REILLY KEVIN P JR 4
4 · LAMAR ADVERTISING CO/NEW · Filed Feb 20, 2026
Research Summary
AI-generated summary of this filing
Lamar (LAMR) 10% Owner Kevin P. Reilly Jr. Forfeits 9,224 LTIP Units
What Happened
Kevin P. Reilly Jr., a 10% owner of Lamar Advertising Co. (LAMR), had 9,224 LTIP Units of Lamar Advertising Limited Partnership (derivative awards) forfeited on February 18, 2026. The units were disposed to the issuer with $0 proceeds — this was a forfeiture of performance-based LTIP awards, not a cash sale.
Key Details
- Transaction date: 2026-02-18; Form 4 filed 2026-02-20 (timely, not late).
- Transaction type/code: Disposition to issuer (D) — forfeiture of derivative LTIP Units.
- Amount: 9,224 LTIP Units; Price/proceeds: $0 (amount forfeited, including dividends per footnote).
- Shares owned after transaction: Not specified in the provided filing details.
- Footnotes: F1/F3 — LTIP Units convert to common partnership units upon vesting and those common units are redeemable one-for-one for cash or Class A stock at Lamar’s election. F2 — the forfeiture reflects the portion of the award (including dividends) forfeited when the Compensation Committee determined 2025 performance results on Feb 18, 2026.
Context
LTIP Units are performance-based, derivative awards that may convert into partnership/common units; a forfeiture means the awards were canceled due to unmet performance criteria and did not generate cash proceeds. This is a reporting of award forfeiture by a significant (10%) holder and should not be read as an open-market sale or purchase signal.
Insider Transaction Report
- Disposition to Issuer
LTIP Units
[F1][F2]2026-02-18−9,224→ 17,176 total→ Class A Common Stock (9,224 underlying)
- 59,400
LTIP Units
[F3]→ Class A Common Stock (59,400 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. 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.