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Exhibit 10.28    
    

As
of September 3, 2003 

Gene
Musselman

Groot Haesebroekseweg 37

Wassenaar, The Netherlands 2243 ED 

	Re:	 	Addendum to employment letter agreement among UnitedGlobalCom, Inc., United Pan-Europe Communications N.V. and yourself dated December 4, 2002 ("Employment Agreement")

Dear
Gene: 

        This
letter agreement constitutes an addendum to the Employment Agreement. Subject to the terms and conditions set forth below and your acceptance of such terms and conditions, the
Employment Agreement is modified as follows: 

        1.     Title: Your title will be changed from the current title to "President and Chief Operating Officer of UPC Broadband
Division" of UGC Europe, Inc. ("UGCE"). 

        2.     Term: The term of the Employment Agreement is extended to December 31, 2007. 

        3.     Bonus: The Company has paid you a bonus in the amount of $500,000 (the "Bonus"). The Bonus will not be tax equalized under
the Company's tax equalization policy. 

        4.     SARs Grant: On October 7, 2003, the Compensation Committee of UGCE approved a grant of stock appreciation rights
("SARs") to you based on the following criteria: 

	a.
	SARs
shall vest monthly over a period of five (5) years, and will be subject to all the terms and conditions of the UGCE equity incentive plan pursuant to which the SARs were
granted. 

        5.     Minimum Gain: UnitedGlobalCom, Inc. ("United") agrees to ensure that during the term of your employment and upon
full vesting and exercise of the SARs, you will realize a pre-tax Gain of at least one million dollars ($1,000,000) (the "Guarantee"), subject to the following: 

	a.
	"Gain"
shall mean either (i) the actual pre-tax gain realized upon exercise of the SARs equal to the value of the payment received, or (ii) a calculated gain
at any time equal to the last reported per share sales price on the NASDAQ National Market System or other public exchange on which the Shares are traded for any given day less the base price times
the number of vested SARs at that time.

	b.
	If
at any time prior to or after full vesting of the SARs, the Gain calculated for the number of vested SARs at that time is equal to or greater than the Guarantee for sixty
(60) consecutive days ("Gain Period"), then the Guarantee no longer applies and is null and void. The Guarantee will be partially extinguished in the following situations:

	(i)
	if
during the time period 20% of the SARs are vested, and the Gain is equal to at least 20% of the Guarantee for the Gain Period, 20% of the Guarantee no longer applies
and is null and void;

	(ii)
	if
during the time period 40% of the SARs are vested, and the Gain is equal to at least 40% of the Guarantee for the Gain Period, 40% of the Guarantee no longer applies
and is null and void; and

	(iii)
	if
during the period 60% of the SARs are vested, and the Gain is equal to at least 60% of the Guarantee for the Gain Period, 60% of the Guarantee no longer applies and
is null and void. 

 

	(iv)
	if
during the period 80% of the SARs are vested, and the Gain is equal to at least 80% of the Guarantee for the Gain Period, 80% of the Guarantee no longer applies and
is null and void.

	c.
	In
the event prior to full vesting of the SARs, you elect to exercise SARs, the following applies:

	(i)
	First
calculate the percentage of SARs received to total number of Shares for which SARs are held ("Percentage Exercised").

	(ii)
	Calculate
the Gain on the Shares sold.

	(iii)
	If
the Gain on the SARs exceeds the Percentage Exercised times the Guarantee, that amount is deducted from the Guarantee.

	(iv)
	If
the Gain on the SARs is less than the Percentage Exercised times the Guarantee, then a Percentage of the Guarantee equal to the Percentage Exercised is extinguished
and null and void. 

        6.     Termination of Employment: If your employment with United is terminated, either voluntarily by you or by United for cause,
all vesting of the SARs stops as of the date of termination of employment. 

	a.
	If
your employment with United is terminated by you voluntarily prior to the date one year after you have received the Bonus, you will pay the Bonus back to the Company.

	b.
	If
your employment with United is terminated by you voluntarily prior to December 31, 2007, the Guarantee is null and void.

	c.
	If
you are terminated without cause prior to December 31, 2007, the Gain will be calculated on all vested Options, and United will pay the difference between the Gain and the
Guarantee to you.

	c.
	If
you are terminated for Cause as defined in the Employment Agreement, the Guarantee is null and void. 

        Except
as modified by this addendum, all other terms and conditions of your Employment Agreement remain in full force and effect, and the Employment Agreement and this addendum contains
the parties entire agreement with respect to your employment. 

2

 

        Please
indicate your acceptance to the above terms and conditions by signing below and returning one executed original to me, along with the attached notices. 

	

UNITEDGLOBALCOM, INC.

