Scott J. Adelson - May 21, 2021 Form 4 Insider Report for HOULIHAN LOKEY, INC. (HLI)

Role: CO-PRESIDENT, Director
Signature: /s/ J. Lindsey Alley, Attorney-in-Fact for Scott J. Adelson
Stock symbol: HLI
Transactions as of: May 21, 2021
Transactions value $: -$40,500
Form type: 4
Date filed: 5/25/2021, 04:57 PM
Previous filing: May 18, 2021
Next filing: May 28, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	HLI	CLASS A COMMON STOCK	Conversion of derivative security	$0	+540		$0.00	540	May 21, 2021	Direct	F1
transaction	HLI	CLASS A COMMON STOCK	Sale	-$40.5K	-540	-100%	$75.00	0	May 21, 2021	Direct

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	HLI	CLASS B COMMON STOCK	Conversion of derivative security	$0	-540	-100%	$0.00^*	0	May 21, 2021	CLASS A COMMON STOCK	540		Direct	F1
holding	HLI	CLASS B COMMON STOCK						827K	May 21, 2021	CLASS A COMMON STOCK	827K		BY HL VOTING TRUST	F1, F2

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

Explanation of Responses:

Id	Content
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.
F2	The reporting person is a trustee of the HL Voting Trust (the "Voting Trust"). The trustees of the Voting Trust have shared voting control over the shares deposited into the Voting Trust. The reporting person has a pecuniary interest in and investment control over the shares reported herein.