I had a look at the new one, and if I'm looking at their online archive correctly, Version 9 is the now-obsolete version (although it's missing its effective date). The new version, not yet labeled, will I assume be version 10?
Looking at the changes from version 9, these are the main things I see (and I wish they'd do a real set of diffs to show what's changed; it'd be so much easier for contributors to compare):
In section 4, Accounts, they have removed section e, which used to limit you to deleting no more than 100 items or 10% of your portfolio in 90 days. There's a new section e which says:
Following the removal of any item of Content from Shutterstock, Shutterstock may amend any existing licenses to such Content for a reasonable period thereafter, for instance to support customers who may have previously activated a "comp" license.
It's a shame they don't spell out how long, but this is akin to Alamy's 6 month wait to allow existing customers to complete their purchases.
In section 5, Content, they've changed rules around sensitive use: removed section 6 and taken one of its paragraphs (c) and made it section d in content:
Shutterstock will not knowingly license model-released Content for use in contexts that are pornographic, defamatory or deceptive, or in a manner that could be considered libelous, obscene, or illegal in nature.
Section 6, Usage Restrictions, is gone, so all remaining sections have a new number.
Compensation, paragraph c, no longer references payment by check and section d about changes to payment by check is removed.
There is a new paragraph j in compensation, which may just be administrative or may be something significant (are they outsourcing payments or planning to be acquired?):
For clarity, when and where appropriate Shutterstock may assign its rights and obligations regarding Contributor royalties hereunder to related global legal entities, and confirms that the Contributors rights to such royalties will not be impaired by any such assignment.
In the Taxes section, they've added a paragraph saying you have to notify them of changes (sounds like a CYA in case you don't)
The section on Arbitration went from 2 paragraphs to 7 - they really don't want to end up in court!