Document:

Exhibit 10.1

EMPLOYMENT
AGREEMENT

THIS AGREEMENT, dated as of the Effective
Date specified below (this “Agreement”) is by and between Janus
Management Holdings Corporation, a Delaware corporation (the “Company”)
and Jonathan D. Coleman (the “Executive”), and shall be effective as of
January 1, 2007 (the “Effective Date”). 
Executive and the Company are sometimes referred to in this Agreement as
the “Parties,” or, individually, as a “Party.”

Recitals

1.             Prior
to November 2006, the Company employed Executive as a Portfolio Manager (“PM”).  During Executive’s service as a PM, the terms
and conditions of Executive’s employment were governed by a: (a) portfolio
manager compensation program; (b) cover letter from Gary D. Black dated as of
December 29, 2004 (the “Cover Letter”); (c) letter severance agreement
dated as of December 29, 2004 (the “Severance Agreement”); and (d)
Portfolio Manager Change in Control Agreement dated as of December 29, 2004
(the “PM Executive Change in Control Agreement”).

2.             As
of November 6, 2006, Executive assumed the duties of Co-Chief Investment
Officer (“Co-CIO”) of Janus Capital Management LLC (“JCM”) and
the Company, the operating subsidiaries of Janus Capital Group Inc., a Delaware
corporation (“JCG”), while continuing to perform Executive’s duties as a
PM.

3.             Executive
and the Company desire to clarify the terms and conditions of Executive’s
employment during Executive’s service as a PM and Co-CIO or Chief Investment
Officer (“CIO”), to provide for certain severance rights in the event that
Executive’s employment terminates under certain circumstances during Executive’s
service as a PM or Co-CIO, and to provide for certain rights in the event of
Executive’s relinquishment of or removal from the PM, CIO or Co-CIO position.

Agreement

1.             Term.

(a)           The
Company hereby agrees to continue to employ Executive as its Co-CIO and PM, and
Executive hereby agrees to continue to serve as the Company’s Co-CIO and PM,
all on the terms and subject to the conditions of this Agreement, for the
period commencing on the Effective Date and ending on December 31, 2008 (the “Initial
Term”).

(b)           The Initial
Term (and every subsequent twelve month extension as set forth in this
paragraph) shall automatically be extended for an additional twelve months (the
Initial Term and any twelve month extension, “Term”), unless either
Executive or the Company gives written notice to the other of its intent not to
extend the then-current Term.  Such
notice must be given not later than 90 calendar days before the expiration of
the then-current Term.  If the Company
elects to give notice not to extend the Term pursuant to this Section 1(b),
then, contemporaneously with such non-renewal notice, the Company shall offer
to Executive severance rights that are no less favorable to Executive than the
form of severance rights then

generally in effect between the Company and
its PMs, which severance rights shall become effective immediately upon the
expiration of the Term.

(c)           If
during the Initial Term, the Chief Executive Officer (“CEO”) of JCG as
of the Effective Date ceases for any reason to continue to serve as JCG’s CEO,
then as of the effective date of the appointment of the successor CEO (the “Appointment
Date”), the Initial Term shall be extended so that it shall expire 18 months
following the Appointment Date, and shall thereafter be subject to further
extension pursuant to Section 1(b) above.

2.             Position
and Duties.

(a)           During
the Term, Executive shall serve as CIO or Co-CIO, and shall have the duties,
authority and responsibilities commensurate with such title and office, which
shall include, but not necessarily be limited to:

(i)            Day-to-day
oversight of the investment team, including but not limited to, final decisions
related to hiring or firing investment personnel, management of investment
personnel performance and compensation structure, design and allocations
(subject to parameters determined by the JCG Board of Directors (“JCG Board”),
the Compensation Committee of the JCG Board (“Compensation Committee”)
and the CEO), portfolio construction and overlap,  use of derivatives, trading issues and
similar issues;

(ii)           Serving
as the primary interface between the PMs and Company management;

(iii)          Participation
in client meetings as necessary (including, without limitation, meetings of the
board of trustees of Janus Investment Fund, Janus Adviser Series, Janus Aspen
Series and the board of Janus Capital Funds Plc);

(iv)          Participation
on Executive Committee, Risk Management Committee and  Internal Compliance Controls Committee, and
either participating in or delegating responsibility for participating in,
certain other JCM committees, including without limitation, the Management
Committee, the Product Development Committee and the Ethics Committee;

(v)           When
necessary, completing final sign-off on product decisions that come before
Product Development Committee in accordance with the applicable approval
process;

(vi)          Upon
request and with reasonable advance notice, attending meetings and calls with
prospects, consultants, brokers, industry ratings agencies and the media and
making presentations to trade groups, industry ratings agencies and prospects;
and

(vii)         As
needed and with reasonable advance notice, attending internal meetings and
calls with executive management, sales, marketing, operations, public
relations, legal/compliance, finance personnel, the JCG Board and its Committees.

 2
 

Notwithstanding any other provision of this
Agreement, Executive shall have the ability to delegate to another Co-CIO or appropriate
JCG or JCM executive officer responsibility for compliance with Sections 2(a)(vi)
and 2(a)(vii).

(b)           Executive
and other Co-CIOs, if any, shall report directly to JCG’s CEO.  Executive, working in coordination with other
Co-CIOs, if any, shall have autonomy in managing JCG’s and JCM’s investment
business, subject to appropriate oversight by the CEO, the JCG Board and
applicable Committees thereof.

(c)           During
the Term, Executive may continue to act as a PM for the portfolio(s) managed by
Executive as of the Effective Date, subject to the terms and conditions set
forth below.

3.             Compensation
and Benefits.  During the Term, the Company shall pay
Executive: (i) an annual base salary (“Annual Base Salary”); (ii) compensation for Executive’s work as Co-CIO or CIO (“CIO
Compensation”) for so long as Executive continues performing as a Co-CIO or
CIO; and (iii) compensation for Executive’s work as a PM (“PM Compensation”)
for so long as Executive continues performing as a PM, all as and when
specified in this Section 3.

(a)           Base
Salary. Throughout the Term, the Executive’s Annual Base
Salary shall be in an amount established by the JCG Compensation Committee, provided
that such amount shall not be less than $500,000.

(b)           CIO
Compensation.

(i)            The
Company shall pay Executive CIO Compensation as specified in this Section 3(b),
all of which is subject to the satisfaction of Internal Revenue Code Section
162(m) performance criteria as established by the JCG Compensation Committee
annually (“Section 162(m) Criteria”).

(ii)           For
2007 and 2008, the CIO Compensation will be based 50 percent on overall performance
of all Janus-managed investment products, 20 percent on Janus-managed net
long-term flows, 15 percent on investment team leadership factors, and 15
percent on overall corporate leadership factors, with specific goals to be
established by the CEO and JCG Compensation Committee at the beginning of each
year.  For any year after 2008 during
which the Term continues, the CEO and the JCG Compensation Committee shall,
following consultation with Executive, establish criteria applicable to CIO
Compensation at the beginning of each year.

(iii)          Executive’s
CIO Compensation range for 2007 shall be a minimum of $2,000,000, a maximum of
$3,500,000 and a target of $2,750,000. 
Executive’s CIO Compensation range for 2008 shall be a minimum of
$2,500,000, a maximum of $4,500,000, and a target of $3,500,000.  On and after January 1, 2009 (assuming
renewal of the Term and subject to the satisfaction of Section 162(m)
Criteria), Executive’s CIO Compensation minimum, maximum and target amounts
shall be established in the discretion of the JCG Compensation Committee,
provided that the Company shall give Executive written notice thereof no less
than sixty (60) days before the beginning of the year with respect to which
such amounts shall apply.

 3
 

(iv)          All
CIO Compensation shall be payable after year-end at the same time as bonus
payments and LTI awards are made to other members of the Company’s Executive
Committee (the “Peer Executives”). 
For 2007 and 2008, sixty percent of the CIO Compensation shall be paid
in cash, and the remaining forty percent shall be in the form of LTI awards in
the same manner and type as granted to other Peer Executives.

(v)           As
of the Effective Date, Executive shared the CIO’s responsibilities with another
Co-CIO.  If, for any reason during the
Term, Executive becomes the Company’s sole CIO, the Company shall adjust
Executive’s CIO Compensation by an amount to be determined in the discretion of
the JCG Compensation Committee.  If,
thereafter, during the Term another CIO is appointed to serve with Executive,
the Company may adjust Executive’s CIO Compensation in an amount to be
determined in the discretion of the JCG Compensation Committee, subject to the
minimums and ranges specified in Section 3(b)(iii) above.  If the fact that Executive has become the
Company’s sole CIO (other than during a transitional, temporary period not
exceeding 180 days; provided that throughout such temporary period the Company
shall be making reasonable, continuous efforts to fill the Co-CIO vacancy)
substantially impairs Executive’s ability to continue to effectively perform
Executive’s material responsibilities as both sole CIO and PM, and the Company
fails to cure that condition upon receiving no less than 90 days’ prior written
notice from Executive (which notice shall be given no more than 180 days after
Executive knows or should know of the circumstances giving rise to the notice),
then Executive may relinquish Executive’s role as PM upon no less than 30 days’
written notice to the Company, in which case the Parties shall negotiate in
good faith concerning an amended compensation arrangement as sole CIO.  At any time before December 31, 2008, but
only after Executive has relinquished his role as PM pursuant to the preceding
sentence, Executive may elect, upon no less than 90 days prior written notice,
to relinquish Executive’s role as sole CIO and return to a position on the
Company’s investment management team.  In
such event, the Company shall make a reasonable effort to reassign Executive to
manage the portfolio(s) managed by Executive before Executive relinquished the
PM role or one or more other portfolios with at least a comparable amount of
assets under management, in which case Executive’s rights and responsibilities
would be as specified in Section 4(a) below. 
In the event the Company is unable through reasonable efforts to
reassign Executive to manage the portfolio(s) managed by Executive before
Executive relinquished the PM role or one or more other portfolios with at
least a comparable amount of assets under management, then Executive shall be
assigned to a position on the Company’s investment team and, until the earlier
of December 31, 2008 or the date on which Executive resigns, Executive shall be
compensated as if he had resumed management of the portfolio(s) managed by
Executive before Executive relinquished the PM role as set forth above, and
Executive’s rights and responsibilities would be as specified in Section 4(a)
below except as otherwise specified in this subsection.

(c)           PM
Compensation.  For Executive’s work as a PM, and subject to
the satisfaction of Section 162(m) Criteria, the Company shall pay Executive
individual performance-based PM Compensation and Executive shall be eligible to
participate in other compensation for which PMs may be eligible in a manner consistent
with the terms of the Company’s then-current PM compensation plan.

 4
 

(d)           Total
Compensation.  Subject to the satisfaction of Section 162(m)
Criteria, Executive’s combined PM Compensation and CIO Compensation for 2007
shall be a minimum of $3,500,000, and Executive’s combined PM Compensation and
CIO Compensation for 2008 shall be a minimum of $4,000,000.

(e)           Section
162(m) Performance Criteria.  The Parties acknowledge and agree that all
compensation payable to Executive (except Executive’s Annual Base Salary) under
this Agreement, including without limitation cash, shall be subject to and
conditioned upon such terms and conditions as are required to obtain full
deductibility under Section 162(m) of the Internal Revenue Code, including
without limitation the establishment, and Executive’s attainment of,
performance-based criteria.

(f)            Satisfaction
of Withholding Requirements.  All grants and payments to Executive under
this Agreement are subject to and conditioned upon satisfaction of all
applicable tax withholding requirements. 
Executive agrees to execute all documents and take all action reasonably
deemed necessary by the Company to ensure compliance with all such withholding
requirements.

(g)           Incentive,
Savings and Retirement Plans.  During the Term, Executive shall be entitled
to participate in all other incentive plans, practices, policies and programs,
and all savings and retirement plans, practices, policies and programs, in each
case on terms and conditions no less favorable than the terms and conditions
generally applicable to the Peer Executives, as in effect from time to time;
provided that this Section 3(g) shall not entitle Executive to any particular
amount or value that the Company may from time to time provide to other Peer
Executives.

(h)           Welfare
Benefit Plans.  During the Term, Executive and Executive’s
spouse and dependents, as the case may be, shall be eligible for participation
in and shall receive all benefits under welfare benefit plans, practices, policies and programs provided
by the Company and its affiliates (including, without limitation, medical,
prescription, dental, retiree health, disability, employee life, group life,
accidental death and travel accident insurance plans and programs) on terms and
conditions no less favorable than the terms and conditions generally applicable
to the Peer Executives.

(i)            Expenses. 
During the Term, Executive shall be entitled to receive prompt
reimbursement for all reasonable expenses incurred by Executive in accordance
with the Company’s policies, practices and procedures in effect for Peer
Executives.

(j)            Fringe
Benefits.  During the Term, Executive shall be entitled
to fringe benefits on the same basis as those provided generally at any time
thereafter to the Peer Executives.

(k)           Vacation. 
During the Term, Executive shall be entitled to paid vacation in
accordance with the plans, policies, programs and practices of the Company as
in effect for the Peer Executives.

 5
 

(l)            Executive
Change in Control Agreement.  Contemporaneously with this Agreement, the
parties shall execute an “Executive Change in Control Agreement” in the
form attached hereto as Exhibit A, which shall be substantially
identical to the Agreement offered by JCG to Peer Executives.

4.             Termination
of Service as CIO or Co-CIO Without Termination of Employment.

(a)           Upon
giving the Company no less than 90 days’ advance written notice, at any time
during the Term, Executive may for any reason relinquish Executive’s
responsibilities as CIO or Co-CIO and return to performing only the duties of a
PM managing such portfolios as Executive managed immediately before the
Transition Date (defined below) or one or more other funds with at least a
comparable amount of funds under management, in which case: (i) this Agreement
and the Executive Change in Control Agreement shall terminate as of the
effective date of Executive’s relinquishment of Executive’s CIO role (the “Transition
Date”); and (ii) the Company shall pay Executive, after year-end in
accordance with and at the same time as payment of bonus and LTI compensation
to other Peer Executives, pro rata fully earned but as yet unpaid CIO
Compensation for any period of time during that year that Executive served as
Co-CIO; and (iii) following the Transition Date, the terms and conditions of
Executive’s employment shall be governed by the compensation plan(s), severance
rights, change in control agreement, policies, procedures and programs
applicable generally to the Company’s PMs, which Executive agrees promptly to
execute or acknowledge, as the case may be, at the Company’s request, to be
effective as of the day following the Transition Date.  If Executive relinquishes Executive’s
responsibilities as CIO or Co-CIO but thereafter continues to provide services
to the Company in another senior management role (other than PM), then for the
first year of Executive’s service in such other senior management role
Executive will receive a floor on Executive’s total target compensation, but
otherwise established in the discretion of the JCG Compensation Committee,
acting in consultation with the CEO, but subject to applicable Section 162(m)
Criteria.

(b)           Subject
to the rights and restrictions under a termination for “Good Reason” as defined
in Sections 6(f) and 7(d) below, at any time during the Term, the Company may
for any reason remove Executive from Executive’s CIO or Co-CIO title and duties
and direct that Executive return to the role of a PM, managing such portfolios
as Executive managed immediately before the Transition Date or one or more
other portfolios with at least a comparable amount of assets under management.  If the Company elects to remove Executive from
Executive’s CIO or Co-CIO title and duties pursuant to this Section 4(b) and
Executive remains a PM without making an election under Section 6(f), then the
Company shall pay Executive, after year-end in accordance with and at the same
time as payment of bonus and LTI compensation to other Peer Executives, a pro
rata amount of the mid-range of Executive’s then-current target CIO
Compensation for the period of time during the year of removal that Executive
served as Co-CIO.

5.             Termination
of Service as PM without Termination of Employment.

(a)           Upon
giving the Company no less than 90 days’ advance written notice, at any time
during the Term, Executive may for any reason relinquish Executive’s
responsibilities as PM and continue thereafter to perform only the duties of
CIO or Co-CIO, in which case: (i) Executive shall be entitled to receive PM
Compensation, on the terms and conditions set forth in Section 3(c) above, only
through the effective date of Executive’s relinquishment of Executive’s 

 6
 

responsibilities as PM; and (ii) with respect
to Executive’s work following the effective date of Executive’s relinquishment
of Executive’s responsibilities as PM, Executive shall be entitled only to
Executive’s Annual Base Salary and CIO Compensation.

(b)           Upon
giving Executive no less than 15 days’ advance written notice, at any time during
the Term, the Company may for any reason discontinue Executive’s services as a
PM and request that Executive thereafter continue to perform only the duties of
CIO or Co-CIO, in which case:

(i)            Executive
shall be entitled to receive PM Compensation, on the terms and conditions set
forth in Section 3(c) above, through the effective date of Executive’s
relinquishment of Executive’s responsibilities as PM; and

(ii)           no
later than 90 days following the effective date of the discontinuation of
Executive’s services as a PM, Executive may, in Executive’s discretion, elect
to either:

(A)          give
the Company no less than 30 days prior written notice of Executive’s
resignation of employment with the Company and its affiliates, and Executive
shall thereafter be eligible to receive the severance benefits set forth in
Section 7(c) below, conditioned upon Executive’s execution of the
Non-Solicitation Legal Release defined in such section; or

(B)           if
but only if the Company’s discontinuation of Executive’s services as a PM and
request that Executive thereafter continue to perform only the duties of CIO or
Co-CIO becomes effective before January 1, 2009, then Executive may continue
serving as CIO or Co-CIO, in which case the Parties shall negotiate in good
faith concerning an amended compensation arrangement such that Executive’s
removal from the PM role shall not reduce Executive’s total target compensation
minimum (as set forth in Section 3(d)) during the remainder of the Initial Term
of this Agreement (ending December 31, 2008); provided that in the absence of
an alternative, mutually agreed upon amended compensation arrangement, if
Executive makes an election under this Section 5(b)(ii)(B), then Executive
shall, beginning on the date immediately after Executive’s last day of eligibility
to earn PM Compensation (the “PM Transition Date”), be entitled to “Special
Transitional Compensation,” payable quarterly during the remainder of the
Initial Term of this Agreement (ending December 31, 2008) and subject to the
LTI award component granted annually, at a rate equal to the quarterly PM
Compensation payment earned by Executive for the last full calendar quarter
before the PM Transition Date, but subject to the satisfaction of all
applicable Section 162(m) Criteria.

6.             Termination
of Employment During Term.

(a)           Death
or Disability.  Executive’s employment shall terminate
automatically upon Executive’s death during the Term.  If the Company determines in good faith that a
disability of Executive has occurred during the Term, it may provide to
Executive written notice in accordance with Section 13(b) of this Agreement of
its intention to terminate Executive’s employment.  In such event, Executive’s employment with
the Company shall terminate effective on the 90th day after receipt of such
notice by Executive (the “Disability

 7
 

Effective Date”), unless, within the 90 days after the
receipt of such notice, Executive has returned to full-time performance of
Executive’s duties.  For purposes of this
section, disability shall be as defined under, and Executive must comply with,
the Company’s then-current long-term disability policy.  Notwithstanding any other provision of this
Agreement, the Company’s appointment of an interim PM during any period during
which the Company determines in its reasonable discretion that Executive is
unable because of mental or physical illness to manage the investment
portfolio(s) then managed by Executive shall not constitute Good Reason for
purposes of Section 6(f) of this Agreement.

(b)           Termination
Without Cause.  Subject to its obligations under Sections
7(a) and 7(d) below, at any time during the Term the Company may terminate
Executive’s employment without Cause upon written notice to Executive.

(c)           Termination
for Cause.  The Company may terminate Executive’s employment
during the Term for Cause.

(d)           For
purposes of this Agreement, “Cause” shall mean:

(i)            the
willful and continued failure by Executive to substantially perform Executive’s
duties with the Company (other than any such failure resulting from Executive’s
incapacity due to physical or mental illness) that has not been cured within 30
days after the Company delivers to Executive a written demand for substantial
performance, which demand specifically identifies the manner in which the
Company believes that Executive has not substantially performed Executive’s
duties;

(ii)           Executive’s
willful engagement in conduct which is demonstrably and materially injurious to
the Company, monetarily or otherwise;

(iii)          Executive’s
material breach of any material provision of this Agreement (including without
limitation the covenants set forth in Section 10 below) that has not been cured
within 30 days after a written demand for substantial performance is delivered
to Executive, which demand specifically identifies the manner in which the
Company believes that Executive has materially breached any material provision
of this Agreement; or

(iv)          Executive’s
conviction of a felony (other than a traffic related felony) or a guilty or
nolo contendere plea by Executive with respect thereto.

(e)           Executive’s
termination of employment shall not be deemed to be for Cause unless and until
Executive has received a copy of a resolution duly adopted by the affirmative
vote of not less than two-thirds of the entire membership of the JCG Board at a
meeting of the JCG Board called and held for such purpose (after Executive is
provided with reasonable notice to Executive and Executive is given an
opportunity, together with counsel, to be heard before the JCG Board), finding
that, in the good faith opinion of the JCG Board, Executive is guilty of the
conduct described in the definition of Cause, and specifying the particulars
thereof in detail.  For purposes of
clauses (i) and (ii) of the preceding definition, no act, or failure to act, on
Executive’s part shall be deemed “willful” unless done, or omitted to be
done, by Executive not in good faith and without reasonable belief that
Executive’s act, or failure to act, was in the best interest of the
Company.  Any act, or failure to act,
based upon express written authority by the

 8
 

JCG Board or the CEO with respect to such act
or omission or based upon the advice of counsel for the Company shall be
conclusively presumed to be done, or omitted to be done, by Executive in good
faith and in the best interests of the Company.

(f)            Good
Reason.  Subject to Sections 6 and 7, the Executive’s
employment may be terminated by Executive for Good Reason.  For purposes of this Agreement, “Good
Reason” shall mean in the absence of a written consent of Executive:

(i)            the
involuntary removal of Executive by the Company from Executive’s position as
CIO or Co-CIO;

(ii)           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, or actual demotion, including the reassignment of Executive
to a role that is inconsistent with Executive’s responsibilities as a PM or Co-CIO
that materially and adversely alters Executive’s status as PM or Co-CIO, but excluding
for this purpose:  (A) the appointment of
another Co-CIO (which shall have the rights and consequences set forth in
Section 7(e) below); (B) any assignment of Executive to a mutual fund or
portfolio with a smaller amount of assets under management that may result in
reduced compensation, so long as Executive remains as a PM; (C) any action not
taken in bad faith and that is remedied by the Company within 30 days after
receipt of written notice of the material reduction in Executive’s authority or
duties given by Executive as provided in Section 6(h) below; (D) any mere
change of JCG’s, JCM’s or the Company’s organizational chart; (E) any mere
change in title so long as the fundamental character of Executive’s job is not
changed to such an extent as to constitute a de facto demotion; and (F) the
mere fact that JCG’s stock ceases to be publicly traded;

(iii)          the
relocation of Executive’s principal place of employment to a location more than
40 miles from Executive’s current principal place of employment;

(iv)          during
the Term, but prior to a “change in control” (as defined in the
Executive Change in Control Agreement), a substantial adverse change to the
methodology used to calculate Executive’s PM Compensation or CIO Compensation;

(v)           during
the Term, but prior to a “change in control” (as defined in the
Executive Change in Control Agreement), a reduction in Executive’s Annual Base
Salary or a reduction in the established minimums for CIO Compensation,
provided that such compensation must satisfy the Section 162(m) Criteria and
therefore a failure to satisfy such Section 162(m) Criteria will not trigger
this Section 6(f)(v);

(vi)          the
Company’s failure to cure, within 30 days, a material failure to pay or provide
to Executive any sum or benefit specified by or due under this Agreement or the
Executive Change in Control Agreement;

(vii)         removal
from the Executive Committee (other than in connection with Executive’s removal
from the role of CIO or Co-CIO in accordance with Section 4 above); or

 9
 

(viii)        non-renewal
of the Executive Change in Control Agreement other than in connection with the
termination or non-renewal of the Executive Change in Control Agreement for
similarly situated Peer Executives.

Executive’s mental or physical incapacity
following the occurrence of an event described above in clause (i) through
(viii) shall not affect Executive’s ability to terminate employment for Good
Reason.

(g)           Sunset
on Right to Terminate for Good Reason.  If circumstances arise giving
Executive the right to terminate this Agreement for Good Reason, Executive
shall within 60 days after Executive knew or should have known of such
circumstances notify the Company in writing of the existence of such
circumstances, and the Company shall have an additional 30 days within which to
investigate and remedy the circumstances, after which 30 days Executive shall
have an additional 30 days within which to exercise the right to terminate for
Good Reason.  If Executive does not
timely do so the right to terminate for Good Reason shall lapse and be deemed
waived, and Executive shall not thereafter have the right to terminate for Good
Reason unless further circumstances occur giving rise independently to a right
to terminate for Good Reason, in which case the provisions of this Section 6(g)
shall once again apply, but in which case no consideration shall be given to
other, prior circumstances that precipitated a notice by Executive of a
purported right to terminate for Good Reason. 
The 60 and 30 day periods specified above for Executive to give notice
or exercise Executive’s right to terminate for Good Reason, respectively, shall
be tolled for any period not exceeding 90 days in the aggregate during which a
properly qualified physician certifies that Executive is medically
incapacitated from performing Executive’s duties hereunder.

(h)           Notice
of Termination.  Any termination by the Company for Cause, or
by Executive for Good Reason, shall be communicated by Notice of Termination to
the other party hereto given in accordance with Section 6(g) of this
Agreement.  For purposes of this
Agreement, a “Notice of Termination” means a written notice which (i)
indicates the specific termination provision in this Agreement relied upon,
(ii) to the extent applicable, sets forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of Executive’s
employment under the provision so indicated, and (iii) if the Date of Termination
(as defined below) is other than the date of receipt of such notice, specifies
the termination date (which date shall be not more than thirty days after the
giving of such notice).  The failure by
Executive or the Company to set forth in the Notice of Termination any fact or
circumstance which contributes to a showing of Good Reason or Cause shall not
constitute a waiver of any right of Executive or the Company, respectively,
hereunder or preclude Executive or the Company, respectively, from asserting
such fact or circumstance in enforcing Executive’s or the Company’s rights
hereunder.

