<SEC-DOCUMENT>0000897069-20-000089.txt : 20200207
<SEC-HEADER>0000897069-20-000089.hdr.sgml : 20200207
<ACCEPTANCE-DATETIME>20200207170711
ACCESSION NUMBER:		0000897069-20-000089
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200207
DATE AS OF CHANGE:		20200207

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Quad/Graphics, Inc.
		CENTRAL INDEX KEY:			0001481792
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL PRINTING [2750]
		IRS NUMBER:				391152983
		STATE OF INCORPORATION:			WI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-85563
		FILM NUMBER:		20588298

	BUSINESS ADDRESS:	
		STREET 1:		N61 W23044 HARRY'S WAY
		CITY:			SUSSEX
		STATE:			WI
		ZIP:			53089-3995
		BUSINESS PHONE:		414-566-6000

	MAIL ADDRESS:	
		STREET 1:		N61 W23044 HARRY'S WAY
		CITY:			SUSSEX
		STATE:			WI
		ZIP:			53089-3995

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Quad/Graphics ESOP Trust
		CENTRAL INDEX KEY:			0001496540
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		SC 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		C/O BMO HARRIS BANK N.A.
		STREET 2:		111 E. KILBOURN AVE., SUITE 200
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202
		BUSINESS PHONE:		414-287-8700

