Exhibit 10.15

SEPARATION AGREEMENT AND RELEASE

THIS SEPARATION AGREEMENT AND RELEASE (the Agreement)
is entered into by John Zdanowski, Chief Financial Officer (hereinafter referred to as Employee) and HouseValues Inc., its parent, affiliates, subsidiaries, officers, directors, and managers (hereinafter referred to as HouseValues
Inc. or Employer).

RECITALS

A. Employee has been employed by HouseValues Inc., and Employee was terminated July 24, 2006 (the Termination Date).

B. HouseValues Inc. wishes to offer Employee a separation package in exchange for the Employees agreement clarifying and resolving any disputes that may exist between the Employee and HouseValues Inc. arising
out of the employment relationship and the ending of that relationship, and any continuing obligations of the parties to one another following the end of the employment relationship.

C. Each of the undersigned parties to this Agreement has had ample opportunity to review the facts and law relevant to this issue, has consulted fully
and freely with competent counsel of its choice if desired, and has entered this Agreement knowingly and intelligently without duress or coercion from any source. Employee has had a reasonable time in which to consider whether he wished to sign this
Agreement.

AGREEMENTS

NOW, THEREFORE, in consideration of the foregoing recitals and the mutual promises contained below, it is agreed as follows:



| | 1. | EMPLOYMENT ENDING DATE AND RESPONSIBILITIES, FINAL PAYCHECK
| | -- | -----------------------------------------------------------

Employees employment with HouseValues Inc. ended on July 24, 2006. Employee is not expected to have further employment duties to HouseValues Inc.

Employee will be paid his final paycheck through July 24, 2006 on August 6, 2006. Employee will also receive a lump sum for any accrued vacation hours through Termination Date, less applicable withholdings
on August 6, 2006.



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Employee acknowledges that HouseValues Inc. does not owe him any other compensation in the way of bonus
compensation or otherwise, with the exception of any vested distribution for the 401K plan (if applicable).



| | 2. | PAYMENTS AND BENEFITS BY EMPLOYER
| | -- | ---------------------------------

In exchange for
the promises contained in paragraph seven below, and execution of this Separation Agreement, HouseValues Inc. will provide Employee six months of base salary, and the equivalent of fifty percent of Employees most recent annual bonus ($50,000)
minus applicable withholdings. This will be paid in pay period installments coinciding with HouseValues, Inc. standard payroll schedule. The first installment will be made on the first scheduled payroll after the Effective Date (date on which the
Separation Agreement is executed); and,

HouseValues agrees that subject to execution of this Separation Agreement, the unvested portion of
Employees stock options that would have been exercisable as of the fourth quarterly vesting following Termination (as of July 24, 2007), will become vested and exercisable; and,

Should Employee elect COBRA by completing the enrollment forms and returning them timely to the healthcare carrier, HouseValues Inc. will pay the first
six months of COBRA premiums on a monthly basis, directly to the healthcare carrier on Employees behalf. Thereafter, Employee will be eligible for continuation of his coverage under the terms and conditions of COBRA, at his own expense.
Employees COBRA effective date is August 1, 2006. HouseValues Inc. will pay premiums from August 1, 2006 through January 31, 2007 should Employee remain qualified and enrolled in COBRA during that period; and,

HouseValues Inc. agrees that it will not protest any unemployment benefits allowed to Employee, if Employee applies for such benefits.



| | 3. | VALID CONSIDERATION
| | -- | -------------------

Employee and HouseValues Inc.
agree that the offer of severance pay and benefits by HouseValues Inc. to Employee described in the preceding paragraph is offered by HouseValues Inc. solely as consideration for this Agreement. In the event Employee fails to abide by the terms of
this Agreement, HouseValues Inc. may elect, at its option and without waiver of other rights or remedies it may have, not to pay or provide any unpaid severance payments, and to seek to recover previously paid severance pay.



