<PAGE>
                                                                    EXHIBIT 10.3


                              EMPLOYMENT AGREEMENT


                  AGREEMENT, dated as of January 1, 2003 (this "Agreement") by
and between Janus Capital Group Inc., a Delaware corporation (the "Company") and
Lars O. Soderberg (the "Executive").

                  WHEREAS, the Board of Directors of the Company (the "Board"),
has determined that it is in the best interests of the Company and its
stockholders for the Company to have the continued dedication and services of
the Executive; and

                  WHEREAS, the Board intends that whenever a conflict occurs
between this Agreement and any existing or subsequent change of control
agreement ("Change of Control Agreement") between the Executive and the Company,
including the Change of Control Agreement dated February 10, 2003, this
Agreement shall control with respect to any such conflict only before and until,
after the date of this Agreement, a Change of Control occurs within the Change
of Control Period (all as defined in the applicable Change of Control Agreement)
at which time the Change of Control Agreement will govern.

                  NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

                  1. Effective Date. The "Effective Date" shall mean January 1,
2003.

                  2. Employment Period. The Company hereby agrees to employ the
Executive, and the Executive hereby agrees to continue in the employ of the
Company on the terms and subject to the conditions of this Agreement, for the
period commencing on the Effective Date and ending on December 31, 2005 (the
"Initial Period"). Following the Initial Period, this Agreement shall
automatically renew for one-year periods ("Renewal Period"), unless either party
gives notice of non-renewal at least 90 days prior to the end of the Initial
Period or the Renewal Period, as applicable.

                  3. Terms of Employment.

                  (a) Position and Duties.

                      (i) During the Employment Period, (A) the Executive shall
serve as Executive Vice President, Institutional Sales, reporting directly to
the CEO, or, at the discretion of the CEO, to the President or the Chief
Operating Officer, with duties, authorities and responsibilities commensurate
with such title and office and (B) the Executive's services shall be performed
in Denver, Colorado.

                      (ii) During the Employment Period, and excluding any
periods of disability and vacation and sick leave to which the Executive is
entitled, the Executive agrees to devote substantially all of his attention and
time during normal business hours to the business and affairs of the Company
and, to the extent necessary to discharge the Executive's responsibilities
hereunder, to use the Executive's reasonable best efforts to perform such
responsibilities. During the Employment Period, it shall not be a violation of
this Agreement


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for the Executive to (A) serve on corporate, civic or charitable
boards or committees, (B) deliver lectures, fulfill speaking engagements or
teach at educational institutions and (C) manage personal investments, so long
as such activities do not significantly interfere with the performance of the
Executive's responsibilities as an employee of the Company in accordance with
this Agreement. It is expressly understood and agreed that to the extent that
any such activities have been conducted by the Executive prior to the Effective
Date, the continued conduct of such activities (or the conduct of activities
similar in nature and scope thereto) subsequent to the Effective Date shall not
thereafter be deemed to interfere with the performance of the Executive's
responsibilities to the Company.

                  (b) Compensation.

                      (i) Base Salary. During the Employment Period, the
Executive shall receive an annual base salary ("Annual Base Salary") of no less
than $150,000. The Annual Base Salary shall be reviewed by the Compensation
Committee of the Board (the "Committee") no less frequently than annually and
may be increased (but not decreased) at the discretion of the Committee or the
Board. If the Executive's Annual Base Salary is increased, the increased amount
shall be the Annual Base Salary for the remainder of the Employment Period. The
Annual Base Salary shall be payable in installments, consistent with the
Company's payroll procedures in effect from time to time, provided that such
installments shall be no less frequent than monthly.

                      (ii) Sales Commission. In addition to the Annual Base
Salary, the Executive shall be entitled to receive commission payments ("Sales
Commission") in amounts and on terms and conditions consistent with existing
practices, provided that the Company may, in its sole discretion, alter the
amounts, terms and conditions with respect to Sales Commissions on a prospective
basis.

                      (iii) Long-Term Incentive Compensation. At the discretion
of the Committee, the Executive shall be entitled to participate in the
Company's long term incentive compensation arrangements on terms and conditions
no less favorable than the terms and conditions generally applicable to other
members of the Company's Management Committee (the "Peer Executives"), as in
effect from time to time.

