Summary of HENNESSY ADVISORS INC

Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On September 3, 2009, Hennessy Advisors, Inc. ("Hennessy Advisors") and Neil J. Hennessy, the Chief Executive Officer of Hennessy Advisors, amended Mr. Hennessy's employment agreement with Hennessy Advisors (the "Amendment"). The Amendment reflects changes to the manner in which Mr. Hennessy's incentive-based bonus is calculated.

Hennessy Advisors entered into the employment agreement with Mr. Hennessy in connection with his service as Hennessy Advisors' chairman of the board of directors and chief executive officer and as chief investment officer and portfolio manager for the mutual funds managed by Hennessy Advisors, effective at the completion of Hennessy Advisors' initial public offering in February 2002. In 2006, Hennessy Advisors renewed the employment agreement for a five-year term ending in 2011, with automatic one-year renewal terms thereafter. Since 2002, Mr. Hennessy has received an annual salary of $180,000 and any other benefits that other employees receive. In addition to his base compensation, Mr. Hennessy receives an incentive-based bonus in the amount of 10% of our pre-tax profits, as computed for financial reporting purposes in accordance with accounting principles generally accepted in the United States of America, except as specified in the employment agreement. The Amendment provides that in addition to pre-tax profit being computed without regard to bonuses payable for the fiscal year, pre-tax profits are to be computed without regard to depreciation expense, amortization expense, compensation expense related to restricted stock units (or other stock-based compensation expense) and asset impairment charges.

The Amendment, dated as of September 3, 2009, between Hennessy Advisors and Mr. Hennessy is attached as Exhibit 99.1 hereto and is incorporated herein by reference.