	MAIL ADDRESS:	
		STREET 1:		C/O BMO HARRIS BANK N.A.
		STREET 2:		111 E. KILBOURN AVE., SUITE 200
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Quad/Graphics ESOP
		DATE OF NAME CHANGE:	20100713
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<FILENAME>cmw181.htm
<TEXT>
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    <div style="text-align: center; font-size: 12pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">Washington, D.C.&#160; 20549</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">SCHEDULE 13G</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">Under the Securities Exchange Act of 1934</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">(Amendment No. <u>9</u>)*</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: center; font-size: 12pt;"><u>Quad/Graphics, Inc.</u></div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">(Name of Issuer)</div>
    <div style="text-align: center; font-size: 12pt;"><u>Class A Common Stock</u></div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">(Title of Class of Securities)</div>
    <div style="text-align: center; font-size: 12pt;"><u>747301109</u></div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">(CUSIP Number)</div>
    <div style="text-align: center; font-size: 12pt;"><u>December 31, 2019</u></div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">(Date of Event Which Requires Filing of this Statement)</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">Check the appropriate box to designate the rule pursuant to which this Schedule is filed:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#9746;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt"> </font><font style="font-size: 12pt;">Rule 13d-1(b)</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#9744;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt"> </font><font style="font-size: 12pt;">Rule 13d-1(c)</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#9744;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt"> </font><font style="font-size: 12pt;">Rule 13d-1(d)</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 12pt;">*</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 12pt;">The remainder of this cover page shall be filled out for a reporting person&#8217;s initial filing on this form with respect to the subject class of securities, and for any subsequent
        amendment containing information which would alter the disclosures provided in a prior cover page.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">The information required in the remainder of this cover page shall not be deemed to be &#8220;filed&#8221; for the purpose of Section 18 of the
      Securities Exchange Act of 1934 (&#8220;Act&#8221;) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).</div>
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    <div>
      <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">CUSIP NO. 747301109</div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z42a6c5da7e674b8492eb5e270bc2f2b7" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">1</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);" colspan="5">
            <div><font style="font-size: 8pt;">NAME OF REPORTING PERSONS<br>
                </font>&#160;</div>
            <div style="font-size: 12pt;">Quad/Graphics ESOP Trust</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">2</div>
          </td>
          <td style="width: 78.64%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="3">
            <div style="text-align: justify; font-size: 8pt;">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)</div>
            <div style="font-size: 12pt;">Not Applicable</div>
          </td>
          <td style="width: 14.33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="2">
            <div><font style="font-size: 8pt;">(a) &#9744;</font><font style="font-family: 'Wingdings 2', serif; font-size: 8pt;"></font></div>
            <div><font style="font-size: 8pt;">(b) &#9744;</font><font style="font-family: 'Wingdings 2', serif; font-size: 8pt;"></font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">3</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="5">
            <div style="text-align: justify; font-size: 8pt;">SEC USE ONLY</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">4</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="5">
            <div style="text-align: justify; font-size: 8pt;">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
            <div style="text-align: justify; font-size: 12pt;">United States of America</div>
          </td>
        </tr>
        <tr>
          <td style="width: 19.88%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" rowspan="4" colspan="2">
            <div style="text-align: center; font-weight: bold;">NUMBER OF<br>
              SHARES<br>
              BENEFICIALLY<br>
              OWNED BY<br>
              EACH<br>
              REPORTING<br>
              PERSON<br>
              WITH</div>
          </td>
          <td style="width: 6.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">5</div>
          </td>
          <td style="width: 73.13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="3">
            <div style="text-align: justify; font-size: 8pt;">SOLE VOTING POWER</div>
            <div style="text-align: justify; font-size: 12pt;">4,141,647</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">6</div>
          </td>
          <td style="width: 69.04%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="3">
            <div style="text-align: justify; font-size: 8pt;">SHARED VOTING POWER</div>
            <div style="text-align: justify; font-size: 12pt;">0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">7</div>
          </td>
          <td style="width: 69.04%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="3">
            <div style="text-align: justify; font-size: 8pt;">SOLE DISPOSITIVE POWER</div>
            <div style="text-align: justify; font-size: 12pt;">4,141,647</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">8</div>
          </td>
          <td style="width: 69.04%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="3">
            <div style="text-align: justify; font-size: 8pt;">SHARED DISPOSITIVE POWER</div>
            <div style="text-align: justify; font-size: 12pt;">0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">9</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="5">
            <div style="text-align: justify; font-size: 8pt;">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
            <div style="text-align: justify; font-size: 12pt;">4,141,647</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-size: 14pt; font-weight: bold;">10</div>
          </td>
          <td style="width: 81.9%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="text-align: justify;"><font style="font-size: 8pt;">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
                (SEE INSTRUCTIONS</font>)</div>
            <div style="text-align: justify; font-size: 12pt;">Not Applicable</div>
          </td>
          <td style="width: 11.07%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;&#9744;</td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-size: 14pt; font-weight: bold;">11</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="5">
            <div style="text-align: justify; font-size: 8pt;">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)</div>
            <div style="text-align: justify; font-size: 12pt;">10.6% <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-size: 14pt; font-weight: bold;">12</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="5">
            <div style="text-align: justify; font-size: 8pt;">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</div>
            <div style="text-align: justify; font-size: 12pt;">EP</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zcfb00858822347c59339c4f104fa11b2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 4.5pt;"><br>
