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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.
Lamar Advertising executive Jay LeCoryelle Johnson, who serves as CFO, Treasurer and EVP, reported insider activity involving Class A Common Stock. An entity associated with him, Westview Capital Partners, LLC, sold 1,260 shares on March 5, 2026 in an open-market transaction at an average price of $137.56 per share, leaving that entity with no remaining reported indirect holdings.
Following these transactions, Johnson is reported as holding 10,000 shares of Class A Common Stock directly in his own name.
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.
Lamar Advertising Company declared a quarterly cash dividend of $1.60 per share, payable on March 31, 2026, to stockholders of record on March 16, 2026, for both its Class A and Class B common stock. The company expects aggregate quarterly distributions to stockholders in 2026, including this payment, to total at least $6.40 per common share.
The board also extended its capital return programs. The stock repurchase program allows repurchases of up to an additional $250 million of Class A common stock, while a debt repurchase program authorizes Lamar Media Corp. to repurchase up to $250 million of its senior notes and other indebtedness. These programs, previously expiring March 31, 2026, now run through September 30, 2027 and may be extended, suspended or discontinued at any time. Lamar has already repurchased $150 million under the stock program, which was increased to an overall size of $400 million, leaving $250 million available.
Lamar Advertising executive Ross Lamar reported stock-based compensation activity. He acquired 1,600 shares of Class A common stock as a grant or award on February 18, 2026, with no cash price per share, certified under the company’s performance-equity bonus program.
On the same date, 444 shares of Class A common stock were disposed of at $133.73 per share to satisfy a tax liability by delivering securities. After these transactions, his directly owned Class A common stock holdings were 12,819 shares.
Lamar Advertising Company Chief Executive Officer Sean E. Reilly reported a forfeiture of 20,965 LTIP Units of Lamar Advertising Limited Partnership to the issuer. These incentive units had been granted under Lamar’s 1996 Equity Incentive Plan and were subject to 2025 performance goals. The amount forfeited, including dividend equivalents, reflects the Compensation Committee’s determination of 2025 performance on February 18, 2026. After this disposition, Reilly directly holds 39,035 LTIP Units from this award, and a separate line in the filing shows 126,000 previously issued and vested LTIP Units held directly.
Lamar Advertising Company Executive Chairman Kevin P. Reilly Jr. reported a disposition of 9,224 LTIP Units of Lamar Advertising Limited Partnership to the issuer on February 18, 2026. The disposition occurred at a price of $0.00 per unit and reflects forfeiture tied to 2025 performance goals under Lamar's 1996 Equity Incentive Plan.
According to the disclosure, these LTIP Units were originally awarded subject to forfeiture based on performance results for 2025 as determined by the Compensation Committee. The forfeited portion, including associated dividends, represents the amount shown in the transaction. The filing also notes additional LTIP Units previously issued and vested under the same plan that can convert into partnership units redeemable for cash or Class A common stock on a one-for-one basis.
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.
Lamar Advertising Company and subsidiary Lamar Media Corp. describe a large, diversified out-of-home advertising business spanning billboards, logo signs and transit displays across the U.S. and Canada. As of December 31, 2025, the company operated about 159,300 billboard displays, 5,500 of which were digital, plus 144,400 logo displays and 40,600 transit displays.
Total 2025 revenues were $2,266.2 million, with billboard, logo and transit activities all contributing. Lamar highlights its REIT structure, capital allocation focus and heavy investment in digital, including $180.8 million of 2025 capital expenditures. The filing also emphasizes substantial leverage at Lamar Media, with about $3.42 billion of debt outstanding, exposure to rising interest rates, regulatory risks around billboards and digital displays, contract renewal risk for logo and transit concessions, and dependence on advertising demand and broader economic conditions.