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Exhibit 10.69

CASH RETENTION AGREEMENT

This CASH RETENTION AGREEMENT (this “Agreement”), dated as of October 28, 2019 (the “Effective Date”), is by and between Tenneco Inc. (“Tenneco” together with its subsidiaries and affiliates, the “Company Group”), and Brandon B. Smith (the “Executive”).
WHEREAS, Tenneco has announced that it plans to separate its businesses into an Aftermarket and Ride Performance company and a Clean Air and Powertrain company during 2020 (the “Separation”);
WHEREAS, the Executive has been involved in the transition process relating to Tenneco’s acquisition of Federal Mogul LLC and the subsequent endeavors leading to the separation of Tenneco’s businesses into two separate companies;
WHEREAS, the continued services of the Executive are critical to Tenneco’s strategy relating to separation of its businesses; and
WHEREAS, to incentivize the Executive to remain employed by the Company Group through such separation and for a period thereafter, Tenneco desires to enter into this Agreement and provide for the compensation specified herein to be paid to the Executive, subject to all of the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the premises and the respective covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree to the following:
1.Definitions.  In addition to defined terms included elsewhere in this Agreement, the following capitalized terms when used herein shall have the meaning specified:
(a)“Cause”  shall mean the Executive’s: (i) willful failure to perform substantially his or her duties (other than any such failure resulting from incapacity due to Disability); (ii) commission of, or indictment for, a felony or any crime involving fraud or embezzlement or dishonesty or conviction of, or plea of guilty or nolo contendere to a crime or misdemeanor (other than a traffic violation) punishable by imprisonment under federal, state or local law; (ii) engagement in an act of fraud or other act of willful dishonesty or misconduct, towards the Company Group or any member thereof, or detrimental to Company Group or any member thereof, or in the performance of the Executive’s duties; (iv) negligence in the performance of employment duties that has a materially detrimental effect on the Company Group or any member thereof; (v) violation of a federal or state securities law or regulation; (vi) the use of a controlled substance without a prescription or the use of alcohol which, while performing services on behalf of the Company Group or any member thereof, in each case, significantly impairs the Executive’s ability to carry out his or her duties and responsibilities; (vii) 