                      (iv) Incentive, Savings and Retirement Plans. During the
Employment Period, the Executive shall be entitled to participate in all other
incentive plans, practices, policies and programs, and all savings and
retirement plans, practices, policies and programs, in each case on terms and
conditions no less favorable than the terms and conditions generally applicable
to the Peer Executives.

                      (v) Welfare Benefit Plans. During the Employment Period,
the Executive and the Executive's spouse and dependents, as the case may be,
shall be eligible for participation in and shall receive all benefits under
welfare benefit plans, practices, policies and programs provided by the Company
and its affiliates (including, without limitation, medical, prescription,
dental, disability, employee life, group life, accidental death and travel
accident insurance plans and programs) on terms and conditions no less favorable
than the terms and conditions generally applicable to the Peer Executives.
Following the Employment Period, the


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Executive and the Executive's spouse and dependents, shall be eligible for
participation in, and shall receive all benefits under the Company's or its
affiliates' Health Benefits For Retirees plan, unless such plan is modified or
terminated by the Company with respect to the Peer Executives.

                      (vi) Expenses. During the Employment Period, the Executive
shall be entitled to receive prompt reimbursement for all reasonable expenses
incurred by the Executive in accordance with the Company's most favorable
policies, practices and procedures in effect for Peer Executives.

                      (vii) Fringe Benefits. During the Employment Period, the
Executive shall be entitled to fringe benefits on the same basis as those
provided generally at any time thereafter to the Peer Executives.

                      (viii) Vacation. During the Employment Period, the
Executive shall be entitled to paid vacation in accordance with the plans,
policies, programs and practices of the Company as in effect for the Peer
Executives, but in no event less than four weeks.

                  4. Termination of Employment. (a) Death or Disability. The
Executive's employment shall terminate automatically upon the Executive's death
during the Employment Period. If the Company determines in good faith that the
Disability of the Executive has occurred during the Employment Period (pursuant
to the definition of Disability set forth below), it may provide to the
Executive written notice in accordance with Section 11 (b) of this Agreement of
its intention to terminate the Executive's employment. In such event, the
Executive's employment with the Company shall terminate effective on the 30th
day after receipt of such notice by the Executive (the "Disability Effective
Date"), provided that, within the 30 days after the receipt of such notice, the
Executive shall not have returned to full-time performance of the Executive's
duties. For purposes of this Agreement, "Disability" shall mean the absence of
the Executive from the Executive's duties with the Company on a full-time basis
for 180 consecutive business days as a result of incapacity due to mental or
physical illness, which is determined to be total and permanent by a physician
selected by the Company or its insurers and reasonably acceptable to the
Executive or the Executive's legal representative.

                  (b) Cause. The Company may terminate the Executive's
employment during the Employment Period with or without Cause. For purposes of
this Agreement, "Cause" shall mean:

                      (i) the willful and continued failure of the Executive to
perform substantially the Executive's duties with the Company (other than any
such failure resulting from incapacity due to physical or mental illness), after
a written demand for substantial performance is delivered to the Executive by
the Board or its representative, which specifically identifies the manner in
which the Board believes that the Executive has not substantially performed the
Executive's duties; or

                      (ii) the willful engaging by the Executive in illegal
conduct or gross misconduct which is materially and demonstrably injurious to
the Company; or


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                      (iii) conviction of a felony (other than a traffic related
felony) or guilty or nolo contendere plea by the Executive with respect thereto;
or

                      (iv) a material breach by the Executive of any material
provisions of this Agreement; or

                      (v) a willful violation of a material regulatory
requirement which is materially and demonstrably injurious to the Company.

