EMPLOYMENT AGREEMENT
                             --------------------

     THIS AGREEMENT, made and entered into as of this ____ day of May, 2000,
by and between Stilwell Financial, Inc., a Delaware corporation ("Stilwell")
and Landon H. Rowland, an individual ("Executive") to be effective on the date
of the Spin-off Distribution (as defined below).

     WHEREAS, the parties expect that all of the issued and outstanding stock
of Stilwell will be distributed (the "Spin-off Distribution") to the
shareholders of Kansas City Southern Industries, Inc. ("KCSI") which has been
the parent of Stilwell since its formation on January 23, 1998; and

     WHEREAS, Executive previously was employed by KCSI, and Stilwell and
Executive desire for Stilwell to continue to employ Executive on the terms and
conditions set forth in this Agreement and to provide an incentive to
Executive to remain in the employ of Stilwell hereafter, particularly in the
event of any Change in Control (as herein defined) of Stilwell or any
Significant Subsidiary (as herein defined),  thereby establishing and
preserving continuity of management of Stilwell.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements
herein contained, it is agreed by and between Stilwell and Executive as
follows:

     1.     EMPLOYMENT.  Stilwell hereby employs Executive as its Chairman of
the Board, President and Chief Executive Officer to serve at the pleasure of
the Board of Directors of Stilwell (the "Stilwell Board") and to have such
duties, powers and responsibilities as may be prescribed or delegated from
time to time by the Stilwell Board, subject to the powers vested in the
Stilwell Board and in the stockholders of Stilwell.  Executive shall
faithfully perform his duties under this Agreement to the best of his ability
and shall devote substantially all of his working time and efforts to the
business and affairs of Stilwell and its affiliates.

     2.     COMPENSATION.

          (a)     BASE COMPENSATION.  Stilwell shall pay Executive as
compensation for his services hereunder an annual base salary at the rate of
$___________.  Such rate shall not be increased prior to January 1, 2003 and
shall not be reduced except as agreed by the parties or except as part of a
general salary reduction program imposed by Stilwell and applicable to all
officers of Stilwell.

          (b)     INCENTIVE COMPENSATION.  For the years 2000, 2001, and 2002,
Executive shall not be entitled to participate in any Stilwell incentive
compensation plan.

     3.     BENEFITS AND STOCK OWNERSHIP.

          (a)     BENEFITS.  During the period of his employment hereunder,
Stilwell shall provide Executive with coverage under such benefit plans and
programs as are made generally available to similarly situated employees of
Stilwell, provided (a) Stilwell shall have no obligation with respect to any
plan or program if Executive is not eligible for coverage thereunder, and (b)
Executive acknowledges that stock options and other stock and equity
participation awards are granted in the discretion of the Stilwell Board or
the Compensation Committee of the Stilwell Board and that Executive has no
right to receive stock options or other equity participation awards or any
particular number or level of stock options or other awards.  In determining
contributions, coverage and benefits under any disability insurance policy and
under any cash compensation-based plan provided to Executive by Stilwell, it
shall be assumed that the value of Executive's annual compensation, pursuant
to this Agreement is $________.  Executive acknowledges that all rights and
benefits under benefit plans and programs shall be governed by the official
text of each such plan or program and not by any summary or description
thereof or any provision of this Agreement (except to the extent this
Agreement expressly modifies such benefit plans or programs) and that Stilwell
is not under any obligation to continue in effect or to fund any such plan or
program, except as provided in Paragraph 7 hereof.  Stilwell also shall
reimburse Executive for ordinary and necessary travel and other business
expenses in accordance with policies and procedures established by Stilwell.

          (b)     STOCK OWNERSHIP.  During the period of his employment
hereunder, Executive shall retain ownership in himself or in members of his
immediate family of at least a majority of the number of shares of (i)
Stilwell stock received by Executive or members of his immediate family in the
Distribution, and (ii) Stilwell stock acquired upon the exercise of stock
options, but excluding from such number of shares any such shares transferred
to KCSI to pay the purchase price upon the exercise of stock options or to
meet withholding tax requirements.

     4.     TERMINATION.

          (a)     TERMINATION BY EXECUTIVE.  Executive may terminate this
Agreement and his employment hereunder by at least thirty (30) days advance
written notice to Stilwell, except that in the event of any material breach of
this Agreement by Stilwell, Executive may terminate this Agreement and his
employment hereunder immediately upon notice to Stilwell.

          (b)     DEATH OR DISABILITY.  This Agreement and Executive's
employment hereunder shall terminate automatically on the death or disability
of Executive, except to the extent employment is continued under Stilwell's
disability plan.  For purposes of this Agreement, Executive shall be deemed to
be disabled if he qualifies for disability benefits under Stilwell's long-term
disability plan.

