Document:

Change Order 56 to Lump Sum Turnkey EPC Agreement

 Exhibit 10.10 
 SCHEDULE D-1 
 CHANGE ORDER FORM 
  

			
	PROJECT NAME: Sabine Pass LNG Receiving, Storage and Regasification Terminal	 	CHANGE ORDER NUMBER: SP/BE-053
		
	 OWNER: Sabine Pass LNG, L.P.
	 	DATE OF CHANGE ORDER: March 3, 2008
		
	 CONTRACTOR: Bechtel Corporation
	 	Project Schedule Adjustments
		
	 DATE OF AGREEMENT: December 18, 2004
	 	

 The Agreement between the Parties listed above is changed as follows: 
  

	 	A.	Owner and Contractor agree to adjust the date upon which Contractor expects to achieve RFCD to March 3, 2008. All references in the Agreement to Contractor’s second notice
given in accordance with Section 11.1 and Ready for Cool Down notice issued on December 17, 2007 shall be deemed references to this adjusted date of March 3, 2008. 

  

	 	B.	Owner may at its sole discretion unilaterally extend the RFCD date (“Revised RFCD Date”) beyond March 3, 2008, and shall agree to execute a mutually agreed upon
Change Order before the Revised RFCD Date. 

  

	 	C.	Section IV(A) of Change Order No. SP/BE-052 dated November 1, 2007 titled “System 1 RFCD Bonus” is hereby replaced in its entirety with the following:

 In the event RFCD for Tank 1 is achieved by the date of March 3, 2008, Contractor will be entitled to and Owner will
pay an additional $2,300,000.00 (Tank 1 RFCD Bonus) to Contractor. If RFCD for Tank 1 is not achieved by March 3, 2008, then the amount of the Tank 1 RFCD Bonus will be decreased by $230,000.00 for each Day after March 3, 2008 that RFCD
for Tank 1 has not been achieved, down to a Tank 1 RFCD Bonus of zero (U.S. $0). 
  

	 	D.	Change Order No. SP/BE-052 dated November 1, 2007 is amended to replace all references to “System 1 RFCD Bonus” with “Tank 1 RFCD Bonus”.

  

	 	E.	The term “Target Bonus Date “ of Attachment E of the Agreement is hereby deleted in its entirety and replaced with the following: 

 Target Bonus Date: Fifty (50) days following commencement of Cool Down of System 1. For clarification, commencement of Cool Down refers to the
first introduction of LNG into the unloading arms. 
 The Parties acknowledge that the adjustment to dates in the Project Schedule identified above settle
and resolves all System 1 issues or claims arising out of or relating to any Excessive Monthly Precipitation events or other Force Majeure events occurring prior to the date of this Change Order. This agreement does not prejudice or waive any rights
the Parties’ may have with respect to any Force Majeure events, if any, that occurred during January, 2008 or later which prevented or delayed the prosecution or completions of the System 2 and System 3 Work. 
  

 1 of 3 

 SCHEDULE D-1 
 CHANGE ORDER FORM 
  

			
	PROJECT NAME: Sabine Pass LNG Receiving, Storage and Regasification Terminal	 	CHANGE ORDER NUMBER: SP/BE-053
		
	 OWNER: Sabine Pass LNG, L.P.
	 	DATE OF CHANGE ORDER: March 3, 2008
		
	 CONTRACTOR: Bechtel Corporation
	 	Project Schedule Adjustments
		
	 DATE OF AGREEMENT: December 18, 2004
	 	

 Adjustment to Contract Price 
  

				
		
	 The original Contract Price was
	  	$	646,936,000
	 Net change by previously authorized Change Orders
 (#SP/BE-002 to 028, 031, 033 thru 035; 037 thru 052)
	  	$	171,298,668
		
	 The Contract Price prior to this Change Order was
	  	$	818,234,668
		
	 The Contract Price will be increased by this Change Order in the amount of
	  	$	0
		
	 The new Contract Price including this Change Order will be
	  	$	818,234,668

 Adjustment to dates in Project Schedule 
 The following dates are modified: 
 The Target Bonus Date is adjusted. 
 The Target Bonus Date as of the date of this Change Order therefore shall be extended until 50 days following commencement of Cool Down. 
 The Guaranteed Substantial Completion Date will be unchanged December 20, 2008. 
 The Guaranteed Substantial Completion Date as of the date of this Change Order therefore is 1,355 days following NTP. 
 Adjustment to other Changed
Criteria: Not Applicable 
 Adjustment to Payment Schedule: No Change 
 Adjustment to Minimum Acceptance Criteria: No Change 
 Adjustment to Performance Guarantees: No Change 
 Adjustment to Design Basis: No Change. 
 Other adjustments to liability or
obligation of Contractor or Owner under the Agreement: No Change 
 This Change Order shall constitute a full and final settlement and accord and
satisfaction of all effects of the change as described in this Change Order upon the Changed Criteria and shall be deemed to compensate Contractor fully for such change. 
 Upon execution of this Change Order by Owner and Contractor, the above-referenced change shall become a valid and binding part of the original Agreement without exception or qualification, unless noted in this Change
Order. Except as modified by this and any previously issued Change Orders, all other terms and conditions of the Agreement shall remain in full force and effect. This Change Order is executed by each of the Parties’ duly authorized
representatives. 
  

