Houlihan Lokey director has 13,707 shares withheld

Houlihan Lokey director Todd J. Carter reported a routine tax-withholding transaction involving 13,707 shares of Class B Common Stock held indirectly through the HL Voting Trust.

Rhea-AI Filing Summary

Houlihan Lokey director Todd J. Carter reported a routine tax-withholding transaction involving 13,707 shares of Class B Common Stock held indirectly through the HL Voting Trust. These shares were withheld to cover taxes upon vesting of existing awards under the 2016 Incentive Award Plan. After the disposition, 76,198 shares of Class B Common Stock remain held by the HL Voting Trust, which are convertible into Class A Common Stock on a one-for-one basis with no expiration date.

Insider Trade Summary

Exercise Price or Tax Liability: 13,707 shares

Exercise Price or Tax Liability 1 txn

Insider Carter Todd J

Role Director

Type	Security	Shares	Price	Value
Exercise Price or Tax Liability	CLASS B COMMON STOCK	13,707	$150.35	$2.06M

Holdings After Transaction: CLASS B COMMON STOCK — 76,198 contracts (Indirect, By HL Voting Trust)

Footnotes (3)

1. F1. 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. F2. Represents shares withheld to cover taxes upon the vesting of existing awards under the Issuer's 2016 Incentive Award Plan.
3. F3. 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-withheld shares: 13,707 shares Tax-withholding price: $150.35 per share Shares remaining: 76,198 shares +1 more

4 metrics

Tax-withheld shares 13,707 shares Shares of Class B Common Stock withheld for taxes

Tax-withholding price $150.35 per share Valuation price for the 13,707 withheld shares

Shares remaining 76,198 shares Class B Common Stock held via HL Voting Trust after transaction

Conversion ratio 1 Class B share for 1 Class A share Class B Common Stock convertible into Class A Common Stock

Key Terms

tax-withholding disposition, Class B Common Stock, HL Voting Trust, 2016 Incentive Award Plan

4 terms

tax-withholding disposition financial

"transaction_action: "tax-withholding disposition""

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.

Class B Common Stock financial

"Class B Common Stock is convertible into Class A Common Stock"

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.

HL Voting Trust financial

"The shares are held by the HL Voting Trust"

2016 Incentive Award Plan financial

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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Houlihan Lokey (HLI) report for Todd J. Carter?

Houlihan Lokey reported that director Todd J. Carter had 13,707 shares of Class B Common Stock withheld. The shares, held via the HL Voting Trust, were used to cover taxes triggered by the vesting of existing equity awards under the 2016 Incentive Award Plan.

Was the Houlihan Lokey (HLI) Form 4 transaction a market sale of shares?

The Form 4 shows a tax-withholding disposition, not an open-market sale. Shares of Class B Common Stock were withheld to satisfy tax obligations upon vesting of incentive awards, a common administrative step in equity compensation rather than a discretionary trade in the market.

How many Houlihan Lokey (HLI) shares does Todd J. Carter hold after this Form 4?

After the reported tax-withholding disposition, 76,198 shares of Class B Common Stock remain held through the HL Voting Trust. According to the disclosure, the reporting person retains investment control and dispositive power over these deposited shares within the voting trust structure.

What is the relationship between Houlihan Lokey Class B and Class A Common Stock?

The filing states that Class B Common Stock is convertible into Class A Common Stock on a one-for-one basis. Conversion can occur at the holder’s option, upon any transfer, and automatically on a defined Final Conversion Date, and the Class B shares have no expiration date.

At what price were the Houlihan Lokey (HLI) shares used for tax withholding valued?

The 13,707 shares involved in the tax-withholding disposition carried a transaction price of $150.35 per share. This price is used in the Form 4 to value the shares delivered to satisfy the tax liability associated with vesting of existing incentive awards.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 05/19/2026 - 04:32 PM Learn about SEC filing dates

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^*

Carter Todd J

(Last) (First) (Middle)

C/O HOULIHAN LOKEY, INC

10250 CONSTELLATION BLVD., 5TH FLOOR

(Street)

LOS ANGELES CALIFORNIA 90067

(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)

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

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			13,707(2)	(1)	(1)	CLASS A COMMON STOCK	13,707	$150.35	76,198	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:

	J. Lindsey Alley, Attorney-in-Fact for Todd J. Carter	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)