Hennessy Advisors director granted 5,600 shares

HNNA director Henry Hansel received a 5,600-share stock unit grant that vests over four years, bringing his direct holdings to 225,725 shares.

Available on EDGAR 09/22/2026 - 05:27 PM EDT Accepted by SEC EDGAR 09/22/2026 - 05:26 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

HENNESSY ADVISORS INC (HNNA) director Henry Hansel reported an acquisition of 5,600 shares of Common Stock on September 18, 2026 as a grant or award at a stated price of $0.00 per share. According to the disclosure, these 5,600 shares are underlying stock units that will vest 25% per year beginning on September 18, 2027, and his directly held position after this award is 225,725 shares. No transactions were reported under a Rule 10b5-1 trading plan.

Insider Trade Summary

Grant/Award: 5,600 shares

Grant/Award 1 txn

Insider HANSEL HENRY

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock F1	5,600	$0.00	$0.00

Holdings After Transaction: Common Stock — 225,725 shares (Direct)

Footnotes (1)

1. F1. Includes 5,600 shares of underlying stock units that will vest 25% per year beginning on September 18, 2027.

Key Figures

Shares granted: 5,600 shares Stated grant price: $0.00 per share Holdings after transaction: 225,725 shares +2 more

5 metrics

Shares granted 5,600 shares Grant or award of Common Stock on September 18, 2026

Stated grant price $0.00 per share Price field for the 5,600-share award

Holdings after transaction 225,725 shares Directly owned Common Stock after the September 18, 2026 grant

Vesting rate 25% per year Vesting schedule for the 5,600 underlying stock units beginning September 18, 2027

First vesting date September 18, 2027 First installment date for the stock units vesting at 25% per year

Key Terms

stock units, vest, Rule 10b5-1

3 terms

stock units financial

"Includes 5,600 shares of underlying stock units that will vest 25% per year"

Stock units are individual pieces of ownership in a company, like slices of a pie that together make up the whole business. They matter to investors because each unit represents a claim on the company’s assets, profits and sometimes voting power, and changes in the number or value of these units affect ownership percentages, potential dividends and share dilution — all of which influence an investment’s worth.

vest financial

"underlying stock units that will vest 25% per year beginning on September 18, 2027"

A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.

Rule 10b5-1 regulatory

"No transactions were reported under a Rule 10b5-1 trading plan"

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did HNNA director Henry Hansel report?

He reported a grant of 5,600 shares of Common Stock on September 18, 2026, classified as a grant or award acquisition at a stated price of $0.00 per share, increasing his directly held position to 225,725 shares.

How do the newly granted HNNA stock units to Henry Hansel vest?

The filing states the grant includes 5,600 shares of underlying stock units that will vest 25% per year beginning on September 18, 2027, implying equal annual vesting installments over four years from that date.

What are Henry Hansel’s total HNNA holdings after this Form 4 transaction?

After the grant, his directly owned position is reported as 225,725 shares of Common Stock. This figure includes the 5,600 underlying stock units subject to the stated vesting schedule beginning September 18, 2027.

Was Henry Hansel’s HNNA equity grant made under a Rule 10b5-1 trading plan?

No. The filing’s Rule 10b5-1 checkbox is not affirmed, and there is no footnote indicating that the September 18, 2026 grant of 5,600 shares was made pursuant to any Rule 10b5-1 trading plan.

What type of transaction is reported in this HNNA Form 4 for Henry Hansel?

It is classified as a grant, award, or other acquisition of non-derivative Common Stock, coded as an acquisition transaction with 5,600 shares awarded and a reported per-share price of $0.00.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

HANSEL HENRY

(Last) (First) (Middle)

7250 REDWOOD BLVD

SUITE 200

(Street)

NOVATO CALIFORNIA 94945

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
HENNESSY ADVISORS INC [ HNNA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/18/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/18/2026		A(1)		5,600	A	$0	225,725(1)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Includes 5,600 shares of underlying stock units that will vest 25% per year beginning on September 18, 2027.

	/s/ Teresa M. Nilsen, Attorney-in-Fact for Henry C. Hansel	09/22/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)