Buth Douglas P 4

What Happened
Douglas P. Buth, a director of Quad/Graphics, was granted 19,178 deferred stock units (DSUs) on May 20, 2026. The Form 4 shows an acquisition (award) at $0.00 per unit (no cash exchanged). The grant also includes 759 additional DSUs that arose from dividend payments on previously granted DSUs.

Key Details

• Transaction date: 2026-05-20; transaction type: Award/Grant (code A); reported price: $0.00.
• Shares/units granted: 19,178 DSUs (plus 759 additional DSUs from dividend accruals, per footnote).
• Delivery/vesting: The 19,178 DSUs will be delivered to Mr. Buth on May 20, 2028 unless he elects to defer them further or upon separation from service (per footnote).
• Dividend treatment: Any dividends on the underlying Class A common stock accrue and convert into additional DSUs based on the stock’s closing price on dividend payable dates.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Timeliness: No late-filing indication provided in the information supplied.

Context
This was a compensation grant (deferred stock units) to a director rather than an open-market purchase or sale. DSUs are a form of deferred equity compensation—they don’t represent immediately tradable shares and are typically delivered at a future date or upon departure, so they are not the same as an immediate insider purchase or sale.