Kevin Mowbray - 05 Feb 2026 Form 4 Insider Report for LEE ENTERPRISES, Inc (LEE)

Role: President & CEO, Director
Signature: /s/Timothy B. Gulbranson, Limited POA, Attorney-in-Fact
Issuer symbol: LEE
Transactions as of: 05 Feb 2026
Net transactions value: -$42,954
Form type: 4
Filing time: 09 Feb 2026, 15:53:07 UTC
Previous filing: 13 Mar 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
MOWBRAY KEVIN	President & CEO, Director	C/O LEE ENTERPRISES, INCORPORATED, 4600 E. 53RD STREET, DAVENPORT	/s/Timothy B. Gulbranson, Limited POA, Attorney-in-Fact	09 Feb 2026	0001193537

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	LEE	Common Stock	Tax liability	$42,954	-7,867	-6.2%	$5.46	118,970	05 Feb 2026	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	LEE	Employee Stock Option (Right to Buy)	Award	$0	+13,380		$0.000000	13,380	11 Mar 2025	Common Stock	13,380	$16.36	Direct	F2, F3
transaction	LEE	Performance Rights	Award	$0	+16,374		$0.000000	16,374	11 Mar 2025	Common Stock	16,374		Direct	F2, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Kevin Mowbray is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id	Content
F1	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.
F2	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.
F3	The option vests in three equal annual installments beginning on December 16, 2025.
F4	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.