REILLY SEAN E 4

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.