SIEGERT PAUL ERIC 4

What Happened
Paul Siegert, Co-Chairman of Houlihan Lokey (HLI), received a grant of 19,815 shares of Class B Common Stock on May 21, 2026. The shares were granted at $0.00 (reported value $0) under the company's 2016 Incentive Award Plan and were simultaneously deposited into the HL Voting Trust (reported as a disposition). The award vests in four equal annual installments following the grant date. The filing treats these as derivative-class shares.

Key Details

• Transaction date: 2026-05-21 (grant and deposit into voting trust); Form 4 filed 2026-05-22.
• Amount: 19,815 shares of Class B Common Stock granted at $0.00 (value $0).
• Reported disposition: same 19,815 shares deposited into the HL Voting Trust.
• Shares owned after transaction: not specified in the provided filing.
• Footnotes:
  • Class B shares are convertible one-for-one into Class A on transfer or on the Final Conversion Date (per S-1).
  • Grant vests in four equal annual installments (2016 Incentive Award Plan).
  • Shares deposited into the Voting Trust — the reporting person retains investment control and dispositive power over those shares.
• Filing timeliness: Form 4 was filed the day after the transactions (no late-filing flag shown).

Context
This was a compensation award (not a market purchase or sale), so it reflects executive compensation rather than a direct market bet. The deposit into the voting trust is reported as a disposition for reporting purposes, but the filer retains investment control and dispositive power per the filing notes. Class B shares are convertible into Class A on a one-for-one basis under the issuer’s terms.