Document:

Exhibit

EXHIBIT 10.10

HAMILTON LANE ADVISORS, L.L.C.
2016 CARRIED INTEREST PLAN
(Effective as of January 1, 2016; amended and restated February 14, 2017)
		
	1.
	Purpose.  The purpose of the Hamilton Lane Advisors, L.L.C. 2016 Carried Interest Plan (the “Plan”) is to provide additional compensation to key employees of Hamilton Lane Advisors, L.L.C. (the “Company”) based on the performance of investment funds and separate accounts managed by the Company.  Certain of the Funds provide for the payment of Carried Interest to the Company or an Affiliate when the investments of the Fund generate profits in excess of specified thresholds.  The Company has determined to allocate 25% of the Carried Interest from the Funds to employees who are deemed to contribute materially to the Company’s financial success.  The remaining 75% of Carried Interest from the Funds will be included in the general revenues of the Company from operations.  Under certain circumstances as set forth in this Plan, however, a portion of the remaining 75% of Carried Interest also may be allocated to employees of the Company.

		
	2.
	Definitions.  As used in this Plan:

		
	a.
	“Affiliate” means, with respect to any person, any other person that, directly or indirectly through one or more intermediaries Controls, is Controlled by, or is under common Control with, such person and/or one or more Affiliates thereof.  The term “Control” includes, without limitation, the possession, directly or indirectly, of the power to direct the management and policies of a person, whether through the ownership of voting securities, by contract or otherwise.  The term “Affiliate” shall not include at any time any portfolio company of the Company or any of its Affiliates.

		
	b.
	“Award” means the amount awarded to a Participant from time to time under this Plan.

		
	c.
	“Beneficiary” means a person or persons or legal entity designated by a Participant to receive payment after the Participant’s death of the proceeds of life insurance maintained by the Company for such Participant or, if no designation is made or if the designated Beneficiary predeceases the Participant, the Participant’s surviving spouse or, if none, the Participant’s estate.

		
	d.
	“Carried Interest” means profits and performance fees earned from Funds, in each case managed by the Company or an Affiliate and calculated in accordance with the governing documents of the applicable Fund.  For the avoidance of doubt, “Carried Interest” shall not include any management, advisory, distribution management or administration fees paid with respect to any Fund.

		
	e.
	“CEO” means the chief executive officer of the Company duly elected by the Board of Directors of the Company.

		
	f.
	“Company” means Hamilton Lane Advisors, L.L.C., a limited liability company organized under the laws of the Commonwealth of Pennsylvania.

		
	g.
	“Fund” means a commingled investment fund, single client investment fund, separate account or other client account managed by the Company or one or more of its Affiliates; provided, however, the term “Fund” shall not include any Fund for which Carried Interest was awarded pursuant to the predecessor carried interest programs described in this Plan, except to the extent that less than 25% of the total Carried Interest from such Fund was awarded under such program or plan, in which case the balance of the 25% of Carried Interest not previously awarded may be awarded under this Plan and such Fund shall be deemed to be a “Fund” hereunder for purposes of awarding the remaining Carried Interest.

		
	h.
	“Grant Date” means the date on which an Award is granted to a Participant.

		
	i.
	“Key Employee” means any person, including an officer of the Company, who is employed by the Company on a full-time basis, who is compensated for such employment by a regular salary, and who, in the opinion of the CEO, is in a position to contribute materially to the Company’s financial success.

		
	j.
	“Participant” means any Key Employee of the Company to whom an Award has been granted under Section 5.

		
	k.
	“Plan” means the Hamilton Lane Advisors, L.L.C. Carried Interest Plan as set forth herein and as it may be amended from time to time.

		
	l.
	“Termination of Employment” means, with respect to any Participant, the Participant’s separation from service with the Company and its Affiliates for any reason, whether voluntary or involuntary.