          (c)     TERMINATION BY STILWELL FOR CAUSE.  Stilwell may terminate
this Agreement and Executive's employment "for cause" immediately upon notice
to Executive.  For purposes of this Agreement (except for Paragraph 7),
termination "for cause" shall mean termination based upon any one or more of
the following:

               (i)  Any material breach of this Agreement by Executive;

               (ii)  Executive's dishonesty involving Stilwell or any
     subsidiary of Stilwell;

               (iii)  Gross negligence or willful misconduct in the performance
     of Executive's duties as determined in good faith by the Stilwell Board;

               (iv)  Willful failure by Executive to follow reasonable
     instructions of the President or other officer to whom Executive reports
     concerning the operations or business of Stilwell or any subsidiary of
     Stilwell;

               (v)  Executive's fraud or criminal activity; or

               (vi)  Embezzlement or misappropriation by Executive.

          (d)     TERMINATION BY STILWELL OTHER THAN FOR CAUSE.

               (i)  Stilwell may terminate this Agreement and Executive's
     employment other than for cause immediately upon notice to Executive, and
     in such event, Stilwell shall provide severance benefits to Executive in
     accordance with Paragraph 4(d)(ii) below.

               (ii)  Unless the provisions of Paragraph 7 of this Agreement
     are applicable, if Executive's employment is terminated under Paragraph
     4(d)(i), Stilwell shall continue, for a period of ____ (__) year following
     such termination, (a) to pay to Executive as severance pay a monthly
     amount equal to one-twelfth (1/12th) of the annual base salary referenced
     in Paragraph 2(a) above, at the rate in effect immediately prior to
     termination, and, (b) to reimburse Executive for the cost (including
     state and federal income taxes payable with respect to this reimbursement)
     of continuing the health insurance coverage provided pursuant to this
     Agreement or obtaining health insurance coverage comparable to the health
     insurance provided pursuant to this Agreement, and obtaining coverage
     comparable to the life insurance provided pursuant to this Agreement,
     unless Executive is provided comparable health or life insurance coverage
     in connection with other employment.  The foregoing obligations of
     Stilwell shall continue until the end of such _______(___) year period
     notwithstanding the death or disability of Executive during said period
     (except, in the event of death, the obligation to reimburse Executive for
     the cost of life insurance shall not continue).  In the year in which
     termination of employment occurs, Executive shall be eligible to receive
     benefits under the Stilwell Incentive Compensation Plan and the Stilwell
     Executive Plan (if such Plans then are in existence and Executive was
     entitled to participate immediately prior to termination) in accordance
     with the provisions of such plans then applicable, and severance pay
     received in such year shall be taken into account for the purpose of
     determining benefits, if any, under the Stilwell Incentive Compensation
     Plan but not under the Stilwell Executive Plan.  After the year in which
     termination occurs, Executive shall not be entitled to accrue or receive
     benefits under the Stilwell Incentive Compensation Plan or the Stilwell
     Executive Plan with respect to the severance pay provided herein,
     notwithstanding that benefits under such plan then are still generally
     available to executive employees of Stilwell.  After termination of
     employment, Executive shall not be entitled to accrue or receive benefits
     under any other employee benefit plan or program, except that Executive
     shall be entitled to participate in the Stilwell Employee Stock Ownership
     Plan and the Stilwell Section 401(k) with Profit Sharing Plan Portion in
     the year of termination of employment only if Executive meets all
     requirements of such plans for participation in such year.

     5.  NON-DISCLOSURE AND NON-COMPETE.

          (a)     NON-DISCLOSURE.  During the term of this Agreement and at
all times after any termination of this Agreement, Executive shall not, either
directly or indirectly, use or disclose any Stilwell trade secret, except to
the extent necessary for Executive to perform his duties for Stilwell while an
employee.  For purposes of this Agreement, the term "Stilwell trade secret"
shall mean any information regarding the business or activities of Stilwell or
any subsidiary or affiliate, including any formula, pattern, compilation,
program, device, method, technique, process, customer list, technical
information or other confidential or proprietary information, that (a) derives
independent economic value, actual or potential, from not being generally
known to, and not being readily ascertainable by proper means by, other
persons who can obtain economic value from its disclosure or use, and (b) is
the subject of efforts of Stilwell or its subsidiary or affiliate that are
reasonable under the circumstance to maintain its secrecy.  In the event of
any breach of this Paragraph 5 by Executive, Stilwell shall be entitled to
terminate any and all remaining severance benefits under Paragraph 4(d)(ii)
and shall be entitled to pursue such other legal and equitable remedies as may
be available.

          (b)     NON-COMPETE.  Following termination of this Agreement,
except termination pursuant to Paragraph 4(d) or any termination after a
Change in Control (as herein defined of Stilwell), for a period ending three
(3) years after the last payment of salary or severance pay to Executive,
Executive shall not, directly or indirectly, as an individual, consultant,
employer, employee, officer, director, advisory director, principal, agent,
partner, member, stockholder (except non-controlling holdings of stock of not
more than 2% of a publicly traded company) or otherwise, (i) engage in a
business in competition with any business conducted by Stilwell or any
subsidiary of Stilwell at any time within five (5) years preceding the
commencement of the period of non-compete provided herein or any business
which Stilwell or any of its subsidiaries was actively considering for
ownership or conduct during the aforesaid five (5) year period, or (ii)
participate in management of any holding company owning, directly or
indirectly, more than 5% of any such business.  Executive acknowledges that
certain subsidiaries of Stilwell now conduct business throughout the United
States and in foreign countries, and agrees that this non-compete shall apply
in all countries and jurisdictions in which Stilwell or any of its
subsidiaries conduct business or was actively considering for the conduct of
business during the aforesaid five (5) year period.

