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                                                                    EXHIBIT 10.1

[JANUS CAPITAL GROUP LOGO]

      151 DETROIT STREET                                        PETER W. BOUCHER
      DENVER, CO 80206                                        VP HUMAN RESOURCES

      TEL 303-336-4021 WEB JANUS.COM

      July 7, 2004

      John H. Bluher
      67 Locust Hill Road
      Darien, CT 06820

      Dear John,

      I am pleased to extend an offer to you for the position Senior Vice
      President, General Counsel and Chief Public Affairs Officer. The specific
      terms and conditions of the offer are as follows.

      COMPENSATION SUMMARY

      1.    The term of this letter agreement ("Agreement") is two years,
            commencing on the first date of your employment, August 23, 2004
            ("Commencement Date") and ending on August 23, 2006 ("End Date").
            This Agreement will automatically renew for one-year periods
            commencing on the anniversary of the End Date and each anniversary
            thereafter in the absence of notice to the contrary by either you or
            the Company.

      2.    Total Annual Compensation

                  -     $350,000 base salary. This salary will be non-decreasing
                  and reevaluated for increases no less than once each year at
                  the same time that the Company evaluates the compensation of
                  similarly situated employees.

                  -     $650,000 annual bonus target. Your guaranteed minimum
                  bonus for your first year of employment is $725,000.
                  Thereafter, any bonus award will be at the Compensation
                  Committee's discretion.

                  -     $500,000 annual target grant under the Company's Long
                  Term Incentive ("LTI") Plan

            Your total first year annual total compensation will be targeted at
            $1.575 million ($350,000 base, $725,000 bonus, $500,000 LTI). LTI
            awards can be awarded in stock options, restricted stock and Janus
            funds. Your initial LTI award and bonus will be awarded during the
            first quarter of 2005 at the same time as grants are made to
            comparable Company executives. The Company's Compensation Committee
            reviews the base salary and bonus and LTI targets for Company
            executives on an annual basis and may adjust cash and non-cash
            compensation amounts and targets from time to time.

      3.    In addition, the Company will replace your unvested Knight Trading
            equity with Janus Capital Group restricted stock and stock options,
            valued at $1.5 million ($1 million in restricted stock and $500,000
            in options, each valued as specified in the LTI Plan). Thereafter,
            all awards to you under the LTI Plan will be at the Compensation
            Committee's discretion. All grants to you under the LTI Plan shall
            be subject to the terms and conditions of that Plan. The strike
            price for the options and share price for the restricted stock shall
            be determined as soon as practicable after your first day of active
            employment with the Company, and in accordance with the terms of the
            LTI Plan

A JANUS CAPITAL Group Company

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[JANUS CAPITAL GROUP LOGO]

      Those amounts of initial stock options and initial restricted stock will
      then vest as follows:

                  -     1/3 - 6/30/05

                  -     1/3 - 6/30/06

                  -     1/3 - 6/30/07

            These initial awards are subject to review and approval by the
            Compensation Committee. If approved, these initial awards will be
            made as soon as practical after your start date.

      4.    We also will provide a relocation package consistent with and
            subject to the terms and conditions of the Company's executive
            relocation program, which provides a comprehensive set of benefits.
            Among the expenses the Company agrees to absorb are flight and
            accommodations for you and your family to travel to find appropriate
            housing and schools, as well as all temporary accommodations prior
            to your locating and closing upon a permanent residence. All moving
            and storage expenses for all property will also be covered as will
            any brokerage fees you incur in selling your present residence and
            all related consequential expenses. This list is intended to be
            illustrative not inclusive. Your benefit will also include a
            relocation allowance of one month's salary, and all expenses
            (excepting the relocation allowance) will be grossed up to cover
            taxes.

