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 Exhibit 10.24  

 
 

TERMINATION AGREEMENT    
    

        This Termination Agreement ("Agreement") is made as of March 27, 2009 (the "Effective Date") by and between Liberty Media
Corporation, a Delaware corporation ("LMC"), Liberty Media LLC, a Delaware limited liability company (the "Company"), and Robert R. Bennett (the "Executive"). 

Recitals  

        The Executive currently is employed with the Company pursuant to an employment agreement dated as of December 28, 2005 (the
"Employment Agreement") and is a director of LMC. The Executive and the Company desire to terminate the Employment Agreement and to provide for certain matters relating thereto. 

Agreement  

        In consideration of the mutual covenants set forth in this Agreement and other good and valuable consideration, the receipt and
sufficiency of which are acknowledged, the parties, intending to be legally bound, agree as follows: 

        1.    Termination of the Employment Agreement; Payment for Services.    The Employment Agreement is hereby terminated
as of the Effective Date. The Executive and the Company agree that, for purposes of the Employment Agreement, the Executive shall be considered to have voluntarily terminated his employment with the
Company. In connection with such termination, the Company agrees to pay $38,513 to the Executive for services rendered at the request of the Company. 

        2.    Stock Options and Stock Appreciation Rights.    The parties acknowledge that, as of the Effective Date, the
Executive holds the options and stock appreciation rights described in Exhibit A (the "Existing Awards") pursuant to the agreements identified in Exhibit A (collectively, the "Existing
Award Agreements"). Notwithstanding any provision to the contrary in any Existing Award Agreement, all of the Existing Awards shall be fully exercisable as of the Effective Date. In addition, the
Existing Award Agreements are hereby amended as follows: 

        (a)   Section 7(a)
of each of the 2001 Agreement, the 2003 Agreement and the 2004 Agreement is hereby amended by deleting from the first sentence thereof the phrase
"the first Business Day following the expiration of the 90-day period which began on the date of termination of the Grantee's employment" and substituting therefor "the date specified in
Section 2 hereof as the last day of the Term." 

        (b)   Section 7(a)
of each of the 2007 Agreements and the 2008 Agreement is hereby amended by deleting therefrom the phrase "the first Business Day following the
expiration of the 90-day period that began on the date of termination of the Grantee's provision of services to the Company and its Subsidiaries" and substituting therefor "the date
specified in Section 2 hereof as the last day of the Term." 

Except
as provided in the preceding provisions of this Section 2, each Existing Award shall remain subject to the terms and conditions of the applicable Existing Award Agreement. 

        3.    Benefits.    From the Effective Date through the earlier of August 31, 2014 or the date of the
Executive's death (the "Participation Period"), the provisions of this Section 3 shall apply. The Executive shall be eligible to participate in any health plan that the Company may make
available generally to employees of the Company to the extent such participation is permitted under the terms of such plan and by applicable law (including tax law), subject to the terms and
conditions of such plan and subject to the continued maintenance of such plan by the Company. To the extent any such health plan is made available and the Executive elects to participate therein, the
Company will contribute to such health plan on behalf of the Executive the same proportionate part of the monthly premium for coverage of Executive and his spouse under such health plan as the Company
contributes on behalf of 

an
employee with spousal coverage under such plan (the "Company Contribution"). The Company Contribution will be made monthly during the Participation Period in accordance with the Company's normal
procedures for the payment of health plan premiums. The aggregate amount of the Company Contribution in any taxable year of the Executive shall not affect the amount eligible to be made as the Company
Contribution for any other taxable year of the Executive, and the Company Contribution will not be subject to liquidation or exchange for any other benefit. The Executive shall be responsible for
payment of that portion of the monthly premium in excess of the Company Contribution. To the extent any such health plan is made available generally to employees of the Company, except to the extent
the Company reasonably determines to be necessary or advisable to comply with applicable law (including tax law), the Company will refrain from taking any action that would limit or eliminate the
Executive's eligibility to participate in such health plan. LMC and the Company will use their reasonable best efforts to cause any successor employer of all or substantially all of the employees of
the Company to assume the obligations of the Company pursuant to this Section 3. 

