Document:

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EXHIBIT 10.2

                             JOINT VENTURE AGREEMENT

This Joint Venture Agreement (JVA) is entered into by and between Voyager One,
Inc., on behalf of its wholly owned subsidiary, SILICON FILM TECHNOLOGIES, INC.
("SILICON") and APPLIED COLOR SCIENCE, INC. ("ACSi"), hereinafter collectively
referred to as the "Parties."

         WHEREAS, SILICON, has developed technology that enables a conventional
35mm single reflex camera to capture, store, manipulate, display and transfer
digital images without any modification to the camera. This technology is
sometimes referred to herein as the "EFS." Further research and development,
testing, evaluation and deployment of this technology is needed to produce a
commercialized product and requires skill and expertise in the digital imaging
industry;

         WHEREAS, APPLIED COLOR SCIENCE has more than twenty five years of
combined experience in developing digital imaging systems and image processing
algorithms;

         WHEREAS, the Parties wish to join together in a joint venture for the
purpose of developing a functional prototype of the electronic film system with
modular and upgradeable image sensors, memory, display, I/O features and
35mm-quality video capture;

         NOW THEREFORE BE IT RESOLVED, in consideration of the mutual covenants,
promises, warranties and other good and valuable consideration set forth herein,
the Parties agree as follows:

     1. FORMATION. The parties agree to enter into a joint venture formed
pursuant to this Agreement (the "Joint Venture"). The Joint Venture shall be
considered in all respects a joint venture between the Parties, and nothing in
this Agreement shall be construed to create a partnership or any other fiduciary
relationship between the Parties. Neither Party has any authority whatsoever to
bind the other party, nor shall either party represent that it has any such
authority, express, implied or otherwise. Neither Party shall not negotiate or
enter into any oral or written contract, agreement or arrangement on behalf of,
or in the name of the other Party. The Parties shall not engage in any conduct
which would result in the breach or violation of any agreement, law, ordinance
or regulation. Neither Party shall enter into any agreement, either written or
oral, on behalf of the joint venture unless agreed to in writing by both
Parties.

                                       1
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     2. PURPOSE/PROJECT. The Joint Venture shall be formed for the purpose of
having ACSi develop a functional prototype of the electronic film system with
modular and upgradeable image sensors, memory, display, I/O features and
35mm-quality video capture using the three existing 4 megapixel image sensors of
SILICON and ACSI's FPGA-based Sensor Developers' platform. This purpose shall
hereinafter be referred to as the "project."

     3. CONTRIBUTIONS.

          3.1. The Parties shall each make an initial contribution to the Joint
     Venture according to the following terms:

          i.   SILICON's Contribution:

               a.   Three existing image sensors (4megapixel) suitable for a
                    product demonstration;
               b.   Use of Intellectual property regarding electronic film
                    operation as follows:

               #5282040-Apparatus for operating a film camera;
               #5452000-An apparatus for electronic photography using a
                 conventional film camera;
               #6147389-An image sensor package with image plane references;
               #6393224-E-film cartridge with sensor avoidance feature;
               #HK1004077-Apparatus for operating a conventional film camera in
                 an electronic mode; and,

               c.   Mechanical designs and hardware resources in existence
                    relating to the electronic film system

          ii.  ACSi's Contribution:

               a.   Patented "Universal Imager Bus" architecture for connecting
                    a variety of image sensors through a common interface;
               b.   More than twenty five years combined experience in
                    developing digital imaging systems and image processing
                    algorithms;
               c.   Technical and financial resources to develop a working
                    prototype of the electronic film system; and,
               d.   Waiver of $11,000 of outstanding balance due ACSi.

                                       2
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          3.2. Additional contributions shall be determined in writing by the
     Parties as the need arises from time to time during the term of the Joint
     Venture.

          3.3 In addition to the contributions described above, upon execution
     of this JVA SILICON shall transfer restricted shares of stock in SILICON's
     parent company, Voyager One, Inc. (OTCBB: VYGO) in a manner and form to be
     agreed upon by the parties as follows: 350,000 (THREE HUNDRED FIFTY
     THOUSAND) restricted shares to ACSi and 355,000 (THREE HUNDRED FIFTY FIVE
     THOUSAND) restricted shares to Mitch Van Wye.

