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Exhibit 4.8
QUAD/GRAPHICS, INC.

DESCRIPTION OF SECURITIES

The following description summarizes the material terms of Quad/Graphics, Inc.'s (“Quad”) capital stock. In conjunction with this summary, you should read the complete text of Quad’s amended and restated articles of incorporation (“Articles”), Quad’s amended bylaws (“Bylaws”), and the relevant provisions of the Wisconsin Business Corporation Law (the “WBCL”).

Authorized Capital Stock

Quad’s authorized capital stock consists of:
•105 million authorized shares of class A common stock, par value $0.025 per share;
•80 million authorized shares of class B common stock, par value $0.025 per share;
•20 million authorized shares of class C common stock, par value $0.025 per share; and
•500,000 authorized shares of preferred stock, par value $0.01 per share.

Comparison of Quad’s Class A Common Stock, Class B Common Stock and Class C Common Stock

The following table compares Quad’s class A common stock, class B common stock and class C common stock:
												
		Class A Common Stock	Class B Common Stock	Class C Common Stock
	Public Market:	NYSE	None.	None.
				
	Voting Rights:	Except for matters where Wisconsin law requires a separate class vote, one vote per share on all matters voted upon by Quad’s shareholders.	Except for matters where Wisconsin law requires a separate class vote, ten votes per share on all matters voted upon by Quad’s shareholders.	Except for matters where Wisconsin law requires a separate class vote, ten votes per share on all matters voted upon by Quad’s shareholders.
				
	Dividends:	The cash dividend payable with respect to each share of class A common stock will equal the cash dividend payable with respect to each share of class B common stock and class C common stock. Cash dividends may not be declared and paid with respect to class A common stock without simultaneous cash dividends declared and paid with respect to the class B common stock and class C common stock.	The cash dividend payable with respect to each share of class B common stock will equal the cash dividend payable with respect to each share of class A and class C common stock. Cash dividends may not be declared and paid with respect to class B common stock without simultaneous cash dividends declared and paid with respect to the class A and class C common stock.	The cash dividend payable with respect to each share of class C common stock will equal the cash dividend payable with respect to each share of class A common stock and class B common stock. Cash dividends may not be declared and paid with respect to class C common stock without simultaneous cash dividends declared and paid with respect to the class A common stock and class B common stock.
				
	Liquidation:	Upon liquidation, dissolution or winding up of Quad, the holders of outstanding shares of class A common stock will be entitled to receive (after the payment of any preferential amounts required to be paid to the holders of preferred stock), pro rata, on a one-for-one basis with the holders of outstanding shares of class B common stock and class C common stock, the remaining assets and funds of Quad available for distribution to its shareholders.	Upon liquidation, dissolution or winding up of Quad, the holders of outstanding shares of class B common stock will be entitled to receive (after the payment of any preferential amounts required to be paid to the holders of preferred stock), pro rata, on a one-for-one basis with the holders of outstanding shares of class A and class C common stock, the remaining assets and funds of Quad available for distribution to its shareholders.	Upon liquidation, dissolution or winding up of Quad, the holders of outstanding shares of class C common stock will be entitled to receive (after the payment of any preferential amounts required to be paid to the holders of preferred stock) pro rata, on a one-for-one basis with the holders of outstanding shares of class A common stock and class B common stock, the remaining assets and funds of Quad available for distribution to its shareholders.
				

												
		Class A Common Stock	Class B Common Stock	Class C Common Stock
	Extraordinary Corporate Action:	The class A common stock, class B common stock and class C common stock receive the same consideration in any distribution of property, merger, consolidation, purchase or acquisition of property or stock, asset transfer, division, share exchange, recapitalization or reorganization of Quad in proportion to the number of shares, without regard to class.	The class A common stock, class B common stock and class C common stock receive the same consideration in any distribution of property, merger, consolidation, purchase or acquisition of property or stock, asset transfer, division, share exchange, recapitalization or reorganization of Quad in proportion to the number of shares, without regard to class.	The class A common stock, class B common stock and class C common stock receive the same consideration in any distribution of property, merger, consolidation, purchase or acquisition of property or stock, asset transfer, division, share exchange, recapitalization or reorganization of Quad in proportion to the number of shares, without regard to class.
				