No act or failure to act on the part of the Executive shall be considered
"willful" unless it is done, or omitted to be done, by the Executive in bad
faith or without reasonable belief that the Executive's act or omission was in
the best interests of the Company. Any act, or failure to act, based upon
express authority given pursuant to a resolution duly adopted by the Board with
respect to such act or omission or based upon the advice of counsel for the
Company shall be conclusively presumed to be done, or omitted to be done, by the
Executive in good faith and in the best interests of the Company. The cessation
of employment of the Executive shall not be deemed to be for Cause unless and
until there shall have been delivered to the Executive a copy of a resolution
duly adopted by the affirmative vote of not less than two-thirds of the entire
membership of the Board (not including the Executive) at a meeting of the Board
called and held for such purpose (after reasonable notice is provided to the
Executive and the Executive is given an opportunity, together with counsel, to
be heard before the Board) (a "Two-Thirds Board Vote"), finding that, in the
good faith opinion of the Board, the Executive is guilty of the conduct
described in subparagraph (i), (ii), (iii), (iv) or (v) above, and specifying
the particulars thereof in detail.

                  (c) Good Reason. The Executive's employment may be terminated
by the Executive for Good Reason. For purposes of this Agreement, "Good Reason"
shall mean in the absence of a written consent of the Executive:

                      (i) the failure to have authority, duties or
responsibilities consistent with the Executive's position (including status,
offices, titles and reporting requirements) as contemplated by the Agreement, or
any action by the Company which results in a material diminution in such
position, authority, duties or responsibilities, excluding for this purpose any
action not taken in bad faith and which is remedied by the Company promptly
after receipt of notice hereof given by the Executive; or

                      (ii) any failure by the Company to comply with any of the
provisions of Section 3(b) of this Agreement, other than a failure not occurring
in bad faith and which is remedied by the Company promptly after receipt of
notice thereof given by the Executive; or

                      (iii) the Company's requiring the Executive to be based at
any office or location other than that provided in Section 3(a)(i)(B) hereof; or

                      (iv) any purported termination by the Company of the
Executive's employment otherwise than as expressly permitted by this Agreement;
or

                      (v) any failure by the Company to comply with and satisfy
Section 9 (c) of this Agreement.


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<PAGE>

The Executive's mental or physical incapacity following the occurrence of an
event described above in clauses (i) through (v) shall not affect the
Executive's ability to terminate employment for Good Reason. For purposes of
this Section 4(c), any good faith determination of Good Reason made by the
Executive, and not overturned by a Two-Thirds Board Vote, shall be conclusive.

                  (d) Notice of Termination. Any termination by the Company for
Cause, or by the Executive for Good Reason, shall be communicated by Notice of
Termination to the other party hereto given in accordance with Section 11 (b) of
this Agreement. For purposes of this Agreement, a "Notice of Termination" means
a written notice which (i) indicates the specific termination provision in this
Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable
detail the facts and circumstances claimed to provide a basis for termination of
the Executive's employment under the provision so indicated and (iii) if the
Date of Termination (as defined below) is other than the date of receipt of such
notice, specifies the termination date (which date shall be not more than thirty
days after the giving of such notice). The failure by the Executive or the
Company to set forth in the Notice of Termination any fact or circumstance which
contributes to a showing of Good Reason or Cause shall not constitute a waiver
of any right of the Executive or the Company, respectively, hereunder or
preclude the Executive or the Company, respectively, from asserting such fact or
circumstance in enforcing the Executive's or the Company's rights hereunder.

                  (e) Date of Termination. "Date of Termination" means (i) if
the Executive's employment is terminated by the Company for Cause, or by the
Executive for Good Reason, the date of receipt of the Notice of Termination or
any later date specified therein within 30 days of such notice, as the case may
be, (ii) if the Executive's employment is terminated by the Company other than
for Cause or Disability, the Date of Termination shall be the date on which the
Company notifies the Executive of such termination and (iii) if the Executive's
employment is terminated by reason of death or Disability, the Date of
Termination shall be the date of death of the Executive or the Disability
Effective Date, as the case may be.

