<SEC-DOCUMENT>0001144204-13-051454.txt : 20130918
<SEC-HEADER>0001144204-13-051454.hdr.sgml : 20130918
<ACCEPTANCE-DATETIME>20130918172157
ACCESSION NUMBER:		0001144204-13-051454
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20130916
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130918
DATE AS OF CHANGE:		20130918

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HENNESSY ADVISORS INC
		CENTRAL INDEX KEY:			0001145255
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		IRS NUMBER:				680176227
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-49872
		FILM NUMBER:		131104170

	BUSINESS ADDRESS:	
		STREET 1:		7250 REDWOOD BLVD.
		STREET 2:		SUITE 200
		CITY:			NOVATO
		STATE:			CA
		ZIP:			94945
		BUSINESS PHONE:		415-899-1555

	MAIL ADDRESS:	
		STREET 1:		7250 REDWOOD BLVD.
		STREET 2:		SUITE 200
		CITY:			NOVATO
		STATE:			CA
		ZIP:			94945
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v355386_8k.htm
<DESCRIPTION>8-K
<TEXT>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT STYLE="font-size: 10pt">Washington, DC 20549</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM 8-K</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">CURRENT
REPORT</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):&#9;<U>September
16, 2013</U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">HENNESSY ADVISORS, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

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<tr style="vertical-align: top">
    <TD STYLE="width: 33%; padding: 0; text-align: center"><b>California</b></td>
    <TD STYLE="width: 34%; padding: 0; text-align: center"><b>000-49872</b></td>
    <TD STYLE="width: 33%; padding: 0; text-align: center"><b>68-0176227</b></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">(State or other jurisdiction<br>
of incorporation)</td>
    <TD STYLE="padding: 0; text-align: center">(Commission<br>
File Number)</td>
    <TD STYLE="padding: 0; text-align: center">(IRS Employer<br>
Identification No.)</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD STYLE="width: 67%; padding: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>7250 Redwood Blvd., Suite 200</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Novato, California</b></P></td>
    <TD STYLE="width: 33%; padding: 0; text-align: center"><b>94945</b></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">(Address of principal executive offices)</td>
    <TD STYLE="padding: 0; text-align: center">(Zip Code)</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number including
area code:&#9;<B>(415) 899-1555</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not Applicable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings 2">&pound;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230 .425)</TD>
</TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings 2">&pound;</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings 2">&pound;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings 2">&pound;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item 5.02</B></TD><TD STYLE="text-align: justify"><B>Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.95in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On September 16, 2013,
the Compensation Committee of the Board of Directors of Hennessy Advisors, Inc. (the &ldquo;<U>Company</U>&rdquo;) finalized
a grant of restricted stock units (&ldquo;<U>RSUs</U>&rdquo;) to the  Company&rsquo;s named executive officers under the
Hennessy Advisors, Inc. 2013 Omnibus Incentive Plan (the &ldquo;<U>Plan</U>&rdquo;), which are subject to vesting as
described below. The RSUs are evidenced by a form of Restricted Stock Unit Award Agreement, which, together with the Plan,
set forth the terms and conditions of the RSUs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth the RSUs
granted to the Company&rsquo;s named executive officers:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 63%; border-collapse: collapse; margin-left: 0.5in">
<tr>
    <TD STYLE="width: 20%">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</td>
    <TD STYLE="width: 25%">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</td>
    <TD STYLE="width: 15%">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD NOWRAP>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid"><b>Named Executive Officer</b></P></td>
    <TD>&nbsp;</td>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid"><b>Title</b></P></td>
    <TD>&nbsp;</td>
    <td colspan="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.75pt solid"><B>Number
        of Units</B></P></td></tr>
<tr style="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><font style="font-size: 10pt">Neil J. Hennessy</font></td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: bottom"><font style="font-size: 10pt">Chairman, President and Chief Executive Officer</font></td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">10,000</font></td></tr>
<tr>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><font style="font-size: 10pt">Teresa M. Nilsen</font></td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: bottom"><font style="font-size: 10pt">Chief Financial Officer and Secretary</font></td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">15,000</font></td></tr>
<tr style="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><font style="font-size: 10pt">Daniel B. Steadman</font></td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: bottom"><font style="font-size: 10pt">Executive Vice President</font></td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">10,000</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: black">The RSUs
will be settled in shares of the Company&rsquo;s common stock at the time of vesting. <FONT STYLE="background-color: white">The
RSUs will vest 25% each year for a total vesting period of four years, so long as the named executive officers are
employees of the Company on the vesting date. The </FONT></FONT>foregoing is only a brief description of the material terms
of the RSUs granted to the Company&rsquo;s named executive officers&nbsp;as described above, does not purport to be complete
and is qualified in its entirety by reference to the Restricted Stock Unit Award Agreement, the form of which is attached as
Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference, and to the Plan, which is
incorporated herein by reference to Appendix A to the Company&rsquo;s definitive proxy statement on Schedule 14A for the
