When a female urinates in a parking lot. Most often done at a concert or sporting event, lot squats are usually performed only in cases of true urinary emergency. Lot squats require dexterity and skill, as an improperly done lot squat can result in the splashing of clothing and body parts.

Note: Due to the high risk of being sighted, it is wise to engage a friend as a lookout, otherwise known as a "lot squat spot."

(noun) A successful type of theft which results in an acceptable, impressive and rewarding payday for the protagonist.