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  Exhibit 10.9    
    

 
    JANUS CAPITAL GROUP INC.    
    

 
    AMENDED AND RESTATED
  MUTUAL FUND SHARE INVESTMENT PLAN
  (Amended and restated as of January 1, 2012)    

        Janus
Capital Group Inc. has established the Janus Capital Group Inc. Mutual Fund Share Investment Plan for the purpose of aligning the interests of key personnel with
shareholder through the use of phantom investments in Janus retail mutual funds. 

 Article 1. Definitions  

	1.1
	Administrator means the Committee or the person or persons designated by the Committee to administer the
Plan.

	1.2
	Award means an amount payable in cash by the Company to a Participant as determined by the Administrator.

	1.3
	Board means the Board of Directors of the Company.

	1.4
	Code means the Internal Revenue Code of 1986, as amended, and any regulations or guidance issued there
under.

	1.5
	A
Change in Control shall be deemed to have occurred if the event set forth in any one of the following
paragraphs shall have occurred: 

        (a)   a
change in the composition of the Board such that the individuals who, as of the effective date of the this Agreement, constitute the Board (such Board shall be
hereinafter referred to as the "Incumbent Board") cease for any reason to constitute at least a majority of the Board; provided,  however, for purposes of
this definition, that any individual who becomes a member of the Board subsequent to the effective date hereof, whose election,
or nomination for election by the Company's shareholders, was approved by a vote of at least a majority of those individuals who are members of the Board and who were also members of the Incumbent
Board (or deemed to be such pursuant to this proviso) shall be considered as though such individual were a member of the Incumbent Board; but, provided
further, that any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in
Rule 14a-11 of Regulation 14A promulgated under the Securities Exchange Act of 1934, as modified) or other actual or threatened solicitation of proxies or consents by or on
behalf of a Person other than the Board shall not be so considered as a member of the Incumbent Board; or 

        (b)   Consummation
of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company or the acquisition of the
assets or stock of another entity ("Business Combination"); excluding, however, such a Business Combination pursuant to which (1) all or substantially all of the individuals and entities who
are the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination will beneficially own,
directly or indirectly, more than 50% of, respectively, the outstanding shares of common stock, and the combined voting power of the then outstanding voting securities entitled to vote generally in
the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns the
Company or all or substantially all the Company's assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such
Business Combination, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (2) no Person (other than the Company or any employee benefit plan
(or related trust) of the Company or the corporation resulting from such 

 

Business
Combination) will beneficially own, directly or indirectly, 20% or more of, respectively, the outstanding shares of common stock of the corporation resulting from such Business Combination or
the combined voting power of the outstanding voting securities of such corporation entitled to vote generally in the election of directors except to the extent that such ownership existed prior to the
Business Combination; and (3) individuals who were members of the Incumbent Board will constitute at least a majority of the members of the board of directors of the corporation resulting from
such Business Combination; or 

        (c)   The
approval by the stockholders of the Company of a complete liquidation or dissolution of the Company. 

Notwithstanding
the above, for each Award subject to Section 409A of the Code, a Change in Control shall be deemed to have occurred under this Plan with respect to such Award only if a change
in the ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company shall also be deemed to have occurred under Section 409A
of the Code.  

	1.6
	Company means Janus Capital Group Inc., a Delaware corporation, or any successor company.

	1.7
	Committee means the Compensation Committee of the Board, or a separate committee appointed by the Board to
administer the Plan.

	1.8
	Disability shall mean that a Participant (i) is unable to engage in any substantial gainful activity
by reason of any medically determinable physical or mental impairment which an be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or
(ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than
12 months, receiving income replacement benefits for a period of not less than 3 months under an accident and health plan covering employees of the Company or a Subsidiary of the
Company.

	1.9
	Eligible Employee means an employee or director of the Company or any Subsidiary that is eligible to
participate in the Plan as designated by the Committee or the Administrator.

	1.10
	Good Reason shall have the meaning assigned to such term in the Participant's individual employment or
severance agreement or, if the Participant is not a party to an agreement in which Good Reason is defined, Good Reason shall mean the occurrence of any of the events or conditions described below
which are not cured by the Company (if susceptible to cure by the Company) within thirty (30) days after the Company has received written notice from the Participant (which notice must be
provided by the Participant within ninety (90) days of the initial existence of the event or condition constituting Good Reason): (i) a material adverse alteration in the nature or
status of the Participant's responsibilities from those in effect immediately prior to the Change in Control other than any such alteration primarily attributable to the fact that the Company may no
longer be a public company or to other changes in the identity, nature or structure of the Company; and provided, that a change in the Participant's
title or reporting relationships shall not of itself constitute Good Reason (unless such change results in a material adverse alteration as described above), (ii) any material reduction in the
Participant's base salary except for any across-the-board reduction similarly affecting similarly-situated employees of the Company, or (iii) the relocation of the
Participant's principal place of employment to a location more than 40 miles from the Participant's principal place of employment immediately prior to the Change in Control, provided that such
relocation results in a material negative change to the Participant's employment.

	1.11
	Grant Date means the effective date on which the Committee grants the Award. 

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	1.12
	Mutual Fund Share Investment Account means the book-keeping entry account maintained by the
Company for each Participant that reflects such Participant's Award (including gains, losses and expenses) and adjustments thereto.

	1.13
	Participant means an Employee who has been selected by the Committee, in its sole discretion, to
participate in the Plan.