 Page 2 of 3 

 SCHEDULE D-1 
 CHANGE ORDER FORM 
  

			
	PROJECT NAME: Sabine Pass LNG Receiving, Storage and Regasification Terminal	 	CHANGE ORDER NUMBER: SP/BE-053
		
	 OWNER: Sabine Pass LNG, L.P.
	 	DATE OF CHANGE ORDER: March 3, 2008
		
	 CONTRACTOR: Bechtel Corporation
	 	Project Schedule Adjustments
		
	 DATE OF AGREEMENT: December 18, 2004
	 	

  

					
	Owner	 		 	Contractor
			
	/s/ Charif Souki	 		 	/s/ Carl Strock
	 *Charif Souki
 Chairman
	 		 	 Carl Strock
 Project Director

  

					
		 		 	
			
	3/3/2008	 		 	March 6, 2008
	Date of Signing	 		 	Date of Signing

  

					
		 		 	
			
	/s/ Stan Horton	 		 	 
	 * Stan Horton
 President & COO Cheniere Energy

	 		 	

  

					
		 		 	
			
	Mar 3, 2008	 		 	 
	Date of Signing	 		 	

  
  

					
		 		 	
			
	/s/ Ed Lehotsky	 		 	 
	 * Ed Lehotsky
 Owner Representative
	 		 	

  
 March 3, 2008

 Date of Signing 
 * Required Owner
signature – Mr. Horton may sign on behalf of Mr. Souki during Mr. Souki’s absence. 
  

 Page 3 of 3 

 SCHEDULE D-1 
 CHANGE ORDER FORM 
  

			
	PROJECT NAME: Sabine Pass LNG Receiving, Storage and Regasification Terminal	 	CHANGE ORDER NUMBER: SP/BE-054
		
	 OWNER: Sabine Pass LNG, L.P.
	 	DATE OF CHANGE ORDER: March 6, 2008
		
	 CONTRACTOR: Bechtel Corporation
  
 DATE OF AGREEMENT: December 18,
2004
	 	 Bundle of Changes #12
 A.     Final Tank Material Escalation
 B.     Marine Facility Provisional Sum Credit
 C.     Marine Terminal Liability Operations Insurance
 D.     LNG Tank Coating Systems
 E.     PA/GA
System Modifications

  
  
 The Agreement between the Parties listed above is changed as follows: 
  

						
	 A.
	  	Final Tank Material Escalation (T-7039)	  	$	2,756,028
		  	In accordance with Article 7.1E and Attachment EE, Rev. 1 of the Agreement, this line item represents a final reconciliation of LNG Tank Subcontractor’s material escalation
costs.	  		
			
	 B.
	  	Marine Facility Provisional Sum Credit (T-7031)	  	<$	382,628>
		  	Change Order Number SP/BE-046, dated May 11, 2007, established an Estimated Price Allowance of $3,631,032 for Provisional Sum Marine Work to be performed by Weeks Marine, Inc. (WMI). The
actual costs of the Provisional Sum Marine Work was $3,248,404. The Contract Price is hereby reduced in the amount of <$382,628>, the difference between the Estimated Price Allowance and WMI’s actual costs submitted.	  		
			
	 C.
	  	Marine Terminal Liability Operations Insurance (T-7042)	  	$	 262,500
		  	 Pursuant to Section 1.A.13 of Attachment O of the Agreement, as amended by Change Order Number #SP/BE-007 dated June 2, 2005, Contractor
shall obtain Marine Terminal Liability Operations Insurance in an amount equal to $250 Million.
  
 In accordance with Section 7.1B of the Agreement, as amended by CO# SP/BE-007 dated June 2, 2005, the Contract Price is hereby increased by $262,500, the Actual Insurance Cost to obtain the above Marine Terminal Liability
Operations Insurance.
	  		
			
	 D.
	  	LNG Tank Coating Systems (T-7022)	  	$	 438,000
		  	The Contract Price is hereby increased in the amount of $438,000 as full and final settlement of all issues or claims arising out of or relating to LNG tank coating systems to the extent
relating to the LNG Tanks or the LNG Tank Subcontractor.	  		
			
	 E.
	  	PA/GA System Modifications (T-7036, Rev 2)	  	$	 247,837
		  	Design, procure, install and commission expansion of PA/GA System to include 8 additional handsets (and associated cabling) to the 3 LNG tanks and both jetties.	  		

 Change Order SP/BE-054 TOTAL: $ 3,321,737 
 ATTACHMENTS: 
 A-1) Detail Estimate 
 B-1) Payment Milestones; B-2) Detail Estimate 
 C-1) Payment Milestones; C-2)
Detail Estimate 
 D-1) Payment Milestones; D-2) Detail Estimate 
 E-1) Payment Milestones; E-2) Detail Estimate 
  
  
  

 1 of 3 

 SCHEDULE D-1 
 CHANGE ORDER FORM 
  

			
	PROJECT NAME: Sabine Pass LNG Receiving, Storage and Regasification Terminal	 	CHANGE ORDER NUMBER: SP/BE-054
		
	 OWNER: Sabine Pass LNG, L.P.
	 	DATE OF CHANGE ORDER: March 6, 2008
		
	 CONTRACTOR: Bechtel Corporation
  
 DATE OF AGREEMENT: December 18,
2004
	 	 Bundle of Changes #12
 A.     Final Tank Material Escalation
 B.     Marine Facility Provisional Sum Credit
 C.     Marine Terminal Liability Operations Insurance
 D.     LNG Tank Coating Systems
 E.     PA/GA
System Modifications

