REILLY SEAN E 4

4 · LAMAR ADVERTISING CO/NEW · Filed Mar 12, 2026

AI-generated summary of this filing

Updated Mar 12, 2026

Lamar (LAMR) CEO Sean Reilly Receives 60,000 LTIP Units

What Happened

Sean E. Reilly, Chief Executive Officer of Lamar Advertising Company (LAMR), was granted 60,000 LTIP Units of Lamar Advertising Limited Partnership on 2026-03-10. The grant is recorded as a derivative award at $0.00 per unit (no cash paid at grant).

Key Details

Transaction date: 2026-03-10; filing date: 2026-03-12 (filed within the standard two-business-day window).
Grant: 60,000 LTIP Units; reported acquisition price $0.00 (derivative/award).
Shares/units owned after the transaction: not specified in the provided filing excerpt.
Notable conditions: the LTIP Units were issued under Lamar’s 1996 Equity Incentive Plan and are subject to forfeiture and performance-based vesting (see context). This grant amount represents the maximum achievable award (120% of target).
No indication of a 10b5-1 plan, tax withholding sale, or late filing in the provided data.

Context

LTIP Units are a class of operating partnership units that, upon satisfying certain conditions and vesting, convert automatically into an equivalent number of common partnership units. Common Units can be redeemed for cash or Class A common stock of Lamar on a one-for-one basis at the company’s election.
Vesting here is contingent on achievement of Lamar’s 2026 financial performance goals and is expected to be certified in February 2027; continued employment and the Compensation Committee’s discretion also apply. Because this is a performance-contingent derivative grant (not an open-market purchase or sale), it reflects compensation structure rather than an immediate cash investment or divestment by the CEO.

Form 4

Period: 2026-03-10

Chief Executive Officer

Transactions

Award
LTIP Units
[F1][F2]
2026-03-10+60,000→ 60,000 total
→ Class A Common Stock (60,000 underlying)

Holdings

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").
[F2]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 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

1 file