Reilly Ross Lamar 4

What Happened

• Reilly Ross Lamar, EVP and President of the Outdoor Division at Lamar Advertising (LAMR), exercised options for 9,000 shares at $65.82 per share (cost = $592,380) on March 23, 2026. On the same day 9,000 shares were withheld/surrendered to cover the exercise price and taxes (derivative disposition valued at $592,380), and he sold an additional 5,969 shares in the open market at $128.65 per share, producing $767,912 in proceeds.
• This combination of transactions is a common "cashless" or sell-to-cover exercise: options were exercised, enough shares were surrendered/withheld to cover the exercise cost and tax withholding, and a separate open-market sale occurred.

Key Details

• Transaction date: March 23, 2026; Form 4 filed March 25, 2026 (timely filing).
• Exercise: 9,000 shares at $65.82 (total exercise cost/value reported $592,380).
• Withheld/Disposition (sell-to-cover): 9,000 shares (derivative disposition) valued at $592,380 to cover taxes/exercise price (Footnote F1).
• Open-market sale: 5,969 shares at $128.65 = $767,912 in proceeds.
• Shares owned after the transaction: not specified in the Form 4 filing.
• Footnotes: F1 — shares sold to cover tax withholding obligations and the option exercise price; F2 — the options were fully vested as of Oct 3, 2020.
• Transaction codes: M = option exercise/derivative; S = sale; F = tax withholding/surrender.

Context

• For investors: this is a routine insider action where options were exercised and a portion of shares was surrendered to cover costs and taxes; the open-market sale reduced the insider’s reported holdings by 5,969 shares. Such sell-to-cover exercises are common and do not necessarily signal a change in the insider’s view of the company.