ALLEY J LINDSEY 4

What Happened
Alley J Lindsey, Chief Financial Officer of Houlihan Lokey, had 2,983 shares withheld to satisfy tax withholding obligations related to vested awards. The shares are reported as a derivative disposition at $150.35 per share, for a total value of $448,494. This is a tax-withholding (code F) transaction, not an open-market sale.

Key Details

• Transaction date: 2026-05-15; Form 4 filed: 2026-05-19 (timely within required window).
• Shares withheld/disposed: 2,983 shares at $150.35 per share; aggregate value reported $448,494.
• Transaction type: Derivative (tax withholding upon vesting; filing uses code F).
• Shares owned after transaction: not specified in the provided excerpt of the filing.
• Relevant footnotes from the filing:
  • F1: Class B common stock is convertible one-for-one into Class A common stock; Class B has no expiration.
  • F2: The shares withheld represent shares used to cover taxes upon vesting under the Issuer's 2016 Incentive Award Plan.
  • F3: Some shares are held in the HL Voting Trust; the reporting person retains investment and dispositive power over those shares.

Context
Withholding shares to cover taxes upon vesting is a routine administrative step (often called a "sell-to-cover" or tax withholding) and does not necessarily signal a change in the insider's view of the company. Because this was a derivative/tax-withholding transaction rather than an open-market sale or purchase, it is generally viewed as neutral.