          3.4 With the exception of the shares described in Section 3.3, in the
     event the Project and/or the Joint Venture are terminated for any reason
     each Party shall be entitled to the immediate and unconditional return of
     its contributions.

     4. MANAGEMENT. The Joint Venture shall be administered by Mathew Whalen,
President of ACSi, who shall perform the day-to-day management and
administration of the project and provide monthly reports to each party.

          4.1 MANAGEMENT COMMITTEE. The Management Committee, composed of one
     representative of each Party to be designated upon the effective date of
     this agreement, shall provide the general direction for the project through
     the JV Administrator. The JV Administrator can also be the representative
     of a Party.

          4.2 COMPENSATION. The JV Administrator and the Management Committee
     managers shall not receive any compensation for services rendered by them
     under this JVA.

EXPENSES OF VENTURE: All expenses incurred in the work performed pursuant to
this JVA shall be paid for by ACSi unless otherwise agreed upon in writing by
both parties.

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     6. CONFIDENTIALITY.

          6.1 All information, material and data labeled or designated in
     writing as confidential or proprietary or which each Party or its
     employees, agents or representatives are advised by the other Party is of
     such character or which each Party knows or reasonably should know is
     customarily treated as such within the industry of SILICON and/or ACSi, and
     solely by way of illustration and not in limitation including the
     following: drawings, designs, concepts, architecture and circuitry,
     specifications, software programs, routines, subroutines, concepts, ideas
     and formulas, production plans, designs, layouts, schedules, drawings,
     sales, cost and price analyses, evaluations, formulae, lists and sales and
     marketing analyses, plans and data, prototypes, pre-production samples,
     parts, 3D data bases, program listings, data file printouts, printed
     circuit boards, processes, component part listings and prices, product
     information, new product plans, customer lists and other customer
     information shall be deemed "Confidential Information". Any Confidential
     Information concerning each Party, which is disclosed to or obtained by the
     other Party either directly or indirectly in the performance of this JVA,
     shall remain the property of the original Party and is disclosed or
     obtained in strict confidence. The Parties shall not use (other than in the
     performance of Services pursuant to this JVA) or disclose to others during
     or subsequent to the termination of this JVA the Confidential Information
     unless in each instance the disclosing Party secures the prior written
     consent of the other Party. The Parties shall take every such action with
     its employees and agents to effectuate the intent of this provision and the
     confidentiality obligation imposed by this JVA. Information shall not be
     considered confidential which:

     i.   is in the public domain at the time of disclosure or thereafter enters
          the public domain other than through a breach of this JVA; or
     ii.  is in the possession of the receiving Party prior to its receipt from
          the disclosing Party; or
     iii. is lawfully obtained from a third party under circumstances permitting
          the receiving Party to use or disclose the information without
          restrictions; or
     iv.  is independently developed by the receiving Party; or is required to
          be disclosed as a result of government or judicial action.

          6.2. In addition to any other rights or remedies available, both
     parties shall be entitled to enforcement of the obligations in this Section
     6.1 by court injunction. The Parties shall disclose information learned in
     the course of work performed only to such of its employees or independent
     contractors, if any, who have a need to know and who are bound by a written
     agreement to maintain the confidentiality of any such information learned
     in the course of work performed in a manner consistent with this JVA.

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     7. INTELLECTUAL PROPERTY. Any technology including but not limited to any
inventions, original works of authorship, developments, concepts, improvements,
designs, discoveries, ideas, trademarks or trade secrets, whether or not
patentable or registrable under copyright or similar laws, which ACSi may solely
or jointly conceive or develop in the performance of the project herein shall be
the sole property of SILICON and all rights, title and interest therein shall be
held in trust for the sole right and benefit of SILICON, shall be assigned to
SILICON in accordance with subparagraph 7.1 herein. The prototype shall also be
the exclusive property of SILICON.

