X0303 4 2010-04-23 0000889930 OVERLAND STORAGE INC OVRL 0001417471 Gopal Christopher C/O OVERLAND STORAGE, INC. 4820 OVERLAND AVENUE SAN DIEGO CA 92123 0 1 0 0 VP, Global Operations Common Stock 2010-04-23 4 C 0 18965 A 18965 D Series A Convertible Preferred Stock 2010-04-23 4 C 0 3333 0 D Common Stock 18965 0 D Employee Stock Option (right to buy) 2.49 2010-04-23 4 A 0 178356 0 A 2016-04-23 Common Stock 178356 178356 D All outstanding shares of Series A Convertible Preferred Stock automatically converted into shares of Common Stock following receipt of shareholder approval of the full conversion of the outstanding shares of Series A Convertible Preferred Stock into shares of Common Stock at the special meeting of shareholders held on April 23, 2010 (the "Special Meeting"). The option grant was approved by the compensation committee of the board of directors of Overland Storage, Inc. on February 16, 2010, subject to the closing of a financing transaction (the "Financing Transaction") and shareholder approval of an increase in the number of shares of Common Stock available for issuance under the Overland Storage, Inc. 2009 Equity Incentive Plan at the Special Meeting. The option grant shall vest in equal monthly installments over one year commencing February 18, 2010, the date definitive agreements were signed with respect to the Financing Transaction. /s/ Christopher Gopal 2010-04-26