X0306 4 2017-03-24 0 0001481792 Quad/Graphics, Inc. QUAD 0001495588 Honan David J C/O QUAD/GRAPHICS, INC. N61 W23044 HARRY'S WAY SUSSEX WI 53089 0 1 0 0 EVP & CFO Class A Common Stock 2017-03-24 4 S 0 17123 23.6508 D 154369 D Class A Common Stock 364 I By 401(a) Plan Stock Options (Right to Buy) 15.37 2019-01-31 Class A Common Stock 10000 10000 D Stock Options (Right to Buy) 16.62 2020-01-31 Class A Common Stock 7500 7500 D Stock Options (Right to Buy) 41.26 2021-01-01 Class A Common Stock 7179 7179 D The price in Column 4 is a weighted average price. The prices actually received ranged from $23.61 to $23.73. 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 3,000 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 as to 1,500 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. Vests and becomes exercisable in three equal annual installments beginning on January 1, 2013. /s/ Jennifer J. Kent, Attorney-In-Fact for David J. Honan 2017-03-24