Sean E. Reilly - Feb 21, 2024 Form 4 Insider Report for LAMAR ADVERTISING CO/NEW (LAMR)

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	LAMR	LTIP Units	Disposed to Issuer	$0	-22K	-50%	$0.00	22K	Feb 21, 2024	Class A Common Stock	22K		Direct	F1, F2
holding	LAMR	LTIP Units						44K	Feb 21, 2024	Class A Common Stock	44K		Direct	F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Id	Content
F1	These LTIP Units ("LTIP Units") of Lamar Advertising Limited Partnership (the "OP"), the operating partnership of Lamar Advertising Company ("Lamar"), were issued under Lamar's 1996 Equity Incentive Plan, as amended. LTIP Units are a class of units of the OP that, following the occurrence of certain events and upon vesting, convert automatically into an equivalent number of common partnership units of the OP ("Common Units"). Common Units are redeemable by the holder for cash or Class A common stock of Lamar on a one-for-one basis, at Lamar's election. These LTIP Units were originally awarded subject to forfeiture based on the achievement of performance goals for 2023, as determined by Lamar's Compensation Committee.
F2	Amount represents the portion of the award (including dividends) forfeited when performance results for 2023 were determined by the Compensation Committee on February 21, 2024.
F3	These LTIP Units of the OP were issued under Lamar's 1996 Equity Incentive Plan, as amended, and following the occurrence of certain events and upon vesting, convert automatically into an equivalent number of Common Units. The Common Units are redeemable by the holder for cash or Class A common stock of Lamar on a one-for-one basis, at Lamar's election.