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                                                                    EXHIBIT 10.1
                                                     PRIVILEGED AND CONFIDENTIAL

                              EMPLOYMENT AGREEMENT

                  AGREEMENT, dated as of June 30, 2003 (this "Agreement") by and
between Janus Capital Group Inc., a Delaware corporation (the "Company") and
Girard Miller (the "Executive").

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

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

                  NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

                  1. Effective Date. The "Effective Date" shall mean June 30,
2003.

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

                  3. Terms of Employment.

                  (a) Position and Duties.

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

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

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

                  (b) Compensation.

                      (i) Base Salary. During the Employment Period, the
Executive shall receive an annual base salary ("Annual Base Salary") of no less
than $500,000. The Annual Base Salary shall be reviewed by the Compensation
Committee of the Board (the "Committee") no less frequently than annually and
may be increased (but not decreased) at the discretion of the Committee or the
Board. If the Executive's Annual Base Salary is increased, the increased amount
shall be the Annual Base Salary for the remainder of the Employment Period. The
Annual Base Salary shall be payable in installments, consistent with the
Company's payroll procedures in effect from time to time, provided that such
installments shall be no less frequent than monthly.

                      (ii) Annual Bonus. In addition to the Annual Base Salary,
the Executive shall be eligible to earn, for each fiscal year ending during the
Employment Period, an annual bonus (an "Annual Bonus") on terms and conditions,
including performance goals, as approved by the Company's Compensation Committee
at its July 2, 2003, meeting. As approved by the Compensation Committee, the
Annual Bonus is performance driven and dependent upon Company factors of
operating income, fund performance and gross new sales. Depending upon the
performance of these Company factors, and the application of a 33.3% negative
discretionary factor available to the Compensation Committee, the Annual Bonus
can range from a low of $0 to a high of $3,600,000 (the "Maximum Bonus"). The
Committee shall annually certify, to the extent required by Section 162(m) of
the Internal Revenue Code of 1986, as amended (the "Code"), that the Executive
has met the performance goals necessary for the payment of an Annual Bonus and
in the amount calculated under the Executive Bonus Plan.

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

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

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

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

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

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

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

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

                      (i) the willful and continued failure of the Executive to
perform substantially the Executive's duties with the Company (other than any
such failure resulting from incapacity due to physical or mental illness), after
a written demand for substantial performance is delivered to the Executive by
the Board or its representative, which specifically identifies the

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manner in which the Board believes that the Executive has not substantially
performed the Executive's duties; or

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                      A. the sum of (1) the Executive's Annual Base Salary
           through the Date of Termination, (2) any unpaid Annual Bonus with
           respect to the fiscal year of the Company prior to the Date of
           Termination, (3) any accrued and unpaid

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           vacation, if any, and (4) the product of (x) the Annual Bonus with
           respect to the fiscal year of the Company prior to the Date of
           Termination or, if the Date of Termination occurs prior to January 1,
           2004, the Maximum Bonus, and (y) a fraction, the numerator of which
           is the number of days in the fiscal year in which the Date of
           Termination occurs through the Date of Termination (including any
           fiscal year prior to the Effective Date), and the denominator of
           which is 365, in each case to the extent not theretofore paid (the
           sum of the amounts described in clauses (1), (2), (3) and (4), shall
           be hereinafter referred to as the "Accrued Obligations"); and

                      B. an amount equal to the product of (1) three and (2) the
           sum of (a) the Annual Base Salary and (b) the Annual Bonus, if any,
           for the most recently completed fiscal year prior to the Date of
           Termination, or, if the Date of Termination occurs prior to January
           1, 2004, the Maximum Bonus; and

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

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

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

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

                  (c) Disability. If the Executive's employment is terminated by
reason of the Executive's Disability during the Employment Period, the Company
shall provide the Executive

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with the Accrued Obligations and the timely payment or provision of the Other
Benefits (as defined in Section 6) and the provision of Welfare Benefits to the
Executive, his spouse and dependents for a three- year period commencing as of
the Date of Termination. All Retention and Incentive Awards shall be treated as
described in Section 5(a) (iii). The Accrued Obligations shall be paid to the
Executive in a lump sum in cash within 30 days of the Date of Termination. With
respect to the provision of Other Benefits, the term "Other Benefits" as
utilized in this Section 5(c) shall include, and the Executive shall be entitled
after the Disability Effective Date to receive, disability and other benefits as
in effect at any time thereafter generally with respect to Peer Executives of
the Company and their families.

