LEE ENTERPRISES, Inc — Director's Dealing 2011

Apr 11, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LEE ENTERPRISES, INC (LEE ENT)
CIK: 0000058361
Period of Report: 2011-03-02

Reporting Person: SCHERMER GREGORY P (Director, Vice Pres.-Interactive Media, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-02	Common Stock	C	512970	—	Acquired	546688	Direct
2011-03-02	Common Stock	C	1163966	—	Acquired	1163966	Indirect
2011-03-02	Common Stock	C	6000	—	Acquired	6000	Indirect
2011-03-02	Common Stock	C	6000	—	Acquired	6000	Indirect
2011-03-02	Common Stock	C	4000	—	Acquired	4000	Indirect
2011-03-02	Common Stock	C	55010	—	Acquired	55010	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-03-02	Class B Common Stock	$	C	512970	Disposed		Common Stock (512970)	Direct
2011-03-02	Class B Common Stock	$	C	1163966	Disposed		Common Stock (1163966)	Indirect
2011-03-02	Class B Common Stock	$	C	6000	Disposed		Common Stock (6000)	Indirect
2011-03-02	Class B Common Stock	$	C	6000	Disposed		Common Stock (6000)	Indirect
2011-03-02	Class B Common Stock	$	C	4000	Disposed		Common Stock (4000)	Indirect
2011-03-02	Class B Common Stock	$	C	55010	Disposed		Common Stock (55010)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	540	Indirect
Common Stock	2000	Indirect
Common Stock	540	Indirect
Common Stock	540	Indirect
Common Stock	540	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (Right to Buy)	$2.57	2020-09-28	Common Stock (12600)	12600	Direct

Footnotes

F1: The Company's Class B Common Stock automatically converted to Common Stock when the number of outstanding Class B shares declined through trading on March 2, 2011 below the sunset level of 5.6 million shares established in Lee's Restated Certificate of Incorporation, as amended.

F2: Reporting Person disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest, if any, therein.

F3: Reporting Person disclaims beneficial ownership of all the shares of Common Stock held by Schermer Investment Partnership, L.P. ("SIP"), including those held indirectly by Schermer Management Corporation ("SMC"), except to the extent of his pecuniary interest therein. Reporting Person's father, Lloyd G. Schermer, holds 23.20 limited partnership units of Schermer Investment Partnership LP ("SIP"); Reporting Person's mother, Betty A. Schermer, holds 39.4639 limited partnership units of SIP; Reporting Person holds 10 limited partnership units of SIP; Reporting Person, as trustee of trusts for the benefit of each of his four children, holds 8 limited partnership units of SIP (2 units held by each such trust); Reporting Person's brother, Grant E. Schermer, holds 2 limited partnership units of SIP; Grant E. Schermer, as trustee of a trust for the benefit of Grant E. Schermer, holds 10 limited partnership units of SIP;

F4: Grant E. Schermer, as trustee of a grantor retained annuity trust for the benefit of Betty A. Schermer during its term and for his benefit upon its termination, holds 6.3361 limited partnership units of SIP; and SMC holds one general partnership unit of SIP.

F5: 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.