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                                                                  EXHIBIT 10.6.2

                    AMENDED AND RESTATED EMPLOYMENT AGREEMENT

                                 August 30, 2002

         THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the "Agreement"), is
hereby made and entered into by and between Stilwell Financial Inc., a Delaware
corporation ("Stilwell") and Landon H. Rowland, an individual ("Executive") to
be effective as of August 30, 2002 (the "Effective Date").

         WHEREAS, prior to June 12, 2000, Executive was employed by Kansas City
Southern Industries, Inc. ("KCSI"), and on June 12, 2000, Stilwell and Executive
entered into an employment agreement ("Prior Agreement") to be effective as of
July 12, 2000, the date that all of the issued and outstanding stock of Stilwell
was distributed to the shareholders of KCSI which had been the parent of
Stilwell since its formation on January 23, 1998 (the "Spin-off Distribution"),
for Stilwell to continue to employ Executive on the terms and conditions set
forth in the Prior Agreement; and

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

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

         1. Position and Responsibilities. Stilwell hereby employs and agrees to
appoint, elect, reappoint and reelect Executive during the term of the
Agreement, as the Chairman of its Board of Directors (the "Stilwell Board"), and
as President and Chief Executive Officer. During

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the term of the Agreement, Executive shall devote substantially all of his
business time, attention and effort to the affairs of Stilwell, and shall use
his reasonable best efforts to promote the best interests of Stilwell. All
staff, all operations and other functions of Stilwell shall report directly or
indirectly (through one or more subordinates of Executive) to Executive.
Executive shall report on all operations and other functions solely and directly
to the Stilwell Board. During the term of the Agreement, and excluding any
periods of disability, vacation, or sick leave to which Executive is entitled,
Executive agrees to devote his full attention and time to the business and
affairs of Stilwell.

         2. Compensation.

              (a) Base Compensation. Stilwell shall pay Executive, in accordance
with the normal payroll practices of Stilwell, an annual base salary at the rate
of $825,000 per year ("Base Salary"). Base Salary shall be reviewed at least
annually and may be increased (but not decreased) from time to time as shall be
determined by the Stilwell Board. Any increase in Base Salary shall not limit or
reduce any other obligation of Stilwell to Executive under this Agreement. Once
Base Salary shall have been increased, it shall be treated for all purposes of
this Agreement as Executive's Base Salary. Base Salary shall not be decreased at
any time without the express written consent of Executive. (b) Incentive
Compensation. For the year 2002 and the six months ending June 30, 2003,
Executive shall not be entitled to participate in any Stilwell incentive
compensation plan.

         3. Benefits and Stock Ownership.

              (a) Benefits. During the period of his employment hereunder,
Stilwell shall provide Executive with coverage under such benefit plans and
programs as are made generally available to similarly situated employees of
Stilwell, provided (i) Stilwell shall have no

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obligation with respect to any plan or program if Executive is not eligible for
coverage thereunder, and (ii) Executive acknowledges that stock options and
other stock and equity participation awards are granted in the discretion of the
Stilwell Board or the Compensation Committee of the Stilwell Board and that
Executive has no right to receive stock options or other equity participation
awards or any particular number or level of stock options or other awards. In
determining contributions, coverage and benefits under any disability insurance
policy and under any cash compensation-based plan provided to Executive by
Stilwell, it should be assumed that the value of Executive's annual compensation
pursuant to this Agreement is 175% of Executive's Base Salary. Executive
acknowledges that all rights and benefits under benefit plans and programs shall
be governed by the official text of each such plan or program and not by any
summary or description thereof or any provision of this Agreement (except to the
extent this Agreement expressly modifies such benefit plans or programs) and
that Stilwell is not under any obligation to continue in effect or to fund any
such plan or program, except as provided in Paragraphs 4(e) and 7 hereof.
Stilwell also shall reimburse Executive for ordinary and necessary travel and
other business expenses in accordance with policies and procedures established
by Stilwell.

             (b) Stock Ownership. During the period of his employment hereunder,
Executive shall retain ownership in himself or in members of his immediate
family of at least a majority of the number of shares of (i) Stilwell stock
received by Executive or members of his immediate family in the Spin-off
Distribution, and (ii) Stilwell stock acquired upon the exercise of stock
options, but excluding from such number of shares any such shares transferred to
Stilwell or sold to pay the purchase price upon the exercise of stock options or
to pay or satisfy tax obligations resulting from such exercise.

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         4. Termination.

             (a) Termination by Executive. Executive may terminate this
Agreement and his employment hereunder by at least thirty (30) calendar days
advance written notice to Stilwell.

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

              (c) Termination by Stilwell for Cause.

                   (i) Subject to the provisions of Paragraph 4(c)(ii), Stilwell
may terminate this Agreement and Executive's employment for Cause (as defined
below). For purposes of this Agreement (except for Paragraph 7), termination for
"Cause" shall mean termination based upon any one or more of the following:

                        (A) Executive's willful or intentional material breach
of his material obligations under this Agreement;

                        (B) Executive's commission of a felony;

                        (C) willful or intentional material misconduct by
Executive in the performance of his duties under this Agreement;

                        (D) Executive's commission of a misdemeanor involving
fraud, dishonesty or moral turpitude; or

                        (E) the willful or intentional failure by Executive to
materially comply (to the best of his ability) with a specific, written
direction of the Stilwell Board that is not inconsistent with this Agreement and
Executive's responsibilities hereunder,

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provided that such refusal or failure (1) is not cured to the best of
Executive's ability within ten (10) business days after the delivery of such
direction to Executive, and (2) is not based on Executive's good faith belief,
as expressed by written notice to the Stilwell Board given within such ten (10)
business day period, that the implementation of such direction of the Stilwell
Board would be unlawful or unethical.

                   (ii) Executive's employment may not be terminated for Cause
unless:

                        (A) Stilwell provides Executive with written notice (the
"Notice of Consideration") of its intent to consider the termination of
Executive's employment for Cause, including a detailed description of the
specific reasons which form the basis for such consideration;

                        (B) on a date not less than thirty (30) calendar days
after the date Executive receives the Notice of Consideration, Executive shall
have the opportunity to appear before the Stilwell Board, with or without legal
representation, at Executive's election, to present arguments and evidence on
his own behalf;

                        (C) the Stilwell Board by the affirmative vote of at
least seventy-five percent (75%) of its members (excluding Executive as a member
of the Stilwell Board, and any other member of the Stilwell Board reasonably
believed to be involved in the events leading the Stilwell Board to seek to
terminate Executive for Cause), determines at or after the meeting of the
Stilwell Board, that the actions or inactions of Executive specified in the
Notice of Consideration occurred, that such actions or inactions constitute
Cause, and that Executive's employment should accordingly be terminated for
Cause; and

                        (D) the Stilwell Board provides Executive with a written
determination (a "Notice of Termination for Cause") setting forth in specific
detail the

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basis of Executive's termination of employment. The Notice of Termination for
Cause shall not be based upon any reason or reasons other than one or more
reasons set forth in the Notice of Consideration.

         If Executive disputes any purported termination of Executive for Cause,
the Stilwell Board shall have the burden of proof to establish by a
preponderance of the evidence, both (1) its full compliance with the substantive
and procedural requirements of this Paragraph 4(c)(ii) prior to a termination of
employment for Cause, and (2) that Executive's action or inaction specified in
the Notice of Termination for Cause did occur and constituted Cause. If the
Stilwell Board does not meet such burden of proof, any termination of employment
shall be deemed a termination without Cause for all purposes of this Agreement,
including Executive's entitlement to severance benefits and payments.

         If the Stilwell Board determines by a vote of seventy-five percent
(75%) of its members (excluding Executive as a member of the Stilwell Board and
any other member of the Stilwell Board reasonably believed to be involved in the
events leading the Stilwell Board to seek to terminate Executive for Cause),
that it is in the best interests of Stilwell to suspend Executive from
performing his duties with respect to Stilwell under this Agreement pending
resolution of the Notice of Consideration, then Executive shall be suspended
from performing such duties, and such suspension shall not be considered to
constitute Good Reason or a breach of this Agreement on the part of Stilwell;
provided however, that the obligations (including payments of compensation to
Executive) of Stilwell and of Executive under this Agreement, other than
Executive's obligations under Paragraph 1 hereof, shall continue in full force
and effect during such period of suspension.

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              (d) Termination by Stilwell Other than for Cause or by Executive
for Good Reason.

                   (i) Stilwell may terminate this Agreement and Executive's
employment other than for Cause immediately upon notice to Executive, or
Executive may terminate this Agreement and Executive's employment for Good
Reason (as defined in Paragraph 4(d)(iii) below) upon notice to Stilwell in
accordance with the provisions of Paragraph 4(d)(iv), and in any such event,
Stilwell shall provide severance benefits to Executive in accordance with
Paragraph 4(d)(ii) below (unless Paragraph 4(e) applies).

