| FORM 4 |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP 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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| Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). | |||||||||||||||||
1. Name and Address of Reporting Person*
(Street)
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2. Issuer Name and Ticker or Trading Symbol
QAD INC [ QADA, QADB ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
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3. Date of Earliest Transaction
(Month/Day/Year) 12/15/2010 | ||||||||||||||||||||||||||
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4. If Amendment, Date of Original Filed
(Month/Day/Year) |
6. Individual or Joint/Group Filing (Check Applicable Line)
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| Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ||||||||||
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| 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 | ||||||
| Common Stock ($0.001 par value) | 12/15/2010 | J(1) | V | 17,303,070 | D | $0 | 0 | I | Lopker Living Trust | |
| Class B Common Stock ($0.001 par value) | 12/15/2010 | J(1) | V | 1,730,307 | A | $0 | 1,730,307 | I | Lopker Living Trust | |
| Class A Common Stock ($0.001 par value) | 12/15/2010 | J(2) | V | 6,921,228 | A | $0 | 6,921,228 | I | Lopker Living Trust | |
| Common Stock ($0.001 par value) | 12/15/2010 | J(1) | V | 383,700 | D | $0 | 0 | I | Bo Lopker Trust | |
| Class B Common Stock ($0.001 par value) | 12/15/2010 | J(1) | V | 38,370 | A | $0 | 38,370 | I | Bo Lopker Trust | |
| Class A Common Stock ($0.001 par value) | 12/15/2010 | J(2) | V | 153,480 | A | $0 | 153,480 | I | Bo Lopker Trust | |
| Common Stock ($0.001 par value) | 12/15/2010 | J(1) | V | 394,641 | D | $0 | 0 | I | Juliana Lopker Trust | |
| Class B Common Stock ($0.001 par value) | 12/15/2010 | J(1) | V | 39,464 | A | $0 | 39,464 | I | Juliana Lopker Trust | |
| Class A Common Stock ($0.001 par value) | 12/15/2010 | J(2) | V | 157,856 | A | $0 | 157,856 | I | Juliana Lopker Trust | |
| Common Stock ($0.001 par value) | 12/15/2010 | J(1) | V | 12,473 | D | $0 | 0 | I | Lopker Family 1997 Charitable Remainder Trust | |
| Class B Common Stock ($0.001 par value) | 12/15/2010 | J(1) | V | 1,247 | A | $0 | 1,247 | I | Lopker Family 1997 Charitable Remainder Trust | |
| Class A Common Stock ($0.001 par value) | 12/15/2010 | J(2) | V | 4,988 | A | $0 | 4,988 | I | Lopker Family 1997 Charitable Remainder Trust | |
| Common Stock ($0.001 par value) | 12/15/2010 | J(1) | V | 198,281 | D | $0 | 0 | I | Lopker Family Foundation | |
| Class B Common Stock ($0.001 par value) | 12/15/2010 | J(1) | V | 19,828 | A | $0 | 19,828 | I | Lopker Family Foundation | |
| Class A Common Stock ($0.001 par value) | 12/15/2010 | J(2) | V | 79,312 | A | $0 | 79,312 | I | Lopker Family Foundation | |
| Common Stock ($0.001 par value) | 12/15/2010 | J(1) | V | 285,500 | D | $0 | 0 | D | ||
| Class B Common Stock ($0.001 par value) | 12/15/2010 | J(1) | V | 28,550 | A | $0 | 28,550 | D | ||
| Class A Common Stock ($0.001 par value) | 12/15/2010 | J(2) | V | 114,200 | A | $0 | 114,200 | D | ||
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) | |||||||||||||||
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| 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 Securities Underlying Derivative Security (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: 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 | ||||||||
| Non-Qualified Stock Option (right to buy) | $12.32 | 12/15/2010 | D(3)(4) | 150,000 | 03/11/2005 | 03/11/2012 | Common Stock | 150,000 | $0 | 0 | D | ||||
| Non-Qualified Stock Option (right to buy) | $24.64 | 12/15/2010 | A(3)(4) | 15,000 | 03/11/2005 | 03/11/2012 | Class B Common Stock | 15,000 | $0 | 15,000 | D | ||||
