SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Crane Jennifer

(Last)

(First)

(Middle)

11000 N. MOPAC EXPRESSWAY

(Street)

AUSTIN

78759

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
CROSSROADS SYSTEMS INC [ CRDS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/31/2017

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Option (right to buy)	$2.81	07/31/2017		D			37,500	⁽¹⁾	04/01/2027	Common Stock	37,500	⁽²⁾	0	D
Option (right to buy)	$5.9	07/31/2017		D			7,000	06/06/2017	06/06/2026	Common Stock	7,000	⁽²⁾	0	D
Option (right to buy)	$26.8	07/31/2017		D			3,000	⁽³⁾	09/17/2025	Common Stock	3,000	⁽²⁾	0	D
Option (right to buy)	$45.5906	07/31/2017		D			3,005	⁽⁴⁾	01/17/2024	Common Stock	3,005	⁽²⁾	0	D
Option (right to buy)	$45.757	07/31/2017		D			601	⁽⁵⁾	10/01/2024	Common Stock	601	⁽²⁾	0	D
Option (right to buy)	$79.0349	07/31/2017		D			751	10/17/2015	10/17/2021	Common Stock	751	⁽²⁾	0	D
Option (right to buy)	$25.9567	07/31/2017		D			376	08/25/2012	08/25/2020	Common Stock	376	⁽²⁾	0	D
Option (right to buy)	$25.9567	07/31/2017		D			376	08/25/2014	08/25/2020	Common Stock	376	⁽²⁾	0	D
Common Stock Warrant (right to buy)	$40	07/31/2017		D			43	09/28/2013	03/28/2018	Common Stock	43	⁽²⁾	0	D

Explanation of Responses:

1. The option vests in full on April 1, 2018.

2. These securities were canceled by mutual agreement of the Reporting Person and the Issuer in connection with the Reporting Person's amended retention and severance agreement with the Issuer, dated as of July 31, 2017.

3. The option vests over a two year period until fully vested on September 17, 2017.

4. The option vests quarterly over a four year period until fully vested on January 17, 2018.

5. The option vests quarterly over a four year period until fully vested on October 1, 2018.

	/s/ Jennifer Crane	08/04/2017
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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