(i)            Date
of Termination.  “Date of Termination” means (i) if
Executive’s employment is terminated by the Company for Cause, or by Executive
for Good Reason, the date of receipt of the Notice of Termination or any later
date specified therein within 30 days of such notice, as the case may be, (ii)
if Executive’s employment is terminated by the Company other than for Cause or
Disability, the Date of Termination shall be the date on which the Company
notifies Executive of such termination and (iii) if Executive’s employment is
terminated by reason of death or Disability, the Date of Termination shall be
the date of death of Executive or the Disability Effective Date, as the case
may be.

 10
 

7.             Obligations of the Company Upon Termination. 
Except for the Accrued Obligations set forth below or as otherwise
expressly specified in this Agreement, Executive’s right to severance and/or
welfare benefits under any subsection of this Agreement cannot be cumulated
with any right to severance or welfare benefits arising under any other
subsections of this Agreement. 
Accordingly, the Parties agree that Executive shall only be entitled to
severance benefits under only one subsection of this Agreement in connection
with any event of termination or change in duties.  In addition and notwithstanding anything to
the contrary in this Agreement, if any amounts payable to the Executive under this
Section 7 cannot be paid in the manner provided for in this Agreement without
subjecting the Executive or the Company to additional tax, interest or penalties
under Section 409A of the Internal Revenue Code, any such payment which is
payable during the first six months following the Executive’s termination of
employment shall be made in a lump-sum payment within the first ten (10) business
days of the seventh calendar month immediately following the month in which
Executive’s date of termination occurs.

(a)           Upon
any termination of Executive’s employment, the Company shall pay to Executive,
in a lump sum in cash within 30 days after the Date of Termination, the sum of

(i)            Executive’s
Annual Base Salary through the Date of Termination; and

(ii)           any
fully earned and vested but yet unpaid CIO Compensation and PM Compensation
through the Date of Termination (collectively “Accrued Obligations”).

(b)           Death
or Disability.  If, Executive’s employment is terminated by
reason of Executive’s death or disability during the Term, the Company will pay
to Executive or Executive’s estate or beneficiaries (as applicable) the full
amount of any Accrued Obligations and
an amount equal to Executive’s total cash compensation earned in the four (4)
full calendar quarters immediately prior to the date of death or disability, as
the case may be.

(c)           Termination
as PM by Company (but not CIO or Co-CIO) and Executive Elects to Terminate
Employment.  If Executive terminates Executive’s
employment under Section 5(b), then conditioned upon Executive’s execution (and
non-revocation) of a legal release in substantially the form attached hereto as
Exhibit B (the “Non-Solicitation Legal Release”), the Company
will:

(i)            pay
to Executive, in a lump sum cash payment, severance compensation in an amount
equal to Executive’s total cash compensation earned by Executive as a PM (i.e., Executive’s Annual Base Salary and PM Compensation)
for the four (4) full calendar quarters immediately prior to the Date of Termination;

(ii)           make
available to Executive three (3) months of outplacement services at no cost to
Executive through a provider of such services selected by the Company to be
used by Executive at any time during the applicable non-solicitation
restriction period; and

(iii)          arrange
to provide Executive and Executive’s dependents with medical, dental and vision
insurance benefits substantially similar to those provided to Executive and
Executive’s dependents immediately prior to the Date of Termination; provided
that benefits

 11
 

otherwise receivable under this paragraph
will be reduced to the extent benefits of the same type are received by or made
available to Executive during the twelve (12) month period following Executive’s
Date of Termination of employment (which such benefits Executive undertakes to
promptly report to the Company); and provided further that any such health
insurance benefits shall run concurrently with and will be offset against any
continuation coverage under Part 6 of Title I of Employee Retirement Income
Security Act of 1974, as amended.

(d)           Termination
by Company Without Cause or by Executive for Good Reason.  If,
during the Term, the Company terminates Executive’s employment without Cause or
Executive resigns Executive’s employment for Good Reason, then, conditioned
upon Executive’s execution (and non-revocation) of a Non-Solicitation Legal
Release, the Company will:

(i)            pay
Executive, in a lump sum within 14 business days following the Date of Termination,
an amount equal to one times the Executive’s Annual Base Salary, plus the
greater of: (A) one year of CIO Compensation at the mid-range of target
compensation for the calendar year of termination, or (B) the remaining total
CIO Compensation calculated at the mid-range of target compensation for the
initial two-year Term of this Agreement to the extent then unpaid (for purposes
of this Section 7(d)(i), CIO Compensation shall include all cash and non-cash
compensation, including the cash value of the LTI component, if any, of CIO
Compensation);

(ii)           make
available to Executive three (3) months of outplacement services at no cost to
Executive through a provider of such services selected by the Company to be
used by Executive at any time during the applicable non-solicitation
restriction period; and

(iii)          arrange
to provide Executive and Executive’s dependents with medical, dental and vision
insurance benefits substantially similar to those provided to Executive and
Executive’s dependents immediately prior to the Date of Termination; provided
that benefits otherwise receivable under this paragraph will be reduced to the
extent benefits of the same type are received by or made available to Executive
during the twelve (12) month period following Executive’s Date of Termination
of employment (which such benefits Executive undertakes to promptly report to
the Company); and provided further that any such health insurance benefits
shall run concurrently with and will be offset against any continuation
coverage under Part 6 of Title I of Employee Retirement Income Security Act of
1974, as amended.

(e)           Appointment
of Additional Co-CIO(s).  If during the Term another person is
appointed to serve as Co-CIO (other than Richard Gibson Smith) and the new
appointee’s duties overlap to any material extent with Executive’s duties as
Co-CIO as of the time immediately before the appointment, then upon 60 days
prior written notice, Executive may, at Executive’s option, either: (i)
relinquish Executive’s role as a Co-CIO and Executive shall return to the role
of a PM, managing such portfolios as Executive managed immediately before
Executive’s election under this Section 7(e)(i) or one or more other portfolios
with at least a comparable amount of assets under management; or (ii) resign
Executive’s employment with the Company (a “Special Resignation”).  In the event of a Special Resignation,
conditioned upon Executive’s execution (and non-revocation) of a
Non-Solicitation Legal Release, the Company shall pay Executive, in a lump sum
within 14 business days following the Date of Termination, a Special
Resignation cash payment equal to $2,000,000.

 12
 

(f)            Change in Control.  Executive’s
rights and the Company’s obligations to make any compensation or severance payments
after a change in control of JCG shall be provided for and subject to the terms
of the Executive Change in Control Agreement entered into by Executive and the
Company, and such Executive Change in Control Agreement shall supersede any
conflicting terms or agreements; provided however, the parties agree that the
Executive Change in Control Agreement during its term shall not cause the
reduction of any compensation or benefits that are provided for in this
Agreement.  To the extent that severance
benefits become payable under the Executive Change in Control Agreement, no
severance benefits will be payable pursuant to this Agreement.

(g)           Cause.  If
the Executive’s employment shall be terminated for Cause during the Term, this
Agreement shall terminate without further obligations to the Executive other
than the obligation to pay to the Executive the Accrued Obligations to the
extent theretofore unpaid.

(h)           Voluntary
Departure by Executive (Not for Good Reason) with Non-Compete Obligations.  If,
during the Term, the Executive voluntarily decides to end his employment with
the Company (not for Good Reason under Section 6(f)) and is in “good standing,”
then, conditioned upon Executive’s execution (and non-revocation) of a  two-year non-compete including the terms set
forth in the Non-Solicitation Legal Release substantially in the form attached
as Exhibit C (collectively, the “Non-Compete Release”), all
unvested equity long-term incentive awards granted to Executive on or after
December 30, 2004 (“equity long-term incentive awards” shall include
without limitation unvested shares of Janus restricted stock, unvested options
to purchase Janus stock, and awards consisting of unvested mutual fund share
investment units) will continue to vest and/or be paid, as applicable, in
accordance with the original vesting schedule provided for in the applicable
award agreement, and any stock options will, from and after such vesting,
remain exercisable for the remainder of their respective terms, subject to
compliance with the terms of the above Non-Compete Release and as limited by
the terms of the agreement(s), certificate(s) and/or incentive plans underlying
each such grants; provided however, any vesting events scheduled to occur for
the applicable long-term incentive awards during the two-year, non-compete
period will not be delivered or transferred to Executive until the expiration
of such two year period and Executive’s satisfactory compliance with the
Non-Compete Release, subject to applicable tax withholding obligations of the
Janus Entities.  The Company may elect in
its sole discretion to accelerate the vesting of any unvested equity award
granted to Executive after the two-year, non-compete period but prior to the
completion of its original vesting schedule. 
For purposes of this subsection, “good standing” shall mean that the CEO has approved the continuation
of vesting and has certified that Executive has not engaged in any conduct,
action or omission that would constitute grounds for terminating Executive’s
employment for Cause.

 (i)           Termination at the End of the Term or
Thereafter.  If the Executive’s employment shall terminate
for any reason at the end of the Term or thereafter, the Company shall pay to
the Executive the Accrued Obligations to the extent theretofore unpaid.

(j)            Excise
Tax.  Notwithstanding any other language to the
contrary in this Agreement or in this Section 7, the Company shall not be
obligated to pay and shall not pay that portion of any payment or distribution
in the nature of compensation within the meaning of

 13
 

Section 280G(b)(2) of the Internal Revenue Code
to the benefit of Executive otherwise due or payable Executive under this
Agreement or this Section 7 if that portion would cause any excise tax imposed
by Section 4999 of the Internal Revenue Code to become due and payable by
Executive.

8.             Non-Exclusivity
of Rights.  Except as otherwise specifically provided in
this Agreement, nothing in this Agreement shall prevent or limit Executive’s
continuing or future participation in any plan, program, policy or practice
provided by the Company for which Executive may qualify, nor shall anything
herein limit or otherwise affect such rights as Executive may have under any
contract or agreement with the Company or any of its affiliated companies.  Amounts which are vested benefits, which
consist of any compensation previously deferred by Executive, or which
Executive is otherwise entitled to receive under any plan, policy, practice or
program of or any contract or agreement with the Company at or subsequent to
the Date of Termination (“Other Benefits”) shall be payable in
accordance with such plan, policy, practice or program or contract or agreement
except as explicitly modified by this Agreement.  Notwithstanding any other provision of this
Agreement, Executive shall not be entitled to receive any payments or benefits
under any severance program other than that which are described and anticipated
under this Agreement or under any Change of Control Agreement.

9.             Full
Settlement.  The Company’s obligation to make the payments
provided for in this Agreement and otherwise to perform its obligations
hereunder shall be subject to any lawful indebtedness owed by Executive to the
Company, and to any valid legal claim for set-off or recoupment.  In no event shall Executive be obligated to
seek other employment or take any other action by way of mitigation of the
amounts payable to Executive under any of the provisions of this Agreement and,
such amounts shall not be reduced whether or not Executive obtains other employment.

10.           Restrictive
Covenants.

(a)           Executive
acknowledges that Executive’s employment as a senior officer of the Company and
JCM creates a relationship of confidence and trust between Executive and the
Company and its Affiliates (as defined below) (collectively “Janus Entities,”
individually, a “Janus Entity”) with respect to confidential and
proprietary information applicable to the business of the Janus Entities and
their clients.  Executive further
acknowledges the highly competitive nature of the business of the Janus
Entities.  Accordingly, it is agreed that
the restrictions contained in this Agreement are reasonable and necessary for
the protection of the interests of the Janus Entities and that any violation of
these restrictions would cause substantial and irreparable injury to the Janus
Entities.

 14
 

(b)           Protection
of Confidential Information.

(i)            Definition of
Confidential Information.  “Confidential Information” means all
information (whether in paper or electronic form, contained in Executive’s memory,
or otherwise stored or recorded) relating to or arising from a Janus Entity’s
business operations, plans, products, strategies, employees, clients,
relationships, or compensation programs, including, without limitation, trade
secrets used, developed or acquired by a Janus Entity in connection with its
business.  “Confidential Information”
does not include information that is in the public domain through no wrongful
act on the part of Executive, nor does it include information, knowledge and
know-how already within Executive’s possession or memory before Executive’s
employment with a Janus Entity or one of its predecessors.

(ii)           Executive’s
Use of Confidential Information.  Except in connection with and in furtherance
of Executive’s work on a Janus Entity’s behalf, Executive shall not, without
the Company’s prior written consent, at any time, directly or indirectly: (a)
use any Confidential Information for any purpose; or (b) disclose or otherwise
communicate any Confidential Information to any person or entity.

(iii)          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 Executive are and shall remain the Janus Entities’ property.  Except in connection with and in furtherance
of Executive’s work on a Janus Entity’s behalf or with a Janus Entity’s prior
written consent, Executive shall not, at any time, directly or indirectly: (a)
copy or use any Confidential Record for any purpose; or (b) 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 Executive’s
employment with the Company, or upon a Janus Entity’s request, Executive shall
immediately deliver to the Company or its designee (and shall not keep in
Executive’s possession or deliver to any other person or entity) all
Confidential Records and all other Janus Entity property in Executive’s
possession or control.

(c)           Noninterference
Covenants.  During Executive’s employment with the
Company, and for a period of one year following the Date of Termination for any
reason, Executive shall not (nor shall Executive cause, encourage or provide
assistance to, anyone else to):

(i)            interfere
with any relationship which may exist from time to time between a Janus Entity
and any of its employees, consultants, agents or representatives; or

(ii)           employ
or otherwise engage, or attempt to employ or otherwise engage, in or on behalf
of any Competitive Business, any person who is employed or engaged as an
employee, consultant, agent or representative of a Janus Entity, or any person
who was employed or engaged as an employee, consultant, agent or representative
of a Janus Entity within the six month period immediately preceding the Date of
Termination; or

 15
 

(iii)          solicit
directly or indirectly on behalf of Executive or a Competitive Business, the
customer business or account of any investment advisory or investment
management client to which a Janus Entity shall have rendered service during
the six month period immediately preceding the Date of Termination; or

(iv)          directly
or indirectly divert or attempt to divert from a Janus Entity any business in
which a Janus Entity has been actively engaged during the term hereof or
interfere with any relationship between a Janus Entity and any of its clients.

(d)           Definitions

(i)            “Competitive
Business” means any business that provides investment advisory or
investment management services.

(ii)           “Affiliate”
means any corporation, partnership, limited liability company, trust, or other
entity which controls, is controlled by or is under common control with the
Company.

(e)           If any
court of competent jurisdiction shall determine that the duration, geographic
limitations, subject or scope of any restriction contained in this Agreement is
unenforceable, it is the intention of the parties that this Agreement shall not
thereby be terminated but shall be deemed amended to the extent required to
make it valid and enforceable.

(f)            Executive
acknowledges that these restrictive covenants are reasonable and that
irreparable injury will result to the Company and to its business and
properties in the event of any breach by Executive of any of those covenants,
and that Executive’s continued employment is predicated on the commitments
undertaken by Executive pursuant to this Agreement.  In the event any of the covenants are
breached, the Company shall be entitled, in addition to any other remedies and
damages available, to injunctive relief to restrain the violation of such
covenants by Executive or by any person or persons acting for or with Executive
in any capacity whatsoever.

11.           Successors.

(a)           This
Agreement is personal to Executive and without the prior written consent of the
Company shall not be assignable by Executive otherwise than by will or the laws
of descent and distribution.  This
Agreement shall inure to the benefit of and be enforceable by Executive’s legal
representatives.

(b)           This
Agreement shall inure to the benefit of and be binding upon the Company and its
successors and assigns.

(c)           The
Company will require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business
and/or assets of the Company to assume expressly, and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform it if no such succession had taken place.  As used in this Agreement, “Company”
shall mean the Company as hereinbefore defined and any successor to its
business and/or assets as aforesaid which assumes and agrees to perform this
Agreement by operation of law or otherwise.

 16
 

12.           Indemnification
and Directors and Officers’ Insurance.

(a)           The
Company shall indemnify Executive to the fullest extent permitted under law
from and against any expenses (including but not limited to reasonable
attorneys’ fees, expenses of investigation and preparation and fees and
disbursements of Executive’s accountants or other experts), judgments, fines,
penalties and amounts paid in settlement actually and reasonably incurred by
Executive in connection with any proceeding in which Executive was or is made
party or was or is involved (for example, as a witness) by reason of the fact
Executive was or is employed by the Company, including advancement of payments
of such expenses as provided for by law.

(b)           Executive’s
right to indemnification under this Section 12 is subject to:

(i)            the
Company promptly receiving written notice that a claim or liability has been
asserted or threatened (“Notice of Claim”);

(ii)           the Executive
providing reasonable cooperation and assistance in the defense or settlement of
a claim; and

(iii)          the Company
being afforded the opportunity to have the sole control over the defense or
settlement of such claim or liability, subject to Executive consent and
approval of settlement if such settlement directly impacts Executive, including
requiring him to personally pay claims that cannot be reimbursed by the
Company, or negatively impacting Executive’s professional licenses or
certifications.

(c)           Unless
within ten days after receiving the Notice of Claim, the Company notifies in
writing the Executive of its intent to defend against such claim or liability,
the Executive may defend, settle and/or compromise any such claim or liability,
and be indemnified for all losses resulting from such defense, settlement
and/or compromise.  Executive also may
participate in such defense at his own cost and expense.

(d)           Such
indemnification shall continue as to Executive during the Term and for ten
years from the Date of Termination with respect to acts or omissions which
occurred prior to Executive’s cessation of employment with the Company and
shall inure to the benefit of Executive’s heirs, executors and
administrators.  The Company shall
advance to Executive all costs and expenses incurred by Executive in connection
with any proceeding covered by this provision within 20 calendar days after
receipt by the Company of a written request for such advance.  Such request shall include an undertaking by
Executive to repay the amount of such advance if it shall ultimately be
determined that he is not entitled to be indemnified against such costs and
expenses.

(e)           The
Company agrees to continue and maintain directors’ and officers’ liability
insurance policies covering Executive to the extent that the Company provides
such coverage for the Peer Executives. 
Such insurance coverage shall continue as to Executive even if he has
ceased to be a director, member, employee or agent of the Company with respect
to acts or omissions which occurred prior to Executive’s cessation of
employment with the Company.  Notwithstanding
the foregoing, however, if the Company shall cease to maintain directors’ and
officers’ liability insurance policies covering Executive and the Peer
Executives by reason of:

 17
 

(i) a consolidation, merger, sale or other
reorganization of the Company; (ii) any person or entity or group of persons or
entities acting in concert acquiring management control of the Company; or
(iii) the insurers providing such insurance canceling or refusing to renew such
insurance, then Executive shall have coverage only to the extent provided in
any run-off policies extending the period during which the Company or Executive
may give the insurers notice of a claim under the terminated policies for
directors’ and officers’ liability insurance. 
The Company shall take all reasonable actions to ensure that it obtains
such run-off policies and that such run-off policies extend the claims
reporting period through any applicable statutes of limitations, but nothing in
this section shall obligate the Company to obtain extraordinary insurance
coverage for Executive.  Insurance
contemplated under this Section 12(e) shall inure to the benefit of Executive’s
heirs, executors and administrators.

(f)            This
Section 12 shall be governed by and construed in accordance with the laws of
the State of Delaware without reference to principles of conflict of laws.

13.           Miscellaneous.

(a)           Except
as provided in Section 12(f) above, this Agreement shall be governed by and
construed in accordance with the laws of the State of Colorado without
reference to principles of conflict of laws. 
The captions of this Agreement are not part of the provisions hereof and
shall have no force or effect.  This
Agreement may not be amended or modified otherwise than by a written agreement
executed by the parties hereto or their respective successors and legal
representatives.

(b)           All notices and other communications hereunder shall be in writing and
shall be given by hand delivery to the other party or by registered or
certified mail, return
receipt requested, postage prepaid, addressed as follows:

	
  If to Executive:

  	
   

  	
  At the most recent address on file at the Company

  
	
   

  	
   

  	
   

  
	
  With a copy to:

  	
   

  	
  Brian Cousin, Esq.,

  
	
   

  	
   

  	
  Greenberg Traurig, LLP

  
	
   

  	
   

  	
  200 Park Avenue

  
	
   

  	
   

  	
  New York, NY 10166

  
	
   

  	
   

  	
  Or such other counsel of record as Executive may
  name in writing delivered to the Company

  
	
   

  	
   

  	
   

  
	
  If to the
  Company:

  	
   

  	
  Janus Capital Group Inc.

  
	
   

  	
   

  	
  151 Detroit Street

  
	
   

  	
   

  	
  Denver, Colorado 80206

  
	
   

  	
   

  	
  Attn.: General Counsel

  

 

or to such other address as either party
shall have furnished to the other in writing in accordance herewith.  Notice and communications shall be effective
when actually received by the addressee.

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

 18
 

(d)           The
Company may withhold from any amounts payable under this Agreement such
Federal, state, local or foreign taxes as shall be required to be withheld
pursuant to any applicable law or regulation.

(e)           The
Executive’s or the Company’s failure to insist upon strict compliance with any
provision of this Agreement or the failure to assert any right Executive or the
Company may have hereunder shall not be deemed to be a waiver of such provision
or right or any other provision or right of this Agreement.

(f)            From
and after the Effective Date, this Agreement shall supersede all other
agreements between the parties, including without limitation the Cover Letter, the
Severance Agreement and the PM Executive Change in Control Agreement (collectively,
the “Prior Agreements”). 
Accordingly, as of the Effective Date, the Prior Agreements (excepting
only agreements reflecting LTI awards made before the Effective Date) shall be
deemed terminated and of no further force or effect, and Executive acknowledges
and agrees that the Company has complied with all terms and has paid or
provided to Executive all benefits of any kind payable or due under any of the
Prior Agreements.

(g)           All
payments made by the Company under this Agreement will be subject to legally
required tax and other withholdings.

(h)           In
the event of any dispute relating to or arising from this Agreement, the party
substantially prevailing shall recover from the other party its costs,
including reasonable attorneys’ fees.

(i)            All
disputes relating to or arising from this Agreement shall be tried only in the
state or federal courts situated in the Denver, Colorado metropolitan area.

[SIGNATURE PAGE FOLLOWS]

 19
 

 

	
  

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jonathan D. Coleman

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Jonathan D. Coleman

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  JANUS MANAGEMENT HOLDINGS

  CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gary D. Black

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Gary D. Black

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  President

  
						

 

 20

EXHIBIT A

CHANGE IN CONTROL AGREEMENT

 

THIS AGREEMENT, dated as
of January 1, 2007, is made by and between Janus Management Holdings
Corporation (the “Company”) and Jonathan D. Coleman (the “Executive”).

WHEREAS, the Company
considers it essential to the best interests of the Company to foster the
continued employment of key personnel; and

WHEREAS, the Company
recognizes that the possibility of a Change in Control always exists and that
such possibility, and the uncertainty and questions which it may raise among
employees, may result in the departure or distraction of key personnel to the
detriment of the Company; and

WHEREAS, the Company has
determined that appropriate steps should be taken to reinforce and encourage
the continued attention and dedication of key personnel, including the
Executive, to their assigned duties without distraction in the face of
potentially disturbing circumstances arising from the possibility of a Change
in Control;

NOW, THEREFORE, in
consideration of the premises and the mutual covenants herein contained, the
Company and the Executive hereby agree as follows:

1.             Defined Terms.  The definitions of capitalized terms used in
this Agreement are provided in the last Section hereof.

2.             Term of Agreement.  The Term of this Agreement shall commence on
the date hereof and shall continue in effect through December 31, 2008; provided,
however, that commencing on January 1, 2008 and each January 1
thereafter, the Term shall automatically be extended for one additional year
unless, not later than September 30 of the preceding year, the Company or the
Executive shall have given notice not to extend the Term; and further  provided,
however, that if a Change in Control shall have occurred during the
Term, the Term shall expire no earlier than twenty-four (24) months beyond the
month in which such Change in Control occurred. 
Notwithstanding anything herein to the contrary, the Term of the
Agreement shall immediately terminate if, prior to the Change in Control, the
Company (or such other Affiliate of the Parent that then employs the Executive)
ceases to be an Affiliate of the Parent.

3.             Company’s Covenants Summarized.  In order to induce the Executive to remain in
the employ of the Company and in consideration of the Executive’s covenants set
forth in Section 4 hereof, the Company agrees, under the conditions described
herein, to pay the Executive the Severance Payments and the other payments and
benefits described herein.  Except as
provided in Section 9.1 hereof, no Severance Payments shall be payable under
this Agreement unless there shall have been (or, under the terms of the second
sentence of Section 6.1 hereof, there shall be deemed to have been) a
termination of the Executive’s employment with the Company following a Change
in Control and during the Term.  This
Agreement shall not be construed as

creating an
express or implied contract of employment and, except as otherwise agreed in
writing between the Executive and the Company, the Executive shall not have any
right to be retained in the employ of the Company.

4.             The Executive’s Covenants.  The Executive agrees that, subject to the
terms and conditions of this Agreement, in the event of a Potential Change in
Control during the Term, the Executive will remain in the employ of the Company
until the earliest of (i) a date which is six (6) months from the date of such
Potential Change in Control, (ii) the date of a Change in Control, (iii) the
date of termination by the Executive of the Executive’s employment for Good
Reason or by reason of death, Disability or Retirement, or (iv) the termination
by the Company of the Executive’s employment for any reason.

5.             Compensation Other Than
Severance Payments.

5.1           Following
a Change in Control and during the Term, during any period that the Executive
fails to perform the Executive’s full-time duties with the Company as a
result of incapacity due to physical or mental illness, the Company shall pay
the Executive’s base salary to the Executive at the rate in effect at the
commencement of any such period, together with all compensation and benefits
payable to the Executive under the terms of any compensation or benefit plan,
program or arrangement maintained by the Company during such period (other than
any disability plan), until the Executive’s employment is terminated by the
Company for Disability.

5.2           If the
Executive’s employment shall be terminated for any reason following a Change in
Control and during the Term, the Company shall pay the Executive’s base salary
and incentive compensation to the Executive through the Date of Termination as
in effect immediately prior to the Date of Termination or, if higher, as in
effect immediately prior to the Change in Control, together with all
compensation and benefits payable to the Executive through the Date of Termination
under the terms of the Company’s compensation and benefit plans, programs or
arrangements as in effect immediately prior to the Date of Termination or, if
more favorable to the Executive, as in effect immediately prior to the Change
in Control.