	1.14
	Person shall have the meaning given in Section 3(a)(9) of the Securities Exchange Act of 1934, as
modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the Company (ii) a trustee or other fiduciary holding securities under an
employee benefit plan of the Company (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or indirectly,
by the shareholders of the Company in substantially the same proportions as their ownership of stock of the Company.

	1.15
	Plan means the Amended and Restated Janus Capital Group Inc. Mutual Fund Share Investment Plan, as
may be amended from time to time.

	1.16
	Retirement means, for any Participant who is a director or an employee of the Company or any Subsidiary,
the Participant having both attained age fifty-five (55) and completed at least ten (10) years of service with the Company or a Subsidiary.

	1.17
	Subsidiary means a United States or foreign corporation or limited liability company, partnership or other
similar entity with respect to which the Company owns, directly or indirectly, 50% or more of the Voting Power of such corporation, limited liability company, partnership or other similar entity

	1.18
	Termination of Affiliation means the occurrence of the first day on which an individual is for any reason
no longer an employee, director or consultant of the Company or any Subsidiary, or with respect to an individual who is an employee or director of, or consultant to, a corporation which is a
Subsidiary, the first day on which such corporation ceases to be a Subsidiary; provided, however, that for each Award subject to Section 409A of the Code a Termination of Affiliation shall be
deemed to have occurred under this Plan with respect to such Award on the first day on which an individual has experienced a "separation from service" within the meaning of Section 409A of the
Code.

	1.19
	Valuation Date means the last business day of each month, or such other date specified by the
Administrator.

	1.20
	Vested means a Participant has a nonforfeitable interest in a portion of his or her Mutual Fund Share
Investment Account with respect to an Award.

	1.21
	Voting Power means the combined voting power of the then-outstanding securities of a
corporation entitled to vote generally in the election of directors. 

 Article 2. Eligibility  

	2.1
	Eligibility.    The Committee may grant Awards to any Eligible Employee, whether or not he or she
has previously received an Award.

	2.2
	Award Agreement.    To the extent not set forth in the Plan, the terms and conditions of each
Award (which need not be the same for each Award or for each Participant) shall be set forth in an Award Agreement. 

 Article 3. Vesting  

	3.1
	Award Amount.    Except as set forth in Section 3.2 below, a Participant will become Vested
with respect to amounts credited to his or her Mutual Fund Share Investment Account in respect of an 

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Award
in accordance with the vesting schedule designated by the Committee and as set forth in the Award Agreement, provided that the Participant is employed by the Company or any Subsidiary on such
date.  

	3.2
	Vesting Upon Certain Events. 

        (a)   The
Participant will become fully and immediately Vested in all amounts credited to his or her Mutual Fund Share Investment Account upon reaching the age and service
requirements of Retirement. 

        (b)   Except
as otherwise provided in an Award Agreement or determined by the Committee at the time an Award is granted, following a Change in Control, each outstanding Award
shall remain outstanding and shall continue to vest in accordance with its terms; provided, however, that, in the event of a termination of a Participant's employment or service by the Company without
Cause or for Good Reason during the 24-month period following such Change in Control, on the date of such termination (i) such Award shall become fully and immediately Vested in all
amounts credited to his or her Mutual Fund Share Investment Account, (ii) the restrictions, payment conditions, and forfeiture conditions applicable to any such Award granted shall lapse, and
(iii) any performance conditions imposed with respect to Awards shall be deemed to be fully achieved at target levels. Where such acceleration would result in adverse tax consequences under
Section 409A of the Code with respect to an Award, the Committee may, in its sole discretion, provide that such Award shall become Vested and non-forfeitable upon the occurrence of
the Change in Control; provided, however, that the Award shall not become payable, except in accordance with the terms of such Award or until such earlier time as the payment complies with
Section 409A of the Code.  

	3.3
	Forfeiture.    Except as otherwise set forth by the Committee or in the applicable Award
Agreement, upon a Participant's Termination of Affiliation for any reason, the portion of the Participant's Mutual Fund Share Investment Account which is not Vested as of the date of such termination
shall be forfeited and shall revert in its entirety to the Company. 

 Article 4. Phantom Investment of the Mutual Fund Share Investment Account.  

	4.1
	Crediting of Awards to Mutual Fund Share Investment Accounts.    A Participant's Award shall be
credited to his or her Mutual Fund Share Investment Account as soon as administratively practicable following the Grant Date.

	4.2
	Deemed Investment Fund Allocation.    Each Participant's Award shall be deemed invested in one of
the phantom investment options set forth in Section 4.3 below.

	4.3
	Phantom Investment Options.    The phantom investment options that are available under this Plan
for a Participant's Mutual Fund Share Investment Account shall be designated by the Committee and shall initially include all of those Janus mutual funds that are offered to participants under the
Company's 401(k), Profit Sharing and Employee Stock Ownership Plan, subject to applicable prospectus requirements. An amount transferred into one of these phantom investments is converted to phantom
units of such phantom investments by dividing such amount by the value of a unit in the applicable fund on the date as of which the amount is treated as invested in this phantom investment by the
Administrator. Thereafter, a Participant's interest in each such phantom investment is valued as of a Valuation Date by multiplying the number of phantom units credited to his or her Account on such
date by the value of a unit in the applicable fund on such date. In the event the Participant does not make an election, the Participant shall be deemed to have directed that the undesignated portion
of the Mutual Fund Share Investment Account be invested in a money market phantom investment option offered under the Plan (or if no money 

4

 

market
investment option is offered, the investment option that most nearly resembles a money market investment option).  

