Christopher M. Crain - 23 May 2024 Form 4 Insider Report for HOULIHAN LOKEY, INC. (HLI)

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	Award	$0	+1,908		$0.000000	1,908	23 May 2024	CLASS A COMMON STOCK	1,908		Direct	F1, F2
transaction	HLI	CLASS B COMMON STOCK	Deposit into or withdrawal from voting trust	$0	-1,908	-3.4%	$0.000000	54,417	23 May 2024	CLASS A COMMON STOCK	1,908		BY HL VOTING TRUST	F1, F3

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

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	On May 23, 2024, the Issuer granted 1,908 shares of Class B Common Stock to the reporting person pursuant to its 2016 Incentive Award Plan, which vest in four equal annual installments following the grant date.
F3	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.