HENNESSY ADVISORS INC
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
Filed by the Registrant ☒
Filed by a Party other than the Registrant ☐
Check the appropriate box:
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Preliminary Proxy Statement |
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Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
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Definitive Proxy Statement |
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Definitive Additional Materials |
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Soliciting Material Under §240.14a-12 |
HENNESSY ADVISORS, INC.
(Name of Registrant as Specified in its Charter)
(Name of Person(s) Filing Proxy Statement if other than the Registrant)
Payment of Filing Fee (Check all boxes that apply):
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No fee required. |
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Fee paid previously with preliminary materials. |
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Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. |
NOTICE OF
2025 ANNUAL MEETING OF SHAREHOLDERS
and
PROXY STATEMENT
Hennessy Advisors, Inc.
7250 Redwood Boulevard, Suite 200
Novato, California 94945
800-966-4354
www.hennessyadvisors.com
In this proxy statement, the terms “Hennessy Advisors,” the “company,” “we,” “us,” and “our” refer to Hennessy Advisors, Inc.
This proxy statement and the enclosed proxy card are being first sent or made available to shareholders on December27, 2024.
| Dear Hennessy Advisors Shareholder: | December2024 |
The U.S. economy and stock market have demonstrated remarkable momentum throughout 2024. With the presidential election behind us and the Federal Reserve implementing its initial rate cuts, investors and corporations now have a clearer path forward. We can focus renewed attention on the fundamentals that have long reinforced our economic strength. Over my 45 years observing our economy and the financial markets, what stands out to me is the enduring resilience of America. Whether facing high inflation, rising interest rates, geopolitical uncertainties, or other challenges, our business leaders and our nation consistently demonstrate the ability to adapt and thrive over the long term. Today’s data reinforces this resilience: unemployment appears stable, companies are producing strong earnings and cash flows, and the banking system is fundamentally sound. These conditions foster confidence in the markets, investments, and the future.
The stock market delivered impressive performance for the one-year period ended November 30, 2024, with the Dow Jones Industrial Average returning 27.18% and the SP 500 ® Index achieving a 33.86% total return. I see investors increasingly looking past the “shock and awe” headlines—ranging from uncertainties surrounding the U.S. presidential election to a sluggish housing market and the aftermath of significant natural disasters. Instead, they seem to be responding to encouraging economic data. A strong third-quarter earnings season has laid the foundation for continued momentum, supported by steady real GDP growth in the low single digits.
I believe that current consumer confidence and spending will continue to be key drivers of economic growth. With abundant job opportunities, robust corporate performance, and continued wage growth, I believe the economy and markets are positioned for sustained success.
Financial Results
During the fiscal year ended September 30, 2024, we grew assets under management by over $1.5billion while adhering to our time-tested business model of pursuing strategic purchases, organic growth, and seeking to deliver strong investment performance. In the past twelve months, we purchased assets related to the management of the CCM Small/Mid-Cap Impact Value Fund and the CCM Core Impact Equity Fund totaling $72 million, outpaced redemptions with inflows of over $1 billion for total net inflows of $549 million, and benefited from positive market performance of $990 million.
With our total assets under management up 53% to over $4.6 billion as of September 30, 2024, we significantly increased revenue, net income, earnings per share, and cash flow over the prior period. Our cash position net of debt increased 17% to $23.7 million as of September30, 2024. When added to the $40.25 million of debt that remains available until December 31, 2026, we have access to nearly $64million in available cash to utilize for the benefit of our shareholders.
Hennessy Advisors, Inc. has been a public company since 2002, has been listed on the Nasdaq for the past decade, and has paid a consistent dividend to shareholders for nearly 20 years. Based on a closing price of $11.80 per share on December4, 2024, the $0.1375 quarterly dividend equates to a 4.7% yield on an annualized basis. We are honored by the trust you have placed in us over the years, and we believe we honor that trust by running a consistent, transparent public company each and every day.
The Hennessy Funds
All 17 Hennessy Funds posted positive returns for the one-year period ended September 30, 2024. However, we are even more proud of the strength of our longer-term performance numbers, with 15 of the Hennessy Funds posting positive returns for the three-year period ended September 30, 2024, and all 16 Hennessy Funds with at least 10 years of operating history posting positive returns for both the 5-year and 10-year periods ended September 30, 2024.
We completed our most recent asset purchases on November 10, 2023, and February 23, 2024, when we purchased assets related to the management of the CCM Small/Mid-Cap Impact Value Fund and the CCM Core Impact Equity Fund (each, a “CCM Fund”), respectively. These asset purchases added approximately $12 million and $59 million to the Company’s assets under management at the time of closing with respect to each CCM Fund. Upon completion of each transaction, the assets of the applicable CCM Fund were reorganized into the Hennessy Stance ESG ETF.
Building on our History, Adapting for the Future
Founded in 1989 with the guiding principle that shareholders come first, Hennessy Advisors has always been committed to delivering value. Over the past five years, we have faced significant challenges, but these experiences have strengthened our resolve and evolved our vision. Building on our proud history, we are embracing the future of our industry with innovation and adaptability.
While our assets under management have returned to pre-2020 levels, we are not the same company we were in early 2020. We’ve expanded our product lineup, enhanced our digital presence, and continuously work to improve our operations and our strong financial foundation. As we close the 2024 calendar year, we are energized and optimistic about what lies ahead. Backed by a team of seasoned professionals, we feel ready to not only meet the challenges of the future, but to exceed expectations.
Our commitment to you—our shareholders—remains unwavering. We will continue to manage our products from a long-term perspective while refining how we market and distribute our products to effectively reach broader audiences. We are actively seeking the next meaningful acquisition or partnership to deliver value to both our fund shareholders and our public company investors.
Our employees, executives, and directors are aligned in a shared vision for the future. Together, we look forward to many more years of learning, growth, and success. We are grateful for your continued support and partnership.
If you have any questions or would like to speak with us directly, please don’t hesitate to call us at (800) 966-4354.
Sincerely,
Neil J. Hennessy
Chairman and CEO
NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
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Date and Time Thursday, February13, 2025 3:30p.m. Pacific time (business casual recommended) |
Place Inn Marin 250 Entrada Drive Novato, California 94949 |
Record Date December16, 2024 |
DEAR SHAREHOLDER:
The annual meeting of shareholders will be held for the following purposes:
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to elect all director nominees named in the proxy statement; |
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to ratify the selection of CBIZ CPAs P.C.as our independent registered public accounting firm for fiscal year 2025; and |
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to transact such other business as may properly come before the meeting or any adjournment or postponement thereof. |
Our board of directors recommends a vote “FOR” proposals1 and 2.
Your vote is important, and we encourage you to vote promptly whether or not you plan to attend the annual meeting. You may vote now by internet, phone, or mail.
| By order of the Board of Directors, | ||
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Teresa M. Nilsen
President, Chief Operating Officer, and Secretary |
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Internet . If you are a shareholder of record, you may vote online by visiting www.Investorvote.com/HNNA and following the instructions on the website. If you are a beneficial owner, the availability and method of online voting depends on the voting procedures of your broker. |
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Phone . If you are a shareholder of record, you may vote by phone by calling the toll‑free number found on your proxy card. If you are a beneficial owner, the availability and method of phone voting depends on the voting procedures of your broker. |
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Mail . If you are a shareholder of record, you may vote by mail by filling out the proxy card and returning it in the envelope provided. If you are a beneficial owner, the availability and method of mail voting depends on the voting procedures of your broker. |
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You may also vote in person at the annual meeting, although we encourage you to vote your shares now even if you plan to attend the annual meeting. If you are a beneficial owner and want to vote your shares in person at the annual meeting, you must obtain a legal proxy and bring it to the annual meeting. A legal proxy is a written document that authorizes you to vote your shares held in street name in connection with the annual meeting. Please contact your broker for instructions regarding obtaining a legal proxy because your broker will not automatically supply one to you.
For shareholders of record, if you choose to vote by internet, phone, or mail, then the proxy agents will vote your shares at the annual meeting in accordance with your specific voting instructions (unless your proxy is mutilated or otherwise received in such form or at such time as to render it not votable). If you submit a proxy but do not provide specific voting instructions, then the proxy agents will vote your shares in the manner recommended by the board on each proposal described in this proxy statement.
For beneficial owners, your broker must vote your shares in accordance with the specific voting instructions your broker receives from you, which may include voting by internet, phone, or mail as permitted by your broker. If you do not provide your broker with instructions on how to vote your shares, your broker will have discretionary authority to vote on your behalf on any “routine” proposals.” However, your broker may not vote your shares with respect to “non-routine” proposals unless it receives specific instructions from you. A “broker non-vote” occurs when a broker does not vote on a particular proposal because the broker does not have discretionary voting authority for that particular proposal and has not received specific instructions from the beneficial owner or otherwise does not vote. Proposal 1 – the election of directors – is a non‑routine matter for which brokers do not have discretionary voting authority. If you are a beneficial owner and do not instruct your broker how to vote with respect to Proposal 1, your broker will not vote with respect to such proposal. Proposal2 – the ratification of the selection of CBIZ CPAs P.C. as the company’s independent registered public accounting firm for fiscal year 2025 – is a routine matter on which brokers have discretionary voting authority.
If you are a shareholder of record, you may change your vote or revoke your proxy at any time before the annual meeting by giving written notice to our corporate secretary, submitting a later‑dated proxy relating to the same shares, or attending the annual meeting and voting in person. If you are a beneficial owner, then you may change your vote by following the instructions provided by your broker.
Shown below is a list of the matters to be considered at the annual meeting and the vote required for election or approval, as the case may be.
TABLE OF CONTENTS
Teresa M. Nilsen President, Chief Operating Officer, and Secretary VOTING INFORMATION PROPOSAL1: ELECTION OF DIRECTORS CORPORATE GOVERNANCE Director Attendance Director Independence Board Diversity Board Committees Leadership Structure Board Role in Risk Oversight Hedging Transactions Clawback Policy Insider Trading Policy Related Party Transactions DIRECTOR COMPENSATION SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE EXECUTIVE OFFICERS COMPENSATION DISCUSSION AND ANALYSIS Compensation Overview Compensation Objectives Say-on-Pay and Say-on-Frequency Process for Determining Compensation of Our Named Executive Officers Elements of Our Compensation Program EXECUTIVE COMPENSATION Summary Compensation Table for Fiscal Years 2024 and 2023 Outstanding Equity Awards at Fiscal Year End 2024 Potential Payments upon Termination or Change of Control PAY VERSUS PERFORMANCE PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM AUDIT COMMITTEE REPORT ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Communications with the Board of Directors Annual Report Multiple Shareholders with the Same Address Cost of Proxy Solicitation Other Matters Internet. If you are a shareholder of record, you may vote online by visiting www.Investorvote.com/HNNA and following the instructions on the website. If you are a beneficial owner, the availability and method of online voting depends on the voting procedures of your broker. Phone. If you are a shareholder of record, you may vote by phone by calling the tollfree number found on your proxy card. If you are a beneficial owner, the availability and method of phone voting depends on the voting procedures of your broker. Mail. If you are a shareholder of record, you may vote by mail by filling out the proxy card and returning it in the envelope provided. If you are a beneficial owner, the availability and method of mail voting depends on the voting procedures of your broker. Matter Required Vote for Election or Approval Impact of Votes Withheld, Abstentions, or Broker NonVotes Impact of Votes Withheld, Abstentions, or Broker NonVotes Proposal 1: Election of directors Plurality of votes cast Votes withheld and broker nonvotes are not counted as votes for or against and do not affect the outcome. Proposal 2: Ratification of the selection of the independent registered public accounting firm Affirmative vote of the majority of the shares represented at the meeting and entitled to vote Abstentions have the same effect as votes against. We do not expect any broker nonvotes because brokers have discretion to vote uninstructed shares on this proposal. In any event, broker nonvotes do not affect the outcome. Board Size: Total Number of Directors Gender: Male Female Non-Binary Gender Undisclosed Number of Directors Based on Gender Identity Number of Directors Who Identify in Any of the Categories Below: African American or Black Alaskan Native or Native American Asian Hispanic or Latino Native Hawaiian or Pacific Islander White Two or More Races or Ethnicities LGBTQ+ Undisclosed Name Fees Earned or Paid in Cash (1) ($) Stock Awards(2) ($) Total ($) Henry Hansel 72,000 57,344 129,344 Brian A. Hennessy 63,000 57,344 120,344 Lydia Knight-O'Riordan 64,500 57,344 121,844 Kiera Newton 74,000 57,344 131,344 Susan W. Pomilia 70,000 57,344 127,344 Thomas L. Seavey 76,000 57,344 133,344 (1) Themembers of the compensation committee did not receive compensation for two of the four meetings held during fiscal year 2024. (2) The amounts in this column include the aggregate grant date fair value, computed in accordance with FASB ASC Topic718Stock Compensation. Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The value of restricted stock units granted is calculated as the number of units granted times the fair market value of our common stock on the grant date, which was $10.24 on the grant date of September18, 2024. Ms.KnightORiordan and Ms.Newton held 12,050 and 10,925 nonvested restricted stock units, respectively, as of September30, 2024. Each other nonmanagement director held 13,362.5nonvested restricted stock units as of September30, 2024. 9 Table of Contents SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT The following table shows information relating to the beneficial ownership as of November29, 2024, of (1)each person known to us to be the beneficial owner of more than 5% of our common stock, (2)each director, (3)each executive officer named in the summary compensation table elsewhere in this proxy statement, and (4)all directors and executive officers as a group. Except as otherwise indicated, the shareholders listed exercise sole voting and dispositive power over the shares. The mailing address for all individuals listed in the following table is c/o Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. Name Number of Shares Owned Percent of Class Additional Information Neil J. Hennessy 2,044,245 26.3% Includes (A)2,014,124 shares held jointly with his spouse, over which Mr.Hennessy has shared voting and dispositive power, (B)5,062 shares held in his IRA, over which Mr.Hennessy has sole voting and dispositive power, and (C)25,059 shares held solely by his spouse. Teresa M. Nilsen 128,639 1.7% Includes (A)97,836 shares held jointly with her spouse, over which Ms.Nilsen has shared voting and dispositive power, (B) 29,285 shares held by Ms.Nilsen and by her spouse as custodian for their children, over which Ms.Nilsen has shared voting and dispositive power, and (C)1,518 shares held solely by her spouse. Kathryn R. Fahy 52,836 * None. Henry Hansel 201,163 2.6% None. Brian A. Hennessy 265,751 3.4% Includes (A)225,003 shares held jointly with his spouse, over which Mr.Hennessy has shared voting and dispositive power, (B) 20,374 shares held in his IRA, over which Mr.Hennessy has sole voting and dispositive power, and (C) 20,374 shares held solely by his spouse. Lydia KnightORiordan 3,650 * None. Kiera Newton 2,005 * None. Susan W. Pomilia 98,544 1.3% Includes (A)30,925 shares held jointly with her spouse, over which Ms.Pomilia has shared voting and dispositive power, and (B)67,619 shares held solely by her spouse. Thomas L. Seavey 77,067 * None. All directors and executive officers (10individuals) 2,906,423 37.4% None. * Less than one percent of our common stock. 10 Table of Contents SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE Section 16(a) of the Securities Exchange Act of 1934 (the Exchange Act) requires our executive officers, directors, and 10% shareholders to file reports with the SEC setting forth their holdings of, and transactions in, our common stock. Based solely on a review of copies of such reports and representations from these reporting persons, we believe all required reports were filed on a timely basis during fiscal year 2024. EXECUTIVE OFFICERS Our executive officers are listed below. Name Title Neil J. Hennessy Chief Executive Officer and Chairman of the Board of Directors Teresa M. Nilsen President, Chief Operating Officer, and Secretary Kathryn R. Fahy Chief Financial Officer and Senior Vice President Daniel B. Steadman Executive Vice President Biographical information forMs.Fahy and Mr.Steadman is set forth below. Biographical information for Mr.Hennessy and Ms.Nilsen may be found under the heading Election of Directors. Kathryn R. Fahy (age 44) has served as the chief financial officer and as a senior vice president of Hennessy Advisors since January2018. From January 2006 untilJanuary2018, Ms.Fahy served as the controller of Hennessy Advisors, and from March 2015 until January2018, she also served as director of finance of Hennessy Advisors. She is also senior vice president, assistant secretary, and assistant treasurer of the trust for our investment funds. Ms.Fahy began her career in accounting in 2002. Before joining the company in 2006, she worked as a public accountant for Deloitte Touche, and as a senior internal auditor for Knight Ridder, Inc. Ms.Fahy holds a bachelor of arts in international economics with a minor in accounting from the University of California, Los Angeles, and is a Certified Public Accountant. Daniel B. Steadman (age 68) has served as an executive vice president of Hennessy Advisors since 2000. He previously served as the chief compliance officer from 2010 until January2018 and as a director from 2000 through December2022. Mr.Steadman is also executive vice president and secretary of the trust for our investment funds. Mr.Steadman has been in the banking and financial services industry since 1974, serving as vice president of WestAmerica Bank from 1995 through 2000, vice president of Novato National Bank from its organization in 1984 through 1995, assistant vice president and branch manager of Bank of Marin from 1980 through 1984, and banking services officer of Wells Fargo Bank from 1974 through 1980. COMPENSATION DISCUSSION AND ANALYSIS Compensation Overview and Named Executive Officers The goal of our compensation program is the same as our broader companywide goal, which is to create longterm value for our shareholders. In an effort to achieve this goal, we have designed and implemented our compensation program to (1)encourage our named executive officers to remain with us for long and productive careers and (2)align the interests of our named executive officers with the interests of our shareholders. We believe that most of our compensation elements fulfill both of these objectives simultaneously. The principal elements of our compensation program are salary, bonus, equity awards, company 401(k) contributions, severance payments, and payments in the event of a change of control. Our named executive officers for fiscal year 2024 were Mr. Hennessy, Ms. Nilsen, and Ms. Fahy. We are currently a smaller reporting company as defined under SEC rules and, as a result, not all of our executive officers are considered named executive officers as defined under SEC rules. We also are not required to include in this proxy statement a Compensation Discussion and Analysis section and certain other disclosures relating to executive compensation. However, we are voluntarily providing a Compensation Discussion and Analysis section for purposes of enhancing transparency concerning executive compensation. 11 Table of Contents Compensation Objectives Retention. Given our small number of highlevel executives, all of our named executive officers are essential to our success. Our named executive officers are experienced in the investment fund industry and are presented with other professional opportunities in the industry from time to time, including opportunities at potentially higher compensation levels. We believe it is critical to our success that turnover among our named executive officers remains low and that our named executive officers remain driven to achieve their individual and company-wide goals. Key elements of our compensation program that are designed to maximize named executive officer retention include: equity awards that vest over a four-year period; competitive base salaries; company 401(k) contributions; and severance or change of control agreements. Alignment. We seek to align the interests of our named executive officers with the interests of our shareholders. Key elements of our compensation program that are designed to do so include: cash bonuses based on individual and company-wide performance; and equity awards, which link a significant portion of compensation to shareholder value because the total value of those awards corresponds to stock price appreciation and provide an added incentive for our named executive officers to focus on longterm performance and profitability. Say-on-Pay and Say-on-Frequency An advisory say-on-pay vote relating to the compensation of our named executive officers occurred at the 2023 annual meeting of shareholders. Shareholders indicated strong support of our compensation programs for our named executive officers, with approximately 94% of votes cast in favor. In light of this strong support, which we believe demonstrates our shareholders satisfaction with the alignment of our named executive officers compensation with the companys performance, the compensation committee maintained substantially the same compensation approach for fiscal years 2023 and 2024. In addition, because a substantial majority of the votes cast on our sayonfrequency proposal at the 2020 annual meeting of shareholders were in favor of having a say-on-pay vote every three years, we will hold our next say-on-pay vote at the 2026 annual meeting of shareholders. We will hold our next say-on-frequency vote at the same meeting. Process for Determining Compensation of Our Named Executive Officers The compensation committee is responsible for establishing and administering our policies governing named executive officer compensation. Mr.Hennessy and Ms.Nilsen each receive a minimum salary and a formulaic quarterly cash bonus pursuant to their respective employment agreements. They are each eligible to receive a salary increase at the discretion of the board based on the recommendation of the compensation committee. For the remaining elements of compensation for Mr.Hennessy and Ms.Nilsen and for all elements of compensation for Ms.Fahy, Ms.Nilsen recommends compensation amounts to the compensation committee after consulting with the companys other executive officers. Ms.Nilsen recommends the amount of cash bonus and equity compensation for Ms.Fahy for the current fiscal year, company 401(k) contributions for all named executive officers for the current fiscal year, and the future base salary amounts for all named executive officers. The compensation committee then decides whether to approve or adjust Ms.Nilsens recommendations. 12 Table of Contents Ms.Nilsens recommendations are based on her experience, the performance of our named executive officers, and thirdparty salary survey data from Radford McLagan Compensation Database (Radford McLagan). Radford McLagan has an extensive database that includes compensation data from most investment management companies, including private companies for which information is not otherwise generally available. Radford McLagan aggregates and summarizes the compensation data by position without disclosing specific information for any particular company. We compare our executive positions to what we determine to be positions of similar scope and complexity that are included in the Radford McLagan data. We believe this comparative data is useful and appropriate in establishing competitive compensation levels for our named executive officers. The compensation committee does not have any arrangements with compensation consultants. In recognition of the fact that we are a smaller company, our compensation committee relies on its business judgment in making compensation decisions for our named executive officers. With respect to each area in which our named executive officers are evaluated, the compensation committee compares the companys performance and each named executive officers performance against targeted performance for the year and then evaluates whether individual and company-wide objectives set during the prior years review were achieved. Specific factors affecting compensation decisions for named executive officers include, but are not limited to, the following: key financial measurements, such as annual net income and yearend cash balance; preparing and effectively executing shortterm and longterm strategic plans for the company; building banking relationships; improving and expanding the distribution, marketing, public relations, and sales programs for our funds; effectively leading and managing the companys employees, multiple offices, and several subadvisors; maintaining compliance with applicable regulatory requirements; and providing administrative services, shareholder services, and investment advisory services to the Hennessy Funds family of funds (currently 17funds). Elements of Our Compensation Program Base Salaries. Base salaries are used to provide a fixed amount of compensation for a named executive officers regular work. According to the most recent Radford McLagan salary survey, the base salaries for our named executive officers are on average 70% of the average salaries of executives in comparable roles in the bottom quartile of financial services companies participating in the survey. Base salaries for named executive officers are reviewed annually and may be adjusted from time to time by the compensation committee or the board. No adjustments were made to the base salaries for our named executive officers for fiscal year 2024, but, effective as of October 1, 2024, the base salaries for Ms. Nilsen and Ms. Fahy were increased to $375,000 and $275,000, respectively, to move their base salaries closer to their respective base salary levels indicated in the most recent Radford McLagan salary survey. 13 Table of Contents Bonuses. Mr.Hennessy and Ms.Nilsen each receive a quarterly incentive-based bonus (a Quarterly Bonus) pursuant to employment agreements we entered into with them. Each Quarterly Bonus is calculated based on the companys pre-tax profits for each fiscal quarter, as computed for financial reporting purposes in accordance with accounting principles generally accepted in the United States of America, except that pre-tax profit is computed without regard to (1)bonuses payable to employees (including related payroll tax expenses) for the fiscal year, (2)depreciation expense, (3)amortization expense, (4) compensation expense related to restricted stock units (or other stockbased compensation expense), and (5) asset impairment charges (such amount, Adjusted Quarterly Pre-Tax Profit). For fiscal year2024, Mr.Hennessy and Ms.Nilsen each received a Quarterly Bonus equal to 6.5% and 3.5%, respectively, of Adjusted Quarterly Pre-Tax Profit. Beginning with fiscal year2025, Mr.Hennessy and Ms.Nilsen will each receive a Quarterly Bonus equal to 5.0% of Adjusted Quarterly Pre-Tax Profit. The compensation committee considered the evolution of duties fulfilled by Mr. Hennessy and Ms. Nilsen and approved the change accordingly. With respect to any fiscal quarter in which they earn Quarterly Bonuses, Mr.Hennessy and Ms.Nilsen receive 50% of their respective Quarterly Bonuses within 75 days following the end of such fiscal quarter and the remaining 50% is held in a reserve account. If Adjusted Quarterly Pre-Tax Profit is negative (reflecting a quarterly pre-tax loss) during any fiscal quarter in such fiscal year, the reserve accounts are reduced by an amount equal to such quarterly pre-tax loss multiplied by the same percentage amount used to determine Mr.Hennessys and Ms.Nilsens Quarterly Bonuses, respectively. If there is a positive balance in the reserve accounts at the end of the fiscal year, the amount in each reserve account is paid to Mr.Hennessy and Ms.Nilsen, respectively, within 75 days. If there is a negative balance in the reserve accounts at the end of the fiscal year, the negative reserve amounts are canceled and are not carried forward into the next fiscal year. More information regarding Mr.Hennessys and Ms.Nilsens employment agreements are described below under Potential Payments upon Termination or Change of Control. The cash bonus amount for Ms.Fahy is approved by the compensation committee and paid out of a general bonus pool for all employees other than Mr.Hennessy and Ms.Nilsen. The total bonus pool generally is set as a percentage of pre-tax profits, but the executive officers have discretion to adjust the bonus pool up or down based on business circumstances. Our executive officers determine the percentage amount to be accrued in the bonus pool each year and review that percentage amount quarterly based on the current performance of the company. Bonuses paid out of the bonus pool are discretionary, but are based in part on individual performance. Each year, our executive officers set companywide objectives that are then presented to the board. They also set individual performance objectives for each employee that are based on customer focus, teamwork, ethics, work product and quality, and attitude. For fiscal year 2024, companywide objectives included effectively managing cash and equity, maintaining profitability, pursuing strategic business opportunities, building banking relationships, improving and expanding our distribution, marketing, public relations, and sales programs, strengthening our networking and business relationships, effectively managing our relationships with our sub-advisors and satellite offices, and maintaining our compliance program. Because the bonus accrual is based primarily on a percentage of pre-tax profits, bonuses automatically are aligned with the companys performance. Equity Awards. We believe that the use of equity awards helps us to maintain a strong association between the compensation of our named executive officers and the longterm interests of our shareholders. Furthermore, we believe that restricted stock units are the most effective equity compensation tool for a company of our size because restricted stock units provide the same type of equity-based value to named executive officers as stock options, but with less dilution to earnings per share for an equivalent grant date fair value. All of our restricted stock unit awards vest over four-year periods, which we believe provide added incentive to our named executive officers to focus on longterm performance and profitability and encourage executive retention. Following its annual performance review of our executive officers, the compensation committee determines the amount of restricted stock units, if any, to award to our executive officers and sets the aggregate amount of restricted stock units, if any, to be awarded to employees on a subjective basis based on our budget for future years and the number of shares available for issuance under the companys omnibus incentive plan. The annual awards to our named executive officers are generally made in the fourth quarter of our fiscal year, although such timing may change from year to year. The compensation committee also may consider and approve interim or mid-year grants, or grants made on another basis, from time to time based on business needs, changing compensation practices or other factors, in the discretion of the compensation committee. The compensation committee does not take material nonpublic information into account when determining the timing and terms of equity awards, and we have not timed the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation. 14 Table of Contents Company 401(k) Contributions. We use 401(k) contributions as a means of compensating and retaining our executive officers while also instilling in them the idea that retirement planning is essential. The company 401(k) contribution is optional from year to year and is awarded to our named executive officers on the same basis that it is awarded to all employees. It is not based on performance or goal achievement. The percentage level of the contribution is subjective and is determined by our executive officers annually for all employees. The compensation committee approves the percentage level of contribution with respect to our executive officers. Severance or Change of Control Agreements. Mr.Hennessys and Ms.Nilsens employment agreements provide for certain payments upon the occurrence of specified events, including (i) if Mr.Hennessys or Ms.Nilsens employment is terminated, respectively, or (ii)if an acquiror of all or substantially all of the companys assets does not assume Mr.Hennessys or Ms.Nilsens employment agreement, respectively. We believe that the rights to these payments provide job security for Mr.Hennessy and Ms.Nilsen and allow them to focus on the performance of our company. We have also entered into a bonus agreement with Ms.Nilsen that provides for payment in the event of a change of control with or without termination. The change of control payment is intended to allow Ms.Nilsen to remain focused on her performance, our best interests, and the best interests of our shareholders if a change of control is anticipated or occurs, as well as to ensure a smooth transition in the event of a change of control. Upon a change of control, Ms.Nilsen would not receive a bonus pursuant to both her employment agreement and bonus agreement upon a change of control; instead, she would receive the higher of the two payments. In addition, the restricted stock unit award agreements between the company and each named executive officer provide that all restricted stock units held by an named executive officer immediately vest in full (i)if the named executive officers employment terminates as a result of death, disability, or retirement at a time when the company would not be able to terminate the named executive officer for cause or (ii)upon a change of control of the company. More information regarding these agreements with our named executive officers is included below under Potential Payments upon Termination or Change of Control. Nonqualified Deferred Compensation Benefits. We do not offer a nonqualified deferred compensation plan to any of our employees. Pension Benefits. We do not sponsor any pension plans. Other Compensation. Benefits and perquisites provided to our named executive officers are generally the same as those offered to all employees, except that we pay for a car allowance, premiums on life insurance, and premiums on disability insurance for Neil J. Hennessy pursuant to the terms of his employment agreement. We also pay for fitness club memberships for Ms.Nilsen and Ms.Fahy. Finally, we make charitable contributions on behalf of each of our named executive officers and cover expenses related to required travel by their spouses, as applicable. 15 Table of Contents Other Policies. Under our compensation recovery policy, if we are required to prepare an accounting restatement due to material noncompliance with any financial reporting requirement, then, unless an exception applies, we will seek to recover the excess of the amount of incentive-based compensation any executive officer received during the preceding three fiscal years over the amount the executive officer would have received based on the restated numbers, determined on a pre-tax basis. Tax Treatment. Section 162(m) of the Internal Revenue Code of 1986, as amended (the Code), generally limits our income tax deduction for compensation paid in any taxable year to our executive officers that exceeds $1,000,000. The compensation committee considers the impact of Section162(m) when determining base salary, cash bonuses, equity awards, and other compensation for our executive officers, but tax deductibility is only one of several factors considered by the compensation committee in the design and implementation of our compensation program. Therefore, the compensation committee may approve compensation that exceeds $1,000,000 to ensure competitive compensation levels and structures for our executive officers. EXECUTIVE COMPENSATION Summary Compensation Table for Fiscal Years 2024 and 2023 (1) The following table summarizes the total compensation of our named executive officers for fiscal years 2024 and 2023. Name and Principal Position Fiscal Year Salary ($) Stock Awards(2) ($) Non-Equity Incentive Plan Compensation ($) All Other Compensation(4) ($) Total ($) Neil J. Hennessy 2024 350,000 201,728 937,537 (3) 91,526 1,580,791 CEO 2023 350,000 133,763 683,683 72,403 1,239,849 Teresa M. Nilsen 2024 325,000 201,728 504,827 (3) 27,219 1,058,774 President, COO, and Secretary 2023 325,000 133,763 368,138 25,402 852,303 Kathryn R. Fahy 2024 250,000 128,000 250,000 21,093 649,093 CFO and Senior Vice President 2023 250,000 84,875 200,000 17,160 552,035 (1) As a smaller reporting company for purposes of the SECs disclosure rules, we are subject to scaled disclosure requirements under which reduced disclosure of executive compensation is permitted. Pursuant to such scaled disclosure rules, we include only two fiscal years of compensation information in the Summary Compensation Table for our named executive officers, rather than three, and our named executive officers are our principal executive officer and our two other most highly compensated executive officers. (2) The amounts in this column include the aggregate grant date fair value, computed in accordance with FASB ASC Topic718Stock Compensation. Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The value of restricted stock units for a particular fiscal year is calculated as the number of units granted during such fiscal year times the fair market value of our common stock on the grant date. The fair market value of our common stock was $10.24 and $6.79 on the grant date for fiscal year2024 (September 18, 2024) and the grant date for fiscal year2023 (September18, 2023), respectively. (3) For fiscal year 2024, Mr.Hennessy and Ms.Nilsen each received an incentive-based bonus in the amount of 6.5% and 3.5%, respectively, of our Adjusted Quarterly PreTax Profit. The Adjusted Quarterly Pre-Tax Profit for fiscal year 2024 was calculated as income before tax of $9,703,900 plus bonuses of $3,430,900 (Mr.Hennessys and Ms.Nilsens bonus accruals and the bonus accrual for other employees), payroll tax accruals of $54,300, depreciation and amortization expense of $244,400, and compensation expense related to restricted stock units of $990,200, for a total pre-tax profit of $14,423,700. A discussion of the terms of Mr.Hennessys and Ms.Nilsens employment agreements begins on page18. (4) All other compensation for fiscal year 2024 for Mr.Hennessy includes premiums on life insurance ($52,476), disability insurance, a car allowance, a charitable contribution made on his behalf, miscellaneous expenses related to required travel by his spouse, and a profitsharing contribution to his 401(k) plan. All other compensation for fiscal year 2024 for each of Ms.Nilsen and Ms.Fahy includes a fitness club membership, a charitable contribution made on her behalf, miscellaneous expenses related to required travel by her spouse, and a profitsharing contribution to her 401(k)plan. 16 Table of Contents Outstanding Equity Awards at Fiscal Year End 2024 The following table sets forth the outstanding equity awards held by our named executive officers on September 30, 2024. Stock Awards (1) Name Grant Date Number of Shares or Units of Stock That Have Not Vested Market Value of Shares or Units of Stock That Have Not Vested ($) Neil J. Hennessy 9/18/2021 3,937.5 39,178 9/18/2022 7,875.0 78,356 9/18/2023 14,775.0 147,011 9/18/2024 19,700.0 196,015 Teresa M. Nilsen 9/18/2021 3,937.5 39,178 9/18/2022 7,875.0 78,356 9/18/2023 14,775.0 147,011 9/18/2024 19,700.0 196,015 Kathryn R. Fahy 9/18/2021 2,500.0 24,875 9/18/2022 5,000.0 49,750 9/18/2023 9,375.0 93,281 9/18/2024 12,500.0 124,375 (1) Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The market value of restricted stock units that have not vested is calculated as the number of unvested units times the fair market value of $9.95 per share on September30, 2024. The actual value realized by the named executive officer will depend on the market value of our common stock on the date the awards vest. Potential Payments upon Termination or Change of Control Under the terms of the restricted stock unit award agreements between the company and each named executive officer, the employment agreements with Mr.Hennessy and Ms.Nilsen, and the bonus agreement with Ms.Nilsen, our named executive officers are entitled to certain compensation in the event of a termination of employment or a change of control of the company. The material terms of each such agreement are discussed below. 17 Table of Contents Neil J. Hennessy Employment Agreement We have had an employment agreement with Mr.Hennessy since the time of our initial public offering, and such employment agreement has been amended and amended and restated several times. The employment agreement provides for automatic oneyear renewals on each January 26 unless either party gives written notice to the other at least 60 days prior to the expiration of the thencurrent term. Under the terms of his employment agreement, Mr.Hennessy is entitled to (1)an annual base salary of $350,000, which amount may be increased in the boards sole discretion, (2)Quarterly Bonuses of 5.0% of Adjusted Quarterly Pre-Tax Profit (prior to September30, 2024, this percentage was 6.5%), and (3)participate in our benefit plans. In the event that (A)Mr.Hennessys employment is terminated by the company without cause or (B)Mr.Hennessy terminates his employment with the company for good reason, Mr.Hennessy is entitled to receive severance payable in 24 equal monthly installments (except to the extent payment is required to be delayed pursuant to Section409A of the Code) equal to the sum of (i)(x) one years full base salary and an average annual bonus for the three most recent fiscal years prior to the termination of employment multiplied by (y) two and (ii) a prorated Quarterly Bonus for the quarter in which the termination occurs. In addition, under the foregoing circumstances, Mr.Hennessy is also entitled to receive payment of any previously earned and deferred Quarterly Bonus in the reserve account following the end of the fiscal year in which his employment terminates. In the event Mr.Hennessy is terminated for cause or terminates his employment with the company without good reason, no severance is payable. If the employment agreement terminates as a result of death or disability, Mr.Hennessy is entitled to all bonuses earned or accrued as of the date of his termination. Furthermore, in the case of disability, Mr.Hennessy is also entitled to continue receiving his base salary and benefits for three months or until the date he begins receiving benefits under a disability plan or policy, whichever is soonest. In the event of a sale, transfer, or other disposition of all or substantially all of our assets or business, whether by merger, consolidation, or otherwise, we may assign the employment agreement and its rights, provided that the successor assumes all of our obligations under the employment agreement. If any payment or benefit under the employment agreement and any other agreement, plan, or arrangement would constitute an excess parachute payment under Section280G of the Code, then Mr.Hennessy would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Mr.Hennessy. The employment agreement defines the terms listed below as follows: Cause exists if Mr.Hennessy: is convicted of, or enters a plea of nolo contendere to, a felony (other than a trafficrelated offense) under any state, federal, or local law or any felony involving the company, where conviction includes any final disposition of the charge that does not result in the charges being completely dismissed or Mr.Hennessys being completely acquitted; materially breaches (1) the employment agreement or (2) the companys policies and procedures, which breach is not cured, if capable of being cured, after written notice within 30 days of the date notice of such breach is received by Mr.Hennessy; or 18 Table of Contents engages in willful or gross misconduct or willful or gross negligence in performing his duties, or fraud, misappropriation, or embezzlement. Good reason means: the assignment to Mr.Hennessy of duties materially inconsistent with his position, authority, duties, or responsibilities as of the date of the employment agreement; or any action or omission that results in a material diminution of the position, authority, duties, or responsibilities of Mr.Hennessy as of the date of the employment agreement; a material reduction in Mr.Hennessys annual base salary (other than a reduction that applies generally to the Companys senior management); the relocation, without Mr.Hennessys prior written consent, of his principal place of employment to a location more than 50 miles away (measured in the shortest driving distance) from his principal place of employment on the date of the employment agreement; or the failure by the Company to have an acquirer of all or substantially all of the Companys assets assume Mr.Hennessys employment agreement; provided, in any case, that Mr.Hennessy (1) provides notice to the company of the existence of the condition constituting good reason within 90 days of its initial existence and (2) allows the company 30 days to remedy the condition. Disability means a physical or mental disability or infirmity that prevents Mr.Hennessy from performing substantially the duties assigned to him (based on such competent medical evidence as shall be presented to the company by any physician or group of physicians or other competent medical experts employed by the company) for a continuous period of more than 180 days. Restricted Stock Unit Award Agreements The restricted stock unit award agreements between the company and each named executive officer provide that all restricted stock units held by an named executive officer immediately vest in full (1)if the named executive officers employment terminates as a result of death, disability, or retirement at a time when the company would not be able to terminate the named executive officer for cause or (2)upon a change of control of the company. The 2024 Omnibus Incentive Plan, under which restricted stock unit award agreements were issued for the awards held by our named executive officers in fiscal year 2024, defines the terms listed below as follows: Disability, with respect to restricted stock unit awards, means, except as otherwise determined by the compensation committee and set forth in an award agreement, the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of at least 12 months, as determined by the compensation committee. 