X0306 4 2018-01-22 0001036188 QAD INC QADA, QADB 0001169918 ROBERTS LEE D 9010 NE 47TH STREET YARROW POINT WA 98004 1 Class A Common Stock ($0.001 par value) 2018-01-22 4 S 0 5403 40.86 D 22753 D Class A Common Stock ($0.001 par value) 2018-01-22 4 S 0 4597 41.29 D 18156 D The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $40.55 to $40.99, 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 footnotes (1) and (2) 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 $41.00 to $41.95, inclusive. /s/ Betty Weinert, Attorney in fact for Lee D. Roberts 2018-01-24