LEE ENTERPRISES, Inc — Director's Dealing 2012

Nov 15, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LEE ENTERPRISES, INC (LEE ENT)
CIK: 0000058361
Period of Report: 2012-11-15

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-11-15	Common Stock	J	488867	—	Acquired	1035555	Direct
2012-11-15	Common Stock	J	0	—	Disposed	0	Indirect
2012-11-15	Common Stock	J	23279	—	Acquired	29280	Indirect
2012-11-15	Common Stock	J	23279	—	Acquired	27280	Indirect
2012-11-15	Common Stock	J	23279	—	Acquired	23280	Indirect
2012-11-15	Common Stock	J	23279	—	Acquired	23280	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-09-28	Employee Stock Option (Right to Buy)	$2.57	A	12600	Acquired	2020-09-28	Common Stock (12600)	Direct
2012-04-30	Employee Stock Option (Right to Buy)	$1.13	A	40000	Acquired	2022-04-30	Common Stock (40000)	Direct

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
Common Stock	55000	Indirect

Footnotes

F1: Distribution of common stock received from Schermer Investment Partnership, L.P. ("SIP), a family limited partnership, in connection with SIP's dissolution. In prior filings, Reporting Person disclaimed beneficial ownership of all the shares of common stock held by SIP, including those held directly by Schermer Management Corporation ("SMC"), except to the extent of his pecuniary interest therein. Prior to SIP's dissolution, Reporting Person held, as a result of gifts of limited partnership units from Lloyd G. and Betty A. Schermer, his parents, 41.5 limited partnership units of SIP; Reporting Person as trustee of trusts for the benefit of each of his four children, held 8 limited partnership units of SIP (2 units held by each such trust); Reporting Person's brother, Grant E. Schermer, held, as a result of gifts of limited partnership units from Lloyd G. and Betty A. Schermer, his parents, 49.5 limited partnership units of SIP; and SMC held one general partnership unit of SIP. Of the

F2: 1,163,966 shares of common stock previously reported by Reporting Person as indirectly held by SIP prior to its dissolution and disclaimed by Reporting Person, except to the extent of his pecuniary interest therein, Reporting Person received 488,867 shares of common stock previously held by SIP, trusts for the benefit of Reporting Person's four children each received 23,279 shares of common stock previously held by SIP, and Grant E. Schermer received 581,983 shares of common stock held by SIP prior to its dissolution. SMC was the sole general partner of SIP charged with management of the business of SIP, including voting and investment authority with regard to the common stock held by SIP. SMC had four equal stockholders: Gregory P. Schermer and Grant E. Schermer and trusts for the benefit of Lloyd G. Schermer and Betty A. Schermer. The Board of Directors of SMC consisted of Lloyd G. Schermer, Betty A. Schermer, Gregory P. Schermer and Grant E. Schermer.

F3: Reporting person disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest, if any, therein.

F4: 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.