	4.4
	Administrator Discretion.    The Administrator shall have the sole discretion to determine the
phantom investment options available under the Plan and may change, limit or eliminate an investment fund provided hereunder from time to time. If any phantom investment option ceases to be available
under the Plan, the Administrator shall have the authority to credit to any or all other then-available phantom investment options all amounts previously allocated to the terminated
phantom investment option (along with deemed earnings, gains and losses relating thereto).

	4.5
	Phantom Investment Options Directions.    In connection with a Participant's first deferral
election form submitted under the Plan, the Participant shall specify in one (1) percent increments how the amounts in his or her Mutual Fund Share Investment Account with respect to an Award
are to be invested in one or more of the phantom investment options offered under this section; provided however all elections under this Section 4.5 must meet the applicable prospectus
requirements. Thereafter, the Participant (i) may specify a different investment direction that shall apply to his or her future Awards, and (ii) may reallocate the investment of his or
her Mutual Fund Share Investment Account attributable to an outstanding Award by specifying, in one (1) percent increments, how such amounts are to be invested among the phantom investment
options then offered under the Plan. The Administrator may provide that such initial allocations or reallocations are to be made in a different increment specified by the Administrator. A new
investment direction for future Awards and a reallocation of a Participant's Mutual Fund Share Investment Account attributable to outstanding Awards shall be made using the investment procedures that
are provided by the Administrator's delegate for this purpose. This procedure may include the use of written or electronic forms, as well as the use of a voice-response system, as determined by the
Administrator's delegate.

	4.6
	Phantom Investment Options Reallocations.    Any investment reallocation of a Participant's Mutual
Fund Share Investment Account attributable to outstanding Awards shall be effective within five (5) business days after the date the investment reallocation is received by the Administrator's
delegate. If more than one reallocation is received on a timely basis, the reallocation that the Administrator's delegate determines to be the most recent shall be followed.

	4.7
	Direction and Reallocation Default Rules.    If the Administrator's delegate possesses at any time
investment directions as to the phantom investment of less than all of a Participant's Mutual Fund Share Investment Account, the Participant shall be deemed to have directed that the undesignated
portion of the Mutual Fund Share Investment Account be invested in a money market phantom investment option offered under the Plan (or if no money market investment option is offered, the investment
option that most nearly resembles a money market investment option).

	4.8
	Earnings or Losses.    As of each Valuation Date, a Participant's Mutual Fund Share Investment
Account shall be credited with earnings and gains (and shall be debited for expenses and losses) determined as if the amounts credited to his or her Mutual Fund Share Investment Account had actually
been invested as directed by the Participant in accordance with this article. The Plan provides only for "phantom investments," and therefore such earnings, gains, expenses and losses are hypothetical
and not actual. However, they shall be applied to measure the value of a Participant's Mutual Fund Share Investment Account and the amount of the Company's liability to make payments to or on behalf
of the Participant. 

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 Article 5. Distributions  

	5.1
	General.    Except as otherwise determined by the Committee in its sole discretion in a manner
compliant with Section 409A of the Code, a Participant shall receive a lump sum cash distribution in respect of the Vested portion of his or her Mutual Fund Share Investment Account as soon as
practicable following the date such portion becomes Vested, but subject to the provisions of Section 5.3, in no case later than 21/2 months following the end of the taxable year
in which such portion becomes Vested.

	5.2
	Termination of Affiliation.    If the Committee determines in the Award Agreement or otherwise
that any portion of a Participant's Mutual Fund Share Investment Account shall become Vested upon a Participant's Termination of Affiliation, the portion of the Participant's Mutual Fund Share
Investment Account which is Vested on Termination of Affiliation shall be distributed as soon as practicable following the date of such Termination of Affiliation, but subject to the provisions of
Section 5.3, in no case later than 21/2 months following the end of the taxable year in which such Termination of Affiliation occurs.

	5.3
	Six-Month Delay.    To the extent subject to Section 409A of the Code, if any
distributions due to a Participant hereunder would cause the application of an accelerated or additional tax under Section 409A of the Code such distributions shall be restructured in a manner
which does not cause such an accelerated or additional tax. Without limiting the foregoing and notwithstanding anything contained herein to the contrary, to the extent required in order to avoid
accelerated taxation and/or tax penalties under Section 409A of the Code, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to the Award Agreement
during the six-month period immediately following a Participant's separation from service shall instead be paid on the first business day after the date that is six months following the
Participant's separation from service (or death, if earlier). 

 Article 6. Beneficiary Designation  

	6.1
	Beneficiary Designation.    Each Participant shall have the right, at any time, to designate any
person or persons as beneficiary or beneficiaries (both principal as well as contingent) to whom a lump sum cash payment of the balance of the Participant's Mutual Fund Share Investment Account shall
be made in the event of the Participant's death. In the event of multiple beneficiaries, such payment shall be apportioned among the beneficiaries in accordance with the designation forms. A
beneficiary designation may be changed by a Participant by filing such change on a form prescribed by the Administrator. The receipt of a new beneficiary designation form will cancel all previously
filed beneficiary designations.

	6.2
	Failure to Designate.    If a Participant fails to designate a beneficiary as provided above, or
if all designated beneficiaries predecease the Participant, then all payments hereunder in respect of the Participant shall be made to the Participant's estate. 

 Article 7. Plan Administration.  

	7.1
	Administrator.    The Administrator is responsible for the administration of the Plan. The
Administrator has the authority to name one or more delegates to carry out certain responsibilities hereunder. Any such delegation shall state the scope of responsibilities being delegated.