[Employer]	
 	

AGREED AND ACCEPTED:
	

By:	
 	

/s/  MICHAEL T. FRIES      
 Michael T. Fries

President & Chief Executive Officer	
 	

By:	
 	

/s/  GENE MUSSELMAN      
 Gene Musselman, Employee
	

Date:	
 	

March 11, 2004
	
 	

Date:	
 	

March 11, 2004

	

UNITED PAN-EUROPE COMMUNICATIONS N.V.

[Host Company]
	

By:	
 	

/s/  ANTON TUIJTEN      
 Attorney-In-Fact	
 	

 	
 	

 
	

Date:	
 	

March 11, 2004
	
 	

 	
 	

 
	

By:	
 	

/s/  CHARLES H.R. BRACKEN      
 Attorney-In-Fact	
 	

 	
 	

 
	

Date:	
 	

March 11, 2004
	
 	

 	
 	

 

3

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Exhibit 10.32    
    

MODIFICATION TO EXISTING SEVERANCE POLICY  

In
Connection with the Founders Transaction, The Board approved the following: 

        The
Company's existing Severance Policy would be revised to, among other things, incorporate the definitions set forth below and will continue to apply, except as follows with respect to
certain Executives: 

        If
a Change in Control or Standstill Termination Date occurs and, prior to the one year anniversary of such Change in Control or Standstill Termination Date, the Company terminates
Executive's employment with the Company other than for Cause, Executive terminates his or her employment with the Company for Good Reason, or Executive dies then: 

        1.     Severance Payment: The Company shall pay to Executive or Executive's legal representatives as
appropriate in a lump sum in cash within 30 days after the effective date of termination of Executive's employment (the "Effective Date"), an
amount equal to the product of (a) Executive's then monthly Base Salary and (b) 36 minus the number of full months from the date the Change in Control occurred or the Standstill
Termination Date, as applicable, to the Effective Date. By way of example, if the Effective Date occurs prior to the end of the first full calendar month following the Standstill Termination Date, the
Severance Payment will equal three times the Executive's annual Base Salary. If the Effective Date occurs on or after the first anniversary of the Standstill Termination Date, the Severance Payment
will equal two times the Executive's annual Base Salary. Together with this Severance Payment, the Company shall pay in cash the sum of (i) Executive's Base Salary through the Effective Date to
the extent not theretofore paid, (ii) any bonus payable (including any bonus or portion thereof that has been earned but deferred), prorated through the Effective Date to the extent not
theretofore paid, and (iii) any accrued vacation pay and other compensation and benefits (including expatriate benefits, housing allowances, expense reimbursements etc.) payable to the
Executive to the extent theretofore earned but not paid. 

        2.     Equity-Based Awards: Any Pre-Existing Awards held by Executive on the date of the
Change in Control or Standstill Termination Date will vest in full, and any restrictions on restricted stock awards then held that are Pre-Existing Awards will terminate, on the Effective
Date. Any such Pre-Existing Awards as to which Executive may exercise rights will remain fully exercisable until the third anniversary of the Effective Date, but not beyond the term of
such award specified at the time of grant or in the applicable award agreement. 

        Any
Subsequent Awards held by Executive on the Standstill Termination Date will, if granted more than 12 months prior to the Effective Date, vest (or, in the case of restricted
stock, the restrictions will terminate) on the Effective Date with respect to that portion of the award that would have vested (or with respect to which the restrictions would have terminated) prior
to the second anniversary of the Effective Date and any rights to exercise such vested portion of the award will continue until the first anniversary of the Effective Date (but not beyond the term of
such award). The vesting, termination of restrictions and exercisability of any Subsequent Award held by Executive on the Standstill Termination Date that is not covered by the foregoing will be
governed by the applicable stock option or stock incentive plan pursuant to which the award was granted. 

        Any
Subsequent Award held by Executive on the date of the Change in Control will vest in full, and any restrictions on restricted stock awards then held that are Subsequent Awards will
terminate, on the Effective Date. Any such Subsequent Awards as to which Executive may exercise rights will remain fully exercisable until the third anniversary of the Effective Date, but not beyond
the term of such award. 

 

        3.     Conditions: The availability of the Severance Payment and other benefits described above shall be subject to: 

        (a)   the
execution by Executive or Executive's legal representatives, as appropriate, of the Company's standard form of release in the form attached as  Annex 2 or Annex 3, as applicable (the "Release")
providing for the release of any and all claims, known or unknown, that Executive may have against the Company or any of its subsidiaries, other than indemnification rights, and 

        (b)   the
execution by Executive (in the event of termination other than by reason of death) of the Company's standard form of
non-competition/non-solicitation agreement
(the "Non-competition Agreement"), the term of which will be for 24 months following the Effective Date. See  Annex 4. 