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

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

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

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

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                  7. Full Settlement. The Company's obligation to make the
payments provided for in this Agreement and otherwise to perform its obligations
hereunder shall not be affected by any set-offs, counterclaim, recoupment,
defense, or other claim, right or action that the Company may have against the
Executive or others. In no event shall the Executive be obligated to seek other
employment or take any other action by way of mitigation of the amounts payable
to the Executive under any of the provisions of this Agreement and, such amounts
shall not be reduced whether or not the Executive obtains other employment. The
Company agrees to pay as incurred (within 10 days following the Company's
receipt of an invoice from the Executive), to the full extent permitted by law,
all legal fees and expenses that the Executive may reasonably incur as a result
of any contest (regardless of the outcome thereof unless the Executive's claim
is determined by a court to have been frivolous or made in bad faith, in which
case the Executive shall make prompt reimbursement of such fees and expenses to
the extent already paid by the Company and received by the Executive) by the
Company, the Executive or others of the validity or enforceability of, or
liability under, any provision of this Agreement or any guarantee of performance
thereof (including as a result of any contest by the Executive about the amount
of any payment pursuant to this Agreement), plus, in each case, interest on any
delayed payment at the applicable federal rate provided for in Section
7872(f)(2)(A) of the Code.

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

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

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

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

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

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

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

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

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

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

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

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

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

                  10. Indemnification and Directors and Officers' Insurance.

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                  (a) The Company shall indemnify the Executive to the fullest
extent permitted under law from and against any expenses (including but not
limited to attorneys' fees, expenses of investigation and preparation and fees
and disbursements of the Executive's accountants or other experts), judgments,
fines, penalties and amounts paid in settlement actually and reasonably incurred
by the Executive in connection with any proceeding in which the Executive was or
is made party or was or is involved (for example, as a witness) by reason of the
fact the Executive was or is employed by the Company.

                  Such indemnification is subject to:

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

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

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

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

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

                  (b) The Company agrees to continue and maintain directors' and
officers' liability insurance policies covering the Executive to the extent that
the Company provides such coverage for its other executive officers. Such
insurance coverage shall continue as to the Executive even if he has ceased to
be a director, member, employee or agent of the Company with respect to acts or
omissions which occurred prior to his cessation of employment with the Company.
Not withstanding the foregoing, however, if the Company shall cease to maintain
directors' and officers' liability insurance policies covering the Executive and
other executive officers by reason of: (i) a consolidation, merger, sale or
other reorganization of the Company; (ii) any person or entity or group of
persons or entities acting in concert acquiring management control of the
Company; or (iii) the insurers providing such insurance canceling or refusing to
renew such insurance, then the Executive shall have coverage only to the extent
provided in any run-off policies extending the period during which the Company
or the Executive may give the

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insurers notice of a claim under the termination directors' and officers'
liability insurance policies. The Company shall take all reasonable actions to
ensure that it obtains such run-off policies and that such run-off policies
extend the claims reporting period through any applicable statutes of
limitations, but nothing in this section shall obligate the Company to obtain
extraordinary insurance coverage for the Executive. Insurance contemplated under
this Section 10(b) shall inure to the benefit of the Executive's heirs,
executors and administrators.

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

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

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

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

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

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

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

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

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

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

                                                     /s/ Girard Miller
                                                     --------------------------

                                                     JANUS CAPITAL GROUP INC.

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

                                      -12-<PAGE>
                                                                    EXHIBIT 10.2

                           CHANGE OF CONTROL AGREEMENT

                  AGREEMENT, dated as of the 30th day of June, 2003 (this
"Agreement"), by and between Janus Capital Group Inc., a Delaware corporation
(the "Company"), and Girard Miller (the "Executive").

                  WHEREAS, the Board of Directors of the Company (the "Board"),
has determined that it is in the best interests of the Company and its
stockholders to assure that the Company will have the continued dedication of
the Executive, notwithstanding the possibility, threat or occurrence of a Change
of Control (as defined herein). The Board believes it is imperative to diminish
the inevitable distraction of the Executive by virtue of the personal
uncertainties and risks created by a pending or threatened Change of Control and
to encourage the Executive's full attention and dedication to the current
Company and in the event of any threatened or pending Change of Control, and to
provide the Executive with compensation and benefits arrangements upon a Change
of Control that ensure that the compensation and benefits expectations of the
Executive will be satisfied and that are competitive with those of other
corporations;

                  WHEREAS, the Board intends that this Agreement shall take
effect only if and when a Change of Control occurs after the date of this
Agreement and within the Change of Control Period (as defined herein);

                  WHEREAS, the Board intends that whenever a conflict occurs
between this Agreement and any existing or subsequent employment agreement
between the Executive and the Company, this Agreement shall control with respect
to any such conflict only if and when after the date of this Agreement a Change
of Control occurs within the Change of Control Period;

                   Therefore, in order to accomplish these objectives, the Board
has caused the Company to enter into this Agreement.

                  NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

                  SECTION 1. CERTAIN DEFINITIONS. (a) "Effective Date" means the
first date during the Change of Control Period on which a Change of Control
occurs. Notwithstanding anything in this Agreement to the contrary, if a Change
of Control occurs and if the Executive's employment with the Company is
terminated prior to the date on which the Change of Control occurs, and if it is
reasonably demonstrated by the Executive that such termination of employment (1)
was at the request of a third party that has taken steps reasonably calculated
to effect a Change of Control or (2) otherwise arose in connection with or
anticipation of a Change of Control, then "Effective Date" means the date
immediately prior to the date of such termination of employment.