	7.2
	Action.    Action by the Administrator may be taken in accordance with procedures that the
Administrator adopts from time to time and that the Company's Legal Department determines are legally permissible. 

6

 
	7.3
	Powers of the Administrator.    The Administrator shall administer and manage the Plan and shall
have (and shall be permitted to delegate) all powers necessary to accomplish that purpose, including (but not limited to) the following: 

        (a)   To
exercise its discretionary authority to construe, interpret, and administer this Plan; 

        (b)   To
exercise its discretionary authority to make all decisions regarding eligibility, participation and deferrals, to make allocations and determinations required by this
Plan, and to maintain records regarding Participants' Mutual Fund Share Investment Accounts; 

        (c)   To
compute and certify to the Company the amount and kinds of payments to Participants or their Beneficiaries, and to determine the time and manner in which such
payments are to be paid; 

        (d)   To
authorize all disbursements by the Company pursuant to this Plan; 

        (e)   To
maintain (or cause to be maintained) all the necessary records for administration of this Plan; 

        (f)    To
make and publish such rules for the regulation of this Plan as are not inconsistent with the terms hereof; 

        (g)   To
authorize its delegates to delegate to other individuals or entities from time to time the performance of any of its delegates' duties or responsibilities hereunder; 

        (h)   To
establish or to change the phantom investment options or arrangements under Article IV; 

        (i)    To
hire agents, accountants, actuaries, consultants and legal counsel to assist in operating and administering the Plan; and 

        (j)    Notwithstanding
any other provision of this Plan, the Administrator may take any action it deems appropriate in furtherance of any policy of the Company respecting
insider trading as may be in effect from time to time. Such actions may include, but are not limited to, altering the effective date of allocations or distributions of the Mutual Fund Share Investment
Account. 

The
Administrator has the exclusive and discretionary authority to construe and to interpret the Plan, to decide all questions of eligibility for benefits, to determine the amount and manner of
payment of such benefits and to make any determinations that are contemplated by (or permissible under) the terms of this Plan, and its decisions on such matters will be final and conclusive on all
parties. Any such decision or determination shall be made in the absolute and unrestricted discretion of the Administrator, even if (1) such discretion is not expressly granted by the Plan
provisions in question, or (2) a determination is not expressly called for by the Plan provisions in question, and even though other Plan provisions expressly grant discretion or call for a
determination. As a result, benefits under this Plan will be paid only if the Administrator decides in its discretion that the applicant is entitled to them. In the event of a review by a court,
arbitrator or any other tribunal, any exercise of the Administrator's discretionary authority shall not be disturbed unless it is clearly shown to be arbitrary and capricious. 

	7.4
	Compensation, Indemnity and Liability.    The Administrator will serve without bond and without
compensation for services hereunder. All expenses of the Plan and the Administrator will be paid by the Company. To the extent deemed appropriate by the Administrator, any such expense may be charged
against specific Participant Mutual Fund Share Investment Accounts, thereby reducing the obligation of the Company. No member of the Plan Committee, and no individual acting as the delegate of the
Plan Committee, shall be liable for any act or omission of any other member or individual, nor for any act or omission on his or her own part, excepting his or her own willful misconduct. The Company
will indemnify and hold harmless each member of the Plan Committee 

7

 

and
any employee of the Company (or an affiliate, if recognized as an affiliate for this purpose by the Administrator) acting as the delegate of the Plan Committee against any and all expenses and
liabilities, including reasonable legal fees and expenses, arising out of his or her membership on the Plan Committee (or his or her serving as the delegate of the Committee), excepting only expenses
and liabilities arising out of his or her own willful misconduct.  

	7.5
	Taxes.    If the whole or any part of any Participant's Mutual Fund Share Investment Account
becomes liable for the payment of any estate, inheritance, income, employment, or other tax which the Company or any Subsidiary may be required to pay or withhold, the Company or any Subsidiary will
have the full power and authority to withhold and pay such tax out of any moneys or other property in its hand for the account of the Participant. To the extent practicable, the Company will provide
the Participant notice of such withholding. Prior to making any payment, the Company may require such releases or other documents from any lawful taxing authority as it shall deem necessary. 

 Article 8. Claims Procedures  

	8.1
	Claims for Benefits.    If a Participant, beneficiary or other person (hereafter, "Claimant") does
not receive timely payment of any benefits which he or she believes are due and payable under the Plan, he or she may make a claim for benefits to the Administrator. The claim for benefits must be in
writing and addressed to the Administrator. If the claim for benefits is denied, the Administrator will notify the Claimant within 90 days after the Administrator initially received the benefit
claim. However, if special circumstances require an extension of time for processing the claim, the Administrator will furnish notice of the extension to the Claimant prior to the termination of the
initial 90-day period and such extension may not exceed one additional, consecutive 90-day period. Any notice of a denial of benefits should advise the Claimant of the basis
for the denial, any additional material or information necessary for the Claimant to perfect his or her claim, and the steps which the Claimant must take to appeal his or her claim for benefits.

	8.2
	Appeals of Denied Claims.    Each Claimant whose claim for benefits has been denied may
file a written appeal for a review of his or her claim by the Administrator. The request for review must be filed by the Claimant within 60 days after he or she received the notice
denying his or her claim. The decision of the Administrator will be communicated to the Claimant within 60 days after receipt of a request for appeal. The notice shall set forth the basis for
the Administrator's decision. If there are special circumstances which require an extension of time for completing the review, the Administrator's decision may be rendered not later than
120 days after receipt of a request for appeal. 