material violation of the policies and procedures of the Company Group or any member of thereof applicable to the Executive; (viii) embezzlement and/or misappropriation of property of the Company Group or any member thereof; or (ix) conduct involving any immoral acts which is reasonably likely to impair the reputation of the Company Group or any member thereof.
(b)“Code” shall mean the Internal Revenue Code of 1986, as amended.
(c)“Disability” shall mean the permanent and total disability of the Executive as determined for purposes of the Company Group long-term disability plan in which the Executive participates (or in which the Executive is eligible to participate) at the time the determination is to be made.
(d)“Good Reason” shall mean any of the following that occur without the Executive’s written consent upon or following a Transaction:  (i) a material diminishment in the Executive’s status, position, duties or responsibilities with the Company Group from those in effect immediately prior to the Transaction (or failure to attain a previously announced enhanced role for such executive following the Separation, if applicable); (ii) a material reduction in the Executive’s then current annual cash compensation from the Company Group (or a successor, if applicable) below the sum of (A) the Executive’s annual base salary or annual base compensation from the Company Group in effect immediately prior to the Transaction and (B) the Executive’s targeted annual long-term incentive award for the calendar year completed immediately prior to the Transaction; provided, however, that a material reduction for purposes of this clause (ii) shall not be deemed to have occurred if the Executive’s then current annual cash compensation is reduced as part of an overall cost reduction program that affects all senior executives of the business unit in which, or by which, the Executive is employed and does not disproportionately affect the Executive; (iii) relocation of the Executive’s principal place of employment by more than fifty (50) miles from his or her principal place of employment in effect immediately prior to the Transaction; or (iv) a material breach of this Agreement by Tenneco or a successor hereto.  The Executive’s Termination Date shall not be considered to have terminated for Good Reason unless the Executive gives written notice to Tenneco (or, following a Transaction, his or her employer) of the occurrence of an event constituting Good Reason, the Good Reason event is not cured within thirty (30) days following the date on which the notice is received from the Executive, and the Executive terminates his or her employment within fifteen (15) days after expiration of the cure period.
(e)“Payment Date” shall means, with respect to the Retention Bonus or any portion thereof, the date that is sixty (60) days after the applicable Vesting Date relating to the Retention Bonus (or such portion) and in no event later than two and one-half (2-1/2) months following the end of the year in which the applicable Vesting Date occurs.
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(f)“Qualifying Termination” occurs if the Executive’s Termination Date occurs coincident with or following a Transaction as a result of (i) termination by the Company Group without Cause or (ii) termination by the Executive for Good Reason.
(g)“Termination Date” shall mean the date on which the Executive’s employment with the Company Group terminates for any reason; provided, however, that in connection with a Transaction, the Executive’s Termination Date shall be considered to have terminated only if his or her employment with the Company Group and any successors (and affiliates of successors) terminates upon or following the Transaction.  Subject to the foregoing, the determination as to whether the Executive has had a termination of employment (or separation from service) shall be made in accordance with the provisions of section 409A of the Code and the guidance issued thereunder without application of any alternative levels of reductions of bona fide services permitted thereunder.
(h)“Transaction” shall mean the consummation of the separation of the Company Group’s businesses into two separate companies consisting of an Aftermarket and Ride Performance company and a Clean Air and Powertrain company (whether effected through a merger, exchange, sale of stock or assets or other transaction).  
2.Award of Retention Bonus.  Subject to the terms and conditions set forth herein, the Executive shall be entitled to receive a cash payment in an amount equal to $2,000,000 (the “Retention Bonus”). The member of the Company Group that is the employer of the Executive on the applicable Payment Date shall be responsible for the payment of the Retention Bonus. 
3.Vesting of Retention Bonus.  The Executive’s right to the Retention Bonus shall vest in accordance with the following, as applicable:
(a)In the event that a Transaction occurs on or prior to December 31, 2020, one third (1/3) of the Retention Bonus will vest on the closing of the Transaction, one third (1/3) of the Retention Bonus will vest on December 31, 2020 and 1/3 will vest on December 31, 2021 (each such date a “Vesting Date”), provided that the Executive’s Termination Date has not occurred as of the applicable Vesting Date.  
(b)In the event that a Transaction does not occur on or prior to December 31, 2020, fifty percent (50%) of the Retention Bonus will vest on December 31, 2020 and fifty percent (50%) of the Retention Bonus will vest on December 31, 2021 (each such date a “Vesting Date”), provided that the Executive’s Termination Date has not occurred as of the applicable Vesting Date.  
(c)Notwithstanding the provisions of paragraphs (a) and (b), in the event that the Executive’s Termination Date occurs as a result of death, Disability, or as a result of termination by the Company Group without Cause, any portion of the Retention Bonus that is not yet vested as of the Termination Date shall become vested on the Executive’s Termination Date and the Termination Date shall be the 
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“Vesting Date” with respect to such portions of the Retention Bonus that become vested on the Termination Date.
