Document:

Ex. 10.2

 

Tenth Amendment to the

Janus Capital Group Inc. Inc. 401(k), Profit
Sharing and

Employee
Stock Ownership Plan

Janus Capital
Group Inc. Inc., hereinafter referred to as the “Employer,” makes this Tenth
Amendment, generally effective January 1, 2007.

WHEREAS,
the Employer has previously established the Janus Capital Group Inc. 401(k),
Profit Sharing and Employee Stock Ownership Plan, hereinafter referred to as
the “Plan”, for the benefit of eligible employees and their beneficiaries; and

WHEREAS,
pursuant to Section 8.03 of the Plan, the Board of Directors of the Employer is
authorized to amend the Plan; and

WHEREAS,
the Board of Directors of the Employer is desirous of amending the Plan to add
a Roth 401(k) account, to provide for automatic enrollments at 3% of pay, to
adopt good faith amendments for the final 401(k) and (m) regulations and to
allow for 100% diversification of the investment in employer securities in
certain circumstances;

NOW,
THEREFORE, pursuant to Section 8.03 of the Plan, the following
amendment is hereby made and shall be generally effective January 1, 2007:

1.                                       Section 1.25 Payroll Withholding
Agreement is amended in its entirety to read as follows:

1.25        Payroll Withholding Agreement.

Payroll Withholding Agreement means an affirmative or
passive election by a Participant directing the Employer to withhold, each
payroll period, a whole percentage of his Compensation (or such other amount as
allowed by the Plan Administrator) and to contribute such withheld amount to
the Plan pursuant to the provisions of Article 3.

As soon as administratively feasible  on or after an Employee’s initial Entry Date (or, for a
rehired Participant, as soon as administratively feasible after his
re-employment commencement date), the Plan Administrator (or its designee) will
notify such individual that, by becoming and remaining an Employee of the
Employer (or other Participating Employer of which he is an Employee), he
automatically has elected, effective for the first paycheck after his Entry
Date (or, for a rehired Participant, his reentry date), to make an Employee
Pre-tax Elective Deferral to the Plan equal to a whole percentage of his
Compensation as specified in Section 3.01; 
provided, such Employee may, within ten days (not less than five (5)
business days) before his first paycheck due on or after his Entry Date (or his
reentry date, if applicable), complete a new Payroll Withholding Agreement to
modify or revoke such passive Payroll Withholding Agreement (that is, passive 

election), and such passive election will not be
effective.  Once such passive election
becomes effective, it will apply to each subsequent paycheck until modified or
revoked.

Any Employee whose latest Entry Date or reentry date
occurred before the announcement of this plan provision, must complete an
affirmative Payroll Withholding Agreement to have any Employee Elective
Deferral made on his behalf; and the passive deferral election rules will not
apply to such Employee.  Any such Payroll
Withholding Agreement will be effective for each paycheck thereafter until
modified or revoked.

Payroll Withholding Agreements will be governed by the
following general guidelines:

(a)          At any time, the Plan Administrator, in a
uniform and nondiscriminatory manner, may change any aspect of, or deactivate
(and subsequently reactivate), the passive election provisions. Further, the
passive or automatic election may, on a nondiscriminatory basis in accordance
with procedures established by the Plan Administrator: (1) be applied to all
Participants or to Eligible Employees who become Participants after a certain
date, and (2) provide for scheduled automatic increases to the passive or
automatic election at scheduled intervals.

(b)         The Plan Administrator will establish and
apply guidelines concerning the frequency and timing of amendments or changes
to Payroll Withholding Agreements. 
Notwithstanding the foregoing, a Participant may revoke his Payroll
Withholding Agreement at any time and discontinue all future withholding.

(c)          The Plan Administrator may amend or
revoke its Payroll Withholding Agreement with any Participant at any time, if
the Plan Administrator determines that such revocation or amendment is
necessary to ensure that a Participant’s Annual Additions for any Plan Year
will not exceed the limitations of Article 10 or to insure that the
requirements of Code Sections 401(k) and 401(m) of the Code have been satisfied
with respect to the amount which may be withheld and contributed on behalf of
the Highly Compensated Group.

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2.                                       Section 3.01 Employee Pre-tax
Contributions Account is renamed and amended in its entirety to read as
follows:

3.01        Employee Elective Deferral Accounts

(a)          General

Separate accounts shall be maintained for a
Participant’s Pre-tax Elective Deferrals and his Roth Elective Deferrals.  Employee Elective Deferral Accounts means the
two separate Accounts of a Participant reflecting (1) Pre-tax Elective
Deferrals, investment income or loss allocated thereto and distributions, and
(2) Roth Elective Deferrals, investment income or loss allocated thereto and
distributions.  A Participant’s Employee
Elective Deferral Accounts are 100% vested at all times.

(b)   Employee Elective Deferral Contributions

(1)                 Amount of Contribution

Each Participant may elect, pursuant to a Payroll
Withholding Agreement, to make an Employee Elective Deferral Contribution not
to exceed 75% of the Participant’s Compensation, without regard to the limit
imposed by Code Section 401(a)(17). Such contributions will be designated as a
whole percentage of Compensation or a whole dollar amount.

Each Participant may elect to have two Payroll
Withholding Agreements: (i) the regular Payroll Withholding Agreement, which
will apply to base compensation and overtime compensation; and (ii) the bonus
Payroll Withholding Agreement, which will apply to all compensation other than
base compensation and overtime compensation (by way of illustration and not as
a limitation, bonus compensation, incentive compensation and performance
compensation). Such contributions will be designated as a whole percentage of
Compensation or a whole dollar amount.

A Participant must irrevocably designate an Employee
Elective Deferral Contribution (which includes any Catch-up contributions) as
either a Pre-tax Elective Deferral or a Roth Elective Deferral at the time of
the payroll withholding election. In the event a Participant fails to designate
an Employee Elective Deferral Contribution as either a Pre-tax Elective
Deferral or a Roth Elective Deferral, the Elective Deferral Contribution will
be deemed to be a Pre-tax Elective Deferral.

The passive or automatic election Employee Pre-tax
Elective Deferral Contribution percentage for a newly eligible Participant and
for a 

 3
 

rehired Participant pursuant to Section 1.25 is 3% of
the Participant’s Compensation.

(2)                 Nondiscrimination Requirements

All Employee Elective Deferral Contributions are
Elective Contributions within the meaning of Section 11.02(b)(8) and must
satisfy the Nondiscrimination Requirements of Section 11.02.

(3)                 Excess Deferrals

The maximum amount of Employee Elective Deferral
Contributions which can be made under the Plan on behalf of any Participant
during any calendar year will be limited to that amount which would not
constitute an Excess Deferral as defined in Section 11.02(b)(14).

The Plan Administrator will distribute any Excess
Deferral, together with the income allocable to it, to the Participant no later
than April 15 of the calendar year immediately following the year of the Excess
Deferral.  If a Participant notifies the
Plan Administrator within the time prescribed by the Code and regulations
promulgated thereunder of any calendar year that Excess Deferrals have been
made on his account for the previous calendar year by reason of participation
in a Cash or Deferred Arrangement maintained by another employer or employers,
and if the Participant requests that the Plan Administrator distribute a
specific amount to him on account of Excess Deferrals and certifies that the
requested amount is an Excess Deferral, the Plan Administrator will designate
the amount requested together with the income allocable to it as a distribution
of Excess deferrals and distribute such amount no later than April 15 of the
calendar year immediately following the year of such Excess Deferral.

The amount of Excess Deferrals to be distributed will
be reduced by any Excess Contributions previously distributed or
recharacterized with respect to the Plan Year beginning with or within the
calendar year and which are distributed prior to April 15 of that calendar year.  The amount of income allocable to the Excess
Deferral will be determined as described in Section 11.02(g).

(4)                 Timing of Deposits

The Employer will deposit all Employee Elective
Deferral Contributions on the earliest date on which contributions can reasonably
be segregated from the Employer’s general assets.

Contributions contributed to the Plan through payroll
deduction shall be segregated from the Employer’s general assets and
contributed to the trust fund as soon as administratively feasible following
the payroll 

 4
 

 

period for which the contribution was made but in no event
later than the fifteenth (15th) business
day of the month following the month the deferrals were excluded from
Compensation (or such other date specified under regulations issued by the
Secretary of Labor).

The Contribution Period for Employee Elective Deferral
Contributions is each payroll period.

(5)                 Roth Elective Deferrals

(i)                                  Roth Elective Deferrals are permitted

This amendment shall supersede the provisions of the
Plan to the extent those provisions are inconsistent with the provisions of
this amendment.

The Plan’s definitions and terms shall be amended as
follows to allow for Roth Elective Deferrals as of January 1, 2007.  Roth Elective Deferrals shall be treated in
the same manner as Pre-tax Elective Deferrals for all Plan purposes.  The Employer may, in operation, implement
deferral election procedures provided such procedures are communicated to
Participants and permit Participants to modify their elections at least once
each Plan Year.

(ii)                              Employee
Elective Deferrals

For years beginning after 2006, the term “Employee
Elective Deferrals” includes Pre-tax Elective Deferrals and Roth Elective
Deferrals.  Any references in the
pre-existing Plan provisions to “Employee Pre-tax Account” and “Employee
Pre-tax Contribution(s)” are replaced with “Employee Elective Deferral Accounts”
and “Employee Elective Deferral Contribution(s),” respectively.

(iii)                          Pre-tax
Elective Deferrals

“Pre-tax Elective Deferrals” means a Participant’s
Elective Deferrals which are not includible in the Participant’s gross income
at the time deferred and have been irrevocably designated as Pre-tax Elective
Deferrals by the Participant in his or her deferral election.  A Participant’s Pre-tax Elective Deferrals will
be separately accounted for, as will gains and losses attributable to those
Pre-tax Elective Deferrals.

 5
 

(iv)                            Roth
Elective Deferrals

“Roth Elective Deferrals” means a Participant’s
Elective Deferrals that are includible in the Participant’s gross income at the
time deferred and have been irrevocably designated as Roth Elective Deferrals
by the Participant in his or her deferral election.  A Participant’s Roth Elective Deferrals will
be separately accounted for, as will gains and losses attributable to those
Roth Elective Deferrals, in a Roth Elective Deferral account.  However, forfeitures may not be allocated to
such account. The Plan must also maintain a record of a Participant’s
investment in the contract (i.e., designated Roth contributions that have not
been distributed).  Roth Elective
Deferrals are not considered Employee After-tax Contributions for Plan
purposes.

(v)                                Ordering
Rules for Distributions

The Plan Administrator operationally may implement an
ordering rule procedure for withdrawals (including, but not limited to,
hardship or other in-service withdrawals) from a Participant’s accounts
attributable to Pre-tax Elective Deferrals or Roth Elective Deferrals. Such
ordering rules may specify whether the Pre-tax Elective Deferrals or Roth Elective
Deferrals are distributed first.

(vi)                            Corrective
distributions attributable to Roth Elective Deferrals

For any Plan Year in which a Participant may make both
Roth Elective Deferrals and Pre-tax Elective Deferrals, the Plan Administrator
operationally may implement an ordering rule procedure for the distribution of
Excess Deferrals (Code Section 402(g)), Excess Contributions (Code Section
401(k)), Excess Aggregate Contributions (Code Section 401(m)), and Excess
Annual Additions (Code Section 415). 
Such ordering rules may specify whether the Pre-tax Elective Deferrals
or Roth Elective Deferrals are distributed first, to the extent such type of
Elective Deferrals was made for the year.