19 Table of Contents Retirement means, except as otherwise determined by the compensation committee and set forth in an award agreement, termination of employment with the company and its affiliates (for other than cause) on a date the participant is then eligible to receive immediate early or normal retirement benefits under the provisions of any of the companys or its affiliates defined benefit pension plans, or if the participant is not covered under any such plan, on or after attainment of age 55 and completion of 10years of continuous service with the company and its affiliates or on or after attainment of age 65 and completion of five years of continuous service with the company and its affiliates, where causemeans (1)if the participant is subject to an employment agreement with the company or an affiliate that contains a definition of cause, such definition, or (2)otherwise, except as otherwise determined by the compensation committee and set forth in an award agreement, any of the following as determined by the compensation committee: (A)violation of the provisions of any employment agreement, noncompetition agreement, confidentiality agreement, or similar agreement with the company or an affiliate, or the companys or an affiliates code of ethics, as then in effect; (B)conduct rising to the level of gross negligence or willful misconduct in the course of employment with the company or an affiliate; (C)commission of an act of dishonesty or disloyalty involving the company or an affiliate; (D)violation of any federal, state or local law in connection with the participants employment or service; or (E)breach of any fiduciary duty to the company or an affiliate. A change of control is the occurrence of one or more of the following events: an acquisition, in any one transaction or series of transactions, after which any individual, entity, or group has beneficial ownership of 50% or more of either the thenoutstanding shares of our common stock or the combined voting power of our thenoutstanding voting securities, but excluding an acquisition (1)by us or any of our employee benefit plans (or related trusts), (2)by Neil J. Hennessy or any affiliate, or (3)by any corporation which, following the acquisition, is beneficially owned, directly or indirectly, in substantially the same proportions, by the beneficial owners of the common stock and voting securities of the company immediately prior to such acquisition; or 50% or more of the members of our board of directors (1)are not continuing directors, or (2)are nominated or elected by the same beneficial owner or are elected or appointed in connection with an acquisition of the company; or the (1)consummation of a reorganization, merger, share exchange, consolidation, or similar transaction, with respect to which the beneficial owners of the company immediately prior to such transaction do not, following such transaction, beneficially own more than 50% of the thenoutstanding shares of common stock and voting securities of the corporation resulting from the transaction, (2)consummation of the sale or other disposition of all or substantially all of the assets of the company, or (3)approval by the shareholders of the company of a complete liquidation or dissolution of the company. Teresa M. Nilsen Employment Agreement We have had an employment agreement with Ms.Nilsen since January 26, 2018, when she became the president of the company. The agreement has been amended twice since then. The agreement provides for automatic oneyear renewals on each January 26 unless either party gives written notice to the other at least 60 days prior to the expiration of the thencurrent term. 20 Table of Contents Under the terms of her employment agreement, Ms.Nilsen is entitled to (1)an annual base salary of $375,000 (prior to September30, 2024, this amount was $325,000), which amount may be increased in the boards sole discretion, (2)Quarterly Bonuses of 5.0% of Adjusted Quarterly Pre-Tax Profit (prior to September30, 2024, this percentage was 3.5%), and (3)participate in our benefit plans. In the event that (A)Ms.Nilsens employment is terminated by the company without cause or (B)Ms.Nilsen terminates her employment with the company for good reason, Ms.Nilsen is entitled to receive severance payable in 24 equal monthly installments (except to the extent payment is required to be delayed pursuant to Section409A of the Code) equal to the sum of (i)(x) one years full base salary and an average annual bonus for the three most recent fiscal years prior to the termination of employment multiplied by (y)two and (ii)a prorated Quarterly Bonus for the quarter in which the termination occurs. In addition, under the foregoing circumstances, Ms.Nilsen is also entitled to receive payment of any previously earned and deferred Quarterly Bonus in the reserve account following the end of the fiscal year in which her employment terminates. In the event Ms.Nilsen is terminated without cause or resigns with good reason in connection with a change of control, Ms.Nilsens severance payment pursuant to the employment agreement is reduced by the amount of any cash portion of the benefits paid to Ms.Nilsen upon such change of control pursuant to the bonus agreement described below or any amendment, restatement, or replacement thereof. In the event Ms.Nilsen is terminated for cause or terminates her employment with the company without good reason, no severance is payable. If the employment agreement terminates as a result of death or disability, Ms.Nilsen is entitled to all bonuses earned or accrued as of the date of her termination. Furthermore, in the case of disability, Ms.Nilsen is also entitled to continue receiving her base salary and benefits for three months or until the date she begins receiving benefits under a disability plan or policy, whichever is soonest. In the event of a sale, transfer, or other disposition of all or substantially all of our assets or business, whether by merger, consolidation, or otherwise, we may assign the employment agreement and its rights, provided that the successor assumes all of our obligations under the employment agreement. If any payment or benefit under the employment agreement and any other agreement, plan, or arrangement would constitute an excess parachute payment under Section280G of the Code, then Ms.Nilsen would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Ms.Nilsen. The employment agreement defines cause and good reason the same as in Mr.Hennessys employment agreement, which is described above under the description of payments to Mr.Hennessy. Bonus Agreement We also have a bonus agreement with Ms.Nilsen that provides for a onetime cash bonus within 15days of a change of control of the company equal to the greater of the following: (1) $1,000,000; or (2) the sum of (A)150% of the total base salary (before deductions) paid to Ms.Nilsen for the most recent fiscal year ended prior to the change of control, (B)150% of the prior years bonus, and (C)a pro rata portion of the prior years bonus, provided at least such amount has been accrued by us as a bonus for Ms.Nilsen in the fiscal year during which the change of control occurs. If the bonus payable upon a change of control, together with any other payments or benefits received or to be received by Ms.Nilsen from the company or any successor thereto in the change of control transaction, would constitute an excess parachute payment under Section280G of the Code, then Ms.Nilsen would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Ms.Nilsen. 21 Table of Contents A change of control is defined in the bonus agreement the same as in the restricted stock unit award agreements, which are described above under the description of payments to Mr.Hennessy. Restricted Stock Unit Award Agreements We also have restricted stock unit award agreements with Ms. Nilsen on the same terms as the restricted stock unit award agreements with Mr. Hennessy, which are described above under the description of payments to Mr.Hennessy. Kathryn R. Fahy Restricted Stock Unit Award Agreements We have restricted stock unit award agreements with Ms. Fahy on the same terms as the restricted stock unit award agreements with Mr. Hennessy, which are described above under the description of payments to Mr.Hennessy. 22 Table of Contents PAY VERSUS PERFORMANCE In accordance with SEC rules applicable to smaller reporting companies, the following table sets forth information with respect to how compensation actually paid (CAP) to our principal executive officer (PEO) and other named executive officers (NEOs) aligns with company performance. CAP is an SECdefined term that does not necessarily reflect the amounts realized by our NEOs. For information regarding the Companys compensation philosophy and how the Company aligns executive compensation with its financial and operational performance, refer to the Compensation Discussion and Analysis section. Fiscal Year(1) Summary Compensation Table Total for PEO ($) Compensation Actually Paid to PEO(2) ($) Average Summary Compensation Table for Non- PEO NEOs ($) Average Compensation Actually Paid to Non-PEO NEOs(2) ($) Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Stock Awards(2) ($) Total ($) Henry Hansel 72,000 57,344 129,344 Brian A. Hennessy 63,000 57,344 120,344 Lydia Knight-O'Riordan 64,500 57,344 121,844 Kiera Newton 74,000 57,344 131,344 Susan W. Pomilia 70,000 57,344 127,344 Thomas L. Seavey 76,000 57,344 133,344 Total ($) Henry Hansel Brian A. Hennessy Lydia Knight-O'Riordan Kiera Newton Susan W. Pomilia Thomas L. Seavey (1) Themembers of the compensation committee did not receive compensation for two of the four meetings held during fiscal year 2024. (2) The amounts in this column include the aggregate grant date fair value, computed in accordance with FASB ASC Topic718Stock Compensation. Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The value of restricted stock units granted is calculated as the number of units granted times the fair market value of our common stock on the grant date, which was $10.24 on the grant date of September18, 2024. Ms.KnightORiordan and Ms.Newton held 12,050 and 10,925 nonvested restricted stock units, respectively, as of September30, 2024. Each other nonmanagement director held 13,362.5nonvested restricted stock units as of September30, 2024. Name Number of Shares Owned Percent of Class Additional Information Neil J. Hennessy 2,044,245 26.3% Includes (A)2,014,124 shares held jointly with his spouse, over which Mr.Hennessy has shared voting and dispositive power, (B)5,062 shares held in his IRA, over which Mr.Hennessy has sole voting and dispositive power, and (C)25,059 shares held solely by his spouse. Teresa M. Nilsen 128,639 1.7% Includes (A)97,836 shares held jointly with her spouse, over which Ms.Nilsen has shared voting and dispositive power, (B) 29,285 shares held by Ms.Nilsen and by her spouse as custodian for their children, over which Ms.Nilsen has shared voting and dispositive power, and (C)1,518 shares held solely by her spouse. Kathryn R. Fahy 52,836 * None. Henry Hansel 201,163 2.6% None. Brian A. Hennessy 265,751 3.4% Includes (A)225,003 shares held jointly with his spouse, over which Mr.Hennessy has shared voting and dispositive power, (B) 20,374 shares held in his IRA, over which Mr.Hennessy has sole voting and dispositive power, and (C) 20,374 shares held solely by his spouse. Lydia KnightORiordan 3,650 * None. Kiera Newton 2,005 * None. Susan W. Pomilia 98,544 1.3% Includes (A)30,925 shares held jointly with her spouse, over which Ms.Pomilia has shared voting and dispositive power, and (B)67,619 shares held solely by her spouse. Thomas L. Seavey 77,067 * None. All directors and executive officers (10individuals) 2,906,423 37.4% None. Percent of Class Additional Information Additional Information Neil J. Hennessy 26.3% Includes (A)2,014,124 shares held jointly with his spouse, over which Mr.Hennessy has shared voting and dispositive power, (B)5,062 shares held in his IRA, over which Mr.Hennessy has sole voting and dispositive power, and (C)25,059 shares held solely by his spouse. Teresa M. Nilsen 1.7% Includes (A)97,836 shares held jointly with her spouse, over which Ms.Nilsen has shared voting and dispositive power, (B) 29,285 shares held by Ms.Nilsen and by her spouse as custodian for their children, over which Ms.Nilsen has shared voting and dispositive power, and (C)1,518 shares held solely by her spouse. Kathryn R. Fahy * None. Henry Hansel 2.6% None. Brian A. Hennessy 3.4% Includes (A)225,003 shares held jointly with his spouse, over which Mr.Hennessy has shared voting and dispositive power, (B) 20,374 shares held in his IRA, over which Mr.Hennessy has sole voting and dispositive power, and (C) 20,374 shares held solely by his spouse. Lydia KnightORiordan * None. Kiera Newton * None. Susan W. Pomilia 1.3% Includes (A)30,925 shares held jointly with her spouse, over which Ms.Pomilia has shared voting and dispositive power, and (B)67,619 shares held solely by her spouse. Thomas L. Seavey * None. All directors and executive officers (10individuals) 37.4% None. * Less than one percent of our common stock. Name Title Neil J. Hennessy Chief Executive Officer and Chairman of the Board of Directors Teresa M. Nilsen President, Chief Operating Officer, and Secretary Kathryn R. Fahy Chief Financial Officer and Senior Vice President Daniel B. Steadman Executive Vice President equity awards that vest over a four-year period; competitive base salaries; company 401(k) contributions; and severance or change of control agreements. cash bonuses based on individual and company-wide performance; and equity awards, which link a significant portion of compensation to shareholder value because the total value of those awards corresponds to stock price appreciation and provide an added incentive for our named executive officers to focus on longterm performance and profitability. key financial measurements, such as annual net income and yearend cash balance; preparing and effectively executing shortterm and longterm strategic plans for the company; building banking relationships; improving and expanding the distribution, marketing, public relations, and sales programs for our funds; effectively leading and managing the companys employees, multiple offices, and several subadvisors; maintaining compliance with applicable regulatory requirements; and providing administrative services, shareholder services, and investment advisory services to the Hennessy Funds family of funds (currently 17funds). Name and Principal Position Fiscal Year Salary ($) Stock Awards(2) ($) Non-Equity Incentive Plan Compensation ($) All Other Compensation(4) ($) Total ($) Neil J. Hennessy 2024 350,000 201,728 937,537 (3) 91,526 1,580,791 CEO 2023 350,000 133,763 683,683 72,403 1,239,849 Teresa M. Nilsen 2024 325,000 201,728 504,827 (3) 27,219 1,058,774 President, COO, and Secretary 2023 325,000 133,763 368,138 25,402 852,303 Kathryn R. Fahy 2024 250,000 128,000 250,000 21,093 649,093 CFO and Senior Vice President 2023 250,000 84,875 200,000 17,160 552,035 (1) As a smaller reporting company for purposes of the SECs disclosure rules, we are subject to scaled disclosure requirements under which reduced disclosure of executive compensation is permitted. Pursuant to such scaled disclosure rules, we include only two fiscal years of compensation information in the Summary Compensation Table for our named executive officers, rather than three, and our named executive officers are our principal executive officer and our two other most highly compensated executive officers. (2) The amounts in this column include the aggregate grant date fair value, computed in accordance with FASB ASC Topic718Stock Compensation. Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The value of restricted stock units for a particular fiscal year is calculated as the number of units granted during such fiscal year times the fair market value of our common stock on the grant date. The fair market value of our common stock was $10.24 and $6.79 on the grant date for fiscal year2024 (September 18, 2024) and the grant date for fiscal year2023 (September18, 2023), respectively. (3) For fiscal year 2024, Mr.Hennessy and Ms.Nilsen each received an incentive-based bonus in the amount of 6.5% and 3.5%, respectively, of our Adjusted Quarterly PreTax Profit. The Adjusted Quarterly Pre-Tax Profit for fiscal year 2024 was calculated as income before tax of $9,703,900 plus bonuses of $3,430,900 (Mr.Hennessys and Ms.Nilsens bonus accruals and the bonus accrual for other employees), payroll tax accruals of $54,300, depreciation and amortization expense of $244,400, and compensation expense related to restricted stock units of $990,200, for a total pre-tax profit of $14,423,700. A discussion of the terms of Mr.Hennessys and Ms.Nilsens employment agreements begins on page18. (4) All other compensation for fiscal year 2024 for Mr.Hennessy includes premiums on life insurance ($52,476), disability insurance, a car allowance, a charitable contribution made on his behalf, miscellaneous expenses related to required travel by his spouse, and a profitsharing contribution to his 401(k) plan. All other compensation for fiscal year 2024 for each of Ms.Nilsen and Ms.Fahy includes a fitness club membership, a charitable contribution made on her behalf, miscellaneous expenses related to required travel by her spouse, and a profitsharing contribution to her 401(k)plan. 16 Table of Contents Outstanding Equity Awards at Fiscal Year End 2024 The following table sets forth the outstanding equity awards held by our named executive officers on September 30, 2024. Stock Awards (1) Name Grant Date Number of Shares or Units of Stock That Have Not Vested Market Value of Shares or Units of Stock That Have Not Vested ($) Neil J. Hennessy 9/18/2021 3,937.5 39,178 9/18/2022 7,875.0 78,356 9/18/2023 14,775.0 147,011 9/18/2024 19,700.0 196,015 Teresa M. Nilsen 9/18/2021 3,937.5 39,178 9/18/2022 7,875.0 78,356 9/18/2023 14,775.0 147,011 9/18/2024 19,700.0 196,015 Kathryn R. Fahy 9/18/2021 2,500.0 24,875 9/18/2022 5,000.0 49,750 9/18/2023 9,375.0 93,281 9/18/2024 12,500.0 124,375 (1) Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The market value of restricted stock units that have not vested is calculated as the number of unvested units times the fair market value of $9.95 per share on September30, 2024. The actual value realized by the named executive officer will depend on the market value of our common stock on the date the awards vest. Potential Payments upon Termination or Change of Control Under the terms of the restricted stock unit award agreements between the company and each named executive officer, the employment agreements with Mr.Hennessy and Ms.Nilsen, and the bonus agreement with Ms.Nilsen, our named executive officers are entitled to certain compensation in the event of a termination of employment or a change of control of the company. The material terms of each such agreement are discussed below. 17 Table of Contents Neil J. Hennessy Employment Agreement We have had an employment agreement with Mr.Hennessy since the time of our initial public offering, and such employment agreement has been amended and amended and restated several times. The employment agreement provides for automatic oneyear renewals on each January 26 unless either party gives written notice to the other at least 60 days prior to the expiration of the thencurrent term. Under the terms of his employment agreement, Mr.Hennessy is entitled to (1)an annual base salary of $350,000, which amount may be increased in the boards sole discretion, (2)Quarterly Bonuses of 5.0% of Adjusted Quarterly Pre-Tax Profit (prior to September30, 2024, this percentage was 6.5%), and (3)participate in our benefit plans. In the event that (A)Mr.Hennessys employment is terminated by the company without cause or (B)Mr.Hennessy terminates his employment with the company for good reason, Mr.Hennessy is entitled to receive severance payable in 24 equal monthly installments (except to the extent payment is required to be delayed pursuant to Section409A of the Code) equal to the sum of (i)(x) one years full base salary and an average annual bonus for the three most recent fiscal years prior to the termination of employment multiplied by (y) two and (ii) a prorated Quarterly Bonus for the quarter in which the termination occurs. In addition, under the foregoing circumstances, Mr.Hennessy is also entitled to receive payment of any previously earned and deferred Quarterly Bonus in the reserve account following the end of the fiscal year in which his employment terminates. In the event Mr.Hennessy is terminated for cause or terminates his employment with the company without good reason, no severance is payable. If the employment agreement terminates as a result of death or disability, Mr.Hennessy is entitled to all bonuses earned or accrued as of the date of his termination. Furthermore, in the case of disability, Mr.Hennessy is also entitled to continue receiving his base salary and benefits for three months or until the date he begins receiving benefits under a disability plan or policy, whichever is soonest. In the event of a sale, transfer, or other disposition of all or substantially all of our assets or business, whether by merger, consolidation, or otherwise, we may assign the employment agreement and its rights, provided that the successor assumes all of our obligations under the employment agreement. If any payment or benefit under the employment agreement and any other agreement, plan, or arrangement would constitute an excess parachute payment under Section280G of the Code, then Mr.Hennessy would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Mr.Hennessy. The employment agreement defines the terms listed below as follows: Cause exists if Mr.Hennessy: is convicted of, or enters a plea of nolo contendere to, a felony (other than a trafficrelated offense) under any state, federal, or local law or any felony involving the company, where conviction includes any final disposition of the charge that does not result in the charges being completely dismissed or Mr.Hennessys being completely acquitted; materially breaches (1) the employment agreement or (2) the companys policies and procedures, which breach is not cured, if capable of being cured, after written notice within 30 days of the date notice of such breach is received by Mr.Hennessy; or 18 Table of Contents engages in willful or gross misconduct or willful or gross negligence in performing his duties, or fraud, misappropriation, or embezzlement. Good reason means: the assignment to Mr.Hennessy of duties materially inconsistent with his position, authority, duties, or responsibilities as of the date of the employment agreement; or any action or omission that results in a material diminution of the position, authority, duties, or responsibilities of Mr.Hennessy as of the date of the employment agreement; a material reduction in Mr.Hennessys annual base salary (other than a reduction that applies generally to the Companys senior management); the relocation, without Mr.Hennessys prior written consent, of his principal place of employment to a location more than 50 miles away (measured in the shortest driving distance) from his principal place of employment on the date of the employment agreement; or the failure by the Company to have an acquirer of all or substantially all of the Companys assets assume Mr.Hennessys employment agreement; provided, in any case, that Mr.Hennessy (1) provides notice to the company of the existence of the condition constituting good reason within 90 days of its initial existence and (2) allows the company 30 days to remedy the condition. Disability means a physical or mental disability or infirmity that prevents Mr.Hennessy from performing substantially the duties assigned to him (based on such competent medical evidence as shall be presented to the company by any physician or group of physicians or other competent medical experts employed by the company) for a continuous period of more than 180 days. Restricted Stock Unit Award Agreements The restricted stock unit award agreements between the company and each named executive officer provide that all restricted stock units held by an named executive officer immediately vest in full (1)if the named executive officers employment terminates as a result of death, disability, or retirement at a time when the company would not be able to terminate the named executive officer for cause or (2)upon a change of control of the company. The 2024 Omnibus Incentive Plan, under which restricted stock unit award agreements were issued for the awards held by our named executive officers in fiscal year 2024, defines the terms listed below as follows: Disability, with respect to restricted stock unit awards, means, except as otherwise determined by the compensation committee and set forth in an award agreement, the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of at least 12 months, as determined by the compensation committee. 19 Table of Contents Retirement means, except as otherwise determined by the compensation committee and set forth in an award agreement, termination of employment with the company and its affiliates (for other than cause) on a date the participant is then eligible to receive immediate early or normal retirement benefits under the provisions of any of the companys or its affiliates defined benefit pension plans, or if the participant is not covered under any such plan, on or after attainment of age 55 and completion of 10years of continuous service with the company and its affiliates or on or after attainment of age 65 and completion of five years of continuous service with the company and its affiliates, where causemeans (1)if the participant is subject to an employment agreement with the company or an affiliate that contains a definition of cause, such definition, or (2)otherwise, except as otherwise determined by the compensation committee and set forth in an award agreement, any of the following as determined by the compensation committee: (A)violation of the provisions of any employment agreement, noncompetition agreement, confidentiality agreement, or similar agreement with the company or an affiliate, or the companys or an affiliates code of ethics, as then in effect; (B)conduct rising to the level of gross negligence or willful misconduct in the course of employment with the company or an affiliate; (C)commission of an act of dishonesty or disloyalty involving the company or an affiliate; (D)violation of any federal, state or local law in connection with the participants employment or service; or (E)breach of any fiduciary duty to the company or an affiliate. A change of control is the occurrence of one or more of the following events: an acquisition, in any one transaction or series of transactions, after which any individual, entity, or group has beneficial ownership of 50% or more of either the thenoutstanding shares of our common stock or the combined voting power of our thenoutstanding voting securities, but excluding an acquisition (1)by us or any of our employee benefit plans (or related trusts), (2)by Neil J. Hennessy or any affiliate, or (3)by any corporation which, following the acquisition, is beneficially owned, directly or indirectly, in substantially the same proportions, by the beneficial owners of the common stock and voting securities of the company immediately prior to such acquisition; or 50% or more of the members of our board of directors (1)are not continuing directors, or (2)are nominated or elected by the same beneficial owner or are elected or appointed in connection with an acquisition of the company; or the (1)consummation of a reorganization, merger, share exchange, consolidation, or similar transaction, with respect to which the beneficial owners of the company immediately prior to such transaction do not, following such transaction, beneficially own more than 50% of the thenoutstanding shares of common stock and voting securities of the corporation resulting from the transaction, (2)consummation of the sale or other disposition of all or substantially all of the assets of the company, or (3)approval by the shareholders of the company of a complete liquidation or dissolution of the company. Teresa M. Nilsen Employment Agreement We have had an employment agreement with Ms.Nilsen since January 26, 2018, when she became the president of the company. The agreement has been amended twice since then. The agreement provides for automatic oneyear renewals on each January 26 unless either party gives written notice to the other at least 60 days prior to the expiration of the thencurrent term. 20 Table of Contents Under the terms of her employment agreement, Ms.Nilsen is entitled to (1)an annual base salary of $375,000 (prior to September30, 2024, this amount was $325,000), which amount may be increased in the boards sole discretion, (2)Quarterly Bonuses of 5.0% of Adjusted Quarterly Pre-Tax Profit (prior to September30, 2024, this percentage was 3.5%), and (3)participate in our benefit plans. In the event that (A)Ms.Nilsens employment is terminated by the company without cause or (B)Ms.Nilsen terminates her employment with the company for good reason, Ms.Nilsen is entitled to receive severance payable in 24 equal monthly installments (except to the extent payment is required to be delayed pursuant to Section409A of the Code) equal to the sum of (i)(x) one years full base salary and an average annual bonus for the three most recent fiscal years prior to the termination of employment multiplied by (y)two and (ii)a prorated Quarterly Bonus for the quarter in which the termination occurs. In addition, under the foregoing circumstances, Ms.Nilsen is also entitled to receive payment of any previously earned and deferred Quarterly Bonus in the reserve account following the end of the fiscal year in which her employment terminates. In the event Ms.Nilsen is terminated without cause or resigns with good reason in connection with a change of control, Ms.Nilsens severance payment pursuant to the employment agreement is reduced by the amount of any cash portion of the benefits paid to Ms.Nilsen upon such change of control pursuant to the bonus agreement described below or any amendment, restatement, or replacement thereof. In the event Ms.Nilsen is terminated for cause or terminates her employment with the company without good reason, no severance is payable. If the employment agreement terminates as a result of death or disability, Ms.Nilsen is entitled to all bonuses earned or accrued as of the date of her termination. Furthermore, in the case of disability, Ms.Nilsen is also entitled to continue receiving her base salary and benefits for three months or until the date she begins receiving benefits under a disability plan or policy, whichever is soonest. In the event of a sale, transfer, or other disposition of all or substantially all of our assets or business, whether by merger, consolidation, or otherwise, we may assign the employment agreement and its rights, provided that the successor assumes all of our obligations under the employment agreement. If any payment or benefit under the employment agreement and any other agreement, plan, or arrangement would constitute an excess parachute payment under Section280G of the Code, then Ms.Nilsen would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Ms.Nilsen. The employment agreement defines cause and good reason the same as in Mr.Hennessys employment agreement, which is described above under the description of payments to Mr.Hennessy. Bonus Agreement We also have a bonus agreement with Ms.Nilsen that provides for a onetime cash bonus within 15days of a change of control of the company equal to the greater of the following: (1) $1,000,000; or (2) the sum of (A)150% of the total base salary (before deductions) paid to Ms.Nilsen for the most recent fiscal year ended prior to the change of control, (B)150% of the prior years bonus, and (C)a pro rata portion of the prior years bonus, provided at least such amount has been accrued by us as a bonus for Ms.Nilsen in the fiscal year during which the change of control occurs. If the bonus payable upon a change of control, together with any other payments or benefits received or to be received by Ms.Nilsen from the company or any successor thereto in the change of control transaction, would constitute an excess parachute payment under Section280G of the Code, then Ms.Nilsen would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Ms.Nilsen. 21 Table of Contents A change of control is defined in the bonus agreement the same as in the restricted stock unit award agreements, which are described above under the description of payments to Mr.Hennessy. Restricted Stock Unit Award Agreements We also have restricted stock unit award agreements with Ms. Nilsen on the same terms as the restricted stock unit award agreements with Mr. Hennessy, which are described above under the description of payments to Mr.Hennessy. Kathryn R. Fahy Restricted Stock Unit Award Agreements We have restricted stock unit award agreements with Ms. Fahy on the same terms as the restricted stock unit award agreements with Mr. Hennessy, which are described above under the description of payments to Mr.Hennessy. 22 Table of Contents PAY VERSUS PERFORMANCE In accordance with SEC rules applicable to smaller reporting companies, the following table sets forth information with respect to how compensation actually paid (CAP) to our principal executive officer (PEO) and other named executive officers (NEOs) aligns with company performance. CAP is an SECdefined term that does not necessarily reflect the amounts realized by our NEOs. For information regarding the Companys compensation philosophy and how the Company aligns executive compensation with its financial and operational performance, refer to the Compensation Discussion and Analysis section. Fiscal Year(1) Summary Compensation Table Total for PEO ($) Compensation Actually Paid to PEO(2) ($) Average Summary Compensation Table for Non- PEO NEOs ($) Average Compensation Actually Paid to Non-PEO NEOs(2) ($) Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Stock Awards(2) ($) Non-Equity Incentive Plan Compensation ($) All Other Compensation(4) ($) Total ($) Neil J. Hennessy 2024 350,000 201,728 937,537 (3) 91,526 1,580,791 CEO 2023 350,000 133,763 683,683 72,403 1,239,849 Teresa M. Nilsen 2024 325,000 201,728 504,827 (3) 27,219 1,058,774 President, COO, and Secretary 2023 325,000 133,763 368,138 25,402 852,303 Kathryn R. Fahy 2024 250,000 128,000 250,000 21,093 649,093 CFO and Senior Vice President 2023 250,000 84,875 200,000 17,160 552,035 (1) As a smaller reporting company for purposes of the SECs disclosure rules, we are subject to scaled disclosure requirements under which reduced disclosure of executive compensation is permitted. Pursuant to such scaled disclosure rules, we include only two fiscal years of compensation information in the Summary Compensation Table for our named executive officers, rather than three, and our named executive officers are our principal executive officer and our two other most highly compensated executive officers. (2) The amounts in this column include the aggregate grant date fair value, computed in accordance with FASB ASC Topic718Stock Compensation. Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The value of restricted stock units for a particular fiscal year is calculated as the number of units granted during such fiscal year times the fair market value of our common stock on the grant date. The fair market value of our common stock was $10.24 and $6.79 on the grant date for fiscal year2024 (September 18, 2024) and the grant date for fiscal year2023 (September18, 2023), respectively. (3) For fiscal year 2024, Mr.Hennessy and Ms.Nilsen each received an incentive-based bonus in the amount of 6.5% and 3.5%, respectively, of our Adjusted Quarterly PreTax Profit. The Adjusted Quarterly Pre-Tax Profit for fiscal year 2024 was calculated as income before tax of $9,703,900 plus bonuses of $3,430,900 (Mr.Hennessys and Ms.Nilsens bonus accruals and the bonus accrual for other employees), payroll tax accruals of $54,300, depreciation and amortization expense of $244,400, and compensation expense related to restricted stock units of $990,200, for a total pre-tax profit of $14,423,700. A discussion of the terms of Mr.Hennessys and Ms.Nilsens employment agreements begins on page18. (4) All other compensation for fiscal year 2024 for Mr.Hennessy includes premiums on life insurance ($52,476), disability insurance, a car allowance, a charitable contribution made on his behalf, miscellaneous expenses related to required travel by his spouse, and a profitsharing contribution to his 401(k) plan. All other compensation for fiscal year 2024 for each of Ms.Nilsen and Ms.Fahy includes a fitness club membership, a charitable contribution made on her behalf, miscellaneous expenses related to required travel by her spouse, and a profitsharing contribution to her 401(k)plan. 16 Table of Contents Outstanding Equity Awards at Fiscal Year End 2024 The following table sets forth the outstanding equity awards held by our named executive officers on September 30, 2024. Stock Awards (1) Name Grant Date Number of Shares or Units of Stock That Have Not Vested Market Value of Shares or Units of Stock That Have Not Vested ($) Neil J. Hennessy 9/18/2021 3,937.5 39,178 9/18/2022 7,875.0 78,356 9/18/2023 14,775.0 147,011 9/18/2024 19,700.0 196,015 Teresa M. Nilsen 9/18/2021 3,937.5 39,178 9/18/2022 7,875.0 78,356 9/18/2023 14,775.0 147,011 9/18/2024 19,700.0 196,015 Kathryn R. Fahy 9/18/2021 2,500.0 24,875 9/18/2022 5,000.0 49,750 9/18/2023 9,375.0 93,281 9/18/2024 12,500.0 124,375 (1) Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The market value of restricted stock units that have not vested is calculated as the number of unvested units times the fair market value of $9.95 per share on September30, 2024. The actual value realized by the named executive officer will depend on the market value of our common stock on the date the awards vest. Potential Payments upon Termination or Change of Control Under the terms of the restricted stock unit award agreements between the company and each named executive officer, the employment agreements with Mr.Hennessy and Ms.Nilsen, and the bonus agreement with Ms.Nilsen, our named executive officers are entitled to certain compensation in the event of a termination of employment or a change of control of the company. The material terms of each such agreement are discussed below. 17 Table of Contents Neil J. Hennessy Employment Agreement We have had an employment agreement with Mr.Hennessy since the time of our initial public offering, and such employment agreement has been amended and amended and restated several times. The employment agreement provides for automatic oneyear renewals on each January 26 unless either party gives written notice to the other at least 60 days prior to the expiration of the thencurrent term. Under the terms of his employment agreement, Mr.Hennessy is entitled to (1)an annual base salary of $350,000, which amount may be increased in the boards sole discretion, (2)Quarterly Bonuses of 5.0% of Adjusted Quarterly Pre-Tax Profit (prior to September30, 2024, this percentage was 6.5%), and (3)participate in our benefit plans. In the event that (A)Mr.Hennessys employment is terminated by the company without cause or (B)Mr.Hennessy terminates his employment with the company for good reason, Mr.Hennessy is entitled to receive severance payable in 24 equal monthly installments (except to the extent payment is required to be delayed pursuant to Section409A of the Code) equal to the sum of (i)(x) one years full base salary and an average annual bonus for the three most recent fiscal years prior to the termination of employment multiplied by (y) two and (ii) a prorated Quarterly Bonus for the quarter in which the termination occurs. In addition, under the foregoing circumstances, Mr.Hennessy is also entitled to receive payment of any previously earned and deferred Quarterly Bonus in the reserve account following the end of the fiscal year in which his employment terminates. In the event Mr.Hennessy is terminated for cause or terminates his employment with the company without good reason, no severance is payable. If the employment agreement terminates as a result of death or disability, Mr.Hennessy is entitled to all bonuses earned or accrued as of the date of his termination. Furthermore, in the case of disability, Mr.Hennessy is also entitled to continue receiving his base salary and benefits for three months or until the date he begins receiving benefits under a disability plan or policy, whichever is soonest. In the event of a sale, transfer, or other disposition of all or substantially all of our assets or business, whether by merger, consolidation, or otherwise, we may assign the employment agreement and its rights, provided that the successor assumes all of our obligations under the employment agreement. If any payment or benefit under the employment agreement and any other agreement, plan, or arrangement would constitute an excess parachute payment under Section280G of the Code, then Mr.Hennessy would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Mr.Hennessy. The employment agreement defines the terms listed below as follows: Cause exists if Mr.Hennessy: is convicted of, or enters a plea of nolo contendere to, a felony (other than a trafficrelated offense) under any state, federal, or local law or any felony involving the company, where conviction includes any final disposition of the charge that does not result in the charges being completely dismissed or Mr.Hennessys being completely acquitted; materially breaches (1) the employment agreement or (2) the companys policies and procedures, which breach is not cured, if capable of being cured, after written notice within 30 days of the date notice of such breach is received by Mr.Hennessy; or 18 Table of Contents engages in willful or gross misconduct or willful or gross negligence in performing his duties, or fraud, misappropriation, or embezzlement. Good reason means: the assignment to Mr.Hennessy of duties materially inconsistent with his position, authority, duties, or responsibilities as of the date of the employment agreement; or any action or omission that results in a material diminution of the position, authority, duties, or responsibilities of Mr.Hennessy as of the date of the employment agreement; a material reduction in Mr.Hennessys annual base salary (other than a reduction that applies generally to the Companys senior management); the relocation, without Mr.Hennessys prior written consent, of his principal place of employment to a location more than 50 miles away (measured in the shortest driving distance) from his principal place of employment on the date of the employment agreement; or the failure by the Company to have an acquirer of all or substantially all of the Companys assets assume Mr.Hennessys employment agreement; provided, in any case, that Mr.Hennessy (1) provides notice to the company of the existence of the condition constituting good reason within 90 days of its initial existence and (2) allows the company 30 days to remedy the condition. Disability means a physical or mental disability or infirmity that prevents Mr.Hennessy from performing substantially the duties assigned to him (based on such competent medical evidence as shall be presented to the company by any physician or group of physicians or other competent medical experts employed by the company) for a continuous period of more than 180 days. Restricted Stock Unit Award Agreements The restricted stock unit award agreements between the company and each named executive officer provide that all restricted stock units held by an named executive officer immediately vest in full (1)if the named executive officers employment terminates as a result of death, disability, or retirement at a time when the company would not be able to terminate the named executive officer for cause or (2)upon a change of control of the company. The 2024 Omnibus Incentive Plan, under which restricted stock unit award agreements were issued for the awards held by our named executive officers in fiscal year 2024, defines the terms listed below as follows: Disability, with respect to restricted stock unit awards, means, except as otherwise determined by the compensation committee and set forth in an award agreement, the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of at least 12 months, as determined by the compensation committee. 19 Table of Contents Retirement means, except as otherwise determined by the compensation committee and set forth in an award agreement, termination of employment with the company and its affiliates (for other than cause) on a date the participant is then eligible to receive immediate early or normal retirement benefits under the provisions of any of the companys or its affiliates defined benefit pension plans, or if the participant is not covered under any such plan, on or after attainment of age 55 and completion of 10years of continuous service with the company and its affiliates or on or after attainment of age 65 and completion of five years of continuous service with the company and its affiliates, where causemeans (1)if the participant is subject to an employment agreement with the company or an affiliate that contains a definition of cause, such definition, or (2)otherwise, except as otherwise determined by the compensation committee and set forth in an award agreement, any of the following as determined by the compensation committee: (A)violation of the provisions of any employment agreement, noncompetition agreement, confidentiality agreement, or similar agreement with the company or an affiliate, or the companys or an affiliates code of ethics, as then in effect; (B)conduct rising to the level of gross negligence or willful misconduct in the course of employment with the company or an affiliate; (C)commission of an act of dishonesty or disloyalty involving the company or an affiliate; (D)violation of any federal, state or local law in connection with the participants employment or service; or (E)breach of any fiduciary duty to the company or an affiliate. A change of control is the occurrence of one or more of the following events: an acquisition, in any one transaction or series of transactions, after which any individual, entity, or group has beneficial ownership of 50% or more of either the thenoutstanding shares of our common stock or the combined voting power of our thenoutstanding voting securities, but excluding an acquisition (1)by us or any of our employee benefit plans (or related trusts), (2)by Neil J. Hennessy or any affiliate, or (3)by any corporation which, following the acquisition, is beneficially owned, directly or indirectly, in substantially the same proportions, by the beneficial owners of the common stock and voting securities of the company immediately prior to such acquisition; or 50% or more of the members of our board of directors (1)are not continuing directors, or (2)are nominated or elected by the same beneficial owner or are elected or appointed in connection with an acquisition of the company; or the (1)consummation of a reorganization, merger, share exchange, consolidation, or similar transaction, with respect to which the beneficial owners of the company immediately prior to such transaction do not, following such transaction, beneficially own more than 50% of the thenoutstanding shares of common stock and voting securities of the corporation resulting from the transaction, (2)consummation of the sale or other disposition of all or substantially all of the assets of the company, or (3)approval by the shareholders of the company of a complete liquidation or dissolution of the company. Teresa M. Nilsen Employment Agreement We have had an employment agreement with Ms.Nilsen since January 26, 2018, when she became the president of the company. The agreement has been amended twice since then. The agreement provides for automatic oneyear renewals on each January 26 unless either party gives written notice to the other at least 60 days prior to the expiration of the thencurrent term. 20 Table of Contents Under the terms of her employment agreement, Ms.Nilsen is entitled to (1)an annual base salary of $375,000 (prior to September30, 2024, this amount was $325,000), which amount may be increased in the boards sole discretion, (2)Quarterly Bonuses of 5.0% of Adjusted Quarterly Pre-Tax Profit (prior to September30, 2024, this percentage was 3.5%), and (3)participate in our benefit plans. In the event that (A)Ms.Nilsens employment is terminated by the company without cause or (B)Ms.Nilsen terminates her employment with the company for good reason, Ms.Nilsen is entitled to receive severance payable in 24 equal monthly installments (except to the extent payment is required to be delayed pursuant to Section409A of the Code) equal to the sum of (i)(x) one years full base salary and an average annual bonus for the three most recent fiscal years prior to the termination of employment multiplied by (y)two and (ii)a prorated Quarterly Bonus for the quarter in which the termination occurs. In addition, under the foregoing circumstances, Ms.Nilsen is also entitled to receive payment of any previously earned and deferred Quarterly Bonus in the reserve account following the end of the fiscal year in which her employment terminates. In the event Ms.Nilsen is terminated without cause or resigns with good reason in connection with a change of control, Ms.Nilsens severance payment pursuant to the employment agreement is reduced by the amount of any cash portion of the benefits paid to Ms.Nilsen upon such change of control pursuant to the bonus agreement described below or any amendment, restatement, or replacement thereof. In the event Ms.Nilsen is terminated for cause or terminates her employment with the company without good reason, no severance is payable. If the employment agreement terminates as a result of death or disability, Ms.Nilsen is entitled to all bonuses earned or accrued as of the date of her termination. Furthermore, in the case of disability, Ms.Nilsen is also entitled to continue receiving her base salary and benefits for three months or until the date she begins receiving benefits under a disability plan or policy, whichever is soonest. In the event of a sale, transfer, or other disposition of all or substantially all of our assets or business, whether by merger, consolidation, or otherwise, we may assign the employment agreement and its rights, provided that the successor assumes all of our obligations under the employment agreement. If any payment or benefit under the employment agreement and any other agreement, plan, or arrangement would constitute an excess parachute payment under Section280G of the Code, then Ms.Nilsen would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Ms.Nilsen. The employment agreement defines cause and good reason the same as in Mr.Hennessys employment agreement, which is described above under the description of payments to Mr.Hennessy. Bonus Agreement We also have a bonus agreement with Ms.Nilsen that provides for a onetime cash bonus within 15days of a change of control of the company equal to the greater of the following: (1) $1,000,000; or (2) the sum of (A)150% of the total base salary (before deductions) paid to Ms.Nilsen for the most recent fiscal year ended prior to the change of control, (B)150% of the prior years bonus, and (C)a pro rata portion of the prior years bonus, provided at least such amount has been accrued by us as a bonus for Ms.Nilsen in the fiscal year during which the change of control occurs. If the bonus payable upon a change of control, together with any other payments or benefits received or to be received by Ms.Nilsen from the company or any successor thereto in the change of control transaction, would constitute an excess parachute payment under Section280G of the Code, then Ms.Nilsen would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Ms.Nilsen. 21 Table of Contents A change of control is defined in the bonus agreement the same as in the restricted stock unit award agreements, which are described above under the description of payments to Mr.Hennessy. Restricted Stock Unit Award Agreements We also have restricted stock unit award agreements with Ms. Nilsen on the same terms as the restricted stock unit award agreements with Mr. Hennessy, which are described above under the description of payments to Mr.Hennessy. Kathryn R. Fahy Restricted Stock Unit Award Agreements We have restricted stock unit award agreements with Ms. Fahy on the same terms as the restricted stock unit award agreements with Mr. Hennessy, which are described above under the description of payments to Mr.Hennessy. 