Kevin Mowbray - Dec 7, 2021 Form 4 Insider Report for LEE ENTERPRISES, Inc (LEE)

Role: Dir., President & CEO, Director
Signature: /s/Timothy B. Gulbranson, Limited POA, Attorney-in-Fact
Stock symbol: LEE
Transactions as of: Dec 7, 2021
Transactions value $: -$79,301
Form type: 4
Date filed: 12/9/2021, 03:04 PM
Next filing: Dec 14, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	LEE	Common Stock	Tax liability	-$170K	-6.83K	-7.13%	$24.85	89K	Dec 7, 2021	Direct	F1, F2

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	$90.4K	+8K		$11.30^*	8K	Apr 30, 2012	Common Stock	8K	$11.30	Direct	F2, F3

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

Explanation of Responses:

Id	Content
F1	Exercise of tax withholding in connection with vesting of previously granted (and reported) restricted stock resulting in a deemed disposition of the withheld shares back to Lee.
F2	This Form 4 adjusts the Amount of Securities Beneficially Owned by the Reporting Person and Exercise Price of Derivative Security, the value of which was adjusted following the Issuer effectuating a one-for-ten (1:10) reverse stock split on March 12, 2021.
F3	These securities are exercisable as follows: 30% upon the first anniversary date of the grant; 60% upon the second anniversary date of the grant; and 100% upon the third anniversary date of the grant.