(d)Notwithstanding the provisions of paragraphs (a) and (b), in the event that a Transaction occurs prior to a Vesting Date and if the Executive’s Termination Date occurs coincident with or after the Transaction and prior to a Vesting Date as a result of a Qualifying Termination, any portion of the Retention Bonus that is not yet vested as of the Termination Date shall become vested on the Executive’s Termination Date and the Termination Date shall be the “Vesting Date” with respect to such portions of the Retention Bonus that become vested on the Termination Date. 
Except as otherwise expressly provided herein, in the event the Executive’s Termination Date occurs for any reason (or no reason) prior to a Vesting Date, the Executive shall forfeit all rights to receive any portion Retention Bonus hereunder for which the Vesting Date has not occurred as of the Termination Date.
4.Payment of Retention Bonus.  Subject to the terms and conditions of this Agreement, the Retention Bonus (or portion thereof) that becomes vested in accordance with Section 3 hereof shall be paid, in cash, upon the Payment Date. 
5.Tax Withholding. Payment of the Retention Bonus hereunder shall be subject to all applicable income and employment taxes and any other amounts that are required by law to be withheld or deducted therefrom.
6.Unfunded Arrangement. The Retention Bonus hereunder shall not be deemed to create a trust or other funded arrangement. The Executive’s rights with respect to the Retention Bonus shall be those of a general unsecured creditor of the Company Group, and under no circumstances shall the Executive have any other interest in any assets of any member of the Company Group by virtue of the award of the Retention Bonus. 
7.No Right to Continued Employment. The Executive acknowledges and agrees that the Executive’s employment with the Company Group is and shall remain “at-will” and the Executive’s employment within the Company Group may be terminated at any time and for any reason (or no reason) by the Executive or the Company Group, with or without notice. Nothing in this Agreement shall confer upon the Executive any right to continued employment with the Company Group (or their respective successors) or to interfere in any way with the right of any member of the Company Group (or their respective successors) to terminate the Executive’s employment at any time.
8.Other Benefits.  The Retention Bonus is a special incentive payment to the Executive and shall not be taken into account in computing the amount of salary or compensation for purposes of determining any bonus, incentive, pension, retirement, death or other benefit under any other bonus, incentive pension, retirement, insurance or other employee benefit plan of the Company, unless such plan or agreement expressly provides otherwise.  The Retention Bonus is an additional incentive payment to the Executive and neither this Agreement nor payment of the 
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Retention Bonus shall supersede or replace any other benefits or payments to which the Executive is or may become entitled under any other benefit plan, program, policy or arrangement of the Company or any of its affiliates. 
9.Section 409A Compliance.  It is intended that any amounts payable under this Agreement shall either be exempt from or comply with section 409A of the Code.  The provisions of this Agreement shall be construed and interpreted in accordance with section 409A of the Code.  Notwithstanding any other provision of this Agreement to the contrary, if any payment hereunder is subject to section 409A of the Code, and if such payment is to be paid on account of the Executive’s termination of employment (or other separation from service) and if the Participant is a specified employee (within the meaning of section 409A(a)(2)(B) of the Code) and if any such payment is required to be made prior to the first day of the seventh month following the Participant’s separation from service or termination of employment, such payment shall be delayed until the first day of the seventh month following the Participant’s termination of employment or separation from service (or, if earlier, upon his or her death).  In no event shall Tenneco or any other member of the Company Group be liable for any additional tax, interest, or penalties that may be imposed on the Executive as a result of section 409A of the Code.
10.Governing Law. This Agreement and any claim, controversy or dispute arising under or related to this Agreement or the relationship of the parties shall be governed by and construed in accordance the laws of the States of Illinois; without giving effect to any choice of law or conflict of law rules or provisions.
11.Severability. The provisions of this Agreement shall be deemed severable. The invalidity or unenforceability of any provision of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by applicable law.
12.Assignment; Successors. This Agreement is intended to bind and inure to the benefit of and be enforceable by the Executive, Tenneco and the other members of the Company Group and their respective heirs, successors and assigns. The Executive may not assign his or her rights or delegate his duties or obligations hereunder without the prior written consent of Tenneco. Tenneco or any other member of the Company Group may assign its rights and obligations hereunder, without the consent of, or notice to, the Executive, to (a) any of other member of the , or (b) to any person or entity that acquires a member of the Company Group or any portion of its business or its assets, in which case references to Tenneco or an applicable member of the Company Group will refer to such assignee.
13.Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument.
14.No Obligation; Company Discretion. No provision of this Agreement shall be interpreted to impose an obligation on Tenneco or any other member of the Company Group to accept, agree 
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to or otherwise consummate a Transaction. The decision to consummate a Transaction, and all terms and conditions of such transaction, including the amount, timing and form of consideration to be provided in connection therewith, shall be within the sole and absolute discretion of Tenneco.
15.Entire Agreement; Amendment. This Agreement constitutes the entire agreement by the Executive and the Company with respect to the subject matter hereof, and supersedes any and all prior agreements or understandings between the Executive and the Company with respect to the subject matter hereof, whether written or oral. This Agreement may be amended or modified only by a written instrument executed by the Executive and the Company.
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

