Scott J. Adelson - Jun 1, 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: Jun 1, 2021
Transactions value $: -$928,725
Form type: 4
Date filed: 6/2/2021, 04:44 PM
Previous filing: May 28, 2021
Next filing: Jun 23, 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	+12.4K		$0.00	12.4K	Jun 1, 2021	Direct	F1
transaction	HLI	CLASS A COMMON STOCK	Sale	-$929K	-12.4K	-100%	$75.00	0	Jun 1, 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	-12.4K	-100%	$0.00^*	0	Jun 1, 2021	CLASS A COMMON STOCK	12.4K		Direct	F1
holding	HLI	CLASS B COMMON STOCK						853K	Jun 1, 2021	CLASS A COMMON STOCK	853K		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	Represents shares of Class B Common Stock deposited into the HL Voting Trust (the "Voting Trust"). The reporting person retains investment control and dispositive power over the shares deposited into the Voting Trust.