Lee Enterprises (LEE) CFO amends Form 4, updates stock and award holdings

Rhea-AI Filing Summary

Lee Enterprises’ vice president, CFO and treasurer updated their equity holdings in an amended insider filing. On February 3, 2026, 4,055 shares of common stock were withheld at $5.46 per share to cover taxes on previously granted restricted stock, reducing directly held shares in that transaction.

After correcting a prior scrivener’s error that had understated ownership by 8,066 shares, the officer now directly holds 30,186 common shares. The officer also holds an employee stock option for 5,203 shares at $16.36 per share, expiring on December 15, 2034 and vesting in three equal annual installments beginning December 16, 2025, plus 6,364 performance rights that each represent a contingent right to one share of common stock vesting on September 26, 2027 if performance criteria are met.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Millage Timothy R.

(Last) (First) (Middle)

C/O LEE ENTERPRISES, INCORPORATED

4600 E. 53RD STREET

(Street)

DAVENPORT IA 52807

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
LEE ENTERPRISES, Inc [ LEE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	V.P., CFO and Treasurer

3. Date of Earliest Transaction (Month/Day/Year)
02/03/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)
02/05/2026

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. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction 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
Common Stock	02/03/2026		F(1)		4,055	D	$5.46	30,186(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction 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 (Month/Day/Year)		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: 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
Employee Stock Option (Right to Buy)	$16.36	03/11/2025(3)		A		5,203		(4)	12/15/2034	Common Stock	5,203	$0	5,203	D
Performance Rights	(5)	03/11/2025(3)		A		6,364		(5)	09/26/2027	Common Stock	6,364	$0	6,364	D

Explanation of Responses:

1. Exercise of tax withholding right in connection with vesting of previously granted (and reported) restricted stock resulting in a deemed disposition of the withheld shares back to LEE.

2. On February 5, 2026, the Reporting Person filed a Form 4 that contained a scrivener's error that resulted in the number of shares beneficially owned directly by the Reporting Person to be understated by 8,066 shares. This Amendment corrects the error.

3. The grant of restricted stock awards, stock options, and performance shares were approved by the executive compensation committee of LEE's board of directors on December 16, 2024, subject to shareholder approval of the First Amendment to the 2020 Long-Term Incentive Plan ("Amendment") under which the awards were granted and the subsequent filing of LEE's Registration Statement on Form S-8 registering the additional shares authorized under the Amendment. LEE's shareholders approved the Amendment on February 27, 2025, and the Form S-8 was filed with the Securities and Exchange Commission on March 11, 2025.

4. The option vests in three equal annual installments beginning on December 16, 2025.

5. Each performance right represents a contingent right to receive one share of LEE common stock. The performance rights vest on the expiration date and upon the satisfaction of certain performance criteria of LEE's common stock.

	/s/Timothy B. Gulbranson, Limited POA, Attorney-in-Fact	02/06/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider activity did Lee Enterprises (LEE) report in this Form 4/A?

Lee Enterprises reported its vice president, CFO and treasurer had 4,055 common shares withheld at $5.46 per share on February 3, 2026 to satisfy tax obligations on previously vested restricted stock, resulting in a deemed disposition of those shares back to the company.

How many Lee Enterprises (LEE) shares does the reporting officer now own?

After correcting a prior reporting error, the officer now directly owns 30,186 Lee Enterprises common shares. A previous Form 4 had understated direct beneficial ownership by 8,066 shares, and this amendment adjusts the reported holdings to the accurate post-transaction amount.

What stock options were reported in the Lee Enterprises (LEE) filing?

The filing shows an employee stock option for 5,203 Lee Enterprises common shares at a $16.36 exercise price. The option expires on December 15, 2034 and vests in three equal annual installments beginning December 16, 2025, following shareholder approval of the amended long-term incentive plan.

What are the performance rights reported for Lee Enterprises (LEE)?

The officer holds 6,364 performance rights, each representing a contingent right to receive one share of Lee Enterprises common stock. These performance rights vest on September 26, 2027, provided specified performance criteria tied to the company’s common stock are satisfied, and were granted under the long-term incentive plan.

Why was this Lee Enterprises (LEE) Form 4 amended?

The Form 4 was amended to correct a scrivener’s error in an earlier filing dated February 5, 2026. That earlier report understated the number of shares directly beneficially owned by the officer by 8,066 shares, and this amendment updates the reported direct ownership to the correct level.

When were the Lee Enterprises (LEE) equity awards approved and made effective?

The restricted stock awards, stock options and performance shares were approved on December 16, 2024, subject to shareholder approval of an amendment to the 2020 Long-Term Incentive Plan and a related Form S-8. Shareholders approved the amendment on February 27, 2025 and the Form S-8 became effective on March 11, 2025.