Document:

EX-10.1

EXECUTION

AMENDMENT NO. 3 TO CREDIT AGREEMENT

AMENDMENT NO. 3 TO CREDIT AGREEMENT (this “Amendment”), is dated as of September 30,
2010 (the “Amendment Effective Date”), by and among LIONBRIDGE TECHNOLOGIES, INC., a
Delaware corporation (the “Company”); Lionbridge International Finance Limited, a company
formed under the laws of Ireland (the “Foreign Borrower”, and, together with the Company,
the “Borrowers”); the Foreign Guarantors from time to time parties to the Credit Agreement
referred to below (collectively, the “Foreign Guarantors”); the US Guarantors from time to
time parties to the Credit Agreement referred to below (collectively, the “US Guarantors”);
and HSBC BANK USA, N.A., as the lender (in such capacity, the “Lender”), as administrative
agent (in such capacity, the “Agent”) and as sole lead arranger and sole book runner
(“HSBC”).

RECITALS

WHEREAS, the Borrowers, the US Guarantors, the Foreign Guarantors, the Lender and the Agent
are parties to that certain Credit Agreement, dated as of December 21, 2006, as amended by that
certain Amendment and Joinder Agreement, dated January 22, 2007, as further amended by that certain
Amendment and Joinder Agreement to Credit Agreement, dated October 30, 2009 (as the same may be
further amended from time to time, the “Credit Agreement”);

WHEREAS, immediately prior to the Amendment Effective Date, all of the then-existing “Lender”
parties under the Credit Agreement other than HSBC sold and assigned to HSBC, and HSBC purchased
and assumed, all such transferring lenders’ rights and obligations under the Credit Agreement
pursuant to Assignment Agreements substantially in the form of Schedule 9.6(c) of the
Credit Agreement, and, as a result of such assignments, HSBC is now the sole Lender under the
Credit Agreement; and

WHEREAS, the Borrowers have requested, and HSBC, as the sole remaining Lender has agreed to,
certain amendments to the Credit Agreement to, among other things, extend the maturity date, to
change the pricing, and to change certain financial covenants.

NOW, THEREFORE, in consideration of the foregoing, and for good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

	 	1.	 	General.

1.1. Capitalized terms used herein without definition shall have the meanings ascribed such
terms in the Credit Agreement.

1.2. HSBC, as the sole Lender under the Credit Agreement, confirms that its aggregate
Commitment under the Credit Agreement is $50,000,000 as of the Amendment Effective Date.

2. Amendments to Section 1 of the Credit Agreement.

2.1 Section 1.1 of the Credit Agreement is hereby amended as follows:

2.1.1 by (i) deleting the table set forth in the definition of “Applicable Percentage” in its
entirety, and (ii) replacing it with the following:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	LIBOR Rate Margin	 	 	 	 
	 	 	 	 	for Revolving Loans	 	Alternate Base Rate	 	 
	 	 	Leverage	 	and Letter of	 	Margin for	 	 
	“Level	 	Ratio	 	Credit Fee	 	Revolving Loans	 	Commitment Fee
	I
	 	> 2.50 to 1.00

	 	 	2.50	%	 	 	0.00	%	 	 	0.500	%
	 
	 	 

	 	 	 	 	 	 	 	 	 	 	 	 
	II
	 	> 1.50 to 1.00

but

	 	2.25%

	 	0.00%

	 	0.500%

	 	 	 

	 	

	 	

	 	

	 	 	? 2.50 to 1.00

	 	

	 	

	 	

	 
	 	 

	 	 	 	 	 	 	 	 	 	 	 	 
	III
	 	> 1.00 to 1.00

but

	 	2.00%

	 	0.00%

	 	0.500%

	 	 	 

	 	

	 	

	 	

	 	 	? 1.50 to 1.00

	 	

	 	

	 	

	 
	 	 

	 	 	 	 	 	 	 	 	 	 	 	 
	IV
	 	? 1.00 to 1.00

	 	 	1.75	%	 	 	0.00	%	 	 	0.375	%
	 
	 	
 
	 	 	 	 	 	 	 	 	 	 	 	 

2.1.2 by adding the following words immediately following the phrase “foreign exchange
charges” in clause (b)(vi) of the definition of “Consolidated EBITDA”:

“and up to $2,500,000 of realized foreign exchange charges related to hedging
arrangements”

2.1.3 by inserting, immediately after clause (b)(xi) of the definition of “Consolidated
EBITDA”, the following new subclauses (xii) and (xiii):

“, (xii) for the fiscal quarters ended December 31, 2009 through June 30, 2010,
non-recurring restructuring charges not to exceed $4,719,000 in the aggregate, and
(xiii) for the fiscal quarters ending September 30, 2010 through March 31, 2012,
non-recurring restructuring charges, approved by the Administrative Agent, not to
exceed $6,000,000 in the aggregate.”

2.1.4 by inserting, immediately prior to the “.” at the end of clause (c) of the definition of
“Consolidated EBITDA”, the following clause:

“; provided, however, that the restructuring charges permitted to be added back
pursuant to clause (b)(xii)-(xiii) hereof shall not be subtracted pursuant to this
clause (c) regardless of whether such charges are non-cash charges that become cash
charges”

2.1.5 by deleting the definition of “Co-Syndication Agents” in its entirety.

2.1.6 by (i) deleting the definition of “Lender” in its entirety, and (ii) replacing it with
the following:

““Lender” shall mean HSBC and any successor and/or assignee in such capacity
and shall include the Issuing Lender and the Swingline Lender.”

