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Lee Enterprises (LEE) CFO reports equity withholding and new options

Filing Impact
(Neutral)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Lee Enterprises executive V.P., CFO and Treasurer reported routine equity transactions in company stock. The filing shows tax withholding dispositions of common stock tied to vesting of previously granted restricted shares, including 1,639 shares at $16.74, 2,048 shares at $4.15, and 299 shares at $3.45, leaving 34,241 shares of common stock held directly.

The report also lists new employee stock options, each giving the right to buy common stock. One option for 5,203 shares at an exercise price of $16.36 becomes exercisable in three equal annual installments beginning on December 16, 2025 and expires on December 15, 2034. Another grant covers 6,364 performance-based rights tied to Lee Enterprises’ stock, which vest on their expiration date if specified performance criteria are met.

Positive

  • None.

Negative

  • None.
Insider Millage Timothy R.
Role V.P., CFO and Treasurer
Type Security Shares Price Value
Tax Withholding Common Stock 299 $3.45 $1K
Tax Withholding Common Stock 2,048 $4.15 $8K
Grant/Award Employee Stock Option (Right to Buy) 5,203 $0.00 --
Grant/Award Employee Stock Option (Right to Buy) 6,364 $0.00 --
Tax Withholding Common Stock 1,639 $16.74 $27K
Holdings After Transaction: Common Stock — 34,241 shares (Direct); Employee Stock Option (Right to Buy) — 5,203 shares (Direct)
Footnotes (1)
  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. 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. The option vests in three equal annual installments beginning on December 16, 2025. 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.
Form 4 Insider Transactions: What Each Field Means →
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
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)
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) 1,639 D $16.74 36,588 D
Common Stock 12/09/2025 F(1) 2,048 D $4.15 34,540 D
Common Stock 12/16/2025 F(1) 299 D $3.45 34,241 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 5,203 (3) 12/15/2034 Common Stock 5,203 $0 5,203 D
Employee Stock Option (Right to Buy) (4) 03/11/2025(2) A 6,364 (4) 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. 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
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.
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Source: View Original Filing on SEC EDGAR