Lamar Advertising (LAMR) awards 26,400 LTIP units to chair

Rhea-AI Filing Summary

Lamar Advertising Executive Chairman Kevin P. Reilly Jr. received a grant of 26,400 LTIP Units on March 10, 2026 as equity compensation.

These LTIP Units may convert into an equal number of Class A common shares through partnership units, but only after vesting. Vesting depends on Lamar achieving specified 2026 financial performance goals, with certification expected in February 2027, continued employment, and Compensation Committee discretion. The 26,400 units represent the maximum payout level at 120% of target, and following this grant he holds LTIP Units tied to 76,576 underlying Class A shares.

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^*

REILLY KEVIN P JR

(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)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Chairman

3. Date of Earliest Transaction (Month/Day/Year)
03/10/2026

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

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(1)(2)	(1)(2)	03/10/2026		A		26,400		(1)(2)	(1)(2)	Class A Common Stock	26,400	$0(1)(2)	26,400	D
LTIP Units(3)	(3)							(3)	(3)	Class A Common Stock	76,576		76,576	D

Explanation of Responses:

1. These LTIP Units ("LTIP Units") of Lamar Advertising Limited Partnership (the "OP"), the operating partnership of Lamar Advertising Company ("Lamar"), were issued under Lamar's 1996 Equity Incentive Plan, as amended. LTIP Units are a class of units of the OP that, following the occurrence of certain events and upon vesting, convert automatically into an equivalent number of common partnership units of the OP ("Common Units"). 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.

2. These LTIP Units are subject to forfeiture based on the achievement of financial performance goals by Lamar, and will vest upon certification of Lamar's financial results for 2026, expected to occur in February 2027, subject to the reporting person's continued employment at Lamar and the discretion of the Compensation Committee. The number of LTIP Units issued is the maximum number achievable by such reporting person and represents achievement of financial performance goals at 120% of target.

3. These vested LTIP Units of the OP were issued in 2022, 2023, 2024, and 2025 under Lamar's 1996 Equity Incentive Plan, as amended, and following the occurrence of certain events, 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.

	/s/ James McIlwain, as attorney-in-fact	03/12/2026
	** 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 Lamar Advertising (LAMR) report in this Form 4 filing?

Lamar reported a grant of 26,400 LTIP Units to Executive Chairman Kevin P. Reilly Jr. These equity awards are performance-based and can ultimately convert into Class A common stock, aligning his compensation with Lamar’s 2026 financial performance results once certified.

How many LTIP Units did Kevin P. Reilly Jr. receive from Lamar Advertising?

Kevin P. Reilly Jr. received 26,400 LTIP Units as an equity award. According to the filing, this number reflects the maximum payout level, corresponding to achievement of Lamar’s financial performance goals at 120% of target for the 2026 performance period.

When will the newly granted LTIP Units at Lamar (LAMR) vest?

The LTIP Units will vest after Lamar’s financial results for 2026 are certified. The certification is expected in February 2027, and vesting also requires Kevin P. Reilly Jr.’s continued employment and remains subject to the Compensation Committee’s discretion under the equity plan.

How are Lamar Advertising’s LTIP Units linked to Class A common stock?

The LTIP Units are units of Lamar Advertising Limited Partnership that, after certain events and vesting, convert into common partnership units. Those common units are redeemable for cash or Class A common stock of Lamar on a one-for-one basis, at Lamar’s election, according to the filing.

What total LTIP-related position does Kevin P. Reilly Jr. hold after this transaction?

After this transaction, the filing shows LTIP Units tied to 76,576 underlying Class A common shares. This figure includes the new grant and prior vested LTIP Units issued between 2022 and 2025 under Lamar’s 1996 Equity Incentive Plan, as amended.

Are Lamar (LAMR) LTIP Units guaranteed to be earned at the maximum level?

The 26,400 LTIP Units represent the maximum number achievable at 120% of target performance. Actual vesting depends on Lamar’s 2026 financial results, certification in 2027, continued employment, and Compensation Committee discretion, so the final earned amount could be lower than the maximum.