Hennessy Advisors CFO granted 12,500 stock units

HNNA’s SVP and CFO received 12,500 stock units and had 4,258 shares withheld or delivered to cover exercise price or taxes.

Available on EDGAR 09/22/2026 - 05:28 PM EDT Accepted by SEC EDGAR 09/22/2026 - 05:28 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

HENNESSY ADVISORS INC (HNNA) reported insider equity activity by Kathryn Fahy, its SVP and CFO. On September 18, 2026, she received a grant of 12,500 shares of common stock in the form of stock units that will vest 25% per year beginning on September 18, 2027. On the same date, 4,258 shares of common stock were delivered or withheld at $10.38 per share for payment of exercise price or tax liability. No Rule 10b5-1 trading plan is reported.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Fahy Kathryn

Role SVP and CFO

Type	Security	Shares	Price	Value
Grant/Award	Common Stock F1	12,500	$0.00	$0.00
Exercise Price or Tax Liability	Common Stock	4,258	$10.38	$44K

Holdings After Transaction: Common Stock — 68,930.93 shares (Direct)

Footnotes (1)

1. F1. Includes 12,500 shares of underlying stock units that will vest 25% per year beginning on September 18, 2027.

Key Figures

Stock units granted: 12,500 shares Vesting rate: 25% per year Shares delivered/withheld for exercise price or tax liability: 4,258 shares +1 more

4 metrics

Stock units granted 12,500 shares Underlying stock units of HNNA common stock granted on September 18, 2026

Vesting rate 25% per year 12,500 stock units vest 25% annually beginning September 18, 2027

Shares delivered/withheld for exercise price or tax liability 4,258 shares Disposition of HNNA common stock on September 18, 2026

Price per share for tax/exercise settlement $10.38 per share Applied to 4,258-share disposition for exercise price or tax liability

Key Terms

stock units, vest, payment of exercise price or tax liability, Rule 10b5-1

4 terms

stock units financial

"Includes 12,500 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.

payment of exercise price or tax liability financial

"Payment of exercise price or tax liability by delivering or withholding securities"

Rule 10b5-1 regulatory

"document-level Rule 10b5-1 checkbox is unchecked for these transactions"

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 transactions did HNNA’s SVP and CFO report on September 18, 2026?

Kathryn Fahy reported a grant of 12,500 stock units of HNNA common stock and a disposition of 4,258 shares delivered or withheld to pay exercise price or tax liability, both dated September 18, 2026.

How many HNNA shares were granted to the SVP and CFO in this Form 4?

The filing reports a grant of 12,500 shares of HENNESSY ADVISORS INC (HNNA) common stock, described as underlying stock units that will vest over time.

What is the vesting schedule for the 12,500 HNNA stock units granted to the CFO?

The filing states the grant includes 12,500 shares of underlying stock units that will vest 25% per year beginning on September 18, 2027.

Why were 4,258 HNNA shares disposed of in this Form 4?

The Form 4 describes the 4,258-share disposition as shares delivered or withheld for payment of exercise price or tax liability, with a reported price of $10.38 per share.

Was the HNNA CFO’s Form 4 filed under a Rule 10b5-1 trading plan?

No. The document-level Rule 10b5-1 checkbox is unchecked, and there is no footnote indicating that these transactions were made under a Rule 10b5-1 trading plan.

Does the Form 4 show how many HNNA shares the CFO owns after these transactions?

No. The non-derivative transaction rows list the transactions, but the field for total shares following the transaction is not completed for either entry.

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^*

Fahy Kathryn

(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)		Other (specify below)
	SVP and CFO

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)		12,500	A	$0	73,188.93(1)	D
Common Stock	09/18/2026		F		4,258	D	$10.38	68,930.93	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 12,500 shares of underlying stock units that will vest 25% per year beginning on September 18, 2027.

	/s/ Teresa M. Nilsen, Attorney-in-Fact for Kathryn Fahy	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)