| Non-Qualified Stock Option (right to buy) | $24.64 | 12/15/2010 | A(3)(4) | 60,000 | 03/11/2005 | 03/11/2012 | Class A Common Stock | 60,000 | $0 | 60,000 | D | ||||
| Non-Qualified Stock Option (right to buy) | $7.69 | 12/15/2010 | D(3)(5) | 150,000 | 06/21/2006 | 06/21/2013 | Common Stock | 150,000 | $0 | 0 | D | ||||
| Non-Qualified Stock Option (right to buy) | $15.38 | 12/15/2010 | A(3)(5) | 15,000 | 06/21/2006 | 06/21/2013 | Class B Common Stock | 15,000 | $0 | 15,000 | D | ||||
| Non-Qualified Stock Option (right to buy) | $15.38 | 12/15/2010(3)(5) | A(3)(5) | 60,000 | 06/21/2006 | 06/21/2013 | Class A Common Stock | 60,000 | $0 | 60,000 | D | ||||
| Stock Appreciation Right (right to buy) | $7.37 | 12/15/2010 | D(3)(6) | 150,000 | 09/06/2007 | 09/06/2014 | Common Stock | 150,000 | $0 | 0 | D | ||||
| Stock Appreciation Right (right to buy) | $14.74 | 12/15/2010 | A(3)(6) | 15,000 | 09/06/2007 | 09/06/2014 | Class B Common Stock | 15,000 | $0 | 15,000 | D | ||||
| Stock Appreciation Right (right to buy) | $14.74 | 12/15/2010 | A(3)(6) | 60,000 | 09/06/2007 | 09/06/2014 | Class A Common Stock | 60,000 | $0 | 60,000 | D | ||||
| Stock Appreciation Right (right to buy) | $4.48 | 12/15/2010 | D(3)(7) | 300,000 | 06/01/2011 | 06/01/2018 | Common Stock | 300,000 | $0 | 0 | D | ||||
| Stock Appreciation Right (right to buy) | $8.96 | 12/15/2010 | A(3)(7) | 30,000 | 06/01/2011 | 06/01/2018 | Class B Common Stock | 30,000 | $0 | 30,000 | D | ||||
| Stock Appreciation Right (right to buy) | $8.96 | 12/15/2010 | A(3)(7) | 120,000 | 06/01/2011 | 06/01/2018 | Class A Common Stock | 120,000 | $0 | 120,000 | D | ||||
| Explanation of Responses: |
| 1. Pursuant to a reclassification exempt under Rule 16b-7, each share of Common Stock ($0.001 par value) was reclassified into 0.1 of a share of Class B Common Stock ($0.001 par value) (the "Reclassification"). |
| 2. QAD declared a dividend of four shares of Class A Common Stock ($0.001 par value) for each share of Class B Common Stock outstanding as of December 15, 2010 (the "Dividend") which is exempt from the reporting requirements of Section 16 pursuant to Rule 16a-9(a). |
| 3. As a result of the Reclassification and the Dividend (i) each QAD Non-Qualified Stock Option and each Stock Appreciation Right ("SAR") outstanding on December 15, 2010 was automatically converted into two separate options or SARs, one with respect to a number of shares of Class B Common Stock equal to 0.1 times the number of existing Common Stock subject to such option or SAR, and one with respect to a number of shares of Class A Common Stock equal to 4.0 times the number of shares of Class B Common Stock subject to such new option or SAR, and (ii) the applicable exercise price per share of each option or SAR shall be twice the exercise price for the existing Common Stock. Amendment of outstanding options or SARs is deemed cancellation of existing option or SAR and grant of replacement option or SAR. |
| 4. The option was originally granted on March 11, 2004 and provides for vesting in four equal annual installments commencing on March 11, 2005. |
| 5. The option was originally granted on June 21, 2005 and provides for vesting in four equal annual installments commencing on June 21, 2006. |
| 6. The SAR was originally granted on September 6, 2006 and provides for vesting in four equal annual installments commending on September 6, 2007. |
| 7. The SAR was originally granted on June 1, 2010 and provides for vesting in four equal annual installments commencing on June 1, 2011. |
| Remarks: |
| Betty Weinert, attorney in fact for Karl F. Lopker | 02/15/2011 | |
| ** Signature of Reporting Person | Date | |
| Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | ||
| * 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). | ||
| Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. | ||
| Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number. | ||