[Form 4] HENNESSY ADVISORS INC Insider Trading Activity

Rhea-AI Filing Summary

Hansel Henry, a director of Hennessy Advisors Inc. (HNNA), reported acquiring 5,600 shares of Common Stock on 09/18/2025. The Form 4 shows the shares were acquired at no cash price and increase his total beneficial ownership to 220,125 shares. An explanatory note states the 5,600 shares are stock units that will vest 25% per year beginning on September 18, 2026.

Positive

• Director received equity aligning management with shareholders by increasing beneficial ownership to 220,125 shares.
• Vesting schedule disclosed: 5,600 stock units vesting 25% per year beginning September 18, 2026, promoting retention.

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: A director received equity-based compensation totaling 5,600 stock units, adding to an existing holding of 220,125 shares.

The Form 4 documents a non-cash acquisition of 5,600 common stock units by Hansel Henry on 09/18/2025, filed by an attorney-in-fact on 09/19/2025. The units vest 25% annually beginning 09/18/2026, indicating a multi-year retention schedule typical for director compensation. This disclosure is routine governance reporting and provides transparency on insider alignment with shareholders but does not by itself indicate a change in company strategy or financial condition.

Securities Analyst

TL;DR: Insider acquisition increases reported beneficial ownership to 220,125 shares; transaction appears as standard equity grant with time-based vesting.

The reported transaction code A(1) and a $0 reported price show these were granted stock units rather than a market purchase. The filing specifies vesting of 25% per year starting one year after grant, which spreads potential dilution/realization over four years. For investors, this is a routine disclosure of executive/director compensation and ownership; no cash flows, sales, or derivative exercises are reported.

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^*

HANSEL HENRY

(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	220,125(1)	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.

	/s/ Teresa M. Nilsen, Attorney-in-Fact for Henry C. Hansel	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 Hansel Henry report on Form 4 for HNNA?

He reported acquiring 5,600 shares of Common Stock on 09/18/2025, increasing his beneficial ownership to 220,125 shares.

Was cash paid for the shares reported on the Form 4?

No. The transaction is reported with a $0 price, indicating these were granted stock units rather than a cash purchase.

When do the newly reported stock units vest?

The Form 4 states the 5,600 stock units will vest 25% per year beginning on September 18, 2026.

Who filed the Form 4 on behalf of Hansel Henry?

The filing was signed by Teresa M. Nilsen, Attorney-in-Fact for Henry C. Hansel on 09/19/2025.

Does the Form 4 report any derivative transactions?

No. Table II for derivative securities contains no reported transactions in this filing.