5.3           If the
Executive’s employment shall be terminated for any reason following a Change in
Control and during the Term, the Company shall pay to the Executive the
Executive’s normal post-termination compensation and benefits as such payments
become due.  Such post-termination
compensation and benefits shall be determined under, and paid in accordance
with, the Company’s retirement, insurance and other compensation or benefit
plans, programs and arrangements as in effect immediately prior to the Date of
Termination or, if more favorable to the Executive, as in effect immediately
prior to the Change in Control.

6.             Severance Payments.

6.1           If the
Executive’s employment is terminated following a Change in Control and during
the Term, other than (A) by the Company for Cause, (B) by reason of death or
Disability, or (C) by the Executive without Good Reason, then, the Company

 2
 

shall pay the Executive the amounts, and provide the
Executive the benefits, described in this Section 6.1 (“Severance Payments”)
and Section 6.2, in addition to any payments and benefits to which the
Executive is entitled under Section 5 hereof. 
For purposes of this Agreement, the Executive’s employment shall be
deemed to have been terminated following a Change in Control by the Company
without Cause or by the Executive with Good Reason, if (i) the Executive’s
employment is terminated by the Company without Cause prior to a Change in
Control (whether or not a Change in Control ever occurs) and such termination
was at the request or direction of a Person who has entered into an agreement
with the Parent the consummation of which would constitute a Change in Control,
(ii) the Executive terminates his employment for Good Reason prior to a Change
in Control (whether or not a Change in Control ever occurs) and the
circumstance or event which constitutes Good Reason occurs at the request or
direction of such Person, or (iii) the Executive’s employment is terminated by
the Company without Cause or by the Executive for Good Reason and such
termination or the circumstance or event which constitutes Good Reason is
otherwise in connection with or in anticipation of a Change in Control (whether
or not a Change in Control ever occurs).

(A)          In lieu of any further salary payments
to the Executive for periods subsequent to the Date of Termination and in lieu
of any severance benefit otherwise payable to the Executive, the Company shall
pay to the Executive a lump sum severance payment, in cash, equal to two times
the sum of (1) the Executive’s total average annual cash compensation earned in the two four-quarter
periods immediately prior to the Date of Termination or, if higher, earned in
the two four-quarter periods immediately prior to the Change in Control
and (2) the value of the Company’s contributions made pursuant to the Janus
Capital Group Inc. 401(k), Profit Sharing and Employee Stock Ownership Plan (or
any successor plan) on behalf of the Executive in the four quarters immediately
prior to the Date of Termination or, if higher, in the four quarters immediately
prior to the Change in Control.  For
purposes of calculating the cash compensation payment under Section 6.1(A)(1), the
mid-range of Executive’s target CIO Compensation (as defined in that certain
Employment Agreement, dated as of January 1, 2007) for the then-current
calendar year will be applied rather than the actual CIO Compensation paid to
the Executive.

(B)           For the twenty-four (24) month period
immediately following the Date of Termination, the Company shall arrange to
provide the Executive and his dependents medical, dental, and vision insurance
benefits substantially similar to those provided to the Executive and his
dependents immediately prior to the Date of Termination or, if more favorable
to the Executive, those provided to the Executive and his dependents
immediately prior to the Change in Control, at no greater after tax cost to the
Executive than the after tax cost to the Executive immediately prior to such
date.  Benefits otherwise receivable by
the Executive pursuant to this Section 6.1(B) shall be reduced to the extent
benefits of the same type are received by or made available to the Executive
during the twenty-four (24) month period following the Executive’s termination
of employment (and any such benefits received by or made available to the
Executive shall be reported to the Company by the Executive); provided, however,
that the Company shall reimburse the Executive for the excess, if any,

 3
 

of the after tax cost
of such benefits to the Executive over such cost immediately prior to the Date
of Termination or, if more favorable to the Executive, the Change in
Control.  The
coverage provided pursuant to this Section 6.1(B) shall run concurrently with
and shall be offset against any continuation coverage under Part 6 of Title I
of Employee Retirement Income Security Act of 1974, as amended.

(C)           The Company will make available to
the Executive three months of outplacement service at no cost to the Executive
through a provider of such services selected by the Company.

6.2           (A)          Whether or not the Executive becomes
entitled to the Severance Payments, if any payment or benefit received or to be
received by the Executive (including any payment or benefit received in
connection with a Change in Control or the termination of the Executive’s
employment, whether pursuant to the terms of this Agreement or any other plan,
arrangement or agreement) (all such payments and benefits, excluding the Gross-Up
Payment, being hereinafter referred to as the “Total Payments”) will be subject
(in whole or part) to the Excise Tax, then, the Company shall pay to the
Executive an additional amount (the “Gross-Up Payment”) such that the net
amount retained by the Executive, after deduction of any Excise Tax on the
Total Payments and any federal, state and local income and employment taxes and
Excise Tax upon the Gross-Up Payment, and after taking into account the phase
out of itemized deductions and personal exemptions attributable to the Gross-Up
Payment, shall be equal to the Total Payments. 
For purposes of determining the amount of the Gross-Up Payment, the
Executive shall be deemed to pay federal income taxes at the highest marginal
rate of federal income taxation in the calendar year in which the Gross-Up
Payment is to be made and state and local income taxes at the highest marginal
rate of taxation in the state and locality of the Executive’s residence on the
Date of Termination (or if there is no Date of Termination, then the date on
which the Gross-Up Payment is calculated for purposes of this Section 6.2), net
of the maximum reduction in federal income tax which could be obtained from
deduction of such state and local taxes.

(B)           For
purposes of determining whether any of the Total Payments will be subject to
the Excise Tax and the amount of such Excise Tax, (i) all of the Total Payments
shall be treated as “parachute payments” within the meaning of section
280G(b)(2) of the Code, unless in the opinion of tax counsel (“Tax Counsel”)
reasonably acceptable to the Executive and selected by the accounting firm
which was, immediately prior to the Change in Control, the Company’s
independent auditor (the “Auditor”), such other payments or benefits (in whole
or in part) do not constitute parachute payments, including by reason of
section 280G(b)(4)(A) of the Code, (ii) all “excess parachute payments” within
the meaning of section 280G(b)(l) of the Code shall be treated as subject to
the Excise Tax unless, in the opinion of Tax Counsel, such excess parachute
payments (in whole or in part) represent reasonable compensation for services
actually rendered, within the meaning of section 280G(b)(4)(B) of the Code, in
excess of the Base Amount allocable to such reasonable compensation, or are
otherwise not subject to the Excise Tax, and (iii) the value of any noncash
benefits or any deferred payment or benefit shall be determined by the Auditor
in accordance with the principles of sections 280G(d)(3) and (4) of the
Code.  Prior to the payment date set
forth in

 4
 

Section 6.3 hereof, the Company shall provide the Executive
with its calculation of the amounts referred to in this Section 6.2(B) and such
supporting materials as are reasonably necessary for the Executive to evaluate
the Company’s calculations.  If the
Executive disputes the Company’s calculations (in whole or in part), the
reasonable opinion of Tax Counsel with respect to the matter in dispute shall
prevail.

6.3           The
payments provided in subsection (A) of Section 6.1 hereof and in Section 6.2
hereof shall be made not later than the fifth day following the Date of
Termination (or if there is no Date of Termination, then the date on which the
Gross-Up Payment is calculated for purposes of Section 6.2 hereof); provided,
however, that if the amounts of such payments cannot be finally
determined on or before such day, the Company shall pay to the Executive on
such day an estimate, as determined in good faith by the Executive or, in the
case of payments under Section 6.2 hereof, in accordance with Section 6.2
hereof, of the minimum amount of such payments to which the Executive is
clearly entitled and shall pay the remainder of such payments (together with
interest on the unpaid remainder (or on all such payments to the extent the
Company fails to make such payments when due) at 120% of the rate provided in
section 1274(b)(2)(B) of the Code) as soon as the amount thereof can be
determined but in no event later than the thirtieth (30th) day after the Date
of Termination.  At the time that
payments are made under this Agreement, the Company shall provide the Executive
with a written statement setting forth the manner in which such payments were
calculated and the basis for such calculations including, without limitation,
any opinions or other advice the Company has received from Tax Counsel, the
Auditor or other advisors or consultants (and any such opinions or advice which
are in writing shall be attached to the statement).

6.4           In the
event the Executive incurs legal fees and expenses disputing in good faith any
issue hereunder relating to the termination of the Executive’s employment,
seeking in good faith to obtain or enforce any benefit or right provided by
this Agreement or in connection with any tax audit or proceeding to the extent
attributable to the application of section 4999 of the Code to any payment or
benefit provided hereunder, the Company shall reimburse the Executive for such
legal fees and expenses if the Executive prevails, in material part, in such
dispute.

7.             Termination Procedures and
Compensation During Dispute.

7.1           Notice
of Termination.  After a Change in
Control and during the Term, any purported termination of the Executive’s
employment (other than by reason of death) shall be communicated by written
Notice of Termination from one party hereto to the other party hereto in
accordance with Section 10 hereof.  For
purposes of this Agreement, a “Notice of Termination” shall mean a notice which
shall indicate the specific termination provision in this Agreement relied upon
and shall set forth in reasonable detail the facts and circumstances claimed to
provide a basis for termination of the Executive’s employment under the
provision so indicated.  Further, a
Notice of Termination for Cause is required to include a copy of a resolution
duly adopted by the affirmative vote of not less than three-quarters (3/4) of
the entire membership of the Board at a meeting of the Board which was called
and held for the purpose of considering such termination (after reasonable
notice to the Executive and an opportunity for the Executive, together with the
Executive’s counsel, to be heard before the Board) finding

 5
 

that, in the good faith opinion of the Board, the Executive
was guilty of conduct set forth in clause (i) or (ii) of the definition of
Cause herein, and specifying the particulars thereof in detail.

7.2           Date of
Termination.  “Date of Termination,”
with respect to any purported termination of the Executive’s employment after a
Change in Control and during the Term, shall mean (i) if the Executive’s
employment is terminated for Disability, thirty (30) days after Notice of
Termination is given (provided that the Executive shall not have returned to
the full-time performance of the Executive’s duties during such thirty (30) day
period), and (ii) if the Executive’s employment is terminated for any other
reason, the date specified in the Notice of Termination (which, in the case of
a termination by the Company, shall not be less than thirty (30) days (except
in the case of a termination for Cause) and, in the case of a termination by
the Executive, shall not be less than fifteen (15) days nor more than sixty
(60) days, respectively, from the date such Notice of Termination is given).

7.3           Dispute
Concerning Termination.  If within
fifteen (15) days after any Notice of Termination is given, or, if later, prior
to the Date of Termination (as determined without regard to this Section 7.3),
the party receiving such Notice of Termination notifies the other party that a
dispute exists concerning the termination, the Date of Termination shall be
extended until the earlier of (i) the date on which the Term ends or (ii) the
date on which the dispute is finally resolved, either by mutual written
agreement of the parties or by a final judgment, order or decree of a court of
competent jurisdiction (which is not appealable or with respect to which the
time for appeal therefrom has expired and no appeal has been perfected); provided,
however, that the Date of Termination shall be extended by a notice of
dispute given by the Executive only if such notice is given in good faith and
the Executive pursues the resolution of such dispute with reasonable diligence.

7.4           Compensation
During Dispute.  If a purported
termination occurs following a Change in Control and during the Term and the
Date of Termination is extended in accordance with Section 7.3 hereof, the
Company shall continue to pay the Executive the full compensation in effect
when the notice giving rise to the dispute was given (including, but not
limited to, salary) and continue the Executive as a participant in all
compensation, benefit and insurance plans in which the Executive was
participating when the notice giving rise to the dispute was given, until the
Date of Termination, as determined in accordance with Section 7.3 hereof.  Amounts paid under this Section 7.4 are in
addition to all other amounts due under this Agreement (other than those due
under Section 5.2 hereof) and shall not be offset against or reduce any other
amounts due under this Agreement.

8.             No Mitigation.  The Company agrees that, if the Executive’s
employment with the Company terminates during the Term, the Executive is not
required to seek other employment or to attempt in any way to reduce any
amounts payable to the Executive by the Company pursuant to Section 6 hereof or
Section 7.4 hereof.  Further, except as
specifically provided in Section 6.1(B) hereof, no payment or benefit provided
for in this Agreement shall be reduced by any compensation earned by the
Executive as

 6
 

the result of
employment by another employer, by retirement benefits, by offset against any
amount claimed to be owed by the Executive to the Company, or otherwise.

9.             Successors; Binding Agreement.

9.1           In
addition to any obligations imposed by law upon any successor to the Company,
and subject to the last sentence of Section 2, the Company will require any
successor (whether direct or indirect, by purchase, merger, consolidation or
otherwise) to all or substantially all of the business and/or assets of the
Company to expressly assume and agree to perform this Agreement in the same
manner and to the same extent that the Company would be required to perform it
if no such succession had taken place. 
Failure of the Company to obtain such assumption and agreement prior to
the effectiveness of any such succession shall be a breach of this Agreement
and shall entitle the Executive to compensation from the Company in the same
amount and on the same terms as the Executive would be entitled to hereunder if
the Executive were to terminate the Executive’s employment for Good Reason
after a Change in Control, except that, for purposes of implementing the
foregoing, the date on which any such succession becomes effective shall be
deemed the Date of Termination.

9.2           This
Agreement shall inure to the benefit of and be enforceable by the Executive’s
personal or legal representatives, executors, administrators, successors,
heirs, distributees, devisees and legatees. 
If the Executive shall die while any amount would still be payable to
the Executive hereunder (other than amounts which, by their terms, terminate
upon the death of the Executive) if the Executive had continued to live, all
such amounts, unless otherwise provided herein, shall be paid in accordance
with the terms of this Agreement to the executors, personal representatives or
administrators of the Executive’s estate.

10.           Notices.  For the purpose of this Agreement, notices and
all other communications provided for in the Agreement shall be in writing and
shall be deemed to have been duly given when delivered or mailed by United
States regis­tered mail, return receipt requested, postage prepaid, addressed,
if to the Executive, to the address on record at the Company and, if to the
Company, to the address set forth below, or to such other address as either
party may have furnished to the other in writing in accordance herewith, except
that notice of change of address shall be effective only upon actual receipt:

To the Company:

Janus Capital Group Inc.

151 Detroit Street

Denver, Colorado 80206

Attn.:  General Counsel

11.           Miscellaneous.  No provision of this Agreement may be
modified, waived or discharged unless such waiver, modification or discharge is
agreed to in writing and signed by the Executive and the Company, provided,
however, that the Company may amend the Agreement in a manner reasonably
intended to avoid the

 7
 

acceleration of tax
and the possible imposition of penalties under Section 409A of the Code.  No waiver by either party hereto at any time
of any breach by the other party hereto of, or of any lack of compliance with,
any condition or provision of this Agreement to be performed by such other
party shall be deemed a waiver of similar or dissimilar provisions or
conditions at the same or at any prior or subsequent time.  This Agreement supersedes any other
agreements or representations, oral or otherwise, express or implied, with
respect to the subject matter hereof which have been made by either party; provided,
however, that this Agreement shall supersede any agreement setting forth
the terms and conditions of the Executive’s employment with the Company only in
the event that the Executive’s employment with the Company is terminated on or
following a Change in Control, by the Company other than for Cause or by the
Executive for Good Reason or prior to a Change in Control pursuant to the
second sentence of Section 6.1 of this Agreement.   The validity, interpretation, construction
and performance of this Agreement shall be governed by the laws of the State of
Delaware.  All references to sections of the
Exchange Act or the Code shall be deemed also to refer to any successor provisions
to such sections.  Any payments provided
for hereunder shall be paid net of any applicable withholding required under
federal, state or local law and any additional withholding to which the
Executive has agreed.  The obligations of
the Company and the Executive under this Agreement which by their nature may
require either partial or total performance after the expiration of the Term
(including, without limitation, those under Sections 6 and 7 hereof) shall
survive such expiration.

12.           Validity.  The invalidity or unenforceability of any
provision of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement, which shall remain in full force and
effect.

13.           Counterparts.  This Agreement may be executed in several
counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument.

14.           Settlement of Disputes.  All claims by the Executive for benefits
under this Agreement shall be directed to and determined by the Board and shall
be in writing.  Any denial by the Board
of a claim for benefits under this Agreement shall be delivered to the
Executive in writing and shall set forth the specific reasons for the denial
and the specific provisions of this Agreement relied upon.  The Board shall afford a reasonable
opportunity to the Executive for a review of the decision denying a claim and
shall further allow the Executive to appeal to the Board a decision of the Board
within sixty (60) days after notification by the Board that the Executive’s
claim has been denied.  Notwithstanding
the above, in the event of any dispute, any decision by the Board hereunder
shall be subject to a de novo review by the court.

15.           Definitions.  For purposes of this Agreement, the following
terms shall have the meanings indicated below:

(A)          “Affiliate”
shall have the meaning set forth in Rule 12b-2 promulgated under Section 12 of
the Exchange Act.

(B)           “Auditor”
shall have the meaning set forth in Section 6.2 hereof.

 8
 

(C)           “Base
Amount” shall have the meaning set forth in section 280G(b)(3) of the Code.

(D)          “Board”
shall mean the Board of Directors of the Parent.

(E)           “Cause”
for termination by the Company of the Executive’s employment shall mean (i) the
willful and continued failure by the Executive to substantially perform the
Executive’s duties with the Company (other than any such failure resulting from
the Executive’s incapacity due to physical or mental illness or any such actual
or anticipated failure after the issuance of a Notice of Termination for Good
Reason by the Executive pursuant to Section 7.1 hereof) that has not been cured
within 30 days after a written demand for substantial performance is delivered
to the Executive by the Board, which demand specifically identifies the manner
in which the Board believes that the Executive has not substantially performed
the Executive’s duties;  (ii) the willful
engaging by the Executive in conduct which is demonstrably and materially
injurious to the Company, monetarily or otherwise; or (iii) a willful
or reckless violation by the Executive of a material legal or regulatory
requirement that is materially and demonstrably injurious to the Company.  For purposes of this definition, no act, or
failure to act, on the Executive’s part shall be deemed “willful” unless done,
or omitted to be done, by the Executive not in good faith and without
reasonable belief that the Executive’s act, or failure to act, was in the best
interest of the Company.  Any act, or
failure to act, based upon express written authority by the Board, Chief
Executive Officer and/or Chief Investment Officer with respect to such act or
omission or based upon the advice of counsel for the Company 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.

(F)           A “Change
in Control” shall be deemed to have occurred if the event set forth in any one
of the following paragraphs shall have occurred:

(1)           An
acquisition by any Person of beneficial ownership (within the meaning of Rule
13d-3 promulgated under the Exchange Act) of 20% or more of either (A) the then
outstanding shares of common stock of the Parent (the “Outstanding Parent
Common Stock”) or (B) the combined voting power of the then outstanding voting
securities of the Parent entitled to vote generally in the election of
directors (the “Outstanding Parent Voting Securities”); excluding, however, the
following:  (i) any acquisition directly
from the Parent, other than an acquisition by virtue of the exercise of a
conversion privilege unless the security being so converted was itself acquired
directly from the Parent, (ii) any acquisition by the Parent, (iii) any
acquisition by any employee benefit plan (or related trust) sponsored or maintained
by the Parent or any entity controlled by the Parent, or (iv) 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 Board such that the individuals who, as of the
effective date of the this Agreement, constitute

 9
 

the Board (such Board shall be hereinafter referred to
as the “Incumbent Board”) cease for any reason to constitute at least a
majority of the Board; provided, however, for purposes of this
definition, that any individual who becomes a member of the Board subsequent to
the effective date hereof, whose election, or nomination for election by the
Parent’s shareholders, was approved by a vote of at least a majority of those
individuals who are members of the Board and who were also members of the
Incumbent Board (or deemed to be such pursuant to this proviso) shall be
considered as though such individual were a member of the Incumbent Board; but,
provided  further, that any such individual whose initial
assumption of office occurs as a result of either an actual or threatened
election contest (as such terms are used in Rule 14a-11 of Regulation 14A
promulgated under the Exchange Act) or other actual 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 Parent 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 Parent Common Stock and Outstanding Parent Voting Securities
immediately prior to such Business Combination will beneficially own, directly
or indirectly, more than 50% of, respectively, the outstanding shares of common
stock, and the combined voting power of the then outstanding voting securities
entitled to vote generally in the election of directors, as the case may be, of
the corporation resulting from such Business Combination (including, without
limitation, a corporation which as a result of such transaction owns the Parent
or all or substantially all the Parent’s assets either directly or through one
or more subsidiaries) in substantially the same proportions as their ownership,
immediately prior to such Business Combination, of the Outstanding Parent
Common Stock and Outstanding Parent Voting Securities, as the case may be, (B)
no Person (other than the Parent or any employee benefit plan (or related
trust) of the Parent or the corporation resulting from such Business
Combination) will beneficially own, directly or indirectly, 20% or more of,
respectively, the outstanding shares of common stock of the corporation
resulting from such Business Combination or the combined voting power of the
outstanding voting securities of such corporation entitled to vote generally in
the election of directors except to the extent that such ownership existed
prior to the Business Combination; and (C) individuals who were members of the
Incumbent Board will constitute at least a majority of the members of the board
of directors of the corporation resulting form such Business Combination; or

(4)           The
approval by the stockholders of the Parent of a complete liquidation or
dissolution of the Parent.

 10
 

(G)           “Code” shall mean the Internal
Revenue Code of 1986, as amended from time to time.

(H)          “Company” shall mean Janus Management
Holdings Corporation, collectively with its Affiliates, and any successor to
its business and/or assets which assumes and agrees to perform this Agreement
by operation of law, or otherwise.

(I)            “Date of Termination” shall have the
meaning set forth in Section 7.2 hereof.

(J)            “Disability” shall be deemed the
reason for the termination by the Company of the Executive’s employment, if, as
a result of the Executive’s incapacity due to physical or mental illness, the
Executive shall have been absent from the full-time performance of the
Executive’s duties with the Company for a period of six (6) consecutive months,
the Company shall have given the Executive a Notice of Termination for
Disability, and, within thirty (30) days after such Notice of Termination is
given, the Executive shall not have returned to the full-time performance of
the Executive’s duties.  For purposes of
this Agreement, “Disability” shall be as defined under, and the Executive must
comply with, the then-current long-term disability policy of the Company.

(K)          “Exchange Act” shall mean the
Securities Exchange Act of 1934, as amended from time to time.

(L)           “Excise Tax” shall mean any excise
tax imposed under section 4999 of the Code.

(M)         “Executive”
shall mean the individual named in the first paragraph of this Agreement.

(N)          “Good Reason” for termination by the
Executive of the Executive’s employment shall mean the occurrence (without the
Executive’s express written consent which specifically references this
Agreement) after any Change in Control, or prior to a Change in Control under
the circumstances described in clauses (ii) and (iii) of the second sentence of
Section 6.1 hereof (treating all references in paragraphs (1) through (4) below
to a “Change in Control” as references to a “Potential Change in Control”), of
any one of the following acts by the Company, or failures by the Company to
act, unless, in the case of any act or failure to act described in paragraph
(1), or (4) below, such act or failure to act is corrected prior to the Date of
Termination specified in the Notice of Termination given in respect thereof:

(1)           a
substantial adverse alteration in the nature or status of the Executive’s
responsibilities from those in effect immediately prior to the Change in
Control other than any such alteration primarily attributable to the fact that
the Parent may no longer be a public company or to other changes in the
identity, nature or structure of the Parent; and provided, that a change
in the Executive’s title or reporting relationships shall not of

 11
 

itself constitute Good Reason (unless such change
results in a substantial adverse alteration as described above);

(2)           a
material reduction in the Executive’s aggregate target compensation as in
effect immediately prior to the Change in Control or a material adverse change
in the methodology used to determine incentive compensation; provided, however,
that changes to individual components of Executive’s compensation comprising
aggregate target compensation shall not constitute Good Reason;

(3)           the
relocation of the Executive’s principal place of employment to a location more
than 40 miles from the Executive’s principal place of employment immediately
prior to the Change in Control or the Company’s requiring the Executive to be
based anywhere other than such principal place of employment (or permitted
relocation thereof) except for required travel on the Company’s business to an
extent substantially consistent with the Executive’s present business travel
obligations;

(4)           any
purported termination of the Executive’s employment which is not effected
pursuant to a Notice of Termination satisfying the requirements of Section 7.1
hereof; for purposes of this Agreement, no such purported termination shall be
effective.  The Executive’s right to
terminate the Executive’s employment for Good Reason shall not be affected by
the Executive’s incapacity due to physical or mental illness.

The Executive’s
continued employment shall not constitute consent to, or a waiver of rights
with respect to, any act or failure to act constituting Good Reason hereunder.

(O)          “Gross Up
Payment” shall have the meaning set forth in Section 6.2 hereof.

(P)           “Notice of
Termination” shall have the meaning set forth in Section 7.1 hereof.

(Q)          “Parent”
shall mean Janus Capital Group Inc.

(R)           “Person”
shall have the meaning given in Section 3(a)(9) of the Exchange Act, as
modified and used in Sections 13(d) and 14(d) thereof, except that such term
shall not include (i) the Company (ii) a trustee or other fiduciary holding
securities under an employee benefit plan of the Company (iii) an underwriter
temporarily holding securities pursuant to an offering of such securities, or
(iv) a corporation owned, directly or indirectly, by the shareholders of the
Company in substantially the same proportions as their ownership of stock of
the Company.

(S)           “Potential
Change in Control” shall be deemed to have occurred if the event set forth in
any one of the following paragraphs shall have occurred:

 12
 

(1)           the
Parent enters into an agreement, the consummation of which would result in the
occurrence of a Change in Control;

(2)           the
Parent or any Person publicly announces an intention to take or to consider
taking actions which, if consummated, would constitute a Change in Control;

(3)           any
Person becomes the beneficial owner, directly or indirectly, of securities of
the Parent representing 15% or more of either the then outstanding shares of
common stock of the Parent or the combined voting power of the Parent’s then
outstanding securities (not including in the securities beneficially owned by
such Person any securities acquired directly from the Parent or its
Affiliates); or

(4)           the
Board adopts a resolution to the effect that, for purposes of this Agreement, a
Potential Change in Control has occurred.

(T)           “Retirement”
shall be deemed the reason for the termination by the Executive of the
Executive’s employment if such employment is terminated in accordance with the
Company’s retirement policy, including early retirement, generally applicable
to its salaried employees.