2.1.7 by adding the following phrase immediately following the reference to “$10,000,000” in
clause (i) of the second sentence of the definition of “Permitted Acquisition”:

“either in cash on the Company’s balance sheet or”

2.1.8 by (i) deleting the reference to “$10,000,000 in any twelve month period” in clause
(ii)(A) of the second sentence of the definition of “Permitted Acquisition”, and (ii) replacing it
with the following:

“$20,000,000 in any single transaction”

2.1.9 by (i) deleting the reference to “$25,000,000” in clause (ii)(B) of the second sentence
of the definition of “Permitted Acquisition”, and (ii) replacing it with “$30,000,000”.

2.1.10 by (i) deleting the reference to “3.0:1.0” in clause (iii) of the second sentence of
the definition of “Permitted Acquisition”, and (ii) replacing it with the following: “2.5:1.0”.

2.1.11 by replacing existing Schedule 1.1-2 in the definition of “Permitted Liens”
with new Schedule 1.1-2 attached hereto as Exhibit I and deeming the Liens listed
thereon as existing as of the Closing Date, solely for the purposes of clause (i) of the definition
of “Permitted Liens”.

2.1.12 by (i) deleting the reference to “December 21, 2011” in the definition of “Revolving
Commitment Termination Date”, and (ii) replacing it with the following: “September 30, 2014”.

2.2 Section 1.3 of the Credit Agreement is hereby amended by inserting the following
immediately prior to the “.” at the end of the first paragraph thereof:

“and, provided further that (and notwithstanding anything to the contrary contained
herein), unless the Company gives notice to the Administrative Agent that the
Company has elected to proceed  in accordance with the immediately prior proviso,
the definitions of Consolidated EBITDA, Consolidated Interest Expense and
Indebtedness and all provisions of Section 5.9,  to the extent in each case that
they relate to the accounting for leases, shall be calculated and the Company’s
compliance with such provisions shall be determined on the basis of GAAP in effect
as of the date of this Credit Agreement, without giving effect to any subsequent
change”

3. Amendments to Section 2 of the Credit Agreement. Section 2 of the Credit Agreement
is amended as follows:

3.1 Section 2.4 of the Credit Agreement is amended by deleting it in its entirety, and
(ii) replacing it with the following:

“Section 2.4 Reserved”

3.2 Section 2.5(d) of the Credit Agreement is amended by deleting it in its entirety,
and (ii) replacing it with the following:

“(d) Reserved.”

4. Amendments to Section 3 of the Credit Agreement and Section 4 of the Security Agreement.

4.1 Section 3 of the Credit Agreement is hereby amended by replacing (i) existing
Schedule 3.3 with new Schedule 3.3 attached hereto as Exhibit B; (ii)
existing Schedule 3.12 with new Schedule 3.12 attached hereto as Exhibit C;
(iii) existing Schedule 3.16 with new Schedule 3.16 attached hereto as Exhibit
D; (iv) existing Schedules 3.19(a), 3.19(b) and 3.19(c) with new
Schedules 3.19(a), 3.19(b) and 3.19(c), respectively, attached hereto as
Exhibit E; (v) existing Schedule 3.26 with new Schedule 3.26 attached
hereto as Exhibit F; and (vi) existing Schedule 3.29 with new Schedule 3.29
attached hereto as Exhibit G.

4.2 Section 4 of the Security Agreement is hereby amended by replacing existing
Schedule 4(l) with new Schedule 4(l) attached hereto as Exhibit J.

5. Amendments to Section 5 of the Credit Agreement. Section 5 of the Credit
Agreement is hereby amended as follows:

5.1 Section 5.9(a) of the Credit Agreement is amended by (i) deleting the reference to
“3.25 to 1.0”, and (ii) replacing it with the following:

“2.75 to 1.0; provided that, as of the fiscal quarter ending June 30, 2011, the
Leverage Ratio shall be less than or equal to 2.50 to 1.0.”

5.2 Section 5.9(b) of the Credit Agreement is amended by adding the following clause
immediately prior to the “.” at the end thereof:

“; provided that the Project Blue Basket (as defined in clause (c) below) shall be
excluded from Consolidated Capital Expenditures for purposes of calculating such
Fixed Charge Coverage Ratio hereunder”

5.3 Section 5.9(c) of the Credit Agreement is amended by deleting it in its entirety,
and (ii) replacing it with the following:

“(c) Consolidated Capital Expenditures. Consolidated Capital Expenditures
as of the end of each fiscal year of the Company shall be less than or equal to
$15,000,000 per fiscal year plus the unused amount of Consolidated Capital
Expenditures under this Section 5.9(c) for the immediately preceding fiscal year
(excluding any carry forward from any prior fiscal year), provided that the
aggregate amount of Consolidated Capital Expenditures shall not exceed $20,000,000
in any fiscal year. An additional amount of up to $5,000,000 in the aggregate is
permitted for use solely in connection with the Company’s current venture with IBM
pursuant to which such parties are developing a new product (the “Project Blue
Basket”). For clarity, the Project Blue Basket shall not be included in the
calculation of aggregate Consolidated Capital Expenditures.”

5.4 Section 5.14 of the Credit Agreement is amended by adding the following sentence
immediately prior to the first sentence of such section:

“The US Credit Parties’ main operating cash accounts shall be maintained at HSBC or
as otherwise designated by HSBC, provided that, in each case, HSBC offers pricing,
operational capabilities and other terms competitive with other potential
providers.”

6. Amendments to Section 6 of the Credit Agreement. Section 6 of the Credit
Agreement is hereby amended as follows:

6.1 by replacing existing Schedule 6.1(b) with new Schedule 6.1(b) attached
hereto as Exhibit H and deeming the Indebtedness listed thereon as existing as of the
Closing Date, solely for the purpose of Section 6.1(b).

7. Fees. The Company shall pay to Lender fees as follows: (i) an amount equal to 0.50% of the
Revolving Commitment Amount (the “Upfront Fee”), and (ii) $15,000 as an amendment fee in
consideration for Lender’s consent to this Amendment (the “Amendment Fee”).

