EX-10.7





 Exhibit 10.7 

Lamar Partnering Corporation 

5321 Corporate Boulevard 
 Baton
Rouge, Louisiana 70808 
 March 30, 2021 
 Lamar
Partnering Sponsor LLC 
 5321 Corporate Boulevard 
 Baton
Rouge, Louisiana 70808 
  

	RE:	 Securities Subscription Agreement 



Gentlemen: 
 This agreement (this
“Agreement”) is entered into on March 30, 2021 by and between Lamar Partnering Sponsor LLC, a Delaware limited liability company (the “Subscriber” or “you”), and Lamar Partnering Corporation, a
Cayman Islands exempted company (the “Company”). Pursuant to the terms hereof, the Company hereby accepts the offer the Subscriber has made to subscribe for and purchase 8,625,000 Class F ordinary shares, $0.0001 par value per
share (the “Shares”), up to 1,125,000 of which are subject to surrender and cancellation by you if the underwriters of the initial public offering (“IPO”) of units (“Units”) of the Company do not
fully exercise their over-allotment option (the “Over-allotment Option”). The Company and the Subscriber’s agreements regarding such Shares are as follows: 

 

	1.	 Purchase of Securities. 



 

	 	1.1.	 Subscription and Purchase of Shares. For the sum of $25,000 (the “Purchase Price”),
which the Company acknowledges receiving in cash, the Company hereby issues the Shares to the Subscriber, and the Subscriber hereby subscribes for and purchases the Shares from the Company, 1,125,000 of which are subject to surrender and
cancellation, on the terms and subject to the conditions set forth in this Agreement. All references in this Agreement to shares of the Company being surrendered and canceled shall take effect as surrenders and cancellations for no consideration of
such shares as a matter of Cayman Islands law. 


  

	 	1.2.	 Surrender of Subscriber Share. On the issuance of the Shares, the Subscriber hereby surrenders for no
consideration the one Class F ordinary share, $0.0001 par value, that the Subscriber holds in the Company. 


  

	2.	 Representations, Warranties and Agreements. 



 

	 	2.1.	 Subscriber’s Representations, Warranties and Agreements. To induce the Company to issue the Shares
to the Subscriber, the Subscriber hereby represents and warrants to the Company and agrees with the Company as follows: 


  

	 	2.1.1.	 No Government Recommendation or Approval. The Subscriber understands that no federal or state agency has
passed upon or made any recommendation or endorsement of the offering of the Shares. 


  

	 	2.1.2.	 No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the
Subscriber of the transactions contemplated hereby do not violate, conflict with or constitute a default under (i) the formation and governing documents of the Subscriber, (ii) any agreement, indenture or instrument to which the Subscriber
is a party or (iii) any law, statute, rule or regulation to which the Subscriber is subject, or any agreement, order, judgment or decree to which the Subscriber is subject. 















	 	2.1.3.	 Organization. The Subscriber is a Delaware limited liability company, validly existing and in good
standing under the laws of Delaware and possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement. Upon execution and delivery by you, this Agreement will be a legal, valid and binding
agreement of Subscriber, enforceable against Subscriber in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of
creditors’ rights generally and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). 



 

	 	2.1.4.	 Experience, Financial Capability and Suitability. Subscriber is: (i) sophisticated in financial
matters and is able to evaluate the risks and benefits of the investment in the Shares and (ii) able to bear the economic risk of its investment in the Shares for an indefinite period of time because the Shares have not been registered under
the Securities Act (as defined below) and therefore cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration is available. Subscriber is capable of evaluating the merits and risks of its
investment in the Company and has the capacity to protect its own interests. Subscriber must bear the economic risk of this investment until the Shares are sold pursuant to: (i) an effective registration statement under the Securities Act or
(ii) an exemption from registration available with respect to such sale. Subscriber is able to bear the economic risks of an investment in the Shares and to afford a complete loss of Subscriber’s investment in the Shares.



  

	 	2.1.5.	 Access to Information; Independent Investigation. Prior to the execution of this Agreement, the
Subscriber has had the opportunity to ask questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as the finances, operations, business and prospects of the Company, and the opportunity
to obtain additional information to verify the accuracy of all information so obtained. In determining whether to make this investment, Subscriber has relied solely on Subscriber’s own knowledge and understanding of the Company and its business
based upon Subscriber’s own due diligence investigation and the information furnished pursuant to this paragraph. Subscriber understands that no person has been authorized to give any information or to make any representations which were not
furnished pursuant to this Section 2 and Subscriber has not relied on any other representations or information in making its investment decision, whether written or oral, relating to the Company, its operations and/or its prospects.