(vii)                        Loans

The Plan Administrator shall modify the loan
guidelines or program to provide limitations on the ability to borrow from, or
use as security, a Participant’s Roth Elective Deferral account. Similarly, the
loan guidelines or program shall be modified to provide that a Participant’s
Roth Elective Deferral account may 

 6
 

be considered for purposes of determining the value of
the Participant’s accounts in the Plan to determine the maximum amount that a
Participant may borrow, but the Roth Elective Deferral account is not available
as a source from which a loan may be made.

(viii)                    Rollovers

A direct rollover of a distribution from a Participant’s
Roth Elective Deferral account of the Plan shall only be made to another Roth
Elective Deferral account of an applicable retirement plan as described in Code
Section 402A(e)(1) or to a Roth IRA as described in Code Section 408A, and only
to the extent the rollover is permitted under the rules of Code Section 402(c).

a.                                       The
Plan shall accept a rollover contribution to a Participant’s Roth Elective
Deferral account only if it is a direct rollover from another Roth Elective
Deferral account of an applicable retirement plan as described in Code Section
402A(e)(1) and only to the extent the rollover is permitted under the rules of
Code Section  402(c). The Employer,
operationally and on a uniform and nondiscriminatory basis, may decide whether
to accept any such rollovers.

b.                                      The
Plan shall not provide for a direct rollover (including an automatic rollover)
for distributions from a Participant’s Roth Elective Deferral account if the
amount of the distributions that are eligible rollover distributions are
reasonably expected to total less than $200 during a year. In addition, any
distribution from a Participant’s Roth Elective Deferral account are not taken
into account in determining whether distributions from a Participant’s other
accounts are reasonably expected to total less than $200 during a year.
However, eligible rollover distributions from a Participant’s Roth Elective
Deferral account are taken into account in determining whether the total amount
of the Participant’s account balances under the Plan exceed the Plan’s limits
for purposes of mandatory distributions from the Plan.

c.                                       If
the Plan’s procedures allow a Participant to elect a direct rollover of only a
portion of an eligible rollover distribution but only if the amount rolled over
is at least 

 7
 

$500, such procedure is applied by treating any amount
distributed from a Participant’s Roth Elective Deferral account as a separate
distribution from any amount distributed from the Participant’s other accounts
in the Plan, even if the amounts are distributed at the same time.

(ix)                            Operational
Compliance

The Plan Administrator will administer Roth Elective
Deferrals in accordance with applicable regulations or other binding authority
not reflected in this amendment. Any applicable regulations or other binding
authority shall supersede any contrary provisions of this amendment.

(c)          Catch-Up Contributions

Effective January 1, 2002, all employees who
are eligible to make Employee Pre-tax Contributions (now called Employee
Elective Deferrals) under this Plan and who have attained age 50 before the
close of the Plan Year shall be eligible to make Catch-Up Contributions in
accordance with, and subject to the limitations of Code Section 414(v).  Such Catch-Up Contributions shall not be
taken into account for purposes of Code Sections 402(g) and 415.  The Plan shall not be treated as failing to
satisfy the provisions of the Plan implementing the requirements of Code
Sections 401(k)(3), 401(k)(11), 401(k)(12), 410(b), or 416, as applicable, by
reason of making of such Catch-Up Contributions. Catch-up Contributions may be
either Pre-tax Elective Deferrals or Roth Elective Deferrals as designated by
the Participant under Section 3.01(b)(1).

3.             Section 4.04 of the Plan is hereby
amended in its entirety to read as follows:

4.04        ESOP Diversification.

Except as provided in this
Section 4.04, a Participant does not have the right to direct the Trustee with
respect to the investment or reinvestment of the assets comprising the
Participant’s ESOP Stock Bonus Contributions Account.

(a)                  Each Participant who attains age 55 or older
and who is or becomes 100% vested in the Participant’s ESOP Stock Bonus
Contributions Account, in accordance with Section 1.33, may direct the Trustee
as to the investment of 100% of the value of the Participant’s Accrued Benefit
attributable to Employer Securities (the Eligible Accrued Benefit).

 8
 

(b)                 Effective January 1, 2007, a Participant who
has completed three Years of Vesting Service, a Participant who has suffered a
Disability, a Beneficiary of such a Participant or a Beneficiary of a deceased
Participant (where the Beneficiary has an account under the Plan to which the
Beneficiary is entitled to exercise the rights of a Participant) may   direct the Trustee as to the investment of
up to 100% of the value of the Participant’s Accrued Benefit attributable to
Employer Securities (the Eligible Accrued Benefit) at any time.

(c)                  The Plan Administrator shall maintain records
which indicate the Eligible Accrued Benefit of each Participant.

(d)                 Each Participant who elects to diversify
pursuant to this Section 4.04 may direct the investment in the same manner as
described in Section 4.02.  Once
diversified, the Participant may not direct the investment of the diversified
amount to acquire Employer Securities.

4.                                       The Plan is generally amended by the
addition of the following Articles to the Plan as a good-faith amendment
pursuant to Internal Revenue Service (IRS) Notice 2005-94, as required by the
IRS to reflect the Final 401(k) and (m) Regulations:

ARTICLE I

PREAMBLE

1.1                                 Adoption of amendment.  This
Amendment to the Plan is adopted to reflect certain provisions of the Final
Regulations under Code Sections 401(k) and 401(m) that were published on
December 29, 2004 (hereinafter referred to as the “Final 401(k) Regulations”).  This Amendment is intended as good faith
compliance with the requirements of these provisions.

1.2                                 Supersession of inconsistent provisions.  This
Amendment shall supersede the provisions of the Plan to the extent those
provisions are inconsistent with the provisions of this Amendment.

If this Plan uses the ADP Test Safe Harbor
provisions, then the provisions of Amendment Section 9.2(a) apply and all
matching contributions under the Plan will be applied without regard to any
allocation conditions except as provided in that Section.

 9
 

ARTICLE II

EFFECTIVE DATE

2.1                                 Effective Date.  This
Amendment is effective, and the Plan shall implement the provisions of the
Final 401(k) Regulations, with respect to Plan Years beginning after December
31, 2005, unless otherwise specifically stated.

ARTICLE III

GENERAL
RULES

3.1                                 Deferral elections.  A
cash or deferred arrangement (“CODA”) is an arrangement under which eligible
Employees may make elective deferral elections. Such elections cannot relate to
compensation that is currently available prior to the adoption or effective
date of the CODA.  In addition, except
for occasional, bona fide administrative considerations, contributions made
pursuant to such an election cannot precede the earlier of (1) the performance
of services relating to the contribution and (2) when the compensation that is
subject to the election would be currently available to the Employee in the
absence of an election to defer.

3.2                                 Vesting provisions. 
Elective Contributions are always fully vested and nonforfeitable. The
Plan shall disregard Elective Contributions in applying the vesting provisions
of the Plan to other contributions or benefits under Code Section 411(a)(2).  However, the Plan shall otherwise take a
participant’s Elective Contributions into account in determining the
Participant’s vested benefits under the Plan. Thus, for example, the Plan shall
take Elective Contributions into account in determining whether a Participant
has a nonforfeitable right to contributions under the Plan for purposes of
forfeitures, and for applying provisions permitting the repayment of
distributions to have forfeited amounts restored, and the provisions of Code
Sections 410(a)(5)(D)(iii) and 411(a)(6)(D)(iii) permitting a plan to disregard
certain service completed prior to breaks-in-service (sometimes referred to as “the
rule of parity”).

ARTICLE IV

HARDSHIP DISTRIBUTIONS

4.1                                 Applicability.  The
provisions of this Article IV apply if the Plan provides for hardship
distributions upon satisfaction of the deemed immediate and heavy financial
need standards set forth in Regulation Section 1.401(k)-1(d)(2)(iv)(A) as in
effect prior to the issuance of the Final 401(k) Regulations.

 10
 

4.2                                 Hardship events.   A distribution under the Plan is hereby deemed
to be on account of an immediate and heavy financial need of an Employee if the
distribution is for one of the following or any other item permitted under
Regulation Section 1.401(k)-1(d)(3)(iii)(B):

(a)                                  Expenses for (or necessary to obtain) medical
care that would be deductible under Code Section 213(d) (determined without
regard to whether the expenses exceed 7.5% of adjusted gross income);

(b)                                 Costs directly related to the purchase of a
principal residence for the Employee (excluding mortgage payments);

(c)                                  Payment of tuition, related educational fees,
and room and board expenses, for up to the next twelve (12) months of post-secondary
education for the Employee, the Employee’s spouse, children, or dependents (as
defined in Code Section 152, and, for taxable years beginning on or after
January 1, 2005, without regard to Code Section 152(b)(1), (b)(2), and
(d)(1)(B));

(d)                                 Payments necessary to prevent the eviction of
the Employee from the Employee’s principal residence or foreclosure on the
mortgage on that residence;

(e)                                  Effective July 1, 2007, payments for burial
or funeral expenses for the Employee’s deceased parent, spouse, children or
dependents (as defined in Code Section 152, and, for taxable years beginning on
or after January 1, 2005, without regard to Code Section 152(d)(1)(B)); or

(f)                                    Effective July 1, 2007, expenses for the
repair of damage to the Employee’s principal residence that would qualify for
the casualty deduction under Code Section 165 (determined without regard to
whether the loss exceeds 10% of adjusted gross income).

4.3                                 Reduction of Code Section 402(g) limit
following hardship distribution.  If the Plan provides for hardship
distributions upon satisfaction of the safe harbor standards set forth in
Regulation Sections 1.401(k)-1(d)(3)(iii)(B) (deemed immediate and heavy
financial need) and 1.401(k)-1(d)(3)(iv)(E) (deemed necessary to satisfy
immediate need), then there shall be no reduction in the maximum amount of
elective deferrals that a Participant may make pursuant to Code Section 402(g)
solely because of a hardship distribution made by this Plan or any other plan
of the Employer.

 

 11

ARTICLE V

ACTUAL
DEFERRAL PERCENTAGE (ADP) TEST

5.1                                 Targeted contribution limit.  Qualified Nonelective
Contributions (as defined in Regulation Section 1.401(k)-6) cannot be taken
into account in determining the Actual Deferral Ratio (ADR) for a Plan Year for
a Non-Highly Compensated Employee (NHCE) to the extent such contributions
exceed the product of that NHCE’s Code Section 414(s) compensation and the
greater of five percent (5%) or two (2) times the Plan’s “representative
contribution rate.”  Any Qualified
Nonelective Contribution taken into account under an Actual Contribution
Percentage (ACP) test under Regulation Section 1.401(m)-2(a)(6) (including the
determination of the representative contribution rate for purposes of
Regulation Section 1.401(m)-2(a)(6)(v)(B)), is not permitted to be taken into
account for purposes of this Section (including the determination of the “representative
contribution rate” under this Section). 
For purposes of this Section:

(a)                                  The Plan’s “representative contribution rate”
is the lowest “applicable contribution rate” of any eligible NHCE among a group
of eligible NHCEs that consists of half of all eligible NHCEs for the Plan Year
(or, if greater, the lowest “applicable contribution rate” of any eligible NHCE
who is in the group of all eligible NHCEs for the Plan Year and who is employed
by the Employer on the last day of the Plan Year), and

(b)                                 The “applicable contribution rate” for an
eligible NHCE is the sum of the Qualified Matching Contributions (as defined in
Regulation Section 1.401(k)-6) taken into account in determining the ADR for
the eligible NHCE for the Plan Year and the Qualified Nonelective Contributions
made for the eligible NHCE for the Plan Year, divided by the eligible NHCE’s
Code Section 414(s) compensation for the same period.

