[Form 4] Lamar Advertising Co Insider Trading Activity

Rhea-AI Filing Summary

Johnson Jay LeCoryelle, identified as a director and officer (CFO, Treasurer, EVP) of Lamar Advertising Company (LAMR), reported transactions on 08/19/2025. The filing shows 22,000 Class A common shares were acquired indirectly via conversion of LTIP Units into Common Units and subsequent redemption into Class A shares through Westview Capital Partners, LLC, at a stated price of $0. The report also records a disposition of 10,000 Class A shares. Additional entries disclose conversions and transfers of LTIP Units and Common Units involving Brawley Capital Partners, L.L.C. and Blair Road, L.L.C., and a reported disposition of 33,600 LTIP Units. The form is signed by an attorney-in-fact on 08/20/2025.

Insights

Financial Analyst

TL;DR: Insider converted compensation LTIP units into 22,000 Class A shares while also disposing of 10,000 shares; activity suggests routine equity plan processing.

The Form 4 documents a mix of acquisitions and disposals tied to the company's long-term incentive program rather than open-market purchases. The 22,000-share acquisition reflects automatic conversion of vested LTIP Units into Common Units and redemption into Class A shares at a $0 conversion price as per the partnership agreement. The 10,000-share disposition and the reported 33,600 LTIP Units disposed are material by size but are reported as plan-related movements and transfers among affiliated entities (Westview, Brawley, Blair Road), not necessarily cash-driven trades. For investors, this is primarily a disclosure of compensation-plan mechanics and affiliated-entity reallocations rather than a market signal of independent insider buying or selling.

Corporate Governance Expert

TL;DR: Transactions appear to reflect standard incentive-plan vesting, conversions, and affiliated-entity handling rather than unusual governance events.

The report explicitly ties multiple entries to the Lamar 1996 Equity Incentive Plan and the OP partnership agreement that permits LTIP Units to convert into Common Units and then be redeemed for Class A stock. The reporting person’s roles and manager/member status in multiple LLCs are disclosed, outlining the indirect beneficial ownership channels. The filing is properly executed by an attorney-in-fact, indicating procedural compliance. No executive resignations, amendments, or governance actions are disclosed in this Form 4.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Johnson Jay LeCoryelle

(Last) (First) (Middle)

5321 CORPORATE BOULEVARD

(Street)

BATON ROUGE LA 70808

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
LAMAR ADVERTISING CO/NEW [ LAMR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CFO, Treasurer, EVP

3. Date of Earliest Transaction (Month/Day/Year)
08/19/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	08/19/2025		M(1)		22,000	A	$0(1)	22,000	I	By Westview Capital Partners, LLC(2)
Class A Common Stock								10,000	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
LTIP Units(3)	(4)	08/19/2025		M(1)			22,000	(4)	(3)(4)	Class A Common Stock	22,000	$0(1)	0	I	By Westview Capital Partners, LLC(2)
Common Units	(5)	08/19/2025		M(1)		22,000		(5)	(5)	Class A Common Stock	22,000	$0(1)(5)	22,000	I	By Westview Capital Partners, LLC(2)
Common Units	(5)	08/19/2025		M(1)			22,000	(5)	(5)	Class A Common Stock	22,000	$0(1)(5)	0	I	By Westview Capital Partners, LLC(2)
LTIP Units(6)	(6)							(6)	(6)	Class A Common Stock	33,600		33,600	D
LTIP Units(6)	(6)							(6)	(6)	Class A Common Stock	19,800		19,800	I	By Brawley Capital Partners, L.L.C.(7)
LTIP Units(6)	(6)							(6)	(6)	Class A Common Stock	33,600		33,600	I	By Blair Road, L.L.C.(8)

Explanation of Responses:

1. These long-term incentive plan units ("LTIP Units") of Lamar Advertising Limited Partnership (the "OP"), the operating partnership of Lamar Advertising Company ("Lamar"), were converted into common partnership units of the OP ("Common Units"), and the Common Units were redeemed for an equal number of shares of the Lamar's Class A Common Stock in accordance with the OP's partnership agreement.

2. The reporting person is a member and manager of Westview Capital Partners, LLC.

3. Represents LTIP Units in the OP. The LTIP Units were issued pursuant to the Lamar's1996 Equity Incentive Plan, as amended.

4. As described in the OP's partnership agreement, vested LTIP Units convert automatically into an equivalent number of Common Units. The Common Units are redeemable by the holder for cash or Class A common stock of Lamar on a one-for-one basis, at Lamar's election.

5. Represents Common Units in the OP. Each Common Unit may be redeemed by the holder for cash or Class A common stock of Lamar on a one-for-one basis, at Lamar's election.

6. These LTIP Units of the OP were issued in 2023, 2024, and 2025 under Lamar's 1996 Equity Incentive Plan, as amended, and following the occurrence of certain events and upon vesting, convert automatically into an equivalent number of Common Units. The Common Units are redeemable by the holder for cash or Class A common stock of Lamar on a one-for-one basis, at Lamar's election.

7. The reporting person is a member and manager of Brawley Capital Partners, L.L.C.

8. The reporting person is a member and manager of Blair Road, L.L.C.

	/s/ James McIlwain, as attorney-in-fact	08/20/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transactions did LAMR report on 08/19/2025?

The Form 4 reports a 22,000-share acquisition10,000-share disposition, plus other LTIP/Common Unit conversions among affiliated entities.

Who filed the Form 4 for LAMR and what roles does the reporting person hold?

The reporting person is Johnson Jay LeCoryelle, listed as a director and officer (CFO, Treasurer, EVP). The form was signed by an attorney-in-fact on 08/20/2025.

How were the 22,000 shares acquired according to the filing?

They were acquired indirectly when vested LTIP Units converted into Common Units and were redeemed for Class A common stock under the OP partnership agreement, at a reported price of $0.

Which affiliated entities are involved in the reported transactions?

The filing names Westview Capital Partners, LLC, Brawley Capital Partners, L.L.C., and Blair Road, L.L.C. as entities through which indirect ownership is held.

Do these entries indicate a change in compensation or governance?

The entries relate to the company's long-term incentive plan (LTIP) conversions and redemptions; the filing does not disclose any executive departures or governance changes.