PAUL ERIC SIEGERT - 22 May 2025 Form 4 Insider Report for HOULIHAN LOKEY, INC. (HLI)

Role: CO-CHAIRMAN
Signature: /s/ J. Lindsey Alley, Attorney-in-Fact for Paul Eric Siegert
Issuer symbol: HLI
Transactions as of: 22 May 2025
Transactions value $: $0
Form type: 4
Filing time: 23 May 2025, 16:30:44 UTC
Previous filing: 19 May 2025
Next filing: 21 Jul 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
SIEGERT PAUL ERIC	CO-CHAIRMAN	C/O HOULIHAN LOKEY, INC., 10250 CONSTELLATION BLVD., 5TH FL., LOS ANGELES	/s/ J. Lindsey Alley, Attorney-in-Fact for Paul Eric Siegert	23 May 2025	0001142662

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	+21.7K		$0.00	21.7K	22 May 2025	CLASS A COMMON STOCK	21.7K		Direct	F1, F2
transaction	HLI	CLASS B COMMON STOCK	Deposit into or withdrawal from voting trust	$0	-21.7K	-4.88%	$0.00	422K	22 May 2025	CLASS A COMMON STOCK	21.7K		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	On May 22, 2025, the Issuer granted 21,661 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.