HENNESSY ADVISORS, INC.
2001 OMNIBUS PLAN
OPTION AWARD AGREEMENT FOR KEY EMPLOYEES
THIS AGREEMENT is made and entered into as of the date set forth on the signature page hereof by and
between HENNESSY ADVISORS, INC., a California corporation ("Company"), and the Key Employee of the
Company whose signature is set forth on the signature page hereof (the "Key Employee").
W I T N E S S E T H
WHEREAS, the Company has adopted the Hennessy Advisors, Inc. 2001 Omnibus Plan ("Plan"), the terms of
which, to the extent not stated herein, are specifically incorporated by reference in this Agreement;
WHEREAS, the purpose of the Plan is to permit Awards under the Plan to be granted to certain Key Employees
of the Company and its Affiliates and to further specify the terms and conditions under which such individuals may
receive such Awards;
WHEREAS, the Key Employee is now employed or engaged by the Company or an Affiliate in a key employee
capacity and the Company desires him or her to remain in such capacity, and to secure or increase his or her
ownership of Shares in order to increase his or her incentive and personal interest in the success and growth of
the Company; and
WHEREAS, defined terms used herein and not otherwise defined herein shall have the meanings set forth in the
NOW, THEREFORE, in consideration of the premises and of the covenants and agreements herein set forth, the
parties hereby mutually covenant and agree as follows:
1. Option Grant.
(a) Grant. Subject to the terms and conditions set forth herein, the Company hereby grants to the Key Employee
an option (the "Option") to purchase from the Company all or any part of the aggregate number of Shares
(hereinafter referred to as the "Option Stock") set forth on the signature page hereof, at the purchase price per
Share set forth on the signature page hereof.
(b) Term. The Option may not be exercised prior to the Initial Exercise Date set forth on the signature page
hereof or after the Expiration Date