3 unchanged sentences
Upon discovery, the Company promptly activated its incident response plan, engaging both internal teams and third-party cybersecurity experts.
−Removed: In coordination with legal counsel, the Company notified the relevant law enforcement about the matter, and will notify relevant federal and state regulatory bodies, and applicable consumer protection agencies, as necessary.
−Removed: During the three months ended March 30, 2025, the Company incurred $ 1,900,000 of expenses related to the Cyber Incident.
+Added: Following the containment of the initial threat and as a result of a subsequent, comprehensive review with a third-party vendor, the Company determined certain files may have been accessed or acquired on February 1, 2025, including customers' and subscribers personal information.
+Added: The Company reported the Incident to relevant law enforcement and will cooperate with any resulting investigation or efforts to hold the perpetrators accountable.
+Added: In addition, through a data breach and recovery services vendor, the Company is offering identity theft protection services to those customers and subscribers potentially involved in the data breach.
+Added: During the three months ended June 29, 2025, the Company incurred $1.2 million of expenses related to the Cyber Incident.
+Added: During the nine months ended June 29, 2025, the Company incurred $3.1 million of expenses related to the Cyber Incident.
These expenses are recognized in "Restructuring and Other" in the Consolidated Statements of Loss and Comprehensive Loss.
The Cyber Incident remains under legal and forensic investigation, including evaluation of the extent and potential risk related to unauthorized access to sensitive data.
+Added: The incident continues to have a significant negative impact on the Company's 2025 operating results.
+Added: Various revenue lines were impacted, certain operating expenses are trending higher than they were prior to the incident, and many projects underway were significantly delayed.
+Added: While operating impacts from the incident have not been fully realized, the Company estimates the incident impacted revenue by more than $10 million.
The Company maintains cyber insurance coverage to limit its exposure to losses such as those related to the Cyber Incident, subject to a $500,000 deductible.
1 unchanged sentence
The Company has submitted claims to its insurers for reimbursement of certain costs, expenses, and losses stemming from the Cyber Incident.
−Removed: To date, no reimbursements have been received, however the claims processing is ongoing as of the date of this filing.
+Added: To date, $707,000 reimbursements have been received, however the claims processing is ongoing as of the date of this filing.
Rights Agreement
6 unchanged sentences
On March 27, 2025, the Board of Directors extended the termination date of the Rights Agreement to March 27, 2026 The Rights have no voting or dividend privileges, and, unless and until they become exercisable, have no dilutive effect on the earnings of the Company.
−Removed: The Rights Agreement applies equally to all current and future stockholders and is not intended to deter offers or preclude our Board of Directors from considering acquisition proposals that are fair and otherwise in the best interest of our stockholders.
+Added: The Rights Agreement applies equally to all current and future stockholders and is not intended to deter offers or preclude our Board of Directors from considering acquisition proposals that are fair and otherwise in the best
+Added: interest of our stockholders.
However, the overall effect of the Rights Agreement may render it more difficult or discourage a merger, tender offer, or other business combination involving us that is not supported by our Board of Directors.
5 unchanged sentences
1 to Rights Agreement, dated as of March 26, 2025, between Lee Enterprises, Incorporated and Equiniti Trust Company, LLC, as rights agent (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on March 26, 2025)
−Removed: W aiv er and Amendment to Credit Agree ment among Lee Enterprises, Incor pora ted, BH Finance LLC, and BH Media Group, Inc.
+Added: Waiver and Amendment to Credit Agreement among Lee Enterprises, Incorporated, BH Finance LLC, and BH Media Group, Inc.
dated May 1, 2025 (incorporated by reference to Exhibit 10.1 of the company's Current Report on Form 8-K filed on May 5, 2025)
13 unchanged sentences
/s/ Timothy R.
−Removed: Millage May 9, 2025
+Added: Millage August 8, 2025
Vice President, Chief Financial Officer and Treasurer
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.