8. Representations and Warranties. The Credit Parties hereby represent and warrant to the
Agent and Lender as follows:

8.1 Corporate Existence; Compliance with Law. Each of the Credit Parties (a) is duly
organized, validly existing and in good standing under the laws of the jurisdiction of its
organization (to the extent applicable under such laws), (b) has the requisite power and authority
and the legal right to own and operate all its property, to lease the property it operates as
lessee and to conduct the business in which it is currently engaged, (c) is duly qualified to
conduct business and in good standing (to the extent applicable) under the laws of (i) the
jurisdiction of its organization, (ii) the jurisdiction where its chief executive office is located
and (iii) each other jurisdiction where its ownership, lease or operation of property or the
conduct of its business requires such qualification except to the extent that the failure to so
qualify or be in good standing could not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect on the business or operations of the Credit Parties and their
Subsidiaries in such jurisdiction and (d) is in compliance with all Requirements of Law, government
permits and government licenses except to the extent that the failure to comply therewith could
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

8.2 No Change. Since June 30, 2010, there has been no development or event which,
individually or in the aggregate, has had or could reasonably be expected to have a Material
Adverse Effect.

8.3 Corporate Power; Authorization; Enforceable Obligations. Each of the Credit
Parties has full power and authority and the legal right to make, deliver and perform this
Amendment and the other Credit Documents to which it is party and has taken all necessary limited
liability company or corporate action to authorize the execution, delivery and performance by it of
this Amendment and the other Credit Documents to which it is party. No consent or authorization
of, filing with, notice to or other act by or in respect of, any Governmental Authority or any
other Person is required in connection with the borrowings hereunder or with the execution,
delivery or performance of this Amendment or any other Credit Document by the Credit Parties (other
than those that have been obtained) or with the validity or enforceability of this Amendment or any
other Credit Document against the Credit Parties (except such filings as are necessary in
connection with the perfection of the Liens created by this Amendment or such other Credit
Documents). This Amendment and each other Credit Document to which it is a party has been duly
executed and delivered on behalf of each Credit Party. This Amendment and each other Credit
Document to which it is a party constitutes a legal, valid and binding obligation of each Credit
Party, enforceable against such Credit Party in accordance with its terms, except as enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the enforcement of creditors’ rights generally and by general equitable principles
(whether enforcement is sought by proceedings in equity or at law).

8.4 No Legal Bar; No Default. The execution, delivery and performance of this
Amendment and the other Credit Documents, the borrowings hereunder and thereunder and the use of
the proceeds of the Loans will not violate any material Requirement of Law or any material
Contractual Obligation of any Credit Party (except those as to which waivers or consents have been
obtained), and will not result in, or require, the creation or imposition of any Lien on any Credit
Party’s properties or revenues pursuant to any Requirement of Law or Contractual Obligation other
than the Liens arising under or contemplated in connection with this Amendment and the other Credit
Documents. No Credit Party is in default under or with respect to any of its Contractual
Obligations to the extent such default could reasonably be expected to have a Material Adverse
Effect. No Default or Event of Default has occurred and is continuing.

8.5 Credit Agreement. Before and after giving effect to this Amendment, the
representations and warranties of the Credit Parties contained in the Credit Agreement (as modified
by Section 4 hereof) and other Credit Documents are true and correct in all material respects (if
not qualified as to materiality or Material Adverse Effect) or in any respect (if so qualified) on
and as of the date of this Amendment as though made at and as of such date, except to the extent
that such representations and warranties specifically refer to an earlier date, in which case they
are true and correct in all material respects (if not qualified as to materiality or Material
Adverse Effect) or in any respect (if so qualified) as of such earlier date.

9. Conditions Precedent to the effectiveness of this Amendment. The effectiveness of this
Amendment is subject to Agent’s receipt of the items set forth on the checklist attached hereto as
Exhibit A.

10. Ratification. Except as otherwise expressly provided hereunder, the Credit Agreement, the
other Credit Documents and all documents, instruments and agreements related thereto as hereby
ratified and confirmed in all respects and shall continue in full force and effect. The Credit
Parties hereby confirm and ratify that all security interests granted to Agent pursuant to the
Security Documents to secure, inter alia, the Credit Party Obligations, remain binding and in full
force and effect before and after giving effect to this Amendment. This Amendment and the Credit
Agreement as previously amended shall hereafter be ready and construed as a single document.

11. Miscellaneous.

11.1 Counterparts. This Amendment may be executed by the parties hereto in several
counterparts hereof and by the different parties hereto on separate counterparts hereof, all of
which counterparts shall together constitute one and the same agreement. Delivery of an executed
signature page of this Amendment by telecopy or PDF shall be effective as an in-hand delivery of an
original executed counterpart hereof.

11.2 Severability. If any provision of this Amendment or any other Credit Document is
held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the
remaining provisions of this Amendment and the other Credit Documents shall not be affected or
impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the
illegal, invalid or unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the illegal, invalid or unenforceable provisions. The
invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.

11.3 GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THEREOF.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed
as a sealed instrument by their duly authorized representatives, all as of the day and year first
above written.

