Document:

EXHIBIT 10.64  

April 6,
2005 

QAD Inc.

6450 Via Real

Carpinteria, California 93103

Attn: Daniel Lender, Chief Financial Officer 

	Re:
	Termination
of Loan and Security Agreement between Wells Fargo Foothill, Inc. (formerly known as Foothill Capital Corporation) and QAD Inc. (the "Company"), dated as of
September 8, 2000 

Gentlemen:

        You
have requested that Wells Fargo Foothill, Inc. (formerly known as Foothill Capital Corporation) ("Foothill") provide you with a statement of the total amount necessary to
settle the Company's obligations under the above Loan and Security Agreement, as amended (the "Loan Agreement"), which is scheduled to terminate on April 7, 2005 (the "Termination Date").
Except as otherwise defined in this letter, all capitalized terms used in this letter have the meanings assigned to them in the Loan Agreement. 

        The
following estimated amount of the Company's Obligations, net of any and all credits in the Company's favor, is projected to be due and owing to Foothill as of the Termination Date: 

	Advances	 	$	44,902.79	 
	Advances Discount	 	$	(21,197.95	)
	Term Loan	 	$	7,625,000.00	 
	Servicing Fee	 	$	400.00	 
	Unused Line Fee	 	$	1,392.49	 
	Accrued interest	 	$	12,199.78	 
	Clearance or Float Charges	 	$	16.75	 
	Reserve for Lender Expenses	 	$	7,500.00	 
	 	 	
	 
	 	Total Payoff Amount:	 	$	7,670,213.86	 
	 	 	
	 

        Interest
accrues thereafter at the per diem rate of $2,388.07. 

        The
above figures include a contingency reserve for estimated Lender Expenses associated with the termination and payoff settlement, including, without limitation, official fees for
filing UCC termination statements and attorneys' fees and related costs. 

        The
Company agrees that the above payoff amount, and any and all amounts that may be added to the Company's Obligations on and after the date of this letter pursuant to the Loan
Agreement, shall be paid to Foothill on the Termination Date by wire transfer in immediately available funds using the following wire transfer instructions: 

JPMorgan
Chase Bank

Funds Transfer Services

4 New York Plaza, 15th Floor

New York, NY 10004

Attention: Operations Manager

ABA# 021000021

Credit to: Wells Fargo Foothill, Inc.

Account No. 323-266193

Re: QAD Inc. Payoff 

        Any
unused portion of the payoff amount remaining as of 60 days following the Termination Date will be refunded to the Company. 

        The
payoff amount will remain in effect through the Termination Date, provided that there are no additional borrowings or other Obligations incurred by the Company under the Loan
Agreement after the date of this letter. 

        The
Company hereby confirms and agrees that, as of the Termination Date: (a) the commitments of Foothill to make loans under the Loan Agreement are terminated; (b) the
guaranty by Foothill of the Company's obligations to Wells Fargo under the MasterCard Agreement is terminated; and (c) Foothill has no further obligation to make loans to the Company.
Notwithstanding termination of the Loan Agreement, all obligations of the Company under the Loan Agreement which by their terms are intended to survive termination shall continue in full force and
effect. The Company acknowledges that the payoff amounts referred to above are due and owing pursuant to the provisions of the Loan Agreement and confirms its agreement to the terms and provisions of
this letter by returning to Foothill a signed counterpart of this letter. 

        Foothill
hereby confirms and agrees that upon receipt of the payoff amount referenced above, confirmation of which promptly shall be provided the Company, Foothill hereby authorizes the
Company or any of its agents, representatives or designees, to file such termination (or similar) statements as may be required to evidence termination of the security interest(s) granted Foothill by
the Company. 

	 	 	Sincerely,
	

 	
 	

Wells Fargo Foothill, Inc.
	

 	
 	

By:	

/s/ Nichol S Shuart

	 	 	Name:	Nichol S Shuart
	 	 	Title:	VP

CONFIRMATION BY COMPANY  

        The undersigned hereby confirms its agreement to the terms and provisions of the foregoing letter. 

	 	 	QAD Inc.
	

 	
 	

By:	

/s/ Mark Rasmussen

	 	 	Name:	Mark Rasmussen
	 	 	Title:	VP Tax and TreasurerQuickLinks
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Exhibit 10.9    
    

 
 

STOCK INCENTIVE AND STOCK OPTION PLAN AMENDMENTS    
    

        On June 15, 2004, the Board of Directors of Mandalay Resort Group (the "Corporation") amended the Corporation's stock incentive and stock option plans, as
set forth in the following resolutions: 

FURTHER
RESOLVED, with respect to the Amended and Restated 1989 Stock Option Plan of the Corporation, the Amended and Restated 1991 Stock Incentive Plan of the Corporation, the Amended and Restated
1993 Stock Option Plan of the Corporation, the 1998 Stock Option Plan of the Corporation, the 1999 Non-Employee Directors Stock Option Plan of the Corporation, the 2000 Stock Incentive
Plan of the Corporation and the 2002 Stock Incentive Plan of the Corporation (collectively, the "Stock Plans"), that, in connection with the Merger, (i) each outstanding unexercised option to
acquire shares of Corporation Common Stock, whether or not then vested or exercisable in accordance with its terms (each, a "Stock Option") shall become exercisable in full immediately prior to, and
shall expire at, the Effective Time and (ii) each outstanding vested or unvested restricted share of Corporation Common Stock ("Restricted Stock") shall be canceled at the Effective time in
exchange for a lump sum cash payment equal to $71.00; 