Notwithstanding
the above, Qualified Nonelective Contributions that are made in connection with
an Employer’s obligation to pay prevailing wages under the Davis-Bacon Act (46
Stat. 1494), Public Law 71-798, Service Contract Act of 1965 (79 Stat. 1965),
Public Law 89-286, or similar legislation can be taken into account for a Plan
Year for an NHCE to the extent such contributions do not exceed 10 percent
(10%) of that NHCE’s Code Section 414(s) compensation.

Qualified
Matching Contributions may only be used to calculate an ADR to the extent that
such Qualified Matching Contributions are matching contributions that are not
precluded from being taken into account under 

the
ACP test for the Plan Year under the rules of Regulation Section
1.401(m)-2(a)(5)(ii) and as set forth in Section 7.1.

5.2                                 Limitation on QNECs and QMACs. 
Qualified Nonelective Contributions and Qualified Matching Contributions
cannot be taken into account to determine an ADR to the extent such
contributions are taken into account for purposes of satisfying any other ADP
test, any ACP test, or the requirements of Regulation Section 1.401(k)-3,
1.401(m)-3, or 1.401(k)-4.  Thus, for
example, matching contributions that are made pursuant to Regulation Section
1.401(k)-3(c) cannot be taken into account under the ADP test. Similarly, if a
plan switches from the current year testing method to the prior year testing
method pursuant to Regulation Section 1.401(k)-2(c), Qualified Nonelective
Contributions that are taken into account under the current year testing method
for a year may not be taken into account under the prior year testing method
for the next year.

5.3                                 ADR of HCE if multiple plans.  The Actual Deferral Ratio (ADR) of
any Participant who is a Highly Compensated Employee (HCE) for the Plan Year
and who is eligible to have Elective Contributions (as defined in Regulation
Section 1.401(k)-6) (and Qualified Nonelective Contributions and/or Qualified
Matching Contributions, if treated as Elective Contributions for purposes of
the ADP test) allocated to such Participant’s accounts under two (2) or more
cash or deferred arrangements described in Code Section 401(k), that are
maintained by the same Employer, shall be determined as if such Elective
Contributions (and, if applicable, such Qualified Nonelective Contributions
and/or Qualified Matching Contributions) were made under a single
arrangement.  If an HCE participates in
two or more cash or deferred arrangements of the Employer that have different
Plan Years, then all Elective Contributions made during the Plan Year being
tested under all such cash or deferred arrangements shall be aggregated,
without regard to the plan years of the other plans.  However, for Plan Years beginning before the
effective date of this Amendment, if the plans have different Plan Years, then
all such cash or deferred arrangements ending with or within the same calendar
year shall be treated as a single cash or deferred arrangement.  Notwithstanding the foregoing, certain plans
shall be treated as separate if mandatorily disaggregated under the Regulations
of Code Section 401(k).

5.4                                 Plans using different testing methods for the
ADP and ACP test.  Except as otherwise provided in this Section,
the Plan may use the current year testing method or prior year testing method
for the ADP test for a Plan Year without regard to whether the current year
testing method or prior year testing method is used for the ACP test for that
Plan Year.  However, if different testing
methods are used, then the Plan cannot use:

 

(a)                                  The recharacterization method of Regulation
Section 1.401(k)-2(b)(3) to correct excess contributions for a Plan Year;

(b)                                 The rules of Regulation Section
1.401(m)-2(a)(6)(ii) to take Elective Contributions into account under the ACP
test (rather than the ADP test); or

(c)                                  The rules of Regulation Section
1.401(k)-2(a)(6)(v) to take Qualified Matching Contributions into account under
the ADP test (rather than the ACP test).

ARTICLE VI

ADJUSTMENT TO ADP TEST

6.1                                 Distribution of Income attributable to Excess
Contributions.  Distributions of Excess Contributions must be
adjusted for income (gain or loss), including an adjustment for income for the
period between the end of the Plan Year and the date of the distribution (the “gap
period”).  The Administrator has the
discretion to determine and allocate income using any of the methods set forth
below:

(a)                                  Reasonable method
of allocating income.  The Administrator may use any reasonable
method for computing the income allocable to Excess Contributions, provided
that the method does not violate Code Section 401(a)(4), is used consistently
for all Participants and for all corrective distributions under the Plan for
the Plan Year, and is used by the Plan for allocating income to Participant’s
accounts.  A Plan will not fail to use a
reasonable method for computing the income allocable to Excess Contributions
merely because the income allocable to Excess Contributions is determined on a
date that is no more than seven (7) days before the distribution.

(b)                                 Alternative method
of allocating income.  The Administrator may allocate income to
Excess Contributions for the Plan Year by multiplying the income for the Plan
Year allocable to the Elective Contributions and other amounts taken into
account under the ADP test (including contributions made for the Plan Year), by
a fraction, the numerator of which is the Excess Contributions for the Employee
for the Plan Year, and the denominator of which is the sum of the:

(1)                                  Account balance attributable to Elective
Contributions and other amounts taken into account under the ADP test as of the
beginning of the Plan Year, and

 

(2)                                  Any additional amount of such contributions
made for the Plan Year.

(c)                                  Safe harbor method
of allocating gap period income.  The Administrator may use the safe harbor method in this paragraph to
determine income on Excess Contributions for the gap period.  Under this safe harbor method, income on
Excess Contributions for the gap period is equal to ten percent (10%) of the
income allocable to Excess Contributions for the Plan Year that would be
determined under paragraph (b) above, multiplied by the number of calendar
months that have elapsed since the end of the Plan Year.  For purposes of calculating the number of
calendar months that have elapsed under the safe harbor method, a corrective
distribution that is made on or before the fifteenth (15th) day of a month is
treated as made on the last day of the preceding month and a distribution made
after the fifteenth day of a month is treated as made on the last day of the
month.

(d)                                 Alternative method
for allocating Plan Year and gap period income.  The
Administrator may determine the income for the aggregate of the Plan Year and
the gap period, by applying the alternative method provided by paragraph (b) above
to this aggregate period.  This is
accomplished by (1) substituting the income for the Plan Year and the gap
period, for the income for the Plan Year, and (2) substituting the amounts
taken into account under the ADP test for the Plan Year and the gap period, for
the amounts taken into account under the ADP test for the Plan Year in
determining the fraction that is multiplied by that income.

6.2                                 Corrective contributions.  If a
failed ADP test is to be corrected by making an Employer contribution, then the
provisions of the Plan for the corrective contributions shall be applied by
limiting the contribution made on behalf of any NHCE pursuant to such
provisions to an amount that does not exceed the targeted contribution limits
of Section 5.1 of this Amendment, or in the case of a corrective contribution
that is a Qualified Matching Contribution, the targeted contribution limit of
Section 7.1 of this Amendment.

ARTICLE VII

ACTUAL
CONTRIBUTION PERCENTAGE
(ACP) TEST

7.1                                 Targeted matching contribution limit.  A
matching contribution with respect to an Elective Contribution for a Plan Year
is not taken into account under the Actual Contribution Percentage (ACP) test
for an NHCE to the extent it exceeds the greatest of:

 

(a)                                  five percent (5%) of the NHCE’s Code Section
414(s) compensation for the Plan Year;

(b)                                 the NHCE’s Elective Contributions for the
Plan Year; and

(c)                                  the product of two (2) times the Plan’s “representative
matching rate” and the NHCE’s Elective Contributions for the Plan Year.

For
purposes of this Section, the Plan’s “representative matching rate” is the
lowest “matching rate” for any eligible NHCE among a group of NHCEs that
consists of half of all eligible NHCEs in the Plan for the Plan Year who make
Elective Contributions for the Plan Year (or, if greater, the lowest “matching
rate” for all eligible NHCEs in the Plan who are employed by the Employer on
the last day of the Plan Year and who make Elective Contributions for the Plan
Year).

For
purposes of this Section, the “matching rate” for an Employee generally is the
matching contributions made for such Employee divided by the Employee’s
Elective Contributions for the Plan Year. 
If the matching rate is not the same for all levels of Elective
Contributions for an Employee, then the Employee’s “matching rate” is
determined assuming that an Employee’s Elective Contributions are equal to six
percent (6%) of Code Section 414(s) compensation.

If
the Plan provides a match with respect to the sum of the Employee’s after-tax
Employee contributions and Elective Contributions, then for purposes of this
Section, that sum is substituted for the amount of the Employee’s Elective
Contributions in subsections (b) & (c) above and in determining the “matching
rate,” and Employees who make either after-tax Employee contributions or
Elective Contributions are taken into account in determining the Plan’s “representative
matching rate.”  Similarly, if the Plan
provides a match with respect to the Employee’s after-tax Employee
contributions, but not Elective Contributions, then for purposes of this
subsection, the Employee’s after-tax Employee contributions are substituted for
the amount of the Employee’s Elective Contributions in subsections (b) &
(c) above and in determining the “matching rate,” and Employees who make
after-tax Employee contributions are taken into account in determining the Plan’s
“representative matching rate.”

7.2                                 Targeted QNEC limit. 
Qualified Nonelective Contributions (as defined in Regulation Section
1.401(k)-6) cannot be taken into account under the Actual Contribution
Percentage (ACP) test for a Plan Year for an NHCE to the extent such
contributions exceed the product of that NHCE’s Code Section 414(s)
compensation and the greater of five percent (5%) or two (2) times the Plan’s “representative
contribution rate.”  Any Qualified
Nonelective Contribution taken into account under an Actual Deferral 

Percentage (ADP) test under
Regulation Section 1.401(k)-2(a)(6) (including the determination of the “representative
contribution rate” for purposes of Regulation Section 1.401(k)-2(a)(6)(iv)(B))
is not permitted to be taken into account for purposes of this Section
(including the determination of the “representative contribution rate” for
purposes of subsection (a) below).  For
purposes of this Section:

(a)                                  The Plan’s “representative contribution rate”
is the lowest “applicable contribution rate” of any eligible NHCE among a group
of eligible NHCEs that consists of half of all eligible NHCEs for the Plan Year
(or, if greater, the lowest “applicable contribution rate” of any eligible NHCE
who is in the group of all eligible NHCEs for the Plan Year and who is employed
by the Employer on the last day of the Plan Year), and

(b)                                 The “applicable contribution rate” for an
eligible NHCE is the sum of the matching contributions (as defined in
Regulation Section 1.401(m)-1(a)(2)) taken into account in determining the ACR
for the eligible NHCE for the Plan Year and the Qualified Nonelective
Contributions made for that NHCE for the Plan Year, divided by that NHCE’s Code
Section 414(s) compensation for the Plan Year.