                   (ii) Unless the provisions of Paragraph 7 of this Agreement
are applicable, if Executive's employment is terminated under Paragraph 4(d)(i),
Stilwell (a) shall pay as soon as reasonably possible but not later than thirty
(30) calendar days after Executive's termination date, a lump sum amount in
immediately available funds equal to the product (discounted to the then present
value on the basis of a rate of five percent (5%) per annum) of (A) 175% of Base
Salary multiplied by (B) two, and, (b) for this two-year period, to reimburse
Executive for the cost (including state and federal income taxes payable with
respect to this reimbursement) of continuing the health insurance coverage
provided pursuant to this Agreement or obtaining health insurance coverage
comparable to the health insurance provided pursuant to this Agreement, and
obtaining coverage comparable to the life insurance provided pursuant to this
Agreement, unless Executive is provided comparable health or life insurance
coverage in connection with other employment. The foregoing obligations of
Stilwell shall continue until the end of such two (2) year period
notwithstanding the death or disability of Executive during said period (except,
in the event of death, the obligation to reimburse Executive for the cost of
life insurance shall not continue). In addition, Stilwell shall use its best
efforts to cause

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all outstanding options held by Executive under any stock option plan of
Stilwell or its affiliates to become immediately exercisable on the termination
date, and such options shall remain exercisable through the earlier to occur of
(1) five (5) years after the termination date, or (2) the expiration of the term
of the options. To the extent that such options are not vested and are
subsequently forfeited, Executive shall receive a lump-sum cash payment within
five (5) business days after the options are forfeited equal to the difference
between the fair market value of the shares of stock subject to the non-vested,
forfeited options determined as of the date such options are forfeited and the
exercise price for such options. In the year in which termination of employment
occurs, Executive shall be eligible to receive benefits under the Stilwell
Incentive Compensation Plan and the Stilwell Executive Plan (if such Plans then
are in existence and Executive was entitled to participate immediately prior to
termination) in accordance with the provisions of such plans then applicable,
and severance pay received in such year shall be taken into account for the
purpose of determining benefits, if any, under the Stilwell Incentive
Compensation Plan but not under the Stilwell Executive Plan. After the year in
which termination occurs, Executive shall not be entitled to accrue or receive
benefits under the Stilwell Incentive Compensation Plan or the Stilwell
Executive Plan with respect to the severance pay provided herein,
notwithstanding that benefits under the Stilwell Incentive Compensation Plan or
the Stilwell Executive Plan with respect to the severance pay provided herein
are still generally available to executive employees of Stilwell. After
termination of employment, Executive shall not be entitled to accrue or receive
benefits under any other employee benefit plan or program, except that Executive
shall be entitled to participate in the Stilwell Employee Stock Ownership Plan
and the Stilwell Section 401(k) Plan with Profit Sharing Plan Portion in the
year of termination of

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employment only if Executive meets all requirements of such plans for
participation in such year.

                   (iii) "Good Reason" means the occurrence of any one of the
following events unless Executive specifically consents in writing that such
event shall not be Good Reason:

                        (A) any material breach of this Agreement by Stilwell of
any of its material obligations under this Agreement, including any of the
following occurrences which shall be deemed to constitute a material breach of
Stilwell's material obligations:

                        (1) failure to pay Base Salary as required by Paragraph
                        2(a); or

                        (2) any material adverse change in the status, position,
                        responsibilities, and duties of Executive as compared to
                        Executive's status, position, responsibilities, and
                        duties as set forth in Paragraph 1,

                        (B) the failure of Stilwell to assign this Agreement to
a successor, or the failure of such successor to explicitly assume and agree to
be bound by this Agreement,

                        (C) Stilwell's requiring Executive to be principally
based at any office or location that is more than forty (40) miles from the
office or location where Executive was located as of the Effective Date,

                        (D) the Stilwell Board gives a Notice of Consideration
pursuant to Paragraph 4(c)(ii) (of the intent to consider terminating Executive
for Cause) and fails within a period of ninety (90) calendar days thereafter to
terminate Executive for Cause

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in compliance with all the substantive and procedural requirements of Paragraph
4(c)(ii), or

                        (E) after the Restructuring Date (as defined in
Paragraph 4(e)(i)), any material adverse change in the status, position,
responsibilities and duties of Executive as a member of the group of Stilwell
employees designated to effect the transition of Stilwell's ongoing matters and
duties to other Company executives as part of the Restructuring (as defined in
Paragraph 4(e)(1)) ("Transition Team Members") until December 31, 2003.
Executive's position as a Transition Team Member is as non-executive Chairman of
the Board, and the responsibilities and duties associated with that position are
those of the Chairman of the Board of Directors.

                   (iv) Executive's termination of employment shall not be
considered to be for Good Reason unless:

                        (A) not more than ninety (90) calendar days after the
occurrence (or, if later, not more than ninety (90) calendar days after
Executive becomes aware) of the event or events alleged to constitute Good
Reason, Executive provides Stilwell with written notice (the "Notice of Good
Reason") of his intent to consider termination for Good Reason, including a
detailed description of the specific reasons which form the basis for such
consideration, and demanding that such event or events be cured not later than
ten (10) business days after Stilwell receives the Notice of Good Reason (the
"Cure Period");

                        (B) Stilwell shall have failed to cure such event or
events during the Cure Period; and

                        (C) not more than ninety (90) calendar days following
the expiration of the Cure Period, Executive shall have given Stilwell a second
notice (a

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"Notice of Termination for Good Reason") stating that such cure has not occurred
and that, as a result, Executive is terminating his employment for Good Reason
on the date (after the end of the Cure Period) specified in the Notice of
Termination for Good Reason. A Notice of Termination for Good Reason shall not
be based upon any reason or reasons other than one or more reasons set forth in
the Notice of Good Reason.

                   (e) Termination due to the Restructuring of Stilwell pursuant
to that certain Agreement and Plan of Merger dated August 30, 2002.

                        (i) If Stilwell terminates Executive's employment other
                   than for Cause, or Executive terminates his employment
                   hereunder for Good Reason as defined in Paragraph 4(d)(ii)
                   hereof, in connection with the restructuring of Stilwell (a
                   "Restructuring Termination") as contemplated by that
                   certain Agreement and Plan of Merger dated August 30, 2002
                   between Stilwell and Janus Capital Corporation (the
                   "Restructuring"), then Stilwell shall pay or provide to
                   Executive severance and retention benefits pursuant to the
                   Severance and Retention Policy adopted and approved by the
                   Stilwell Organization and Compensation Committee on August
                   21, 2002, as described in detail on Exhibit A to this
                   Agreement ("Restructuring Severance and Retention Benefits").
                   The effective date of the Restructuring, which is expected to
                   be on or around December 31, 2002, shall be the Restructuring
                   Date. Any termination of Executive's employment by Stilwell
                   prior to or within three years after the Restructuring Date
                   and any termination by Executive for Good Reason within three
                   years after the Restructuring Date shall be conclusively
                   deemed to be a Restructuring Termination. However, if within
                   on year of the Restructuring Date Executive should become a
                   permanent, full-time employee of Janus or any of its

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                   50% or more owned affiliates, Executive shall not receive the
                   severance portion of the Restructuring Severance and
                   Retention Benefits. If any such benefits shall have been paid
                   to Executive prior to the time of such employment with Janus
                   or any of its 50% or more owned affiliates, Executive shall
                   return the full amount of any such severance benefits so
                   received to the Company.

                        (ii) Unless Executive should voluntarily terminate his
                   employment with Stilwell before December 31, 2003, Executive
                   shall continue to receive his Base Salary and Benefits
                   described in Paragraph 3 through December 31, 2003.

                        (iii) Upon the Restructuring Date, Paragraphs 1 and 3(b)
                   of this Agreement shall be of no further force or effect, and
                   Executive shall serve as non-executive Chairman of the Board
                   of the Company until December 31, 2003 and then solely as a
                   Director of the Company until December 31, 2004. Such changes
                   shall not constitute Good Reason under Paragraph 4(d)(iii)
                   (A)(2) or 4(d)(iii)(E).

         5. Non-Disclosure and Non-Compete.

              (a) Non-Disclosure. During the term of this Agreement and at all
times after any termination of this Agreement, Executive shall not, either
directly or indirectly, use or disclose any Stilwell Trade Secret, except to the
extent necessary for Executive to perform his duties for Stilwell while an
employee. For purposes of this Agreement, the term "Stilwell Trade Secret" shall
mean any information regarding the business or activities of Stilwell or any
subsidiary or affiliate, including any formula, pattern, compilation, program,
device, method, technique, process, customer list, technical information or
other confidential or proprietary information, that (a) derives independent
economic value, actual or potential, from not being

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generally known to, and not being readily ascertainable by proper means by,
other persons who can obtain economic value from its disclosure or use, and (b)
is the subject of efforts of Stilwell or its subsidiary or affiliate that are
reasonable under the circumstance to maintain its secrecy. In the event of any
breach of this Paragraph 5 by Executive, Stilwell shall be entitled to terminate
any and all remaining severance benefits under Paragraphs 4(d)(ii) and shall be
entitled to pursue such other legal and equitable remedies as may be available.

