Document:

Second Amended and Restated Investors' Rights Agreement, dated September 7, 2007

 Exhibit 4.2 

 
 ZILLOW, INC. 

SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS 
 AGREEMENT 
 September 7, 2007 

 TABLE OF CONTENTS 

 

							
	 RECITALS
	 		  	 	1	  
		
	 1.      Registration Rights
	  	 	2	  
	 1.1
	 	 Definitions
	  	 	2	  
	 1.2
	 	 Request for Registration
	  	 	4	  
	 1.3
	 	 Company Registration
	  	 	6	  
	 1.4
	 	 Form S-3 Registration
	  	 	8	  
	 1.5
	 	 Obligations of the Company
	  	 	9	  
	 1.6
	 	 Information from Holder
	  	 	11	  
	 1.7
	 	 Expenses of Registration
	  	 	11	  
	 1.8
	 	 Delay of Registration
	  	 	11	  
	 1.9
	 	 Indemnification
	  	 	12	  
	 1.10
	 	 Reports Under the 1934 Act
	  	 	14	  
	 1.11
	 	 Assignment of Registration Rights
	  	 	15	  
	 1.12
	 	 Limitations on Subsequent Registration Rights
	  	 	15	  
	 1.13
	 	 Market Stand-off Agreement
	  	 	16	  
	 1.14
	 	 Termination of Registration Rights
	  	 	16	  
		
	 2.      Covenants
	  	 	17	  
	 2.1
	 	 Delivery of Financial Statements
	  	 	17	  
	 2.2
	 	 Inspection
	  	 	17	  
	 2.3
	 	 Right of First Offer
	  	 	18	  
	 2.4
	 	 Board Committee Rights
	  	 	19	  
	 2.5
	 	 Stock Option Vesting
	  	 	19	  
	 2.6
	 	 Restrictions on Common Stock
	  	 	20	  
	 2.7
	 	 Qualified Small Business Stock
	  	 	20	  
	 2.8
	 	 Director and Officer Insurance
	  	 	20	  
	 2.9
	 	 Board Observation Rights and Documents
	  	 	21	  
	 2.10
	 	 Termination of Covenants
	  	 	21	  
		
	 3.      Miscellaneous
	  	 	21	  
	 3.1
	 	 Successors and Assigns
	  	 	21	  
	 3.2
	 	 Governing Law
	  	 	22	  
	 3.3
	 	 Counterparts
	  	 	22	  
	 3.4
	 	 Titles and Subtitles
	  	 	22	  
	 3.5
	 	 Notices
	  	 	22	  
	 3.6
	 	 Entire Agreement; Amendments and Waivers
	  	 	22	  
	 3.7
	 	 Severability
	  	 	23	  
	 3.8
	 	 Aggregation of Stock
	  	 	23	  
	 3.9
	 	 Expenses
	  	 	23	  
	 3.10
	 	 Execution and Delivery
	  	 	23	  
			
	 SCHEDULE A
	 	 Schedule of Investors
	  			
	 SCHEDULE B
	 	 Schedule of Common Holders
	  			

 ZILLOW, INC. 
 SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS 
 AGREEMENT

 This Second Amended and Restated Investors’ Rights Agreement (this “Agreement”) is made
as of the 7th day of September, 2007, by and among Zillow, Inc., a Washington corporation (the “Company”), and the investors listed on Schedule A hereto (individually,
an “Investor” and collectively, the “Investors”) and the holders of Class B Common Stock and Class C Common Stock listed on Schedule B hereto
(the “Common Holders”). 
 RECITALS 

A. Certain of the Investors (the “Existing Investors”) hold shares of the Company’s Series A Preferred
Stock (the “Series A Preferred”) or shares of the Company’s Series B Preferred Stock (the “Series B Preferred”), or both, and possess registration rights, information rights and other rights
pursuant to a First Amended and Restated Investors’ Rights Agreement dated as of July 14, 2006 among the Company, certain holders of Class B Common Stock and Class C Common Stock of the Company and such Existing Investors (the
“Prior Agreement”); 
 B. The Existing Investors are holders of at least two-thirds of the
“Registrable Securities” of the Company (as defined under the Prior Agreement) held by Major Investors under the Prior Agreement, and desire to terminate the Prior Agreement and to accept the rights created pursuant hereto in lieu of the
rights granted to them under the Prior Agreement; 
 C. The Founders (as defined in Section 1.1) are holders of a majority
in interest of the “Registrable Securities” of the Company (as defined under the Prior Agreement) held by the Founders under the Prior Agreement, and desire to terminate the Prior Agreement and to accept the rights created pursuant hereto
in lieu of the rights granted to them under the Prior Agreement; 
 D. Certain of the Investors intend to execute a
Series C Preferred Stock Purchase Agreement of even date herewith (the “Purchase Agreement”) pursuant to which the Investors intend to purchase and the Company intends to sell shares of the Company’s
Series C Preferred Stock (the “Series C Preferred” and, together with the Series A Preferred and the Series B Preferred, the “Preferred Stock”); 

E. As a condition to the Company’s and the Investors’ mutual obligations at the First Closing (as defined in the Purchase
Agreement), this Agreement must be executed on or by the First Closing by the Company, the Investors, holders of at least two-thirds of the “Registrable Securities” of the Company (as defined under the Prior Agreement) held by Major
Investors under the Prior Agreement, and by holders of a majority in interest of the “Registrable Securities” of the Company (as defined under the Prior Agreement) held by the 

 Founders under the Prior Agreement; 

AGREEMENT 

To induce the Company, the Existing Investors and the Founders to approve the issuance of the Series C Preferred and to induce the
Investors to invest funds in the Company pursuant to the Purchase Agreement, the Investors, the Existing Investors, the Founders and the Company hereby agree that the Prior Agreement shall be superseded and replaced in its entirety by this
Agreement, and that this Agreement shall govern the rights of the Investors and the Common Holders to cause the Company to register shares of Common Stock issuable or issued to them and certain other matters as set forth herein. 