     6.     DUTIES UPON TERMINATION; SURVIVAL.

          (a)     DUTIES.  Upon termination of this Agreement by Stilwell or
Executive for any reason, Executive shall immediately return to Stilwell all
Stilwell trade secrets which exist in tangible form and shall sign such
written resignations from all positions as an officer, director or member of
any committee or board of Stilwell and all direct and indirect subsidiaries
and affiliates of Stilwell as may be requested by Stilwell and shall sign such
other documents and papers relating to Executive's employment, benefits and
benefit plans as Stilwell may reasonably request.

          (b)     SURVIVAL.  The provisions of Paragraphs 5, 6(a) and 7 of
this Agreement shall survive any termination of this Agreement by Stilwell or
Executive, and the provisions of Paragraph 4(d)(ii) shall survive any
termination of this Agreement by Stilwell under Paragraph 4(d)(i).

     7.     CONTINUATION OF EMPLOYMENT UPON CHANGE IN CONTROL OF STILWELL.

          (a)     CONTINUATION OF EMPLOYMENT.  Subject to the terms and
conditions of this Paragraph 7, in the event of a Change in Control (as
defined in Paragraph 7(d)) at any time during the term of this Agreement,
Executive agrees to remain in the employ of Stilwell for a period of three
years (the "Three-Year Period") from the date of such Change in Control (the
"Control Change Date").  Stilwell agrees to continue to employ Executive for
the Three-Year Period.  During the Three-Year Period, (i) the Executive's
position (including offices, titles, reporting requirements and
responsibilities), authority and duties shall be at least commensurate in all
material respects with the most significant of those held, exercised and
assigned at any time during the 12 month period immediately before the Control
Change Date and (ii) the Executive's services shall be performed at the
location where Executive was employed immediately before the Control Change
Date or at any other location less than 40 miles from such former location.
During the Three-Year Period, Stilwell shall continue to pay to Executive an
annual base salary on the same basis and at the same intervals as in effect
prior to the Control Change Date at a rate not less than 12 times the highest
monthly base salary paid or payable to the Executive by Stilwell in respect of
the 12-month period immediately before the Control Change Date.

          (b)     BENEFITS.  During the Three-Year Period, Executive shall be
entitled to participate, on the basis of his executive position, in each of
the following Stilwell plans (together, the "Specified Benefits") in
existence, and in accordance with the terms thereof, at the Control Change
Date:

               (i)  any benefit plan, and trust fund associated therewith,
     related to (a) life, health, dental, disability, accidental death and
     dismemberment insurance or accrued but unpaid vacation time, (b) profit
     sharing, thrift or deferred savings (including deferred compensation,
     such as under Section 401(k) plans), (c) retirement or pension benefits,
     (d) ERISA excess benefits and similar plans and (e) tax favored employee
     stock ownership (such as under ESOP, and Employee Stock Purchase
     programs); and

               (ii)  any other benefit plans hereafter made generally
     available to executives of Executive's level or to the employees of
     Stilwell generally.

     In addition, Stilwell shall use its best efforts to cause all outstanding
options held by Executive under any stock option plan of Stilwell or its
affiliates to become immediately exercisable on the Control Change Date and to
the extent that such options are not vested and are subsequently forfeited,
the Executive shall receive a lump-sum cash payment within 5 days after the
options are forfeited equal to the difference between the fair market value of
the shares of stock subject to the non-vested, forfeited options determined as
of the date such options are forfeited and the exercise price for such
options.  During the Three-Year Period Executive shall be entitled to
participate, on the basis of his executive position, in any incentive
compensation plan of Stilwell in accordance with the terms thereof at the
Control Change Date; provided that if under Stilwell programs or Executive's
Employment Agreement in existence immediately prior to the Control Change
Date, there are written limitations on participation for a designated time
period in any incentive compensation plan, such limitations shall continue
after the Control Change Date to the extent so provided for prior to the
Control Change Date.

     If the amount of contributions or benefits with respect to the Specified
Benefits or any incentive compensation is determined on a discretionary basis
under the terms of the Specified Benefits or any incentive compensation plan
immediately prior to the Control Change Date, the amount of such contributions
or benefits during the Three-Year Period for each of the Specified Benefits
shall not be less than the average annual contributions or benefits for each
Specified Benefit for the three plan years ending prior to the Control Change
Date and, in the case of any incentive compensation plan, the amount of the
incentive compensation during the Three-Year Period shall not be less than 75%
of the maximum that could have been paid to the Executive under the terms of
the incentive compensation plan.

          (c)     PAYMENT.  With respect to any plan or agreement under which
Executive would be entitled at the Control Change Date to receive Specified
Benefits or incentive compensation as a general obligation of Stilwell which
has not been separately funded (including specifically, but not limited to,
those referred to under Paragraph 7(b)(i) and (ii) above), Executive shall
receive within five (5) days after such date full payment in cash (discounted
to the then present value on the basis of a rate of seven percent (7%) per
annum) of all amounts to which he is then entitled thereunder.

