Johnson Jay LeCoryelle 4
4 · LAMAR ADVERTISING CO/NEW · Filed Feb 20, 2026
Research Summary
AI-generated summary of this filing
Lamar (LAMR) CFO Jay LeCoryelle Forfeits 11,740 LTIP Units
What Happened
Jay LeCoryelle, CFO, Treasurer and EVP of Lamar Advertising Company (LAMR), reported a disposition to the issuer of 11,740 LTIP Units on February 18, 2026. The units were recorded at $0 (no cash proceeds) and represent the portion of a long‑term incentive award forfeited when the Compensation Committee determined 2025 performance results.
Key Details
- Transaction date: 2026-02-18; Form 4 filed 2026-02-20 (appears timely).
- Transaction type/code: Disposition to issuer (D) of derivative LTIP Units.
- Quantity and value: 11,740 LTIP Units; price reported $0 (no proceeds).
- Nature of the award: LTIP Units are performance-based units issued under Lamar’s 1996 Equity Incentive Plan that convert to common partnership units upon vesting and may be redeemed for cash or Class A Lamar stock on a one-for-one basis (see footnotes F1–F3). F2 confirms this amount was forfeited after 2025 performance results were determined.
- Ownership after transaction: Not specified in the provided filing.
- Related notes: Footnotes indicate prior transfers among related entities and that the reporting person is a member/manager of those entities (F4–F5).
Context
This was not an open‑market sale or purchase; it reflects a forfeiture of performance-based long-term incentive units tied to 2025 results. There were no cash proceeds, so this event does not signal a market sale by the insider — it documents the outcome of incentive plan performance metrics as determined by the Compensation Committee.
Insider Transaction Report
- Disposition to Issuer
LTIP Units
[F1][F2]2026-02-18−11,740→ 21,860 total→ Class A Common Stock (11,740 underlying)
- 19,800(indirect: By LLC)
LTIP Units
[F3][F4]→ Class A Common Stock (19,800 underlying) - 33,600(indirect: By Blair Road, L.L.C.)
LTIP Units
[F3][F5]→ Class A Common Stock (33,600 underlying)
Footnotes (5)
- [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. 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.
- [F2]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.
- [F3]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.
- [F4]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.
- [F5]The reporting person is a member and manager of Blair Road, L.L.C.