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                                                                    EXHIBIT 10.7

             AMENDED AND RESTATED GUARANTY AND SURETYSHIP AGREEMENT

                  THIS AMENDED AND RESTATED GUARANTY AND SURETYSHIP AGREEMENT
(this "Guaranty") is made and entered into as of this 25th day of March, 2002,
by DOVER DOWNS, INC., a Delaware corporation, (the "Guarantor"), with an address
at 1131 N. duPont Highway, Dover, DE 19903, in consideration of the extension of
credit by the banks and other financial institutions (collectively, the "Banks")
from time to time party to the Amended and Restated Credit Agreement of even
date herewith among the Banks, WILMINGTON TRUST COMPANY, as Agent (the "Agent"),
with an address of 121 State Street, Dover, DE 19803, and DOVER DOWNS GAMING &
ENTERTAINMENT, INC. (the "Borrower"), and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged.

                                   BACKGROUND

                  In connection with the Credit Agreement, it is a condition
precedent to the effectiveness of the Credit Agreement and to the making of
loans and the issuance of letters of credit by the Banks from time to time that
the Guarantor executes and delivers this Guaranty.

                  In consideration of the foregoing and in order to induce the
Banks to make loans and issue letters of credit to the Borrower under the Credit
Agreement from time to time and for other consideration, the receipt and
sufficiency of which is hereby acknowledged, and intending to be legally bound
hereby, the Guarantor hereby agrees as follows:

                  1.       Guaranty of Obligations. The Guarantor hereby
                           -----------------------
guarantees, and becomes surety for, the prompt payment and performance of all
loans, advances, debts, liabilities, obligations, covenants and duties owing by
the Borrower to the Agent and the Banks of any kind or nature, present or
future (including, without limitation, any interest accruing thereon after
maturity, or after the filing of a petition in bankruptcy, or the commencement
of any insolvency, reorganization or like proceeding relating to the Guarantor
or the Borrower, whether or not a claim for post-filing or post-petition
interest is allowed in such proceeding), whether or not evidenced by any note,
guaranty or other instrument, arising under the Credit Agreement or any Loan
Document (as defined in the Credit Agreement), whether direct or indirect
(including those acquired by assignment or participation), absolute or
contingent, joint or several, due or to become due, now existing or hereafter
arising, and any amendments, extensions, renewals or increases and all costs
and expenses of the Agent and the Banks incurred in the modification,
enforcement or collection of any of the foregoing, including reasonable
attorneys' fees and expenses (collectively the "Obligations"). If the Borrower
defaults under any such Obligations, the Guarantor will pay the amount due to
the Agent and the Banks.

                  2.       Nature of Guaranty; Waivers. This is a guaranty of
                           ---------------------------
payment and not of collection and the Agent and the Banks shall not be
required, as a condition of the Guarantor's liability, to make any demand upon
or to

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pursue any of its rights against the Borrower, or to pursue any rights which
may be available to them with respect to any other person who may be liable for
the payment of the Obligations.

                           This is an absolute, unconditional, irrevocable and
continuing guaranty and will remain in full force and effect until all of the
Obligations have been indefeasibly paid in full, and the Agent and the Banks
have terminated this Guaranty. This Guaranty will not be affected by any
surrender, exchange, acceptance, compromise or release by the Agent or any Bank
of any other party, or any other guaranty or any security held by it for any of
the Obligations, by any failure of the Agent or any Bank to take any steps to
perfect or maintain its lien or security interest in or to preserve its rights
to any security or other collateral for any of the Obligations or any guaranty,
or by any irregularity, unenforceability or invalidity of any of the
Obligations or any part thereof or any security or other guaranty thereof. The
Guarantor's obligations hereunder shall not be affected, modified or impaired
by any counterclaim, set-off, deduction or defense based upon any claim the
Guarantor may have against the Borrower or the Agent or any Bank, except
payment or performance of the Obligations.

                           Notice of acceptance of this Guaranty, notice of
extensions of credit to the Borrower from time to time, notice of default,
diligence, presentment, notice of dishonor, protest, demand for payment, are
hereby waived.

                           The Agent and the Banks at any time and from time to
time, without notice to or the consent of the Guarantor, and without impairing
or releasing, discharging or modifying the Guarantor's liabilities hereunder,
may (a) change the manner, place, time or terms of payment or performance of or
interest rates on, or other terms relating to, any of the Obligations; (b)
renew, substitute, modify, amend or alter, or grant consents or waivers
relating to any of the Obligations, any other guaranties, or any security for
any Obligations or guaranties; (c) apply any and all payments by whomever paid
or however realized including any proceeds of any collateral, to any
Obligations of the Borrower in such order, manner and amount as the Bank may
determine in its sole discretion; (d) deal with any other persons with respect
to any Obligations in such manner as the Agent or any Bank deems appropriate in
its sole discretion; (e) substitute, exchange or release any security or
guaranty; or (f) take such actions and exercise such remedies hereunder as
provided herein.