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

         6. Duties Upon Termination; Survival.

              (a) Duties. Upon termination of this Agreement by Stilwell or
Executive for any reason, Executive shall immediately return to Stilwell all
Stilwell Trade Secrets which exist

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in tangible form and shall sign such written resignations from all positions as
an officer, director or member of any committee or board of Stilwell and all
direct and indirect subsidiaries and affiliates of Stilwell as may be requested
by Stilwell and shall sign such other documents and papers relating to
Executive's employment, benefits and benefit plans as Stilwell may reasonably
request.

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

         7. Continuation of Employment Upon Change in Control of Stilwell.

              (a) Continuation of Employment. Subject to the terms and
conditions of this Paragraph 7, in the event of a Change in Control (as defined
in Paragraph 7(d)) at any time during the term of this Agreement, Executive
agrees to remain in the employ of Stilwell for a period of three (3) years (the
"Three-Year Period") from the date of such Change in Control (the "Control
Change Date"). Stilwell agrees to continue to employ Executive for the
Three-Year Period. During the Three-Year Period, (i) Executive's position
(including offices, titles, reporting requirements and responsibilities),
authority and duties shall be at least commensurate in all material respects
with the most significant of those held, exercised and assigned at any time
during the twelve (12) calendar month period immediately before the Control
Change Date and (ii) Executive's services shall be performed at the location
where Executive was employed immediately before the Control Change Date or at
any other location less than 40 miles from such former location. During the
Three-Year Period, Stilwell shall continue to pay to Executive

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Base Salary on the same basis and at the same intervals as in effect immediately
prior to the Control Change Date.

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

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

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

         In addition, Stilwell shall use its best efforts to cause all
outstanding options held by Executive under any stock option plan of Stilwell or
its affiliates to become immediately exercisable on the Control Change Date, and
such options shall remain exercisable through the earlier to occur of (1) five
(5) years after the Control Change Date, or (2) the expiration of the term of
the options. To the extent that such options are not vested and are subsequently
forfeited, Executive shall receive a lump-sum cash payment within five (5)
business days after the options are forfeited equal to the difference between
the fair market value of the shares of stock subject to the non-vested,
forfeited options determined as of the date such options are forfeited and the
exercise price for such options. During the Three-Year Period Executive shall be
entitled to participate, on the basis of his executive position, in any
incentive compensation

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plan of Stilwell in accordance with the terms thereof at the Control Change
Date; provided that if under Stilwell programs or Executive's employment
agreement in existence immediately prior to the Control Change Date, there are
written limitations on participation for a designated time period in any
incentive compensation plan, such limitations shall continue after the Control
Change Date to the extent so provided for prior to the Control Change Date.

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

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

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

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

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

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Extraordinary Transaction (as defined below)) shall be deemed to be a member of
the Incumbent Board; or

                  (iii) any one or more of the following:

                           (A) consummation of a merger, reorganization,
consolidation or similar transaction (any of the foregoing, an "Extraordinary
Transaction") with respect to which persons who were the respective beneficial
owners of the then-outstanding common stock and Voting Power of Stilwell
immediately before such Extraordinary Transaction would not beneficially own,
directly or indirectly, more than 60% of both the then-outstanding common shares
and the then-outstanding Voting Power of the corporation resulting from such
Extraordinary Transaction, in substantially the same relative proportions as
their respective ownership, immediately before such Extraordinary Transaction,
of the then-outstanding common stock and Voting Power of Stilwell,

                           (B) approval by the shareholders of Stilwell of a
liquidation or dissolution of Stilwell, or

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

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

For purposes of this Agreement, "Subsidiary" shall mean any entity of which at
least 50% of the Voting Power is beneficially owned, directly or indirectly, by
Stilwell and "Significant

                                      -18-
<PAGE>

Subsidiary" shall mean (A) any Subsidiary which contributed 30% or more of the
total combined revenues of Stilwell and all Subsidiaries for the prior calendar
year, and (B) any one or more entities, businesses or groups of assets directly
or indirectly sold or disposed of by Stilwell (within the meaning of paragraph
7(d)(iv)) within any two (2) year period that contributed 30% or more of such
total combined revenues or would have contributed such 30% based on revenues of
such entities, businesses or groups of assets for the calendar year prior to
their sale or disposition. Notwithstanding the foregoing provisions of this
Paragraph 7(d) to the contrary, the Spin-off Distribution shall not constitute a
Change in Control.

            (e) Termination After Control Change Date. Notwithstanding any other
provision of this Paragraph 7, at any time after the Control Change Date,
Stilwell may terminate the employment of Executive (the "Termination"), but
unless such Termination is for Cause as defined in subparagraph (g) or for
disability, within five (5) business days of the Termination Stilwell shall pay
to Executive his full Base Salary through the Termination, to the extent not
theretofore paid, plus a lump sum amount (the "Special Severance Payment") equal
to the product (discounted to the then present value on the basis of a rate of
five percent (5%) per annum) of (i) 175% of Base Salary specified in Paragraph
7(a) multiplied by (ii) three, and Specified Benefits (excluding any incentive
compensation) to which Executive was entitled immediately prior to Termination
shall continue until the end of the three (3) year period ("Benefits Period")
beginning on the date of Termination. If any plan pursuant to which Specified
Benefits are provided immediately prior to Termination would not permit
continued participation by Executive after Termination, then Stilwell shall pay
to Executive within five (5) business days after Termination a lump sum payment
equal to the amount of Specified Benefits Executive would have received under
such plan if Executive had been fully vested in the average annual contributions
or benefits in effect for the three plan years ending prior to the Control

                                      -19-
<PAGE>

Change Date (regardless of any limitations based on the earnings or performance
of Stilwell) and a continuing participant in such plan to the end of the
Benefits Period. Following the end of the Benefits Period, Stilwell shall
continue to provide to Executive and Executive's family the following benefits
("Post-Period Benefits"): (1) prior to Executive's attainment of age sixty (60),
health, prescription and dental benefits equivalent to those then applicable to
active peer executives of Stilwell and their families, as the same may be
modified from time to time, and (2) following Executive's attainment of age
sixty (60) (and without regard to Executive's period of service with Stilwell),
health and prescription benefits equivalent to those then applicable to retired
peer executives of Stilwell and their families, as the same may be modified from
time to time. The cost to Executive of such Post-Period Benefits shall not
exceed the cost of such benefits to active or retired (as applicable) peer
executives, as the same may be modified from time to time. Notwithstanding the
preceding two sentences of this Paragraph 7(e), if Executive is covered under
any health, prescription or dental plan provided by a subsequent employer, then
the corresponding type of plan coverage (i.e., health, prescription or dental)
required to be provided as Post-Period Benefits under this Paragraph 7(e) shall
cease. Executive's rights under this Paragraph 7(e) shall be in addition to, and
not in lieu of, any post-termination continuation coverage or conversion rights
Executive may have pursuant to applicable law, including without limitation
continuation coverage required by Section 4980B of the Internal Revenue Code
(the "Code"). Nothing in this Paragraph 7(e) shall be deemed to limit in any
manner the reserved right of Stilwell, in its sole and absolute discretion, to
at any time amend, modify or terminate health, prescription or dental benefits
for active or retired employees generally.

            (f) Resignation After Control Change Date. In the event of a Change
in Control as defined in Paragraph 7(d), thereafter, upon Good Reason (as
defined below), Executive may, at any time during the three (3) year period
following the Change in Control,

                                      -20-
<PAGE>

subject to the provisions of this Paragraph 7(f), terminate his employment with
Stilwell (the "Resignation"). Within five (5) business days of such a
Resignation, Stilwell shall pay to Executive his full Base Salary through the
effective date of such Resignation, to the extent not theretofore paid, plus a
lump sum amount equal to the Special Severance Payment (computed as provided in
the first sentence of Paragraph 7(e), except that for purposes of such
computation all references to "Termination" shall be deemed to be references to
"Resignation"). Upon Resignation of Executive, Specified Benefits to which
Executive was entitled immediately prior to Resignation shall continue on the
same terms and conditions as provided in Paragraph 7(e) in the case of
Termination (including equivalent payments provided for therein), and
Post-Period Benefits shall be provided on the same terms and conditions as
provided in Paragraph 7(e) in the case of Termination. For purposes of Paragraph
7, "Good Reason" means the occurrence of any of the events enumerated in
Paragraph 4(d)(iii) of this Agreement, or any of the following events, subject
to the provisions of Paragraph 4(d)(iv), except that the provisions of Paragraph
4(d)(iv) shall not apply if twelve (12) calendar months have lapsed after the
date of the occurrence (or if later, after Executive becomes aware) of the event
or events alleged to constitute Good Reason, and in any case, the provisions of
Paragraph 4(d)(iv) shall not apply to clause (iii) below of this Paragraph 7(f):

                  (i) a material reduction or elimination of any component of
         Executive's incentive payment, benefits or perquisites which Executive
         was receiving immediately prior to a Change in Control;

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

                                      -21-
<PAGE>

                  (iii) a termination of employment by Executive for any reason
         or no reason during the sixty (60) calendar day period commencing
         twelve (12) calendar months after the Control Change Date.