(U)          “Severance
Payments” shall have the meaning set forth in Section 6.1 hereof.

(V)           “Tax
Counsel” shall have the meaning set forth in Section 6.2 hereof.

(W)         “Term” shall
mean the period of time described in Section 2 hereof (including any extension,
continuation or termination described therein).

(X)          “Total
Payments” shall mean those payments so described in Section 6.2 hereof.

[SIGNATURE PAGE FOLLOWS]

 13
 

IN WITNESS WHEREOF, the
parties have executed this Agreement as of the date first above written.

 

	
  

  	
  JANUS MANAGEMENT HOLDINGS CORPORATION

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name: Gary D. Black

  
	
   

  	
  Title:   President

  
	
   

  	
  EXECUTIVE

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name: Jonathan D. Coleman

  

 

 14

EXHIBIT B

NON-SOLICITATION LEGAL RELEASE

This  Non-Solicitation Legal Release (“Release”) is between Janus Management
Holdings Corporation (the “Company”)
and Jonathan D. Coleman (“Executive”)
(each a “Party,” and
together, the “Parties”).

Recitals

A.            Executive and the Company are parties to an Employment
Agreement to which this Release is appended as Exhibit B (the “Employment Agreement”).

B.            Executive wishes to receive the payments and/or benefits
defined Section 7(c), 7(d) or 7(e) of the Employment Agreement, which payments
and/or benefits are conditioned upon Executive’s execution (and non-revocation)
of a “Non-Solicitation Legal Release” in the form specified in Section 7(c) of
the Employment Agreement.

C.            Executive and the Company wish to resolve, except as
specifically set forth herein, all claims between them arising from or relating
to any act or omission predating the Release Effective Date defined in Section
2(c) of this Release.

Agreement

The Parties agree as follows:

1.             Confirmation of Severance Benefit Obligation.  The Company shall pay or provide to the
Executive the entire severance benefit to which Executive is entitled pursuant
to Section 7(c), 7(d) or 7(e) of the Employment Agreement (the “Severance
Benefit”), as, when and on the terms and conditions specified in the Employment
Agreement.

2.             Legal Release

(a)           Executive, on Executive’s own behalf
and on behalf of Executive’s heirs, personal representatives, executors,
administrators and assigns, knowingly and voluntarily releases and forever discharges
the Company and its affiliates and any of their respective parents,
subsidiaries and affiliates, together with all of their respective past and
present directors, members, managers, officers, shareholders, trustees,
partners, employees, agents, attorneys and servants, and each of their
affiliates, predecessors, successors and assigns (collectively, the “Company
Releasees”) from any and all claims, charges, complaints, promises,
agreements, controversies, liens, demands, causes of action, obligations,
damages and liabilities of any nature whatsoever, known or unknown, suspected
or unsuspected, that Executive or Executive’s heirs, executors, administrators,
or assigns ever had, now have, or may hereafter claim to have against any of
the Company Releasees by reason of any matter, cause or thing whatsoever from
the beginning of time through the Release Effective Date defined in Section 2(c),
below, whether or not previously asserted before any state or federal court,
agency or governmental entity or any arbitral body.  This legal release includes, without
limitation, any rights or claims relating in any way to Executive’s employment
relationship with the Company or any of the Company Releasees, or Executive’s
resignation therefrom, and all rights and claims arising under any

statute or regulation, including Title VII of the Civil
Rights Act of 1964, the Civil Rights Act of 1991, Age Discrimination in
Employment Act of 1967 (“ADEA”), the Americans with Disabilities Act of 1990,
the Employee Retirement Income Security Act of 1974, and the Family Medical
Leave Act of 1993, each as amended, or any other federal, state or local law,
regulation, ordinance, or common law, or under any policy, agreement,
understanding or promise, written or oral, formal or informal, between
Executive and the Company or any of the Company Releasees, as well as any
rights relating to any long-term incentive award granted to Executive by
the Company or any affiliate thereof (“LTI Award”) that had not vested
by its own terms as of the Date of Termination; provided, however, that notwithstanding the foregoing or
anything else contained in this Release, the legal release set forth in this
Section 2(a) shall not extend to (i) any rights arising under or
recognized by this Release; (ii) any rights under Section 12 of the Employment
Agreement; or (iii) any rights related to any LTI Award to the extent that such
LTI Award had vested as of the Date of Termination (collectively “Vested LTI
Awards”).  Executive further agrees
that Executive will not seek or be entitled to any personal recovery in any
claim, charge, action or proceeding whatsoever against the Company or any of
the Company Releasees for any of the matters released in this Section 2(a).

(b)           In order
to provide a full and complete release, Executive understands and agrees that
this Release is intended to include all claims, if any, covered under this
Section 2 that Executive may have and not now know or suspect to exist in Executive’s
favor against the Company Releasees and that this Release extinguishes such
claims.  Thus, Executive expressly waives
all rights under any statute or common law principle in any jurisdiction that
provides, in effect, that a general release does not extend to claims which Executive
does not know or suspect to exist in Executive’s favor at the time of executing
the release, which if known by Executive may have materially affected Executive’s
settlement with the Company Releasees.

(c)           Executive
acknowledges that Executive consulted with an attorney of Executive’s choosing
before signing the Employment Agreement and this Release, and that the Company
provided Executive with no fewer than twenty-one (21) days following the Date
of Termination during which to consider whether to sign this Release and,
specifically, the release set forth in Section 2(a), above, although Executive
may sign and return the Release sooner if Executive so chooses.  Executive further acknowledges that Executive
has the right to revoke this Release for a period of seven (7) days after signing
it and that this Release shall not become effective until such seven (7)-day
period has expired (the “Release
Effective Date”).  Executive
acknowledges and agrees that if Executive wishes to revoke this Release,
Executive must give notice of such revocation in conformity with Section 4(c),
below, no later than 5 p.m. (Mountain Time) on the seventh (7th) day after
Executive has signed this Release. 
Executive acknowledges and agrees that, if Executive revokes this Release,
Executive shall have no right to receive the Severance Benefit.  Executive represents that Executive has read
this Release, including the legal release set forth in Section 2(a), above,
affirms that this Release provides Executive with benefits to which Executive
would not otherwise be entitled, and understands its terms and that Executive
enters into this Release freely, voluntarily, and without coercion.

3.             Restrictive
Covenants.

(a)           Executive
acknowledges that Executive’s employment as a senior officer of the Company
creates a relationship of confidence and trust between Executive and the
Company and its Affiliates (as defined below) (collectively “Janus Entities”,
individually, a “Janus Entity”) with respect to confidential and
proprietary information applicable to the

 2
 

business of the Janus Entities and their clients.  Executive further acknowledges the highly
competitive nature of the business of the Janus Entities.  Accordingly, Executive acknowledges and agrees
that the restrictions contained in this Agreement are reasonable and necessary
for the protection of the interests of the Janus Entities, that any violation
of these restrictions would cause substantial and irreparable injury to the
Janus Entities, and that a substantial portion of the Severance Benefit is
being provided to Executive specifically in order to mitigate any economic
hardship imposed upon Executive by reason of these restrictions.

(b)           Protection
of Confidential Information.

i.              Definition
of Confidential Information.  “Confidential
Information” means all nonpublic information (whether in paper or
electronic form, or contained in Executive’s memory, or otherwise stored or
recorded) relating to or arising from a Janus Entity’s business, including,
without limitation, trade secrets used, developed or acquired by a Janus Entity
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 any
Janus Entity’s operation, organization, investment strategy, modeling and
management; financial information and/or documents and nonpublic policies,
procedures and other printed, written or electronic material generated or used
in connection with a Janus Entity’s business or investments; a Janus Entity’s
business plans and strategies; the identities of a Janus Entity’s customers and
the specific individual customer representatives with whom a Janus Entity
works; the details of a Janus Entity’s relationship with such customers and
customer representatives; the identities of distributors, contractors and
vendors utilized in a Janus Entity’s business; the details of a Janus Entity’s
relationships with such distributors, contractors and vendors; the nature of
fees and charges made to a Janus Entity’s customers; nonpublic forms, contracts
and other documents used in a Janus Entity’s business; all information
concerning a Janus Entity’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 a Janus Entity’s business, whether proprietary to a
Janus Entity or used by a Janus Entity under license from a third party; and
all other information concerning a Janus Entity’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 Executive, nor does it include information,
knowledge and know-how already within Executive’s possession or memory before
his employment with a Janus Entity or one of its predecessors.

(ii)           Executive’s Use
of Confidential Information.  Except
in connection with and in furtherance of Executive’s work on a Janus Entity’s
behalf, Executive shall not, without the 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.

(iii)          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 Executive are and shall remain the Janus Entities’
property.  Except in connection with and
in furtherance of the Executive’s work on a Janus Entity’s behalf or with a
Janus Entity’s prior written consent, Executive shall not, at any time,
directly or indirectly: (i) copy or

 3
 

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 Executive’s
employment with the Company, or upon a Janus Entity’s request, Executive shall
immediately deliver to the Company or its designee (and shall not keep in
Executive’s possession or deliver to any other person or entity) all
Confidential Records and all other Janus Entity property in the Executive’s
possession or control.

(c)           Definitions

(i)            “Competitive
Business” means any business that provides investment advisory or
investment management services.

(ii)           “Affiliate”
means any corporation, partnership, limited liability company, trust, or other
entity which controls, is controlled by or is under common control with the
Company.

(d)           Noninterference
Covenants.  During the period of
eighteen months following the Release Effective Date, Executive shall not (nor
shall Executive cause, encourage or provide assistance to, anyone else to):

(i)            interfere with any
relationship which may exist from time to time between a Janus Entity and any
of its employees, consultants, agents or representatives; or

(ii)           employ or otherwise
engage, or attempt to employ or otherwise engage, in or on behalf of any
Competitive Business, any person who is employed or engaged as an employee,
consultant, agent or representative of a Janus Entity, or any person who was
employed or engaged as an employee, consultant, agent or representative of a
Janus Entity within the six month period immediately preceding the Date of
Termination; or

(iii)          solicit directly or
indirectly on behalf of the Executive or a Competitive Business, the customer
business or account of any investment advisory or investment management client
to which a Janus Entity shall have rendered service during the six month period
immediately preceding Executive’s termination; or

(iv)          directly or
indirectly divert or attempt to divert from a Janus Entity any business in
which a Janus Entity has been actively engaged during the term hereof or
interfere with any relationship between a Janus Entity and any of its clients.

(e)           If any court shall
determine that the duration, geographic limitations, subject or scope of any
restriction contained in this Agreement is unenforceable, it is the intention
of the parties that this Agreement shall not thereby be terminated but shall be
deemed amended to the extent required to make it valid and enforceable, such
amendment to apply only with respect to the operation of this Agreement in the
jurisdiction of the court that has made the adjudication.

(f)            Executive
acknowledges that these restrictive covenants are reasonable and that
irreparable injury will result to the Company and to its business and
properties in the event of any breach by Executive of any of those
covenants.  In the event any of the
covenants are breached, the Company shall be entitled, in addition to any other
remedies and damages

 4
 

available, to injunctive relief to restrain the violation of such
covenants by Executive or by any person or persons acting for or with Executive
in any capacity whatsoever.

4.             Miscellaneous.

(a)           Unless otherwise
specified herein, all defined terms shall have the meaning ascribed to them in
the Employment Agreement.

(b)           This Release shall
be governed by and construed in accordance with the laws of the State of
Colorado without reference to principles of conflict of laws.  The captions of this Release are not part of
the provisions hereof and shall have no force or effect.  This Release may not be amended or modified
otherwise than by a written agreement executed by the Parties hereto or their
respective successors and legal representatives.

(c)           All notices and
other communications hereunder shall be in writing and shall be given by hand
delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid,
addressed as follows:

If to the Executive:               At the
most recent address on file at the Company

	
  If to the Company:

  	
  Janus Capital
  Group Inc.

  
	
   

  	
  151 Detroit Street

  
	
   

  	
  Denver, Colorado 80206

  
	
   

  	
  Attn.: General Counsel

  

 

or to such other address as either party shall have furnished to the
other in writing in accordance herewith, Notice and communications shall be
effective when actually received by the addressee.

(d)           The invalidity or
unenforceability of any provision of this Release shall not affect the validity
or enforceability of any other provision of this Release.

(e)           The Company may
withhold from any amounts payable under this Release such Federal, state, local
or foreign taxes as shall be required to be withheld pursuant to any applicable
law or regulation.

(f)            The Executive’s or
the Company’s failure to insist upon strict compliance with any provision of
this Release or the failure to assert any right the Executive or the Company
may have hereunder shall not be deemed to be a waiver of such provision or
right or any other provision or right of this Release.

(g)           From and after the
Release Effective Date, this Release shall supersede all other agreements
between the parties, including without limitation the Employment Agreement
(collectively, the “Prior Agreements”), excepting only agreements
reflecting Vested LTI Awards (“Prior LTI Agreements”).  Accordingly, although the Prior LTI
Agreements and Section 12 of the Employment Agreement shall remain in full
force and effect according to their terms, all Prior Agreements other than the
Prior LTI Agreements shall be deemed terminated and of no further force or
effect, and Executive acknowledges and agrees that the Company has

 5
 

complied with all terms and has paid or provided to Executive all
benefits of any kind payable or due under any of the Prior Agreements.

(h)           Executive also
acknowledges that Executive has received all compensation to which Executive is
entitled for Executive’s work up to the Date of Termination, and that Executive
is not entitled to any further pay or benefit of any kind, for services
rendered or any other reason, other than the Severance Benefit.

(i)            In the event of any
dispute relating to or arising from this Release, the Party substantially
prevailing shall recover from the other Party its costs, including reasonable
attorneys’ fees.

(j)            All disputes
relating to or arising from this Release shall be tried only in the state or
federal courts situated in the Denver, Colorado metropolitan area.

(k)           Executive agrees
that the only thing of value that Executive will receive by signing this
Release is the Severance Benefit.

[SIGNATURE PAGE FOLLOWS]

 6
 

NOTE: 
DO NOT SIGN THIS NON-SOLICITATION LEGAL RELEASE UNTIL AFTER

EXECUTIVE’S DATE OF TERMINATION.

 

	
  

  	
  JANUS MANAGEMENT HOLDINGS

  CORPORATION

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Date:

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Jonathan D. Coleman

  
	
   

  	
  Date:

  	
   

  
						

 

 7

EXHIBIT C

LEGAL RELEASE AND RESTRICTIVE
COVENANT AGREEMENT

This agreement is between Janus Management Holdings Corporation (“Janus”)
and Jonathan D. Coleman (“Employee”). For purposes of this agreement, “Janus
Entity” shall mean Janus and all of its subsidiaries and Affiliates, and their
respective successors, and “Affiliate” means all corporations, partnerships,
limited liability companies, trusts, and other entities that controls, is
controlled by or is under common control with Janus. This agreement shall
become effective as of                 ,
200    (the “Effective Date”).

WHEREAS Janus and Employee entered into an Employment Agreement, dated
as of January 1, 2007 (the “Employment Agreement”); and

WHEREAS the Employment Agreement conditionally entitles Employee to,
among other things, continued vesting of certain specified equity incentives
following the voluntary termination of Employee’s employment with Janus; and

WHEREAS the conditions upon Employee’s entitlement to such continued
vesting included Employee’s execution of an agreement containing a legal
release and certain restrictive covenants specified in the Employment Agreement;
and

WHEREAS Employee desires to receive the benefits conditionally
guaranteed by the Employment Agreement, including in particular the continued
vesting described therein.

In consideration of the covenants set forth herein, the parties agree
as follows:

1.             Vesting.  As of the Effective Date and subject to the terms of this agreement, the
Chief Executive Officer and/or the Chief Investment Officer has determined that
Employee is in good standing and has approved the continuation of vesting in
accordance with the original vesting schedule provided for in the applicable
award agreement of the following long-term incentive awards in accordance with
the Employment Agreement under “Voluntary Termination with Non-Compete
Obligation”: all unvested equity long-term incentive awards granted to Employee
on or after December 30, 2004 (“equity long-term incentive awards”) shall
include without limitation unvested shares of Janus restricted stock, unvested
options to purchase Janus stock, and awards consisting of unvested mutual fund
share investments); provided however, any vesting events scheduled to occur for
the applicable long-term incentive awards during the two-year, non-compete
period under Section 4(a) will not be delivered/transferred to Employee until
the expiration of such two year period and Employee’s satisfactory compliance
with this agreement, subject to applicable tax withholding obligations of the
Janus Entities. Accordingly, Janus hereby acknowledges its obligation to
provide Employee with the vesting benefit specified above, and that, by
executing and complying with the terms of this agreement, Employee will have
satisfied all conditions.

2.             Legal Release.  Employee, for himself, his heirs, personal representatives and assigns,
and any other person or entity that could or might act on behalf of him,
(collectively, “Releasers”), hereby fully and forever release and discharge Janus,
its present and future

Affiliates, parent companies
and subsidiaries, and each of their past and present officers, directors,
employees, shareholders, independent contractors, attorneys, insurers and any
and all other persons or entities that are now or may become liable to any
Releaser due to any Releasee’s act or omission, including without limitation
all Janus Entities (collectively, “Releasees”), of and from any and all
actions, causes of action, claims, demands, costs and expenses, including attorneys’
fees, of every kind and nature whatsoever, in law or in equity, whether now
known or unknown, that Releasers, or any person acting under any of them, may
now have, or claim at any future time to have, based in whole or in part upon
any act or omission occurring on or before the Effective Date, without regard
to present actual knowledge of such acts or omissions, including specifically,
but not by way of limitation, matters which may arise at common law, such as
breach of contract, express or implied, promissory estoppel, wrongful
discharge, tortious interference with contractual rights, infliction of
emotional distress, defamation, or under federal, state or local laws, such as
the Fair Labor Standards Act, the Employee Retirement Income Security Act, the
National Labor Relations Act, Title VII of the Civil Rights Act of 1964, the
Age Discrimination in Employment Act, the Rehabilitation Act of 1973, the Equal
Pay Act, the Americans with Disabilities Act, and the Colorado Civil Rights
Act; EXCEPT for the rights and obligations created by this agreement; AND
EXCEPT for any vested rights under any pension, retirement, profit sharing or
similar plan; AND EXCEPT for Employee’s rights to indemnification under Section
12 of the Employment Agreement. Employee hereby warrants that he has not
assigned or transferred to any person any portion of any claim which is
released, waived and discharged above. Employee further states and agrees that
he has not experienced any illness, injury, or disability compensable or
recoverable under the worker’s compensation laws of any state, and Employee
agrees that he will not file a worker’s compensation claim asserting the
existence of any such illness, injury, or disability. Employee has specifically
consulted with his attorneys with respect to the agreements, representations,
and declarations set forth in the previous sentence. Employee understands and
agrees that by signing this agreement he is giving up his right to bring any
legal claim against Janus concerning, directly or indirectly, Employee’s
employment relationship with Janus and its Affiliates, including his separation
from employment. Employee agrees that this legal release is intended to be
interpreted in the broadest possible manner in favor of Janus and its Affiliates,
to include all actual or potential legal claims that Employee may have against
the Janus Entity, except as specifically provided otherwise in this agreement.

3.             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 the Employee’s memory, or otherwise stored or recorded)
relating to or arising from a Janus Entity’s business, including, without
limitation, trade secrets used, developed or acquired by a Janus Entity 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 any Janus Entity’s operation,
organization, investment strategy, modeling and management; financial
information and/or documents and nonpublic policies, procedures and other
printed, written or electronic material generated or used in connection with a
Janus Entity’s business or investments; a Janus Entity’s business plans and
strategies; the identities of a Janus Entity’s customers and the specific
individual customer representatives with whom a Janus Entity works; the details
of a Janus Entity’s relationship with such customers and customer

 2
 

representatives; the identities of distributors, contractors and
vendors utilized in a Janus Entity’s business; the details of a Janus Entity’s
relationships with such distributors, contractors and vendors; the nature of
fees and charges made to a Janus Entity’s customers; nonpublic forms, contracts
and other documents used in a Janus Entity’s business; all information
concerning a Janus Entity’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 a Janus Entity’s business, whether proprietary to a
Janus Entity or used by a Janus Entity under license from a third party; and
all other information concerning a Janus Entity’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 the Employee,
nor does it include information, knowledge and know-how already within the Employee’s
possession or memory before his employment with a Janus Entity or one of its
predecessors.

(b)           Employee’s Use of
Confidential Information. Except in connection with and in furtherance of the Employee’s work on
a Janus Entity’s behalf, the Employee shall not, without the Janus’ 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.

(c)           Acknowledgments. Employee acknowledges that during Employee’s
employment with Janus, Employee had access to Confidential Information, all of
which was made accessible to Employee only in strict confidence; that
unauthorized disclosure of Confidential Information will damage the Janus
Entity’s businesses; that Confidential Information would be susceptible to
immediate competitive application by a competitor of a Janus Entity; that the
Janus Entity’s businesses are substantially dependent on access to and the
continuing secrecy of Confidential Information; that Confidential Information
is novel, unique to the Janus Entity and known only to Employee, the Janus
Entity and certain key employees and contractors; that the Janus Entity 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 the Janus Entity’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 the Employee
are and shall remain the Janus Entity’s property. Except in connection with and
in furtherance of the Employee’s work on a Janus Entity’s behalf or with a
Janus Entity’s prior written consent, the 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 the Employee’s employment with Janus, or upon a
Janus Entity’s request, the Employee shall immediately deliver to Janus or its
designee (and shall not keep in the Employee’s possession or deliver to any
other person or entity) all Confidential Records and all other Janus Entity
property in the Employee’s possession or control.

 3
 

(e)           Third-Parties’
Confidential Information. Employee acknowledges that the Janus Entity has received from third
parties confidential or proprietary information, and that the Janus Entity must
maintain the confidentiality of such information and use it only for authorized
purposes. Employee shall not knowingly use or disclose any such information
except as authorized by the Janus Entity or the third party to whom the
information belongs.

4.             Unfair
Competition.

(a)           Covenants. For
a period of twenty four (24) months following the Effective Date (the “Noncompetition
Period”), Employee shall not, directly or indirectly, as an officer, director,
employee, consultant, owner, shareholder, adviser, joint venturer, or
otherwise, compete with the Janus Entity within the United States of America
and England (the “Protected Region”) in any “Competitive Business,” which, for
purposes of this agreement, means any business that provides investment
advisory or investment management services to any person or entity that is not Employee
or an immediate family member. This covenant shall not prohibit Employee from
owning less than two percent of the securities of any competitor of the Janus
Entity, if such securities are publicly traded on a nationally recognized stock
exchange or over-the-counter market.

(b)           Acknowledgments.
Employee acknowledges that the foregoing geographic restriction on competition
is fair and reasonable, given the nature and geographic scope of the Janus
Entity’s business operations and the nature of Employee’s position with Janus.
Employee also acknowledges that while employed by Janus, Employee had access to
information that would be valuable or useful to the Janus Entity’s competitors,
and therefore acknowledges that the foregoing restrictions on Employee’s future
employment and business activities are fair and reasonable. Employee
acknowledges and is prepared for the possibility that Employee’s standard of
living may be reduced during the Noncompetition Period, and assumes and accepts
any risk associated with that possibility.

(c)           Acknowledgments of Law.
Employee acknowledges the following provisions of Colorado law, set forth in
Colorado Revised Statutes § 8-2-113(2):

Any covenant not to compete which restricts the right of any person to
receive compensation for performance of skilled or unskilled labor for any
employer shall be void, but this subsection (2) shall not apply to:

...

(b)           Any contract for the
protection of trade secrets;

...

(d)           Executive and
management personnel and officers and employees who constitute professional staff
to executive and management personnel.

Employee acknowledges that this agreement is a contract for the
protection of trade secrets within the meaning of § 8-2-113(2)(b) and is
intended to protect the Confidential Information

 4
 

and Confidential Records identified above and that Employee is an
executive or manager, or professional staff to an executive or manager, within
the meaning of §8-2-113(2)(d).

5.             Non-Solicitation.
For a period of twelve
(12) months following the Effective Date, the Employee shall not (nor shall the
Employee cause, encourage or provide assistance to, anyone else to): (i)
interfere with any relationship which may exist from time to time between a
Janus Entity and any of its employees, consultants, agents or representatives;
or (ii) employ or otherwise engage, or attempt to employ or otherwise engage,
in or on behalf of any Competitive Business, any person who is employed or
engaged as an employee, consultant, agent or representative of a Janus Entity,
or any person who was employed or engaged as an employee, consultant, agent or
representative of a Janus Entity within the six month period immediately
preceding the Employee’s termination; or (iii) solicit directly or indirectly
on behalf of the Employee or a Competitive Business, the customer business or
account of any investment advisory or investment management client to which a
Janus Entity shall have rendered service during the six month period
immediately preceding the Employee’s termination; or (iv) directly or
indirectly divert or attempt to divert from a Janus Entity any business in
which a Janus Entity has been actively engaged during the term hereof or
interfere with any relationship between a Janus Entity and any of its clients.

6.             Survival. Employee’s obligations under this agreement
shall survive the termination of Employee’s employment with Janus 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 Janus or any Janus
employee, agent or contractor.

7.             Remedies. Employee acknowledges that if Employee
breaches any obligation under this agreement, the Janus Entity will suffer
immediate and irreparable harm and damage for which money alone cannot fully
compensate the Janus Entity. Employee therefore agrees that upon such breach or
threatened breach of any obligation under this agreement, Janus shall be
entitled to a temporary restraining order, preliminary injunction, permanent
injunction or other injunctive relief, without posting any bond or other
security, compelling Employee to comply will any or all such provisions, and
there shall be an immediate termination of any vesting rights provided for in
this agreement. This paragraph shall not be construed as an election of any
remedy, or as a waiver of any right available to Janus 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.

8.             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 Janus, 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.

 5
 

9.             Non-Assistance. Employee agrees not to assist any third
person or company in contesting or attacking the Janus Entity’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.          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 Janus, its successors or assigns, and shall be
freely assignable by Janus 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 a Janus Entity’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 Janus
be protected to the greatest extent allowed by law from unfair competition
and/or the misuse or disclosure of Confidential Records, Confidential
Information and/or Janus 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 Janus, 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.

