Lee Enterprises (LEE) COO discloses stock option and performance share grants

Rhea-AI Filing Summary

Lee Enterprises chief operating officer reports equity transactions and awards. The filing shows tax-related dispositions of 972, 1,970 and 342 shares of common stock on 12/09/2022, 12/09/2025 and 12/16/2025, leaving 35,937 shares of common stock owned directly.

The officer also acquired employee stock options covering 5,946 shares at an exercise price of $16.36, exercisable from 03/11/2025 and expiring on 12/15/2034, with vesting in three equal annual installments beginning 12/16/2025. Additional rights tied to 7,273 shares of common stock represent contingent performance-based rights that vest on 09/26/2027 if specified 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

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^*

BEKKE NATHAN E.

(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)
	Chief Operating Officer

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)		972	D	$16.74	38,249	D
Common Stock	12/09/2025		F(1)		1,970	D	$4.15	36,279	D
Common Stock	12/16/2025		F(1)		342	D	$3.45	35,937	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		5,946		(3)	12/15/2034	Common Stock	5,946	$0	5,946	D
Employee Stock Option (Right to Buy)	(4)	03/11/2025(2)		A		7,273		(4)	09/26/2027	Common Stock	7,273	$0	7,273	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.
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 did LEE's chief operating officer report in this Form 4 filing?

The chief operating officer of Lee Enterprises, Inc. (LEE) reported tax-related dispositions of common stock and the acquisition of new equity awards, including stock options and performance-based rights tied to LEE common stock.

How many LEE common shares does the officer own after these transactions?

Following the reported transactions, the officer beneficially owns 35,937 shares of LEE common stock, held directly.

What share amounts were disposed of for tax withholding by the LEE officer?

The filing lists dispositions of 972 shares at $16.74, 1,970 shares at $4.15, and 342 shares at $3.45 of LEE common stock, all described as related to tax withholding on vesting of restricted stock.

What new stock options did the LEE officer receive?

The officer received an employee stock option to buy 5,946 shares of LEE common stock at an exercise price of $16.36, exercisable starting 03/11/2025 and expiring on 12/15/2034.

How do the new LEE stock options vest for the chief operating officer?

According to the filing, the option covering 5,946 shares of LEE common stock vests in three equal annual installments beginning on December 16, 2025.

What are the performance-based rights reported by the LEE officer?

The filing states that each performance right represents a contingent right to receive one share of LEE common stock, with 7,273 performance rights vesting on 09/26/2027 if specified performance criteria are satisfied.

Were the LEE equity awards subject to shareholder approval?

Yes. The grant of restricted stock awards, stock options, and performance shares was approved by LEE's executive compensation committee on December 16, 2024, subject to shareholder approval of the First Amendment to the 2020 Long-Term Incentive Plan, which shareholders approved on February 27, 2025.