            (g) Termination for Cause After Control Change Date. Notwithstanding
any other provision of this Paragraph 7, at any time after the Control Change
Date, Executive may be terminated by Stilwell for Cause subject to Stilwell's
compliance with the provisions of Paragraph 4(c)(ii). "Cause" shall have the
meaning set forth in Paragraph 4(c)(i), except that Cause shall not mean:

                  (i) bad judgment or negligence;

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

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

                  (iv) any act or omission of which any member of the Stilwell
         Board who is not a party to the act or omission has had actual
         knowledge for at least six (6) calendar months.

            (h) Gross-up for Certain Taxes. If it is determined (by the
reasonable computation of Stilwell's independent auditors, which determinations
shall be certified to by such auditors and set forth in a written certificate
("Certificate") delivered to Executive) that any benefit received or deemed
received by Executive from Stilwell pursuant to this Agreement or

                                      -22-
<PAGE>

otherwise (collectively, the "Payments") is or will become subject to any excise
tax under Section 4999 of the Code or any similar tax payable under any United
States federal, state, local or other law (such excise tax and all such similar
taxes collectively, "Excise Taxes"), then Stilwell shall, immediately after such
determination, pay Executive an amount (the "Gross-up Payment") equal to the
product of:

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

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

                  The Gross-up Payment is intended to compensate Executive for
         the Excise Taxes and any federal, state, local or other income or
         excise taxes or other taxes payable by Executive with respect to the
         Gross-up Payment. Stilwell shall cause the preparation and delivery to
         Executive of a Certificate upon request at any time.

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

            (i) Determination by Executive.

                  (i) If Stilwell shall fail (a) to deliver a Certificate to
         Executive or (b) to pay to Executive the amount of the Gross-up
         Payment, if any, within fourteen (14) calendar days after receipt from
         Executive of a written request for a Certificate, or if at any time
         following receipt of a Certificate Executive disputes the amount of the
         Gross-up Payment set forth therein, Executive may elect to demand the
         payment of the amount which Executive, in accordance with an opinion of
         counsel to Executive ("Executive Counsel Opinion"), determines to be
         the Gross-up Payment. Any such demand by

                                      -23-
<PAGE>

         Executive shall be made by delivery to Stilwell of a written notice
         which specifies the Gross-up Payment determined by Executive and an
         Executive Counsel Opinion regarding such Gross-up Payment (such written
         notice and opinion collectively, the "Executive's Determination").
         Within fourteen (14) calendar days after delivery of the Executive's
         Determination to Stilwell, Stilwell shall either (a) pay Executive the
         Gross-up Payment set forth in the Executive's Determination (less the
         portion of such amount, if any, previously paid to Executive by
         Stilwell) or (b) deliver to Executive a Certificate specifying the
         Gross-up Payment determined by Stilwell's independent auditors,
         together with an opinion of Stilwell's counsel ("Stilwell Counsel
         Opinion"), and pay Executive the Gross-up Payment specified in such
         Certificate. If for any reason Stilwell fails to comply with clause (b)
         of the preceding sentence, the Gross-up Payment specified in the
         Executive's Determination shall be controlling for all purposes.

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

            (j) Additional Gross-up Amounts. If, despite the initial conclusion
of Stilwell and/or Executive that certain Payments are neither subject to Excise
Taxes nor to be counted in determining whether other Payments are subject to
Excise Taxes (any such item, a "Non-Parachute Item"), it is later determined
(pursuant to subsequently-enacted provisions of the Code, final regulations or
published rulings of the Internal Revenue Service (the "IRS"), final IRS
determination or judgment of a court of competent jurisdiction or Stilwell's
independent auditors) that any of the Non-Parachute Items are subject to Excise
Taxes, or are to be counted in determining whether any Payments are subject to
Excise Taxes, with the result that the amount of Excise Taxes payable by
Executive is greater than the amount determined by Stilwell or

                                      -24-
<PAGE>

Executive pursuant to Paragraph 7(h) or Paragraph 7(i), as applicable, then
Stilwell shall pay Executive an amount (which shall also be deemed a Gross-up
Payment) equal to the product of:

                  (i) the sum of (a) such additional Excise Taxes and (b) any
         interest, fines, penalties, expenses or other costs incurred by
         Executive as a result of having taken

                  (ii) a position in accordance with a determination made
         pursuant to Paragraph 7(h); multiplied by

                  (iii) the Gross-up Multiple.

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

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

                                      -25-
<PAGE>

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

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

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

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

                  (iv) permit Stilwell to participate in any proceedings
         relating to such claim; provided, however, that Stilwell shall bear and
         pay directly all costs and expenses (including additional interest and
         penalties) incurred in connection with such contest and shall indemnify
         and hold Executive harmless, on an after-tax basis, for any Excise Tax
         or income tax, including related interest and penalties, imposed as a
         result of such representation and payment of costs and expenses.
         Without limiting the foregoing,

                                      -26-
<PAGE>

         Stilwell shall control all proceedings in connection with such contest
         and, at its sole option, may pursue or forego any and all
         administrative appeals, proceedings, hearings and conferences with the
         taxing authority in respect of such claim and may, at its sole option,
         either direct Executive to pay the tax claimed and sue for a refund or
         contest the claim in any permissible manner. Executive agrees to
         prosecute such contest to a determination before any administrative
         tribunal, in a court of initial jurisdiction and in one or more
         appellate courts, as Stilwell shall determine; provided, however, that
         if Stilwell directs Executive to pay such claim and sue for a refund,
         Stilwell shall advance the amount of such payment to Executive, on an
         interest-free basis and shall indemnify Executive, on an after-tax
         basis, for any Excise Tax or income tax, including related interest or
         penalties, imposed with respect to such advance; and further provided
         that any extension of the statute of limitations relating to payment of
         taxes for the taxable year of Executive with respect to which such
         contested amount is claimed to be due is limited solely to such
         contested amount. Stilwell's control of the contest shall be limited to
         issues with respect to which a Gross-up Payment would be payable.
         Executive shall be entitled to settle or contest, as the case may be,
         any other issue raised by the IRS or other taxing authority.

            (n) Refunds. If, after the receipt by Executive of an amount
advanced by Stilwell pursuant to Paragraph 7(m), Executive receives any refund
with respect to such claim, Executive shall (subject to Stilwell's complying
with the requirements of Paragraph 7(m)) promptly pay Stilwell the amount of
such refund (together with any interest paid or credited thereon after taxes
applicable thereto). If, after the receipt by Executive of an amount advanced by
Stilwell pursuant to Paragraph 7(m), a determination is made that Executive
shall not be entitled to a full refund with respect to such claim and Stilwell
does not notify Executive in

                                      -27-
<PAGE>

writing of its intent to contest such determination before the expiration of
thirty (30) calendar days after such determination, then the applicable part of
such advance shall be forgiven and shall not be required to be repaid and the
amount of such advance shall offset, to the extent thereof, the amount of
Gross-up Payment required to be paid. Any contest of a denial of refund shall be
controlled by Paragraph 7(m).

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

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

      8. Mitigation and Other Employment. After a termination of Executive's
employment pursuant to Paragraphs 4(d)(i), 4(e) or a Change in Control as
defined in

                                      -28-
<PAGE>

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

      9. Payment of Interest. If Stilwell fails to pay any amount provided under
this Agreement when due, Stilwell shall pay interest on such amount at a rate
equal to the greater of (A) or (B), where (A) is (i) the highest rate of
interest charged by the lender of Stilwell for maintaining a revolving line of
credit, or (ii) in the absence of a revolving line of credit, 200 basis points
over the prime commercial lending rate announced by Citibank, N.A. on the date
such amount is due or, if no such rate shall be announced on such date, the
immediately prior date on which Citibank, N.A. announced such a rate, and (B) is
five percent (5%); provided, however, that if the interest rate determined in
accordance with this Paragraph 9 exceeds the highest legally permissible
interest rate, then the interest rate shall be the highest legally-permissible
interest rate.

