X0202 4 2007-11-13 0000889930 OVERLAND STORAGE INC OVRL 0001192688 LOFORTI VERNON A C/O OVERLAND STORAGE, INC. 4820 OVERLAND AVENUE SAN DIEGO CA 92123 1 1 0 0 President and CEO Employee Stock Option (right to buy) 10.00 2007-11-13 5 D 0 20000 0 D 2010-04-21 Common Stock 20000 0 D Employee Stock Option (right to buy) 13.50 2007-11-13 5 D 0 60000 0 D 2012-07-10 Common Stock 60000 0 D Employee Stock Option (right to buy) 19.33 2007-11-13 5 D 0 10000 0 D 2013-11-17 Common Stock 10000 0 D Employee Stock Option (right to buy) 14.29 2007-11-13 5 D 0 29700 0 D 2014-11-15 Common Stock 29700 0 D The option is fully vested. The option was canceled by mutual agreement of the reporting person and the issuer, in accordance with the amendment and restatement of the issuer's 2003 Equity Incentive Plan as described in Proposal 2 to the issuer's proxy statement for 2007 Annual Meeting of Shareholders. The reporting person received no consideration for the cancellation. Vernon A. LoForti 2007-11-14