Annual Meeting of Shareholders held on January 17, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The form of Restricted Stock Unit Award
Agreement for Directors, the form of Stock Option Award Agreement for Employees and the form of Stock Option Award Agreement for
Directors under the Plan are also filed herewith as Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 9.01.&#9;Financial Statements and Exhibits.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 55%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.5in">
<tr style="vertical-align: top">
    <TD STYLE="width: 15%; padding: 0; text-align: justify; text-indent: 0in"><font style="font-size: 10pt"><u>Exhibit</u></font></td>
    <TD STYLE="width: 40%; padding: 0; text-align: left"><font style="font-size: 10pt"><u>Description</u></font></td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0in"><font style="font-size: 10pt">99.1</font></td>
    <TD STYLE="padding: 0; text-align: left"><font style="font-size: 10pt">Form of Restricted Stock Unit Award Agreement for Employees</font></td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0in"><font style="font-size: 10pt">99.2</font></td>
    <TD STYLE="padding: 0; text-align: left"><font style="font-size: 10pt">Form of Restricted Stock Unit Award Agreement for Directors</font></td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0in"><font style="font-size: 10pt">99.3</font></td>
    <TD STYLE="padding: 0; text-align: left"><font style="font-size: 10pt">Form of Stock Option Award Agreement for Employees</font></td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0in"><font style="font-size: 10pt">99.4</font></td>
    <TD STYLE="padding: 0; text-align: left"><font style="font-size: 10pt">Form of Stock Option Award Agreement for Directors</font></td></tr>
</table>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">signatures</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0; text-align: justify">&nbsp;</td>
    <TD STYLE="width: 50%; padding: 0; text-align: justify"><font style="font-size: 10pt"><b>HENNESSY ADVISORS, INC.</b></font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify">&nbsp;</td>
    <TD STYLE="padding: 0; text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify">&nbsp;</td>
    <TD STYLE="padding: 0; text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify">&nbsp;</td>
    <TD STYLE="padding: 0; text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify"><font style="font-size: 10pt">September 18, 2013</font></td>
    <TD STYLE="padding: 0; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT> <U>&nbsp;/s/
    <FONT STYLE="font-size: 10pt">Neil J. Hennessy</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</td>
    <TD STYLE="padding: 0 0 0 0.25in"><font style="font-size: 10pt">Neil J. Hennessy</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</td>
    <TD STYLE="padding: 0 0 0 0.25in"><font style="font-size: 10pt">President</font></td></tr>
</table>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>Exhibit
Index</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 15%; padding: 0; text-align: justify; text-indent: 0in"><font style="font-size: 10pt"><u>Exhibit</u></font></td>
    <TD STYLE="width: 85%; padding: 0; text-align: left"><font style="font-size: 10pt"><u>Description</u></font></td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0in"><font style="font-size: 10pt">99.1</font></td>
    <TD STYLE="padding: 0; text-align: left"><font style="font-size: 10pt">Form of Restricted Stock Unit Award Agreement for Employees</font></td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0in"><font style="font-size: 10pt">99.2</font></td>
    <TD STYLE="padding: 0; text-align: left"><font style="font-size: 10pt">Form of Restricted Stock Unit Award Agreement for Directors</font></td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0in"><font style="font-size: 10pt">99.3</font></td>
    <TD STYLE="padding: 0; text-align: left"><font style="font-size: 10pt">Form of Stock Option Award Agreement for Employees</font></td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0in"><font style="font-size: 10pt">99.4</font></td>
    <TD STYLE="padding: 0; text-align: left"><font style="font-size: 10pt">Form of Stock Option Award Agreement for Directors</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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</HTML>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v355386_ex99-1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal"><U>Exhibit
99.1</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"><U>Form
of Restricted Stock Unit Award Agreement for Employees</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">HENNESSY
ADVISORS, INC.<BR>
2013 OMNIBUS INCENTIVE PLAN<BR>
RESTRICTED stock UNIT AWARD AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 10%"><FONT STYLE="color: black">[Name]</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 88%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: black">[Address]</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: black">[Telephone]:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: black">(_____) ______-______</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear __________________:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You have been granted an award of restricted stock units of
Hennessy Advisors, Inc. (the &ldquo;<U>Company</U>&rdquo;) under the Hennessy Advisors, Inc. 2013 Omnibus Incentive Plan (the &ldquo;<U>Plan</U>&rdquo;)
and this Restricted Stock Unit Award Agreement (this &ldquo;<U>Agreement</U>&rdquo;). Capitalized terms used herein and not defined
have the meaning given to them in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="color: black">Grant Date:</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 78%"><FONT STYLE="color: black">_______________, 20__</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 20%"><FONT STYLE="color: black">Number of Restricted Stock Units:</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 78%"><FONT STYLE="color: black">______________ (_______) Units</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="color: black">Vesting Schedule:</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="color: black">&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 78%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Your Restricted Stock Units shall vest as
        follows:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font: 10pt Marlett">i</FONT>&nbsp;&nbsp;&nbsp;&nbsp;Twenty-five
