Houlihan Lokey amends voting trust agreement for Class B shares
On December 30, 2025, Houlihan Lokey entered into an amended and restated voting trust agreement covering Class B common stock, replacing the 2015 agreement and its amendments. The revised terms change when the trust ends, how certain shares are voted after the final conversion date, and when former employees and current employees can withdraw shares, with a special committee of disinterested directors approving the change.
Key points
- Agreement dated December 30, 2025 replaces the voting trust agreement dated August 18, 2015, as amended in 2015 and October 18, 2018
- Trust terminates on the earliest of written agreement, 10 years after the Final Conversion Date, or when the trust holds less than 5% of outstanding shares
- After the Final Conversion Date, trust shares above 30% of outstanding common stock must be voted in the same proportion as all other stockholders' shares
- Former employees not employed for at least 12 months may have shares released after the Final Conversion Date
The filing
Written by AI on Nov 8, 2026, 12:56 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on December 30, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.