        4.    Indemnification.    LMC and the Executive acknowledge and agree that they are parties to an Indemnification
Agreement dated May 9, 2006 (the "Indemnification Agreement") pursuant to which the Company has agreed to indemnify the Executive with respect to Claims relating to Indemnifiable Events (as
such terms are defined in the Indemnification Agreement). LMC and the Executive further acknowledge and agree that the Indemnification Agreement shall remain in full force and effect according to its
terms, notwithstanding termination of the Executive's employment pursuant to the terms of this Agreement. 

        5.    Dispute Resolution.    At the option of any party hereto, any dispute, controversy, or question arising under,
out of or relating to this Agreement or the breach thereof, other than that for injunctive relief to this Agreement or the breach thereof, will be referred for decision by arbitration in the Denver
metropolitan area of the State of Colorado by a neutral arbitrator selected by the parties hereto. The proceeding will be governed by the Rules of the American Arbitration Association then in effect
or such rules last in effect (in the event such Association is no longer in existence). If the parties are unable to agree upon such a neutral arbitrator within 30 days after any party has
given the other written notice of the desire to submit the dispute, controversy or question for decision as aforesaid, then any party may apply to the American Arbitration Association for an
appointment of a neutral arbitrator, or if such Association is not then in existence or does not act in the matter within 30 days of application, either party may apply to the Presiding Judge
of the District Court of any county in Colorado for an appointment of a neutral arbitrator to hear the parties and settle the dispute, controversy or question, and such Judge is hereby authorized to
make such appointment. In the event that any party exercises the right to submit a dispute arising hereunder to arbitration, the decision of the neutral arbitrator will
be final, conclusive and binding on all interested persons and no action at law or equity will be instituted or, if instituted, further prosecuted by either party other than to enforce the award of
the neutral arbitrator. The award of the neutral arbitrator may be entered in any court that has jurisdiction. In the event that the Executive is successful in pursuing any claim(s) or dispute(s)
arising out of this Agreement, the Company will pay the Executive's attorneys' fees and costs and expenses of any Arbitrator in connection with such claims or disputes. In any other case, the parties
will each bear all their own costs and attorneys' fees, except the Company will in all events pay the costs of any arbitrator appointed hereunder. 

        6.    Assignment; Enforceability.    

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

        (b)   This
Agreement will inure to the benefit of and be enforeceable by LMC, the Company and their respective successors and assigns. 

        7.    Miscellaneous.    

        (a)   This
Agreement will 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 will have no force or effect. This Agreement may not be amended or modified except by a written agreement executed by the parties
hereto or their respective successors and legal representatives. 

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

 

 

			
	If to the Executive:	 	Mr. Robert R. Bennett
	 	 	                                        
        
	 	 	                                        
        
	 	 	Facsimile:                         
	
 If to LMC or	
 	

 
	the Company:	 	Liberty Media Corporation
	 	 	12300 Liberty Boulevard
	 	 	Englewood, CO 80112
	 	 	Attn: General Counsel
	 	 	Telecopy: 720-875-5382

 

 or
to such other address or telecopy as either party furnishes to the other in writing in accordance with this Section 7(b). Notices and communications will be effective when actually received
by the addressee. 

        (c)   The
invalidity or unenforceability of any provision of this Agreement will not affect the validity or enforceability of any other provision of this Agreement. If any
provision of this Agreement will be held invalid or unenforceable in part, the remaining portion of such provision, together with all other provisions of this Agreement, will remain valid and
enforceable and continue in full force and effect to the fullest extent consistent with law. 

        (d)   Any
party's failure to insist upon strict compliance with any provision of, or to assert any right under, this Agreement will not be deemed to be a waiver of such
provision or right or of any other provision of or right under this Agreement. 