BORROWERS:

LIONBRIDGE TECHNOLOGIES, INC.,

a Delaware corporation

	 	 	 	 	 
	By:	 	/s/ Donald Muir

	 	 	 

	 	 	Name:

Title:

	 	Donald Muir

Chief Financial Officer

	 	 	LIONBRIDGE INTERNATIONAL FINANCE LIMITED,

a Company formed under the laws of Ireland

	 	 	 	 	 
	By:	 	/s/ Tina Wang

	 	 	 

	 	 	Name:

Title:

	 	Tina Wang

Director

With respect to the foregoing Amendment, each of the US Guarantors acknowledges, accepts and
agrees that the provisions of Article X of the Credit Agreement remain binding and in full force
and effect with respect to the Credit Agreement as amended hereby. Nothing contained in this
Amendment shall affect or alter the US Guaranty (as defined in the Credit Agreement) of the US
Guarantors. In addition, each US Guarantor confirms that its guaranty of the Credit Party
Obligations pursuant to the Credit Documents remains binding in full force and effect before and
after giving effect to this Amendment, and further confirms and ratifies that all security
interests granted to Agent pursuant to the Security Documents to secure, inter alia, the Credit
Party Obligations, remain binding and in full force and effect before and after giving effect to
this Amendment.

	 	 	 	 	 
	US GUARANTORS:
	 	 	 	VERITEST, INC.,

	 
	 	

	 	

	 	 	a Delaware corporation
	 	 	By:      /s/ Donald Muir
	 	 	 
	 	 	Name:

Title:
	 	Donald Muir

Chief Financial Officer

	 	 	LIONBRIDGE US, INC.,

a Delaware corporation

	 	 	 
	By:      /s/ Donald Muir

	 

	Name:

Title:

	 	Donald Muir

Chief Financial Officer

	 	 	LIONBRIDGE GLOBAL SOLUTIONS II, INC.,

a New York corporation

	 	 	 
	By:      /s/ Donald Muir

	 

	Name:

Title:

	 	Donald Muir

Chief Financial Officer

	 	 	LIONBRIDGE GLOBAL SOLUTIONS FEDERAL, INC.,

a Delaware corporation

	 	 	 
	By:      /s/Margaret A. Shukur

	 

	Name:

Title:

	 	Margaret A. Shukur

Secretary

1

	 	 	LIONBRIDGE GLOBAL SOURCING SOLUTIONS, INC.

	 	 	 	 	 
	By:	 	/s/ Rory J. Cowan

	 	 	 

	 	 	Name:

Title:

	 	Rory J. Cowan

President

With respect to the foregoing Amendment, each of the Foreign Guarantors acknowledges, accepts and
agrees that the provisions of Article XI of the Credit Agreement remain binding and in full force
and effect with respect to the Credit Agreement as amended hereby. Nothing contained in this
Amendment shall affect or alter the Foreign Guaranty (as defined in the Credit Agreement) of the
Foreign Guarantors. In addition, each Foreign Guarantor confirms that its guaranty of the Credit
Party Obligations pursuant to the Credit Documents remains binding in full force and effect before
and after giving effect to this Amendment, and further confirms and ratifies that all security
interests granted to Agent pursuant to the Security Documents to secure, inter alia, the Credit
Party Obligations, remain binding and in full force and effect before and after giving effect to
this Amendment.

	 	 	FOREIGN GUARANTORS:

LIONBRIDGE INTERNATIONAL,

a company formed under the laws of Ireland

	 	 	 
	By:

	 	/s/ Rory J. Cowan
	
 
	 	 
	Name:

Title:

	 	Rory J. Cowan

Director

	 	 	LIONBRIDGE LUXEMBOURG S.a.r.l.,

a company formed under the laws of Luxembourg

	 	 	 
	By: /s/ Paul Kohout

	 

	Name:

Title:

	 	Paul Kohout

Type A Director

	 	 	Acknowledged, accepted and agreed:

HSBC BANK USA, NATIONAL ASSOCIATION,

as Administrative Agent and as Lender

	 	 	 	 	 
	By:	 	/s/ Manuel Burgueno

	 	 	 

	 	 	Name:

	 	Manuel Burgueno

Title: Vice President

2EX-10.1

DATED 29 SEPTEMBER 2010

WITHOUT PREJUDICE AND SUBJECT TO CONTRACT

(1) 19 ENTERTAINMENT LIMITED

(2) ROBERT DODDS

(3) CKX, INC.

COMPROMISE AGREEMENT

Paul, Hastings, Janofsky & Walker (Europe) LLP

Solicitors and Registered Foreign Lawyers

Ten Bishops Square

Eighth Floor

London

E1 6EG

Tel: 020 3023 5100

Fax: 020 3023 5109

Ref: CB/09092.00005

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.   BACKGRO	 	UND 1

	 	 	2.	 	 	REMUNERATION
	 	 	1	 
	 	3.	 	 	COMPENSATION PAYMENT
	 	 	2	 	 	 	 	 	 	 
	 	4.	 	 	BENEFITS AND STOCK
	 	 	2	 	 	 	 	 	 	 
	 	5.	 	 	TAXATION
	 	 	3	 	 	 	 	 	 	 
	 	6.	 	 	RETURN OF PROPERTY
	 	 	3	 	 	 	 	 	 	 
	 	7.	 	 	WARRANTIES AND REPRESENTATIONS
	 	 	3	 	 	 	 	 	 	 
	 	8.	 	 	STATUS, CONFIDENTIALITY AND CONDUCT
	 	 	4	 	 	 	 	 	 	 
	 	9.	 	 	FULL AND FINAL SETTLEMENT
	 	 	5	 	 	 	 	 	 	 
	 	10.	 	 	COMPLIANCE WITH STATUTORY PROVISIONS
	 	 	7	 	 	 	 	 	 	 
	 	11.	 	 	THIRD PARTY RIGHTS
	 	 	8	 	 	 	 	 	 	 
	 	12.	 	 	GENERAL
	 	 	8	 	 	 	 	 	 	 

THIS AGREEMENT is made on 29 September 2010

BETWEEN:

	 	(1)	 	19 ENTERTAINMENT LIMITED, (Company number 01886042) whose registered office is at 100 New
Bridge Street, London, EC4V 6JA (“19E”);

	(2)	 	ROBERT DODDS of 10b the Ridings, Cobham, Surrey, KT11 2PT (the “Employee”); and

	(3)	 	CKX, INC., a corporation established under the laws of the state of Delaware, whose principal
place of business is 650 Madison Avenue, New York, New York 10022 (“CKX” and, together with
19E, “the Company”).