 Adjustment to Contract Price 

				
	 The original Contract Price was
	  	$	646,936,000
	 Net change by previously authorized Change Orders (#SP/BE-002 to 028, 031, 033 thru 035; 037 thru 053)
	  	$	171,298,668
	 The Contract Price prior to this Change Order was
	  	$	818,234,668
	 The Contract Price will be increased by this Change Order in the amount of
	  	$	3,321,737
	 The new Contract Price including this Change Order will be
	  	$	821,556,405

 Adjustment to dates in Project Schedule 
 The following dates are modified: 
 The Target Bonus Date will be unchanged. 
 The Target Bonus Date as of the date of this Change Order therefore is 50 days following commencement of Cool Down. 
 The Guaranteed Substantial Completion Date will be unchanged December 20, 2008. 
 The Guaranteed Substantial Completion Date as of the date of this Change Order therefore is 1,355 days following NTP. 
 Adjustment to other Changed Criteria: Not Applicable 
 Adjustment to Payment Schedule: See attached “Payment Milestone – Marine Facility
provisional sum credit (T-7031); Payment Milestone – Marine Terminal Liability Operations Insurance; Payment Milestone – Tank Painting (T-7022); and Payment Milestone – PA/GA additions. 
 Adjustment to Minimum Acceptance Criteria: No Change 
 Adjustment to
Performance Guarantees: No Change 
 Adjustment to Design Basis: No Change. 
 Other adjustments to liability or obligation of Contractor or Owner under the Agreement: No Change 
 This Change Order
shall constitute a full and final settlement and accord and satisfaction of all effects of the change as described in this Change Order upon the Changed Criteria and shall be deemed to compensate Contractor fully for such change. 
 Upon execution of this Change Order by Owner and Contractor, the above-referenced change shall become a valid and binding part of the original Agreement without
exception or qualification, unless noted in this Change Order. Except as modified by this and any previously issued Change Orders, all other terms and conditions of the Agreement shall remain in full force and effect. This Change Order is executed
by each of the Parties’ duly authorized representatives. 
  

 Page 2 of 3 

 SCHEDULE D-1 
 CHANGE ORDER FORM 
  

			
	PROJECT NAME: Sabine Pass LNG Receiving, Storage and Regasification Terminal	 	CHANGE ORDER NUMBER: SP/BE-054
		
	 OWNER: Sabine Pass LNG, L.P.
	 	DATE OF CHANGE ORDER: March 6, 2008
		
	 CONTRACTOR: Bechtel Corporation
  
 DATE OF AGREEMENT: December 18,
2004
	 	 Bundle of Changes #12
 A.     Final Tank Material Escalation
 B.     Marine Facility Provisional Sum Credit
 C.     Marine Terminal Liability Operations Insurance
 D.     LNG Tank Coating Systems
 E.     PA/GA
System Modifications

  

					
			
	/s/ Charif Souki	 		 	/s/ Carl A. Strock
	 *Charif Souki
 Chairman
	 		 	 Contractor
 Carl
A. Strock

					
		 		 	Name

					
	 	 		 	Project Director
		 		 	Title

					
	March 18, 2008	 		 	3/28/08
	Date of Signing	 		 	Date of Signing

  

					
		 		 	
			
	/s/ Stan Horton	 		 	 
	 * Stan Horton
 President & COO Cheniere Energy

	 		 	

  

					
		 		 	
			
	3-14-08	 		 	 
	Date of Signing	 		 	

  
  

					
		 		 	
			
	/s/ Ed Lehotsky	 		 	 
	 * Ed Lehotsky
 Owner Representative
	 		 	

  
  

					
		 		 	
			
	March 14, 2008	 		 	 
	Date of Signing	 		 	

 * Required Owner signature – Mr. Horton may sign on behalf of Mr. Souki during
Mr. Souki’s absence. 
  

 Page 3 of 3 

 SCHEDULE D-1 
 CHANGE ORDER FORM 
  

			
	PROJECT NAME: Sabine Pass LNG Receiving, Storage and Regasification Terminal	 	CHANGE ORDER NUMBER: SP/BE-055
		
	 OWNER: Sabine Pass LNG, L.P.
	 	DATE OF CHANGE ORDER: March 7, 2008
		
	 CONTRACTOR: Bechtel Corporation
	 	LNG Tank Subcontractor - Tank 1 RFCD Bonus
		
	 DATE OF AGREEMENT: December 18, 2004
	 	

  
  
 The Agreement between the Parties listed above is changed as follows: 
  

						
	 A.
	  	Tank 1 RFCD Bonus earned pursuant to Change Order SP/BE-037	  	$	500,000
		  	In accordance with the referenced Change Order Section (2), the Contract Price is increased by a lump sum bonus payment of $500,000 as Tank 1 was Ready for Cool Down (RFCD) on
February 18, 2008.	  		
			
	 B.
	  	Tank 1 RFCD Bonus earned pursuant to Change Order SP/BE-053	  	$	2,300,000
		  	In accordance with the referenced Change Order Section C, the Contract Price is increased by a lump sum bonus payment of $2,300,000 as Tank 1 was Ready for Cool Down (RFCD) on
February 18, 2008.	  		

