Document:

FOURTH AMENDMENT TO STOCK PURCHASE AGREEMENT

     This Fourth Amendment to Stock Purchase Agreement ("Fourth Amendment")
is executed as of this 1st day of January, 1991, by and among Kansas City
Southern Industries, Inc., a Delaware corporation ("KCSI"), Thomas H. Bailey,
Michael Stolper and Jack R. Thompson, individually.

RECITALS

     A.  The undersigned (with the addition of William C. Mangus and
Bernard E. Niedermeyer III) are all parties to that certain Stock Purchase
Agreement, dated April 13, 1984, as amended by that certain First Amendment
to Stock Purchase Agreement, dated January 4, 1985, that certain Second
Amendment to Stock Purchase Agreement, dated March 18, 1988, and that certain
Third Amendment to Stock Purchase Agreement, dated February 5, 1990
(collectively, "Stock Purchase Agreement");

     B. The parties now desire to further amend the Stock Purchase
Agreement, as provided for herein in order to more clearly set forth their
respective rights, duties and obligations.

     NOW, THEREFORE, in consideration of the mutual covenants herein set
forth, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereby agree to
amend the Stock Purchase Agreement as follows:

     1.  The parties hereby consent and agree to the addition of the
following paragraph 2.05 to Article II of the Stock Purchase Agreement:

            2.05  For the purposes of determining for any period the Net
            After-Tax Earnings of JCC for all purposes under this Agreement
            other than the distribution of dividends pursuant to paragraph
            12.01, the Net After-Tax Earnings of JCC as otherwise determined
            shall be adjusted by adding back any amounts which were deducted
            from the Net After-Tax Earnings of JCC and which are attributable
            to any payments or accruals made for such period for Dividend
            Bonuses, Termination Bonuses, Change of Control Bonuses or
            Disability Bonuses pursuant to the section entitled "Additional
            Incentive Compensation" contained in the Employment Agreements
            dated as of January 1, 1991 between JCC and Messrs. Thomas F.
            Marsico, James P. Craig III and Jack R. Thompson (the "Employment
            Agreements").

     2.  The parties hereby consent and agree to the revision of paragraph
12.01 to Article  XII of the Stock Purchase Agreement which shall read in its
*entirety as follows:

            12.01  So long as there are shareholders of JCC other than KCSI,
            KCSI shall cause JCC, within four (4) months after the end of
            each fiscal year of JCC, to declare and distribute dividends to
            the shareholders of JCC (including KCSI) in an amount equal to
            ninety percent (90%) of the Net After-Tax Earnings of JCC for
            each such fiscal year. For the purpose of computing the amount of
            dividends to be paid to JCC shareholders for each year, all
            outstanding Share Equivalents  granted to employees entitled to a
            Dividend Bonus for such year pursuant to the Employment
            Agreements, shall be regarded as if such Share Equivalents were
            outstanding shares of stock of JCC entitled to receive dividends
            at the same rate as such stock, thereby reducing proportionately
            the amount of such dividends payable to JCC shareholders with
            respect to JCC stock. For purposes of this Section 12.01,
            notwithstanding the provisions of Section 2.05, Net After-Tax
            Earnings of JCC for each such year shall include a reduction for
            any accruals or payments made for such year with respect to any
            Termination Bonus, Change in Control Bonus or Disability Bonus
            pursuant to the Employment Agreements.

     3.  Section 14.02 (contained in the Second Amendment to Stock
Purchase Agreement) is hereby amended by deleting therefrom the names "Thomas
F. Marsico, James P. Craig III and Jack R. Thompson," to avoid a duplication
of benefits to such persons.

     4.  If any conflict shall arise between the terms and conditions of
this Fourth Amendment and the terms and conditions of the Stock Purchase
Agreement, the Fourth Amendment shall govern with respect to the matters
described herein.

     5.  Except as expressly amended herein, the Stock Purchase Agreement
shall remain in full force and effect.

     IN WITNESS WHEREOF, the parties have executed this Fourth Amendment as
of the date first above written.

