Sec Form 4 Filing - SIEGEL HOWARD B @ CHEROKEE INC - 2014-12-16

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 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(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person SIEGEL HOWARD B 2. Issuer Name and Ticker or Trading Symbol CHEROKEE INC [ CHKE] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) President (Last) (First) (Middle) 5990 SEPULVEDA BLVD #600 3. Date of Earliest Transaction (MM/DD/YY) 12/16/2014 (Street) SHERMAN OAKS, CA91411 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction 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 Common Stock 38,718 D Common Stock 12/16/2014 M 18,654 A $ 16.08 57,372 D Common Stock 12/16/2014 S 18,654 D $ 19.87 38,718 D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction 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 (MM/DD/YY) 7. Title and Amount of Underlying Securities (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 Common Stock Option $ 22.7 08/21/2009 08/21/2015 common stock 3,333 3,333 D Common Stock Option $ 22.7 08/21/2010 08/21/2015 common stock 3,333 6,666 D Common Stock Option $ 22.7 08/21/2011 08/21/2015 common stock 3,334 10,000 D Common Stock Option $ 16.08 02/01/2011 02/01/2015 common stock 16,666 16,666 D Common Stock Option $ 16.08 02/01/2012 02/01/2015 common stock 16,667 33,333 D Common Stock Option $ 16.08 02/01/2013 02/01/2015 common stock 16,667 50,000 D Common Stock Option $ 18.3 08/26/2011 08/26/2017 common stock 16,666 16,666 D Common Stock Option $ 18.3 08/26/2012 08/26/2017 common stock 16,667 33,333 D Common Stock Option $ 18.3 08/26/2013 08/26/2017 common stock 16,667 50,000 D Common Stock Option $ 17.21 03/23/2012 03/23/2018 Common Stock 20,000 20,000 D Common Stock Option $ 17.21 03/23/2013 03/23/2018 Common Stock 20,000 40,000 D Common Stock Option $ 17.21 03/23/2014 03/23/2018 Common Stock 20,000 60,000 D Common Stock Option $ 17.21 03/23/2015 03/23/2018 Common Stock 20,000 80,000 D Common Stock Option $ 17.21 03/23/2016 03/23/2018 Common Stock 20,000 100,000 D Common Stock Option $ 13.06 06/18/2013 06/18/2019 Common Stock 20,000 20,000 D Common Stock Option $ 13.06 06/18/2014 06/18/2019 Common Stock 20,000 40,000 D Common Stock Option $ 13.06 06/18/2015 06/18/2019 Common Stock 20,000 60,000 D Performance Stock Unit ( 1 ) ( 1 ) 01/30/2016 Common Stock 17,000 17,000 D Common Stock Option $ 13.54 05/09/2015 05/09/2021 Common Stock 10,000 10,000 D Common Stock Option $ 13.54 05/09/2016 05/09/2021 Common Stock 10,000 20,000 D Common Stock Option $ 13.54 05/09/2017 05/09/2021 Common Stock 10,000 30,000 D Common Stock Option $ 16.08 12/16/2014 M 18,654 ( 2 ) 02/01/2015 Common Stock 18,654 $ 16.08 11,346 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other SIEGEL HOWARD B 5990 SEPULVEDA BLVD #600 SHERMAN OAKS, CA91411 President Signatures Jason Boling under POA for Howard Siegel 12/17/2014 Signature of Reporting Person Date

Explanation of Responses:

( 1 )See previous Form 4. ( 2 )The option vested in full on 2/1/2013

Remarks: On December 16, 2014 Mr. Siegel exercised stock options of 18,654 shares of Cherokee common stock at an exercise price of $16.08.

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).

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