        percent (25%) of your Restricted Stock Units will vest on each of the first four anniversaries of the Grant Date, provided you
        are employed by the Company or an Affiliate on the applicable vesting date.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font: 10pt Marlett">i</FONT>&nbsp;&nbsp;&nbsp;&nbsp;If
        your employment terminates as a result of death, Disability or Retirement at a time when the Company could not terminate you for
        Cause, any unvested Restricted Stock Units will become fully vested on such date of termination.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font: 10pt Marlett">i</FONT>&nbsp;&nbsp;&nbsp;&nbsp;Upon
        any other termination of employment prior to the date the Restricted Stock Units are vested, the Restricted Stock Units will be
        immediately forfeited.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="color: black">Issuance of Certificates:</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 78%"><FONT STYLE="color: black">As soon as practicable after your Restricted Stock Units vest, the Company will issue in your name certificate(s) for a number of Shares equal to the number of Restricted Stock Units that have vested.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Transferability of Shares:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">By accepting this Agreement, you agree not to sell any Shares acquired under this Agreement at a time when applicable laws, Company policies or an agreement between the Company and its underwriters prohibit a sale.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 20%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 78%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Rights as Shareholder:</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">You will not be deemed for any purposes to be a shareholder of the Company with respect to any of the Restricted Stock Units unless and until a stock certificate is issued therefor upon vesting of the units.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: black">Transferability of Award:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">You may not transfer or assign this Agreement for any reason, other than under your will or as required by intestate laws. Any attempted transfer or assignment will be null and void.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: black">Change of Control:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">Upon a Change of Control, all Restricted Stock Units shall become vested in full provided you are an employee of the Company or an Affiliate on the date of such Change of Control. The remaining terms of the Agreement shall remain in effect without change.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: black">Tax Withholding:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">To the extent that the vesting of the Restricted Stock Units results in income to you for Federal, state or local income tax purposes, you shall deliver to the Company at the time the Company is obligated to withhold taxes such amount as the Company requires to meet its withholding obligation, and if you fail to do so, the Company has the right and authority to deduct or withhold from other compensation payable to you an amount sufficient to satisfy its withholding obligations. You may satisfy the withholding requirement, in whole or in part, by electing to have the Company withhold for its own account that number of Shares otherwise deliverable to you upon vesting having an aggregate Fair Market Value on the date the tax is to be determined equal to no more than the minimum statutory total tax that the Company must withhold in connection with the vesting of the Restricted Stock Units. Your election must be irrevocable, in writing, and submitted to the Secretary of the Company before the applicable vesting date. The Fair Market Value of any fractional Share not used to satisfy the withholding obligation (as determined on the date the tax is determined) will be paid to you in cash.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: black">Recoupment; Rescission of Exercise:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Company determines that recoupment of incentive
compensation paid to or otherwise received by you pursuant to your Restricted Stock Units is required under any law or any recoupment
policy of the Company, then your Restricted Stock Units will terminate immediately on the date of such determination to the extent
required by such law or recoupment policy, any prior vesting of such Restricted Stock Units may be deemed to be rescinded and
the Company may recoup any such incentive compensation in accordance with such recoupment policy or as required by law. The Company
shall have the right to offset against any amounts due from the Company to you the amount owed by you hereunder and any withholding
amount tendered by you with respect to any such incentive compensation.&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 78%">In addition, if (i) the Company or an Affiliate terminates you for Cause, (ii) you terminate your employment or service at a time when you could be terminated for Cause, or (iii) your termination is not for Cause, but the Administrator later determines that you could have been terminated for Cause if all of the facts had been known at the time of termination of employment or service, then any Restricted Stock Units that became vested during the period beginning six months prior to such termination and ending on the date of your termination may be rescinded by the Company within two years of such termination of employment or service by written notice to you at your last address on file with the Company. In the event of any such rescission, you shall pay to the Company the amount of any gain realized or payment received as a result of the rescinded Restricted Stock Units in such manner and on such terms and conditions as may be required, and the Company shall be entitled to offset against any amounts due from the Company to you the amount owed by you hereunder and any withholding amount tendered by you with respect to such Restricted Stock Units.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: black">Miscellaneous:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font: 10pt Marlett; color: black">i</FONT>&nbsp;&nbsp;&nbsp;&nbsp;The
        existence of this Agreement shall not affect in any way the right or power of the Company or its shareholders to make or authorize
