SEC Form 4 · accession 0001437749-17-017331
QAD INC · QADA, QADB
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Karl F Lopker
Officer — CEO · Director · 10% Owner
Period of report
Oct 19, 2017
Accepted (ET)
Oct 19, 2017 · 4:06 pm 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 valueF2,F3 | Oct 19, 2017 | S$0 | 104,000 | — | D | 5,038,595 | D | |
| Class B Common Stock ($0.001 par value)F2,F3 | Oct 19, 2017 | P$0 | 121,000 | — | A | 2,357,535 | D | |
| Class A Common Stock ($0.001 par value | holding | — | — | — | 103,860 | D | ||
| Class B Common Stock ($0.001 par value) | holding | — | — | — | 30,441 | D | ||
| Class A Common Stock ($0.001 par value | holding | — | — | — | 429,140 | 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 | — | — | — | 103,511 | I | By Spouse | |
| Class B Common Stock ($0.001 par value) | holding | — | — | — | 30,193 | 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. 2011), aff'd, 703 F.3d 595 (2d Cir.2013).
- F2Pursuant 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.
- F3This 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.