[SIGNATURE PAGE FOLLOWS]

 6
 

,

	
   

  	
  JANUS MANAGEMENT HOLDINGS

  
	
   

  	
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Gary D. Black,
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Jonathan D.
  Coleman

  
				

 

 7Exhibit 10.2

EMPLOYMENT AGREEMENT

THIS AGREEMENT, dated as of the Effective
Date specified below (this “Agreement”) is by and between Janus
Management Holdings Corporation, a Delaware corporation (the “Company”)
and Richard Gibson Smith (the “Executive”), and shall be effective as of
January 1, 2007 (the “Effective Date”). Executive and the Company are
sometimes referred to in this Agreement as the “Parties,” or,
individually, as a “Party.”

Recitals

1.             Prior
to November 2006, the Company employed Executive as a Portfolio Manager (“PM”).
During Executive’s service as a PM, the terms and conditions of Executive’s
employment were governed by a: (a) portfolio manager compensation program; (b)
cover letter from Gary D. Black dated as of December 29, 2004 (the “Cover
Letter”); (c) letter severance agreement dated as of December 29, 2004 (the
“Severance Agreement”); and (d) Portfolio Manager Change in Control
Agreement dated as of December 29, 2004 (the “PM Executive Change in Control
Agreement”).

2.             As
of November 6, 2006, Executive assumed the duties of Co-Chief Investment
Officer (“Co-CIO”) of Janus Capital Management LLC (“JCM”) and
the Company, the operating subsidiaries of Janus Capital Group Inc., a Delaware
corporation (“JCG”), while continuing to perform Executive’s duties as a
PM.

3.             Executive
and the Company desire to clarify the terms and conditions of Executive’s
employment during Executive’s service as a PM and Co-CIO or Chief Investment
Officer (“CIO”), to provide for certain severance rights in the event that
Executive’s employment terminates under certain circumstances during Executive’s
service as a PM or Co-CIO, and to provide for certain rights in the event of
Executive’s relinquishment of or removal from the PM, CIO or Co-CIO position.

Agreement

1.             Term.

(a)           The
Company hereby agrees to continue to employ Executive as its Co-CIO and PM, and
Executive hereby agrees to continue to serve as the Company’s Co-CIO and PM,
all on the terms and subject to the conditions of this Agreement, for the
period commencing on the Effective Date and ending on December 31, 2008 (the “Initial
Term”).

(b)           The
Initial Term (and every subsequent twelve month extension as set forth in this
paragraph) shall automatically be extended for an additional twelve months (the
Initial Term and any twelve month extension, “Term”), unless either
Executive or the Company gives written notice to the other of its intent not to
extend the then-current Term. Such notice must be given not later than 90
calendar days before the expiration of the then-current Term. If the Company
elects to give notice not to extend the Term pursuant to this Section 1(b),
then, contemporaneously with such non-renewal notice, the Company shall offer
to Executive severance rights that are no less favorable to Executive than the
form of severance rights then

generally in effect between the Company and
its PMs, which severance rights shall become effective immediately upon the
expiration of the Term.

(c)           If
during the Initial Term, the Chief Executive Officer (“CEO”) of JCG as
of the Effective Date ceases for any reason to continue to serve as JCG’s CEO,
then as of the effective date of the appointment of the successor CEO (the “Appointment
Date”), the Initial Term shall be extended so that it shall expire 18
months following the Appointment Date, and shall thereafter be subject to
further extension pursuant to Section 1(b) above.

2.             Position and Duties.

(a)           During
the Term, Executive shall serve as CIO or Co-CIO, and shall have the duties,
authority and responsibilities commensurate with such title and office, which
shall include, but not necessarily be limited to:

(i)            Day-to-day
oversight of the investment team, including but not limited to, final decisions
related to hiring or firing investment personnel, management of investment
personnel performance and compensation structure, design and allocations
(subject to parameters determined by the JCG Board of Directors (“JCG Board”),
the Compensation Committee of the JCG Board (“Compensation Committee”)
and the CEO), portfolio construction and overlap, use of derivatives, trading
issues and similar issues;

(ii)           Serving
as the primary interface between the PMs and Company management;

(iii)          Participation
in client meetings as necessary (including, without limitation, meetings of the
board of trustees of Janus Investment Fund, Janus Adviser Series, Janus Aspen
Series and the board of Janus Capital Funds Plc);

(iv)          Participation
on Executive Committee, Risk Management Committee and Internal Compliance
Controls Committee, and either participating in or delegating responsibility
for participating in, certain other JCM committees, including without
limitation, the Management Committee, the Product Development Committee and the
Ethics Committee;

(v)           When
necessary, completing final sign-off on product decisions that come before
Product Development Committee in accordance with the applicable approval
process;

(vi)          Upon
request and with reasonable advance notice, attending meetings and calls with
prospects, consultants, brokers, industry ratings agencies and the media and
making presentations to trade groups, industry ratings agencies and prospects;
and

(vii)         As
needed and with reasonable advance notice, attending internal meetings and
calls with executive management, sales, marketing, operations, public
relations, legal/compliance, finance personnel, the JCG Board and its Committees.

 2
 

Notwithstanding any other provision of this
Agreement, Executive shall have the ability to delegate to another Co-CIO or appropriate
JCG or JCM executive officer responsibility for compliance with Sections 2(a)(vi)
and 2(a)(vii).

 (b)          Executive and other Co-CIOs, if any,
shall report directly to JCG’s CEO. Executive, working in coordination with
other Co-CIOs, if any, shall have autonomy in managing JCG’s and JCM’s
investment business, subject to appropriate oversight by the CEO, the JCG Board
and applicable Committees thereof.

 (c)          During the Term, Executive may
continue to act as a PM for the portfolio(s) managed by Executive as of the
Effective Date, subject to the terms and conditions set forth below.

3.             Compensation
and Benefits. During the Term, the Company shall pay Executive: (i) an
annual base salary (“Annual
Base Salary”); (ii)
compensation for Executive’s work as Co-CIO or CIO (“CIO Compensation”) for
so long as Executive continues performing as a Co-CIO or CIO; and (iii)
compensation for Executive’s work as a PM (“PM Compensation”) for so
long as Executive continues performing as a PM, all as and when specified in
this Section 3.

(a)           Base
Salary. Throughout
the Term, the Executive’s Annual Base Salary shall be in an amount established
by the JCG Compensation Committee, provided that such amount shall not be less
than $500,000.

(b)           CIO
Compensation.

(i)            The
Company shall pay Executive CIO Compensation as specified in this Section 3(b),
all of which is subject to the satisfaction of Internal Revenue Code Section
162(m) performance criteria as established by the JCG Compensation Committee
annually (“Section 162(m) Criteria”).

(ii)           For
2007 and 2008, the CIO Compensation will be based 50 percent on overall performance
of all Janus-managed investment products, 20 percent on Janus-managed net
long-term flows, 15 percent on investment team leadership factors, and 15
percent on overall corporate leadership factors, with specific goals to be
established by the CEO and JCG Compensation Committee at the beginning of each
year. For any year after 2008 during which the Term continues, the CEO and the
JCG Compensation Committee shall, following consultation with Executive,
establish criteria applicable to CIO Compensation at the beginning of each
year.

(iii)          Executive’s
CIO Compensation range for 2007 shall be a minimum of $2,000,000, a maximum of
$3,500,000 and a target of $2,750,000. Executive’s CIO Compensation range for
2008 shall be a minimum of $2,500,000, a maximum of $4,500,000, and a target of
$3,500,000. On and after January 1, 2009 (assuming renewal of the Term and
subject to the satisfaction of Section 162(m) Criteria), Executive’s CIO
Compensation minimum, maximum and target amounts shall be established in the
discretion of the JCG Compensation Committee, provided that the Company shall
give Executive written notice thereof no less than sixty (60) days before the
beginning of the year with respect to which such amounts shall apply.

 3
 

(iv)          All
CIO Compensation shall be payable after year-end at the same time as bonus
payments and LTI awards are made to other members of the Company’s Executive
Committee (the “Peer Executives”). For 2007 and 2008, sixty percent of
the CIO Compensation shall be paid in cash, and the remaining forty percent
shall be in the form of LTI awards in the same manner and type as granted to
other Peer Executives.

(v)           As
of the Effective Date, Executive shared the CIO’s responsibilities with another
Co-CIO. If, for any reason during the Term, Executive becomes the Company’s
sole CIO, the Company shall adjust Executive’s CIO Compensation by an amount to
be determined in the discretion of the JCG Compensation Committee. If,
thereafter, during the Term another CIO is appointed to serve with Executive,
the Company may adjust Executive’s CIO Compensation in an amount to be
determined in the discretion of the JCG Compensation Committee, subject to the
minimums and ranges specified in Section 3(b)(iii) above. If the fact that
Executive has become the Company’s sole CIO (other than during a transitional,
temporary period not exceeding 180 days; provided that throughout such
temporary period the Company shall be making reasonable, continuous efforts to
fill the Co-CIO vacancy) substantially impairs Executive’s ability to continue
to effectively perform Executive’s material responsibilities as both sole CIO
and PM, and the Company fails to cure that condition upon receiving no less
than 90 days’ prior written notice from Executive (which notice shall be given
no more than 180 days after Executive knows or should know of the circumstances
giving rise to the notice), then Executive may relinquish Executive’s role as
PM upon no less than 30 days’ written notice to the Company, in which case the
Parties shall negotiate in good faith concerning an amended compensation
arrangement as sole CIO. At any time before December 31, 2008, but only after
Executive has relinquished his role as PM pursuant to the preceding sentence,
Executive may elect, upon no less than 90 days prior written notice, to
relinquish Executive’s role as sole CIO and return to a position on the Company’s
investment management team. In such event, the Company shall make a reasonable
effort to reassign Executive to manage the portfolio(s) managed by Executive
before Executive relinquished the PM role or one or more other portfolios with
at least a comparable amount of assets under management, in which case
Executive’s rights and responsibilities would be as specified in Section 4(a)
below. In the event the Company is unable through reasonable efforts to
reassign Executive to manage the portfolio(s) managed by Executive before
Executive relinquished the PM role or one or more other portfolios with at
least a comparable amount of assets under management, then Executive shall be
assigned to a position on the Company’s investment team and, until the earlier
of December 31, 2008 or the date on which Executive resigns, Executive shall be
compensated as if he had resumed management of the portfolio(s) managed by
Executive before Executive relinquished the PM role as set forth above, and
Executive’s rights and responsibilities would be as specified in Section 4(a)
below except as otherwise specified in this subsection.

(c)           PM
Compensation. For Executive’s work as a PM, and subject to the satisfaction
of Section 162(m) Criteria, the Company shall pay Executive individual
performance-based PM Compensation and Executive shall be eligible to
participate in other compensation for which PMs may be eligible in a manner consistent
with the terms of the Company’s then-current PM compensation plan.

 4
 

(d)           Total
Compensation. Subject to the satisfaction of Section 162(m) Criteria,
Executive’s combined PM Compensation and CIO Compensation for 2007 shall be a
minimum of $3,500,000, and Executive’s combined PM Compensation and CIO
Compensation for 2008 shall be a minimum of $4,000,000.

(e)           Section
162(m) Performance Criteria. The Parties acknowledge and agree that all
compensation payable to Executive (except Executive’s Annual Base Salary) under
this Agreement, including without limitation cash, shall be subject to and
conditioned upon such terms and conditions as are required to obtain full
deductibility under Section 162(m) of the Internal Revenue Code, including
without limitation the establishment, and Executive’s attainment of,
performance-based criteria.

(f)            Satisfaction
of Withholding Requirements. All grants and payments to Executive under
this Agreement are subject to and conditioned upon satisfaction of all
applicable tax withholding requirements. Executive agrees to execute all
documents and take all action reasonably deemed necessary by the Company to
ensure compliance with all such withholding requirements.

(g)           Incentive,
Savings and Retirement Plans. During the Term, Executive shall be entitled
to participate in all other incentive plans, practices, policies and programs,
and all savings and retirement plans, practices, policies and programs, in each
case on terms and conditions no less favorable than the terms and conditions
generally applicable to the Peer Executives, as in effect from time to time;
provided that this Section 3(g) shall not entitle Executive to any particular
amount or value that the Company may from time to time provide to other Peer
Executives.

(h)           Welfare
Benefit Plans. During the Term, Executive and Executive’s spouse and
dependents, as the case may be, shall be eligible for participation in and
shall receive all benefits under welfare benefit plans, practices, policies and programs provided
by the Company and its affiliates (including, without limitation, medical,
prescription, dental, retiree health, disability, employee life, group life,
accidental death and travel accident insurance plans and programs) on terms and
conditions no less favorable than the terms and conditions generally applicable
to the Peer Executives.

(i)            Expenses.
During the Term, Executive shall be entitled to receive prompt reimbursement
for all reasonable expenses incurred by Executive in accordance with the
Company’s policies, practices and procedures in effect for Peer Executives.

(j)            Fringe
Benefits. During the Term, Executive shall be entitled to fringe benefits
on the same basis as those provided generally at any time thereafter to the
Peer Executives.

(k)           Vacation.
During the Term, Executive shall be entitled to paid vacation in accordance
with the plans, policies, programs and practices of the Company as in effect
for the Peer Executives.

 5
 

(l)            Executive
Change in Control Agreement. Contemporaneously with this Agreement, the
parties shall execute an “Executive Change in Control Agreement” in the
form attached hereto as Exhibit A, which shall be substantially
identical to the Agreement offered by JCG to Peer Executives.

4.             Termination
of Service as CIO or Co-CIO Without Termination of Employment.

(a)           Upon
giving the Company no less than 90 days’ advance written notice, at any time
during the Term, Executive may for any reason relinquish Executive’s
responsibilities as CIO or Co-CIO and return to performing only the duties of a
PM managing such portfolios as Executive managed immediately before the
Transition Date (defined below) or one or more other funds with at least a
comparable amount of funds under management, in which case: (i) this Agreement
and the Executive Change in Control Agreement shall terminate as of the
effective date of Executive’s relinquishment of Executive’s CIO role (the “Transition
Date”); and (ii) the Company shall pay Executive, after year-end in accordance
with and at the same time as payment of bonus and LTI compensation to other
Peer Executives, pro rata fully earned but as yet unpaid CIO Compensation for
any period of time during that year that Executive served as Co-CIO; and (iii)
following the Transition Date, the terms and conditions of Executive’s
employment shall be governed by the compensation plan(s), severance rights,
change in control agreement, policies, procedures and programs applicable
generally to the Company’s PMs, which Executive agrees promptly to execute or
acknowledge, as the case may be, at the Company’s request, to be effective as
of the day following the Transition Date. If Executive relinquishes Executive’s
responsibilities as CIO or Co-CIO but thereafter continues to provide services
to the Company in another senior management role (other than PM), then for the
first year of Executive’s service in such other senior management role
Executive will receive a floor on Executive’s total target compensation, but
otherwise established in the discretion of the JCG Compensation Committee,
acting in consultation with the CEO, but subject to applicable Section 162(m)
Criteria.

(b)           Subject
to the rights and restrictions under a termination for “Good Reason” as defined
in Sections 6(f) and 7(d) below, at any time during the Term, the Company may
for any reason remove Executive from Executive’s CIO or Co-CIO title and duties
and direct that Executive return to the role of a PM, managing such portfolios
as Executive managed immediately before the Transition Date or one or more
other portfolios with at least a comparable amount of assets under management. If
the Company elects to remove Executive from Executive’s CIO or Co-CIO title and
duties pursuant to this Section 4(b) and Executive remains a PM without making
an election under Section 6(f), then the Company shall pay Executive, after
year-end in accordance with and at the same time as payment of bonus and LTI
compensation to other Peer Executives, a pro rata amount of the mid-range of
Executive’s then-current target CIO Compensation for the period of time during
the year of removal that Executive served as Co-CIO.

5.             Termination
of Service as PM without Termination of Employment.

(a)           Upon
giving the Company no less than 90 days’ advance written notice, at any time
during the Term, Executive may for any reason relinquish Executive’s
responsibilities as PM and continue thereafter to perform only the duties of
CIO or Co-CIO, in which case: (i) Executive shall be entitled to receive PM
Compensation, on the terms and conditions set forth in Section 3(c) above, only
through the effective date of Executive’s relinquishment of Executive’s 

 6
 

responsibilities as PM; and (ii) with respect
to Executive’s work following the effective date of Executive’s relinquishment
of Executive’s responsibilities as PM, Executive shall be entitled only to
Executive’s Annual Base Salary and CIO Compensation.

(b)           Upon
giving Executive no less than 15 days’ advance written notice, at any time
during the Term, the Company may for any reason discontinue Executive’s
services as a PM and request that Executive thereafter continue to perform only
the duties of CIO or Co-CIO, in which case:

(i)            Executive
shall be entitled to receive PM Compensation, on the terms and conditions set forth
in Section 3(c) above, through the effective date of Executive’s relinquishment
of Executive’s responsibilities as PM; and

(ii)           no
later than 90 days following the effective date of the discontinuation of
Executive’s services as a PM, Executive may, in Executive’s discretion, elect
to either:

(A)          give
the Company no less than 30 days prior written notice of Executive’s
resignation of employment with the Company and its affiliates, and Executive
shall thereafter be eligible to receive the severance benefits set forth in
Section 7(c) below, conditioned upon Executive’s execution of the
Non-Solicitation Legal Release defined in such section; or

(B)           if
but only if the Company’s discontinuation of Executive’s services as a PM and
request that Executive thereafter continue to perform only the duties of CIO or
Co-CIO becomes effective before January 1, 2009, then Executive may continue
serving as CIO or Co-CIO, in which case the Parties shall negotiate in good
faith concerning an amended compensation arrangement such that Executive’s
removal from the PM role shall not reduce Executive’s total target compensation
minimum (as set forth in Section 3(d)) during the remainder of the Initial Term
of this Agreement (ending December 31, 2008); provided that in the absence of
an alternative, mutually agreed upon amended compensation arrangement, if
Executive makes an election under this Section 5(b)(ii)(B), then Executive
shall, beginning on the date immediately after Executive’s last day of
eligibility to earn PM Compensation (the “PM Transition Date”), be
entitled to “Special Transitional Compensation,” payable quarterly during
the remainder of the Initial Term of this Agreement (ending December 31, 2008)
and subject to the LTI award component granted annually, at a rate equal to the
quarterly PM Compensation payment earned by Executive for the last full
calendar quarter before the PM Transition Date, but subject to the satisfaction
of all applicable Section 162(m) Criteria.

6.             Termination
of Employment During Term.

(a)           Death
or Disability. Executive’s employment shall terminate automatically upon
Executive’s death during the Term. If the Company determines in good faith that
a disability of Executive has occurred during the Term, it may provide to
Executive written notice in accordance with Section 13(b) of this Agreement of
its intention to terminate Executive’s employment. In such event, Executive’s
employment with the Company shall terminate effective on the 90th day after
receipt of such notice by Executive (the “Disability

 7
 

Effective Date”), unless, within the 90 days after the
receipt of such notice, Executive has returned to full-time performance of
Executive’s duties. For purposes of this section, disability shall be as
defined under, and Executive must comply with, the Company’s then-current
long-term disability policy. Notwithstanding any other provision of this
Agreement, the Company’s appointment of an interim PM during any period during
which the Company determines in its reasonable discretion that Executive is
unable because of mental or physical illness to manage the investment
portfolio(s) then managed by Executive shall not constitute Good Reason for
purposes of Section 6(f) of this Agreement.

(b)           Termination
Without Cause. Subject to its obligations under Sections 7(a) and 7(d)
below, at any time during the Term the Company may terminate Executive’s
employment without Cause upon written notice to Executive.

(c)           Termination
for Cause. The Company may terminate Executive’s employment during the Term
for Cause.

(d)           For
purposes of this Agreement, “Cause” shall mean:

(i)            the
willful and continued failure by Executive to substantially perform Executive’s
duties with the Company (other than any such failure resulting from Executive’s
incapacity due to physical or mental illness) that has not been cured within 30
days after the Company delivers to Executive a written demand for substantial
performance, which demand specifically identifies the manner in which the
Company believes that Executive has not substantially performed Executive’s
duties;

(ii)           Executive’s
willful engagement in conduct which is demonstrably and materially injurious to
the Company, monetarily or otherwise;

(iii)          Executive’s
material breach of any material provision of this Agreement (including without
limitation the covenants set forth in Section 10 below) that has not been cured
within 30 days after a written demand for substantial performance is delivered
to Executive, which demand specifically identifies the manner in which the
Company believes that Executive has materially breached any material provision
of this Agreement; or

(iv)          Executive’s
conviction of a felony (other than a traffic related felony) or a guilty or
nolo contendere plea by Executive with respect thereto.

(e)           Executive’s
termination of employment shall not be deemed to be for Cause unless and until
Executive has received a copy of a resolution duly adopted by the affirmative
vote of not less than two-thirds of the entire membership of the JCG Board at a
meeting of the JCG Board called and held for such purpose (after Executive is
provided with reasonable notice to Executive and Executive is given an
opportunity, together with counsel, to be heard before the JCG Board), finding
that, in the good faith opinion of the JCG Board, Executive is guilty of the
conduct described in the definition of Cause, and specifying the particulars
thereof in detail. For purposes of clauses (i) and (ii) of the preceding
definition, no act, or failure to act, on Executive’s part shall be deemed “willful”
unless done, or omitted to be done, by Executive not in good faith and without
reasonable belief that Executive’s act, or failure to act, was in the best
interest of the Company. Any act, or failure to act, based upon express written
authority by the

 8
 

JCG Board or the CEO with respect to such act
or omission or based upon the advice of counsel for the Company shall be
conclusively presumed to be done, or omitted to be done, by Executive in good
faith and in the best interests of the Company.

(f)            Good
Reason. Subject to Sections 6 and 7, the Executive’s employment may be
terminated by Executive for Good Reason. For purposes of this Agreement, “Good
Reason” shall mean in the absence of a written consent of Executive:

(i)            the
involuntary removal of Executive by the Company from Executive’s position as
CIO or Co-CIO;

(ii)           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, or actual demotion, including the reassignment
of Executive to a role that is inconsistent with Executive’s responsibilities
as a PM or Co-CIO that materially and adversely alters Executive’s status as PM
or Co-CIO, but excluding for this purpose: (A) the appointment of another Co-CIO
(which shall have the rights and consequences set forth in Section 7(e) below);
(B) any assignment of Executive to a mutual fund or portfolio with a smaller
amount of assets under management that may result in reduced compensation, so
long as Executive remains as a PM; (C) any action not taken in bad faith and
that is remedied by the Company within 30 days after receipt of written notice
of the material reduction in Executive’s authority or duties given by Executive
as provided in Section 6(h) below; (D) any mere change of JCG’s, JCM’s or the
Company’s organizational chart; (E) any mere change in title so long as the
fundamental character of Executive’s job is not changed to such an extent as to
constitute a de facto demotion; and (F) the mere fact that JCG’s stock ceases
to be publicly traded;

(iii)          the
relocation of Executive’s principal place of employment to a location more than
40 miles from Executive’s current principal place of employment;

(iv)          during
the Term, but prior to a “change in control” (as defined in the
Executive Change in Control Agreement), a substantial adverse change to the
methodology used to calculate Executive’s PM Compensation or CIO Compensation;

(v)           during
the Term, but prior to a “change in control” (as defined in the
Executive Change in Control Agreement), a reduction in Executive’s Annual Base
Salary or a reduction in the established minimums for CIO Compensation,
provided that such compensation must satisfy the Section 162(m) Criteria and
therefore a failure to satisfy such Section 162(m) Criteria will not trigger
this Section 6(f)(v);

(vi)          the
Company’s failure to cure, within 30 days, a material failure to pay or provide
to Executive any sum or benefit specified by or due under this Agreement or the
Executive Change in Control Agreement;

(vii)         removal
from the Executive Committee (other than in connection with Executive’s removal
from the role of CIO or Co-CIO in accordance with Section 4 above); or

 9
 

(viii)        non-renewal
of the Executive Change in Control Agreement other than in connection with the
termination or non-renewal of the Executive Change in Control Agreement for
similarly situated Peer Executives.

Executive’s mental or physical incapacity
following the occurrence of an event described above in clause (i) through
(viii) shall not affect Executive’s ability to terminate employment for Good
Reason.

(g)           Sunset
on Right to Terminate for Good Reason. If circumstances arise giving
Executive the right to terminate this Agreement for Good Reason, Executive
shall within 60 days after Executive knew or should have known of such
circumstances notify the Company in writing of the existence of such
circumstances, and the Company shall have an additional 30 days within which to
investigate and remedy the circumstances, after which 30 days Executive shall
have an additional 30 days within which to exercise the right to terminate for
Good Reason. If Executive does not timely do so the right to terminate for Good
Reason shall lapse and be deemed waived, and Executive shall not thereafter
have the right to terminate for Good Reason unless further circumstances occur
giving rise independently to a right to terminate for Good Reason, in which
case the provisions of this Section 6(g) shall once again apply, but in which case
no consideration shall be given to other, prior circumstances that precipitated
a notice by Executive of a purported right to terminate for Good Reason. The 60
and 30 day periods specified above for Executive to give notice or exercise
Executive’s right to terminate for Good Reason, respectively, shall be tolled
for any period not exceeding 90 days in the aggregate during which a properly
qualified physician certifies that Executive is medically incapacitated from
performing Executive’s duties hereunder.

(h)           Notice
of Termination. Any termination by the Company for Cause, or by Executive
for Good Reason, shall be communicated by Notice of Termination to the other
party hereto given in accordance with Section 6(g) of this Agreement. For
purposes of this Agreement, a “Notice of Termination” means a written
notice which (i) indicates the specific termination provision in this Agreement
relied upon, (ii) to the extent applicable, sets forth in reasonable detail the
facts and circumstances claimed to provide a basis for termination of Executive’s
employment under the provision so indicated, and (iii) if the Date of Termination
(as defined below) is other than the date of receipt of such notice, specifies
the termination date (which date shall be not more than thirty days after the
giving of such notice). The failure by Executive or the Company to set forth in
the Notice of Termination any fact or circumstance which contributes to a
showing of Good Reason or Cause shall not constitute a waiver of any right of Executive
or the Company, respectively, hereunder or preclude Executive or the Company,
respectively, from asserting such fact or circumstance in enforcing Executive’s
or the Company’s rights hereunder.