          7.1 TRANSFER. ACSi shall, on demand at any time after termination of
     this JVA absolutely and without reservation assign, transfer and set over
     to SILICON all rights, title and interest of ACSi in and to any work
     product, improvement or process which ACSi may discover, make, invent,
     conceive, develop or design, solely or jointly with others, during
     performance of this JVA, or which was directly or indirectly discovered,
     made, invented, conceived, developed or designed in the performance of the
     project herein. ACSi covenants and agrees to sign any papers and do all
     rightful acts or things necessary or appropriate to secure for SILICON, or
     its successors or assigns, any and all rights, title and interest relating
     to such work product, improvement or process, including patents and
     copyrights in the United States and foreign countries. The prototype shall
     be returned, on demand, at any time after termination of this JVA to
     SILICON unless otherwise agreed upon in writing by the parties.

          7.2 MAINTENANCE OF RECORDS. ACSi agrees to keep and maintain adequate
     and current written records of all Inventions made by it (solely or jointly
     with others) in the performance of this JVA. The records will be in the
     form of notes, sketches, drawings, and any other format utilized in the
     ordinary course of business. The records will be available to and remain
     the sole property of SILICON at all times and shall be returned to SILICON
     upon termination of this JVA. At any time during the existence of the Joint
     Venture SILICON shall be entitled to examine and review, by itself or
     through its designated representative, all such records. Such review shall
     take place only upon reasonable notice and during normal business hours.

                                       5
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          7.3 PATENT AND COPYRIGHT REGISTRATIONS. ACSi agrees to assist SILICON,
     at SILICON's expense, unless otherwise subsequently agreed to, in every
     proper way to secure SILICON's rights in the technology and any copyrights,
     patents, mask work rights or other intellectual property rights relating
     thereto in any and all countries, including the disclosure to SILICON of
     all pertinent information and data with respect thereto, the execution of
     all applications, specifications, oaths, assignments and all other
     instruments which SILICON shall deem necessary in order to apply for and
     obtain such rights and in order to assign and convey to SILICON, its
     successors, assigns, and nominees, the sole and exclusive rights, title and
     interest in and to such technology, and any copyrights, patents, mask work
     rights or other intellectual property rights relating thereto. ACSi further
     agrees that its obligation to execute or cause to be executed shall
     continue after the termination of this Agreement.

     8. TERM. This JVA shall terminate upon the earlier of the following events
(a) ACSi's successful development and demonstration to SILICON of a functional
prototype of the electronic film system; (b) 180 days from the effective date of
this JVA or (c) upon mutual consent of the parties as indicated in paragraph 9.

     9. TERMINATION. This JVA may be terminated by mutual written consent of
both Parties. If this Agreement is terminated, the Joint Venture shall be
terminated as well, and all Parties' obligations under this Agreement with
respect to the operation and administration of the Joint Venture shall no longer
have force or effect.

          9.1 TERMINATION UPON SUCCESSFUL DEVELOPMENT AND DEMONSTRATION OF
     FUNCTIONAL PROTOTYPE. The parties agree that upon termination of this JVA
     based upon the successful development and demonstration of a functional
     prototype to SILICON, then ACSi and SILICON shall, within 90 days of the
     termination of this Agreement, enter into one or more of the following:

     (a) a licensing agreement between SILICON and ACSi for ACSi's exclusive
     license of the technology developed during this JVA and/or patents
     indicated in Paragraph 3(a)i with terms to be determined at a later date.
     In the event ACSi refuses such license and SILICON thereafter licenses the
     technology developed during this JVA to a third party (exclusive of patents
     indicated in Paragraph 3(a)I, then ACSi shall have a right to a 25% share
     of revenue generated from said licensing agreement. This license revenue
     sharing is non-cumulative to any revenue sharing generated in paragraphs
     9.1(b) and 9.1(c) below and shall not apply to the licensing of patents
     currently owned by SILICON; OR

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     (b) a revenue sharing agreement for the commercialization of the technology
     developed during this JVA culminating in an EFS provided ACSi agrees to
     undertake product development and raise all of the necessary capital to
     fund the project; whereupon, ACSi shall receive a 25% share of revenue
     generated from the sale of production units or sale of technology developed
     during this JVA and EFS rights to a third party; OR

     (c) a revenue sharing agreement for the commercialization of the technology
     developed during this JVA culminating in an EFS provided a third party is
     found by either SILICON and/or ACSi to undertake product development and
     raise all of the necessary capital to fund the project; whereupon, ACSi and
     SILICON, each, shall receive a 50% share of the negotiated split of
     revenues between the third party and SILICON.

