Hennessy Advisors director awarded 5,600 stock units

Director Brian A. Hennessy reported a 5,600-share stock unit award and updated direct, trust, and spouse IRA holdings in HENNESSY ADVISORS INC common stock.

Rhea-AI Filing Summary

HENNESSY ADVISORS INC (HNNA) director Brian A. Hennessy reported an award of 5,600 shares of common stock in the form of underlying stock units held indirectly by a trust. These units will vest 25% per year beginning September 18, 2027. After this grant, he reports 234,664.5 shares held indirectly by trust, 22,650.629 shares held directly, and 22,650.629 shares held indirectly through his spouse’s IRA, with each of the latter positions including 974.9340 shares acquired via automatic dividend reinvestments. No Rule 10b5-1 trading plan is indicated.

Insider Trade Summary

Grant/Award: 5,600 shares

Grant/Award 3 txns

Insider HENNESSY BRIAN A

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock F1	5,600	$0.00	$0.00
holding	Common Stock F2	--	--	--
holding	Common Stock F2	--	--	--

Holdings After Transaction: Common Stock — 234,664.5 shares (Indirect, By Trust); Common Stock — 22,650.629 shares (Direct); Common Stock — 22,650.629 shares (Indirect, By Spouse's IRA)

Footnotes (2)

1. F1. Includes 5,600 shares of underlying stock units that will vest 25% per year beginning on September 18, 2027.
2. F2. Includes 974.9340 shares acquired through automatic dividend reinvestments.

Key Figures

Stock unit award: 5,600 shares Trust holdings after award: 234,664.5 shares Direct holdings: 22,650.629 shares +3 more

6 metrics

Stock unit award 5,600 shares Underlying stock units granted on September 18, 2026

Trust holdings after award 234,664.5 shares Indirect ownership by trust following the September 18, 2026 grant

Direct holdings 22,650.629 shares Common stock held directly after reported transactions

Spouse's IRA holdings 22,650.629 shares Common stock held indirectly via spouse’s IRA after reported transactions

Dividend reinvestment component 974.9340 shares Shares acquired through automatic dividend reinvestments included in direct and spouse IRA positions

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

Key Terms

underlying stock units, automatic dividend reinvestments, IRA

3 terms

underlying stock units financial

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

automatic dividend reinvestments financial

"Includes 974.9340 shares acquired through automatic dividend reinvestments"

IRA financial

"By Spouse's IRA"

An individual retirement account (IRA) is a savings account designed to help people put aside money for their retirement, often with tax advantages that encourage long-term savings. It matters to investors because it can grow over time, providing financial security later in life, and offers benefits that can reduce current taxes or allow investments to compound more effectively.

FAQ

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

What did HNNA director Brian A. Hennessy report on this Form 4?

He reported an award of 5,600 shares of HENNESSY ADVISORS INC common stock in the form of underlying stock units held indirectly by a trust, plus updated direct and indirect ownership positions.

How many HNNA shares were granted to Brian A. Hennessy on September 18, 2026?

He was granted 5,600 shares of HENNESSY ADVISORS INC common stock as underlying stock units. According to the filing, these units vest over time rather than all at once.

What is the vesting schedule for Brian A. Hennessy’s 5,600 HNNA stock units?

The filing states the 5,600 underlying stock units will vest 25% per year beginning on September 18, 2027, resulting in full vesting over four years if conditions are met.

What are Brian A. Hennessy’s indirect HNNA holdings through a trust after this award?

After the award, he reports 234,664.5 shares of HENNESSY ADVISORS INC common stock held indirectly by a trust, including the 5,600 underlying stock units subject to the stated vesting schedule.

How many HNNA shares does Brian A. Hennessy hold directly and via his spouse’s IRA?

He reports 22,650.629 shares held directly and 22,650.629 shares held indirectly through his spouse’s IRA. Each of these positions includes 974.9340 shares acquired through automatic dividend reinvestments.

Was Brian A. Hennessy’s HNNA transaction made under a Rule 10b5-1 trading plan?

The Form 4 indicates the Rule 10b5-1 checkbox is not affirmed, so no transaction in this filing is reported as being made under a Rule 10b5-1 trading plan.

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

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Available on EDGAR 09/22/2026 - 05:23 PM Accepted by SEC EDGAR 09/22/2026 - 05:23 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^*

HENNESSY BRIAN A

(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	234,664.5(1)	I	By Trust
Common Stock								22,650.629(2)	D
Common Stock								22,650.629(2)	I	By Spouse's IRA

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.

2. Includes 974.9340 shares acquired through automatic dividend reinvestments.

	/s/ Teresa M. Nilsen, Attorney-in-Fact for Brian A. Hennessy	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)