LEE

• The transition awards have target values of $1.75 million for Bekke and $900,000 for Rinehults, each consisting of 50% performance stock units and 50% restricted stock awards.
• Performance stock units vest based 50% on stock price performance and 50% on Adjusted EBITDA over a period ending September 2028, with payouts from 0% to 200% of target.
• Restricted stock awards vest in three equal annual installments subject to continued service.
• The committee also approved a revised annual long-term incentive framework with target award values of 300%, 225%, and 175% of base compensation for CEO, CFO, and Chief Revenue Officer, respectively.

5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 9.01 Financial Statements and Exhibits

• Net income totaled $5 million, an improvement of $7 million over the prior-year quarter.
• Adjusted EBITDA totaled $18 million, up 23% year-over-year (19% excluding insurance reimbursements).
• The company increased its fiscal 2026 Adjusted EBITDA outlook to 22%-28% year-over-year growth (near 10% excluding insurance proceeds).
• Debt outstanding was $455 million, cash on balance sheet was $59 million, and interest expense declined 45% to $5.6 million in the quarter.

2.02 Results of Operations and Financial Condition · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits

• Herbert W. Moloney III informed the Board of Directors of Lee Enterprises, Incorporated of his retirement.
• The retirement is effective July 28, 2026.
• The disclosure is made pursuant to Item 5.02(b) of Form 8-K.
• The report was filed on July 30, 2026, and signed by CFO Joshua P. Rinehults.

5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements

• The amendment modifies standstill provisions, allowing investors owning more than 10% of outstanding common stock to continue purchasing up to 600,000 shares during the standstill period.
• Such investors may purchase more than 600,000 shares if purchases are made pursuant to a qualified Rule 10b5-1 trading plan approved by the company.
• Investors may elect to make all permitted purchases, including those exceeding 600,000 shares, through an approved Rule 10b5-1 trading plan.
• Except for the amendment, the Stock Purchase Agreement remains unchanged.

1.01 Entry into a Material Definitive Agreement · 9.01 Financial Statements and Exhibits

• Mary Junck informed the Board of Directors on July 7, 2026, that she is retiring effective July 31, 2026.
• The disclosure is made under Item 5.02(b) of Form 8-K.
• The report was filed on July 10, 2026, and signed by CFO Joshua P. Rinehults.

5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 9.01 Financial Statements and Exhibits

• The initial term runs from June 1, 2026 through May 31, 2031, with possible one-year extensions by mutual agreement.
• Lee will receive a fixed management fee of $135,000 per fiscal quarter for existing Hoffmann publications, plus a variable fee of 20% of prior quarter's EBITDA for publications acquired after the start date.
• Hoffmann retains ownership of all revenue and remains responsible for working capital, accounts payable, payroll, and taxes; Lee is reimbursed at cost for shared services.
• The agreement was approved by Lee's Board under related party policies; David Hoffmann, Hoffmann's principal and Lee's majority shareholder and Chairman, recused himself from the vote.

8.01 Other Events · 9.01 Financial Statements and Exhibits

• Adjusted EBITDA increased 95% year-over-year to $15 million, including $4 million from insurance reimbursements related to a prior cyber event.
• Digital revenue totaled $68 million, representing 56% of total revenue; digital-only subscribers reached 591,000.
• Net loss improved to $2 million from $12 million in the prior year quarter.
• The company reaffirmed guidance for year-over-year Adjusted EBITDA growth in fiscal 2026, with mid-single-digit growth expected.

2.02 Results of Operations and Financial Condition · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits

• The Board also appointed Joshua P. Rinehults as Vice President, Chief Financial Officer and Treasurer, effective immediately; he had served as Vice President, Interim CFO and Treasurer since February 2, 2026.
• Bekke's compensation includes an annual base salary of $700,000 and a target annual bonus of 100% of base salary, with 50% payable in cash and 50% in restricted stock awards.
• Rinehults' compensation includes an annual base salary of $450,000 and a target annual bonus of 50% of base salary, with 50% payable in cash and 50% in restricted stock awards.
• The appointments were unanimously approved by the Board following a nationwide search, and long-term equity compensation targets have not yet been established.

5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits