- Statement of Changes in Beneficial Ownership (4)

FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0287 Expires: February 28, 2011 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940

1. Name and Address of Reporting Person * Mansolf Jillian	2. Issuer Name and Ticker or Trading Symbol OVERLAND STORAGE INC [ OVRL ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director                      _____ 10% Owner __ X __ Officer (give title below)      _____ Other (specify below) VP, WW Sales & Marketing
(Last)          (First)          (Middle) C/O OVERLAND STORAGE, INC., 4820 OVERLAND AVENUE	3. Date of Earliest Transaction (MM/DD/YYYY) 2/18/2010
(Street) SAN DIEGO, CA 92123 (City)        (State)        (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) _ X _ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Series A Convertible Preferred Stock	$2.6362	2/18/2010		P		4000		(1) (2)	(3)	Common Stock	22760	$15.00   (5)	4000	D
Warrants	$2.583	2/18/2010		P		32080		2/22/2010   (4)	2/22/2015	Common Stock	32080	$15.00   (5)	32080	D

Explanation of Responses:
( 1)	The Series A Preferred Stock is convertible (i) at the option of the holder at any time after the record date for the special meeting of shareholders to approve the issuance and sale of the Series A Preferred Stock and Warrants (including the shares of Common Stock issuable upon conversion of the Series A Preferred Stock and exercise of the Warrants) or (ii) automatically if the shareholders approve the issuance and sale of Series A Preferred Stock and Warrants (including the shares of Common Stock issuable upon conversion of the Series A Preferred Stock and exercise of the Warrants).
( 2)	Pursuant to the Certificate of Determination of Rights, Preferences, Privileges and Restrictions of Series A Convertible Preferred Stock dated February 18, 2010, a holder of shares of Series A Preferred Stock may not convert any such shares to the extent that after giving effect to such conversion the holder would beneficially own in excess of 19.999% of the total number of shares of common stock outstanding. The limitation on conversion of shares of Series A Preferred Stock will terminate if the shareholders approve the issuance and sale of Series A Preferred Stock and Warrants (including the shares of Common Stock issuable upon conversion of the Series A Preferred Stock and exercise of the Warrants).
( 3)	No expiration date.
( 4)	Pursuant to the terms of the Warrants, no holder of Warrants may exercise any such Warrants to the extent that after giving effect to such exercise the holder would beneficially own in excess of 19.999% of the total number of shares of common stock outstanding. The limitation on exercise of the Warrants will terminate if the shareholders approve the issuance and sale of Series A Preferred Stock and Warrants (including the shares of Common Stock issuable upon conversion of the Series A Preferred Stock and exercise of the Warrants).
( 5)	Pursuant to the Purchase Agreement dated as of February 18, 2010 by and among Overland Storage, Inc. and the investor named herein, the per unit price of a share of Series A Preferred Stock and Warrants exercisable for approximately eight shares of Common Stock is $15.00.

Reporting Owners
Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Mansolf Jillian C/O OVERLAND STORAGE, INC. 4820 OVERLAND AVENUE SAN DIEGO, CA 92123			VP, WW Sales & Marketing

Signatures
Jillian Mansolf		3/17/2010
** Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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