        any or all adjustments, recapitalizations, reorganizations or other changes in the Company&rsquo;s capital structure or its business,
        or any merger or consolidation of the Company, or any issuance of bonds, debentures, preferred or prior preference stock senior
        to or affecting the common stock of the Company or the rights thereof, or dissolution or liquidation of the Company, or any sale
        or transfer of all or any part of the Company&rsquo;s assets or business or any other corporate act or proceeding, whether of a
        similar character or otherwise.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font: 10pt Marlett">i</FONT>&nbsp;&nbsp;&nbsp;&nbsp;As
        a condition of the granting of the Restricted Stock Units, you agree, for yourself and your legal representatives or guardians,
        that this Agreement shall be interpreted by the Administrator and that any interpretation by the Administrator of the terms of
        this Agreement and any determination made by the Administrator pursuant to this Agreement shall be final, binding and conclusive.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font: 10pt Marlett; color: black">i</FONT>&nbsp;&nbsp;&nbsp;&nbsp;This
        Agreement may be amended only by written consent signed by both you and the Company, unless the amendment is not to your detriment.
        Notwithstanding the foregoing, this Agreement may be amended without your consent in accordance with the provisions of the Plan<FONT STYLE="color: black">.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font: 10pt Marlett">i</FONT>&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement may be executed in counterparts.&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Agreement is granted under and governed by the terms and
conditions of the Plan. Additional provisions regarding this Agreement can be found in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[The remainder of this page is intentionally
left blank.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>By signing below and accepting this Restricted Stock Unit
Award Agreement, you agree to all of the terms and conditions described herein and in the Plan. You also acknowledge receipt of
the Plan and the Prospectus describing the Plan.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 48%; border-bottom: windowtext 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 49%; border-bottom: windowtext 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: black">Authorized Officer</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: black">Recipient</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>v355386_ex99-2.htm
<DESCRIPTION>EX-99.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Exhibit 99.2</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Form of Restricted Stock Unit Award Agreement
for Directors</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">HENNESSY
ADVISORS, INC.<BR>
2013 OMNIBUS Incentive PLAN<BR>
RESTRICTED stock UNIT AWARD AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 10%"><FONT STYLE="color: black">[Name]</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%"><FONT STYLE="color: black">&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 88%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: black">[Address]</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: black">&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: black">[Telephone]:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: black">&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: black">(____) ______-______</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear ___________________:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You have been granted an award of restricted stock units of
Hennessy Advisors, Inc. (the &ldquo;<U>Company</U>&rdquo;) under the Hennessy Advisors, Inc. 2013 Omnibus Incentive Plan (the &ldquo;<U>Plan</U>&rdquo;)
and this Restricted Stock Award Agreement (this &ldquo;<U>Agreement</U>&rdquo;). Capitalized terms used herein and not defined
have the meaning given to them in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="color: black">Grant Date:</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 78%"><FONT STYLE="color: black">_________________, 20__</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: black">Number of Restricted Stock Units:</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: black">____________________ (_________) Units</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: black">Vesting Schedule:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4pt; text-indent: 0in">Your Restricted Stock Units shall
        vest as follows:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4pt; text-indent: 0in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.4pt; text-indent: -22.5pt"><FONT STYLE="font: 10pt Marlett">i</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Twenty-five
        percent (25%) of your Restricted Stock Units will vest on each of the first four anniversaries of the Grant Date, provided you
        are serving on the Board of Directors of the Company on the applicable vesting date.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.4pt; text-indent: -22.5pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.4pt; text-indent: -22.5pt"><FONT STYLE="font: 10pt Marlett">i</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
        your service as a Board member terminates as a result of death, Disability or Retirement, any unvested Restricted Stock Units will
        become fully vested on such date of termination.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.4pt; text-indent: -22.5pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.4pt; text-indent: -22.3pt"><FONT STYLE="font: 10pt Marlett">i</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
        any other termination of service from the Board prior to the date the Restricted Stock Units are vested, the Restricted Stock Units
