CFO-linked LLC converts Lamar (LAMR) incentive units into Class A shares

Rhea-AI Filing Summary

Lamar Advertising executive Jay LeCoryelle Johnson, the company’s CFO, Treasurer and EVP, reported indirect equity changes tied to long-term incentive awards. An entity associated with him, Westview Capital Partners, LLC, exercised 1,260 LTIP Units of Lamar Advertising Limited Partnership into 1,260 Common Units, which were then redeemed for 1,260 shares of Lamar’s Class A Common Stock at a stated price of $0.00 per share as a derivative conversion. The filing also updates indirect LTIP Unit holdings through Brawley Capital Partners, L.L.C. and Blair Road, L.L.C., and shows 10,000 shares of Class A Common Stock held directly by Johnson.

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)
03/02/2026

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	03/02/2026		M(1)		1,260	A	$0(1)	1,260	I	ByWestview 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)	03/02/2026		M(1)			1,260	(4)	(3)(4)	Class A Common Stock	1,260	$0(1)	18,540	I	By Westview Capital Partners, LLC(2)
Common Units	(5)	03/02/2026		M(1)		1,260		(5)	(5)	Class A Common Stock	1,260	$0(1)(5)	1,260	I	By Westview Capital Partners, LLC(2)
Common Units	(5)	03/02/2026		M(1)			1,260	(5)	(5)	Class A Common Stock	1,260	$0(1)(5)	0	I	By Westview Capital Partners, LLC(2)
LTIP Units(6)	(6)							(6)	(6)	Class A Common Stock	21,860		21,860	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 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 Lamar's 1996 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 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 LTIP Units previously held directly by the reporting person were transferred to Brawley Capital Partners, L.L.C. on March 3, 2026. 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	03/04/2026
	** Signature of Reporting Person	Date
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FAQ

What insider activity did Lamar Advertising (LAMR) report for Jay LeCoryelle Johnson?

Lamar Advertising reported that executive Jay LeCoryelle Johnson had indirect equity changes. An affiliated LLC exercised 1,260 LTIP Units into 1,260 Common Units, then redeemed them for 1,260 shares of Class A Common Stock as a derivative conversion at a stated price of $0.00.

Were any Lamar Advertising (LAMR) shares sold in this Form 4 filing?

No sales were reported in this Form 4. The transactions are coded as derivative exercises or conversions, with the summary showing zero sell transactions and zero sell shares, indicating only acquisitions and updated holdings rather than dispositions of Lamar Class A Common Stock.

Which entities are involved in the Lamar (LAMR) insider transactions for Jay LeCoryelle Johnson?

The filing attributes indirect holdings and activity to Westview Capital Partners, LLC, Brawley Capital Partners, L.L.C., and Blair Road, L.L.C. Johnson is described as a member and manager of these entities, which hold LTIP Units or Common Units related to Lamar Advertising’s operating partnership.

How were Lamar (LAMR) LTIP Units treated in this insider transaction?

LTIP Units in Lamar’s operating partnership automatically convert into Common Units upon vesting under the partnership agreement. In this filing, 1,260 LTIP Units converted into 1,260 Common Units, which were then redeemable and redeemed one-for-one into Class A Common Stock at Lamar’s election as described in the footnotes.

What direct Lamar Advertising (LAMR) stock holdings does Jay LeCoryelle Johnson report?

The Form 4 shows Jay LeCoryelle Johnson holding 10,000 shares of Lamar’s Class A Common Stock directly. Additional interests are held indirectly through entities such as Brawley Capital Partners, L.L.C. and Blair Road, L.L.C., which own LTIP Units in the operating partnership.