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| | 4. | STOCK OPTION
| | -- | ------------

Employee will be entitled to exercise
any portion of the stock option granted to him that is vested as of the Termination Date, subject to the terms of the Companys 1999 Stock Incentive Compensation Plan and letter agreement between the Company and Employee. It is Employees
responsibility to be aware of the date that any vested, unexercised portion of the stock option granted to him terminates and become unexerciseable. Employee further acknowledges and agrees that under the terms of the stock option granted to
Employee, no shares will vest after the Termination Date and all unvested shares will terminate as of the Termination Date.



| | 5. | REAFFIRMATION OF CONFIDENTIAL INFORMATION, INVENTIONS, NONSOLICITATION AND NONCOMPETITION AGREEMENT
| | -- | ---------------------------------------------------------------------------------------------------

Employee expressly reaffirms and incorporates herein as part of this Agreement the Confidential Information, Inventions, Nonsolicitation And
Noncompetition Agreement, which Employee signed as part of his employment with HouseValues Inc., a copy of which was given to Employee, and which shall remain in full effect.



| | 6. | CONFIDENTIALITY OF SEPARATION AGREEMENT
| | -- | ---------------------------------------

Employee
agrees that he will keep the terms of this Agreement (including, but not limited to, the severance payment) completely confidential, and that Employee will not disclose any information concerning this Agreement or its terms to anyone other than his
spouse or domestic partner, legal counsel, tax advisors, and/or financial advisors, who will be informed of and bound by this confidentiality clause, and except as required by court order. In the event Employee is requested, by court order or any
other legal process, to provide information covered by this confidentiality obligation, Employee agrees to immediately notify HouseValues Inc. of any such request.



| | 7. | GENERAL RELEASE OF CLAIMS
| | -- | -------------------------

Employee expressly
waives any claims against HouseValues Inc. (including, for purposes of this paragraph 7, all parents, affiliates, subsidiaries, officers, directors, stockholders, managers, employees, agents, investors, and representatives) and releases HouseValues
Inc. (including its parents, affiliates, subsidiaries, officers, directors, stockholders, managers, employees, agents, investors, and representatives) from any claims, whether known or unknown, which existed or may have existed at any time up to the
date of this Agreement, including claims related in any way to Employees employment with HouseValues Inc. or the ending of that relationship. This release includes, but is not limited to, any claims for wages, bonuses,



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employment benefits, stock options, or damages of any kind whatsoever, arising out of any common law torts, arising out of any contracts, express or implied,
any covenant of good faith and fair dealing, express or implied, any theory of wrongful discharge, any theory of negligence, any theory of retaliation, any theory of discrimination or harassment in any form, any legal restriction on HouseValues
Inc.s right to terminate employees, or any federal, state, or other governmental statute, executive order, or ordinance, including, without limitation, Title VII of the Civil Rights Act of 1964 as amended, the Civil Rights Act of 1991, the
Civil Rights Act of 1866, 42 U.S.C. § 1981, the Americans with Disabilities Act, the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, the Family and Medical Leave Act, the Employee Retirement Income Security
Act, the Washington Law Against Discrimination, or any other legal limitation on or regulation of the employment relationship. Employee agrees to indemnify and hold HouseValues Inc. harmless from and against any and all loss, costs, damages, or
expenses, including, without limitation, reasonable attorneys fees incurred by HouseValues Inc. or arising out of any breach of this Agreement by Employee or resulting from any representation made herein by Employee was false when made. This
waiver and release shall not preclude either party from filing a lawsuit for the exclusive purpose of enforcing its rights under this Agreement and shall not waive or release claims where the events in dispute first arise after the execution of this
Agreement.

Employee represents that Employee has not filed any complaints, charges or lawsuits against HouseValues Inc. with any
governmental agency or any court, and agrees that Employee will not initiate, assist or encourage any such actions, except as required by law. Employee further agrees that if a commission, agency, or court assumes jurisdiction of such claim,
complaint or charge against HouseValues Inc. on behalf of Employee, Employee will request the commission, agency or court to withdraw from the matter.

Employee represents and warrants that he is the sole owner of the actual or alleged claims, rights, causes of action, and other matters which are released herein, that the same have not been assigned, transferred, or
disposed of in fact, by operation of law, or in any manner, and that he has the full right and power to grant, execute and deliver the releases, undertakings, and agreements contained herein.



| | 8. | NO ADMISSION OF WRONGDOING
| | -- | --------------------------

This Agreement shall
not be construed as an admission by Employer of any wrongful act, unlawful discrimination, or breach of contract, and Employer specifically disclaims any liability to or discrimination against Employee or any other person.



