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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>CURRENT
REPORT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of The
Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; font-size: 10pt; text-align: justify">Date of report (Date of earliest event reported)</TD>
    <TD STYLE="width: 60%; border-bottom: windowtext 1pt solid; font-size: 10pt; font-weight: bold; text-align: justify">July 31, 2012</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: windowtext 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Crossroads Systems, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">(Exact name of registrant as specified in its charter)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: windowtext 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">(State or Other Jurisdiction of Incorporation)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-bottom: windowtext 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Delaware</TD>
    <TD STYLE="width: 33%; border-bottom: windowtext 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><B>001-15331</B></TD>
    <TD STYLE="width: 33%; border-bottom: windowtext 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">74-2846643</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">(State or other jurisdiction of incorporation)</TD>
    <TD STYLE="font-size: 10pt; text-align: center">(Commission File Number)</TD>
    <TD STYLE="font-size: 10pt; text-align: center">(IRS Employer Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 77%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">11000 North Mo-Pac Expressway</TD>
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Austin, Texas</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">78759</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%">Registrant&rsquo;s telephone number, including area code</TD>
    <TD STYLE="width: 55%; border-bottom: windowtext 1pt solid; font-weight: bold">(512) 349-0300</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Former name or former address, if changed
since last report.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (<U>see</U><I> </I>General Instruction A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Written communications pursuant to Rule
425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 1.01</B></TD><TD STYLE="text-align: justify"><B>Entry into a Material Definitive Agreement.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Professional Services Agreement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
July 31, 2012, Crossroads Systems, Inc. (the &ldquo;Company&rdquo;) entered into a professional services agreement with Iron Mountain
Information Management, Inc. (&ldquo;IRM&rdquo;) relating to a separate licensing and services arrangement under a master agreement
regarding the sale, resale and use of the Company&rsquo;s products in an IRM service offering. Under the professional services
agreement, </FONT><FONT STYLE="color: black">the Company will perform the professional services to be described in a statement
of work mutually agreed and executed by the parties. In consideration for the Company&rsquo;s performance of the services, IRM
has agreed to pay the Company the following amounts upon completion of each milestone agreed to in the statement of work: </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">IRM paid the Company $550,000 of non-recurring engineering, or NRE,
on or about April 30, 2012, as partial payment for the Company&rsquo;s performance of the initial services;</FONT></TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">IRM paid the Company $550,000 for the second milestone on July 31,
2012;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">IRM will pay the Company $550,000 upon the Company&rsquo;s delivery
to IRM of the third milestone specified in the statement of work. The estimated delivery, to be refined during the planning phase,
will be December 1, 2012; and</FONT></TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">IRM will pay the Company $550,000 upon final acceptance of the Company&rsquo;s
deliverables described in the statement of work pursuant to mutually agreed acceptance criteria. The estimated delivery, to be
verified during the planning phase, will be June 1, 2013.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The professional services agreement also
provides that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>during the term of the master agreement, if, prior to receiving any bid, offer, indication of interest or other notification
from a third party regarding a potential transaction which would constitute a change of control of the Company, the Company&rsquo;s
board of directors authorizes the Company to initiate a process to identify and solicit buyers who may be interested in such a
transaction, IRM shall have the exclusive right to negotiate, and the Company shall exclusively negotiate in good faith with IRM,
a transaction with IRM for a period of thirty days; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>during the term of the master agreement, if the Company has received a bona fide offer in writing from an unaffiliated third
party to enter into a transaction that would constitute a change of control of the Company and the Company&rsquo;s board of directors
has authorized the acceptance of the offer, IRM shall have, for at least seven business days a non-exclusive right to negotiate
with the Company a transaction upon such terms as determined by the Company&rsquo;s board of directors receiving bids or offers
generally from potential bidders or offerors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">However, nothing in the professional services agreement requires
or obligates the Company or IRM to enter into any agreement in connection with any such negotiations or transaction or precludes
the Company or its officers or directors from taking any action, or omitting to take any action, as they deem necessary to comply
with applicable law or to meet any applicable fiduciary duties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Securities Purchase Agreement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On July 31, 2012, the Company entered into
a securities purchase agreement with Iron Mountain Incorporated (&ldquo;IMI&rdquo;), an affiliate of IRM. Under the terms of the
agreement, the Company issued and sold to IMI 582,524 shares of its common stock, par value $0.001 per share, for an aggregate