		
	3.
	Administration

		
	a.
	The Plan shall be administered, construed and interpreted by the CEO.  The CEO may prescribe, amend and rescind rules and regulations relating to the Plan, and may make all other determinations necessary or advisable for the administration of the Plan.  Each such rule, regulation or determination shall be conclusive and binding for all purposes of the Plan.

		
	b.
	At the sole election of the CEO, the CEO may delegate any or all of the CEO’s rights and duties with respect to the Plan to a compensation committee (the “Committee”).  The CEO may be a member of the Committee.  The Committee shall exercise the full authority of the CEO with respect to the Plan to the extent authorized to do so by its constituting resolution(s).  If the Plan is administered by the Committee, all references to the CEO in the Plan shall mean and relate to the Committee.  No Participant who is a member of the Committee shall participate in any decision-

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making activities under the Plan that will in any way affect his or her own Award under the Plan.
		
	c.
	Neither the CEO nor any member of the Committee shall be personally liable to any person by reason of any action taken or not taken by him or her with respect to the Plan or for any mistake of judgment made by him or her in his or her capacity as an administrator of the Plan.  The Company shall indemnify and hold harmless the CEO and each member of the Committee, and each employee to whom any duty or power relating to the administration, interpretation or implementation of the Plan may be allocated or delegated against any cost or expense (including counsel fees) or liability (including any sum paid in settlement of a claim) arising out of any act or omission to act in connection with the Plan, unless arising out of such person’s own fraud, self-dealing or willful misconduct.

		
	4.
	Participants.  In order to be eligible to participate in the Plan, persons must be Key Employees.  Subject to the provisions of the Plan, the CEO shall have full and final authority, in his sole discretion, to determine whether employees qualify as Key Employees and the Key Employees to be granted Awards under the Plan.  Any Award granted to the CEO must be approved by the Company’s Board of Directors.

		
	5.
	Calculation and Award of Carried Interest

		
	a.
	Carried Interest for each Fund shall be calculated by the Finance Department as and when received by the Company or an Affiliate.  The Company shall record all such Carried Interest in a special ledger maintained by the Finance Department.  The Finance Department shall notify the CEO promptly of the receipt of all Carried Interest by the Company or any Affiliate.

		
	b.
	Subject to Section 5(c), up to 25% of all Carried Interest received by the Company or an Affiliate shall be allocated to Key Employees.  The amount of Carried Interest to be awarded to any Key Employee who is designated as eligible under Section 4 shall be determined by the CEO in his sole discretion.  The CEO may consult with such other officers, employees and directors of the Company as he deems necessary or appropriate in connection with identifying Key Employees to be granted Awards and the amount of the Awards.  Each Award shall be communicated to the applicable Key Employee by the CEO, the Key Employee’s manager or such other process as the CEO may determine.

		
	c.
	To the extent that the Company or an Affiliate receives a distribution of Carried Interest that the CEO determines in his sole discretion to be extraordinary in amount and materially greater than the amount budgeted or expected from a given Fund, all or any portion of such extraordinary distribution may be awarded to Key Employees.  Any such Awards of extraordinary distributions of Carried Interest shall be in addition to Awards made pursuant to Section 5(b) of this Plan, and consequently Awards may exceed 25% of the aggregate Carried Interest received by the Company and its Affiliates.  Awards of extraordinary distributions of Carried Interest, if any, shall be 

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paid annually together with annual bonuses or at such other time(s) as the CEO may determine in his sole discretion.
		
	d.
	The Company shall establish a special ledger with an Award account for each Participant in which shall be recorded for each Award the name of the Participant, the amount of the Award granted to him or her, the Grant Date and the date of payment.  The Award account shall be maintained under the Plan solely as a bookkeeping entry for the Participant to which distributions to the Participant shall be debited.

		
	6.
	Payment of Awards.  Awards shall be paid soon as practicable after the Grant Date in accordance with the Company’s normal payroll practice, subject to Section 5(c).  All Awards shall be paid net of required payroll taxes and other withholding amounts.  Notwithstanding the foregoing, the Company may delay the payment of Awards in order to aggregate additional Awards of Carried Interest that the Company anticipates will be received in the near future.