Notwithstanding
the above, Qualified Nonelective Contributions that are made in connection with
an Employer’s obligation to pay prevailing wages under the Davis-Bacon Act (46
Stat. 1494), Public Law 71-798, Service Contract Act of 1965 (79 Stat. 1965),
Public Law 89-286, or similar legislation can be taken into account for a Plan
Year for an NHCE to the extent such contributions do not exceed 10 percent
(10%) of that NHCE’s Code Section 414(s) compensation.

7.3                                 ACR of HCE if multiple plans.  The Actual Contribution Ratio
(ACR) for any Participant who is a Highly Compensated Employee (HCE) and who is
eligible to have matching contributions or after-tax Employee contributions
allocated to his or her account under two (2) or more plans described in Code
Section 401(a), or arrangements described in Code Section 401(k) that are
maintained by the same Employer, shall be determined as if the total of such
contributions was made under each plan and arrangement.  If an HCE participates in two (2) or more
such plans or arrangements that have different plan years, then all matching
contributions and after-tax Employee contributions made during the Plan Year
being tested under all such plans and arrangements shall be aggregated, without
regard to the plan years of the other plans. 
For plan years beginning before the effective date of this Amendment,
all such plans and arrangements ending with or within the same calendar year
shall be treated as a single plan or arrangement.  Notwithstanding the foregoing, 

certain
plans shall be treated as separate if mandatorily disaggregated under the
Regulations of Code Section 401(m).

7.4                                 Plans using different testing methods for the
ACP and ADP test.  Except as otherwise provided in this Section,
the Plan may use the current year testing method or prior year testing method
for the ACP test for a Plan Year without regard to whether the current year
testing method or prior year testing method is used for the ADP test for that
Plan Year.  However, if different testing
methods are used, then the Plan cannot use:

(a)                                  The recharacterization method of Regulation
Section 1.401(k)-2(b)(3) to correct excess contributions for a Plan Year;

(b)                                 The rules of Regulation Section
1.401(m)-2(a)(6)(ii) to take Elective Contributions into account under the ACP
test (rather than the ADP test); or

(c)                                  The rules of Regulation Section
1.401(k)-2(a)(6) to take Qualified Matching Contributions into account under
the ADP test (rather than the ACP test).

ARTICLE VIII

ADJUSTMENT TO ACP TEST

8.1                                 Distribution of Income attributable to Excess
Aggregate Contributions.  Distributions of Excess Aggregate
Contributions must be adjusted for income (gain or loss), including an
adjustment for income for the period between the end of the Plan Year and the
date of the distribution (the “gap period”). 
For the purpose of this Section, “income” shall be determined and
allocated in accordance with the provisions of Section 6.1 of this Amendment,
except that such Section shall be applied by substituting “Excess Contributions”
with “Excess Aggregate Contributions” and by substituting amounts taken into
account under the ACP test for amounts taken into account under the ADP test.

8.2                                 Corrective contributions.  If a
failed ACP test is to be corrected by making an Employer contribution, then the
provisions of the Plan for the corrective contributions shall be applied by
limiting the contribution made on behalf of any NHCE pursuant to such
provisions to an amount that does not exceed the targeted contribution limits
of Sections 7.1 and 7.2 of this Amendment.

 

ARTICLE IX

SAFE HARBOR PLAN PROVISIONS

9.1                                 Applicability. The provisions of this Article IX apply if
the Plan uses the alternative method of satisfying the Actual Deferral Percentage
(ADP) test set forth in Code Section 401(k)(12) (ADP Test Safe Harbor) and/or
the Actual Contribution Percentage (ACP) test set forth in Code Section
401(m)(11) (ACP Test Safe Harbor).

9.2                                 Elimination of allocation conditions on
matching contributions.  If,
prior to the date this Amendment has been executed, an ADP Test Safe Harbor
notice has been given for a Plan Year for which this Amendment is effective and
such notice provides that there are no allocation conditions imposed on any
matching contributions under the Plan, then (1) the Plan will be an ACP Test Safe Harbor plan,
provided the ACP Test Safe Harbor requirements are met and (2) the Plan will
not impose any allocation conditions on matching contributions.  However, if, prior to the date this Amendment
has been executed, an ADP Test Safe Harbor notice has been given for a Plan
Year for which this Amendment is effective and such notice provides that there
are allocation conditions imposed on any matching contributions under the Plan,
the Employer may either:

(a)                                  satisfy the ACP
Test for such Plan Year using the current year testing method.  With respect to any Plan Year beginning after
the date this Amendment has been executed, if the Plan uses the ADP Test Safe
Harbor and provides for matching contributions, then the Plan will not impose
any allocation conditions on matching contributions.

(b)                                 retain any
allocation conditions contained in the Plan with regard to matching
contributions for any Plan Year for which this Amendment is effective.  In this case, the Plan must continue to
satisfy the ACP Test for each such Plan Year.

9.3                                 Matching Catch-up contributions.  If
the Plan provides for ADP Test Safe Harbor matching contributions or ACP Test
Safe Harbor matching contributions, then catch-up contributions (as defined in
Code Section 414(v)) will be taken into account in applying such matching
contributions under the Plan.

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

 

9.5                                 Change of Plan Year. If a Plan has a short Plan Year as a result
of changing its Plan Year, then the Plan will not fail to satisfy the
requirements of Section 9.4 of this Amendment merely because the Plan Year has
less than twelve (12) months, provided that:

(a)                                  The Plan satisfied the ADP Test Safe Harbor
and/or ACP Test Safe Harbor requirements for the immediately preceding Plan
Year; and

(b)                                 The Plan satisfies the ADP Test Safe Harbor
and/or ACP Test Safe Harbor requirements (determined without regard to
Regulation Section 1.401(k)-3(g)) for the immediately following Plan Year (or
for the immediately following twelve (12) months if the immediately following
Plan Year is less than twelve (12) months).

9.6                                 Timing of matching contributions. If the ADP Test Safe Harbor contribution
being made to the Plan is a matching contribution (or any ACP Test Safe Harbor
matching contribution) that is made separately with respect to each payroll
period (or with respect to all payroll periods ending with or within each month
or quarter of a Plan Year) taken into account under the Plan for the Plan Year,
then safe harbor matching contributions with respect to any elective deferrals
and/or after-tax employee contributions made during a Plan Year quarter must be
contributed to the Plan by the last day of the immediately following Plan Year
quarter.

9.7                                 Exiting safe harbor matching. The Employer
may amend the Plan during a Plan Year to reduce or eliminate prospectively any
or all matching contributions under the Plan (including any ADP Test Safe
Harbor matching contributions) provided: (a) the Administrator provides a
supplemental notice to the Participants which explains the consequences of the
amendment, specifies the amendment’s effective date, and informs Participants
that they will have a reasonable opportunity to modify their cash or deferred
elections and, if applicable, after-tax Employee contribution elections; (b)
Participants have a reasonable opportunity (including a reasonable period after
receipt of the supplemental notice) prior to the effective date of the
amendment to modify their cash or deferred elections and, if applicable,
after-tax Employee contribution elections; and (c) the amendment is not
effective earlier than the later of: (i) thirty (30) days after the
Administrator gives supplemental notice; or (ii) the date the Employer adopts the
amendment. An Employer which amends its Plan to eliminate or reduce any
matching contribution under this Section, effective during the Plan Year, must
continue to apply all of the ADP Test Safe Harbor and/or ACP Test Safe Harbor
requirements of the Plan until the amendment becomes effective and also must
apply for the entire Plan Year, using current year testing, the ADP test and
the ACP test.

9.8                                 Plan termination. An Employer may terminate the Plan during a
Plan Year in accordance with Plan termination provisions of the Plan and this
Section.

(a)                                  Acquisition/disposition
or substantial business hardship. If the Employer terminates the Plan resulting in a short Plan Year, and
the termination is on account of an acquisition or disposition transaction described
in Code Section 410(b)(6)(C), or if the termination is on account of the
Employer’s substantial business hardship within the meaning of Code Section
412(d), then the Plan remains an ADP Test Safe Harbor and/or ACP Test Safe
Harbor Plan provided that the Employer satisfies the ADP Test Safe Harbor
and/or ACP Test Safe Harbor provisions through the effective date of the Plan
termination.

(b)                                 Other termination. If the Employer terminates the Plan for any
reason other than as described in Section 9.7(a) above, and the termination
results in a short Plan Year, the Employer must conduct the termination under
the provisions of Section 9.7 above, except that the Employer need not provide
Participants with the right to change their cash or deferred elections.

IN
WITNESS WHEREOF, the Employer, has caused this instrument to
be executed as of the date specified below.

 

	
  

  	
   

  	
  JANUS CAPITAL GROUP INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated:

  	
  December 29,
  2006

  	
   

  	
  By:

  	
  Curt R. Foust

  
	
   

  	
   

  	
   

  	
  Its:

  	
  Assistant General CounselEx. 10.3

JANUS LONG TERM INCENTIVE AWARD (“LTI”) ACCEPTANCE FORM

[Name]

[Address]

[City, State ZIP]

With the full execution of this LTI Acceptance Form,
the Company grants to [Name] (“you” or “Grantee/Participant”), effective as of
February 2, 2007 (the “Grant Date”), a [Restricted Stock Award, Non-Qualified
Stock Option Award and Mutual Fund Unit Award] (the “LTI Award[s]”) as
described below, subject to the attached Company [Plan(s)] and the attached
[Appendix/Appendices].

	
  Restricted Stock Award — see Terms of Restricted Stock Award attached
  as Appendix A

  
	
  Number of Shares
  Granted:

  	
  [RSA shares]

  
	
  Share
  Withholding Election to cover taxes (Please initial one of the following):

  
	
  1.             Minimum
  Tax Withholding Rate

  
	
  2.
              Maximum
  Tax Withholding Rate

  
	
  3.
              Opt
  Out of Share Withholding Program

  
	
  (See Share
  Withholding Section 4 of Appendix A)

  
	
   

  	
   

  
	
  Non-Qualified Stock Option Award — see Terms of
  Non-Qualified Stock Option Award attached as Appendix [B]

  
	
  Number of Shares
  Granted:

  	
  [Option shares]

  
	
  Option or
  Exercise Price:

  	
  [Exercise Price]

  
	
  Expiration Date
  (7 year term):

  	
  [Expiration Date]

  
	
  (must exercise before
  the Expiration Date)

  
	
   

  
	
  Mutual Fund Unit Award — see Terms of Mutual
  Fund Unit Award attached as Appendix [C]

  
	
  Value on Grant
  Date:

  	
  [$MFA Value]

  

 

a.             Except as otherwise provided
herein, in the Plan[s] and/or any applicable written employment or severance
agreement, the LTI Award[s] will become vested and no longer subject to
restriction on the vesting dates and in the amounts indicated below, provided
that you are providing Services (as defined in the attached
[Appendix/Appendices]) to the Company or one of its Consolidated Subsidiaries
[and subject to the satisfaction of applicable Section 162(m) performance criteria,
if any, as established by the Janus Capital Group Inc. Compensation Committee
(the “Committee”)].  However, in the
event that a vesting date occurs on a day when the New York Stock Exchange is
closed, then such vesting date will occur on the next business day.

