HENNESSY ADVISORS INC — Director's Dealing 2014

May 23, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HENNESSY ADVISORS INC (HNNA)
CIK: 0001145255
Period of Report: 2014-05-21

Reporting Person: OFFENBACH RODGER (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-05-21	Common Stock	M	25313	$7.11	Acquired	84271	Direct
2014-05-21	Common Stock	F	14228	$12.65	Disposed	70043	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-05-21	Stock Option (right to acquire)	$7.11	M	25313	Disposed	2014-11-03	Common Stock (25313)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5935	Indirect
Common Stock	4247	Indirect