FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      
1. Name and Address of Reporting Person * Quadracci J Joel 2. Issuer Name and Ticker or Trading Symbol Quad/Graphics, Inc. [ QUAD ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)__X__ Director                    _____ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
Chairman, Pres & CEO
(Last)         (First)         (Middle)
C/O QUAD/GRAPHICS, INC., N61 W23044 HARRY'S WAY
3. Date of Earliest Transaction (MM/DD/YYYY)
5/14/2021
(Street)
SUSSEX, WI 53089
(City)       (State)       (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)
 
6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class A Common Stock  5/14/2021    P    12100  A $3.569 (1) 1490195  D   
Class A Common Stock                 4092.0535 (2) I  By 401(a) Plan 

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Class B Common Stock   (3)                  (3)  (3) Class A Common Stock  229364    229364  D   
Class B Common Stock   (3)                  (3)  (3) Class A Common Stock  2354    2354  I  As Trustee - AQH Tr (4)
Class B Common Stock   (3)                  (3)  (3) Class A Common Stock  2354    2354  I  As Trustee - EQH Tr (5)
Class B Common Stock   (3)                  (3)  (3) Class A Common Stock  120009    120009  I  As Trustee - HVQ For Joel (6)
Class B Common Stock   (3)                  (3)  (3) Class A Common Stock  2354    2354  I  As Trustee - KBH Tr (7)
Class B Common Stock   (3)                  (3)  (3) Class A Common Stock  2354    2354  I  As Trustee - WVH Tr (8)
Stock Options (Right to Buy)  $13.4708                   (9) 11/18/2021  Class A Common Stock  4410    4410  D   
Stock Options (Right to Buy)  $13.4708                   (9) 11/18/2021  Class A Common Stock  3675    3675  D   
Stock Options (Right to Buy)  $13.4708                   (9) 11/18/2021  Class A Common Stock  6825    6825  D   
Stock Options (Right to Buy)  $13.4708                   (9) 11/18/2021  Class A Common Stock  3938    3938  D   
Stock Options (Right to Buy)  $13.4708                   (9) 11/18/2021  Class A Common Stock  9000    9000  D   
Stock Options (Right to Buy)  $13.4708                   (9) 11/18/2021  Class A Common Stock  4250    4250  D   
Stock Options (Right to Buy)  $13.4708                   (9) 11/18/2021  Class A Common Stock  5250    5250  D   
Stock Options (Right to Buy)  $14.14                   (9) 1/1/2022  Class A Common Stock  39881    39881  D   

Explanation of Responses:
(1)  Price reported in column 4 is a weighted average price. Shares purchased at prices ranging from $3.24 to $3.69. The reporting person undertakes to provide to the Company, any shareholder of the Company, and the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price.
(2)  Shares acquired under the Company Savings Plan based on information furnished by the Plan Administrator as of 04/30/2021.
(3)  Class B Common Stock is convertible into Class A Common Stock on a 1-for-1 basis at no cost and has no expiration date.
(4)  As Trustee for the Alexander Q. Harned 2007 Trust. The reporting person is a trustee of the trust and is a current or future beneficiary thereof. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.
(5)  As Trustee for the Elizabeth Quadracci Harned 2003 Trust. The reporting person is a trustee of the trust and is a current or future beneficiary thereof. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.
(6)  As Trustee for the HVQ 1992 Descendants Trust f/b/o J. Joel Quadracci. The reporting person is a trustee of the trust. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.
(7)  As Trustee for the Kathryn B. Harned 2004 Trust. The reporting person is a trustee of the trust and is a current or future beneficiary thereof. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.
(8)  As Trustee for the William V. Harned 2006 Trust. The reporting person is a trustee of the trust and is a current or future beneficiary thereof. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.
(9)  All options are fully vested and currently exercisable.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Quadracci J Joel
C/O QUAD/GRAPHICS, INC.
N61 W23044 HARRY'S WAY
SUSSEX, WI 53089
X
Chairman, Pres & CEO

Signatures
/s/ Sherilyn R. Whitmoyer, attorney-in-fact for J. Joel Quadracci 5/18/2021
**Signature of Reporting Person Date
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