      5.    Change of Control - Upon the effective date of any "Change of
            Control" (as defined in the enclosure) 100% of your unvested initial
            stock and stock option awards (set forth in paragraph 3, above) will
            vest. In addition, if before the second anniversary of the
            Commencement Date you are discharged as a result of a Change of
            Control, then you will be entitled to receive a separation payment
            equal to the sum of your then-current base salary and target bonus
            divided by 12 and then multiplied by the number of months that is 24
            plus the number of months remaining in the initial term of this
            agreement as of the effective date of the change of control. For
            clarity and by way of illustration, if a you are discharged as a
            result of a Change of Control that becomes effective 6 months after
            the Commencement Date, the separation compensation would total $3.5
            million ($350,000 base salary plus $650,000 target bonus divided by
            12 and then multiplied by 42 months). Likewise, if before the second
            anniversary of the Commencement Date you resign because as a result
            of a Change of Control your job duties are "Materially Reduced" (as
            defined in the enclosure), then you will be entitled to receive a
            separation payment equal to the sum of your then-current base salary
            and target bonus divided by 12 and then multiplied by twenty four.
            In addition, if before the second anniversary of your first day of
            active employment with the Company you are discharged as a result of
            a Change of Control or you resign because as a result of a Change of
            Control your job duties are Materially Reduced, then following your
            separation the Company will provide you with a relocation package
            similar to the relocation package describes in paragraph 4 above, in
            order to enable you to relocate your family to a location of your
            choosing within the 48 contiguous States. If on or after the second
            anniversary of the Commencement Date you are discharged as a result
            of a Change of Control or you resign because as a result of a Change
            of Control your job duties are Materially Reduced, then you will be
            entitled to receive a separation payment equal to eighteen months of
            your then-current base salary and target bonus. In any case, your
            entitlement to separation compensation of any kind from the Company,
            and to vesting and any relocation allowance (if applicable) under
            this paragraph, shall be conditioned upon your execution of and, if
            applicable, non-revocation of, a standard form of general legal
            release in substantially the form attached hereto.

      6.    Severance pay - In the event that your employment is terminated
            other than for "Cause" (as defined in the enclosure) before the
            second anniversary of your first day of active employment with the
            Company, then you will be entitled to receive a separation payment
            equal to two years of your then-current base salary and target bonus
            and 100% of your unvested initial stock and stock option awards (set
            forth in paragraph 3, above) will vest.

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[JANUS CAPITAL GROUP LOGO]

            In the event that your employment is terminated other than for Cause
            on or after the second anniversary of your first day of active
            employment with the Company, then you will be entitled to receive a
            separation payment equal to eighteen months of your then-current
            base salary and target bonus and 100% of your unvested initial stock
            and stock option awards (set forth in paragraph 3, above) will vest.
            In any case, your entitlement to separation compensation of any kind
            from the Company, and to vesting under this paragraph, shall be
            conditioned upon your execution of and, if applicable,
            non-revocation of, a standard form of general legal release in
            substantially the form attached hereto.

      7.    Confidential Information Agreement - On or before your first day of
            employment with the Company, you will be required to sign and return
            to the company the enclosed agreement to protect the Company's
            confidential business information.

      8.    Expenses - During your employment, you shall be entitled to receive
            prompt reimbursement for all reasonable expenses incurred in
            accordance with the Company's most favorable policies, practices and
            procedures in effect for executives at your level.

      9.    Vacation - You will entitled to paid vacation in accordance with the
            plans, policies and programs and practices of the Company as in
            effect for executives at your level, but in no event less than four
            weeks.

      10.   Indemnification and Directors and Officers' Insurance. The Company
            shall indemnify and defend you in connection with claims asserted
            against you based on your acts and omissions in connection with your
            employment with the Company to the full extent permitted by Delaware
            law and any related payments will be paid promptly by company. You
            will be entitled to the same coverage pursuant to the Company's
            Directors and Officers liability insurance policy as is extended to
            similarly situated Company employees.

      11.   License to Utilize Speaking Materials. To the extent that you
            develop, during your employment, works prepared for publication
            ("Publications") or disseminated by or for you in connection with
            any speaking engagements in which you participate in any way
            ("Speaking Materials"), and such Publications and/or Speaking
            Materials are assigned to the Company pursuant to any agreement, the
            Company hereby grants you a perpetual, royalty free license to use
            such Publications or Speaking Materials, as you see fit, during and
            after your employment with the Company, subject only to your
            obligation to refrain from misusing or improperly disclosing any
            proprietary or confidential information or trade secrets belonging
            to the Company or any affiliate or investment management client
            thereof.

      12.   Prior Notice of Action to Enforce Restrictive Covenants.
            Notwithstanding any other provision of any agreement between you and
            the Company, no less than 72 hours before filing any motion seeking
            emergency injunctive relief to enforce against you any restrictive
            covenant, the Company shall provide you with written notice of its
            intention to seek such relief, and copies of any pleadings that it
            intends to file in support of such relief, together with all
            proposed exhibits thereto. This clause is intended only to give you
            advance notice of, and a reasonable opportunity to prepare to
            respond to, any effort by the Company to obtain emergency injunctive
            relief against you based upon a restrictive covenant. Accordingly,
            in consideration of the Company's agreement to provide you with such
            advance notice, you agree that the forum for any dispute involving
            such application for emergency relief, and related relief on the
            merits, shall be the federal or state courts situated in the Denver,
            Colorado metropolitan area, and further agree that you will not seek
            to utilize the advance notice required by this clause to commence,
            or assert a right to commence, any action in any other forum
            concerning the same or similar subject matter as gave rise to the
            application of which the Company provides you with such advance
            notice.