                  3.       Repayments or Recovery from Bank. If any demand is
                           --------------------------------
made at any time upon the Agent or any Bank for the repayment or recovery of
any amount received by it in payment or on account of any of the Obligations
and if the Agent or any Bank repays all or any part of such amount by reason of
any judgment, decree or order of any court or administrative body or by reason
of any settlement or compromise of any such demand, the Guarantor will be and
remain liable hereunder for the amount so repaid or recovered to the same
extent as if such amount had never been received originally by the Agent or any
Bank. The provisions of this section will be and remain effective
notwithstanding any contrary action which may have been taken by the Guarantor
in reliance upon such payment, and any such contrary action so taken will be
without prejudice to the Agent's or any Bank's rights hereunder and will be
deemed to have been conditioned upon such payment having become final and
irrevocable.

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                  4.       Enforceability of Obligations. No modification,
                           -----------------------------
limitation or discharge of the Obligations arising out of or by virtue of any
bankruptcy, reorganization or similar proceeding for relief of debtors under
federal or state law will affect, modify, limit or discharge the Guarantor's
liability in any manner whatsoever and this Guaranty will remain and continue
in full force and effect and will be enforceable against the Guarantor to the
same extent and with the same force and effect as if any such proceeding had
not been instituted. The Guarantor waives all rights and benefits which might
accrue to it by reason of any such proceeding and will be liable to the full
extent hereunder, irrespective of any modification, limitation or discharge of
the liability of the Borrower that may result from any such proceeding.

                  5.       Events of Default. If any of the following occur
                           -----------------
(each an "Event of Default"): (i) any Event of Default (as defined in the
Credit Agreement) (ii) the failure by the Guarantor to perform any of its
obligations hereunder; (iii) the falsity, inaccuracy or material breach by the
Guarantor of any written warranty, representation or statement made or
furnished to the Agent or any Bank by or on behalf of the Guarantor; or (iv)
the termination or attempted termination of this Guaranty, then the Guarantor
will, on the demand of the Agent or any Bank, immediately deposit with the
Agent in U.S. dollars all amounts due or to become due under the Obligations
and the Agent will use such funds to repay the Obligations. Upon the occurrence
of any Event of Default, the Agent or any Bank in its discretion may exercise
with respect to any collateral any one or more of the rights and remedies
provided a secured party under the applicable version of the Uniform Commercial
Code.

                  6.       Right of Setoff. In addition to all liens upon and
                           ---------------
rights of setoff against the money, securities or other property of the
Guarantor given to the Agent and the Banks by law, each of the Banks shall
have, with respect to the Guarantor's obligations to such Bank under the
Guaranty and to the extent permitted by law, a contractual possessory security
interest in a contractual right of setoff against, and the Guarantor hereby
assigns, conveys, delivers, pledges and transfers to the Agent for the ratable
benefit of the Banks all of the Guarantor's right, title and interest in and
to, all deposits, moneys, securities and other property of the Guarantor now or
hereafter in the possession of or on deposit with, or in transit to any of the
Banks, whether held in a general or special account or deposit, whether held
jointly with someone else, or whether held for safekeeping or otherwise,
excluding, however, all IRA, Keogh, and trust accounts. Every such security
interest and right of setoff may be exercised without demand upon or notice to
the Guarantor. Every such right of setoff shall be deemed to have occurred
immediately upon the occurrence of an Event of Default hereunder without any
action of any of the Banks, although each of the Banks may enter such setoff on
its respective books and records at a later time.

                  7.       Costs. The Guarantor agrees to pay or reimburse each
                           -----
Bank for all of its costs and expenses incurred in connection with the
enforcement or preservation of any rights under this Guaranty, including,
without limitation, reasonable fees and disbursements of counsel to the Agent
and to the several Banks.

                  8.       Postponement of Subrogation. Until the Obligations
                           ---------------------------
are indefeasibly paid in full, the Guarantor postpones and subordinates in
favor of the Agent for the ratable benefit of the Banks any and all rights
which the Guarantor may have to (a) assert any claim

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against the Borrower based on subrogation rights with respect to payments made
hereunder, and (b) any realization on any property of the Borrower, including
participation in any marshalling of the Borrower's assets.

                  9.       Notices. All notices, demands, requests, consents,
                           -------
approvals and other communications required or permitted hereunder must be in
writing and will be effective upon receipt if delivered personally, or if sent
by facsimile transmission with confirmation of delivery, or by nationally
recognized overnight courier service, to the addresses for the Bank and the
Guarantor set forth above or to such other address as one may give to the other
in writing for such purpose.

