Gruen Dana B. 4

What Happened

• Dana B. Gruen, General Counsel & Corporate Secretary of Quad/Graphics (QUAD), had a total of 19,202 shares withheld on 2026-03-01 to satisfy tax obligations related to the vesting of previously granted restricted stock.
• The withholding occurred in two entries: 10,508 shares at $6.91 each for $72,610, and 8,694 shares at $6.91 each for $60,076, for a combined cash-equivalent of $132,686.
• This was a tax-withholding (code F) — shares were retained to cover taxes, not sold in an open-market transaction.

Key Details

• Transaction date: 2026-03-01; Form 4 filed: 2026-03-03 (timely filing).
• Prices reported: $6.91 per share for both entries.
• Shares withheld (total): 19,202; total value withheld: $132,686.
• Footnotes: F1 = withholding of shares to pay tax liability on vested restricted stock; F2 referenced plan-held shares reported by the Company Savings Plan administrator as of 02/28/2026.
• Shares owned after the transaction: not specified in the information provided in this summary.

Context

• This is a routine tax-withholding (cashless) action tied to the vesting of restricted stock and should not be interpreted as an open-market sale indicating sentiment about the stock.
• Such withholding transactions are common when restricted awards vest; they reduce the insider’s outstanding share count but do not necessarily reflect buying or selling intent.