	Ownership and/or Transfer Restrictions:	None, other than as imposed by applicable law.	Class B common stock can only be voluntarily transferred to Quad or to any member of the “family group” during lifetime or at death. The “family group” includes:
Betty E. Quadracci;
the issue of Betty E. Quadracci;
a spouse of an issue of Betty E. Quadracci;
a widow or widower of an issue of Betty E. Quadracci;
the estate of any of the foregoing individuals;
any trust created by will or inter-vivos for so long as the sole current beneficiaries of such trust are one or more of the foregoing individuals;
any entity for so long as such entity is wholly owned and controlled by one or more of the foregoing individuals;
any entity described in Section 4947(a)(1) or (2) of the Internal Revenue Code; and
any entity to which contributions would be deductible under Sections 2522 or 2055 of the Internal Revenue Code.

In the event of a foreclosure sale of pledged class B common stock or other involuntary transfer of class B common stock, other than as a result of the death of a holder of class B common stock, Quad has the option for 15 days to purchase the class B common stock subject to such involuntary transfer at the “purchase price” described below. If there are any shares of class B common stock not purchased by Quad pursuant to the option, each share of class B common stock not purchased is automatically converted into one share of class A common stock.
 
Any transfer of class B common stock in violation with Quad’s organizational documents results in the automatic conversion of each such share into one share of class A common stock.
	Class C common stock can only be owned by, or transferred to, the Quad/Graphics, Inc. Tax Credit Stock Ownership Plan or any qualified successor thereto (which is currently the Quad/Graphics Personal Enrichment Plan) and/or any other employee benefit plan of Quad which is intended to satisfy the qualification requirements of Section 401 of the Internal Revenue Code.
				

												
		Class A Common Stock	Class B Common Stock	Class C Common Stock
	Purchase Price:	Not applicable.	The price at which any share of class B common stock subject to Quad’s option to purchase (the “purchase price”) is:
If the class A common stock is then listed for trading on a national securities exchange, then the last sales price of the class A common stock as reported by such exchange on the applicable date (or if no sales occurred on such date, on the last preceding date on which there was a sale).
If the class A common stock is not listed on a national securities exchange but is then traded in an over-the-counter market, then the last sales price (or, if there is no last sales price reported, the average of the closing bid and ask prices) of the class A common stock as reported by such over-the-counter market on the applicable date (or if no sales occurred on such date, on the last preceding date on which there was a sale).
If the class A common stock is not then listed on a national securities exchange or traded in an over-the-counter market, then the price of a share of class A common stock most recently determined by a qualified independent appraisal expert in evaluating securities selected by the board of directors (and if that last independent appraisal is over one year old, then the price shall be determined by agreement of the parties or binding independent appraisal in the event the parties fail to agree on a price).	Not applicable.
				
	Conversion:	Not applicable.	Each share of class B common stock may, at the option of the holder, be converted at any time into one share of class A common stock.	Each share of class C common stock may, at the option of the holder, be converted at any time into one share of class A common stock.
				
	Repurchase:	Not applicable.	Not applicable.	Each holder of class C common stock has the continuous right to require Quad to repurchase the class C common stock for cash or its equivalent at the “purchase price” noted in the class B common stock column above.

Preferred Stock

Preferred stock may be issued from time to time in one or more series, the shares of each series to have the designations and powers, preferences, rights, qualifications, limitations and restrictions as are stated and expressed in the resolution or resolutions providing for the issuance of that series adopted by the Quad board of directors.

The Quad board of directors has the authority to create one or more series of preferred stock and, with respect to each series, to fix and state the following:
•the number of shares constituting the series and the designation of the series;
•the dividend rate or rates and/or the method of determining such rate or rates and the timing of dividend payments;
•the voting rights, if any, of the series;
•whether or not the shares of the series will be convertible into shares of any other class or series of stock and, if so, the terms and conditions of such conversion, including the conversion price or ratio or rate at which the conversion may be made;
•whether or not the shares of the series will be redeemable at the option of Quad or the holders of the series or upon a specified event and, if redeemable, the terms and conditions of such redemption, including the redemption price or prices and the time or times at which the shares will be redeemable;
•the rights of the shares of that series upon the voluntary or involuntary dissolution or winding up of Quad;
•the obligation, if any, of Quad to retire the shares of the series pursuant to a sinking fund; and
•any other relative rights, preferences and limitations of the series.