purchase price of $3 million. IMI also agreed that it would not transfer the shares without the Company&rsquo;s prior written consent
until the one year anniversary date of the closing of the agreement. In the agreement, each of the Company and IMI <FONT STYLE="font-family: Times New Roman, Times, Serif">made
customary representations and warranties and covenants and the agreement contains customary indemnification provisions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Registration Rights Agreement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July 31, 2012, in
connection with the securities purchase agreement, the Company entered in a registration rights agreement with IMI. Pursuant to
this agreement, the Company agreed to prepare and file a registration statement with the Securities and Exchange Commission (the
&ldquo;Commission&rdquo;) at IMI&rsquo;s request, no later than sixty days following such request, and to keep it continuously
effective until the shares covered by the registration statement have been sold or become eligible for sale pursuant to Rule 144
without restriction on the volume of securities that may be sold in any single transaction, assuming for this purpose that the
securityholders are not affiliates of the Company. Additionally, under certain circumstances upon the request of the holders of
registrable securities under the agreement, the Company agreed to include their securities in a securities registration that it
undertakes. The Company has agreed to bear the expenses incurred in complying with the registration rights agreement. The registration
rights agreement also contains customary indemnification provisions. The registration rights agreement also provides that no remedy
may be sought by the holders of the registrable securities unless a registration statement covering the registrable securities
has not been declared effective by the Commission prior to the one year anniversary date of the closing of the securities purchase
agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing descriptions
of the professional services agreement, securities purchase agreement and registration rights agreement and the transactions contemplated
thereby are not complete and are subject to and qualified in their entirety by reference to, and should be read in conjunction
with, such documents, which are filed as exhibits to this Form 8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 9.01</B></TD><TD STYLE="text-align: justify"><B>Financial Statements and Exhibits.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: -2.5in">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>Exhibits</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: -2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse; margin-left: 1in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; border-bottom: windowtext 1pt solid">No.</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 88%; border-bottom: windowtext 1pt solid">Exhibit Name</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.1</TD>
    <TD>&nbsp;</TD>
    <TD>Professional Agreement, dated July 31, 2012, between Crossroads Systems, Inc. and Iron Mountain Information Management, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.2</TD>
    <TD>&nbsp;</TD>
    <TD>Securities Purchase Agreement, dated July 31, 2012, by and between Crossroads Systems, Inc. and Iron Mountain Incorporated</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.3</TD>
    <TD>&nbsp;</TD>
    <TD>Registration Rights Agreement, dated July 31, 2012, by and between Crossroads Systems, Inc. and Iron Mountain Incorporated</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>99.1</TD>
    <TD>&nbsp;</TD>
    <TD>Press Release, dated August 2, 2012</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: -2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: center; text-indent: -2.5in"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">Date:&nbsp; August 2, 2012</TD>
    <TD STYLE="width: 50%">CROSSROADS SYSTEMS, INC.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: windowtext 1pt solid">/s/ Jennifer Crane</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Jennifer Crane</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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    <TD STYLE="width: 10%; border-bottom: windowtext 1pt solid">No.</TD>
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    <TD STYLE="width: 88%; border-bottom: windowtext 1pt solid">Exhibit Name</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.1</TD>
    <TD>&nbsp;</TD>
    <TD>Professional Agreement, dated July 31, 2012, between Crossroads Systems, Inc. and Iron Mountain Information Management, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.2</TD>
    <TD>&nbsp;</TD>
    <TD>Securities Purchase Agreement, dated July 31, 2012, by and between Crossroads Systems, Inc. and Iron Mountain Incorporated</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.3</TD>
    <TD>&nbsp;</TD>
    <TD>Registration Rights Agreement, dated July 31, 2012, by and between Crossroads Systems, Inc. and Iron Mountain Incorporated</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>99.1</TD>
    <TD>&nbsp;</TD>
    <TD>Press Release, dated August 2, 2012</TD></TR>
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{"company-data": {"conformed-name": "CROSSROADS SYSTEMS INC", "cik": "0001093207", "assigned-sic": "3577", "irs-number": "742846643", "state-of-incorporation": "DE", "fiscal-year-end": "1031"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-15331", "film-number": "121002018"}, "business-address": {"street1": "11000 NORTH MOPAC EXPRESSWAY", "city": "AUSTIN", "state": "TX", "zip": "78759", "phone": "5123490300"}, "mail-address": {"street1": "11000 NORTH MOPAC EXPRESSWAY", "street2": ".", "city": "AUSTIN", "state": "TX", "zip": "78759"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d) of The
Securities Exchange Act of 1934
Date of report (Date of earliest event reported)
July 31, 2012
Crossroads Systems, Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or Other Jurisdiction of Incorporation)
Delaware
001-15331
74-2846643
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
11000 North Mo-Pac Expressway
Austin, Texas
78759
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code
(512) 349-0300
(Former name or former address, if changed
since last report.)
Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (
see
General Instruction A.2. below):
o
Written communications pursuant to Rule
425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01
Entry into a Material Definitive Agreement.
