Lamar Advertising director plans $87M stock sale

A Lamar Advertising Company director filed a Rule 144 notice to resell up to 1.21 million Class A shares via a trust.

Rhea-AI Filing Summary

Lamar Advertising Company (LAMR) director Thomas V. Reifenheiser has filed a Rule 144 notice for a proposed resale of Class A common stock. The filing covers up to 1,207,400 shares to be sold through J.P. Morgan Securities LLC, with an indicated aggregate market value of $87,129,599, on or after September 14, 2026 on NASDAQ.

The shares are held by the Thomas V. Reifenheiser, Jr. Amended and Restated Revocable Trust Agreement, for which Thomas V. Reifenheiser is trustee, and were acquired from option exercises between May 2007 and May 2024.

Key Figures

Shares to be sold: 1,207,400 shares Aggregate market value: $87,129,599 Approximate date of sale: September 14, 2026 +2 more

5 metrics

Shares to be sold 1,207,400 shares Class A common stock covered by the Rule 144 notice

Aggregate market value $87,129,599 Indicated value of shares to be sold under the notice

Approximate date of sale September 14, 2026 Planned sale date for the covered shares

Date of transfer to trust February 26, 2026 Transfer date referenced for the trust-held shares

Acquisition period May 2007 to May 2024 Period during which options were exercised to acquire the shares

Key Terms

Rule 144, aggregate market value, Revocable Trust, option exercises

4 terms

Rule 144 regulatory

"See the definition of "person" in paragraph (a) of Rule 144."

Rule 144 is a U.S. securities regulation that sets conditions under which restricted or insider-held shares can be legally resold to the public, such as required holding periods, availability of public information, limits on how much can be sold at once, and certain filing requirements. For investors it matters because it determines when previously locked-up shares can enter the market — like a release valve that can increase supply, affect share price, and signal insider intent.

aggregate market value financial

"Class A Common Stock ... 1,207,400 | 87,129,599 | 09/14/2026"

Aggregate market value is the combined price you would pay to buy all outstanding shares of a company or all companies in a group at current market prices — essentially the sum of each stock’s market capitalization. It matters to investors because it shows the overall size and weight of an investment or sector (like the total cost to buy every piece of a puzzle), helps compare scale across companies or markets, and influences index composition and risk exposure.

Revocable Trust financial

"Amended and Restated Revocable Trust Agreement, Thomas V. Reifenheiser as Trustee."

A revocable trust is a legal arrangement where the person who creates it keeps control and can change or cancel the trust at any time, while naming who will manage and receive the assets later. Think of it like a flexible folder for your investments and property that can be relabeled or reworked as circumstances change; it matters to investors because it determines how ownership is recorded, how easily assets transfer on incapacity or death, and whether holdings bypass public probate proceedings.

option exercises financial

"who acquired the shares from option exercises between May 2007 and May 2024"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Lamar Advertising (LAMR) disclose in this Form 144 filing?

The filing reports that director Thomas V. Reifenheiser plans to resell Class A common stock of Lamar Advertising Company under Rule 144 through J.P. Morgan Securities LLC, using shares held in a revocable trust.

How many LAMR shares are covered by Thomas V. Reifenheiser’s Form 144?

The notice covers up to 1,207,400 shares of Lamar Advertising Company Class A common stock, with an indicated aggregate market value of $87,129,599 for the proposed resale.

When are the LAMR shares expected to be sold under this Form 144?

The approximate date of sale stated is September 14, 2026, with the securities to be sold on NASDAQ through J.P. Morgan Securities LLC as broker.

Who is the selling security holder in this LAMR Form 144?

The securities are held by the Thomas V. Reifenheiser, Jr. Amended and Restated Revocable Trust Agreement, with Thomas V. Reifenheiser as trustee, and he is identified as a director of Lamar Advertising Company.

How and when were the LAMR shares in this Form 144 acquired?

The filing states that the shares were acquired by option exercises occurring between May 2007 and May 2024, and references a transfer date of February 26, 2026 for the trust-held shares.

Which broker is handling the planned sale of LAMR shares in this Form 144?

The proposed sale will be conducted through J.P. Morgan Securities LLC, located at 270 Park Avenue, 10th Floor, New York, New York, acting as agent and attorney-in-fact for Thomas V. Reifenheiser.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/14/2026 - 05:33 PM Accepted by SEC EDGAR 09/14/2026 - 05:32 PM Learn about SEC filing dates

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK	0001107157
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	Lamar Advertising Company
SEC File Number	001-36756
Address of Issuer	5321 Corporate Boulevard Baton Rouge LOUISIANA 70808
Phone	225-926-1000
Name of Person for Whose Account the Securities are To Be Sold	Thomas V. Reifenheiser
See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.
Relationship to Issuer	Director

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Class A Common Stock	J.P. Morgan Securities LLC 270 Park Avenue, 10th Floor New York NY 10017	8099	1207400	87129599	09/14/2026	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Class A Common Stock	02/26/2026	Transfer	Thomas V. Reifenheiser, who acquired the shares from option exercises between May 2007 and May 2024			8099	02/26/2026	N/A

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

Remarks	The shares covered by this filing were sold by the Thomas V. Reifenheiser, Jr. Amended and Restated Revocable Trust Agreement, Thomas V. Reifenheiser as Trustee.
Date of Notice	09/14/2026
ATTENTION:
The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.
Signature	/s/ J.P. Morgan Securities LLC as agent and attorney-in-fact for Thomas V. Reifenheiser
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)