McKenna Donald M 4

What Happened
Donald M. McKenna, Executive Vice President and Chief Administrative Officer of Quad/Graphics (QUAD), reported a disposition of 7,927 shares on Feb 20, 2026. The filing shows a weighted average sale price of $7.03, for proceeds of approximately $55,734. The transaction is reported as a "Disposition to the issuer (D)," which typically indicates shares were surrendered to the company (often for tax withholding or plan-related settlement), rather than an open-market sale.

Key Details

• Transaction date: 2026-02-20; Form 4 filed: 2026-02-24 (filed after the typical 2-business-day window).
• Shares disposed: 7,927; weighted average price reported: $7.03; total reported proceeds: $55,734.
• Price range: $7.01 to $7.05 per share (footnote F1 — weighted average used; breakdown available on request).
• Transaction code: D = "Disposition to the issuer" (often used for withholding/plan settlements).
• Footnote F2 notes shares acquired under the Company Savings Plan per the plan administrator as of 01/31/2026.
• Shares owned after transaction: not specified in the provided filing excerpt.

Context
This was a sale/surrender of shares rather than a purchase; sales or dispositions by insiders are common and can reflect routine matters like tax withholding or plan mechanics rather than a view on the company’s prospects. The filing was submitted a few days after the trade and appears to exceed the typical 2-business-day reporting window, which is a timeliness issue for disclosure.