[Form 4] LEE ENTERPRISES, Inc Insider Trading Activity

Rhea-AI Filing Summary

Lee Enterprises executive reports stock transactions and new equity awards. The company’s Vice President of Human Resources filed details of share dispositions related to tax withholding and grants of stock-based awards. The filing shows withholding-related dispositions of 759, 1,182, and 100 shares of common stock at prices of $16.74, $4.15, and $3.45, leaving 20,534 shares of common stock owned directly. It also reports grants of 1,734 employee stock options with a $16.36 exercise price and 2,121 performance-based rights to acquire common stock. These awards were approved on December 16, 2024, became effective after shareholder approval on February 27, 2025 and the related Form S-8 filing on March 11, 2025, and vest over time based on service and stock performance conditions.

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

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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^*

Garcia Astrid J

(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. - Human Resources

3. Date of Earliest Transaction (Month/Day/Year)
12/09/2022

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

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	12/09/2022		F(1)		759	D	$16.74	21,816	D
Common Stock	12/09/2025		F(1)		1,182	D	$4.15	20,634	D
Common Stock	12/16/2025		F(1)		100	D	$3.45	20,534	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(2)		A		1,734		(3)	12/15/2034	Common Stock	1,734	$0	1,734	D
Employee Stock Option (Right to Buy)	(4)	03/11/2025(2)		A		2,121		(4)	09/26/2027	Common Stock	2,121	$0	2,121	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. 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.

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

4. 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	12/18/2025
	** Signature of Reporting Person	Date
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