22 Table of Contents PAY VERSUS PERFORMANCE In accordance with SEC rules applicable to smaller reporting companies, the following table sets forth information with respect to how compensation actually paid (CAP) to our principal executive officer (PEO) and other named executive officers (NEOs) aligns with company performance. CAP is an SECdefined term that does not necessarily reflect the amounts realized by our NEOs. For information regarding the Companys compensation philosophy and how the Company aligns executive compensation with its financial and operational performance, refer to the Compensation Discussion and Analysis section. Fiscal Year(1) Summary Compensation Table Total for PEO ($) Compensation Actually Paid to PEO(2) ($) Average Summary Compensation Table for Non- PEO NEOs ($) Average Compensation Actually Paid to Non-PEO NEOs(2) ($) Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Non-Equity Incentive Plan Compensation ($) All Other Compensation(4) ($) Total ($) Neil J. Hennessy 2024 350,000 201,728 937,537 (3) 91,526 1,580,791 CEO 2023 350,000 133,763 683,683 72,403 1,239,849 Teresa M. Nilsen 2024 325,000 201,728 504,827 (3) 27,219 1,058,774 President, COO, and Secretary 2023 325,000 133,763 368,138 25,402 852,303 Kathryn R. Fahy 2024 250,000 128,000 250,000 21,093 649,093 CFO and Senior Vice President 2023 250,000 84,875 200,000 17,160 552,035 (1) As a smaller reporting company for purposes of the SECs disclosure rules, we are subject to scaled disclosure requirements under which reduced disclosure of executive compensation is permitted. Pursuant to such scaled disclosure rules, we include only two fiscal years of compensation information in the Summary Compensation Table for our named executive officers, rather than three, and our named executive officers are our principal executive officer and our two other most highly compensated executive officers. (2) The amounts in this column include the aggregate grant date fair value, computed in accordance with FASB ASC Topic718Stock Compensation. Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The value of restricted stock units for a particular fiscal year is calculated as the number of units granted during such fiscal year times the fair market value of our common stock on the grant date. The fair market value of our common stock was $10.24 and $6.79 on the grant date for fiscal year2024 (September 18, 2024) and the grant date for fiscal year2023 (September18, 2023), respectively. (3) For fiscal year 2024, Mr.Hennessy and Ms.Nilsen each received an incentive-based bonus in the amount of 6.5% and 3.5%, respectively, of our Adjusted Quarterly PreTax Profit. The Adjusted Quarterly Pre-Tax Profit for fiscal year 2024 was calculated as income before tax of $9,703,900 plus bonuses of $3,430,900 (Mr.Hennessys and Ms.Nilsens bonus accruals and the bonus accrual for other employees), payroll tax accruals of $54,300, depreciation and amortization expense of $244,400, and compensation expense related to restricted stock units of $990,200, for a total pre-tax profit of $14,423,700. A discussion of the terms of Mr.Hennessys and Ms.Nilsens employment agreements begins on page18. (4) All other compensation for fiscal year 2024 for Mr.Hennessy includes premiums on life insurance ($52,476), disability insurance, a car allowance, a charitable contribution made on his behalf, miscellaneous expenses related to required travel by his spouse, and a profitsharing contribution to his 401(k) plan. All other compensation for fiscal year 2024 for each of Ms.Nilsen and Ms.Fahy includes a fitness club membership, a charitable contribution made on her behalf, miscellaneous expenses related to required travel by her spouse, and a profitsharing contribution to her 401(k)plan. 16 Table of Contents Outstanding Equity Awards at Fiscal Year End 2024 The following table sets forth the outstanding equity awards held by our named executive officers on September 30, 2024. Stock Awards (1) Name Grant Date Number of Shares or Units of Stock That Have Not Vested Market Value of Shares or Units of Stock That Have Not Vested ($) Neil J. Hennessy 9/18/2021 3,937.5 39,178 9/18/2022 7,875.0 78,356 9/18/2023 14,775.0 147,011 9/18/2024 19,700.0 196,015 Teresa M. Nilsen 9/18/2021 3,937.5 39,178 9/18/2022 7,875.0 78,356 9/18/2023 14,775.0 147,011 9/18/2024 19,700.0 196,015 Kathryn R. Fahy 9/18/2021 2,500.0 24,875 9/18/2022 5,000.0 49,750 9/18/2023 9,375.0 93,281 9/18/2024 12,500.0 124,375 (1) Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The market value of restricted stock units that have not vested is calculated as the number of unvested units times the fair market value of $9.95 per share on September30, 2024. The actual value realized by the named executive officer will depend on the market value of our common stock on the date the awards vest. Potential Payments upon Termination or Change of Control Under the terms of the restricted stock unit award agreements between the company and each named executive officer, the employment agreements with Mr.Hennessy and Ms.Nilsen, and the bonus agreement with Ms.Nilsen, our named executive officers are entitled to certain compensation in the event of a termination of employment or a change of control of the company. The material terms of each such agreement are discussed below. 17 Table of Contents Neil J. Hennessy Employment Agreement We have had an employment agreement with Mr.Hennessy since the time of our initial public offering, and such employment agreement has been amended and amended and restated several times. The employment agreement provides for automatic oneyear renewals on each January 26 unless either party gives written notice to the other at least 60 days prior to the expiration of the thencurrent term. Under the terms of his employment agreement, Mr.Hennessy is entitled to (1)an annual base salary of $350,000, which amount may be increased in the boards sole discretion, (2)Quarterly Bonuses of 5.0% of Adjusted Quarterly Pre-Tax Profit (prior to September30, 2024, this percentage was 6.5%), and (3)participate in our benefit plans. In the event that (A)Mr.Hennessys employment is terminated by the company without cause or (B)Mr.Hennessy terminates his employment with the company for good reason, Mr.Hennessy is entitled to receive severance payable in 24 equal monthly installments (except to the extent payment is required to be delayed pursuant to Section409A of the Code) equal to the sum of (i)(x) one years full base salary and an average annual bonus for the three most recent fiscal years prior to the termination of employment multiplied by (y) two and (ii) a prorated Quarterly Bonus for the quarter in which the termination occurs. In addition, under the foregoing circumstances, Mr.Hennessy is also entitled to receive payment of any previously earned and deferred Quarterly Bonus in the reserve account following the end of the fiscal year in which his employment terminates. In the event Mr.Hennessy is terminated for cause or terminates his employment with the company without good reason, no severance is payable. If the employment agreement terminates as a result of death or disability, Mr.Hennessy is entitled to all bonuses earned or accrued as of the date of his termination. Furthermore, in the case of disability, Mr.Hennessy is also entitled to continue receiving his base salary and benefits for three months or until the date he begins receiving benefits under a disability plan or policy, whichever is soonest. In the event of a sale, transfer, or other disposition of all or substantially all of our assets or business, whether by merger, consolidation, or otherwise, we may assign the employment agreement and its rights, provided that the successor assumes all of our obligations under the employment agreement. If any payment or benefit under the employment agreement and any other agreement, plan, or arrangement would constitute an excess parachute payment under Section280G of the Code, then Mr.Hennessy would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Mr.Hennessy. The employment agreement defines the terms listed below as follows: Cause exists if Mr.Hennessy: is convicted of, or enters a plea of nolo contendere to, a felony (other than a trafficrelated offense) under any state, federal, or local law or any felony involving the company, where conviction includes any final disposition of the charge that does not result in the charges being completely dismissed or Mr.Hennessys being completely acquitted; materially breaches (1) the employment agreement or (2) the companys policies and procedures, which breach is not cured, if capable of being cured, after written notice within 30 days of the date notice of such breach is received by Mr.Hennessy; or 18 Table of Contents engages in willful or gross misconduct or willful or gross negligence in performing his duties, or fraud, misappropriation, or embezzlement. Good reason means: the assignment to Mr.Hennessy of duties materially inconsistent with his position, authority, duties, or responsibilities as of the date of the employment agreement; or any action or omission that results in a material diminution of the position, authority, duties, or responsibilities of Mr.Hennessy as of the date of the employment agreement; a material reduction in Mr.Hennessys annual base salary (other than a reduction that applies generally to the Companys senior management); the relocation, without Mr.Hennessys prior written consent, of his principal place of employment to a location more than 50 miles away (measured in the shortest driving distance) from his principal place of employment on the date of the employment agreement; or the failure by the Company to have an acquirer of all or substantially all of the Companys assets assume Mr.Hennessys employment agreement; provided, in any case, that Mr.Hennessy (1) provides notice to the company of the existence of the condition constituting good reason within 90 days of its initial existence and (2) allows the company 30 days to remedy the condition. Disability means a physical or mental disability or infirmity that prevents Mr.Hennessy from performing substantially the duties assigned to him (based on such competent medical evidence as shall be presented to the company by any physician or group of physicians or other competent medical experts employed by the company) for a continuous period of more than 180 days. Restricted Stock Unit Award Agreements The restricted stock unit award agreements between the company and each named executive officer provide that all restricted stock units held by an named executive officer immediately vest in full (1)if the named executive officers employment terminates as a result of death, disability, or retirement at a time when the company would not be able to terminate the named executive officer for cause or (2)upon a change of control of the company. The 2024 Omnibus Incentive Plan, under which restricted stock unit award agreements were issued for the awards held by our named executive officers in fiscal year 2024, defines the terms listed below as follows: Disability, with respect to restricted stock unit awards, means, except as otherwise determined by the compensation committee and set forth in an award agreement, the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of at least 12 months, as determined by the compensation committee. 19 Table of Contents Retirement means, except as otherwise determined by the compensation committee and set forth in an award agreement, termination of employment with the company and its affiliates (for other than cause) on a date the participant is then eligible to receive immediate early or normal retirement benefits under the provisions of any of the companys or its affiliates defined benefit pension plans, or if the participant is not covered under any such plan, on or after attainment of age 55 and completion of 10years of continuous service with the company and its affiliates or on or after attainment of age 65 and completion of five years of continuous service with the company and its affiliates, where causemeans (1)if the participant is subject to an employment agreement with the company or an affiliate that contains a definition of cause, such definition, or (2)otherwise, except as otherwise determined by the compensation committee and set forth in an award agreement, any of the following as determined by the compensation committee: (A)violation of the provisions of any employment agreement, noncompetition agreement, confidentiality agreement, or similar agreement with the company or an affiliate, or the companys or an affiliates code of ethics, as then in effect; (B)conduct rising to the level of gross negligence or willful misconduct in the course of employment with the company or an affiliate; (C)commission of an act of dishonesty or disloyalty involving the company or an affiliate; (D)violation of any federal, state or local law in connection with the participants employment or service; or (E)breach of any fiduciary duty to the company or an affiliate. A change of control is the occurrence of one or more of the following events: an acquisition, in any one transaction or series of transactions, after which any individual, entity, or group has beneficial ownership of 50% or more of either the thenoutstanding shares of our common stock or the combined voting power of our thenoutstanding voting securities, but excluding an acquisition (1)by us or any of our employee benefit plans (or related trusts), (2)by Neil J. Hennessy or any affiliate, or (3)by any corporation which, following the acquisition, is beneficially owned, directly or indirectly, in substantially the same proportions, by the beneficial owners of the common stock and voting securities of the company immediately prior to such acquisition; or 50% or more of the members of our board of directors (1)are not continuing directors, or (2)are nominated or elected by the same beneficial owner or are elected or appointed in connection with an acquisition of the company; or the (1)consummation of a reorganization, merger, share exchange, consolidation, or similar transaction, with respect to which the beneficial owners of the company immediately prior to such transaction do not, following such transaction, beneficially own more than 50% of the thenoutstanding shares of common stock and voting securities of the corporation resulting from the transaction, (2)consummation of the sale or other disposition of all or substantially all of the assets of the company, or (3)approval by the shareholders of the company of a complete liquidation or dissolution of the company. Teresa M. Nilsen Employment Agreement We have had an employment agreement with Ms.Nilsen since January 26, 2018, when she became the president of the company. The agreement has been amended twice since then. The agreement provides for automatic oneyear renewals on each January 26 unless either party gives written notice to the other at least 60 days prior to the expiration of the thencurrent term. 20 Table of Contents Under the terms of her employment agreement, Ms.Nilsen is entitled to (1)an annual base salary of $375,000 (prior to September30, 2024, this amount was $325,000), which amount may be increased in the boards sole discretion, (2)Quarterly Bonuses of 5.0% of Adjusted Quarterly Pre-Tax Profit (prior to September30, 2024, this percentage was 3.5%), and (3)participate in our benefit plans. In the event that (A)Ms.Nilsens employment is terminated by the company without cause or (B)Ms.Nilsen terminates her employment with the company for good reason, Ms.Nilsen is entitled to receive severance payable in 24 equal monthly installments (except to the extent payment is required to be delayed pursuant to Section409A of the Code) equal to the sum of (i)(x) one years full base salary and an average annual bonus for the three most recent fiscal years prior to the termination of employment multiplied by (y)two and (ii)a prorated Quarterly Bonus for the quarter in which the termination occurs. In addition, under the foregoing circumstances, Ms.Nilsen is also entitled to receive payment of any previously earned and deferred Quarterly Bonus in the reserve account following the end of the fiscal year in which her employment terminates. In the event Ms.Nilsen is terminated without cause or resigns with good reason in connection with a change of control, Ms.Nilsens severance payment pursuant to the employment agreement is reduced by the amount of any cash portion of the benefits paid to Ms.Nilsen upon such change of control pursuant to the bonus agreement described below or any amendment, restatement, or replacement thereof. In the event Ms.Nilsen is terminated for cause or terminates her employment with the company without good reason, no severance is payable. If the employment agreement terminates as a result of death or disability, Ms.Nilsen is entitled to all bonuses earned or accrued as of the date of her termination. Furthermore, in the case of disability, Ms.Nilsen is also entitled to continue receiving her base salary and benefits for three months or until the date she begins receiving benefits under a disability plan or policy, whichever is soonest. In the event of a sale, transfer, or other disposition of all or substantially all of our assets or business, whether by merger, consolidation, or otherwise, we may assign the employment agreement and its rights, provided that the successor assumes all of our obligations under the employment agreement. If any payment or benefit under the employment agreement and any other agreement, plan, or arrangement would constitute an excess parachute payment under Section280G of the Code, then Ms.Nilsen would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Ms.Nilsen. The employment agreement defines cause and good reason the same as in Mr.Hennessys employment agreement, which is described above under the description of payments to Mr.Hennessy. Bonus Agreement We also have a bonus agreement with Ms.Nilsen that provides for a onetime cash bonus within 15days of a change of control of the company equal to the greater of the following: (1) $1,000,000; or (2) the sum of (A)150% of the total base salary (before deductions) paid to Ms.Nilsen for the most recent fiscal year ended prior to the change of control, (B)150% of the prior years bonus, and (C)a pro rata portion of the prior years bonus, provided at least such amount has been accrued by us as a bonus for Ms.Nilsen in the fiscal year during which the change of control occurs. If the bonus payable upon a change of control, together with any other payments or benefits received or to be received by Ms.Nilsen from the company or any successor thereto in the change of control transaction, would constitute an excess parachute payment under Section280G of the Code, then Ms.Nilsen would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Ms.Nilsen. 21 Table of Contents A change of control is defined in the bonus agreement the same as in the restricted stock unit award agreements, which are described above under the description of payments to Mr.Hennessy. Restricted Stock Unit Award Agreements We also have restricted stock unit award agreements with Ms. Nilsen on the same terms as the restricted stock unit award agreements with Mr. Hennessy, which are described above under the description of payments to Mr.Hennessy. Kathryn R. Fahy Restricted Stock Unit Award Agreements We have restricted stock unit award agreements with Ms. Fahy on the same terms as the restricted stock unit award agreements with Mr. Hennessy, which are described above under the description of payments to Mr.Hennessy. 22 Table of Contents PAY VERSUS PERFORMANCE In accordance with SEC rules applicable to smaller reporting companies, the following table sets forth information with respect to how compensation actually paid (CAP) to our principal executive officer (PEO) and other named executive officers (NEOs) aligns with company performance. CAP is an SECdefined term that does not necessarily reflect the amounts realized by our NEOs. For information regarding the Companys compensation philosophy and how the Company aligns executive compensation with its financial and operational performance, refer to the Compensation Discussion and Analysis section. Fiscal Year(1) Summary Compensation Table Total for PEO ($) Compensation Actually Paid to PEO(2) ($) Average Summary Compensation Table for Non- PEO NEOs ($) Average Compensation Actually Paid to Non-PEO NEOs(2) ($) Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents All Other Compensation(4) ($) Total ($) Neil J. Hennessy 2024 350,000 201,728 937,537 (3) 91,526 1,580,791 CEO 2023 350,000 133,763 683,683 72,403 1,239,849 Teresa M. Nilsen 2024 325,000 201,728 504,827 (3) 27,219 1,058,774 President, COO, and Secretary 2023 325,000 133,763 368,138 25,402 852,303 Kathryn R. Fahy 2024 250,000 128,000 250,000 21,093 649,093 CFO and Senior Vice President 2023 250,000 84,875 200,000 17,160 552,035 Total ($) Neil J. Hennessy (3) CEO Teresa M. Nilsen (3) President, COO, and Secretary Kathryn R. Fahy CFO and Senior Vice President (1) As a smaller reporting company for purposes of the SECs disclosure rules, we are subject to scaled disclosure requirements under which reduced disclosure of executive compensation is permitted. Pursuant to such scaled disclosure rules, we include only two fiscal years of compensation information in the Summary Compensation Table for our named executive officers, rather than three, and our named executive officers are our principal executive officer and our two other most highly compensated executive officers. (2) The amounts in this column include the aggregate grant date fair value, computed in accordance with FASB ASC Topic718Stock Compensation. Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The value of restricted stock units for a particular fiscal year is calculated as the number of units granted during such fiscal year times the fair market value of our common stock on the grant date. The fair market value of our common stock was $10.24 and $6.79 on the grant date for fiscal year2024 (September 18, 2024) and the grant date for fiscal year2023 (September18, 2023), respectively. (3) For fiscal year 2024, Mr.Hennessy and Ms.Nilsen each received an incentive-based bonus in the amount of 6.5% and 3.5%, respectively, of our Adjusted Quarterly PreTax Profit. The Adjusted Quarterly Pre-Tax Profit for fiscal year 2024 was calculated as income before tax of $9,703,900 plus bonuses of $3,430,900 (Mr.Hennessys and Ms.Nilsens bonus accruals and the bonus accrual for other employees), payroll tax accruals of $54,300, depreciation and amortization expense of $244,400, and compensation expense related to restricted stock units of $990,200, for a total pre-tax profit of $14,423,700. A discussion of the terms of Mr.Hennessys and Ms.Nilsens employment agreements begins on page18. (4) All other compensation for fiscal year 2024 for Mr.Hennessy includes premiums on life insurance ($52,476), disability insurance, a car allowance, a charitable contribution made on his behalf, miscellaneous expenses related to required travel by his spouse, and a profitsharing contribution to his 401(k) plan. All other compensation for fiscal year 2024 for each of Ms.Nilsen and Ms.Fahy includes a fitness club membership, a charitable contribution made on her behalf, miscellaneous expenses related to required travel by her spouse, and a profitsharing contribution to her 401(k)plan. Stock Awards (1) Name Grant Date Number of Shares or Units of Stock That Have Not Vested Market Value of Shares or Units of Stock That Have Not Vested ($) Neil J. Hennessy 9/18/2021 3,937.5 9/18/2022 7,875.0 9/18/2023 14,775.0 9/18/2024 19,700.0 Teresa M. Nilsen 9/18/2021 3,937.5 9/18/2022 7,875.0 9/18/2023 14,775.0 9/18/2024 19,700.0 Kathryn R. Fahy 9/18/2021 2,500.0 9/18/2022 5,000.0 9/18/2023 9,375.0 9/18/2024 12,500.0 (1) Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The market value of restricted stock units that have not vested is calculated as the number of unvested units times the fair market value of $9.95 per share on September30, 2024. The actual value realized by the named executive officer will depend on the market value of our common stock on the date the awards vest. Cause exists if Mr.Hennessy: is convicted of, or enters a plea of nolo contendere to, a felony (other than a trafficrelated offense) under any state, federal, or local law or any felony involving the company, where conviction includes any final disposition of the charge that does not result in the charges being completely dismissed or Mr.Hennessys being completely acquitted; materially breaches (1) the employment agreement or (2) the companys policies and procedures, which breach is not cured, if capable of being cured, after written notice within 30 days of the date notice of such breach is received by Mr.Hennessy; or engages in willful or gross misconduct or willful or gross negligence in performing his duties, or fraud, misappropriation, or embezzlement. Good reason means: the assignment to Mr.Hennessy of duties materially inconsistent with his position, authority, duties, or responsibilities as of the date of the employment agreement; or any action or omission that results in a material diminution of the position, authority, duties, or responsibilities of Mr.Hennessy as of the date of the employment agreement; a material reduction in Mr.Hennessys annual base salary (other than a reduction that applies generally to the Companys senior management); the relocation, without Mr.Hennessys prior written consent, of his principal place of employment to a location more than 50 miles away (measured in the shortest driving distance) from his principal place of employment on the date of the employment agreement; or the failure by the Company to have an acquirer of all or substantially all of the Companys assets assume Mr.Hennessys employment agreement; Disability means a physical or mental disability or infirmity that prevents Mr.Hennessy from performing substantially the duties assigned to him (based on such competent medical evidence as shall be presented to the company by any physician or group of physicians or other competent medical experts employed by the company) for a continuous period of more than 180 days. Disability, with respect to restricted stock unit awards, means, except as otherwise determined by the compensation committee and set forth in an award agreement, the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of at least 12 months, as determined by the compensation committee. Retirement means, except as otherwise determined by the compensation committee and set forth in an award agreement, termination of employment with the company and its affiliates (for other than cause) on a date the participant is then eligible to receive immediate early or normal retirement benefits under the provisions of any of the companys or its affiliates defined benefit pension plans, or if the participant is not covered under any such plan, on or after attainment of age 55 and completion of 10years of continuous service with the company and its affiliates or on or after attainment of age 65 and completion of five years of continuous service with the company and its affiliates, where causemeans (1)if the participant is subject to an employment agreement with the company or an affiliate that contains a definition of cause, such definition, or (2)otherwise, except as otherwise determined by the compensation committee and set forth in an award agreement, any of the following as determined by the compensation committee: (A)violation of the provisions of any employment agreement, noncompetition agreement, confidentiality agreement, or similar agreement with the company or an affiliate, or the companys or an affiliates code of ethics, as then in effect; (B)conduct rising to the level of gross negligence or willful misconduct in the course of employment with the company or an affiliate; (C)commission of an act of dishonesty or disloyalty involving the company or an affiliate; (D)violation of any federal, state or local law in connection with the participants employment or service; or (E)breach of any fiduciary duty to the company or an affiliate. A change of control is the occurrence of one or more of the following events: an acquisition, in any one transaction or series of transactions, after which any individual, entity, or group has beneficial ownership of 50% or more of either the thenoutstanding shares of our common stock or the combined voting power of our thenoutstanding voting securities, but excluding an acquisition (1)by us or any of our employee benefit plans (or related trusts), (2)by Neil J. Hennessy or any affiliate, or (3)by any corporation which, following the acquisition, is beneficially owned, directly or indirectly, in substantially the same proportions, by the beneficial owners of the common stock and voting securities of the company immediately prior to such acquisition; or 50% or more of the members of our board of directors (1)are not continuing directors, or (2)are nominated or elected by the same beneficial owner or are elected or appointed in connection with an acquisition of the company; or the (1)consummation of a reorganization, merger, share exchange, consolidation, or similar transaction, with respect to which the beneficial owners of the company immediately prior to such transaction do not, following such transaction, beneficially own more than 50% of the thenoutstanding shares of common stock and voting securities of the corporation resulting from the transaction, (2)consummation of the sale or other disposition of all or substantially all of the assets of the company, or (3)approval by the shareholders of the company of a complete liquidation or dissolution of the company. Fiscal Year(1) Summary Compensation Table Total for PEO ($) Compensation Actually Paid to PEO(2) ($) Average Summary Compensation Table for Non- PEO NEOs ($) Average Compensation Actually Paid to Non-PEO NEOs(2) ($) Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Compensation Actually Paid to PEO(2) ($) Average Summary Compensation Table for Non- PEO NEOs ($) Average Compensation Actually Paid to Non-PEO NEOs(2) ($) Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Average Summary Compensation Table for Non- PEO NEOs ($) Average Compensation Actually Paid to Non-PEO NEOs(2) ($) Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Average Compensation Actually Paid to Non-PEO NEOs(2) ($) Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 Net Income ($ in thousands) $ 132.59 $ $ 82.39 $ $ 95.01 $ (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 PEO (201,728 ) Non-PEO NEOs (109,909 ) PEO (133,763 ) (65,126 ) (43,903 ) Non-PEO NEOs (94,155 ) (53,238 ) (35,889 ) PEO (141,750 ) (32,327 ) (23,586 ) Non-PEO NEOs (99,747 ) (22,749 ) (16,409 ) (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. Fiscal Year Audit Fees $ $ Audit-Related Fees Tax Fees All Other Fees(1) Total $ $ (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). Kiera Newton, Chair Henry Hansel Thomas L. Seavey By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and SecretaryVOTING INFORMATIONPROPOSAL1: ELECTION OF DIRECTORSCORPORATE GOVERNANCEDirector AttendanceDirector IndependenceBoard DiversityBoard CommitteesLeadership StructureBoard Role in Risk OversightHedging TransactionsClawback PolicyInsider Trading PolicyRelated Party TransactionsDIRECTOR COMPENSATIONSECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENTSECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCEEXECUTIVE OFFICERSCOMPENSATION DISCUSSION AND ANALYSISCompensation OverviewCompensation ObjectivesSay-on-Pay and Say-on-FrequencyProcess for Determining Compensation of Our Named Executive OfficersElements of Our Compensation ProgramEXECUTIVE COMPENSATIONSummary Compensation Table for Fiscal Years 2024 and 2023Outstanding Equity Awards at Fiscal Year End 2024Potential Payments upon Termination or Change of ControlPAY VERSUS PERFORMANCEPROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMAUDIT COMMITTEE REPORTADDITIONAL INFORMATIONDeadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director NomineesCommunications with the Board of DirectorsAnnual ReportMultiple Shareholders with the Same AddressCost of Proxy SolicitationOther MattersName Fees Earned or Paid in Cash (1) ($) Stock Awards(2) ($) Total ($) Henry Hansel 72,000 57,344 129,344 Brian A. Hennessy 63,000 57,344 120,344 Lydia Knight-O'Riordan 64,500 57,344 121,844 Kiera Newton 74,000 57,344 131,344 Susan W. Pomilia 70,000 57,344 127,344 Thomas L. Seavey 76,000 57,344 133,344 (1) Themembers of the compensation committee did not receive compensation for two of the four meetings held during fiscal year 2024. (2) The amounts in this column include the aggregate grant date fair value, computed in accordance with FASB ASC Topic718Stock Compensation. Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The value of restricted stock units granted is calculated as the number of units granted times the fair market value of our common stock on the grant date, which was $10.24 on the grant date of September18, 2024. Ms.KnightORiordan and Ms.Newton held 12,050 and 10,925 nonvested restricted stock units, respectively, as of September30, 2024. Each other nonmanagement director held 13,362.5nonvested restricted stock units as of September30, 2024. 9 Table of Contents SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT The following table shows information relating to the beneficial ownership as of November29, 2024, of (1)each person known to us to be the beneficial owner of more than 5% of our common stock, (2)each director, (3)each executive officer named in the summary compensation table elsewhere in this proxy statement, and (4)all directors and executive officers as a group. Except as otherwise indicated, the shareholders listed exercise sole voting and dispositive power over the shares. The mailing address for all individuals listed in the following table is c/o Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. Name Number of Shares Owned Percent of Class Additional Information Neil J. Hennessy 2,044,245 26.3% Includes (A)2,014,124 shares held jointly with his spouse, over which Mr.Hennessy has shared voting and dispositive power, (B)5,062 shares held in his IRA, over which Mr.Hennessy has sole voting and dispositive power, and (C)25,059 shares held solely by his spouse. Teresa M. Nilsen 128,639 1.7% Includes (A)97,836 shares held jointly with her spouse, over which Ms.Nilsen has shared voting and dispositive power, (B) 29,285 shares held by Ms.Nilsen and by her spouse as custodian for their children, over which Ms.Nilsen has shared voting and dispositive power, and (C)1,518 shares held solely by her spouse. Kathryn R. Fahy 52,836 * None. Henry Hansel 201,163 2.6% None. Brian A. Hennessy 265,751 3.4% Includes (A)225,003 shares held jointly with his spouse, over which Mr.Hennessy has shared voting and dispositive power, (B) 20,374 shares held in his IRA, over which Mr.Hennessy has sole voting and dispositive power, and (C) 20,374 shares held solely by his spouse. Lydia KnightORiordan 3,650 * None. Kiera Newton 2,005 * None. Susan W. Pomilia 98,544 1.3% Includes (A)30,925 shares held jointly with her spouse, over which Ms.Pomilia has shared voting and dispositive power, and (B)67,619 shares held solely by her spouse. Thomas L. Seavey 77,067 * None. All directors and executive officers (10individuals) 2,906,423 37.4% None. * Less than one percent of our common stock. 10 Table of Contents SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE Section 16(a) of the Securities Exchange Act of 1934 (the Exchange Act) requires our executive officers, directors, and 10% shareholders to file reports with the SEC setting forth their holdings of, and transactions in, our common stock. Based solely on a review of copies of such reports and representations from these reporting persons, we believe all required reports were filed on a timely basis during fiscal year 2024. EXECUTIVE OFFICERS Our executive officers are listed below. Name Title Neil J. Hennessy Chief Executive Officer and Chairman of the Board of Directors Teresa M. Nilsen President, Chief Operating Officer, and Secretary Kathryn R. Fahy Chief Financial Officer and Senior Vice President Daniel B. Steadman Executive Vice President Biographical information forMs.Fahy and Mr.Steadman is set forth below. Biographical information for Mr.Hennessy and Ms.Nilsen may be found under the heading Election of Directors. Kathryn R. Fahy (age 44) has served as the chief financial officer and as a senior vice president of Hennessy Advisors since January2018. From January 2006 untilJanuary2018, Ms.Fahy served as the controller of Hennessy Advisors, and from March 2015 until January2018, she also served as director of finance of Hennessy Advisors. She is also senior vice president, assistant secretary, and assistant treasurer of the trust for our investment funds. Ms.Fahy began her career in accounting in 2002. Before joining the company in 2006, she worked as a public accountant for Deloitte Touche, and as a senior internal auditor for Knight Ridder, Inc. Ms.Fahy holds a bachelor of arts in international economics with a minor in accounting from the University of California, Los Angeles, and is a Certified Public Accountant. Daniel B. Steadman (age 68) has served as an executive vice president of Hennessy Advisors since 2000. He previously served as the chief compliance officer from 2010 until January2018 and as a director from 2000 through December2022. Mr.Steadman is also executive vice president and secretary of the trust for our investment funds. Mr.Steadman has been in the banking and financial services industry since 1974, serving as vice president of WestAmerica Bank from 1995 through 2000, vice president of Novato National Bank from its organization in 1984 through 1995, assistant vice president and branch manager of Bank of Marin from 1980 through 1984, and banking services officer of Wells Fargo Bank from 1974 through 1980. COMPENSATION DISCUSSION AND ANALYSIS Compensation Overview and Named Executive Officers The goal of our compensation program is the same as our broader companywide goal, which is to create longterm value for our shareholders. In an effort to achieve this goal, we have designed and implemented our compensation program to (1)encourage our named executive officers to remain with us for long and productive careers and (2)align the interests of our named executive officers with the interests of our shareholders. We believe that most of our compensation elements fulfill both of these objectives simultaneously. The principal elements of our compensation program are salary, bonus, equity awards, company 401(k) contributions, severance payments, and payments in the event of a change of control. Our named executive officers for fiscal year 2024 were Mr. Hennessy, Ms. Nilsen, and Ms. Fahy. We are currently a smaller reporting company as defined under SEC rules and, as a result, not all of our executive officers are considered named executive officers as defined under SEC rules. We also are not required to include in this proxy statement a Compensation Discussion and Analysis section and certain other disclosures relating to executive compensation. However, we are voluntarily providing a Compensation Discussion and Analysis section for purposes of enhancing transparency concerning executive compensation. 11 Table of Contents Compensation Objectives Retention. Given our small number of highlevel executives, all of our named executive officers are essential to our success. Our named executive officers are experienced in the investment fund industry and are presented with other professional opportunities in the industry from time to time, including opportunities at potentially higher compensation levels. We believe it is critical to our success that turnover among our named executive officers remains low and that our named executive officers remain driven to achieve their individual and company-wide goals. Key elements of our compensation program that are designed to maximize named executive officer retention include: equity awards that vest over a four-year period; competitive base salaries; company 401(k) contributions; and severance or change of control agreements. Alignment. We seek to align the interests of our named executive officers with the interests of our shareholders. Key elements of our compensation program that are designed to do so include: cash bonuses based on individual and company-wide performance; and equity awards, which link a significant portion of compensation to shareholder value because the total value of those awards corresponds to stock price appreciation and provide an added incentive for our named executive officers to focus on longterm performance and profitability. Say-on-Pay and Say-on-Frequency An advisory say-on-pay vote relating to the compensation of our named executive officers occurred at the 2023 annual meeting of shareholders. Shareholders indicated strong support of our compensation programs for our named executive officers, with approximately 94% of votes cast in favor. In light of this strong support, which we believe demonstrates our shareholders satisfaction with the alignment of our named executive officers compensation with the companys performance, the compensation committee maintained substantially the same compensation approach for fiscal years 2023 and 2024. In addition, because a substantial majority of the votes cast on our sayonfrequency proposal at the 2020 annual meeting of shareholders were in favor of having a say-on-pay vote every three years, we will hold our next say-on-pay vote at the 2026 annual meeting of shareholders. We will hold our next say-on-frequency vote at the same meeting. Process for Determining Compensation of Our Named Executive Officers The compensation committee is responsible for establishing and administering our policies governing named executive officer compensation. Mr.Hennessy and Ms.Nilsen each receive a minimum salary and a formulaic quarterly cash bonus pursuant to their respective employment agreements. They are each eligible to receive a salary increase at the discretion of the board based on the recommendation of the compensation committee. For the remaining elements of compensation for Mr.Hennessy and Ms.Nilsen and for all elements of compensation for Ms.Fahy, Ms.Nilsen recommends compensation amounts to the compensation committee after consulting with the companys other executive officers. Ms.Nilsen recommends the amount of cash bonus and equity compensation for Ms.Fahy for the current fiscal year, company 401(k) contributions for all named executive officers for the current fiscal year, and the future base salary amounts for all named executive officers. The compensation committee then decides whether to approve or adjust Ms.Nilsens recommendations. 12 Table of Contents Ms.Nilsens recommendations are based on her experience, the performance of our named executive officers, and thirdparty salary survey data from Radford McLagan Compensation Database (Radford McLagan). Radford McLagan has an extensive database that includes compensation data from most investment management companies, including private companies for which information is not otherwise generally available. Radford McLagan aggregates and summarizes the compensation data by position without disclosing specific information for any particular company. We compare our executive positions to what we determine to be positions of similar scope and complexity that are included in the Radford McLagan data. We believe this comparative data is useful and appropriate in establishing competitive compensation levels for our named executive officers. The compensation committee does not have any arrangements with compensation consultants. In recognition of the fact that we are a smaller company, our compensation committee relies on its business judgment in making compensation decisions for our named executive officers. With respect to each area in which our named executive officers are evaluated, the compensation committee compares the companys performance and each named executive officers performance against targeted performance for the year and then evaluates whether individual and company-wide objectives set during the prior years review were achieved. Specific factors affecting compensation decisions for named executive officers include, but are not limited to, the following: key financial measurements, such as annual net income and yearend cash balance; preparing and effectively executing shortterm and longterm strategic plans for the company; building banking relationships; improving and expanding the distribution, marketing, public relations, and sales programs for our funds; effectively leading and managing the companys employees, multiple offices, and several subadvisors; maintaining compliance with applicable regulatory requirements; and providing administrative services, shareholder services, and investment advisory services to the Hennessy Funds family of funds (currently 17funds). Elements of Our Compensation Program Base Salaries. Base salaries are used to provide a fixed amount of compensation for a named executive officers regular work. According to the most recent Radford McLagan salary survey, the base salaries for our named executive officers are on average 70% of the average salaries of executives in comparable roles in the bottom quartile of financial services companies participating in the survey. Base salaries for named executive officers are reviewed annually and may be adjusted from time to time by the compensation committee or the board. No adjustments were made to the base salaries for our named executive officers for fiscal year 2024, but, effective as of October 1, 2024, the base salaries for Ms. Nilsen and Ms. Fahy were increased to $375,000 and $275,000, respectively, to move their base salaries closer to their respective base salary levels indicated in the most recent Radford McLagan salary survey. 13 Table of Contents Bonuses. Mr.Hennessy and Ms.Nilsen each receive a quarterly incentive-based bonus (a Quarterly Bonus) pursuant to employment agreements we entered into with them. Each Quarterly Bonus is calculated based on the companys pre-tax profits for each fiscal quarter, as computed for financial reporting purposes in accordance with accounting principles generally accepted in the United States of America, except that pre-tax profit is computed without regard to (1)bonuses payable to employees (including related payroll tax expenses) for the fiscal year, (2)depreciation expense, (3)amortization expense, (4) compensation expense related to restricted stock units (or other stockbased compensation expense), and (5) asset impairment charges (such amount, Adjusted Quarterly Pre-Tax Profit). For fiscal year2024, Mr.Hennessy and Ms.Nilsen each received a Quarterly Bonus equal to 6.5% and 3.5%, respectively, of Adjusted Quarterly Pre-Tax Profit. Beginning with fiscal year2025, Mr.Hennessy and Ms.Nilsen will each receive a Quarterly Bonus equal to 5.0% of Adjusted Quarterly Pre-Tax Profit. The compensation committee considered the evolution of duties fulfilled by Mr. Hennessy and Ms. Nilsen and approved the change accordingly. With respect to any fiscal quarter in which they earn Quarterly Bonuses, Mr.Hennessy and Ms.Nilsen receive 50% of their respective Quarterly Bonuses within 75 days following the end of such fiscal quarter and the remaining 50% is held in a reserve account. If Adjusted Quarterly Pre-Tax Profit is negative (reflecting a quarterly pre-tax loss) during any fiscal quarter in such fiscal year, the reserve accounts are reduced by an amount equal to such quarterly pre-tax loss multiplied by the same percentage amount used to determine Mr.Hennessys and Ms.Nilsens Quarterly Bonuses, respectively. If there is a positive balance in the reserve accounts at the end of the fiscal year, the amount in each reserve account is paid to Mr.Hennessy and Ms.Nilsen, respectively, within 75 days. If there is a negative balance in the reserve accounts at the end of the fiscal year, the negative reserve amounts are canceled and are not carried forward into the next fiscal year. More information regarding Mr.Hennessys and Ms.Nilsens employment agreements are described below under Potential Payments upon Termination or Change of Control. The cash bonus amount for Ms.Fahy is approved by the compensation committee and paid out of a general bonus pool for all employees other than Mr.Hennessy and Ms.Nilsen. The total bonus pool generally is set as a percentage of pre-tax profits, but the executive officers have discretion to adjust the bonus pool up or down based on business circumstances. Our executive officers determine the percentage amount to be accrued in the bonus pool each year and review that percentage amount quarterly based on the current performance of the company. Bonuses paid out of the bonus pool are discretionary, but are based in part on individual performance. Each year, our executive officers set companywide objectives that are then presented to the board. They also set individual performance objectives for each employee that are based on customer focus, teamwork, ethics, work product and quality, and attitude. For fiscal year 2024, companywide objectives included effectively managing cash and equity, maintaining profitability, pursuing strategic business opportunities, building banking relationships, improving and expanding our distribution, marketing, public relations, and sales programs, strengthening our networking and business relationships, effectively managing our relationships with our sub-advisors and satellite offices, and maintaining our compliance program. Because the bonus accrual is based primarily on a percentage of pre-tax profits, bonuses automatically are aligned with the companys performance. Equity Awards. We believe that the use of equity awards helps us to maintain a strong association between the compensation of our named executive officers and the longterm interests of our shareholders. Furthermore, we believe that restricted stock units are the most effective equity compensation tool for a company of our size because restricted stock units provide the same type of equity-based value to named executive officers as stock options, but with less dilution to earnings per share for an equivalent grant date fair value. All of our restricted stock unit awards vest over four-year periods, which we believe provide added incentive to our named executive officers to focus on longterm performance and profitability and encourage executive retention. Following its annual performance review of our executive officers, the compensation committee determines the amount of restricted stock units, if any, to award to our executive officers and sets the aggregate amount of restricted stock units, if any, to be awarded to employees on a subjective basis based on our budget for future years and the number of shares available for issuance under the companys omnibus incentive plan. The annual awards to our named executive officers are generally made in the fourth quarter of our fiscal year, although such timing may change from year to year. The compensation committee also may consider and approve interim or mid-year grants, or grants made on another basis, from time to time based on business needs, changing compensation practices or other factors, in the discretion of the compensation committee. The compensation committee does not take material nonpublic information into account when determining the timing and terms of equity awards, and we have not timed the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation. 