Looking at section 2b

http://www.shutterstock.com/licensing.mhtml?type=standard&hsb=1

"In print media, digital media, product packaging and software including magazines, newspapers, books (including print-on-demand books), e-books, advertising collateral, letterhead, business cards, product labels, CD and DVD cover art, applications (including mobile "apps"), and opt-in e-mail marketing, provided that no Image is reproduced more than two hundred fifty thousand (250,000) times in the aggregate, and that the Images cannot be readily unincorporated from such digital media or software"

I think you could reasonably make the case that a calendar with multiple pages was a sort of book - not like a poster or framed print where there is nothing else added and an EL is required.

The EL would lift the print run restriction but would still require "... provided that such merchandise: a) combines the Image with words and/or other graphics of images; or b) the Image is not the primary factor driving the sale of such merchandise."

I think the way they describe the type of merchandise - that it's combined with words or other graphics - would include a calendar. So if the print run is under 250K they should be good with a standard license IMO (but I'm not a lawyer...)

I'd contact SS support and ask.  A while back (years, as I recall) a bunch of us got retroactive extended licenses when SS went after a calendar maker who didn't get the right license.  Let them say whether your case is like that one.

I got one of those - I was an IS exclusive at the time, but SS contacted me and got me my $28! I didn't know it was for a calendar, just that someone didn't buy the EL that they should have.