Document:

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                                                                   EXHIBIT 10.16

                      LICENSING AND DISTRIBUTION AGREEMENT

     This Agreement is made effective as of September 15, 2006 (the "Effective
Date") by and between uWink, Inc., a Utah corporation with offices at 16106 Hart
St. Van Nuys, CA 91406 ("Licensor") and Snap Leisure LLC, a Washington limited
liability company with offices at 4307 Vista Place NE, Tacoma WA 98422
("Licensee"). Licensor and Licensee are sometimes referred to herein
individually as, "Party" and collectively as, the "Parties."

                                    RECITALS

A. Licensee is engaged in the business, inter alia, of manufacturing,
distributing and marketing computer interactive entertainment software products
for deployment on public-use entertainment terminals in the form of computer
programs and written documentation relating to their use.

B. Licensor desires to grant certain rights in the Licensed Products (as defined
below) which it has developed, and Licensee desires to obtain said rights from
Licensor under the terms and conditions set forth in this Agreement.

     NOW, THEREFORE, in consideration of the premises and mutual covenants and
agreements set forth herein, Licensee and Licensor agree as follows:

                                    SECTION 1
                                   DEFINITIONS

     The following definitions shall apply throughout this Agreement:

     1.1 Programs. "Programs" shall mean all versions of the software programs
listed in Schedule "A" and other mutually agreed upon program titles. Unless
expressly indicated to the contrary herein, the term "Program(s)" also includes
"Upgrades."

     1.2 Platform. "Platform" shall mean the hardware platforms for which the
Programs have been developed by Licensor

     1.3 Collateral Materials. "Collateral Materials" shall mean source code,
programming documentation, development records, instruction manuals (user's
guide), packaging, labels, promotional and advertising materials which are or
have been developed by Licensor for use in the sale and promotion of the
Programs.

     1.4 Licensed Products. "Licensed Products" shall mean the Programs,
together with associated Collateral Materials.

     1.5 Upgrades. "Upgrades" shall mean revisions, modifications, updates,
corrected and new versions, new editions, and add-ons whether developed either
by Licensee or Licensor during the term of this Agreement.

     1.6 Trademarks. "Trademarks" shall mean any trademarks, service marks or
trade names of Licensor as set forth in Schedule "C" and as are associated with
the Programs or as designated by Licensor.

     1.7 Amusements Market: "Amusements Market" shall mean the business of
designing, selling, operating, distributing and manufacturing "pay-to-play"
products that deliver abbreviated audiovisual entertainment experiences in
public places

     1.8 Territory. "Territory" shall mean the World

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                                    SECTION 2
                           RIGHTS GRANTED TO LICENSEE

     2.1 Grant. In accordance with the terms and conditions of this Agreement,
Licensor hereby grants to Licensee in perpetuity the following license and
related rights with respect to the Licensed Products in the Territory:

         (a) to reproduce or have reproduced on its behalf the Licensed
         Products;

         (b) to sell and distribute the Licensed Products during the term of the
         Agreement. Licensee shall have exclusive rights to wholesale and retail
         distribution, OEM licensing and retail direct marketing of the Licensed
         Programs for the Amusements Market.

         (c) to affix the Trademarks to the Licensed Products and use the
         Trademarks in the promotion and distribution of the Licensed Products;
         provided that (1) Licensee shall only have the right to affix and use
         the trade name "uWink" or any derviation thereof for a period of 1 year
         following the date hereof, after which point Licensee shall no longer
         have any right to affix or use the trade name "uWink" or any derivation
         thereof for any purpose on new manufacturing, distribution or placement
         of Licensed Products and (2) no Licensed Product shall carry the trade
         name "uWink" or any derivation thereof following the 5th anniversary of
         the date hereof; provided that Licensee complies in all respects with
         any commercially reasonable guidelines or directions provided by
         Licensor with respect to proper usage of the Trademarks. At the request
         of Licensor, Licensee will submit to Licensor any and all materials
         bearing or including any Trademarks. Upon the request of Licensor,
         Licensee will discontinue the use of (i) any Trademarks being used by
         Licensee in a manner determined by Licensor to be inconsistent with the
         guidelines set forth above or (ii) any trademark, service mark, or
         trade name deemed by Licensor to create a likelihood of confusion with
         a Trademark.