14 Table of Contents Company 401(k) Contributions. We use 401(k) contributions as a means of compensating and retaining our executive officers while also instilling in them the idea that retirement planning is essential. The company 401(k) contribution is optional from year to year and is awarded to our named executive officers on the same basis that it is awarded to all employees. It is not based on performance or goal achievement. The percentage level of the contribution is subjective and is determined by our executive officers annually for all employees. The compensation committee approves the percentage level of contribution with respect to our executive officers. Severance or Change of Control Agreements. Mr.Hennessys and Ms.Nilsens employment agreements provide for certain payments upon the occurrence of specified events, including (i) if Mr.Hennessys or Ms.Nilsens employment is terminated, respectively, or (ii)if an acquiror of all or substantially all of the companys assets does not assume Mr.Hennessys or Ms.Nilsens employment agreement, respectively. We believe that the rights to these payments provide job security for Mr.Hennessy and Ms.Nilsen and allow them to focus on the performance of our company. We have also entered into a bonus agreement with Ms.Nilsen that provides for payment in the event of a change of control with or without termination. The change of control payment is intended to allow Ms.Nilsen to remain focused on her performance, our best interests, and the best interests of our shareholders if a change of control is anticipated or occurs, as well as to ensure a smooth transition in the event of a change of control. Upon a change of control, Ms.Nilsen would not receive a bonus pursuant to both her employment agreement and bonus agreement upon a change of control; instead, she would receive the higher of the two payments. In addition, the restricted stock unit award agreements between the company and each named executive officer provide that all restricted stock units held by an named executive officer immediately vest in full (i)if the named executive officers employment terminates as a result of death, disability, or retirement at a time when the company would not be able to terminate the named executive officer for cause or (ii)upon a change of control of the company. More information regarding these agreements with our named executive officers is included below under Potential Payments upon Termination or Change of Control. Nonqualified Deferred Compensation Benefits. We do not offer a nonqualified deferred compensation plan to any of our employees. Pension Benefits. We do not sponsor any pension plans. Other Compensation. Benefits and perquisites provided to our named executive officers are generally the same as those offered to all employees, except that we pay for a car allowance, premiums on life insurance, and premiums on disability insurance for Neil J. Hennessy pursuant to the terms of his employment agreement. We also pay for fitness club memberships for Ms.Nilsen and Ms.Fahy. Finally, we make charitable contributions on behalf of each of our named executive officers and cover expenses related to required travel by their spouses, as applicable. 15 Table of Contents Other Policies. Under our compensation recovery policy, if we are required to prepare an accounting restatement due to material noncompliance with any financial reporting requirement, then, unless an exception applies, we will seek to recover the excess of the amount of incentive-based compensation any executive officer received during the preceding three fiscal years over the amount the executive officer would have received based on the restated numbers, determined on a pre-tax basis. Tax Treatment. Section 162(m) of the Internal Revenue Code of 1986, as amended (the Code), generally limits our income tax deduction for compensation paid in any taxable year to our executive officers that exceeds $1,000,000. The compensation committee considers the impact of Section162(m) when determining base salary, cash bonuses, equity awards, and other compensation for our executive officers, but tax deductibility is only one of several factors considered by the compensation committee in the design and implementation of our compensation program. Therefore, the compensation committee may approve compensation that exceeds $1,000,000 to ensure competitive compensation levels and structures for our executive officers. EXECUTIVE COMPENSATION Summary Compensation Table for Fiscal Years 2024 and 2023 (1) The following table summarizes the total compensation of our named executive officers for fiscal years 2024 and 2023. Name and Principal Position Fiscal Year Salary ($) Stock Awards(2) ($) Non-Equity Incentive Plan Compensation ($) All Other Compensation(4) ($) Total ($) Neil J. Hennessy 2024 350,000 201,728 937,537 (3) 91,526 1,580,791 CEO 2023 350,000 133,763 683,683 72,403 1,239,849 Teresa M. Nilsen 2024 325,000 201,728 504,827 (3) 27,219 1,058,774 President, COO, and Secretary 2023 325,000 133,763 368,138 25,402 852,303 Kathryn R. Fahy 2024 250,000 128,000 250,000 21,093 649,093 CFO and Senior Vice President 2023 250,000 84,875 200,000 17,160 552,035 (1) As a smaller reporting company for purposes of the SECs disclosure rules, we are subject to scaled disclosure requirements under which reduced disclosure of executive compensation is permitted. Pursuant to such scaled disclosure rules, we include only two fiscal years of compensation information in the Summary Compensation Table for our named executive officers, rather than three, and our named executive officers are our principal executive officer and our two other most highly compensated executive officers. (2) The amounts in this column include the aggregate grant date fair value, computed in accordance with FASB ASC Topic718Stock Compensation. Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The value of restricted stock units for a particular fiscal year is calculated as the number of units granted during such fiscal year times the fair market value of our common stock on the grant date. The fair market value of our common stock was $10.24 and $6.79 on the grant date for fiscal year2024 (September 18, 2024) and the grant date for fiscal year2023 (September18, 2023), respectively. (3) For fiscal year 2024, Mr.Hennessy and Ms.Nilsen each received an incentive-based bonus in the amount of 6.5% and 3.5%, respectively, of our Adjusted Quarterly PreTax Profit. The Adjusted Quarterly Pre-Tax Profit for fiscal year 2024 was calculated as income before tax of $9,703,900 plus bonuses of $3,430,900 (Mr.Hennessys and Ms.Nilsens bonus accruals and the bonus accrual for other employees), payroll tax accruals of $54,300, depreciation and amortization expense of $244,400, and compensation expense related to restricted stock units of $990,200, for a total pre-tax profit of $14,423,700. A discussion of the terms of Mr.Hennessys and Ms.Nilsens employment agreements begins on page18. (4) All other compensation for fiscal year 2024 for Mr.Hennessy includes premiums on life insurance ($52,476), disability insurance, a car allowance, a charitable contribution made on his behalf, miscellaneous expenses related to required travel by his spouse, and a profitsharing contribution to his 401(k) plan. All other compensation for fiscal year 2024 for each of Ms.Nilsen and Ms.Fahy includes a fitness club membership, a charitable contribution made on her behalf, miscellaneous expenses related to required travel by her spouse, and a profitsharing contribution to her 401(k)plan. 16 Table of Contents Outstanding Equity Awards at Fiscal Year End 2024 The following table sets forth the outstanding equity awards held by our named executive officers on September 30, 2024. Stock Awards (1) Name Grant Date Number of Shares or Units of Stock That Have Not Vested Market Value of Shares or Units of Stock That Have Not Vested ($) Neil J. Hennessy 9/18/2021 3,937.5 39,178 9/18/2022 7,875.0 78,356 9/18/2023 14,775.0 147,011 9/18/2024 19,700.0 196,015 Teresa M. Nilsen 9/18/2021 3,937.5 39,178 9/18/2022 7,875.0 78,356 9/18/2023 14,775.0 147,011 9/18/2024 19,700.0 196,015 Kathryn R. Fahy 9/18/2021 2,500.0 24,875 9/18/2022 5,000.0 49,750 9/18/2023 9,375.0 93,281 9/18/2024 12,500.0 124,375 (1) Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The market value of restricted stock units that have not vested is calculated as the number of unvested units times the fair market value of $9.95 per share on September30, 2024. The actual value realized by the named executive officer will depend on the market value of our common stock on the date the awards vest. Potential Payments upon Termination or Change of Control Under the terms of the restricted stock unit award agreements between the company and each named executive officer, the employment agreements with Mr.Hennessy and Ms.Nilsen, and the bonus agreement with Ms.Nilsen, our named executive officers are entitled to certain compensation in the event of a termination of employment or a change of control of the company. The material terms of each such agreement are discussed below. 17 Table of Contents Neil J. Hennessy Employment Agreement We have had an employment agreement with Mr.Hennessy since the time of our initial public offering, and such employment agreement has been amended and amended and restated several times. The employment agreement provides for automatic oneyear renewals on each January 26 unless either party gives written notice to the other at least 60 days prior to the expiration of the thencurrent term. Under the terms of his employment agreement, Mr.Hennessy is entitled to (1)an annual base salary of $350,000, which amount may be increased in the boards sole discretion, (2)Quarterly Bonuses of 5.0% of Adjusted Quarterly Pre-Tax Profit (prior to September30, 2024, this percentage was 6.5%), and (3)participate in our benefit plans. In the event that (A)Mr.Hennessys employment is terminated by the company without cause or (B)Mr.Hennessy terminates his employment with the company for good reason, Mr.Hennessy is entitled to receive severance payable in 24 equal monthly installments (except to the extent payment is required to be delayed pursuant to Section409A of the Code) equal to the sum of (i)(x) one years full base salary and an average annual bonus for the three most recent fiscal years prior to the termination of employment multiplied by (y) two and (ii) a prorated Quarterly Bonus for the quarter in which the termination occurs. In addition, under the foregoing circumstances, Mr.Hennessy is also entitled to receive payment of any previously earned and deferred Quarterly Bonus in the reserve account following the end of the fiscal year in which his employment terminates. In the event Mr.Hennessy is terminated for cause or terminates his employment with the company without good reason, no severance is payable. If the employment agreement terminates as a result of death or disability, Mr.Hennessy is entitled to all bonuses earned or accrued as of the date of his termination. Furthermore, in the case of disability, Mr.Hennessy is also entitled to continue receiving his base salary and benefits for three months or until the date he begins receiving benefits under a disability plan or policy, whichever is soonest. In the event of a sale, transfer, or other disposition of all or substantially all of our assets or business, whether by merger, consolidation, or otherwise, we may assign the employment agreement and its rights, provided that the successor assumes all of our obligations under the employment agreement. If any payment or benefit under the employment agreement and any other agreement, plan, or arrangement would constitute an excess parachute payment under Section280G of the Code, then Mr.Hennessy would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Mr.Hennessy. The employment agreement defines the terms listed below as follows: Cause exists if Mr.Hennessy: is convicted of, or enters a plea of nolo contendere to, a felony (other than a trafficrelated offense) under any state, federal, or local law or any felony involving the company, where conviction includes any final disposition of the charge that does not result in the charges being completely dismissed or Mr.Hennessys being completely acquitted; materially breaches (1) the employment agreement or (2) the companys policies and procedures, which breach is not cured, if capable of being cured, after written notice within 30 days of the date notice of such breach is received by Mr.Hennessy; or 18 Table of Contents engages in willful or gross misconduct or willful or gross negligence in performing his duties, or fraud, misappropriation, or embezzlement. Good reason means: the assignment to Mr.Hennessy of duties materially inconsistent with his position, authority, duties, or responsibilities as of the date of the employment agreement; or any action or omission that results in a material diminution of the position, authority, duties, or responsibilities of Mr.Hennessy as of the date of the employment agreement; a material reduction in Mr.Hennessys annual base salary (other than a reduction that applies generally to the Companys senior management); the relocation, without Mr.Hennessys prior written consent, of his principal place of employment to a location more than 50 miles away (measured in the shortest driving distance) from his principal place of employment on the date of the employment agreement; or the failure by the Company to have an acquirer of all or substantially all of the Companys assets assume Mr.Hennessys employment agreement; provided, in any case, that Mr.Hennessy (1) provides notice to the company of the existence of the condition constituting good reason within 90 days of its initial existence and (2) allows the company 30 days to remedy the condition. Disability means a physical or mental disability or infirmity that prevents Mr.Hennessy from performing substantially the duties assigned to him (based on such competent medical evidence as shall be presented to the company by any physician or group of physicians or other competent medical experts employed by the company) for a continuous period of more than 180 days. Restricted Stock Unit Award Agreements The restricted stock unit award agreements between the company and each named executive officer provide that all restricted stock units held by an named executive officer immediately vest in full (1)if the named executive officers employment terminates as a result of death, disability, or retirement at a time when the company would not be able to terminate the named executive officer for cause or (2)upon a change of control of the company. The 2024 Omnibus Incentive Plan, under which restricted stock unit award agreements were issued for the awards held by our named executive officers in fiscal year 2024, defines the terms listed below as follows: Disability, with respect to restricted stock unit awards, means, except as otherwise determined by the compensation committee and set forth in an award agreement, the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of at least 12 months, as determined by the compensation committee. 19 Table of Contents Retirement means, except as otherwise determined by the compensation committee and set forth in an award agreement, termination of employment with the company and its affiliates (for other than cause) on a date the participant is then eligible to receive immediate early or normal retirement benefits under the provisions of any of the companys or its affiliates defined benefit pension plans, or if the participant is not covered under any such plan, on or after attainment of age 55 and completion of 10years of continuous service with the company and its affiliates or on or after attainment of age 65 and completion of five years of continuous service with the company and its affiliates, where causemeans (1)if the participant is subject to an employment agreement with the company or an affiliate that contains a definition of cause, such definition, or (2)otherwise, except as otherwise determined by the compensation committee and set forth in an award agreement, any of the following as determined by the compensation committee: (A)violation of the provisions of any employment agreement, noncompetition agreement, confidentiality agreement, or similar agreement with the company or an affiliate, or the companys or an affiliates code of ethics, as then in effect; (B)conduct rising to the level of gross negligence or willful misconduct in the course of employment with the company or an affiliate; (C)commission of an act of dishonesty or disloyalty involving the company or an affiliate; (D)violation of any federal, state or local law in connection with the participants employment or service; or (E)breach of any fiduciary duty to the company or an affiliate. A change of control is the occurrence of one or more of the following events: an acquisition, in any one transaction or series of transactions, after which any individual, entity, or group has beneficial ownership of 50% or more of either the thenoutstanding shares of our common stock or the combined voting power of our thenoutstanding voting securities, but excluding an acquisition (1)by us or any of our employee benefit plans (or related trusts), (2)by Neil J. Hennessy or any affiliate, or (3)by any corporation which, following the acquisition, is beneficially owned, directly or indirectly, in substantially the same proportions, by the beneficial owners of the common stock and voting securities of the company immediately prior to such acquisition; or 50% or more of the members of our board of directors (1)are not continuing directors, or (2)are nominated or elected by the same beneficial owner or are elected or appointed in connection with an acquisition of the company; or the (1)consummation of a reorganization, merger, share exchange, consolidation, or similar transaction, with respect to which the beneficial owners of the company immediately prior to such transaction do not, following such transaction, beneficially own more than 50% of the thenoutstanding shares of common stock and voting securities of the corporation resulting from the transaction, (2)consummation of the sale or other disposition of all or substantially all of the assets of the company, or (3)approval by the shareholders of the company of a complete liquidation or dissolution of the company. Teresa M. Nilsen Employment Agreement We have had an employment agreement with Ms.Nilsen since January 26, 2018, when she became the president of the company. The agreement has been amended twice since then. The agreement provides for automatic oneyear renewals on each January 26 unless either party gives written notice to the other at least 60 days prior to the expiration of the thencurrent term. 20 Table of Contents Under the terms of her employment agreement, Ms.Nilsen is entitled to (1)an annual base salary of $375,000 (prior to September30, 2024, this amount was $325,000), which amount may be increased in the boards sole discretion, (2)Quarterly Bonuses of 5.0% of Adjusted Quarterly Pre-Tax Profit (prior to September30, 2024, this percentage was 3.5%), and (3)participate in our benefit plans. In the event that (A)Ms.Nilsens employment is terminated by the company without cause or (B)Ms.Nilsen terminates her employment with the company for good reason, Ms.Nilsen is entitled to receive severance payable in 24 equal monthly installments (except to the extent payment is required to be delayed pursuant to Section409A of the Code) equal to the sum of (i)(x) one years full base salary and an average annual bonus for the three most recent fiscal years prior to the termination of employment multiplied by (y)two and (ii)a prorated Quarterly Bonus for the quarter in which the termination occurs. In addition, under the foregoing circumstances, Ms.Nilsen is also entitled to receive payment of any previously earned and deferred Quarterly Bonus in the reserve account following the end of the fiscal year in which her employment terminates. In the event Ms.Nilsen is terminated without cause or resigns with good reason in connection with a change of control, Ms.Nilsens severance payment pursuant to the employment agreement is reduced by the amount of any cash portion of the benefits paid to Ms.Nilsen upon such change of control pursuant to the bonus agreement described below or any amendment, restatement, or replacement thereof. In the event Ms.Nilsen is terminated for cause or terminates her employment with the company without good reason, no severance is payable. If the employment agreement terminates as a result of death or disability, Ms.Nilsen is entitled to all bonuses earned or accrued as of the date of her termination. Furthermore, in the case of disability, Ms.Nilsen is also entitled to continue receiving her base salary and benefits for three months or until the date she begins receiving benefits under a disability plan or policy, whichever is soonest. In the event of a sale, transfer, or other disposition of all or substantially all of our assets or business, whether by merger, consolidation, or otherwise, we may assign the employment agreement and its rights, provided that the successor assumes all of our obligations under the employment agreement. If any payment or benefit under the employment agreement and any other agreement, plan, or arrangement would constitute an excess parachute payment under Section280G of the Code, then Ms.Nilsen would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Ms.Nilsen. The employment agreement defines cause and good reason the same as in Mr.Hennessys employment agreement, which is described above under the description of payments to Mr.Hennessy. Bonus Agreement We also have a bonus agreement with Ms.Nilsen that provides for a onetime cash bonus within 15days of a change of control of the company equal to the greater of the following: (1) $1,000,000; or (2) the sum of (A)150% of the total base salary (before deductions) paid to Ms.Nilsen for the most recent fiscal year ended prior to the change of control, (B)150% of the prior years bonus, and (C)a pro rata portion of the prior years bonus, provided at least such amount has been accrued by us as a bonus for Ms.Nilsen in the fiscal year during which the change of control occurs. If the bonus payable upon a change of control, together with any other payments or benefits received or to be received by Ms.Nilsen from the company or any successor thereto in the change of control transaction, would constitute an excess parachute payment under Section280G of the Code, then Ms.Nilsen would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Ms.Nilsen. 21 Table of Contents A change of control is defined in the bonus agreement the same as in the restricted stock unit award agreements, which are described above under the description of payments to Mr.Hennessy. Restricted Stock Unit Award Agreements We also have restricted stock unit award agreements with Ms. Nilsen on the same terms as the restricted stock unit award agreements with Mr. Hennessy, which are described above under the description of payments to Mr.Hennessy. Kathryn R. Fahy Restricted Stock Unit Award Agreements We have restricted stock unit award agreements with Ms. Fahy on the same terms as the restricted stock unit award agreements with Mr. Hennessy, which are described above under the description of payments to Mr.Hennessy. 22 Table of Contents PAY VERSUS PERFORMANCE In accordance with SEC rules applicable to smaller reporting companies, the following table sets forth information with respect to how compensation actually paid (CAP) to our principal executive officer (PEO) and other named executive officers (NEOs) aligns with company performance. CAP is an SECdefined term that does not necessarily reflect the amounts realized by our NEOs. For information regarding the Companys compensation philosophy and how the Company aligns executive compensation with its financial and operational performance, refer to the Compensation Discussion and Analysis section. Fiscal Year(1) Summary Compensation Table Total for PEO ($) Compensation Actually Paid to PEO(2) ($) Average Summary Compensation Table for Non- PEO NEOs ($) Average Compensation Actually Paid to Non-PEO NEOs(2) ($) Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Stock Awards(2) ($) Total ($) Henry Hansel 72,000 57,344 129,344 Brian A. Hennessy 63,000 57,344 120,344 Lydia Knight-O'Riordan 64,500 57,344 121,844 Kiera Newton 74,000 57,344 131,344 Susan W. Pomilia 70,000 57,344 127,344 Thomas L. Seavey 76,000 57,344 133,344 Total ($) Henry Hansel Brian A. Hennessy Lydia Knight-O'Riordan Kiera Newton Susan W. Pomilia Thomas L. Seavey (1) Themembers of the compensation committee did not receive compensation for two of the four meetings held during fiscal year 2024. (2) The amounts in this column include the aggregate grant date fair value, computed in accordance with FASB ASC Topic718Stock Compensation. Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The value of restricted stock units granted is calculated as the number of units granted times the fair market value of our common stock on the grant date, which was $10.24 on the grant date of September18, 2024. Ms.KnightORiordan and Ms.Newton held 12,050 and 10,925 nonvested restricted stock units, respectively, as of September30, 2024. Each other nonmanagement director held 13,362.5nonvested restricted stock units as of September30, 2024. Name Number of Shares Owned Percent of Class Additional Information Neil J. Hennessy 2,044,245 26.3% Includes (A)2,014,124 shares held jointly with his spouse, over which Mr.Hennessy has shared voting and dispositive power, (B)5,062 shares held in his IRA, over which Mr.Hennessy has sole voting and dispositive power, and (C)25,059 shares held solely by his spouse. Teresa M. Nilsen 128,639 1.7% Includes (A)97,836 shares held jointly with her spouse, over which Ms.Nilsen has shared voting and dispositive power, (B) 29,285 shares held by Ms.Nilsen and by her spouse as custodian for their children, over which Ms.Nilsen has shared voting and dispositive power, and (C)1,518 shares held solely by her spouse. Kathryn R. Fahy 52,836 * None. Henry Hansel 201,163 2.6% None. Brian A. Hennessy 265,751 3.4% Includes (A)225,003 shares held jointly with his spouse, over which Mr.Hennessy has shared voting and dispositive power, (B) 20,374 shares held in his IRA, over which Mr.Hennessy has sole voting and dispositive power, and (C) 20,374 shares held solely by his spouse. Lydia KnightORiordan 3,650 * None. Kiera Newton 2,005 * None. Susan W. Pomilia 98,544 1.3% Includes (A)30,925 shares held jointly with her spouse, over which Ms.Pomilia has shared voting and dispositive power, and (B)67,619 shares held solely by her spouse. Thomas L. Seavey 77,067 * None. All directors and executive officers (10individuals) 2,906,423 37.4% None. Percent of Class Additional Information Additional Information Neil J. Hennessy 26.3% Includes (A)2,014,124 shares held jointly with his spouse, over which Mr.Hennessy has shared voting and dispositive power, (B)5,062 shares held in his IRA, over which Mr.Hennessy has sole voting and dispositive power, and (C)25,059 shares held solely by his spouse. Teresa M. Nilsen 1.7% Includes (A)97,836 shares held jointly with her spouse, over which Ms.Nilsen has shared voting and dispositive power, (B) 29,285 shares held by Ms.Nilsen and by her spouse as custodian for their children, over which Ms.Nilsen has shared voting and dispositive power, and (C)1,518 shares held solely by her spouse. Kathryn R. Fahy * None. Henry Hansel 2.6% None. Brian A. Hennessy 3.4% Includes (A)225,003 shares held jointly with his spouse, over which Mr.Hennessy has shared voting and dispositive power, (B) 20,374 shares held in his IRA, over which Mr.Hennessy has sole voting and dispositive power, and (C) 20,374 shares held solely by his spouse. Lydia KnightORiordan * None. Kiera Newton * None. Susan W. Pomilia 1.3% Includes (A)30,925 shares held jointly with her spouse, over which Ms.Pomilia has shared voting and dispositive power, and (B)67,619 shares held solely by her spouse. Thomas L. Seavey * None. All directors and executive officers (10individuals) 37.4% None. * Less than one percent of our common stock. Name Title Neil J. Hennessy Chief Executive Officer and Chairman of the Board of Directors Teresa M. Nilsen President, Chief Operating Officer, and Secretary Kathryn R. Fahy Chief Financial Officer and Senior Vice President Daniel B. Steadman Executive Vice President equity awards that vest over a four-year period; competitive base salaries; company 401(k) contributions; and severance or change of control agreements. cash bonuses based on individual and company-wide performance; and equity awards, which link a significant portion of compensation to shareholder value because the total value of those awards corresponds to stock price appreciation and provide an added incentive for our named executive officers to focus on longterm performance and profitability. key financial measurements, such as annual net income and yearend cash balance; preparing and effectively executing shortterm and longterm strategic plans for the company; building banking relationships; improving and expanding the distribution, marketing, public relations, and sales programs for our funds; effectively leading and managing the companys employees, multiple offices, and several subadvisors; maintaining compliance with applicable regulatory requirements; and providing administrative services, shareholder services, and investment advisory services to the Hennessy Funds family of funds (currently 17funds). Name and Principal Position Fiscal Year Salary ($) Stock Awards(2) ($) Non-Equity Incentive Plan Compensation ($) All Other Compensation(4) ($) Total ($) Neil J. Hennessy 2024 350,000 201,728 937,537 (3) 91,526 1,580,791 CEO 2023 350,000 133,763 683,683 72,403 1,239,849 Teresa M. Nilsen 2024 325,000 201,728 504,827 (3) 27,219 1,058,774 President, COO, and Secretary 2023 325,000 133,763 368,138 25,402 852,303 Kathryn R. Fahy 2024 250,000 128,000 250,000 21,093 649,093 CFO and Senior Vice President 2023 250,000 84,875 200,000 17,160 552,035 (1) As a smaller reporting company for purposes of the SECs disclosure rules, we are subject to scaled disclosure requirements under which reduced disclosure of executive compensation is permitted. Pursuant to such scaled disclosure rules, we include only two fiscal years of compensation information in the Summary Compensation Table for our named executive officers, rather than three, and our named executive officers are our principal executive officer and our two other most highly compensated executive officers. (2) The amounts in this column include the aggregate grant date fair value, computed in accordance with FASB ASC Topic718Stock Compensation. Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The value of restricted stock units for a particular fiscal year is calculated as the number of units granted during such fiscal year times the fair market value of our common stock on the grant date. The fair market value of our common stock was $10.24 and $6.79 on the grant date for fiscal year2024 (September 18, 2024) and the grant date for fiscal year2023 (September18, 2023), respectively. (3) For fiscal year 2024, Mr.Hennessy and Ms.Nilsen each received an incentive-based bonus in the amount of 6.5% and 3.5%, respectively, of our Adjusted Quarterly PreTax Profit. The Adjusted Quarterly Pre-Tax Profit for fiscal year 2024 was calculated as income before tax of $9,703,900 plus bonuses of $3,430,900 (Mr.Hennessys and Ms.Nilsens bonus accruals and the bonus accrual for other employees), payroll tax accruals of $54,300, depreciation and amortization expense of $244,400, and compensation expense related to restricted stock units of $990,200, for a total pre-tax profit of $14,423,700. A discussion of the terms of Mr.Hennessys and Ms.Nilsens employment agreements begins on page18. (4) All other compensation for fiscal year 2024 for Mr.Hennessy includes premiums on life insurance ($52,476), disability insurance, a car allowance, a charitable contribution made on his behalf, miscellaneous expenses related to required travel by his spouse, and a profitsharing contribution to his 401(k) plan. All other compensation for fiscal year 2024 for each of Ms.Nilsen and Ms.Fahy includes a fitness club membership, a charitable contribution made on her behalf, miscellaneous expenses related to required travel by her spouse, and a profitsharing contribution to her 401(k)plan. 16 Table of Contents Outstanding Equity Awards at Fiscal Year End 2024 The following table sets forth the outstanding equity awards held by our named executive officers on September 30, 2024. Stock Awards (1) Name Grant Date Number of Shares or Units of Stock That Have Not Vested Market Value of Shares or Units of Stock That Have Not Vested ($) Neil J. Hennessy 9/18/2021 3,937.5 39,178 9/18/2022 7,875.0 78,356 9/18/2023 14,775.0 147,011 9/18/2024 19,700.0 196,015 Teresa M. Nilsen 9/18/2021 3,937.5 39,178 9/18/2022 7,875.0 78,356 9/18/2023 14,775.0 147,011 9/18/2024 19,700.0 196,015 Kathryn R. Fahy 9/18/2021 2,500.0 24,875 9/18/2022 5,000.0 49,750 9/18/2023 9,375.0 93,281 9/18/2024 12,500.0 124,375 (1) Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The market value of restricted stock units that have not vested is calculated as the number of unvested units times the fair market value of $9.95 per share on September30, 2024. The actual value realized by the named executive officer will depend on the market value of our common stock on the date the awards vest. Potential Payments upon Termination or Change of Control Under the terms of the restricted stock unit award agreements between the company and each named executive officer, the employment agreements with Mr.Hennessy and Ms.Nilsen, and the bonus agreement with Ms.Nilsen, our named executive officers are entitled to certain compensation in the event of a termination of employment or a change of control of the company. The material terms of each such agreement are discussed below. 17 Table of Contents Neil J. Hennessy Employment Agreement We have had an employment agreement with Mr.Hennessy since the time of our initial public offering, and such employment agreement has been amended and amended and restated several times. The employment agreement provides for automatic oneyear renewals on each January 26 unless either party gives written notice to the other at least 60 days prior to the expiration of the thencurrent term. Under the terms of his employment agreement, Mr.Hennessy is entitled to (1)an annual base salary of $350,000, which amount may be increased in the boards sole discretion, (2)Quarterly Bonuses of 5.0% of Adjusted Quarterly Pre-Tax Profit (prior to September30, 2024, this percentage was 6.5%), and (3)participate in our benefit plans. In the event that (A)Mr.Hennessys employment is terminated by the company without cause or (B)Mr.Hennessy terminates his employment with the company for good reason, Mr.Hennessy is entitled to receive severance payable in 24 equal monthly installments (except to the extent payment is required to be delayed pursuant to Section409A of the Code) equal to the sum of (i)(x) one years full base salary and an average annual bonus for the three most recent fiscal years prior to the termination of employment multiplied by (y) two and (ii) a prorated Quarterly Bonus for the quarter in which the termination occurs. In addition, under the foregoing circumstances, Mr.Hennessy is also entitled to receive payment of any previously earned and deferred Quarterly Bonus in the reserve account following the end of the fiscal year in which his employment terminates. In the event Mr.Hennessy is terminated for cause or terminates his employment with the company without good reason, no severance is payable. If the employment agreement terminates as a result of death or disability, Mr.Hennessy is entitled to all bonuses earned or accrued as of the date of his termination. Furthermore, in the case of disability, Mr.Hennessy is also entitled to continue receiving his base salary and benefits for three months or until the date he begins receiving benefits under a disability plan or policy, whichever is soonest. In the event of a sale, transfer, or other disposition of all or substantially all of our assets or business, whether by merger, consolidation, or otherwise, we may assign the employment agreement and its rights, provided that the successor assumes all of our obligations under the employment agreement. If any payment or benefit under the employment agreement and any other agreement, plan, or arrangement would constitute an excess parachute payment under Section280G of the Code, then Mr.Hennessy would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Mr.Hennessy. The employment agreement defines the terms listed below as follows: Cause exists if Mr.Hennessy: is convicted of, or enters a plea of nolo contendere to, a felony (other than a trafficrelated offense) under any state, federal, or local law or any felony involving the company, where conviction includes any final disposition of the charge that does not result in the charges being completely dismissed or Mr.Hennessys being completely acquitted; materially breaches (1) the employment agreement or (2) the companys policies and procedures, which breach is not cured, if capable of being cured, after written notice within 30 days of the date notice of such breach is received by Mr.Hennessy; or 18 Table of Contents engages in willful or gross misconduct or willful or gross negligence in performing his duties, or fraud, misappropriation, or embezzlement. Good reason means: the assignment to Mr.Hennessy of duties materially inconsistent with his position, authority, duties, or responsibilities as of the date of the employment agreement; or any action or omission that results in a material diminution of the position, authority, duties, or responsibilities of Mr.Hennessy as of the date of the employment agreement; a material reduction in Mr.Hennessys annual base salary (other than a reduction that applies generally to the Companys senior management); the relocation, without Mr.Hennessys prior written consent, of his principal place of employment to a location more than 50 miles away (measured in the shortest driving distance) from his principal place of employment on the date of the employment agreement; or the failure by the Company to have an acquirer of all or substantially all of the Companys assets assume Mr.Hennessys employment agreement; provided, in any case, that Mr.Hennessy (1) provides notice to the company of the existence of the condition constituting good reason within 90 days of its initial existence and (2) allows the company 30 days to remedy the condition. Disability means a physical or mental disability or infirmity that prevents Mr.Hennessy from performing substantially the duties assigned to him (based on such competent medical evidence as shall be presented to the company by any physician or group of physicians or other competent medical experts employed by the company) for a continuous period of more than 180 days. Restricted Stock Unit Award Agreements The restricted stock unit award agreements between the company and each named executive officer provide that all restricted stock units held by an named executive officer immediately vest in full (1)if the named executive officers employment terminates as a result of death, disability, or retirement at a time when the company would not be able to terminate the named executive officer for cause or (2)upon a change of control of the company. The 2024 Omnibus Incentive Plan, under which restricted stock unit award agreements were issued for the awards held by our named executive officers in fiscal year 2024, defines the terms listed below as follows: Disability, with respect to restricted stock unit awards, means, except as otherwise determined by the compensation committee and set forth in an award agreement, the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of at least 12 months, as determined by the compensation committee. 19 Table of Contents Retirement means, except as otherwise determined by the compensation committee and set forth in an award agreement, termination of employment with the company and its affiliates (for other than cause) on a date the participant is then eligible to receive immediate early or normal retirement benefits under the provisions of any of the companys or its affiliates defined benefit pension plans, or if the participant is not covered under any such plan, on or after attainment of age 55 and completion of 10years of continuous service with the company and its affiliates or on or after attainment of age 65 and completion of five years of continuous service with the company and its affiliates, where causemeans (1)if the participant is subject to an employment agreement with the company or an affiliate that contains a definition of cause, such definition, or (2)otherwise, except as otherwise determined by the compensation committee and set forth in an award agreement, any of the following as determined by the compensation committee: (A)violation of the provisions of any employment agreement, noncompetition agreement, confidentiality agreement, or similar agreement with the company or an affiliate, or the companys or an affiliates code of ethics, as then in effect; (B)conduct rising to the level of gross negligence or willful misconduct in the course of employment with the company or an affiliate; (C)commission of an act of dishonesty or disloyalty involving the company or an affiliate; (D)violation of any federal, state or local law in connection with the participants employment or service; or (E)breach of any fiduciary duty to the company or an affiliate. A change of control is the occurrence of one or more of the following events: an acquisition, in any one transaction or series of transactions, after which any individual, entity, or group has beneficial ownership of 50% or more of either the thenoutstanding shares of our common stock or the combined voting power of our thenoutstanding voting securities, but excluding an acquisition (1)by us or any of our employee benefit plans (or related trusts), (2)by Neil J. Hennessy or any affiliate, or (3)by any corporation which, following the acquisition, is beneficially owned, directly or indirectly, in substantially the same proportions, by the beneficial owners of the common stock and voting securities of the company immediately prior to such acquisition; or 50% or more of the members of our board of directors (1)are not continuing directors, or (2)are nominated or elected by the same beneficial owner or are elected or appointed in connection with an acquisition of the company; or the (1)consummation of a reorganization, merger, share exchange, consolidation, or similar transaction, with respect to which the beneficial owners of the company immediately prior to such transaction do not, following such transaction, beneficially own more than 50% of the thenoutstanding shares of common stock and voting securities of the corporation resulting from the transaction, (2)consummation of the sale or other disposition of all or substantially all of the assets of the company, or (3)approval by the shareholders of the company of a complete liquidation or dissolution of the company. Teresa M. Nilsen Employment Agreement We have had an employment agreement with Ms.Nilsen since January 26, 2018, when she became the president of the company. The agreement has been amended twice since then. The agreement provides for automatic oneyear renewals on each January 26 unless either party gives written notice to the other at least 60 days prior to the expiration of the thencurrent term. 20 Table of Contents Under the terms of her employment agreement, Ms.Nilsen is entitled to (1)an annual base salary of $375,000 (prior to September30, 2024, this amount was $325,000), which amount may be increased in the boards sole discretion, (2)Quarterly Bonuses of 5.0% of Adjusted Quarterly Pre-Tax Profit (prior to September30, 2024, this percentage was 3.5%), and (3)participate in our benefit plans. In the event that (A)Ms.Nilsens employment is terminated by the company without cause or (B)Ms.Nilsen terminates her employment with the company for good reason, Ms.Nilsen is entitled to receive severance payable in 24 equal monthly installments (except to the extent payment is required to be delayed pursuant to Section409A of the Code) equal to the sum of (i)(x) one years full base salary and an average annual bonus for the three most recent fiscal years prior to the termination of employment multiplied by (y)two and (ii)a prorated Quarterly Bonus for the quarter in which the termination occurs. In addition, under the foregoing circumstances, Ms.Nilsen is also entitled to receive payment of any previously earned and deferred Quarterly Bonus in the reserve account following the end of the fiscal year in which her employment terminates. In the event Ms.Nilsen is terminated without cause or resigns with good reason in connection with a change of control, Ms.Nilsens severance payment pursuant to the employment agreement is reduced by the amount of any cash portion of the benefits paid to Ms.Nilsen upon such change of control pursuant to the bonus agreement described below or any amendment, restatement, or replacement thereof. In the event Ms.Nilsen is terminated for cause or terminates her employment with the company without good reason, no severance is payable. If the employment agreement terminates as a result of death or disability, Ms.Nilsen is entitled to all bonuses earned or accrued as of the date of her termination. Furthermore, in the case of disability, Ms.Nilsen is also entitled to continue receiving her base salary and benefits for three months or until the date she begins receiving benefits under a disability plan or policy, whichever is soonest. In the event of a sale, transfer, or other disposition of all or substantially all of our assets or business, whether by merger, consolidation, or otherwise, we may assign the employment agreement and its rights, provided that the successor assumes all of our obligations under the employment agreement. If any payment or benefit under the employment agreement and any other agreement, plan, or arrangement would constitute an excess parachute payment under Section280G of the Code, then Ms.Nilsen would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Ms.Nilsen. The employment agreement defines cause and good reason the same as in Mr.Hennessys employment agreement, which is described above under the description of payments to Mr.Hennessy. Bonus Agreement We also have a bonus agreement with Ms.Nilsen that provides for a onetime cash bonus within 15days of a change of control of the company equal to the greater of the following: (1) $1,000,000; or (2) the sum of (A)150% of the total base salary (before deductions) paid to Ms.Nilsen for the most recent fiscal year ended prior to the change of control, (B)150% of the prior years bonus, and (C)a pro rata portion of the prior years bonus, provided at least such amount has been accrued by us as a bonus for Ms.Nilsen in the fiscal year during which the change of control occurs. If the bonus payable upon a change of control, together with any other payments or benefits received or to be received by Ms.Nilsen from the company or any successor thereto in the change of control transaction, would constitute an excess parachute payment under Section280G of the Code, then Ms.Nilsen would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Ms.Nilsen. 21 Table of Contents A change of control is defined in the bonus agreement the same as in the restricted stock unit award agreements, which are described above under the description of payments to Mr.Hennessy. Restricted Stock Unit Award Agreements We also have restricted stock unit award agreements with Ms. Nilsen on the same terms as the restricted stock unit award agreements with Mr. Hennessy, which are described above under the description of payments to Mr.Hennessy. Kathryn R. Fahy Restricted Stock Unit Award Agreements We have restricted stock unit award agreements with Ms. Fahy on the same terms as the restricted stock unit award agreements with Mr. Hennessy, which are described above under the description of payments to Mr.Hennessy. 22 Table of Contents PAY VERSUS PERFORMANCE In accordance with SEC rules applicable to smaller reporting companies, the following table sets forth information with respect to how compensation actually paid (CAP) to our principal executive officer (PEO) and other named executive officers (NEOs) aligns with company performance. CAP is an SECdefined term that does not necessarily reflect the amounts realized by our NEOs. For information regarding the Companys compensation philosophy and how the Company aligns executive compensation with its financial and operational performance, refer to the Compensation Discussion and Analysis section. Fiscal Year(1) Summary Compensation Table Total for PEO ($) Compensation Actually Paid to PEO(2) ($) Average Summary Compensation Table for Non- PEO NEOs ($) Average Compensation Actually Paid to Non-PEO NEOs(2) ($) Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Stock Awards(2) ($) Non-Equity Incentive Plan Compensation ($) All Other Compensation(4) ($) Total ($) Neil J. Hennessy 2024 350,000 201,728 937,537 (3) 91,526 1,580,791 CEO 2023 350,000 133,763 683,683 72,403 1,239,849 Teresa M. Nilsen 2024 325,000 201,728 504,827 (3) 27,219 1,058,774 President, COO, and Secretary 2023 325,000 133,763 368,138 25,402 852,303 Kathryn R. Fahy 2024 250,000 128,000 250,000 21,093 649,093 CFO and Senior Vice President 2023 250,000 84,875 200,000 17,160 552,035 (1) As a smaller reporting company for purposes of the SECs disclosure rules, we are subject to scaled disclosure requirements under which reduced disclosure of executive compensation is permitted. Pursuant to such scaled disclosure rules, we include only two fiscal years of compensation information in the Summary Compensation Table for our named executive officers, rather than three, and our named executive officers are our principal executive officer and our two other most highly compensated executive officers. (2) The amounts in this column include the aggregate grant date fair value, computed in accordance with FASB ASC Topic718Stock Compensation. Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The value of restricted stock units for a particular fiscal year is calculated as the number of units granted during such fiscal year times the fair market value of our common stock on the grant date. The fair market value of our common stock was $10.24 and $6.79 on the grant date for fiscal year2024 (September 18, 2024) and the grant date for fiscal year2023 (September18, 2023), respectively. (3) For fiscal year 2024, Mr.Hennessy and Ms.Nilsen each received an incentive-based bonus in the amount of 6.5% and 3.5%, respectively, of our Adjusted Quarterly PreTax Profit. The Adjusted Quarterly Pre-Tax Profit for fiscal year 2024 was calculated as income before tax of $9,703,900 plus bonuses of $3,430,900 (Mr.Hennessys and Ms.Nilsens bonus accruals and the bonus accrual for other employees), payroll tax accruals of $54,300, depreciation and amortization expense of $244,400, and compensation expense related to restricted stock units of $990,200, for a total pre-tax profit of $14,423,700. A discussion of the terms of Mr.Hennessys and Ms.Nilsens employment agreements begins on page18. (4) All other compensation for fiscal year 2024 for Mr.Hennessy includes premiums on life insurance ($52,476), disability insurance, a car allowance, a charitable contribution made on his behalf, miscellaneous expenses related to required travel by his spouse, and a profitsharing contribution to his 401(k) plan. All other compensation for fiscal year 2024 for each of Ms.Nilsen and Ms.Fahy includes a fitness club membership, a charitable contribution made on her behalf, miscellaneous expenses related to required travel by her spouse, and a profitsharing contribution to her 401(k)plan. 16 Table of Contents Outstanding Equity Awards at Fiscal Year End 2024 The following table sets forth the outstanding equity awards held by our named executive officers on September 30, 2024. Stock Awards (1) Name Grant Date Number of Shares or Units of Stock That Have Not Vested Market Value of Shares or Units of Stock That Have Not Vested ($) Neil J. Hennessy 9/18/2021 3,937.5 39,178 9/18/2022 7,875.0 78,356 9/18/2023 14,775.0 147,011 9/18/2024 19,700.0 196,015 Teresa M. Nilsen 9/18/2021 3,937.5 39,178 9/18/2022 7,875.0 78,356 9/18/2023 14,775.0 147,011 9/18/2024 19,700.0 196,015 Kathryn R. Fahy 9/18/2021 2,500.0 24,875 9/18/2022 5,000.0 49,750 9/18/2023 9,375.0 93,281 9/18/2024 12,500.0 124,375 (1) Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The market value of restricted stock units that have not vested is calculated as the number of unvested units times the fair market value of $9.95 per share on September30, 2024. The actual value realized by the named executive officer will depend on the market value of our common stock on the date the awards vest. Potential Payments upon Termination or Change of Control Under the terms of the restricted stock unit award agreements between the company and each named executive officer, the employment agreements with Mr.Hennessy and Ms.Nilsen, and the bonus agreement with Ms.Nilsen, our named executive officers are entitled to certain compensation in the event of a termination of employment or a change of control of the company. The material terms of each such agreement are discussed below. 17 Table of Contents Neil J. Hennessy Employment Agreement We have had an employment agreement with Mr.Hennessy since the time of our initial public offering, and such employment agreement has been amended and amended and restated several times. The employment agreement provides for automatic oneyear renewals on each January 26 unless either party gives written notice to the other at least 60 days prior to the expiration of the thencurrent term. Under the terms of his employment agreement, Mr.Hennessy is entitled to (1)an annual base salary of $350,000, which amount may be increased in the boards sole discretion, (2)Quarterly Bonuses of 5.0% of Adjusted Quarterly Pre-Tax Profit (prior to September30, 2024, this percentage was 6.5%), and (3)participate in our benefit plans. In the event that (A)Mr.Hennessys employment is terminated by the company without cause or (B)Mr.Hennessy terminates his employment with the company for good reason, Mr.Hennessy is entitled to receive severance payable in 24 equal monthly installments (except to the extent payment is required to be delayed pursuant to Section409A of the Code) equal to the sum of (i)(x) one years full base salary and an average annual bonus for the three most recent fiscal years prior to the termination of employment multiplied by (y) two and (ii) a prorated Quarterly Bonus for the quarter in which the termination occurs. In addition, under the foregoing circumstances, Mr.Hennessy is also entitled to receive payment of any previously earned and deferred Quarterly Bonus in the reserve account following the end of the fiscal year in which his employment terminates. In the event Mr.Hennessy is terminated for cause or terminates his employment with the company without good reason, no severance is payable. If the employment agreement terminates as a result of death or disability, Mr.Hennessy is entitled to all bonuses earned or accrued as of the date of his termination. Furthermore, in the case of disability, Mr.Hennessy is also entitled to continue receiving his base salary and benefits for three months or until the date he begins receiving benefits under a disability plan or policy, whichever is soonest. In the event of a sale, transfer, or other disposition of all or substantially all of our assets or business, whether by merger, consolidation, or otherwise, we may assign the employment agreement and its rights, provided that the successor assumes all of our obligations under the employment agreement. If any payment or benefit under the employment agreement and any other agreement, plan, or arrangement would constitute an excess parachute payment under Section280G of the Code, then Mr.Hennessy would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Mr.Hennessy. The employment agreement defines the terms listed below as follows: Cause exists if Mr.Hennessy: is convicted of, or enters a plea of nolo contendere to, a felony (other than a trafficrelated offense) under any state, federal, or local law or any felony involving the company, where conviction includes any final disposition of the charge that does not result in the charges being completely dismissed or Mr.Hennessys being completely acquitted; materially breaches (1) the employment agreement or (2) the companys policies and procedures, which breach is not cured, if capable of being cured, after written notice within 30 days of the date notice of such breach is received by Mr.Hennessy; or 18 Table of Contents engages in willful or gross misconduct or willful or gross negligence in performing his duties, or fraud, misappropriation, or embezzlement. Good reason means: the assignment to Mr.Hennessy of duties materially inconsistent with his position, authority, duties, or responsibilities as of the date of the employment agreement; or any action or omission that results in a material diminution of the position, authority, duties, or responsibilities of Mr.Hennessy as of the date of the employment agreement; a material reduction in Mr.Hennessys annual base salary (other than a reduction that applies generally to the Companys senior management); the relocation, without Mr.Hennessys prior written consent, of his principal place of employment to a location more than 50 miles away (measured in the shortest driving distance) from his principal place of employment on the date of the employment agreement; or the failure by the Company to have an acquirer of all or substantially all of the Companys assets assume Mr.Hennessys employment agreement; provided, in any case, that Mr.Hennessy (1) provides notice to the company of the existence of the condition constituting good reason within 90 days of its initial existence and (2) allows the company 30 days to remedy the condition. Disability means a physical or mental disability or infirmity that prevents Mr.Hennessy from performing substantially the duties assigned to him (based on such competent medical evidence as shall be presented to the company by any physician or group of physicians or other competent medical experts employed by the company) for a continuous period of more than 180 days. Restricted Stock Unit Award Agreements The restricted stock unit award agreements between the company and each named executive officer provide that all restricted stock units held by an named executive officer immediately vest in full (1)if the named executive officers employment terminates as a result of death, disability, or retirement at a time when the company would not be able to terminate the named executive officer for cause or (2)upon a change of control of the company. The 2024 Omnibus Incentive Plan, under which restricted stock unit award agreements were issued for the awards held by our named executive officers in fiscal year 2024, defines the terms listed below as follows: Disability, with respect to restricted stock unit awards, means, except as otherwise determined by the compensation committee and set forth in an award agreement, the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of at least 12 months, as determined by the compensation committee. 19 Table of Contents Retirement means, except as otherwise determined by the compensation committee and set forth in an award agreement, termination of employment with the company and its affiliates (for other than cause) on a date the participant is then eligible to receive immediate early or normal retirement benefits under the provisions of any of the companys or its affiliates defined benefit pension plans, or if the participant is not covered under any such plan, on or after attainment of age 55 and completion of 10years of continuous service with the company and its affiliates or on or after attainment of age 65 and completion of five years of continuous service with the company and its affiliates, where causemeans (1)if the participant is subject to an employment agreement with the company or an affiliate that contains a definition of cause, such definition, or (2)otherwise, except as otherwise determined by the compensation committee and set forth in an award agreement, any of the following as determined by the compensation committee: (A)violation of the provisions of any employment agreement, noncompetition agreement, confidentiality agreement, or similar agreement with the company or an affiliate, or the companys or an affiliates code of ethics, as then in effect; (B)conduct rising to the level of gross negligence or willful misconduct in the course of employment with the company or an affiliate; (C)commission of an act of dishonesty or disloyalty involving the company or an affiliate; (D)violation of any federal, state or local law in connection with the participants employment or service; or (E)breach of any fiduciary duty to the company or an affiliate. A change of control is the occurrence of one or more of the following events: an acquisition, in any one transaction or series of transactions, after which any individual, entity, or group has beneficial ownership of 50% or more of either the thenoutstanding shares of our common stock or the combined voting power of our thenoutstanding voting securities, but excluding an acquisition (1)by us or any of our employee benefit plans (or related trusts), (2)by Neil J. Hennessy or any affiliate, or (3)by any corporation which, following the acquisition, is beneficially owned, directly or indirectly, in substantially the same proportions, by the beneficial owners of the common stock and voting securities of the company immediately prior to such acquisition; or 50% or more of the members of our board of directors (1)are not continuing directors, or (2)are nominated or elected by the same beneficial owner or are elected or appointed in connection with an acquisition of the company; or the (1)consummation of a reorganization, merger, share exchange, consolidation, or similar transaction, with respect to which the beneficial owners of the company immediately prior to such transaction do not, following such transaction, beneficially own more than 50% of the thenoutstanding shares of common stock and voting securities of the corporation resulting from the transaction, (2)consummation of the sale or other disposition of all or substantially all of the assets of the company, or (3)approval by the shareholders of the company of a complete liquidation or dissolution of the company. Teresa M. Nilsen Employment Agreement We have had an employment agreement with Ms.Nilsen since January 26, 2018, when she became the president of the company. The agreement has been amended twice since then. The agreement provides for automatic oneyear renewals on each January 26 unless either party gives written notice to the other at least 60 days prior to the expiration of the thencurrent term. 20 Table of Contents Under the terms of her employment agreement, Ms.Nilsen is entitled to (1)an annual base salary of $375,000 (prior to September30, 2024, this amount was $325,000), which amount may be increased in the boards sole discretion, (2)Quarterly Bonuses of 5.0% of Adjusted Quarterly Pre-Tax Profit (prior to September30, 2024, this percentage was 3.5%), and (3)participate in our benefit plans. In the event that (A)Ms.Nilsens employment is terminated by the company without cause or (B)Ms.Nilsen terminates her employment with the company for good reason, Ms.Nilsen is entitled to receive severance payable in 24 equal monthly installments (except to the extent payment is required to be delayed pursuant to Section409A of the Code) equal to the sum of (i)(x) one years full base salary and an average annual bonus for the three most recent fiscal years prior to the termination of employment multiplied by (y)two and (ii)a prorated Quarterly Bonus for the quarter in which the termination occurs. In addition, under the foregoing circumstances, Ms.Nilsen is also entitled to receive payment of any previously earned and deferred Quarterly Bonus in the reserve account following the end of the fiscal year in which her employment terminates. In the event Ms.Nilsen is terminated without cause or resigns with good reason in connection with a change of control, Ms.Nilsens severance payment pursuant to the employment agreement is reduced by the amount of any cash portion of the benefits paid to Ms.Nilsen upon such change of control pursuant to the bonus agreement described below or any amendment, restatement, or replacement thereof. In the event Ms.Nilsen is terminated for cause or terminates her employment with the company without good reason, no severance is payable. If the employment agreement terminates as a result of death or disability, Ms.Nilsen is entitled to all bonuses earned or accrued as of the date of her termination. Furthermore, in the case of disability, Ms.Nilsen is also entitled to continue receiving her base salary and benefits for three months or until the date she begins receiving benefits under a disability plan or policy, whichever is soonest. In the event of a sale, transfer, or other disposition of all or substantially all of our assets or business, whether by merger, consolidation, or otherwise, we may assign the employment agreement and its rights, provided that the successor assumes all of our obligations under the employment agreement. If any payment or benefit under the employment agreement and any other agreement, plan, or arrangement would constitute an excess parachute payment under Section280G of the Code, then Ms.Nilsen would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Ms.Nilsen. The employment agreement defines cause and good reason the same as in Mr.Hennessys employment agreement, which is described above under the description of payments to Mr.Hennessy. Bonus Agreement We also have a bonus agreement with Ms.Nilsen that provides for a onetime cash bonus within 15days of a change of control of the company equal to the greater of the following: (1) $1,000,000; or (2) the sum of (A)150% of the total base salary (before deductions) paid to Ms.Nilsen for the most recent fiscal year ended prior to the change of control, (B)150% of the prior years bonus, and (C)a pro rata portion of the prior years bonus, provided at least such amount has been accrued by us as a bonus for Ms.Nilsen in the fiscal year during which the change of control occurs. If the bonus payable upon a change of control, together with any other payments or benefits received or to be received by Ms.Nilsen from the company or any successor thereto in the change of control transaction, would constitute an excess parachute payment under Section280G of the Code, then Ms.Nilsen would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Ms.Nilsen. 21 Table of Contents A change of control is defined in the bonus agreement the same as in the restricted stock unit award agreements, which are described above under the description of payments to Mr.Hennessy. Restricted Stock Unit Award Agreements We also have restricted stock unit award agreements with Ms. Nilsen on the same terms as the restricted stock unit award agreements with Mr. Hennessy, which are described above under the description of payments to Mr.Hennessy. Kathryn R. Fahy Restricted Stock Unit Award Agreements We have restricted stock unit award agreements with Ms. Fahy on the same terms as the restricted stock unit award agreements with Mr. Hennessy, which are described above under the description of payments to Mr.Hennessy. 22 Table of Contents PAY VERSUS PERFORMANCE In accordance with SEC rules applicable to smaller reporting companies, the following table sets forth information with respect to how compensation actually paid (CAP) to our principal executive officer (PEO) and other named executive officers (NEOs) aligns with company performance. CAP is an SECdefined term that does not necessarily reflect the amounts realized by our NEOs. For information regarding the Companys compensation philosophy and how the Company aligns executive compensation with its financial and operational performance, refer to the Compensation Discussion and Analysis section. Fiscal Year(1) Summary Compensation Table Total for PEO ($) Compensation Actually Paid to PEO(2) ($) Average Summary Compensation Table for Non- PEO NEOs ($) Average Compensation Actually Paid to Non-PEO NEOs(2) ($) Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Non-Equity Incentive Plan Compensation ($) All Other Compensation(4) ($) Total ($) Neil J. Hennessy 2024 350,000 201,728 937,537 (3) 91,526 1,580,791 CEO 2023 350,000 133,763 683,683 72,403 1,239,849 Teresa M. Nilsen 2024 325,000 201,728 504,827 (3) 27,219 1,058,774 President, COO, and Secretary 2023 325,000 133,763 368,138 25,402 852,303 Kathryn R. Fahy 2024 250,000 128,000 250,000 21,093 649,093 CFO and Senior Vice President 2023 250,000 84,875 200,000 17,160 552,035 (1) As a smaller reporting company for purposes of the SECs disclosure rules, we are subject to scaled disclosure requirements under which reduced disclosure of executive compensation is permitted. Pursuant to such scaled disclosure rules, we include only two fiscal years of compensation information in the Summary Compensation Table for our named executive officers, rather than three, and our named executive officers are our principal executive officer and our two other most highly compensated executive officers. (2) The amounts in this column include the aggregate grant date fair value, computed in accordance with FASB ASC Topic718Stock Compensation. Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The value of restricted stock units for a particular fiscal year is calculated as the number of units granted during such fiscal year times the fair market value of our common stock on the grant date. The fair market value of our common stock was $10.24 and $6.79 on the grant date for fiscal year2024 (September 18, 2024) and the grant date for fiscal year2023 (September18, 2023), respectively. (3) For fiscal year 2024, Mr.Hennessy and Ms.Nilsen each received an incentive-based bonus in the amount of 6.5% and 3.5%, respectively, of our Adjusted Quarterly PreTax Profit. The Adjusted Quarterly Pre-Tax Profit for fiscal year 2024 was calculated as income before tax of $9,703,900 plus bonuses of $3,430,900 (Mr.Hennessys and Ms.Nilsens bonus accruals and the bonus accrual for other employees), payroll tax accruals of $54,300, depreciation and amortization expense of $244,400, and compensation expense related to restricted stock units of $990,200, for a total pre-tax profit of $14,423,700. A discussion of the terms of Mr.Hennessys and Ms.Nilsens employment agreements begins on page18. (4) All other compensation for fiscal year 2024 for Mr.Hennessy includes premiums on life insurance ($52,476), disability insurance, a car allowance, a charitable contribution made on his behalf, miscellaneous expenses related to required travel by his spouse, and a profitsharing contribution to his 401(k) plan. All other compensation for fiscal year 2024 for each of Ms.Nilsen and Ms.Fahy includes a fitness club membership, a charitable contribution made on her behalf, miscellaneous expenses related to required travel by her spouse, and a profitsharing contribution to her 401(k)plan. 16 Table of Contents Outstanding Equity Awards at Fiscal Year End 2024 The following table sets forth the outstanding equity awards held by our named executive officers on September 30, 2024. Stock Awards (1) Name Grant Date Number of Shares or Units of Stock That Have Not Vested Market Value of Shares or Units of Stock That Have Not Vested ($) Neil J. Hennessy 9/18/2021 3,937.5 39,178 9/18/2022 7,875.0 78,356 9/18/2023 14,775.0 147,011 9/18/2024 19,700.0 196,015 Teresa M. Nilsen 9/18/2021 3,937.5 39,178 9/18/2022 7,875.0 78,356 9/18/2023 14,775.0 147,011 9/18/2024 19,700.0 196,015 Kathryn R. Fahy 9/18/2021 2,500.0 24,875 9/18/2022 5,000.0 49,750 9/18/2023 9,375.0 93,281 9/18/2024 12,500.0 124,375 (1) Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The market value of restricted stock units that have not vested is calculated as the number of unvested units times the fair market value of $9.95 per share on September30, 2024. The actual value realized by the named executive officer will depend on the market value of our common stock on the date the awards vest. Potential Payments upon Termination or Change of Control Under the terms of the restricted stock unit award agreements between the company and each named executive officer, the employment agreements with Mr.Hennessy and Ms.Nilsen, and the bonus agreement with Ms.Nilsen, our named executive officers are entitled to certain compensation in the event of a termination of employment or a change of control of the company. The material terms of each such agreement are discussed below. 17 Table of Contents Neil J. Hennessy Employment Agreement We have had an employment agreement with Mr.Hennessy since the time of our initial public offering, and such employment agreement has been amended and amended and restated several times. The employment agreement provides for automatic oneyear renewals on each January 26 unless either party gives written notice to the other at least 60 days prior to the expiration of the thencurrent term. Under the terms of his employment agreement, Mr.Hennessy is entitled to (1)an annual base salary of $350,000, which amount may be increased in the boards sole discretion, (2)Quarterly Bonuses of 5.0% of Adjusted Quarterly Pre-Tax Profit (prior to September30, 2024, this percentage was 6.5%), and (3)participate in our benefit plans. In the event that (A)Mr.Hennessys employment is terminated by the company without cause or (B)Mr.Hennessy terminates his employment with the company for good reason, Mr.Hennessy is entitled to receive severance payable in 24 equal monthly installments (except to the extent payment is required to be delayed pursuant to Section409A of the Code) equal to the sum of (i)(x) one years full base salary and an average annual bonus for the three most recent fiscal years prior to the termination of employment multiplied by (y) two and (ii) a prorated Quarterly Bonus for the quarter in which the termination occurs. In addition, under the foregoing circumstances, Mr.Hennessy is also entitled to receive payment of any previously earned and deferred Quarterly Bonus in the reserve account following the end of the fiscal year in which his employment terminates. In the event Mr.Hennessy is terminated for cause or terminates his employment with the company without good reason, no severance is payable. If the employment agreement terminates as a result of death or disability, Mr.Hennessy is entitled to all bonuses earned or accrued as of the date of his termination. Furthermore, in the case of disability, Mr.Hennessy is also entitled to continue receiving his base salary and benefits for three months or until the date he begins receiving benefits under a disability plan or policy, whichever is soonest. In the event of a sale, transfer, or other disposition of all or substantially all of our assets or business, whether by merger, consolidation, or otherwise, we may assign the employment agreement and its rights, provided that the successor assumes all of our obligations under the employment agreement. If any payment or benefit under the employment agreement and any other agreement, plan, or arrangement would constitute an excess parachute payment under Section280G of the Code, then Mr.Hennessy would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Mr.Hennessy. The employment agreement defines the terms listed below as follows: Cause exists if Mr.Hennessy: is convicted of, or enters a plea of nolo contendere to, a felony (other than a trafficrelated offense) under any state, federal, or local law or any felony involving the company, where conviction includes any final disposition of the charge that does not result in the charges being completely dismissed or Mr.Hennessys being completely acquitted; materially breaches (1) the employment agreement or (2) the companys policies and procedures, which breach is not cured, if capable of being cured, after written notice within 30 days of the date notice of such breach is received by Mr.Hennessy; or 18 Table of Contents engages in willful or gross misconduct or willful or gross negligence in performing his duties, or fraud, misappropriation, or embezzlement. Good reason means: the assignment to Mr.Hennessy of duties materially inconsistent with his position, authority, duties, or responsibilities as of the date of the employment agreement; or any action or omission that results in a material diminution of the position, authority, duties, or responsibilities of Mr.Hennessy as of the date of the employment agreement; a material reduction in Mr.Hennessys annual base salary (other than a reduction that applies generally to the Companys senior management); the relocation, without Mr.Hennessys prior written consent, of his principal place of employment to a location more than 50 miles away (measured in the shortest driving distance) from his principal place of employment on the date of the employment agreement; or the failure by the Company to have an acquirer of all or substantially all of the Companys assets assume Mr.Hennessys employment agreement; provided, in any case, that Mr.Hennessy (1) provides notice to the company of the existence of the condition constituting good reason within 90 days of its initial existence and (2) allows the company 30 days to remedy the condition. Disability means a physical or mental disability or infirmity that prevents Mr.Hennessy from performing substantially the duties assigned to him (based on such competent medical evidence as shall be presented to the company by any physician or group of physicians or other competent medical experts employed by the company) for a continuous period of more than 180 days. Restricted Stock Unit Award Agreements The restricted stock unit award agreements between the company and each named executive officer provide that all restricted stock units held by an named executive officer immediately vest in full (1)if the named executive officers employment terminates as a result of death, disability, or retirement at a time when the company would not be able to terminate the named executive officer for cause or (2)upon a change of control of the company. The 2024 Omnibus Incentive Plan, under which restricted stock unit award agreements were issued for the awards held by our named executive officers in fiscal year 2024, defines the terms listed below as follows: Disability, with respect to restricted stock unit awards, means, except as otherwise determined by the compensation committee and set forth in an award agreement, the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of at least 12 months, as determined by the compensation committee. 19 Table of Contents Retirement means, except as otherwise determined by the compensation committee and set forth in an award agreement, termination of employment with the company and its affiliates (for other than cause) on a date the participant is then eligible to receive immediate early or normal retirement benefits under the provisions of any of the companys or its affiliates defined benefit pension plans, or if the participant is not covered under any such plan, on or after attainment of age 55 and completion of 10years of continuous service with the company and its affiliates or on or after attainment of age 65 and completion of five years of continuous service with the company and its affiliates, where causemeans (1)if the participant is subject to an employment agreement with the company or an affiliate that contains a definition of cause, such definition, or (2)otherwise, except as otherwise determined by the compensation committee and set forth in an award agreement, any of the following as determined by the compensation committee: (A)violation of the provisions of any employment agreement, noncompetition agreement, confidentiality agreement, or similar agreement with the company or an affiliate, or the companys or an affiliates code of ethics, as then in effect; (B)conduct rising to the level of gross negligence or willful misconduct in the course of employment with the company or an affiliate; (C)commission of an act of dishonesty or disloyalty involving the company or an affiliate; (D)violation of any federal, state or local law in connection with the participants employment or service; or (E)breach of any fiduciary duty to the company or an affiliate. A change of control is the occurrence of one or more of the following events: an acquisition, in any one transaction or series of transactions, after which any individual, entity, or group has beneficial ownership of 50% or more of either the thenoutstanding shares of our common stock or the combined voting power of our thenoutstanding voting securities, but excluding an acquisition (1)by us or any of our employee benefit plans (or related trusts), (2)by Neil J. Hennessy or any affiliate, or (3)by any corporation which, following the acquisition, is beneficially owned, directly or indirectly, in substantially the same proportions, by the beneficial owners of the common stock and voting securities of the company immediately prior to such acquisition; or 50% or more of the members of our board of directors (1)are not continuing directors, or (2)are nominated or elected by the same beneficial owner or are elected or appointed in connection with an acquisition of the company; or the (1)consummation of a reorganization, merger, share exchange, consolidation, or similar transaction, with respect to which the beneficial owners of the company immediately prior to such transaction do not, following such transaction, beneficially own more than 50% of the thenoutstanding shares of common stock and voting securities of the corporation resulting from the transaction, (2)consummation of the sale or other disposition of all or substantially all of the assets of the company, or (3)approval by the shareholders of the company of a complete liquidation or dissolution of the company. Teresa M. Nilsen Employment Agreement We have had an employment agreement with Ms.Nilsen since January 26, 2018, when she became the president of the company. The agreement has been amended twice since then. The agreement provides for automatic oneyear renewals on each January 26 unless either party gives written notice to the other at least 60 days prior to the expiration of the thencurrent term. 20 Table of Contents Under the terms of her employment agreement, Ms.Nilsen is entitled to (1)an annual base salary of $375,000 (prior to September30, 2024, this amount was $325,000), which amount may be increased in the boards sole discretion, (2)Quarterly Bonuses of 5.0% of Adjusted Quarterly Pre-Tax Profit (prior to September30, 2024, this percentage was 3.5%), and (3)participate in our benefit plans. In the event that (A)Ms.Nilsens employment is terminated by the company without cause or (B)Ms.Nilsen terminates her employment with the company for good reason, Ms.Nilsen is entitled to receive severance payable in 24 equal monthly installments (except to the extent payment is required to be delayed pursuant to Section409A of the Code) equal to the sum of (i)(x) one years full base salary and an average annual bonus for the three most recent fiscal years prior to the termination of employment multiplied by (y)two and (ii)a prorated Quarterly Bonus for the quarter in which the termination occurs. In addition, under the foregoing circumstances, Ms.Nilsen is also entitled to receive payment of any previously earned and deferred Quarterly Bonus in the reserve account following the end of the fiscal year in which her employment terminates. In the event Ms.Nilsen is terminated without cause or resigns with good reason in connection with a change of control, Ms.Nilsens severance payment pursuant to the employment agreement is reduced by the amount of any cash portion of the benefits paid to Ms.Nilsen upon such change of control pursuant to the bonus agreement described below or any amendment, restatement, or replacement thereof. In the event Ms.Nilsen is terminated for cause or terminates her employment with the company without good reason, no severance is payable. If the employment agreement terminates as a result of death or disability, Ms.Nilsen is entitled to all bonuses earned or accrued as of the date of her termination. Furthermore, in the case of disability, Ms.Nilsen is also entitled to continue receiving her base salary and benefits for three months or until the date she begins receiving benefits under a disability plan or policy, whichever is soonest. In the event of a sale, transfer, or other disposition of all or substantially all of our assets or business, whether by merger, consolidation, or otherwise, we may assign the employment agreement and its rights, provided that the successor assumes all of our obligations under the employment agreement. If any payment or benefit under the employment agreement and any other agreement, plan, or arrangement would constitute an excess parachute payment under Section280G of the Code, then Ms.Nilsen would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Ms.Nilsen. The employment agreement defines cause and good reason the same as in Mr.Hennessys employment agreement, which is described above under the description of payments to Mr.Hennessy. Bonus Agreement We also have a bonus agreement with Ms.Nilsen that provides for a onetime cash bonus within 15days of a change of control of the company equal to the greater of the following: (1) $1,000,000; or (2) the sum of (A)150% of the total base salary (before deductions) paid to Ms.Nilsen for the most recent fiscal year ended prior to the change of control, (B)150% of the prior years bonus, and (C)a pro rata portion of the prior years bonus, provided at least such amount has been accrued by us as a bonus for Ms.Nilsen in the fiscal year during which the change of control occurs. If the bonus payable upon a change of control, together with any other payments or benefits received or to be received by Ms.Nilsen from the company or any successor thereto in the change of control transaction, would constitute an excess parachute payment under Section280G of the Code, then Ms.Nilsen would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Ms.Nilsen. 21 Table of Contents A change of control is defined in the bonus agreement the same as in the restricted stock unit award agreements, which are described above under the description of payments to Mr.Hennessy. Restricted Stock Unit Award Agreements We also have restricted stock unit award agreements with Ms. Nilsen on the same terms as the restricted stock unit award agreements with Mr. Hennessy, which are described above under the description of payments to Mr.Hennessy. Kathryn R. Fahy Restricted Stock Unit Award Agreements We have restricted stock unit award agreements with Ms. Fahy on the same terms as the restricted stock unit award agreements with Mr. Hennessy, which are described above under the description of payments to Mr.Hennessy. 22 Table of Contents PAY VERSUS PERFORMANCE In accordance with SEC rules applicable to smaller reporting companies, the following table sets forth information with respect to how compensation actually paid (CAP) to our principal executive officer (PEO) and other named executive officers (NEOs) aligns with company performance. CAP is an SECdefined term that does not necessarily reflect the amounts realized by our NEOs. For information regarding the Companys compensation philosophy and how the Company aligns executive compensation with its financial and operational performance, refer to the Compensation Discussion and Analysis section. Fiscal Year(1) Summary Compensation Table Total for PEO ($) Compensation Actually Paid to PEO(2) ($) Average Summary Compensation Table for Non- PEO NEOs ($) Average Compensation Actually Paid to Non-PEO NEOs(2) ($) Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents All Other Compensation(4) ($) Total ($) Neil J. Hennessy 2024 350,000 201,728 937,537 (3) 91,526 1,580,791 CEO 2023 350,000 133,763 683,683 72,403 1,239,849 Teresa M. Nilsen 2024 325,000 201,728 504,827 (3) 27,219 1,058,774 President, COO, and Secretary 2023 325,000 133,763 368,138 25,402 852,303 Kathryn R. Fahy 2024 250,000 128,000 250,000 21,093 649,093 CFO and Senior Vice President 2023 250,000 84,875 200,000 17,160 552,035 Total ($) Neil J. Hennessy (3) CEO Teresa M. Nilsen (3) President, COO, and Secretary Kathryn R. Fahy CFO and Senior Vice President (1) As a smaller reporting company for purposes of the SECs disclosure rules, we are subject to scaled disclosure requirements under which reduced disclosure of executive compensation is permitted. Pursuant to such scaled disclosure rules, we include only two fiscal years of compensation information in the Summary Compensation Table for our named executive officers, rather than three, and our named executive officers are our principal executive officer and our two other most highly compensated executive officers. (2) The amounts in this column include the aggregate grant date fair value, computed in accordance with FASB ASC Topic718Stock Compensation. Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The value of restricted stock units for a particular fiscal year is calculated as the number of units granted during such fiscal year times the fair market value of our common stock on the grant date. The fair market value of our common stock was $10.24 and $6.79 on the grant date for fiscal year2024 (September 18, 2024) and the grant date for fiscal year2023 (September18, 2023), respectively. (3) For fiscal year 2024, Mr.Hennessy and Ms.Nilsen each received an incentive-based bonus in the amount of 6.5% and 3.5%, respectively, of our Adjusted Quarterly PreTax Profit. The Adjusted Quarterly Pre-Tax Profit for fiscal year 2024 was calculated as income before tax of $9,703,900 plus bonuses of $3,430,900 (Mr.Hennessys and Ms.Nilsens bonus accruals and the bonus accrual for other employees), payroll tax accruals of $54,300, depreciation and amortization expense of $244,400, and compensation expense related to restricted stock units of $990,200, for a total pre-tax profit of $14,423,700. A discussion of the terms of Mr.Hennessys and Ms.Nilsens employment agreements begins on page18. (4) All other compensation for fiscal year 2024 for Mr.Hennessy includes premiums on life insurance ($52,476), disability insurance, a car allowance, a charitable contribution made on his behalf, miscellaneous expenses related to required travel by his spouse, and a profitsharing contribution to his 401(k) plan. All other compensation for fiscal year 2024 for each of Ms.Nilsen and Ms.Fahy includes a fitness club membership, a charitable contribution made on her behalf, miscellaneous expenses related to required travel by her spouse, and a profitsharing contribution to her 401(k)plan. Stock Awards (1) Name Grant Date Number of Shares or Units of Stock That Have Not Vested Market Value of Shares or Units of Stock That Have Not Vested ($) Neil J. Hennessy 9/18/2021 3,937.5 9/18/2022 7,875.0 9/18/2023 14,775.0 9/18/2024 19,700.0 Teresa M. Nilsen 9/18/2021 3,937.5 9/18/2022 7,875.0 9/18/2023 14,775.0 9/18/2024 19,700.0 Kathryn R. Fahy 9/18/2021 2,500.0 9/18/2022 5,000.0 9/18/2023 9,375.0 9/18/2024 12,500.0 (1) Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The market value of restricted stock units that have not vested is calculated as the number of unvested units times the fair market value of $9.95 per share on September30, 2024. The actual value realized by the named executive officer will depend on the market value of our common stock on the date the awards vest. Cause exists if Mr.Hennessy: is convicted of, or enters a plea of nolo contendere to, a felony (other than a trafficrelated offense) under any state, federal, or local law or any felony involving the company, where conviction includes any final disposition of the charge that does not result in the charges being completely dismissed or Mr.Hennessys being completely acquitted; materially breaches (1) the employment agreement or (2) the companys policies and procedures, which breach is not cured, if capable of being cured, after written notice within 30 days of the date notice of such breach is received by Mr.Hennessy; or engages in willful or gross misconduct or willful or gross negligence in performing his duties, or fraud, misappropriation, or embezzlement. Good reason means: the assignment to Mr.Hennessy of duties materially inconsistent with his position, authority, duties, or responsibilities as of the date of the employment agreement; or any action or omission that results in a material diminution of the position, authority, duties, or responsibilities of Mr.Hennessy as of the date of the employment agreement; a material reduction in Mr.Hennessys annual base salary (other than a reduction that applies generally to the Companys senior management); the relocation, without Mr.Hennessys prior written consent, of his principal place of employment to a location more than 50 miles away (measured in the shortest driving distance) from his principal place of employment on the date of the employment agreement; or the failure by the Company to have an acquirer of all or substantially all of the Companys assets assume Mr.Hennessys employment agreement; Disability means a physical or mental disability or infirmity that prevents Mr.Hennessy from performing substantially the duties assigned to him (based on such competent medical evidence as shall be presented to the company by any physician or group of physicians or other competent medical experts employed by the company) for a continuous period of more than 180 days. Disability, with respect to restricted stock unit awards, means, except as otherwise determined by the compensation committee and set forth in an award agreement, the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of at least 12 months, as determined by the compensation committee. Retirement means, except as otherwise determined by the compensation committee and set forth in an award agreement, termination of employment with the company and its affiliates (for other than cause) on a date the participant is then eligible to receive immediate early or normal retirement benefits under the provisions of any of the companys or its affiliates defined benefit pension plans, or if the participant is not covered under any such plan, on or after attainment of age 55 and completion of 10years of continuous service with the company and its affiliates or on or after attainment of age 65 and completion of five years of continuous service with the company and its affiliates, where causemeans (1)if the participant is subject to an employment agreement with the company or an affiliate that contains a definition of cause, such definition, or (2)otherwise, except as otherwise determined by the compensation committee and set forth in an award agreement, any of the following as determined by the compensation committee: (A)violation of the provisions of any employment agreement, noncompetition agreement, confidentiality agreement, or similar agreement with the company or an affiliate, or the companys or an affiliates code of ethics, as then in effect; (B)conduct rising to the level of gross negligence or willful misconduct in the course of employment with the company or an affiliate; (C)commission of an act of dishonesty or disloyalty involving the company or an affiliate; (D)violation of any federal, state or local law in connection with the participants employment or service; or (E)breach of any fiduciary duty to the company or an affiliate. A change of control is the occurrence of one or more of the following events: an acquisition, in any one transaction or series of transactions, after which any individual, entity, or group has beneficial ownership of 50% or more of either the thenoutstanding shares of our common stock or the combined voting power of our thenoutstanding voting securities, but excluding an acquisition (1)by us or any of our employee benefit plans (or related trusts), (2)by Neil J. Hennessy or any affiliate, or (3)by any corporation which, following the acquisition, is beneficially owned, directly or indirectly, in substantially the same proportions, by the beneficial owners of the common stock and voting securities of the company immediately prior to such acquisition; or 50% or more of the members of our board of directors (1)are not continuing directors, or (2)are nominated or elected by the same beneficial owner or are elected or appointed in connection with an acquisition of the company; or the (1)consummation of a reorganization, merger, share exchange, consolidation, or similar transaction, with respect to which the beneficial owners of the company immediately prior to such transaction do not, following such transaction, beneficially own more than 50% of the thenoutstanding shares of common stock and voting securities of the corporation resulting from the transaction, (2)consummation of the sale or other disposition of all or substantially all of the assets of the company, or (3)approval by the shareholders of the company of a complete liquidation or dissolution of the company. Fiscal Year(1) Summary Compensation Table Total for PEO ($) Compensation Actually Paid to PEO(2) ($) Average Summary Compensation Table for Non- PEO NEOs ($) Average Compensation Actually Paid to Non-PEO NEOs(2) ($) Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Compensation Actually Paid to PEO(2) ($) Average Summary Compensation Table for Non- PEO NEOs ($) Average Compensation Actually Paid to Non-PEO NEOs(2) ($) Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Average Summary Compensation Table for Non- PEO NEOs ($) Average Compensation Actually Paid to Non-PEO NEOs(2) ($) Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Average Compensation Actually Paid to Non-PEO NEOs(2) ($) Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 Net Income ($ in thousands) $ 132.59 $ $ 82.39 $ $ 95.01 $ (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 PEO (201,728 ) Non-PEO NEOs (109,909 ) PEO (133,763 ) (65,126 ) (43,903 ) Non-PEO NEOs (94,155 ) (53,238 ) (35,889 ) PEO (141,750 ) (32,327 ) (23,586 ) Non-PEO NEOs (99,747 ) (22,749 ) (16,409 ) (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. Fiscal Year Audit Fees $ $ Audit-Related Fees Tax Fees All Other Fees(1) Total $ $ (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). Kiera Newton, Chair Henry Hansel Thomas L. Seavey By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and SecretaryName Number of Shares Owned Percent of Class Additional Information Neil J. Hennessy 2,044,245 26.3% Includes (A)2,014,124 shares held jointly with his spouse, over which Mr.Hennessy has shared voting and dispositive power, (B)5,062 shares held in his IRA, over which Mr.Hennessy has sole voting and dispositive power, and (C)25,059 shares held solely by his spouse. Teresa M. Nilsen 128,639 1.7% Includes (A)97,836 shares held jointly with her spouse, over which Ms.Nilsen has shared voting and dispositive power, (B) 29,285 shares held by Ms.Nilsen and by her spouse as custodian for their children, over which Ms.Nilsen has shared voting and dispositive power, and (C)1,518 shares held solely by her spouse. Kathryn R. Fahy 52,836 * None. Henry Hansel 201,163 2.6% None. Brian A. Hennessy 265,751 3.4% Includes (A)225,003 shares held jointly with his spouse, over which Mr.Hennessy has shared voting and dispositive power, (B) 20,374 shares held in his IRA, over which Mr.Hennessy has sole voting and dispositive power, and (C) 20,374 shares held solely by his spouse. Lydia KnightORiordan 3,650 * None. Kiera Newton 2,005 * None. Susan W. Pomilia 98,544 1.3% Includes (A)30,925 shares held jointly with her spouse, over which Ms.Pomilia has shared voting and dispositive power, and (B)67,619 shares held solely by her spouse. Thomas L. Seavey 77,067 * None. All directors and executive officers (10individuals) 2,906,423 37.4% None. Percent of Class Additional Information Additional Information Neil J. Hennessy 26.3% Includes (A)2,014,124 shares held jointly with his spouse, over which Mr.Hennessy has shared voting and dispositive power, (B)5,062 shares held in his IRA, over which Mr.Hennessy has sole voting and dispositive power, and (C)25,059 shares held solely by his spouse. Teresa M. Nilsen 1.7% Includes (A)97,836 shares held jointly with her spouse, over which Ms.Nilsen has shared voting and dispositive power, (B) 29,285 shares held by Ms.Nilsen and by her spouse as custodian for their children, over which Ms.Nilsen has shared voting and dispositive power, and (C)1,518 shares held solely by her spouse. Kathryn R. Fahy * None. Henry Hansel 2.6% None. Brian A. Hennessy 3.4% Includes (A)225,003 shares held jointly with his spouse, over which Mr.Hennessy has shared voting and dispositive power, (B) 20,374 shares held in his IRA, over which Mr.Hennessy has sole voting and dispositive power, and (C) 20,374 shares held solely by his spouse. Lydia KnightORiordan * None. Kiera Newton * None. Susan W. Pomilia 1.3% Includes (A)30,925 shares held jointly with her spouse, over which Ms.Pomilia has shared voting and dispositive power, and (B)67,619 shares held solely by her spouse. Thomas L. Seavey * None. All directors and executive officers (10individuals) 37.4% None. * Less than one percent of our common stock. Name Title Neil J. Hennessy Chief Executive Officer and Chairman of the Board of Directors Teresa M. Nilsen President, Chief Operating Officer, and Secretary Kathryn R. Fahy Chief Financial Officer and Senior Vice President Daniel B. Steadman Executive Vice President equity awards that vest over a four-year period; competitive base salaries; company 401(k) contributions; and severance or change of control agreements. cash bonuses based on individual and company-wide performance; and equity awards, which link a significant portion of compensation to shareholder value because the total value of those awards corresponds to stock price appreciation and provide an added incentive for our named executive officers to focus on longterm performance and profitability. key financial measurements, such as annual net income and yearend cash balance; preparing and effectively executing shortterm and longterm strategic plans for the company; building banking relationships; improving and expanding the distribution, marketing, public relations, and sales programs for our funds; effectively leading and managing the companys employees, multiple offices, and several subadvisors; maintaining compliance with applicable regulatory requirements; and providing administrative services, shareholder services, and investment advisory services to the Hennessy Funds family of funds (currently 17funds). Name and Principal Position Fiscal Year Salary ($) Stock Awards(2) ($) Non-Equity Incentive Plan Compensation ($) All Other Compensation(4) ($) Total ($) Neil J. Hennessy 2024 350,000 201,728 937,537 (3) 91,526 1,580,791 CEO 2023 350,000 133,763 683,683 72,403 1,239,849 Teresa M. Nilsen 2024 325,000 201,728 504,827 (3) 27,219 1,058,774 President, COO, and Secretary 2023 325,000 133,763 368,138 25,402 852,303 Kathryn R. Fahy 2024 250,000 128,000 250,000 21,093 649,093 CFO and Senior Vice President 2023 250,000 84,875 200,000 17,160 552,035 (1) As a smaller reporting company for purposes of the SECs disclosure rules, we are subject to scaled disclosure requirements under which reduced disclosure of executive compensation is permitted. Pursuant to such scaled disclosure rules, we include only two fiscal years of compensation information in the Summary Compensation Table for our named executive officers, rather than three, and our named executive officers are our principal executive officer and our two other most highly compensated executive officers. (2) The amounts in this column include the aggregate grant date fair value, computed in accordance with FASB ASC Topic718Stock Compensation. Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The value of restricted stock units for a particular fiscal year is calculated as the number of units granted during such fiscal year times the fair market value of our common stock on the grant date. The fair market value of our common stock was $10.24 and $6.79 on the grant date for fiscal year2024 (September 18, 2024) and the grant date for fiscal year2023 (September18, 2023), respectively. (3) For fiscal year 2024, Mr.Hennessy and Ms.Nilsen each received an incentive-based bonus in the amount of 6.5% and 3.5%, respectively, of our Adjusted Quarterly PreTax Profit. The Adjusted Quarterly Pre-Tax Profit for fiscal year 2024 was calculated as income before tax of $9,703,900 plus bonuses of $3,430,900 (Mr.Hennessys and Ms.Nilsens bonus accruals and the bonus accrual for other employees), payroll tax accruals of $54,300, depreciation and amortization expense of $244,400, and compensation expense related to restricted stock units of $990,200, for a total pre-tax profit of $14,423,700. A discussion of the terms of Mr.Hennessys and Ms.Nilsens employment agreements begins on page18. (4) All other compensation for fiscal year 2024 for Mr.Hennessy includes premiums on life insurance ($52,476), disability insurance, a car allowance, a charitable contribution made on his behalf, miscellaneous expenses related to required travel by his spouse, and a profitsharing contribution to his 401(k) plan. All other compensation for fiscal year 2024 for each of Ms.Nilsen and Ms.Fahy includes a fitness club membership, a charitable contribution made on her behalf, miscellaneous expenses related to required travel by her spouse, and a profitsharing contribution to her 401(k)plan. 16 Table of Contents Outstanding Equity Awards at Fiscal Year End 2024 The following table sets forth the outstanding equity awards held by our named executive officers on September 30, 2024. Stock Awards (1) Name Grant Date Number of Shares or Units of Stock That Have Not Vested Market Value of Shares or Units of Stock That Have Not Vested ($) Neil J. Hennessy 9/18/2021 3,937.5 39,178 9/18/2022 7,875.0 78,356 9/18/2023 14,775.0 147,011 9/18/2024 19,700.0 196,015 Teresa M. Nilsen 9/18/2021 3,937.5 39,178 9/18/2022 7,875.0 78,356 9/18/2023 14,775.0 147,011 9/18/2024 19,700.0 196,015 Kathryn R. Fahy 9/18/2021 2,500.0 24,875 9/18/2022 5,000.0 49,750 9/18/2023 9,375.0 93,281 9/18/2024 12,500.0 124,375 (1) Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The market value of restricted stock units that have not vested is calculated as the number of unvested units times the fair market value of $9.95 per share on September30, 2024. The actual value realized by the named executive officer will depend on the market value of our common stock on the date the awards vest. Potential Payments upon Termination or Change of Control Under the terms of the restricted stock unit award agreements between the company and each named executive officer, the employment agreements with Mr.Hennessy and Ms.Nilsen, and the bonus agreement with Ms.Nilsen, our named executive officers are entitled to certain compensation in the event of a termination of employment or a change of control of the company. The material terms of each such agreement are discussed below. 17 Table of Contents Neil J. Hennessy Employment Agreement We have had an employment agreement with Mr.Hennessy since the time of our initial public offering, and such employment agreement has been amended and amended and restated several times. The employment agreement provides for automatic oneyear renewals on each January 26 unless either party gives written notice to the other at least 60 days prior to the expiration of the thencurrent term. Under the terms of his employment agreement, Mr.Hennessy is entitled to (1)an annual base salary of $350,000, which amount may be increased in the boards sole discretion, (2)Quarterly Bonuses of 5.0% of Adjusted Quarterly Pre-Tax Profit (prior to September30, 2024, this percentage was 6.5%), and (3)participate in our benefit plans. In the event that (A)Mr.Hennessys employment is terminated by the company without cause or (B)Mr.Hennessy terminates his employment with the company for good reason, Mr.Hennessy is entitled to receive severance payable in 24 equal monthly installments (except to the extent payment is required to be delayed pursuant to Section409A of the Code) equal to the sum of (i)(x) one years full base salary and an average annual bonus for the three most recent fiscal years prior to the termination of employment multiplied by (y) two and (ii) a prorated Quarterly Bonus for the quarter in which the termination occurs. In addition, under the foregoing circumstances, Mr.Hennessy is also entitled to receive payment of any previously earned and deferred Quarterly Bonus in the reserve account following the end of the fiscal year in which his employment terminates. In the event Mr.Hennessy is terminated for cause or terminates his employment with the company without good reason, no severance is payable. If the employment agreement terminates as a result of death or disability, Mr.Hennessy is entitled to all bonuses earned or accrued as of the date of his termination. Furthermore, in the case of disability, Mr.Hennessy is also entitled to continue receiving his base salary and benefits for three months or until the date he begins receiving benefits under a disability plan or policy, whichever is soonest. In the event of a sale, transfer, or other disposition of all or substantially all of our assets or business, whether by merger, consolidation, or otherwise, we may assign the employment agreement and its rights, provided that the successor assumes all of our obligations under the employment agreement. If any payment or benefit under the employment agreement and any other agreement, plan, or arrangement would constitute an excess parachute payment under Section280G of the Code, then Mr.Hennessy would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Mr.Hennessy. The employment agreement defines the terms listed below as follows: Cause exists if Mr.Hennessy: is convicted of, or enters a plea of nolo contendere to, a felony (other than a trafficrelated offense) under any state, federal, or local law or any felony involving the company, where conviction includes any final disposition of the charge that does not result in the charges being completely dismissed or Mr.Hennessys being completely acquitted; materially breaches (1) the employment agreement or (2) the companys policies and procedures, which breach is not cured, if capable of being cured, after written notice within 30 days of the date notice of such breach is received by Mr.Hennessy; or 18 Table of Contents engages in willful or gross misconduct or willful or gross negligence in performing his duties, or fraud, misappropriation, or embezzlement. Good reason means: the assignment to Mr.Hennessy of duties materially inconsistent with his position, authority, duties, or responsibilities as of the date of the employment agreement; or any action or omission that results in a material diminution of the position, authority, duties, or responsibilities of Mr.Hennessy as of the date of the employment agreement; a material reduction in Mr.Hennessys annual base salary (other than a reduction that applies generally to the Companys senior management); the relocation, without Mr.Hennessys prior written consent, of his principal place of employment to a location more than 50 miles away (measured in the shortest driving distance) from his principal place of employment on the date of the employment agreement; or the failure by the Company to have an acquirer of all or substantially all of the Companys assets assume Mr.Hennessys employment agreement; provided, in any case, that Mr.Hennessy (1) provides notice to the company of the existence of the condition constituting good reason within 90 days of its initial existence and (2) allows the company 30 days to remedy the condition. Disability means a physical or mental disability or infirmity that prevents Mr.Hennessy from performing substantially the duties assigned to him (based on such competent medical evidence as shall be presented to the company by any physician or group of physicians or other competent medical experts employed by the company) for a continuous period of more than 180 days. Restricted Stock Unit Award Agreements The restricted stock unit award agreements between the company and each named executive officer provide that all restricted stock units held by an named executive officer immediately vest in full (1)if the named executive officers employment terminates as a result of death, disability, or retirement at a time when the company would not be able to terminate the named executive officer for cause or (2)upon a change of control of the company. The 2024 Omnibus Incentive Plan, under which restricted stock unit award agreements were issued for the awards held by our named executive officers in fiscal year 2024, defines the terms listed below as follows: Disability, with respect to restricted stock unit awards, means, except as otherwise determined by the compensation committee and set forth in an award agreement, the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of at least 12 months, as determined by the compensation committee. 19 Table of Contents Retirement means, except as otherwise determined by the compensation committee and set forth in an award agreement, termination of employment with the company and its affiliates (for other than cause) on a date the participant is then eligible to receive immediate early or normal retirement benefits under the provisions of any of the companys or its affiliates defined benefit pension plans, or if the participant is not covered under any such plan, on or after attainment of age 55 and completion of 10years of continuous service with the company and its affiliates or on or after attainment of age 65 and completion of five years of continuous service with the company and its affiliates, where causemeans (1)if the participant is subject to an employment agreement with the company or an affiliate that contains a definition of cause, such definition, or (2)otherwise, except as otherwise determined by the compensation committee and set forth in an award agreement, any of the following as determined by the compensation committee: (A)violation of the provisions of any employment agreement, noncompetition agreement, confidentiality agreement, or similar agreement with the company or an affiliate, or the companys or an affiliates code of ethics, as then in effect; (B)conduct rising to the level of gross negligence or willful misconduct in the course of employment with the company or an affiliate; (C)commission of an act of dishonesty or disloyalty involving the company or an affiliate; (D)violation of any federal, state or local law in connection with the participants employment or service; or (E)breach of any fiduciary duty to the company or an affiliate. A change of control is the occurrence of one or more of the following events: an acquisition, in any one transaction or series of transactions, after which any individual, entity, or group has beneficial ownership of 50% or more of either the thenoutstanding shares of our common stock or the combined voting power of our thenoutstanding voting securities, but excluding an acquisition (1)by us or any of our employee benefit plans (or related trusts), (2)by Neil J. Hennessy or any affiliate, or (3)by any corporation which, following the acquisition, is beneficially owned, directly or indirectly, in substantially the same proportions, by the beneficial owners of the common stock and voting securities of the company immediately prior to such acquisition; or 50% or more of the members of our board of directors (1)are not continuing directors, or (2)are nominated or elected by the same beneficial owner or are elected or appointed in connection with an acquisition of the company; or the (1)consummation of a reorganization, merger, share exchange, consolidation, or similar transaction, with respect to which the beneficial owners of the company immediately prior to such transaction do not, following such transaction, beneficially own more than 50% of the thenoutstanding shares of common stock and voting securities of the corporation resulting from the transaction, (2)consummation of the sale or other disposition of all or substantially all of the assets of the company, or (3)approval by the shareholders of the company of a complete liquidation or dissolution of the company. Teresa M. Nilsen Employment Agreement We have had an employment agreement with Ms.Nilsen since January 26, 2018, when she became the president of the company. The agreement has been amended twice since then. The agreement provides for automatic oneyear renewals on each January 26 unless either party gives written notice to the other at least 60 days prior to the expiration of the thencurrent term. 20 Table of Contents Under the terms of her employment agreement, Ms.Nilsen is entitled to (1)an annual base salary of $375,000 (prior to September30, 2024, this amount was $325,000), which amount may be increased in the boards sole discretion, (2)Quarterly Bonuses of 5.0% of Adjusted Quarterly Pre-Tax Profit (prior to September30, 2024, this percentage was 3.5%), and (3)participate in our benefit plans. In the event that (A)Ms.Nilsens employment is terminated by the company without cause or (B)Ms.Nilsen terminates her employment with the company for good reason, Ms.Nilsen is entitled to receive severance payable in 24 equal monthly installments (except to the extent payment is required to be delayed pursuant to Section409A of the Code) equal to the sum of (i)(x) one years full base salary and an average annual bonus for the three most recent fiscal years prior to the termination of employment multiplied by (y)two and (ii)a prorated Quarterly Bonus for the quarter in which the termination occurs. In addition, under the foregoing circumstances, Ms.Nilsen is also entitled to receive payment of any previously earned and deferred Quarterly Bonus in the reserve account following the end of the fiscal year in which her employment terminates. In the event Ms.Nilsen is terminated without cause or resigns with good reason in connection with a change of control, Ms.Nilsens severance payment pursuant to the employment agreement is reduced by the amount of any cash portion of the benefits paid to Ms.Nilsen upon such change of control pursuant to the bonus agreement described below or any amendment, restatement, or replacement thereof. In the event Ms.Nilsen is terminated for cause or terminates her employment with the company without good reason, no severance is payable. If the employment agreement terminates as a result of death or disability, Ms.Nilsen is entitled to all bonuses earned or accrued as of the date of her termination. Furthermore, in the case of disability, Ms.Nilsen is also entitled to continue receiving her base salary and benefits for three months or until the date she begins receiving benefits under a disability plan or policy, whichever is soonest. In the event of a sale, transfer, or other disposition of all or substantially all of our assets or business, whether by merger, consolidation, or otherwise, we may assign the employment agreement and its rights, provided that the successor assumes all of our obligations under the employment agreement. If any payment or benefit under the employment agreement and any other agreement, plan, or arrangement would constitute an excess parachute payment under Section280G of the Code, then Ms.Nilsen would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Ms.Nilsen. The employment agreement defines cause and good reason the same as in Mr.Hennessys employment agreement, which is described above under the description of payments to Mr.Hennessy. Bonus Agreement We also have a bonus agreement with Ms.Nilsen that provides for a onetime cash bonus within 15days of a change of control of the company equal to the greater of the following: (1) $1,000,000; or (2) the sum of (A)150% of the total base salary (before deductions) paid to Ms.Nilsen for the most recent fiscal year ended prior to the change of control, (B)150% of the prior years bonus, and (C)a pro rata portion of the prior years bonus, provided at least such amount has been accrued by us as a bonus for Ms.Nilsen in the fiscal year during which the change of control occurs. If the bonus payable upon a change of control, together with any other payments or benefits received or to be received by Ms.Nilsen from the company or any successor thereto in the change of control transaction, would constitute an excess parachute payment under Section280G of the Code, then Ms.Nilsen would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Ms.Nilsen. 21 Table of Contents A change of control is defined in the bonus agreement the same as in the restricted stock unit award agreements, which are described above under the description of payments to Mr.Hennessy. Restricted Stock Unit Award Agreements We also have restricted stock unit award agreements with Ms. Nilsen on the same terms as the restricted stock unit award agreements with Mr. Hennessy, which are described above under the description of payments to Mr.Hennessy. Kathryn R. Fahy Restricted Stock Unit Award Agreements We have restricted stock unit award agreements with Ms. Fahy on the same terms as the restricted stock unit award agreements with Mr. Hennessy, which are described above under the description of payments to Mr.Hennessy. 22 Table of Contents PAY VERSUS PERFORMANCE In accordance with SEC rules applicable to smaller reporting companies, the following table sets forth information with respect to how compensation actually paid (CAP) to our principal executive officer (PEO) and other named executive officers (NEOs) aligns with company performance. CAP is an SECdefined term that does not necessarily reflect the amounts realized by our NEOs. For information regarding the Companys compensation philosophy and how the Company aligns executive compensation with its financial and operational performance, refer to the Compensation Discussion and Analysis section. Fiscal Year(1) Summary Compensation Table Total for PEO ($) Compensation Actually Paid to PEO(2) ($) Average Summary Compensation Table for Non- PEO NEOs ($) Average Compensation Actually Paid to Non-PEO NEOs(2) ($) Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Stock Awards(2) ($) Non-Equity Incentive Plan Compensation ($) All Other Compensation(4) ($) Total ($) Neil J. Hennessy 2024 350,000 201,728 937,537 (3) 91,526 1,580,791 CEO 2023 350,000 133,763 683,683 72,403 1,239,849 Teresa M. Nilsen 2024 325,000 201,728 504,827 (3) 27,219 1,058,774 President, COO, and Secretary 2023 325,000 133,763 368,138 25,402 852,303 Kathryn R. Fahy 2024 250,000 128,000 250,000 21,093 649,093 CFO and Senior Vice President 2023 250,000 84,875 200,000 17,160 552,035 (1) As a smaller reporting company for purposes of the SECs disclosure rules, we are subject to scaled disclosure requirements under which reduced disclosure of executive compensation is permitted. Pursuant to such scaled disclosure rules, we include only two fiscal years of compensation information in the Summary Compensation Table for our named executive officers, rather than three, and our named executive officers are our principal executive officer and our two other most highly compensated executive officers. (2) The amounts in this column include the aggregate grant date fair value, computed in accordance with FASB ASC Topic718Stock Compensation. Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The value of restricted stock units for a particular fiscal year is calculated as the number of units granted during such fiscal year times the fair market value of our common stock on the grant date. The fair market value of our common stock was $10.24 and $6.79 on the grant date for fiscal year2024 (September 18, 2024) and the grant date for fiscal year2023 (September18, 2023), respectively. (3) For fiscal year 2024, Mr.Hennessy and Ms.Nilsen each received an incentive-based bonus in the amount of 6.5% and 3.5%, respectively, of our Adjusted Quarterly PreTax Profit. The Adjusted Quarterly Pre-Tax Profit for fiscal year 2024 was calculated as income before tax of $9,703,900 plus bonuses of $3,430,900 (Mr.Hennessys and Ms.Nilsens bonus accruals and the bonus accrual for other employees), payroll tax accruals of $54,300, depreciation and amortization expense of $244,400, and compensation expense related to restricted stock units of $990,200, for a total pre-tax profit of $14,423,700. A discussion of the terms of Mr.Hennessys and Ms.Nilsens employment agreements begins on page18. (4) All other compensation for fiscal year 2024 for Mr.Hennessy includes premiums on life insurance ($52,476), disability insurance, a car allowance, a charitable contribution made on his behalf, miscellaneous expenses related to required travel by his spouse, and a profitsharing contribution to his 401(k) plan. All other compensation for fiscal year 2024 for each of Ms.Nilsen and Ms.Fahy includes a fitness club membership, a charitable contribution made on her behalf, miscellaneous expenses related to required travel by her spouse, and a profitsharing contribution to her 401(k)plan. 16 Table of Contents Outstanding Equity Awards at Fiscal Year End 2024 The following table sets forth the outstanding equity awards held by our named executive officers on September 30, 2024. Stock Awards (1) Name Grant Date Number of Shares or Units of Stock That Have Not Vested Market Value of Shares or Units of Stock That Have Not Vested ($) Neil J. Hennessy 9/18/2021 3,937.5 39,178 9/18/2022 7,875.0 78,356 9/18/2023 14,775.0 147,011 9/18/2024 19,700.0 196,015 Teresa M. Nilsen 9/18/2021 3,937.5 39,178 9/18/2022 7,875.0 78,356 9/18/2023 14,775.0 147,011 9/18/2024 19,700.0 196,015 Kathryn R. Fahy 9/18/2021 2,500.0 24,875 9/18/2022 5,000.0 49,750 9/18/2023 9,375.0 93,281 9/18/2024 12,500.0 124,375 (1) Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The market value of restricted stock units that have not vested is calculated as the number of unvested units times the fair market value of $9.95 per share on September30, 2024. The actual value realized by the named executive officer will depend on the market value of our common stock on the date the awards vest. Potential Payments upon Termination or Change of Control Under the terms of the restricted stock unit award agreements between the company and each named executive officer, the employment agreements with Mr.Hennessy and Ms.Nilsen, and the bonus agreement with Ms.Nilsen, our named executive officers are entitled to certain compensation in the event of a termination of employment or a change of control of the company. The material terms of each such agreement are discussed below. 17 Table of Contents Neil J. Hennessy Employment Agreement We have had an employment agreement with Mr.Hennessy since the time of our initial public offering, and such employment agreement has been amended and amended and restated several times. The employment agreement provides for automatic oneyear renewals on each January 26 unless either party gives written notice to the other at least 60 days prior to the expiration of the thencurrent term. Under the terms of his employment agreement, Mr.Hennessy is entitled to (1)an annual base salary of $350,000, which amount may be increased in the boards sole discretion, (2)Quarterly Bonuses of 5.0% of Adjusted Quarterly Pre-Tax Profit (prior to September30, 2024, this percentage was 6.5%), and (3)participate in our benefit plans. In the event that (A)Mr.Hennessys employment is terminated by the company without cause or (B)Mr.Hennessy terminates his employment with the company for good reason, Mr.Hennessy is entitled to receive severance payable in 24 equal monthly installments (except to the extent payment is required to be delayed pursuant to Section409A of the Code) equal to the sum of (i)(x) one years full base salary and an average annual bonus for the three most recent fiscal years prior to the termination of employment multiplied by (y) two and (ii) a prorated Quarterly Bonus for the quarter in which the termination occurs. In addition, under the foregoing circumstances, Mr.Hennessy is also entitled to receive payment of any previously earned and deferred Quarterly Bonus in the reserve account following the end of the fiscal year in which his employment terminates. In the event Mr.Hennessy is terminated for cause or terminates his employment with the company without good reason, no severance is payable. If the employment agreement terminates as a result of death or disability, Mr.Hennessy is entitled to all bonuses earned or accrued as of the date of his termination. Furthermore, in the case of disability, Mr.Hennessy is also entitled to continue receiving his base salary and benefits for three months or until the date he begins receiving benefits under a disability plan or policy, whichever is soonest. In the event of a sale, transfer, or other disposition of all or substantially all of our assets or business, whether by merger, consolidation, or otherwise, we may assign the employment agreement and its rights, provided that the successor assumes all of our obligations under the employment agreement. If any payment or benefit under the employment agreement and any other agreement, plan, or arrangement would constitute an excess parachute payment under Section280G of the Code, then Mr.Hennessy would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Mr.Hennessy. The employment agreement defines the terms listed below as follows: Cause exists if Mr.Hennessy: is convicted of, or enters a plea of nolo contendere to, a felony (other than a trafficrelated offense) under any state, federal, or local law or any felony involving the company, where conviction includes any final disposition of the charge that does not result in the charges being completely dismissed or Mr.Hennessys being completely acquitted; materially breaches (1) the employment agreement or (2) the companys policies and procedures, which breach is not cured, if capable of being cured, after written notice within 30 days of the date notice of such breach is received by Mr.Hennessy; or 18 Table of Contents engages in willful or gross misconduct or willful or gross negligence in performing his duties, or fraud, misappropriation, or embezzlement. Good reason means: the assignment to Mr.Hennessy of duties materially inconsistent with his position, authority, duties, or responsibilities as of the date of the employment agreement; or any action or omission that results in a material diminution of the position, authority, duties, or responsibilities of Mr.Hennessy as of the date of the employment agreement; a material reduction in Mr.Hennessys annual base salary (other than a reduction that applies generally to the Companys senior management); the relocation, without Mr.Hennessys prior written consent, of his principal place of employment to a location more than 50 miles away (measured in the shortest driving distance) from his principal place of employment on the date of the employment agreement; or the failure by the Company to have an acquirer of all or substantially all of the Companys assets assume Mr.Hennessys employment agreement; provided, in any case, that Mr.Hennessy (1) provides notice to the company of the existence of the condition constituting good reason within 90 days of its initial existence and (2) allows the company 30 days to remedy the condition. Disability means a physical or mental disability or infirmity that prevents Mr.Hennessy from performing substantially the duties assigned to him (based on such competent medical evidence as shall be presented to the company by any physician or group of physicians or other competent medical experts employed by the company) for a continuous period of more than 180 days. Restricted Stock Unit Award Agreements The restricted stock unit award agreements between the company and each named executive officer provide that all restricted stock units held by an named executive officer immediately vest in full (1)if the named executive officers employment terminates as a result of death, disability, or retirement at a time when the company would not be able to terminate the named executive officer for cause or (2)upon a change of control of the company. The 2024 Omnibus Incentive Plan, under which restricted stock unit award agreements were issued for the awards held by our named executive officers in fiscal year 2024, defines the terms listed below as follows: Disability, with respect to restricted stock unit awards, means, except as otherwise determined by the compensation committee and set forth in an award agreement, the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of at least 12 months, as determined by the compensation committee. 19 Table of Contents Retirement means, except as otherwise determined by the compensation committee and set forth in an award agreement, termination of employment with the company and its affiliates (for other than cause) on a date the participant is then eligible to receive immediate early or normal retirement benefits under the provisions of any of the companys or its affiliates defined benefit pension plans, or if the participant is not covered under any such plan, on or after attainment of age 55 and completion of 10years of continuous service with the company and its affiliates or on or after attainment of age 65 and completion of five years of continuous service with the company and its affiliates, where causemeans (1)if the participant is subject to an employment agreement with the company or an affiliate that contains a definition of cause, such definition, or (2)otherwise, except as otherwise determined by the compensation committee and set forth in an award agreement, any of the following as determined by the compensation committee: (A)violation of the provisions of any employment agreement, noncompetition agreement, confidentiality agreement, or similar agreement with the company or an affiliate, or the companys or an affiliates code of ethics, as then in effect; (B)conduct rising to the level of gross negligence or willful misconduct in the course of employment with the company or an affiliate; (C)commission of an act of dishonesty or disloyalty involving the company or an affiliate; (D)violation of any federal, state or local law in connection with the participants employment or service; or (E)breach of any fiduciary duty to the company or an affiliate. A change of control is the occurrence of one or more of the following events: an acquisition, in any one transaction or series of transactions, after which any individual, entity, or group has beneficial ownership of 50% or more of either the thenoutstanding shares of our common stock or the combined voting power of our thenoutstanding voting securities, but excluding an acquisition (1)by us or any of our employee benefit plans (or related trusts), (2)by Neil J. Hennessy or any affiliate, or (3)by any corporation which, following the acquisition, is beneficially owned, directly or indirectly, in substantially the same proportions, by the beneficial owners of the common stock and voting securities of the company immediately prior to such acquisition; or 50% or more of the members of our board of directors (1)are not continuing directors, or (2)are nominated or elected by the same beneficial owner or are elected or appointed in connection with an acquisition of the company; or the (1)consummation of a reorganization, merger, share exchange, consolidation, or similar transaction, with respect to which the beneficial owners of the company immediately prior to such transaction do not, following such transaction, beneficially own more than 50% of the thenoutstanding shares of common stock and voting securities of the corporation resulting from the transaction, (2)consummation of the sale or other disposition of all or substantially all of the assets of the company, or (3)approval by the shareholders of the company of a complete liquidation or dissolution of the company. Teresa M. Nilsen Employment Agreement We have had an employment agreement with Ms.Nilsen since January 26, 2018, when she became the president of the company. The agreement has been amended twice since then. The agreement provides for automatic oneyear renewals on each January 26 unless either party gives written notice to the other at least 60 days prior to the expiration of the thencurrent term. 20 Table of Contents Under the terms of her employment agreement, Ms.Nilsen is entitled to (1)an annual base salary of $375,000 (prior to September30, 2024, this amount was $325,000), which amount may be increased in the boards sole discretion, (2)Quarterly Bonuses of 5.0% of Adjusted Quarterly Pre-Tax Profit (prior to September30, 2024, this percentage was 3.5%), and (3)participate in our benefit plans. In the event that (A)Ms.Nilsens employment is terminated by the company without cause or (B)Ms.Nilsen terminates her employment with the company for good reason, Ms.Nilsen is entitled to receive severance payable in 24 equal monthly installments (except to the extent payment is required to be delayed pursuant to Section409A of the Code) equal to the sum of (i)(x) one years full base salary and an average annual bonus for the three most recent fiscal years prior to the termination of employment multiplied by (y)two and (ii)a prorated Quarterly Bonus for the quarter in which the termination occurs. In addition, under the foregoing circumstances, Ms.Nilsen is also entitled to receive payment of any previously earned and deferred Quarterly Bonus in the reserve account following the end of the fiscal year in which her employment terminates. In the event Ms.Nilsen is terminated without cause or resigns with good reason in connection with a change of control, Ms.Nilsens severance payment pursuant to the employment agreement is reduced by the amount of any cash portion of the benefits paid to Ms.Nilsen upon such change of control pursuant to the bonus agreement described below or any amendment, restatement, or replacement thereof. In the event Ms.Nilsen is terminated for cause or terminates her employment with the company without good reason, no severance is payable. If the employment agreement terminates as a result of death or disability, Ms.Nilsen is entitled to all bonuses earned or accrued as of the date of her termination. Furthermore, in the case of disability, Ms.Nilsen is also entitled to continue receiving her base salary and benefits for three months or until the date she begins receiving benefits under a disability plan or policy, whichever is soonest. In the event of a sale, transfer, or other disposition of all or substantially all of our assets or business, whether by merger, consolidation, or otherwise, we may assign the employment agreement and its rights, provided that the successor assumes all of our obligations under the employment agreement. If any payment or benefit under the employment agreement and any other agreement, plan, or arrangement would constitute an excess parachute payment under Section280G of the Code, then Ms.Nilsen would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Ms.Nilsen. The employment agreement defines cause and good reason the same as in Mr.Hennessys employment agreement, which is described above under the description of payments to Mr.Hennessy. Bonus Agreement We also have a bonus agreement with Ms.Nilsen that provides for a onetime cash bonus within 15days of a change of control of the company equal to the greater of the following: (1) $1,000,000; or (2) the sum of (A)150% of the total base salary (before deductions) paid to Ms.Nilsen for the most recent fiscal year ended prior to the change of control, (B)150% of the prior years bonus, and (C)a pro rata portion of the prior years bonus, provided at least such amount has been accrued by us as a bonus for Ms.Nilsen in the fiscal year during which the change of control occurs. If the bonus payable upon a change of control, together with any other payments or benefits received or to be received by Ms.Nilsen from the company or any successor thereto in the change of control transaction, would constitute an excess parachute payment under Section280G of the Code, then Ms.Nilsen would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Ms.Nilsen. 21 Table of Contents A change of control is defined in the bonus agreement the same as in the restricted stock unit award agreements, which are described above under the description of payments to Mr.Hennessy. Restricted Stock Unit Award Agreements We also have restricted stock unit award agreements with Ms. Nilsen on the same terms as the restricted stock unit award agreements with Mr. Hennessy, which are described above under the description of payments to Mr.Hennessy. Kathryn R. Fahy Restricted Stock Unit Award Agreements We have restricted stock unit award agreements with Ms. Fahy on the same terms as the restricted stock unit award agreements with Mr. Hennessy, which are described above under the description of payments to Mr.Hennessy. 22 Table of Contents PAY VERSUS PERFORMANCE In accordance with SEC rules applicable to smaller reporting companies, the following table sets forth information with respect to how compensation actually paid (CAP) to our principal executive officer (PEO) and other named executive officers (NEOs) aligns with company performance. CAP is an SECdefined term that does not necessarily reflect the amounts realized by our NEOs. For information regarding the Companys compensation philosophy and how the Company aligns executive compensation with its financial and operational performance, refer to the Compensation Discussion and Analysis section. Fiscal Year(1) Summary Compensation Table Total for PEO ($) Compensation Actually Paid to PEO(2) ($) Average Summary Compensation Table for Non- PEO NEOs ($) Average Compensation Actually Paid to Non-PEO NEOs(2) ($) Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Non-Equity Incentive Plan Compensation ($) All Other Compensation(4) ($) Total ($) Neil J. Hennessy 2024 350,000 201,728 937,537 (3) 91,526 1,580,791 CEO 2023 350,000 133,763 683,683 72,403 1,239,849 Teresa M. Nilsen 2024 325,000 201,728 504,827 (3) 27,219 1,058,774 President, COO, and Secretary 2023 325,000 133,763 368,138 25,402 852,303 Kathryn R. Fahy 2024 250,000 128,000 250,000 21,093 649,093 CFO and Senior Vice President 2023 250,000 84,875 200,000 17,160 552,035 (1) As a smaller reporting company for purposes of the SECs disclosure rules, we are subject to scaled disclosure requirements under which reduced disclosure of executive compensation is permitted. Pursuant to such scaled disclosure rules, we include only two fiscal years of compensation information in the Summary Compensation Table for our named executive officers, rather than three, and our named executive officers are our principal executive officer and our two other most highly compensated executive officers. (2) The amounts in this column include the aggregate grant date fair value, computed in accordance with FASB ASC Topic718Stock Compensation. Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The value of restricted stock units for a particular fiscal year is calculated as the number of units granted during such fiscal year times the fair market value of our common stock on the grant date. The fair market value of our common stock was $10.24 and $6.79 on the grant date for fiscal year2024 (September 18, 2024) and the grant date for fiscal year2023 (September18, 2023), respectively. (3) For fiscal year 2024, Mr.Hennessy and Ms.Nilsen each received an incentive-based bonus in the amount of 6.5% and 3.5%, respectively, of our Adjusted Quarterly PreTax Profit. The Adjusted Quarterly Pre-Tax Profit for fiscal year 2024 was calculated as income before tax of $9,703,900 plus bonuses of $3,430,900 (Mr.Hennessys and Ms.Nilsens bonus accruals and the bonus accrual for other employees), payroll tax accruals of $54,300, depreciation and amortization expense of $244,400, and compensation expense related to restricted stock units of $990,200, for a total pre-tax profit of $14,423,700. A discussion of the terms of Mr.Hennessys and Ms.Nilsens employment agreements begins on page18. (4) All other compensation for fiscal year 2024 for Mr.Hennessy includes premiums on life insurance ($52,476), disability insurance, a car allowance, a charitable contribution made on his behalf, miscellaneous expenses related to required travel by his spouse, and a profitsharing contribution to his 401(k) plan. All other compensation for fiscal year 2024 for each of Ms.Nilsen and Ms.Fahy includes a fitness club membership, a charitable contribution made on her behalf, miscellaneous expenses related to required travel by her spouse, and a profitsharing contribution to her 401(k)plan. 16 Table of Contents Outstanding Equity Awards at Fiscal Year End 2024 The following table sets forth the outstanding equity awards held by our named executive officers on September 30, 2024. Stock Awards (1) Name Grant Date Number of Shares or Units of Stock That Have Not Vested Market Value of Shares or Units of Stock That Have Not Vested ($) Neil J. Hennessy 9/18/2021 3,937.5 39,178 9/18/2022 7,875.0 78,356 9/18/2023 14,775.0 147,011 9/18/2024 19,700.0 196,015 Teresa M. Nilsen 9/18/2021 3,937.5 39,178 9/18/2022 7,875.0 78,356 9/18/2023 14,775.0 147,011 9/18/2024 19,700.0 196,015 Kathryn R. Fahy 9/18/2021 2,500.0 24,875 9/18/2022 5,000.0 49,750 9/18/2023 9,375.0 93,281 9/18/2024 12,500.0 124,375 (1) Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The market value of restricted stock units that have not vested is calculated as the number of unvested units times the fair market value of $9.95 per share on September30, 2024. The actual value realized by the named executive officer will depend on the market value of our common stock on the date the awards vest. Potential Payments upon Termination or Change of Control Under the terms of the restricted stock unit award agreements between the company and each named executive officer, the employment agreements with Mr.Hennessy and Ms.Nilsen, and the bonus agreement with Ms.Nilsen, our named executive officers are entitled to certain compensation in the event of a termination of employment or a change of control of the company. The material terms of each such agreement are discussed below. 17 Table of Contents Neil J. Hennessy Employment Agreement We have had an employment agreement with Mr.Hennessy since the time of our initial public offering, and such employment agreement has been amended and amended and restated several times. The employment agreement provides for automatic oneyear renewals on each January 26 unless either party gives written notice to the other at least 60 days prior to the expiration of the thencurrent term. Under the terms of his employment agreement, Mr.Hennessy is entitled to (1)an annual base salary of $350,000, which amount may be increased in the boards sole discretion, (2)Quarterly Bonuses of 5.0% of Adjusted Quarterly Pre-Tax Profit (prior to September30, 2024, this percentage was 6.5%), and (3)participate in our benefit plans. In the event that (A)Mr.Hennessys employment is terminated by the company without cause or (B)Mr.Hennessy terminates his employment with the company for good reason, Mr.Hennessy is entitled to receive severance payable in 24 equal monthly installments (except to the extent payment is required to be delayed pursuant to Section409A of the Code) equal to the sum of (i)(x) one years full base salary and an average annual bonus for the three most recent fiscal years prior to the termination of employment multiplied by (y) two and (ii) a prorated Quarterly Bonus for the quarter in which the termination occurs. In addition, under the foregoing circumstances, Mr.Hennessy is also entitled to receive payment of any previously earned and deferred Quarterly Bonus in the reserve account following the end of the fiscal year in which his employment terminates. In the event Mr.Hennessy is terminated for cause or terminates his employment with the company without good reason, no severance is payable. If the employment agreement terminates as a result of death or disability, Mr.Hennessy is entitled to all bonuses earned or accrued as of the date of his termination. Furthermore, in the case of disability, Mr.Hennessy is also entitled to continue receiving his base salary and benefits for three months or until the date he begins receiving benefits under a disability plan or policy, whichever is soonest. In the event of a sale, transfer, or other disposition of all or substantially all of our assets or business, whether by merger, consolidation, or otherwise, we may assign the employment agreement and its rights, provided that the successor assumes all of our obligations under the employment agreement. If any payment or benefit under the employment agreement and any other agreement, plan, or arrangement would constitute an excess parachute payment under Section280G of the Code, then Mr.Hennessy would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Mr.Hennessy. The employment agreement defines the terms listed below as follows: Cause exists if Mr.Hennessy: is convicted of, or enters a plea of nolo contendere to, a felony (other than a trafficrelated offense) under any state, federal, or local law or any felony involving the company, where conviction includes any final disposition of the charge that does not result in the charges being completely dismissed or Mr.Hennessys being completely acquitted; materially breaches (1) the employment agreement or (2) the companys policies and procedures, which breach is not cured, if capable of being cured, after written notice within 30 days of the date notice of such breach is received by Mr.Hennessy; or 18 Table of Contents engages in willful or gross misconduct or willful or gross negligence in performing his duties, or fraud, misappropriation, or embezzlement. Good reason means: the assignment to Mr.Hennessy of duties materially inconsistent with his position, authority, duties, or responsibilities as of the date of the employment agreement; or any action or omission that results in a material diminution of the position, authority, duties, or responsibilities of Mr.Hennessy as of the date of the employment agreement; a material reduction in Mr.Hennessys annual base salary (other than a reduction that applies generally to the Companys senior management); the relocation, without Mr.Hennessys prior written consent, of his principal place of employment to a location more than 50 miles away (measured in the shortest driving distance) from his principal place of employment on the date of the employment agreement; or the failure by the Company to have an acquirer of all or substantially all of the Companys assets assume Mr.Hennessys employment agreement; provided, in any case, that Mr.Hennessy (1) provides notice to the company of the existence of the condition constituting good reason within 90 days of its initial existence and (2) allows the company 30 days to remedy the condition. Disability means a physical or mental disability or infirmity that prevents Mr.Hennessy from performing substantially the duties assigned to him (based on such competent medical evidence as shall be presented to the company by any physician or group of physicians or other competent medical experts employed by the company) for a continuous period of more than 180 days. Restricted Stock Unit Award Agreements The restricted stock unit award agreements between the company and each named executive officer provide that all restricted stock units held by an named executive officer immediately vest in full (1)if the named executive officers employment terminates as a result of death, disability, or retirement at a time when the company would not be able to terminate the named executive officer for cause or (2)upon a change of control of the company. The 2024 Omnibus Incentive Plan, under which restricted stock unit award agreements were issued for the awards held by our named executive officers in fiscal year 2024, defines the terms listed below as follows: Disability, with respect to restricted stock unit awards, means, except as otherwise determined by the compensation committee and set forth in an award agreement, the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of at least 12 months, as determined by the compensation committee. 