Houlihan Lokey (NYSE: HLI) co-chairman reports tax-withholding share disposition

Rhea-AI Filing Summary

Houlihan Lokey co-chairman Paul Eric Siegert reported a tax-withholding share disposition through the HL Voting Trust. On the vesting of existing awards under the 2016 Incentive Award Plan, 9,359 shares of Class B common stock were withheld at $150.35 per share to cover taxes. Following this, 375,298 Class B shares are held indirectly by the HL Voting Trust, which holds stock that is convertible into Class A common stock on a one-for-one basis with no expiration date.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider SIEGERT PAUL ERIC

Role CO-CHAIRMAN

Type	Security	Shares	Price	Value
Tax Withholding	CLASS B COMMON STOCK	9,359	$150.35	$1.41M

Holdings After Transaction: CLASS B COMMON STOCK — 375,298 shares (Indirect, BY HL VOTING TRUST)

Footnotes (1)

1. Class B Common Stock is convertible into Class A Common Stock on a one-for-one basis at the option of the holder, upon any transfer, and automatically upon the Final Conversion Date (as defined in the Issuer's Registration Statement on Form S-1, as amended (No. 333-205610) concerning the Issuer's initial public offering). The Class B Common Stock has no expiration date. Represents shares withheld to cover taxes upon the vesting of existing awards under the Issuer's 2016 Incentive Award Plan. The shares are held by the HL Voting Trust (the "Voting Trust"). The reporting person retains investment control and dispositive power over the shares deposited into the Voting Trust.

Key Figures

Tax-withholding shares: 9,359 shares Price per share: $150.35 per share Post-transaction holdings: 375,298 shares +2 more

5 metrics

Tax-withholding shares 9,359 shares Class B common stock withheld to cover taxes on vesting

Price per share $150.35 per share Value used for 9,359 withheld Class B shares

Post-transaction holdings 375,298 shares Class B common stock held indirectly via HL Voting Trust

Underlying shares 9,359 shares Underlying Class A common stock related to the transaction

Tax-withholding count 1 transaction Tax-withholding disposition reported in transaction summary

Key Terms

Class B Common Stock, Class A Common Stock, tax-withholding disposition, HL Voting Trust, +2 more

6 terms

Class B Common Stock financial

"Class B Common Stock is convertible into Class A Common Stock on a one-for-one basis at the option of the holder"

A class B common stock is one of multiple types of a company’s ordinary shares that carries specific rights—often different voting power or dividend priority—compared with other classes. For investors it matters because those differences affect how much influence you have over company decisions, the income you might receive, and how freely the shares trade; think of it like owning a car with different keys: some keys let you start the engine and open the trunk, others only unlock the door.

Class A Common Stock financial

"underlying_security_title: "CLASS A COMMON STOCK" and one-for-one conversion from Class B"

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

tax-withholding disposition financial

"transaction_action: "tax-withholding disposition" for the Form 4 transaction"

A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.

HL Voting Trust financial

"The shares are held by the HL Voting Trust (the "Voting Trust")."

2016 Incentive Award Plan financial

"Represents shares withheld to cover taxes upon the vesting of existing awards under the Issuer's 2016 Incentive Award Plan."

Final Conversion Date regulatory

"automatically upon the Final Conversion Date as defined in the Issuer's Registration Statement"

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

SIEGERT PAUL ERIC

(Last) (First) (Middle)

C/O HOULIHAN LOKEY, INC.

10250 CONSTELLATION BLVD., 5TH FL.

(Street)

LOS ANGELES CALIFORNIA 900067

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
HOULIHAN LOKEY, INC. [ HLI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CO-CHAIRMAN

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/15/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
CLASS B COMMON STOCK	(1)	05/15/2026		F			9,359(2)	(1)	(1)	CLASS A COMMON STOCK	9,359	$150.35	375,298	I(3)	BY HL VOTING TRUST

Explanation of Responses:

1. Class B Common Stock is convertible into Class A Common Stock on a one-for-one basis at the option of the holder, upon any transfer, and automatically upon the Final Conversion Date (as defined in the Issuer's Registration Statement on Form S-1, as amended (No. 333-205610) concerning the Issuer's initial public offering). The Class B Common Stock has no expiration date.

2. Represents shares withheld to cover taxes upon the vesting of existing awards under the Issuer's 2016 Incentive Award Plan.

3. The shares are held by the HL Voting Trust (the "Voting Trust"). The reporting person retains investment control and dispositive power over the shares deposited into the Voting Trust.

Remarks:

	/s/ J. Lindsey Alley, Attorney-in-Fact for Paul Eric Siegert	05/19/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did HLI co-chairman Paul Eric Siegert report?

Paul Eric Siegert reported a tax-withholding disposition of shares. Specifically, 9,359 shares of Class B common stock were withheld to cover taxes upon vesting of awards under Houlihan Lokey's 2016 Incentive Award Plan, rather than being sold on the open market.

How many HLI shares were affected by the tax-withholding disposition?

A total of 9,359 Class B common shares were withheld. These shares were used to satisfy tax obligations triggered by the vesting of existing incentive awards, according to the filing, and were valued at $150.35 per share in the reported transaction.

How many Houlihan Lokey shares does Paul Eric Siegert hold after this filing?

After the transaction, 375,298 shares are reported as held indirectly. These Class B common shares are held through the HL Voting Trust, over which Siegert retains investment control and dispositive power according to the filing's footnote disclosure.

What is the relationship between HLI Class B and Class A common stock?

Class B common stock is convertible into Class A common stock one-for-one. The filing states this conversion can occur at the holder's option, upon any transfer, and automatically on a defined Final Conversion Date, and that Class B common stock has no expiration date.

Were the HLI shares in this Form 4 sold in the open market?

No, the shares were withheld to cover tax obligations. The filing describes the transaction as a tax-withholding disposition, with shares withheld upon vesting of awards, not as an open-market sale by Paul Eric Siegert or the HL Voting Trust.