The shares of each series of preferred stock may vary from the shares of any other series in any or all of the foregoing respects. The Quad board of directors may increase or decrease the number of shares of the preferred stock designated for any existing series by a resolution adding or subtracting from the series; provided, however, that the board of directors may not decrease the number of shares of any existing series to a number less than the number of shares of that series then issued and outstanding.

Provisions of Wisconsin Law and Quad’s Articles and Bylaws with Possible Anti-Takeover Effects

Provisions of Wisconsin law have certain anti-takeover effects. Quad’s Articles and Bylaws also contain provisions that may have similar effects.
    
Wisconsin Statutes

Sections 180.1140 to 180.1144 of the WBCL restrict a broad range of business combinations between a Wisconsin resident domestic corporation, defined as a public Wisconsin corporation that, as of the stock acquisition date in question, has (i) its principal offices located in Wisconsin, (ii) significant business operations located in Wisconsin, (iii) more than 10% of the holders of record of its stock who are residents of Wisconsin, or (iv) more than 10% of its shares held of record by residents of Wisconsin, and an “interested stockholder” for a period of three years unless specified conditions are met. The WBCL defines a “business combination” as including certain mergers or share exchanges, sales of assets, issuances of stock or rights to purchase stock and other related party transactions. An “interested stockholder” is a person who beneficially owns, directly or indirectly, at least 10% of the outstanding voting stock of a corporation or who is an affiliate or associate of the corporation and beneficially owned at least 10% of the voting stock within the last three years. During the initial three-year period after a person becomes an interested stockholder in a Wisconsin resident domestic corporation, with some exceptions, the WBCL prohibits a business combination with the interested stockholder unless the corporation’s board of directors approved the business combination or the acquisition of the stock by the interested stockholder prior to the acquisition date. Following this three-year period, the WBCL also prohibits a business combination with an interested stockholder unless:
•the board of directors approved the acquisition of the stock prior to the acquisition date;
•the business combination is approved by a majority of the outstanding voting stock not owned by the interested stockholder;
•the consideration to be received by shareholders meets certain requirements of the statute with respect to form and amount; or
•the business combination is of a type specifically excluded from the coverage of the statute.

Sections 180.1130 to 180.1133 of the WBCL govern certain mergers or share exchanges between Wisconsin resident domestic corporations and significant shareholders, and sales of all or substantially all of the assets of Wisconsin resident domestic corporations to significant shareholders. These transactions must be approved by 80% of all votes entitled to be cast and two-thirds of votes entitled to be cast other than the voting shares owned by the significant shareholder, unless the shareholders receive a statutory “fair price.” Section 180.1130 of the WBCL generally defines a “significant shareholder” as the beneficial owner of 10% or more of the voting power of the outstanding voting shares, or an affiliate of the corporation who beneficially owned 10% or more of the voting power of the then outstanding shares within the last two years.

Section 180.1150 of the WBCL provides that in particular circumstances the voting power of shares of a Wisconsin resident domestic corporation held by any person in excess of 20% of the voting power is limited to 10% of the voting power these excess shares would otherwise have. Full voting power may be restored if a majority of the voting power of shares represented at a meeting, including those held by the party seeking restoration, are voted in favor of the restoration or as otherwise specified by the board of directors. This voting restriction does not apply to shares acquired directly from the corporation.

Section 180.1134 of the WBCL requires shareholder approval for some transactions in the context of a tender offer or similar action for more than 5% of the voting shares of any class of a Wisconsin resident domestic corporation’s stock. Shareholder approval is required for the acquisition of more than 5% of the corporation’s stock at a price above market value from any person who holds more than 3% of the voting shares and has held the shares for less than two years, unless the corporation makes at least an equal offer to acquire all shares. Shareholder approval is also required for the sale or option of assets that amount to at least 10% of the market value of the corporation, but this requirement does not apply if the corporation has at least three independent directors and a majority of the independent directors vote not to have this provision apply to the corporation.

In addition to the anti-takeover provisions described above, various provisions of Quad’s Articles and Bylaws, which are summarized in the following paragraphs, may be deemed to have anti-takeover effects.