	1.	 	BACKGROUND

	 	1.1	 	The Employee’s employment with 19E commenced on 31 August 2006. Following a
restructuring of the Group, the role previously performed by the Employee has ceased to
exist and his employment will terminate on 1 October 2010 (the “Termination Date”).

	 	1.2	 	The parties have entered into this Agreement (the “Agreement”) to record and
implement the terms relating to the termination of the Employee’s employment and, among
other matters, the waiver of all claims the Employee has or might have against the
Company or any Group Company arising out of the employment or its termination (the
“Terms”).

	2.	 	REMUNERATION

	 	2.1	 	The Employee will be paid his normal salary and receive his contractual
benefits from 19E up to and including the Termination Date (subject to any appropriate
deductions for income tax and National Insurance Contributions).

	 	2.2	 	Within 14 days of the latest to occur of (i) the Termination Date, and (ii)
receipt by 19E of original copies of the Employee’s acceptance of the Terms and the
letter from his adviser in the attached form set out in Schedule 1 (his adviser being
identified in that letter (the “Adviser”)), to the extent it has not already done so
19E will make to the Employee a payment reimbursing the Employee for his final expenses
incurred up to the Termination Date, provided 19E has prior to payment received valid
receipts or satisfactory evidence of expenditure in accordance with 19E’s current
expenses policy or any terms relating to expenses agreed between the parties.

	 	2.3	 	Any sums due from the Employee to the Company will be deducted from his final
salary payment or, in the event the cut off date for administering salary and benefits
has passed, the Compensation Payment (as defined in clause 3 below).

	3.	 	COMPENSATION PAYMENT

	 	3.1	 	Subject to and conditional upon the terms of this Agreement (including, without
limitation, the conditions in this clause 3.1), and within one business day of the
latest condition to occur of:

	 	3.1.1	 	the Termination Date;

	 	3.1.2	 	issue by 19E to the Employee of a P45 (which 19E undertakes to
do promptly and in any event within 48 hours of the Termination Date); and

	 	3.1.3	 	receipt by 19E of a copy of this Agreement signed by the
Employee and a signed letter from his Adviser in the attached form set out in
Schedule 1,

19E will pay to the Employee:

	 	3.1.4	 	£1,870,000 as compensation for loss of office (the
“Compensation Payment”).

	4.	 	BENEFITS AND STOCK

	 	4.1	 	Save as specifically referred to in clause 4.2 below, the Employee’s
entitlement to receive any benefits from the Company by virtue of his employment shall
cease on the Termination Date.

	 	4.2	 	All unvested stock options held by the Employee in CKX shall be cancelled as of
the Termination Date. All vested stock options held by the Employee in CKX shall be
exercisable for a period of ninety (90) days following the Termination Date. It is
acknowledged that the Employee has:

	 	4.2.1	 	5,000 options to purchase common stock, par value $0.01 per
share, of CKX (“CKX Stock”) granted on 6 March 2008 of which 2,000 are already
vested and 3,000 are not vested and will therefore be cancelled on the
Termination Date; and

	 	4.2.2	 	125,000 options to purchase CKX Stock granted on 13 March 2009
of which 25,000 are already vested and 100,000 are not vested and will
therefore be cancelled on the Termination Date.

	 	4.3	 	The Employee agrees to enter into such election(s) with 19E under section
425(3) and/or 431 Income Tax (Earnings and Pensions) Act 2003 as 19E may require no
later than 7 days after the receipt by the Employee of any CKX Stock referred to in
clause 4.2.

	 	4.4	 	The Company agrees that on the Termination Date, with respect to the 139,553
shares of CKX Stock owned by the Employee as a result of the exercise of an option deed
entered into between the Company and the Employee on 31 August 2006 relating to loan
notes in 19E (“2006 Stock”), the Company shall release the 2006 Stock from escrow and
shall remove any and all restrictions on transfer of such 2006 Stock, including,
without limitation, as set forth in the Agreement for the sale and purchase of the
entire issued share capital of Freedom Media Limited between the Employee (“Sale and
Purchase Agreement"), the Company and 19E on 31 August 2006 and shall procure removal
of the legend relating to restrictions on transfer pursuant to the Sale and Purchase
Agreement and the legend relating to restrictions on transfer pursuant to the
Securities Act of 1933, as amended (the “Securities Act”), contained on the certificate
of stock in relation to such 2006 Stock. The Employee shall provide such
representations as may be required to demonstrate compliance with Rule 144 of the
Securities Act to permit removal of the Securities Act legend referenced in the
preceding sentence. Without limitation to the generality of this clause 4.4 the
Company acknowledges that the CKX Share Vesting Date as defined in the Sale and
Purchaser Agreement shall be accelerated to the Termination Date and it is agreed and
acknowledged by the Company and 19E that no Default Event (as defined in the Sale and
Purchase Agreement) has occurred or shall be treated as having occurred on or before
the Termination Date and that both the Company and 19E shall procure that all actions
are taken as are necessary to procure that all right title and interest in the 2006
Stock is transferred to the Employee on and with effect from the Termination Date.

	5.	 	TAXATION

	 	5.1	 	The first £30,000 of the Compensation Payment will be paid without deduction of
income tax and employees’ National Insurance Contributions on the basis that the
parties believe it is a payment pursuant to Sections 401 to 405 of the Income Tax
(Earnings and Pensions) Act 2003. The balance of the sums payable to the Employee
under clauses 3.1.4 and 8.1 of this Agreement (including, without limitation, the
balance of the Compensation Payment) will be subject to appropriate deductions for
income tax and employees’ National Insurance Contributions.