      As a Janus employee you will be eligible to participate in the Janus
      flexible benefits program, which includes medical, dental, vision, term
      life, and disability, as well as many other innovative programs. These are
      subject to modification from time to time.

      John, we are thrilled at the prospect of having you on the Janus team.
      Please let me know if there is anything further you would like to discuss
      regarding Janus or this offer. I can be reached at 303-336-4021. If the

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[JANUS CAPITAL GROUP LOGO]

      foregoing terms and conditions are acceptable to you, please sign and date
      this letter as indicated below, make a copy for your files, and return the
      original to us.

      Very truly yours,

      ________________________________________
      _________________________________
      Peter W. Boucher                              Acceptance:
      Vice President Human Resources                John H. Bluher          Date
      on behalf of:                                 /s/ John H. Bluhr    7-15-04
      Steven L. Scheid
      Chairman & CEO
      Janus Capital Group

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                                   DEFINITIONS

      For purposes of the Offer Letter from Janus Capital Group Inc. (the
"Company") to John H. Bluher, Esq., (the "Executive") dated as of June 11, 2004
(the "Agreement"), certain terms shall be defined as set forth in this Addendum.

      (1) "Change of Control" shall mean:

            (a) 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 35% 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 by the Company; (ii) any acquisition by any employee benefit
plan (or related trust) sponsored or maintained by the Company or any entity
controlled by the Company, or (iii) any acquisition pursuant to a transaction
which complies with clauses (A), (B) and (C) of subsection (c) of this Paragraph
1; or

            (b) A change in the composition of the Company's Board of Directors
(the "Board") such that the individuals who, as of the first day of any two year
period (the "Determination Date"), 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 as of any date prior to the second
anniversary of the Determination Date; provided, however, for purposes of this
Paragraph 1, 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 stockholders, 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

            (c) 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 (the "Company Holders") will each beneficially own, directly or
indirectly the outstanding shares of common stock and other 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 (relative to the
other Company Holders) 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, 35% 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

            (d) 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 Paragraph 13(d)(3) or 14(d)(2) of the Exchange
Act).

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      (2) For purposes of the Agreement, "Cause" for termination shall mean:

            (a) the continued failure of the Executive to perform substantially
the Executive's duties with the Company (other than any such failure resulting
from incapacity due to death or physical or mental illness, but including a
failure by Executive for any other reason to meet the Company's reasonable
performance expectations), after a written demand for substantial performance is
delivered to the Executive by the Board or its representative, which
specifically identifies the manner in which the Board believes that the
Executive has not substantially performed the Executive's duties and which gives
the Executive a reasonable opportunity to cure the deficiency noted therein; or

            (b) the willful engaging by the Executive in illegal conduct or
gross misconduct that is materially and demonstrably injurious to the Company;
or

            (c) conviction of a felony (other than a traffic related felony) or
guilty or nolo contendere plea by the Executive with respect thereto; or

            (d) a material breach by the Executive of any material provisions of
any agreement between the Company and the Executive after the Executive is given
written notice of the material breach and a reasonable opportunity to cure; or

            (e) a willful or reckless violation of a material regulatory
requirement or of any material written Company policy or procedure (including
without limitation the Company's Corporate Code of Business Conduct and Ethics
Policy and/or Ethics Rules), in either case that is materially and demonstrably
injurious to the Company;

            (f) Executive's failure to obtain or maintain, or inability to
qualify for, any license required for the performance of Executive's material
job responsibilities, or the suspension or revocation of any such license held
by the Executive.

No act or failure to act on the part of the Executive shall be considered
"willful" unless it is done, or omitted to be done, by the Executive in bad
faith or without reasonable belief that the Executive's act or omission was in
the best interests of the Company. Any act, or failure to act, based upon
express authority given pursuant to a resolution duly adopted by the Board of
Directors with respect to such act or omission or based upon the advice of
counsel for the Company reflected in writing shall be conclusively presumed to
be done, or omitted to be done, by the Executive in good faith and in the best
interests of the Company.