         (d) to publicly display and perform the Licensed Products.

         (e) to modify and adapt Licensed Products and to create derivative
         works based on Licensed Products

     2.2 Upgrades. From time to time during the term of this Agreement, Licensee
may create, at its own expense, Upgrades for the Program. Nothing contained in
this Agreement shall be construed to obligate either Licensor or Licensee to
create any Upgrades or Licensee to publish them.

                                    SECTION 3
                             LICENSOR'S OBLIGATIONS

     3.1 Deliverables. Licensor shall prepare and deliver to Licensee for
reproduction master copies of all versions of all Licensed Products in CD-ROM
format or other media as appropriate.

     3.2 Product Quality. All Licensed Products are being licensed as-is.
Licensor has no obligation under this Agreement to provide technical support or
correct material errors or defects which may be discovered in the Programs. or
titles published by Licensee

                                       2

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                                   SECTION 4
                            OBLIGATIONS OF LICENSEE

     4.1 Marketing. Licensee will use reasonable efforts to promote and market
the Licensed Products. Licensee will bear the cost of all marketing and
advertising expenses in connection with the promotion of Licensed Products in
Licensee's channels of distribution.

     4.2 Product Support and Warranty. Licensee shall be solely responsible for
providing technical support for all end-users of the Licensed Products
distributed by Licensee. Warranty support and coverage shall be provided in
accordance with the end-user license and warranty which shall be included with
the Licensed Product. Provisions of such warranty support and coverage shall be
the sole discretion of Licensee

     4.3 Promotional Copies. Licensee shall have the right to distribute copies
of the Licensed Products royalty free solely for internal and promotional use by
Licensee and Licensee's customers or prospective customers.

     4.4 Notices. Licensee will maintain any copyright and trademark notices
which are included on and in the Licensed Products.

                                   SECTION 5
                               PROPRIETARY RIGHTS

     5.1 Ownership. Notwithstanding any provision herein to the contrary, as
between Licensee and Licensor, Licensor shall retain and own all worldwide
right, title and interest in and to the Licensed Products and the Trademarks and
all intellectual property and other rights therein, including but not limited to
copyrights, patents, and trade secrets in the Programs (both object code and
source code form), Program masters, and the Collateral Materials, including all
copies and all portions thereof, and nothing in this Agreement will vest title
in Licensee to any rights therein, except as expressly set forth in this
Agreement.

     5.2 Licensee Developed Materials. Licensee may, at its own expense, adopt
and apply its own trademarks, artwork, copy and packaging in marketing and
promoting the Licensed Products.

                                   SECTION 6
                                CONFIDENTIALITY

     6.1 Confidential Information. All documentation and information designated
by the party disclosing the information (the "Disclosing Party") as proprietary
or confidential, including without limitation drawings, source code, computer
program listings, techniques, algorithms and processes and technical and
marketing information ("Confidential Information") which is supplied by the
Disclosing Party in connection with this Agreement shall be treated
confidentially by the recipient of the confidential information ("Recipient")
and its employees and contractors and shall not be disclosed by the Recipient,
except as required in order to exercise the rights and obligations set forth in
this Agreement, without the Disclosing Party's prior written consent. Recipients
of Confidential Information shall disclose Confidential Information only to
employees, contractors, and sublicensees who have a need to know and have
executed written agreements requiring them to comply with the nondisclosure
obligations set forth herein.

     6.2 Limitations. Information shall not be considered to be Confidential
Information if it (1) is already or otherwise becomes publicly known through no
act of Recipient; or (2) is lawfully received from third parties subject to no
restriction of confidentiality; or (3) can be shown by Recipient to have been
independently developed by it; or (4) is authorized by the Disclosing Party to
disclose, copy or use; or (5) is disclosed by the Disclosing Party to third
parties without restriction on subsequent disclosure; or (6) is required to be
disclosed in the context of an administrative or judicial proceeding.