                            /s/ Brandon B. Smith
                            Executive

TENNECO INC.

                        By: /s/ Kaled Awada
    

Name:  Kaled Awada

Title:     SVP and Chief Human Resources Officer

Signature Page to Cash Retention Agreement

7Exhibit 10.26
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February 2021
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Global Remuneration Policy Statement (“GRPS")

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Summary of Janus Henderson Group plc Remuneration Policy
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Janus Henderson Group plc (the “Company”) operates a single Remuneration Policy which applies in its entirety to all entities and employees including the executives, unless local laws or regulations set more rigorous requirements for any aspect, in which case the higher standards apply.
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A successful remuneration policy should be sufficiently flexible to take account of future changes in the Company’s business environment and remuneration practice and therefore the GRPS is subject to change from time to time. The policy is reviewed on an annual basis to ensure that it remains aligned with evolving business strategy and changes in the markets in which we operate, is consistent with best practice, promotes sound and effective risk management and is compliant with applicable regulations.
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Remuneration Principles
Our remuneration practices aim to link pay with performance and drive long-term shareholder returns, while appropriately managing risk. In doing so, the Compensation Committee (the “Committee”) and the Board recognize that our remuneration policies and practices must enable us to attract, motivate and retain exceptional people, while aligning their interests with those of our clients and shareholders.
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The key drivers of our remuneration philosophy are:
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·     Attract and retain employees critical to our long-term success by providing total reward opportunities which, subject to performance, are competitive within our defined markets;
·     Fully align pay with our strategic priorities, reinforce a strong performance culture through rewards that reflect Company, department, team and individual performance;
·     Align management, client and shareholder interests by deferring a significant portion of remuneration into JHG stock awards and/or fund units;
·     Manage risk taking and conflicts of interest in our incentive plans, maintain an appropriate balance between base pay, short-term cash incentives and long-term deferred incentives;
·     Ensure that remuneration processes and procedures comply with industry requirements and legislation, are consistent with market practice, and include effective risk management controls.
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The Company’s remuneration principles are reinforced through an appropriate balance of the following elements of remuneration:
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	Base Pay
	Attract and retain employees with the personal attributes, skills and experience required to deliver long-term value for clients and shareholders.

	Benefits
	Provide health benefits to support our employees and their families, geared toward employee wellbeing, competitive within each of our local markets, and cost-effective and tax-efficient whenever possible.
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Offer competitive retirement and/or pension arrangements that allow employees to build wealth, are aligned with the Company’s risk appetite, and cost- and tax-efficient for employees and the Company.
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The Company operates voluntary all employee share plans including Buy As You Earn (BAYE), Sharesave (SAYE), and an Employee Stock Purchase Plan (ESPP) in which staff can participate within approved contribution guidelines to encourage employees to become shareholders in the Company.

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Global Remuneration Policy Statement (“GRPS")

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	Variable Incentive Awards
	Employees are eligible to receive discretionary variable incentive awards based on Company, department, team, and individual performance.  These awards are funded from a Profit Pool more fully described below. Variable incentives are paid in the form of cash and/or deferred awards.  Deferrals are delivered in Company restricted stock and fund units.
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Under the CEO scorecard approach, a portion of the deferral is delivered in performance shares that vest based on relative total shareholder return, over a forward looking 3-year period.