      (3) For purposes of the Agreement, the Executive's job duties shall be
deemed to have been "Materially Reduced" in the event of a material and
non-temporary reduction in Executive's authority or duties, that changes the
fundamental character of Executive's job to such an extent as to constitute a de
facto demotion, excluding for this purpose any action not taken in bad faith and
which is remedied by the Company promptly after receipt of notice hereof given
by the Executive and further excluding: (A) any mere change of reporting
relationship or of the Company's organizational chart; (B) any mere change in
title so long as the fundamental character of Executive's job is changed to such
an extent as to constitute a de facto demotion; (C) the mere exclusion or
removal of the position held by Executive from membership on or participation in
the business of the Company's Executive Committee, Management Committee,
Operating Council or similar body; and (D) the mere fact that the Company's
stock ceases to be publicly traded.

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        AGREEMENT TO PROTECT CONFIDENTIAL INFORMATION, ASSIGN INVENTIONS,
                         AND PREVENT UNFAIR SOLICITATION

      This agreement is between Janus Capital Group Inc. ("Company") and John H.
Bluher ("Employee").

      1. PROTECTION OF TRADE SECRETS AND CONFIDENTIAL INFORMATION.

            (a) DEFINITION OF "CONFIDENTIAL INFORMATION." "Confidential
Information" means all nonpublic information (whether in paper or electronic
form, or contained in Employee's memory, or otherwise stored or recorded)
relating to or arising the business of the Company or its affiliates, including,
without limitation, trade secrets used, developed or acquired by Company in
connection with its business. Without limiting the generality of the foregoing,
"Confidential Information" shall specifically include all information concerning
the manner and details of Company's operation, organization and management;
financial information and/or documents and nonpublic policies, procedures and
other printed, written or electronic material generated or used in connection
with Company's business; Company's business plans and strategies; the identities
of Company's customers and the specific individual customer representatives with
whom Company works; the details of Company's relationship with such customers
and customer representatives; the identities of distributors, contractors and
vendors utilized in Company's business; the details of Company's relationships
with such distributors, contractors and vendors; the nature of fees and charges
made to Company's customers; nonpublic forms, contracts and other documents used
in Company's business; all information concerning Company's employees, agents
and contractors, including without limitation such persons' compensation,
benefits, skills, abilities, experience, knowledge and shortcomings, if any; the
nature and content of computer software used in Company's business, whether
proprietary to Company or used by Company under license from a third party; and
all other information concerning Company's concepts, prospects, customers,
employees, agents, contractors, earnings, products, services, equipment,
systems, and/or prospective and executed contracts and other business
arrangements. "Confidential Information" does not include information that is in
the public domain through no wrongful act on the part of Employee.

            (b) EMPLOYEE'S USE OF CONFIDENTIAL INFORMATION. Except in connection
with and in furtherance of Employee's work on Company's behalf, Employee shall
not, without Company's prior written consent, at any time, directly or
indirectly: (i) use any Confidential Information for any purpose; or (ii)
disclose or otherwise communicate any Confidential Information to any person or
entity; or (iii) accept or participate in any employment, consulting engagement
or other business opportunity that inevitably will result in the disclosure or
use of any Confidential Information.

            (c) ACKNOWLEDGMENTS. Employee acknowledges that during Employee's
employment with Company, Employee will have access to Confidential Information,
all of which shall be made accessible to Employee only in strict confidence;
that unauthorized disclosure of Confidential Information will damage Company's

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business; that Confidential Information would be susceptible to immediate
competitive application by a competitor of Company's; that Company's business is
substantially dependent on access to and the continuing secrecy of Confidential
Information; that Confidential Information is novel, unique to Company and known
only to Employee, Company and certain key employees and contractors of Company;
that Company shall at all times retain ownership and control of all Confidential
Information; and that the restrictions contained in this agreement are
reasonable and necessary for the protection of Company's legitimate business
interests.

            (d) RECORDS CONTAINING CONFIDENTIAL INFORMATION. "Confidential
Records" means all documents and other records, whether in paper, electronic or
other form, that contain or reflect any Confidential Information. All
Confidential Records prepared by or provided to Employee are and shall remain
Company's property. Except in connection with and in furtherance of Employee's
work on Company's behalf or with Company's prior written consent, Employee shall
not, at any time, directly or indirectly: (i) copy or use any Confidential
Record for any purpose; or (ii) show, give, sell, disclose or otherwise
communicate any Confidential Record or the contents of any Confidential Record
to any person or entity. Upon the termination of Employee's employment with
Company, or upon Company's request, Employee shall immediately deliver to
Company or its designee (and shall not keep in Employee's possession or deliver
to any other person or entity) all Confidential Records and all other Company
property in Employee's possession or control. Employee understands and agrees
that compliance with this paragraph may require that data be removed from
Employee's personal computer equipment. Consequently, upon reasonable prior
notice, Employee agrees to permit the qualified personnel of Company and/or its
contractors' access to such computer equipment for that purpose. This agreement
shall not prohibit Employee from complying with any subpoena or court order,
provided that Employee shall at the earliest practicable date provide a copy of
the subpoena or court order to Company's President, it being the parties'
intention to give Company a fair opportunity to take appropriate steps to
prevent the unnecessary and/or improper use or disclosure of Confidential
Information and Confidential Records, as determined by Company in its sole
discretion.