                  10.      Preservation of Rights. No delay or omission on the
                           ----------------------
Agent's or the Bank's part to exercise any right or power arising hereunder will
impair any such right or power or be considered a waiver of any such right or
power, nor will the Agent's or the Bank's action or inaction impair any such
right or power. The Agent's and the Bank's rights and remedies hereunder are
cumulative and not exclusive of any other right or remedies which the Agent or
any Bank may have under other agreements, at law or in equity. The Agent or any
Bank may proceed in any order against the Borrower, the Guarantor or any other
obligor of, or collateral securing, the Obligations.

                  11.      Illegality. In case any one or more of the
                           ----------
provisions contained in this Guaranty should be invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions contained herein shall not in any way be affected or
impaired thereby.

                  12.      Changes in Writing. No modification, amendment or
                           ------------------
waiver of any provision of this Guaranty nor consent to any departure by the
Guarantor therefrom will be effective unless made in a writing signed by the
Agent, and then such waiver or consent shall be effective only in the specific
instance and for the purpose for which given. No notice to or demand on the
Guarantor in any case will entitle the Guarantor to any other or future notice
or demand in the same, similar or other circumstance.

                  13.      Entire Agreement. This Guaranty (including the
                           ----------------
documents and instruments referred to herein) constitutes the entire agreement
and supersedes all other prior agreements and understandings, both written and
oral, between the Guarantor and the Agent and the Banks with respect to the
subject matter hereof.

                  14.      Successors and Assigns. This Guaranty will be binding
                           ----------------------
upon and inure to the benefit of the Guarantor and the Agent and the Banks and,
other than with respect to Section 6, their respective heirs, executors,
administrators, successors and assigns; provided, however, that the Guarantor
                                        --------  -------
may not assign this Guaranty in whole or in part without the Agent's prior
written consent and the Agent and any Bank at any time may assign this Guaranty
in whole or in part.

                  15.      Interpretation. In this Guaranty, unless the Agent
                           --------------
and the Guarantor otherwise agree in writing, the singular includes the plural
and the plural the singular; references

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to statutes are to be construed as including all statutory provisions
consolidating, amending or replacing the statute referred to; the work "or"
shall be deemed to include "and/or", the words "including", "includes" and
"include" shall be deemed to be followed by the words "without limitation"; and
references to sections or exhibits are to those of this Guaranty unless
otherwise indicated. Section headings in this Guaranty are included for
convenience of reference only and shall not constitute a part of this Guaranty
for any other purpose. If this Guaranty is executed by more than one party as
Guarantor, the obligations of such persons or entities will be joint and
several.

                  16.      Indemnity. The Guarantor agrees to indemnify each of
                           ---------
the Agent, each Bank and their respective directors, officers and employees and
each legal entity, if any, who controls the Agent or any Bank (collectively,
the "Indemnified Parties") and to hold each Indemnified Party harmless from and
against any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements of any kind or
nature whatsoever with respect to the execution, delivery, enforcement and
performance of this Guaranty (all of the foregoing, collectively, the
"Indemnified Liabilities"); provided, however, that the Guarantor shall have no
                            --------  -------
obligation hereunder to any Indemnified Party with respect to Indemnified
Liabilities arising from the gross negligence or willful misconduct of any
Indemnified Party. The indemnity agreement contained in this Section shall
survive the termination of this Guaranty.

                  17.      Governing Law and Jurisdiction.
                           ------------------------------

                           (a)      THIS AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF DELAWARE.

                           (b)      The Guarantor hereby irrevocably and
unconditionally:

                                    (i)     submits for itself and its property
in any legal action or proceeding relating to this Agreement or for recognition
and enforcement of any judgment in respect thereof, to the non-exclusive
general jurisdiction of the Courts of the State of Delaware, the courts of the
United States of America for the District of Delaware, and appellate courts
from any thereof;

                                    (ii)    consents that any such action or
proceeding may be brought in such courts and waives any objection that it may
now or hereafter have to the venue of any such action or proceeding in any such
court or that such action or proceeding was brought in an inconvenient court
and agrees not to plead or claim the same;

                                    (iii)   agrees that service of process in
any such action or proceeding may be effected by mailing a copy thereof by
registered or certified mail (or any substantially similar form of mail),
postage prepaid, to the Guarantor at the address set forth above or at such
other address of which the Bank shall have been notified pursuant to Section 10
hereof;

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                                    (iv)    agrees that nothing herein shall
affect the right to effect service of process in any other manner permitted by
law or shall limit the right to sue in any other jurisdiction; and

                                    (v)     waives, to the maximum extent not
prohibited by law, any right it may have to claim or recover in any legal
action or proceeding referred to in this subsection any special, exemplary or
punitive or consequential damages.

