X0306 4 2017-05-05 0 0001481792 Quad/Graphics, Inc. QUAD 0001495616 Jaeger Steven D C/O QUAD/GRAPHICS, INC. N61 W23044 HARRY'S WAY SUSSEX WI 53089 0 1 0 0 Chief Information Officer Class A Common Stock 2017-05-05 4 M 0 18275 13.4708 A 101003 D Class A Common Stock 2017-05-05 4 M 0 11964 14.14 A 112967 D Class A Common Stock 2017-05-05 4 S 0 44707 26.3393 D 68260 D Class A Common Stock 2017-05-05 4 S 0 700 27.08 D 67560 D Class A Common Stock 1699 I By 401(a) Plan Stock Options (Right to Buy) 13.4708 2017-05-05 4 M 0 3500 0 D 2021-11-18 Class A Common Stock 3500 0 D Stock Options (Right to Buy) 13.4708 2017-05-05 4 M 0 2450 0 D 2021-11-18 Class A Common Stock 2450 0 D Stock Options (Right to Buy) 13.4708 2017-05-05 4 M 0 2200 0 D 2021-11-18 Class A Common Stock 2200 0 D Stock Options (Right to Buy) 13.4708 2017-05-05 4 M 0 2625 0 D 2021-11-18 Class A Common Stock 2625 0 D Stock Options (Right to Buy) 13.4708 2017-05-05 4 M 0 5000 0 D 2021-11-18 Class A Common Stock 5000 0 D Stock Options (Right to Buy) 13.4708 2017-05-05 4 M 0 2500 0 D 2021-11-18 Class A Common Stock 2500 0 D Stock Options (Right to Buy) 29.37 2018-01-31 Class A Common Stock 30000 30000 D Stock Options (Right to Buy) 41.26 2021-01-01 Class A Common Stock 11964 11964 D Stock Options (Right to Buy) 14.14 2017-05-05 4 M 0 11964 0 D 2022-01-01 Class A Common Stock 11964 0 D The price in Column 4 is a weighted average price. The prices actually received ranged from $26.07 to 27.05. The reporting person has provided to the issuer, and will provide to any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range for all transactions reported in this Form 4 utilizing a weighted average price. Became exercisable as to 7,150 shares on May 14, 2012, and become exercisable ratably over the next three years with respect to the remaining shares beginning on November 18, 2012. Became exercisable as to 6,825 shares on May 14, 2012, and become exercisable ratably over the next three years with respect to the remaining shares beginning on November 18, 2012. Became exercisable as to 3,150 shares on May 14, 2012, and become exercisable ratably over the next three years with respect to the remaining shares beginning on November 18, 2012. Became exercisable as to 262 shares on May 14, 2012, and become exercisable ratably over the next three years with respect to the remaining shares beginning on November 18, 2012. Became exercisable as to 2,250 shares on May 14, 2012, and become exercisable ratably over the next three years with respect to the remaining shares beginning on November 18, 2012. Became exercisable as to 1,125 shares on May 14, 2012, and become exercisable ratably over the next three years with respect to the remaining shares beginning on November 18, 2012. Became exercisable as to 12,000 shares on May 14, 2012, and become exercisable ratably over the next three years with respect to the remaining shares beginning on November 18, 2012. Became exercisable in three equal annual installments beginning on January 1, 2013. Became exercisable in three equal annual installments beginning on January 1, 2014. /s/ Jennifer J. Kent, Attorney-In-Fact for Steven D. Jaeger 2017-05-09