Document:

Exibit 4.14

    

      AMENDMENT
        TO THE

       

      CAPITAL
        CORP OF THE WEST

       

      EMPLOYEE
        STOCK OWNERSHIP PLAN

       

      The
        Capital Corp of the West Employee Stock Ownership Plan is amended by adopting
        this Model Plan Amendment published by the Internal Revenue Service in Rev.
        Proc. 2002-29, as set forth below, as a ?snap-on? amendment to the most recent
        restatement of the plan. The effective date of this Model Plan Amendment
        shall
        be January 1, 2003.

       

      Article
        A. MINIMUM DISTRIBUTION REQUIREMENTS.

       

      Section
        1. General
        Rules.

       

      1.1. Effective
        Date.

       

      Unless
        an
        earlier effective date is specified in the plan, the provisions of this article
        will apply for purposes of determining required minimum distributions for
        calendar years beginning with the 2003 calendar year. -

       

      
        	 	
                1
                  .2.

              	
                Coordination
                  With Minimum Distribution Requirements Previously In
                  Effect.

              

      

       

      If
        the
        plan specifies an effective date of this article that is earlier than calendar
        years beginning with the 2003 calendar year, required minimum distributions
        for
        2002 under this article will be determined as follows. If the total amount
        of
        2002 required minimum distributions under the plan made to the distributee
        prior
        to the effective date of this article equals or exceeds the required minimum
        distributions determined under this article, then no additional distributions
        will be required to be made for 2002 on or after such date to the distributee.
        If the total amount of

       

      2002
        required minimum distributions under the plan made to the distributee prior
        to
        the effective date of this article is less than the amount determined under
        this
        article, then required minimum distributions for 2002 on and after such date
        will be determined so that the total amount of required minimum distributions
        for 2002 made to the distributee will be the amount determined under this
        article.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      1.3. Precedence.

       

      The
        requirements of this article will take precedence over any inconsistent
        provisions of the plan.

       

      1.4. Requirements
        Of Treasury Regulations Incorporated.

       

      All
        distributions required under this article will be determined and made in
        accordance with the Treasury regulations under section 401(a)(9) of the Internal
        Revenue Code.

       

      1.5. TEFRA
        Section 242(b)(2) Elections.

       

      Notwithstanding
        the other provisions of this article, distributions may be made under a
        designation made before January 1, 1984, in accordance with section 242(b)(2)
        of
        the Tax Equity and Fiscal Responsibility Act (TEFRA) and the provisions of
        the
        plan that relate to section 242(b)(2) of TEFRA.

       

      Section
        2. Time
        And
        Manner Of Distribution.

       

      2.1. Required
        Beginning Date. -

       

      The
        participant?s entire interest will be distributed, or begin to be distributed,
        to the participant no later than the participant?s required beginning
        date.

       

      2.2. Death
        Of Participant Before Distributions Begin.

       

      If
        the
        participant dies before distributions begin, the participant?s entire interest
        will be distributed, or begin to be distributed, no later than as
        follows:

       

      
        	 	
                (a)

              	
                If
                  the participant?s surviving spouse is the participant?s sole designated
                  beneficiary, then, except as provided in the adoption agreement,
                  distributions to the surviving spouse will begin by December 31
                  of the
                  calendar year immediately following the calendar year in which
                  the
                  participant died, or by December 31 of the calendar year in which
                  the
                  participant would have attained age 70-1/2, if
                  later.

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	 	
                (b)

              	
                If
                  the participant?s surviving spouse is not the participant?s sole
                  designated beneficiary, then, except as provided in the adoption
                  agreement, distributions to the designated beneficiary will begin
                  by
                  December 31 of the calendar year immediately following the calendar
                  year
                  in which the participant died.

              

      

       

      
        	 	
                (c)

              	
                If
                  there is no designated beneficiary as of September 30 of the year
                  following the year of the participant?s death, the participant?s
                  entire
                  interest will be distributed by December 31 of the calendar year
                  containing the fifth anniversary of the participant?s
                  death.

              

      

       

      
        	 	
                (d)

              	
                If
                  the participant?s surviving spouse is the participant?s sole designated
                  beneficiary and the surviving spouse dies after the participant
                  but before
                  distributions to the surviving spouse begin, this section 2.2,
                  other than
                  section 2.2(a), will apply as if the surviving spouse were the
                  participant.

              

      

       

      For
        purposes of this section 2.2 and section 4, unless section 2.2(d) applies,
        distributions are considered to begin on the participant?s required beginning
        date. If section 2.2(d) applies, distributions are considered to begin on
        the
        date distributions are required to begin to the surviving spouse under section
        2.2(a). If distributions under an annuity purchased from an insurance company
        irrevocably commence to the participant before the participant?s required
        beginning date (or to the participant?s surviving spouse before the date
        distributions are required to begin to the surviving spouse under section
        2.2(a)), the date distributions are considered to begin is the date
        distributions actually commence.

