<PAGE>
/------------------------------/
/ OMB APPROVAL /
/------------------------------/
/ OMB Number: 3235-0104 /
/ Expires: September 30, 1998 /
/ Estimated average burden /
/ hours per response...... 0.5 /
/------------------------------/
+--------+
| FORM 3 | UNITED STATES SECURITIES AND EXCHANGE COMMISSION
+--------+ WASHINGTON, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
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
(Print or Type Responses)
- --------------------------------------------------------------------------------
1. Name and Address of Reporting Person*
Canion, Joseph Rodney
----------------------------------------------------------------------------
(Last) (First) (Middle)
5 Post Oak Park, Suite 1655
----------------------------------------------------------------------------
(Street)
Houston, Texas 77027
----------------------------------------------------------------------------
(City) (State) (Zip)
2. Date of Event Requiring Statement (Month/Day/Year) 12/15/98
--------------
3. IRS Identification Number of Reporting Person, if an entity
(voluntary) ###-##-####
-------------
4. Issuer Name and Ticker or Trading Symbol Tricord Systems, Inc. (TRCD)
-----------------------------------
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
[ ] Director [ ] Officer [X] 10% Owner [ ] Other
(give title below) (specify below)
----------------------------------------------------------------------------
6. If Amendment, Date of Original (Month/Day/Year)
----------------------------
7. 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 BENEFICIALLY OWNED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
1. Title 2. Amount of 3. Ownership Form: 4. Nature of
of Securities Bene- Direct (D) or Indirect Bene-
Security ficially Owned Indirect (I) ficial Ownership
(Instr. 4) (Instr. 4) (Instr. 5) (Instr. 5)
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
- --------------------------------------------------------------------------------
Common Stock 1,781,500 D
- --------------------------------------------------------------------------------
Common Stock 500,000 I By Trusts (1)
- --------------------------------------------------------------------------------
</TABLE>
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
5(b)(v).
<PAGE>
FORM 3 (continued)
TABLE II--DERIVATIVE SECURITIES BENEFICIALLY OWNED
(e.g., puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
1. Title of Derivative 2. Date Exer- 3. Title and Amount of Securities 4. Conversion 5. Ownership 6. Nature of In-
Security (Instr. 4) cisable and Underlying Derivative Security or Form of direct Bene-
Expiration (Instr. 4) Exercise Derivative ficial
Date Price Security: Ownership
(Month/Day/ of Direct (D) (Instr. 5)
Year) Derivative or In-
---------------------------------------------------- Security direct (I)
Date Expira- Amount of (Instr. 5)
Exer- tion Title Number of
cisable Date Shares
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Common Stock Warrants
(right to buy) Immed. 12/15/03 Common Stock 1,500,000 $3.50 D
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock Warrants
(right to buy) Immed. 12/15/03 Common Stock 500,000 $3.50 I By Trusts(2)
- ------------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Explanation of Responses:
(1) 100,000 shares of common stock held by each of the following trusts: The
Candace Canion Dickerson Trust, the Noelle Canion Courson Trust, the Laura
Camille Canion Trust, the Rodney Scott Canion Trust and the James Ross
Canion Trust. Mr. Canion is a trustee of each of the aforementioned
trusts.
(2) Common stock warrants (right to buy) for 100,000 shares of common stock
held by each of the following trusts: The Candace Canion Dickerson Trust,
the Noelle Canion Courson Trust, the Laura Camille Canion Trust, the
Rodney Scott Canion Trust and the James Ross Canion Trust. Mr. Canion is a
trustee of each of the aforementioned trusts.
**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.
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.
/s/ Joseph Rodney Canion 12/22/98
------------------------------- -----------------
**Signature of Reporting Person Date
SEC 1473 (7-96)