In the event the parties do not, within ninety days, enter into an agreement as
indicated above, then SILICON shall thereafter have the right to enter into an
agreement with a third party for the commercialization of the results of the
development work of this JVA and/or the sale or licensing of the technology
developed during this JVA. In that event, ACSi shall be entitled to 25% of the
revenue generated from the sale of production units of the EFS or licensing or
sale of technology developed during this JVA and EFS rights to a third party.
ACSi understands and agrees that the decision whether or not to commercialize or
market the EFS or license or sell the technology developed solely by ACSi
pursuant to this JVA, other than as indicated herein, is within SILICON's sole
discretion and that no renumeration will be due to ACSi should these events
never occur.

     10. LIABILITY. Each Party acknowledges that it shall be responsible for any
loss, cost, damage, claim, or other charge that arises out of or is caused by
the actions of that Party or its employees or agents. No Party shall be liable
for any loss, cost, damage, claim, or other charge that arises out of or is
caused by the actions of any other Party or its employees or agents. Joint and
several liability will not attach to the Parties; no Party is responsible for
the actions of any other Party, but is only responsible for those tasks
undertaken by it. The Parties agree that in no event will consequential or
punitive damages be applicable or awarded with respect to any dispute that may
arise between or among the Parties in connection with this JVA.

     11. INSURANCE. Each party, at its own cost and expense, shall secure and
maintain in force during the term of this JVA, appropriate public liability and
casualty insurance, or adequate levels of self-insurance sufficient to insure
against any liability under this JVA.

                                       7
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     12. WARRANTIES. ACSi warrants that the services in furtherance of the
project herein will be performed with care, skill and diligence in accordance
with the applicable professional standards currently recognized by such
profession, and shall be of high professional quality, technically accurate and
complete, and in strict accordance with the requirements of this JVA.

     13. INFRINGEMENT WARRANTY. ACSi represents, warrants and covenants that any
writings, proposals, products, systems, improvements or processes (collectively,
"Intellectual Property") which ACSi conceives or develops pursuant to this JVA
in any work performed under this Agreement will not infringe upon the patents,
patent applications, copyrights, trademarks or any intellectual property rights
of any third party. If a third party asserts a claim that the Intellectual
Property or any portion thereof infringes a third party's validly issued patent
or copyright, SILICON shall have the right to require ACSi to either procure for
SILICON the right to continue using such materials or to replace or modify same
so that it is non-infringing. In the event a third party asserts a claim against
SILICON, alleging that the Intellectual Property infringes a third party's
rights in a patent or copyright in the United States or any other intellectual
property rights, ACSi shall, subject to the provisions of this Section 13,
defend and indemnify SILICON and hold it harmless from any costs, damages,
liabilities, claims, counterclaims, fees (including attorneys' fees) and
expenses arising from such claim of infringement.

     14. INDEMNIFICATION. In addition to the indemnification of third party
Intellectual Property claims which are addressed in Section 13, each Party shall
defend, indemnify and hold harmless the other party, its officers, directors,
partners, employees, agents or other representatives from any claims,
liabilities, losses, damages, costs, expenses (including, without limitation,
attorney's fees), arising out of or resulting from any act or omission of the
other party in connection with this JVA.

     15. ASSIGNMENT. Neither Party may assign or transfer their respective
rights or obligations under this Agreement without prior written consent from
the other Party. Except that if the assignment or transfer is pursuant to a sale
of all or substantially all of a Party's assets or is pursuant to a sale of a
Party's business, then no consent shall be required. In the event that an
assignment or transfer is made pursuant to either a sale of all or substantially
all of the Party's assets or pursuant to a sale of the business, then written
notice must be given of such transfer within 10 days of such assignment or
transfer. No consent is required in the event a Party changes its name.