                  5. Obligations of the Company upon Termination. (a) Other Than
for Cause, Death or Disability; Good Reason. If, during the Employment Period,
(i) the Company shall terminate the Executive's employment other than for Cause,
death or Disability, or (ii) the Executive shall terminate his employment for
Good Reason pursuant to Section 4(c)(i)-(v):

                      (i) the Company shall pay to the Executive in a lump sum
in cash within 30 days after the Date of Termination, the aggregate of the
following amounts:

                      A. the sum of (1) the Executive's Annual Base Salary
           through the Date of Termination, (2) any unpaid Commission
           Compensation with respect to the fiscal year of the Company prior to
           the Date of Termination, (3) any accrued and unpaid vacation, if any,
           and (4) the product of (x) the Sales Commission with respect to the
           fiscal year of the Company prior to the Date of Termination, and (y)
           a fraction, the numerator of which is the number of days in the
           fiscal year in which the Date of Termination occurs through the Date
           of Termination, and the denominator of which is 365, in each case to
           the extent not theretofore paid (the


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<PAGE>

           sum of the amounts described in clauses (1), (2), (3) and (4), shall
           be hereinafter referred to as the "Accrued Obligations"); and

                      B. an amount equal to the product of (1) three and (2) the
           sum of (a) the Annual Base Salary and (b) the Sales Commission for
           the most recently completed fiscal year prior to the Date of
           Termination; and

                      (ii) for the three-year period commencing on the Date of
Termination, the Company shall continue to provide the benefits described in
Section 3(b) (v) to the Executive and his spouse and dependents on the same
basis such benefits were provided to the Executive immediately prior to the
Effective Date, and, if such benefits cannot be provided, a lump sum cash
equivalent thereof, grossed-up for taxes (collectively "Welfare Benefits");

                      (iii) any unvested cash and equity long-term incentive
award or other incentive awards granted to the Executive, including any unvested
shares of limited liability company interests, in the Company, Janus Capital
Management LLC or in any of their affiliated companies held by the Executive
(collectively, "Retention and Incentive Awards"), shall immediately vest and/or
be paid, as applicable, in full and any stock options shall, from and after such
vesting, remain exercisable for the remainder of their respective terms; and

                      (iv) to the extent not theretofore paid or provided, the
Company shall timely pay or provide to the Executive any Other Benefits (as
defined in Section 6).

                  (b) Death. If the Executive's employment is terminated by
reason of the Executive's death during the Employment Period, the Company shall
provide the Executive's estate or beneficiaries with the Accrued Obligations and
the timely payment or delivery of the Other Benefits (as defined in Section 6)
and shall provide the Welfare Benefits to the Executive's spouse and dependents
for a three-year period commencing as of the Date of Termination, and shall have
no other severance obligations under this Agreement. In addition, all Retention
and Incentive Awards shall be treated as described in Section 5(a) (iii). The
Accrued Obligations shall be paid to the Executive's estate or beneficiary, as
applicable, in a lump sum in cash within 30 days of the Date of Termination.
With respect to the provision of the Other Benefits, the term "Other Benefits"
as utilized in this Section 5(b) shall include, and the Executive's estate and
/or beneficiaries shall be entitled to receive, benefits at least equal to death
benefits as in effect on the date of the Executive's death with respect to Peer
Executives of the Company and their beneficiaries.

                  (c) Disability. If the Executive's employment is terminated by
reason of the Executive's Disability during the Employment Period, the Company
shall provide the Executive with the Accrued Obligations and the timely payment
or provision of the Other Benefits (as defined in Section 6) and the provision
of Welfare Benefits to the Executive, his spouse and dependents for a three-
year period commencing as of the Date of Termination. All Retention and
Incentive Awards shall be treated as described in Section 5(a) (iii). The
Accrued Obligations shall be paid to the Executive in a lump sum in cash within
30 days of the Date of Termination. With respect to the provision of Other
Benefits, the term "Other Benefits" as utilized in this Section 5(c) shall
include, and the Executive shall be entitled after the Disability Effective Date


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to receive, disability and other benefits as in effect at any time thereafter
generally with respect to Peer Executives of the Company and their families.

                  (d) Cause; Other than for Good Reason. If the Executive's
employment shall be terminated for Cause or the Executive terminates his
employment without Good Reason during the Employment Period, this Agreement
shall terminate without further obligations to the Executive other than the
obligation to pay to the Executive (i) his Annual Base Salary through the Date
of Termination, (ii) any accrued and unpaid vacation, if any, and (iii) the
Other Benefits (as defined in Section 6), in each case to the extent theretofore
unpaid.