     6.3 Survival. The duty of confidentiality with respect to source code,
which is disclosed pursuant to this Section 6, if any, shall survive the
termination of the license granted in Section 2.1 for so long as the materials
remain confidential and proprietary. The duty of confidentiality with respect to
all other confidential information shall survive the termination or expiration
of the license granted in Section 2.1 for a period of three (3) years.

                                       3

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                                   SECTION 7
                   WARRANTIES, COVENANTS AND INDEMNIFICATION

     7.1 Warranties and Covenants of Licensor. Licensor represents, warrants and
covenants to Licensee the following:

         (a) Licensor has the full power to enter into this Agreement;

         (b) Licensor's performance of the terms of this Agreement and of
Licensor's obligations hereunder shall not breach any separate agreement by
which Licensor is bound.

     7.2 Warranties and Covenants of Licensee. Licensee represents, warrants and
covenants to Licensor the following:

         (a) Licensee has the full power and authority to enter into this
Agreement and to fulfill its obligations hereunder;

         (b) any promotional materials, packaging, documentation or other
materials developed by Licensee for use with the Programs, to the extent said
materials are not based upon materials provided by Licensor, do not infringe
upon, or misappropriate, any copyright, trademark, trade secret or other
proprietary rights of any third party; and

         (c) Licensee's performance of the terms of this Agreement and of
Licensee's obligations hereunder shall not breach any separate agreement by
which Licensee is bound.

     7.3 Licensee's Indemnity. Licensee agrees to indemnify, hold harmless and
defend Licensor from all claims, defense costs (including reasonable attorneys,
fees), judgments and other expenses arising out of or on account of claims of:

         (a) any actions or omissions on the part of Licensee in reproducing,
distributing or marketing the Licensed Products in Licensee's distribution
channel in accordance with this Agreement.

         (b) any statements, claims, representations or warranties made by
Licensee or its employees, agents, sublicensees or representative, relating to
the Licensed Products, other than as authorized by Licensor in writing or made
in Licensor's own writings;

         (c) the breach of any representation, covenant or warranty set forth in
Section 7.2 above.

         (d) alleged infringement or violation of any copyright, trademark,
patent, trade secret or other intellectual property right to the extent said
claims arise from packaging and other materials provided by Licensee or
modifications or additions to the Licensor materials made by Licensee.

     7.4 Licensor's Obligation. Licensor shall notify Licensee promptly of any
claim as to which indemnification will be sought and provide Licensee reasonable
cooperation in the defense and settlement thereof.

                                   SECTION 8
                                   ROYALTIES

     8.1 Rate and Payment. In consideration for the rights granted Licensee
under Section 2 of this Agreement, and for the other obligations imposed upon
Licensor, Licensee shall pay to Licensor on a calendar quarterly basis, the
amounts per Licensed Product set forth in Schedule "A" attached. At the request
of Licensor, Licensee will provide unaudited gross sales reports to substantiate
tendered royalties.

                                       4

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     8.2 Payment Schedule. Royalties payable to Licensor under this Agreement
shall be paid to Licensor within forty-five (45) days of the end of each
calendar quarter in which revenues are received by Licensee accompanied by a
statement of units sold, samples and returns and any revenues from sublicensing.
Any payments due under this Agreement shall be offset and first applied by
Licensee against any obligation owing from Licensor to Licensee so long as any
such obligation remains unsatisfied

     8.3 Records. Licensee will keep accurate books of account and records at
its principal place of business covering all transactions subject to royalty or
other payments under this Section 8. Upon reasonable notice of not less than ten
(10) business days, Licensor shall have the right to inspect such books of
account and records to confirm that the correct amount owing Licensor under this
Section 8 has been paid. Licensee shall maintain such books of account and
records for at least one (1) year after the expiration or termination of this
Agreement.

                                   SECTION 9
                               TERM; TERMINATION

     9.1 Term. The term of this Agreement shall be perpetual unless terminated
for cause as provided herein below.

     9.2 This Agreement may be terminated 30 days after either party gives the
other party written notice of a material breach by the other party of any
material term or condition of this Agreement, unless the breach is cured before
that day.