 The above amounts totaling $2,800,000 will be promptly paid in-full to Contractor’s LNG Tank
Subcontractor, and represents a full and final payment of the Tank 1 RFCD Bonus. 
 Change Order SP/BE-055 TOTAL: $ 2,800,000

  
  
 Adjustment to Contract Price 

				
	 The original Contract Price was
	  	$	646,936,000
	 Net change by previously authorized Change Orders (#SP/BE-002 to 028, 031, 033 thru 035; 037 thru 054)
	  	$	174,620,405
	 The Contract Price prior to this Change Order was
	  	$	821,556,405
	 The Contract Price will be increased by this Change Order in the amount of
	  	$	2,800,000
	 The new Contract Price including this Change Order will be
	  	$	824,356,405

 Adjustment to dates in Project Schedule 
 The following dates are modified: 
 The Target Bonus Date will be unchanged. 
 The Target Bonus Date as of the date of this Change Order therefore is 50 days following commencement of Cool Down. 
 The Guaranteed Substantial Completion Date will be unchanged December 20, 2008. 
 The Guaranteed Substantial Completion Date as of the date of this Change Order therefore is 1,355 days following NTP. 
 Adjustment to other Changed Criteria: Not Applicable 
  

 1 of 2 

 Adjustment to Payment Schedule: No Change 
 Adjustment to Minimum Acceptance Criteria: No Change 
 Adjustment to Performance Guarantees: No Change 
 Adjustment to Design Basis: No Change. 
 Other adjustments to liability or
obligation of Contractor or Owner under the Agreement: No Change 
 This Change Order shall constitute a full and final settlement and accord and
satisfaction of all effects of the change as described in this Change Order upon the Changed Criteria and shall be deemed to compensate Contractor fully for such change. 
 Upon execution of this Change Order by Owner and Contractor, the above-referenced change shall become a valid and binding part of the original Agreement without exception or qualification, unless noted in this Change
Order. Except as modified by this and any previously issued Change Orders, all other terms and conditions of the Agreement shall remain in full force and effect. This Change Order is executed by each of the Parties’ duly authorized
representatives. 

					
			
	/s/ Stan Horton	 		 	/s/ Carl A. Strock
	 *Charif Souki
 Chairman
	 		 	 Contractor
 Carl
A. Strock

					
		 		 	Name

					
	 	 		 	Project Director
		 		 	Title

					
	3/24/08	 		 	3/28/08
	Date of Signing	 		 	Date of Signing

  

					
		 		 	
			
	/s/ Stan Horton	 		 	 
	 * Stan Horton
 President & COO Cheniere Energy

	 		 	

  

					
		 		 	
			
	3-24-08	 		 	 
	Date of Signing	 		 	

  
  

					
		 		 	
			
	/s/ Ed Lehotsky	 		 	 
	 * Ed Lehotsky
 Owner Representative
	 		 	

  
  

					
		 		 	
			
	March 14, 2008	 		 	 
	Date of Signing	 		 	

 * Required Owner signature – Mr. Horton may sign on behalf of Mr. Souki during
Mr. Souki’s absence. 
  

 Page 2 of 2 

 SCHEDULE D-1 
 CHANGE ORDER FORM 
  

			
	PROJECT NAME: Sabine Pass LNG Receiving, Storage and Regasification Terminal	 	CHANGE ORDER NUMBER: SP/BE-056
		
	 OWNER: Sabine Pass LNG, L.P.
	 	DATE OF CHANGE ORDER: April 1, 2008
		
	 CONTRACTOR: Bechtel Corporation
	 	LNG Tank Subcontractor - Tank 2 RFCD Bonus
		
	 DATE OF AGREEMENT: December 18, 2004
	 	

  
  
 The Agreement between the Parties listed above is changed as follows: 

	 	A.	Section IV(B) of Change Order No. SP/BE-052 dated November 1, 2007 titled “Tank 2 RFCD Bonus” is hereby replaced in its entirety with the following:

 In the event RFCD for Tank 2 is achieved by the date of March 23, 2008, Contractor will be entitled to and Owner will
pay an additional $2,300,000.00 (Tank 2 RFCD Bonus) to Contractor. If RFCD for Tank 2 is not achieved by March 23, 2008, then the amount of the Tank 2 RFCD Bonus will be decreased by $230,000.00 for each Day after March 23, 2008 that RFCD
for Tank 2 has not been achieved, down to a Tank 2 RFCD Bonus of zero (U.S. $0). 
  

	 	B.	Payment Authorization for the following bonuses: 

 1. A
Tank 2 RFCD Bonus of $500,000 is earned pursuant to Change Order SP/BE-037 Section (2), and the Contract Price is increased by a lump sum bonus payment of $500,000 as Tank 2 was Ready for Cool Down (RFCD) on March 23, 2008. 
 2. A Tank 2 RFCD Bonus of $2,300,000 is earned pursuant to Change Order SP/BE-056 Section A, and the Contract Price is increased by a lump sum bonus
payment of $2,300,000 as Tank 2 was Ready for Cool Down (RFCD) on March 23, 2008. 
  

	 	C.	Effective immediately, approval of Change Orders via Schedule D-1 and D-2 of the EPC Agreement require the signatures of Messrs. Charif Souki (except as further provided in the next
sentence) and Keith Teague, in addition to the designated Owner Representative, Ed Lehotsky. Mr. Teague is authorized to sign Change Orders on behalf of Mr. Souki during Mr. Souki’s absence. This requirement will not apply to any
other correspondence under the EPC Agreement. Mr. Stan Horton’s approval is no longer required. 