		
	7.
	Termination.  Upon a Participant’s Termination of Employment, any Awards granted but unpaid prior to the date of termination shall be automatically cancelled and forfeited; provided, however, in the case of Termination of Employment by reason of a Participant’s death, the amount payable to the Participant shall be paid to the Participant’s designated Beneficiary(ies) in a single sum not later than 90 days after the Participant’s death.

		
	8.
	Transferability.  No Award payable under this Plan shall be subject to anticipation, alienation, sale, assignment, pledge, encumbrance, or charge, and any attempt to anticipate, alienate, sell, assign, pledge, encumber, charge, or otherwise transfer or dispose of (“Transfer”) such Award shall be void.  No Award shall in any manner be liable for or subject to the debts, contracts, liabilities, or torts of the person entitled to such Award.  If any Participant or Beneficiary shall become bankrupt or attempt to Transfer any Award, the Participant or Beneficiary’s right to receive payment with respect to such Award shall, in the discretion of the Company, cease and terminate.  In such event, the Company may hold or apply the same or any part thereof for the benefit of the Participant or his or her Beneficiary(ies), his or her spouse, children, or other dependents, or any of them, in such manner and in such proportions as the CEO may deem proper, in his sole and absolute discretion.

		
	9.
	Limitations.  Participants shall acquire no rights hereunder except for the right to receive cash in payment of Awards in accordance with the terms of this Plan.  Without limiting the generality of the foregoing, nothing contained in this Plan shall, or shall be construed to, (i) give any Key Employee any right to be awarded Carried Interest other than in the sole discretion of the CEO; (ii) give any Participant any rights whatsoever with respect to any equity in the Company; (iii) limit in any way the right of the Company to terminate a Participant’s employment with the Company at any time; or (iv) be evidence of any agreement or understanding, expressed or implied, that the Company will employ a Participant in any particular position or at any particular rate of remuneration.

		
	10.
	Amendment and Termination of the Plan.  The Company may, in its sole discretion, amend or terminate this Plan at any time; provided, however, that an amendment to or 

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termination of this Plan shall not adversely affect the rights of Participants or Beneficiaries to payments in respect of any Award that has been granted prior to the date of such amendment or termination, without such Participant’s or Beneficiary’s written consent.
		
	11.
	Miscellaneous

		
	a.
	This Plan is effective as of January 1, 2016.

		
	b.
	The Company shall have the right to deduct from all payments under this Plan any federal, state or local taxes required by law to be withheld with respect to such payments.  Such withholding may be made from other amounts due from the Company to the Participant (including salary or bonus, deferred or otherwise) or upon any other event that would cause an Award to be deemed taxable compensation or wages to the Participant.

		
	c.
	The Company shall have the right to (i) withhold from any Award or distribution to Participants any amount that, in the reasonable judgment of the Company, is needed to satisfy any clawback, reserve account or similar obligation to a Fund and (ii) to require the Participant to return Awards and distributions made to the Participant hereunder to the extent necessary to satisfy any clawback or similar obligation to a Fund after taking into account amounts withheld pursuant to this clause (c);

		
	d.
	No amounts payable in respect of any Award or received by any Participant pursuant to this Plan, shall be included as “wages” or “salary” in determining the amount of any payment under any welfare benefit, pension plan, profit sharing plan, or any other employee benefit plan (e.g., life insurance or disability insurance) of the Company.

		
	e.
	This Plan and awards granted hereunder shall be governed and construed in accordance with the laws of the Commonwealth of Pennsylvania without reference to principles of conflicts of laws.

Predecessor Carried Interest Programs

The Company’s carried interest arrangements have operated since 2012 on terms substantially identical to those set forth in this Plan. 