     9.3 This Agreement may be terminated 30 days after the terminating party
gives the non-terminating party written notice of termination because the
non-terminating party has been for more than sixty (60) days the subject of any
voluntary or involuntary proceeding relating to bankruptcy, insolvency,
liquidation, receivership, composition of or assignment for the benefit of
creditors. Notice of termination under this Section 9.3 is discretionary, not
mandatory.

                                   SECTION 10
                         DISTRIBUTION AFTER TERMINATION

Licensee shall be entitled to continue to hold the right to distribute and sell
Licensed Products manufactured prior to the date of termination pursuant to the
terms of this Agreement notwithstanding termination of the licenses granted in
Section 2. 1. Licensed Products sold during this post-termination period shall
be subject to royalty payments under Section 8. However, Licensee shall not
manufacture or reproduce Licensed Products after the termination of the licenses
granted in Section 2.1.

                                   SECTION 11
                      GOVERNING LAW AND DISPUTE RESOLUTION

     9.4 This Agreement shall be governed by and construed in accordance with
the laws of the State of California, without regard to its choice of law
principles. The parties consent to exclusive jurisdiction and venue in the
federal and state courts sitting in Los Angeles, California. In any action or
suit to enforce any right or remedy under this Agreement or to interpret any
provision of this Agreement, the prevailing party shall be entitled to recover
its reasonable attorney's fees, costs and expenses as ordered by the Court.

                                   SECTION 12
                            MISCELLANEOUS PROVISIONS

     12.1 Notices. For purposes of all notices and other communications required
or permitted to be given hereunder, the addresses of the parties hereto shall be
as indicated below. All such communications shall be in writing and shall be
deemed to have been duly given if sent by facsimile, the receipt of which is
confirmed by return facsimile, or if delivered personally with receipt
acknowledged, or sent by first class registered or certified mail or equivalent,
return receipt requested, if available, postage paid, or commercial carrier
(e.g. Federal Express or UPS), addressed to the parties at their addresses
respectively set forth below:

                                       5

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        If to Licensor: uWink,Inc.
                        16106 Hart Street
                        Van Nuys CA 91406
                        Attention: Chief Financial Officer

        If to Licensee: S. Raymond Hibarger
                        4307 Vista Place NE
                        Tacoma, WA 98422

     12.2 The Designated Person to Send and Receive Material. The parties agree
that all materials exchanged between the parties for formal approval shall be
communicated between single designated persons, or a single alternate designated
person for each entity.

     12.3 Entire Agreement. This Agreement, including any attached schedules,
constitutes the entire agreement between the parties with respect to the
services and all other subject matter hereof and merges all prior and
contemporaneous oral or written communications, agreements, representations
and/or understandings. It shall not be modified nor any provision waived or
departed from except by a written agreement dated subsequent to the date of this
Agreement and signed on behalf of the parties by their respective duly
authorized representatives; and then such waiver or consent shall be effective
only in the specific instances of and for the specific purposes given.

     12.4 Force Majeure. Neither party shall be responsible for any failure to
perform due to unforeseen, non-commercial circumstances beyond its reasonable
control, including but not limited to acts of God, war, riot, embargoes, acts of
civil or military authorities, fire, floods, earthquakes, accidents, strikes,
fuel or energy. In the event of any such delay, any applicable period of time
for action by said party may be deferred for a period equal to the time of such
delay.

     12.5 Severability. In the event that any one or more of the provisions of
this Agreement is found to be illegal or unenforceable, then notwithstanding
such illegality or unenforceability, this Agreement shall remain in full force
and effect, and such term or provision shall be deemed stricken. However, if the
stricken provision is of fundamental importance to a party, then that party may
immediately terminate the Agreement and any remaining payment or similar
remaining performance obligations shall be prorated accordingly.