 The above bonus amounts totaling
$2,800,000 will be promptly paid in-full to Contractor’s LNG Tank Subcontractor, and represents a full and final payment of LNG Tank Subcontractor’s Tank 2 RFCD Bonus. 
 Change Order SP/BE-056 TOTAL: $ 2,800,000 
  
  
 Adjustment to Contract Price 

				
	 The original Contract Price was
	  	$	646,936,000
	 Net change by previously authorized Change Orders (#SP/BE-002 to 028, 031, 033 thru 035; 037 thru 055)
	  	$	177,420,405
	 The Contract Price prior to this Change Order was
	  	$	824,356,405
	 The Contract Price will be increased by this Change Order in the amount of
	  	$	2,800,000
	 The new Contract Price including this Change Order will be
	  	$	827,156,405

 Adjustment to dates in Project Schedule 
 The following dates are modified: 
 The Target Bonus Date will be unchanged. 
 The Target Bonus Date as of the date of this Change Order therefore is 50 days following commencement of Cool Down. 
 SP/BE-0556 
  

 1 of 2 

 The Guaranteed Substantial Completion Date will be unchanged December 20, 2008. 
 The Guaranteed Substantial Completion Date as of the date of this Change Order therefore is 1,355 days following NTP. 
 Adjustment to other Changed Criteria: Not Applicable 
 Adjustment to Payment
Schedule: No Change 
 Adjustment to Minimum Acceptance Criteria: No Change 
 Adjustment to Performance Guarantees: No Change 
 Adjustment to Design Basis: No Change. 
 Other adjustments to liability or obligation of Contractor or Owner under the Agreement: No Change 
 This Change Order shall constitute a full and final settlement and accord and satisfaction of all effects of the change as described in this Change Order upon the Changed Criteria and shall be deemed to
compensate Contractor fully for such change. 
 Upon execution of this Change Order by Owner and Contractor, the above-referenced change shall become a valid
and binding part of the original Agreement without exception or qualification, unless noted in this Change Order. Except as modified by this and any previously issued Change Orders, all other terms and conditions of the Agreement shall remain in
full force and effect. This Change Order is executed by each of the Parties’ duly authorized representatives. 
  

					
		 		 	
		 		 	
			
	/s/ Charif Souki	 		 	/s/ Patrick J. McCormack
	 *Charif Souki
 Chairman
	 		 	 Contractor
 Patrick J. McCormack

	 	 		 	 Name
 Project
Manager

		 		 	Title
	4-23-08	 		 	4/30/08
	Date of Signing	 		 	Date of Signing

  

					
		 		 	
			
	/s/ Keith Teague	 	 	 	  
	 * Keith Teague
 Sr. Vice President
	 		 	

  
  

					
		 		 	
			
	4/23/2008	 		 	 
	Date of Signing	 		 	

  

					
		 		 	
			
	/s/ Ed Lehotsky	 		 	 
	 * Ed Lehotsky
 Owner Representative
	 		 	

					
		 		 	
			
	April 23, 2008	 		 	 
	Date of Signing	 		 	

 * Required Owner signature – Mr. Teague may sign on behalf of Mr. Souki during
Mr. Souki’s absence. 
 SP/BE-056 
  

 Page 2 of 2Share sale agreement

 Exhibit 10.3 
 Dated 5 April 2006 
 (1) JERRY KENNELLY AND JOHANNA KENNELLY 
 (2) PIXEL IMAGES LIMITED 
 (3) GETTY IMAGES, INC 
 SHARE SALE AGREEMENT 
 Relating To 
 STAR MEDIA LIMITED AND STOCKDISC LIMITED 
 William Fry

 Solicitors 
 Fitzwilton House 
 Wilton Place 
 Dublin 2 
 www.williamfry.ie 
 © William Fry 2006 
 018489.0001.JOC 

 CONTENTS 
  

					
	 1.
	  	INTERPRETATION	  	2
	 2.
	  	SALE OF SHARES	  	3
	 3.
	  	CONSIDERATION	  	4
	 5.
	  	COMPLETION	  	5
	 6.
	  	CAPACITY	  	5
	 7.
	  	APPLICABLE LAW AND JURISDICTION	  	6
	 8.
	  	GENERAL	  	6
	 9.
	  	GETTY IMAGES	  	6
	 10.
	  	NOTICES	  	8
	 SCHEDULE 1 - THE COMPANIES
	  	10
	 SCHEDULE 2 - COMPLETION OBLIGATIONS
	  	12

 THIS AGREEMENT is made on 5 April 2006 
 BETWEEN: 
  

	(1)	JERRY KENNELLY and JOHANNA KENNELLY (“the Sellers”); 

  

	(2)	PIXEL IMAGES LIMITED a company incorporated in Ireland with registered number 415129 whose registered office is at 7 Rathdown Terrace, Sandymount, Co. Dublin (“Newco
1”); 

  

	 (3)
	 GETTY IMAGES, INC a company incorporated in the State of Delaware, U.S.A whose principal place of business is 601 N. 34
th Street, Seattle, WA98103 USA (“Getty Images”). 

 INTRODUCTION 
  

	A.	The Sellers are the legal and beneficial owners of the Shares. 

  

	B.	The Sellers have agreed to sell and Newco 1 has agreed to buy the Shares on the terms and conditions of this Agreement. 