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The Company does not operate specific ratios (maxima or minima) in regard to the mix of base pay and variable pay, opting instead for managing fixed and variable remuneration in line with market practice and by reference to each employee‘s role and individual performance.
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Variable Incentive Awards
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Profit Pools
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The Company pays variable incentive remuneration for 96% of employees from pools funded by Company profits (“Profit Pools”).  The Profit Pools fund employee variable incentive awards, as well as performance fee remuneration (where applicable).  Employees participate in one of three separately funded pools, depending on their role in the organisation: (i) the Investments Pool, (ii) the Core Pool, or (iii) the Intech Pool.  Each pool has a specific Pre Incentive Operating Income (“PIOI”) calculation and a corresponding funding percentage, effectively creating a ‘profit share’ arrangement between our employees and our shareholders.
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1.   The Investments Pool:  Covers employees contributing to the investment management functions at Janus Henderson and include; portfolio managers, research analysts, research associates, traders, client portfolio managers, the exchange-traded product team, portfolio analytics, investment risk employees and the investment team’s administrative support.
2.    The Core Pool:  Covers employees contributing to the executive, distribution, administrative, and operational support of Janus Henderson and its subsidiaries.
3.    The Intech Pool: Covers all employees of the Janus Henderson subsidiary Intech Investment Management LLC (“Intech”), including investments, distribution, and support employees.
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PIOI is generally considered as operating income before the deduction of incentive remuneration and overhead.  The indicative funding percentages are subject to oversight and approval by the Compensation Committee (the “Committee”).  The Committee retains the discretion to modify or terminate remuneration plans and programmes without prior notice.
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Profit Pool funding levels are directly linked to profits generated in the current year, reflecting the firm’s ability to pay and thereby strengthening its capital base.  The Committee may adjust the profit pools (even to zero):
o    If the Committee believes an adjustment, either up or down, better aligns the Profit Pool with Company performance, or in consideration of any non-financial objectives or factors as appropriate,
o     in consideration of an annual assessment of backward- and forward-looking risks, and/or
o     based on independent guidance or advice from the Company’s Board Risk Committee or the Henderson Group Holdings Asset Management Limited Board (“HGHAML Board”).
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The ability to adjust the Profit Pools in this manner is designed to ensure alignment between variable compensation levels and broader company performance. Adjustments made by the Committee to the Profit Pools, both upward and downward, are common. In particular, the annual risk assessment considered by the Committee addresses types of risk relevant to the firm and allows the Committee to consider whether the firm’s compensation structure is adequately aligned to its risk and control environment. In this respect, the firm’s remuneration policy is also consistent with the integration of relevant sustainability risks.
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Once the Profit Pools are calculated in aggregate, allocations are cascaded to department leadership through a process initiated by the Chief Executive Officer (the “CEO”), in collaboration with members of the Executive Committee and the CEO of Intech.  During this allocation process, department performance and contribution toward Company results are taken into

Global Remuneration Policy Statement (“GRPS")