     12.6 Contract Assignment. Licensee may not assign its rights and duties
under this Agreement without the written consent of Licensor; provided that once
Licensee is no longer affixing or using the trade name "uWink" or any derivation
thereof in any new manufacturing, distribution or placement of Licensed Product
in accordance with Section 2.1(c) (1), Licensee may assign this agreement
without the written consent of Licensor.

     12.7 Waivers and Amendments. No waiver, amendment, or modification of any
provision of this Agreement shall be effective unless consented to by both
parties in writing. No failure or delay by either party in exercising any
rights, powers, or remedy under this Agreement shall operate as a waiver of any
such right, power, or remedy.

     12.8 The parties are separate and independent legal entities. Nothing in
this Agreement shall constitute a partnership nor make either party the agent or
representative of the other. Neither party has the authority to bind the other
or to incur any liability on behalf of the other, nor to direct the employees of
the other.

     12.9 Titles and Headings. The titles and headings of each section are
intended for convenience only and shall not be used in construing or
interpreting the meaning of any particular clause or section.

                                       6

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     12.10 Contract Interpretation. Ambiguities, inconsistencies, or conflicts
in this Agreement shall not be strictly construed against the drafter of the
language but will be resolved by applying the most reasonable interpretation
under the circumstances, giving full consideration to the parties' intentions at
the time this Agreement is entered into.

     12.11 No Third Party Rights. This Agreement is not for the benefit of any
third party, and shall not be considered to grant any right or remedy to any
third party whether or not referred to in this Agreement.

     12.12 Singular and Plural Terms. Where the context of this Agreement
requires, singular terms shall be considered plural, and plural terms shall be
considered singular.

     12.13 Confidentiality of Agreement. The parties consider the terms of this
Agreement to be confidential. Neither party shall disclose this Agreement or its
terms to any third party except (1) to the extent, if any, required by law or by
the legal, accounting, investment, or banking requirements of a party; or (2)
with the prior written consent of the other party (such consent not to be
unreasonably withheld).

     12.14 LIMITATION ON LIABILITY; REMEDIES. NEITHER PARTY SHALL BE LIABLE TO
THE OTHER PARTY FOR ANY INCIDENTAL, CONSEQUENTIAL, SPECIAL, OR PUNITIVE DAMAGES
OF ANY KIND OR NATURE, INCLUDING, WITHOUT LIMITATION, THE BREACH OF THIS
AGREEMENT OR ANY TERMINATION OF THIS AGREEMENT, WHETHER SUCH LIABILITY IS
ASSERTED ON THE BASIS OF CONTRACT, TORT (INCLUDING NEGLIGENCE OR STRICT
LIABILITY), OR OTHERWISE, EVEN IF EITHER PARTY HAS WARNED OR BEEN WARNED OF THE
POSSIBILITY OF ANY SUCH LOSS OR DAMAGE. MOREOVER, IN NO EVENT SHALL LICENSOR'S
LIABILITY TO LICENSEE OR ANY THIRD PARTY EXCEED THE AMOUNTS PAYABLE TO LICENSOR
AS SET FORTH IN SCHEDULE "A".

     12.15 Survival. Without limitation, the Royalty and Indemnity provisions of
this Agreement, Sections 8 and 7, shall survive the termination of the licenses
granted in Section 2.1. The Confidentiality provisions of Section 6 shall
survive the termination or expiration of the licenses granted in Section 2.1 as
provided in Section 6.3.

     12.16 Counterparts. This Agreement may be executed in counterparts, and a
facsimile copy of this Agreement, signed by either party and transmitted to the
other party, shall constitute a binding signature to this Agreement.

IN WITNESS WHEREOF, this Agreement is executed as of the Effective Date set
forth above.

LICENSOR        LICENSEE

By:/S/__________________________        By:/S/_____________________________
Its: CFO                                S. Raymond Hibarger, Managing Member

                                       7<PAGE>
                                                                EXHIBIT 4(ggggg)

                                     FORM OF

                              JANUS ADVISER SERIES

                          INVESTMENT ADVISORY AGREEMENT

                          JANUS INSTITUTIONAL [ ] FUND

         THIS INVESTMENT ADVISORY AGREEMENT (the "Agreement") is made this ___
day of ________, 200_, between JANUS ADVISER SERIES, a Delaware statutory trust
(the "Trust"), and JANUS CAPITAL MANAGEMENT LLC, a Delaware limited liability
company ("JCM").

