Reilly Ross Lamar 4

What Happened
Reilly Ross Lamar, EVP and President of Lamar’s Outdoor Division, was granted 24,000 LTIP Units (a derivative equity award) on March 10, 2026. The units were granted at $0.00 (no cash paid). LTIP Units convert, upon certain events and vesting, into common partnership units of Lamar’s operating partnership, which are redeemable one-for-one for cash or Class A common stock of Lamar at the company’s election.

Key Details

• Transaction date: 2026-03-10; Form 4 filed 2026-03-12 (timely filing).
• Amount: 24,000 LTIP Units; reported acquisition price $0.00 (award). Transaction code: A (award/grant).
• Vesting/conditions: Units are performance-based and subject to forfeiture; they vest upon certification of Lamar’s 2026 financial results (expected Feb 2027), require continued employment, and are subject to Compensation Committee discretion. The grant represents the maximum payout (120% of target) if performance goals are met.
• Post-transaction shares owned: Not specified in the provided Form 4 excerpt.
• Nature: Derivative award (not an open-market buy or sale) — no immediate cash proceeds or sale.

Context
This is a long-term incentive award tied to company performance for 2026; such grants are routine executive compensation and do not represent an immediate purchase or sale of stock. The units only convert to redeemable common units if vesting/performance conditions are met.