                  (b) "Change of Control Period" means the period commencing on
the date hereof and ending on the third anniversary of the date hereof;
provided, however, that, commencing on the date one year after the date hereof,
and on each annual anniversary of such date (such date and each annual
anniversary thereof, the "Renewal Date"), unless previously terminated, the
Change of Control Period shall be automatically extended so as to terminate
three

<PAGE>

years from such Renewal Date, unless, at least 60 days prior to the Renewal
Date, the Company shall give notice to the Executive that the Change of Control
Period shall not be so extended.

                  (c) "Affiliated Company" means any company controlled by,
controlling or under common control with the Company.

                  (d) "Change of Control" means:

                  (1) An acquisition by any Person of beneficial ownership
(within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act
of 1934, as amended (the "Exchange Act") of 20% or more of either (A) the then
outstanding shares of common stock of the Company (the "Outstanding Company
Common Stock") or (B) the combined voting power of the then outstanding voting
securities of the Company entitled to vote generally in the election of
directors (the "Outstanding Company Voting Securities"); excluding, however, the
following: (i) any acquisition by the Company, (ii) any acquisition by any
employee benefit plan (or related trust) sponsored or maintained by the Company
or any entity controlled by the Company, or (iii) any acquisition pursuant to a
transaction which complies with clauses (A), (B) and (C) of subsection (3) of
this Section 1(d); or

                  (2) A change in the composition of the Board such that the
individuals who, as of the effective date of the Plan, constitute the Board
(such Board shall be hereinafter referred to as the "Incumbent Board") cease for
any reason to constitute at least a majority of the Board; provided, however,
for purposes of this Section 1(d), that any individual who becomes a member of
the Board subsequent to the effective date hereof, whose election, or nomination
for election by the Company's stockholders, was approved by a vote of at least a
majority of those individuals who are members of the Board and who were also
members of the Incumbent Board (or deemed to be such pursuant to this proviso)
shall be considered as though such individual were a member of the Incumbent
Board; but, provided, further, that any such individual whose initial assumption
of office occurs as a result of either an actual or threatened election contest
(as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the
Exchange Act) or other accrual or threatened solicitation of proxies or consents
by or on behalf of a Person other than the Board shall not be so considered as a
member of the Incumbent Board; or

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

                                       2
<PAGE>

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

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

                  For purposes of this definition, "person" shall mean any
individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2)
of the Exchange Act).

                  SECTION 2. EMPLOYMENT PERIOD. The Company hereby agrees to
continue the Executive in its employ, subject to the terms and conditions of
this Agreement, for the period commencing on the Effective Date and ending on
the third anniversary of the Effective Date (the "Employment Period"). The
Employment Period shall terminate upon the Executive's termination of employment
for any reason.

                  SECTION 3. TERMS OF EMPLOYMENT. (a) POSITION AND DUTIES. (1)
During the Employment Period, (A) the Executive's position (including status,
offices, titles and reporting requirements), authority, duties and
responsibilities shall be at least commensurate in all material respects with
the most significant of those held, exercised and assigned at any time during
the 120-day period immediately preceding the Effective Date and (B) the
Executive's services shall be performed at the office where the Executive was
employed immediately preceding the Effective Date or at any other location less
than 35 miles from such office.

                  (2) During the Employment Period, and excluding any periods of
vacation and sick leave to which the Executive is entitled, the Executive agrees
to devote reasonable attention and time during normal business hours to the
business and affairs of the Company and, to the extent necessary to discharge
the responsibilities assigned to the Executive hereunder, to use the Executive's
reasonable best efforts to perform faithfully and efficiently such
responsibilities. During the Employment Period, it shall not be a violation of
this Agreement for the Executive to (A) serve on corporate, civic or charitable
boards or committees, (B) deliver lectures, fulfill speaking engagements or
teach at educational institutions and (C) manage personal investments, so long
as such activities do not significantly interfere with the performance of the
Executive's responsibilities as an employee of the Company in accordance with
this Agreement. It is expressly understood and agreed that, to the extent that
any such activities have been conducted by the Executive prior to the Effective
Date, the continued conduct of such activities (or the conduct of activities
similar in nature and scope thereto) subsequent to the Effective Date shall not
thereafter be deemed to interfere with the performance of the Executive's
responsibilities to the Company.