19 Table of Contents Retirement means, except as otherwise determined by the compensation committee and set forth in an award agreement, termination of employment with the company and its affiliates (for other than cause) on a date the participant is then eligible to receive immediate early or normal retirement benefits under the provisions of any of the companys or its affiliates defined benefit pension plans, or if the participant is not covered under any such plan, on or after attainment of age 55 and completion of 10years of continuous service with the company and its affiliates or on or after attainment of age 65 and completion of five years of continuous service with the company and its affiliates, where causemeans (1)if the participant is subject to an employment agreement with the company or an affiliate that contains a definition of cause, such definition, or (2)otherwise, except as otherwise determined by the compensation committee and set forth in an award agreement, any of the following as determined by the compensation committee: (A)violation of the provisions of any employment agreement, noncompetition agreement, confidentiality agreement, or similar agreement with the company or an affiliate, or the companys or an affiliates code of ethics, as then in effect; (B)conduct rising to the level of gross negligence or willful misconduct in the course of employment with the company or an affiliate; (C)commission of an act of dishonesty or disloyalty involving the company or an affiliate; (D)violation of any federal, state or local law in connection with the participants employment or service; or (E)breach of any fiduciary duty to the company or an affiliate. A change of control is the occurrence of one or more of the following events: an acquisition, in any one transaction or series of transactions, after which any individual, entity, or group has beneficial ownership of 50% or more of either the thenoutstanding shares of our common stock or the combined voting power of our thenoutstanding voting securities, but excluding an acquisition (1)by us or any of our employee benefit plans (or related trusts), (2)by Neil J. Hennessy or any affiliate, or (3)by any corporation which, following the acquisition, is beneficially owned, directly or indirectly, in substantially the same proportions, by the beneficial owners of the common stock and voting securities of the company immediately prior to such acquisition; or 50% or more of the members of our board of directors (1)are not continuing directors, or (2)are nominated or elected by the same beneficial owner or are elected or appointed in connection with an acquisition of the company; or the (1)consummation of a reorganization, merger, share exchange, consolidation, or similar transaction, with respect to which the beneficial owners of the company immediately prior to such transaction do not, following such transaction, beneficially own more than 50% of the thenoutstanding shares of common stock and voting securities of the corporation resulting from the transaction, (2)consummation of the sale or other disposition of all or substantially all of the assets of the company, or (3)approval by the shareholders of the company of a complete liquidation or dissolution of the company. Teresa M. Nilsen Employment Agreement We have had an employment agreement with Ms.Nilsen since January 26, 2018, when she became the president of the company. The agreement has been amended twice since then. The agreement provides for automatic oneyear renewals on each January 26 unless either party gives written notice to the other at least 60 days prior to the expiration of the thencurrent term. 20 Table of Contents Under the terms of her employment agreement, Ms.Nilsen is entitled to (1)an annual base salary of $375,000 (prior to September30, 2024, this amount was $325,000), which amount may be increased in the boards sole discretion, (2)Quarterly Bonuses of 5.0% of Adjusted Quarterly Pre-Tax Profit (prior to September30, 2024, this percentage was 3.5%), and (3)participate in our benefit plans. In the event that (A)Ms.Nilsens employment is terminated by the company without cause or (B)Ms.Nilsen terminates her employment with the company for good reason, Ms.Nilsen is entitled to receive severance payable in 24 equal monthly installments (except to the extent payment is required to be delayed pursuant to Section409A of the Code) equal to the sum of (i)(x) one years full base salary and an average annual bonus for the three most recent fiscal years prior to the termination of employment multiplied by (y)two and (ii)a prorated Quarterly Bonus for the quarter in which the termination occurs. In addition, under the foregoing circumstances, Ms.Nilsen is also entitled to receive payment of any previously earned and deferred Quarterly Bonus in the reserve account following the end of the fiscal year in which her employment terminates. In the event Ms.Nilsen is terminated without cause or resigns with good reason in connection with a change of control, Ms.Nilsens severance payment pursuant to the employment agreement is reduced by the amount of any cash portion of the benefits paid to Ms.Nilsen upon such change of control pursuant to the bonus agreement described below or any amendment, restatement, or replacement thereof. In the event Ms.Nilsen is terminated for cause or terminates her employment with the company without good reason, no severance is payable. If the employment agreement terminates as a result of death or disability, Ms.Nilsen is entitled to all bonuses earned or accrued as of the date of her termination. Furthermore, in the case of disability, Ms.Nilsen is also entitled to continue receiving her base salary and benefits for three months or until the date she begins receiving benefits under a disability plan or policy, whichever is soonest. In the event of a sale, transfer, or other disposition of all or substantially all of our assets or business, whether by merger, consolidation, or otherwise, we may assign the employment agreement and its rights, provided that the successor assumes all of our obligations under the employment agreement. If any payment or benefit under the employment agreement and any other agreement, plan, or arrangement would constitute an excess parachute payment under Section280G of the Code, then Ms.Nilsen would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Ms.Nilsen. The employment agreement defines cause and good reason the same as in Mr.Hennessys employment agreement, which is described above under the description of payments to Mr.Hennessy. Bonus Agreement We also have a bonus agreement with Ms.Nilsen that provides for a onetime cash bonus within 15days of a change of control of the company equal to the greater of the following: (1) $1,000,000; or (2) the sum of (A)150% of the total base salary (before deductions) paid to Ms.Nilsen for the most recent fiscal year ended prior to the change of control, (B)150% of the prior years bonus, and (C)a pro rata portion of the prior years bonus, provided at least such amount has been accrued by us as a bonus for Ms.Nilsen in the fiscal year during which the change of control occurs. If the bonus payable upon a change of control, together with any other payments or benefits received or to be received by Ms.Nilsen from the company or any successor thereto in the change of control transaction, would constitute an excess parachute payment under Section280G of the Code, then Ms.Nilsen would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Ms.Nilsen. 21 Table of Contents A change of control is defined in the bonus agreement the same as in the restricted stock unit award agreements, which are described above under the description of payments to Mr.Hennessy. Restricted Stock Unit Award Agreements We also have restricted stock unit award agreements with Ms. Nilsen on the same terms as the restricted stock unit award agreements with Mr. Hennessy, which are described above under the description of payments to Mr.Hennessy. Kathryn R. Fahy Restricted Stock Unit Award Agreements We have restricted stock unit award agreements with Ms. Fahy on the same terms as the restricted stock unit award agreements with Mr. Hennessy, which are described above under the description of payments to Mr.Hennessy. 22 Table of Contents PAY VERSUS PERFORMANCE In accordance with SEC rules applicable to smaller reporting companies, the following table sets forth information with respect to how compensation actually paid (CAP) to our principal executive officer (PEO) and other named executive officers (NEOs) aligns with company performance. CAP is an SECdefined term that does not necessarily reflect the amounts realized by our NEOs. For information regarding the Companys compensation philosophy and how the Company aligns executive compensation with its financial and operational performance, refer to the Compensation Discussion and Analysis section. Fiscal Year(1) Summary Compensation Table Total for PEO ($) Compensation Actually Paid to PEO(2) ($) Average Summary Compensation Table for Non- PEO NEOs ($) Average Compensation Actually Paid to Non-PEO NEOs(2) ($) Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents All Other Compensation(4) ($) Total ($) Neil J. Hennessy 2024 350,000 201,728 937,537 (3) 91,526 1,580,791 CEO 2023 350,000 133,763 683,683 72,403 1,239,849 Teresa M. Nilsen 2024 325,000 201,728 504,827 (3) 27,219 1,058,774 President, COO, and Secretary 2023 325,000 133,763 368,138 25,402 852,303 Kathryn R. Fahy 2024 250,000 128,000 250,000 21,093 649,093 CFO and Senior Vice President 2023 250,000 84,875 200,000 17,160 552,035 Total ($) Neil J. Hennessy (3) CEO Teresa M. Nilsen (3) President, COO, and Secretary Kathryn R. Fahy CFO and Senior Vice President (1) As a smaller reporting company for purposes of the SECs disclosure rules, we are subject to scaled disclosure requirements under which reduced disclosure of executive compensation is permitted. Pursuant to such scaled disclosure rules, we include only two fiscal years of compensation information in the Summary Compensation Table for our named executive officers, rather than three, and our named executive officers are our principal executive officer and our two other most highly compensated executive officers. (2) The amounts in this column include the aggregate grant date fair value, computed in accordance with FASB ASC Topic718Stock Compensation. Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The value of restricted stock units for a particular fiscal year is calculated as the number of units granted during such fiscal year times the fair market value of our common stock on the grant date. The fair market value of our common stock was $10.24 and $6.79 on the grant date for fiscal year2024 (September 18, 2024) and the grant date for fiscal year2023 (September18, 2023), respectively. (3) For fiscal year 2024, Mr.Hennessy and Ms.Nilsen each received an incentive-based bonus in the amount of 6.5% and 3.5%, respectively, of our Adjusted Quarterly PreTax Profit. The Adjusted Quarterly Pre-Tax Profit for fiscal year 2024 was calculated as income before tax of $9,703,900 plus bonuses of $3,430,900 (Mr.Hennessys and Ms.Nilsens bonus accruals and the bonus accrual for other employees), payroll tax accruals of $54,300, depreciation and amortization expense of $244,400, and compensation expense related to restricted stock units of $990,200, for a total pre-tax profit of $14,423,700. A discussion of the terms of Mr.Hennessys and Ms.Nilsens employment agreements begins on page18. (4) All other compensation for fiscal year 2024 for Mr.Hennessy includes premiums on life insurance ($52,476), disability insurance, a car allowance, a charitable contribution made on his behalf, miscellaneous expenses related to required travel by his spouse, and a profitsharing contribution to his 401(k) plan. All other compensation for fiscal year 2024 for each of Ms.Nilsen and Ms.Fahy includes a fitness club membership, a charitable contribution made on her behalf, miscellaneous expenses related to required travel by her spouse, and a profitsharing contribution to her 401(k)plan. Stock Awards (1) Name Grant Date Number of Shares or Units of Stock That Have Not Vested Market Value of Shares or Units of Stock That Have Not Vested ($) Neil J. Hennessy 9/18/2021 3,937.5 9/18/2022 7,875.0 9/18/2023 14,775.0 9/18/2024 19,700.0 Teresa M. Nilsen 9/18/2021 3,937.5 9/18/2022 7,875.0 9/18/2023 14,775.0 9/18/2024 19,700.0 Kathryn R. Fahy 9/18/2021 2,500.0 9/18/2022 5,000.0 9/18/2023 9,375.0 9/18/2024 12,500.0 (1) Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The market value of restricted stock units that have not vested is calculated as the number of unvested units times the fair market value of $9.95 per share on September30, 2024. The actual value realized by the named executive officer will depend on the market value of our common stock on the date the awards vest. Cause exists if Mr.Hennessy: is convicted of, or enters a plea of nolo contendere to, a felony (other than a trafficrelated offense) under any state, federal, or local law or any felony involving the company, where conviction includes any final disposition of the charge that does not result in the charges being completely dismissed or Mr.Hennessys being completely acquitted; materially breaches (1) the employment agreement or (2) the companys policies and procedures, which breach is not cured, if capable of being cured, after written notice within 30 days of the date notice of such breach is received by Mr.Hennessy; or engages in willful or gross misconduct or willful or gross negligence in performing his duties, or fraud, misappropriation, or embezzlement. Good reason means: the assignment to Mr.Hennessy of duties materially inconsistent with his position, authority, duties, or responsibilities as of the date of the employment agreement; or any action or omission that results in a material diminution of the position, authority, duties, or responsibilities of Mr.Hennessy as of the date of the employment agreement; a material reduction in Mr.Hennessys annual base salary (other than a reduction that applies generally to the Companys senior management); the relocation, without Mr.Hennessys prior written consent, of his principal place of employment to a location more than 50 miles away (measured in the shortest driving distance) from his principal place of employment on the date of the employment agreement; or the failure by the Company to have an acquirer of all or substantially all of the Companys assets assume Mr.Hennessys employment agreement; Disability means a physical or mental disability or infirmity that prevents Mr.Hennessy from performing substantially the duties assigned to him (based on such competent medical evidence as shall be presented to the company by any physician or group of physicians or other competent medical experts employed by the company) for a continuous period of more than 180 days. Disability, with respect to restricted stock unit awards, means, except as otherwise determined by the compensation committee and set forth in an award agreement, the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of at least 12 months, as determined by the compensation committee. Retirement means, except as otherwise determined by the compensation committee and set forth in an award agreement, termination of employment with the company and its affiliates (for other than cause) on a date the participant is then eligible to receive immediate early or normal retirement benefits under the provisions of any of the companys or its affiliates defined benefit pension plans, or if the participant is not covered under any such plan, on or after attainment of age 55 and completion of 10years of continuous service with the company and its affiliates or on or after attainment of age 65 and completion of five years of continuous service with the company and its affiliates, where causemeans (1)if the participant is subject to an employment agreement with the company or an affiliate that contains a definition of cause, such definition, or (2)otherwise, except as otherwise determined by the compensation committee and set forth in an award agreement, any of the following as determined by the compensation committee: (A)violation of the provisions of any employment agreement, noncompetition agreement, confidentiality agreement, or similar agreement with the company or an affiliate, or the companys or an affiliates code of ethics, as then in effect; (B)conduct rising to the level of gross negligence or willful misconduct in the course of employment with the company or an affiliate; (C)commission of an act of dishonesty or disloyalty involving the company or an affiliate; (D)violation of any federal, state or local law in connection with the participants employment or service; or (E)breach of any fiduciary duty to the company or an affiliate. A change of control is the occurrence of one or more of the following events: an acquisition, in any one transaction or series of transactions, after which any individual, entity, or group has beneficial ownership of 50% or more of either the thenoutstanding shares of our common stock or the combined voting power of our thenoutstanding voting securities, but excluding an acquisition (1)by us or any of our employee benefit plans (or related trusts), (2)by Neil J. Hennessy or any affiliate, or (3)by any corporation which, following the acquisition, is beneficially owned, directly or indirectly, in substantially the same proportions, by the beneficial owners of the common stock and voting securities of the company immediately prior to such acquisition; or 50% or more of the members of our board of directors (1)are not continuing directors, or (2)are nominated or elected by the same beneficial owner or are elected or appointed in connection with an acquisition of the company; or the (1)consummation of a reorganization, merger, share exchange, consolidation, or similar transaction, with respect to which the beneficial owners of the company immediately prior to such transaction do not, following such transaction, beneficially own more than 50% of the thenoutstanding shares of common stock and voting securities of the corporation resulting from the transaction, (2)consummation of the sale or other disposition of all or substantially all of the assets of the company, or (3)approval by the shareholders of the company of a complete liquidation or dissolution of the company. Fiscal Year(1) Summary Compensation Table Total for PEO ($) Compensation Actually Paid to PEO(2) ($) Average Summary Compensation Table for Non- PEO NEOs ($) Average Compensation Actually Paid to Non-PEO NEOs(2) ($) Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Compensation Actually Paid to PEO(2) ($) Average Summary Compensation Table for Non- PEO NEOs ($) Average Compensation Actually Paid to Non-PEO NEOs(2) ($) Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Average Summary Compensation Table for Non- PEO NEOs ($) Average Compensation Actually Paid to Non-PEO NEOs(2) ($) Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Average Compensation Actually Paid to Non-PEO NEOs(2) ($) Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 Net Income ($ in thousands) $ 132.59 $ $ 82.39 $ $ 95.01 $ (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 PEO (201,728 ) Non-PEO NEOs (109,909 ) PEO (133,763 ) (65,126 ) (43,903 ) Non-PEO NEOs (94,155 ) (53,238 ) (35,889 ) PEO (141,750 ) (32,327 ) (23,586 ) Non-PEO NEOs (99,747 ) (22,749 ) (16,409 ) (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. Fiscal Year Audit Fees $ $ Audit-Related Fees Tax Fees All Other Fees(1) Total $ $ (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). Kiera Newton, Chair Henry Hansel Thomas L. Seavey By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and SecretaryName and Principal Position Fiscal Year Salary ($) Stock Awards(2) ($) Non-Equity Incentive Plan Compensation ($) All Other Compensation(4) ($) Total ($) Neil J. Hennessy 2024 350,000 201,728 937,537 (3) 91,526 1,580,791 CEO 2023 350,000 133,763 683,683 72,403 1,239,849 Teresa M. Nilsen 2024 325,000 201,728 504,827 (3) 27,219 1,058,774 President, COO, and Secretary 2023 325,000 133,763 368,138 25,402 852,303 Kathryn R. Fahy 2024 250,000 128,000 250,000 21,093 649,093 CFO and Senior Vice President 2023 250,000 84,875 200,000 17,160 552,035 (1) As a smaller reporting company for purposes of the SECs disclosure rules, we are subject to scaled disclosure requirements under which reduced disclosure of executive compensation is permitted. Pursuant to such scaled disclosure rules, we include only two fiscal years of compensation information in the Summary Compensation Table for our named executive officers, rather than three, and our named executive officers are our principal executive officer and our two other most highly compensated executive officers. (2) The amounts in this column include the aggregate grant date fair value, computed in accordance with FASB ASC Topic718Stock Compensation. Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The value of restricted stock units for a particular fiscal year is calculated as the number of units granted during such fiscal year times the fair market value of our common stock on the grant date. The fair market value of our common stock was $10.24 and $6.79 on the grant date for fiscal year2024 (September 18, 2024) and the grant date for fiscal year2023 (September18, 2023), respectively. (3) For fiscal year 2024, Mr.Hennessy and Ms.Nilsen each received an incentive-based bonus in the amount of 6.5% and 3.5%, respectively, of our Adjusted Quarterly PreTax Profit. The Adjusted Quarterly Pre-Tax Profit for fiscal year 2024 was calculated as income before tax of $9,703,900 plus bonuses of $3,430,900 (Mr.Hennessys and Ms.Nilsens bonus accruals and the bonus accrual for other employees), payroll tax accruals of $54,300, depreciation and amortization expense of $244,400, and compensation expense related to restricted stock units of $990,200, for a total pre-tax profit of $14,423,700. A discussion of the terms of Mr.Hennessys and Ms.Nilsens employment agreements begins on page18. (4) All other compensation for fiscal year 2024 for Mr.Hennessy includes premiums on life insurance ($52,476), disability insurance, a car allowance, a charitable contribution made on his behalf, miscellaneous expenses related to required travel by his spouse, and a profitsharing contribution to his 401(k) plan. All other compensation for fiscal year 2024 for each of Ms.Nilsen and Ms.Fahy includes a fitness club membership, a charitable contribution made on her behalf, miscellaneous expenses related to required travel by her spouse, and a profitsharing contribution to her 401(k)plan. 16 Table of Contents Outstanding Equity Awards at Fiscal Year End 2024 The following table sets forth the outstanding equity awards held by our named executive officers on September 30, 2024. Stock Awards (1) Name Grant Date Number of Shares or Units of Stock That Have Not Vested Market Value of Shares or Units of Stock That Have Not Vested ($) Neil J. Hennessy 9/18/2021 3,937.5 39,178 9/18/2022 7,875.0 78,356 9/18/2023 14,775.0 147,011 9/18/2024 19,700.0 196,015 Teresa M. Nilsen 9/18/2021 3,937.5 39,178 9/18/2022 7,875.0 78,356 9/18/2023 14,775.0 147,011 9/18/2024 19,700.0 196,015 Kathryn R. Fahy 9/18/2021 2,500.0 24,875 9/18/2022 5,000.0 49,750 9/18/2023 9,375.0 93,281 9/18/2024 12,500.0 124,375 (1) Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The market value of restricted stock units that have not vested is calculated as the number of unvested units times the fair market value of $9.95 per share on September30, 2024. The actual value realized by the named executive officer will depend on the market value of our common stock on the date the awards vest. Potential Payments upon Termination or Change of Control Under the terms of the restricted stock unit award agreements between the company and each named executive officer, the employment agreements with Mr.Hennessy and Ms.Nilsen, and the bonus agreement with Ms.Nilsen, our named executive officers are entitled to certain compensation in the event of a termination of employment or a change of control of the company. The material terms of each such agreement are discussed below. 17 Table of Contents Neil J. Hennessy Employment Agreement We have had an employment agreement with Mr.Hennessy since the time of our initial public offering, and such employment agreement has been amended and amended and restated several times. The employment agreement provides for automatic oneyear renewals on each January 26 unless either party gives written notice to the other at least 60 days prior to the expiration of the thencurrent term. Under the terms of his employment agreement, Mr.Hennessy is entitled to (1)an annual base salary of $350,000, which amount may be increased in the boards sole discretion, (2)Quarterly Bonuses of 5.0% of Adjusted Quarterly Pre-Tax Profit (prior to September30, 2024, this percentage was 6.5%), and (3)participate in our benefit plans. In the event that (A)Mr.Hennessys employment is terminated by the company without cause or (B)Mr.Hennessy terminates his employment with the company for good reason, Mr.Hennessy is entitled to receive severance payable in 24 equal monthly installments (except to the extent payment is required to be delayed pursuant to Section409A of the Code) equal to the sum of (i)(x) one years full base salary and an average annual bonus for the three most recent fiscal years prior to the termination of employment multiplied by (y) two and (ii) a prorated Quarterly Bonus for the quarter in which the termination occurs. In addition, under the foregoing circumstances, Mr.Hennessy is also entitled to receive payment of any previously earned and deferred Quarterly Bonus in the reserve account following the end of the fiscal year in which his employment terminates. In the event Mr.Hennessy is terminated for cause or terminates his employment with the company without good reason, no severance is payable. If the employment agreement terminates as a result of death or disability, Mr.Hennessy is entitled to all bonuses earned or accrued as of the date of his termination. Furthermore, in the case of disability, Mr.Hennessy is also entitled to continue receiving his base salary and benefits for three months or until the date he begins receiving benefits under a disability plan or policy, whichever is soonest. In the event of a sale, transfer, or other disposition of all or substantially all of our assets or business, whether by merger, consolidation, or otherwise, we may assign the employment agreement and its rights, provided that the successor assumes all of our obligations under the employment agreement. If any payment or benefit under the employment agreement and any other agreement, plan, or arrangement would constitute an excess parachute payment under Section280G of the Code, then Mr.Hennessy would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Mr.Hennessy. The employment agreement defines the terms listed below as follows: Cause exists if Mr.Hennessy: is convicted of, or enters a plea of nolo contendere to, a felony (other than a trafficrelated offense) under any state, federal, or local law or any felony involving the company, where conviction includes any final disposition of the charge that does not result in the charges being completely dismissed or Mr.Hennessys being completely acquitted; materially breaches (1) the employment agreement or (2) the companys policies and procedures, which breach is not cured, if capable of being cured, after written notice within 30 days of the date notice of such breach is received by Mr.Hennessy; or 18 Table of Contents engages in willful or gross misconduct or willful or gross negligence in performing his duties, or fraud, misappropriation, or embezzlement. Good reason means: the assignment to Mr.Hennessy of duties materially inconsistent with his position, authority, duties, or responsibilities as of the date of the employment agreement; or any action or omission that results in a material diminution of the position, authority, duties, or responsibilities of Mr.Hennessy as of the date of the employment agreement; a material reduction in Mr.Hennessys annual base salary (other than a reduction that applies generally to the Companys senior management); the relocation, without Mr.Hennessys prior written consent, of his principal place of employment to a location more than 50 miles away (measured in the shortest driving distance) from his principal place of employment on the date of the employment agreement; or the failure by the Company to have an acquirer of all or substantially all of the Companys assets assume Mr.Hennessys employment agreement; provided, in any case, that Mr.Hennessy (1) provides notice to the company of the existence of the condition constituting good reason within 90 days of its initial existence and (2) allows the company 30 days to remedy the condition. Disability means a physical or mental disability or infirmity that prevents Mr.Hennessy from performing substantially the duties assigned to him (based on such competent medical evidence as shall be presented to the company by any physician or group of physicians or other competent medical experts employed by the company) for a continuous period of more than 180 days. Restricted Stock Unit Award Agreements The restricted stock unit award agreements between the company and each named executive officer provide that all restricted stock units held by an named executive officer immediately vest in full (1)if the named executive officers employment terminates as a result of death, disability, or retirement at a time when the company would not be able to terminate the named executive officer for cause or (2)upon a change of control of the company. The 2024 Omnibus Incentive Plan, under which restricted stock unit award agreements were issued for the awards held by our named executive officers in fiscal year 2024, defines the terms listed below as follows: Disability, with respect to restricted stock unit awards, means, except as otherwise determined by the compensation committee and set forth in an award agreement, the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of at least 12 months, as determined by the compensation committee. 19 Table of Contents Retirement means, except as otherwise determined by the compensation committee and set forth in an award agreement, termination of employment with the company and its affiliates (for other than cause) on a date the participant is then eligible to receive immediate early or normal retirement benefits under the provisions of any of the companys or its affiliates defined benefit pension plans, or if the participant is not covered under any such plan, on or after attainment of age 55 and completion of 10years of continuous service with the company and its affiliates or on or after attainment of age 65 and completion of five years of continuous service with the company and its affiliates, where causemeans (1)if the participant is subject to an employment agreement with the company or an affiliate that contains a definition of cause, such definition, or (2)otherwise, except as otherwise determined by the compensation committee and set forth in an award agreement, any of the following as determined by the compensation committee: (A)violation of the provisions of any employment agreement, noncompetition agreement, confidentiality agreement, or similar agreement with the company or an affiliate, or the companys or an affiliates code of ethics, as then in effect; (B)conduct rising to the level of gross negligence or willful misconduct in the course of employment with the company or an affiliate; (C)commission of an act of dishonesty or disloyalty involving the company or an affiliate; (D)violation of any federal, state or local law in connection with the participants employment or service; or (E)breach of any fiduciary duty to the company or an affiliate. A change of control is the occurrence of one or more of the following events: an acquisition, in any one transaction or series of transactions, after which any individual, entity, or group has beneficial ownership of 50% or more of either the thenoutstanding shares of our common stock or the combined voting power of our thenoutstanding voting securities, but excluding an acquisition (1)by us or any of our employee benefit plans (or related trusts), (2)by Neil J. Hennessy or any affiliate, or (3)by any corporation which, following the acquisition, is beneficially owned, directly or indirectly, in substantially the same proportions, by the beneficial owners of the common stock and voting securities of the company immediately prior to such acquisition; or 50% or more of the members of our board of directors (1)are not continuing directors, or (2)are nominated or elected by the same beneficial owner or are elected or appointed in connection with an acquisition of the company; or the (1)consummation of a reorganization, merger, share exchange, consolidation, or similar transaction, with respect to which the beneficial owners of the company immediately prior to such transaction do not, following such transaction, beneficially own more than 50% of the thenoutstanding shares of common stock and voting securities of the corporation resulting from the transaction, (2)consummation of the sale or other disposition of all or substantially all of the assets of the company, or (3)approval by the shareholders of the company of a complete liquidation or dissolution of the company. Teresa M. Nilsen Employment Agreement We have had an employment agreement with Ms.Nilsen since January 26, 2018, when she became the president of the company. The agreement has been amended twice since then. The agreement provides for automatic oneyear renewals on each January 26 unless either party gives written notice to the other at least 60 days prior to the expiration of the thencurrent term. 20 Table of Contents Under the terms of her employment agreement, Ms.Nilsen is entitled to (1)an annual base salary of $375,000 (prior to September30, 2024, this amount was $325,000), which amount may be increased in the boards sole discretion, (2)Quarterly Bonuses of 5.0% of Adjusted Quarterly Pre-Tax Profit (prior to September30, 2024, this percentage was 3.5%), and (3)participate in our benefit plans. In the event that (A)Ms.Nilsens employment is terminated by the company without cause or (B)Ms.Nilsen terminates her employment with the company for good reason, Ms.Nilsen is entitled to receive severance payable in 24 equal monthly installments (except to the extent payment is required to be delayed pursuant to Section409A of the Code) equal to the sum of (i)(x) one years full base salary and an average annual bonus for the three most recent fiscal years prior to the termination of employment multiplied by (y)two and (ii)a prorated Quarterly Bonus for the quarter in which the termination occurs. In addition, under the foregoing circumstances, Ms.Nilsen is also entitled to receive payment of any previously earned and deferred Quarterly Bonus in the reserve account following the end of the fiscal year in which her employment terminates. In the event Ms.Nilsen is terminated without cause or resigns with good reason in connection with a change of control, Ms.Nilsens severance payment pursuant to the employment agreement is reduced by the amount of any cash portion of the benefits paid to Ms.Nilsen upon such change of control pursuant to the bonus agreement described below or any amendment, restatement, or replacement thereof. In the event Ms.Nilsen is terminated for cause or terminates her employment with the company without good reason, no severance is payable. If the employment agreement terminates as a result of death or disability, Ms.Nilsen is entitled to all bonuses earned or accrued as of the date of her termination. Furthermore, in the case of disability, Ms.Nilsen is also entitled to continue receiving her base salary and benefits for three months or until the date she begins receiving benefits under a disability plan or policy, whichever is soonest. In the event of a sale, transfer, or other disposition of all or substantially all of our assets or business, whether by merger, consolidation, or otherwise, we may assign the employment agreement and its rights, provided that the successor assumes all of our obligations under the employment agreement. If any payment or benefit under the employment agreement and any other agreement, plan, or arrangement would constitute an excess parachute payment under Section280G of the Code, then Ms.Nilsen would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Ms.Nilsen. The employment agreement defines cause and good reason the same as in Mr.Hennessys employment agreement, which is described above under the description of payments to Mr.Hennessy. Bonus Agreement We also have a bonus agreement with Ms.Nilsen that provides for a onetime cash bonus within 15days of a change of control of the company equal to the greater of the following: (1) $1,000,000; or (2) the sum of (A)150% of the total base salary (before deductions) paid to Ms.Nilsen for the most recent fiscal year ended prior to the change of control, (B)150% of the prior years bonus, and (C)a pro rata portion of the prior years bonus, provided at least such amount has been accrued by us as a bonus for Ms.Nilsen in the fiscal year during which the change of control occurs. If the bonus payable upon a change of control, together with any other payments or benefits received or to be received by Ms.Nilsen from the company or any successor thereto in the change of control transaction, would constitute an excess parachute payment under Section280G of the Code, then Ms.Nilsen would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Ms.Nilsen. 21 Table of Contents A change of control is defined in the bonus agreement the same as in the restricted stock unit award agreements, which are described above under the description of payments to Mr.Hennessy. Restricted Stock Unit Award Agreements We also have restricted stock unit award agreements with Ms. Nilsen on the same terms as the restricted stock unit award agreements with Mr. Hennessy, which are described above under the description of payments to Mr.Hennessy. Kathryn R. Fahy Restricted Stock Unit Award Agreements We have restricted stock unit award agreements with Ms. Fahy on the same terms as the restricted stock unit award agreements with Mr. Hennessy, which are described above under the description of payments to Mr.Hennessy. 22 Table of Contents PAY VERSUS PERFORMANCE In accordance with SEC rules applicable to smaller reporting companies, the following table sets forth information with respect to how compensation actually paid (CAP) to our principal executive officer (PEO) and other named executive officers (NEOs) aligns with company performance. CAP is an SECdefined term that does not necessarily reflect the amounts realized by our NEOs. For information regarding the Companys compensation philosophy and how the Company aligns executive compensation with its financial and operational performance, refer to the Compensation Discussion and Analysis section. Fiscal Year(1) Summary Compensation Table Total for PEO ($) Compensation Actually Paid to PEO(2) ($) Average Summary Compensation Table for Non- PEO NEOs ($) Average Compensation Actually Paid to Non-PEO NEOs(2) ($) Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Stock Awards(2) ($) Non-Equity Incentive Plan Compensation ($) All Other Compensation(4) ($) Total ($) Neil J. Hennessy 2024 350,000 201,728 937,537 (3) 91,526 1,580,791 CEO 2023 350,000 133,763 683,683 72,403 1,239,849 Teresa M. Nilsen 2024 325,000 201,728 504,827 (3) 27,219 1,058,774 President, COO, and Secretary 2023 325,000 133,763 368,138 25,402 852,303 Kathryn R. Fahy 2024 250,000 128,000 250,000 21,093 649,093 CFO and Senior Vice President 2023 250,000 84,875 200,000 17,160 552,035 (1) As a smaller reporting company for purposes of the SECs disclosure rules, we are subject to scaled disclosure requirements under which reduced disclosure of executive compensation is permitted. Pursuant to such scaled disclosure rules, we include only two fiscal years of compensation information in the Summary Compensation Table for our named executive officers, rather than three, and our named executive officers are our principal executive officer and our two other most highly compensated executive officers. (2) The amounts in this column include the aggregate grant date fair value, computed in accordance with FASB ASC Topic718Stock Compensation. Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The value of restricted stock units for a particular fiscal year is calculated as the number of units granted during such fiscal year times the fair market value of our common stock on the grant date. The fair market value of our common stock was $10.24 and $6.79 on the grant date for fiscal year2024 (September 18, 2024) and the grant date for fiscal year2023 (September18, 2023), respectively. (3) For fiscal year 2024, Mr.Hennessy and Ms.Nilsen each received an incentive-based bonus in the amount of 6.5% and 3.5%, respectively, of our Adjusted Quarterly PreTax Profit. The Adjusted Quarterly Pre-Tax Profit for fiscal year 2024 was calculated as income before tax of $9,703,900 plus bonuses of $3,430,900 (Mr.Hennessys and Ms.Nilsens bonus accruals and the bonus accrual for other employees), payroll tax accruals of $54,300, depreciation and amortization expense of $244,400, and compensation expense related to restricted stock units of $990,200, for a total pre-tax profit of $14,423,700. A discussion of the terms of Mr.Hennessys and Ms.Nilsens employment agreements begins on page18. (4) All other compensation for fiscal year 2024 for Mr.Hennessy includes premiums on life insurance ($52,476), disability insurance, a car allowance, a charitable contribution made on his behalf, miscellaneous expenses related to required travel by his spouse, and a profitsharing contribution to his 401(k) plan. All other compensation for fiscal year 2024 for each of Ms.Nilsen and Ms.Fahy includes a fitness club membership, a charitable contribution made on her behalf, miscellaneous expenses related to required travel by her spouse, and a profitsharing contribution to her 401(k)plan. 16 Table of Contents Outstanding Equity Awards at Fiscal Year End 2024 The following table sets forth the outstanding equity awards held by our named executive officers on September 30, 2024. Stock Awards (1) Name Grant Date Number of Shares or Units of Stock That Have Not Vested Market Value of Shares or Units of Stock That Have Not Vested ($) Neil J. Hennessy 9/18/2021 3,937.5 39,178 9/18/2022 7,875.0 78,356 9/18/2023 14,775.0 147,011 9/18/2024 19,700.0 196,015 Teresa M. Nilsen 9/18/2021 3,937.5 39,178 9/18/2022 7,875.0 78,356 9/18/2023 14,775.0 147,011 9/18/2024 19,700.0 196,015 Kathryn R. Fahy 9/18/2021 2,500.0 24,875 9/18/2022 5,000.0 49,750 9/18/2023 9,375.0 93,281 9/18/2024 12,500.0 124,375 (1) Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The market value of restricted stock units that have not vested is calculated as the number of unvested units times the fair market value of $9.95 per share on September30, 2024. The actual value realized by the named executive officer will depend on the market value of our common stock on the date the awards vest. Potential Payments upon Termination or Change of Control Under the terms of the restricted stock unit award agreements between the company and each named executive officer, the employment agreements with Mr.Hennessy and Ms.Nilsen, and the bonus agreement with Ms.Nilsen, our named executive officers are entitled to certain compensation in the event of a termination of employment or a change of control of the company. The material terms of each such agreement are discussed below. 17 Table of Contents Neil J. Hennessy Employment Agreement We have had an employment agreement with Mr.Hennessy since the time of our initial public offering, and such employment agreement has been amended and amended and restated several times. The employment agreement provides for automatic oneyear renewals on each January 26 unless either party gives written notice to the other at least 60 days prior to the expiration of the thencurrent term. Under the terms of his employment agreement, Mr.Hennessy is entitled to (1)an annual base salary of $350,000, which amount may be increased in the boards sole discretion, (2)Quarterly Bonuses of 5.0% of Adjusted Quarterly Pre-Tax Profit (prior to September30, 2024, this percentage was 6.5%), and (3)participate in our benefit plans. In the event that (A)Mr.Hennessys employment is terminated by the company without cause or (B)Mr.Hennessy terminates his employment with the company for good reason, Mr.Hennessy is entitled to receive severance payable in 24 equal monthly installments (except to the extent payment is required to be delayed pursuant to Section409A of the Code) equal to the sum of (i)(x) one years full base salary and an average annual bonus for the three most recent fiscal years prior to the termination of employment multiplied by (y) two and (ii) a prorated Quarterly Bonus for the quarter in which the termination occurs. In addition, under the foregoing circumstances, Mr.Hennessy is also entitled to receive payment of any previously earned and deferred Quarterly Bonus in the reserve account following the end of the fiscal year in which his employment terminates. In the event Mr.Hennessy is terminated for cause or terminates his employment with the company without good reason, no severance is payable. If the employment agreement terminates as a result of death or disability, Mr.Hennessy is entitled to all bonuses earned or accrued as of the date of his termination. Furthermore, in the case of disability, Mr.Hennessy is also entitled to continue receiving his base salary and benefits for three months or until the date he begins receiving benefits under a disability plan or policy, whichever is soonest. In the event of a sale, transfer, or other disposition of all or substantially all of our assets or business, whether by merger, consolidation, or otherwise, we may assign the employment agreement and its rights, provided that the successor assumes all of our obligations under the employment agreement. If any payment or benefit under the employment agreement and any other agreement, plan, or arrangement would constitute an excess parachute payment under Section280G of the Code, then Mr.Hennessy would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Mr.Hennessy. The employment agreement defines the terms listed below as follows: Cause exists if Mr.Hennessy: is convicted of, or enters a plea of nolo contendere to, a felony (other than a trafficrelated offense) under any state, federal, or local law or any felony involving the company, where conviction includes any final disposition of the charge that does not result in the charges being completely dismissed or Mr.Hennessys being completely acquitted; materially breaches (1) the employment agreement or (2) the companys policies and procedures, which breach is not cured, if capable of being cured, after written notice within 30 days of the date notice of such breach is received by Mr.Hennessy; or 18 Table of Contents engages in willful or gross misconduct or willful or gross negligence in performing his duties, or fraud, misappropriation, or embezzlement. Good reason means: the assignment to Mr.Hennessy of duties materially inconsistent with his position, authority, duties, or responsibilities as of the date of the employment agreement; or any action or omission that results in a material diminution of the position, authority, duties, or responsibilities of Mr.Hennessy as of the date of the employment agreement; a material reduction in Mr.Hennessys annual base salary (other than a reduction that applies generally to the Companys senior management); the relocation, without Mr.Hennessys prior written consent, of his principal place of employment to a location more than 50 miles away (measured in the shortest driving distance) from his principal place of employment on the date of the employment agreement; or the failure by the Company to have an acquirer of all or substantially all of the Companys assets assume Mr.Hennessys employment agreement; provided, in any case, that Mr.Hennessy (1) provides notice to the company of the existence of the condition constituting good reason within 90 days of its initial existence and (2) allows the company 30 days to remedy the condition. Disability means a physical or mental disability or infirmity that prevents Mr.Hennessy from performing substantially the duties assigned to him (based on such competent medical evidence as shall be presented to the company by any physician or group of physicians or other competent medical experts employed by the company) for a continuous period of more than 180 days. Restricted Stock Unit Award Agreements The restricted stock unit award agreements between the company and each named executive officer provide that all restricted stock units held by an named executive officer immediately vest in full (1)if the named executive officers employment terminates as a result of death, disability, or retirement at a time when the company would not be able to terminate the named executive officer for cause or (2)upon a change of control of the company. The 2024 Omnibus Incentive Plan, under which restricted stock unit award agreements were issued for the awards held by our named executive officers in fiscal year 2024, defines the terms listed below as follows: Disability, with respect to restricted stock unit awards, means, except as otherwise determined by the compensation committee and set forth in an award agreement, the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of at least 12 months, as determined by the compensation committee. 19 Table of Contents Retirement means, except as otherwise determined by the compensation committee and set forth in an award agreement, termination of employment with the company and its affiliates (for other than cause) on a date the participant is then eligible to receive immediate early or normal retirement benefits under the provisions of any of the companys or its affiliates defined benefit pension plans, or if the participant is not covered under any such plan, on or after attainment of age 55 and completion of 10years of continuous service with the company and its affiliates or on or after attainment of age 65 and completion of five years of continuous service with the company and its affiliates, where causemeans (1)if the participant is subject to an employment agreement with the company or an affiliate that contains a definition of cause, such definition, or (2)otherwise, except as otherwise determined by the compensation committee and set forth in an award agreement, any of the following as determined by the compensation committee: (A)violation of the provisions of any employment agreement, noncompetition agreement, confidentiality agreement, or similar agreement with the company or an affiliate, or the companys or an affiliates code of ethics, as then in effect; (B)conduct rising to the level of gross negligence or willful misconduct in the course of employment with the company or an affiliate; (C)commission of an act of dishonesty or disloyalty involving the company or an affiliate; (D)violation of any federal, state or local law in connection with the participants employment or service; or (E)breach of any fiduciary duty to the company or an affiliate. A change of control is the occurrence of one or more of the following events: an acquisition, in any one transaction or series of transactions, after which any individual, entity, or group has beneficial ownership of 50% or more of either the thenoutstanding shares of our common stock or the combined voting power of our thenoutstanding voting securities, but excluding an acquisition (1)by us or any of our employee benefit plans (or related trusts), (2)by Neil J. Hennessy or any affiliate, or (3)by any corporation which, following the acquisition, is beneficially owned, directly or indirectly, in substantially the same proportions, by the beneficial owners of the common stock and voting securities of the company immediately prior to such acquisition; or 50% or more of the members of our board of directors (1)are not continuing directors, or (2)are nominated or elected by the same beneficial owner or are elected or appointed in connection with an acquisition of the company; or the (1)consummation of a reorganization, merger, share exchange, consolidation, or similar transaction, with respect to which the beneficial owners of the company immediately prior to such transaction do not, following such transaction, beneficially own more than 50% of the thenoutstanding shares of common stock and voting securities of the corporation resulting from the transaction, (2)consummation of the sale or other disposition of all or substantially all of the assets of the company, or (3)approval by the shareholders of the company of a complete liquidation or dissolution of the company. Teresa M. Nilsen Employment Agreement We have had an employment agreement with Ms.Nilsen since January 26, 2018, when she became the president of the company. The agreement has been amended twice since then. The agreement provides for automatic oneyear renewals on each January 26 unless either party gives written notice to the other at least 60 days prior to the expiration of the thencurrent term. 20 Table of Contents Under the terms of her employment agreement, Ms.Nilsen is entitled to (1)an annual base salary of $375,000 (prior to September30, 2024, this amount was $325,000), which amount may be increased in the boards sole discretion, (2)Quarterly Bonuses of 5.0% of Adjusted Quarterly Pre-Tax Profit (prior to September30, 2024, this percentage was 3.5%), and (3)participate in our benefit plans. In the event that (A)Ms.Nilsens employment is terminated by the company without cause or (B)Ms.Nilsen terminates her employment with the company for good reason, Ms.Nilsen is entitled to receive severance payable in 24 equal monthly installments (except to the extent payment is required to be delayed pursuant to Section409A of the Code) equal to the sum of (i)(x) one years full base salary and an average annual bonus for the three most recent fiscal years prior to the termination of employment multiplied by (y)two and (ii)a prorated Quarterly Bonus for the quarter in which the termination occurs. In addition, under the foregoing circumstances, Ms.Nilsen is also entitled to receive payment of any previously earned and deferred Quarterly Bonus in the reserve account following the end of the fiscal year in which her employment terminates. In the event Ms.Nilsen is terminated without cause or resigns with good reason in connection with a change of control, Ms.Nilsens severance payment pursuant to the employment agreement is reduced by the amount of any cash portion of the benefits paid to Ms.Nilsen upon such change of control pursuant to the bonus agreement described below or any amendment, restatement, or replacement thereof. In the event Ms.Nilsen is terminated for cause or terminates her employment with the company without good reason, no severance is payable. If the employment agreement terminates as a result of death or disability, Ms.Nilsen is entitled to all bonuses earned or accrued as of the date of her termination. Furthermore, in the case of disability, Ms.Nilsen is also entitled to continue receiving her base salary and benefits for three months or until the date she begins receiving benefits under a disability plan or policy, whichever is soonest. In the event of a sale, transfer, or other disposition of all or substantially all of our assets or business, whether by merger, consolidation, or otherwise, we may assign the employment agreement and its rights, provided that the successor assumes all of our obligations under the employment agreement. If any payment or benefit under the employment agreement and any other agreement, plan, or arrangement would constitute an excess parachute payment under Section280G of the Code, then Ms.Nilsen would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Ms.Nilsen. The employment agreement defines cause and good reason the same as in Mr.Hennessys employment agreement, which is described above under the description of payments to Mr.Hennessy. Bonus Agreement We also have a bonus agreement with Ms.Nilsen that provides for a onetime cash bonus within 15days of a change of control of the company equal to the greater of the following: (1) $1,000,000; or (2) the sum of (A)150% of the total base salary (before deductions) paid to Ms.Nilsen for the most recent fiscal year ended prior to the change of control, (B)150% of the prior years bonus, and (C)a pro rata portion of the prior years bonus, provided at least such amount has been accrued by us as a bonus for Ms.Nilsen in the fiscal year during which the change of control occurs. If the bonus payable upon a change of control, together with any other payments or benefits received or to be received by Ms.Nilsen from the company or any successor thereto in the change of control transaction, would constitute an excess parachute payment under Section280G of the Code, then Ms.Nilsen would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Ms.Nilsen. 