The
foregoing benefits will be in lieu of any severance or other benefits contemplated by the Company's existing policies, including the 2003 Incentive Plan and any other applicable stock option or
incentive plan, to be made available to any Executive following the occurrence of a Change in Control or Standstill Termination Date, except that (i) in the event of a Change in Control not
approved by the Board of Directors, the applicable terms of the stock option or incentive plan pursuant to which the applicable award was granted will govern the vesting, termination of restrictions
and exercisability of such equity-based award if such terms are more favorable to Executive and (ii) the vesting of and termination of restrictions with respect to Pre-Existing
Awards following the occurrence of a Standstill Termination Date will be governed by the applicable terms of the stock option or stock incentive plan pursuant to which the award was granted. 

Certain Definitions:  

        Base Salary:    As of any date, the base salary then payable to an employee for the relevant period
(i.e., per week, per month or per annum). Base Salary shall be exclusive of any elements of compensation not customarily considered a part of base
salary, including without limitation, housing allowances, tax adjustments, expatriate benefits, etc. 

        Benefits.    An amount attributable to welfare benefits determined to be 15% of an employee's Base
Salary for the relevant period. 

        Cause:    The termination by the Company of an Executive's employment for any of the following reasons
will constitute termination for Cause: (a) Executive has committed an act of gross misconduct in connection with the performance of his or her duties, as determined by the Board of Directors;
(b) Executive demonstrates habitual negligence in the performance of his or her duties, as determined by the Board of Directors; (c) Executive is convicted of or pleads guilty or nolo
contendere to any felony; (d) Executive is convicted of or pleads guilty or nolo contendere to a misdemeanor involving moral turpitude and the conduct underlying such misdemeanor has an adverse
or detrimental effect on the Company or a Company subsidiary, its reputation or its business, as determined by the Board of Directors; or (e) Executive has committed any act of fraud,
misappropriation of funds, embezzlement or other illegal conduct in connection with his or her employment. Any determination required to be made by the Board of Directors shall require the affirmative
vote of a majority of the members of the Board present and voting at a meeting duly called and held for such purpose. The Executive will be given reasonable notice of the time, place and purpose of
the meeting and the opportunity, together with counsel, to be heard. 

        In
the case of an employee, other than an Executive, Cause will also include any of the reasons included within the definition of "cause" in Section 7.2(d)(i) of the 2003
Incentive Plan and any determination required by clauses (a), (b) and (d) above or otherwise may be made by either the Board of Directors or the Chief Executive Officer. 

        Change in Control:    As defined in the 2003 Incentive Plan. 

2

 

        Executive:    Mark Schneider, Michael Fries, Tina Wildes and Ellen Spangler. 

        Good Reason:    The termination by an Executive of his or her employment with the Company pursuant to
the following clauses (a), (b) or (c) will constitute termination for "Good Reason": (a) because of a reduction in Executive's then current Base Salary or (b) because of
the assignment to Executive of duties inconsistent in any material respect with Executive's official position with the Company or the material diminution of Executive's position, authority, duties or
responsibilities, excluding for this purpose any isolated, insubstantial or inadvertent action not taken in bad faith that is remedied by the Company promptly after receipt of notice thereof given by
Executive or (c) the Company's requiring that Executive relocate Executive's principal business office from the metropolitan area of its location as of this date* or (d) for any reason
whatsoever, provided that notice of termination pursuant to this clause (d) is given prior to the 30th day preceding the first anniversary of the occurrence of a Change in
Control or the Standstill Termination Date. 

	*
	Mark
Schneider's principal business office shall be deemed to be located in both the Denver, Colorado and London, England metropolitan areas and any relocation from one such
metropolitan area to the other shall not constitute Good Reason. 

        Termination
for Good Reason will not be effective until the 30th day after notice from Executive to the Company of intention to terminate for Good Reason, setting forth the facts and
circumstances claimed to provide the basis for such termination. Such notice, in the case of clause (a) or (b) above, shall be given within 30 days of the occurrence of the
applicable event and, in the case of clause (b), shall be subject to the Company's cure right. Termination for Good Reason will not be available for employees other than Executives. 

        Pre-Existing Awards:    Stock options, stock appreciation rights and other equity-based
awards granted by the Company on or prior to June 30, 2003. 

        Standstill Termination Date:    The date that the transactions contemplated by the Share Exchange
Agreement, dated as of August 18, 2003, by and among Liberty Media Corporation and the persons and entities identified as Stockholders therein, are consummated and the Standstill Agreement,
dated as of January 30, 2002, among UGC, Liberty and the Founders terminates. 

        Subsequent Awards:    Stock options, stock appreciation rights and other equity-based awards granted by
the Company after June 30, 2003. 

        2003 Incentive Plan:    The Company's 2003 Equity Incentive Plan, [draft last reviewed by
Liberty prior to August 18, 2003.] 

3

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Exhibit 10.32

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