          (d)     CHANGE IN CONTROL.  Except as provided in the last sentence
of this Paragraph 7(d), for purposes of this Agreement, a "Change in Control"
means any one or more of the following:

               (i)  the acquisition or holding by any person, entity or group
     (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities
     Exchange Act of 1934 (the "Exchange Act"), other than by Stilwell or any
     Subsidiary (as defined below), or any employee benefit plan of Stilwell
     or a Subsidiary (and other than by KCSI prior to the Spin-off
     Distribution), of beneficial ownership (within the meaning of Rule 13d-3
     under the Exchange Act) of 20% or more of the then-outstanding common
     stock or the combined voting power of the then-outstanding voting
     securities ("Voting Power") of Stilwell; PROVIDED, HOWEVER, that no
     Change in Control shall occur solely by reason of any such acquisition by
     a corporation with respect to which, after such acquisition, more than
     60% of both the then-outstanding common shares and the then-outstanding
     Voting Power of such corporation are then beneficially owned, directly or
     indirectly, by the persons who were the beneficial owners of the then-
     outstanding common stock and Voting Power of Stilwell immediately before
     such acquisition, in substantially the same proportions as their
     respective ownership, immediately before such acquisition, of the then-
     outstanding common stock and Voting Power of Stilwell; or

               (ii)  individuals who, as of the date of the Spin-off
     Distribution, constitute the Stilwell Board (the "Incumbent Board") cease
     for any reason to constitute at least 75% of the Stilwell Board; PROVIDED
     that any individual who becomes a director after the Spin-off
     Distribution whose election or nomination for election by the
     stockholders of Stilwell was approved by at least 75% of the Incumbent
     Board (other than an election or nomination of an individual whose
     initial assumption of office is in connection with an actual or
     threatened "election contest" relating to the election of the directors
     of Stilwell (as such terms are used in Rule 14a-11 under the Exchange
     Act) or "tender offer" (as such term is used in Section 14(d) of the
     Exchange Act) or a proposed Extraordinary Transaction (as defined below))
     shall be deemed to be a member of the Incumbent Board; or

               (iii)  approval by the stockholders of Stilwell of any one or
     more of the following:

                    (A)  a merger, reorganization, consolidation or similar
          transaction (any of the foregoing, an "Extraordinary Transaction")
          with respect to which persons who were the respective beneficial
          owners of the then-outstanding common stock and Voting Power of
          Stilwell immediately before such Extraordinary Transaction would
          not, if such Extraordinary Transaction were to be consummated
          immediately after such stockholder approval (but otherwise in
          accordance with the terms presented in writing to the stockholders
          of Stilwell for their approval), beneficially own, directly or
          indirectly, more than 60% of both the then-outstanding common shares
          and the then-outstanding Voting Power of the corporation resulting
          from such Extraordinary Transaction, in substantially the same
          proportions as their respective ownership, immediately before such
          Extraordinary Transaction, of the then-outstanding common stock and
          Voting Power of Stilwell,

                    (B)  a liquidation or dissolution of Stilwell, or

                    (C)  the sale or other disposition of all or substantially
          all of the assets of Stilwell in one transaction or a series of
          related transactions; or

               (iv)  the sale or other disposition by Stilwell, directly or
     indirectly, whether by merger, consolidation, combination, lease,
     exchange, spin-off, split-off, or other means, of any Significant
     Subsidiary or any reduction in Stilwell's direct or indirect beneficial
     ownership of any Significant Subsidiary to less than 50% of the Voting
     Power of such entity.

For purposes of this Agreement, "Subsidiary" shall mean any entity of which at
least 50% of the Voting Power is beneficially owned, directly or indirectly,
by Stilwell and "Significant Subsidiary" shall mean (A) any Subsidiary which
contributed 30% or more of the total combined revenues of Stilwell and all
Subsidiaries for the prior calendar year, and (B) any one or more entities,
businesses or groups of assets directly or indirectly sold or disposed of by
Stilwell (within the meaning of paragraph 7(d)(iv)) within any two year period
that contributed 30% of more of such total combined revenues or would have
contributed such 30% based on revenues of such entities, businesses or groups
of assets for the calendar year prior to their sale or disposition.

Notwithstanding the foregoing provisions of this Paragraph 7(d) to the
contrary, the Spin-off Distribution shall not constitute a Change in Control.