       

      2.3. Forms
        Of Distribution.

       

      Unless
        the participant?s interest is distributed in the form of an annuity purchased
        from an insurance company or in a single sum on or before the required beginning
        date, as of the first distribution calendar year distributions will be made
        in
        accordance with sections 3 and 4 of this article. If the participant?s interest
        is distributed in the form of an annuity purchased from an insurance company,
        distributions thereunder will be made in accordance with the requirements
        of
        section 401(a)(9) of the Code and the Treasury regulations.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Section
        3. Required
        Minimum Distributions During Participant?s Lifetime.

       

      3.1. Amount
        Of Required Minimum Distribution For Each Distribution Calendar
        Year.

       

      During
        the participant?s lifetime, the minimum amount that will be distributed for
        each
        distribution calendar year is the lesser of:

       

      
        	 	
                (a)

              	
                the
                  quotient obtained by dividing the participant?s account balance
                  by the
                  distribution period in the Uniform Lifetime Table set forth in
                  section
                  1.401 (a)(9)-9 of the Treasury regulations, using the participant?s
                  age as
                  of the participant?s birthday in the distribution calendar year;
                  or

              

      

       

      
        	 	
                (b)

              	
                if
                  the participant?s sole designated beneficiary for the distribution
                  calendar year is the participant?s spouse, the quotient obtained
                  by
                  dividing the participant?s account balance by the number in the
                  Joint and
                  Last Survivor Table set forth in section 1.401(a)(9)-9 of the Treasury
                  regulations, using the participant?s and spouse?s attained ages
                  as of the
                  participant?s and spouse?s birthdays in the distribution calendar
                  year.

              

      

       

      
        	 	
                3.2.

              	
                Lifetime
                  Required Minimum Distributions Continue Through Year Of Participant?s
                  Death.

              

      

       

      Required
        minimum distributions will be determined under this section 3 beginning with
        the
        first distribution calendar year and up to and including the distribution
        calendar year that includes the participant?s date of death.

       

      Section
        4. Required
        Minimum Distributions After Participant?s Death.

       

      4.1. Death
        On Or After Date Distributions Begin.

       

      (a) Participant
        Survived By Designated Beneficiary.

       

      If
        the
        participant dies on or after the date distributions begin and there is a
        designated beneficiary, the minimum amount that will be distributed for each
        distribution calendar year after the year of the participant?s death is the
        quotient obtained by dividing the participant?s account

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      balance
        by the longer of the remaining life expectancy of the participant or the
        remaining life expectancy of the participant?s designated beneficiary,
        determined as follows:

       

      
        	 	
                (1)

              	
                The
                  participant?s remaining life expectancy is calculated using the
                  age of the
                  participant in the year of death, reduced by one for each subsequent
                  year.

              

      

       

      
        	 	
                (2)

              	
                If
                  the participant?s surviving spouse is the participant?s sole designated
                  beneficiary, the remaining life expectancy of the surviving spouse
                  is
                  calculated for each distribution calendar year after the year of
                  the
                  participant?s death using the surviving spouse?s age as of the
                  spouse?s
                  birthday in that year. For distribution calendar years after the
                  year of
                  the surviving spouse?s death, the remaining life expectancy of
                  the
                  surviving spouse is calculated using the age of the surviving spouse
                  as of
                  the spouse?s birthday in the calendar year of the spouse?s death,
                  reduced
                  by one for each subsequent calendar
                  year.

              

      

       

      
        	 	
                (3)

              	
                If
                  the participant?s surviving spouse is not the participant?s sole
                  designated beneficiary, the designated beneficiary?s remaining
                  life
                  expectancy is calculated using the age of the beneficiary in the
                  year
                  following the year of the participant?s death, reduced by one for
                  each
                  subsequent year.

              

      

       

      (b) No
        Designated Beneficiary.

       

      If
        the
        participant dies on or after the date distributions begin and there is no
        designated beneficiary as of September 30 of the year after the year of the
        participant?s death, the minimum amount that will be distributed for each
        distribution calendar year after the year of the participant?s death is the
        quotient obtained by dividing the participant?s account balance by the
        participant?s remaining life expectancy calculated using the age of the
        participant in the year of death, reduced by one for each subsequent
        year.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      4.2. Death
        Before Date Distributions Begin.

       

      (a) Participant
        Survived by Designated Beneficiary.