	
  Date First Exercisable

  	
   

  	
  Percentage 

  Vesting

  
	
  February 1, 2008

  	
   

  	
  25%

  
	
  February 1, 2009

  	
   

  	
  25%

  
	
  February 1, 2010

  	
   

  	
  25%

  
	
  February 1, 2011

  	
   

  	
  25%

  

 

b.             The vesting schedule set forth in
(a) above is subject to the following performance accelerated vesting schedule
based on the change in the Company’s full year adjusted diluted earnings per
share* (as calculated by the Company):

	
  Change in EPS Result

  	
   

  	
  Total Vesting% Per Year, 

  Including Section (a)

  	
   

  	
  Incremental Vesting% 

  Above Section (a)

  
	
  Negative up to 10%

  	
   

  	
  25%

  	
   

  	
  -0-

  
	
  10.1 – 15%

  	
   

  	
  30%

  	
   

  	
  +5%

  
	
  15.1 – 20%

  	
   

  	
  35%

  	
   

  	
  +10%

  
	
  20.1 – 25%

  	
   

  	
  40%

  	
   

  	
  +15%

  
	
  25.1 – 50%

  	
   

  	
  45%

  	
   

  	
  +20%

  
	
  > 50%

  	
   

  	
  50%

  	
   

  	
  +25%

  

*As
presented in the Company’s annual earnings release after review by the Company’s
Audit Committee, but subject to the following adjustment:  when calculating earnings per share growth,
any positive effect or impact on the Company’s earnings directly arising from
the final vesting event (roll-off) of the April 2002 grant of Class E shares
(as converted to Company Stock on March 12, 2003) will be excluded from such
calculations.

c.             Notwithstanding the
provisions of (a) and (b) above, if there is a Change of Control or if
Grantee/Participant has a Termination of Affiliation with the Company due to
Retirement (subject to tax withholding prior to termination), death or
Disability, the LTI Award(s) shall vest in full.  Except as provided herein, in the event that
Grantee/Participant has a Termination of Affiliation, any portion of the LTI
Award(s) that is unvested, and any of Grantee/Participant’s rights hereunder,
shall be terminated, cancelled and forfeited effective immediately upon such
Termination of Affiliation.

d.             In accordance with the Plan[s], the
Committee may, in its sole discretion, accelerate the vesting of all or a
portion of the LTI Award[s] or waive any or all of the terms and conditions
applicable to this LTI Acceptance Form or the attached [Appendix/Appendices].

e.             Capitalized terms used but not defined
in this LTI Acceptance Form have the meaning specified in the Plan[s] and/or in
the attached [Appendix/Appendices].

By executing this LTI Acceptance Form, you indicate your acceptance of
the LTI Award[s] set forth above and agree to be bound by the terms, conditions
and provisions set forth in the LTI Acceptance Form, the attached
[Appendix/Appendices] and the Company Plan[s], all of which are incorporated by
reference herein and are an integral part of this LTI Acceptance Form.  Please sign and return this LTI Acceptance
Form to the Assistant Corporate Secretary’s Office in the envelope provided
within sixty (60) days after the Company’s mailing of this LTI Acceptance Form
to you.  In the event you fail to return
the executed original within sixty (60) days, the Company reserves the right to
unilaterally (without your consent) terminate and forfeit the LTI Award[s],
suspend or forfeit any vesting event arising from the LTI Award[s], and/or
revoke this LTI Acceptance Form and the rights set forth in the attached
[Appendix/Appendices].

 2
 

 

This LTI Acceptance Form may be executed in counterparts, which
together shall constitute one and the same original.  This LTI Acceptance Form may be executed by
the exchange of facsimile signature pages, provided that by doing so the
Grantee/Participant agrees to provide an original signature as soon thereafter
as possible.

	
  ACCEPTED AND AGREED TO AS OF THE GRANT DATE:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  GRANTEE/PARTICIPANT:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  [Name]

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  JANUS CAPITAL GROUP INC.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By: 

  	
   

  	
   

  	
   

  
	
   

  	
  By:  Curt R.
  Foust

  	
   

  	
   

  
	
   

  	
  Title:  Assistant
  Corporate Secretary

  	
   

  	
   

  

 

 3
 

JANUS
CAPITAL GROUP INC.

DESIGNATION
OF BENEFICIARY

Subject
to the terms of the Company’s Plan[s], and in connection with my previously
granted long-term incentive awards granted under the Plan[s], revoking any
previous designation in connection with any previous award under the Plan[s]
which may be inconsistent herewith, I hereby designate:

	
   

  
	
  (Beneficiary/Trust Name and Relationship)

  
	
   

  
	
   

  
	
  Address

  

 

as
my beneficiary to receive upon my death the balance, if any, of my entire
previously granted long-term incentive awards, if any, under the Plan[s] and
the LTI Award[s].  This designation of
beneficiary shall be binding upon my estate and upon my heirs and legatees, and
the Company may rely hereon without further authorization from any
representative of my estate or any other persons and without inquiring into the
terms of my Last Will and Testament or any Codicil thereto.  If the beneficiary designated hereinabove
shall have predeceased me or if the trust is revoked, then I direct that, upon
my death, my estate shall become the beneficiary of all my previously granted
long-term incentive awards under the Plan[s] to the extent permitted by, and in
accordance with the terms and conditions of the Plan[s] and the LTI
Award[s].  I reserve the right to change,
in writing, this designation of beneficiary at any time, and I understand that
this designation shall not become effective until received by the Company’s
Corporate Secretary.

I have executed this Designation
of Beneficiary this      day of                                      ,
2007.

	
   

  	
   

  
	
  

  	
  [Name]

  

 

 4

APPENDIX
A — TERMS OF RESTRICTED STOCK AWARD

1.               Grant of
Restricted Stock Award.

Subject to the provisions of this Appendix, the LTI Acceptance Form and
the Company’s [1998 Long Term Incentive Stock Plan, 2005 Long Term Incentive
Stock Plan], as may be amended from time to time (the “Plan”), the Company
hereby grants to the Grantee the number of restricted shares of common stock of
the Company, par value $.01 per share (“Common Stock”) identified under the
Restricted Stock Award section of the attached LTI Acceptance Form (the “Restricted
Stock”).

2.               No Right to Continued Employment.

Nothing in this Appendix or the Plan shall confer upon Grantee any
right to continue providing Services to, or be in the employ of, the Company or
any of its Consolidated Subsidiaries or interfere in any way with the right of
the Company or any such Consolidated Subsidiary to terminate Grantee’s
association or employment at any time.

3.               Unfair
Interference.

During Grantee’s employment with the Company or any Consolidated
Subsidiary and during the twelve months after Termination of Affiliation,
Grantee shall not: (i) knowingly and directly solicit, hire or attempt to hire,
or assist another in soliciting, hiring or attempting to hire, on behalf of any
Competitive Business, any person who is an employee or contractor of the
Company or any Consolidated Subsidiary; or (ii) knowingly and directly divert,
attempt to divert, or solicit, or assist another in diverting, attempting to
divert or soliciting, the customer business of any Protected Client on behalf
of a Competitive Business.  For purposes
of this section, “Competitive Business” means any business that provides
investment advisory or investment management services or related services; and “Protected
Client” shall mean any person or entity to whom the Company or any Consolidated
Subsidiary provided investment advisory or investment management services at
any point during the six months preceding Grantee’s Termination of Affiliation.

4.               Share Withholding Program.

In connection with Section 11 (pertaining to the withholding of taxes),
the Company hereby offers Grantee the opportunity to participate in the Janus
share withholding program (the “Program”) as more fully described in Exhibit
A attached hereto.  The Program is
voluntary.  However, if Grantee opts
out of the Program, Grantee will be required to pay the Company the minimum
withholding amount on or before each vesting date.  Grantee’s election, if any, under #1 or #2 of
the Restricted Stock Award section of the LTI Acceptance Form will indicate
Grantee’s acceptance of the terms set forth in Exhibit A and will revoke
any previous Program election in connection with a restricted stock award which
may be inconsistent herewith.

 i
 

 

5.               Issuance of Shares.

Subject to Section 11 (pertaining to the withholding of taxes), as soon
as practicable after each vesting event under Subsection[s]
(a) [and (b)] of the LTI Acceptance Form,
or if Grantee had a Termination of Affiliation pursuant to Subsection (c) of
the LTI Acceptance Form, as soon as practicable after such termination (in each
case, provided there has been no prior forfeiture of the Restricted Stock
pursuant to the terms of this Appendix or the Plan), the Company shall issue
(or cause to be delivered) to the Grantee one or more stock certificates or
otherwise transfer shares with respect to the Restricted Stock vesting (or
shall take other appropriate steps to reflect the Grantee’s unrestricted
ownership of all or a portion of the vested Restricted Stock that is subject to
this Appendix).

6.               Nontransferability of the Restricted Stock.

Any unvested shares of the Restricted Stock shall not be transferable
by the Grantee by means of sale, assignment, exchange, encumbrance, pledge or
otherwise.

7.               Rights as a Stockholder.

Except as otherwise specifically provided in this Appendix, the Grantee
shall have all the rights of a stockholder with respect to the Restricted Stock
including, without limitation, the right to vote the Restricted Stock and the
right to receive dividend payments. 
Dividends and distributions other than regular cash dividends, if any,
may result in an adjustment pursuant to Section 8.

8.               Adjustment in the Event of Change in Stock.

In the event that the Committee determines that any dividend or other
distribution (whether in the form of cash, Common Stock, other securities, or
other property), recapitalization, stock split, reverse stock split,
subdivision, consolidation or reduction of capital, reorganization, merger,
scheme of arrangement, split-up, spin-off or combination involving the Company
or repurchase or exchange of Common Stock or other rights to purchase Common
Stock or other securities of the Company, or other similar corporate
transaction or event that affects the Common Stock such that an adjustment is
determined by the Committee to be appropriate to prevent dilution or
enlargement of the benefits or potential benefits intended to be made available
under the Plan, then the Committee shall, in such manner as it may deem
equitable, adjust the number and type of shares, or, if deemed appropriate,
make provision for a cash payment to the Grantee or the substitution of other
property for shares of Restricted Stock; provided, that the number of shares of
Restricted Stock shall always be a whole number.

9.               Payment of Transfer Taxes, Fees and Other
Expenses.

The Company agrees to pay any and all original issue taxes and stock
transfer taxes that may be imposed on the issuance of shares received by
Grantee in connection with the Restricted Stock, together with any and all other
fees and expenses necessarily incurred by the Company in connection therewith.

 ii
 

 

10.         Other
Restrictions.

The Restricted Stock shall be subject to the requirement that, if at
any time the Committee shall determine that (i) the listing, registration or qualification
of the shares of Common Stock subject or related thereto upon any securities
exchange or under any state or federal law, or (ii) the consent or approval of
any government regulatory body, or (iii) an agreement by the Grantee with
respect to the disposition of shares of Common Stock is necessary or desirable
as a condition of, or in connection with, the delivery or purchase of shares
pursuant thereto, then in any such event, the grant and/or vesting of
Restricted Stock shall not be effective unless such listing, registration,
qualification, consent, approval or agreement shall have been effected or
obtained free of any conditions not acceptable to the Committee.