          (e)     TERMINATION AFTER CONTROL CHANGE DATE.  Notwithstanding any
other provision of this Paragraph 7, at any time after the Control Change
Date, Stilwell may terminate the employment of Executive (the "Termination"),
but unless such Termination is for Cause as defined in subparagraph (g) or for
disability, within five (5) days of the Termination Stilwell shall pay to
Executive his full base salary through the Termination, to the extent not
theretofore paid, plus a lump sum amount (the "Special Severance Payment")
equal to the product (discounted to the then present value on the basis of a
rate of seven percent (7%) per annum) of (i) _____% of his annual base salary
specified in Paragraph 7(a) multiplied by (ii) ______, and Specified Benefits
(excluding any incentive compensation) to which Executive was entitled
immediately prior to Termination shall continue until the end of the 3-year
period ("Benefits Period") beginning on the date of Termination.  If any plan
pursuant to which Specified Benefits are provided immediately prior to
Termination would not permit continued participation by Executive after
Termination, then Stilwell shall pay to Executive within five (5) days after
Termination a lump sum payment equal to the amount of Specified Benefits
Executive would have received under such plan if Executive had been fully
vested in the average annual contributions or benefits in effect for the three
plan years ending prior to the Control Change Date (regardless of any
limitations based on the earnings or performance of Stilwell) and a continuing
participant in such plan to the end of the Benefits Period.  Following the end
of the Benefits Period, Stilwell shall continue to provide to the Executive
and the Executive's family the following benefits ("Post-Period Benefits"):
(1) prior to the Executive's attainment of age sixty (60), health,
prescription and dental benefits equivalent to those then applicable to active
peer executives of Stilwell and their families, as the same may be modified
from time to time, and (2) following the Executive's attainment of age sixty
(60) (and without regard to the Executive's period of service with Stilwell),
health and prescription benefits equivalent to those then applicable to
retired peer executives of Stilwell and their families, as the same may be
modified from time to time.  The cost to the Executive of such Post-Period
Benefits shall not exceed the cost of such benefits to active or retired (as
applicable) peer executives, as the same may be modified from time to time.
Notwithstanding the preceding two sentences of this Paragraph 7(e), if the
Executive is covered under any health, prescription or dental plan provided by
a subsequent employer, then the corresponding type of plan coverage (i.e.,
health, prescription or dental) required to be provided as Post-Period
Benefits under this Paragraph 7(e) shall cease.  The Executive's rights under
this Paragraph 7(e) shall be in addition to, and not in lieu of, any post-
termination continuation coverage or conversion rights the Executive may have
pursuant to applicable law, including without limitation continuation coverage
required by Section 4980 of the Code.  Nothing in this Paragraph 7(e) shall be
deemed to limit in any manner the reserved right of Stilwell, in its sole and
absolute discretion, to at any time amend, modify or terminate health,
prescription or dental benefits for active or retired employees generally.

          (f)     RESIGNATION AFTER CONTROL CHANGE DATE.  In the event of a
Change in Control as defined in Paragraph 7(d), thereafter, upon good reason
(as defined below), Executive may, at any time during the 3-year period
following the Change in Control, in his sole discretion, on not less than
thirty (30) days' written notice (the "Notice of Resignation") to the
Secretary of Stilwell and effective at the end of such notice period, resign
his employment with Stilwell (the "Resignation").  Within five (5) days of
such a Resignation, Stilwell shall pay to Executive his full base salary
through the effective date of such Resignation, to the extent not theretofore
paid, plus a lump sum amount equal to the Special Severance Payment (computed
as provided in the first sentence of Paragraph 7(e), except that for purposes
of such computation all references to "Termination" shall be deemed to be
references to "Resignation").  Upon Resignation of Executive, Specified
Benefits to which Executive was entitled immediately prior to Resignation
shall continue on the same terms and conditions as provided in Paragraph 7(e)
in the case of Termination (including equivalent payments provided for
therein), and Post-Period Benefits shall be provided on the same terms and
conditions as provided in Paragraph 7(e) in the case of Termination.   For
purposes of this Agreement, "good reason" means any one or more of the
following:

               (i)  the assignment to the Executive of any duties which result
     in a material adverse change in the Executive's position (including
     status, offices, titles, and reporting requirements), authority, duties,
     or other responsibilities with Stilwell, or any other action of Stilwell
     which results in a material adverse change in such position, authority,
     duties, or responsibilities, other than an insubstantial and inadvertent
     action which is remedied by Stilwell promptly after receipt of notice
     thereof given by the Executive,

               (ii)  any relocation of the Executive of more than 40 miles
     from the place where the Executive was located at the time of the Change
     in Control;

               (iii)  a material reduction or elimination of any component of
     the Executive's rate of compensation, including (x) base salary, (y) any
     incentive payment or (z) benefits or prerequisites which the Executive
     was receiving immediately prior to a Change in Control, or;

               (iv)  any failure by Stilwell to comply with any of the
     provisions of Paragraph 7;

A passage of time prior to delivery of the Notice of Resignation or a failure
by the Executive to include in the Notice of Resignation any fact or
circumstance which contributes to a showing of good reason shall not waive any
right of the Executive under this Agreement or preclude the Executive from
asserting such fact or circumstance in enforcing rights under this Agreement.

