Irwin Gold - Dec 27, 2023 Form 4 Insider Report for HOULIHAN LOKEY, INC. (HLI)

Role: EXECUTIVE CHAIRMAN, Director, 10%+ Owner
Signature: /s/ J. Lindsey Alley, Attorney-in-Fact for Irwin N. Gold
Stock symbol: HLI
Transactions as of: Dec 27, 2023
Transactions value $: -$1,221,800
Form type: 4
Date filed: 12/27/2023, 06:05 PM
Previous filing: Jun 8, 2023
Next filing: May 17, 2024

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	+10K		$0.00	10K	Dec 27, 2023	Direct	F1
transaction	HLI	CLASS A COMMON STOCK	Sale	-$1.22M	-10K	-100%	$122.18	0	Dec 27, 2023	Direct	F2

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	-10K	-100%	$0.00^*	0	Dec 27, 2023	CLASS A COMMON STOCK	10K		Direct	F1
holding	HLI	CLASS B COMMON STOCK						1.11M	Dec 27, 2023	CLASS A COMMON STOCK	1.11M		BY HL VOTING TRUST	F1, F3

* 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	Per share price reflects the weighted average price in a series of open market sales on December 27, 2023 at prices ranging from $122.00 per share to $122.43 per share. The reporting person undertakes to provide to Houlihan Lokey, Inc., and security holder of Houlihan Lokey, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range identified in this footnote.
F3	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.