                  (e) At the end of the Employment Period or thereafter. If the
Executive's employment shall terminate at the end of the Employment Period by
virtue of the expiration of this Agreement or for any other reason thereafter,
the Company shall pay to the Executive (i) his Annual Base Salary through the
Date of Termination, (ii) any unpaid Sales Commission with respect to the fiscal
year in which the Date of Termination occurs and with respect to any fiscal year
of the Company prior to the Date of Termination, (iii) any accrued and unpaid
vacation, if any, and (iv) the Other Benefits (as defined in Section 6), in each
case to the extent theretofore unpaid.

                  (f) Excise Tax. Notwithstanding any other language to the
contrary in this Agreement or in this Section 5, the Company shall not be
obligated to pay and shall not pay that portion of any payment or distribution
in the nature of compensation within the meaning of Section 280G(b)(2) of the
Code to the benefit of the Executive otherwise due or payable the Executive
under this Agreement or this Section 5 if that portion would cause any excise
tax imposed by Section 4999 of the Code to become due and payable by the
Executive.

                  6. Non-exclusivity of Rights. Except as otherwise specifically
provided in this Agreement, nothing in this Agreement shall prevent or limit the
Executive's continuing or future participation in any plan, program, policy or
practice provided by the Company or the Affiliated Companies for which the
Executive may qualify, nor shall anything herein limit or otherwise affect such
rights as the Executive may have under any contract or agreement with the
Company or any of its affiliated companies. Amounts which are vested benefits,
which consist of any compensation previously deferred by the Executive, or which
the Executive is otherwise entitled to receive under any plan, policy, practice
or program of or any contract or agreement with the Company or with the
Affiliated Companies at or subsequent to the Date of Termination ("Other
Benefits") shall be payable in accordance with such plan, policy, practice or
program or contract or agreement except as explicitly modified by this
Agreement. Notwithstanding any other provision of this Agreement, the Executive
shall not be entitled to receive any payments or benefits under any severance
program other than that which are described and anticipated under this Agreement
or under any Change of Control Agreement.

                  7. Full Settlement. The Company's obligation to make the
payments provided for in this Agreement and otherwise to perform its obligations
hereunder shall not be affected by any set-offs, counterclaim, recoupment,
defense, or other claim, right or action that the Company may have against the
Executive or others. In no event shall the Executive be obligated to seek other
employment or take any other action by way of mitigation of the amounts payable
to the Executive under any of the provisions of this Agreement and, such amounts
shall


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not be reduced whether or not the Executive obtains other employment. The
Company agrees to pay as incurred (within 10 days following the Company's
receipt of an invoice from the Executive), to the full extent permitted by law,
all legal fees and expenses that the Executive may reasonably incur as a result
of any contest (regardless of the outcome thereof unless the Executive's claim
is determined by a court to have been frivolous or made in bad faith, in which
case the Executive shall make prompt reimbursement of such fees and expenses to
the extent already paid by the Company and received by the Executive) by the
Company, the Executive or others of the validity or enforceability of, or
liability under, any provision of this Agreement or any guarantee of performance
thereof (including as a result of any contest by the Executive about the amount
of any payment pursuant to this Agreement), plus, in each case, interest on any
delayed payment at the applicable federal rate provided for in Section
7872(f)(2)(A) of the Code.

                  8. Restrictive Covenants. (a) The Executive acknowledges that
his employment as a senior officer of the Company creates a relationship of
confidence and trust between the Executive and the Company with respect to
confidential and proprietary information applicable to the business of the
Company and its clients. The Executive further acknowledges the highly
competitive nature of the business of the Company. Accordingly, it is agreed
that the restrictions contained in this Section 8 are reasonable and necessary
for the protection of the interests of the Company and that any violation of
these restrictions would cause substantial and irreparable injury to the
Company.