          (g)     TERMINATION FOR CAUSE AFTER CONTROL CHANGE DATE.
Notwithstanding any other provision of this Paragraph 7, at any time after the
Control Change Date, Executive may be terminated by Stilwell "for Cause."
Cause means commission by the Executive of any felony or willful breach of
duty by the Executive in the course of the Executive's employment, except that
Cause shall not mean:

               (i)  bad judgment or negligence;

               (ii)  any act or omission believed by the Executive in good
     faith to have been in or not opposed to the interest of Stilwell (without
     intent of the Executive to gain, directly or indirectly, a profit to
     which the Executive was not legally entitled);

               (iii)  any act or omission with respect to which a
     determination could properly have been made by the Stilwell Board that
     the Executive met the applicable standard of conduct for indemnification
     or reimbursement under Stilwell's by-laws, any applicable indemnification
     agreement, or applicable law, in each case in effect at the time of such
     act or omission; or

                (iv)  any act or omission with respect to which Notice of
     Termination of the Executive is given more than 12 months after the
     earliest date on which any member of the Stilwell Board, not a party to
     the act or omission, knew or should have known of such act or omission.

Any Termination of the Executive's employment by Stilwell for Cause shall be
communicated to the Executive by Notice of Termination.

          (h)     GROSS-UP FOR CERTAIN TAXES.  If it is determined (by the
reasonable computation of Stilwell's independent auditors, which
determinations shall be certified to by such auditors and set forth in a
written certificate ("Certificate") delivered to the Executive) that any
benefit received or deemed received by the Executive from Stilwell pursuant to
this Agreement or otherwise (collectively, the "Payments") is or will become
subject to any excise tax under Section 4999 of the Code or any similar tax
payable under any United States federal, state, local or other law (such
excise tax and all such similar taxes collectively, "Excise Taxes"), then
Stilwell shall, immediately after such determination, pay the Executive an
amount (the "Gross-up Payment") equal to the product of:

               (i)     the amount of such Excise Taxes;
     multiplied by

               (ii)     the Gross-up Multiple (as defined in Paragraph 7(k).

               The Gross-up Payment is intended to compensate the Executive
     for the Excise Taxes and any federal, state, local or other income or
     excise taxes or other taxes payable by the Executive with respect to the
     Gross-up Payment.

               Stilwell shall cause the preparation and delivery to the
     Executive of a Certificate upon request at any time.  Stilwell shall, in
     addition to complying with this Paragraph 7(h), cause all determinations
     and certifications under Paragraphs 7(h)-(o) to be made as soon as
     reasonably possible and in adequate time to permit the Executive to
     prepare and file the Executive's individual tax returns on a timely
     basis.

          (i)     DETERMINATION BY THE EXECUTIVE.

               (i)  If Stilwell shall fail (a) to deliver a Certificate to the
     Executive or (b) to pay to the Executive the amount of the Gross-up
     Payment, if any, within 14 days after receipt from the Executive of a
     written request for a Certificate, or if at any time following receipt of
     a Certificate the Executive disputes the amount of the Gross-up Payment
     set forth therein, the Executive may elect to demand the payment of the
     amount which the Executive, in accordance with an opinion of counsel to
     the Executive ("Executive Counsel Opinion"), determines to be the Gross-
     up Payment.  Any such demand by the Executive shall be made by delivery
     to Stilwell of a written notice which specifies the Gross-up Payment
     determined by the Executive and an Executive Counsel Opinion regarding
     such Gross-up Payment (such written notice and opinion collectively, the
     "Executive's Determination").  Within 14 days after delivery of the
     Executive's Determination to Stilwell, Stilwell shall either (a) pay the
     Executive the Gross-up Payment set forth in the Executive's Determination
     (less the portion of such amount, if any, previously paid to the
     Executive by Stilwell) or (b) deliver to the Executive a Certificate
     specifying the Gross-up Payment determined by Stilwell's independent
     auditors, together with an opinion of Stilwell's counsel ("Stilwell
     Counsel Opinion"), and pay the Executive the Gross-up Payment specified
     in such Certificate.  If for any reason Stilwell fails to comply with
     clause (b) of the preceding sentence, the Gross-up Payment specified in
     the Executive's Determination shall be controlling for all purposes.

               (ii)  If the Executive does not make a request for, and
     Stilwell does not deliver to the Executive, a Certificate, Stilwell
     shall, for purposes of Paragraph 7(j), be deemed to have determined that
     no Gross-up Payment is due.

          (j)     ADDITIONAL GROSS-UP AMOUNTS.  If, despite the initial
conclusion of Stilwell and/or the Executive that certain Payments are neither
subject to Excise Taxes nor to be counted in determining whether other
Payments are subject to Excise Taxes (any such item, a "Non-Parachute Item"),
it is later determined (pursuant to subsequently-enacted provisions of the
Code, final regulations or published rulings of the IRS, final IRS
determination or judgment of a court of competent jurisdiction or Stilwell's
independent auditors) that any of the Non-Parachute Items are subject to
Excise Taxes, or are to be counted in determining whether any Payments are
subject to Excise Taxes, with the result that the amount of Excise Taxes
payable by the Executive is greater than the amount determined by Stilwell or
the Executive pursuant to Paragraph 7(h) or Paragraph 7(i), as applicable,
then Stilwell shall pay the Executive an amount (which shall also be deemed a
Gross-up Payment) equal to the product of:

               (i)  the sum of (a) such additional Excise Taxes and (b) any
     interest, fines, penalties, expenses or other costs incurred by the
     Executive as a result of having taken a position in accordance with a
     determination made pursuant to Paragraph 7(h); multiplied by

               (ii)  the Gross-up Multiple.