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account, and consideration is given to financial and non-financial key performance indicators as determined for each department.  This group may review relevant department level information gathered from the annual risk assessment, the review of material risk events, and any conduct or behaviour issues.
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Employees receive variable incentive awards from the profit pools on a discretionary basis, based on the recommendations of line managers and in consideration of individual performance appraisals. Under the Company’s performance appraisal framework, employees;
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·     set individual objectives (jointly with line management), aligned to the Company’s overall strategic priorities, yet unique to their individual role and department, and
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·     are expected to exhibit certain behavioural competencies, aligned with the Company’s guiding principles:
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o   ‘we put clients first’,
o   ‘we act like an owner’, and
o   ‘we succeed as a team’.
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In respect of individual incentive awards from the Profit Pools, employees are measured against;
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·     achievement of their individual objectives, and
·     demonstration of the above behavioural competencies.
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This is a ‘guidance based’ approach with no specific rules constraining line manager discretion.  Final decision-making and approval of individual awards is held by department leadership.  The CEO and co-Heads of Human Resources (“co-Heads of HR” review department outcomes, including a gender pay view, and provide oversight and direction as needed.
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o    The Remuneration Review Committee (the “RRC”) reviews individual incentive remuneration in the context of material risk events, conduct and behaviours and may adjust individual awards based on this review.
o    The RRC also reviews remuneration proposals relating to individuals identified as Code Staff under the BIPRU, AIFMD and UCITS Remuneration Codes.
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Profit Pool eligibility does not guarantee that variable incentives will be paid to an employee, and the payment of no variable incentive is a possibility should performance of the firm and/or the individual require this. Employees must be actively employed by Janus Henderson on the day that Profit Pool incentives are distributed in order to receive these awards.
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o    Employees paid outside the Profit Pools: Employees in the following positions are not eligible to participate in the Profit Pools and may receive variable incentives that are directionally consistent with the profit pool outcomes, in consideration of individual performance as determined by the Committee for the CEO, or as recommended by the CEO for the Executive Committee. The Committee retains decision-making and approval of Executive Committee remuneration including the following roles paid outside the Profit Pool:  the CEO, Chief Risk Officer (”CRO”), Chief Financial Officer (“CFO”), Chief Investment Officer (“CIO”) and General Counsel.
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Monthly and quarterly commission arrangements
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Direct front line sales professionals located in the US participate in market-standard Sales Variable Pay Plans (the “Plans”) that include formulaic commissions.  The Plans are intended to reward salespeople directly for both individually generated sales and the performance of the broader team.  Monthly commissions generally are a set percentage (“basis points”) of individual gross sales, or an ‘attainment’ framework that pays employees based on achievement of a sales goal.  Quarterly discretionary awards are funded by team gross sales.  The Plans also include a Net Sales incentive that adjusts the monthly basis point or attainment rate.  Individual payments from these plans may be adjusted at the discretion of line management, and in consideration of personal conduct and behaviours.
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Performance fee incentives
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The Company receives performance fees in relation to certain funds depending on outperformance of each fund against pre-determined benchmarks. Performance fees are shared directly with investment professional in two instances;
o     On a discretionary basis, if the fees were generated by one of five specific Investment Trusts, and
o     On a formulaic basis, if there is a contractual arrangement in place.
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The discretionary performance fee sharing incentives are funded from within the Profit Pools and subject to the same risk adjustment, review and standard deferral arrangements that apply to the discretionary funding frameworks.

Global Remuneration Policy Statement (“GRPS")

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The Company operates a small number of legacy formulaic and contractual management and performance fee incentive arrangements which predominantly relate back to historic acquisitions.  These incentives are not funded from within the Profit Pools but are subject to risk adjustment processes and the Company’s standard deferral arrangements.
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CEO Scorecard
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The Committee uses a structured scorecard to measure CEO performance.  The scorecard approach is designed to align CEO remuneration with Company performance and reward the CEO for achieving goals that maximise long-term value for clients and shareholders.  The scorecard is based on the same factors used by the Company to evaluate business results.  The performance categories, measures, and weightings used are as follows:
o     Investment Excellence (30% weighting): Deliver investment excellence for clients measured based on 3-year investment performance relative to a benchmark;
o     Financial Results (40% weighting); Deliver strong financial results for shareholders measured based on our 1-year relative results for revenue growth, growth in net income before taxes, and total net AUM flows; and
o    Strategic Results (30% weighting); Drive strategic results to achieve long-term success for clients and shareholders measured based on executing the Company’s strategic vision and priorities, attracting strong talent, driving cultural integration and alignment across the firm, building global distribution momentum, delivering exceptional client service, and fostering a strong risk and control environment.
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Following an assessment of results, the Compensation Committee determines an overall performance ‘multiplier’ between 0.0 and 2.0, which is then applied to a target incentive opportunity to determine the CEO’s actual variable incentive award.  The target incentive opportunity is established annually by comparing the Company’s revenue and total assets under management, as well as business complexity, to a select peer group of companies determined by the Compensation Committee and its independent remuneration consultants.
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Deferral arrangements
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Deferrals are a key driver of our remuneration philosophy as they create employee ownership and align the interests of our employees, our clients, and our shareholders over the long term. All employees are subject to the Company’s standard deferral arrangements which apply to variable incentive awards, excluding the monthly and quarterly commission arrangements described above. Deferral rates apply to awards that exceed a minimum threshold, rates of deferral increase for larger incentive awards, or as appropriate under the Alternative Investment Fund Managers Directive (AIFMD) or Undertakings for Collective Investment in Transferable Securities (UCITS) regulations. Deferred awards vest in three equal instalments over a 3-year period.  Forfeiture provisions apply to employees who cease employment with the Company during the vesting period, other than in prescribed circumstances. Deferrals are delivered into JHG restricted stock and/or fund units and, effective in 2020, all awards are subject to malus provisions. Clawback provisions, in addition to malus, apply to the most senior officers at the firm.
Deferral arrangements are reviewed periodically to ensure they remain aligned with:
·     the Company’s business strategy, associated time horizons and risk appetite;
·     competitive practice in the sectors and jurisdictions in which the Company operates; and
·     emerging regulatory practice.
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Performance Appraisals
The Company operates an annual performance appraisal process on a global basis.  Line managers must undertake reviews of individual performance at least annually.  In conjunction with department heads, Human Resources analyse and calibrate performance appraisal results and consider a number of outcomes, including but not limited to; the consistent application of ratings, the degree of performance differentiation, gender pay effects, and the alignment between pay and performance.
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Remuneration Governance Framework
Oversight, decision-making and management activities in relation to remuneration related matters are conducted through a number of governing bodies.
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Compensation Committee of the Company’s Board of Directors
The independent non-executive Directors of the Committee are responsible for;
o     oversight and approval regarding CEO and Executive Committee remuneration,

