REILLY SEAN E 4

What Happened

• Sean E. Reilly, Chief Executive Officer of Lamar Advertising Company (LAMR), was granted 60,000 LTIP Units of Lamar Advertising Limited Partnership on 2026-03-10. The grant is recorded as a derivative award at $0.00 per unit (no cash paid at grant).

Key Details

• Transaction date: 2026-03-10; filing date: 2026-03-12 (filed within the standard two-business-day window).
• Grant: 60,000 LTIP Units; reported acquisition price $0.00 (derivative/award).
• Shares/units owned after the transaction: not specified in the provided filing excerpt.
• Notable conditions: the LTIP Units were issued under Lamar’s 1996 Equity Incentive Plan and are subject to forfeiture and performance-based vesting (see context). This grant amount represents the maximum achievable award (120% of target).
• No indication of a 10b5-1 plan, tax withholding sale, or late filing in the provided data.

Context

• LTIP Units are a class of operating partnership units that, upon satisfying certain conditions and vesting, convert automatically into an equivalent number of common partnership units. Common Units can be redeemed for cash or Class A common stock of Lamar on a one-for-one basis at the company’s election.
• Vesting here is contingent on achievement of Lamar’s 2026 financial performance goals and is expected to be certified in February 2027; continued employment and the Compensation Committee’s discretion also apply. Because this is a performance-contingent derivative grant (not an open-market purchase or sale), it reflects compensation structure rather than an immediate cash investment or divestment by the CEO.