Summary of Compensation Arrangement for Timothy K. Armour as Interim CEO of Janus Capital Group Inc.
This agreement outlines the compensation for Timothy K. Armour while serving as Interim Chief Executive Officer of Janus Capital Group Inc. He will receive a prorated annual base salary of $500,000 and a target cash bonus of $2,500,000, subject to performance criteria and approval by the Compensation Committee. Mr. Armour is also entitled to standard executive benefits, temporary housing, and continued medical, dental, and vision benefits for five years after his interim service. Additionally, he received a $500,000 restricted stock unit award upon appointment.
Exhibit 10.1
SUMMARY OF THE COMPENSATION ARRANGEMENT FOR
TIMOTHY K. ARMOUR
THE COMPANY’S INTERIM CHIEF EXECUTIVE OFFICER
| Annual Base Salary Rate: |
| $500,000, payable semi-monthly |
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| Cash Bonus Incentive Target: |
| $2,500,000* # |
Each of the above amounts will be prorated based on the time Mr. Timothy K. Armour serves as Interim Chief Executive Officer (“CEO”) for Janus Capital Group Inc. (the “Company”). While he serves as Interim CEO, Mr. Armour is also entitled to all welfare and retirement benefits offered to other senior executives of the Company, and the Company is providing temporary housing. The Company will also continue Mr. Armour’s medical, dental and vision benefits for a period of five years following his service as Interim CEO.
* The actual cash bonus payment may be less than or greater than the target amount and will be prorated based on the time Mr. Armour serves as Interim CEO. The cash bonus payment is subject to approval by the Compensation Committee and is subject to achievement of performance criteria established by the Compensation Committee in compliance with Section 162(m) of the Internal Revenue Code.
# On July 24, 2009, Mr. Armour was also granted an immediately vested restricted stock unit award in the amount of $500,000 (39,155 shares) under the Company’s Amended and Restated 2004 Employment Inducement Award Plan. This award was previously announced with a press release on August 6, 2009, in accordance with the New York Stock Exchange rules.