          (k)     GROSS-UP MULTIPLE.   The Gross-up Multiple shall equal a
fraction, the numerator of which is one (1.0), and the denominator of which is
one (1.0) minus the sum, expressed as a decimal fraction, of the rates of all
federal, state, local and other income and other taxes and any Excise Taxes
applicable to the Gross-up Payment; provided that, if such sum exceeds 0.8, it
shall be deemed equal to 0.8 for purposes of this computation.  (If different
rates of tax are applicable to various portions of a Gross-up Payment, the
weighted average of such rates shall be used.)

          (l)     OPINION OF COUNSEL.  "Executive Counsel Opinion" means a
legal opinion of nationally recognized executive compensation counsel that
there is a reasonable basis to support a conclusion that the Gross-up Payment
determined by the Executive has been calculated in accord with this Paragraph
7 and applicable law.  "Company Counsel Opinion" means a legal opinion of
nationally recognized executive compensation counsel that (i) there is a
reasonable basis to support a conclusion that the Gross-up Payment set forth
in the Certificate of Stilwell's independent auditors has been calculated in
accord with this Paragraph 7 and applicable law, and (ii) there is no
reasonable basis for the calculation of the Gross-up Payment determined by the
Executive.

          (m)     AMOUNT INCREASED OR CONTESTED.  The Executive shall notify
Stilwell in writing of any claim by the IRS or other taxing authority that, if
successful, would require the payment by Stilwell of a Gross-up Payment.  Such
notice shall include the nature of such claim and the date on which such claim
is due to be paid.  The Executive shall give such notice as soon as
practicable, but no later than 10 business days, after the Executive first
obtains actual knowledge of such claim; provided, however, that any failure to
give or delay in giving such notice shall affect Stilwell's obligations under
this Paragraph 7 only if and to the extent that such failure results in actual
prejudice to Stilwell.  The Executive shall not pay such claim less than 30
days after the Executive gives such notice to Stilwell (or, if sooner, the
date on which payment of such claim is due).  If Stilwell notifies the
Executive in writing before the expiration of such period that it desires to
contest such claim, the Executive shall:

               (i)  give Stilwell any information that it reasonably requests
     relating to such claim;

               (ii)  take such action in connection with contesting such claim
     as Stilwell reasonably requests in writing from time to time, including,
     without limitation, accepting legal representation with respect to such
     claim by an attorney reasonably selected by Stilwell;

               (iii)  cooperate with Stilwell in good faith to contest such
     claim; and

               (iv)  permit Stilwell to participate in any proceedings
     relating to such claim; provided, however, that Stilwell shall bear and
     pay directly all costs and expenses (including additional interest and
     penalties) incurred in connection with such contest and shall indemnify
     and hold the Executive harmless, on an after-tax basis, for any Excise
     Tax or income tax, including related interest and penalties, imposed as a
     result of such representation and payment of costs and expenses.  Without
     limiting the foregoing, Stilwell shall control all proceedings in
     connection with such contest and, at its sole option, may pursue or
     forego any and all administrative appeals, proceedings, hearings and
     conferences with the taxing authority in respect of such claim and may,
     at its sole option, either direct the Executive to pay the tax claimed
     and sue for a refund or contest the claim in any permissible manner.  The
     Executive agrees to prosecute such contest to a determination before any
     administrative tribunal, in a court of initial jurisdiction and in one or
     more appellate courts, as Stilwell shall determine; provided, however,
     that if Stilwell directs the Executive to pay such claim and sue for a
     refund, Stilwell shall advance the amount of such payment to the
     Executive, on an interest-free basis and shall indemnify the Executive,
     on an after-tax basis, for any Excise Tax or income tax, including
     related interest or penalties, imposed with respect to such advance; and
     further provided that any extension of the statute of limitations
     relating to payment of taxes for the taxable year of the Executive with
     respect to which such contested amount is claimed to be due is limited
     solely to such contested amount.  The Stilwell's control of the contest
     shall be limited to issues with respect to which a Gross-up Payment would
     be payable.  The Executive shall be entitled to settle or contest, as the
     case may be, any other issue raised by the IRS or other taxing authority.

          (n)     REFUNDS.  If, after the receipt by the Executive of an
amount advanced by Stilwell pursuant to Paragraph 7(m), the Executive receives
any refund with respect to such claim, the Executive shall (subject to
Stilwell's complying with the requirements of Paragraph 7(m)) promptly pay
Stilwell the amount of such refund (together with any interest paid or
credited thereon after taxes applicable thereto).  If, after the receipt by
the Executive of an amount advanced by Stilwell pursuant to Paragraph 7(m), a
determination is made that the Executive shall not be entitled to a full
refund with respect to such claim and Stilwell does not notify the Executive
in writing of its intent to contest such determination before the expiration
of 30 days after such determination, then the applicable part of such advance
shall be forgiven and shall not be required to be repaid and the amount of
such advance shall offset, to the extent thereof, the amount of Gross-up
Payment required to be paid.  Any contest of a denial of refund shall be
controlled by Paragraph 7(m).

