Vanderboom Kelly A 4

What Happened Kelly A. Vanderboom, EVP & Head of Agency Operations at Quad/Graphics (QUAD), had 25,407 shares withheld to satisfy tax withholding obligations related to the vesting of restricted stock. The withholding was recorded on 2026-03-01 at an effective value of $6.91 per share, totaling approximately $175,562. This was a tax-withholding disposition (transaction code F), not an open-market sale.

Key Details

• Transaction date: 2026-03-01; Filing date: 2026-03-03 (report appears timely).
• Shares withheld/disposed: 25,407 at $6.91 per share; aggregate value ~ $175,562.
• Transaction code: F — withholding of shares to cover tax liability on vesting of restricted stock.
• Shares owned after the transaction: Not specified in the provided filing excerpt.
• Footnotes of note:
  • F1: Withholding of shares to pay tax liability upon vesting of previously issued restricted stock.
  • F2: References shares acquired under the Company Savings Plan per plan administrator data as of 02/28/2026.

Context Tax-withholding dispositions are routine administrative actions to meet tax obligations when restricted stock vests and do not represent an open-market sale or necessarily signal the insider’s market view. For retail investors, purchases and open-market sales are generally more informative about insider sentiment than tax-related withholdings.