John C. Fowler - May 21, 2025 Form 4 Insider Report for Quad/Graphics, Inc. (QUAD)

Role: Director
Signature: /s/ Alexander N. Pyke, Attorney-in-Fact for John C. Fowler
Stock symbol: QUAD
Transactions as of: May 21, 2025
Transactions value $: $0
Form type: 4
Date filed: 5/23/2025, 12:15 PM
Previous filing: May 24, 2024
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Fowler John C	Director	C/O QUAD/GRAPHICS, INC., N61 W23044 HARRY'S WAY, SUSSEX	/s/ Alexander N. Pyke, Attorney-in-Fact for John C. Fowler	2025-05-23	0001495362

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	QUAD	Class A Common Stock	Award	$0	+22K	+10.14%	$0.00	239K	May 21, 2025	Direct	F1, F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	QUAD	Class B Common Stock						7.09K	May 21, 2025	Class A Common Stock	7.09K		As Trustee - IMF Tr	F3, F4
holding	QUAD	Class B Common Stock						7.09K	May 21, 2025	Class A Common Stock	7.09K		As Trustee - KMF Tr	F3, F5
holding	QUAD	Class B Common Stock						156	May 21, 2025	Class A Common Stock	156		As Trustee - KQF Descen	F3, F6
holding	QUAD	Class B Common Stock						7.09K	May 21, 2025	Class A Common Stock	7.09K		As Trustee - HVF Tr	F3, F7

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Includes 22,004 shares attributable to deferred stock units granted under the Quad/Graphics, Inc. 2020 Omnibus Incentive Plan that will be delivered to the reporting person on May 21, 2027 unless deferred by the reporting person, or on separation from service. Any dividend or other distribution paid with respect to class A common stock underlying the deferred stock units shall accrue and be converted into additional deferred stock units based on the closing price of class A common stock on any such dividend payable date.
F2	Includes 6,514 additional deferred stock units resulting from the payment of dividends on the Class A Common Stock underlying deferred stock units previously granted.
F3	Class B Common Stock is convertible into Class A Common Stock on a 1-for-1 basis at no cost and has no expiration date.
F4	As Trustee for the Isabella Marion Flores 2017 Trust. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.
F5	As Trustee for the Kaitlin Mary Flores 2017 Trust. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.
F6	As Trustee for the KQF 2019 Descendants' Trust. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.
F7	As Trustee for the Harry Virgil Flores 2017 Trust. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.