              </td>
              <td style="width: 27pt; vertical-align: top; align: right; font-size: 12pt;">(1)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-size: 12pt;">The percent ownership calculated is based upon an aggregate of 39,233,448 shares outstanding as of December 31, 2019.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div>
      <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">CUSIP NO. 747301109</div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zda3f0187543340fcadc6eca6584483f6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 81pt; vertical-align: top; align: right; font-size: 12pt;">Item 1(a).</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-size: 12pt;"><u>Name of Issuer</u>:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 81pt; margin-bottom: 12pt; font-size: 12pt;">Quad/Graphics, Inc.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd3770d516c7e4cfc9a4d9fc86469b493" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 81pt; vertical-align: top; align: right; font-size: 12pt;">Item 1(b).</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-size: 12pt;"><u>Address of Issuer&#8217;s Principal Executive Offices</u>:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 81pt; margin-bottom: 12pt; font-size: 12pt;">N61 W23044 Harry&#8217;s Way, Sussex, Wisconsin&#160; 53089-3995.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc9ecd68cf5744843b83f697fb0087cb6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 81pt; vertical-align: top; align: right; font-size: 12pt;">Item 2(a).</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-size: 12pt;"><u>Name of Person Filing</u>:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 81pt; margin-bottom: 12pt; font-size: 12pt;">Quad/Graphics ESOP Trust (the &#8220;ESOP&#8221;)</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z451e2c353ad9480ca808eeb6d8daaad5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 81pt; vertical-align: top; align: right; font-size: 12pt;">Item 2(b).</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-size: 12pt;"><u>Address of Principal Business Office or, if none, Residence</u>:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 81pt; margin-bottom: 12pt; font-size: 12pt;">c/o BMO Harris Bank N.A., 111 E. Kilbourn Ave. Suite&#160;200, Milwaukee, WI 53202.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd8a694dda99442cda9c0d23b7bdd8bec" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 81pt; vertical-align: top; align: right; font-size: 12pt;">Item 2(c).</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-size: 12pt;"><u>Citizenship</u>:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 81pt; margin-bottom: 12pt; font-size: 12pt;">The ESOP is governed by the laws of the United States of America.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z38fe97994d4346179df2ef5ebaa49af8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 81pt; vertical-align: top; align: right; font-size: 12pt;">Item 2(d).</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-size: 12pt;"><u>Title of Class of Securities</u>:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 81pt; margin-bottom: 12pt; font-size: 12pt;">Class A Common Stock</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1f0388b7d38b465db6a743319e6da3e5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 81pt; vertical-align: top; align: right; font-size: 12pt;">Item 2(e).</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-size: 12pt;"><u>CUSIP Number</u>:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 81pt; margin-bottom: 12pt; font-size: 12pt;">747301109</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z14d55ccd431d4519bf9654da81dc3bc9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 81pt; vertical-align: top; align: right; font-size: 12pt;">Item 3.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-size: 12pt;"><u>If this statement is filed pursuant to sections 240.13d-1(b), or 240.13d-2(b) or
                      (c), check whether the person filing is a</u>:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3463dc8680f94ae5bcd5618a2165198d" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 81pt;"><br>
              </td>
              <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 12pt;">(f)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt">&#160;</font></td>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Wingdings 2', serif; font-size: 12pt;"><br>
              </td>
              <td style="width: auto; vertical-align: top; text-align: justify; font-size: 12pt;">&#9746;&#160;&#160;&#160;&#160;&#160;&#160; An employee benefit plan or endowment fund in accordance with section 240.13d-1(b)(1)(ii)(F).</td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div>
      <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">CUSIP NO. 747301109</div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za092315df9144e3b8f2d5ebf6c88e447" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 81pt; vertical-align: top; align: right; font-size: 12pt;">Item 4.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-size: 12pt;"><u>Ownership</u>:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb052cd70348f435b9518f0d143e9314c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 81pt;"><br>
              </td>
              <td style="width: 27pt; vertical-align: top; align: right; font-size: 12pt;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-size: 12pt;">Amount Beneficially Owned:&#160; 4,141,647</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0af7255ada714ccda91522e640799c3e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 81pt;"><br>
              </td>
              <td style="width: 27pt; vertical-align: top; align: right; font-size: 12pt;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-size: 12pt;">Percent of Class:&#160;&#160;10.6%</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0ccd79ca6bfb48e8a338fdf148690103" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 81pt;"><br>
              </td>
              <td style="width: 27pt; vertical-align: top; align: right; font-size: 12pt;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-size: 12pt;">Number of shares as to which such person has:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze47cf6f20bb944edbcdb4aaa9c1f6c37" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-size: 12pt;">sole power to vote or to direct the vote:&#160;&#160;4,141,647</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4f8c579c074c4f859d946b3bf48989f9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-size: 12pt;">shared power to vote or to direct the vote:&#160;&#160;0</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z024ab86599b44f22916477e26d216a79" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-size: 12pt;">sole power to dispose or to direct the disposition of:&#160;&#160;4,141,647</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zac76a640eb4f4f8dbc2180aa3b46ea08" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-size: 12pt;">shared power to dispose or to direct the disposition of:&#160;&#160;0</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 81pt; vertical-align: top; align: right; font-size: 12pt;">Item 5.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-size: 12pt;"><u>Ownership
                          of Five Percent or Less of a Class</u>:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <font style="font-size: 12pt;"> </font></div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 81pt; margin-bottom: 12pt; font-size: 12pt;">N/A</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 81pt; vertical-align: top; align: right; font-size: 12pt;">Item 6.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;"><font style="font-size: 12pt;"><u>Ownership of
                        More than Five Percent on Behalf of Another Person</u>:</font></td>
              </tr>