                                      KANSAS CITY SOUTHERN INDUSTRIES, INC.,
                                      a Delaware corporation

                                      By:  /s/ Landon H. Rowland
                                         --------------------------------
                                         LANDON H. ROWLAND, PRESIDENT

                                         /s/ Thomas H. Bailey
                                         -----------------------------------
                                         THOMAS H. BAILEY

                                        /s/ Michael Stolper
                                        -----------------------------------
                                        MICHAEL STOLPER

                                        /s/ Jack R. Thompson
                                        -----------------------------------
                                        JACK R. THOMPSONASSIGNMENT AND ASSUMPTION AGREEMENT AND FIFTH AMENDMENT
                     TO STOCK PURCHASE AGREEMENT

     This Assignment and Assumption Agreement and Fifth Amendment to Stock
Purchase Agreement ("Agreement") is made and entered into this 19th day of
November, 1999 by and among Kansas City Southern Industries, Inc., a Delaware
corporation ("KCSI"), Stilwell Financial, Inc., a Delaware corporation
("Stilwell") and Thomas H. Bailey and Michael Stolper, as individuals.

     WHEREAS, KCSI, Thomas H. Bailey and Michael Stolper are parties to that
certain Stock Purchase Agreement dated April 13, 1984, as amended by that
certain Amendment to Stock Purchase Agreement dated January 4, 1985, that
certain Second Amendment to Stock Purchase Agreement dated March 18, 1988,
that certain Third Amendment to Stock Purchase Agreement dated February 5,
1990, and that certain Fourth Amendment to Stock Purchase Agreement dated
January 1, 1991 (collectively, "Stock Purchase Agreement");

     WHEREAS, other individuals initially were also parties to the Stock
Purchase Agreement but have ceased to be shareholders of Janus Capital
Corporation ("JCC") and therefore, in accordance with paragraph 9.12 of the
Stock Purchase Agreement, no longer have any rights or obligations under the
Stock Purchase Agreement;

     WHEREAS, KCSI proposes to assign the Stock Purchase Agreement to
Stilwell and Stilwell is willing to assume the obligations of KCSI under such
agreement;

     WHEREAS, Thomas H. Bailey and Michael Stolper are willing to consent to
the assignment and assumption of the Stock Purchase Agreement; and

     WHEREAS, the parties desire to amend the Stock Purchase Agreement as
provided herein.

     NOW, THEREFORE, in consideration of the mutual covenants contained
herein, the parties hereby agree as follows:

1.     Assignment and Assumption.
       -------------------------
     KCSI hereby assigns and transfers to Stilwell all of its interests in
and rights under the Stock Purchase Agreement and Stilwell hereby assumes and
agrees to be bound by, satisfy and discharge all of KCSI's obligations under
the Stock Purchase Agreement.  The actions taken in the preceding sentence
hereinafter are referred to as the "Assignment".

2.     Consent.
       -------

     Thomas H. Bailey and Michael Stolper hereby consent to the aforesaid
Assignment of the Stock Purchase Agreement.

3.     Effective Date.
       --------------

     The Assignment of the Stock Purchase Agreement shall become effective
on the date that the Board of Directors of KCSI approves the distribution of
all or substantially all of the shares of Stilwell stock owned by KCSI to the
shareholders of KCSI and fixes a record date and distribution date for such
distribution (the "Effective Date").  The amendments to the Stock Purchase
Agreement set forth below shall become effective as of the date of this
Agreement set forth above.

4.     Effect of Assignment.
       --------------------

     (a)  The Assignment shall not constitute or result in a release of KCSI
from its obligations under the Stock Purchase Agreement, and KCSI shall
remain obligated under such agreement as a guarantor of the obligations of
Stilwell, and also shall continue to be bound by paragraph 18.06 in the same
manner as KCSI was bound thereby prior to the execution of this Agreement.
In the event that Stilwell fails to perform any obligation under the Stock
Purchase Agreement within the time fixed by such agreement, Thomas H. Bailey
or Michael Stolper may give written notice to Stilwell and KCSI of such
failure, and if such failure continues for a period of thirty days after the
giving of such notice, KCSI then shall be obligated to immediately perform
such obligation.  From and after the Effective Date of the Assignment, the
obligations of KCSI under the Stock Purchase Agreement shall be solely as set
forth in this paragraph 4(a).

     (b)  From and after the Effective Date of the Assignment, all
references to KCSI in the Stock Purchase Agreement which involve or relate to
continuing performance obligations are hereby amended to refer instead to
Stilwell.  Prior to the Effective Date of the Assignment, all references to
Stilwell in the amendments to the Stock Purchase Agreement set forth below
shall be deemed to refer to KCSI.

