules, terms and conditions of the Plan as if it were a grant
made pursuant to and under the Plan, and all such rules, terms and conditions
are hereby incorporated herein by reference as if set forth herein in their
entirety.  Capitalized terms used but not
defined in this Agreement shall have the meanings given to them in the
Plan.  The Option is granted as of
September 17, 2007 (the “Grant  Date”).

2.             Character  of  Option.  The Option is not
intended to be treated as an “incentive stock option” within the meaning of
Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”).

3.             Duration  of  Option.  Unless subject to earlier expiration or
termination pursuant to the terms of the Plan, the Option shall expire on the ten
year anniversary of the Grant Date.

4.             Exercisability  of  Option.  The
Option may be exercised, at any time and from time to time until its expiration
or termination, for any or all of those Option Shares in respect of which the
Option shall have become exercisable, in accordance with the provisions set
forth below in this Section 4, on or at any time prior to the date of any such
exercise.  Subject to the provisions of
the Plan (including, without limitation, the provisions of Section 7.1(e) of
the Plan), the Option shall become exercisable (i) in the amount of 50,000
shares of Common Stock of the first anniversary of the Date of Grant, and (ii)
in thirty-six (36) equal monthly installments thereafter until vested in full
(or otherwise terminated), such that, on September 17, 2011, the Option shall
be vested as to all of the Shares and fully exercisable.  These installments shall be cumulative, such
that Optionee may exercise the Option as to any or all of the Shares covered by
any installment at any time or times after such installment vests and prior to
termination of the Option.  The foregoing
notwithstanding, the Option shall cease vesting upon the termination of 

Optionee’s status as an
employee of the Company for any reason. 
Notwithstanding anything expressed or implied to the contrary in the
foregoing provisions of this Section 4, the exercisability of the Option may,
as provided in Section 7.1(d) of the Plan, at any time be Accelerated in the
discretion of the Committee.

5.             Transfer  of  Option.  Other than as expressly permitted by the
provisions of Section 6.4 of the Plan, the Option may not be transferred except
by will or the laws of descent and distribution and, during the lifetime of the
Optionee, may be exercised only by the Optionee.

6.             Incorporation  of  Plan
Terms.  The Option is granted
subject to all of the applicable terms and provisions of the Plan, which terms
and provisions are incorporated herein by reference pursuant to Section 1 of
this Agreement, including, but not limited to, the limitations on the Company’s
obligation to deliver Option Shares upon exercise set forth in Section 9.2
(Violation of Law), Section 9.3 (Corporate Restrictions on Rights in Stock),
Section 9.4 (Investment Representations) and Section 9.7 (Tax
Withholding).

7.             Miscellaneous.  This Agreement shall be construed and
enforced in accordance with the internal, substantive laws of the State of
Delaware and shall be binding upon and inure to the benefit of any successor or
assign of the Company and any executor, administrator, trustee, guardian, or
other legal representative of the Optionee.

IN WITNESS
WHEREOF, the parties have executed this Stock Option Agreement as a sealed
instrument as of the date first above written.

	
  NETLIST, INC.

  	
   

  	
  OPTIONEE

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Name: 

  	
   

  	
  NITA J. MORITZ

  
	
   

  	
  Title

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Optionee’s Address:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}]]