  

	C.	Newco 1 is a subsidiary of Getty Images at the date of this Agreement and Getty Images is joined in to this Agreement for the purposes set out in this Agreement. 

 IT IS AGREED as follows: 
  

	1.	INTERPRETATION 

  

	 	1.1	The following words and expressions where used in this Agreement have the meanings given to them below: 

  

			
		
	 Affiliate
	  	in relation to a body corporate means any holding company, subsidiary, or subsidiary of any holding company of such body corporate;
		
	 Business Day
	  	any day (other than a Saturday or Sunday) on which clearing banks are open for general business in Dublin;
		
	 Companies
	  	Star Media Limited and Stockdisc Limited, details of which are set out in Schedule 1;
		
	 Completion
	  	completion of the sale by the Sellers and purchase by Newco 1 or its nominee of the Shares under the terms of this Agreement;
		
	 Completion Date
	  	the date on which Completion occurs;
		
	 Consideration
	  	the consideration for the sale and purchase of the Shares as set out in clause 3;
		
	 Getty Images Group
	  	means Getty Images and its Affiliates;
		
	 Encumbrance
	  	any mortgage, charge, pledge, lien, restriction, assignment, hypothecation, security interest, title retention, or any other agreement or arrangement the effect of which is the creation of security; or
any right to acquire, option, right of first refusal or right of pre-emption; or any agreement or arrangement to create any of the same;
		
	 Preference Shares
	  	the non-voting preference shares in the capital of Newco 1, the rights attaching to which are set out in the Articles of Association of Newco 1;

  

 2 

			
		
	 Sellers’ Solicitors
	  	William Fry of Fitzwilton House, Wilton Place, Dublin 2; and
		
	 Shares
	  	the issued ordinary shares of €1.269738 each in the capital of Star Media Limited and the issued ordinary shares of
€1.00 each in the capital of Stockdisc Limited, as detailed in Clause 2.1 (which comprise the entire issued share capital of the Companies).

  

	 	1.2	Unless the context requires otherwise, references in this Agreement to: 

  

	 	1.2.1 	any of the masculine, feminine and neuter genders shall (where appropriate) include other genders; 

  

	 	1.2.2 	the singular shall (where appropriate) include the plural and vice versa; 

  

	 	1.2.3 	a person shall (where appropriate) include a reference to any natural person, body corporate, unincorporated association, partnership, firm and trust; 

  

	 	1.3	The headings in this Agreement are for convenience only and shall not affect its meaning. References to a “clause”, “Schedule” or “paragraph” are (unless
otherwise stated) to a clause of and Schedule to this Agreement and to a paragraph of the relevant Schedule. The Schedules form part of this Agreement and shall have the same force and effect as if expressly set out in the body of this Agreement and
any reference to this Agreement includes reference to the Schedules. 

  

	 	1.4	References to the Sellers means any one or more of the Sellers. 

  

	2.	SALE OF SHARES 

  

	 	2.1	 Subject to the terms of this Agreement, each Seller as legal and beneficial owner shall sell and Newco 1 or its nominee which shall be a member of the Getty Images Group
shall buy the number and class of Shares set out opposite such Seller’s name below free from any Encumbrances and together with all benefits 

  

 3 

	 	 
and rights now and hereafter attaching to the Shares at Completion including the right to receive all dividends, distributions and any return of capital declared but
not paid on or before the Completion Date or declared and paid on or after the Completion Date. 

  

					
	 Seller
	  	No and Class of Shares	  	Company
			
	 Jerry Kennelly
	  	27,700 Ordinary Shares	  	Star Media Limited
			
	 Johanna Kennelly
	  	300 Ordinary Shares	  	Star Media Limited
			
	 Jerry Kennelly
	  	55,539 Ordinary Shares	  	Stockdisc Limited
			
	 Johanna Kennelly
	  	561 Ordinary Shares	  	Stockdisc Limited

  

	 	2.2	Each of the Sellers hereby waives any pre-emption rights which he may have in relation to the sale of the Shares whether under statute, the Articles of Association of either Company or
otherwise. 

  

	 	2.3	Newco 1 shall not be obliged to complete the purchase of the Shares unless the purchase and sale of all of the Shares is completed in accordance with the terms of this Agreement.

  

	 	2.4	The Sellers shall not be obliged to complete the sale of the Shares unless the purchase and sale of all of the Shares is completed in accordance with the terms of this Agreement.

  

	3.	CONSIDERATION 

 The Consideration shall comprise the issue of 100
Preference Shares by Newco 1 of €1.00 each in the capital of Newco 1 to the Sellers in the proportions set out below: 
  

			
	 Seller
	  	No. of Preference
Shares to be issued
	 Jerry Kennelly
	  	99
	 Johanna Kennelly
	  	1

  

 4 

	4.	COMPLETION 

  

	 	4.1	Completion shall take place at the offices of the Sellers’ Solicitors no later than 2 Business Days following execution of this Agreement. 

  

	 	4.2	On Completion, the Sellers and Newco 1 shall each perform their respective obligations in relation to the sale and purchase of the Shares in accordance with and as set out in Schedule 2.