                  18.      Waiver of Jury Trial. THE GUARANTOR HEREBY
                           --------------------
IRREVOCABLY AND UNCONDITIONALLY WIAVES TRIAL BY JURY IN ANY LEGAL ACTION OR
PROCEEDING RELATING TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN.

                  The Guarantor acknowledges that it has read and understood all
the provisions of this Guaranty, including the waiver of jury trial, and has
been advised by counsel as necessary or appropriate.

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                  WITNESS the due execution hereof as a document under seal, as
of the date first written above, with the intent to be legally bound hereby.

                                             DOVER DOWNS, INC.

Attest: /s/ Timothy R. Horne                 By: /s/ Denis McGlynn
        --------------------------------         -----------------------
        Name: Timothy R. Horne                   Name: Denis McGlynn
        Title: Vice President-Finance            Title: President

                                      7Prepared by R.R. Donnelley Financial -- Employment Agreement for Ardell D. Albers

  
 EXHIBIT 10.1 
  
 EMPLOYMENT AGREEMENT 
  
 THIS AGREEMENT, dated as of this 2nd day of January, 2002,
by and between GETTY IMAGES, INC., a Delaware corporation (the “Company”), and Ardell D. Albers, an individual residing at 13626 202nd Avenue NE, Woodinville, WA 98072 (the “Employee”). 
  
 WITNESSETH: 

 
 WHEREAS, both parties desire that the terms and conditions of the Employee’s employment with the Company be governed by the terms
and conditions hereinafter set forth. 
  
 NOW, THEREFORE, in consideration of the promises and the mutual covenants
herein contained, the parties hereto hereby agree as follows: 
  
 1.   Employment and Duties. 

 
 (a)  General.    The Company hereby employs the Employee, effective as of the date hereof (the
“Effective Date”), and the Employee agrees upon the terms and conditions herein set forth to serve, effective as of the Effective Date, as Senior Vice President, Chief Technology Officer and shall perform all duties customarily
appurtenant to such position. In such capacity, the Employee shall report directly to Jonathan Klein, Chief Executive Officer of the Company, or to such other person designated by the Board of Directors of the Company. The Employee’s principal
place of business shall be Seattle, Washington. 
  
 (b)  Services and Duties.    For so long
as the Employee is employed by the Company, the Employee shall devote his full business time to the performance of his duties hereunder; shall faithfully serve the Company; shall in all respects conform to and comply with the lawful and good faith
directions and instructions given to him by Jonathan Klein, or such other person designated by the Board of Directors of the Company; and shall use his best efforts to promote and serve the interests of the Company. 
  
 (c)  No Other Employment.    For so long as the Employee is employed by the Company, he shall not, directly or
indirectly, render services to any other person or organization for which he receives compensation without the prior approval of Jonathan Klein, or such other person designated by the Board of Directors of the Company. No such approval will be
required if the Employee seeks to perform inconsequential services without direct compensation therefore in connection with the management of personal investments or in connection with the performance of charitable and civic activities, provided
that such activities do not contravene the provisions of Section 6 hereof. 
 

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 2.  Term of Employment.    The term of the Employee’s
employment under this Agreement (the “Term”) shall commence on the Effective Date and continue until at least January 1, 2003. 
  
 3.  Compensation and Other Benefits.    Subject to the provisions of this Agreement, the Company shall pay and provide the following compensation and other benefits to the Employee
during the Term as compensation for all services rendered hereunder and the covenants contained in Section 6 hereof: 
  
 (a)  Salary.    The Company shall pay to the Employee an annual salary (the “Salary”) at the initial rate of $275,000, payable to the Employee in accordance with the normal payroll
practices of the Company for its employees as are in effect from time to time. The amount of the Employee’s Salary shall be reviewed by the Company on or about April 1st, 2002. 
  
 (b)  Annual
Bonus.    The Employee shall be eligible in the 2002 calendar year to participate in an annual incentive bonus program established by the Company, in accordance with the policies of the Company, its subsidiaries and
affiliates (hereinafter, collectively the “Group”) and subject to such terms and conditions as may be approved by the Company. Under the terms of the annual incentive bonus program, the Employee will be afforded the opportunity to
earn up to 40% of his Salary (the “Bonus”) in effect for the 2002 calendar year, subject to the achievement of the performance targets established by the Company for that year and subject to the provisions of Section 4, to be paid
on a pro-rata basis in the event that the Employee is employed for less than a full calendar year. 
  
 (c)  Contract
Renewal Bonus.    The Company shall provide a contract renewal bonus associated with the commencement of this agreement for the amount of $30,000 subject to all applicable taxes. 
  