            (e) THIRD-PARTIES' CONFIDENTIAL INFORMATION. Employee acknowledges
that Company has received and in the future will receive from third parties
confidential or proprietary information, and that Company must maintain the
confidentiality of such information and use it only for authorized purposes.
Employee shall not use or disclose any such information except as authorized by
Company or the third party to whom the information belongs.

            (f) EMPLOYEE'S FORMER EMPLOYERS' CONFIDENTIAL INFORMATION. Employee
warrants and represents that Employee is not a party to any agreement that
limits Employee's right or ability to perform services for Company, and that
Employee otherwise is free to assume the duties with Company contemplated by
this agreement. Employee shall not, during Employee's employment with Company,
improperly use or disclose to Company or any Company employee, agent or
contractor any proprietary

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information or trade secret belonging to any former employer of Employee or any
other person or entity to which Employee owes a duty of nondisclosure.

      2. NON-SOLICITATION. During Employee's employment with Company and for a
period of 12 months after termination of that employment, Employee shall not
without Company's prior written consent, directly or indirectly:

            (a) cause or attempt to cause any employee, agent or contractor of
Company or any Company affiliate to terminate his or her employment, agency or
contractor relationship with Company or any Company affiliate; or interfere or
attempt to interfere with the relationship between Company and any employee,
agent or contractor; or hire or attempt to hire any employee, agent or
contractor of Company or any Company affiliate; or conduct business of any kind
with any Company employee, agent or contractor.

            (b) solicit business from or conduct business with any customer or
client served by Company at any point during Employee's employment with Company;
or solicit business from or conduct any business with any person or entity that
was, during Employee's employment with Company, solicited or identified as a
business prospect by Employee or any other Company employee, agent or
consultant; or interfere or attempt to interfere with any transaction,
agreement, prospective agreement, business opportunity or business relationship
in which Company or any affiliate was involved at any point during Employee's
employment with Company.

      3. INVENTIONS.

            (a) DEFINITION OF COMPANY INVENTIONS. "Company Inventions" means all
ideas, processes, trademarks and service marks, inventions, discoveries, and
improvements to any of the foregoing, that Employee learns of, conceives,
develops or creates alone or with others during Employee's employment with
Company (whether or not conceived, developed or created during regular working
hours) that directly or indirectly arise from or relate to: (i) Company's
business, products or services; or (ii) work performed for Company by Employee
or any other Company employee, agent or contractor; or (iii) the use of
Company's property or time; or (iv) access to Company's Confidential Information
and/or Confidential Records.

            (b) DISCLOSURE OF COMPANY INVENTIONS. Upon Company's request,
Employee shall promptly disclose to Company or its designee, in a manner
specified by Company in its sole discretion, all Company Inventions of which
Employee has any knowledge, irrespective of whether that knowledge is complete
or incomplete, and irrespective of whether any such Company Invention or any
aspect thereof has been described in or committed to writing, in whole or part,
by any other person.

            (c) ASSIGNMENT. Employee hereby assigns to Company Employee's entire
right, title and interest in all Company Inventions, which shall be the sole and
exclusive property of Company whether or not subject to patent, copyright,
trademark or

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<PAGE>

trade secret protection. Employee also acknowledges that all original works of
authorship that are made by Employee (solely or jointly with others), within the
scope of Employee's employment with Company, and that are protectable by
copyright, are "works made for hire," as that term is defined in the United
States Copyright Act (17 U.S.C. Sections 101, et seq.). To the extent that any
such works, by operation of law, cannot be "works made for hire," Employee
hereby assigns to Company all right, title, and interest in and to such works
and to any related copyrights.