                  (b) During the Executive's employment with the Company, and
for a period of one year following the Date of Termination for any reason, the
Executive shall not (nor shall the Employee cause, encourage or provide
assistance to, anyone else to):

                      (i) Interfere with any relationship which may exist from
time to time between the Company, or any affiliate of the Company, and any of
its employees, consultants, agents or representatives; or

                      (ii) Employ or otherwise engage, or attempt to employ or
otherwise engage, in or on behalf of any Competitive Business, any person who is
employed or engaged as an employee, consultant, agent or representative of the
Company or any affiliate of the Company, or any person who was employed or
engaged as an employee, consultant, agent or representative of the Company or
any affiliate of the Company within the two-year period immediately preceding
the Employee's termination; or

                      (iii) Solicit directly or indirectly on behalf of the
Executive or a Competitive Business, the customer business or account of any
investment advisory or investment management client to which the Company or any
affiliate of the Company shall have rendered service during the one-year period
immediately preceding the Executive's termination; or

                      (iv) Directly or indirectly divert or attempt to divert
from the Company or any affiliate of the Company any business in which the
Company or any affiliate of the Company has been actively engaged during the
term hereof or interfere with any relationship between the Company, or any
affiliate of the Company, and any of its clients.


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Notwithstanding the foregoing, the provisions of Section 8 (b) shall not apply
following termination of Executive's employment: (aa) by the Company without
Cause; (bb) by the Executive for Good Reason; or (cc) at the end of the
Employment Period by virtue of the expiration of this Agreement or for any
reason at any time thereafter (except for expiration caused by the Executive's
non-renewal of this Agreement).

                  (c) "Competitive Business" means any business which provides
investment advisory or investment management services. For the purposes of this
Section 8, "affiliate" means any corporation, partnership, limited liability
company, trust, or other entity which controls, is controlled by or is under
common control with the Company.

                  (d) If any court shall determine that the duration, geographic
limitations, subject or scope of any restriction contained in this Section 8 is
unenforceable, it is the intention of the parties that this Section 8 shall not
thereby be terminated but shall be deemed amended to the extent required to make
it valid and enforceable, such amendment to apply only with respect to the
operation of this Section 8 in the jurisdiction of the court that has made the
adjudication.

                  (e) The Executive acknowledges that the restrictive covenants
of Section 8 are reasonable and that irreparable injury will result to the
Company and to its business and properties in the event of any breach by the
Executive of any of those covenants, and that the Executive's continued
employment is predicated on the commitments undertaken by the Executive pursuant
to Section 8. In the event any of the covenants of Section 8 are breached, the
Company shall be entitled, in addition to any other remedies and damages
available, to injunctive relief to restrain the violation of such covenants by
the Executive or by any person or persons acting for or with the Executive in
any capacity whatsoever.

                  9. Successors. (a) This Agreement is personal to the Executive
and without the prior written consent of the Company shall not be assignable by
the Executive otherwise than by will or the laws of descent and distribution.
This Agreement shall inure to the benefit of and be enforceable by the
Executive's legal representatives.

                  (b) This Agreement shall inure to the benefit of and be
binding upon the Company and its successors and assigns.

                  (c) The Company will require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company to assume
expressly and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform it if no such succession
had taken place. As used in this Agreement, "Company" shall mean the Company as
hereinbefore defined and any successor to its business and/or assets as
aforesaid which assumes and agrees to perform this Agreement by operation of
law, or otherwise.

                  10. Indemnification and Directors and Officers' Insurance.

                  (a) The Company shall indemnify the Executive to the fullest
extent permitted under law from and against any expenses (including but not
limited to attorneys' fees, expenses of investigation and preparation and fees
and disbursements of the Executive's accountants or other experts), judgments,
fines, penalties and amounts paid in settlement actually and


                                      -9-
<PAGE>

reasonably incurred by the Executive in connection with any proceeding in which
the Executive was or is made party or was or is involved (for example, as a
witness) by reason of the fact the Executive was or is employed by the Company.

                  Such indemnification is subject to:

                      (i) the indemnifying party promptly receiving written
notice that a claim or liability has been asserted or threatened ("Notice of
Claim");

                      (ii) the indemnified party providing reasonable
cooperation and assistance in the defense or settlement of a claim; and

                      (iii) the indemnifying party being afforded the
opportunity to have the sole control over the defense or settlement of such
claim or liability.

Unless within ten days after receiving the Notice of Claim, the indemnifying
party notifies in writing the indemnified party of its intent to defend against
such claim or liability, the indemnified party may defend, settle and/or
compromise any such claim or liability, and be indemnified for all losses
resulting from such defense, settlement and/or compromise. Any indemnified party
also may participate in such defense at its own cost and expense.