 (d)  Stock Options.    Effective as of December 20, 2001, the Company shall grant the Employee an option (the
“Option”) to purchase 25,000 shares of the common stock of the Company pursuant to the terms the Company’s 1998 Stock Option Plan (the “Option Plan”). The per share exercise price of the Option shall equal the fair
market value of a share of Common Stock on the approval date from the Board of Directors, as determined in accordance with the terms of the Option Plan. Subject to such terms and conditions as may be specified by the Compensation Committee of the
Company, the Option shall vest and become exercisable as to 25% on the first anniversary of the Grant Date; the remainder of the Option shall vest ratably on the first day of each subsequent month over the following three years. Except as otherwise
specified herein, the Option shall be subject to the terms of the Option Plan and to such other terms and conditions as may be specified by the Compensation Committee of the Company in the form of a standard option agreement between the Company and
the Employee. 
 

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 As per the terms of the Company’s Option Plan, in the event of a Change in Control and except as the Committee (as
constituted immediately prior to such Change in Control) may otherwise determine in its sole discretion, (i) all Stock Options or Stock Appreciation Rights then outstanding shall become fully exercisable as of the date of the Change in Control,
whether or not then exercisable, (ii) all restrictions and conditions of all Stock Awards then outstanding shall lapse as of the date of the Change in Control, (iii) all Performance Share Awards shall be deemed to have been fully earned as of the
date of the Change in Control. 
  
 (e)  Expenses.    The Company shall pay or reimburse the
Employee for all reasonable out-of-pocket expenses incurred by the Employee in connection with his employment hereunder in accordance with Group Policies. Such expenses shall be paid upon the periodic submission of invoices and shall be paid
reasonably promptly after the date of such invoice. The reimbursement of expenses under this Section 3(e) shall be subject to the Employee’s providing the Company with such documentation of the expenses as the Company may from time to time
reasonably request in accordance with the policies of the Group. 
  
 (f)  401k plan, Health and Fringe
Benefits.    During the Term, the Employee shall be eligible to participate in the Company’s 401k plan, medical, disability and life insurance plans applicable to executives of the Company in accordance with the terms of
such plans as in effect from time to time. The Employee shall also be provided with free parking at the place of employment. 
  
 (g)  Long-Term Incentive Program.    During the Term, the Employee shall participate in all long-term incentive plans and programs of the Group that are applicable to its senior executives in accordance
with their terms and in a manner consistent with his position with the Company. 
  
 (h)  Holidays.    In addition to the usual public and bank holidays, the Employee shall be entitled to twenty days’ paid vacation annually, which shall be taken at such times as are approved by the
Company. The Employee shall be permitted to carry forward any portion of his vacation time for up to one year and, upon the expiration of such one-year period, the Employee shall be paid in lieu of such vacation days. 
  
 4.  Termination of Employment.    Subject to the notice and other provisions of this Section 4, the Company shall
have the right to terminate the Employee’s employment hereunder, and he shall have the right to resign, at any time for any reason or for no stated reason. 
  
 (a)  Termination for Cause; Resignation Without Good Reason.    (i) If the Employee’s employment is terminated by the Company for Cause or if
the Employee resigns from his employment hereunder other than for Good Reason, he 
 

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 shall be entitled to payment of the pro rata portion of his Salary and accrued Bonus (for purposes of this Agreement, “accrued Bonus” shall be
determined using the number of days in the applicable calendar year that the Employee was employed by the Company and the applicable performance criteria under the bonus plan, in each case through the date of termination or resignation) through and
including the date of termination or resignation, as well as any un-reimbursed expenses. Except to the extent required by the terms of any applicable compensation or benefit plan or program or as otherwise required by applicable law, the Employee
shall have no rights under this Agreement or otherwise to receive any other compensation or to participate in any other plan, program or arrangement after such termination or resignation of employment with respect to the year of such termination or
resignation and later years. 
  
 (ii)  In addition, the Employee shall be entitled to retain the then-vested portion of
his options to purchase shares of the Company’s common stock until such options expire in accordance with their terms. 
  
 (iii)  Termination for “Cause” shall mean termination of the Employee’s employment with the Company because of (A) willful, material or persistently repeated non-performance of the Employee’s duties to
the Company (other than by reason of the incapacity of the Employee due to physical or mental illness) after notice by the Board of such failure and the Employee’s non-performance and continued, willful, material or persistent repeated
non-performance after such notice, (B) the indictment of the Employee for a felony offense, (C) fraud against the Group or any willful misconduct that brings the reputation of the Group into serious disrepute or causes the Employee to cease to be
able to perform his duties, (D) any other material breach by the Employee of any material term of this Agreement, or (E) the Employee is unable to perform his duties, by reason of disability, for a period of six (6) months or more. 