          </table>
        </div>
      </div>
      <font style="font-size: 12pt;"> </font></div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 81pt; margin-bottom: 12pt; font-size: 12pt;">N/A</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3e350af1479c497185c05aaa9b516e4e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 81pt; vertical-align: top; align: right; font-size: 12pt;">Item 7.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-size: 12pt;"><u>Identification and Classification of the Subsidiary Which Acquired the Security
                      Being Reported on by the Parent Holding Company or Control Person</u>:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 81pt; margin-bottom: 12pt; font-size: 12pt;">N/A</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 81pt; vertical-align: top; align: right; font-size: 12pt;">Item 8.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;"><font style="font-size: 12pt;"><u>Identification
                        and Classification of Members of the Group</u>:</font></td>
              </tr>

          </table>
        </div>
      </div>
      <font style="font-size: 12pt;"> </font></div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 81pt; margin-bottom: 12pt; font-size: 12pt;">N/A</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 81pt; vertical-align: top; align: right; font-size: 12pt;">Item 9.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-size: 12pt;"><u>Notice
                          of Dissolution of Group</u>:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <font style="font-size: 12pt;"> </font></div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 81pt; margin-bottom: 12pt; font-size: 12pt;">N/A</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">CUSIP NO. 747301109</div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 81pt; vertical-align: top; align: right; font-size: 12pt;">Item 10.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-size: 12pt;"><u>Certification</u>:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <font style="font-size: 12pt;"> </font></div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 81pt; margin-bottom: 12pt; font-size: 12pt;">By signing below I certify that, to the best of my knowledge and belief, the securities referred
      to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are
      not held in connection with or as a participant in any transaction having that purpose or effect</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">SIGNATURE</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in
      this statement is true, complete and correct.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">Date:&#160; February 4, 2020</div>
    <div style="margin-left: 211.5pt; font-size: 12pt;">QUAD/GRAPHICS ESOP TRUST</div>
    <div><br>
    </div>
    <div style="margin-left: 211.5pt; font-size: 12pt;">BMO Harris Bank N.A., as Directed Trustee</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 211.5pt;"><font style="font-size: 12pt;">By:<font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font></font><font style="font-size: 12pt;"><u>/s/ Peter Madsen<font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font></u><u>/s/
            Andrew Paulus</u></font></div>
    <div style="text-align: justify; text-indent: 40.5pt; margin-left: 211.5pt;"><font style="font-size: 12pt;"><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font>Peter
        Madsen<font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font></font><font style="font-size: 12pt;"><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font>Andrew Paulus</font></div>
    <div style="text-align: justify; text-indent: 40.5pt; margin-left: 211.5pt;"><font style="font-size: 12pt;"><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font>Vice
        President &#160;<font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font></font><font style="font-size: 12pt;">Vice President</font></div>
    <div style="text-align: justify; text-indent: 40.5pt; margin-left: 211.5pt;"><font style="font-size: 12pt;"> <br>
      </font></div>
    <div style="text-align: justify; text-indent: 40.5pt; margin-left: 211.5pt;"><font style="font-size: 12pt;"> <br>
      </font></div>
    <div style="text-align: justify; text-indent: 40.5pt; margin-left: 211.5pt;"><font style="font-size: 12pt;"> <br>
      </font></div>
    <div style="text-align: justify; text-indent: 40.5pt; margin-left: 211.5pt;"><font style="font-size: 12pt;"> <br>
      </font></div>
    <div style="text-align: justify; text-indent: 40.5pt; margin-left: 211.5pt;"><font style="font-size: 12pt;"> <br>
      </font></div>
    <div style="text-align: justify; text-indent: 40.5pt; margin-left: 211.5pt;"><font style="font-size: 12pt;"> <br>
      </font></div>
  </div>
  <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
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