Millage Timothy R. 4/A

What Happened
Timothy R. Millage, Vice President, Chief Financial Officer and Treasurer of Lee Enterprises (LEE), had 4,055 shares withheld on February 3, 2026 to satisfy tax withholding related to vested restricted stock (4,055 shares × $5.46 = $22,140). The filing also reports prior grants on March 11, 2025 of 5,203 and 6,364 derivative shares (restricted stock awards / performance rights) issued at $0 (these are awards, not open-market purchases).

Key Details

• Transactions reported:
  • 2026-02-03: Tax withholding (Form 4 code F) — 4,055 shares withheld at $5.46/sh, total $22,140 (deemed disposition back to LEE).
  • 2025-03-11: Awards/grants (Form 4 code A) — 5,203 and 6,364 derivative shares granted at $0 (restricted stock & performance rights).
• Filing status: This is an AMENDED Form 4 filed 2026-02-06 correcting a scrivener's error in a prior filing (the prior Form 4 understated direct beneficial ownership by 8,066 shares — footnote F2).
• Notable footnotes:
  • F1: Withholding occurred on vesting of previously granted restricted stock (routine tax withholding).
  • F3–F5: Awards were approved by the exec comp committee Dec 16, 2024, shareholder-approved Feb 27, 2025, registered on Form S-8 Mar 11, 2025; options vest in three equal annual installments beginning Dec 16, 2025; performance rights vest on expiration if performance criteria are met.
• Shares owned after transaction: Not specified in the excerpt; the amendment corrected an understatement by 8,066 shares.

Context

• The 4,055-share disposition was a tax-withholding action tied to vesting of restricted stock (routine and not the same as an open-market sale). Such withholding is common and typically not a directional signal about the insider's view of the company.
• The March 2025 entries are grant/award disclosures for derivative awards (restricted stock and performance rights); they show future upside is tied to vesting and performance conditions rather than an immediate purchase.