Boardroom Alpha
Start trial
10-K primary document
HNNA · Annual Report (Form 10-K) · Filed December 3, 2025

Hennessy Advisors Inc — 10-K exhibit

ex_872087.htm
Hennessy Advisors Inc on Boardroom Alpha
ex_872087.htm

Exhibit 10.18

 

SECOND AMENDMENT TO SUB-ADVISORY AGREEMENT

 

THIS SECOND AMENDMENT TO SUB-ADVISORY AGREEMENT (this “Amendment”) is effective as of May 12, 2025, by and between Hennessy Advisors, Inc., a California corporation (the “Adviser”), and Stance Capital, LLC, a Massachusetts limited liability company (the “Sub‑Adviser”).

 

RECITALS

 

WHEREAS, the Adviser and the Sub-Adviser are parties to that certain Sub-Advisory Agreement dated December 19, 2022, as amended from time to time (as so amended, the “Agreement”); and

 

WHEREAS, the parties desire to amend the Agreement as described herein.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements herein set forth, the parties hereto agree as follows:

 

1.    Amendments. Schedule A to the Agreement hereby is deleted in its entirety and replaced with Schedule A attached hereto, as the same may be amended from time to time.

 

2.    Miscellaneous.

 

a.    Except as amended hereby, the Agreement shall remain in full force and effect.

 

b.    This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

* * *

 

(Signature page follows.)

 

 
 

 

IN WITNESS WHEREOF, each party hereto has caused this Amendment to be executed by its duly authorized officer as of the date and year first above written.   

      

HENNESSY ADVISORS, INC.

 

 

By: /s/Teresa M. Nilsen                     

Teresa M. Nilsen

President

STANCE CAPITAL, LLC

 

 

By: William H. Davis                                  

William H. Davis

Managing Member

 

Signature Page to Second Amendment to Sub‑Advisory Agreement

 

 

SCHEDULE A

(as of May 12, 2025)

 

Name of Fund

Sub‑Advisory Fee per Annum
(as a % of average daily net assets)
   

Hennessy Sustainable ETF

0.40% up to $125 million

0.37% over $125 million up to $250 million

0.35% in excess of $250 million

 

 

Schedule A

Disclaimer

The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but Boardroom Alpha cannot guarantee its accuracy and completeness, and that of the opinions based thereon.

This report contains opinions and is provided for informational purposes only – it does not constitute investment, legal or tax advice. You should not rely solely upon the research herein for purposes of transacting securities or other investments, and you are encouraged to conduct your own research and due diligence, and to seek the advice of a qualified securities professional before you make any investment.

None of the information contained in this report constitutes, or is intended to constitute a recommendation by Boardroom Alpha of any particular security or trading strategy or a determination by Boardroom Alpha that any security or trading strategy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person.

No representation or warranty, expressed or implied, is made on behalf of Boardroom Alpha as to the accuracy or completeness of the information contained herein. Boardroom Alpha does not accept any liability for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on all or any part of this research and any liability is expressly disclaimed.

Full disclaimer