Adelson Scott Joseph 4

4 · HOULIHAN LOKEY, INC. · Filed May 19, 2026

AI-generated summary of this filing

Updated May 19, 2026

Houlihan Lokey (HLI) CEO Scott Adelson Withholds 11,093 Shares for Taxes

What Happened

Adelson Scott Joseph, CEO and Director of Houlihan Lokey, had 11,093 shares (derivative) withheld to cover taxes related to vested awards. The shares are reported at $150.35 each, for a total value of $1,667,833.
This transaction is reported as code F (payment of exercise price or tax liability) and reflects tax withholding on vested awards rather than an open-market sale.

Key Details

Transaction date: 2026-05-15; Filing date / Period of Report: filed 2026-05-19 (Period of Report: 2026-05-15).
Price per share: $150.35; Total value reported: $1,667,833.
Shares disposed/withheld: 11,093 (disposition recorded as a derivative transaction for tax withholding).
Shares owned after the transaction: not specified in the provided excerpt of the filing.
Relevant footnotes from the filing:
- F1: Class B common stock is convertible 1-for-1 into Class A common stock; Class B has no expiration.
- F2: The withheld shares represent shares withheld to cover taxes upon vesting under the Issuer’s 2016 Incentive Award Plan.
- F3: The reporting person is a trustee of the HL Voting Trust and has shared voting control and a pecuniary interest in the reported shares.

Context

This was a tax-withholding event tied to vested awards (code F), not an open-market sale by the insider; such withholdings are routine and do not necessarily indicate a change in the insider’s view of the company.
Because the transaction involves derivative/award-related withholding, it’s administrative rather than a purchase (bullish) or intentional sale (potentially bearish).

Form 4

Period: 2026-05-15

DirectorCEO

Transactions

Tax Payment
CLASS B COMMON STOCK
[F1][F2][F3]
2026-05-15$150.35/sh−11,093$1,667,833→ 867,828 total(indirect: By Trust)
→ CLASS A COMMON STOCK (11,093 underlying)

Footnotes (3)

[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 Dates (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 withheld to cover taxes upon the vesting of existing awards under the Issuer's 2016 Incentive Award Plan.
[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.

Signature

/s/ J. Lindsey Alley, Attorney-in-Fact for Scott J. Adelson|2026-05-19

1 file