 Article 9. Amendment and Termination  

	9.1
	Amendments.    The Committee has the right in its sole discretion to amend this Plan in whole or
in part at any time and in any manner, including the manner of making deferral elections, the terms on which distributions are made, and the form and timing of distributions. However, except for
clarifying amendments necessary to avoid an inappropriate windfall, no Plan amendment shall reduce the amount credited to the Mutual Fund Share Investment Account of any Participant as of the date
such amendment is adopted. Any amendment shall be in writing and adopted by the Committee. All Participants and beneficiaries shall be bound by such amendment.

	9.2
	Termination of Plan.    The Company expects to continue this Plan, but does not obligate itself to
do so. The Company, acting by the Committee or through its Board, reserves the right to discontinue and terminate the Plan at any time, in whole or in part, for any reason (including a change, or an
impending change, in the tax laws of the United States or any State). Termination of 

8

 

the
Plan will be binding on all Participants (and a partial termination shall be binding upon all affected Participants) and their beneficiaries, but in no event may such termination reduce the
amounts credited
at that time to any Participant's Mutual Fund Share Investment Account. If this Plan is terminated (in whole or in part), the termination resolution shall provide for how amounts theretofore credited
to affected Participants' Mutual Fund Share Investment Accounts will be distributed. In accordance with these restrictions, the Company intends to have the maximum discretionary authority to terminate
the Plan and make distributions in connection with a Change in Control, and the maximum flexibility with respect to how and to what extent to carry this out following a Change in Control. 

	9.3
	409A Compliance.    Notwithstanding anything to the contrary contained in the Plan or in any Award
Agreement, to the extent that the Committee determines that the Plan or any Award is subject to Section 409A of the Code and fails to comply with the requirements of Section 409A of the
Code, the Committee reserves the right to amend or terminate the Plan and/or amend, restructure, terminate or replace the Award in order to cause the Award to either not be subject to
Section 409A of the Code or to comply with the applicable provisions of such section. 

 Article 10. Miscellaneous  

	10.1
	Limitation on Participant's Rights.    No employee shall have any claim to receive any Award
under the Plan, and there is no obligation for uniformity of treatment of employees under the Plan. Participation in this Plan does not give any Participant the right to be employed by the Company or
any Subsidiary (or any right or interest in this Plan or any assets of the Company other than as herein provided). The Company or any Subsidiary reserves the right to terminate the employment of any
Participant without any liability for any claim against the Company or any Subsidiary under this Plan, except for a claim for payment of deferrals as provided herein.

	10.2
	Unfunded Obligation of Company.    The benefits provided by this Plan are unfunded. All amounts
payable under this Plan to Participants are paid from the general assets of the Company. Nothing contained in this Plan requires the Company to set aside or hold in trust any amounts or assets for the
purpose of paying benefits to Participants. Neither a Participant, beneficiary, nor any other person shall have any property interest, legal or equitable, in any specific Company asset. This Plan
creates only a contractual obligation on the part of the Company, and the Participant has the status of a general unsecured creditor of this Company with respect to amounts of compensation deferred
hereunder. Such a Participant shall not have any preference or priority over, the rights of any other unsecured general creditor of the Company. No other entity guarantees or shares such obligation,
and no other entity shall have any liability to the Participant or his or her beneficiary.

	10.3
	Offset.    Amounts due to or in respect of Participants under the Plan shall not be affected by
any circumstances, including, without limitation, any set-off, counterclaim, recoupment, defense or other right which the Company may have against a Participant or others.

	10.4
	Other Plans.    This Plan shall not affect the right of any Employee or Participant to
participate in and receive benefits under and in accordance with the provisions of any other benefit plans which are now or hereafter maintained by the Company, unless the terms of such other benefit
plan or plans specifically provide otherwise or it would cause such other plan to violate a requirement for tax favored treatment.

	10.5
	Receipt or Release.    Any payment to a Participant in accordance with the provisions of this
Plan shall, to the extent thereof, be in full satisfaction of all claims against the Administrator and the Company, and the Administrator may require such Participant, as a condition precedent to such
payment, to execute a receipt and release to such effect. 

9

 
	10.6
	Governing Law.    This Plan shall be construed, administered, and governed in all respects in
accordance with applicable federal law and, to the extent not preempted by federal law, in accordance with the laws of the State of Delaware (other than its laws relating to choice of law). If any
provisions of this instrument shall be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof shall continue to be fully effective.

	10.7
	Gender, Tense and Examples.    In this Plan, whenever the context so indicates, the singular or
plural number and the masculine, feminine, or neuter gender shall be deemed to include the other. Whenever an example is provided or the text uses the term "including" followed by a specific item or
items, or there is a passage having a similar effect, such passage of the Plan shall be construed as if the phrase "without limitation" followed such example or term (or otherwise applied to such
passage in a manner that avoids limitation on its breadth of application).

	10.8
	Successors and Assigns; Nonalienation of Benefits.    This Plan inures to the benefit of and is
binding upon the parties hereto and their successors, heirs and assigns; provided, however, that the amounts credited to the Mutual Fund Share Investment Account of a Participant are not subject in
any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge, garnishment, execution or levy of any kind, either voluntary or involuntary, and any attempt to
anticipate, alienate, sell, transfer, assign, pledge, encumber, charge or otherwise dispose of any right to any benefits payable hereunder, including, any assignment or alienation in connection with a
separation, divorce, child support or similar arrangement, will be null and void and not binding on the Plan or the Company. Notwithstanding the foregoing, the Administrator reserves the right to make
payments in accordance with a divorce decree, judgment or other court order as and when cash payments are made in accordance with the terms of this Plan from the Mutual Fund Share Investment Account
of a Participant. Any such payment shall be charged against and reduce the Participant's account.

