[Form 4] HENNESSY ADVISORS INC Insider Trading Activity

Rhea-AI Filing Summary

Daniel B. Steadman, Executive Vice President and officer of Hennessy Advisors Inc., reported transactions on 09/18/2025. He was granted 9,400 common stock units at $0 that will vest 25% per year beginning 09/18/2026, and sold 3,008 shares at $11.08 each. After these transactions he directly beneficially owned 37,824 shares and had an indirect interest in 1,750 shares held for a child. The Form 4 was signed by an attorney-in-fact on 09/19/2025.

Positive

• 9,400 stock units granted at $0 with a clear vesting schedule (25% per year beginning 09/18/2026), aligning executive incentives with long-term performance
• Reporting shows continued significant direct ownership of 37,824 shares after transactions

Negative

• Disposition of 3,008 shares at $11.08 reduced immediate shareholding
• Some ownership is indirect (1,750 shares) held for a child, which may limit voting control by the reporting person

Insights

Financial Analyst

TL;DR: Insider received time‑vesting equity and sold a small block, net direct holdings remain sizable.

The grant of 9,400 stock units at $0 represents compensation that vests over four years starting 09/18/2026, aligning the executive with shareholder interests over time. The contemporaneous sale of 3,008 shares at $11.08 reduced immediate holdings but is modest relative to total direct ownership of 37,824 shares. These are routine insider compensation and liquidity actions and do not alone imply material change to company control or capital structure.

Corporate Governance Expert

TL;DR: Compensation grant with standard vesting schedule and a routine sale; governance implications are limited.

The disclosed award is structured as stock units vesting 25% annually, a common retention mechanism. The sale appears to be a voluntary disposition rather than an automatic hedge or change in control transaction; the filing was executed by an attorney-in-fact. No indirect control shifts are disclosed beyond a small custodial holding for a child. Overall, this Form 4 shows standard executive compensation and personal trading activity.

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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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).

1. Name and Address of Reporting Person^*

STEADMAN DANIEL B

(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)

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

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)		9,400	A	$0	40,832(1)	D
Common Stock	09/18/2025		F		3,008	D	$11.08	37,824	D
Common Stock								1,750	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, 2026.

	/s/ Teresa M. Nilsen, Attorney-in-Fact for Daniel B. Steadman	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 insider Daniel Steadman report on 09/18/2025?

He was granted 9,400 common stock units at $0 and sold 3,008 shares at $11.08 per share.

How many shares does Daniel Steadman beneficially own after the reported transactions?

The filing shows 37,824 shares owned directly and 1,750 shares indirectly (held for a child).

When do the granted stock units vest?

The 9,400 underlying stock units vest 25% per year beginning on 09/18/2026.

At what price were the sold shares disposed?

The disposed shares were sold at $11.08 per share.

Who signed the Form 4 filing?

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