THIS AGREEMENT is made as of the ____ day of _______________, 2001 (the "Effective Date"), between:
HENNESSY ADVISORS, INC.
750 Grant Avenue, Suite 100
Novato, California 94945-7024
NEIL J. HENNESSY
WHEREAS, the Company desires to retain the services of the Employee, and the Employee desires to be
employed by the Company in accordance with the terms and conditions set forth in this Agreement;
NOW, THEREFORE, in consideration of the covenants and agreements set forth herein, the parties hereto,
intending to be legally bound, hereby agree as follows:
1. Employment and Duties.
(a) The Company hereby employs the Employee and the Employee hereby accepts such employment by the
Company, upon the terms and conditions contained in this Agreement. The Employee shall have such duties and
responsibilities as may be from time to time reasonably designated by the Company's Board of Directors. The
Employee shall perform his duties in a conscientious, reasonable and competent manner, shall devote his best
efforts, skill and abilities to promote the Company's interests, and shall devote his full time and attention to the
performance of his duties. The Employee shall initially serve in the capacity of Chairman of the Board and Chief
Executive Officer and President of the Company and as Chief Investment Officer and Portfolio Manager for the
Company's mutual funds and shall at all times discharge his duties as an officer and employee of the Company
subject to the direction of the Company's Board of Directors (the "Board").
(b) Until such time as Employee's duties and responsibilities are changed in writing by the Board of Directors of
the Company, Employee's responsibilities shall include without limitation:
(i) Managing or overseeing the management of the Company's mutual funds;
(ii) Attracting mutual fund accounts, attracting or managing accounts for high net worth individuals or retirement
accounts or otherwise gener