Form 4: Lamar Advertising CFO Receives 33,600 LTIP Units

Jay LeCoryelle Johnson, CFO of Lamar Advertising, reports the acquisition of 33,600 LTIP units and indirect ownership through various partnerships.

Summary

• Jay LeCoryelle Johnson, the CFO, Treasurer, and EVP of Lamar Advertising Co/NEW, filed a Form 4 on March 13, 2025.
• The report details changes in beneficial ownership of securities.
• Johnson acquired 33,600 LTIP units on March 11, 2025, under Lamar's 1996 Equity Incentive Plan.
• These LTIP units are subject to forfeiture and will vest upon certification of Lamar's 2025 financial results, expected in February 2026.
• The number of LTIP Units issued represents achievement of financial performance goals at 120% of target.
• Johnson also indirectly owns LTIP units through Westview Capital Partners, LLC (22,000 units), Brawley Capital Partners, L.L.C. (19,800 units), and Blair Road, L.L.C. (33,600 units).

Sentiment

Score: 7

Explanation: The document indicates a positive outlook due to the achievement of financial performance goals at 120% of target, which is reflected in the LTIP unit grant. However, the vesting is contingent on future performance and continued employment, introducing some uncertainty.

Positives

• The grant of LTIP units to the CFO suggests confidence in the company's future performance.
• Achievement of financial performance goals at 120% of target indicates strong performance.

Risks

• The LTIP units are subject to forfeiture if financial performance goals are not met.
• Vesting is contingent upon continued employment and the discretion of the Compensation Committee.

Future Outlook

The vesting of LTIP units is tied to the achievement of financial performance goals in 2025, suggesting a focus on future financial performance.

Industry Context

Executive compensation in the advertising industry often includes equity-based incentives to align management's interests with those of shareholders. LTIP units are a common tool for this purpose.

Comparison to Industry Standards

• Comparing Lamar's executive compensation structure to peers like Clear Channel Outdoor or Outfront Media would provide context on whether the LTIP unit grants are standard practice.
• Benchmarking the performance goals tied to the LTIP units against industry growth rates and profitability metrics would assess their rigor.

Stakeholder Impact

• Shareholders: The LTIP units align management's interests with shareholder value creation.
• Employees: The vesting of LTIP units is contingent on continued employment, potentially incentivizing retention.

Next Steps

• Certification of Lamar's financial results for 2025 in February 2026 will determine the vesting of the LTIP units.

Key Dates