QAD (QADI) Completes Equity Exchange Program
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QAD Inc. (NASDAQ: QADI) has completed the one-time Stock Option and Stock Appreciation Right Exchange Program that commenced on June 17, 2009. Pursuant to the terms of the Program, eligible participants were able to exchange outstanding stock options and stock appreciation rights (SARs) originally granted under QAD's 1997 and 2006 Stock Incentive Programs with an exercise price above the fair market value of QAD stock as of the first business day following the close of the exchange offer period, for a reduced number of SARs at a per share exercise price equal to the fair market value of the company's common stock on August 13, 2009, the date of issuance of the new SARs.
QAD Inc. provides enterprise software applications, professional services, and application support for manufacturing companies.[SM]
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