     16. SUBCONTRACTORS. Neither Party shall subcontract any or all of the
services to be performed pursuant to this JVA unless agreed to in writing by the
other party after review and approval of all subcontractor agreements which
shall include provide confidentiality provisions no less stringent than provided
herein.

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<PAGE>

     17. AMENDMENT. No amendment or modification of this JVA shall be valid
unless agreed to in writing by both parties.

     18. GOVERNING LAW. This Agreement shall be construed in accordance with,
and governed in all respects by, the laws of the State of Illinois, without
regard to conflicts of law principles.

     19. SEVERABILITY. If any part or parts of this Agreement shall be held
unenforceable for any reason, the remainder of this Agreement shall continue in
full force and effect. If any provision of this Agreement is deemed invalid or
unenforceable by any court of competent jurisdiction, and if limiting such
provision would make the provision valid, then such provision shall be deemed to
be construed as so limited.

     20. NOTICE. Any notice required or otherwise given pursuant to this JVA
shall be in writing and mailed certified return receipt requested, postage
prepaid, delivered by overnight courier, or by facsimile, addressed as follows:

  If to SILICON:  Voyager One, Inc., on behalf of its
  wholly owned subsidiary, Silicon Film Technologies, Inc.:
  16 East Hinsdale Avenue
  Hinsdale, Illinois 60521
  Facsimile:  630-325-7140

  If to ACSi:
  Applied Color Science, Inc.:
  25695 La Cima
  Laguna Niguel, CA   92677
  Facsimile:  949-364-5663

 If to Joint Venture:
 To both parties as indicated above

     21. HEADINGS. The headings for sections herein are for convenience only and
shall not affect the meaning of the provisions of this JVA.

     22. ENTIRE AGREEMENT. This Agreement constitutes the entire agreement
between the parties, and supersedes any prior understanding or representation of
any kind preceding the effective date of this JVA. There are no other promises,
conditions, understandings or other agreements, whether oral or written,
relating to the subject matter of this JVA except the Memorandum of
Understanding executed on August 11, 2006 which is superceded by this JVA.

     23. WAIVERS. Waiver by any Party of any breach or failure to comply with
any provision of this JVA by another Party shall not be construed as, or
constitute, a continuing waiver of such provision or a waiver of any other
breach of or failure to comply with any other provision of this JVA.

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<PAGE>

     24. COUNTERPARTS. This Agreement may be executed in several counterparts,
each of which shall constitute an original and all of which, when taken
together, shall constitute one agreement.

     25. EFFECTIVE DATE. This JVA shall be effective as of the date of the last
signature below.

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of
the date of the last signature below.

VOYAGER ONE, ON BEHALF OF ITS                APPLIED COLOR SCIENCE, INC.
WHOLLY OWNED SUBSIDIARY, SILICON
FILM TECHNOLOGIES, INC.

/s/ Sebastian C. DuFort                      /s/ Matt Whalen
------------------------------               -----------------------------
Signature                                    Signature

Sebastian C. DuFort                          Matt Whalen
------------------------------               -----------------------------
Print Name                                   Print Name

President                                    President
------------------------------               -----------------------------
Title                                        Title

September 22, 2006                           September 22, 2006
------------------------------               -----------------------------
Date                                         Date

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Exhibit 10.10  

 
 

MASTER SALES AND SUPPLY AGREEMENT
  
  BY AND BETWEEN
  
  NETLIST, INC.
  
  AND
  
  NETLIST TECHNOLOGY TEXAS LP
  
  EFFECTIVE AS OF January 1, 2004  
  

 
 

MASTER SALES AND SUPPLY AGREEMENT    
    

        This MASTER SALES AND SUPPLY AGREEMENT is entered into as of January 1, 2004 (the "Effective Date"), by and between Netlist, Inc., a Delaware
corporation (the "Supplier"), and Netlist Technology Texas LP, a Texas limited partnership (the "Purchaser"). 

