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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 34%"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">Date of report (Date of earliest event reported)
    &nbsp;</FONT></TD>
    <TD STYLE="width: 66%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>November 9, 2011</B></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.75pt solid"><B>Crossroads
Systems, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.75pt solid"><B>Delaware</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt">(State
or Other Jurisdiction</FONT> <FONT STYLE="letter-spacing: -0.15pt">of Incorporation)</FONT></P>

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    <TD STYLE="width: 34%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Delaware</TD>
    <TD STYLE="width: 33%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><B>001-15331</B></TD>
    <TD STYLE="width: 33%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">74-2846643</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(State or other jurisdiction of incorporation)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Commission File Number)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(IRS Employer Identification No.)</TD></TR>
</TABLE>
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<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%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>11000 North Mo-Pac Expressway</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Austin, Texas</B></P></TD>
    <TD STYLE="width: 23%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><BR>
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>
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    <TD STYLE="width: 40%"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><U>Registrant&rsquo;s telephone number, including
    area code &nbsp;</U></FONT></TD>
    <TD STYLE="width: 60%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>(512) 349-0300</B></FONT></TD></TR>
</TABLE>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt">(Former
name or former address, if changed since last report.)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="letter-spacing: -0.15pt">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):</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: -0.15pt">&#9;</FONT><FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9;Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: -0.15pt">&#9;</FONT><FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9;Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

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communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: -0.15pt">&#9;</FONT><FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9;Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 1.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entry into a Material Definitive Agreement.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On November 9, 2011, Crossroads
Systems, Inc. (the &ldquo;Company&rdquo;) amended its current loan and security agreement (the &ldquo;Agreement&rdquo;) with Silicon
Valley Bank (the &ldquo;Bank&rdquo;). Under the terms of the amendment:</P>

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

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<TD STYLE="width: 61pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">the Bank waived the then-existing default of the tangible net worth covenant in the
Agreement;&nbsp;&nbsp;&nbsp;</TD></TR></TABLE>

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<TD STYLE="width: 61pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">the letter of credit provision was deleted;&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 61pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">the Bank provided a term loan in the amount of $3 million, available to the Company
in no more than six advances, each in an a minimum amount of $500,000 or a lesser amount which remains unadvanced if such advance
is the third and final term loan advance. The advance will be available subject to certain conditions and will bear interest at
a floating per annum rate equal to the sum of 0.25% plus the prime rate determined under the Agreement;&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 61pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">the parties modified the financial covenants to provide:&nbsp;</TD></TR></TABLE>

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<TD STYLE="width: 83pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">a quick ratio of 1.40 to 1.00&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 83pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">minimum tangible net worth ranging from $7 million plus adjustments from November
2011 to January 2012 to $4 million plus adjustments for August 2012 and each month thereafter;&nbsp;</TD></TR></TABLE>

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<TD STYLE="width: 61pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">the borrowing base is $2 million if the Company maintains at least $5 million in unrestricted
cash with or through the Bank plus 80% of eligible accounts, as determined by the Bank; and&nbsp;&nbsp;&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 61pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">the maturity for each advance is 36 months after the advance but no later than April
1, 2015.&nbsp;&nbsp;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The foregoing description
does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement attached hereto
as Exhibit 10.1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><B>Item
2.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">See the discussion in Item
1.01 with respect to the Company&rsquo;s November 9, 2011 amendment to the Agreement, which is incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><B>Item
9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.&nbsp;</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 61pt; text-align: right">(d)&nbsp;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Exhibits&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 61pt; text-align: right"><U>No.&nbsp;</U></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><U>Exhibit Name&nbsp;</U></TD></TR></TABLE>

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

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<TD STYLE="width: 61pt; text-align: right">10.1&nbsp;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Sixth Amendment to Third Amended and Restated Loan and Security Agreement, dated November
9, 2011, by and between Silicon Valley Bank and Crossroads Systems (Texas), Inc.&nbsp;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in">&nbsp;</P>

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

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

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

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">Date: January 26, 2012&nbsp;</TD>
    <TD COLSPAN="2">CROSSROADS SYSTEMS, INC.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ Jennifer Crane</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Jennifer Crane<BR>Chief Financial Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3.25in">&nbsp;</P>

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

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

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

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

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-decoration: underline">No.</TD>
    <TD STYLE="width: 90%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-decoration: underline">Exhibit Name</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">10.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Sixth Amendment to Third Amended and Restated Loan and Security Agreement, dated November 9, 2011, by and between Silicon Valley Bank and Crossroads Systems (Texas), Inc.</TD></TR>
</TABLE>


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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)
November 9, 2011
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.
On November 9, 2011, Crossroads
Systems, Inc. (the "Company") amended its current loan and security agreement (the "Agreement") with Silicon
Valley Bank (the "Bank"). Under the terms of the amendment:
·
the Bank waived the then-existing default of the tangible net worth covenant in the
Agreement;
·
the letter of credit provision was deleted;
·
the Bank provided a term loan in the amount of $3 million, available to the Company
in no more than six advances, each in an a minimum amount of $500,000 or a lesser amount which remains unadvanced if such advance
is the third and final term loan advance. The advance will be available subject to certain conditions and will bear interest at
a floating per annum rate equal to the sum of 0.25% plus the prime rate determined under the Agreement;
·
the parties modified the financial covenants to provide:
·
a quick ratio of 1.40 to 1.00
·
minimum tangible net worth ranging from $7 million plus adjustments from November
2011 to January 2012 to $4 million plus adjustments for August 2012 and each month thereafter;
·
the borrowing base is $2 million if the Company maintains at least $5 million in unrestricted
cash with or through the Bank plus 80% of eligible accounts, as determined by the Bank; and
·
the maturity for each advance is 36 months after the advance but no later than April
1, 2015.
The foregoing description
does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement attached hereto
as Exhibit 10.1.
Item
2.03            Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
See the discussion in Item
1.01 with respect to the Company's November 9, 2011 amendment to the Agreement, which is incorporated herein by reference.
Item
9.01            Financial Statements and Exhibits.
(d)
Exhibits
No.
Exhibit Name
10.1
Sixth Amendment to Third Amended and Restated Loan and Security Agreement, dated November
9, 2011, by and between Silicon Valley Bank and Crossroads Systems (Texas), Inc.
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: January 26, 2012
CROSSROADS SYSTEMS, INC.
By:
/s/ Jennifer Crane
Jennifer Crane
Chief Financial Officer
EXHIBIT INDEX
No.
Exhibit Name
10.1
Sixth Amendment to Third Amended and Restated Loan and Security Agreement, dated November 9, 2011, by and between Silicon Valley Bank and Crossroads Systems (Texas), Inc.