	10.9
	Facility of Payment.    Whenever, in the Administrator's opinion, a Participant or beneficiary
entitled to receive any payment hereunder is under a legal disability or is incapacitated in any way so as to be unable to manage his or her financial affairs, the Administrator may direct the Company
to make payments to such person or to the legal representative of such person for his or her benefit, or to apply the payment for the benefit of such person in such manner as the Administrator
considers advisable. Any payment in accordance with the provisions of this section shall be a complete discharge of any liability for the making of such payment to the Participant or beneficiary under
the Plan.

	10.10
	Effective Date.    The Plan shall take effect on the date of its adoption by the Committee. 

10

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Exhibit 10.9

JANUS CAPITAL GROUP INC.

AMENDED AND RESTATED MUTUAL FUND SHARE INVESTMENT PLAN (Amended and restated as of January 1, 2012)QuickLinks
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  Exhibit 10.12.2    
    

 
    THIRD AMENDMENT TO THE JANUS 401(K), PROFIT SHARING
  AND EMPLOYEE STOCK OWNERSHIP PLAN    
    

        The Janus 401(k), Profit Sharing and Employee Stock Ownership Plan, as amended and restated effective January 1, 2009 (the
"Plan"), is hereby amended as follows: 

	1.
	Effective
as of the date hereof, Section 1.11 of the Plan is hereby amended in its entirety to read as follows: 

        1.11     "Compensation"
means, for purposes of Employee pre-tax contributions made under Section 4.2 and the matching contribution made under
Section 4.1(b), amounts paid to an Eligible Employee by a Participating Employer as "Regular Pay" (defined below), and, for purposes of other contributions made under Article IV, amounts
paid to an Eligible Employee by a Participating Employer as "Wages" (defined below). For any Plan Year, only the amounts paid to the Eligible Employee during the Plan Year and while the individual is
an Eligible Employee under the Plan shall be taken into account, such that, for example, no amount paid to the Participant following termination of his or her employment with the Employer or an
Affiliated Employer shall be taken into account as Compensation. In addition, no severance payment shall be taken into account as Compensation. Furthermore, notwithstanding anything in this definition
to the contrary, in each Plan Year and for
each Eligible Employee, no amount in excess of the applicable limitation under Code Section 401(a)(17) may be considered Compensation. For the Plan Year commencing January 1, 2007, this
limitation is $225,000. 

        "Regular
Pay" is any amount paid to the Eligible Employee as base salary, bonus (other than a retention bonus and signing bonus), overtime or commissions. "Wages" means wages as defined
in Code Section 3401(a) for purposes of income tax withholding at the source, plus all other payment of compensation reportable under Code Sections 6041(d), 6051(a)(3) and 6052 and the
regulations thereunder, but determined without regard to any rules that limit the remuneration included in wages based on the nature or location of the employment or the services performed (such as
the exception for agricultural labor in Code Section 3401(a)(2)). Notwithstanding the foregoing, Wages (i) shall include any amount contributed by the Participating Employer on behalf of
the Eligible Employee, pursuant to a salary reduction agreement, which are not included in gross income of the Employee or self-employed individual due to Code Section 125,
132(f)(4), 402(e)(3), 402(h), 402(k), 403(b) or 457(b), and (ii) shall exclude the following amounts that otherwise would constitute wages: reimbursements or other expense allowances, fringe
benefits (cash or noncash), moving expenses, deferred compensation, welfare benefits, option exercise income, mutual fund unit awards, signing bonuses and income realized pursuant to vesting under
Code Section 83. 

        Notwithstanding
the preceding, for purposes of determining Compensation of a Self-Employed Individual, (a) "Regular Pay" means each guaranteed payment from the
Participating Employer representing base compensation, bonus (other than a retention bonus and signing bonus) or commissions, provided such amounts are attributable to the Plan Year and included in
the Self-Employed Individual's "Earned Income," and provided further that such amounts are received by the Self-Employed Individual within 15 days of the close of the
Plan Year, and (b) "Wages" is the individual's net earnings from self-employment in the trade or business of Participating Employer for which his or her personal services to the
Participating Employer are a material income-producing factor, determined without regard to items not included in gross income and the deductions allowable to such items and the deductions allowed to
the taxpayer under Code Section 164(f), and reduced by contributions to a qualified plan deductible under Code Section 404. For purposes of determining Regular Pay of a
Self-Employed Individual for a Plan Year, "Earned Income" means net earnings from self-employment as defined in Code Section 1402(a). 

 
	2.
	Effective
as of January 1, 2011, the Plan is hereby amended by deleting the current Section 1.16(g) and adding new Section 1.16(g) and
(h) to read as follows: 

        (g)   Employees
who are employed outside the United States, unless such Employee (i) is a citizen of the United States, (ii) is employed by an Employer, and
(iii) does not participate in any retirement program sponsored by the Employer or an Affiliated Employer outside of the United States in a manner that would enable such Employee to accrue
benefits funded by the Employer or the Affiliated Employer in such plan. 

        (h)   Employees
who are not citizens of the United States, and who transfer to regular employment with an Employer from employment outside of the United States with the
Employer or an Affiliated Employer, if such Employee continues to participate in a retirement program sponsored by the Employer or an Affiliated Employer outside of the United States and accrue
benefits funded by the Employer or the Affiliated Employer in such plan.  