Prior to 2012, each year, profits interests tied to future Carried Interest payments from each Carried Interest-earning Fund established in that year (totaling up to 25% of the Carried Interest) were awarded to participants by the CEO. Awards vested over three years, and once vested, the participant was entitled to receive in respect of that award a percentage interest in a portion of the Carried Interest for such Fund for the life of the Fund, as and when earned and received. All such awards are now vested, but the Company has not yet earned the full amount of the Carried Interest to which it may be entitled from certain of the underlying Funds. Therefore, future distributions of Carried Interest by those Funds will result in payments to participants.

5Exhibit 10.9.4

 

FOURTH AMENDMENT TO THE 
 JANUS 401(K) AND EMPLOYEE STOCK OWNERSHIP PLAN

 

The Janus 401(k) and Employee Stock Ownership Plan, as amended and restated effective January 1, 2014 (the “Plan”), is hereby amended as follows, effective as of September 1, 2016 unless otherwise expressly provided below:

 

1.                                     The first paragraph of Section 1.23 of the Plan is hereby amended by replacing it in its entirety to read as follows:

 

“Hour of Service” means, for purposes of vesting and benefit accrual, (1) each hour for which an Employee is directly or indirectly compensated or entitled to compensation by the Employer or an Affiliated Employer for the performance of duties (these hours will be credited to the Employee for the computation period in which the duties are performed); (2) each hour for which an Employee is directly or indirectly compensated or entitled to compensation by the Employer or an Affiliated Employer (irrespective of whether the employment relationship has terminated) for reasons other than performance of duties (such as vacation, holidays, sickness, jury duty, disability, lay-off, military duty or leave of absence) during the applicable computation period (these hours will be calculated and credited pursuant to Department of Labor regulation 2530.200b-2 which is incorporated herein by reference); (3) each hour for which back pay is awarded or agreed to by the Employer or an Affiliated Employer without regard to mitigation of damages (these hours will be credited to the Employee for the computation period or periods to which the award or agreement pertains rather than the computation period in which the award, agreement or payment is made). The same Hours of Service shall not be credited both under (1) or (2), as the case may be, and under (3).

 

Notwithstanding (2) above, (i) no more than 501 Hours of Service are required to be credited to an Employee on account of any single continuous period during which the Employee performs no duties (whether or not such period occurs in a single computation period); (ii) an hour for which an Employee is directly or indirectly paid, or entitled to payment, on account of a period during which no duties are performed is not required to be credited to the Employee if such payment is made or due under a plan maintained solely for the purpose of complying with applicable worker’s compensation, or unemployment compensation or disability insurance laws; and (iii) Hours of Service are not required to be credited for a payment which solely reimburses an Employee for medical or medically related expenses incurred by the Employee.

 

For purposes of (2) above, a payment shall be deemed to be made by or due from the Employer or Affiliated Employer regardless of whether such payment is made by or due from the Employer or Affiliated Employer directly, or indirectly through, among others, a trust fund, or insurer, to which the Employer or Affiliated Employer contributes or pays premiums and regardless of whether contributions made or due to the trust fund, insurer, or other entity are for the benefit of particular Employees or are on behalf of a group of Employees in the aggregate.

 

 

The provisions of Department of Labor regulations 2530.200b-2(b) and (c) are incorporated herein by reference.

 

Service will be determined on the basis of the (i) actual hours for which an hourly Employee is paid or entitled to payment, and (ii) semi-monthly payroll periods for a salaried Employee such that such Employee will be credited with ninety-five (95) Hours of Service if under the preceding paragraphs such Employee would be credited with at least one (1) Hour of Service during the semi-monthly payroll period.

 

2.                                     Section 1.1 of the Plan is hereby amended to add a new subsection (m) to read as follows:

 

(m)                          “Roth Conversion Account” means the account created to hold amounts attributable to In-Plan Roth Conversions; provided that rollovers from each of the following Accounts shall be accounted for separately within the Roth Conversion Account: After-Tax Account;  Pre-Tax Elective Deferral Account; the  portion of the Elective Account attributable to Employer Qualified Non-Elective Contributions;  Matching Account; Profit Sharing Account; the portion of the Non-Elective Account attributable to any Employer Qualified Matching Contributions;  Rollover Account; Special Discretionary Account; and Transfer Account.