                              W I T N E S S E T H:

         WHEREAS, the Trust is registered as an open-end management investment
company under the Investment Company Act of 1940, as amended (the "1940 Act"),
and has registered its shares for public offering under the Securities Act of
1933, as amended (the "1933 Act"); and

         WHEREAS, the Trust is authorized to create separate funds, each with
its own separate investment portfolio of which the beneficial interests are
represented by a separate series of shares of the Trust; one of such funds
created by the Trust being designated as the Janus Institutional [ ] Fund (the
"Fund"); and

         WHEREAS, the Trust, on behalf of the Fund and JCM, have entered into a
separate agreement for the provision of administrative services; and

         WHEREAS, the Trust and JCM deem it mutually advantageous that JCM
should be appointed as the investment adviser to the Fund.

         NOW, THEREFORE, the parties agree as follows:

         1. Investment Advisory Services. JCM shall determine the securities or
other assets to be purchased, sold or held and shall place orders for the
purchase or sale of such securities or other assets. JCM shall furnish
continuous advice and recommendations to the Fund, and have authority to act
with respect thereto, as to the acquisition, holding, or disposition of any or
all of the securities or other assets which the Fund may own or contemplate
acquiring from time to time. JCM shall give due consideration to the investment
policies and restrictions and the other statements concerning the Fund in the
Trust's Declaration of Trust, bylaws, and registration statements under the 1940
Act and the 1933 Act (as they may be supplemented from time to time and as
authorized by the Trustees), to policies and directives affecting the Fund
adopted by the Trustees and to the provisions of the Internal Revenue Code, as
amended from time to time,

<PAGE>

applicable to the Fund as a regulated investment company. In addition, JCM shall
cause its officers to attend meetings and furnish oral or written reports, as
the Trust may reasonably require, in order to keep the Trustees and appropriate
officers of the Trust fully informed as to the condition of the investment
portfolio of the Fund.

      2. Other Services. JCM is hereby authorized, subject to review by the
Trustees, to furnish or arrange for such other services as JCM shall from time
to time determine to be necessary or useful to perform the services specifically
contemplated by this Agreement.

      3. Obligations of Trust. The Trust shall have the following obligations
under this Agreement:

            (a)   to keep JCM continuously and fully informed as to the
                  composition of its investment portfolio and the nature of all
                  of its assets and liabilities from time to time;

            (b)   to furnish JCM with a certified copy of any financial
                  statement or report prepared for it by certified or
                  independent public accountants and with copies of any
                  financial statements or reports made to its shareholders or to
                  any governmental body or securities exchange;

            (c)   to furnish JCM with any further materials or information which
                  JCM may reasonably request to enable it to perform its
                  functions under this Agreement; and

            (d)   to compensate JCM for its services and reimburse JCM for its
                  expenses incurred hereunder in accordance with the provisions
                  hereof.

      4. Compensation. The Trust shall pay to JCM for its services pursuant to
this Agreement, a fee payable in arrears, on the last day of each month during
which or part of which this Agreement is in effect, at the rate of 1/365 of
0.20% of the aggregate closing net asset value of the shares of the Fund for
each day of such month. For the month during which this Agreement becomes
effective and the month during which it terminates, however, there shall be an
appropriate proration of the fee payable for such month based on the number of
calendar days of such month during which this Agreement is effective.

      5. Expenses Borne by the Trust. The Trust shall bear all expense
incidental to the operation of the Fund.

      6. Termination. This Agreement may be terminated at any time, without
penalty, by the Trustees of the Trust, or by the shareholders of the Fund acting
by vote of at least a majority of its outstanding voting securities, provided in
either case that sixty (60) days advance written notice of termination be given
to JCM at its principal place of business. This Agreement may be terminated by
JCM at any time, without penalty, by giving sixty (60) days advance written
notice of termination to the Trust, addressed to its principal place of
business. The Trust agrees that, consistent with the terms of the Trust's
Declaration of Trust, the Trust shall cease to use the name "Janus" in
connection with the Fund as soon as reasonably practicable following any

                                                                          PAGE 2
<PAGE>

termination of this Agreement if JCM does not continue to provide investment
advice to the Fund after such termination.