      10. Legal Fees.

         (a) If Executive incurs legal, accounting, expert witness or other fees
and expenses in an effort to establish, in connection with any dispute with
Stilwell, Executive's entitlement to compensation and benefits under this
Agreement, Stilwell shall, regardless of the outcome of such effort, reimburse
Executive for such fees and expenses, to the extent the

                                      -29-
<PAGE>

amounts thereof are reasonable, except to the extent limited by paragraph 10(b).
In addition, Stilwell shall pay Executive an additional amount in respect to any
federal, state and local income and other taxes ("Taxes") incurred by Executive
with respect to such reimbursement of fees and expenses in an amount such that
after Executive's payment of Taxes on such additional amount, there remains a
balance sufficient to pay the Taxes being reimbursed. Stilwell shall reimburse
Executive for such fees and expenses on a monthly basis upon Executive's request
for reimbursement accompanied by evidence that the fees and expenses were
incurred.

         (b) If Executive's position in such dispute is found in a final order
of a court of competent jurisdiction to have (i) had no reasonable basis and to
have been maintained in bad faith, or (ii) been frivolous, no further
reimbursement for legal fees and expenses shall be due to Executive and
Executive shall refund any amounts previously reimbursed hereunder with respect
to such action.

      11. Notice. Notices and all other communications to either party pursuant
to this Agreement shall be in writing and shall be deemed to have been given
when personally delivered, delivered by facsimile or deposited in the United
States mail by certified or registered mail, postage prepaid, addressed, in the
case of Stilwell, to Stilwell at 920 Main, 21st Floor, Kansas City, Missouri
64105, Attention: Corporate Secretary, or, in the case of Executive, to him at
EverGlades Farm, 12717 Mt. Olivet, Kansas City, MO 64166, or to such other
address as a party shall designate by notice to the other party.

      12. Amendment. No provision of this Agreement may be amended, modified,
waived or discharged unless such amendment, waiver, modification or discharge is
agreed to in a writing signed by Executive and Stilwell. No waiver by any party
hereto at any time of any breach by another party hereto of, or compliance with,
any condition or provision of this Agreement to be

                                      -30-
<PAGE>

performed by such other party shall be deemed a waiver of similar or dissimilar
provisions or conditions at the time or at any prior or subsequent time.

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

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

      15. Controlling Law and Jurisdiction. The validity, interpretation and
performance of this Agreement shall be subject to and construed under the laws
of the State of Missouri, without regard to principles of conflicts of law.

      16. Entire Agreement. This Agreement constitutes the entire agreement
between the parties with respect to the subject matter hereof and terminates and
supersedes all other prior agreements and understandings including without
limitation the Prior Agreement, both written

                                      -31-
<PAGE>

and oral, between the parties with respect to the terms of Executive's
employment or severance arrangements.

      IN WITNESS WHEREOF, the parties hereto have executed this Agreement to be
effective as of the Effective Date.

                                            STILWELL FINANCIAL INC.

                                            By /s/ Danny R. Carpenter
                                              ----------------------------------
                                            Name:  Danny R. Carpenter
                                            Title: Executive Vice President

                                            EXECUTIVE

                                            /s/ Landon H. Rowland
                                            ------------------------------------
                                            Landon H. Rowland

                                      -32-<PAGE>
                                                                  EXHIBIT 10.6.5

                    AMENDED AND RESTATED EMPLOYMENT AGREEMENT

                                 August 30, 2002

THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the "Agreement"), is hereby made
and entered into by and between Stilwell Financial, Inc., a Delaware corporation
("Stilwell") and Danny R. Carpenter, an individual ("Executive") to be effective
as of August 30, 2002 (the "Effective Date").

WHEREAS, prior to June 12, 2000, Executive was employed by Kansas City Southern
Industries, Inc. ("KCSI"), and on June 12, 2000, Stilwell and Executive entered
into an employment agreement ("Prior Agreement") to be effective as of July 12,
2000, the date that all of the issued and outstanding stock of Stilwell was
distributed to the shareholders of KCSI which had been the parent of Stilwell
since its formation on January 23, 1998 (the "Spin-off Distribution"), for
Stilwell to continue to employ Executive on the terms and conditions set forth
in the Prior Agreement; and

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

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

         1. Position and Responsibilities. Stilwell hereby employs and appoints
Executive during the term of the Agreement as Executive Vice President. During
the term of the Agreement, Executive shall devote substantially all of his
business time, attention and effort to

<PAGE>

the affairs of Stilwell, and shall use his reasonable best efforts to promote
the best interests of Stilwell. Executive shall be responsible for holding
company operations, oversight of subsidiaries, acquisitions, dispositions,
presentations to the Board of Directors of Stilwell (the "Stilwell Board"), in
each case as determined and requested by the Chief Executive Officer of
Stilwell. Additionally, Executive shall be responsible for such other activities
and responsibilities as requested by the Chief Executive Officer of Stilwell
from time to time. Executive shall report on his responsibilities directly to
the Chief Executive Officer of Stilwell. During the term of the Agreement, and
excluding any periods of disability, vacation, or sick leave to which Executive
is entitled, Executive agrees to devote his full attention and time to the
business and affairs of Stilwell.

         2. Compensation.

                  (a) Base Compensation. Stilwell shall pay Executive, in
accordance with the normal payroll practices of Stilwell, an annual base salary
at the rate of $460,000 per year ("Base Salary"). Base Salary shall be reviewed
at least annually and may be increased (but not decreased) from time to time as
shall be determined by the Stilwell Board. Any increase in Base Salary shall not
limit or reduce any other obligation of Stilwell to Executive under this
Agreement. Once Base Salary shall have been increased, it shall be treated for
all purposes of this Agreement as Executive's Base Salary. Base Salary shall not
be decreased at any time without the express written consent of Executive.

                  (b) Incentive Compensation. For the year ended 2002 and the
six months ending June 30, 2003, Executive shall not be entitled to participate
in any Stilwell incentive compensation plan.

         3. Benefits and Stock Ownership.

                  (a) Benefits. During the period of his employment hereunder,
Stilwell shall provide Executive with coverage under such benefit plans and
programs as are made generally

<PAGE>

available to similarly situated employees of Stilwell, provided (a) Stilwell
shall have no obligation with respect to any plan or program if Executive is not
eligible for coverage thereunder, and (b) Executive acknowledges that stock
options and other stock and equity participation awards are granted in the
discretion of the Stilwell Board or the Compensation Committee of the Stilwell
Board and that Executive has no right to receive stock options or other equity
participation awards or any particular number or level of stock options or other
awards. In determining contributions, coverage and benefits under any disability
insurance policy and under any cash compensation-based plan provided to
Executive by Stilwell, it shall be assumed that the value of Executive's annual
compensation pursuant to this Agreement is 175% of Executive's Base Salary.
Executive acknowledges that all rights and benefits under benefit plans and
programs shall be governed by the official text of each such plan or program and
not by any summary or description thereof or any provision of this Agreement
(except to the extent this Agreement expressly modifies such benefit plans or
programs) and that Stilwell is not under any obligation to continue in effect or
to fund any such plan or program, except as provided in Paragraphs 4(e) and 7
hereof. Stilwell also shall reimburse Executive for ordinary and necessary
travel and other business expenses in accordance with policies and procedures
established by Stilwell.

                  (b) Stock Ownership. During the period of his employment
hereunder, Executive shall retain ownership in himself or in members of his
immediate family of at least a majority of the number of shares of (i) Stilwell
stock received by Executive or members of his immediate family in the Spin-off
Distribution, and (ii) Stilwell stock acquired upon the exercise of stock
options, but excluding from such number of shares any such shares transferred to
Stilwell or sold to pay the purchase price upon the exercise of stock options or
to pay or satisfy tax obligations resulting from such exercise.

<PAGE>

         4. Termination.

                  (a) Termination by Executive. Executive may terminate this
Agreement and his employment hereunder by at least thirty (30) calendar days
advance written notice to Stilwell.

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

                  (c) Termination by Stilwell for Cause.

                           (i) Subject to the provisions of Paragraph 4(c)(ii),
         Stilwell may terminate this Agreement and Executive's employment for
         Cause (as defined below). For purposes of this Agreement (except for
         Paragraph 7), termination for "Cause" shall mean termination based upon
         any one or more of the following:

                                    (A) Executive's willful or intentional
         material breach of his material obligations under this Agreement;

                                    (B) Executive's commission of a felony;

                                    (C) willful or intentional material
         misconduct by Executive in the performance of his duties under this
         Agreement;

                                    (D) Executive's commission of a misdemeanor
         involving fraud, dishonesty or moral turpitude; or

                                    (E) the willful or intentional failure by
         Executive to materially comply (to the best of his ability) with a
         specific, written direction of the Chief Executive Officer of Stilwell
         that is not inconsistent with this Agreement and Executive's
         responsibilities hereunder, provided that such refusal or failure (1)
         is not cured to the best of Executive's ability within ten (10)
         business days after the delivery of such direction to

<PAGE>

         Executive, and (2) is not based on Executive's good faith belief, as
         expressed by written notice to the Chief Executive Officer of Stilwell
         given within such ten (10) business day period, that the implementation
         of such direction of the Chief Executive Officer of Stilwell would be
         unlawful or unethical.