 
 (iv)  Termination of the Employee’s employment for Cause shall be communicated by delivery to the Employee of a written notice
from the Company stating that the Employee has been terminated for Cause, specifying the particulars thereof and the effective date of such termination. The date of a resignation by the Employee without Good Reason shall be the date specified in a
written notice of resignation from the Employee to the Company, provided, however, that the Employee shall provide at least 30 days’ advance written notice of resignation without Good Reason. 
  
 (b)  Involuntary Termination.    (i) If the Company terminates the Employee’s employment for any reason other
than Cause or Employee resigns from his employment hereunder for Good Reason (collectively hereinafter referred to as an “Involuntary Termination”), the Company shall pay to the Employee his Salary and accrued Bonus up to and
including the date of such Involuntary Termination, as well as any un-reimbursed expenses. In addition, the Company shall continue to pay to the Employee as severance and in compensation for the covenants of Section 6 (the “Severance
Payments”) in accordance with the Company’s normal payroll practices, his 
 

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 Salary, at the rate in effect immediately prior to such Involuntary Termination, through the first anniversary date of the effective date of the termination or
resignation. 
  
 (ii)  Resignation for “Good Reason” shall mean resignation by Employee because of (A)
an adverse and material change in the Employee’s duties, titles or reporting responsibilities, (B) a material breach by the Company of any term of the Agreement, (C) a reduction in the Employee’s Salary or bonus opportunity or the failure
of the Company to pay the Employee any material amount of compensation when due, (D) the assignment to Employee of any material duties that are inconsistent with those described in Section 1 of this Agreement without the Employee’s consent, or
(E) the Company’s requirement that Employee perform a substantial portion of his duties outside the Seattle, Washington metropolitan area, except for travel in furtherance of the Company’s business. The Company shall have 30 business days
from the date of receipt of such notice to effect a cure of the material breach described therein and, upon cure thereof by the Company to the reasonable satisfaction of the Employee, such material breach shall no longer constitute Good Reason for
purposes of this Agreement. 
  
 (iii)  The date of termination of employment without Cause shall be the date specified in
a written notice of termination to the Employee. The date of resignation for Good Reason shall be the date specified in a written notice of resignation from the Employee to the Company; provided, however, that no such written notice
shall be effective unless the cure period specified in Section 4(b)(ii) above has expired without the Company having corrected, to the reasonable satisfaction of the Employee, the event or events subject to cure. 
  
 5.    Limitation on Payments. 
  
 Notwithstanding anything herein to the contrary, if any of the payments made hereunder would constitute a “parachute payment” (as defined in Section 280G(b)(2) of the Internal Revenue Code of 1986, as
amended (the “Code”), and the net after-tax amount of the parachute payment is less than the net after-tax amount if the aggregate payments to be made to the Employee were three times his “base amount” (as defined in
Section 280G(b)(3) of the Code), less $1.00, then the aggregate of the amounts constituting the parachute payment shall be reduced to an amount that will equal three times the base amount, less $1.00. The determinations to be made with respect to
this Section 5 shall be made by an independent accounting firm of national standing (other than the Company’s regular auditors). The accounting firm shall be paid by the Company for its services performed hereunder. 
  
 6.    Protection of the Company’s Interests. 
  
 (a)  No Competing Employment.    For so long as the Employee is employed by the Company and for one (1) year thereafter (such period being referred

 

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 to hereinafter as the “Restricted Period”), the Employee shall not, without the prior written consent of the Board, directly or indirectly, own
an interest in, manage, operate, join, control, lend money or render financial or other assistance to or participate in or be connected with, as an officer, employee, partner, stockholder, consultant or otherwise, any individual, partnership, firm,
corporation or other business organization or entity that competes with the Group by providing any goods or services provided or under development by the Group at the effective date of the Employee’s termination of employment under this
Agreement; provided, however, that this Section 6(a) shall not proscribe the Employee’s ownership, either directly or indirectly, of either less than five percent of any class of securities which are listed on a national
securities exchange or quoted on the automated quotation system of the National Association of Securities Dealers, Inc.. 
  
 (b)  No Interference.    During the Restricted Period, the Employee shall not, whether for his own account or for the account of any other individual, partnership, firm, corporation or other business
organization (other than the Company), intentionally solicit, endeavor to entice away from the Group or otherwise interfere with the relationship of the Group with, any key person or team who is employed by or otherwise engaged to perform services
for the Group or any key person or team or entity who is, or was within the then most recent twelve–month period, a customer, client or supplier of the Group. 
  
