Lenovo is offering members of its IBM Shareholder Purchase Program the Lenovo IdeaPad S12 Intel Atom 1.6GHz 12.1″ Netbook in White, model no. 295955U, or Black, model no. 295954U, for $399 (439.12 – 40.12 coupon) with Free Shipping for a limited time. Sales tax is added where applicable.

To get this deal:

• Click here and create an account or login to an existing account (IBM SPP membership is free)
• Navigate to the S12 product page and choose the Black or White models
• Apply coupon code: USES12NEW to drop it to $399

Coupon expires on July 15, 2009 or after 400 uses

The Lenovo IdeaPad S12 features an Intel Atom N270 1.6GHz processor, 12.1″ 1280×800 LED-backlit widescreen LCD display, 1GB RAM, 160GB 5400 rpm hard drive, 802.11g wireless, 1.3-megapixel webcam, memory card reader, 6-cell battery, and Windows XP Home.