REILLY SEAN E 4
4 · LAMAR ADVERTISING CO/NEW · Filed Feb 20, 2026
Research Summary
AI-generated summary of this filing
Lamar (LAMR) CEO Sean Reilly Forfeits 20,965 LTIP Units
What Happened Sean E. Reilly, CEO of Lamar Advertising Company, reported a disposition to the issuer of 20,965 LTIP Units on February 18, 2026. The filing shows a $0.00 per‑unit price and $0 total value, indicating these units were forfeited (not sold for cash) after the Compensation Committee determined 2025 performance results. The LTIP Units are derivative interests awarded under Lamar’s 1996 Equity Incentive Plan that, upon vesting and certain events, convert into common partnership units redeemable for cash or Class A common stock on a one‑for‑one basis.
Key Details
- Transaction date: 2026-02-18; Form 4 filed: 2026-02-20 (timely filing).
- Transaction code: D (Disposition to issuer); derivative instrument: LTIP Units.
- Quantity: 20,965 LTIP Units; Price reported: $0.00; Reported value: $0.
- Shares/units owned after transaction: not specified in the provided filing.
- Notable footnotes: F1–F3 describe that these LTIP Units were awarded under Lamar’s 1996 Equity Incentive Plan, convert to common units upon vesting and are redeemable for cash or stock; F2 confirms the amount forfeited when 2025 performance results were determined on Feb 18, 2026.
Context This was a forfeiture of performance‑based long‑term incentive units, not an open‑market sale, so no cash changed hands. Forfeitures reduce potential future holdings but do not, by themselves, signal buying or selling intent in the market. Purchases by insiders generally carry clearer sentiment signals than forfeitures.
Insider Transaction Report
- Disposition to Issuer
LTIP Units
[F1][F2]2026-02-18−20,965→ 39,035 total→ Class A Common Stock (20,965 underlying)
- 126,000
LTIP Units
[F3]→ Class A Common Stock (126,000 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.