QAD Inc. (NASDAQ:QADA) Files An 8-K Other EventsItem 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 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.
About QAD Inc. (NASDAQ:QADA)
QAD Inc. (QAD) is a provider of vertically oriented enterprise software solutions for global manufacturing companies across the automotive, life sciences, consumer products, food and beverage, high technology and industrial products industries. QAD Enterprise Applications enables measurement and control of business processes and supports operational requirements, including financials, manufacturing, demand and supply chain planning, customer management, business intelligence and business process management. QAD delivers components of its solution for a range of mobile platforms. The Company’s mobile suite includes a requisition approval solution, a mobile business intelligence solution, mobile browse capability and mobile application monitoring tools to support system administrators. Its mobile browse capability allows users to view, filter and sort data accessible through QAD Browses within QAD Enterprise Applications using mobile devices.