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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1036188	Qad Inc	QADA, QADB	Services-Prepackaged Software (7372)	770105228

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1102753	M Pamela Lopker	100 Innovation Place Santa Barbara CA 93108	President	Yes	Yes	Yes	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Class A Common Stock ($0.001 Par Value	Disposition	2017-10-19	104,000	$0.00	5,038,595	No	4	S	Direct
Class B Common Stock ($0.001 Par Value)	Acquisiton	2017-10-19	121,000	$0.00	2,357,535	No	4	P	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Direct
No	4	P	Direct

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Class A Common Stock ($0.001 Par Value	103,511	Direct
Class B Common Stock ($0.001 Par Value)	30,193	Direct
Class A Common Stock ($0.001 Par Value	429,140	Indirect	Lopker Family Foundation
Class B Common Stock ($0.001 Par Value)	19,828	Indirect	Lopker Family Foundation
Class A Common Stock ($0.001 Par Value	5,084	Indirect	Lopker Family 1997 Charitable Remainder Trust
Class B Common Stock ($0.001 Par Value)	1,247	Indirect	Lopker Family 1997 Charitable Remainder Trust
Class A Common Stock ($0.001 Par Value	103,860	Indirect	By Spouse
Class B Common Stock ($0.001 Par Value)	30,441	Indirect	By Spouse

Footnotes

The transactions reported in this statement are with respect to different classes of securities and, therefore, are not matchable transactions for purposes of Section 16(b) of the Securities Exchange Act of 1934, as amended (the "Act"). See Gibbons v Malone, 801 F.Supp 2d 243 (S.D.N.Y. 2011), affd. 703 F.3d 595 (2d Cir.2013).
Pursuant to a certain share exchange agreement dated October 19, 2017 (the "Exchange Agreement") by and between Pamela M. Lopker and Karl F. Lopker, as Trustees of the Lopker Living Trust dated November 18, 2013 (the "Lopker Trust"), and Palogic Value Fund, L.P. (the "Palogic Value Fund"), Palogic Value Fund agreed to transfer 121,000 shares of Class B Common Stock of QAD Inc. (the "Issuer"), par value $0.001 per share ("Class B Shares"), to the Lopker Trust, and the Lopker Trust agreed to transfer 104,000 shares of Class A Common Stock of the Issuer, par value $0.001 per share ("Class A Shares"), to Palogic Value Fund. The transfer of Class B Shares in exchange for Class A Shares was an arms-length transaction for in-kind rather than cash consideration and, accordingly, does not have a per-share price.
This exchange is being reported on a Form 4 for both Karl F. Lopker and Pamela M. Lopker, who act as joint trustees of the Lopker Living Trust.