        (e)   Except
as to the Existing Award Agreements referenced in Section 2 above and the Indemnification Agreement referenced in Section 4 above, the parties
acknowledge that this Agreement supersedes any other agreement between them or between the Executive and any predecessor or affiliate of LMC or the Company (collectively with LMC and the Company, the
"Employing Entities"), or any plan or practice of any of the Employing Entities concerning the subject matter hereof, including the Company's Severance Pay Plan or any other severance plan or policy
of any of the Employing Entities or any of their respective affiliates (collectively, the "Severance Plans"). The Executive hereby irrevocably waives any rights to severance benefits under the
Severance Plans or to acceleration of equity awards under the Severance Plans or any equity award plan of any of the Employing Entities except as may be provided in this Agreement. For the avoidance
of doubt, the Company and the Executive acknowledge and agree that none of Liberty Global, Inc., Discovery Communications, Inc., Discovery Holding Company or Ascent Media Corporation
shall be considered an Employing Entity. 

        (f)    This
Agreement may be executed in several counterparts, each of which will be deemed an original, and said counterparts will constitute but one and the same instrument. 

        (g)   Each
party will bear any costs, including attorneys' fees, incurred by such party in connection with negotiating and entering into this Agreement. 

[Signature
page follows.] 

        IN
WITNESS WHEREOF, the Executive has hereunto set the Executive's hand and the Company and LMC have caused this Agreement to be executed in their name on their behalf, all as of the day
and year first above written. 

 

 

					
	

 	
 	
  

  Robert R. Bennett
	

 	
 	
Date:	
 	

 
	 	 	 	 	

  
	

 	
 	
LIBERTY MEDIA CORPORATION
	

 	
 	
By:	
 	
  

  Charles Y. Tanabe
 Executive Vice President
	

 	
 	
Date:	
 	

 
	 	 	 	 	

  
	

 	
 	
LIBERTY MEDIA LLC
	

 	
 	
By:	
 	
  

  Charles Y. Tanabe
 Executive Vice President
	

 	
 	
Date:	
 	

 
	 	 	 	 	

  

 

 

 EXHIBIT A  

 to  

 Termination Agreement Dated as of March 27, 2009 between

Liberty Media Corporation, Liberty Media LLC and Robert R. Bennett  

 EXISTING AWARD AGREEMENTS  

 

 

							
	Agreement

 
	 	Options/SARs Outstanding and Exercisable as of Effective Date 	 	Base Price as of Effective Date 	 	Expiration Date 
	Non-Qualified Stock Option Agreement dated as of August 10, 2001 between Liberty Media Corporation and Robert R. Bennett (issued pursuant to the Liberty Media Corporation 2000 Incentive Plan (As Amended and Restated
Effective August 10, 2001)) (the "2001 Agreement")	 	4,169,963 Series B Liberty Interactive Common Stock Options (or, at the Executive's election, Series A Liberty Interactive Common Stock Options)	 	$23.64 (Series B)

$22.90 (Series A)	 	February 28, 2011
	

 	
 	
833,993 Series B Liberty Capital Common Stock Options (or, at the Executive's election, Series A Liberty Capital Common Stock Options)	
 	
$15.20 (Series B)

$14.74 (Series A)	
 	
February 28, 2011
	

 	
 	
3,335,972 Series B Liberty Entertainment Common Stock Options (or, at the Executive's election, Series A Liberty Entertainment Common Stock Options)	
 	
$21.79 (Series B)

$21.53 (Series A)	
 	
February 28, 2011
	
Stock Appreciation Rights Agreement dated as of July 31, 2003 between Liberty Media Corporation and Robert R. Bennett (issued pursuant to the Liberty Media Corporation 2000 Incentive Plan (As Amended and Restated
Effective September 11, 2002)) (the "2003 Agreement")	
 	
250,000 Series A Liberty Interactive Common Stock Free-Standing Stock Appreciation Rights	
 	
$16.97	
 	
July 31, 2013
	

 	
 	
50,000 Series A Liberty Capital Common Stock Free-Standing Stock Appreciation Rights	
 	
$10.92	
 	
July 31, 2013
	

 	
 	
200,000 Series A Liberty Entertainment Common Stock Free-Standing Stock Appreciation Rights	
 	
$15.95	
 	
July 31, 2013

 

 

 

 

							
	Agreement

 
	 	Options/SARs Outstanding and Exercisable as of Effective Date 	 	Base Price as of Effective Date 	 	Expiration Date 
	Stock Appreciation Rights Agreement dated as of August 6, 2004 between Liberty Media Corporation and Robert R. Bennett (issued pursuant to the Liberty Media Corporation 2000 Incentive Plan (As Amended and Restated
Effective April 19, 2004)) (the "2004 Agreement")	 	250,000 Series A Liberty Interactive Common Stock Free-Standing Stock Appreciation Rights	 	$15.46	 	August 6, 2014
	