                           (ii) Executive's employment may not be terminated for
         Cause unless:

                                    (A) Stilwell provides Executive with written
         notice (the "Notice of Consideration") of its intent to consider the
         termination of Executive's employment for Cause, including a detailed
         description of the specific reasons which form the basis for such
         consideration;

                                    (B) on a date not less than thirty (30)
         calendar days after the date Executive receives the Notice of
         Consideration, Executive shall have the opportunity to appear before
         the Stilwell Board, with or without legal representation, at
         Executive's election, to present arguments and evidence on his own
         behalf;

                                    (C) the Stilwell Board by the affirmative
         vote of at least seventy-five percent (75%) of its members (excluding
         Executive as a member of the Stilwell Board, and any other member of
         the Stilwell Board reasonably believed to be involved in the events
         leading the Stilwell Board to seek to terminate Executive for Cause),
         determines at or after the meeting of the Stilwell Board, that the
         actions or inactions of Executive specified in the Notice of
         Consideration occurred, that such actions or inactions constitute
         Cause, and that Executive's employment should accordingly be terminated
         for Cause; and

                                    (D) the Stilwell Board provides Executive
         with a written determination (a "Notice of Termination for Cause")
         setting forth in specific detail the basis of Executive's termination
         of employment. The Notice of Termination for Cause

<PAGE>

         shall not be based upon any reason or reasons other than one or more
         reasons set forth in the Notice of Consideration.

                  If Executive disputes any purported termination of Executive
         for Cause, the Stilwell Board shall have the burden of proof to
         establish by a preponderance of the evidence, both (1) its full
         compliance with the substantive and procedural requirements of this
         Paragraph 4(c)(ii) prior to a termination of employment for Cause, and
         (2) that Executive's action or inaction specified in the Notice of
         Termination for Cause did occur and constituted Cause. If the Stilwell
         Board does not meet such burden of proof, any termination of employment
         shall be deemed a termination without Cause for all purposes of this
         Agreement, including Executive's entitlement to severance benefits and
         payments.

                  If the Stilwell Board determines by a vote of seventy-five
         percent (75%) of its members (excluding Executive as a member of the
         Stilwell Board and any other member of the Stilwell Board reasonably
         believed to be involved in the events leading the Stilwell Board to
         seek to terminate Executive for Cause), that it is in the best
         interests of Stilwell to suspend Executive from performing his duties
         with respect to Stilwell under this Agreement pending resolution of the
         Notice of Consideration, then Executive shall be suspended from
         performing such duties, and such suspension shall not be considered to
         constitute Good Reason or a breach of this Agreement on the part of
         Stilwell; provided however, that the obligations (including payments of
         compensation to Executive) of Stilwell and of Executive under this
         Agreement, other than Executive's obligations under Paragraph 1 hereof,
         shall continue in full force and effect during such period of
         suspension.

                  (d) Termination by Stilwell Other than for Cause or by
Executive for Good Reason.

<PAGE>

                           (i) Stilwell may terminate this Agreement and
         Executive's employment other than for Cause immediately upon notice to
         Executive, or Executive may terminate this Agreement and Executive's
         employment for Good Reason (as defined in Paragraph 4(d)(iii) below)
         upon notice to Stilwell in accordance with the provisions of Paragraph
         4(d)(iv), and in any such event, Stilwell shall provide severance
         benefits to Executive in accordance with Paragraph 4(d)(ii) below
         (unless Paragraph 4(e) applies).

                           (ii) Unless the provisions of Paragraph 7 of this
         Agreement are applicable, if Executive's employment is terminated under
         Paragraph 4(d)(i), Stilwell (a) shall pay as soon as reasonably
         possible but not later than thirty (30) calendar days after Executive's
         termination date, a lump sum amount in immediately available funds
         equal to the product (discounted to the then present value on the basis
         of a rate of five percent (5%) per annum) of (A) 165% of Base Salary
         multiplied by (B) two, and, (b) for this two-year period, to reimburse
         Executive for the cost (including state and federal income taxes
         payable with respect to this reimbursement) of continuing the health
         insurance coverage provided pursuant to this Agreement or obtaining
         health insurance coverage comparable to the health insurance provided
         pursuant to this Agreement, and obtaining coverage comparable to the
         life insurance provided pursuant to this Agreement, unless Executive is
         provided comparable health or life insurance coverage in connection
         with other employment. The foregoing obligations of Stilwell shall
         continue until the end of such two (2) year period notwithstanding the
         death or disability of Executive during said period (except, in the
         event of death, the obligation to reimburse Executive for the cost of
         life insurance shall not continue). In addition, Stilwell shall use its
         best efforts to cause all outstanding options held by Executive under
         any stock option plan of Stilwell or its affiliates to become
         immediately exercisable on the termination date, and such options shall
         remain exercisable through the earlier to occur of (1) five (5) years
         after the

<PAGE>

         termination date, or (2) the expiration of the term of the options. To
         the extent that such options are not vested and are subsequently
         forfeited, Executive shall receive a lump-sum cash payment within five
         (5) business days after the options are forfeited equal to the
         difference between the fair market value of the shares of stock subject
         to the non-vested, forfeited options determined as of the date such
         options are forfeited and the exercise price for such options. In the
         year in which termination of employment occurs, Executive shall be
         eligible to receive benefits under the Stilwell Incentive Compensation
         Plan and the Stilwell Executive Plan (if such Plans then are in
         existence and Executive was entitled to participate immediately prior
         to termination) in accordance with the provisions of such plans then
         applicable, and severance pay received in such year shall be taken into
         account for the purpose of determining benefits, if any, under the
         Stilwell Incentive Compensation Plan but not under the Stilwell
         Executive Plan. After the year in which termination occurs, Executive
         shall not be entitled to accrue or receive benefits under the Stilwell
         Incentive Compensation Plan or the Stilwell Executive Plan with respect
         to the severance pay provided herein, notwithstanding that benefits
         under the Stilwell Incentive Compensation Plan or the Stilwell
         Executive Plan with respect to the severance pay provided herein are
         still generally available to executive employees of Stilwell. After
         termination of employment, Executive shall not be entitled to accrue or
         receive benefits under any other employee benefit plan or program,
         except that Executive shall be entitled to participate in the Stilwell
         Employee Stock Ownership Plan and the Stilwell Section 401(k) Plan with
         Profit Sharing Plan Portion in the year of termination of employment
         only if Executive meets all requirements of such plans for
         participation in such year.

<PAGE>

                           (iii) "Good Reason" means the occurrence of any one
         of the following events unless Executive specifically consents in
         writing that such event shall not be Good Reason:

                                    (A) any material breach of this Agreement by
         Stilwell of any of its material obligations under this Agreement,
         including any of the following occurrences which shall be deemed to
         constitute a material breach of Stilwell's material obligations:

                                    (1) failure to pay Base Salary as required
                                    by Paragraph 2(a); or

                                    (2) any material adverse change in the
                                    status, position, responsibilities, and
                                    duties of Executive as compared to
                                    Executive's status, position,
                                    responsibilities, and duties as set forth in
                                    Paragraph 1,

                                    (B) the failure of Stilwell to assign this
         Agreement to a successor, or the failure of such successor to
         explicitly assume and agree to be bound by this Agreement,

                                    (C) Stilwell's requiring Executive to be
         principally based at any office or location that is more than forty
         (40) miles from the office or location where Executive was located as
         of the Effective Date,

                                    (D) the Stilwell Board gives a Notice of
         Consideration pursuant to Paragraph 4(c)(ii) (of the intent to consider
         terminating Executive for Cause) and fails within a period of ninety
         (90) calendar days thereafter to terminate Executive for Cause in
         compliance with all the substantive and procedural requirements of
         Paragraph 4(c)(ii), or

                                    (E) after the Restructuring Date (as defined
         in Paragraph 4(e)(i)), any material adverse change in the status,
         position, responsibilities and duties of

<PAGE>

         Executive as a member of the group of Stilwell employees designated to
         effect the transition of Stilwell's ongoing matters and duties to other
         Company executives as part of the Restructuring (as defined in
         Paragraph 4(e)(1)) ("Transition Team Members") until December 31, 2003.
         Executive's position as a Transition Team Member is as a non-officer
         and his responsibilities and duties are to transition his
         responsibilities for holding company operation, oversight of
         subsidiaries, acquisitions, dispositions, and presentations to the
         Stilwell Board and any other responsibilities consistent with the
         foregoing designated by the Chief Executive Officer of Stilwell to the
         appropriate officers of the Company.

