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

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Northwater Capital Inc.
   2. Issuer Name and Ticker or Trading Symbol
AIRGAIN INC [AIRG] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) __X__ Other (specify below)
Director by deputization***
(Last)
(First)
(Middle)
161 BAY STREET, SUITE 4000		 3. Date of Earliest Transaction (Month/Day/Year)
12/02/2016
(Street)

TORONTO, A6 M5J 2S1		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ 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 (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 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

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 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
(Month/Day/Year)		 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
Stock Option (right to buy) $ 2.6 12/02/2016   J(1)     2,000   (2) 01/18/2021 Common Stock 2,000 $ 0 6,000 I See footnote (1)
Stock Option (right to buy) $ 2.3 12/02/2016   J(1)     2,000   (2) 06/12/2023 Common Stock 2,000 $ 0 6,000 I See footnote (1)
Stock Option (right to buy) $ 3.1 12/02/2016   J(1)     1,000   (2) 05/12/2024 Common Stock 1,000 $ 0 3,000 I See footnote (1)
Stock Option (right to buy) $ 1.6 12/02/2016   J(1)     9,323   (2) 06/11/2025 Common Stock 9,323 $ 0 27,970 I See footnote (1)
Stock Option (right to buy) $ 1.9 12/02/2016   J(1)     3,357   (2) 05/24/2026 Common Stock 3,357 $ 0 10,070 I See footnote (1)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Northwater Capital Inc.
161 BAY STREET, SUITE 4000
TORONTO, A6 M5J 2S1		     X   Director by deputization***
Northwater Capital Management Inc.
161 BAY STREET, SUITE 4000
TORONTO, A6 M5J 2S1		     X   Director by deputization***
NORTHWATER INTELLECTUAL PROPERTY FUND LP 1
161 BAY STREET, SUITE 4000
TORONTO, A6 M5J 2S1		     X   Director by deputization***

Signatures

 NORTHWATER CAPITAL INC.; By: /s/ Daniel Mills, Managing Director   12/05/2016
**Signature of Reporting Person Date
 NORTHWATER CAPITAL INC.; By: /s/ David Patterson, Chair and Chief Executive Officer   12/05/2016
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) See Exhibit 99.1; Note 1.
(2) See Exhibit 99.1; Note 2.
 
Remarks:
*** Northwater Capital Inc., Northwater Capital Management Inc. and Northwater Intellectual Property Fund L.P. 1 are each a "director by deputization" solely for purposes of Section 16 of the Securities Exchange Act of 1934.

Exhibit List:
Exhibit 99.1 - Explanation of Responses
Exhibit 99.2 - Joint Filer Information and Signature

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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