	 	5.2	 	In the event that any liability for further income tax or employees’ National
Insurance Contributions and any interest and penalties thereon (together, the “Tax and
Contributions”) in respect of the Compensation Payment, and/or the payments made to
and/or value of any benefits provided to the Employee pursuant to this Agreement, the
Employee will be responsible for the payment of any such Tax and Contributions. The
Employee shall not be liable in respect of any interest or penalties comprised in Tax
and Contributions to the extent that the Employee has (by payment or suffering a
withholding or otherwise) provided an amount of tax and the liability to interest and
penalties arises on that tax as a result of a delay or default by the Company, 19E or
their respective affiliates in accounting for such tax to HMRC.

	 	5.3	 	If the Company or 19E are liable to account for Tax and Contributions under
PAYE and the Employee has made payment in respect of the same liability through
self-assessment, then the Employee shall take such steps as the Company shall
reasonably request (including to request repayment of such tax accounted for through
self-assessment so it can be paid to the Company and accounted for through PAYE) to
ensure that the amount so paid is effectively credited against the liability under
PAYE, but provided always that the Employee shall not be required to make payment more
than once in respect of the same Tax and Contributions.

	6.	 	RETURN OF PROPERTY

	 	6.1	 	The Employee confirms that upon request he shall return to 19E all property
belonging to the Company or the Group or relating to its or their business, in his
possession or control. The Employee will not keep or make any copy of anything
returned pursuant to this clause 6.1.

	 	6.2	 	The Employee shall with immediate effect resign as a director of the Company
and each Group Company of which he is a director by signing the letter of resignation
attached to this Agreement at Schedule 2 which shall be deemed to have been delivered
to the Company and each Group Company as at the date of this Agreement. The Employee
will immediately and as of the Termination Date do all such things as may be necessary
to resign all other directorships or offices (if any) which he holds by virtue of his
employment with the Company. The Employee irrevocably appoints the Company to be his
attorney in his name and on his behalf to sign, execute or do any such instrument or
thing and generally to use his name in order to give the Company (or its nominee) the
full benefit of the provisions of this clause.

	7.	 	WARRANTIES, REPRESENTATIONS AND COVENANTS

	 	7.1	 	The Employee warrants, represents and covenants to the Company that he:

	 	7.1.1	 	is not aware of any matters relating to any acts or omissions
by him or any director, officer, employee or agent of the Company (or any Group
Company) which if not already disclosed to the Company would or might affect
its decision to enter into this Agreement, to the Terms of this Agreement or
make any of the payments or provide any of the benefits referred to in this
Agreement; and

	 	7.1.2	 	has not presented an originating application or claim form to
any office of the Employment Tribunals or issued a claim form in the High Court
or County Court in connection with this employment or its termination or issued
any equivalent or similar proceedings against any Protected Persons in any
other jurisdiction, nor has anyone acting on his behalf presented nor will he
or they present any such complaint or present or issue an originating
application or claim form or issue any equivalent or similar proceedings.

	 	7.1.3	 	will not assert any position that is contrary to any tax or
labour position currently maintained by the Company with respect to the
restructuring of 19E carried out over the course of 2010 to date, including the
redundancies of certain employees and the transfer of certain businesses,
assets and employees to XIX Management Ltd., unless he subsequently receives
new information which reasonably would require him to assert such a contrary
position.

	8.	 	STATUS, CONFIDENTIALITY AND CONDUCT

	 	8.1	 	In consideration of the payment to the Employee by 19E of £5,000 (less
deductions for income tax and employees National Insurance Contributions) which payment
will be paid by 19E within 14 days of the conditions listed in clause 3.1.1, 3.1.2 and
3.1.3 being met, the Employee covenants with the Company and all Group Companies that
he will abide by the provisions of this clause 8.

	 	8.2	 	The Employee accepts and agrees that his express and implied duties relating to
confidential information, including but not limited to the duties regarding
confidentiality set forth in clause 13 of his service agreement with 19E dated 31
August 2006, as amended (the “Service Agreement”) shall continue after the Termination
Date.

	 	8.3	 	The Employee shall not and the Company shall ensure that its officers and
employees shall not:

	 	8.3.1	 	make or publish any statement to a third party (including but
not limited to any journalists or other persons connected in any way with the
media, any clients, customers, employees or ex-employees of the Company or any
other Group Company) concerning the Terms of this Agreement or the
circumstances surrounding the termination of the Employee’s employment (other
than a joint press release, in form and substance reasonably satisfactory to
the Company and the Employee, that shall be released promptly following the
execution and delivery of this Agreement); or

	 	8.3.2	 	make or publish any derogatory or disparaging statement or do
anything in relation to the Employee, the Company, any Group Company or any
members, partners, directors, officers, employees, ex-employees, clients,
customers or agents of the Company or any other Group Company which is intended
to or which might be expected to damage or lower their respective reputations,

provided, that the parties will not be prevented from making a disclosure:

	 	(i)	 	for the purposes of seeking legal or
other professional advice from an adviser (including, without
limitation, the Adviser) in relation to this Agreement provided
that any such adviser is bound by the same duty of confidence;

	 	(ii)	 	to the proper authorities as required
by law; or

	 	(iii)	 	in the case of the Employee, to an
immediate family member, provided such person agrees to maintain
confidentiality on the same terms.

	 	8.4	 	The Employee warrants that he has not published any statement or authorised or
permitted anyone else to do so prior to the date of this Agreement, which would
constitute a breach of clauses 8.2 or 8.3 if it had occurred after the date of this
Agreement.

	9.	 	RELEASE FROM RESTRICTIONS

	9.1	 	The Company agrees that with effect from the Termination Date the Company releases the
Employee from and shall procure that each Group Company shall release the Employee from the
covenants and restrictions contained in paragraphs 1 and 2 of Schedule 1 to the Service
Agreement.