Such indemnification shall continue as to the Executive during the Employment
Period and for six years from the Date of Termination with respect to acts or
omissions which occurred prior to his cessation of employment with the Company
and shall inure to the benefit of the Executive's heirs, executors and
administrators. The Company shall advance to the Executive all costs and
expenses incurred by him in connection with any proceeding covered by this
provision within 20 calendar days after receipt by the Company of a written
request for such advance. Such request shall include an undertaking by the
Executive to repay the amount of such advance if it shall ultimately be
determined that he is not entitled to be indemnified against such costs and
expenses.

                  (b) The Company agrees to continue and maintain directors' and
officers' liability insurance policies covering the Executive to the extent that
the Company provides such coverage for its other executive officers. Such
insurance coverage shall continue as to the Executive even if he has ceased to
be a director, member, employee or agent of the Company with respect to acts or
omissions which occurred prior to his cessation of employment with the Company.
Notwithstanding the foregoing, however, if the Company shall cease to maintain
directors' and officers' liability insurance policies covering the Executive and
other executive officers by reason of: (i) a consolidation, merger, sale or
other reorganization of the Company; (ii) any person or entity or group of
persons or entities acting in concert acquiring management control of the
Company; or (iii) the insurers providing such insurance canceling or refusing to
renew such insurance, then the Executive shall have coverage only to the extent
provided in any run-off policies extending the period during which the Company
or the Executive may give the insurers notice of a claim under the termination
directors' and officers' liability insurance policies. The Company shall take
all reasonable actions to ensure that it obtains such run-off policies and that
such run-off policies extend the claims reporting period through any applicable
statutes of limitations, but nothing in this section shall obligate the Company
to obtain


                                      -10-
<PAGE>

extraordinary insurance coverage for the Executive. Insurance contemplated under
this Section 10(b) shall inure to the benefit of the Executive's heirs,
executors and administrators.



                  11. Miscellaneous. (a) This Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware without reference
to principles of conflict of laws. The captions of this Agreement are not part
of the provisions hereof and shall have no force or effect. This Agreement may
not be amended or modified otherwise than by a written agreement executed by the
parties hereto or their respective successors and legal representatives.

                  (b) All notices and other communications hereunder shall be in
writing and shall be given by hand delivery to the other party or by registered
or certified mail, return receipt requested, postage prepaid, addressed as
follows:

                  If to the Executive:               At the most recent address
                                                     on file at the Company.

                  If to the Company:                 Janus Capital Group Inc
                                                     100 Fillmore Street,
                                                     Denver, Colorado 80206
                                                     Attn.:  General Counsel

or to such other address as either party shall have furnished to the other in
writing in accordance herewith. Notice and communications shall be effective
when actually received by the addressee.

                  (c) The invalidity or unenforceability of any provision of
this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement.

                  (d) The Company may withhold from any amounts payable under
this Agreement such Federal, state, local or foreign taxes as shall be required
to be withheld pursuant to any applicable law or regulation.

                  (e) The Executive's or the Company's failure to insist upon
strict compliance with any provision of this Agreement or the failure to assert
any right the Executive or the Company may have hereunder, including, without
limitation, the right of the Executive to terminate employment for Good Reason
pursuant to Section 4(c) (i) - (v) of this Agreement, shall not be deemed to be
a waiver of such provision or right or any other provision or right of this
Agreement.

                  (f) From and after the Effective Date this Agreement shall
supersede any other employment agreement between the parties with respect to the
subject matter hereof, except as expressly provided herein. This Agreement shall
not supersede any Change of Control Agreement with respect to any matters
specifically addressed in any such agreement.


                                      -11-
<PAGE>
                  IN WITNESS WHEREOF, the Executive has hereunto set the
Executive's hand and, pursuant to the authorization from its Board of Directors,
the Company has caused these presents to be executed in its name on its behalf,
all as of the day and year first above written.



                                                     /s/ Lars O. Soderberg
                                                     --------------------------


                                                     JANUS CAPITAL GROUP INC.


                                                     By /s/ Thomas A. Early
                                                     --------------------------


                                      -12-