Hennessy (HNNAZ) Director Reports 5,600-Share Grant with Four-Year Vesting

Rhea-AI Filing Summary

Thomas L. Seavey, a director of Hennessy Advisors Inc (HNNAZ), reported acquiring 5,600 shares of Common Stock on 09/18/2025 at a reported price of $0. After the reported transaction he beneficially owns 56,029 shares. The filing explains the 5,600 shares are underlying stock units that will vest 25% per year beginning on September 18, 2026. The filing also notes an administrative correction: 5 shares were previously reported as sold but there was in fact no transaction. The Form 4 was signed by an attorney-in-fact on 09/19/2025.

Positive

• Director acquired 5,600 stock units that provide future equity alignment with shareholders through time-based vesting
• Vesting schedule disclosed: 25% per year beginning September 18, 2026, clarifying timing of future ownership

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director received restricted stock units that vest over four years; modest insider acquisition, primarily compensation-related.

The report documents a director-level receipt of 5,600 underlying stock units that vest 25% annually starting 9/18/2026, indicating an equity grant with time-based vesting rather than an open-market purchase. The filing clarifies total beneficial ownership of 56,029 shares and corrects a previously misreported 5-share sale. Impact is procedural and governance-related, showing routine executive equity compensation and an administrative correction.

Securities Analyst

TL;DR: Transaction is an equity grant (zero price reported) with multiyear vesting; immaterial to company capitalization based on provided data.

The Form 4 records an acquisition coded as A and a reported price of $0, consistent with issuance of restricted stock units or similar awards. Vesting is scheduled at 25% per year beginning 9/18/2026. The filing updates beneficial ownership to 56,029 shares and corrects an administrative error regarding 5 shares. There is no indication of open-market trading or change in control from the reported items.

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

1. Name and Address of Reporting Person^*

SEAVEY THOMAS L

(Last) (First) (Middle)

7250 REDWOOD BLVD

SUITE 200

(Street)

NOVATO CA 94945

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
09/18/2025

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

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

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

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	09/18/2025		A(1)		5,600	A	$0	56,029(1)(2)	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, 2026.

2. Includes 5 shares previously reported as sold due to an administrative error. There was no transaction.

	/s/ Teresa M. Nilsen, Attorney-in-Fact for Thomas L. Seavey	09/19/2025
	** 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.

FAQ

What did HNNAZ director Thomas L. Seavey report on Form 4?

He reported acquiring 5,600 shares (underlying stock units) on 09/18/2025, increasing his beneficial ownership to 56,029 shares.

What is the vesting schedule for the 5,600 shares reported by Thomas L. Seavey?

The filing states the 5,600 shares will vest 25% per year beginning on September 18, 2026.

Was any cash paid for the shares reported in the Form 4?

The transaction is reported with a price of $0, consistent with issuance of stock units or restricted awards.

Was there any correction or administrative note in the filing?

Yes. The filing notes 5 shares were previously reported as sold due to an administrative error; there was no transaction.

Who signed the Form 4 for Thomas L. Seavey?

The Form 4 was signed by Teresa M. Nilsen, Attorney-in-Fact on 09/19/2025.