REILLY KEVIN P JR 4
4 · LAMAR ADVERTISING CO/NEW · Filed Mar 12, 2026
Research Summary
AI-generated summary of this filing
LAMAR (LAMR) 10% Owner Kevin Reilly Receives LTIP Award
What Happened Kevin P. Reilly Jr., a 10% owner of Lamar Advertising Co. (LAMR), was issued 26,400 LTIP Units of Lamar Advertising Limited Partnership on 2026-03-10. The units were granted at $0.00 (reported as an award/grant, code A) — the grant has no immediate cash cost but is a derivative equity award that can convert into common partnership units and ultimately be redeemable for cash or Class A common stock (one-for-one), at Lamar’s election. This was an award tied to performance targets, not an open-market purchase or sale.
Key Details
- Transaction date and price: 2026-03-10; 26,400 LTIP Units @ $0.00 (award/grant).
- Filing date: 2026-03-12 — appears timely (filed within the standard Form 4 filing window).
- Shares owned after transaction: Not specified in the provided filing excerpts.
- Footnotes / vesting terms:
- LTIP Units issued under Lamar’s 1996 Equity Incentive Plan and convert to common partnership units upon certain events (redeemable one-for-one for cash or Class A stock at Lamar’s election).
- These units are performance-based and subject to forfeiture if financial goals are not met; vesting expected upon certification of 2026 financial results (expected Feb 2027), subject to continued employment and Compensation Committee discretion. The 26,400 figure represents the maximum achievable (120% of target).
- The filing references previously issued vested LTIP Units from 2022–2025 that convert under similar terms.
Context
- This is a derivative, performance-based award (not a cash purchase), so it does not reflect an immediate cash outlay or sale by the insider.
- Awards tied to performance are common executive compensation; they only become deliverable (and financially valuable) if company performance and vesting conditions are met.
- As a 10% owner, Reilly’s holdings are material, but this single award should be viewed as compensation structure, not a direct market sentiment signal.
Insider Transaction Report
Form 4
REILLY KEVIN P JR
DirectorExecutive Chairman10% Owner
Transactions
- Award
LTIP Units
[F1][F2]2026-03-10+26,400→ 26,400 total→ Class A Common Stock (26,400 underlying)
Holdings
- 76,576
LTIP Units
[F3]→ Class A Common Stock (76,576 underlying)
Footnotes (3)
- [F1]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.
- [F2]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.
- [F3]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.
Signature
/s/ James McIlwain, as attorney-in-fact|2026-03-12