Professional Services Agreement
On
July 31, 2012, Crossroads Systems, Inc. (the "Company") entered into a professional services agreement with Iron Mountain
Information Management, Inc. ("IRM") relating to a separate licensing and services arrangement under a master agreement
regarding the sale, resale and use of the Company's products in an IRM service offering. Under the professional services
agreement,
the Company will perform the professional services to be described in a statement
of work mutually agreed and executed by the parties. In consideration for the Company's performance of the services, IRM
has agreed to pay the Company the following amounts upon completion of each milestone agreed to in the statement of work:
·
IRM paid the Company $550,000 of non-recurring engineering, or NRE,
on or about April 30, 2012, as partial payment for the Company's performance of the initial services;
·
IRM paid the Company $550,000 for the second milestone on July 31,
2012;
·
IRM will pay the Company $550,000 upon the Company's delivery
to IRM of the third milestone specified in the statement of work. The estimated delivery, to be refined during the planning phase,
will be December 1, 2012; and
·
IRM will pay the Company $550,000 upon final acceptance of the Company's
deliverables described in the statement of work pursuant to mutually agreed acceptance criteria. The estimated delivery, to be
verified during the planning phase, will be June 1, 2013.
The professional services agreement also
provides that:
·
during the term of the master agreement, if, prior to receiving any bid, offer, indication of interest or other notification
from a third party regarding a potential transaction which would constitute a change of control of the Company, the Company's
board of directors authorizes the Company to initiate a process to identify and solicit buyers who may be interested in such a
transaction, IRM shall have the exclusive right to negotiate, and the Company shall exclusively negotiate in good faith with IRM,
a transaction with IRM for a period of thirty days; and
·
during the term of the master agreement, if the Company has received a bona fide offer in writing from an unaffiliated third
party to enter into a transaction that would constitute a change of control of the Company and the Company's board of directors
has authorized the acceptance of the offer, IRM shall have, for at least seven business days a non-exclusive right to negotiate
with the Company a transaction upon such terms as determined by the Company's board of directors receiving bids or offers
generally from potential bidders or offerors.
However, nothing in the professional services agreement requires
or obligates the Company or IRM to enter into any agreement in connection with any such negotiations or transaction or precludes
the Company or its officers or directors from taking any action, or omitting to take any action, as they deem necessary to comply
with applicable law or to meet any applicable fiduciary duties.
Securities Purchase Agreement
On July 31, 2012, the Company entered into
a securities purchase agreement with Iron Mountain Incorporated ("IMI"), an affiliate of IRM. Under the terms of the
agreement, the Company issued and sold to IMI 582,524 shares of its common stock, par value $0.001 per share, for an aggregate
purchase price of $3 million. IMI also agreed that it would not transfer the shares without the Company's prior written consent
until the one year anniversary date of the closing of the agreement. In the agreement, each of the Company and IMI
made
customary representations and warranties and covenants and the agreement contains customary indemnification provisions.
Registration Rights Agreement
On July 31, 2012, in
connection with the securities purchase agreement, the Company entered in a registration rights agreement with IMI. Pursuant to
this agreement, the Company agreed to prepare and file a registration statement with the Securities and Exchange Commission (the
"Commission") at IMI's request, no later than sixty days following such request, and to keep it continuously
effective until the shares covered by the registration statement have been sold or become eligible for sale pursuant to Rule 144
without restriction on the volume of securities that may be sold in any single transaction, assuming for this purpose that the
securityholders are not affiliates of the Company. Additionally, under certain circumstances upon the request of the holders of
registrable securities under the agreement, the Company agreed to include their securities in a securities registration that it
undertakes. The Company has agreed to bear the expenses incurred in complying with the registration rights agreement. The registration
rights agreement also contains customary indemnification provisions. The registration rights agreement also provides that no remedy
may be sought by the holders of the registrable securities unless a registration statement covering the registrable securities
has not been declared effective by the Commission prior to the one year anniversary date of the closing of the securities purchase
agreement.
The foregoing descriptions
of the professional services agreement, securities purchase agreement and registration rights agreement and the transactions contemplated
thereby are not complete and are subject to and qualified in their entirety by reference to, and should be read in conjunction
with, such documents, which are filed as exhibits to this Form 8-K.
Item 9.01
Financial Statements and Exhibits.
(d)
Exhibits
No.
Exhibit Name
10.1
Professional Agreement, dated July 31, 2012, between Crossroads Systems, Inc. and Iron Mountain Information Management, Inc.
10.2
Securities Purchase Agreement, dated July 31, 2012, by and between Crossroads Systems, Inc. and Iron Mountain Incorporated
10.3
Registration Rights Agreement, dated July 31, 2012, by and between Crossroads Systems, Inc. and Iron Mountain Incorporated
99.1
Press Release, dated August 2, 2012
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date:  August 2, 2012
CROSSROADS SYSTEMS, INC.
By:
/s/ Jennifer Crane
Jennifer Crane
Chief Financial Officer
EXHIBIT INDEX
No.
Exhibit Name
10.1
Professional Agreement, dated July 31, 2012, between Crossroads Systems, Inc. and Iron Mountain Information Management, Inc.
10.2
Securities Purchase Agreement, dated July 31, 2012, by and between Crossroads Systems, Inc. and Iron Mountain Incorporated
10.3
Registration Rights Agreement, dated July 31, 2012, by and between Crossroads Systems, Inc. and Iron Mountain Incorporated
99.1
Press Release, dated August 2, 2012