Hennessy Advisors grants Steadman 9,400 stock units

Executive VP Daniel B. Steadman received 9,400 stock units and had 3,206 shares withheld for exercise price or tax obligations at HNNA.

Rhea-AI Filing Summary

HENNESSY ADVISORS INC (HNNA) reported that Executive VP Daniel B. Steadman received an award of 9,400 shares of common stock on September 18, 2026, in the form of underlying stock units that will vest 25% per year beginning on September 18, 2027. On the same date, 3,206 shares of common stock were delivered or withheld at $10.38 per share for payment of exercise price or tax liability. After these transactions, Steadman also reports 2,250 shares of common stock held indirectly for the benefit of a child, and no Rule 10b5-1 trading plan is reported.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider STEADMAN DANIEL B

Role Executive VP

Type	Security	Shares	Price	Value
Grant/Award	Common Stock F1	9,400	$0.00	$0.00
Exercise Price or Tax Liability	Common Stock	3,206	$10.38	$33K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 42,768 shares (Direct); Common Stock — 2,250 shares (Indirect, FBO Child)

Footnotes (1)

1. F1. Includes 9,400 shares of underlying stock units that will vest 25% per year beginning on September 18, 2027.

Key Figures

Stock units granted: 9,400 shares Vesting rate: 25% per year Shares delivered or withheld: 3,206 shares +2 more

5 metrics

Stock units granted 9,400 shares Underlying stock units awarded to Daniel B. Steadman on September 18, 2026

Vesting rate 25% per year Annual vesting of 9,400 underlying stock units beginning September 18, 2027

Shares delivered or withheld 3,206 shares Shares used for payment of exercise price or tax liability on September 18, 2026

Share price for delivery/withholding $10.38 per share Per-share value for 3,206 shares delivered or withheld for exercise price or tax liability

Indirect holdings after transactions 2,250 shares Common stock held indirectly for the benefit of a child after the reported transactions

Key Terms

underlying stock units, vest

2 terms

underlying stock units financial

"Includes 9,400 shares of underlying stock units that will vest 25% per year"

vest financial

"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.

FAQ

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

What equity award did HNNA grant to Daniel B. Steadman on September 18, 2026?

Daniel B. Steadman received an award of 9,400 shares of HNNA common stock as underlying stock units that will vest 25% per year beginning on September 18, 2027.

How many HNNA shares were withheld from Daniel B. Steadman for exercise price or taxes?

On September 18, 2026, 3,206 shares of HNNA common stock were delivered or withheld at $10.38 per share for payment of exercise price or tax liability.

What is Daniel B. Steadman’s reported indirect HNNA shareholding after these transactions?

After the reported transactions, Daniel B. Steadman reports 2,250 shares of HNNA common stock held indirectly for the benefit of a child.

Does the Form 4 for HNNA indicate trades under a Rule 10b5-1 plan?

No. The filing reports that the Rule 10b5-1 trading plan box is not checked, so no Rule 10b5-1 plan is reported for these transactions.

How do the 9,400 HNNA stock units granted to Steadman vest over time?

The 9,400 shares of underlying stock units will vest 25% per year, with vesting beginning on September 18, 2027, meaning the units vest in four equal annual installments.

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

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Available on EDGAR 09/22/2026 - 05:36 PM Accepted by SEC EDGAR 09/22/2026 - 05:35 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^*

STEADMAN DANIEL B

(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
X	Officer (give title below)	X	Other (specify below)
	Executive VP		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)		9,400	A	$0	45,974(1)	D
Common Stock	09/18/2026		F		3,206	D	$10.38	42,768	D
Common Stock								2,250	I	FBO Child

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 9,400 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 B. Steadman	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)