No Cumulative Voting

The WBCL provides that shareholders are denied the right to cumulate votes in the election of directors unless the articles of incorporation provide otherwise. Quad’s Articles do not provide for cumulative voting.

Meeting Procedures; Advance Notice Requirements for Shareholder Proposals and Director Nominations; Procedures for Calling a Special Meeting

Quad’s Bylaws provide the board with discretion in postponing shareholder meetings, including, within certain limits, special meetings of shareholders. Additionally, the Chairman of the Board, the Chief Executive Officer or the President or the board of directors (acting by resolution) can adjourn a shareholder meeting at any time before business is transacted at the meeting.

Quad’s Bylaws also provide that shareholders seeking to nominate persons for directors or seeking to bring other business before an annual meeting must provide timely notice of their proposal in writing to the corporate secretary. To be timely, a shareholder’s notice must be received on or before December 31 of the year immediately preceding the annual meeting. Quad’s Bylaws also specify requirements as to the form and content of a shareholder’s notice. These provisions may impede shareholders’ ability to bring matters before an annual meeting of shareholders or make nominations for directors at an annual meeting of shareholders.

Quad’s Bylaws also establish a procedure which shareholders seeking to call a special meeting of shareholders must satisfy. This procedure involves notice to Quad, the receipt by Quad of written demands for a special meeting from holders of 10% or more of all the votes entitled to be cast on any issue proposed to be considered, a review of the validity of such demands by an independent inspector and the fixing of the record and meeting dates by the board of directors. In addition, shareholders demanding a special meeting must deliver a written agreement to pay the costs incurred by Quad in holding a special meeting, including the costs of preparing and mailing the notice of meeting and the proxy materials for the solicitation of proxies, in the event such shareholders are unsuccessful in their proxy solicitation.

Director Removal

Quad’s Articles provides that any director may be removed from office, but only for cause by the approval of 66 2/3% of the voting power of the then outstanding shares of stock of the voting group of shareholders that elected the director. However, if at least two-thirds of the directors plus one director vote to remove a director, that director can be removed without cause by the affirmative vote of a majority of such outstanding shares. As defined in Quad’s Articles, “cause” exists only if the director whose removal is proposed has been convicted of a felony by a court of competent jurisdiction and such conviction is no longer subject to direct appeal or such director has been adjudged to be liable for willful misconduct in the performance of his or her duty to Quad in a matter which has a material adverse effect on Quad’s business, and such adjudication is no longer subject to direct appeal.

Authorized But Unissued Shares

Quad’s authorized but unissued shares of common stock and preferred stock will be available for future issuance without shareholder approval. Quad could use these additional shares for a variety of corporate purposes, including future public offerings to raise capital, corporate acquisitions and issuances under employee benefit plans. Additionally, Quad could issue a series of preferred stock that could, depending on its terms, impede the consummation of a merger, tender offer or other takeover attempt. The board of directors of Quad will make any determination to issue such shares based on its judgment as to the best interests of Quad and its shareholders. The board, in so acting, could issue preferred stock having terms that could discourage an acquisition attempt through which an acquiror may be able to change the composition of the board of directors, including a tender offer or other transaction that some, or a majority, of Quad’s shareholders might believe to be in their best interests or in which shareholders might receive a premium over the then-current market price of the class A common stock.

Amendments to Articles of Incorporation

The WBCL allows Quad to amend its Articles at any time to add or change a provision that is required or permitted to be included in the Articles or to delete a provision that is not required to be included in the Articles. The board of directors of Quad can also propose one or more amendments for submission to shareholders and may condition its submission of any proposed amendment on any basis if it provides certain notice and includes certain information regarding the proposed amendment in that notice. The provisions in Quad’s Articles relating to the structure of the board of directors and certain amendments to the Bylaws may only be amended by the approval of 66 2/3% of the voting power of the then outstanding shares entitled to vote.