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| | 9. | NONDISPARAGEMENT
| | -- | ----------------

Employee agrees to refrain from
making any derogatory or disparaging comments to the press or any individual or entity regarding HouseValues Inc., its business or related activities, or the relationship between the parties.



| | 10. | RETURN OF PROPERTY
| | --- | ------------------

Employee confirms that Employee
has or will immediately, upon the Termination Date, return to Employer all files, memoranda, records, credit cards, pagers, computers, computer files, passwords and pass keys, card keys, or related physical or electronic access devices, and any and
all other property received from Employer or any of its current or former employees or generated by Employee in the course of employment.



| | 11. | BREACH OR DEFAULT
| | --- | -----------------

In the event of any breach or
default under this Agreement by Employee, HouseValues Inc. may suffer irreparable damages and have no adequate remedy at law. In the event of any threatened or actual breach or default, HouseValues Inc. shall be entitled to injunctive relief,
specific performance and other equitable relief. The rights and remedies of HouseValues Inc. under this paragraph are in addition to, and not in lieu of, any other right or remedy afforded to HouseValues Inc. under any other provision of this
Agreement, by law, or otherwise. Any partys failure to enforce this Agreement in the event of one or more events that violate this Agreement shall not constitute a waiver of any right to enforce this Agreement against subsequent violations.



| | 12. | SEVERABILITY
| | --- | ------------

The provisions of this Agreement are
severable, and if any part of it is found to be unlawful or unenforceable, the other provisions of this Agreement shall remain fully valid and enforceable to the maximum extent consistent with applicable law.



| | 13. | ENTIRE AGREEMENT
| | --- | ----------------

This Agreement, and the
Confidential Information, Inventions, Nonsolicitation And Noncompetition Agreement employee signed that is incorporated herein by reference, set forth the entire understanding between Employee and HouseValues Inc. and supersedes any prior agreements
or understandings, express or implied, pertaining to the terms of Employees employment with HouseValues Inc. and the employment relationship. Employee acknowledges that in executing this Agreement, Employee



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does not rely upon any representation or statement by any representative of HouseValues Inc. concerning the subject matter of this Agreement, except as
expressly set forth in the text of the Agreement. No modification or waiver of this Agreement will be effective unless evidenced in a writing signed by both parties.



| | 14. | GOVERNING LAW
| | --- | -------------

This Agreement will be governed by
and construed exclusively in accordance with the laws of the State of Washington without reference to its choice of law principles. Any disputes arising under this Agreement shall be brought in a court of competent jurisdiction in the State of
Washington.



| | 15. | KNOWING AND VOLUNTARY AGREEMENT
| | --- | -------------------------------

Employee agrees
that Employee has carefully read and fully understands all aspects of this Agreement including the fact that this Agreement releases any claims that Employee might have against Employer. Employee agrees that Employee has not relied upon any
representations or statements not set forth herein or made by Employers agents or representatives. Finally, Employee agrees that Employee has been advised to consult with an attorney prior to executing the Agreement, and that Employee has
either done so or knowingly waived the right to do so, and now enters into this Agreement without duress or coercion from any source.



| | 16. | PERIODS FOR SIGNING AND REVOCATION
| | --- | ----------------------------------

Employee
acknowledges that he has been provided the opportunity to consider for seven (7) days whether to enter this Agreement, and has voluntarily chosen to enter the Agreement on this date.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the dates indicated below.



|                     |  |                                 |  |                      |  |  |  |                   
|-------------------- |  | ------------------------------- |  | -------------------- |  |  |  | ------------------
|HouseValues Inc.     |  |                                 |  |                     
|                     |  |                                 |  |                     
|By:                  |  | /s/ Gregg Eskenazi              |  |                      |  |  |  | /s/ John Zdanowski
|                     |  | Gregg Eskenazi, General Counsel |  |                      |  |  |  | John Zdanowski    
|                     |  |                                
|Dated: July 26, 2006 |  |                                 |  | Dated: July 26, 2006



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