X0306 5 2020-01-31 0 1 0001036188 QAD INC QADA_QADB 0001424612 Bellamy Kara 100 INNOVATION PLACE SANTA BARBARA CA 93108 1 SVP/Chief Accounting Officer Class A Common Stock 2019-10-09 4 S 0 L 4000 45.54 D 11195 D Class A Common Stock 2019-10-09 4 M 0 L 1125 11.81 A 12320 D Class A Common Stock 2019-10-09 4 D 0 L 290 45.83 D 12030 D Class A Common Stock 2019-10-09 4 F 0 L 288 45.83 D 11742 D Class A Common Stock 2019-10-15 4 S 0 L 547 45.70 D 11195 D Stock Appreciation Right 11.81 2019-10-09 4 M 0 L 1125 0 D 2014-06-11 2021-06-11 Class A Common Stock 1125 0 D The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $45.50 to $45.62, 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 5. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $45.69 to $45.71, 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 5. /s/ Mark Rasmussen, Attorney in Fact for Kara Bellamy 2020-03-10