  

	 	4.3	If the provisions of Schedule 2 are not complied with in any respect by either the Sellers or Newco 1 on the Completion Date, then the other party (being either the Sellers or Newco 1 as
appropriate) shall not be obliged to complete the purchase of the Shares and may: 

  

	 	4.3.1 	defer Completion to a date not more than 2 Business Days after the originally scheduled Completion Date; 

  

	 	4.3.2 	proceed to Completion so far as practicable and without prejudice to its rights under this Agreement; or 

  

	 	4.3.3 	rescind this Agreement without prejudice to its rights and remedies under this Agreement. 

 CAPACITY 
 Each party represents to each other party that it has full power and authority to enter into and perform this Agreement (and any other
agreement or arrangement to be entered into by it in connection with this Agreement), that the obligations expressed to be assumed by it hereunder are legal, valid and binding and enforceable against it in accordance with their terms and that the
execution, delivery and performance by it of this Agreement and each such other agreement and arrangement will not: 
  

	 	4.4	result in a breach of, or constitute a default under, any agreement or arrangement to which it is a party or, in the case of a party which is a corporate entity, by which it is bound or under
its constitutive documents; or 

  

	 	4.5	result in a breach of any order, judgment or decree of any court, governmental agency or regulatory body to which it is a party or by which it is bound. 

  

 5 

 APPLICABLE LAW AND JURISDICTION 
  

	 	4.6	This Agreement and the rights and obligations of the parties shall be governed by and construed in accordance with the laws of Ireland. 

  

	 	4.7	The parties irrevocably submit to the non-exclusive jurisdiction of the Courts of Ireland in respect of any claim, dispute or difference arising out of or in connection with this Agreement.

 GETTY IMAGES 
  

	 	4.8	In consideration of the Sellers entering into this Agreement and selling the Shares to Newco 1, Getty Images unconditionally and irrevocably guarantees to the Sellers the due performance and
observance by Newco 1 of its obligations under this Agreement and will indemnify the Sellers against all losses, damages, costs and reasonable expenses which may be incurred by the Sellers by reason of any default on the part of Newco 1 in
performing its obligations under this Agreement. 

  

	 	4.9	Subject to clause 7.3, the guarantee and indemnity set out in Clause 7.1 shall remain in force for so long as Newco 1 shall have any liability or obligation to the Sellers under this
Agreement and until such liabilities and obligations have been discharged in full. 

  

	 	4.10	The guarantee and indemnity set out in Clause 7.1 shall terminate forthwith upon the Sellers acquiring all of the shares in Newco 1. 

 GENERAL 
  

	 	4.11	Entire agreement 

 This Agreement (together with any documents referred
to herein or entered into pursuant to or in connection with this Agreement) contains the entire agreement and understanding of the parties and supersedes all prior agreements, understandings or arrangements (both oral and written) relating to the
subject matter of this Agreement and any such document. 
  

 6 

	 	4.12	No Partnership 

 This Agreement shall not be construed as creating any
partnership or agency relationship between any of the parties. 
  

	 	4.13	Variations and waivers 

  

	 	4.13.1 	No variation of this Agreement shall be effective unless made in writing and signed by or on behalf of all the parties and expressed to be such a variation. 

  

	 	4.13.2 	No waiver by any party of any requirement of this Agreement, or of any remedy or right under this Agreement, shall have effect unless given in writing and signed by such party. No waiver of
any particular breach of the provisions of this Agreement shall operate as a waiver of any repetition of such breach. 

  

	 	4.14	Assignment 

 Neither the Sellers nor Getty Images shall be entitled to
assign the benefit or burden of any provision of this Agreement (or any of the documents referred to herein) without the prior written consent of the other parties. Newco 1 shall be entitled to assign or novate its rights and obligations under this
Agreement to any member of the Getty Images Group 
  

	 	4.15	Effect of Completion 

 The provisions of this Agreement, insofar as the
same shall not have been performed at Completion, shall remain in full force and effect notwithstanding Completion. 
  

	 	4.16	Counterparts 

 This Agreement may be executed as two or more
counterparts and execution by each of the parties of any one of such counterparts will constitute due execution of this Agreement. 
  

 7 

	5.	NOTICES 

  

	 	5.1	Address for service 

 Any notice, request, demand, approval or other
communication to be given or made under or in connection with this Agreement (each a “Notice” for the purposes of this clause) shall be in writing and signed by or on behalf of the person giving it and shall be sent or delivered to the
party to be served at the address set out 
  

	 	5.1.1	in the case of each of the Sellers, at the front of this Agreement (marked: “for the attention of Jerry and Johanna Kennelly”); 

  

	 	 5.1.2
	 in the case of Newco 1, c/o 601 N. 34th Street,
Seattle, WA 98103 USA( marked: “ for the attention of General Counsel”); 

  

	 	5.1.3	in the case of Getty Images at the front of this Agreement (marked “for the attention of General Counsel”). 

  

	 	5.2	Method of service 

 Service of a Notice must be effected by prepaid
registered post (or by airmail if from one country to another) and shall be treated as served on the second (or if by airmail the fourth) Business Day after the date of posting. In proving service it shall be sufficient to prove that the envelope
containing the Notice was correctly addressed, postage paid and posted. 
  

	 	5.3	Change of details 

 A party may notify any other party of a change to
the details in clause 9.1 provided that such notification shall only become effective on the date falling five Business Days after service of such notice in accordance with Clause 9.2 (or, if later, on the date specified in such notice). 

