SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

OLOFSSON BO

(Last)

(First)

(Middle)

601 NORTH 34TH STREET

(Street)

SEATTLE

98103

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
GETTY IMAGES INC [ GYI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	SVP, Global Sales

3. Date of Earliest Transaction (Month/Day/Year)
07/02/2008

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	07/02/2008		D		31,667⁽¹⁾	D	$34	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Stock Option (RTB)	$36.72	07/02/2008		D			20,000	10/21/2004	10/20/2013	Common Stock	20,000	$0⁽²⁾	0	D
Employee Stock Option (RTB)	$37.38	07/02/2008		D			32,500	05/27/2004	05/26/2013	Common Stock	32,500	$0⁽³⁾	0	D
Employee Stock Option (RTB)	$83.12	07/02/2008		D			20,000	09/13/2005	09/12/2015	Common Stock	20,000	$0⁽⁴⁾	0	D

Explanation of Responses:

1. In connection with the merger of Abe Acquisition Corp. with and into the Issuer, shares of the Issuer's common stock were converted into the right to receive $34.00 per share, without interest.

2. These options were tendered by the Reporting Person to the Issuer in connection with the Offer to Purchase for Cash All Outstanding Options to Purchase Common Stock (such Offer, an exhibit to the Schedule TO initially filed by the Issuer with the Commission on May 23, 2008), which Offer expired on July 2, 2008. All tendered options were cancelled and the Issuer paid to the Reporting Person with respect to each separate option grant a cash amount equal to the greatest of the following, less any applicable tax withholdings, (a) the aggregate "spread value" of such option grant, which is the product of (i) the excess, if any of $34.00 per share over the per share exercise price of such option grant multiplied by (ii) the aggregate number of shares of the Issuer's common stock issuable upon exercise of such option grant, (b) $0.05 multiplied by the number of shares of the Issuer's common stock issuable upon exercise of such option grant, or (c) $1,000 for such option grant.

3. See note (2).

4. See note (2).

	/s/ John J. Lapham III, attorney-in-fact	07/02/2008
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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