X0306 4 2019-02-26 0001036188 QAD INC QADA, QADB 0001102753 LOPKER PAMELA M 100 INNOVATION PLACE SANTA BARBARA CA 93108 1 1 1 President Class A Common Stock ($0.001 par value) 2019-02-26 4 S 0 3000 43.58 D 4562095 D Class A Common Stock ($0.001 par value) 2019-02-27 4 S 0 4000 44.37 D 4558095 D Class A Common Stock ($0.001 par value) 156206 D Class A Common Stock ($0.001 par value) 156556 I Estate of Karl F. Lopker The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $43.50 to $43.75, inclusive. The reporting person undertakes to provide to QAD Inc., any security holder of QAD Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote (1) to this Form 4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $44.00 to $44.75, inclusive. The reporting person undertakes to provide to QAD Inc., any security holder of QAD Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote (2) to this Form 4. /s/ Betty Weinert, attorney in fact for Pamela M. Lopker 2019-02-28