 

3.                                     Article I of the Plan is hereby amended by adding a new Section 1.23A to read as follows:

 

1.23A              “In-Plan Roth Conversion” means the process of carrying out an election by a Participant in accordance with Section 3A.1.

 

4.                                     Section 3.1(b) of the Plan is hereby amended by replacing it in its entirety to read as follows:

 

(b)                                Automatic Enrollment of New Participants in Pre-tax Elective Deferral Contributions.  The Administrator shall automatically enroll each newly Eligible Employee who fails to make an affirmative election in a Payroll Withholding Agreement either to make Elective Contributions under Section 3.1(a) or not to make Elective Contributions under Section 3.1(a).

 

(1)                                 Pre-Tax Elective Deferral Amount.

 

(A)       An automatically enrolled Participant shall be deemed to have elected to make Pre-tax Elective Deferral Contributions in the following amount of Compensation pursuant to a passive Payroll Withholding Agreement: (i) 4 percent during the period ending on the day before the second anniversary of the date on which the Participant became an automatically enrolled Participant; (ii) 5 percent during the period following the period in (i) and ending on the day before the third anniversary of the date on which the Participant became an automatically enrolled Participant; and (iii) 6 percent following the period in (ii); provided, that, for each newly Eligible Employee who initially becomes an automatically enrolled Participant on or after January 1, 2016, the percentage in (i) shall be 4.5 percent, and the percentage in (ii) shall be 5.5 percent; provided, further,

 

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that, for each newly Eligible Employee who initially becomes an automatically enrolled Participant on or after September 1, 2016, the amount of Compensation deemed to have been elected for Pre-tax Elective Deferral Contributions shall be (v) 6 percent during the period ending on the day before the second anniversary of the date on which the Participant became an automatically enrolled Participant; (w) 7 percent during the period following the period in (v) and ending on the day before the third anniversary of the date on which the Participant became an automatically enrolled Participant; (x) 8 percent following the period in (w) and ending on the day before the fourth anniversary of the date on which the Participant became an automatically enrolled Participant; (y) 9 percent following the period in (x) and ending on the day before the fifth anniversary of the date on which the Participant became an automatically enrolled Participant; and (z) 10 percent following the period in (y).

 

(B)       Upon the receipt of an affirmative Payroll Withholding Agreement pursuant to which the Participant elects either to make Elective Contributions under Section 3.1(a)(1) or not to make Elective Contributions under Section 3.1(a)(1) and subject to Section 3.2, such Participant shall cease to be an automatically enrolled Participant..

 

(2)                                 Notice Requirement.  In connection with the automatic enrollment provisions of this Article III, within a reasonable period prior to the initial automatic enrollment of a Participant, the Administrator shall give the Participant a notice explaining the automatic enrollment and his right to make an affirmative contribution election (or to make no Elective Contributions), including the procedure for exercising that right and the timing for implementation of any such election, and an explanation of how Pre-tax Elective Deferral Contributions made under this Section will be invested in the absence of an investment election by the Automatically Enrolled Participant. Further, at the beginning of each Plan Year, the Administrator shall give each Participant the notice described in the preceding sentence.

 

5.                                     The Plan is hereby amended by adding a new Article IIIA to read as follows:

 

ARTICLE IIIA

IN-PLAN ROTH CONVERSION

 

3A.1                     In-Plan Roth Conversion.  In accordance with Code Section 402A(c)(4) and the guidance issued thereunder, a Participant may make an election to convert any portion of the Accounts listed in section 3A.2 to a Roth Conversion Account, subject to the terms and conditions set forth in this Article IIIA and in a manner and with the advance notice prescribed by the Administrator.