Preemptive Rights

No holder of Quad common stock has any preemptive or subscription rights to acquire shares of Quad common stock.Document

Exhibit 10.17
QUAD/GRAPHICS, INC.
2010 OMNIBUS INCENTIVE PLAN
2020 CASH LONG-TERM INCENTIVE PLAN
NET LEVERAGE RATIO AWARD
AS AMENDED AND RESTATED
[[PARTICIPANTID]]
[[FIRSTNAME]] [[LASTNAME]]
This is an amendment and restatement of this Incentive Award (this “Award”), which you were granted under the 2010 Omnibus Incentive Plan (the “Plan”), effective as of the Grant Date, of Quad/Graphics, Inc. (the “Company”) with the following terms and conditions:
						
	Grant Date:	January 1, 2020

	Performance Period	Fiscal years 2021-2022

	Total Target Payout:	$[[SHARESGRANTED]]

	Annual Target Payout:	One-half (1/2) of the Total Target Payout is eligible to be earned with respect to each year in the Performance Period.

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	Performance Goal and Percentage Payout:	The percentage of the Annual Target Payout earned under this Award will range from 0%-250% based on achievement of the Annual Net Leverage Ratio Goal (defined below) during each year of the Performance Period.  The specific percentages of the Annual Target Payout earned for specific levels of the Annual Net Leverage Ratio Goal achieved for the year will be established by the Committee and communicated to you following Committee approval.
 
“Annual Net Leverage Ratio Goal” for any year in the Performance Period means the target for Annual Net Leverage Ratio (as defined below) established by the Committee for such year.  The Annual Net Leverage Ratio Goal for each year will be communicated to you following Committee approval.

“Annual Net Leverage Ratio” means Debt (as defined below) net of Excess Cash (as defined below), divided by Adjusted EBITDA (as defined below).

“Debt” means the Company’s total debt and finance lease obligations measured at the end of the applicable year during the Performance Period. 

“Excess Cash” means the Company’s cash and cash equivalents less $10 million (for minimum cash balance), measured at the end of the applicable year during the Performance Period.

“Adjusted EBITDA” for any year means the Company’s trailing 12-month net earnings (loss) attributable to the Company’s common shareholders, excluding interest expense, income tax expense (benefit) and depreciation and amortization, and adjusted to exclude the following items: restructuring, impairment and transaction-related charges; earnings/loss from discontinued operations, net of tax; net pension income; employees stock ownership plan contribution; gain/loss on debt extinguishment; equity in (earnings) loss of unconsolidated entity; adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) for unconsolidated equity method investments (calculated in a consistent manner with the calculation used by the Company for its EBITDA); and net earnings (loss) attributable to non-controlling interests.

Calculations will be based on pro forma EBITDA and Debt for any acquisitions and divestitures.

The Committee may adjust the Annual Net Leverage Ratio Goal and the calculation of the Annual Net Leverage Ratio to take into account unexpected and material industry developments or as it otherwise may deem appropriate in its sole and absolute discretion. 

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	Earned Amounts, Payout Timing and Conditions:	The Committee shall determine any amount of the Annual Target Payout that has been earned with respect to each year in the Performance Period as soon as practicable following the end of such year.  Any amount the Committee determines has been earned with respect to the first two years in the Performance Period shall be credited to you upon such Committee determination but payment shall be deferred until the end of the final year in the Performance Period, as described below.

The Company shall pay any Annual Target Payout amounts credited to you with respect to the first two years in the Performance Period and any Annual Target Payout amount earned with respect to the final year in the Performance Period as soon as practicable following the Committee’s approval of the achievement of the Annual Net Leverage Ratio Goal for such final year (but in no event later than the end of the year following such final year in the Performance Period), provided that, except as set forth below, you are continuously employed by or in the service of the Company or an Affiliate until the payment date.

Upon your separation from employment or service with the Company and its Affiliates prior to the final payment date under this Award, you shall automatically and immediately forfeit your right to any future payments, except as follows:

•If your employment or service relationship with the Company and its Affiliates is terminated as a result of your death or disability (within the meaning of Code Section 22(e)(3)), then you or your estate shall remain eligible to receive any future Annual Target Payouts that were or would otherwise have been earned absent such termination based on the Company’s achievement of the Annual Net Leverage Ratio Goals.  Any such Annual Target Payouts will be paid at the same time as they would have been paid under this Award had your employment or service continued until the payment date. 