 
 

RECITALS    
    

        1.     Supplier
is engaged in the development and manufacture of board-level products for the high-performance computing market; 

        2.     The
Purchaser desires to engage Supplier as its exclusive source for the type of consumer products produced by Supplier; 

        3.     Supplier
desires to sell its line of products to Purchaser. 

        Therefore,
in consideration of the mutual covenants and conditions contained herein, and for other good and valuable consideration, the parties hereby agree as follows: 

 
 

ARTICLE I
  DEFINITIONS    
    

        Effective Date.    "Effective Date" is as defined immediately prior to the Recitals at the beginning of this Agreement. 

        Product.    "Product" shall mean the board-level products that are necessary to Purchaser's operations and that Purchaser
purchases from Supplier. 

        Purchase Price.    "Purchase Price" shall mean the amount computed per Section 2.2 of this Agreement, or another price
agreed upon by Purchaser and Supplier. 

        Purchaser Inventory.    "Purchaser Inventory" shall mean inventory owned by Purchaser and made available to Purchaser for sales
to each company's respective customers. 

        Term.    "Term" shall have the meaning set forth in Section 5.1 of this Agreement. 

        Third Party or Third Parties.    "Third Party" or "Third Parties" shall mean any entity other than a party to this Agreement or
an Affiliate. 

        Year.    "Year" shall mean the twelve (12) month period ending on the 31st of December. 

 
 

ARTICLE II
  TERMS OF SALES    
    

        Section 2.1    Orders.    Purchaser shall order Product as it shall desire from Supplier, and Supplier shall
supply such Product as Purchaser desires, pursuant to such procedures as Supplier periodically shall specify. 

        Section 2.2    Pricing.    The Purchase Price of Product ordered by Purchaser shall be calculated according to
the formula described in Appendix A. Periodic pricing adjustments or credits may be made by Supplier to ensure that Purchaser maintains the Gross Profit Margin set
forth on Exhibit A. 

        Section 2.3    Supplier Advice.    Supplier shall advise Purchaser of all shipments of Products on a monthly
basis. 

        Section 2.4    Payment Terms.    Payment shall be paid within 30 day(s) of the end of each month. Any
requests for credit or deduction by Purchaser (e.g., due to shortage in shipment quantity, quality defects, damage in transit, or related matters), shall be communicated promptly to Supplier. 

 

        The
above payments are to be made in currency of the United States during business hours, on the day due, either (1) by check or wire transfer, or (2) by an adjustment to
the intercompany payable and receivable accounts between Supplier and Purchaser. 

        Section 2.5    Delivery, Title, and Risk of Loss.    Purchaser shall lease from Supplier warehouse and
distribution areas within the Supplier's facilities to facilitate title transfer and to allow Purchaser to store purchased Product. The parties agree that delivery and transfer of title of Product to
Purchaser will occur at Supplier's warehouse upon the segregation and movement of such Product to such leased warehouse and distribution areas. 

        Section 2.6    Sales.    Supplier shall maintain complete and accurate records of all Product supplied to
Purchaser. Purchaser shall have the right, at its expense and on a reasonable basis with reasonable prior written notice to Supplier, to examine such records during regular business hours during the
term of this Agreement and for twelve months after termination of this Agreement. 

        Section 2.7    Intellectual Property.    With respect to all Product, Supplier grants Purchaser a
non-exclusive, limited use, sublicensable, royalty-free license to use the logos, trademarks, patents, and other marks inherent in the Product. In addition, Supplier grants
Purchaser a non-exclusive, limited use, sublicensable, royalty-free license to use its customer lists. 

 
 

ARTICLE III
  WARRANTIES AND REPRESENTATIONS    
    

        Section 3.1    Of Supplier.    Supplier warrants that: 

        (a)   It
has the right to transfer full unencumbered title to all Product sold to Purchaser under the terms of this Agreement; 

        (b)   It
will extend to Purchaser all standard Supplier warranties that apply to specific Product sold to Purchaser under the terms of this Agreement, upon written request by
Purchaser; and 

        (c)   It
has the right and authority to enter into this Agreement. 

        Section 3.2    Of Purchaser.    Purchaser warrants that: 

        (a)   It
has the right and authority to enter into this Agreement; and 

        (b)   Will
advise Supplier of any claim for damages or breach of warranty with respect to Product asserted by it or a customer purchasing Product. 