 (c)  Secrecy.    The Employee recognizes that the services to be performed by him hereunder are special, unique and extraordinary in that, by reason
of his employment hereunder, he may acquire confidential information and trade secrets concerning the operation of the Group, the use or disclosure of which could cause the Group substantial losses and damages which could not be readily calculated
and for which no remedy at law would be adequate. Accordingly, the Employee covenants and agrees with the Company that he will not at any time, except in performance of the Employee’s obligations to the Company hereunder or with the prior
written consent of the Board, directly or indirectly disclose to any person any confidential information that he may learn or has learned by reason of his association with the Group. The term “confidential information” means any
information not previously disclosed to the public or to the trade by the Group with respect to the Company’s, or any of its affiliates’ or subsidiaries’, products, facilities and methods, trade secrets and other intellectual
property, systems, procedures, manuals, confidential reports, product price lists, customer lists, financial information (including the revenues, costs or profits associated with any of the Group’s products), business plans, prospects or
opportunities. 
  
 (d)  Exclusive Property.    The Employee confirms that all confidential
information is and shall remain the exclusive property of the Group. All business records, papers and documents kept or made by the Employee relating to the business of the Group shall be and remain the property of the Group. Upon the termination of
his employment with the Company or upon the request of the Company at any time, the Employee shall promptly deliver to the Company, and shall not without the consent of the Board retain copies of, any written materials not previously made available
to the 
 

 6 

 public, or records and documents made by the Employee or coming into his possession concerning the business or affairs of the Group; provided,
however, that subsequent to any such termination, the Company shall provide the Employee with copies (the cost of which shall be borne by the Employee) of any documents which are requested by the Employee and which the Employee has determined
in good faith are (i) required to establish a defense to a claim that the Employee has not complied with his duties hereunder or (ii) necessary to the Employee in order to comply with applicable law. 
  
 (e)  Assignment of Developments.    All “Developments” (as defined below) that were or are at any
time made, conceived or suggested by Employee, whether acting alone or in conjunction with others, during Employee’s employment with the Group shall be the sole and absolute property of the Group, free of any reserved or other rights of any
kind on the part of Employee. During Employee’s employment and, if such Developments were made, conceived or suggested by Employee during his employment with the Group, thereafter, Employee shall promptly make full disclosure of any such
Developments to the Group and, at the Group’s cost and expense, do all acts and things (including, among others, the execution and delivery under oath of patent and copyright applications and instruments of assignment) deemed by the Group to be
necessary or desirable at any time in order to effect the full assignment to the Group of Employee’s right and title, if any, to such Developments. For purposes of this Agreement, the term “Developments” shall mean all data,
discoveries, findings, reports, designs, inventions, improvements, methods, practices, techniques, developments, programs, concepts, and ideas, whether or not patentable, relating to the activities of the Group of which Employee is as of the date of
this Agreement aware or of which Employee becomes aware at any time during the Term, excluding any Development for which no equipment, supplies, facilities or confidential information of the Group was used and which was developed entirely on
Employee’s own time, unless (i) the Development relates directly to the business of the Group, (ii) the Development relates to actual or demonstrably anticipated research or development of the Group, or (iii) the Development results from any
work performed by Employee for the Group (the foregoing is agreed to satisfy the written notice and other requirements of Section 49.44.140 of the Revised Code of Washington). 
  
 (f)  Injunctive Relief.    Without intending to limit the remedies available to the Company, the Employee acknowledges that a breach of any of the
covenants contained in this Section 6 may result in material irreparable injury to the Group for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of such a
breach or threat thereof, the Company shall be entitled to obtain a temporary restraining order and/or a preliminary or permanent injunction restraining the Employee from engaging in activities prohibited by this Section 6 or such other relief as
may be required to specifically enforce any of the covenants in this Section 6. Without intending to limit the remedies available to the Employee, the Employee shall be entitled to seek specific performance of the Company’s obligations under
this Agreement. 
  
 

 7 

  
 7.    General Provisions. 
  
 (a)  Source of Payments.    All payments provided under this Agreement, other than payments made pursuant to a plan
which provides otherwise, shall be paid in cash from the general funds of the Company, and no special or separate fund shall be established, and no other segregation of assets made, to assure payment. The Employee shall have no right, title or
interest whatever in or to any investments which the Company may make to aid the Company in meeting its obligations hereunder. To the extent that any person acquires a right to receive payments from the Company hereunder, such right shall be no
greater than the right of an unsecured creditor of the Company; provided, however, that this provision shall not be deemed to waive or abrogate any preferential or other rights to payment accruing to the Employee under applicable
bankruptcy laws by virtue of the Employee’s status as an employee of the Company. 
  
 (b)  No Other Severance
Benefits.    Except as specifically set forth in this Agreement, the Employee covenants and agrees that he shall not be entitled to any other form of severance benefits from the Company, including, without limitation,
benefits otherwise payable under any of the Company’s regular severance policies, in the event his employment hereunder ends for any reason and, except with respect to obligations of the Company expressly provided for herein, the Employee
unconditionally releases the Company and its subsidiaries and affiliates, and their respective directors, officers, employees and stockholders, or any of them, from any and all claims, liabilities or obligations under this Agreement or under any
severance or termination arrangements of the Company or any of its subsidiaries or affiliates for compensation or benefits in connection with his employment or the termination thereof. 
  
