SEC Form 4 · accession 0001140361-15-027684
QAD INC · QADA, QADB
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Pamela M Lopker
Officer — President · Director · 10% Owner
Period of report
Jul 14, 2015
Accepted (ET)
Jul 16, 2015 · 8:02 am EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001036188
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Class A Common Stock ($0.001 par value)F2,F3 | Jul 14, 2015 | S$0 | 223,629 | — | D | 5,523,835 | D | |
| Class B Common Stock ($0.001 par value)F2,F3 | Jul 14, 2015 | P$0 | 260,463 | — | A | 1,990,770 | D | |
| Class A Common Stock ($0.001 par value) | holding | — | — | — | 103,511 | D | ||
| Class B Common Stock ($0.001 par value) | holding | — | — | — | 30,193 | D | ||
| Class A Common Stock ($0.001 par value) | holding | — | — | — | 361,140 | I | Lopker Family Foundation | |
| Class B Common Stock ($0.001 par value) | holding | — | — | — | 19,828 | I | Lopker Family Foundation | |
| Class A Common Stock ($0.001 par value) | holding | — | — | — | 5,084 | I | Lopker Family 1997 Charitable Remainder Trust | |
| Class B Common Stock ($0.001 par value) | holding | — | — | — | 1,247 | I | Lopker Family 1997 Charitable Remainder Trust | |
| Class A Common Stock ($0.001 par value) | holding | — | — | — | 103,860 | I | By spouse | |
| Class B Common Stock ($0.001 par value) | holding | — | — | — | 30,441 | I | By spouse |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1The 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.), aff'd, 703 F.3d 595 (2d Cir. 2013).
- F2Pursuant to a share exchange agreement, dated July 14, 2015 (the "Exchange Agreement"), by and between Pamela M. and Karl F. Lopker, as Trustees of the Lopker Living Trust dated November 18, 2013 (the "Lopker Trust") and Palogic Value Fund, L.P. ("Palogic Value Fund"), Palogic Value Fund agreed to transfer 260,463 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 223,629 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 occurred concurrently with the execution and delivery of the Exchange Agreement, which was an arms-length transaction for in-kind rather than cash consideration and, accordingly, does not have a per-share price.
- F3This exchange is being reported on Form 4 for both Karl F. Lopker and Pamela M. Lopker, who act as joint trustees of the Lopker Living Trust.