 
 

ARTICLE IV
  INDEMNIFICATION    
    

        Supplier shall save, hold harmless, and defend Purchaser from and against any loss, cost, or expense, including reasonable attorneys' fees, damages, or penalties
of any kind, on account of or resulting from any claim or action for infringement of any existing or future patent, copyright, or trademark, or misappropriation of any trade secret or other
intellectual property right with respect to Product. Supplier shall defend any such claim or action at its expense provided that Purchaser promptly notifies Supplier on learning of any such claim or
action and cooperates with Supplier in defending any such claim or action. 

2

 

 
 

ARTICLE V
  TERM AND TERMINATION    
    

        Section 5.1    Term.    This Agreement shall remain in effect for a period of one year from the Effective Date
and shall automatically renew at the end of such year, and each succeeding year, for an additional one year unless terminated in accordance with Section 5.2. 

        Section 5.2    Termination.    Either party shall have the right to terminate this Agreement at any time by
giving written notice to the other party on the occurrence of any of the following events: 

        (a)   Desire
to terminate for any reason, with 90 days prior written notice; 

        (b)   Failure
or neglect of the other party to perform covenants or provisions of this Agreement if such default is not corrected within 45 days after receiving written
notice from the terminating party with respect to such default; 

        (c)   Any
act, determination, filing, judgment, declaration, notice, appointment of receiver or trustee, failure to pay debts, or other events under any law applicable to a
party indicating the insolvency or bankruptcy of such party; 

        (d)   Any
extraordinary government action, including, without limitation, seizure or nationalization of assets, stock or other property relating to a party; or 

        (e)   Any
other event that shall cause Supplier to have concern about the financial stability of Purchaser. 

        Section 5.3    Rights and Duties on Termination.    On termination of this Agreement: 

        (a)   Purchaser
shall have no further rights whatsoever under this Agreement; and 

        (b)   Supplier
shall have the right to retain any sums already paid by Purchaser under this Agreement, and Purchaser shall pay all sums accrued that are then due under this
Agreement. 

 
 

ARTICLE VI
  MISCELLANEOUS    
    

        Section 6.1    Notices.    Any and all notices, elections, offers, acceptances, and demands permitted or
required to be made under this Agreement shall be in writing, signed by the person giving such notice, election, offer, acceptance, or demand and shall be delivered personally, or sent by registered
or certified mail, to the party, at its address on file with the other party, or at such other address as may be supplied in writing. The date of personal delivery or the date of mailing, as the case
may be, shall be the date of such notice, election, offer, acceptance, or demand. 

        Section 6.2    Force-Majeure.    If the performance of any part of this Agreement by either party, or of any
obligation under this Agreement, is prevented, restricted, interfered with, or delayed by reason of any cause beyond the reasonable control of the party liable to perform, unless conclusive evidence
to the contrary is provided, the party so affected shall, on giving written notice to the other party, be excused from such performance to the extent of such prevention, restrictions interference or
delay, provided that the affected party shall use its reasonable best efforts to avoid or remove such causes of nonperformance and shall continue performance with the utmost dispatch whenever such
causes are removed. When such circumstances arise, the parties shall discuss what, if any, modification of the terms of this Agreement may be required in order to arrive at an equitable solution. 

        Section 6.3    Successors and Assigns.    This Agreement shall be binding on and shall inure to the benefit of
the parties and their respective successors and assigns, and each party agrees to execute any instruments that may be necessary or appropriate to carry out and execute the purpose and intentions of
this Agreement. 

3

 

        Section 6.4    Amendment.    No change, modification, or amendment of this Agreement shall be valid or binding
on the parties unless such change or modification shall be in writing signed by the party or parties against whom the same is sought to be enforced. 

        Section 6.5    Remedies Cumulative.    The remedies of the parties under this Agreement are cumulative and
shall not exclude any other remedies to which the party may be lawfully, entitled. 

        Section 6.6    Further Assurances.    Each party hereby covenants and agrees that it shall execute and deliver
such deeds and other documents as may be required to implement any of the provisions of this Agreement. 