        will be immediately forfeited.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: black">Issuance of Certificates:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>As soon as practicable after your Restricted Stock Units vest, the Company will issue in your name certificate(s) for a number of Shares equal to the number of Restricted Stock Units that have vested.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Transferability of <FONT STYLE="color: black">Shares:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">By accepting this Agreement, you agree not to sell any Shares acquired under this Agreement at a time when applicable laws, Company policies or an agreement between the Company and its underwriters prohibit a sale.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="color: black">Rights as Shareholder:</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 78%">You will not be deemed for any purposes to be a shareholder of the Company with respect to any of the Restricted Stock Units unless and until a stock certificate is issued therefor upon vesting of the units.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: black">Transferability of Award:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">You may not transfer or assign this Agreement for any reason, other than under your will or as required by intestate laws. Any attempted transfer or assignment will be null and void.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: black">Change of Control:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">Upon a Change of Control, all Restricted Stock Units shall become vested in full provided you are a member of the Board on the date of such Change of Control. The remaining terms of the Agreement shall remain in effect without change.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: black">Recoupment; Rescission of Exercise:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>If the Company determines that recoupment of incentive compensation paid to or otherwise received by you pursuant to your Restricted Stock Units is required under any law or any recoupment policy of the Company, then your Restricted Stock Units will terminate immediately on the date of such determination to the extent required by such law or recoupment policy, any prior vesting of such Restricted Stock Units may be deemed to be rescinded and the Company may recoup any such incentive compensation in accordance with such recoupment policy or as required by law.&nbsp;&nbsp;The Company shall have the right to offset against any amounts due from the Company to you the amount owed by you hereunder and any withholding amount tendered by you with respect to any such incentive compensation.&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: black">Miscellaneous:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font: 10pt Marlett">i</FONT>&nbsp;&nbsp;&nbsp;&nbsp;The
        existence of this Agreement shall not affect in any way the right or power of the Company or its shareholders to make or authorize
        any or all adjustments, recapitalizations, reorganizations or other changes in the Company&rsquo;s capital structure or its business,
        or any merger or consolidation of the Company, or any issuance of bonds, debentures, preferred or prior preference stock senior
        to or affecting the common stock of the Company or the rights thereof, or dissolution or liquidation of the Company, or any sale
        or transfer of all or any part of the Company&rsquo;s assets or business or any other corporate act or proceeding, whether of a
        similar character or otherwise.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font: 10pt Marlett">i</FONT>&nbsp;&nbsp;&nbsp;&nbsp;As
        a condition of the granting of the Restricted Stock Units, you agree, for yourself and your legal representatives or guardians,
        that this Agreement shall be interpreted by the Administrator and that any interpretation by the Administrator of the terms of
        this Agreement and any determination made by the Administrator pursuant to this Agreement shall be final, binding and conclusive.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font: 10pt Marlett; color: black">i</FONT>&nbsp;&nbsp;&nbsp;&nbsp;This
        Agreement may be amended only by written consent signed by both you and the Company, unless the amendment is not to your detriment.
        Notwithstanding the foregoing, this Agreement may be amended without your consent in accordance with the provisions of the Plan<FONT STYLE="color: black">.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font: 10pt Marlett; color: black">i</FONT>&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement may be executed in counterparts.&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Agreement is granted under and governed by the terms and
conditions of the Plan. Additional provisions regarding this Agreement can be found in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[The remainder of this page is intentionally
left blank.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>By signing below and accepting this Restricted Stock Unit
Award Agreement, you agree to all of the terms and conditions described herein and in the Plan. You also acknowledge receipt of
the Plan and the Prospectus describing the Plan.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 50%; border-bottom: windowtext 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 46%; border-bottom: windowtext 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: black">Authorized Officer</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: black">Recipient</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>v355386_ex99-3.htm
<DESCRIPTION>EX-99.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal"><U>Exhibit
99.3</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"><U>Form
of Stock Option Award Agreement for Employees</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">HENNESSY
ADVISORS, INC.<BR>
2013 OMNIBUS INCENTIVE PLAN<BR>
STOCK OPTION AWARD AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 10%"><FONT STYLE="color: black">[Name]</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 88%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: black">[Address]</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: black">[Telephone]:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: black">(_____) ______-______</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear __________________:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You have been granted an option (your &ldquo;<U>Option</U>&rdquo;)
to purchase shares of common stock of Hennessy Advisors, Inc. (the &ldquo;<U>Company</U>&rdquo;) under the Hennessy Advisors, Inc.
2013 Omnibus Incentive Plan (the &ldquo;<U>Plan</U>&rdquo;) and this Stock Option Award Agreement (this &ldquo;<U>Agreement</U>&rdquo;).
