Honan David J 4

What Happened
David J. Honan, Chief Operating Officer of Quad/Graphics, reporteda pair of transactions on 2026-03-01: 73,557 shares were disposed (withheld) to cover tax obligations at $6.91 per share for proceeds of about $508,279, and he was granted 38,820 shares of restricted stock (no cash paid).

Key Details

• Transaction dates: both transactions reported for 2026-03-01; Form 4 filed 2026-03-03 (appears timely).
• Sale/Disposition: 73,557 shares withheld for tax (code F) at $6.91 each; total value ≈ $508,279.
• Grant/Acquisition: 38,820 restricted shares granted (code A) at $0.00; these restricted shares vest on March 1, 2029 (footnote).
• Shares owned after transaction: not specified in the provided filing.
• Notable footnotes: F1 = withholding of shares to pay tax liability; F2 = the 38,820 shares are restricted stock that will vest 3/1/2029. Other footnotes reference trustee-related holdings and plan-sourced shares reported elsewhere on the Form 4.
• Transaction codes explained: F = tax withholding (disposition), A = award/grant (acquisition).

Context
The withholding of shares to cover taxes is a routine administrative event tied to vesting and does not necessarily indicate a market view. The separate entry for 38,820 restricted shares is an award that will vest in 2029, which is a long-term compensation grant rather than an open-market purchase.