•If your employment or service relationship with the Company and its Affiliates terminates as a result of your retirement upon or after age 65, then, provided such retirement is approved by the Committee (your “Retirement”), you will remain eligible to receive (a) any Annual Target Payout that relates to a year ending prior to your Retirement (less any amounts previously paid with respect to such year) and (b) a portion of any future Annual Target Payouts that were or would otherwise have been earned absent such Retirement based on the Company’s achievement of Annual Net Leverage Ratio Goals.  The portion referred to in clause (b) shall be equal to the total amount of such Annual Target Payouts you would have received absent such Retirement multiplied by a fraction, the numerator of which is the number of days during the Performance Period prior to the date of your Retirement and the denominator of which is the total number of days in the Performance Period. Any such Annual Target Payouts will be paid at the same time as they would have been paid under this Award had your employment or service continued until the payment date.

Upon a Change in Control (as defined below), this Award will be converted into a right to receive a cash payment at the time of such Change in Control equal to (a) any Annual Target Payout that relates to a year ending on or prior to such Change in Control (less any amounts previously paid with respect to such year) and (b) the sum of any other Annual Target Payouts relating to the year in which the Change in Control occurred and any future years remaining in the Performance Period, in each case calculated at the target level. 

For purposes of this Agreement, a “Change in Control” means any event which results in the legal or beneficial ownership of shares of voting stock of the Company granting the holder or holders thereof a majority of the votes for the election of the majority of the Board of Directors (or other supervisory board) of the Company being owned by any person or entity (or group of persons or entities acting in concert) other than any one or more of the following acting alone or in concert: (i) the respective spouses and descendants of Harry V. Quadracci, Harry R. Quadracci or Thomas A. Quadracci and/or the spouses of any such descendants, (ii) the respective executors, administrators, guardians or conservators of the estates of any Harry V. Quadracci, Harry R. Quadracci, Thomas A. Quadracci or the Persons described in clause (i) above, (iii) trustees holding shares of voting stock of the Company for the benefit of any of the persons described in clause (i) or (ii) above and (iv) any employee stock ownership or other benefit plan of the Company (together, the "Permitted Holders"). Notwithstanding the foregoing, the transfer of legal or beneficial ownership of any of the shares of voting stock of the Company to a new entity shall not be a Change in Control if a majority of the voting stock of such new entity is owned by Permitted Holders. In the event such a transfer occurs, the foregoing definition of "Change in Control" shall be construed with respect to the new entity that owns all of the voting stock of the Company (as opposed to the Company itself).

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	Transferability of Award:	You may not transfer or assign this Award for any reason, other than as set forth in the Plan. Any attempted transfer or assignment will be null and void.

	Tax Withholding:	All amounts payable under or with respect to this Award shall be subject to withholding for taxes.  

	Miscellaneous:	As a condition of the granting of this Award, you agree, for yourself and your legal representatives or guardians, that this Award shall be interpreted by the Committee and that any interpretation by the Committee of the terms of this Award or the Plan and any determination made by the Committee pursuant to this Award shall be final, binding and conclusive.

Subject to the terms of the Plan, the Committee may modify or amend this Award without your consent as permitted by Section 17(a) of the Plan or: (i) to the extent the action is deemed necessary by the Committee to preserve favorable accounting or tax treatment of this Award for the Company; or (ii) to the extent the Committee determines that such action does not materially and adversely affect the value of this Award or that such action is in the best interest of you or any other person who may then have an interest in this Award.
 
This Award constitutes a mere promise by the Company to make specified payments in the future if such benefits come due under this Award. You will have the status of a general creditor of the Company with respect to any vested Award.

This Award and any payment made hereunder shall be subject to any applicable Company recoupment, recovery, claw back or similar policy that the Company may adopt, or that may become applicable to the Company, from time to time.  

This Award may be executed in counterparts.

This Award is granted under and governed by the terms and conditions of the Plan. Additional provisions regarding this Award and definitions of capitalized terms used and not defined in this Award can be found in the Plan.
BY ACCEPTING THIS AWARD AS AMENDED AND RESTATED, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS DESCRIBED HEREIN AND IN THE PLAN. YOU ALSO ACKNOWLEDGE RECEIPT OF THE PLAN.

QUAD/GRAPHICS, INC.
By:    /s/ Joel Quadracci___________
Joel Quadracci
Chairman, President & CEO
Quad/Graphics
Date:    January 1, 2020
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