          (o)     EXPENSES.  If any dispute should arise under this Agreement
after the Control Change Date involving an effort by Executive to protect,
enforce or secure rights or benefits claimed by Executive hereunder, Stilwell
shall pay (promptly upon demand by Executive accompanied by reasonable
evidence of incurrence) all reasonable expenses (including attorneys' fees)
incurred by Executive in connection with such dispute, without regard to
whether Executive prevails in such dispute except that Executive shall repay
Stilwell any amounts so received if a court having jurisdiction shall make a
final, nonappealable determination that Executive acted frivolously or in bad
faith by such dispute.  To assure Executive that adequate funds will be made
available to discharge Stilwell's obligations set forth in the preceding
sentence, Stilwell has established a trust and upon the occurrence of a Change
in Control shall promptly deliver to the trustee of such trust to hold in
accordance with the terms and conditions thereof that sum which the Stilwell
Board shall have determined is reasonably sufficient for such purpose.

          (p)     PREVAILING PROVISIONS.  On and after the Control Change
Date, the provisions of this Paragraph 7 shall control and take precedence
over any other provisions of this Agreement which are in conflict with or
address the same or a similar subject matter as the provisions of this
Paragraph 7.

     8.     MITIGATION AND OTHER EMPLOYMENT.  After a termination of
Executive's employment pursuant to Paragraph 4(d)(i) or a Change in Control as
defined in Paragraph 7(d), Executive shall not be required to mitigate the
amount of any payment provided for in this Agreement by seeking other
employment or otherwise, and except as otherwise specifically provided in
Paragraph 4(d)(ii) with respect to health and life insurance and in Paragraph
7(e) with respect to health, prescription and dental benefits, no such other
employment, if obtained, or compensation or benefits payable in connection
therewith shall reduce any amounts or benefits to which Executive is entitled
hereunder.  Such amounts or benefits payable to Executive under this Agreement
shall not be treated as damages but as severance compensation to which
Executive is entitled because Executive's employment has been terminated.

     9.     NOTICE.  Notices and all other communications to either party
pursuant to this Agreement shall be in writing and shall be deemed to have
been given when personally delivered, delivered by facsimile or deposited in
the United States mail by certified or registered mail, postage prepaid,
addressed, in the case of Stilwell, to Stilwell at 114 West 11th Street,
Kansas City, Missouri 64105, Attention: Secretary, or, in the case of the
Executive, to him at EverGlades Farm, 12717 Mt. Olivet, Kansas City, MO 64166,
or to such other address as a party shall designate by notice to the other
party.

     10.     AMENDMENT.  No provision of this Agreement may be amended,
modified, waived or discharged unless such amendment, waiver, modification or
discharge is agreed to in a writing signed by Executive and the President of
Stilwell.  No waiver by any party hereto at any time of any breach by another
party hereto of, or compliance with, any condition or provision of this
Agreement to be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the time or at any prior or
subsequent time.

     11.     SUCCESSORS IN INTEREST.  The rights and obligations of Stilwell
under this Agreement shall inure to the benefit of and be binding in each and
every respect upon the direct and indirect successors and assigns of Stilwell,
regardless of the manner in which such successors or assigns shall succeed to
the interest of Stilwell hereunder, and this Agreement shall not be terminated
by the voluntary or involuntary dissolution of Stilwell or by any merger or
consolidation or acquisition involving Stilwell or upon any transfer of all or
substantially all of Stilwell's assets, or terminated otherwise than in
accordance with its terms.  In the event of any such merger or consolidation
or transfer of assets, the provisions of this Agreement shall be binding upon
and shall inure to the benefit of the surviving corporation or the corporation
or other person to which such assets shall be transferred.  Neither this
Agreement nor any of the payments or benefits hereunder may be pledged,
assigned or transferred by Executive either in whole or in part in any manner,
without the prior written consent of Stilwell.

     12.     SEVERABILITY.  The invalidity or unenforceability of any
particular provision of this Agreement shall not affect the other provisions
hereof, and this Agreement shall be construed in all respects as if such
invalid or unenforceable provisions were omitted.

     13.     CONTROLLING LAW AND JURISDICTION.  The validity, interpretation
and performance of this Agreement shall be subject to and construed under the
laws of the State of Missouri, without regard to principles of conflicts of
law.

     14.     ENTIRE AGREEMENT.  This Agreement constitutes the entire
agreement between the parties with respect to the subject matter hereof and
terminates and supersedes all other prior agreements and understandings, both
written and oral, between the parties with respect to the terms of Executive's
employment or severance arrangements.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the day and year first above stated.

                                   STILWELL FINANCIAL, INC.

                                   By
                                    ----------------------------------

                                   Name:
                                   -----------------------------------
                                   Title:
                                   -----------------------------------

                                   EXECUTIVE


                                   ----------------------------------
                                   Landon Rowland