On December 23, 2019, upon recommendation of the Executive Compensation Committee (“ECC”) of the Board of Directors (“Board”) of Lee Enterprises, Incorporated (the “Company”) following review and analysis of industry peer board compensation practices as part of its ongoing review and revision of Company governance practices, the Board approved the following changes to Board compensation: (i) the elimination of all Board and committee membership and meeting fees; (ii) an increase of the annual cash retainer to $100,000 in lieu of such meeting fees; (iii) implementation by the ECC of cash retainers for committee chairs and the Board\’s lead director; (iv) implementation of director stock ownership guidelines, including ownership of the Company\’s Common Stock with a share value of at least $300,000 from and after June 1, 2027; (v) implementation of a CEO stock ownership guideline of Common Stock with a share value to be established by the ECC; (vi) the merger of the Amended and Restated 1996 Stock Plan for Non-Employee Directors (“Director Stock Plan”) with and into the Amended and Restated 1990 Long-Term Incentive Plan (effective October 1, 1999, as amended effective February 19, 2020) (the “2020 Plan”); (vii) an annual grant under the 2020 Plan to each non-employee director of shares of the Company\’s restricted common stock valued in the amount of $50,000 on June 1, 2020 and grants of such shares on June 1 of each following year of a value to be determined by the Board from time to time; and (viii) transition from the 10-year holding period (the “10-Year Hold”) for shares previously issued under the Director Stock Plan to a vesting period of one (1) year under the 2020 Plan; provided, for any shares presently issued and outstanding, the 10-Year Hold will continue to apply, unless such director retires, resigns or dies while holding the position of director prior to satisfying this holding requirement; and provided further, that any shares hereinafter issued to the Company’s directors shall, upon vesting, be subject to a continuing holding requirement until such director satisfies the director stock ownership guidelines from time to time established by the Board, whereupon any vested shares held by a director in excess of the then-established stock ownership guidelines may be disposed of by such director at his or her discretion consistent with applicable law.

The new compensation program approved by the Board will be effective March 1, 2020; provided, that the revised annual stock grant to non-employee Board members is subject to shareholder approval of the merger of the Director Stock Plan with and approval of the 2020 Plan to provide for the issuance of such grants.

About LEE ENTERPRISES, INCORPORATED (NYSE:LEE)

Lee Enterprises, Incorporated is a provider of local news and information, and a platform for print and digital advertising. The Company’s products included 46 daily and 34 Sunday newspapers, 300 weekly newspapers, and classified and niche publications, as of September 25, 2016. The Company also provides a range of digital products, including video, digital couponing, behavioral targeting, audience retargeting, banner advertisements and social networking. It provides digital marketing services to small and midsized businesses (SMBs), including search engine marketing (SEM), social media, audience extension, business profiles, and Website hosting and design. It offers small business solutions, including search engine optimization (SEO), local online marketing, social media marketing, video advertising and Website design. The markets it caters to are located primarily in the Midwest, Mountain West and West regions of the United States.