	10.	 	FULL AND FINAL SETTLEMENT

	 	10.1	 	The Terms under this Agreement are offered without any admission of liability
on the part of: (i) the Company; (ii) any other Group Company; and, (iii) its or their
respective members, partners, directors, officers, employees and agents ((i)-(iii)
together, in their respective capacities as such, the “Protected Persons”), and are in
full and final settlement of all claims in all jurisdictions, whether known or not
under contract, tort, statute or otherwise which the Employee has at the date of this
Agreement or which may arise in future against the Protected Persons arising out of or
in connection with or as a consequence of the Employee’s employment and/or its
termination including, without limitation, any claim:

	 	10.1.1	 	for unfair dismissal, under the Employment Rights Act 1996;

	 	10.1.2	 	for wrongful dismissal or breach of contract, including, without limitation,
in relation to any alleged or actual bonus, commission, carried interest,
profit-sharing or incentive payments or other variable forms of remuneration
arising pursuant to the employment;

	 	10.1.3	 	(save as specifically referred to in clauses 4.2 and 4.3) in relation to any
alleged or actual entitlement to shares, stocks or membership in any entity,
howsoever granted

	 	10.1.4	 	for a statutory redundancy payment, under the Employment Rights Act 1996, or
any other type of redundancy payment;

	 	10.1.5	 	in relation to unauthorised deductions from wages, under the Employment
Rights Act 1996;

	 	10.1.6	 	for unlawful detriment, under the Employment Rights Act 1996;

	 	10.1.7	 	in relation to working time or holiday pay, under the Working Time
Regulations 1998 or contractually;

	 	10.1.8	 	for equal pay, less favourable treatment or detriment, direct or indirect
discrimination, harassment or victimisation on any unlawful ground, including,
but not limited to, sex, pregnancy or maternity status, marital or civil
partnership status, race, colour, nationality, ethnic or national origin,
disability, part-time or fixed-term status, sexual orientation, transsexualism,
age, religion, religious or philosophical belief or non-belief, under the
applicable Act or Regulations set out in clause 10.1 of this Agreement;

	 	10.1.9	 	in relation to protected disclosures (whistleblowing) under the Employment
Rights Act 1996 and the Public Interest Disclosure Act 1998;

	 	10.1.10	 	in respect of the infringement of the statutory employment rights set out in
the Trade Union and Labour Relations (Consolidation) Act 1992;

	 	10.1.11	 	for failure to comply with obligations under the Human Rights Act 1998;

	 	10.1.12	 	for failure to comply with obligations under the Data Protection Act 1998;

	 	10.1.13	 	in relation to personal injuries of which the Employee is currently aware;

	 	10.1.14	 	in relation to written reasons for dismissal, written particulars or
itemised payslips, under the Employment Rights Act 1996;

	 	10.1.15	 	in relation to the national minimum wage, under the National Minimum Wage
Act 1998;

	 	10.1.16	 	in relation to the right to be accompanied at disciplinary and grievance
meetings, under the Employment Rights Act 1999; and

	 	10.1.17	 	of any type under the federal, state, and local laws, statutes, regulations,
ordinances, and common law of the United States and each of the states thereof,
including but not limited to claims under Title VII of the Civil Rights Act of
1964, the Americans With Disabilities Act, and the Employee Retirement Income
Security Act of 1974;

but excluding any claim:

	 	(i)	 	for any personal injury of which the
Employee is currently unaware;

	 	(ii)	 	for the sums and benefits due to the
Employee pursuant to this Agreement or to enforce any other term of
this Agreement; and

	 	(iii)	 	under and pursuant to the terms and
conditions of (x) any D&O insurance policy maintained by or on
behalf of the Company that is applicable to the Employee and (y)
any indemnification provision contained in the Articles or Bylaws
of the Company that are applicable to the Employee.

	 	10.2	 	The Employee confirms that the Employee is aware of no other claim or grounds
to make a claim against the Protected Persons in relation to the employment or its
termination howsoever arising. The Employee represents and warrants that:

	 	10.2.1	 	the Employee has instructed the Adviser to advise as to whether the Employee
has or may have any claims, including statutory claims, against the Protected
Persons arising out of or in connection with the Employee’s employment or its
termination;

	 	10.2.2	 	the Employee has provided the Adviser with all available information which
the Adviser requires or may require in order to advise whether the Employee has
any such claims;

	 	10.2.3	 	the Adviser has advised the Employee that on the basis of the information
available to the Adviser the Employee’s only claims or particular complaints
against the Protected Persons, whether statutory or otherwise, arising out of
or in connection with the Employee’s employment or its termination are those
listed in clause 10.1 of this Agreement and that (save for those excepted
pursuant to clauses 4.2, 4.3 and 10.1 (i), (ii) and (iii)) the Employee has no
other claim against them arising out of or in connection with the Employee’s
employment or its termination; and

	 	10.2.4	 	the Adviser is a relevant independent adviser as defined in the Acts and
Regulations set out in clause 11.1 of this Agreement.

	11.	 	COMPLIANCE WITH STATUTORY PROVISIONS

	 	11.1	 	This Agreement satisfies the conditions regulating compromise agreements under
the Employment Rights Act 1996, the Disability Discrimination Act 1995, the Sex
Discrimination Act 1975 (in relation to claims under that Act and the Equal Pay Act
1970), the Race Relations Act 1976, the Trade Union and Labour Relations
(Consolidation) Act 1992, the Working Time Regulations 1998, the National Minimum Wage
Act 1998, the Part-Time Workers (Prevention of Less Favourable Treatment) Regulations
2000, the Fixed-Term Employees (Prevention of Less Favourable Treatment) Regulations
2002, the Employment Equality (Sexual Orientation) Regulations 2003, the Employment
Equality (Religion or Belief) Regulations 2003 and the Employment Equality (Age)
Regulations 2006.