5.    Amendment of Paragraph 9.13.
      ---------------------------

     Paragraph 9.13 of the Stock Purchase Agreement shall be amended and
restated to read in its entirety as follows:

     9. 13  The closing of any purchase of JCC Shares made pursuant to this
Article IX shall take place as the parties to such sale may agree, within 120
days after the date of acceptance of an offer to sell, the exercise of an
option to purchase, or the incurring of an obligation to purchase, pursuant
to this Article IX.  At each such closing, the selling Shareholders of JCC
shall deliver certificates representing the JCC Shares being sold and
Stilwell shall deliver payment for such shares in the manner provided in
paragraph 3.02.  If the closing occurs on or after the 30th day following the
date of acceptance of an offer to sell, the exercise of an option to
purchase, or the incurring of an obligation to purchase, Stilwell also shall
pay interest on the purchase price for such shares from such 30th day until
the closing at a rate equal to 50 basis points above the London Inter-Bank
Offered Rate on such 30th day for borrowings with a maturity of 30 days.

6.    Amendment of Paragraph 9.15.
      ---------------------------

     Paragraph 9.15 of the Stock Purchase Agreement shall be amended and
restated to read in its entirety as follows:

     9.15

     (a)  If Stilwell determines to sell its shares of JCC common stock for
cash, stock or other consideration ("Sale of JCC"), and such sale reduces its
ownership of JCC to less than 20% of the voting stock of JCC, Stilwell shall,
upon such determination, give prompt written notice to the Remaining
Shareholders of JCC (other than Stilwell) of such determination.  Such
Remaining Shareholders shall at Stilwell's request, sell their Shares that
are subject to this Agreement to Stilwell or to Stilwell's designee at the
price set forth in paragraph 9.15 (c) below.  Such sale shall occur at such
time and place and in such manner as Stilwell shall reasonably request;
provided such sale shall not occur prior to the time Stilwell sells all or a
majority of its shares of JCC common stock as set forth in this paragraph.

     (b)  If Stilwell does not request that such Remaining Shareholders sell
their Shares as set forth in paragraph 9.15(a) above, each such Remaining
Shareholder may, with respect to the Shares that are subject to this
Agreement, require (i) Stilwell to purchase all such Shares held by such
Remaining Shareholder, or (ii) Stilwell to cause the Remaining Shareholder to
be included as a seller in the Sale of JCC at the price set forth in
paragraph 9.15(c) below and on the other terms agreed to by the parties to
such sale.  If a Remaining Shareholder exercises such right, Stilwell shall
determine which alternative applies.  A Remaining Shareholder may exercise
such right by giving written notice to Stilwell within thirty days after such
Remaining Shareholder receives notice from Stilwell of Stilwell's
determination to enter into a Sale of JCC.

     (c)  The purchase price under this paragraph shall be the greater of:

          (i)  fifteen times the Net After-Tax Earnings per Share of JCC for
the fiscal year ended immediately prior to the date of the Sale of JCC, or

          (ii)  the per share consideration to be received by Stilwell for
the Sale of JCC.

7.     Amendment of Paragraph 10.06.
       ----------------------------

     Paragraph 10.06 of the Stock Purchase Agreement shall be amended and
restated to read in its entirety as follows:

     10.06  For purposes of this Article X and elsewhere in this Agreement,
the term "Change in Ownership" shall mean the earlier to occur of the
following:

     (a)  less than 75% of the members of the Board of Directors of Stilwell
shall be individuals who were members of the Board on the effective date of
this Amendment or individuals whose election, or nomination for election by
Stilwell stockholders, was approved by a vote of at least 75% of the members
of the Board in office prior to such election or nomination; or

     (b)  Any "person" (as such term is used in Sections 13(d) and 14(d)(2)
of the Securities Exchange Act of 1934 (the "Exchange Act")) shall have
become, without the prior approval of at least 75% of the members of the
Board of Directors of Stilwell then still in office who were members of such
Board on the effective date of this Amendment or whose election or nomination
for election by Stilwell's stockholders was approved by a vote of at least
75% of members of the Board in office at any time after the date of this
Agreement, the "beneficial owner" (as defined in Rule 13d-3 under the
Exchange Act) of securities of Stilwell representing 25% or more (calculated
in accordance with Rule 13d-3) of the combined voting power of Stilwell's
then outstanding voting securities, and such person shall have filed a proxy
statement, or tender offer materials, or any other statement or schedule with
the Securities and Exchange Commission, indicating an intention to acquire
control of Stilwell.