 	
 	
50,000 Series A Liberty Capital Common Stock Free-Standing Stock Appreciation Rights	
 	
$9.95	
 	
August 6, 2014
	

 	
 	
200,000 Series A Liberty Entertainment Common Stock Free-Standing Stock Appreciation Rights	
 	
$14.53	
 	
August 6, 2014
	
Non-Qualified Stock Option Agreements dated as of December 24, 2007 between Liberty Media Corporation and Robert R. Bennett (issued pursuant to the Liberty Media Corporation 2007 Incentive Plan) (the "2007
Agreements")	
 	
6,400 Series A Liberty Interactive Common Stock Options	
 	
$19.96	
 	
December 24, 2014
	

 	
 	
1,650 Series A Liberty Capital Common Stock Options	
 	
$17.26	
 	
December 24, 2014
	

 	
 	
6,600 Series A Liberty Entertainment Common Stock Options	
 	
$25.21	
 	
December 24, 2014
	
Non-Qualified Stock Option Agreement dated as of December 16, 2008 between Liberty Media Corporation and Robert R. Bennett (issued pursuant to the Liberty Media Corporation 2007 Incentive Plan) (the "2008
Agreement")	
 	
16,000 Series A Liberty Interactive Common Stock Options	
 	
$2.91	
 	
December 16, 2015
	

 	
 	
3,800 Series A Liberty Capital Common Stock Options	
 	
$3.57	
 	
December 16, 2015
	

 	
 	
11,600 Series A Liberty Entertainment Common Stock Options	
 	
$17.69	
 	
December 16, 2015

 

 

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  Exhibit 10.27    
    

 

 

			
	Tele-Communications, Inc.	 	Liberty Media Corporation
	5619 DTC Parkway	 	8101 East Prentice Avenue, Suite 500
	Englewood, Colorado 80111	 	Englewood, Colorado 80111
	

 	
 	
March 5, 1999

 

 Dr. John
C. Malone

Ms. Leslie Malone

c/o Tele-Communications, Inc.

5619 DTC Parkway

Englewood, Colorado 80111 

Dear
John and Leslie: 

        Reference
is made to the Call Agreement, dated as of February 9, 1998 (the "Malone Call Agreement"), between Tele-Communications, Inc., a Delaware corporation
("TCI"), and John C. Malone and Leslie Malone (the "Malones"). Capitalized terms used but not expressly defined in this letter have the meanings given to them in the Malone Call Agreement. Section
references in this letter are to Sections of the Malone Call Agreement. 

        The
purpose of this letter is to confirm and clarify the following: 

        1.     Each
of the Malones consents to the assignment by TCI to Liberty Ventures Group LLC, a Delaware limited liability company ("LVG"), and the subsequent assignment by
LVG to Liberty Media Corporation, a Delaware corporation ("LMC"), of all of TCI's rights, interests and obligations under the Malone Call Agreement, and agrees that upon such assignments TCI shall
have no further rights or obligations under the Malone Call Agreement. Each of the Malones also agrees that if a Triggering Event (as defined below) occurs in the future and is not waived, LMC may
assign all of its rights, interests and obligations under the Malone Call Agreement to Liberty Media Group LLC and, in the event of such assignment, references to LMC herein shall thereafter
refer to Liberty Media Group LLC. "Triggering Event" has the meaning ascribed to such term in the Contribution Agreement, being entered into on March 9, 1999, among LMC, Liberty Media
Management LLC, Liberty Media Group LLC and Liberty Ventures Group LLC. 

        2.     TCI
and the Malones agree that if, for any reason, the Agreement and Plan of Restructuring and Merger, dated as of June 23, 1998, as amended, among TCI, AT&T
Corp., a New York corporation ("AT&T"), and Italy Merger Corp., a Delaware corporation and a wholly owned subsidiary of AT&T ("MergerSub"), terminates without consummation of the merger of MergerSub
into TCI contemplated thereby (the "Merger"), the assignments described in paragraph 1 shall be rescinded. 