	3.
	Effective
as of the date hereof, Section 4.2(a) of the Plan is hereby amended by deleting the second to last paragraph as follows: 

        "Automatic
Deferral Election Procedures. If the Employer elects to implement an automatic deferral election, then in the event a Participant fails to make a deferral election and does
not affirmatively elect to receive cash, such Participant shall be deemed to have made a pre-tax deferral election equal to the percentage of Compensation set forth in procedures
established by the Administrator. The automatic deferral election may, in accordance with procedures established by the Administrator, be applied to all Participants on a periodic basis and/or to
Eligible Employees who become Participants after a certain date. Furthermore, if the automatic deferral election increases each year, then the Administrator shall establish procedures implementing
such provision, including, but not limited to, the time at which such increases take effect. Notwithstanding the preceding, the Plan will comply with applicable federal laws and regulations relating
to automatic deferral provisions. As of January 1, 2007, the automatic deferral election shall be an Employee Pre-tax Elective Deferral Contribution for newly eligible and rehired
Participants at a rate of 3% of the Participant's Compensation."  

	4.
	Effective
as of the date hereof, the Plan is hereby amended by inserting a new Section 4.2(b) to read as follows after Section 4.2(a), and by
re-lettering the existing Section 4.2(b) and remaining paragraphs accordingly, in order to clarify the operation of the qualified automatic contribution arrangement under the Plan: 

        (b)    Automatic Pre-tax Elective Deferrals    

        (1)   Notwithstanding
any provision of the Plan to the contrary, each Automatically Enrolled Participant shall be deemed to have elected to make Pre-tax Elective
Deferrals in an amount equal to the Automatic Percentage, unless and until such Participant makes an Affirmative Election. Upon the receipt of an Affirmative Election, such Participant shall cease to
be an Automatically Enrolled Participant. 

        (2)   Within
a reasonable period prior to the initial automatic enrollment and the beginning of each Plan Year, the Administrator shall give each Automatically Enrolled
Participant a notice explaining the automatic enrollment and his right to make an affirmative contribution election (or to make no Pre-tax Elective Deferrals), including the procedure for
exercising that right and the timing for implementation of any such election, and an explanation of how Pre-tax Elective Deferrals made under this Section will be invested in the absence
of an investment election by the Automatically Enrolled Participant. 

        (3)   Deferred
Compensation made pursuant to this Section 4.2(b) shall be invested in accordance with Article V in the absence of an investment election by the
Employee. 

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        (4)   Definitions. 

        (A)  "Affirmative Election" means an election made by an Automatically Enrolled Participant to either (A) not make
Pre-tax Elective Deferrals or (B) make Pre-tax Elective Deferrals at a level specified in such election. 

        (B)  "Automatically Enrolled Participant" means an Eligible Employee who is not a Participant as of January 1, 2007
(excluding Eligible Employees who prior to January 1, 2007 affirmatively elected not to make Pre-tax Elective Deferrals) or an Employee who becomes an Eligible Employee on or after
January 1, 2007. 

        (C)  "Automatic Percentage" means, with respect to any Automatically Enrolled Participant: (I) 3 percent during
the period ending on the last day of the first Plan Year which begins after the date on which he
became an Automatically Enrolled Participant; (II) 4 percent during the first Plan Year following the last day of the Plan Year described in clause (I);
(III) 5 percent during the second Plan Year following the last day of the Plan Year described in clause (I); and (IV) 6 percent during every Plan Year following the
last day of the Plan Year described in clause (III); provided, however, that effective July 1, 2011, the percentage increase shall take place as of each successive anniversary entry date
of the Automatically Enrolled Participant. 

        (5)   QACA Safe Harbor Plan Potential.    The provisions of this Section are intended to constitute a "qualified
automatic contribution arrangement" (as defined in section 401(k)(13)(B) of the Code shall be construed accordingly for any Plan Year in advance of which the Employer determines to make a
non-elective employer contribution of at least 3% of compensation. For such a Plan Year, the Plan therefore is intended to satisfy the actual deferral percentage and actual contributions
percentage tests by virtue of its status as a section 401(k)(13) "qualified automatic contribution arrangement" (the "ADP/ACP QACA Safe Harbor Test") for each Plan Year as to which an
appropriate notice has been given. For each such year, notwithstanding any contrary provision of this Plan, the provisions of Section 4.5 through 4.8 shall be inapplicable. The following
additional requirements shall apply for a Plan Year for which the Plan is intended to satisfy the ADP/ACP QACA Safe Harbor Test: 

          (i)  Plan Year requirement.    Except as provided in Treasury Regulation section 1.401(k)-3(e),
the Plan will fail to satisfy the requirements of Code Section 401(k)(13)(B) and this Section for a Plan Year unless such provisions remain in effect for an entire twelve (12) month Plan
Year. 

         (ii)  Eliminating or Reducing the Safe Harbor Matching Contribution.    The Company may amend the Plan amend the
Plan to no longer satisfy the ADP/ACP QACA Safe Harbor Test provided: (A) a supplemental notice is provided to the Participants which explains the consequences of the amendment, specifies the
amendment's effective date, and informs Participants that they will have a reasonable opportunity to modify their Pre-tax Elective Deferrals; (B) Participants have a reasonable
opportunity (including a reasonable period after receipt of the supplemental notice) prior to the effective date of the amendment to modify their Pre-tax Elective Deferrals; and
(C) the amendment is not effective earlier than the later of: (I) thirty (30) days after the supplemental notice is given; or (II) the date the Company adopts the
amendment. If the Company should amend the Plan to no longer satisfy the ADP/ACP QACA Safe Harbor Test in accordance with this Section 4.2(b)(6), then effective during the Plan Year, the
Company: (x) must continue to apply all of the ADP/ACP QACA Safe Harbor Test requirements of the Plan until the amendment becomes effective; and (y) also must apply for the entire Plan
Year, the nondiscrimination testing provisions of Sections 4.5 through 4.8, using the Current Year Testing Method. 