11.         Taxes and Withholding.

No later than the date as of which an amount first becomes includible
in the gross income of the Grantee for federal income tax purposes with respect
to any Restricted Stock, the Grantee shall pay all federal, state, local and
foreign taxes that are required by applicable laws and regulations to be
withheld by either: (i) participating in the Company’s Program to have shares
withheld by the Company or its agent as set forth in Section 4 above (provided
that it will not result in adverse accounting consequences to the Company), or
(ii) making other payment arrangements satisfactory to the Company.  The obligations of the Company under this
Appendix shall be conditioned on compliance by the Grantee with this Section
11.  It is intended that the foregoing
provisions of this Section 11 shall normally govern the payment of withholding
taxes; however, if withholding is not accomplished under the preceding
provisions of this Section 11, the Grantee agrees that the Company shall, to
the extent permitted by law, have the right to deduct any such taxes from any
payment otherwise due to the Grantee, including compensation or the delivery of
the Restricted Stock that gives rise to the withholding requirement.

12.         Notices.

Any notice to be given to the Company shall be addressed to the Company
at its principal office, in care of its Assistant Corporate Secretary.  Any notice to be given to Grantee shall be
addressed to Grantee at the address listed in the Company’s records.  By a notice given pursuant to this section,
either party may designate a different address for notices.  Any notice shall have been deemed given (i)
when actually delivered to the Company, or (ii) if to the Grantee, when
actually delivered; when deposited in the U.S. Mail, postage prepaid and
properly addressed to the Grantee; or when delivered by overnight courier.

13.         Binding Effect.

Except as otherwise provided hereunder, this Appendix shall be binding
upon and shall inure to the benefit of the heirs, executors or successors of
the parties to this Appendix.

14.         Laws
Applicable to Construction.

The interpretation, performance and enforcement of this Appendix shall
be governed by the laws of the State of Delaware without reference to
principles of conflict of laws, as applied to contracts executed in and
performed wholly within the State of Delaware. 
In addition to the terms and conditions set forth in this Appendix, the
Restricted Stock is subject to the terms and conditions of the Plan, which is
hereby incorporated by reference.

 iii
 

 

15.         Severability.

The invalidity or enforceability of any provision of this Appendix
shall not affect the validity or enforceability of any other provision of this
Appendix.

16.         Conflicts and Interpretation.

In the event of any conflict between this Appendix and the Plan, the
Plan shall control [except with respect to the definition of Change of Control
in Section 19 below].  In the event of
any ambiguity in this Appendix, or any matters as to which this Appendix is
silent, the Plan shall govern including, without limitation, the provisions
thereof pursuant to which the Committee has the power, among others, to (i)
interpret the Plan, (ii) prescribe, amend and rescind rules and regulations
relating to the Plan, and (iii) make all other determinations deemed necessary
or advisable for the administration of the Plan.

17.         Amendment; Section 409A of the Code.

This Appendix may not be modified, amended or waived except by an
instrument in writing approved by both parties hereto or approved by the
Committee.  The waiver by either party of
compli­ance with any provision of this Appendix shall not operate or be
construed as a waiver of any other provision of this Appendix, or of any
subsequent breach by such party of a provision of this Appendix.  Notwithstanding anything to the contrary
contained in the Plan or in this Appendix, to the extent that the Company
determines that the Restricted Stock is subject to Section 409A of the Code and
fails to comply with the requirements of Section 409A of the Code, the Company
reserves the right to amend, restructure, terminate or replace the Restricted
Stock in order to cause the Restricted Stock to either not be subject to
Section 409A of the Code or to comply with the applicable provisions of such
section.

18.         Headings.

The headings of Sections herein are included solely for convenience of
reference and shall not affect the meaning or interpretation of any of the
provisions of this Appendix.

19.         Definitions.

For purposes of the LTI Acceptance Form and this Appendix:

                        a.     “Services” shall mean the Grantee is
providing services to the Company or any Consolidated Subsidiary in the
capacity as an employee, a member of the board of directors of the parent
company, a trustee of a Janus-affiliated investment company trust, or a
consultant pursuant to a written consulting agreement;

                        b.     “Termination of Affiliation” shall mean the
first day when Grantee for any reason is no longer providing Services to the
Company or any Consolidated Subsidiary, or with respect to Grantee’s status as
an employee, director or trustee of, or consultant to, an entity which is a
Consolidated Subsidiary, the first day on which such entity ceases to be a
Consolidated Subsidiary; and

 iv
 

 

                        c.     “Change in Control” shall mean the first to
occur of any of the following:

                                                (i)            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
directly from the Company, other than an acquisition by virtue of the exercise
of a conversion privilege unless the security being so converted was itself
acquired directly from the Company, (ii) any acquisition by the Company, (iii)
any acquisition by any employee benefit plan (or related trust) sponsored or
maintained by the Company or any entity controlled by the Company, or (iv) any
acquisition pursuant to a transaction which complies with clauses (A), (B) and
(C) of subsection c (iii) of this definition; or

                                                (ii)           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 definition, that any individual who
becomes a member of the Board subsequent to the effective date hereof, whose
election, or nomination for election by the Company’s shareholders, was
approved by a vote of at least a majority of those individuals who are members
of the Board and who were also members of the Incumbent Board (or deemed to be
such pursuant to this proviso) shall be considered as though such individual
were a member of the Incumbent Board; but, provided  further, that
any such individual whose initial assumption of office occurs as a result of
either an actual or threatened election contest (as such terms are used in Rule
14a-11 of Regulation 14A promulgated under the 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

                                                (iii)          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 

 v
 

Company Common Stock and Outstanding Company Voting
Securities, as the case may be, (B) no Person (other than the Company or any
employee benefit plan (or related trust) of the Company or the corporation
resulting from such Business Combination) will beneficially own, directly or
indirectly, 20% or more of, respectively, the outstanding shares of common
stock of the corporation resulting from such Business Combination or the
combined voting power of the outstanding voting securities of such corporation
entitled to vote generally in the election of directors except to the extent
that such ownership existed prior to the Business Combination; and (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
from such Business Combination; or

                                                (iv)          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).

 

 vi

(Share Withholding Program -
Restricted Stock Award)

Exhibit A

1.             Definitions.  All capitalized terms used herein to the
extent not defined below shall have the meaning set forth in Appendix attached
hereto.

a.             The “Program” shall mean the Company’s share withholding
program set forth below.

b.                                      “Common Stock” shall mean the common stock of
the Company.

c.             “Current Grant” shall mean the terms and restrictions of
the LTI Acceptance Form and Appendix, as may be amended, received by the
Grantee in connection with one or more grants of restricted Common Stock.

d.             “Cumulative Grants” shall mean the Current Grant
together with additional grants of restricted Common Stock pursuant to the
terms of subsequent awards.

2.             Share Withholding Election.  By initialing either #1 or #2 on the LTI
Acceptance Form, the Grantee elects to satisfy his or her federal, state and
local payroll and income tax withholding obligations arising in connection with
the vesting of restricted shares of Common Stock received by the Grantee upon a
future vesting event under the Cumulative Grants, as provided in Section 3
below, by participating in the Program. 
The Grantee is electing to participate in this Program, in part, in
order to take advantage of the safe harbor provisions provided by Rule 10b5-1
of the rules promulgated under the Securities Exchange Act of 1934, as amended.

3.             Share Withholding.  The Grantee’s share withholding election, as
designated under the Restricted Stock Award section of the LTI Acceptance Form,
shall be binding on the Grantee.  An
election based on subsection 3(a) below will result in the sale of the
approximate number of shares of Common Stock that will cover the minimum
withholding obligations.  An election
based on subsection 3(b) below will result in the sale of the number of shares
of Common Stock to cover up to the approximate maximum tax rate.

a.             Minimum Tax Withholding Rate.  By electing this Section 3(a) item
(corresponds to election #1 under the Restricted Stock Award section of the LTI
Acceptance Form), the Grantee hereby authorizes and requests that the Company
withhold from the shares of Common Stock otherwise issuable to the Grantee in
connection with any future vesting event that number of shares of Common Stock
having a value, based on the Fair Market Value on the applicable vesting date,
approximately equal to the minimum statutory payroll and income tax withholding
rate (collectively, the “Withholding Rate”) on the applicable vesting
date.  The Company agrees to pay over to
the appropriate taxing authorities an amount approximately equal to the Fair
Market Value on the applicable vesting date of the shares of Common Stock
withheld pursuant to the immediately preceding sentence.  For purposes of this Program, the Withholding
Rate for non-employee directors or any other person who is a party to one or
more Cumulative Grants but is not an employee of the Company or one of its
Subsidiaries shall be 30%, subject to the then-current laws and regulations
related to payroll and income tax.

 vii
 

b.             Maximum Tax Withholding Rate.  By electing this Section 3(b) (corresponds to
election #2 under the Restricted Stock Award section of the LTI Acceptance
Form), the Grantee authorizes and requests that the Company take the actions
set forth in Section 3(a) above.  In
addition, the Grantee hereby authorizes and requests that Charles Schwab or
other Company designated broker (i) sell from the shares of Common Stock issued
to the Grantee in connection with any future vesting event that number of
shares of Common Stock generating cash proceeds, after payment of any
applicable brokerage fees as agreed to by the Grantee (“Proceeds”),
approximately equal to the difference between the maximum statutory payroll and
income tax withholding rates and the minimum statutory payroll and income tax
withholding rates on the applicable vesting date (such difference, the “Additional
Tax Amount”), (ii) remit the Additional Tax Amount to the Company and (iii)
credit to the Grantee’s account at Charles Schwab or other Company designated
broker an amount equal to the excess of such Proceeds over the Additional Tax
Amount.  For purposes of this Program,
the Additional Tax Amount for non-employee directors or any other person who is
a party to one or more Grant Agreements but is not an employee of the Company
or one of its Subsidiaries shall be 0%. 
All sales under the foregoing provisions shall be made by Charles Schwab
or other Company designated broker on the applicable vesting date or as soon
thereafter as practicable.  Subject to
the foregoing provisions, the timing and manner of execution of any transaction
shall be subject to principles of best execution as applied by Charles Schwab
or other Company designated broker.  The
Grantee acknowledges and agrees that Charles Schwab or other Company designated
broker, acting consistent with principles of best execution, may be unable to
effect sales of the Common Stock due to the Common Stock not trading in
sufficient volume at or above a specified limit price, market rules on volume
and price priority and precedence, legal or regulatory restrictions, or other
factors.

c.             The Company agrees to promptly pay over to the
appropriate taxing authorities the Additional Tax Amount upon receipt of such
amount from Charles Schwab or other Company designated broker.

d.             The Grantee acknowledges and agrees that he or
she shall not exercise or attempt to exercise any influence over how, when or
whether any sales of shares of Common Stock are made by Charles Schwab or other
Company designated broker, except as set forth in the instructions included in
this Program.

e.             “Fair
Market Value” means, unless otherwise determined by the Committee, as of any
applicable measurement date, (i) the average of the high and low trading prices
of the Common Stock on such date on the New York Stock Exchange (or, if no sale
of Common Stock was reported for such date, on the preceding date on which a
sale of Common Stock was so reported); (ii) if the Common Stock is not listed
on the New York Stock Exchange on the applicable measurement date, the average
of the high and low trading prices of the Common Stock on such other national
exchange on which the Common Stock is principally traded or as reported by the
Nasdaq National Market System, or similar organization, or if no such
quotations are available, the average of the high bid and low asked quotations
in the over-the-counter market as reported by the National Quotation Bureau
Incorporated or similar organizations; or (iii) in the event that there shall
be no public market for the Common Stock, the fair market value of the Common
Stock as determined by the Committee.

 viii
 

f.              Shares withheld or sold pursuant to this Program shall
be deemed issued and delivered to the Grantee for all purposes of the
Cumulative Grants and the Company shall not have any further obligation in
respect of any such shares under the Cumulative Grants  or otherwise.

g.             The Grantee acknowledges and agrees that any federal,
state, local or foreign tax obligations that exceed the value of the shares of
Common Stock withheld pursuant to this Program and/or the Additional Tax Amount
remitted by Charles Schwab or other Company designated broker to the Company
(if applicable), including without limitation any payroll and income tax
withholding obligations in excess of the minimum statutory withholding
obligations, shall remain the responsibility of the Grantee and must be paid in
full by the Grantee in accordance with the Cumulative Grants  and applicable law.