Capitalized terms used herein and not defined have the meaning given to them in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="color: black">Grant Date:</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 78%"><FONT STYLE="color: black">_______________, 20__</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Type of Option:</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">[&nbsp;&nbsp;]
        Incentive Stock Option</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">[&nbsp;&nbsp;]
        Nonqualified Stock Option</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: black">Number of Option Shares:</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: black">______________ (_______) Shares</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: black">Exercise Price per Share:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>U.S. $[__.__]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: black">Vesting Schedule:</FONT></TD>
    <TD><FONT STYLE="color: black">&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: black">Your Option is fully vested on the Grant Date.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="color: black">Termination Date:</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 78%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Your Option expires at, and cannot be exercised after, the close
        of business at the Company&rsquo;s headquarters on the earliest to occur of:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font: 10pt Marlett">i</FONT>&nbsp;&nbsp;&nbsp;The
        tenth (10<SUP>th</SUP>) anniversary of the Grant Date;<SUP>1</SUP></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font: 10pt Marlett">i</FONT>&nbsp;&nbsp;&nbsp;90
        days after your termination of employment or service if such termination is not due to death or Disability;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font: 10pt Marlett">i</FONT>&nbsp;&nbsp;&nbsp;180
        days after your termination of employment or service if such termination is due to death or Disability; or</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font: 10pt Marlett">i</FONT>&nbsp;&nbsp;&nbsp;The
        tenth (10<SUP>th</SUP>) anniversary of the Grant Date if your termination of employment or service is due to Retirement.<SUP>2</SUP></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><SUP>1</SUP> In the event of an Incentive
Stock Option grant to a person who owns more than 10% of the total combined voting power of all classes of stock then-issued by
the Company (a &ldquo;<U>Section 16 Participant</U>&rdquo;), this bullet point shall be revised to read &ldquo;The fifth (5<SUP>th</SUP>)
anniversary of the Grant Date;&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><SUP>2</SUP> In the event of an Incentive
Stock Option grant to a Section 16 Participant, this bullet point shall be revised to read &ldquo;The fifth (5<SUP>th</SUP>) anniversary
of the Grant Date if your termination of employment or service is due to Retirement.&rdquo;.</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 78%">If the date your Option terminates as specified above falls on a day on which the stock market is not open for trading, the Termination Date shall be automatically extended to the first trading day following the original Termination Date.<BR>
&nbsp;&nbsp;<BR>Your entire Option terminates immediately if the Company or an Affiliate terminates you for Cause, or if you terminate your employment or service at a time when you could be terminated for Cause. In addition, if your termination is not for Cause, but the Administrator later determines that you could have been terminated for Cause if all of the facts had been known at the time of termination of employment or service, then your Option will terminate immediately on the date of such determination. If you have submitted a notice of exercise while the Administrator is considering whether you should be (or could have been) terminated for Cause, your exercise will be suspended pending such determination. If it is determined that you are (or could have been) terminated for Cause, your Option will terminate, your notice of exercise will be rescinded and any funds previously tendered in respect of the exercise price or withholding amount will be returned to you.
</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="color: black">Manner of Exercise:</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 78%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You may exercise your Option only to the extent vested and only
        if it has not terminated. To exercise your Option, you must comply with all procedures required by the Administrator.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You may exercise your Option in whole or in part, but no exercise
        shall be for fewer than 25 Shares or all of the Shares subject to the Option, if fewer.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If someone else wants to exercise your Option after your death,
        that person must contact the Company and prove to the Company&rsquo;s satisfaction that he or she is entitled to do so.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Your ability to exercise your Option may be restricted by the
        Company if required by applicable law.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Transferability of Shares:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">By accepting this Agreement, you agree not to sell any Shares acquired under this Agreement at a time when applicable laws, Company policies or an agreement between the Company and its underwriters prohibit a sale.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="color: black">Transferability of Award:</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 78%"><FONT STYLE="color: black">You may not transfer or assign this Agreement for any reason, other than under your will or as required by intestate laws. Any attempted transfer or assignment will be null and void.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: black">Tax Withholding:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">To the extent that the exercise of your Option results in income to you for Federal, state or local income tax purposes, you shall deliver to the Company at the time the Company is obligated to withhold taxes such amount as the Company requires to meet its withholding obligation, and if you fail to do so, the Company has the right and authority to deduct or withhold from other compensation payable to you an amount sufficient to satisfy its withholding obligations. You may satisfy the withholding requirement, in whole or in part, by electing to have the Company withhold for its own account that number of Shares otherwise issuable to you upon exercise having an aggregate Fair Market Value on the date the tax is to be determined equal to no more than the minimum statutory total tax that the Company must withhold in connection with the exercise of your Option. Your election must be irrevocable, in writing, and submitted to the Secretary of the Company before the applicable vesting date. The Fair Market Value of any fractional Share not used to satisfy the withholding obligation (as determined on the date the tax is determined) will be paid to you in cash.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: black">Recoupment; Rescission of Exercise:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Company determines that recoupment of incentive compensation