 

3A.2                     Conversion Application and Notice.

 

(a)                                 A Participant’s application for an In-Plan Roth Conversion shall indicate which of the following Accounts he or she wishes to convert, provided that only the vested portion of any such Account shall be eligible for conversion:

 

(i) After-Tax Account;

 

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(ii) Pre-Tax Elective Deferral Account;

 

(iii) the portion of the Elective Account attributable to Employer Qualified Non-Elective Contributions;

 

(iv) Matching Account;

 

(v) Profit Sharing Account;

 

(vi) the portion of the Non-Elective Account attributable to any Employer Qualified Matching Contributions;

 

(vii) Rollover Account;

 

(viii) Special Discretionary Account; and

 

(ix)Transfer Account.

 

(b)                                An In-Plan Roth Conversion may not be elected by a Participant more frequently than once per any calendar quarter ending March 31st, June 30th, September 30th or December 31st.

 

(c)                                 The portion of a Participant’s Accounts selected for conversion need not be eligible for distribution under Section 8.1 or Section 8.2. However, the notice and consent requirements of Code Section 411(a)(11) and the Regulations thereunder shall apply to the application for an In-Plan Roth Conversion to the extent the portion of the Account being converted is otherwise eligible for distribution under Section 8.1 or Section 8.2.

 

3A.3                     Recontributions Not Permitted.  No one shall be permitted to convert any portion of an Account to a Roth Conversion Account by receiving an eligible rollover distribution from the Plan and re-contributing any portion of such distribution to the Plan.

 

3A.4                     Distribution Restrictions.  Any portion of a Participant’s Account that is converted pursuant to this Article IIIA shall be maintained in a sub-account of the Roth Conversion Account based on the type of Account that was converted and the same distribution restrictions that applied to such pre-converted Account shall continue to apply to the sub-account (and any earnings in the sub-account) following the conversion.

 

3A.5                     Permanent Conversion.   Once the Administrator has completed the conversion of any portion of the Participant’s Account to the Participant’s Roth Conversion Account, the conversion cannot be undone or recharacterized.

 

3A.6                     Tax Withholding.   In carrying out a Participant’s election for an In-Plan Roth Conversion, the full amount of the portion of the Account selected for conversion shall be converted immediately following the Valuation Date that the conversion election is processed.  The Administrator will not withhold any taxes and no portion of the Participant’s Account may be withdrawn for payment of any taxes generated by the conversion, unless such amount would otherwise be eligible for a withdrawal under Section 8.1 or Section 8.2.  Notwithstanding the prior sentence, the Participant shall remain responsible for the timely remittance of any taxes generated by the conversion.

 

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Distributions from a Participant’s Roth Conversion Account within five (5) years of an In-Plan Roth Conversion may be subject to additional taxes under Section 72(t) of the Code.

 

3A.7                     Limits.   Any portion of an Account that is converted pursuant to an In-Plan Roth Conversion shall still be subject to Section 3.3, Article XIII and Article XIV to the same extent that such portion would have been subject to Section 3.3, Article XIII or Article XIV if such conversion had not taken place.

 

6.                                     Section 7.10(b)(1) of the Plan is hereby amended by replacing it in its entirety to read as follows:

 