            (d) ADDITIONAL INSTRUMENTS. Employee shall promptly execute,
acknowledge and deliver to Company all additional instruments or documents
deemed at any time by Company in its sole discretion to be necessary to carry
out the intentions of this paragraph. If the Company is unable, after reasonable
effort, to secure Employee's signature on any document needed to apply for or
prosecute any patent, copyright, or other right or protection relating to a
Company Invention, Employee hereby designates and appoints the Company and its
duly authorized officers and agents as Employee's agent and attorney-in-fact, to
act for and on Employee's behalf to execute, verify and file any such
applications and to do all other lawfully permitted acts to further the
prosecution and issuance of patents, copyrights and other rights and protection
thereon with the same legal force and effect as if executed by him. Such
appointment shall be irrevocable and coupled with an interest.

      4. SURVIVAL. Employee's obligations under this agreement shall survive the
termination of Employee's employment with Company and shall thereafter be
enforceable whether or not such termination is claimed or found to be wrongful
or to constitute or result in a breach of any contract or of any other duty owed
or claimed to be owed to Employee by Company or any Company employee, agent or
contractor.

      5. REMEDIES. Employee acknowledges that if Employee breaches any
obligation under this agreement, Company will suffer immediate and irreparable
harm and damage for which money alone cannot fully compensate Company. Employee
therefore agrees that upon such breach or threatened breach of any obligation
under this agreement, Company shall be entitled to a temporary restraining
order, preliminary injunction, permanent injunction or other injunctive relief,
without posting any bond or other security. This paragraph shall not be
construed as an election of any remedy, or as a waiver of any right available to
Company under this agreement or the law, including the right to seek damages
from Employee for a breach of any provision of this agreement, nor shall this
paragraph be construed to limit the rights or remedies available under
applicable law for any violation of any provision of this agreement.

      6. OTHER AGREEMENTS. In the event of any direct conflict between any term
of this agreement and any term of any other agreement executed by Employee, the
terms of this agreement shall control. If Employee signed or signs any other
agreement(s) relating to or arising from Employee's employment with Company, all
provisions of such agreement(s) that do not directly conflict with a provision
of this agreement shall not be affected, modified or superseded by this
agreement, but rather shall remain fully enforceable according to their terms.

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      7. DISCLOSURE OF THIS AGREEMENT. At the earliest practicable date,
Employee shall provide a copy of this agreement to every business enterprise for
which Employee performs any employment, consulting or other professional or
business activities during the two year period following the termination of
Employee's employment with the Company, provided that in no event shall Employee
provide such an enterprise with a copy of this agreement later than the first
day of Employee's employment by or performance of services for such enterprise.

      8. NOTIFICATION OF OTHER EMPLOYMENT. Employee will notify the Company of
any other employment, consulting arrangement or other professional or business
engagement accepted by Employee during the two year period following the
termination of Employee's employment with the Company, such notice to be
provided to the Company's corporate headquarters, by certified mail, return
receipt requested, no later than the close of the first business day following
the date on which such acceptance occurs.

      9. NON-ASSISTANCE. Employee agrees not to assist any third person or
company in contesting or attacking Company's rights in and/or to any copyright,
patent, trademark or other trade secret or confidential or proprietary
information, except pursuant to subpoena or court order.

      10. AT-WILL EMPLOYMENT. This agreement is not a contract of employment for
any particular term, and shall not be construed so as to imply or create any
legal obligation concerning the term of Employee's employment or the
circumstances under which Employee's employment with the Company may be
terminated. In the absence of a specific, definitive written employment contract
signed by both Employee and the Company's Chief Executive Officer ("CEO") or the
CEO's designee, all Company employees are employed "at will," meaning that
either the Company or Employee shall have the right to terminate the employment
relationship with or without cause, prior notice or other formality.

      11. MISCELLANEOUS. (a) HEIRS AND ASSIGNS. This agreement shall be binding
upon Employee's heirs, executors, administrators or other legal representatives,
shall inure to the benefit of Company, its successors or assigns, and shall be
freely assignable by Company in its sole discretion, at any time; (b) GOVERNING
LAW. This agreement and all other disputes or issues arising from or relating in
any way to Company's relationship with Employee, shall be governed by the
internal laws of the State of Colorado, irrespective of the choice of law rules
of any jurisdiction. (c) SEVERABILITY. If any court of competent jurisdiction
declares any provision of this agreement invalid or unenforceable, the remainder
of the agreement shall remain fully enforceable. To the extent that any court
concludes that any provision of this agreement is void or voidable, the court
shall reform such provision(s) to render the provision(s) enforceable, but only
to the extent absolutely necessary to render the provision(s) enforceable and
only in view of the parties' express desire that Company be protected to the
greatest extent allowed by law from unfair competition and/or the