Global Remuneration Policy Statement (“GRPS")

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o     decision-making regarding the Company’s remuneration practices and variable incentive plans, including;
o    review of the annual risk assessment and approval of any adjustments to the Profit Pools, and
o    periodic review of incentive plans in respect of conflicts of interest and/or mitigation of excessive risk taking behaviours.
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Henderson Group Holdings Asset Management Limited Board
The independent non-executive Directors of the HGHAML Board, the parent financial holding company for Janus Henderson’s European operations within the UK and the European Economic Area (“EEA Group”), is responsible for;
o     reviewing and approving the remuneration policy for the UK and EEA Group (UK and EEA Remuneration Policy) that (i) takes into account the Company’s remuneration policy, (ii) is consistent with and promote sound and effective risk management within the UK and EEA Group and (iii) is designed to comply with applicable regulatory requirements and guidance, and
o    periodically reviewing the general principles of the UK and EEA Remuneration Policy and check that they are designed to comply with applicable Remuneration Codes, oversee the designation and remuneration of Code Staff, and
o     At least annually check that a central and independent internal review of the UK and EEA Remuneration Policy on a consolidated basis within the UK and EEA Group has been conducted.
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Remuneration Review Committee
The RRC includes the co-Heads of HR, the CRO and the General Counsel.  This group considers guidance and feedback from relevant department heads where appropriate and is responsible for;
o     considering material changes to global remuneration practices and variable incentive plans,
o     reviewing variable incentive plans in respect of conflicts of interest and/or potential for excessive risk taking and recommending changes,
o     recommending changes, amendments and revisions to existing remuneration mechanisms to comply with regulatory requirements,
o     determining the list of identified Code Staff and reviewing remuneration decisions for this group,
o     determining adjustments to individual and/or team remuneration following an assessment of material risk events, conduct and behaviours, and
o     approving any special remuneration arrangements for individuals and/or teams.
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Additional Remuneration Policies and Practices
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Anti-avoidance and anti-hedging
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Identified Code Staff are required to complete an annual attestation certifying that they;
o     understand that they must act and make decisions within the Company’s risk appetite as described in the Enterprise Risk Management Framework, and
o     will adhere to the Company’s Personal Account Dealing policy which includes a prohibition of personal hedging transactions.
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Guaranteed bonus and buy out awards
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The Company complies with the principles of the Financial Conduct Authority Remuneration Code in relation to guaranteed bonuses in that guaranteed variable remuneration is only awarded in cases where:
·     it is exceptional;
·     it occurs in the context of hiring new staff;
·     the firm has a sound and strong capital base; and
·     it is limited to the first year of service.
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Buying out deferred bonuses is permitted subject to, as far as possible, the timing, delivery mechanism (i.e. shares or cash) and amounts paid out being set to match the former arrangements (quantum and vesting schedule) including, where relevant, applicable performance conditions associated with the forfeited awards.

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