(1)                                 An “eligible rollover distribution” is any distribution of all or any portion of the balance to the credit of the “distributee,” except that an “eligible rollover distribution” does not include: any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the “distributee” or the joint lives (or joint life expectancies) of the “distributee” and the “distributee’s” designated beneficiary, or for a specified period of ten years or more; any distribution to the extent such distribution is required under Code Section 401(a)(9); the portion of any other distribution that is not includible in gross income (determined without regard to the exclusion for net unrealized appreciation with respect to employer securities); any hardship distribution; and any other distribution that is reasonably expected to total less than $200 during a year.  A portion of a distribution shall not fail to be an “eligible rollover distribution” merely because the portion consists of amounts which are not includible in gross income; provided, however, that such portion which is not includible in gross income may be transferred only to the following “eligible retirement plans”: (A) an individual retirement account or annuity described in Code Section 408(a) or (b), (B) a qualified defined contribution plan described in Code Sections 401(a) or 403(a) that agrees to separately account for amounts so transferred, including separately accounting for the portion of such distribution which is includible in gross income and the portion of such distribution which is not so includible, (C) to a qualified trust or to an annuity contract described in Code Section 403(b), if such trust or contract provides for separate accounting for amounts so transferred (including interest thereon) including separately accounting for the portion of such distribution which is includable in gross income and the portion of such distribution which is not so includible, or (D) a Roth IRA described in Code Section 408A; provided further than any distribution from the Roth Conversion Account or Roth Elective Deferral Account may be transferred only to the following “eligible retirement plans”:  (A) a designated Roth account in a qualified defined contribution plan described in Code Sections 401(a) or a qualified trust or to an annuity contract described in Code Section 403(b) or (B) a Roth IRA described in Code Section 408A.

 

7.                                     Article XI of the Plan is hereby amended by adding a new Section 11.22 to read as follows:

 

11.22                Time Limit For Taking Legal Action. Except as specified in ERISA Section 413 and regardless of any state or federal laws establishing provisions relating to limitations of actions (except to the extent that such state or federal laws cannot be waived), the following limitations shall apply:

 

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(a)                                 Eligibility and Participation.  No employee, former employee, Participant, Beneficiary or alternate payee (as defined in Code Section 414(p)) may take legal or equitable action against the Plan or any of the Plan’s fiduciaries with respect to such employee’s, former employee’s, or Participant’s eligibility to participate in the Plan more than three years after the date of such individual’s termination of employment which immediately follows the service that is the subject of such claim.

 

(b)                                Contributions.  No Participant, beneficiary or alternate payee (as defined in Code Section 414(p)) may take legal or equitable action against the Plan or any of the Plan’s fiduciaries with respect to any Contribution (or alleged missing Contribution) to such Participant’s Account more than three years after the end of the Plan Year for which such Contribution was made (or allegedly should have been made).

 

(c)                                 Investment Fund Directions and Elections and Allocation of Earnings, Losses and Expenses.  No Participant, Beneficiary or alternate payee (as defined in Code Section 414(p)) may take legal or equitable action against the Plan or any of the Plan’s fiduciaries with respect to any allocation of any portion of any Participant’s Account to an Investment Fund (or alleged failure to allocate any portion of any Participant’s Account to an Investment Fund) or any earnings or losses of an Investment Fund or other expenses more than three years after the end of the Plan Year for which such allocation was made (or allegedly should have been made) or during which such earnings, losses or expenses occurred.

 

(d)                                Other Claims.  No employee, former employee, Participant, Beneficiary or alternate payee (as defined in Code Section 414(p)) may take legal action against the Plan or any of the Plan’s fiduciaries with respect to any claim not addressed in Section 11.22 (a), (b) or (c) above more than one year after the date of the written decision on review provided by the Administrator in accordance with Section 11.8.

 

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10.                              Except as expressly provided herein, the Plan shall remain in full force and effect.

 

IN WITNESS WHEREOF, Janus Capital Group Inc. has executed this Amendment as of this 21st day of July 2016.

 

 

	
 
    	
Janus   Capital Group Inc.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ Karlene Lacy  
    
	
 
    	
Karlene   Lacy
    
	
 
    	
Senior   Vice President
    
	
 
    	
Taxation &   Compensation Accounting
    
	
 
    	
 
    
	
ATTEST:
    	
 
    
	
 
    	
 
    
	
/s/ Sue Armstrong
    	
 
    	
 
    
	
Sue Armstrong
    	
 
    
	
Director
    	
 
    
	
LTI and Retirement Plans
    	
 
    
			

 

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