(i)            Date
of Termination. “Date of Termination” means (i) if Executive’s
employment is terminated by the Company for Cause, or by Executive for Good
Reason, the date of receipt of the Notice of Termination or any later date
specified therein within 30 days of such notice, as the case may be, (ii) if
Executive’s employment is terminated by the Company other than for Cause or
Disability, the Date of Termination shall be the date on which the Company
notifies Executive of such termination and (iii) if Executive’s employment is
terminated by reason of death or Disability, the Date of Termination shall be
the date of death of Executive or the Disability Effective Date, as the case
may be.

 10
 

7.             Obligations
of the Company Upon Termination. Except for the Accrued Obligations set
forth below or as otherwise expressly specified in this Agreement, Executive’s
right to severance and/or welfare benefits under any subsection of this
Agreement cannot be cumulated with any right to severance or welfare benefits
arising under any other subsections of this Agreement. Accordingly, the Parties
agree that Executive shall only be entitled to severance benefits under only
one subsection of this Agreement in connection with any event of termination or
change in duties. In addition and notwithstanding anything to the contrary in
this Agreement, if any amounts payable to the Executive under this Section 7
cannot be paid in the manner provided for in this Agreement without subjecting
the Executive or the Company to additional tax, interest or penalties under
Section 409A of the Internal Revenue Code, any such payment which is payable
during the first six months following the Executive’s termination of employment
shall be made in a lump-sum payment within the first ten (10) business days of
the seventh calendar month immediately following the month in which Executive’s
date of termination occurs.

(a)           Upon
any termination of Executive’s employment, the Company shall pay to Executive,
in a lump sum in cash within 30 days after the Date of Termination, the sum of

(i)            Executive’s
Annual Base Salary through the Date of Termination; and

(ii)           any
fully earned and vested but yet unpaid CIO Compensation and PM Compensation
through the Date of Termination (collectively “Accrued Obligations”).

 (b)          Death or Disability. If,
Executive’s employment is terminated by reason of Executive’s death or
disability during the Term, the Company will pay to Executive or Executive’s
estate or beneficiaries (as applicable) the full amount of any Accrued
Obligations  and an amount
equal to Executive’s total cash compensation earned in the four (4) full
calendar quarters immediately prior to the date of death or disability, as the
case may be.

(c)           Termination
as PM by Company (but not CIO or Co-CIO) and Executive Elects to Terminate
Employment. If Executive terminates Executive’s employment under Section
5(b), then conditioned upon Executive’s execution (and non-revocation) of a
legal release in substantially the form attached hereto as Exhibit B
(the “Non-Solicitation Legal Release”), the Company will:

(i)            pay
to Executive, in a lump sum cash payment, severance compensation in an amount
equal to Executive’s total cash compensation earned by Executive as a PM (i.e., Executive’s Annual Base Salary and PM Compensation)
for the four (4) full calendar quarters immediately prior to the Date of Termination;

(ii)           make
available to Executive three (3) months of outplacement services at no cost to
Executive through a provider of such services selected by the Company to be
used by Executive at any time during the applicable non-solicitation restriction
period; and

(iii)          arrange
to provide Executive and Executive’s dependents with medical, dental and vision
insurance benefits substantially similar to those provided to Executive and
Executive’s dependents immediately prior to the Date of Termination; provided
that benefits

 11
 

otherwise receivable under this paragraph
will be reduced to the extent benefits of the same type are received by or made
available to Executive during the twelve (12) month period following Executive’s
Date of Termination of employment (which such benefits Executive undertakes to
promptly report to the Company); and provided further that any such health
insurance benefits shall run concurrently with and will be offset against any
continuation coverage under Part 6 of Title I of Employee Retirement Income
Security Act of 1974, as amended.

(d)           Termination
by Company Without Cause or by Executive for Good Reason. If, during the
Term, the Company terminates Executive’s employment without Cause or Executive
resigns Executive’s employment for Good Reason, then, conditioned upon
Executive’s execution (and non-revocation) of a Non-Solicitation Legal Release,
the Company will:

(i)            pay
Executive, in a lump sum within 14 business days following the Date of Termination,
an amount equal to one times the Executive’s Annual Base Salary, plus the
greater of: (A) one year of CIO Compensation at the mid-range of target
compensation for the calendar year of termination, or (B) the remaining total
CIO Compensation calculated at the mid-range of target compensation for the
initial two-year Term of this Agreement to the extent then unpaid (for purposes
of this Section 7(d)(i), CIO Compensation shall include all cash and non-cash
compensation, including the cash value of the LTI component, if any, of CIO
Compensation);

(ii)           make
available to Executive three (3) months of outplacement services at no cost to
Executive through a provider of such services selected by the Company to be
used by Executive at any time during the applicable non-solicitation restriction
period; and

(iii)          arrange
to provide Executive and Executive’s dependents with medical, dental and vision
insurance benefits substantially similar to those provided to Executive and
Executive’s dependents immediately prior to the Date of Termination; provided
that benefits otherwise receivable under this paragraph will be reduced to the
extent benefits of the same type are received by or made available to Executive
during the twelve (12) month period following Executive’s Date of Termination
of employment (which such benefits Executive undertakes to promptly report to
the Company); and provided further that any such health insurance benefits
shall run concurrently with and will be offset against any continuation
coverage under Part 6 of Title I of Employee Retirement Income Security Act of
1974, as amended.

(e)           Appointment
of Additional Co-CIO(s). If during the Term another person is appointed to
serve as Co-CIO (other than Jonathan D. Coleman) and the new appointee’s duties
overlap to any material extent with Executive’s duties as Co-CIO as of the time
immediately before the appointment, then upon 60 days prior written notice,
Executive may, at Executive’s option, either: (i) relinquish Executive’s role
as a Co-CIO and Executive shall return to the role of a PM, managing such
portfolios as Executive managed immediately before Executive’s election under
this Section 7(e)(i) or one or more other portfolios with at least a comparable
amount of assets under management; or (ii) resign Executive’s employment with
the Company (a “Special Resignation”). In the event of a Special
Resignation, conditioned upon Executive’s execution (and non-revocation) of a
Non-Solicitation Legal Release, the Company shall pay Executive, in a lump sum
within 14 business days following the Date of Termination, a Special
Resignation cash payment equal to $2,000,000.

 12
 

(f)            Change
in Control. Executive’s
rights and the Company’s obligations to make any compensation or severance
payments after a change in control of JCG shall be provided for and subject to
the terms of the Executive Change in Control Agreement entered into by
Executive and the Company, and such Executive Change in Control Agreement shall
supersede any conflicting terms or agreements; provided however, the parties
agree that the Executive Change in Control Agreement during its term shall not
cause the reduction of any compensation or benefits that are provided for in
this Agreement. To the extent that severance benefits become payable
under the Executive Change in Control Agreement, no severance benefits will be
payable pursuant to this Agreement.

(g)           Cause.
If the Executive’s employment shall be terminated for Cause during the Term,
this Agreement shall terminate without further obligations to the Executive
other than the obligation to pay to the Executive the Accrued Obligations to
the extent theretofore unpaid.

(h)           Voluntary
Departure by Executive (Not for Good Reason) with Non-Compete Obligations.
If, during the Term, the Executive voluntarily decides to end his employment
with the Company (not for Good Reason under Section 6(f)) and is in “good
standing,” then, conditioned upon Executive’s execution (and non-revocation) of
a two-year non-compete including the terms set forth in the Non-Solicitation
Legal Release substantially in the form attached as Exhibit C
(collectively, the “Non-Compete Release”), all unvested equity long-term
incentive awards granted to Executive on or after December 30, 2004 (“equity
long-term incentive awards” shall include without limitation unvested
shares of Janus restricted stock, unvested options to purchase Janus stock, and
awards consisting of unvested mutual fund share investment units) will continue
to vest and/or be paid, as applicable, in accordance with the original vesting
schedule provided for in the applicable award agreement, and any stock options
will, from and after such vesting, remain exercisable for the remainder of
their respective terms, subject to compliance with the terms of the above
Non-Compete Release and as limited by the terms of the agreement(s),
certificate(s) and/or incentive plans underlying each such grants; provided
however, any vesting events scheduled to occur for the applicable long-term
incentive awards during the two-year, non-compete period will not be delivered
or transferred to Executive until the expiration of such two year period and
Executive’s satisfactory compliance with the Non-Compete Release, subject to
applicable tax withholding obligations of the Janus Entities. The Company may
elect in its sole discretion to accelerate the vesting of any unvested equity
award granted to Executive after the two-year, non-compete period but prior to
the completion of its original vesting schedule. For purposes of this
subsection, “good standing” shall mean
that the CEO has approved the continuation of vesting and has certified that
Executive has not engaged in any conduct, action or omission that would
constitute grounds for terminating Executive’s employment for Cause.

 (i)           Termination at the End of the Term
or Thereafter. If the Executive’s employment shall terminate for any reason
at the end of the Term or thereafter, the Company shall pay to the Executive
the Accrued Obligations to the extent theretofore unpaid.

(j)            Excise
Tax. Notwithstanding any other language to the contrary in this Agreement
or in this Section 7, the Company shall not be obligated to pay and shall not
pay that portion of any payment or distribution in the nature of compensation
within the meaning of

 13
 

Section 280G(b)(2) of the Internal Revenue Code
to the benefit of Executive otherwise due or payable Executive under this
Agreement or this Section 7 if that portion would cause any excise tax imposed
by Section 4999 of the Internal Revenue Code to become due and payable by
Executive.

8.             Non-Exclusivity
of Rights. Except as otherwise specifically provided in this Agreement,
nothing in this Agreement shall prevent or limit Executive’s continuing or
future participation in any plan, program, policy or practice provided by the
Company for which Executive may qualify, nor shall anything herein limit or
otherwise affect such rights as Executive may have under any contract or
agreement with the Company or any of its affiliated companies. Amounts which
are vested benefits, which consist of any compensation previously deferred by
Executive, or which Executive is otherwise entitled to receive under any plan,
policy, practice or program of or any contract or agreement with the Company at
or subsequent to the Date of Termination (“Other Benefits”) shall be
payable in accordance with such plan, policy, practice or program or contract
or agreement except as explicitly modified by this Agreement. Notwithstanding
any other provision of this Agreement, Executive shall not be entitled to
receive any payments or benefits under any severance program other than that
which are described and anticipated under this Agreement or under any Change of
Control Agreement.

9.             Full
Settlement. The Company’s obligation to make the payments provided for in
this Agreement and otherwise to perform its obligations hereunder shall be
subject to any lawful indebtedness owed by Executive to the Company, and to any
valid legal claim for set-off or recoupment. In no event shall Executive be
obligated to seek other employment or take any other action by way of
mitigation of the amounts payable to Executive under any of the provisions of
this Agreement and, such amounts shall not be reduced whether or not Executive
obtains other employment.

10.           Restrictive
Covenants.

(a)           Executive
acknowledges that Executive’s employment as a senior officer of the Company and
JCM creates a relationship of confidence and trust between Executive and the
Company and its Affiliates (as defined below) (collectively “Janus Entities,”
individually, a “Janus Entity”) with respect to confidential and
proprietary information applicable to the business of the Janus Entities and
their clients. Executive further acknowledges the highly competitive nature of
the business of the Janus Entities. Accordingly, it is agreed that the restrictions
contained in this Agreement are reasonable and necessary for the protection of
the interests of the Janus Entities and that any violation of these
restrictions would cause substantial and irreparable injury to the Janus
Entities.

 14
 

(b)           Protection
of Confidential Information.

(i)            Definition of Confidential
Information. “Confidential
Information” means all information (whether in paper or electronic form,
contained in Executive’s memory, or otherwise stored or recorded) relating to
or arising from a Janus Entity’s business operations, plans, products,
strategies, employees, clients, relationships, or compensation programs,
including, without limitation, trade secrets used, developed or acquired by a
Janus Entity in connection with its business. “Confidential Information” does
not include information that is in the public domain through no wrongful act on
the part of Executive, nor does it include information, knowledge and know-how
already within Executive’s possession or memory before Executive’s employment
with a Janus Entity or one of its predecessors.

(ii)           Executive’s
Use of Confidential Information. Except in connection with and in
furtherance of Executive’s work on a Janus Entity’s behalf, Executive shall
not, without the Company’s prior written consent, at any time, directly or
indirectly: (a) use any Confidential Information for any purpose; or (b)
disclose or otherwise communicate any Confidential Information to any person or
entity.

(iii)          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 Executive are and shall remain the Janus Entities’
property. Except in connection with and in furtherance of Executive’s work on a
Janus Entity’s behalf or with a Janus Entity’s prior written consent, Executive
shall not, at any time, directly or indirectly: (a) copy or use any
Confidential Record for any purpose; or (b) 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 Executive’s
employment with the Company, or upon a Janus Entity’s request, Executive shall
immediately deliver to the Company or its designee (and shall not keep in
Executive’s possession or deliver to any other person or entity) all
Confidential Records and all other Janus Entity property in Executive’s
possession or control.

 (c)          Noninterference Covenants. During
Executive’s employment with the Company, and for a period of one year following
the Date of Termination for any reason, Executive shall not (nor shall
Executive cause, encourage or provide assistance to, anyone else to):

(i)            interfere
with any relationship which may exist from time to time between a Janus Entity
and any of its employees, consultants, agents or representatives; or

(ii)           employ
or otherwise engage, or attempt to employ or otherwise engage, in or on behalf
of any Competitive Business, any person who is employed or engaged as an
employee, consultant, agent or representative of a Janus Entity, or any person
who was employed or engaged as an employee, consultant, agent or representative
of a Janus Entity within the six month period immediately preceding the Date of
Termination; or

 15
 

(iii)          solicit
directly or indirectly on behalf of Executive or a Competitive Business, the
customer business or account of any investment advisory or investment
management client to which a Janus Entity shall have rendered service during
the six month period immediately preceding the Date of Termination; or

(iv)          directly
or indirectly divert or attempt to divert from a Janus Entity any business in
which a Janus Entity has been actively engaged during the term hereof or
interfere with any relationship between a Janus Entity and any of its clients.

(d)           Definitions

(i)            “Competitive
Business” means any business that provides investment advisory or
investment management services.

(ii)           “Affiliate”
means any corporation, partnership, limited liability company, trust, or other
entity which controls, is controlled by or is under common control with the
Company.

(e)           If
any court of competent jurisdiction shall determine that the duration,
geographic limitations, subject or scope of any restriction contained in this
Agreement is unenforceable, it is the intention of the parties that this
Agreement shall not thereby be terminated but shall be deemed amended to the
extent required to make it valid and enforceable.

(f)            Executive
acknowledges that these restrictive covenants are reasonable and that
irreparable injury will result to the Company and to its business and
properties in the event of any breach by Executive of any of those covenants,
and that Executive’s continued employment is predicated on the commitments
undertaken by Executive pursuant to this Agreement. In the event any of the
covenants are breached, the Company shall be entitled, in addition to any other
remedies and damages available, to injunctive relief to restrain the violation
of such covenants by Executive or by any person or persons acting for or with
Executive in any capacity whatsoever.

11.           Successors.

(a)           This
Agreement is personal to Executive and without the prior written consent of the
Company shall not be assignable by Executive otherwise than by will or the laws
of descent and distribution. This Agreement shall inure to the benefit of and
be enforceable by Executive’s legal representatives.

(b)           This
Agreement shall inure to the benefit of and be binding upon the Company and its
successors and assigns.

(c)           The
Company will require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business
and/or assets of the Company to assume expressly, and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform it if no such succession had taken place. As used in this
Agreement, “Company” shall mean the Company as hereinbefore defined and
any successor to its business and/or assets as aforesaid which assumes and
agrees to perform this Agreement by operation of law or otherwise.

 16
 

12.           Indemnification
and Directors and Officers’ Insurance.

(a)           The
Company shall indemnify Executive to the fullest extent permitted under law
from and against any expenses (including but not limited to reasonable
attorneys’ fees, expenses of investigation and preparation and fees and
disbursements of Executive’s accountants or other experts), judgments, fines,
penalties and amounts paid in settlement actually and reasonably incurred by
Executive in connection with any proceeding in which Executive was or is made
party or was or is involved (for example, as a witness) by reason of the fact
Executive was or is employed by the Company, including advancement of payments
of such expenses as provided for by law.

(b)           Executive’s
right to indemnification under this Section 12 is subject to:

(i)            the
Company promptly receiving written notice that a claim or liability has been
asserted or threatened (“Notice of Claim”);

(ii)           the
Executive providing reasonable cooperation and assistance in the defense or
settlement of a claim; and

(iii)          the
Company being afforded the opportunity to have the sole control over the
defense or settlement of such claim or liability, subject to Executive consent
and approval of settlement if such settlement directly impacts Executive,
including requiring him to personally pay claims that cannot be reimbursed by
the Company, or negatively impacting Executive’s professional licenses or
certifications.

(c)           Unless
within ten days after receiving the Notice of Claim, the Company notifies in
writing the Executive of its intent to defend against such claim or liability,
the Executive may defend, settle and/or compromise any such claim or liability,
and be indemnified for all losses resulting from such defense, settlement
and/or compromise. Executive also may participate in such defense at his own
cost and expense.

(d)           Such
indemnification shall continue as to Executive during the Term and for ten
years from the Date of Termination with respect to acts or omissions which
occurred prior to Executive’s cessation of employment with the Company and
shall inure to the benefit of Executive’s heirs, executors and administrators.
The Company shall advance to Executive all costs and expenses incurred by
Executive in connection with any proceeding covered by this provision within 20
calendar days after receipt by the Company of a written request for such
advance. Such request shall include an undertaking by Executive to repay the
amount of such advance if it shall ultimately be determined that he is not
entitled to be indemnified against such costs and expenses.

(e)           The
Company agrees to continue and maintain directors’ and officers’ liability
insurance policies covering Executive to the extent that the Company provides
such coverage for the Peer Executives. Such insurance coverage shall continue
as to Executive even if he has ceased to be a director, member, employee or
agent of the Company with respect to acts or omissions which occurred prior to
Executive’s cessation of employment with the Company. Notwithstanding the
foregoing, however, if the Company shall cease to maintain directors’ and officers’
liability insurance policies covering Executive and the Peer Executives by
reason of: (i)

 17
 

a consolidation, merger, sale or other
reorganization of the Company; (ii) any person or entity or group of persons or
entities acting in concert acquiring management control of the Company; or
(iii) the insurers providing such insurance canceling or refusing to renew such
insurance, then Executive shall have coverage only to the extent provided in
any run-off policies extending the period during which the Company or Executive
may give the insurers notice of a claim under the terminated policies for
directors’ and officers’ liability insurance. The Company shall take all
reasonable actions to ensure that it obtains such run-off policies and that
such run-off policies extend the claims reporting period through any applicable
statutes of limitations, but nothing in this section shall obligate the Company
to obtain extraordinary insurance coverage for Executive. Insurance
contemplated under this Section 12(e) shall inure to the benefit of Executive’s
heirs, executors and administrators.

(f)            This
Section 12 shall be governed by and construed in accordance with the laws of
the State of Delaware without reference to principles of conflict of laws.

13.           Miscellaneous.

(a)           Except
as provided in Section 12(f) above, this Agreement shall be governed by and
construed in accordance with the laws of the State of Colorado without
reference to principles of conflict of laws. The captions of this Agreement are
not part of the provisions hereof and shall have no force or effect. This
Agreement may not be amended or modified otherwise than by a written agreement
executed by the parties hereto or their respective successors and legal
representatives.

(b)           All
notices and other communications hereunder shall be in writing and shall be
given by hand delivery to the other party or by registered or certified mail, return receipt requested,
postage prepaid, addressed as follows:

	
  If to Executive:

  	
  At the most recent address on file at the Company

  
	
   

  	
   

  
	
  With a copy to:

  	
  Brian Cousin, Esq.,

  
	
   

  	
  Greenberg Traurig, LLP

  
	
   

  	
  200 Park Avenue

  
	
   

  	
  New York, NY 10166

  
	
   

  	
  Or such other counsel of
  record as Executive may name in writing delivered to the Company

  
	
   

  	
   

  
	
  If to the Company:

  	
  Janus Capital Group Inc.

  
	
   

  	
  151 Detroit Street

  
	
   

  	
  Denver, Colorado 80206

  
	
   

  	
  Attn.: General Counsel

  

 

or to such other address as either party
shall have furnished to the other in writing in accordance herewith. Notice and
communications shall be effective when actually received by the addressee.

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

 18
 

(d)           The
Company may withhold from any amounts payable under this Agreement such
Federal, state, local or foreign taxes as shall be required to be withheld
pursuant to any applicable law or regulation.

(e)           The
Executive’s or the Company’s failure to insist upon strict compliance with any
provision of this Agreement or the failure to assert any right Executive or the
Company may have hereunder shall not be deemed to be a waiver of such provision
or right or any other provision or right of this Agreement.

(f)            From
and after the Effective Date, this Agreement shall supersede all other
agreements between the parties, including without limitation the Cover Letter, the
Severance Agreement and the PM Executive Change in Control Agreement (collectively,
the “Prior Agreements”). Accordingly, as of the Effective Date, the
Prior Agreements (excepting only agreements reflecting LTI awards made before
the Effective Date) shall be deemed terminated and of no further force or
effect, and Executive acknowledges and agrees that the Company has complied
with all terms and has paid or provided to Executive all benefits of any kind
payable or due under any of the Prior Agreements.

(g)           All
payments made by the Company under this Agreement will be subject to legally
required tax and other withholdings.

(h)           In
the event of any dispute relating to or arising from this Agreement, the party
substantially prevailing shall recover from the other party its costs,
including reasonable attorneys’ fees.

(i)            All
disputes relating to or arising from this Agreement shall be tried only in the
state or federal courts situated in the Denver, Colorado metropolitan area.

[SIGNATURE PAGE FOLLOWS]

 19
 

 

	
  

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ R. Gibson Smith

  
	
   

  	
   

  
	
   

  	
  Richard Gibson
  Smith

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  JANUS MANAGEMENT HOLDINGS

  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gary D. Black

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  Gary D. Black

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  President

  
				

 

 20

EXHIBIT A

CHANGE IN
CONTROL AGREEMENT

THIS AGREEMENT, dated as
of January 1, 2007, is made by and between Janus Management Holdings
Corporation (the “Company”) and Richard Gibson Smith (the “Executive”).

WHEREAS, the Company
considers it essential to the best interests of the Company to foster the
continued employment of key personnel; and

WHEREAS, the Company
recognizes that the possibility of a Change in Control always exists and that
such possibility, and the uncertainty and questions which it may raise among
employees, may result in the departure or distraction of key personnel to the
detriment of the Company; and

WHEREAS, the Company has
determined that appropriate steps should be taken to reinforce and encourage
the continued attention and dedication of key personnel, including the
Executive, to their assigned duties without distraction in the face of
potentially disturbing circumstances arising from the possibility of a Change
in Control;

NOW, THEREFORE, in
consideration of the premises and the mutual covenants herein contained, the
Company and the Executive hereby agree as follows:

1.             Defined
Terms.  The definitions of
capitalized terms used in this Agreement are provided in the last Section
hereof.

2.             Term
of Agreement.  The Term of this
Agreement shall commence on the date hereof and shall continue in effect
through December 31, 2008; provided, however, that commencing on
January 1, 2008 and each January 1 thereafter, the Term shall automatically be
extended for one additional year unless, not later than September 30 of the
preceding year, the Company or the Executive shall have given notice not to
extend the Term; and further  provided, however, that if a
Change in Control shall have occurred during the Term, the Term shall expire no
earlier than twenty-four (24) months beyond the month in which such Change in
Control occurred.  Notwithstanding
anything herein to the contrary, the Term of the Agreement shall immediately
terminate if, prior to the Change in Control, the Company (or such other
Affiliate of the Parent that then employs the Executive) ceases to be an
Affiliate of the Parent.

3.             Company’s
Covenants Summarized.  In order to
induce the Executive to remain in the employ of the Company and in
consideration of the Executive’s covenants set forth in Section 4 hereof, the
Company agrees, under the conditions described herein, to pay the Executive the
Severance Payments and the other payments and benefits described herein.  Except as provided in Section 9.1 hereof, no
Severance Payments shall be payable under this Agreement unless there shall
have been (or, under the terms of the second sentence of Section 6.1 hereof,
there shall be deemed to have been) a termination of the Executive’s employment
with the Company following a Change in Control and during the Term.  This Agreement shall not be construed as 

creating an
express or implied contract of employment and, except as otherwise agreed in
writing between the Executive and the Company, the Executive shall not have any
right to be retained in the employ of the Company.

4.             The Executive’s Covenants.  The Executive agrees that, subject to the
terms and conditions of this Agreement, in the event of a Potential Change in
Control during the Term, the Executive will remain in the employ of the Company
until the earliest of (i) a date which is six (6) months from the date of such
Potential Change in Control, (ii) the date of a Change in Control, (iii) the
date of termination by the Executive of the Executive’s employment for Good
Reason or by reason of death, Disability or Retirement, or (iv) the termination
by the Company of the Executive’s employment for any reason.

5.             Compensation Other Than
Severance Payments.

5.1           Following
a Change in Control and during the Term, during any period that the Executive
fails to perform the Executive’s full-time duties with the Company as a
result of incapacity due to physical or mental illness, the Company shall pay
the Executive’s base salary to the Executive at the rate in effect at the
commencement of any such period, together with all compensation and benefits
payable to the Executive under the terms of any compensation or benefit plan,
program or arrangement maintained by the Company during such period (other than
any disability plan), until the Executive’s employment is terminated by the
Company for Disability.

5.2           If
the Executive’s employment shall be terminated for any reason following a
Change in Control and during the Term, the Company shall pay the Executive’s
base salary and incentive compensation to the Executive through the Date of
Termination as in effect immediately prior to the Date of Termination or, if
higher, as in effect immediately prior to the Change in Control, together with
all compensation and benefits payable to the Executive through the Date of Termination
under the terms of the Company’s compensation and benefit plans, programs or
arrangements as in effect immediately prior to the Date of Termination or, if
more favorable to the Executive, as in effect immediately prior to the Change
in Control.