                           (iv) Executive's termination of employment shall not
         be considered to be for Good Reason unless:

                                    (A) not more than ninety (90) calendar days
         after the occurrence (or, if later, not more than ninety (90) calendar
         days after Executive becomes aware) of the event or events alleged to
         constitute Good Reason, Executive provides Stilwell with written notice
         (the "Notice of Good Reason") of his intent to consider termination for
         Good Reason, including a detailed description of the specific reasons
         which form the basis for such consideration, and demanding that such
         event or events be cured not later than ten (10) business days after
         Stilwell receives the Notice of Good Reason (the "Cure Period");

                                    (B) Stilwell shall have failed to cure such
         event or events during the Cure Period; and

                                    (C) not more than ninety (90) calendar days
         following the expiration of the Cure Period, Executive shall have given
         Stilwell a second notice (a "Notice of Termination for Good Reason")
         stating that such cure has not occurred and that, as a result,
         Executive is terminating his employment for Good Reason on the date

<PAGE>

         (after the end of the Cure Period) specified in the Notice of
         Termination for Good Reason. A Notice of Termination for Good Reason
         shall not be based upon any reason or reasons other than one or more
         reasons set forth in the Notice of Good Reason.

                  (e) Termination due to the Restructuring of Stilwell pursuant
to that certain Agreement and Plan of Merger dated August 30, 2002.

                  (i) If Stilwell terminates Executive's employment other than
                  for Cause, or Executive terminates his employment hereunder
                  for Good Reason as defined in Paragraph 4(d)(ii) hereof, in
                  connection with the restructuring of Stilwell (a
                  "Restructuring Termination") as contemplated by that certain
                  Agreement and Plan of Merger dated August 30, 2002 between
                  Stilwell and Janus Capital Corporation (the "Restructuring"),
                  then Stilwell shall pay or provide to Executive severance and
                  retention benefits pursuant to the Severance and Retention
                  Policy adopted and approved by the Stilwell Organization and
                  Compensation Committee on August 21, 2002, as described in
                  detail on Exhibit A to this Agreement ("Restructuring
                  Severance and Retention Benefits"). The effective date of the
                  Restructuring, which is expected to be on or around December
                  31, 2002, shall be the Restructuring Date. Any termination of
                  Executive's employment by Stilwell prior to or within three
                  years after the Restructuring Date and any termination by
                  Executive for Good Reason within three years after the
                  Restructuring Date shall be conclusively deemed to be a
                  Restructuring Termination. However, if within one year of the
                  Restructuring Date Executive should become a permanent,
                  full-time employee of Janus or any of its 50% or more owned
                  affiliates, Executive shall not receive the severance portion
                  of the Restructuring Severance and Retention Benefits. If any
                  such benefits shall have been paid to Executive prior to the
                  time of such employment with Janus or any of its

<PAGE>

                  50% or more owned affiliates, Executive shall return the full
                  amount of any such severance benefits so received to the
                  Company.

                  (ii) Unless Executive should voluntarily terminate his
                  employment with Stilwell before December 31, 2003, Executive
                  shall continue to receive his Base Salary and Benefits
                  described in Paragraph 3 through December 31, 2003.

                  (iii) Upon the Restructuring Date, Paragraphs 1 and 3(b) of
                  this Agreement shall be of no further force or effect, and
                  Executive shall serve solely as a Transition Team Member until
                  December 31, 2003. Such changes shall not constitute Good
                  Reason under Paragraph 4(d)(iii)(A)(2) or 4(d)(iii)(E).

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

<PAGE>

         6. Duties Upon Termination; Survival.

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

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

         7. Continuation of Employment Upon Change in Control of Stilwell.

                  (a) Continuation of Employment. Subject to the terms and
conditions of this Paragraph 7, in the event of a Change in Control (as defined
in Paragraph 7(d)) at any time during the term of this Agreement, Executive
agrees to remain in the employ of Stilwell for a period of three (3) years (the
"Three-Year Period") from the date of such Change in Control (the "Control
Change Date"). Stilwell agrees to continue to employ Executive for the
Three-Year Period. During the Three-Year Period, (i) Executive's position
(including offices, titles, reporting requirements and responsibilities),
authority and duties shall be at least commensurate in all material respects
with the most significant of those held, exercised and assigned at any time
during the twelve (12) calendar month period immediately before the Control
Change Date and (ii) Executive's services shall be performed at the location
where Executive was employed immediately before the Control Change Date or at
any other location less than 40 miles from

<PAGE>

such former location. During the Three-Year Period, Stilwell shall continue to
pay to Executive Base Salary on the same basis and at the same intervals as in
effect immediately prior to the Control Change Date.

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

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

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

In addition, Stilwell shall use its best efforts to cause all outstanding
options held by Executive under any stock option plan of Stilwell or its
affiliates to become immediately exercisable on the Control Change Date, and
such options shall remain exercisable through the earlier to occur of (1) five
(5) years after the Control Change Date, or (2) the expiration of the term of
the options. To the extent that such options are not vested and are subsequently
forfeited, Executive shall receive a lump-sum cash payment within five (5)
business days after the options are forfeited equal to the difference between
the fair market value of the shares of stock subject to the non-vested,
forfeited options determined as of the date such options are forfeited and the
exercise price for such options. During the Three-Year Period Executive shall be
entitled to participate, on the basis of his executive position, in any
incentive compensation plan of Stilwell in accordance with the terms thereof at
the

<PAGE>

Control Change Date; provided that if under Stilwell programs or Executive's
employment agreement in existence immediately prior to the Control Change Date,
there are written limitations on participation for a designated time period in
any incentive compensation plan, such limitations shall continue after the
Control Change Date to the extent so provided for prior to the Control Change
Date.

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

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

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

<PAGE>

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

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

<PAGE>

         Extraordinary Transaction (as defined below)) shall be deemed to be a
         member of the Incumbent Board; or

                           (iii) any one or more of the following:

                                    (A) consummation of a merger,
         reorganization, consolidation or similar transaction (any of the
         foregoing, an "Extraordinary Transaction") with respect to which
         persons who were the respective beneficial owners of the
         then-outstanding common stock and Voting Power of Stilwell immediately
         before such Extraordinary Transaction would not beneficially own,
         directly or indirectly, more than 60% of both the then-outstanding
         common shares and the then-outstanding Voting Power of the corporation
         resulting from such Extraordinary Transaction, in substantially the
         same relative proportions as their respective ownership, immediately
         before such Extraordinary Transaction, of the then-outstanding common
         stock and Voting Power of Stilwell,

                                    (B) approval by the shareholders of Stilwell
         of a liquidation or dissolution of Stilwell, or

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

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

For purposes of this Agreement, "Subsidiary" shall mean any entity of which at
least 50% of the Voting Power is beneficially owned, directly or indirectly, by
Stilwell and "Significant Subsidiary" shall mean (A) any Subsidiary which
contributed 30% or more of the total combined

<PAGE>

revenues of Stilwell and all Subsidiaries for the prior calendar year, and (B)
any one or more entities, businesses or groups of assets directly or indirectly
sold or disposed of by Stilwell (within the meaning of paragraph 7(d)(iv))
within any two (2) year period that contributed 30% or more of such total
combined revenues or would have contributed such 30% based on revenues of such
entities, businesses or groups of assets for the calendar year prior to their
sale or disposition. Notwithstanding the foregoing provisions of this Paragraph
7(d) to the contrary, the Spin-off Distribution shall not constitute a Change in
Control.

                  (e) Termination After Control Change Date. Notwithstanding any
other provision of this Paragraph 7, at any time after the Control Change Date,
Stilwell may terminate the employment of Executive (the "Termination"), but
unless such Termination is for Cause as defined in subparagraph (g) or for
disability, within five (5) business days of the Termination Stilwell shall pay
to Executive his full Base Salary through the Termination, to the extent not
theretofore paid, plus a lump sum amount (the "Special Severance Payment") equal
to the product (discounted to the then present value on the basis of a rate of
five percent (5%) per annum) of (i) 175% of Base Salary specified in Paragraph
7(a) multiplied by (ii) three, and Specified Benefits (excluding any incentive
compensation) to which Executive was entitled immediately prior to Termination
shall continue until the end of the three (3) year period ("Benefits Period")
beginning on the date of Termination. If any plan pursuant to which Specified
Benefits are provided immediately prior to Termination would not permit
continued participation by Executive after Termination, then Stilwell shall pay
to Executive within five (5) business days after Termination a lump sum payment
equal to the amount of Specified Benefits Executive would have received under
such plan if Executive had been fully vested in the average annual contributions
or benefits in effect for the three plan years ending prior to the Control
Change Date (regardless of any limitations based on the earnings or performance
of Stilwell) and a continuing participant in such plan to the end of the
Benefits Period. Following the end of the

<PAGE>

Benefits Period, Stilwell shall continue to provide to Executive and Executive's
family the following benefits ("Post-Period Benefits"): (1) prior to Executive's
attainment of age sixty (60), health, prescription and dental benefits
equivalent to those then applicable to active peer executives of Stilwell and
their families, as the same may be modified from time to time, and (2) following
Executive's attainment of age sixty (60) (and without regard to Executive's
period of service with Stilwell), health and prescription benefits equivalent to
those then applicable to retired peer executives of Stilwell and their families,
as the same may be modified from time to time. The cost to Executive of such
Post-Period Benefits shall not exceed the cost of such benefits to active or
retired (as applicable) peer executives, as the same may be modified from time
to time. Notwithstanding the preceding two sentences of this Paragraph 7(e), if
Executive is covered under any health, prescription or dental plan provided by a
subsequent employer, then the corresponding type of plan coverage (i.e., health,
prescription or dental) required to be provided as Post-Period Benefits under
this Paragraph 7(e) shall cease. Executive's rights under this Paragraph 7(e)
shall be in addition to, and not in lieu of, any post-termination continuation
coverage or conversion rights Executive may have pursuant to applicable law,
including without limitation continuation coverage required by Section 4980B of
the Internal Revenue Code (the "Code"). Nothing in this Paragraph 7(e) shall be
deemed to limit in any manner the reserved right of Stilwell, in its sole and
absolute discretion, to at any time amend, modify or terminate health,
prescription or dental benefits for active or retired employees generally.

