Hennessy Advisors (HNNA) President Teresa M. Nilsen Receives Award, Sells Shares

What Happened

• Teresa M. Nilsen, President, COO, Secretary and a director of Hennessy Advisors (HNNA), was granted 19,700 stock units (reported as an award) on 2026-09-18 and, on the same date, 9,520.5 shares were disposed at $10.38 per share for a total of $98,823. The disposal is reported under code F (payment of exercise price or tax liability), indicating the shares were surrendered/sold to satisfy tax withholding obligations related to the award.

Key Details

• Transaction date(s): 2026-09-18 (award and tax-withholding disposition); Form 4 filed 2026-09-22.
• Award: 19,700 underlying stock units reported at $0.00 (code A).
• Disposal (tax withholding): 9,520.5 shares @ $10.38 = $98,823 (code F).
• Shares owned after transaction: Not specified in the filing.
• Footnotes:
  • F1: The 19,700 units are restricted stock units that vest 25% per year beginning September 18, 2027.
  • F2: The filing notes a 0.5-share correction from a prior report due to an administrative error; no transaction occurred for that 0.5 share.
• No 10b5-1 or other trading plan is indicated in the filing; filing timeliness not flagged in the report.

Context

• The grant is a restricted stock unit award (not an immediate cash purchase). The units vest over four years (25% per year starting 9/18/2027), so the award does not represent immediately tradable stock until vesting.
• The 9,520.5-share disposition appears to be a routine tax-withholding action tied to the grant (common when equity awards vest), not an open-market sell intended as a directional bet on the company.