5.3           If
the Executive’s employment shall be terminated for any reason following a
Change in Control and during the Term, the Company shall pay to the Executive
the Executive’s normal post-termination compensation and benefits as such
payments become due.  Such post-termination
compensation and benefits shall be determined under, and paid in accordance
with, the Company’s retirement, insurance and other compensation or benefit
plans, programs and arrangements as in effect immediately prior to the Date of
Termination or, if more favorable to the Executive, as in effect immediately
prior to the Change in Control.

6.             Severance Payments.

6.1           If
the Executive’s employment is terminated following a Change in Control and
during the Term, other than (A) by the Company for Cause, (B) by reason of
death or Disability, or (C) by the Executive without Good Reason, then, the
Company 

 2
 

shall pay the Executive the amounts, and provide the
Executive the benefits, described in this Section 6.1 (“Severance Payments”)
and Section 6.2, in addition to any payments and benefits to which the
Executive is entitled under Section 5 hereof. 
For purposes of this Agreement, the Executive’s employment shall be
deemed to have been terminated following a Change in Control by the Company
without Cause or by the Executive with Good Reason, if (i) the Executive’s
employment is terminated by the Company without Cause prior to a Change in
Control (whether or not a Change in Control ever occurs) and such termination
was at the request or direction of a Person who has entered into an agreement
with the Parent the consummation of which would constitute a Change in Control,
(ii) the Executive terminates his employment for Good Reason prior to a Change
in Control (whether or not a Change in Control ever occurs) and the
circumstance or event which constitutes Good Reason occurs at the request or
direction of such Person, or (iii) the Executive’s employment is terminated by
the Company without Cause or by the Executive for Good Reason and such
termination or the circumstance or event which constitutes Good Reason is
otherwise in connection with or in anticipation of a Change in Control (whether
or not a Change in Control ever occurs).

(A)          In lieu of any further salary payments
to the Executive for periods subsequent to the Date of Termination and in lieu
of any severance benefit otherwise payable to the Executive, the Company shall
pay to the Executive a lump sum severance payment, in cash, equal to two times
the sum of (1) the Executive’s total average annual cash compensation earned in the two four-quarter
periods immediately prior to the Date of Termination or, if higher, earned in
the two four-quarter periods immediately prior to the Change in Control
and (2) the value of the Company’s contributions made pursuant to the Janus
Capital Group Inc. 401(k), Profit Sharing and Employee Stock Ownership Plan (or
any successor plan) on behalf of the Executive in the four quarters immediately
prior to the Date of Termination or, if higher, in the four quarters immediately
prior to the Change in Control.  For
purposes of calculating the cash compensation payment under Section 6.1(A)(1), the
mid-range of Executive’s target CIO Compensation (as defined in that certain
Employment Agreement, dated as of January 1, 2007) for the then-current
calendar year will be applied rather than the actual CIO Compensation paid to
the Executive.

(B)           For the twenty-four (24) month period
immediately following the Date of Termination, the Company shall arrange to
provide the Executive and his dependents medical, dental, and vision insurance
benefits substantially similar to those provided to the Executive and his
dependents immediately prior to the Date of Termination or, if more favorable
to the Executive, those provided to the Executive and his dependents
immediately prior to the Change in Control, at no greater after tax cost to the
Executive than the after tax cost to the Executive immediately prior to such
date.  Benefits otherwise receivable by
the Executive pursuant to this Section 6.1(B) shall be reduced to the extent
benefits of the same type are received by or made available to the Executive
during the twenty-four (24) month period following the Executive’s termination
of employment (and any such benefits received by or made available to the
Executive shall be reported to the Company by the Executive); provided, however,
that the Company shall reimburse the Executive for the excess, if any, 

 3
 

of the after tax cost
of such benefits to the Executive over such cost immediately prior to the Date
of Termination or, if more favorable to the Executive, the Change in
Control.  The
coverage provided pursuant to this Section 6.1(B) shall run concurrently with
and shall be offset against any continuation coverage under Part 6 of Title I
of Employee Retirement Income Security Act of 1974, as amended.

(C)           The Company will make available to
the Executive three months of outplacement service at no cost to the Executive
through a provider of such services selected by the Company.

6.2           (A)          Whether or not the Executive becomes
entitled to the Severance Payments, if any payment or benefit received or to be
received by the Executive (including any payment or benefit received in
connection with a Change in Control or the termination of the Executive’s
employment, whether pursuant to the terms of this Agreement or any other plan,
arrangement or agreement) (all such payments and benefits, excluding the Gross-Up
Payment, being hereinafter referred to as the “Total Payments”) will be subject
(in whole or part) to the Excise Tax, then, the Company shall pay to the
Executive an additional amount (the “Gross-Up Payment”) such that the net
amount retained by the Executive, after deduction of any Excise Tax on the
Total Payments and any federal, state and local income and employment taxes and
Excise Tax upon the Gross-Up Payment, and after taking into account the phase
out of itemized deductions and personal exemptions attributable to the Gross-Up
Payment, shall be equal to the Total Payments. 
For purposes of determining the amount of the Gross-Up Payment, the
Executive shall be deemed to pay federal income taxes at the highest marginal
rate of federal income taxation in the calendar year in which the Gross-Up
Payment is to be made and state and local income taxes at the highest marginal
rate of taxation in the state and locality of the Executive’s residence on the
Date of Termination (or if there is no Date of Termination, then the date on
which the Gross-Up Payment is calculated for purposes of this Section 6.2), net
of the maximum reduction in federal income tax which could be obtained from
deduction of such state and local taxes.

(B)           For
purposes of determining whether any of the Total Payments will be subject to
the Excise Tax and the amount of such Excise Tax, (i) all of the Total Payments
shall be treated as “parachute payments” within the meaning of section
280G(b)(2) of the Code, unless in the opinion of tax counsel (“Tax Counsel”)
reasonably acceptable to the Executive and selected by the accounting firm
which was, immediately prior to the Change in Control, the Company’s
independent auditor (the “Auditor”), such other payments or benefits (in whole
or in part) do not constitute parachute payments, including by reason of
section 280G(b)(4)(A) of the Code, (ii) all “excess parachute payments” within
the meaning of section 280G(b)(l) of the Code shall be treated as subject to
the Excise Tax unless, in the opinion of Tax Counsel, such excess parachute
payments (in whole or in part) represent reasonable compensation for services
actually rendered, within the meaning of section 280G(b)(4)(B) of the Code, in
excess of the Base Amount allocable to such reasonable compensation, or are
otherwise not subject to the Excise Tax, and (iii) the value of any noncash
benefits or any deferred payment or benefit shall be determined by the Auditor
in accordance with the principles of sections 280G(d)(3) and (4) of the
Code.  Prior to the payment date set
forth in 

 4
 

Section 6.3 hereof, the Company shall provide the Executive
with its calculation of the amounts referred to in this Section 6.2(B) and such
supporting materials as are reasonably necessary for the Executive to evaluate
the Company’s calculations.  If the
Executive disputes the Company’s calculations (in whole or in part), the reasonable
opinion of Tax Counsel with respect to the matter in dispute shall prevail.

6.3           The
payments provided in subsection (A) of Section 6.1 hereof and in Section 6.2
hereof shall be made not later than the fifth day following the Date of
Termination (or if there is no Date of Termination, then the date on which the
Gross-Up Payment is calculated for purposes of Section 6.2 hereof); provided,
however, that if the amounts of such payments cannot be finally
determined on or before such day, the Company shall pay to the Executive on
such day an estimate, as determined in good faith by the Executive or, in the
case of payments under Section 6.2 hereof, in accordance with Section 6.2
hereof, of the minimum amount of such payments to which the Executive is clearly
entitled and shall pay the remainder of such payments (together with interest
on the unpaid remainder (or on all such payments to the extent the Company
fails to make such payments when due) at 120% of the rate provided in section
1274(b)(2)(B) of the Code) as soon as the amount thereof can be determined but
in no event later than the thirtieth (30th) day after the Date of
Termination.  At the time that payments
are made under this Agreement, the Company shall provide the Executive with a
written statement setting forth the manner in which such payments were
calculated and the basis for such calculations including, without limitation,
any opinions or other advice the Company has received from Tax Counsel, the
Auditor or other advisors or consultants (and any such opinions or advice which
are in writing shall be attached to the statement).

6.4           In the
event the Executive incurs legal fees and expenses disputing in good faith any
issue hereunder relating to the termination of the Executive’s employment,
seeking in good faith to obtain or enforce any benefit or right provided by
this Agreement or in connection with any tax audit or proceeding to the extent
attributable to the application of section 4999 of the Code to any payment or
benefit provided hereunder, the Company shall reimburse the Executive for such
legal fees and expenses if the Executive prevails, in material part, in such
dispute.

7.             Termination
Procedures and Compensation During Dispute.

7.1           Notice
of Termination.  After a Change in
Control and during the Term, any purported termination of the Executive’s
employment (other than by reason of death) shall be communicated by written
Notice of Termination from one party hereto to the other party hereto in
accordance with Section 10 hereof.  For
purposes of this Agreement, a “Notice of Termination” shall mean a notice which
shall indicate the specific termination provision in this Agreement relied upon
and shall set forth in reasonable detail the facts and circumstances claimed to
provide a basis for termination of the Executive’s employment under the
provision so indicated.  Further, a
Notice of Termination for Cause is required to include a copy of a resolution
duly adopted by the affirmative vote of not less than three-quarters (3/4) of
the entire membership of the Board at a meeting of the Board which was called
and held for the purpose of considering such termination (after reasonable
notice to the Executive and an opportunity for the Executive, together with the
Executive’s counsel, to be heard before the Board) finding 

 5
 

that, in the good faith opinion of the Board, the Executive
was guilty of conduct set forth in clause (i) or (ii) of the definition of
Cause herein, and specifying the particulars thereof in detail.

7.2           Date of
Termination.  “Date of Termination,”
with respect to any purported termination of the Executive’s employment after a
Change in Control and during the Term, shall mean (i) if the Executive’s
employment is terminated for Disability, thirty (30) days after Notice of
Termination is given (provided that the Executive shall not have returned to
the full-time performance of the Executive’s duties during such thirty (30) day
period), and (ii) if the Executive’s employment is terminated for any other
reason, the date specified in the Notice of Termination (which, in the case of
a termination by the Company, shall not be less than thirty (30) days (except
in the case of a termination for Cause) and, in the case of a termination by
the Executive, shall not be less than fifteen (15) days nor more than sixty
(60) days, respectively, from the date such Notice of Termination is given).

7.3           Dispute
Concerning Termination.  If within
fifteen (15) days after any Notice of Termination is given, or, if later, prior
to the Date of Termination (as determined without regard to this Section 7.3),
the party receiving such Notice of Termination notifies the other party that a
dispute exists concerning the termination, the Date of Termination shall be
extended until the earlier of (i) the date on which the Term ends or (ii) the
date on which the dispute is finally resolved, either by mutual written
agreement of the parties or by a final judgment, order or decree of a court of
competent jurisdiction (which is not appealable or with respect to which the
time for appeal therefrom has expired and no appeal has been perfected); provided,
however, that the Date of Termination shall be extended by a notice of
dispute given by the Executive only if such notice is given in good faith and
the Executive pursues the resolution of such dispute with reasonable diligence.

7.4           Compensation
During Dispute.  If a purported
termination occurs following a Change in Control and during the Term and the
Date of Termination is extended in accordance with Section 7.3 hereof, the
Company shall continue to pay the Executive the full compensation in effect
when the notice giving rise to the dispute was given (including, but not
limited to, salary) and continue the Executive as a participant in all
compensation, benefit and insurance plans in which the Executive was
participating when the notice giving rise to the dispute was given, until the
Date of Termination, as determined in accordance with Section 7.3 hereof.  Amounts paid under this Section 7.4 are in
addition to all other amounts due under this Agreement (other than those due
under Section 5.2 hereof) and shall not be offset against or reduce any other
amounts due under this Agreement.

8.             No
Mitigation.  The Company agrees that,
if the Executive’s employment with the Company terminates during the Term, the
Executive is not required to seek other employment or to attempt in any way to
reduce any amounts payable to the Executive by the Company pursuant to Section
6 hereof or Section 7.4 hereof.  Further,
except as specifically provided in Section 6.1(B) hereof, no payment or benefit
provided for in this Agreement shall be reduced by any compensation earned by
the Executive as 

 6
 

the result of
employment by another employer, by retirement benefits, by offset against any
amount claimed to be owed by the Executive to the Company, or otherwise.

9.             Successors; Binding Agreement.

9.1           In
addition to any obligations imposed by law upon any successor to the Company,
and subject to the last sentence of Section 2, the Company will require any
successor (whether direct or indirect, by purchase, merger, consolidation or
otherwise) to all or substantially all of the business and/or assets of the
Company to expressly assume and agree to perform this Agreement in the same
manner and to the same extent that the Company would be required to perform it
if no such succession had taken place. 
Failure of the Company to obtain such assumption and agreement prior to
the effectiveness of any such succession shall be a breach of this Agreement
and shall entitle the Executive to compensation from the Company in the same
amount and on the same terms as the Executive would be entitled to hereunder if
the Executive were to terminate the Executive’s employment for Good Reason
after a Change in Control, except that, for purposes of implementing the
foregoing, the date on which any such succession becomes effective shall be
deemed the Date of Termination.

9.2           This
Agreement shall inure to the benefit of and be enforceable by the Executive’s
personal or legal representatives, executors, administrators, successors,
heirs, distributees, devisees and legatees. 
If the Executive shall die while any amount would still be payable to
the Executive hereunder (other than amounts which, by their terms, terminate
upon the death of the Executive) if the Executive had continued to live, all
such amounts, unless otherwise provided herein, shall be paid in accordance
with the terms of this Agreement to the executors, personal representatives or
administrators of the Executive’s estate.

10.           Notices.  For the purpose of this Agreement, notices
and all other communications provided for in the Agreement shall be in writing
and shall be deemed to have been duly given when delivered or mailed by United
States regis­tered mail, return receipt requested, postage prepaid, addressed,
if to the Executive, to the address on record at the Company and, if to the
Company, to the address set forth below, or to such other address as either
party may have furnished to the other in writing in accordance herewith, except
that notice of change of address shall be effective only upon actual receipt:

To the Company:

Janus Capital Group Inc.

151 Detroit Street

Denver, Colorado 80206

Attn.:  General Counsel

11.           Miscellaneous.  No provision of this Agreement may be modified,
waived or discharged unless such waiver, modification or discharge is agreed to
in writing and signed by the Executive and the Company, provided, however, that
the Company may amend the Agreement in a manner reasonably intended to avoid
the 

 7
 

acceleration of
tax and the possible imposition of penalties under Section 409A of the
Code.  No waiver by either party hereto
at any time of any breach by the other party hereto of, or of any lack of
compliance with, any condition or provision of this Agreement to be performed
by such other party shall be deemed a waiver of similar or dissimilar
provisions or conditions at the same or at any prior or subsequent time.  This Agreement supersedes any other
agreements or representations, oral or otherwise, express or implied, with
respect to the subject matter hereof which have been made by either party; provided,
however, that this Agreement shall supersede any agreement setting forth
the terms and conditions of the Executive’s employment with the Company only in
the event that the Executive’s employment with the Company is terminated on or
following a Change in Control, by the Company other than for Cause or by the
Executive for Good Reason or prior to a Change in Control pursuant to the
second sentence of Section 6.1 of this Agreement.   The validity, interpretation, construction
and performance of this Agreement shall be governed by the laws of the State of
Delaware.  All references to sections of
the Exchange Act or the Code shall be deemed also to refer to any successor
provisions to such sections.  Any
payments provided for hereunder shall be paid net of any applicable withholding
required under federal, state or local law and any additional withholding to
which the Executive has agreed.  The
obligations of the Company and the Executive under this Agreement which by
their nature may require either partial or total performance after the
expiration of the Term (including, without limitation, those under Sections 6
and 7 hereof) shall survive such expiration.

12.           Validity.  The invalidity or unenforceability of any
provision of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement, which shall remain in full force and
effect.

13.           Counterparts.  This Agreement may be executed in several
counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument.

14.           Settlement of Disputes.  All claims by the Executive for benefits
under this Agreement shall be directed to and determined by the Board and shall
be in writing.  Any denial by the Board
of a claim for benefits under this Agreement shall be delivered to the
Executive in writing and shall set forth the specific reasons for the denial
and the specific provisions of this Agreement relied upon.  The Board shall afford a reasonable
opportunity to the Executive for a review of the decision denying a claim and
shall further allow the Executive to appeal to the Board a decision of the
Board within sixty (60) days after notification by the Board that the Executive’s
claim has been denied.  Notwithstanding
the above, in the event of any dispute, any decision by the Board hereunder
shall be subject to a de novo review by the court.

15.           Definitions.  For purposes of this Agreement, the following
terms shall have the meanings indicated below:

(A)          “Affiliate”
shall have the meaning set forth in Rule 12b-2 promulgated under Section 12 of
the Exchange Act.

(B)           “Auditor”
shall have the meaning set forth in Section 6.2 hereof.

 8
 

(C)           “Base
Amount” shall have the meaning set forth in section 280G(b)(3) of the Code.

(D)          “Board”
shall mean the Board of Directors of the Parent.

(E)           “Cause”
for termination by the Company of the Executive’s employment shall mean (i) the
willful and continued failure by the Executive to substantially perform the
Executive’s duties with the Company (other than any such failure resulting from
the Executive’s incapacity due to physical or mental illness or any such actual
or anticipated failure after the issuance of a Notice of Termination for Good
Reason by the Executive pursuant to Section 7.1 hereof) that has not been cured
within 30 days after a written demand for substantial performance is delivered
to the Executive by the Board, which demand specifically identifies the manner
in which the Board believes that the Executive has not substantially performed
the Executive’s duties;  (ii) the willful
engaging by the Executive in conduct which is demonstrably and materially
injurious to the Company, monetarily or otherwise; or (iii) a willful
or reckless violation by the Executive of a material legal or regulatory
requirement that is materially and demonstrably injurious to the Company.  For purposes of this definition, no act, or
failure to act, on the Executive’s part shall be deemed “willful” unless done,
or omitted to be done, by the Executive not in good faith and without
reasonable belief that the Executive’s act, or failure to act, was in the best
interest of the Company.  Any act, or
failure to act, based upon express written authority by the Board, Chief
Executive Officer and/or Chief Investment Officer with respect to such act or
omission or based upon the advice of counsel for the Company 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.

(F)           A
“Change in Control” shall be deemed to have occurred if the event set forth in
any one of the following paragraphs shall have occurred:

(1)           An acquisition by any Person of
beneficial ownership (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) of 20% or more of either (A) the then outstanding shares of
common stock of the Parent (the “Outstanding Parent Common Stock”) or (B) the
combined voting power of the then outstanding voting securities of the Parent
entitled to vote generally in the election of directors (the “Outstanding
Parent Voting Securities”); excluding, however, the following:  (i) any acquisition directly from the Parent,
other than an acquisition by virtue of the exercise of a conversion privilege
unless the security being so converted was itself acquired directly from the
Parent, (ii) any acquisition by the Parent, (iii) any acquisition by any
employee benefit plan (or related trust) sponsored or maintained by the Parent
or any entity controlled by the Parent, or (iv) 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
Board such that the individuals who, as of the effective date of the this
Agreement, constitute 

 9
 

the Board (such Board
shall be hereinafter referred to as the “Incumbent Board”) cease for any reason
to constitute at least a majority of the Board; provided, however,
for purposes of this definition, that any individual who becomes a member of
the Board subsequent to the effective date hereof, whose election, or
nomination for election by the Parent’s shareholders, was approved by a vote of
at least a majority of those individuals who are members of the Board and who
were also members of the Incumbent Board (or deemed to be such pursuant to this
proviso) shall be considered as though such individual were a member of the
Incumbent Board; but, provided  further, that any such individual
whose initial assumption of office occurs as a result of either an actual or
threatened election contest (as such terms are used in Rule 14a-11 of
Regulation 14A promulgated under the Exchange Act) or other actual 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 Parent 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
Parent Common Stock and Outstanding Parent Voting Securities immediately prior
to such Business Combination will beneficially own, directly or indirectly,
more than 50% of, respectively, the outstanding shares of common stock, and the
combined voting power of the then outstanding voting securities entitled to
vote generally in the election of directors, as the case may be, of the
corporation resulting from such Business Combination (including, without
limitation, a corporation which as a result of such transaction owns the Parent
or all or substantially all the Parent’s assets either directly or through one
or more subsidiaries) in substantially the same proportions as their ownership,
immediately prior to such Business Combination, of the Outstanding Parent
Common Stock and Outstanding Parent Voting Securities, as the case may be, (B)
no Person (other than the Parent or any employee benefit plan (or related
trust) of the Parent or the corporation resulting from such Business
Combination) will beneficially own, directly or indirectly, 20% or more of,
respectively, the outstanding shares of common stock of the corporation
resulting from such Business Combination or the combined voting power of the
outstanding voting securities of such corporation entitled to vote generally in
the election of directors except to the extent that such ownership existed
prior to the Business Combination; and (C) individuals who were members of the
Incumbent Board will constitute at least a majority of the members of the board
of directors of the corporation resulting form such Business Combination; or

(4)           The approval by the stockholders of
the Parent of a complete liquidation or dissolution of the Parent.

 10
 

(G)           “Code”
shall mean the Internal Revenue Code of 1986, as amended from time to time.

(H)          “Company”
shall mean Janus Management Holdings Corporation, collectively with its
Affiliates, and any successor to its business and/or assets which assumes and
agrees to perform this Agreement by operation of law, or otherwise.

(I)            “Date of
Termination” shall have the meaning set forth in Section 7.2 hereof.

(J)            “Disability”
shall be deemed the reason for the termination by the Company of the Executive’s
employment, if, as a result of the Executive’s incapacity due to physical or
mental illness, the Executive shall have been absent from the full-time
performance of the Executive’s duties with the Company for a period of six (6)
consecutive months, the Company shall have given the Executive a Notice of Termination
for Disability, and, within thirty (30) days after such Notice of Termination
is given, the Executive shall not have returned to the full-time performance of
the Executive’s duties.  For purposes of
this Agreement, “Disability” shall be as defined under, and the Executive must
comply with, the then-current long-term disability policy of the Company.

(K)          “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended from time to
time.

(L)           “Excise
Tax” shall mean any excise tax imposed under section 4999 of the Code.

(M)         “Executive” shall mean the individual
named in the first paragraph of this Agreement.

(N)          “Good
Reason” for termination by the Executive of the Executive’s employment shall
mean the occurrence (without the Executive’s express written consent which
specifically references this Agreement) after any Change in Control, or prior
to a Change in Control under the circumstances described in clauses (ii) and
(iii) of the second sentence of Section 6.1 hereof (treating all references in
paragraphs (1) through (4) below to a “Change in Control” as references to a “Potential
Change in Control”), of any one of the following acts by the Company, or
failures by the Company to act, unless, in the case of any act or failure to
act described in paragraph (1), or (4) below, such act or failure to act is
corrected prior to the Date of Termination specified in the Notice of
Termination given in respect thereof:

(1)           a substantial adverse alteration in
the nature or status of the Executive’s responsibilities from those in effect
immediately prior to the Change in Control other than any such alteration
primarily attributable to the fact that the Parent may no longer be a public
company or to other changes in the identity, nature or structure of the Parent;
and provided, that a change in the Executive’s title or reporting
relationships shall not of 

 11
 

itself constitute Good
Reason (unless such change results in a substantial adverse alteration as
described above);

(2)           a material reduction in the Executive’s
aggregate target compensation as in effect immediately prior to the Change in
Control or a material adverse change in the methodology used to determine
incentive compensation; provided, however, that changes to
individual components of Executive’s compensation comprising aggregate target
compensation shall not constitute Good Reason;

(3)           the relocation of the Executive’s
principal place of employment to a location more than 40 miles from the
Executive’s principal place of employment immediately prior to the Change in
Control or the Company’s requiring the Executive to be based anywhere other
than such principal place of employment (or permitted relocation thereof)
except for required travel on the Company’s business to an extent substantially
consistent with the Executive’s present business travel obligations;

(4)           any purported termination of the
Executive’s employment which is not effected pursuant to a Notice of
Termination satisfying the requirements of Section 7.1 hereof; for purposes of
this Agreement, no such purported termination shall be effective.  The Executive’s right to terminate the
Executive’s employment for Good Reason shall not be affected by the Executive’s
incapacity due to physical or mental illness.

The Executive’s
continued employment shall not constitute consent to, or a waiver of rights
with respect to, any act or failure to act constituting Good Reason hereunder.

(O)          “Gross Up
Payment” shall have the meaning set forth in Section 6.2 hereof.

(P)           “Notice of
Termination” shall have the meaning set forth in Section 7.1 hereof.

(Q)          “Parent”
shall mean Janus Capital Group Inc.

(R)           “Person”
shall have the meaning given in Section 3(a)(9) of the Exchange Act, as
modified and used in Sections 13(d) and 14(d) thereof, except that such term shall
not include (i) the Company (ii) a trustee or other fiduciary holding
securities under an employee benefit plan of the Company (iii) an underwriter
temporarily holding securities pursuant to an offering of such securities, or
(iv) a corporation owned, directly or indirectly, by the shareholders of the
Company in substantially the same proportions as their ownership of stock of
the Company.

(S)           “Potential
Change in Control” shall be deemed to have occurred if the event set forth in
any one of the following paragraphs shall have occurred:

 12
 

(1)           the Parent enters into an agreement,
the consummation of which would result in the occurrence of a Change in
Control;

(2)           the Parent or any Person publicly
announces an intention to take or to consider taking actions which, if
consummated, would constitute a Change in Control;

(3)           any Person becomes the beneficial
owner, directly or indirectly, of securities of the Parent representing 15% or
more of either the then outstanding shares of common stock of the Parent or the
combined voting power of the Parent’s then outstanding securities (not
including in the securities beneficially owned by such Person any securities
acquired directly from the Parent or its Affiliates); or

(4)           the Board adopts a resolution to the
effect that, for purposes of this Agreement, a Potential Change in Control has
occurred.

(T)           “Retirement”
shall be deemed the reason for the termination by the Executive of the
Executive’s employment if such employment is terminated in accordance with the
Company’s retirement policy, including early retirement, generally applicable
to its salaried employees.

(U)          “Severance
Payments” shall have the meaning set forth in Section 6.1 hereof.

(V)           “Tax
Counsel” shall have the meaning set forth in Section 6.2 hereof.