                                       5
<PAGE>

misuse or disclosure of Confidential Records, Confidential Information and/or
Company Inventions. (d) MODIFICATIONS. This agreement shall not be modified or
amended except by a written agreement signed by both parties. (e) DISPUTES. Any
action arising from or relating in any way to this agreement, or otherwise
arising from or relating to Employee's employment with Company, shall be tried
only in the state or federal courts situated in Denver, Colorado. The parties
consent to jurisdiction and venue in those courts to the greatest extent allowed
by law. The party that substantially prevails in any action to enforce any
provision of this agreement shall recover all costs and attorneys' fees incurred
in connection with the action.

Employee's signature:                        For Company:

__/s/  John H. Bluher______________          ___________________________________

Print name:                                  Print name:

__John H. Bluher___________________          ___________________________________

Date: _7-16-04_____________________          Date: _____________________________

                                       6<PAGE>
                                                                    EXHIBIT 10.2

                        RESTRICTED STOCK AWARD AGREEMENT

         THIS RESTRICTED STOCK AWARD AGREEMENT (the "Agreement"), dated as of
the 23rd day of August, 2004, between Janus Capital Group Inc., a Delaware
corporation (the "Company"), and John H. Bluher (the "Employee").

                                   WITNESSETH

         In consideration of the mutual promises and covenants made herein and
the mutual benefits to be derived herefrom, the parties hereto agree as follows:

1. Grant and Vesting of Restricted Stock.

(a) Subject to the provisions of this Agreement and to the provisions of the
Company's 2004 Employment Inducement Award Plan, effective as of April 26, 2004
(the "Plan"), the Company hereby grants to the Employee as of August 23, 2004
(the "Grant Date"), 73,584 shares (the "Restricted Stock") of common stock of
the Company, par value $.01 per share ("Common Stock"). All capitalized terms
used herein, to the extent not defined, shall have the meaning set forth in the
Plan, a copy of which is included with this Agreement.

(b) Subject to the terms and conditions of this Agreement, a percentage of the
Restricted Stock shall vest and no longer be subject to any restriction in
accordance with the schedule set forth below:

<Table>
<Caption>
                                                         Percentage of Restricted Stock Vesting
                       Vesting Dates                         On Each Specified Vesting Date
                       -------------                         ------------------------------
<S>                                                      <C>
                       June 30, 2005                                    33-1/3%
                       June 30, 2006                                    33-1/3%
                       June 30, 2007                                    33-1/3%
</Table>

(c) Notwithstanding the provisions of Paragraph 1(b), if the Employee's
employment is terminated with the Company due to Retirement, death or
Disability, the Restricted Stock shall vest in full.

(d) Except as provided above, in the event that the employment of the Employee
with the Company shall terminate, all unvested shares of Restricted Stock shall
be forfeited by the Employee effective immediately upon such termination. For
purposes of this Agreement, employment with the Company shall include employment
with the Company's Consolidated Subsidiaries and its successors. Nothing in this
Agreement or the Plan shall confer upon the Employee any right to continue in
the employ of the Company, its Consolidated Subsidiaries or

<PAGE>

any of its affiliates, or interfere in any way with the right of the Company,
its Consolidated Subsidiaries or any such affiliates to terminate the Employee's
employment at any time.

2. Issuance of Shares.

         Subject to Paragraph 3 and Paragraph 8 (pertaining to the withholding
of taxes), as soon as practicable after each vesting event under Paragraph 1(b)
or, if the Employee's employment is terminated pursuant to Paragraph 1(c), 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
Agreement and the Plan), the Company shall issue (or cause to be delivered) to
the Employee one or more unlegended stock certificates with respect to the
Restricted Stock vesting or as a result of such termination, as the case may be
(or shall take other appropriate steps to reflect the Employee's unrestricted
ownership of all or a portion of the Restricted Stock that is subject to this
Agreement).

3. Nontransferability of the Restricted Stock.

         During the Employee's employment with the Company, the Employee cannot
sell more than fifty percent (50%) of his vested shares in excess of the
cumulative number of applicable shares issued to the Employee, subject to any
proper share withholding election. Any unvested shares of the Restricted Stock
shall not be transferable by the Employee by means of sale, assignment,
exchange, encumbrance, pledge or otherwise.

4. Rights as a Stockholder.

         Except as otherwise specifically provided in this Agreement, the
Employee 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 Paragraph 5.

5. Adjustment in the Event of Change in Stock; Change in Control.

(a) 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 Employee 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.

