Johnson Jay LeCoryelle 4

What Happened

• Jay LeCoryelle, CFO, Treasurer and Executive VP of Lamar Advertising Co. (LAMR), was granted 33,600 LTIP Units of Lamar Advertising Limited Partnership on 2026-03-10. The units were reported as a derivative award at $0.00 per unit (code A) — i.e., an equity award rather than a cash purchase. The LTIP Units convert into an equivalent number of common partnership units upon vesting and certain events; they are performance‑based and subject to forfeiture if goals aren’t met.

Key Details

• Transaction date: 2026-03-10; Filing date (Form 4): 2026-03-12 (timely filing).
• Award: 33,600 LTIP Units at $0.00 (derivative award, code A).
• Vesting/conditions: Units vest only upon certification of Lamar’s 2026 financial results (expected Feb 2027), contingent on continued employment and Compensation Committee approval; the disclosed amount is the maximum (120% of target performance). (See footnotes F1, F2.)
• Conversion/redemption: LTIP Units convert to common partnership units, which are redeemable one-for-one for cash or Class A common stock at Lamar’s election. (See F1–F3.)
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Reporting person notes: The filer is also identified as a member/manager of Blair Road, L.L.C., Brawley Capital Partners, L.L.C., and Westview Capital Partners, LLC. (F4–F6.)

Context

• This was a performance-based equity grant (not an open‑market purchase or sale). The economic value is contingent on future performance and vesting certification, so it does not represent an immediate cash outlay or liquidation. Such awards are common as long-term incentive compensation and should be interpreted as part of executive pay rather than a direct market sentiment signal.