        3.     The
Malones confirm and agree that TCI has exercised its right under Section 7.9 of the Malone Call Agreement to require that, from and after the Merger (and after
giving effect to the assignments provided for above), the Malone Call Agreement continue in effect in accordance with its terms and the following: 

        a.     References
to the "Company" will be references to AT&T and any successor (by merger, consolidation, sale, transfer, exchange, or otherwise) to all or substantially all of
its business and assets, except as indicated below: 

            i.  in
order to effectively give LMC the rights and obligations it is intended to have after the assignments referred to in paragraph 1 above, 

	(x)
	the
rights, interests, covenants and obligations of the "Company" under the first sentence of Section 2.1 and under Sections 2.2 through 7.16,
inclusive, will be rights, interests, covenants and obligations of LMC and any successor (by merger, consolidation, sale, transfer, exchange, or otherwise) to all or substantially all of its business
and assets (LMC or such successor being referred to as "Liberty"), and 

 

	(y)
	references
to the "Company" in the definitions of the terms "Board of Directors" and "Malone Group" in Section 1.1 will be references to Liberty; 

           ii.  references
to the Company with respect to covenants of the Company that have been fully performed by TCI prior to the date hereof, including, without limitation, in the
second sentence of Section 2.1, shall continue to refer to TCI, and 

           iii  references
to the Company in the definitions of Magness Call Agreement and Stockholders Agreement refer to TCI. 

        b.     The
definition of the term "High Vote Stock" shall mean the Class B Liberty Media Group Common Stock, $1.00 par value per share, issued by AT&T (or any successor
referred to in paragraph 3(a) above), as it exists immediately after the Merger, and any capital stock into which the Class B Liberty Media Group Common Stock may thereafter be changed
(whether as a result of a recapitalization, reorganization, merger, consolidation, share exchange, stock dividend, stock redemption, spinoff, split off or other transaction or event). The definition
of the term "Low Vote Stock" shall mean the Class A Liberty Media Group Common Stock, $1.00 par value per share, issued by AT&T (or any successor referred to in paragraph 3(a) above), as
it exists immediately after the Merger, and any capital stock into which the Class A Liberty Media Group Common Stock may thereafter be changed (whether as a result of a recapitalization,
reorganization, merger, consolidation, share exchange, stock dividend, stock redemption, spinoff, split off or other transaction or event). 

        c.     The
term "Sale of the Company" shall mean a transaction which results in a Change of Control of the issuer of the High Vote Stock (subject to the same exclusions as
currently pertain in the definition of such term). 

        d.     In
any case where the Holder has the right to elect under Section 2.2(d) to receive payment of the Gross Purchase Price for any High Vote Stock included in the
Subject Shares in shares of a corresponding series of Low Vote Stock, and in any case where the Company has the right under Section 3.1 to elect to pay all or any portion of the Closing Date
Amount or Company Price in shares of Low Vote Stock, such election will not be effective unless Liberty arranges for AT&T to issue such Low Vote Stock and to grant to the selling Holder the
registration rights with respect to such shares of Low Vote Stock contemplated by Section 2.2(e). Similarly, the Company's election under Section 3.1 will not be effective unless Liberty
arranges for AT&T to comply with Section 3.2. 

2

 

        If
the foregoing accurately expresses our understanding, please sign and return the enclosed counterpart of this letter. 

					
	 	 	Sincerely,
	

 	
 	
TELE-COMMUNICATIONS, INC.
	

 	
 	
By:	
 	
 

  Stephen M. Brett
 Executive Vice President,

Secretary and General Counsel
	

 	
 	
LIBERTY VENTURES GROUP LLC
	

 	
 	
By:	
 	
 

  Stephen M. Brett
 Vice President
	

 	
 	
LIBERTY MEDIA CORPORATION
	

 	
 	
By:	
 	
 

  Stephen M. Brett
 Vice President
	
 Confirmed:	
 	

 	
 	

 
	
  

  JOHN C. MALONE	
 	

 	
 	

 
	
  

  LESLIE MALONE

	
 	

 	
 	

 

3

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Exhibit 10.27

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