       

      Except
        as
        provided in the adoption agreement, if the participant dies before the date
        distributions begin and there is a designated beneficiary, the minimum amount
        that will be distributed for each distribution calendar year after the year
        of
        the participant?s death is the quotient obtained by dividing the participant?s
        account balance by the remaining life expectancy of the participant?s designated
        beneficiary, determined as provided in section 4.1.

       

      (b) No
        Designated Beneficiary.

       

      If
        the
        participant dies before the date distributions begin and there is no designated
        beneficiary as of September 30 of the year following the year of the
        participant?s death, distribution of the participant?s entire interest will
        be
        completed by December 31 of the calendar year containing the fifth anniversary
        of the participant?s death.

       

      
        	 	
                (c)  
                  

              	
                Death
                  Of Surviving Spouse Before Distributions To Surviving Spouse Are
                  Required
                  To Begin.

              

      

       

      If
        the
        participant dies before the date distributions begin, the participant?s
        surviving spouse is the participant?s sole designated beneficiary, and the
        surviving spouse dies before distributions are required to begin to the
        surviving spouse under section 2.2(a), this section 4.2 will apply as if
        the
        surviving spouse were the participant.

       

      Section
        5. Definitions.

       

      5.1. Designated
        Beneficiary.

       

      The
        individual who is designated as the beneficiary under the plan and is the
        designated beneficiary under section 401(a)(9) of the Internal Revenue Code
        and
        section 1.401(a)(9)-1, Q&A-4, of the Treasury regulations.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      5.2. Distribution
        Calendar Year.

       

      A
        calendar year for which a minimum distribution is required. For distributions
        beginning before the participant?s death, the first distribution calendar
        year
        is the calendar year immediately preceding the calendar year which contains
        the
        participant?s required beginning date. For distributions beginning after
        the
        participant?s death, the first distribution calendar year is the calendar
        year
        in which distributions are required to begin under section 2.2. The required
        minimum distribution for the participant?s first distribution calendar year
        will
        be made on or before the participant?s required beginning date. The required
        minimum distribution for other distribution calendar years, including the
        required minimum distribution for the distribution calendar year in which
        the
        participant?s required beginning date occurs, will be made on or before December
        31 of that distribution calendar year.

       

      5.3. Life
        Expectancy.

       

      Life
        expectancy as computed by use of the Single Life Table in section 1.401 (a)(9)-9
        of the Treasury regulations.

       

      5.4. Participant?s
        Account Balance.

       

      The
        account balance as of the last valuation date in the calendar year immediately
        preceding the distribution calendar year (valuation calendar year) increased
        by
        the amount of any contributions made and allocated or forfeitures allocated
        to
        the account balance as of dates in the valuation calendar year after the
        valuation date and decreased by distributions made in the valuation calendar
        year after the valuation date. The account balance for the valuation calendar
        year includes any amounts rolled over or transferred to the plan either in
        the
        valuation calendar year or in the distribution calendar year if distributed
        or
        transferred in the valuation calendar year.

       

      5.5. Required
        Beginning Date.

       

      The
        date
        specified in the definitions section of the plan.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      (Check
        and complete section 1 below if any required minimum distributions for the
        2002
        distribution calendar year were made in accordance with the section 401(a)
        (9)
        Final and Temporary regulations.)

       

      Section
        1. Effective
        Date of Plan Amendment For Section 401 (a)(9) Final And Temporary Treasury
        Regulations.

       

      
        	
                ____

              	
                Article
                  Minimum Distribution Requirements, applies for purposes of determining
                  required minimum distributions for distribution calendar years
                  beginning
                  with the 2003 calendar year, as well as required minimum distributions
                  for
                  the 2002 distribution calendar year that are made on or after
                  ____________

              

      

       

      (Check
        and complete any of the remaining sections if you wish to modify the rules
        in
        sections 2.2 and 4.2 of Article A of the plan.)

       

      Section
        2 Election
        To Apply 5-Year Rule To Distributions To Designated
        Beneficiaries.

       

      
        	
                ____

              	
                If
                  the participant dies before distributions begin and there is a
                  designated
                  beneficiary, distribution to the designated beneficiary is not
                  required to
                  begin by the date specified in section 2.2 of Article A of the
                  plan, but
                  the participant?s entire interest will be distributed to the designated
                  beneficiary by December 31 of the calendar year containing the
                  fifth
                  anniversary of the participant?s death. If the participant?s surviving
                  spouse is the participant?s sole designated beneficiary and the
                  surviving
                  spouse dies after the participant but before distributions to either
                  the
                  participant or the surviving spouse begin, this election will apply
                  as if
                  the surviving spouse were the participant. This election will apply
                  to:

              

      

       

      ____All
        distributions.

       

      ____The
        following distributions: ___________________

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Section
        3. Election
        To Allow Participants or Beneficiaries To Elect 5-Year Rule.

