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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 12pt; margin: 0pt; text-align: center;">UNITED STATES</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:12pt;margin:0pt;text-align:center;">SECURIT<font style="font-family:'Times New Roman',Times,Serif;font-size:12pt;">IE</font>S AND EXCHANGE COMMISSION</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Washington, D.C.&nbsp; 20549</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:18pt;margin:0pt;text-align:center;"><b>FORM 8-K</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>CURRENT REPORT</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Date of report (Date of earliest event reported)<b> </b><b>October </b><b>17</b><b>, </b><b>2018</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:24pt;margin:0pt;text-align:center;"><b>QAD Inc.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Exact name of registrant as specified in its charter)</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Delaware</b></p>
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			<td style="vertical-align:top;width:34%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>0-22823</b></p>
			</td>
			<td style="vertical-align:top;width:32.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>77-0105228</b></p>
			</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(State or other jurisdiction of incorporation)</p>
			</td>
			<td style="vertical-align:top;width:34%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Commission File Number)</p>
			</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(IRS Employer Identification Number)</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>100 Innovation Place, Santa Barbara, California</b></p>
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			<td style="vertical-align:top;width:33.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>93108</b></p>
			</td>
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			<td style="vertical-align:top;width:66.9%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;&nbsp;(Address of principal executive offices)</p>
			</td>
			<td style="vertical-align:top;width:33.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Zip code)</p>
			</td>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Registrant&#39;s telephone number, including area code <b>(805) 566-6000</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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			<td style="vertical-align:top;width:3.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;</p>
			</td>
			<td style="vertical-align:top;width:96.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>
			</td>
		</tr>

</table>

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			<td style="vertical-align:top;width:3.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;</p>
			</td>
			<td style="vertical-align:top;width:96.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>
			</td>
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			<td style="vertical-align:top;width:3.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;</p>
			</td>
			<td style="vertical-align:top;width:96.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>
			</td>
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</table>

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			<td style="vertical-align:top;width:3.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;</p>
			</td>
			<td style="vertical-align:top;width:96.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Emerging growth company&nbsp;&nbsp;&#9744;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&#9744;</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Item 8.01 Other Events</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On October 17, 2018, Pam Lopker, President and a member of the board of directors of QAD Inc. (the &ldquo;Company&rdquo;), acting as Trustee of the Lopker Living Trust (the &ldquo;Trust&rdquo;), adopted a stock trading plan pursuant to the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and in accordance with the policies of the Company (the &ldquo;Trading Plan&rdquo;).</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Under the Trading Plan, Ms. Lopker has authorized the sale on behalf of the Trust of up to 852,000 shares of the Company&rsquo;s Class A common stock, over an eighteen-month period, on the open market at prevailing market prices, subject to minimum price thresholds specified in the Trading Plan. Trading under the plan may commence on December 3, 2018 and is scheduled to terminate on or before May 29, 2020.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The primary purpose of the Trading Plan is to allow the Trust to sell a portion of its Company stock over time to provide liquidity to pay income taxes resulting from the exercise of certain Stock Appreciation Rights (&ldquo;SARs&rdquo;) previously issued by the Company to Ms. Lopker&rsquo;s late husband, Mr. Karl Lopker, which SARs will be forfeited if not exercised by August 25, 2019.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Ms. Lopker will have no discretion over the sales of common stock under the Trading Plan. Any transactions under the Trading Plan will be disclosed publicly through Form 4 filings with the Securities and Exchange Commission when due.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Except as may be required by law, the Company does not undertake to report Rule 10b5-1 trading plans that may be adopted by any officers or directors in the future, or to report any modifications or termination of any publicly announced trading plan.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<hr align="left" style="width: 100%;height: 1px;color: #000000;background-color: #000000;border: none;">
<p style="margin: 0pt;">&nbsp;</p>

<p style="margin: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Signatures</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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			<td style="vertical-align:top;width:46.3%;">&nbsp;</td>
			<td style="vertical-align:top;width:53.6%;">QAD Inc.</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:46.3%;">&nbsp;</td>
			<td style="vertical-align:top;width:53.6%;">&nbsp;</td>
		</tr>
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			<td style="vertical-align:top;width:46.3%;">&nbsp;</td>
			<td style="vertical-align:top;width:53.6%;">&nbsp;</td>
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			<td style="vertical-align:top;width:46.3%;">&nbsp;</td>
			<td style="vertical-align:top;width:53.6%;">&nbsp;</td>
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			<td style="vertical-align:top;width:46.3%;">&nbsp;</td>
			<td style="vertical-align:top;width:53.6%;">&nbsp;</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Date: October 19, 2018</p>
			</td>
			<td style="vertical-align:top;width:53.6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">By:&nbsp; /s/ Daniel Lender</p>
			</td>
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			<td style="vertical-align:top;width:46.3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:top;width:53.6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Daniel Lender</p>
			</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:top;width:53.6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Chief Financial Officer</p>
			</td>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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{"company-data": {"conformed-name": "QAD INC", "cik": "0001036188", "assigned-sic": "7372", "irs-number": "770105228", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-35013", "film-number": "181130462"}, "business-address": {"street1": "100 INNOVATION PLACE", "city": "SANTA BARBARA", "state": "CA", "zip": "93108", "phone": "8055666000"}, "mail-address": {"street1": "100 INNOVATION PLACE", "city": "SANTA BARBARA", "state": "CA", "zip": "93108"}}
qada20181019_8k.htm
UNITED STATES
SECURIT
IE
S AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported)
October
17
,
2018
QAD Inc.
(Exact name of registrant as specified in its charter)
Delaware
0-22823
77-0105228
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification Number)
100 Innovation Place, Santa Barbara, California
93108
(Address of principal executive offices)
(Zip code)
Registrant's telephone number, including area code
(805) 566-6000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Item 8.01 Other Events
On October 17, 2018, Pam Lopker, President and a member of the board of directors of QAD Inc. (the "Company"), acting as Trustee of the Lopker Living Trust (the "Trust"), adopted a stock trading plan pursuant to the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and in accordance with the policies of the Company (the "Trading Plan").
Under the Trading Plan, Ms. Lopker has authorized the sale on behalf of the Trust of up to 852,000 shares of the Company's Class A common stock, over an eighteen-month period, on the open market at prevailing market prices, subject to minimum price thresholds specified in the Trading Plan. Trading under the plan may commence on December 3, 2018 and is scheduled to terminate on or before May 29, 2020.
The primary purpose of the Trading Plan is to allow the Trust to sell a portion of its Company stock over time to provide liquidity to pay income taxes resulting from the exercise of certain Stock Appreciation Rights ("SARs") previously issued by the Company to Ms. Lopker's late husband, Mr. Karl Lopker, which SARs will be forfeited if not exercised by August 25, 2019.
Ms. Lopker will have no discretion over the sales of common stock under the Trading Plan. Any transactions under the Trading Plan will be disclosed publicly through Form 4 filings with the Securities and Exchange Commission when due.
Except as may be required by law, the Company does not undertake to report Rule 10b5-1 trading plans that may be adopted by any officers or directors in the future, or to report any modifications or termination of any publicly announced trading plan.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
QAD Inc.
Date: October 19, 2018
By:  /s/ Daniel Lender
Daniel Lender
Chief Financial Officer