Lamar Advertising (LAMR) EVP exercises 9,000 options, sells shares for taxes

Rhea-AI Filing Summary

Lamar Advertising EVP Ross Lamar Reilly exercised stock options for 9,000 shares of Class A Common Stock at $65.82 per share. On the same day, he sold 5,969 shares at $128.65 per share to cover tax withholding obligations and the option exercise price. After these transactions, he directly holds 15,850 shares of Class A Common Stock.

Insights

Equity compensation analyst

Executive exercised options and sold shares mainly to cover taxes and costs, retaining a meaningful equity stake.

EVP Ross Lamar Reilly exercised stock options for 9,000 shares of Lamar Advertising Class A Common Stock at an exercise price of $65.82 per share. This converted a derivative award into actual share ownership.

He then sold 5,969 shares at $128.65 per share. A footnote explains these shares were sold to cover tax withholding obligations and the option exercise price, indicating a largely mechanical liquidity event rather than a purely discretionary sale.

Following the transactions, he directly owns 15,850 shares. The filing shows no remaining derivative position from this option grant, suggesting a full exercise of that award while maintaining ongoing equity exposure through his remaining common 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

OMB APPROVAL

OMB Number:			3235-0287
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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^*

Reilly Ross Lamar

(Last) (First) (Middle)

5321 CORPORATE BOULEVARD

(Street)

BATON ROUGE LOUISIANA 70808

(City) (State) (Zip)

UNITED STATES

(Country)

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)
	EVP, President, Outdoor Div

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/23/2026

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

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

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

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	03/23/2026		M		9,000	A	$65.82	21,819	D
Class A Common Stock	03/23/2026		S(1)		5,969	D	$128.65	15,850	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
Stock Option (right to buy)	$65.82	03/23/2026		M			9,000	(2)	10/03/2026	Class A Common Stock	9,000	$65.82	0	D

Explanation of Responses:

1. Shares sold to cover tax withholding obligations and the option exercise price.

2. The options fully vested as of October 3, 2020.

	/s/ James McIlwain, as attorney-in-fact	03/25/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What did Lamar Advertising (LAMR) executive Ross Lamar Reilly report in this Form 4?

Ross Lamar Reilly reported exercising stock options for 9,000 shares of Lamar Advertising Class A Common Stock at $65.82 per share, then selling 5,969 shares at $128.65 per share, primarily to cover tax withholding obligations and the option exercise price.

How many Lamar Advertising (LAMR) options did Ross Lamar Reilly exercise and at what price?

He exercised stock options covering 9,000 shares of Lamar Advertising Class A Common Stock at an exercise price of $65.82 per share. A footnote notes these options were fully vested as of October 3, 2020, indicating they were long-standing awards now converted into shares.

How many Lamar Advertising (LAMR) shares did Ross Lamar Reilly sell and why?

He sold 5,969 shares of Lamar Advertising Class A Common Stock at $128.65 per share. According to the footnote, the sale was conducted to cover tax withholding obligations and the option exercise price associated with his 9,000-share stock option exercise.

How many Lamar Advertising (LAMR) shares does Ross Lamar Reilly own after these transactions?

After the reported transactions, Ross Lamar Reilly directly owns 15,850 shares of Lamar Advertising Class A Common Stock. This post-transaction ownership figure comes from the Form 4’s totals column, reflecting his remaining direct equity stake following the option exercise and related share sale.

Were Ross Lamar Reilly’s Lamar Advertising (LAMR) share sales open-market transactions?

Yes. The Form 4 classifies the 5,969-share transaction in Class A Common Stock with code “S,” described as a sale in the open market or a private transaction, with a stated sale price of $128.65 per share on March 23, 2026.

Does Ross Lamar Reilly still hold Lamar Advertising (LAMR) stock options after this filing?

The filing shows a derivative transaction exercising options for 9,000 shares, leaving zero options from that grant outstanding. The derivative summary is empty, indicating no remaining derivative position from this specific option award after the reported exercise and share sale.