                                       3
<PAGE>
                  (B) COMPENSATION. (1) BASE SALARY. During the Employment
Period, the Executive shall receive an annual base salary (the "Annual Base
Salary") at an annual rate at least equal to 12 times the highest monthly base
salary paid or payable, including any base salary that has been earned but
deferred, to the Executive by the Company and the Affiliated Companies in
respect of the 12-month period immediately preceding the month in which the
Effective Date occurs. The Annual Base Salary shall be paid at such intervals as
the Company pays executive salaries generally. During the Employment Period, the
Annual Base Salary shall be reviewed at least annually, beginning no more than
12 months after the last salary increase awarded to the Executive prior to the
Effective Date. Any increase in the Annual Base Salary shall not serve to limit
or reduce any other obligation to the Executive under this Agreement. The Annual
Base Salary shall not be reduced after any such increase and the term "Annual
Base Salary" shall refer to the Annual Base Salary as so increased.

                  (2) ANNUAL BONUS . In addition to the Annual Base Salary, the
Executive shall be awarded, for each fiscal year ending during the Employment
Period, an annual bonus (the "Annual Bonus") in cash at least equal to the
Target Bonus as defined and described in SCHEDULE A hereto. Each such Annual
Bonus shall be paid no later than the end of the third month of the fiscal year
next following the fiscal year for which the Annual Bonus is awarded, unless the
Executive shall elect to defer the receipt of such Annual Bonus, or if the
Annual Bonus is measured with respect to sales commissions, the Annual Bonus
shall be paid in accordance with the time schedule in place during the 120-day
period immediately preceding the Effective Date.

                  (3) INCENTIVE, SAVINGS AND RETIREMENT PLANS. During the
Employment Period, the Executive shall be entitled to participate in all cash
incentive, equity incentive, savings and retirement plans, practices, policies,
and programs applicable generally to other peer executives of the Company and
the Affiliated Companies, but in no event shall such plans, practices, policies
and programs provide the Executive with incentive opportunities (measured with
respect to both regular and special incentive opportunities, to the extent, if
any, that such distinction is applicable), savings opportunities and retirement
benefit opportunities, in each case, less favorable, in the aggregate, than the
most favorable of those provided by the Company and the Affiliated Companies for
the Executive under such plans, practices, policies and programs as in effect at
any time during the 120-day period immediately preceding the Effective Date or,
if more favorable to the Executive, those provided generally at any time after
the Effective Date to other peer executives of the Company and the Affiliated
Companies.

                  (4) WELFARE BENEFIT PLANS. During the Employment Period, the
Executive and/or the Executive's family, as the case may be, shall be eligible
for participation in and shall receive all benefits under welfare benefit plans,
practices, policies and programs provided by the Company and the Affiliated
Companies (including, without limitation, medical, prescription, dental,
disability, employee life, group life, accidental death and travel accident
insurance plans and programs) to the extent applicable generally to other peer
executives of the Company and the Affiliated Companies, but in no event shall
such plans, practices, policies and programs provide the Executive with benefits
that are less favorable, in the aggregate, than the most favorable of such
plans, practices, policies and programs in effect for the Executive at any time
during the 120-day period immediately preceding the Effective Date or, if more
favorable to the Executive,

                                       4
<PAGE>
those provided generally at any time after the Effective Date to other peer
executives of the Company and the Affiliated Companies.

                  (5) EXPENSES. During the Employment Period, the Executive
shall be entitled to receive prompt reimbursement for all reasonable expenses
incurred by the Executive in accordance with the most favorable policies,
practices and procedures of the Company and the Affiliated Companies in effect
for the Executive at any time during the 120-day period immediately preceding
the Effective Date or, if more favorable to the Executive, as in effect
generally at any time thereafter with respect to other peer executives of the
Company and the Affiliated Companies.

                  (6) FRINGE BENEFITS. During the Employment Period, the
Executive shall be entitled to fringe benefits, including, without limitation,
tax and financial planning services, payment of club dues, and, if applicable,
use of an automobile and payment of related expenses, in accordance with the
most favorable plans, practices, programs and policies of the Company and the
Affiliated Companies in effect for the Executive at any time during the 120-day
period immediately preceding the Effective Date or, if more favorable to the
Executive, as in effect generally at any time thereafter with respect to other
peer executives of the Company and the Affiliated Companies.

                  (7) OFFICE AND SUPPORT STAFF. During the Employment Period,
the Executive shall be entitled to an office or offices of a size and with
furnishings and other appointments, and to exclusive personal secretarial and
other assistance, at least equal to the most favorable of the foregoing provided
to the Executive by the Company and the Affiliated Companies at any time during
the 120-day period immediately preceding the Effective Date or, if more
favorable to the Executive, as provided generally at any time thereafter with
respect to other peer executives of the Company and the Affiliated Companies.

                  (8) VACATION. During the Employment Period, the Executive
shall be entitled to paid vacation in accordance with the most favorable plans,
policies, programs and practices of the Company and the Affiliated Companies as
in effect for the Executive at any time during the 120-day period immediately
preceding the Effective Date or, if more favorable to the Executive, as in
effect generally at any time thereafter with respect to other peer executives of
the Company and the Affiliated Companies.

