Hennessy Advisors grants 2,800-share award

An advisory committee member of HNNA received a 2,800-share stock unit award held via a trust, vesting over four years starting in 2027.

Rhea-AI Filing Summary

HENNESSY ADVISORS INC (symbol: HNNA) is the issuer of record for a Form 4 filing submitted to the SEC. LIBARLE DANIEL G reported acquisition or exercise transactions in this Form 4 filing.

HENNESSY ADVISORS INC (HNNA) reports that Advisory Committee member Daniel G. Libarle received an award relating to 2,800 shares of common stock on September 18, 2026, held indirectly through a trust. These represent underlying stock units that will vest 25% per year beginning on September 18, 2027. Following this award, the trust is reported to hold a total of 66,610 shares associated with Mr. Libarle. No transactions are reported under a Rule 10b5-1 trading plan.

Insider Trade Summary

Grant/Award: 2,800 shares

Grant/Award 1 txn

Insider LIBARLE DANIEL G

Role Insider

Type	Security	Shares	Price	Value
Grant/Award	Common Stock F1	2,800	$0.00	$0.00

Holdings After Transaction: Common Stock — 66,610 shares (Indirect, By Trust)

Footnotes (1)

1. F1. Includes 2,800 shares of underlying stock units that will vest 25% per year beginning on September 18, 2027.

Key Figures

Shares awarded: 2,800 shares Total shares held after transaction: 66,610 shares Vesting rate: 25% per year +1 more

4 metrics

Shares awarded 2,800 shares Award relating to common stock reported for September 18, 2026

Total shares held after transaction 66,610 shares Indirect holdings through a trust associated with Daniel G. Libarle after the award

Vesting rate 25% per year Underlying stock units vesting annually beginning on September 18, 2027

Award price per share $0.00 per share Reported for the 2,800-share award of HNNA common stock

Key Terms

underlying stock units, vest 25% per year, Advisory Committee Member

3 terms

underlying stock units financial

"Includes 2,800 shares of underlying stock units that will vest 25% per year"

vest 25% per year financial

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

Advisory Committee Member other

"Daniel G. Libarle is identified as an Advisory Committee Member"

FAQ

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

What insider transaction did HNNA report for Daniel G. Libarle?

HNNA reported that Advisory Committee member Daniel G. Libarle received an award relating to 2,800 shares of common stock on September 18, 2026, held indirectly through a trust. These are underlying stock units scheduled to vest over time.

How many HNNA shares does the trust associated with Daniel G. Libarle hold after this transaction?

After the reported award, the trust associated with Daniel G. Libarle is reported to hold 66,610 shares of HNNA common stock in total. This figure includes the 2,800 underlying stock units covered by the new award.

What is the vesting schedule for the 2,800 HNNA underlying stock units awarded to Daniel G. Libarle?

The 2,800 underlying stock units will vest at a rate of 25% per year, beginning on September 18, 2027. This implies vesting in four equal annual installments, subject to the award’s terms.

Did Daniel G. Libarle pay a purchase price for the 2,800 HNNA shares reported?

The filing reports a per-share price of $0.00 for the award of 2,800 shares of HNNA common stock, indicating a grant or award rather than an open-market purchase.

Was the HNNA insider transaction for Daniel G. Libarle made under a Rule 10b5-1 plan?

The filing indicates that no Rule 10b5-1 trading plan applies to this transaction. The award is reported as a grant or other acquisition not tied to a pre-arranged trading plan.

How is Daniel G. Libarle’s ownership in HNNA characterized in the filing?

Daniel G. Libarle’s reported holdings in HNNA related to this transaction are characterized as being held indirectly through a trust, rather than in his direct personal name.

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

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

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^*

LIBARLE DANIEL G

(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)

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

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)		2,800	A	$0	66,610(1)	I	By Trust

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 2,800 shares of underlying stock units that will vest 25% per year beginning on September 18, 2027.

	/s/ Teresa M. Nilsen, Attorney-in-Fact for Daniel G. Libarle	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)