FORM OF STOCK OPTION GRANT NOTICE



 Exhibit 10.3 
 ZILLOW, INC. 
 2011 INCENTIVE PLAN 

NONQUALIFIED STOCK OPTION GRANT NOTICE 
 Zillow, Inc. (the “Company”) hereby grants to you an Option (the “Option”) to purchase shares of the Company’s Class A Common Stock under the
Company’s 2011 Incentive Plan (the “Plan”). The Option is subject to all the terms and conditions set forth in this Nonqualified Stock Option Grant Notice (this “Grant Notice”) and in the
Nonqualified Stock Option Agreement (the “Stock Option Agreement”) and the Plan, which are incorporated into this Grant Notice in their entirety. 

 

					
	Participant:	 	____________________	  	
			
	Grant Date:	 	____________________	  	
			
	Vesting Commencement Date:	 	____________________	  	
			
	Number of Shares of Class A Common Stock Subject to Option (the “Shares”):	 	  
 ____________________
	  	
			
	Exercise Price (per Share):	 	____________________	  	
			
	Option Expiration Date:	 	____________________	  	(subject to earlier termination in
		 	accordance with the terms of the Plan and the Stock Option Agreement)
		
	Type of Option:	 	Nonqualified Stock Option
			
	Vesting and Exercisability Schedule (subject to continued employment or service):	 		  	

 Additional Terms/Acknowledgement: You acknowledge receipt of, and understand and agree to, this
Grant Notice, the Stock Option Agreement and the Plan. You further acknowledge that as of the Grant Date, this Grant Notice, the Stock Option Agreement and the Plan set forth the entire understanding between you and the Company regarding the Option
and supersede all prior oral and written agreements on the subject. 
  

									
	ZILLOW, INC.	 		 	PARTICIPANT
					
	 	 	 	 		 	 	 	 
	By:	 	 	 		 	[Name]	 	
	Title: 	 	 	 		 		 	

 Attachments: 
 1. Nonqualified Stock Option Agreement 







 ZILLOW, INC. 
 2011 INCENTIVE PLAN 
 NONQUALIFIED STOCK OPTION AGREEMENT 

Pursuant to your Nonqualified Stock Option Grant Notice (the “Grant Notice”) and this Nonqualified Stock Option
Agreement (this “Agreement”), Zillow, Inc. has granted you an Option under its 2011 Incentive Plan (the “Plan”) to purchase the number of shares of the Company’s Class A Common Stock
indicated in your Grant Notice (the “Shares”) at the exercise price indicated in your Grant Notice. Capitalized terms not explicitly defined in this Agreement but defined in the Plan shall have the same definitions as in the
Plan. 
 The details of the Option are as follows: 
 1. Vesting and Exercisability. Subject to the limitations contained herein, the Option will vest and become exercisable as provided in your Grant Notice, provided that vesting will cease
upon your Termination of Service and the unvested portion of the Option will terminate. 
 2. Securities Law
Compliance. Notwithstanding any other provision of this Agreement, you may not exercise the Option unless the Shares issuable upon exercise are registered under the Securities Act or, if such Shares are not then so registered, the Company
has determined that such exercise and issuance would be exempt from the registration requirements of the Securities Act. The exercise of the Option must also comply with other applicable laws and regulations governing the Option, and you may not
exercise the Option if the Company determines that such exercise would not be in material compliance with such laws and regulations. 
 3. Independent Tax Advice. You should obtain tax advice independent from the Company when exercising the Option and prior to the disposition of the Shares. 

4. Method of Exercise. You may exercise the Option by giving written notice to the Company, in form and substance
satisfactory to the Company, which will state your election to exercise the Option and the number of Shares for which you are exercising the Option. The written notice must be accompanied by full payment of the exercise price for the number of
Shares you are purchasing. You may make this payment in any combination of the following: (a) by cash; (b) by wire transfer or check acceptable to the Company; (c) if permitted by the Committee, by having the Company withhold shares
of Class A Common Stock that would otherwise be issued on exercise of the Option; (d) if permitted by the Committee, by tendering already owned shares of Class A Common Stock; (e) if the Class A Common Stock is registered
under the Exchange Act and to the extent permitted by law, by instructing a broker to deliver to the Company the total payment required; or (f) by any other method permitted by the Committee. 







 5. Treatment upon Termination of Service. The unvested portion of the Option will
terminate automatically and without further notice immediately upon your Termination of Service. You may exercise the vested portion of the Option as follows: 
 (a) General Rule. You must exercise the vested portion of the Option on or before the earlier of (i) three months after your Termination of Service and (ii) the Option Expiration Date;

 (b) Retirement or Disability. If your employment or service relationship terminates due to Retirement
or Disability, you must exercise the vested portion of the Option on or before the earlier of (i) one year after your Termination of Service and (ii) the Option Expiration Date; 

(c) Death. If your employment or service relationship terminates due to your death, the vested portion of the
Option must be exercised on or before the earlier of (i) one year after your Termination of Service and (ii) the Option Expiration Date. If you die after your Termination of Service but while the Option is still exercisable, the vested
portion of the Option may be exercised until the earlier of (x) one year after the date of death and (y) the Option Expiration Date; and 
 (d) Cause. The vested portion of the Option will automatically expire at the time the Company first notifies you of your Termination of Service for Cause, unless the Committee determines otherwise.
If your employment or service relationship is suspended pending an investigation of whether you will be terminated for Cause, all your rights under the Option likewise will be suspended during the period of investigation. If any facts that would
constitute termination for Cause are discovered after your Termination of Service, any Option you then hold may be immediately terminated by the Committee. 
 It is your responsibility to be aware of the date the Option terminates. 

6. Limited Transferability. During your lifetime only you can exercise the Option. The Option is not transferable except by
will or by the applicable laws of descent and distribution. The Plan provides for exercise of the Option by a beneficiary designated on a Company-approved form. Notwithstanding the foregoing, the Committee, in its sole discretion, may permit you to
assign or transfer the Option, subject to such terms and conditions as specified by the Committee. 
 7. Withholding
Taxes. As a condition to the exercise of any portion of an Option, you must make such arrangements as the Company may require for the satisfaction of any federal, state, local or foreign withholding tax obligations that may arise
in connection with such exercise. 

  
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 8. Option Not an Employment or Service Contract. Nothing in the Plan or any
Award granted under the Plan will be deemed to constitute an employment contract or confer or be deemed to confer any right for you to continue in the employ of, or to continue any other relationship with, the Company or any Related Company or limit
in any way the right of the Company or any Related Company to terminate your employment or other service relationship at any time, with or without cause. 
 9. No Right to Damages. You will have no right to bring a claim or to receive damages if you are required to exercise the vested portion of the Option within three months (one year in the
case of Retirement, Disability or death) of your Termination of Service or if any portion of the Option is cancelled or expires unexercised. The loss of existing or potential profit in the Option will not constitute an element of damages in the
event of your Termination of Service for any reason even if the termination is in violation of an obligation of the Company or a Related Company to you. 
 10. Binding Effect. The Grant Notice and this Agreement will inure to the benefit of the successors and assigns of the Company and be binding upon you and your heirs, executors,
administrators, successors and assigns. 
 11. Section 409A. Notwithstanding any provision of the Plan, the
Grant Notice or this Agreement to the contrary, the Committee may, at any time and without your consent, modify the terms of the Option as it determines appropriate to avoid the imposition of interest or penalties under Section 409A; provided,
however, that the Company makes no representations that the Option shall be exempt from or comply with Section 409A and makes no undertaking to preclude Section 409A from applying to the Option. 

  
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