                  SECTION 4. TERMINATION OF EMPLOYMENT. (a) DEATH OR DISABILITY.
The Executive's employment shall terminate automatically if the Executive dies
during the Employment Period. If the Company determines in good faith that the
Disability (as defined herein) of the Executive has occurred during the
Employment Period (pursuant to the definition of "Disability"), it may give to
the Executive written notice in accordance with Section 10(b) of its intention
to terminate the Executive's employment. In such event, the Executive's
employment with the Company shall terminate effective on the 30th day after
receipt of such notice by the Executive (the "Disability Effective Date"),
provided that, within the 30 days after such receipt, the Executive shall not
have returned to full-time performance of the Executive's duties. "Disability"
means the absence of the Executive from the Executive's duties with the Company
on a full-time basis for 180 consecutive business days as a result of incapacity
due to mental or physical illness that is determined to be total and permanent
by a physician selected by

                                       5
<PAGE>

the Company or its insurers and acceptable to the Executive or the Executive's
legal representative.

                  (B) CAUSE. The Company may terminate the Executive's
employment during the Employment Period for Cause. "Cause" means:

                  (1) the willful and continued failure of the Executive to
         perform substantially the Executive's duties (as contemplated by
         Section 3(a)(1)(A)) with the Company or any Affiliated Company (other
         than any such failure resulting from incapacity due to physical or
         mental illness or following the Executive's delivery of a Notice of
         Termination for Good Reason), after a written demand for substantial
         performance is delivered to the Executive by the Board or the Chief
         Executive Officer of the Company that specifically identifies the
         manner in which the Board or the Chief Executive Officer of the Company
         believes that the Executive has not substantially performed the
         Executive's duties, or

                  (2) the willful engaging by the Executive in illegal conduct
         or gross misconduct that is materially and demonstrably injurious to
         the Company.

For purposes of this Section 4(b), no act, or failure to act, on the part of the
Executive shall be considered "willful" unless it is done, or omitted to be
done, by the Executive in bad faith or without reasonable belief that the
Executive's action or omission was in the best interests of the Company. Any
act, or failure to act, based upon authority given pursuant to a resolution duly
adopted by the Board or upon the instructions of the Chief Executive Officer of
the Company or a senior officer of the Company or based upon the advice of
counsel for the Company shall be conclusively presumed to be done, or omitted to
be done, by the Executive in good faith and in the best interests of the
Company. The cessation of employment of the Executive shall not be deemed to be
for Cause unless and until there shall have been delivered to the Executive a
copy of a resolution duly adopted by the affirmative vote of not less than
three-quarters of the entire membership of the Board (excluding the Executive,
if the Executive is a member of the Board) at a meeting of the Board called and
held for such purpose (after reasonable notice is provided to the Executive and
the Executive is given an opportunity, together with counsel for the Executive,
to be heard before the Board), finding that, in the good faith opinion of the
Board, the Executive is guilty of the conduct described in Section 4(b)(1) or
4(b)(2), and specifying the particulars thereof in detail.

                  (C) GOOD REASON. The Executive's employment may be terminated
by the Executive for Good Reason or by the Executive voluntarily without Good
Reason. "Good Reason" means:

                  (1) the assignment to the Executive of any duties inconsistent
         in any respect with the Executive's position (including status,
         offices, titles and reporting requirements), authority, duties or
         responsibilities as contemplated by Section 3(a), or any other
         diminution in such position, authority, duties or responsibilities
         (whether or not occurring solely as a result of the Company's ceasing
         to be a publicly traded entity), excluding for this purpose an
         isolated, insubstantial and inadvertent action not taken in bad faith
         and that is remedied by the Company promptly after receipt of notice
         thereof given by the Executive;

                                       6
<PAGE>

                  (2) any failure by the Company to comply with any of the
         provisions of Section 3(b), other than an isolated, insubstantial and
         inadvertent failure not occurring in bad faith and that is remedied by
         the Company promptly after receipt of notice thereof given by the
         Executive;

                  (3) the Company's requiring the Executive (i) to be based at
         any office or location other than as provided in Section 3(a)(1)(B),
         (ii) to be based at a location other than the principal executive
         offices of the Company if the Executive was employed at such location
         immediately preceding the Effective Date, or (iii) to travel on Company
         business to a substantially greater extent than required immediately
         prior to the Effective Date;

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

                  (5) any failure by the Company to comply with and satisfy
         Section 9(c).

For purposes of this Section 4(c), any good faith determination of Good Reason
made by the Executive shall be conclusive. The Executive's mental or physical
incapacity following the occurrence of an event described above in clauses (1)
through (5) shall not affect the Executive's ability to terminate employment for
Good Reason.

