Lamar Advertising (LAMR) CFO forfeits 11,740 performance-based LTIP Units

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Lamar Advertising Company CFO Jay LeCoryelle Johnson reported a disposition of 11,740 LTIP Units back to the company’s operating partnership. The Form 4 shows this as a disposition to the issuer, with no price per unit, leaving 21,860 LTIP Units directly owned afterward.

Footnotes explain these LTIP Units were part of a performance-based award tied to 2025 goals under Lamar’s equity incentive plan, and the 11,740-unit amount represents the portion forfeited when 2025 performance results were determined on February 18, 2026. Johnson also has indirect LTIP Unit holdings through Westview Capital Partners, LLC and Blair Road, L.L.C., with 19,800 and 33,600 LTIP Units respectively following the reported date.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Johnson Jay LeCoryelle

Role CFO, Treasurer, EVP

Type	Security	Shares	Price	Value
Disposition	LTIP Units	11,740	$0.00	--
holding	LTIP Units	--	--	--
holding	LTIP Units	--	--	--

Holdings After Transaction: LTIP Units — 21,860 shares (Direct); LTIP Units — 19,800 shares (Indirect, By Westview Capital Partners, LLC)

Footnotes (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. These LTIP Units were originally awarded subject to forfeiture based on the achievement of performance goals for 2025, as determined by Lamar's Compensation Committee. Amount represents the portion of the award (including dividends) forfeited when performance results for 2025 were determined by the Compensation Committee on February 18, 2026. These LTIP Units of the OP were previously issued and vested 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. These LTIP Units were previously transferred from Brawley Capital Partners, L.L.C. ("Brawley") to Westview Capital Partners, LLC ("Westview"). The reporting person is a member and manager of both Brawley and Westview. The reporting person is a member and manager of Blair Road, L.L.C.

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Form 4 Insider Transactions: What Each Field Means →

02/20/2026 - 04:07 PM

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

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)
02/18/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
LTIP Units⁽¹⁾	⁽¹⁾	02/18/2026		D			11,740⁽²⁾	⁽¹⁾	⁽¹⁾	Class A Common Stock	11,740	$0⁽¹⁾	21,860	D
LTIP Units⁽³⁾	⁽³⁾							⁽³⁾	⁽³⁾	Class A Common Stock	19,800		19,800	I	By Westview Capital Partners, LLC⁽⁴⁾
LTIP Units⁽³⁾	⁽³⁾							⁽³⁾	⁽³⁾	Class A Common Stock	33,600		33,600	I	By Blair Road, L.L.C.⁽⁵⁾

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. These LTIP Units were originally awarded subject to forfeiture based on the achievement of performance goals for 2025, as determined by Lamar's Compensation Committee.

2. Amount represents the portion of the award (including dividends) forfeited when performance results for 2025 were determined by the Compensation Committee on February 18, 2026.

3. These LTIP Units of the OP were previously issued and vested 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.

4. These LTIP Units were previously transferred from Brawley Capital Partners, L.L.C. ("Brawley") to Westview Capital Partners, LLC ("Westview"). The reporting person is a member and manager of both Brawley and Westview.

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

	/s/ James McIlwain, as attorney-in-fact	02/20/2026
	** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Lamar Advertising (LAMR) report for its CFO?

Lamar Advertising’s CFO, Jay LeCoryelle Johnson, reported a disposition of 11,740 LTIP Units back to the operating partnership. The units were forfeited under a performance-based award after 2025 results were set by the Compensation Committee on February 18, 2026.

Why were 11,740 Lamar Advertising (LAMR) LTIP Units forfeited by the CFO?

The 11,740 LTIP Units were forfeited because they represented the portion of a 2025 performance-based equity award that did not vest. The Compensation Committee determined 2025 performance results on February 18, 2026, triggering forfeiture of that part of the award, including related dividends.

How many Lamar Advertising (LAMR) LTIP Units does the CFO hold directly after the transaction?

After the reported disposition, CFO Jay LeCoryelle Johnson directly holds 21,860 LTIP Units. These LTIP Units can convert into common partnership units, which are redeemable for cash or Lamar Class A common stock on a one-for-one basis at Lamar’s election.

What indirect Lamar Advertising (LAMR) LTIP Unit holdings are linked to the CFO?

The filing shows 19,800 LTIP Units held indirectly through Westview Capital Partners, LLC and 33,600 LTIP Units held indirectly through Blair Road, L.L.C. Johnson is described as a member and manager of both entities, which hold these LTIP Units under Lamar’s equity plan.

How do Lamar Advertising (LAMR) LTIP Units work according to this filing?

The LTIP Units are issued by Lamar Advertising’s operating partnership under its equity incentive plan. After certain events and vesting, they automatically convert into common partnership units, which the holder may redeem for cash or Lamar Class A common stock on a one-for-one basis, at Lamar’s election.

Were Lamar Advertising (LAMR) LTIP Units tied to specific 2025 performance goals?

Yes. The forfeited LTIP Units were originally awarded subject to forfeiture based on achieving 2025 performance goals. The Compensation Committee measured those goals and, on February 18, 2026, determined results that caused 11,740 units, including associated dividends, to be forfeited back to the issuer.