4.             Compliance with Law.  The Grantee hereby irrevocably agrees that
the sales of Common Stock pursuant to this Program shall be automatically
suspended or cancelled by the Company upon the occurrence of any of the
following events:

a.                                       The death of the Grantee;

b.             The proposed sale or sales of Common Stock provided for
by this Program would violate Section 16 of the Securities Exchange Act of 1934
or the Rules promulgated thereunder, Rule 144 of the Securities Act of 1933, or
any other federal or state law or regulation;

c.             The Company’s Board of Directors votes to suspend all
trading of Common Stock;

d.                                      The Company commences a public offering of
any of its equity securities; or

e.             The Company has merged, been acquired, or reorganized in
any transaction which results in the Common Stock being exchanged or converted.

5.             Miscellaneous.

a.             The interpretation, performance and enforcement of this
Program shall be governed by the laws of the State of Delaware, without regard
to any otherwise applicable conflict of laws principles thereof that would
apply the laws of any other state.

b.             This Program may not be modified, revoked, terminated,
amended or waived except by an instrument in writing signed by all parties
hereto.  The waiver by either party of
compliance with any provision of this Program shall not operate or be construed
as a waiver of any other provision of this Program or of any subsequent breach
by such party of this Program.  Once per
calendar year, the Company may provide the Grantee with the opportunity to
modify, revoke, terminate, amend, waive or otherwise alter the election made
pursuant to this Program for future vesting events.  The Grantee shall not be permitted to do so
at any other time or under any other circumstance unless approved by Company
legal counsel.  If this Program is so
modified, amended or any provision waived, no sales shall be made during the
sixty calendar days immediately following such modification, amendment or
waiver.

 

 ix

APPENDIX [B] – TERMS OF NON-QUALIFIED STOCK OPTION AWARD

1.                                       Grant of Non-Qualified Stock Option Award.

Subject to the provisions of this Appendix, the LTI
Acceptance Form and the Company’s [1998 Long Term Incentive Plan, 2005 Long
Term Incentive Stock Plan], as may be amended from time to time (the “Plan”),
the Company hereby grants to the Grantee a non-qualified stock option (the
“Option Award”) to purchase that number of shares of the Company’s Common Stock
(“Shares”) identified under the Non-Qualified Stock Option Award section of the
LTI Acceptance Form.

2.                                       Term.

The Option Award shall expire on the Expiration Date
indicated in the Non-Qualified Stock Option Award section of the LTI Acceptance
Form, unless terminated earlier as provided herein, in the LTI Acceptance Form
or in the Plan. The Option Award must be exercised before
the Expiration Date.

3.                                       Manner of Exercise.

a.             This Option Award shall be
exercised by delivering to the Company (or its authorized agent), during the
period in which such Option Award is exercisable, (i) a written notice of your
intent to purchase a specific number of Shares pursuant to this Option Award (a
“Notice of Exercise”), and (ii) full payment of the Option/Exercise Price for
such specific number of Shares.  Payment
may be made by any one or more of the following means:

(i)
cash or personal check; or 

(ii) if approved and
permitted by the Committee, through the delivery of Shares having a Fair Market
Value on the day of exercise equal to such Option/Exercise Price (the number of
Shares may be initially estimated using the Fair Market Value on the last stock
trading day preceding the exercise day, with a true-up of any differential
effective as of the exercise date), which Shares either (i) have been owned by
you for at least six months (“Mature Shares”) or (ii) were purchased by you on
the open market.  Certificates for Shares
shall be properly endorsed with signatures guaranteed (unless such signature
guarantee is waived by an officer of the Company), and shall represent Shares
which are fully paid, non-assessable, and free and clear from all liens and
encumbrances; or 

(iii) if approved and
permitted by the Committee, through the sale of the Shares acquired on exercise
of this Option Award through a broker to whom you have submitted irrevocable
instructions to deliver promptly to the Company the amount of sale or loan
proceeds sufficient to pay for such Shares, together with, if required by the
Company, the amount of federal, state, local or foreign withholding taxes
payable by reason of such exercise. A copy of such delivery

 i
 

instructions must also be
delivered to the Company by you with the Notice of Exercise.

b.             The exercise of the Option Award
shall become effective at the time such a Notice of Exercise has been received
by the Company, which must be before the Expiration Date.  You will not have any rights as a stockholder
of the Company with respect to the Shares deliverable upon exercise of this
Option Award until a certificate for such Shares is delivered to you or the Shares
are otherwise transferred to you.

c.             If the Option Award is exercised as
permitted herein by any person or persons other than yourself, such Notice of
Exercise shall be accompanied by such documentation as the Company may
reasonably require, including without limitation, evidence of the authority of
such person or persons to exercise the Option Award and evidence satisfactory
to the Company that any death taxes payable with respect to such Shares have
been paid or provided for.

4.                                       Exercisability After Termination of
Affiliation.

This Option Award may be exercised only while you
are providing Services to the Company or a Consolidated Subsidiary, except that
this Option Award may also be exercised after the date on which you cease
providing Services (“Termination Date”) in accordance with this section:

a.             if you have a Termination of
Affiliation on account of Retirement, you may exercise this Option Award at any
time during the first five years after your Termination Date;

b.             if you have a Termination of Affiliation
on account of death, the executor or administrator of your estate, your heirs
or legatees, or beneficiary designated in accordance with the Plan, as
applicable, may exercise this Option Award at any time during the first 12
months after your Termination Date;

c.             if you have a Termination of
Affiliation on account of Disability, you may also exercise this Option Award
at any time during the first 12 months after your Termination Date;

d.             if you have a
Termination of Affiliation on account of any other reason (other than a
dismissal for Cause in which the Option Award will be immediately forfeited),
you may exercise the portion of this Option Award that is vested immediately
prior to the Termination Date at any time during the first three (3) months
after your Termination Date.  However,
except as otherwise provided in this Section 4, this Option Award may be
exercised after your Termination Date only to the extent it is exercisable on
the Termination Date, and under no circumstances may this Option Award be
exercised on or after the Expiration Date. 
For purposes of this Section 4, if you are employed by a corporation or
limited liability company (“LLC”) that is a Consolidated Subsidiary of the
Company, you will be deemed to have had a Termination of Affiliation as of the
first day on which such corporation or LLC ceases to be a Consolidated
Subsidiary of the Company.  

 ii
 

5.                                       No Right to Continued Employment.

Nothing in this Appendix, the LTI Acceptance Form or
the Plan shall confer upon you any right to continue providing Services to, or
be in the employ of, the Company or any of its Consolidated Subsidiaries or
interfere in any way with the right of the Company or any such Consolidated
Subsidiary to terminate your association or employment at any time.

6.                                       Unfair Interference.

During Grantee’s employment with the Company or any
Consolidated Subsidiary and during the twelve months after Termination of
Affiliation, Grantee shall not: (i) knowingly and directly solicit, hire or
attempt to hire, or assist another in soliciting, hiring or attempting to hire,
on behalf of any Competitive Business, any person who is an employee or
contractor of the Company or any Consolidated Subsidiary; or (ii) knowingly and
directly divert, attempt to divert, or solicit, or assist another in diverting,
attempting to divert or soliciting, the customer business of any Protected
Client on behalf of a Competitive Business. 
For purposes of this section, “Competitive Business” means any business
that provides investment advisory or investment management services or related
services; and “Protected Client” shall mean any person or entity to whom the
Company or any Consolidated Subsidiary provided investment advisory or
investment management services at any point during the six months preceding
Grantee’s Termination of Affiliation.

7.                                       No Waiver. 

The failure of the Company in any instance to
exercise any of its rights granted under this Appendix or the Plan shall not
constitute a waiver of any other rights that may arise under this Appendix.

8.                                       Limited Transferability of Option Award.

Except as provided in the immediately following
sentence, this Option Award is exercisable during your lifetime only by you or
your guardian or legal representative, and this Option Award is not transferable
except by will or the laws of descent and distribution.  To the extent and in the manner permitted by
the Committee, and subject to such terms, conditions, restrictions or
limitations of this Appendix or the Plan or that may be prescribed by the
Committee, you may transfer this Option Award to:

a.             your spouse, sibling, parent, child
(including an adopted child) or grandchild (any of which is an “Immediate
Family Member”);

b.             a trust, the primary beneficiaries
of which consist exclusively of you or your Immediate Family Members; or

c.             a corporation,
partnership or similar entity, the owners of which consist exclusively of you
or your Immediate Family Members.

 iii
 

9.                                       Fractional or De Minimis Shares.

The Option Award shall not be exercisable with
respect to a fractional share or with respect to fewer that ten (10) Shares,
unless the remaining Shares are fewer than ten (10).

10.                                 Nonstatutory Option Award.   

        This Option Award has been designated by
the Committee as a Nonstatutory Option Award; it does not qualify as an
incentive stock Option Award.

11.                                 Taxes.

a.             The Company is not required to
issue Shares upon the exercise of this Option Award unless you first pay to the
Company such amount, if any, as may be required by the Company to satisfy any
liability it may have to withhold federal, state, local or foreign income or
other taxes relating to such exercise. 
You may elect to satisfy such tax withholding obligation by delivering
to the Company a written irrevocable election to have the Company withhold a
portion of the Shares purchased upon exercise of the Option Award having a Fair
Market Value equal to the amount of taxes required to be withheld; provided,
however, that the Committee may, at any time before you file such an election
with the Company, revoke your right to make such an election.

b.             In addition, you may deliver Mature
Shares to the Company to satisfy your federal, state and local withholding tax
liability above the minimum amount of taxes required to be withheld by the
Company, up to your maximum tax liability arising from the exercise of the
Option Award; the Committee retains the right, in its sole discretion, to
disapprove any particular delivery of shares of Common Stock and the Committee
may, at any time before the delivery of such shares, revoke your right to make
such delivery.

12.                                 Attestation to
Ownership of Mature Shares.

Whenever under this Appendix you have the right to
deliver Mature Shares to the Company for payment of the Option/Exercise Price
pursuant to Section 3(a) or for taxes in excess of the minimum amount of taxes
required to be withheld by the Company pursuant to Section 11(b), in lieu of
physically delivering such shares to the Company, you may elect to deliver to
the Company an affidavit and such other documents attesting to ownership of
such Mature Shares in such form as is prescribed by the Company from time to
time.