  

	 	2.1.6.	 Regulation D Offering. Subscriber represents that it is an “accredited investor” as such term
is defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) and acknowledges the sale contemplated hereby is being made in reliance on a private placement exemption to
“accredited investors” within the meaning of Section 501(a) of Regulation D under the Securities Act or similar exemptions under federal and state law. 



 

	 	2.1.7.	 Investment Purposes. The Subscriber is purchasing the Shares solely for investment purposes, for the
Subscriber’s own account and not for the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof. The Subscriber did not decide to enter into this Agreement as a result of any general
solicitation or general advertising within the meaning of Rule 502 of Regulation D under the Securities Act. 


  

	 	2.1.8.	 Restrictions on Transfer; Shell Company. Subscriber understands the Shares are being offered in a
transaction not involving a public offering within the meaning of the Securities Act. Subscriber understands the Shares will be “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, and Subscriber
understands that the certificates or book entries representing the Shares will contain a legend in respect of such restrictions. If in the future the Subscriber decides to offer, resell, pledge or otherwise transfer the
















	 	
Shares, such Shares may be offered, resold, pledged or otherwise transferred only pursuant to: (i) registration under the Securities Act, or (ii) an available exemption from
registration. Subscriber agrees that if any transfer of its Shares or any interest therein is proposed to be made, as a condition precedent to any such transfer, Subscriber may be required to deliver to the Company an opinion of counsel satisfactory
to the Company. Absent registration or an exemption, the Subscriber agrees not to resell the Shares. Subscriber further acknowledges that because the Company is a shell company, Rule 144 may not be available to the Subscriber for the resale of
the Shares until one year following consummation of the initial business combination of the Company, despite technical compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer restrictions.


  

	 	2.1.9.	 No Governmental Consents. No governmental, administrative or other third party consents or approvals are
required or necessary on the part of Subscriber in connection with the transactions contemplated by this Agreement. 


  

	 	2.2.	 Company’s Representations, Warranties and Agreements. To induce the Subscriber to subscribe for and
purchase the Shares, the Company hereby represents and warrants to the Subscriber and agrees with the Subscriber as follows: 


  

	 	2.2.1.	 Incorporation and Corporate Power. The Company is a Cayman Islands exempted company and is qualified to
do business in every jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating results or assets of the Company. The Company possesses all requisite corporate
power and authority necessary to carry out the transactions contemplated by this Agreement. Upon execution and delivery by the Company, this Agreement will be a legal, valid and binding agreement of the Company, enforceable against the Company in
accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles of
equity (regardless of whether enforcement is sought in a proceeding at law or in equity). 


  

	 	2.2.2.	 No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the
Company of the transactions contemplated hereby do not violate, conflict with or constitute a default under (i) the memorandum and articles of association of the Company, (ii) any agreement, indenture or instrument to which the Company is
a party or (iii) any law, statute, rule or regulation to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject. 



 

	 	2.2.3.	 Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the
memorandum and articles of association of the Company, and registration in the Company’s register of members, the Shares will be duly and validly issued as fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to,
the terms hereof and the memorandum and articles of association of the Company, and registration in the Company’s register of members, the Subscriber will have or receive good title to the Shares, free and clear of all liens, claims and
encumbrances of any kind, other than (a) transfer restrictions hereunder and other agreements to which the Shares may be subject, (b) transfer restrictions under federal and state securities laws, and (c) liens, claims or encumbrances
imposed due to the actions of the Subscriber. 


  

	 	2.2.4.	 No Adverse Actions. There are no actions, suits, investigations or proceedings pending, threatened
against or affecting the Company which: (i) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this Agreement or (ii) question the validity or legality of any transactions or seeks to
recover damages or to obtain other relief in connection with any transactions. 


  

	 	2.2.5.	 Authorization. The shares of Class B Ordinary Shares issuable upon conversion of the Shares have
been duly authorized and reserved for issuance upon such conversion, and the shares of Class A Ordinary Shares issuable upon conversion of such Class B Ordinary Shares have been duly authorized and reserved for issuance upon such
conversion. 















	3.	 Surrender and Cancellation of Shares. 



 

	 	3.1.	 Partial or No Exercise of the Over-allotment Option. In the event the Over-allotment Option granted to
the representative(s) of the underwriters of the Company’s IPO is not exercised in full, the Subscriber acknowledges and agrees that it shall surrender for cancellation any and all rights to such number of Shares (up to an aggregate of
1,125,000 Shares and pro rata based upon the percentage of the Over-allotment Option exercised) such that immediately following such surrender, the Subscriber (and all other initial shareholders prior to the IPO, if any) will own an aggregate number
of Shares (not including ordinary shares issuable upon exercise of any warrants or any ordinary shares subscribed for and purchased by Subscriber in the Company’s IPO or in the aftermarket) equal to 20% of the issued and outstanding ordinary
shares of the Company immediately following the IPO. 