        Section 6.7    No Waiver.    The failure of any party to insist on strict performance of a covenant hereunder
or of any obligation hereunder shall not be a waiver of such party's right to demand strict compliance therewith in the future, nor shall the same be construed as a novation of this Agreement. 

        Section 6.8    Integration.    This Agreement constitutes the full and complete agreement of the parties.

        Section 6.9    Captions.    Titles or captions of articles and paragraphs contained in this Agreement are
inserted only as a matter of convenience and for reference, and in no way define, limit, extend, or describe the scope of this Agreement or the intent of any provision hereof. 

        Section 6.10    Counterparts; Facsimile Signatures.    This Agreement may be executed with counterpart
signature pages or in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. This Agreement may be executed by
facsimile signature. 

        Section 6.11    Applicable Law.    This Agreement shall be governed by and construed in accordance with the
laws of the State of California of the United States. 

        Section 6.12    Computation of Time.    Whenever the last day for the exercise of any privilege or the
discharge of any duty hereunder shall fall on a Saturday, Sunday, or any public or legal holiday, whether local or national, the person having such privilege or duty shall have until 5:00 p.m.
on the next succeeding business day to exercise such privilege, or to discharge such duty. 

        Section 6.13    Severability.    In the event any provision, clause, sentence, phrase, or word hereof, or the
application thereof in any circumstances, is held to be invalid or unenforceable, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder hereof, or of the
application of any such provision, sentence, clause, phrase, or word in any other circumstances. 

        Section 6.14    Costs and Expenses.    Unless otherwise provided in this Agreement, each party shall bear all
fees and expenses incurred in performing its obligations under this Agreement. 

        Section 6.15    Nature of Relationship.    The relationship established between Supplier and purchaser by this
Agreement is that of supplier and buyer. Purchaser is an independent contractor. Nothing in this Agreement shall be deemed to establish or otherwise create a relationship of principal and agent,
employer and employee, or otherwise between Supplier and Purchaser. 

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        IN WITNESS WHEREOF, the parties have caused this Agreement to be executed on the date first written above by their authorized officers. 

	Netlist, Inc. (Supplier)	 	 
	

By:	

    
	
 	

 
	

Name:	

    
	
 	

 
	

Title:	

    
	
 	

 
	
Netlist Technology Texas LP (Purchaser)	
 	

 
	

By:	

Netlist Holdings GP, Inc.	
 	

 
	

Its:	

General Partner	
 	

 
	

 	

By:	

    
	
 	

 
	

 	

Name:	

    
	
 	

 
	

 	

Title:	

    
	
 	

 

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APPENDIX A
  PRODUCT PURCHASE PRICE

Supplier
will charge Purchaser an appropriate Purchase Price so that Purchaser covers its expected operating expenses and earns an arm's length operating profit. The arm's length Operating Profit
Margin of Purchaser has been determined to be approximately 3.5%. "Operating Profit Margin" is defined as net sales minus Purchase Price minus operating expenses divided by net sales. Because
Purchaser expects that operating expenses for any given period will be, on average, 4.1% of net sales, Purchaser and Supplier have agreed to establish a Purchase Price for all Products delivered that
equals the price received by Purchaser from its customers for such Product minus a 7.6% discount. This discount will be reviewed periodically to see if it is adequate to insure that the Purchaser can
earn a 3.5% Operating Profit Margin. 

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QuickLinks

MASTER SALES AND SUPPLY AGREEMENT BY AND BETWEEN NETLIST, INC. AND NETLIST TECHNOLOGY TEXAS LP EFFECTIVE AS OF January 1, 2004

MASTER SALES AND SUPPLY AGREEMENT

RECITALS

ARTICLE I DEFINITIONS

ARTICLE II TERMS OF SALES

ARTICLE III WARRANTIES AND REPRESENTATIONS

ARTICLE IV INDEMNIFICATION

ARTICLE V TERM AND TERMINATION

ARTICLE VI MISCELLANEOUS

APPENDIX A PRODUCT PURCHASE PRICE

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