13.                                 Amendments.  

This
Appendix may be amended only by a writing executed by the Company and you which
specifically states that it is amending this Appendix except as otherwise
provided for in this Appendix; provided that
this Appendix is subject to the power of the Board or the Committee to amend
the Plan as provided therein, except that no such amendment shall adversely
affect your rights under the LTI Acceptance Form or this Appendix without your
consent.

 iv
 

14.         Notices.

Any notice to be given to the Company shall be
addressed to the Company at its principal office, in care of its Assistant
Corporate Secretary.  Any notice to be
given to Grantee shall be addressed to Grantee at the address listed in the
Company’s records.  By a notice given
pursuant to this section, either party may designate a different address for
notices.  Any notice shall have been
deemed given (i) when actually delivered to the Company, or (ii) if to the
Grantee, when actually delivered; when deposited in the U.S. Mail, postage
prepaid and properly addressed to the Grantee; or when delivered by overnight
courier.  

15.         Severability.

If any part of this Appendix is declared by any
court or governmental authority to be unlawful or invalid, such unlawfulness or
invalidity shall not serve to invalidate any part of this Appendix not declared
to be unlawful or invalid.  Any part so
declared unlawful or invalid shall, if possible, be construed in a manner which
gives effect to the terms of such part to the fullest extent possible while
remaining lawful and valid.

16.         Applicable Law.

This Appendix shall be construed in accordance with
and governed by the laws of the State of Delaware other than its laws respecting
choice of law.

17.         Headings.  

Headings are provided herein for convenience only
and are not to serve as a basis for interpretation or construction of this
Appendix.

18.                                 Miscellaneous. 

a.             Notwithstanding anything to the
contrary contained in the Plan or in this Appendix, to the extent that the
Company determines that the Option Award is subject to Section 409A of the Code
and fails to comply with the requirements of Section 409A of the Code, the
Company reserves the right to amend, restructure, terminate or replace the
Option Award in order to cause the Option Award to either not be subject to
Section 409A of the Code or to comply with the applicable provisions of such
section.

b.             Nothing contained
in this Appendix or the LTI Acceptance Form obligates you to exercise all or
any part of this Option Award.

19.                                 Definitions. 

For purposes of the LTI
Acceptance Form and this Appendix:

a.             “Services” shall
mean you are providing services to the Company or any Consolidated Subsidiary
in the capacity as an employee, a member of the board of directors of the
parent company, a trustee of a Janus-affiliated investment company trust, or a
consultant pursuant to a written consulting agreement; 

 v
 

b.             “Termination of Affiliation” shall
mean the first day when you for any reason
are no longer providing Services to the Company or any Consolidated Subsidiary,
or with respect to your status as an employee, director or trustee of, or
consultant to, an entity which is a Consolidated Subsidiary, the first day on
which such entity ceases to be a Consolidated Subsidiary; and

c.             “Change of Control” shall mean the
first to occur of any of the following:

(i)         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 directly from the
Company, other than an acquisition by virtue of the exercise of a conversion
privilege unless the security being so converted was itself acquired directly
from the Company, (ii) any acquisition by the Company, (iii) any acquisition by
any employee benefit plan (or related trust) sponsored or maintained by the
Company or any entity controlled by the Company, or (iv) any acquisition
pursuant to a transaction which complies with clauses (A), (B) and (C) of
subsection c (iii) of this definition; or

(ii)           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 definition,
that any individual who becomes a member of the Board subsequent to the
effective date hereof, whose election, or nomination for election by the
Company’s shareholders, was approved by a vote of at least a majority of those
individuals who are members of the Board and who were also members of the
Incumbent Board (or deemed to be such pursuant to this proviso) shall be
considered as though such individual were a member of the Incumbent Board; but,
provided  further, that any such individual whose initial
assumption of office occurs as a result of either an actual or threatened
election contest (as such terms are used in Rule 14a-11 of Regulation 14A
promulgated under the 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

(iii)          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

 vi
 

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 (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
from such Business Combination; or

(iv)          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).

 

 vii

APPENDIX
[C] - TERMS OF MUTUAL FUND UNIT AWARD

1.                                       Grant of Mutual Fund Unit Award.

                Subject to the provisions of this Appendix, the LTI
Acceptance Form and the Company’s Mutual Fund Share Investment Plan, as may be
amended from time to time (the “Plan”), the Company hereby grants to
Participant a deferred cash award (the “Mutual Fund Award”) as identified in
the Mutual Fund Unit Award section of the attached LTI Acceptance Form. 

2.                                       Retail Account Required. 

 

If you are a U.S. based employee, you must have an
open retail, non-retirement mutual fund account with Janus directly (not
through a third party) in order to receive any proceeds or benefits (including
vesting) from this Mutual Fund Award.  A
failure to maintain such an account will subject this Mutual Fund Award to a
suspension of vesting or cancellation and forfeiture. 

 

3.                                       No
Right to Continued Employment.

Nothing in this Appendix or the Plan shall
confer upon Participant any right to continue providing Services to, or be in
the employ of, the Company or any of its Consolidated Subsidiaries or interfere
in any way with the right of the Company or any such Consolidated Subsidiary to
terminate Participant’s association or employment at any time.

4.                                       Unfair
Interference. 

During
Participant’s employment with the Company or any Consolidated Subsidiary and
during the twelve months after Termination of Affiliation, Participant shall
not: (i) knowingly and directly solicit, hire or attempt to hire, or assist
another in soliciting, hiring or attempting to hire, on behalf of any
Competitive Business, any person who is an employee or contractor of the
Company or any Consolidated Subsidiary; or (ii) knowingly and directly divert,
attempt to divert, or solicit, or assist another in diverting, attempting to
divert or soliciting, the customer business of any Protected Client on behalf
of a Competitive Business.  For purposes
of this section, “Competitive Business” means any business that provides
investment advisory or investment management services or related services; and
“Protected Client” shall mean any person or entity to whom the Company or any
Consolidated Subsidiary provided investment advisory or investment management
services at any point during the six months preceding Participant’s Termination
of Affiliation.

5.                                       Allocation Elections.

a.             During the vesting
period, Participant’s award will be credited to Participant’s Mutual Fund Share
Investment Account (“Account”).  The
award will be deemed invested in the phantom investments selected by
Participant pursuant to online elections through the Plan administrative system
(www.millimanonline.com) or as otherwise provided by the Company.  Participant may change the investment
elections from time to time; provided, however, in no event shall Participant
be able to make changes to the investment elections more than four (4) times
per calendar year and any such change should be effective within five (5) days
after such election is made.  If you are
an

 i
 

investment research analyst, or become an investment
research analyst during the vesting period of this Mutual Fund Award, you may
be required to allocate your investment elections to certain phantom
investments as designated in writing by the Director of Research, the Co-Chief
Investment Officers or the Chief Executive Officer.

b.             By
accepting this Mutual Fund Award, Participant acknowledges and agrees that (i)
Participant will open a retail, non-retirement mutual fund account with Janus
directly, unless Participant already has such an account (does not apply to
employees based outside of the United States); (ii) account balances are
subject to any net appreciation or depreciation accruing from time to time
based on Participant’s deemed investment election of the Account balance in
accordance with Participant’s allocation election(s) in effect from time to
time; (iii) Participant is solely responsible for any net appreciation or net
depreciation in the balance of Participant’s Account resulting from
Participant’s deemed investment elections; (iv) the Company does not guarantee
or represent in any manner whatsoever that Participant will realize any
appreciation in the balance of the Account as a result of allocating the
Account balance for deemed investments in the Janus mutual funds; and (v) any
allocation elections must comply with the Company’s pre-clearance and
applicable prospectus requirements. 
Participant further agrees and acknowledges that Participant is under no
obligation to make a deemed investment election in any particular fund, and, if
no such investment election is made, that the balance and any transfers in
Participant’s Account shall be deemed invested in the Janus Money Market Fund
or similar mutual fund if the Janus Money Market Fund is not available.

6.                                       Distribution
upon Vesting.  

                Subject
to the terms of the Plan, upon the vesting of all or a portion of Participant’s
Mutual Fund Award, the value of the vested portion of Participant’s Account
shall be distributed to Participant as soon as administratively practicable
after the applicable vesting event.  Any distribution shall be in the form of a lump sum
cash payment (subject to applicable withholdings), which will be deposited into
a Janus retail account to purchase the mutual funds in which Participant was
invested on a phantom basis at the time such distribution is processed.  Notwithstanding the above, unless
otherwise provided by the Administrator, to the extent that the Administrator
determines that the Mutual Fund Award is subject to Section 409A of the Code
and fails to comply with the requirements of Section 409A of the Code, the
vested portion of such Mutual Fund Award shall be distributed in accordance
with the Plan; provided however, any portion of the Mutual Fund Award which is
vested under another event not set forth in the LTI Acceptance Form but has not
yet been distributed shall be distributed upon the earlier occurrence of a
permitted distribution event under Section 409A of the Code.

7.                                       Taxes
and Withholding.  

                No later than the date as of which an amount first
becomes includible in Participant’s gross income for federal income tax
purposes with respect to any Mutual Fund Award, the Company shall withhold all
federal, state, local and foreign taxes that are required by applicable laws
and regulations to be withheld. 

 ii
 

8.                                       Amendment;
Section 409A of the Code.  

                This Appendix may not be
modified, amended or waived except by an instrument in writing approved by both
parties hereto or approved by the Committee. 
The waiver by either party of compli­ance with any provision of this
Appendix shall not operate or be construed as a waiver of any other provision
of this Appendix, or of any subsequent breach by such party of a provision of
this Appendix.  Notwithstanding anything
to the contrary contained in the Plan or in this Appendix, to the extent that the
Company determines that the Mutual Fund Award is subject to Section 409A of the
Code and fails to comply with the requirements of Section 409A of the Code, the
Company reserves the right to amend, restructure, terminate or replace the Mutual
Fund Award in order to cause the Mutual Fund Award to either not be subject to
Section 409A of the Code or to comply with the applicable provisions of such
section.

9.                                       Notices.

                Any notice to be given to the
Company shall be addressed to the Company at its principal office, in care of
its Assistant Corporate Secretary.  Any
notice to be given to Participant shall be addressed to Participant at the
address listed in the Company’s records. 
By a notice given pursuant to this section, either party may designate a
different address for notices.  Any
notice shall have been deemed given (i) when actually delivered to the Company,
or (ii) if to the Participant, when actually delivered; when deposited in the
U.S. Mail, postage prepaid and properly addressed to the Participant; or when
delivered by overnight courier.  

10.                                 Definitions.

For purposes of the LTI
Acceptance Form and this Appendix:

a.             “Services”
shall mean the Participant is providing services to the Company or any
Consolidated Subsidiary in the capacity as an employee, a member of the board
of directors of the parent company, a trustee of a Janus-affiliated investment
company trust, or a consultant pursuant to a written consulting agreement;

b.             “Termination
of Affiliation” shall mean the first day when Participant, for any reason,
is no longer providing Services to the Company or any Consolidated Subsidiary,
or with respect to Participant’s status as an employee, director or trustee of,
or consultant to, an entity with is a Consolidated Subsidiary, the first day on
which such entity ceases to be a Consolidated Subsidiary; 

c.             “Disability”
shall mean total disability as determined for purposes of the long-term
disability plan of the Company or the applicable subsidiary-employer of the
Participant, and disability shall be deemed to occur for purposes of this
Appendix on the date such determination of disability is made; and 

d.             “Retirement”
shall mean Participant has both attained age fifty-five (55) and completed at
least ten (10) years of Service with the Company or a Consolidated Subsidiary.

 iii

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