  

	 	3.2.	 Termination of Rights as Shareholder. If any of the Shares are surrendered and cancelled in accordance
with this Section 3, then after such time the Subscriber (or successor in interest), shall no longer have any rights as a holder of such Shares, and the Company shall take such action as is appropriate to cancel such Shares.



  

	4.	 Waiver of Liquidation Distributions; Redemption Rights. In connection with the Shares subscribed for and
purchased pursuant to this Agreement, the Subscriber hereby waives any and all right, title, interest or claim of any kind in or to any distributions by the Company from the trust account which will be established for the benefit of the
Company’s public shareholders and into which substantially all of the proceeds of the IPO will be deposited (the “Trust Account”), in the event of a liquidation of the Company upon the Company’s failure to timely complete
an initial business combination. For purposes of clarity, in the event the Subscriber purchases ordinary shares in the IPO or in the aftermarket, any additional Shares so purchased shall be eligible to receive any liquidating distributions by the
Company. However, in no event will the Subscriber have the right to redeem any ordinary shares into funds held in the Trust Account upon the successful completion of an initial business combination. 



 

	5.	 Restrictions on Transfer. 



 

	 	5.1.	 Securities Law Restrictions. In addition to any restrictions to be contained in that certain letter
agreement (commonly known as an “Insider Letter”) to be dated as of the closing of the IPO by and between Subscriber and the Company, Subscriber agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any
part of the Shares unless, prior thereto (a) a registration statement on the appropriate form under the Securities Act and applicable state securities laws with respect to the Shares proposed to be transferred shall then be effective or
(b) the Company has received an opinion from counsel reasonably satisfactory to the Company, that such registration is not required because such transaction is exempt from registration under the Securities Act and the rules promulgated by the
Securities and Exchange Commission thereunder and with all applicable state securities laws. 


  

	 	5.2.	 Lock-Up. Subscriber acknowledges that the Securities will be
subject to lock-up provisions (the “Lock-Up”) contained in the Insider Letter. 



 

	 	5.3.	 Restrictive Legends. Any certificates representing the Shares shall have endorsed thereon legends
substantially as follows: 


 “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH
LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL, IS AVAILABLE.” 












 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO LOCKUP PROVISIONS AND MAY NOT BE
OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE LOCKUP.” 
  

	 	5.4.	 Additional Shares or Substituted Securities. In the event of the declaration of a share capitalization,
the declaration of an extraordinary dividend payable in a form other than Shares, a spin-off, a share sub-division, an adjustment in conversion ratio, a recapitalization
or a similar transaction affecting the Company’s outstanding Shares without receipt of consideration, any new, substituted or additional securities or other property which are by reason of such transaction distributed with respect to any Shares
subject to this Section 5 or into which such Shares thereby become convertible shall immediately be subject to this Section 5 and Section 3. Appropriate adjustments to reflect the distribution of such securities or property shall be
made to the number and/or class of Shares subject to this Section 5 and Section 3. 


  

	 	5.5.	 Registration Rights. Subscriber acknowledges that the Shares are being subscribed for and purchased
pursuant to an exemption from the registration requirements of the Securities Act and will become freely tradable only after certain conditions are met or they are registered pursuant to a Registration and Shareholder Rights Agreement to be entered
into with the Company prior to the closing of the IPO. 


  

	6.	 Other Agreements. 



 

	 	6.1.	 Further Assurances. Subscriber agrees to execute such further instruments and to take such further
action as may reasonably be necessary to carry out the intent of this Agreement. 


  

	 	6.2.	 Notices. All notices, statements or other documents which are required or contemplated by this Agreement
shall be: (i) in writing and delivered personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address designated in writing, (ii) by facsimile to the number
most recently provided to such party or such other address or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently provided to such party or such other electronic
mail address as may be designated in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of written
confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail. 



 

	 	6.3.	 Entire Agreement. This Agreement, together with the Insider Letter and the Registration and Shareholder
Rights Agreement, substantially in the forms to be filed as an exhibit to the Registration Statement on Form S-1 associated with the Company’s IPO, embodies the entire agreement and understanding between
the Subscriber and the Company with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty, covenant or agreement of
any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict, the express terms and provisions of this Agreement. 