(b) If a Change of Control (as defined on Exhibit A hereto) occurs, then the
shares of Restricted Stock that were forfeitable shall thereupon become
non-forfeitable.

                                      -2-
<PAGE>

6. 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 an
Employee in connection with the Restricted Stock, together with any and all
other fees and expenses necessarily incurred by the Company in connection
therewith.

7. 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
Employee 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 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.

8. Taxes and Withholding.

         No later than the date as of which an amount first becomes includible
in the gross income of the Employee for federal income tax purposes with respect
to any Restricted Stock, the Employee 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's transfer agent (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 Agreement shall be conditioned on compliance by the Employee with this
Paragraph 8. It is intended that the foregoing provisions of this paragraph
shall normally govern the payment of withholding taxes; however, if withholding
is not accomplished under the preceding provisions of this paragraph, the
Company shall, to the extent permitted by law, have the right to deduct any such
taxes from any payment otherwise due to the Employee, including the delivery of
the Restricted Stock that gives rise to the withholding requirement.

9. Notices.

         All notices and other communications under this Agreement shall be in
writing and shall be given by hand delivery to the other party or by facsimile,
overnight courier, or registered or certified mail, return receipt requested,
postage prepaid, addressed as follows:

                  If to the Employee:

                           John H. Bluher
                           151 Detroit Street, 4th Floor
                           Denver, Colorado 80206

                                      -3-
<PAGE>

                  If to the Company:

                           Janus Capital Group Inc.
                           Attn:  Loren M. Starr
                           151 Detroit Street, 4th Floor
                           Denver, Colorado 80206
                           Facsimile: (303) 336-7577

or to such other address or facsimile number as any party shall have furnished
to the other in writing in accordance with this Paragraph 9. Notice and
communications shall be effective when actually received by the addressee.

10. Effect of Agreement.

         Except as otherwise provided hereunder, this Agreement shall be binding
upon and shall inure to the benefit of any successor or successors of the
Company.

11. Laws Applicable to Construction.

         The interpretation, performance and enforcement of this Agreement 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 Agreement, the Restricted Stock is subject to the terms and conditions
of the Plan, which is hereby incorporated by reference.

12. Severability.

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

13. Conflicts and Interpretation.

         In the event of any conflict between this Agreement and the Plan, the
Plan shall control except with respect to the definition of Change of Control
(attached hereto as Exhibit A). In the event of any ambiguity in this Agreement,
or any matters as to which this Agreement 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.

14. Amendment.

         This Agreement may not be modified, amended or waived except by an
instrument in writing signed by both parties hereto. The waiver by either party
of compliance with any provision of this Agreement shall not operate or be
construed as a waiver of any other provision of this Agreement, or of any
subsequent breach by such party of a provision of this Agreement.

                                      -4-
<PAGE>

15. Headings.

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

16. Counterparts.

         This Agreement may be executed in counterparts, which together shall
constitute one and the same original.

         IN WITNESS WHEREOF, as of the date first above written, the Company has
caused this Agreement to be executed on its behalf by a duly authorized officer,
and the Employee has hereunto set the Employee's hand.

                                        JANUS CAPITAL GROUP INC.

                                        By:      /s/ Gregory A. Frost
                                            ------------------------------------

                                        Name:    Gregory A. Frost
                                             -----------------------------------

                                        Title:   V.P.,  Controller
                                                --------------------------------

                                        EMPLOYEE

                                                 /s/ John H. Bluher
                                        ----------------------------------------
                                        Name:  John H. Bluher

                                      -5-
<PAGE>

                                    EXHIBIT A

A "Change of Control" shall mean the first to occur of any of the following:

(1)      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 35% 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 by
         the Company; (ii) any acquisition by any employee benefit plan (or
         related trust) sponsored or maintained by the Company or any entity
         controlled by the Company; or (iii) any acquisition pursuant to a
         transaction which complies with clauses (A), (B) and (C) of subsection
         (3) of this definition; or

(2)      A change in the composition of the Company's Board of Directors (the
         "Board") such that the individuals who, as of the first day of any
         two-year period (the "Determination Date"), 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 as of any
         date prior to the second anniversary of the Determination Date;
         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
         stockholders, 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

(3)      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 (the "Company
         Holders") will each beneficially own, directly or indirectly, the
         outstanding shares of common stock and other 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 (relative to the other Company Holders) 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

                                      -6-
<PAGE>

         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, 35% 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 form such Business Combination; or

(4)      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).

                                      -7-

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