21 Table of Contents A change of control is defined in the bonus agreement the same as in the restricted stock unit award agreements, which are described above under the description of payments to Mr.Hennessy. Restricted Stock Unit Award Agreements We also have restricted stock unit award agreements with Ms. Nilsen on the same terms as the restricted stock unit award agreements with Mr. Hennessy, which are described above under the description of payments to Mr.Hennessy. Kathryn R. Fahy Restricted Stock Unit Award Agreements We have restricted stock unit award agreements with Ms. Fahy on the same terms as the restricted stock unit award agreements with Mr. Hennessy, which are described above under the description of payments to Mr.Hennessy. 22 Table of Contents PAY VERSUS PERFORMANCE In accordance with SEC rules applicable to smaller reporting companies, the following table sets forth information with respect to how compensation actually paid (CAP) to our principal executive officer (PEO) and other named executive officers (NEOs) aligns with company performance. CAP is an SECdefined term that does not necessarily reflect the amounts realized by our NEOs. For information regarding the Companys compensation philosophy and how the Company aligns executive compensation with its financial and operational performance, refer to the Compensation Discussion and Analysis section. Fiscal Year(1) Summary Compensation Table Total for PEO ($) Compensation Actually Paid to PEO(2) ($) Average Summary Compensation Table for Non- PEO NEOs ($) Average Compensation Actually Paid to Non-PEO NEOs(2) ($) Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Non-Equity Incentive Plan Compensation ($) All Other Compensation(4) ($) Total ($) Neil J. Hennessy 2024 350,000 201,728 937,537 (3) 91,526 1,580,791 CEO 2023 350,000 133,763 683,683 72,403 1,239,849 Teresa M. Nilsen 2024 325,000 201,728 504,827 (3) 27,219 1,058,774 President, COO, and Secretary 2023 325,000 133,763 368,138 25,402 852,303 Kathryn R. Fahy 2024 250,000 128,000 250,000 21,093 649,093 CFO and Senior Vice President 2023 250,000 84,875 200,000 17,160 552,035 (1) As a smaller reporting company for purposes of the SECs disclosure rules, we are subject to scaled disclosure requirements under which reduced disclosure of executive compensation is permitted. Pursuant to such scaled disclosure rules, we include only two fiscal years of compensation information in the Summary Compensation Table for our named executive officers, rather than three, and our named executive officers are our principal executive officer and our two other most highly compensated executive officers. (2) The amounts in this column include the aggregate grant date fair value, computed in accordance with FASB ASC Topic718Stock Compensation. Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The value of restricted stock units for a particular fiscal year is calculated as the number of units granted during such fiscal year times the fair market value of our common stock on the grant date. The fair market value of our common stock was $10.24 and $6.79 on the grant date for fiscal year2024 (September 18, 2024) and the grant date for fiscal year2023 (September18, 2023), respectively. (3) For fiscal year 2024, Mr.Hennessy and Ms.Nilsen each received an incentive-based bonus in the amount of 6.5% and 3.5%, respectively, of our Adjusted Quarterly PreTax Profit. The Adjusted Quarterly Pre-Tax Profit for fiscal year 2024 was calculated as income before tax of $9,703,900 plus bonuses of $3,430,900 (Mr.Hennessys and Ms.Nilsens bonus accruals and the bonus accrual for other employees), payroll tax accruals of $54,300, depreciation and amortization expense of $244,400, and compensation expense related to restricted stock units of $990,200, for a total pre-tax profit of $14,423,700. A discussion of the terms of Mr.Hennessys and Ms.Nilsens employment agreements begins on page18. (4) All other compensation for fiscal year 2024 for Mr.Hennessy includes premiums on life insurance ($52,476), disability insurance, a car allowance, a charitable contribution made on his behalf, miscellaneous expenses related to required travel by his spouse, and a profitsharing contribution to his 401(k) plan. All other compensation for fiscal year 2024 for each of Ms.Nilsen and Ms.Fahy includes a fitness club membership, a charitable contribution made on her behalf, miscellaneous expenses related to required travel by her spouse, and a profitsharing contribution to her 401(k)plan. 16 Table of Contents Outstanding Equity Awards at Fiscal Year End 2024 The following table sets forth the outstanding equity awards held by our named executive officers on September 30, 2024. Stock Awards (1) Name Grant Date Number of Shares or Units of Stock That Have Not Vested Market Value of Shares or Units of Stock That Have Not Vested ($) Neil J. Hennessy 9/18/2021 3,937.5 39,178 9/18/2022 7,875.0 78,356 9/18/2023 14,775.0 147,011 9/18/2024 19,700.0 196,015 Teresa M. Nilsen 9/18/2021 3,937.5 39,178 9/18/2022 7,875.0 78,356 9/18/2023 14,775.0 147,011 9/18/2024 19,700.0 196,015 Kathryn R. Fahy 9/18/2021 2,500.0 24,875 9/18/2022 5,000.0 49,750 9/18/2023 9,375.0 93,281 9/18/2024 12,500.0 124,375 (1) Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The market value of restricted stock units that have not vested is calculated as the number of unvested units times the fair market value of $9.95 per share on September30, 2024. The actual value realized by the named executive officer will depend on the market value of our common stock on the date the awards vest. Potential Payments upon Termination or Change of Control Under the terms of the restricted stock unit award agreements between the company and each named executive officer, the employment agreements with Mr.Hennessy and Ms.Nilsen, and the bonus agreement with Ms.Nilsen, our named executive officers are entitled to certain compensation in the event of a termination of employment or a change of control of the company. The material terms of each such agreement are discussed below. 17 Table of Contents Neil J. Hennessy Employment Agreement We have had an employment agreement with Mr.Hennessy since the time of our initial public offering, and such employment agreement has been amended and amended and restated several times. The employment agreement provides for automatic oneyear renewals on each January 26 unless either party gives written notice to the other at least 60 days prior to the expiration of the thencurrent term. Under the terms of his employment agreement, Mr.Hennessy is entitled to (1)an annual base salary of $350,000, which amount may be increased in the boards sole discretion, (2)Quarterly Bonuses of 5.0% of Adjusted Quarterly Pre-Tax Profit (prior to September30, 2024, this percentage was 6.5%), and (3)participate in our benefit plans. In the event that (A)Mr.Hennessys employment is terminated by the company without cause or (B)Mr.Hennessy terminates his employment with the company for good reason, Mr.Hennessy is entitled to receive severance payable in 24 equal monthly installments (except to the extent payment is required to be delayed pursuant to Section409A of the Code) equal to the sum of (i)(x) one years full base salary and an average annual bonus for the three most recent fiscal years prior to the termination of employment multiplied by (y) two and (ii) a prorated Quarterly Bonus for the quarter in which the termination occurs. In addition, under the foregoing circumstances, Mr.Hennessy is also entitled to receive payment of any previously earned and deferred Quarterly Bonus in the reserve account following the end of the fiscal year in which his employment terminates. In the event Mr.Hennessy is terminated for cause or terminates his employment with the company without good reason, no severance is payable. If the employment agreement terminates as a result of death or disability, Mr.Hennessy is entitled to all bonuses earned or accrued as of the date of his termination. Furthermore, in the case of disability, Mr.Hennessy is also entitled to continue receiving his base salary and benefits for three months or until the date he begins receiving benefits under a disability plan or policy, whichever is soonest. In the event of a sale, transfer, or other disposition of all or substantially all of our assets or business, whether by merger, consolidation, or otherwise, we may assign the employment agreement and its rights, provided that the successor assumes all of our obligations under the employment agreement. If any payment or benefit under the employment agreement and any other agreement, plan, or arrangement would constitute an excess parachute payment under Section280G of the Code, then Mr.Hennessy would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Mr.Hennessy. The employment agreement defines the terms listed below as follows: Cause exists if Mr.Hennessy: is convicted of, or enters a plea of nolo contendere to, a felony (other than a trafficrelated offense) under any state, federal, or local law or any felony involving the company, where conviction includes any final disposition of the charge that does not result in the charges being completely dismissed or Mr.Hennessys being completely acquitted; materially breaches (1) the employment agreement or (2) the companys policies and procedures, which breach is not cured, if capable of being cured, after written notice within 30 days of the date notice of such breach is received by Mr.Hennessy; or 18 Table of Contents engages in willful or gross misconduct or willful or gross negligence in performing his duties, or fraud, misappropriation, or embezzlement. Good reason means: the assignment to Mr.Hennessy of duties materially inconsistent with his position, authority, duties, or responsibilities as of the date of the employment agreement; or any action or omission that results in a material diminution of the position, authority, duties, or responsibilities of Mr.Hennessy as of the date of the employment agreement; a material reduction in Mr.Hennessys annual base salary (other than a reduction that applies generally to the Companys senior management); the relocation, without Mr.Hennessys prior written consent, of his principal place of employment to a location more than 50 miles away (measured in the shortest driving distance) from his principal place of employment on the date of the employment agreement; or the failure by the Company to have an acquirer of all or substantially all of the Companys assets assume Mr.Hennessys employment agreement; provided, in any case, that Mr.Hennessy (1) provides notice to the company of the existence of the condition constituting good reason within 90 days of its initial existence and (2) allows the company 30 days to remedy the condition. Disability means a physical or mental disability or infirmity that prevents Mr.Hennessy from performing substantially the duties assigned to him (based on such competent medical evidence as shall be presented to the company by any physician or group of physicians or other competent medical experts employed by the company) for a continuous period of more than 180 days. Restricted Stock Unit Award Agreements The restricted stock unit award agreements between the company and each named executive officer provide that all restricted stock units held by an named executive officer immediately vest in full (1)if the named executive officers employment terminates as a result of death, disability, or retirement at a time when the company would not be able to terminate the named executive officer for cause or (2)upon a change of control of the company. The 2024 Omnibus Incentive Plan, under which restricted stock unit award agreements were issued for the awards held by our named executive officers in fiscal year 2024, defines the terms listed below as follows: Disability, with respect to restricted stock unit awards, means, except as otherwise determined by the compensation committee and set forth in an award agreement, the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of at least 12 months, as determined by the compensation committee. 19 Table of Contents Retirement means, except as otherwise determined by the compensation committee and set forth in an award agreement, termination of employment with the company and its affiliates (for other than cause) on a date the participant is then eligible to receive immediate early or normal retirement benefits under the provisions of any of the companys or its affiliates defined benefit pension plans, or if the participant is not covered under any such plan, on or after attainment of age 55 and completion of 10years of continuous service with the company and its affiliates or on or after attainment of age 65 and completion of five years of continuous service with the company and its affiliates, where causemeans (1)if the participant is subject to an employment agreement with the company or an affiliate that contains a definition of cause, such definition, or (2)otherwise, except as otherwise determined by the compensation committee and set forth in an award agreement, any of the following as determined by the compensation committee: (A)violation of the provisions of any employment agreement, noncompetition agreement, confidentiality agreement, or similar agreement with the company or an affiliate, or the companys or an affiliates code of ethics, as then in effect; (B)conduct rising to the level of gross negligence or willful misconduct in the course of employment with the company or an affiliate; (C)commission of an act of dishonesty or disloyalty involving the company or an affiliate; (D)violation of any federal, state or local law in connection with the participants employment or service; or (E)breach of any fiduciary duty to the company or an affiliate. A change of control is the occurrence of one or more of the following events: an acquisition, in any one transaction or series of transactions, after which any individual, entity, or group has beneficial ownership of 50% or more of either the thenoutstanding shares of our common stock or the combined voting power of our thenoutstanding voting securities, but excluding an acquisition (1)by us or any of our employee benefit plans (or related trusts), (2)by Neil J. Hennessy or any affiliate, or (3)by any corporation which, following the acquisition, is beneficially owned, directly or indirectly, in substantially the same proportions, by the beneficial owners of the common stock and voting securities of the company immediately prior to such acquisition; or 50% or more of the members of our board of directors (1)are not continuing directors, or (2)are nominated or elected by the same beneficial owner or are elected or appointed in connection with an acquisition of the company; or the (1)consummation of a reorganization, merger, share exchange, consolidation, or similar transaction, with respect to which the beneficial owners of the company immediately prior to such transaction do not, following such transaction, beneficially own more than 50% of the thenoutstanding shares of common stock and voting securities of the corporation resulting from the transaction, (2)consummation of the sale or other disposition of all or substantially all of the assets of the company, or (3)approval by the shareholders of the company of a complete liquidation or dissolution of the company. Teresa M. Nilsen Employment Agreement We have had an employment agreement with Ms.Nilsen since January 26, 2018, when she became the president of the company. The agreement has been amended twice since then. The agreement provides for automatic oneyear renewals on each January 26 unless either party gives written notice to the other at least 60 days prior to the expiration of the thencurrent term. 20 Table of Contents Under the terms of her employment agreement, Ms.Nilsen is entitled to (1)an annual base salary of $375,000 (prior to September30, 2024, this amount was $325,000), which amount may be increased in the boards sole discretion, (2)Quarterly Bonuses of 5.0% of Adjusted Quarterly Pre-Tax Profit (prior to September30, 2024, this percentage was 3.5%), and (3)participate in our benefit plans. In the event that (A)Ms.Nilsens employment is terminated by the company without cause or (B)Ms.Nilsen terminates her employment with the company for good reason, Ms.Nilsen is entitled to receive severance payable in 24 equal monthly installments (except to the extent payment is required to be delayed pursuant to Section409A of the Code) equal to the sum of (i)(x) one years full base salary and an average annual bonus for the three most recent fiscal years prior to the termination of employment multiplied by (y)two and (ii)a prorated Quarterly Bonus for the quarter in which the termination occurs. In addition, under the foregoing circumstances, Ms.Nilsen is also entitled to receive payment of any previously earned and deferred Quarterly Bonus in the reserve account following the end of the fiscal year in which her employment terminates. In the event Ms.Nilsen is terminated without cause or resigns with good reason in connection with a change of control, Ms.Nilsens severance payment pursuant to the employment agreement is reduced by the amount of any cash portion of the benefits paid to Ms.Nilsen upon such change of control pursuant to the bonus agreement described below or any amendment, restatement, or replacement thereof. In the event Ms.Nilsen is terminated for cause or terminates her employment with the company without good reason, no severance is payable. If the employment agreement terminates as a result of death or disability, Ms.Nilsen is entitled to all bonuses earned or accrued as of the date of her termination. Furthermore, in the case of disability, Ms.Nilsen is also entitled to continue receiving her base salary and benefits for three months or until the date she begins receiving benefits under a disability plan or policy, whichever is soonest. In the event of a sale, transfer, or other disposition of all or substantially all of our assets or business, whether by merger, consolidation, or otherwise, we may assign the employment agreement and its rights, provided that the successor assumes all of our obligations under the employment agreement. If any payment or benefit under the employment agreement and any other agreement, plan, or arrangement would constitute an excess parachute payment under Section280G of the Code, then Ms.Nilsen would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Ms.Nilsen. The employment agreement defines cause and good reason the same as in Mr.Hennessys employment agreement, which is described above under the description of payments to Mr.Hennessy. Bonus Agreement We also have a bonus agreement with Ms.Nilsen that provides for a onetime cash bonus within 15days of a change of control of the company equal to the greater of the following: (1) $1,000,000; or (2) the sum of (A)150% of the total base salary (before deductions) paid to Ms.Nilsen for the most recent fiscal year ended prior to the change of control, (B)150% of the prior years bonus, and (C)a pro rata portion of the prior years bonus, provided at least such amount has been accrued by us as a bonus for Ms.Nilsen in the fiscal year during which the change of control occurs. If the bonus payable upon a change of control, together with any other payments or benefits received or to be received by Ms.Nilsen from the company or any successor thereto in the change of control transaction, would constitute an excess parachute payment under Section280G of the Code, then Ms.Nilsen would receive either the full amount of such payments and benefits or a lesser amount such that no portion of the payments and benefits would be subject to the excise tax, whichever would result in a greater aftertax benefit to Ms.Nilsen. 21 Table of Contents A change of control is defined in the bonus agreement the same as in the restricted stock unit award agreements, which are described above under the description of payments to Mr.Hennessy. Restricted Stock Unit Award Agreements We also have restricted stock unit award agreements with Ms. Nilsen on the same terms as the restricted stock unit award agreements with Mr. Hennessy, which are described above under the description of payments to Mr.Hennessy. Kathryn R. Fahy Restricted Stock Unit Award Agreements We have restricted stock unit award agreements with Ms. Fahy on the same terms as the restricted stock unit award agreements with Mr. Hennessy, which are described above under the description of payments to Mr.Hennessy. 22 Table of Contents PAY VERSUS PERFORMANCE In accordance with SEC rules applicable to smaller reporting companies, the following table sets forth information with respect to how compensation actually paid (CAP) to our principal executive officer (PEO) and other named executive officers (NEOs) aligns with company performance. CAP is an SECdefined term that does not necessarily reflect the amounts realized by our NEOs. For information regarding the Companys compensation philosophy and how the Company aligns executive compensation with its financial and operational performance, refer to the Compensation Discussion and Analysis section. Fiscal Year(1) Summary Compensation Table Total for PEO ($) Compensation Actually Paid to PEO(2) ($) Average Summary Compensation Table for Non- PEO NEOs ($) Average Compensation Actually Paid to Non-PEO NEOs(2) ($) Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents All Other Compensation(4) ($) Total ($) Neil J. Hennessy 2024 350,000 201,728 937,537 (3) 91,526 1,580,791 CEO 2023 350,000 133,763 683,683 72,403 1,239,849 Teresa M. Nilsen 2024 325,000 201,728 504,827 (3) 27,219 1,058,774 President, COO, and Secretary 2023 325,000 133,763 368,138 25,402 852,303 Kathryn R. Fahy 2024 250,000 128,000 250,000 21,093 649,093 CFO and Senior Vice President 2023 250,000 84,875 200,000 17,160 552,035 Total ($) Neil J. Hennessy (3) CEO Teresa M. Nilsen (3) President, COO, and Secretary Kathryn R. Fahy CFO and Senior Vice President (1) As a smaller reporting company for purposes of the SECs disclosure rules, we are subject to scaled disclosure requirements under which reduced disclosure of executive compensation is permitted. Pursuant to such scaled disclosure rules, we include only two fiscal years of compensation information in the Summary Compensation Table for our named executive officers, rather than three, and our named executive officers are our principal executive officer and our two other most highly compensated executive officers. (2) The amounts in this column include the aggregate grant date fair value, computed in accordance with FASB ASC Topic718Stock Compensation. Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The value of restricted stock units for a particular fiscal year is calculated as the number of units granted during such fiscal year times the fair market value of our common stock on the grant date. The fair market value of our common stock was $10.24 and $6.79 on the grant date for fiscal year2024 (September 18, 2024) and the grant date for fiscal year2023 (September18, 2023), respectively. (3) For fiscal year 2024, Mr.Hennessy and Ms.Nilsen each received an incentive-based bonus in the amount of 6.5% and 3.5%, respectively, of our Adjusted Quarterly PreTax Profit. The Adjusted Quarterly Pre-Tax Profit for fiscal year 2024 was calculated as income before tax of $9,703,900 plus bonuses of $3,430,900 (Mr.Hennessys and Ms.Nilsens bonus accruals and the bonus accrual for other employees), payroll tax accruals of $54,300, depreciation and amortization expense of $244,400, and compensation expense related to restricted stock units of $990,200, for a total pre-tax profit of $14,423,700. A discussion of the terms of Mr.Hennessys and Ms.Nilsens employment agreements begins on page18. (4) All other compensation for fiscal year 2024 for Mr.Hennessy includes premiums on life insurance ($52,476), disability insurance, a car allowance, a charitable contribution made on his behalf, miscellaneous expenses related to required travel by his spouse, and a profitsharing contribution to his 401(k) plan. All other compensation for fiscal year 2024 for each of Ms.Nilsen and Ms.Fahy includes a fitness club membership, a charitable contribution made on her behalf, miscellaneous expenses related to required travel by her spouse, and a profitsharing contribution to her 401(k)plan. Stock Awards (1) Name Grant Date Number of Shares or Units of Stock That Have Not Vested Market Value of Shares or Units of Stock That Have Not Vested ($) Neil J. Hennessy 9/18/2021 3,937.5 9/18/2022 7,875.0 9/18/2023 14,775.0 9/18/2024 19,700.0 Teresa M. Nilsen 9/18/2021 3,937.5 9/18/2022 7,875.0 9/18/2023 14,775.0 9/18/2024 19,700.0 Kathryn R. Fahy 9/18/2021 2,500.0 9/18/2022 5,000.0 9/18/2023 9,375.0 9/18/2024 12,500.0 (1) Stock awards are grants of restricted stock units with no exercise price. The units vest at a rate of 25% per year on the first four anniversaries of the grant date. Restricted stock units do not earn dividends or dividend equivalents. The market value of restricted stock units that have not vested is calculated as the number of unvested units times the fair market value of $9.95 per share on September30, 2024. The actual value realized by the named executive officer will depend on the market value of our common stock on the date the awards vest. Cause exists if Mr.Hennessy: is convicted of, or enters a plea of nolo contendere to, a felony (other than a trafficrelated offense) under any state, federal, or local law or any felony involving the company, where conviction includes any final disposition of the charge that does not result in the charges being completely dismissed or Mr.Hennessys being completely acquitted; materially breaches (1) the employment agreement or (2) the companys policies and procedures, which breach is not cured, if capable of being cured, after written notice within 30 days of the date notice of such breach is received by Mr.Hennessy; or engages in willful or gross misconduct or willful or gross negligence in performing his duties, or fraud, misappropriation, or embezzlement. Good reason means: the assignment to Mr.Hennessy of duties materially inconsistent with his position, authority, duties, or responsibilities as of the date of the employment agreement; or any action or omission that results in a material diminution of the position, authority, duties, or responsibilities of Mr.Hennessy as of the date of the employment agreement; a material reduction in Mr.Hennessys annual base salary (other than a reduction that applies generally to the Companys senior management); the relocation, without Mr.Hennessys prior written consent, of his principal place of employment to a location more than 50 miles away (measured in the shortest driving distance) from his principal place of employment on the date of the employment agreement; or the failure by the Company to have an acquirer of all or substantially all of the Companys assets assume Mr.Hennessys employment agreement; Disability means a physical or mental disability or infirmity that prevents Mr.Hennessy from performing substantially the duties assigned to him (based on such competent medical evidence as shall be presented to the company by any physician or group of physicians or other competent medical experts employed by the company) for a continuous period of more than 180 days. Disability, with respect to restricted stock unit awards, means, except as otherwise determined by the compensation committee and set forth in an award agreement, the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of at least 12 months, as determined by the compensation committee. Retirement means, except as otherwise determined by the compensation committee and set forth in an award agreement, termination of employment with the company and its affiliates (for other than cause) on a date the participant is then eligible to receive immediate early or normal retirement benefits under the provisions of any of the companys or its affiliates defined benefit pension plans, or if the participant is not covered under any such plan, on or after attainment of age 55 and completion of 10years of continuous service with the company and its affiliates or on or after attainment of age 65 and completion of five years of continuous service with the company and its affiliates, where causemeans (1)if the participant is subject to an employment agreement with the company or an affiliate that contains a definition of cause, such definition, or (2)otherwise, except as otherwise determined by the compensation committee and set forth in an award agreement, any of the following as determined by the compensation committee: (A)violation of the provisions of any employment agreement, noncompetition agreement, confidentiality agreement, or similar agreement with the company or an affiliate, or the companys or an affiliates code of ethics, as then in effect; (B)conduct rising to the level of gross negligence or willful misconduct in the course of employment with the company or an affiliate; (C)commission of an act of dishonesty or disloyalty involving the company or an affiliate; (D)violation of any federal, state or local law in connection with the participants employment or service; or (E)breach of any fiduciary duty to the company or an affiliate. A change of control is the occurrence of one or more of the following events: an acquisition, in any one transaction or series of transactions, after which any individual, entity, or group has beneficial ownership of 50% or more of either the thenoutstanding shares of our common stock or the combined voting power of our thenoutstanding voting securities, but excluding an acquisition (1)by us or any of our employee benefit plans (or related trusts), (2)by Neil J. Hennessy or any affiliate, or (3)by any corporation which, following the acquisition, is beneficially owned, directly or indirectly, in substantially the same proportions, by the beneficial owners of the common stock and voting securities of the company immediately prior to such acquisition; or 50% or more of the members of our board of directors (1)are not continuing directors, or (2)are nominated or elected by the same beneficial owner or are elected or appointed in connection with an acquisition of the company; or the (1)consummation of a reorganization, merger, share exchange, consolidation, or similar transaction, with respect to which the beneficial owners of the company immediately prior to such transaction do not, following such transaction, beneficially own more than 50% of the thenoutstanding shares of common stock and voting securities of the corporation resulting from the transaction, (2)consummation of the sale or other disposition of all or substantially all of the assets of the company, or (3)approval by the shareholders of the company of a complete liquidation or dissolution of the company. Fiscal Year(1) Summary Compensation Table Total for PEO ($) Compensation Actually Paid to PEO(2) ($) Average Summary Compensation Table for Non- PEO NEOs ($) Average Compensation Actually Paid to Non-PEO NEOs(2) ($) Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Compensation Actually Paid to PEO(2) ($) Average Summary Compensation Table for Non- PEO NEOs ($) Average Compensation Actually Paid to Non-PEO NEOs(2) ($) Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Average Summary Compensation Table for Non- PEO NEOs ($) Average Compensation Actually Paid to Non-PEO NEOs(2) ($) Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Average Compensation Actually Paid to Non-PEO NEOs(2) ($) Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 Net Income ($ in thousands) $ 132.59 $ $ 82.39 $ $ 95.01 $ (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 PEO (201,728 ) Non-PEO NEOs (109,909 ) PEO (133,763 ) (65,126 ) (43,903 ) Non-PEO NEOs (94,155 ) (53,238 ) (35,889 ) PEO (141,750 ) (32,327 ) (23,586 ) Non-PEO NEOs (99,747 ) (22,749 ) (16,409 ) (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. Fiscal Year Audit Fees $ $ Audit-Related Fees Tax Fees All Other Fees(1) Total $ $ (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). Kiera Newton, Chair Henry Hansel Thomas L. Seavey By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and SecretaryFiscal Year(1) Summary Compensation Table Total for PEO ($) Compensation Actually Paid to PEO(2) ($) Average Summary Compensation Table for Non- PEO NEOs ($) Average Compensation Actually Paid to Non-PEO NEOs(2) ($) Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Compensation Actually Paid to PEO(2) ($) Average Summary Compensation Table for Non- PEO NEOs ($) Average Compensation Actually Paid to Non-PEO NEOs(2) ($) Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Average Summary Compensation Table for Non- PEO NEOs ($) Average Compensation Actually Paid to Non-PEO NEOs(2) ($) Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Average Compensation Actually Paid to Non-PEO NEOs(2) ($) Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Value of Initial Fixed $100 Investment Based on Company Total Shareholder Return(3) ($) Net Income ($ in thousands) 2024 1,058,774 1,132,767 1,114,942 1,230,371 $ 132.59 $ 7,097 2023 852,303 740,713 778,168 624,616 $ 82.39 $ 4,771 2022 919,240 858,129 949,087 735,353 $ 95.01 $ 6,190 Net Income ($ in thousands) $ 132.59 $ $ 82.39 $ $ 95.01 $ (1) For fiscal year2024 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy and Kathryn R. Fahy. For fiscal years 2023 and 2022 in the above table, the principal executive officer is Teresa M. Nilsen and the other NEOs are Neil J. Hennessy, Kathryn R. Fahy, and Daniel B. Steadman. (2) In accordance with SEC rules, the adjustments shown in the table below were made to the Summary Compensation Table values to determine CAP. For the CAP portions that are calculated based on the fair market value of our common stock, the following prices were used: $8.67 as of September30, 2022, $6.79 as of September18, 2023, and $9.95 as of September30, 2024. All amounts shown for non-PEO NEOs are averages. Fiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 PEO (201,728 ) Non-PEO NEOs (109,909 ) PEO (133,763 ) (65,126 ) (43,903 ) Non-PEO NEOs (94,155 ) (53,238 ) (35,889 ) PEO (141,750 ) (32,327 ) (23,586 ) Non-PEO NEOs (99,747 ) (22,749 ) (16,409 ) (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. Fiscal Year Audit Fees $ $ Audit-Related Fees Tax Fees All Other Fees(1) Total $ $ (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). Kiera Newton, Chair Henry Hansel Thomas L. Seavey By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and SecretaryFiscal Year Executive Summary Compensation Table Total Compensation ($) Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Minus Summary Compensation Table Stock Awards Total ($) Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Plus Year-End Fair Value of Unvested Current Year Equity Awards ($) Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Plus Change in Fair Value as of Year End of Unvested Prior Year Equity Awards ($) Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Plus Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Current Year ($) Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. 23 Table of Contents In accordance with SEC rules, the following charts show the relationship between CAP and the Companys financial performance as measured by cumulative total shareholder return and net income. 24 Table of Contents PROPOSAL2: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The board recommends a vote FOR the ratification of the selection of CBIZ CPAs P.C. as the independent registered public accounting firm for Hennessy Advisors for fiscal year 2025. The audit committee has selected CBIZ CPAs P.C. to audit the companys financial statements for fiscal year 2025 and requests that the shareholders ratify such selection.On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP, which was the companys prior independent registered public accounting firm. If shareholders do not ratify the selection of CBIZ CPAs P.C., the audit committee will reconsider the selection. Representatives of CBIZ CPAs P.C. are expected to be present at the 2025 annual meeting of shareholders and will be accorded the opportunity to make a statement, if they so desire, and to respond to appropriate questions. The following table provides information relating to the fees that Marcum LLPhas billed to the company for the past two fiscal years. Fiscal Year 2024 2023 Audit Fees $ 232,780 $ 220,420 Audit-Related Fees - - Tax Fees - - All Other Fees(1) 10,150 - Total $ 242,930 $ 220,420 (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). All decisions regarding selection of independent accounting firms and approval of accounting services and fees are made by our audit committee in accordance with the Sarbanes-Oxley Act of 2002. Pursuant to the audit committee charter and applicable law, the audit committee preapproves all auditing services and permitted nonaudit services to be performed for the company by CBIZ CPAs P.C., subject to de minimus exceptions permitted by applicable law. The audit committee may also preapprove audit and permitted nonaudit services pursuant to preapproval policies and procedures established by the audit committee as long as such policies and procedures are detailed as to the particular service and do not include delegation of the audit committees responsibilities to management. In accordance with this policy, the audit committee preapproved all services provided by the companys independent accounting firm for fiscal year2024. 25 Table of Contents AUDIT COMMITTEE REPORT Management is responsible for our internal controls and financial reporting process. Our independent registered public accounting firm is responsible for performing an independent audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). It is the audit committees responsibility to monitor and oversee these processes. In connection with these responsibilities, the audit committee met with management and representatives of the independent accounting firm to review and discuss the audited financial statements for fiscal year 2024. The audit committee also discussed with the independent accounting firm the matters required by Auditing Standard No.1301. The audit committee also received written disclosures from the independent accounting firm mandated by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accounting firms communications with the audit committee concerning independence, and the audit committee discussed with the independent accounting firm that firms independence. Based on the audit committees discussions with management and representatives of the independent accounting firm, and the audit committees review of the representations of management and the independent accounting firm, the audit committee recommended that the board of directors include the audited financial statements of Hennessy Advisors, Inc. in its annual report on Form10K for the fiscal year ended September30, 2024, filed with the SEC. Kiera Newton, Chair Henry Hansel Thomas L. Seavey The preceding report shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. 26 Table of Contents ADDITIONAL INFORMATION Deadlines for Submissions of Proxy Proposals, Proposals for Director Nominations or Other Business, and Recommendations for Potential Director Nominees Proposals to Be Considered for Inclusion in the Companys Proxy Materials (Rule14a8) SEC regulations permit shareholders to submit proposals for inclusion in our proxy statement if the shareholder and the proposal meet the requirements specified in Rule14a8 under the Exchange Act. Any such shareholder proposals for the 2026 annual meeting of shareholders must be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date we released this proxy statement to our shareholders). Proposals for Director Nominations or Other Business Apart from shareholder proposals pursuant to Rule14a8 under the Exchange Act, our bylaws require that any shareholder who intends to propose a director nomination or propose other business at an annual meeting must give advance written notice that contains certain required information to our corporate secretary. We must receive the required written notice at our principal executive offices no later than 90 days, and no earlier than 120 days, before the first anniversary of the previous years annual meeting. Accordingly, for the 2026 annual meeting of shareholders, written notice must be received by the corporate secretary between the close of business on October 16, 2025, and the close of business on November 15, 2025. Shareholders who intend to solicit proxies in support of director nominees other than the Companys nominees pursuant to the universal proxy rules must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than November 15, 2025. However, as provided in our bylaws, different deadlines would apply if the 2026 annual meeting of shareholders were to be called for a date that is more than 30 days before or more than 60 days after the anniversary date of the 2025 annual meeting of shareholders. Such notices must comply with the procedural and content requirements of our bylaws and the Exchange Act, as applicable. We will not entertain any proposals of director nominations or other business at the 2026 annual meeting of shareholders that do not meet the requirements set forth in our bylaws and the Exchange Act, as applicable. Further, if the shareholder making the proposal does not also comply with the requirements of Rule14a4(c)(2) under the Exchange Act, the individuals designated as proxy agents for such annual meeting may use their discretionary voting authority when and if the matter is raised at the annual meeting. A copy of our bylaws specifying the advance notice requirements for proposing director nominations or other business has been filed with the SEC and is available at www.sec.gov. Recommendations for Potential Director Nominees The nominating committee considers recommendations for potential director nominees from many sources, including members of the board, advisors, and shareholders. The nominating committee uses the same process to evaluate director nominees recommended by shareholders as it does to evaluate director nominees identified by other sources. To be a valid submission for recommendation to the nominating committee for a potential director nominee for the 2026 annual meeting of shareholders, the form of recommendation must be addressed to the nominating committee, be received at our principal executive offices no later than August29, 2025 (which is 120 calendar days prior to the anniversary of the date on which we released this proxy statement to our shareholders), and include all of the same information that our bylaws require for any director nominations proposed to be presented at the annual meeting. 27 Table of Contents Address for Submissions Any submission described above must be made in writing to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite200, Novato, CA 94945. In each case, the mailing envelope should contain a clear notation indicating that the enclosed letter is a Proxy Proposal (Rule14a8), Notice of Nomination of Director or Other Business, or Shareholder Recommendation for Director. Communications with the Board of Directors Shareholders who wish to communicate with the board of directors or with a particular director may send a letter to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250 Redwood Boulevard, Suite 200, Novato, California 94945. The mailing envelope should contain a clear notation indicating that the enclosed letter is a Shareholder-Board Communication or Shareholder-Director Communication. All such letters should identify the author as a shareholder and clearly state whether the intended recipients are all members of the board or just certain specified individual directors. Our corporate secretary will make copies of all such letters and circulate them to the appropriate director or directors. Commercial advertisements or other forms of solicitation will not be forwarded. Annual Report A copy of our annual report on Form 10-K for the fiscal year ended September30, 2024, accompanies this proxy statement. The Form 10-K is posted on our website at www.hennessyadvisors.com. We will provide a copy of the Form 10-K without exhibits to each person who is a record or beneficial holder of shares of common stock on the record date for the annual meeting, and we will provide a copy of the exhibits without charge to any such person who submits a written request for it. Requests for copies of the Form 10-K or exhibits should be addressed to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945. Multiple Shareholders with the Same Address Pursuant to the rules of the Exchange Act, services that deliver our communications to shareholders that hold their stock through a broker may deliver a single copy of our annual report on Form 10-K and proxy statement to multiple shareholders who share the same address unless one or more of such shareholders have provided contrary instructions. This procedure, referred to as householding, reduces the volume of duplicate materials shareholders receive and reduces mailing expenses. You may revoke your consent to future householding mailings or may enroll in householding by contacting your broker. If you would like to receive a separate copy of this proxy statement and our annual report on Form10K for the fiscal year ended September30, 2024, please submit a written request to our corporate secretary, TeresaM. Nilsen, at Hennessy Advisors, Inc., 7250Redwood Boulevard, Suite200, Novato, California 94945, or call 18009664354, and we will promptly deliver them to you. Cost of Proxy Solicitation We bear the cost of soliciting proxies. We may reimburse brokers and other persons holding stock in their names for their expenses for sending proxy material to beneficial owners and obtaining their proxies. Our directors, officers, and other employees, without additional compensation, may solicit proxies in writing, by phone, by email, or otherwise. 28 Table of Contents Other Matters The board of directors does not know of any other matters to come before the annual meeting. However, if any other matters properly come before the annual meeting, the proxy agents intend to vote in accordance with their best judgment on such matters. If any other matter should come before the annual meeting, action on the matter will be approved if the number of votes cast in favor of the matter exceeds the number opposed. PLEASE SPECIFY YOUR CHOICES AND DATE, SIGN, AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED ENVELOPE, FOR WHICH POSTAGE HAS BEEN PROVIDED. YOUR PROMPT RESPONSE IS APPRECIATED. By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and Secretary December27, 2024 29 Table of Contents Table of Contents Equals Compensation Actually Paid ($) 2024 PEO 1,058,774 (201,728 ) 196,015 53,973 25,733 1,132,767 Non-PEO NEOs 1,114,942 (109,909 ) 160,195 44,112 21,032 1,230,371 2023 PEO 852,303 (133,763 ) 131,202 (65,126 ) (43,903 ) 740,713 Non-PEO NEOs 715,546 (94,155 ) 92,352 (53,238 ) (35,889 ) 624,616 2022 PEO 919,240 (141,750 ) 136,553 (32,327 ) (23,586 ) 858,129 Non-PEO NEOs 778,168 (99,747 ) 96,090 (22,749 ) (16,409 ) 735,353 PEO (201,728 ) Non-PEO NEOs (109,909 ) PEO (133,763 ) (65,126 ) (43,903 ) Non-PEO NEOs (94,155 ) (53,238 ) (35,889 ) PEO (141,750 ) (32,327 ) (23,586 ) Non-PEO NEOs (99,747 ) (22,749 ) (16,409 ) (3) Cumulative total shareholder return of the Company assuming an initial investment of $100 on September30, 2021, and reinvestment of dividends. Fiscal Year Audit Fees $ $ Audit-Related Fees Tax Fees All Other Fees(1) Total $ $ (1) The amounts included in All Other Feesrelate to fees that Marcum LLP billed the company in connection with the companys update to Registration Statement on Form S-3 ($5,000) and the companys update to Registration Statement on Form S-8 ($5,150). Kiera Newton, Chair Henry Hansel Thomas L. Seavey By order of the Board of Directors, Teresa M. Nilsen President, Chief Operating Officer, and SecretaryTeresa M. Nilsen President, Chief Operating Officer, and Secretary