Johnson Jay LeCoryelle 4

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.