        paid to or otherwise received by you pursuant to your Option is required under any law or any recoupment policy of the Company,
        then your Option will terminate immediately on the date of such determination to the extent required by such law or recoupment
        policy, any prior exercise of such Option may be deemed to be rescinded and the Company may recoup any such incentive compensation
        in accordance with such recoupment policy or as required by law. The Company shall have the right to offset against any amounts
        due from the Company to you the amount owed by you hereunder and any exercise price and withholding amount tendered by you with
        respect to any such incentive compensation.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, if (i) the Company or an Affiliate terminates you
        for Cause, (ii) you terminate your employment or service at a time when you could be terminated for Cause, or (iii) your termination
        is not for Cause, but the Administrator later determines that you could have been terminated for Cause if all of the facts had
        been known at the time of termination of employment or service, then any exercise of this Option during the period beginning six
        months prior to such termination and ending on the date of your termination (or, if later, the date the Administrator determines
        you could have been terminated for Cause) may be rescinded by the Company within two years of such termination of employment or
        service (or, if later, within two years of the Company&rsquo;s discovery of the Cause) by written notice to you at your last address
        on file with the Company. In the event of any such rescission, you shall pay to the Company the amount of any gain realized or
        payment received as a result of the rescinded exercise in such manner and on such terms and conditions as may be required, and
        the Company shall be entitled to offset against any amounts due from the Company to you the amount owed by you hereunder and any
        exercise price and withholding amount tendered by you with respect to such stock option.</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="color: black">Miscellaneous:</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 78%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font: 10pt Marlett; color: black">i</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
        existence of this Agreement shall not affect in any way the right or power of the Company or its shareholders to make or authorize
        any or all adjustments, recapitalizations, reorganizations or other changes in the Company&rsquo;s capital structure or its business,
        or any merger or consolidation of the Company, or any issuance of bonds, debentures, preferred or prior preference stock senior
        to or affecting the common stock of the Company or the rights thereof, or dissolution or liquidation of the Company, or any sale
        or transfer of all or any part of the Company&rsquo;s assets or business or any other corporate act or proceeding, whether of a
        similar character or otherwise.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font: 10pt Marlett">i</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
        a condition of the granting of your Option, you agree, for yourself and your legal representatives or guardians, that this Agreement
        shall be interpreted by the Administrator and that any interpretation by the Administrator of the terms of this Agreement and any
        determination made by the Administrator pursuant to this Agreement shall be final, binding and conclusive.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font: 10pt Marlett; color: black">i</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
        Agreement may be amended only by written consent signed by both you and the Company, unless the amendment is not to your detriment.
        Notwithstanding the foregoing, this Agreement may be amended without your consent in accordance with the provisions of the Plan<FONT STYLE="color: black">.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font: 10pt Marlett">i</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement may be executed in counterparts.&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Agreement is granted under and governed by the terms and
conditions of the Plan. Additional provisions regarding this Agreement can be found in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[The remainder of this page is intentionally
left blank.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>By signing below and accepting this Stock Option Award Agreement,
you agree to all of the terms and conditions described herein and in the Plan. You also acknowledge receipt of the Plan and the
Prospectus describing the Plan.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 48%; border-bottom: windowtext 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 49%; border-bottom: windowtext 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: black">Authorized Officer</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: black">Recipient</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>v355386_ex99-4.htm
<DESCRIPTION>EX-99.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal"><U>Exhibit
99.4</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"><U>Form
of Stock Option Award Agreement for Directors</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">HENNESSY
ADVISORS, INC.<BR>
2013 OMNIBUS INCENTIVE PLAN<BR>
STOCK OPTION AWARD AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 10%"><FONT STYLE="color: black">[Name]</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 88%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: black">[Address]</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: black">[Telephone]:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: black">(_____) ______-______</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear __________________:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You have been granted an option (your &ldquo;<U>Option</U>&rdquo;)
to purchase shares of common stock of Hennessy Advisors, Inc. (the &ldquo;<U>Company</U>&rdquo;) under the Hennessy Advisors, Inc.
2013 Omnibus Incentive Plan (the &ldquo;<U>Plan</U>&rdquo;) and this Stock Option Award Agreement (this &ldquo;<U>Agreement</U>&rdquo;).