 (c)  Tax Withholding.    Payments to the Employee of all compensation contemplated under this Agreement shall be subject to all applicable tax
withholding. 
  
 (d)  Notices.    Any notice hereunder by either party to the other shall be
given in writing by personal delivery, or certified mail, return receipt requested, or (if to the Company) by telex or facsimile, in any case delivered to the applicable address set forth below: 
  

(i)  To the Company:             
  
 Getty Images, Inc. 
 601 N. 34th Street 
 Seattle, WA 98103 
  
 (ii)  To the Employee: 
  
 Ardell D. Albers 
 13626 202nd Avenue NE 
 Woodinville, WA 98072 
  
 or to such other persons or other addresses as either party may specify to the other in writing. 
 

 8 

  
 (e)  Representation by the Employee.    The Employee
represents and warrants that his entering into this Agreement does not, and that his performance under this Agreement and consummation of the transactions contemplated hereby will not, violate the provisions of any agreement or instrument to which
the Employee is a party, or any decree, judgment or order to which the Employee is subject, and that this Agreement constitutes a valid and binding obligation of the Employee in accordance with its terms. Breach of this representation will render
all of the Company’s obligations under this Agreement void ab initio. 
  
 (f)  Limited
Waiver.    The waiver by the Company or the Employee of a violation of any of the provisions of this Agreement, whether express or implied, shall not operate or be construed as a waiver of any subsequent violation of any such
provision. 
  
 (g)  Assignment; Assumption of Agreement.    No right, benefit or interest
hereunder shall be subject to assignment, encumbrance, charge, pledge, hypothecation or setoff by the Employee in respect of any claim, debt, obligation or similar process. The Company will require any successor (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company to assume expressly and to agree to perform this Agreement in the same manner and to the same extent that the Company would be
required to perform it if no such succession had taken place. 
  
 (h)  Amendment; Actions by the
Company.    This Agreement may not be amended, modified or canceled except by written agreement of the Employee and the Company. Any and all determinations, judgments, reviews, verifications, adjustments, approvals, consents,
waivers or other actions of the Company required or permitted under this Agreement shall be effective only if undertaken by the Company pursuant to authority granted by a resolution duly adopted by the Board; provided, however, that by
resolution duly adopted in accordance with this Section 7(h), the Board may delegate its responsibilities hereunder to one or more of its members other than the Employee. 
  
 (i)  Severability.    If any term or provision hereof is determined to be invalid or unenforceable in a final court or arbitration proceeding, (i)
the remaining terms and provisions hereof shall be unimpaired and (ii) the invalid or unenforceable term or provision shall be deemed replaced by a term or provision that is valid and enforceable and that comes closest to expressing the intention of
the invalid or unenforceable term or provision. 
  
 (j)  Governing Law.    This Agreement
shall be governed by and construed in accordance with the laws of the State of Washington (determined without regard to the choice of law provisions thereof). 
  
 (k)  Entire Agreement.    This Agreement sets forth the entire agreement and understanding of the parties hereto with respect to the matters covered hereby and 

 9 

 supersedes all prior agreements and understandings of the parties with respect to the subject matter hereof. 
  
 (l)  Headings.    The headings and captions of the sections of this Agreement are included solely for convenience of reference and shall not
control the meaning or interpretation of any provisions of this Agreement. 
  
 (m)  Counterparts.    This Agreement may
be executed by the parties hereto in counterparts, each of which shall be deemed an original, but both such counterparts shall together constitute one and the same document. 
  
 (n)  Disciplinary and Grievance Procedures.    For statutory purposes, there is no formal disciplinary procedure in relation to the Employee’s employment. The Employee shall
be expected to maintain the highest standards of integrity and behavior. If the Employee has any grievance in relation to his employment or is not satisfied with any disciplinary procedure taken in relation to him, he may apply in writing within 14
days of that decision to the Board, whose decision shall be final. The foregoing shall not be construed, however, to limit the Employee’s remedies at law or otherwise. 
  
 IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the day and year first written above. 
  
 
	 GETTY IMAGES, INC.
 
	 
	 By:
 	 	 /S/    JONATHAN KLEIN
 

	  	 	 Name: Jonathan Klein
 Title: Chief Executive Officer
 

 
  
  
 
	 EMPLOYEE
 
	 
	 By:
 	 	 /S/    ARDELL D. ALBERS
 

	  	 	 Ardell D. Albers
 

 
 

 10

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