                  (D) NOTICE OF TERMINATION. Any termination by the Company for
Cause, or by the Executive for Good Reason, shall be communicated by Notice of
Termination to the other party hereto given in accordance with Section 10(b).
"Notice of Termination" means a written notice that (1) indicates the specific
termination provision in this Agreement relied upon, (2) to the extent
applicable, sets forth in reasonable detail the facts and circumstances claimed
to provide a basis for termination of the Executive's employment under the
provision so indicated, and (3) if the Date of Termination (as defined herein)
is other than the date of receipt of such notice, specifies the Date of
Termination (which Date of Termination shall be not more than 30 days after the
giving of such notice). The failure by the Executive or the Company to set forth
in the Notice of Termination any fact or circumstance that contributes to a
showing of Good Reason or Cause shall not waive any right of the Executive or
the Company, respectively, hereunder or preclude the Executive or the Company,
respectively, from asserting such fact or circumstance in enforcing the
Executive's or the Company's respective rights hereunder.

                  (E) DATE OF TERMINATION. "Date of Termination" means (1) if
the Executive's employment is terminated by the Company for Cause, or by the
Executive for Good Reason, the date of receipt of the Notice of Termination or
any later date specified in the Notice of Termination, (which date shall not be
more than 30 days after the giving of such notice), as the case may be, (2) if
the Executive's employment is terminated by the Company other than for Cause or
Disability, the date on which the Company notifies the Executive of such
termination, and (3) if the Executive resigns without Good Reason, the date on
which the Executive notifies the Company of such termination, and (4) if the
Executive's employment is terminated by reason of death or Disability, the date
of death of the Executive or the Disability Effective Date, as the case may be.

                                       7
<PAGE>

                  SECTION 5. OBLIGATIONS OF THE COMPANY UPON TERMINATION. (a)
GOOD REASON; OTHER THAN FOR CAUSE, DEATH OR DISABILITY. If, during the
Employment Period, the Company terminates the Executive's employment other than
for Cause or Disability or the Executive terminates employment for Good Reason:

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

                           (A) the sum of (1) the Executive's Annual Base Salary
                  through the Date of Termination, (2) any bonus with respect to
                  the fiscal year of the Company prior to the Date of
                  Termination and calculated pursuant to the Executive's then
                  current employment agreement, if any, or if the Date of
                  Termination is prior to January 1, 2004, then the Target Bonus
                  ("Current Bonus"), (3) any accrued vacation and (4) the
                  product of (x) the Current Bonus, and (y) a fraction, the
                  numerator of which is the number of days in the fiscal year in
                  which the Date of Termination occurs through the Date of
                  Termination, and the denominator of which is 365, in each case
                  to the extent not theretofore paid (the sum of the amounts
                  described in clauses (1), (2), (3) and (4), shall be
                  hereinafter referred to as the "Accrued Obligations"); and

                           (B) an amount equal to the product of (1) three and
                  (2) the sum of (a) the Annual Base Salary and (b) the Target
                  Bonus as defined and described in SCHEDULE A hereto; and

                  (2) for the three-year period commencing on the Date of
         Termination, the Company shall continue to provide the benefits
         described in Section 3(b)(4) to the Executive and his spouse and
         dependents on the same basis such benefits were provided to the
         Executive immediately prior to the Effective Date, and, if such
         benefits cannot be provided, a lump sum cash equivalent thereof on a
         grossed-up basis for taxes (collectively "Welfare Benefits"); and

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

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

                  (B) DEATH. If the Executive's employment is terminated by
reason of the Executive's death during the Employment Period, the Company shall
provide the Executive's estate or beneficiaries with the Accrued Obligations and
the timely payment or delivery of the Other Benefits and shall provide the
Welfare Benefits to the Executive's spouse and dependents for a three-year
period commencing as of the Date of Termination, and shall have no other

                                       8
<PAGE>

severance obligations under this Agreement. In addition, all Retention and
Incentive Awards shall be treated as described in Section 5(a)(3). The Accrued
Obligations shall be paid to the Executive's estate or beneficiary, as
applicable, in a lump sum in cash within 30 days of the Date of Termination.
With respect to the provision of the Other Benefits, the term "Other Benefits"
as utilized in this Section 5(b) shall include, without limitation, and the
Executive's estate and/or beneficiaries shall be entitled to receive, benefits
at least equal to the most favorable benefits provided by the Company and the
Affiliated Companies to the estates and beneficiaries of peer executives of the
Company and the Affiliated Companies under such plans, programs, practices and
policies relating to death benefits, if any, as in effect with respect to other
peer executives and their beneficiaries at any time during the 120-day period
immediately preceding the Effective Date or, if more favorable to the
Executive's estate and/or the Executive's beneficiaries, as in effect on the
date of the Executive's death with respect to other peer executives of the
Company and the Affiliated Companies and their beneficiaries.

