Lamar (LAMR) Officer Disposes of Multiple Class A Share Blocks

Rhea-AI Filing Summary

Lamar Advertising Co. insider Jay LeCoryelle Johnson, who is listed as CFO, Treasurer and EVP and a member/manager of Westview Capital Partners, LLC, reported multiple sales of Class A common stock on 08/22/2025. The filing shows blocks of 8,120 shares sold at a weighted-average price of $123.003, 6,700 shares sold at $124.44, and 7,180 shares sold at $125.59, plus an additional disposition of 10,000 shares

Following these transactions, the filing reports varying post-sale indirect holdings attributable to Westview Capital Partners, LLC: 13,880 shares, 7,180 shares, and 0 shares for the respective reported sales. The report is signed by an attorney-in-fact on 08/25/2025.

Insights

Securities Analyst

TL;DR: Insider sold multiple blocks totaling 32,000 shares on 08/22/2025; disclosures are specific on weighted-average prices for most blocks.

The filing documents multiple non-derivative dispositions by a senior executive and manager of the reporting investment vehicle. Weighted-average prices are provided for three tranches, improving transparency about execution prices. The presence of an additional 10,000-share disposition with no price listed reduces clarity on aggregate proceeds. For investors, the activity is an executed sale rather than an issuance or option exercise, so it represents monetization of existing holdings rather than dilution.

Corporate Governance Expert

TL;DR: Routine insider selling disclosed; material only if it signals change in insider conviction, but filing alone is neutral.

The reporting person holds officer titles and is tied to Westview Capital Partners, LLC, which is cited as the indirect owner for the reported shares. The filing appropriately identifies relationship and indirect ownership. The seller offers weighted-average price ranges in footnotes, which aids transparency. The filing does not include context such as a Rule 10b5-1 plan or reasons for sale, so governance implications are limited to disclosure completeness.

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

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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)
08/22/2025

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	08/22/2025		S		8,120	D	$123.003(1)	13,880	I	By Westview Capital Partners, LLC(2)
Class A Common Stockl	08/22/2025		S		6,700	D	$124.44(3)	7,180	I	By Westview Capital Partners, LLC(2)
Class A Common Stock	08/22/2025		S		7,180	D	$125.59(4)	0	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

Explanation of Responses:

1. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $122.73 to $123.69, inclusive. The reporting person undertakes to provide to Lamar Advertising Company, any security holder of Lamar Advertising Company, or the staff of the Securities Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote 1.

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

3. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $123.82 to $124.82, inclusive. The reporting person undertakes to provide to Lamar Advertising Company, any security holder of Lamar Advertising Company, or the staff of the Securities Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote 3.

4. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $124.83 to $125.59, inclusive. The reporting person undertakes to provide to Lamar Advertising Company, any security holder of Lamar Advertising Company, or the staff of the Securities Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote 4.

	/s/ James McIlwain, as attorney-in-fact	08/25/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What did the Form 4 filed for LAMR disclose about insider trades on 08/22/2025?

The Form 4 shows Jay LeCoryelle Johnson sold multiple blocks of Class A common stock on 08/22/2025, including 8,120 shares at a weighted-average $123.003, 6,700 shares at $124.44, 7,180 shares at $125.59, and an additional 10,000-share disposition with no price listed.

How many shares did the insider dispose of in total in the filing for LAMR?

The reported dispositions sum to 32,000 shares across the reported lines (8,120 + 6,700 + 7,180 + 10,000).

Does the Form 4 identify who indirectly owned the sold shares for LAMR?

Yes. The filing states the shares were held indirectly by Westview Capital Partners, LLC, and the reporting person is identified as a member and manager of that LLC.

Are execution prices fully disclosed for all tranches in the LAMR Form 4?

Weighted-average prices are disclosed for three tranches with footnote ranges; one 10,000-share disposition is listed without a price in the table.

Who signed the Form 4 for the LAMR filing?

The form is signed by /s/ James McIlwain, as attorney-in-fact with the signature date 08/25/2025.