8.     Amendment of Paragraph 11.01.
       ----------------------------
     Paragraph 11.01 of the Stock Purchase Agreement shall be amended and
restated to read in its entirety as follows:

     11.01  The parties hereto have AGREED that the present management of
JCC shall continue to operate the business of JCC, including the business of
JMC prior to the merger of JMC into JCC, of providing investment advice and
management services to Janus Fund, as hereinafter provided.  So long as
Thomas H. Bailey is a holder of at least 5% of the shares of JCC and
continues to be employed as President or Chairman of the Board of JCC and if
Thomas H. Bailey does not serve as President of JCC, James P. Craig, III
serves as President and Chief Executive Officer (or Co-Chief Executive
Officer with Thomas H. Bailey) of JCC, (i) Thomas H. Bailey shall continue to
establish and implement policy with respect to the investment advisory and
portfolio management activity of JCC, (ii) without Thomas H. Bailey's
consent, Stilwell shall not cause JCC to implement, or impose on the
management of JCC any policies, conditions or restrictions regarding the
policy referred to in (i) other than those which were in place at November
15, 1983, and (iii) any changes in management philosophy, style or approach
influencing the management of JCC with respect to the policy referred to in
(i) shall be mutually agreed to by Thomas H. Bailey and by Stilwell. In
furtherance of this objective, so long as Thomas H. Bailey is a holder of at
least 5% of the shares of JCC and continues to be employed as President or
Chairman of the Board of JCC and if Thomas H. Bailey does not serve as
President of JCC, James P. Craig, III serves as President and Chief Executive
Officer (or Co-Chief Executive Officer with Thomas H. Bailey) of JCC,
Stilwell agrees to vote its JCC Shares to elect directors of JCC, at least a
majority of whom shall be selected by Thomas H. Bailey, subject to Stilwell's
approval, which approval shall not be unreasonably withheld.  Each of the
preceding provisions set forth in this paragraph is expressly conditioned,
however, upon such management and Thomas H. Bailey continuing to perform
their respective duties with reasonable care and in a manner which is
consistent with past practice and not contrary to the best interests of JCC.

9.     Amendment of Paragraph 18.0 1.
       -----------------------------

     Paragraph 18.01 of the Stock Purchase Agreement shall be amended and
restated to read in its entirety as follows:

     18.01  All notices and other communications required or permitted to be
            given hereunder shall be in writing and shall be deemed to have
            been fully given if delivered or mailed, first class, postage
            paid, to the following addresses:

(a)   If to KCSI:

Kansas City Southern Industries, Inc.
114 West Eleventh Street
Kansas City, Missouri 64105

cc:   John F. Marvin, Esq.
      Sonnenschein, Nath & Rosenthal
      4520 Main Street, Suite 1100
      Kansas City, Missouri 64111

(b)    If to the Shareholders of JCC:

Janus Capital Corporation
100 Fillmore Street
Denver, Colorado 80206

cc:   Jennings J. Newcom, Esq.
      Davis, Graham & Stubbs
      370 17th Street
      Republic Plaza Building, Suite 4700
      Denver, Colorado 80202

      Thomas A. Early, Esq.
      Janus Capital Corporation
      100 Fillmore Street
      Denver, Colorado 80206

(c)   If to Stilwell:

Stilwell Financial, Inc
114 West Eleventh Street
Kansas City, Missouri 64105

cc:   John F. Marvin, Esq.
      Sonnenschein, Nath & Rosenthal
      4520 Main Street, Suite 1100
      Kansas City, Missouri 64111

or to any other address or addresses as may hereafter be specified by notice
given by any of the above for itself to the others.

10.     Conflict.
        --------

     If any conflict shall arise between the terms and conditions of this
Agreement and the Stock Purchase Agreement, this Agreement shall govern with
respect to the matters described herein.  Subject to the Assignment and the
amendments made herein, the Stock Purchase Agreement shall remain in full
force and effect and is hereby reaffirmed by the parties as amended herein.

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first above written.

                           KANSAS CITY SOUTHERN INDUSTRIES, INC.

                           By:  /s/ L.H. Rowland
                           -------------------------------------------------
                           Landon H. Rowland, Chairman, President and Chief
                           Executive Officer

                           STILWELL FINANCIAL INC.

                           By:  /s/ L.H. Rowland
                           -------------------------------------------------
                           Landon H. Rowland, President

                           /s/ Thomas H. Bailey
                           -------------------------------------------------
                          THOMAS H. BAILEY

                           /s/ Michael Stolper
                           -------------------------------------------------
                           MICHAEL STOLPER

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