Adelson Scott Joseph 4

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).