                  (f) Resignation After Control Change Date. In the event of a
Change in Control as defined in Paragraph 7(d), thereafter, upon Good Reason (as
defined below), Executive may, at any time during the three (3) year period
following the Change in Control, subject to the provisions of this Paragraph
7(f), terminate his employment with Stilwell (the "Resignation"). Within five
(5) business days of such a Resignation, Stilwell shall pay to Executive his
full Base Salary through the effective date of such Resignation, to the extent
not

<PAGE>

theretofore paid, plus a lump sum amount equal to the Special Severance Payment
(computed as provided in the first sentence of Paragraph 7(e), except that for
purposes of such computation all references to "Termination" shall be deemed to
be references to "Resignation"). Upon Resignation of Executive, Specified
Benefits to which Executive was entitled immediately prior to Resignation shall
continue on the same terms and conditions as provided in Paragraph 7(e) in the
case of Termination (including equivalent payments provided for therein), and
Post-Period Benefits shall be provided on the same terms and conditions as
provided in Paragraph 7(e) in the case of Termination. For purposes of Paragraph
7, "Good Reason" means the occurrence of any of the events enumerated in
Paragraph 4(d)(iii) of this Agreement, or any of the following events, subject
to the provisions of Paragraph 4(d)(iv), except that the provisions of Paragraph
4(d)(iv) shall not apply if twelve (12) calendar months have lapsed after the
date of the occurrence (or if later, after Executive becomes aware) of the event
or events alleged to constitute Good Reason, and in any case, the provisions of
Paragraph 4(d)(iv) shall not apply to clause (iii) below of this Paragraph 7(f):

                           (i) a material reduction or elimination of any
         component of Executive's incentive payment, benefits or perquisites
         which Executive was receiving immediately prior to a Change in Control;

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

                           (iii) a termination of employment by Executive for
         any reason or no reason during the sixty (60) calendar day period
         commencing twelve (12) calendar months after the Control Change Date.

                  (g) Termination for Cause After Control Change Date.
Notwithstanding any other provision of this Paragraph 7, at any time after the
Control Change Date, Executive may be terminated by Stilwell for Cause subject
to Stilwell's compliance with the provisions of

<PAGE>

Paragraph 4(c)(ii). "Cause" shall have the meaning set forth in Paragraph
4(c)(i), except that Cause shall not mean:

                           (i) bad judgment or negligence;

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

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

                           (iv) any act or omission of which any member of the
         Stilwell Board who is not a party to the act or omission has had actual
         knowledge for at least six (6) calendar months.

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

                           (i) the amount of such Excise Taxes;

multiplied by

<PAGE>

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

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

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

                  (i) Determination by Executive.

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

<PAGE>

         with an opinion of Stilwell's counsel ("Stilwell Counsel Opinion"), and
         pay Executive the Gross-up Payment specified in such Certificate. If
         for any reason Stilwell fails to comply with clause (b) of the
         preceding sentence, the Gross-up Payment specified in the Executive's
         Determination shall be controlling for all purposes.

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

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

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

multiplied by

                           (ii) the Gross-up Multiple.

                  (k) Gross-up Multiple. The Gross-up Multiple shall equal a
fraction, the numerator of which is one (1.0), and the denominator of which is
one (1.0) minus the sum,

<PAGE>

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

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

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

<PAGE>

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

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

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

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

<PAGE>

         Executive with respect to which such contested amount is claimed to be
         due is limited solely to such contested amount. Stilwell's control of
         the contest shall be limited to issues with respect to which a Gross-up
         Payment would be payable. Executive shall be entitled to settle or
         contest, as the case may be, any other issue raised by the IRS or other
         taxing authority.

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

                  (o) Expenses. If any dispute should arise under this Agreement
after the Control Change Date involving an effort by Executive to protect,
enforce or secure rights or benefits claimed by Executive hereunder, Stilwell
shall pay (promptly upon demand by Executive accompanied by reasonable evidence
of incurrence) all reasonable expenses (including attorneys' fees) incurred by
Executive in connection with such dispute, without regard to whether Executive
prevails in such dispute except that Executive shall repay Stilwell any amounts
so received if a court having jurisdiction shall make a final, nonappealable
determination that Executive acted frivolously or in bad faith by such dispute.
To assure

<PAGE>

Executive that adequate funds will be made available to discharge Stilwell's
obligations set forth in the preceding sentence, Stilwell has established a
trust and upon the occurrence of a Change in Control shall promptly deliver to
the trustee of such trust to hold in accordance with the terms and conditions
thereof that sum which the Stilwell Board shall have determined is reasonably
sufficient for such purpose.

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

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

         9. Payment of Interest. If Stilwell fails to pay any amount provided
under this Agreement when due, Stilwell shall pay interest on such amount at a
rate equal to the greater of (A) or (B), where (A) is (i) the highest rate of
interest charged by the lender of Stilwell for maintaining a revolving line of
credit, or (ii) in the absence of a revolving line of credit, 200 basis points
over the prime commercial lending rate announced by Citibank, N.A. on the date

<PAGE>

such amount is due or, if no such rate shall be announced on such date, the
immediately prior date on which Citibank, N.A. announced such a rate, and (B) is
five percent (5%); provided, however, that if the interest rate determined in
accordance with this Paragraph 9 exceeds the highest legally permissible
interest rate, then the interest rate shall be the highest legally-permissible
interest rate.

         10. Legal Fees.

                  (a) If Executive incurs legal, accounting, expert witness or
other fees and expenses in an effort to establish, in connection with any
dispute with Stilwell, Executive's entitlement to compensation and benefits
under this Agreement, Stilwell shall, regardless of the outcome of such effort,
reimburse Executive for such fees and expenses, to the extent the amounts
thereof are reasonable, except to the extent limited by paragraph 10(b). In
addition, Stilwell shall pay Executive an additional amount in respect to any
federal, state and local income and other taxes ("Taxes") incurred by Executive
with respect to such reimbursement of fees and expenses in an amount such that
after Executive's payment of Taxes on such additional amount, there remains a
balance sufficient to pay the Taxes being reimbursed. Stilwell shall reimburse
Executive for such fees and expenses on a monthly basis upon Executive's request
for reimbursement accompanied by evidence that the fees and expenses were
incurred.

                  (b) If Executive's position in such dispute is found in a
final order of a court of competent jurisdiction to have (i) had no reasonable
basis and to have been maintained in bad faith, or (ii) been frivolous, no
further reimbursement for legal fees and expenses shall be due to Executive and
Executive shall refund any amounts previously reimbursed hereunder with respect
to such action.

         11. Notice. Notices and all other communications to either party
pursuant to this Agreement shall be in writing and shall be deemed to have been
given when personally delivered, delivered by facsimile or deposited in the
United States mail by certified or registered

<PAGE>

mail, postage prepaid, addressed, in the case of Stilwell, to Stilwell at 920
Main, 21st Floor, Kansas City, Missouri 64105, Attention: Secretary, or, in the
case of Executive, to him at 5639 High Drive, Mission Hills, Kansas 66208, or to
such other address as a party shall designate by notice to the other party.

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

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

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

<PAGE>

         15. Controlling Law and Jurisdiction. The validity, interpretation and
performance of this Agreement shall be subject to and construed under the laws
of the State of Missouri, without regard to principles of conflicts of law.

         16. Entire Agreement. This Agreement constitutes the entire agreement
between the parties with respect to the subject matter hereof and terminates and
supersedes all other prior agreements and understandings including without
limitation the Prior Agreement, both written and oral, between the parties with
respect to the terms of Executive's employment or severance arrangements.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement to be
effective as of the Effective Date.

                                    STILWELL FINANCIAL, INC.

                                    By /s/ Landon H. Rowland
                                       -----------------------------------------
                                    Name:  Landon H. Rowland
                                    Title: Chief Executive Officer

                                    EXECUTIVE

                                    /s/ Danny R. Carpenter
                                    --------------------------------------------
                                    Danny R. Carpenter

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