	 	11.2	 	The Employee confirms that:

	 	11.2.1	 	he has received advice from the Adviser as to the Terms and effect of this
Agreement and in particular its effect on his ability to pursue his rights
before an Employment Tribunal; and

	 	11.2.2	 	he will procure that the Adviser signs the Certificate in Schedule 1.

	12.	 	THIRD PARTY RIGHTS

	 	12.1	 	Each Protected Person (as applicable) shall have the right under the Contracts
(Rights of Third Parties) Act 1999 to enforce the rights referred to in these Terms.
Except as set out in this clause 12, a person who is not a party to these Terms may not
enforce any of its provisions under the Contracts (Rights of Third Parties) Act 1999.

	13.	 	GENERAL

	 	13.1	 	In this Agreement, “Group Company” means any one of the Company and 19E, and
their respective subsidiaries, holding company or any subsidiary of a holding company
(in each case as defined by the Companies Act 2006) and the “Group” has the
corresponding meaning.

	 	13.2	 	In this Agreement, references to statutory provisions shall be construed as
references to those provisions as respectively replaced or amended or re-enacted from
time to time.

	 	13.3	 	This Agreement is governed by and construed in accordance with the law of
England and Wales. Each party irrevocably agrees to submit to the exclusive
jurisdiction of the courts of England and Wales over any claim or matter arising under
or in connection with this Agreement.

	 	13.4	 	This Agreement may be executed in one or more counterparts which, when taken
together, shall be deemed to constitute the entire agreement between the parties.

	 	13.5	 	Notwithstanding that this Agreement is marked “without prejudice and subject to
contract”, it will, when dated and signed by all the parties named below and
accompanied by the certificate in Schedule 1 signed by the Adviser become an open and
binding agreement between the parties.

	 	13.6	 	This Agreement may not be modified except by an instrument in writing signed by
the duly authorised representatives of the parties.

	 	13.7	 	Each party on behalf of itself and (in the case of the Company, as agent for
any Group Companies) acknowledges and agrees with the other party (the Company acting
on behalf of itself and as agent for each Group Company) that:

	 	13.7.1	 	this Agreement (together with any documents referred to in it) constitute(s)
the entire agreement and understanding between the Employee and the Company and
any Group Company and supersedes any previous agreement between them relating
to his employment by the Company (which shall be deemed to have been terminated
by mutual consent upon the terms of this Agreement);

	 	13.7.2	 	in entering into this Agreement neither the Employee, the Company nor any
Group Company has relied on any Pre-Contractual Statement (as defined below);
and

	 	13.7.3	 	the only remedy available to a party for breach of this Agreement shall be
for breach of contract under the terms of this Agreement and it shall have no
right of action against any other party in respect of any Pre-Contractual
Statement (as defined below),

provided that nothing in this Agreement shall, however, operate to limit or exclude
any liability for fraud. “Pre-Contractual Statement” means any undertaking, promise,
assurance, statement, representation, warranty or understanding (whether in writing
or not) of any person (whether party to this Agreement or not) relating to the
Employee’s employment or its termination other than as expressly set out in this
Agreement or any documents referred to in it.

	 	13.8	 	From the Termination Date until March 31, 2011, the Employee agrees to make
himself available to, and to cooperate with, the Company, any Group Company and its or
their advisers in connection with the preparation of (i) financial statements and
results for the year ended December 31, 2010 (including with respect to any related
audit of any applicable Group Company) and (ii) any applicable regulatory filings
and/or disclosure documents in respect of such year. The Company shall reimburse the
Employee for any and all costs, including the reasonable cost of counsel, reasonably
incurred in connection with this clause 13.8.

IN WITNESS whereof this Agreement has been signed on behalf of the Company and by the Employee the
day and year first above written.

	 	 	 	 	 
	SIGNED by
	 	 	)	 
	Duly authorised for and on behalf of
	 	 	)	 

19 ENTERTAINMENT LIMITED ) /s/ Thomas P. Benson   

	 	 	 
	SIGNED by ROBERT DODDS	 	) /s/ Robert Dodds
	SIGNED by	 	) /s/ Thomas P. Benson
	Duly authorised for and on behalf of )
	CKX, INC.	 	)

SCHEDULE 1

ADVISER’S CERTIFICATE

I confirm that:

	1.	 	I am a relevant independent adviser as defined in the Acts and Regulations (as set out in
clause 10.1 of the Agreement between 19 Entertainment Limited, Robert Dodds and CKX, Inc., to
which this Certificate is annexed).

	2.	 	I have advised the Employee of the Terms and the effect of the Agreement and in particular
its effect on his ability to pursue a claim before an Employment Tribunal.

	3.	 	There is in force a contract of insurance covering the risk of a claim by the Employee in
respect of loss arising in consequence of my advice.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Adviser's signature	 	
 
	 	 	 	 	 	Adviser's name	 	Alan Chalmers

	 	 	 	 	Title	 	Solicitor

	 	 	 	 	 	Adviser's business address	 	DLA Piper UK LLP
1 St Paul’s Place
Sheffield
S1 1RZ

	Date	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

SCHEDULE 2

Private and confidential

The Directors

19 Entertainment Limited (the “Company”)

100 New Bridge Street

London

EC4V 6JA

2010

Dear Sirs

Please accept this letter as formal notice of my resignation as a director of the Company and each
of its subsidiaries of which I am a director. My resignation is to be effective immediately

Please arrange for particulars of my resignation to be filed with the Registrar of Companies in
accordance with its filing requirements.

Yours faithfully

Robert Dodds

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