                  (C) DISABILITY. If the Executive's employment is terminated by
reason of the Executive's Disability during the Employment Period, the Company
shall provide the Executive with the Accrued Obligations and the timely payment
or delivery of the Other Benefits and the provision of Welfare Benefits to the
Executive, his spouse and dependents for a three-year period commencing of the
Date of Termination, and shall have no other severance obligations under this
Agreement. In addition, all Retention and Incentive Awards shall be treated as
described in Section 5(a)(3). The Accrued Obligations shall be paid to the
Executive in a lump sum in cash within 30 days of the Date of Termination. With
respect to the provision of the Other Benefits, the term "Other Benefits" as
utilized in this Section 6(c) shall include, and the Executive shall be entitled
after the Disability Effective Date to receive, disability and other benefits at
least equal to the most favorable of those generally provided by the Company and
the Affiliated Companies to disabled executives and/or their families in
accordance with such plans, programs, practices and policies relating to
disability, if any, as in effect generally with respect to other peer executives
and their families at any time during the 120-day period immediately preceding
the Effective Date or, if more favorable to the Executive and/or the Executive's
family, as in effect at any time thereafter generally with respect to other peer
executives of the Company and the Affiliated Companies and their families.

                  (D) CAUSE; OTHER THAN FOR GOOD REASON. If the Executive's
employment is terminated for Cause during the Employment Period, the Company
shall provide to the Executive (1) the Executive's Annual Base Salary through
the Date of Termination, (2) the amount of any compensation previously deferred
by the Executive, (3) any accrued and unpaid vacation, and (4) the Other
Benefits, in each case, to the extent theretofore unpaid, and shall have no
other severance obligations under this Agreement. If the Executive voluntarily
terminates employment during the Employment Period, excluding a termination for
Good Reason, the Company shall provide to the Executive the Accrued Obligations
and the timely payment or delivery of the Other Benefits, and shall have no
other severance obligations under this Agreement. In such case, all the Accrued
Obligations shall be paid to the Executive in a lump sum in cash within 30 days
of the Date of Termination.

                  (E) EXCISE TAX. Notwithstanding any other language to the
contrary in this Agreement or in this Section 5, the Company shall not be
obligated to pay and shall not pay that portion of any payment or distribution
in the nature of compensation within the meaning of

                                       9
<PAGE>

Section 280G(b)(2) of the Internal Revenue Code of 1986, as amended (the "Code")
to the benefit of the Executive otherwise due or payable the Executive under
this Agreement or this Section 5 if that portion would cause any excise tax
imposed by Section 4999 of the Code to become due and payable by the Executive.

                  SECTION 6. NON-EXCLUSIVITY OF RIGHTS. Nothing in this
Agreement shall prevent or limit the Executive's continuing or future
participation in any plan, program, policy or practice provided by the Company
or the Affiliated Companies and for which the Executive may qualify, nor,
subject to Section 11(f), shall anything herein limit or otherwise affect such
rights as the Executive may have under any other contract or agreement with the
Company or the Affiliated Companies. Amounts that are vested benefits or that
the Executive is otherwise entitled to receive under any plan, policy, practice
or program of or any other contract or agreement with the Company or the
Affiliated Companies at or subsequent to the Date of Termination ("Other
Benefits") shall be payable in accordance with such plan, policy, practice or
program or contract or agreement, except as explicitly modified by this
Agreement. Notwithstanding the foregoing, if the Executive receives payments and
benefits pursuant to Section 5(a) of this Agreement, the Executive shall not be
entitled to any severance pay or benefits under any severance plan, program or
policy of the Company and the Affiliated Companies, unless otherwise
specifically provided therein in a specific reference to this Agreement.

                  SECTION 7. FULL SETTLEMENT. The Company's obligation to make
the payments provided for in this Agreement and otherwise to perform its
obligations hereunder shall not be affected by any set-off, counterclaim,
recoupment, defense, or other claim, right or action that the Company may have
against the Executive or others. In no event shall the Executive be obligated to
seek other employment or take any other action by way of mitigation of the
amounts payable to the Executive under any of the provisions of this Agreement,
and such amounts shall not be reduced whether or not the Executive obtains other
employment. The Company agrees to pay as incurred (within 10 days following the
Company's receipt of an invoice from the Executive), to the full extent
permitted by law, all legal fees and expenses that the Executive may reasonably
incur as a result of any contest (regardless of the outcome thereof) by the
Company, the Executive or others of the validity or enforceability of, or
liability under, any provision of this Agreement or any guarantee of performance
thereof (including as a result of any contest by the Executive about the amount
of any payment pursuant to this Agreement), plus, in each case, interest on any
delayed payment at the applicable federal rate provided for in Section
7872(f)(2)(A) of the Code.