(W)         “Term” shall
mean the period of time described in Section 2 hereof (including any extension,
continuation or termination described therein).

(X)          “Total Payments” shall mean those
payments so described in Section 6.2 hereof.

[SIGNATURE PAGE FOLLOWS]

 13
 

IN WITNESS
WHEREOF, the parties have executed this Agreement as of the date first above
written.

	
  

  	
  JANUS MANAGEMENT HOLDINGS CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   Gary D. Black

  
	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   Richard Gibson Smith

  
					

 

 14

EXHIBIT
B

NON-SOLICITATION
LEGAL RELEASE

This  Non-Solicitation
Legal Release (“Release”)
is between Janus Management Holdings Corporation (the “Company”) and Richard Gibson Smith
(“Executive”) (each a “Party,” and together, the “Parties”).

Recitals

A.            Executive and the
Company are parties to an Employment Agreement to which this Release is appended as Exhibit
B (the “Employment Agreement”).

B.            Executive wishes to
receive the payments and/or benefits defined Section 7(c), 7(d) or 7(e) of the
Employment Agreement, which payments and/or benefits are conditioned upon
Executive’s execution (and non-revocation) of a “Non-Solicitation Legal
Release” in the form specified in Section 7(c) of the Employment Agreement.

C.            Executive and the
Company wish to resolve, except as specifically set forth herein, all claims
between them arising from or relating to any act or omission predating the
Release Effective Date defined in Section 2(c) of this Release.

Agreement

The Parties agree as follows:

1.             Confirmation of
Severance Benefit Obligation.  The
Company shall pay or provide to the Executive the entire severance benefit to
which Executive is entitled pursuant to Section 7(c), 7(d) or 7(e) of the
Employment Agreement (the “Severance Benefit”), as, when and on the terms and conditions
specified in the Employment Agreement.

2.             Legal Release

(a)           Executive, on Executive’s own behalf and on behalf of
Executive’s heirs, personal representatives, executors, administrators and
assigns, knowingly and voluntarily releases and forever discharges the Company
and its affiliates and any of their respective parents, subsidiaries and
affiliates, together with all of their respective past and present directors,
members, managers, officers, shareholders, trustees, partners, employees,
agents, attorneys and servants, and each of their affiliates, predecessors,
successors and assigns (collectively, the “Company Releasees”) from any
and all claims, charges, complaints, promises, agreements, controversies,
liens, demands, causes of action, obligations, damages and liabilities of any
nature whatsoever, known or unknown, suspected or unsuspected, that Executive
or Executive’s heirs, executors, administrators, or assigns ever had, now have,
or may hereafter claim to have against any of the Company Releasees by reason
of any matter, cause or thing whatsoever from the beginning of time through the
Release Effective Date defined in Section 2(c), below, whether or not
previously asserted before any state or federal court, agency or governmental
entity or any arbitral body.  This legal
release includes, without limitation, any rights or claims relating in any way
to Executive’s employment relationship with the Company or any of the Company
Releasees, or Executive’s resignation therefrom, and all rights and claims
arising under any 

statute or regulation, including Title VII of the Civil
Rights Act of 1964, the Civil Rights Act of 1991, Age Discrimination in
Employment Act of 1967 (“ADEA”), the Americans with Disabilities Act of 1990,
the Employee Retirement Income Security Act of 1974, and the Family Medical
Leave Act of 1993, each as amended, or any other federal, state or local law,
regulation, ordinance, or common law, or under any policy, agreement,
understanding or promise, written or oral, formal or informal, between
Executive and the Company or any of the Company Releasees, as well as any
rights relating to any long-term incentive award granted to Executive by
the Company or any affiliate thereof (“LTI Award”) that had not vested
by its own terms as of the Date of Termination; provided, however, that notwithstanding the foregoing or
anything else contained in this Release, the legal release set forth in this
Section 2(a) shall not extend to (i) any rights arising under or
recognized by this Release; (ii) any rights under Section 12 of the Employment
Agreement; or (iii) any rights related to any LTI Award to the extent that such
LTI Award had vested as of the Date of Termination (collectively “Vested LTI
Awards”).  Executive further agrees
that Executive will not seek or be entitled to any personal recovery in any
claim, charge, action or proceeding whatsoever against the Company or any of
the Company Releasees for any of the matters released in this Section 2(a).

(b)           In order to provide a full and complete release,
Executive understands and agrees that this Release is intended to include all
claims, if any, covered under this Section 2 that Executive may have and not
now know or suspect to exist in Executive’s favor against the Company Releasees
and that this Release extinguishes such claims. 
Thus, Executive expressly waives all rights under any statute or common
law principle in any jurisdiction that provides, in effect, that a general
release does not extend to claims which Executive does not know or suspect to
exist in Executive’s favor at the time of executing the release, which if known
by Executive may have materially affected Executive’s settlement with the
Company Releasees.

(c)           Executive acknowledges that Executive consulted with
an attorney of Executive’s choosing before signing the Employment Agreement and
this Release, and that the Company provided Executive with no fewer than
twenty-one (21) days following the Date of Termination during which to consider
whether to sign this Release and, specifically, the release set forth in
Section 2(a), above, although Executive may sign and return the Release sooner
if Executive so chooses.  Executive
further acknowledges that Executive has the right to revoke this Release for a
period of seven (7) days after signing it and that this Release shall not
become effective until such seven (7)-day period has expired (the “Release Effective Date”).  Executive acknowledges and agrees that if
Executive wishes to revoke this Release, Executive must give notice of such revocation
in conformity with Section 4(c), below, no later than 5 p.m. (Mountain Time) on
the seventh (7th) day after Executive has signed this Release.  Executive acknowledges and agrees that, if
Executive revokes this Release, Executive shall have no right to receive the
Severance Benefit.  Executive represents
that Executive has read this Release, including the legal release set forth in
Section 2(a), above, affirms that this Release provides Executive with benefits
to which Executive would not otherwise be entitled, and understands its terms
and that Executive enters into this Release freely, voluntarily, and without
coercion.

3.             Restrictive
Covenants.

(a)           Executive acknowledges
that Executive’s employment as a senior officer of the Company creates a relationship
of confidence and trust between Executive and the Company and its Affiliates
(as defined below) (collectively “Janus Entities”, individually, a “Janus
Entity”) with respect to confidential and proprietary information
applicable to the 

 2
 

business of the
Janus Entities and their clients. 
Executive further acknowledges the highly competitive nature of the
business of the Janus Entities. 
Accordingly, Executive acknowledges and agrees that the restrictions
contained in this Agreement are reasonable and necessary for the protection of
the interests of the Janus Entities, that any violation of these restrictions
would cause substantial and irreparable injury to the Janus Entities, and that
a substantial portion of the Severance Benefit is being provided to Executive
specifically in order to mitigate any economic hardship imposed upon Executive
by reason of these restrictions.

(b)           Protection of
Confidential Information.

i.              Definition of Confidential Information.  “Confidential
Information” means all nonpublic information (whether in paper or
electronic form, or contained in Executive’s memory, or otherwise stored or
recorded) relating to or arising from a Janus Entity’s business, including,
without limitation, trade secrets used, developed or acquired by a Janus Entity
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 any
Janus Entity’s operation, organization, investment strategy, modeling and
management; financial information and/or documents and nonpublic policies,
procedures and other printed, written or electronic material generated or used
in connection with a Janus Entity’s business or investments; a Janus Entity’s
business plans and strategies; the identities of a Janus Entity’s customers and
the specific individual customer representatives with whom a Janus Entity
works; the details of a Janus Entity’s relationship with such customers and
customer representatives; the identities of distributors, contractors and
vendors utilized in a Janus Entity’s business; the details of a Janus Entity’s
relationships with such distributors, contractors and vendors; the nature of
fees and charges made to a Janus Entity’s customers; nonpublic forms, contracts
and other documents used in a Janus Entity’s business; all information
concerning a Janus Entity’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 a Janus Entity’s business, whether proprietary to a
Janus Entity or used by a Janus Entity under license from a third party; and
all other information concerning a Janus Entity’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 Executive, nor does it include information,
knowledge and know-how already within Executive’s possession or memory before
his employment with a Janus Entity or one of its predecessors.

(ii)           Executive’s Use of
Confidential Information.  Except in
connection with and in furtherance of Executive’s work on a Janus Entity’s
behalf, Executive shall not, without the 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.

(iii)          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 Executive are and shall remain the Janus Entities’
property.  Except in connection with and
in furtherance of the Executive’s work on a Janus Entity’s behalf or with a
Janus Entity’s prior written consent, Executive shall not, at any time,
directly or indirectly: (i) copy or 

 3
 

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 Executive’s employment with the Company, or upon
a Janus Entity’s request, Executive shall immediately deliver to the Company or
its designee (and shall not keep in Executive’s possession or deliver to any
other person or entity) all Confidential Records and all other Janus Entity
property in the Executive’s possession or control.

(c)           Definitions

(i)            “Competitive Business”
means any business that provides investment advisory or investment management
services.

(ii)           “Affiliate”
means any corporation, partnership, limited liability company, trust, or other
entity which controls, is controlled by or is under common control with the
Company.

(d)           Noninterference
Covenants.              During
the period of eighteen months following the Release Effective Date, Executive
shall not (nor shall Executive cause, encourage or provide assistance to,
anyone else to):

(i)            interfere with any
relationship which may exist from time to time between a Janus Entity and any
of its employees, consultants, agents or representatives; or

(ii)           employ or otherwise
engage, or attempt to employ or otherwise engage, in or on behalf of any
Competitive Business, any person who is employed or engaged as an employee,
consultant, agent or representative of a Janus Entity, or any person who was
employed or engaged as an employee, consultant, agent or representative of a
Janus Entity within the six month period immediately preceding the Date of
Termination; or

(iii)          solicit directly or
indirectly on behalf of the Executive or a Competitive Business, the customer
business or account of any investment advisory or investment management client
to which a Janus Entity shall have rendered service during the six month period
immediately preceding Executive’s termination; or

(iv)          directly or indirectly
divert or attempt to divert from a Janus Entity any business in which a Janus
Entity has been actively engaged during the term hereof or interfere with any
relationship between a Janus Entity and any of its clients.

(e)           If any court shall
determine that the duration, geographic limitations, subject or scope of any
restriction contained in this Agreement is unenforceable, it is the intention
of the parties that this Agreement shall not thereby be terminated but shall be
deemed amended to the extent required to make it valid and enforceable, such
amendment to apply only with respect to the operation of this Agreement in the
jurisdiction of the court that has made the adjudication.

(f)            Executive acknowledges
that these restrictive covenants are reasonable and that irreparable injury
will result to the Company and to its business and properties in the event of
any breach by Executive of any of those covenants.  In the event any of the covenants are
breached, the Company shall be entitled, in addition to any other remedies and
damages 

 4
 

available, to injunctive
relief to restrain the violation of such covenants by Executive or by any
person or persons acting for or with Executive in any capacity whatsoever.

4.             Miscellaneous.

(a)           Unless otherwise
specified herein, all defined terms shall have the meaning ascribed to them in
the Employment Agreement.

(b)           This Release shall be
governed by and construed in accordance with the laws of the State of Colorado
without reference to principles of conflict of laws.  The captions of this Release are not part of
the provisions hereof and shall have no force or effect.  This Release may not be amended or modified
otherwise than by a written agreement executed by the Parties hereto or their
respective successors and legal representatives.

(c)           All notices and other
communications hereunder shall be in writing and shall be given by hand
delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid,
addressed as follows:

	
  If to the Executive:

  	
  At the most
  recent address on file at the Company

  
	
   

  	
   

  
	
  If to the Company:

  	
  Janus Capital
  Group Inc.

  
	
   

  	
  151 Detroit Street

  
	
   

  	
  Denver, Colorado 80206

  
	
   

  	
  Attn.: General Counsel

  

 

or to such other
address as either party shall have furnished to the other in writing in
accordance herewith, Notice and communications shall be effective when actually
received by the addressee.

(d)           The invalidity or
unenforceability of any provision of this Release shall not affect the validity
or enforceability of any other provision of this Release.

(e)           The Company may
withhold from any amounts payable under this Release such Federal, state, local
or foreign taxes as shall be required to be withheld pursuant to any applicable
law or regulation.

(f)            The Executive’s or the
Company’s failure to insist upon strict compliance with any provision of this
Release or the failure to assert any right the Executive or the Company may
have hereunder shall not be deemed to be a waiver of such provision or right or
any other provision or right of this Release.

(g)           From and after the
Release Effective Date, this Release shall supersede all other agreements
between the parties, including without limitation the Employment Agreement
(collectively, the “Prior Agreements”), excepting only agreements
reflecting Vested LTI Awards (“Prior LTI Agreements”).  Accordingly, although the Prior LTI
Agreements and Section 12 of the Employment Agreement shall remain in full
force and effect according to their terms, all Prior Agreements other than the
Prior LTI Agreements shall be deemed terminated and of no further force or
effect, and Executive acknowledges and agrees that the Company has 

 5
 

complied with all
terms and has paid or provided to Executive all benefits of any kind payable or
due under any of the Prior Agreements.

(h)           Executive also
acknowledges that Executive has received all compensation to which Executive is
entitled for Executive’s work up to the Date of Termination, and that Executive
is not entitled to any further pay or benefit of any kind, for services
rendered or any other reason, other than the Severance Benefit.

(i)            In the event of any
dispute relating to or arising from this Release, the Party substantially
prevailing shall recover from the other Party its costs, including reasonable
attorneys’ fees.

(j)            All disputes relating
to or arising from this Release shall be tried only in the state or federal courts
situated in the Denver, Colorado metropolitan area.

(k)           Executive agrees that
the only thing of value that Executive will receive by signing this Release is
the Severance Benefit.

[SIGNATURE PAGE FOLLOWS]

 6
 

NOTE:  DO NOT SIGN THIS NON-SOLICITATION LEGAL
RELEASE UNTIL AFTER EXECUTIVE’S DATE OF TERMINATION.

	
   

  	
  JANUS MANAGEMENT HOLDINGS

  
	
   

  	
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Richard Gibson Smith

  
	
   

  	
  Date:

  	
   

  	
   

  
						

 

 7

EXHIBIT C

LEGAL RELEASE AND RESTRICTIVE COVENANT AGREEMENT

This
agreement is between Janus Management Holdings Corporation (“Janus”) and Richard
Gibson Smith (“Employee”).  For purposes
of this agreement, “Janus Entity” shall mean Janus and all of its subsidiaries
and Affiliates, and their respective successors, and “Affiliate” means all
corporations, partnerships, limited liability companies, trusts, and other
entities that controls, is controlled by or is under common control with Janus.  This agreement shall become effective as of               ,
200    (the “Effective Date”).

WHEREAS
Janus and Employee entered into an Employment Agreement, dated as of January 1,
2007 (the “Employment Agreement”); and

WHEREAS
the Employment Agreement conditionally entitles Employee to, among other
things, continued vesting of certain specified equity incentives following the voluntary
termination of Employee’s employment with Janus; and

WHEREAS
the conditions upon Employee’s entitlement to such continued vesting included Employee’s
execution of an agreement containing a legal release and certain restrictive
covenants specified in the Employment Agreement; and

WHEREAS
Employee desires to receive the benefits conditionally guaranteed by the Employment
Agreement, including in particular the continued vesting described therein.

In
consideration of the covenants set forth herein, the parties agree as follows:

1.             Vesting.  As of the Effective Date and subject to the terms of this agreement, the
Chief Executive Officer and/or the Chief Investment Officer has determined that
Employee is in good standing and has approved the continuation of vesting in
accordance with the original vesting schedule provided for in the applicable
award agreement of the following long-term incentive awards in accordance with
the Employment Agreement under “Voluntary Termination with Non-Compete
Obligation”:  all unvested equity
long-term incentive awards granted to Employee on or after December 30, 2004 (“equity
long-term incentive awards”) shall include without limitation unvested shares
of Janus restricted stock, unvested options to purchase Janus stock, and awards
consisting of unvested mutual fund share investments); provided however, any
vesting events scheduled to occur for the applicable long-term incentive awards
during the two-year, non-compete period under Section 4(a) will not be
delivered/transferred to Employee until the expiration of such two year period
and Employee’s satisfactory compliance with this agreement, subject to
applicable tax withholding obligations of the Janus Entities.  Accordingly, Janus hereby acknowledges its
obligation to provide Employee with the vesting benefit specified above, and
that, by executing and complying with the terms of this agreement, Employee will
have satisfied all conditions.

2.             Legal Release.  Employee, for himself, his heirs, personal representatives and assigns,
and any other person or entity that could or might act on behalf of him,
(collectively, “Releasers”), hereby fully and forever release and discharge
Janus, its present and future 

  
  
 

Affiliates,
parent companies and subsidiaries, and each of their past and present officers,
directors, employees, shareholders, independent contractors, attorneys,
insurers and any and all other persons or entities that are now or may become
liable to any Releaser due to any Releasee’s act or omission, including without
limitation all Janus Entities (collectively, “Releasees”), of and from any and
all actions, causes of action, claims, demands, costs and expenses, including
attorneys’ fees, of every kind and nature whatsoever, in law or in equity,
whether now known or unknown, that Releasers, or any person acting under any of
them, may now have, or claim at any future time to have, based in whole or in
part upon any act or omission occurring on or before the Effective Date,
without regard to present actual knowledge of such acts or omissions, including
specifically, but not by way of limitation, matters which may arise at common
law, such as breach of contract, express or implied, promissory estoppel,
wrongful discharge, tortious interference with contractual rights, infliction
of emotional distress, defamation, or under federal, state or local laws, such
as the Fair Labor Standards Act, the Employee Retirement Income Security Act,
the National Labor Relations Act, Title VII of the Civil Rights Act of 1964,
the Age Discrimination in Employment Act, the Rehabilitation Act of 1973, the
Equal Pay Act, the Americans with Disabilities Act, and the Colorado Civil
Rights Act; EXCEPT for the rights and obligations created by this agreement;
AND EXCEPT for any vested rights under any pension, retirement, profit sharing
or similar plan; AND EXCEPT for Employee’s rights to indemnification under Section
12 of the Employment Agreement.  Employee
hereby warrants that he has not assigned or transferred to any person any
portion of any claim which is released, waived and discharged above.  Employee further states and agrees that he
has not experienced any illness, injury, or disability compensable or
recoverable under the worker’s compensation laws of any state, and Employee
agrees that he will not file a worker’s compensation claim asserting the
existence of any such illness, injury, or disability.  Employee has specifically consulted with his attorneys
with respect to the agreements, representations, and declarations set forth in
the previous sentence.  Employee
understands and agrees that by signing this agreement he is giving up his right
to bring any legal claim against Janus concerning, directly or indirectly,
Employee’s employment relationship with Janus and its Affiliates, including his
separation from employment.  Employee
agrees that this legal release is intended to be interpreted in the broadest
possible manner in favor of Janus and its Affiliates, to include all actual or
potential legal claims that Employee may have against the Janus Entity, except
as specifically provided otherwise in this agreement.

3.             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 the Employee’s memory, or otherwise stored or recorded)
relating to or arising from a Janus Entity’s business, including, without
limitation, trade secrets used, developed or acquired by a Janus Entity 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 any
Janus Entity’s operation, organization, investment strategy, modeling and
management; financial information and/or documents and nonpublic policies,
procedures and other printed, written or electronic material generated or used
in connection with a Janus Entity’s business or investments; a Janus Entity’s
business plans and strategies; the identities of a Janus Entity’s customers and
the specific individual customer representatives with whom a Janus Entity
works; the details of a Janus Entity’s relationship with such customers and
customer 

 2
 

representatives; the identities of distributors, contractors and
vendors utilized in a Janus Entity’s business; the details of a Janus Entity’s
relationships with such distributors, contractors and vendors; the nature of
fees and charges made to a Janus Entity’s customers; nonpublic forms, contracts
and other documents used in a Janus Entity’s business; all information
concerning a Janus Entity’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 a Janus Entity’s business, whether proprietary to a
Janus Entity or used by a Janus Entity under license from a third party; and
all other information concerning a Janus Entity’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 the Employee, nor does it include information, knowledge and
know-how already within the Employee’s possession or memory before his
employment with a Janus Entity or one of its predecessors.

(b)           Employee’s Use of
Confidential Information.  Except in connection with and
in furtherance of the Employee’s work on a Janus Entity’s behalf, the Employee
shall not, without the Janus’ 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.

(c)           Acknowledgments.  
Employee acknowledges that during Employee’s employment with Janus,
Employee had access to Confidential Information, all of which was made
accessible to Employee only in strict confidence; that unauthorized disclosure
of Confidential Information will damage the Janus Entity’s businesses; that
Confidential Information would be susceptible to immediate competitive
application by a competitor of a Janus Entity; that the Janus Entity’s businesses
are substantially dependent on access to and the continuing secrecy of Confidential
Information; that Confidential Information is novel, unique to the Janus Entity
and known only to Employee, the Janus Entity and certain key employees and
contractors; that the Janus Entity 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 the Janus
Entity’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 the Employee are and shall remain the Janus Entity’s property.  Except in connection with and in furtherance
of the Employee’s work on a Janus Entity’s behalf or with a Janus Entity’s
prior written consent, the 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 the Employee’s
employment with Janus, or upon a Janus Entity’s request, the Employee shall
immediately deliver to Janus or its designee (and shall not keep in the Employee’s
possession or deliver to any other person or entity) all Confidential Records
and all other Janus Entity property in the Employee’s possession or control.

 3
 

(e)           Third-Parties’ Confidential
Information.  Employee acknowledges that the Janus Entity
has received from third parties confidential or proprietary information, and
that the Janus Entity must maintain the confidentiality of such information and
use it only for authorized purposes. 
Employee shall not knowingly use or disclose any such information except
as authorized by the Janus Entity or the third party to whom the information
belongs.

4.             Unfair Competition.

(a)           Covenants.  For a
period of twenty four (24) months following the Effective Date (the “Noncompetition
Period”), Employee shall not, directly or indirectly, as an officer, director,
employee, consultant, owner, shareholder, adviser, joint venturer, or
otherwise, compete with the Janus Entity within the United States of America
and England (the “Protected Region”) in any “Competitive Business,” which, for
purposes of this agreement, means any business that provides investment
advisory or investment management services to any person or entity that is not Employee
or an immediate family member.  This
covenant shall not prohibit Employee from owning less than two percent of the
securities of any competitor of the Janus Entity, if such securities are
publicly traded on a nationally recognized stock exchange or over-the-counter
market.

(b)           Acknowledgments. 
Employee acknowledges that the foregoing geographic restriction on
competition is fair and reasonable, given the nature and geographic scope of the
Janus Entity’s business operations and the nature of Employee’s position with Janus.  Employee also acknowledges that while
employed by Janus, Employee had access to information that would be valuable or
useful to the Janus Entity’s competitors, and therefore acknowledges that the
foregoing restrictions on Employee’s future employment and business activities
are fair and reasonable.  Employee
acknowledges and is prepared for the possibility that Employee’s standard of
living may be reduced during the Noncompetition Period, and assumes and accepts
any risk associated with that possibility.

(c)           Acknowledgments of Law. 
Employee acknowledges the following provisions of Colorado law, set
forth in Colorado Revised Statutes § 8-2-113(2):

Any
covenant not to compete which restricts the right of any person to receive
compensation for performance of skilled or unskilled labor for any employer
shall be void, but this subsection (2) shall not apply to:

...

(b)           Any contract for the protection of
trade secrets;

...

(d)           Executive and management personnel
and officers and employees who constitute professional staff to executive and
management personnel.

Employee
acknowledges that this agreement is a contract for the protection of trade
secrets within the meaning of § 8-2-113(2)(b) and is intended to protect the
Confidential Information 

 4
 

and
Confidential Records identified above and that Employee is an executive or
manager, or professional staff to an executive or manager, within the meaning
of §8-2-113(2)(d).

5.             Non-Solicitation.  For a period of twelve (12) months following the Effective Date, the Employee
shall not (nor shall the Employee cause, encourage or provide assistance to,
anyone else to): (i) interfere with any relationship which may exist from time
to time between a Janus Entity and any of its employees, consultants, agents or
representatives; or (ii) employ or otherwise engage, or attempt to employ or
otherwise engage, in or on behalf of any Competitive Business, any person who
is employed or engaged as an employee, consultant, agent or representative of a
Janus Entity, or any person who was employed or engaged as an employee,
consultant, agent or representative of a Janus Entity within the six month
period immediately preceding the Employee’s termination; or (iii) solicit
directly or indirectly on behalf of the Employee or a Competitive Business, the
customer business or account of any investment advisory or investment
management client to which a Janus Entity shall have rendered service during
the six month period immediately preceding the Employee’s termination; or (iv)
directly or indirectly divert or attempt to divert from a Janus Entity any
business in which a Janus Entity has been actively engaged during the term
hereof or interfere with any relationship between a Janus Entity and any of its
clients.

6.             Survival.  Employee’s obligations under this agreement shall survive the
termination of Employee’s employment with Janus 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 Janus or any Janus employee, agent or
contractor.

7.             Remedies.  Employee acknowledges that if Employee breaches any obligation under
this agreement, the Janus Entity will suffer immediate and irreparable harm and
damage for which money alone cannot fully compensate the Janus Entity.  Employee therefore agrees that upon such
breach or threatened breach of any obligation under this agreement, Janus shall
be entitled to a temporary restraining order, preliminary injunction, permanent
injunction or other injunctive relief, without posting any bond or other
security, compelling Employee to comply will any or all such provisions, and
there shall be an immediate termination of any vesting rights provided for in
this agreement.  This paragraph shall not
be construed as an election of any remedy, or as a waiver of any right
available to Janus 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.

8.             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 Janus, 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.

 5
 

9.             Non-Assistance. 
Employee agrees not to assist any third person or company in contesting
or attacking the Janus Entity’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.          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 Janus, its successors or assigns, and shall be freely assignable by Janus
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 a Janus Entity’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 Janus be protected to the greatest
extent allowed by law from unfair competition and/or the misuse or disclosure
of Confidential Records, Confidential Information and/or Janus 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 Janus, 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.

[SIGNATURE
PAGE FOLLOWS]

 6
 

 

	
   

  	
  JANUS MANAGEMENT HOLDINGS

  
	
   

  	
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Gary D. Black, President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Richard Gibson Smith

  

 

 7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}]]