Capitalized terms used herein and not defined have the meaning given to them in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="color: black">Grant Date:</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 78%"><FONT STYLE="color: black">_______________, 20__</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Type of Option:</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[&nbsp;&nbsp;] </FONT>
        Incentive Stock Option</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">[&nbsp;&nbsp;] Nonqualified
Stock Option</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: black">Number of Option Shares:</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: black">______________ (_______) Shares</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: black">Exercise Price per Share:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>U.S. $[__.__]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: black">Vesting Schedule:</FONT></TD>
    <TD><FONT STYLE="color: black">&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: black">Your Option is fully vested on the Grant Date.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: black">Termination Date:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Your Option expires at, and cannot be exercised after,
        the close of business at the Company&rsquo;s headquarters on the tenth (10<SUP>th</SUP>) anniversary of the Grant Date.<SUP>1</SUP></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">If the date your Option terminates as specified
        above falls on a day on which the stock market is not open for trading, the Termination Date shall be automatically extended to
        the first trading day following the original Termination Date.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Your entire Option is terminated immediately
        on the date your service as a Board member terminates for any reason.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><SUP>1</SUP> In the event of an Incentive
Stock Option grant to a person who owns more than 10% of the total combined voting power of all classes of stock then-issued by
the Company, this bullet point shall be revised to read &ldquo;The fifth (5<SUP>th</SUP>) anniversary of the Grant Date;&rdquo;.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="color: black">Manner of Exercise:</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 78%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You may exercise your Option only to the extent vested and only
        if it has not terminated. To exercise your Option, you must comply with all procedures required by the Administrator.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You may exercise your Option in whole or in part, but no exercise
        shall be for fewer than 25 Shares or all of the Shares subject to the Option, if fewer.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If someone else wants to exercise your Option after your death,
        that person must contact the Company and prove to the Company&rsquo;s satisfaction that he or she is entitled to do so.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Your ability to exercise your Option may be restricted by the
        Company if required by applicable law.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Transferability of Shares:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">By accepting this Agreement, you agree not to sell any Shares acquired under this Agreement at a time when applicable laws, Company policies or an agreement between the Company and its underwriters prohibit a sale.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: black">Transferability of Award:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">You may not transfer or assign this Agreement for any reason, other than under your will or as required by intestate laws. Any attempted transfer or assignment will be null and void.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: black">Recoupment; Rescission of Exercise:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>If the Company determines that recoupment of incentive compensation paid to or otherwise received by you pursuant to your Option is required under any law or any recoupment policy of the Company, then your Option will terminate immediately on the date of such determination to the extent required by such law or recoupment policy, any prior exercise of such Option may be deemed to be rescinded and the Company may recoup any such incentive compensation in accordance with such recoupment policy or as required by law.&nbsp;&nbsp;The Company shall have the right to offset against any amounts due from the Company to you the amount owed by you hereunder and any exercise price and withholding amount tendered by you with respect to any such incentive compensation.&nbsp;&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 78%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: black">Miscellaneous:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font: 10pt Marlett; color: black">i</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;
        </FONT>&nbsp;&nbsp;The existence of this Agreement shall not affect in any way the right or power of the Company or its shareholders to make
        or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company&rsquo;s capital structure
        or its business, or any merger or consolidation of the Company, or any issuance of bonds, debentures, preferred or prior preference
        stock senior to or affecting the common stock of the Company or the rights thereof, or dissolution or liquidation of the Company,
        or any sale or transfer of all or any part of the Company&rsquo;s assets or business or any other corporate act or proceeding,
        whether of a similar character or otherwise.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font: 10pt Marlett">i</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;
        </FONT>&nbsp;&nbsp;As a condition of the granting of your Option, you agree, for yourself and your legal representatives or guardians, that
        this Agreement shall be interpreted by the Administrator and that any interpretation by the Administrator of the terms of this
        Agreement and any determination made by the Administrator pursuant to this Agreement shall be final, binding and conclusive.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font: 10pt Marlett; color: black">i</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;
        </FONT>&nbsp;&nbsp;This Agreement may be amended only by written consent signed by both you and the Company, unless the amendment is not to
        your detriment. Notwithstanding the foregoing, this Agreement may be amended without your consent in accordance with the provisions
        of the Plan<FONT STYLE="color: black">.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font: 10pt Marlett">i</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;
</FONT>&nbsp;&nbsp;This Agreement may be executed in counterparts.&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Agreement is granted under and governed by the terms and
conditions of the Plan. Additional provisions regarding this Agreement can be found in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[The remainder of this page is intentionally
left blank.]</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>By signing below and accepting this Stock Option Award Agreement,
you agree to all of the terms and conditions described herein and in the Plan. You also acknowledge receipt of the Plan and the
Prospectus describing the Plan.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 48%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 49%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: black">Authorized Officer</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: black">Recipient</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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