      7. Assignment. This Agreement shall terminate automatically in the event
of any assignment of this Agreement.

      8. Term. This Agreement shall continue in effect until February 1, 2009,
unless sooner terminated in accordance with its terms, and shall continue in
effect from year to year thereafter only so long as such continuance is
specifically approved at least annually by the vote of a majority of the
Trustees of the Trust, including a majority of those Trustees who are not
parties hereto or interested persons of any such party, cast in person at a
meeting called for the purpose of voting on the approval of the terms of such
renewal, or by the affirmative vote of a majority of the outstanding voting
securities of the Fund. The annual approvals provided for herein shall be
effective to continue this Agreement from year to year if given within a period
beginning not more than ninety (90) days prior to February 1 of each applicable
year, notwithstanding the fact that more than three hundred sixty-five (365)
days may have elapsed since the date on which such approval was last given.

      9. Amendments. This Agreement may be amended by the parties only if such
amendment is specifically approved (a) by a majority of the Trustees, including
a majority of the Trustees who are not interested persons of JCM and, (b) if
required by applicable law, by the affirmative vote of a majority of the
outstanding voting securities of the Fund.

      10. Limitation of Personal Liability. All the parties hereto acknowledge
and agree that all liabilities of the Trust arising, directly or indirectly,
under this Agreement, of any and every nature whatsoever, shall be satisfied
solely out of the assets of the Fund and that no Trustee, officer or holder of
shares of beneficial interest of the Trust shall be personally liable for any of
the foregoing liabilities. The Trust's Declaration of Trust, as amended from
time to time, is on file in the Office of the Secretary of State of the State of
Delaware. Such Declaration of Trust describes in detail the respective
responsibilities and limitations on liability of the Trustees, officers and
holders of shares of beneficial interest of the Trust.

      11. Limitation of Liability of JCM. JCM shall not be liable for any error
of judgment or mistake of law, for any loss arising out of any investment, or
for any act or omission taken with respect to the Trust, except for willful
misfeasance, bad faith or gross negligence in the performance of its duties, or
by reason of reckless disregard of its obligations and duties hereunder and
except to the extent otherwise provided by law. As used in this Section 11,
"JCM" shall include any affiliate of JCM performing services for the Trust
contemplated hereunder and directors, officers and employees of JCM and such
affiliates.

      12. Activities of JCM. The services of JCM to the Trust hereunder are not
to be deemed to be exclusive, and JCM and its affiliates are free to render
services to other parties. It is understood that trustees, officers and
shareholders of the Trust are or may become interested in JCM as directors,
officers and shareholders of JCM, that directors, officers, employees and
shareholders of JCM are or may become similarly interested in the Trust, and
that JCM may become interested in the Trust as a shareholder or otherwise.

                                                                          PAGE 3
<PAGE>

      13. Certain Definitions. The terms "vote of a majority of the outstanding
voting securities," "assignment" and "interested persons" when used herein,
shall have the respective meanings specified in the 1940 Act, as now in effect
or hereafter amended, and the rules and regulations thereunder, subject to such
orders, exemptions and interpretations as may be issued by the Securities and
Exchange Commission under said Act and as may be then in effect.

      IN WITNESS WHEREOF, the parties have caused their duly authorized officers
to execute this Investment Advisory Agreement as of the amended date and year
first above written.

                              JANUS CAPITAL MANAGEMENT LLC

                              By:
                                 -----------------------------------------------
                                    David R. Martin, Chief Financial Officer and
                                    Executive Vice President

                              JANUS ADVISER SERIES

                              By:
                                 -----------------------------------------------
                                   Stephanie Grauerholz-Lofton, Vice-President,
                                   Secretary and Chief Legal Counsel

                                                                          PAGE 4

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