3

 

	5.
	Effective
as of the date hereof, Section 5.2(b) of the Plan is hereby further amended in its entirety as follows: 

        (b)   Investment Funds.    An Investment Fund means any portion of the assets of the Trust Fund that is either
(1) required to be an Investment Fund by the terms of the Plan or (2) is chosen by the Administrator, and is designated by the Administrator in a manner and form acceptable to the
Trustee. From time to time, the Administrator may determine to include among the Plan's investment options a self-directed brokerage window, with such limitations and restrictions as it
may deem appropriate. Any such brokerage window included as an investment option under the Plan shall be considered a single Investment Fund.  

	6.
	Effective
as of the date hereof, Section 7.1 of the Plan is hereby further amended in its entirety to read as follows:

	7.1
	DETERMINATION
OF BENEFITS UPON RETIREMENT 

        Every
Participant may terminate employment with the Employer and retire for the purposes hereof on the Participant's Normal Retirement Date. However, a Participant may postpone the
termination of employment with the Employer to a later date, in which event the participation of such Participant in the Plan, including the right to receive allocations pursuant to
Section 4.4, shall continue until such Participant's Late Retirement Date. Upon a Participant's Retirement Date, or as soon thereafter as is
practicable, the Trustee shall distribute, at the election of the Participant, all vested amounts credited to such Participant's Combined Account in accordance with Sections 7.5 and 7.6. In the
absence of an affirmative election to receive his or her Plan benefits in connection with his or her Retirement Date, payment shall be deferred and shall be made in accordance with Section 7.7
prior to the Participant's required beginning date.  

	7.
	Effective
as of the date hereof, Section 7.6 of the Plan is hereby further amended by adding a new paragraph to the end thereof following the second
paragraph: 

        All
distributions of amounts in a Participant's Other Investments Account shall in cash. A Participant may, however, elect to receive distribution of his or her Other Investments Account
in-kind or in combination of cash and in-kind securities comprising the Other Investments Account. Any fractional share of any security in a Participant's Other Investments
Account shall be paid in cash.  

	8.
	Effective
as of the date hereof, Section 7.10 of the Plan is hereby amended by deleting the following sentences: 

"No
distribution shall be made from the Participant's account unless the Participant has completed five (5) years of participation in the Plan. In the event that the Administrator makes such a
distribution, the Participant shall continue to be eligible to participate in the Plan on the same basis as any other Employee."  

	9.
	Effective
as of the date hereof, Section 7.11(d) is hereby amended in its entirety to read as follows: 

        (d)   Any
distribution made pursuant to this Section shall be made exclusively in cash. Otherwise, any distribution made pursuant to this Section shall be made in a manner
which is consistent with and satisfies the provisions of Sections 7.5 and 7.6, including, but not limited to, all notice and consent requirements of Code Section 411(a)(11) and the
Regulations thereunder.  

	10.
	Effective
as of July 1, 2011, Section 8.4 shall be amended in its entirety to read as follows:

	8.4
	LOANS
TO PARTICIPANTS 

        Loans
to Participants are permitted pursuant to uniform and nondiscriminatory standards established by the Committee in a written loan policy; provided, however, that a Participant who
is 

4

 

no
longer an Employee or to a Beneficiary shall not be eligible for a Plan loan. Each loan shall be evidenced by a promissory note, secured only by the portion of the Participant's Account from which
the loan is made, and the Plan shall have a lien on such portion of his or her Account. The interest rate charged on Participant loans shall be a fixed reasonable rate of interest, determined from
time to time by the Committee, which provides the Plan with a return commensurate with the prevailing interest rate charged by persons in the business of lending money for loans which would be made
under similar circumstances. The Committee may impose a loan application fee and/or loan maintenance fee provided such fees are imposed on a uniform and nondiscriminatory basis. The Committee reserves
the right to cease making loans at any time without prior notice to Participants.  

	11.
	Effective
as of July 1, 2011, all Participant elections to make Pre-tax Elective Deferrals (affirmatively or automatically by default) or
Roth Elective Deferrals, and including elections to make Catch-up Contributions, shall be designated as a percentage of Compensation, and no such election may be made under the Plan by
reference to a dollar amount of Compensation. All references in the Plan to Participant contributions being made by reference to a dollar amount of Compensation shall be treated as removed from the
Plan. 

******************* 

        IN
WITNESS WHEREOF, Janus Capital Group Inc. has executed this Amendment as of this 21st day of June, 2011. 

 

			
	 	 	Janus Capital Group Inc.
	

 	
 	
/s/ Gregory A. Frost

  Gregory A. Frost

Executive Vice President

Chief Financial Officer and Treasurer
	
 ATTEST:	
 	

 
	
 /s/ Sue J. Armstrong

 	
 	

 

 

 5

QuickLinks

Exhibit 10.12.2

THIRD AMENDMENT TO THE JANUS 401(K), PROFIT SHARING AND EMPLOYEE STOCK OWNERSHIP PLAN

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