                  SECTION 8. CONFIDENTIAL INFORMATION. The Executive shall hold
in a fiduciary capacity for the benefit of the Company all secret or
confidential information, knowledge or data relating to the Company or the
Affiliated Companies, and their respective businesses, which information,
knowledge or data shall have been obtained by the Executive during the
Executive's employment by the Company or the Affiliated Companies and which
information, knowledge or data shall not be or become public knowledge (other
than by acts by the Executive or representatives of the Executive in violation
of this Agreement). After termination of the Executive's employment with the
Company, the Executive shall not, without the prior written consent of the
Company or as may otherwise be required by law or legal process, communicate or
divulge any such information, knowledge or data to anyone other than

                                       10
<PAGE>

the Company and those persons designated by the Company. In no event shall an
asserted violation of the provisions of this Section 8 constitute a basis for
deferring or withholding any amounts otherwise payable to the Executive under
this Agreement.

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

                  (b) This Agreement shall inure to the benefit of and be
binding upon the Company and its successors and assigns. Except as provided in
Section 9(c), without the prior written consent of the Executive this Agreement
shall not be assignable by the Company.

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

                  SECTION 10. MISCELLANEOUS. (a) This Agreement shall be
governed by and construed in accordance with the laws of the State of Delaware,
without reference to principles of conflict of laws. The captions of this
Agreement are not part of the provisions hereof and shall have no force or
effect. This Agreement may not be amended or modified other than by a written
agreement executed by the parties hereto or their respective successors and
legal representatives.

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

                  if to the Executive:

                  At the most recent address on file at the Company.

                  if to the Company:

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

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

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

                                       11
<PAGE>

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

                  (e) The Executive's or the Company's failure to insist upon
strict compliance with any provision of this Agreement or the failure to assert
any right the Executive or the Company may have hereunder, including, without
limitation, the right of the Executive to terminate employment for Good Reason
pursuant to Sections 4(c)(1) through 4(c)(5), shall not be deemed to be a waiver
of such provision or right or any other provision or right of this Agreement.

                  (f) The Executive and the Company acknowledge that, except as
may otherwise be provided under any other written agreement between the
Executive and the Company, the employment of the Executive by the Company is "at
will" and, subject to Section 1(a), prior to the Effective Date, the Executive's
employment may be terminated by either the Executive or the Company at any time
prior to the Effective Date, in which case the Executive shall have no further
rights under this Agreement. From and after the Effective Date, except as
specifically provided herein, this Agreement shall supersede any other agreement
between the parties with respect to the subject matter hereof.

                  SECTION 11. INDEMNIFICATION AND DIRECTORS' AND OFFICERS'
INSURANCE.

                  (a) The Company shall indemnify the Executive to the fullest
extent permitted under law from and against any expenses (including but not
limited to attorneys' fees, expenses of investigation and preparation and fees
and disbursements of the Executive's accountants or other experts), judgments,
fines, penalties and amounts paid in settlement actually and reasonably incurred
by the Executive in connection with any proceeding in which the Executive was or
is made party or was or is involved (for example, as a witness) by reason of the
fact the Executive was or is employed by the Company.

                  Such indemnification is subject to:

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

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

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

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

                                       12
<PAGE>
Such indemnification shall continue as to the Executive during the Employment
Period and for six years from the Date of Termination with respect to acts or
omissions which occurred prior to his cessation of employment with the Company
and shall inure to the benefit of the Executive's heirs, executors and
administrators. The Company shall advance to the Executive all costs and
expenses incurred by him in connection with any proceeding covered by this
provision within 20 calendar days after receipt by the Company of a written
request for such advance. Such request shall include an undertaking by the
Executive to repay the amount of such advance if it shall ultimately be
determined that he is not entitled to be indemnified against such costs and
expenses.

                  (b) The Company agrees to continue and maintain directors' and
officers' liability insurance policies covering the Executive to the extent that
the Company provides such coverage for its other executive officers. Such
insurance coverage shall continue as to the Executive even if he has ceased to
be a director, member, employee or agent of the Company , with respect to acts
or omissions which occurred prior to his cessation of employment with the
Company. Notwithstanding the foregoing, however, if the Company shall cease to
maintain directors' and officers' liability insurance policies covering the
Executive and other executive officers by reason of: (i) a consolidation,
merger, sale or other reorganization of the Company; (ii) any person or entity
or group of persons or entities acting in concert acquiring management control
of the Company; or (iii) the insurers providing such insurance canceling or
refusing to renew such insurance, then the Executive shall have coverage only to
the extent provided in any run-off policies extending the period during which
the Company or the Executive may give the insurers notice of a claim under the
terminating directors' and officers' liability insurance policies. The Company
shall take all reasonable actions to ensure that it obtains such run-off
policies and that such run-off policies extend the claims reporting period
through any applicable statutes of limitations, but nothing in this section
shall obligate the Company to obtain extraordinary insurance coverage for the
Executive. Insurance contemplated under this Section 11(b) shall inure to the
benefit of the Executive's heirs, legal representatives or assigns.

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

                                                       /s/ Girard Miller
                                                       ------------------------

                                                       JANUS CAPITAL GROUP INC.

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

                                       13

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