FURTHER
RESOLVED, that each Stock Plan shall be amended to provide that, at the Effective Time, each Stock Option issued under such Stock Plan shall be canceled and converted into the right to receive
from Parent a lump sum cash payment equal to the product of (i) the total number of shares of Corporation Common Stock subject to such Stock Option immediately prior to the Effective Time and
(ii) the excess of the Merger Consideration over the exercise price per share of Corporation Common Stock subject to such Stock Option, less withholding taxes, and the Authorized Officers be,
and each of them with full power to act without the others hereby is, authorized and directed to prepare, deliver, execute and adopt, in the name and on behalf of the Corporation, such documents and
amendments as are appropriate or necessary to effectuate the foregoing. 

        As
used in the foregoing resolutions, (i) the term "Effective Time" means the date and time at which the Articles of Merger relating to the merger of a wholly owned subsidiary of
MGM MIRAGE with and into the Corporation (the "Articles of Merger") are accepted for record or such later time established by the Articles of Merger, (ii) the term "Merger Consideration" means
an amount in cash, without interest, equal to $71.00, and (iii) the term "Authorized Officers" means the Corporation's Chief Executive Officer, Chief Operating Officer, President, Chief
Financial Officer, Vice Chairman of the Board, General Counsel and any Vice President of the Corporation. 

QuickLinks

Exhibit 10.9

STOCK INCENTIVE AND STOCK OPTION PLAN AMENDMENTSQuickLinks
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Exhibit 10.37    
    

 
  Compensation Arrangements    
    

        On February 18, 2005, the Compensation Committee (the "Committee") of the Board of Directors of Mandalay Resort Group (the "Company") took the following
actions: 

          (i)  evaluated
the performances of Michael S. Ensign, the Company's Chairman of the Board, Chief Executive Officer and Chief Operating Officer, William A. Richardson, the
Company's Vice Chairman of the Board, and Glenn W. Schaeffer, the Company's President, Chief Financial Officer and a member of the Board of Directors (the "Participants"), for fiscal 2005, as measured
by pre-established performance goals under the Company's 2000 Executive Officers' Bonus Plan (the "Plan"), and, in accordance with the pre-established performance goals,
awarded to each Participant (a) a performance-based bonus equal to 65% of his base salary for achievement of the performance goal based on a net revenue performance target, plus (b) 55%
of his base salary based on a performance goal relating to the comparison of Mandalay's cash flow margin to the average composite cash flow margin of a pre-determined group of competitors; 

         (ii)  awarded
discretionary bonuses of $625,000 to Mr. Ensign, $550,000, to Mr. Richardson and $425,000 to Mr. Schaeffer, in each case representing 50%
of the Participant's base salary for fiscal 2005; 

        (iii)  established
fiscal 2006 base salaries of $1,400,000 for Mr. Ensign, $1,200,000 for Mr. Richardson and $875,000 for Mr. Schaeffer; 

        (iv)  established
performance goals for determining the fiscal 2006 bonuses of the Participants under the Plan using the same pre-established performance goals
utilized for fiscal 2005, which bonuses are contingent on a further approval of the Plan by shareholder prior to the end of fiscal 2006; and 

         (v)  awarded
special bonuses (which, if earned, would be in lieu of the bonuses referred to in clause (iv)) that are payable only if the merger with MGM MIRAGE closes
before April 15, 2005, as follows: to Mr. Ensign a bonus equal to 154% of his fiscal 2006 base salary through the closing of the merger with MGM MIRAGE, to Mr. Richardson a bonus
equal to 153% of his fiscal 2006 base salary through the closing of the merger with MGM MIRAGE and to Mr. Schaeffer a bonus of 143% of his fiscal 2006 base salary through the closing of the
merger with MGM MIRAGE. Each special bonus represents a percentage of base salary equal to the average total percentage bonuses paid to the Participant since the implementation of the Plan, including,
in the case of the fiscal 2002, the bonus as calculated before reflection of the Participant's voluntary reduction of that year's bonus due to the events of September 11, 2001. 

        On
April 15, 2005, the Committee extended to April 30, 2005 the date by which the merger must close in order to receive the special bonuses described in (v), above. 

        The
Committee's members are William E. Bannen, Jeffrey D. Benjamin and Rose McKinney-James. 

        On
March 2, 2005, the Company's Board of Directors awarded "stay bonuses" of $800,000 to Yvette E. Landau, the Company's Vice President, General Counsel and Secretary, and
$742,000 to Les Martin, the Company's Vice President, Chief Accounting Officer and Treasurer. 

QuickLinks

Exhibit 10.37

Compensation Arrangements

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