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Hennessy Advisors Officer Receives 2,800 Stock Units; Vesting Begins 9/18/2026

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Daniel G. Libarle, an officer of Hennessy Advisors Inc. (ticker shown as HNNA), was granted 2,800 common stock units on 09/18/2025. The units were reported at a price of $0 and are held indirectly by a trust; following the grant he beneficially owns 63,810 shares indirectly. The filing states the 2,800 units will vest 25% per year beginning September 18, 2026, indicating a four-year vesting schedule. The Form 4 was signed by an attorney-in-fact on 09/19/2025. The transaction appears to be a routine officer equity award documented under Section 16 disclosures.

Positive

  • Grant disclosed under Section 16 with vesting schedule specified, which supports transparency
  • Vesting schedule provided: 25% per year beginning September 18, 2026, clarifying timing of ownership transfer

Negative

  • Officer title not specified in the filing text, reducing clarity about role tied to the award
  • Indirect ownership through a trust is noted but the filing provides no further detail on trust terms

Insights

TL;DR: This Form 4 reports a small officer equity grant that modestly increases indirect holdings; not material to company valuation.

The grant of 2,800 stock units at a $0 reported price increases Mr. Libarle's indirect beneficial ownership to 63,810 shares. The disclosure notes a standard vesting schedule of 25% per year starting one year after grant, consistent with typical compensation arrangements. For a public company, this size of award is unlikely to move investor valuation or materially affect outstanding share counts. The filing provides clear vesting timing and the indirect ownership vehicle (a trust), but does not specify Mr. Libarle's officer title or the rationale for the grant.

TL;DR: Routine insider award disclosed properly under Section 16; vesting schedule and trust ownership are documented.

The Form 4 appropriately discloses an officer's acquisition of 2,800 common units and specifies indirect ownership through a trust and a multi-year vesting schedule. From a governance perspective, documentation of vesting and the use of an attorney-in-fact signature meet disclosure formality expectations. The filing omits the officer's specific title, which would provide clearer context for compensation alignment, but the necessary mechanics of the transaction are provided.

Insider LIBARLE DANIEL G
Role Insider
Type Security Shares Price Value
Grant/Award Common Stock 2,800 $0.00 --
Holdings After Transaction: Common Stock — 63,810 shares (Indirect, By Trust)
Footnotes (1)
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Form 4 Insider Transactions: What Each Field Means →
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).
1. Name and Address of Reporting Person*
LIBARLE DANIEL G
(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
Officer (give title below) X Other (specify below)
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) 2,800 A $0 63,810(1) I By Trust
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 2,800 shares of underlying stock units that will vest 25% per year beginning on September 18, 2026.
/s/ Teresa Nilsen, Attorney-in-Fact for Daniel G. Libarle 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.

Source: View Original Filing on SEC EDGAR

FAQ

What did Daniel G. Libarle report on the Form 4 for HNNA (HNNAZ)?

He reported an acquisition of 2,800 common stock units on 09/18/2025, recorded at a price of $0, increasing his indirect beneficial ownership to 63,810 shares.

When do the 2,800 stock units vest for the reported award?

The units vest 25% per year beginning on September 18, 2026, implying a four-year vesting schedule.

How is the reported ownership held according to the Form 4?

The beneficial ownership is held indirectly by a trust, as stated in the filing.

Who signed the Form 4 filing for the reporting person?

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

Is this transaction likely material to Hennessy Advisors' valuation?

The filing itself shows a small, routine officer equity grant and does not indicate material impact on company valuation.