 

 8 

	 	5.4	Service of Agent 

 Without prejudice to any other mode of service:

  

	 	5.4.1	each of the Sellers irrevocably authorises and appoints William Fry, Solicitors, Fitzwilton House, Wilton Place, Dublin 2 as his agent for service of Notices and/or proceedings in relation to
any matter arising out of or in connection with this Agreement and service on such agent in accordance with this Clause 9.4.1 shall be deemed to be effective service on the relevant Seller. A notice issued upon such agent shall be marked: “for
the attention of June O’Connell/Brendan Heneghan”. 

  

	 	5.4.2	Getty Images irrevocably authorises and appoints Beauchamps of Riverside Two, Sir John Rogerson’s Quay, Dublin 2 as its agent for service of Notices and/or proceedings in relation to any
matter arising out of or in connection with this Agreement and service on such agent in accordance with this Clause 9.4.2 shall be deemed to be effective service on Getty Images. A notice issued upon such agent shall be marked: “for the
attention of Mark Pery-Knox-Gore/Máire Cunningham”. 

  

	6.	FURTHER ASSURANCE 

 At the request of Newco 1 the Sellers shall (and
shall procure that any other necessary parties shall) execute and do all such documents, acts and things as may reasonably be required subsequent to Completion by Newco 1 in order to perfect the right, title and interest of Newco 1 to and in the
Shares and to procure the registration of Newco 1 or its nominee as the registered holder of the Shares. 
 THIS AGREEMENT has been duly executed as a Deed and
delivered on the date stated above. 
  

 9 

 SCHEDULE 1 - THE COMPANIES 
 Star Media Limited 
  

			
	 Place of Incorporation:
	  	Ireland
		
	Date of Incorporation:	  	18 December 1986
		
	Registered Number:	  	119057
		
	Registered Office:	  	Kerry Technology Park, Tralee, Co. Kerry
		
	Authorised Share Capital:	  	€126,973.80 divided into 100,000 Ordinary Shares of €1.269738 each.
		
	Issued Share Capital:	  	30,000 Ordinary Shares of €1.269738 each
		
	Shareholders:	  	Johanna Kennelly (formerly O’Dwyer)
Jerry Kennelly
		
	Directors:	  	Johanna Kennelly
Jerry Kennelly
		
	Secretary:	  	Johanna Kennelly
		
	Auditors:	  	Ernst & Young
89 South Mall
Cork City
		
	Accounting Reference Date:	  	30 April 2005
		
	Charges:	  	None
		
	Status:	  	Normal

  

 10 

 Stockdisc Limited 
  

			
		
	Place of Incorporation:	  	Ireland
		
	Date of Incorporation:	  	20 December 2004
		
	Registered Number:	  	395548
		
	Registered Office:	  	Racecourse Road, Tralee, Co. Kerry
		
	Authorised Share Capital:	  	€2,000,000 divided into 1,000,000 Ordinary Shares of €1 each and 1,000,000 0.5% Cumulative Redeemable Preference Shares of €1 each.
		
	Issued Share Capital:	  	56,100 Ordinary Shares of €1 each
		
	Shareholders:	  	Jerry Kennelly
Johanna Kennelly (formerly O’Dwyer)
		
	Directors:	  	Jerry Kennelly
Johanna Kennelly
		
	Secretary:	  	Johanna Kennelly
		
	Auditors:	  	Ernst & Young
89 South Mall
Cork City
		
	Accounting Reference Date:	  	30 April 2005
		
	Charges:	  	None
		
	Status:	  	Normal

  

 11 

 SCHEDULE 2 - COMPLETION OBLIGATIONS 
 PART I 
 OBLIGATIONS OF THE SELLERS 
 DELIVERY OBLIGATIONS 
 Deliver to Newco 1 and Getty Images, this Share
Sale Agreement duly executed by both Sellers. 
  

 12 

 PART II 
 OBLIGATIONS OF NEWCO 1 
 On Completion Newco 1 shall, conditionally upon the satisfaction of the obligations set out in Part I of this Schedule,

  

	1.	Deliver to the Sellers’ Solicitors a certified copy of a board resolution of Newco 1 authorising the execution and performance by Newco 1 of its obligations under this Agreement and each
of the documents to be executed by Newco 1 pursuant to this Agreement and appointing Jerry Kennelly and Johanna Kennelly as directors of Newco 1. 

  

	2.	Allot and issue 100 Preference Shares to the Sellers in the proportions below credited as fully paid and shall enter the Sellers into the register of members of Newco as the holders of such
Preference Shares and issue the appropriate share certificates to them. 

  

			
	 Seller
	  	Number of
Preference Shares
	 Jerry Kennelly
	  	99
	 Johanna Kennelly
	  	1

  

	3.	Deliver to the Sellers’ Solicitors a certified copy of a board resolution of Getty Images authorising the execution and performance by Getty Images of its obligations under this
Agreement. 

  

 13 

	
	 SIGNED, SEALED and DELIVERED
  
 by JERRY KENNELLY
 in the presence of:

	
	/s/ Jerry Kennelly
	
	 SIGNED, SEALED and DELIVERED
  
 by JOHANNA KENNELLY
 in the presence of:

	
	/s/ Johanna Kennelly
	
	 GIVEN UNDER THE COMMON SEAL OF
  
 PIXEL IMAGES LIMITED
  
 (Corporate Seal)

	
	 SIGNED AS A DEED by
  
 JOHN LAPHAM, VICE-PRESIDENT
  
 duly authorised on behalf of

 
 GETTY IMAGES, INC.

	
	/s/ John Lapham

  

 14

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