       

      
        	 	
                __?_

              	
                Participants
                  or beneficiaries may elect on an individual basis whether the 5-year
                  rule
                  or the life expectancy rule in sections 2.2 and 4.2 of Article
                  A of the
                  plan applies to distributions after the death of a participant
                  who has a
                  designated beneficiary. The election must be made no later than
                  the
                  earlier of September 30 of the calendar year in which distribution
                  would
                  be required to begin under section 2.2 of Article A of the plan,
                  or by
                  September 30 of the calendar year which contains the fifth anniversary
                  of
                  the participant?s (or, if applicable, surviving spouse?s) death.
                  If
                  neither the participant nor beneficiary makes an election under
                  this
                  paragraph, distributions will be made in accordance with sections
                  2.2 and
                  4.2 of Article A of the plan and, if applicable, the elections
                  in section
                  2 above.

              

      

       

      Section
        4. Election
        To Allow Designated Beneficiary Receiving Distributions Under 5-Year Rule
        To
        Elect Life Expectancy Distributions.

       

      
        	 	
                ____

              	
                A
                  designated beneficiary who is receiving payments under the 5-year
                  rule may
                  make a new election to receive payments under the life expectancy
                  rule
                  until December 31, 2003, provided that all amounts that would have
                  been
                  required to be distributed under the life expectancy rule for all
                  distribution calendar years before 2004 are distributed by the
                  earlier of
                  December 31, 2003 or the end of the 5-year
                  period.

              

      

       

      All
        other
        provisions of the plan shall remain in effect as previously adopted or
        amended.

       

      Executed
        this 18th
        day of
        December 2003.

       

      CAPITAL
        CORP OF THE WEST

       

      By:
        /s/Thomas
        T Hawker

      Tom
        Hawker

       

      Its:
        Presidentexv10w1

 

Exhibit 10.1

AMENDMENT TO EMPLOYMENT, RETIREMENT AND

CONSULTING AGREEMENT

     This Amendment to the Employment, Retirement and Consulting Agreement, dated as of October 6,
2004 (“Employment Agreement”), is made and entered into as of June 15, 2005, between R. Timothy
Hudner (“Executive”) and Janus Capital Group Inc., a Delaware corporation (“Company”). All
capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.

     WHEREAS, the parties wish to amend the Employment Agreement as set forth below.

     Accordingly, in consideration of the mutual agreements herein contained and other good and
valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties
hereto hereby agree as follows:

	1.	 	All references in the Employment Agreement to the “Agreement” shall be deemed to include this
Amendment.
	 
	2.	 	All references to the “Retirement Date” shall mean December 31, 2005; provided however, the
2005 Annual Bonus payment under Section 3(b)(iii)(B) and the vesting and continuation of the
exercise period of all Retention and Incentive Awards under Section 5(e) will remain as of
June 30, 2005.
	 
	3.	 	All references to the “Consulting Period” shall mean the period beginning January 1, 2006 and
ending on June 30, 2006.
	 
	4.	 	Notwithstanding Section 3(b)(iv), Executive shall receive a mutual fund unit award in an
amount equal to $400,000 under the Company’s Mutual Fund Share Investment Plan. This award
shall be effective as of June 30, 2005, and shall fully vest on June 30, 2006. The award will
continue to vest in the event Executive’s association with the Company is terminated for any
reason prior to June 30, 2006 (other than for Cause, in which event the award will be
forfeited and cancelled); provided, however, the Company, in its sole discretion, may
accelerate the vesting to occur on or about such earlier termination date.
	 
	5.	 	The Employment Agreement, as amended and supplemented by this Amendment, are ratified and
confirmed. Except as specifically stated herein, the Employment Agreement shall continue in
full force and effect in accordance with the provisions thereof.

 

 

	6.	 	This Amendment may be executed in any number of counterparts, each of which shall be an
original but all of which, when taken together, shall constitute but one instrument. Delivery
of an executed counterpart of a signature page of this
Amendment by facsimile shall be effective as delivery of a manually executed counterpart of
this Amendment.

     IN WITNESS WHEREOF, the parties hereto have executed this Amendment effective as of the date
set forth above.

	 	 	 	 	 
	 	JANUS CAPITAL GROUP INC.

 	 
	 	By:  	/s/ Gregory A. Frost
 	 
	 	 	Name:  	Gregory A. Frost 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	EXECUTIVE

 	 
	 	/s/ R. Timothy Hudner
 	 
	 	R. Timothy Hudner 	 
	 	 	 
	 

2

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