SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------
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): February 15, 2005
-----------------
CROSSROADS SYSTEMS, INC.
- --------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in Its Charter)
Delaware 000-30362 74-2846643
- ---------------------------------- ------------------------ -------------------
(State of Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
8300 North MoPac Expressway, Austin, Texas 78759
- --------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
(Registrant's Telephone Number, Including Area Code) (512) 349-0300
N/A
- --------------------------------------------------------------------------------
(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 registration under any of
the following provisions (see General Instruction A.2. below):
|_| Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| 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.
(a) On February 15, 2005, Crossroads Systems, Inc. and Valerie H. Savage entered
into a Consulting Agreement regarding Ms. Savage's consulting services
arrangement with Crossroads, which is described further in Item 5.02 below.
Pursuant to this agreement, Crossroads offered and Ms. Savage accepted the
position of Interim Chief Financial Officer and the agreement includes the terms
of her consulting services.
Item 5.02. Departure of Directors or Principal Officers; Election of
Directors; Appointment of Principal Officers.
(c) On February 15, 2005, Crossroads Systems, Inc. appointed Valerie H. Savage,
48, as its Interim Chief Financial Officer. Ms. Savage will also serve as
Crossroads' principal financial officer and principal accounting officer.
Pursuant to a Consulting Agreement, Ms. Savage will continue to provide
consulting services until termination, as provided under the agreement.
Ms. Savage has served as an independent business consultant to several
private and public companies since June 2000. Ms. Savage served as Vice
President, Worldwide Client Services for drkoop.com, Inc. from January 2000 to
June 2000, and as Associate Vice President, Investor Relations from February
1999 to January 2000. From November 1998 to February 1999, Ms. Savage served as
Chief Financial Officer for Ki-Soft, Inc., a privately held enterprise software
company. From March 1996 to November 1998, Ms. Savage served as Investor
Relations Officer for IntelliQuest Information Group, Inc. From January 1989 to
March 1996, Ms. Savage served as an independent business consultant. From
December 1986 to December 1988, Ms. Savage served as Financial Analyst to
Kallestad Diagnostics. From November 1985 to December 1986, Ms. Savage was a
partner in a corporate services firm. From September 1982 to November 1985, Ms.
Savage served on the audit staff of Touche Ross & Co. Ms. Savage holds a B.S. in
accounting from the University of Texas at Dallas and is a Certified Public
Accountant.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits
10.01 Consulting Agreement by and between the Registrant and
Valerie H. Savage.
2
SIGNATURE
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.
CROSSROADS SYSTEMS, INC.
Dated: February 17, 2005 By: /s/ Rob Sims
----------------------------
Bob Sims
President and Chief
Executive Officer