 

	 	6.4.	 Modifications and Amendments. The terms and provisions of this Agreement may be modified or amended only
by written agreement executed by all parties hereto. 


  

	 	6.5.	 Waivers and Consents. The terms and provisions of this Agreement may be waived, or consent for the
departure therefrom granted, only by a written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other
terms or provisions of this Agreement, whether or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver or consent.
















	 	6.6.	 Assignment. The rights and obligations under this Agreement may not be assigned by either party hereto
without the prior written consent of the other party. 


  

	 	6.7.	 Benefit. All statements, representations, warranties, covenants and agreements in this Agreement shall
be binding on the parties hereto and shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement shall be construed to create any rights or obligations except among the parties
hereto, and no person or entity shall be regarded as a third-party beneficiary of this Agreement. 


  

	 	6.8.	 Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be construed
in accordance with and governed by the laws of New York applicable to contracts wholly performed within the borders of such state, without giving effect to the conflict of law principles thereof. 



 

	 	6.9.	 Severability. In the event that any court of competent jurisdiction shall determine that any provision,
or any portion thereof, contained in this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent that such court deems it reasonable and enforceable, and as so limited shall remain
in full force and effect. In the event that such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement shall nevertheless remain in full force and effect. 



 

	 	6.10.	 No Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right,
power or remedy under this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy of such party. No single or partial exercise of any right, power or remedy under this Agreement
by a party hereto, nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise thereof or the exercise of any other right, power or remedy hereunder. The
election of any remedy by a party hereto shall not constitute a waiver of the right of such party to pursue other available remedies. No notice to or demand on a party not expressly required under this Agreement shall entitle the party receiving
such notice or demand to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action in any circumstances without such notice
or demand. 


  

	 	6.11.	 Survival of Representations and Warranties. All representations and warranties made by the parties
hereto in this Agreement or in any other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof and any investigations made by or on behalf of the parties. 



 

	 	6.12.	 No Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker,
finder or other financial consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to create any liability on the other. Each of the parties hereto agrees to indemnify and save the
other harmless from any claim or demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been employed by or on behalf of such party and to bear the cost of legal expenses incurred in
defending against any such claim. 


  

	 	6.13.	 Headings and Captions. The headings and captions of the various subdivisions of this Agreement are for
convenience of reference only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof. 


  

	 	6.14.	 Counterparts. This Agreement may be executed in one or more counterparts, all of which when taken
together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the
event that any signature is delivered by facsimile transmission or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same
force and effect as if such signature page were an original thereof. 















	 	6.15.	 Construction. The parties hereto have participated jointly in the negotiation and drafting of this
Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of proof will arise favoring or disfavoring any party hereto because
of the authorship of any provision of this Agreement. The words “include,” “includes,” and “including” will be deemed to be followed by “without limitation.” Pronouns in masculine,
feminine, and neuter genders will be construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise requires. The words “this Agreement,”
“herein,” “hereof,” “hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. The
parties hereto intend that each representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact that
there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party
hereto is in breach of the first representation, warranty, or covenant. 


  

	 	6.16.	 Mutual Drafting. This Agreement is the joint product of the Subscriber and the Company and each
provision hereof has been subject to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto. 



 

	7.	 Voting and Redemption of Shares. Subscriber agrees to vote the Shares in favor of an initial business
combination that the Company negotiates and submits for approval to the Company’s shareholders and shall not seek redemption or repurchase with respect to such Shares. Additionally, the Subscriber agrees not to tender any Shares in connection
with a tender offer presented to the Company’s shareholders in connection with an initial business combination negotiated by the Company. 


  

	8.	 Indemnification. Each party shall indemnify the other against any loss, cost or damages (including
reasonable attorney’s fees and expenses) incurred as a result of such party’s breach of any representation, warranty, covenant or agreement in this Agreement. 



[Signature Page Follows] 












 If the foregoing accurately sets forth our understanding and agreement, please sign the
enclosed copy of this Agreement and return it to us. 
  

			
	Very truly yours,
	
	LAMAR PARTNERING CORPORATION
		
	By:	 	 /s/ Ross Reilly

	Name:	 	Ross Reilly
	Title:	 	Chief Executive Officer


 Accepted and agreed as of the date first written above. 

LAMAR PARTNERING SPONSOR LLC 
 By: Lamar Media Corp.,
its sole Member 
  

			
	By:	 	 /s/ Sean E. Reilly

	Name:	 	Sean E. Reilly
	Title:	 	Chief Executive Officer and President

 [Signature Page to Subscription Agreement]