 

	1.	Registration Rights 

  

	 	1.1	Definitions 

 For
purposes of this Agreement: 
 (a) The term “Act” means the Securities Act of 1933, as amended.

 (b) The term “Authorized Common Stock” means the Common Stock, Class B Common Stock and
Class C Common Stock of the Company. 
 (c) The term “Eligible Investor” means an Investor, or any
assignee or transferee of record thereof to whom registration rights are assigned in accordance with Section 1.11, who owns of record or has the right to acquire at least (i) 344,800 shares of Series A Preferred (or Common Stock
issued upon conversion of the Series A Preferred) that are Registrable Securities and as adjusted for splits, dividends, combinations and other recapitalizations, (ii) 65,000 shares of Series B Preferred (or Common Stock issued upon
conversion of the Series B Preferred) that are Registrable Securities and as adjusted for splits, dividends, combinations and other recapitalizations, or (iii) 65,000 shares of Series C Preferred (or Common Stock issued upon conversion of
the Series C Preferred) that are Registrable Securities and as adjusted for splits, dividends, combinations and other recapitalizations. 
 (d) The term “Form S-3” means such form under the Act as in effect on the date hereof or any successor registration form under the Act subsequently adopted by the SEC that
permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC. 
 (e) The term “Founder” means a Common Holder that owns of record or has the right to acquire Founders’ Stock, or any assignee or transferee of record thereof to whom
registration rights are assigned in accordance with Section 1.11 hereof. 
 (f) The term “Founders’
Stock” means the Class B Common Stock (the 

  
 -2-

 
“Class B Common Stock”) and Class C Common Stock (the “Class C Common Stock”) of the Company, any Authorized Common Stock issued as a dividend
or other distribution with respect to, or in exchange for or in replacement of the Class B Common Stock or Class C Common Stock, and any Authorized Common Stock issued or issuable upon conversion of the Class B Common Stock or Class C Common Stock.

 (g) The term “Holder” means any person owning of record or having the right to acquire Registrable
Securities or any assignee of record thereof to whom registration rights are assigned in accordance with Section 1.11 hereof. 
 (h) The term “Major Investor” means an Investor who holds, or any assignee or transferee of record thereof to whom registration rights are assigned in accordance with
Section 1.11 who holds, at least (i) 6,275,860 shares of Series A Preferred (including for such purposes Common Stock issued or issuable upon conversion of the Series A Preferred) and as adjusted for splits, dividends,
combinations and other recapitalizations, (ii) 3,900,185 shares of Series B Preferred (including for such purposes Common Stock issued or issuable upon conversion of the Series B Preferred) and as adjusted for splits, dividends,
combinations and other recapitalizations, or (iii) 3,893,796 shares of Series C Preferred (including for such purposes Common Stock issued or issuable upon conversion of the Series C Preferred). For purposes of the preceding sentence,
(x) for an Investor that is a venture capital fund, partnership, limited liability company or corporation, the affiliated venture capital funds, partners, retired partners, members and shareholders of and entities under common investment
management with such Investor and (y) for an Investor that is an investment company, investment companies that are affiliated or under common investment management with such Investor, shall be deemed to be, together with such Investor, a single
“Investor,” and the determination of whether an Investor constitutes a Major Investor shall be based upon the aggregate amount of Registrable Securities owned of record by all such related entities and individuals. 

(i) The term “1934 Act” means the Securities Exchange Act of 1934, as amended. 

(j) The term “register,” “registered” and “registration” refer to
a registration effected by preparing and filing a registration statement in compliance with the Act, and the declaration or ordering of effectiveness of such registration statement or document. 

(k) The term “Registrable Securities” means (i) the Common Stock issuable or issued upon conversion of the
Series A Preferred, the Series B Preferred or the Series C Preferred, (ii) the Common Stock issuable or issued upon conversion of the Founders’ Stock, and (iii) any Common Stock of the Company issued as (or issuable upon the
conversion or exercise of any warrant, right or other security that is issued as) a dividend or other distribution with respect to, or in exchange for, or in replacement of, the shares referenced in (i) or (ii) above, provided,
however, that the foregoing definition shall exclude 

  
 -3-

 
in all cases any Registrable Securities sold by a person in a transaction in which his, her or its rights under this Agreement are not assigned. In addition, Common Stock or other securities
shall only be treated as Registrable Securities if and so long as they have not been (A) sold to or through a broker or dealer or underwriter in a public distribution or a public securities transaction, including sales made pursuant to
Rule 144 promulgated under the Act, or (B) sold in a transaction exempt from the registration and prospectus delivery requirements of the Act under Section 4(1) thereof so that all transfer restrictions, and restrictive legends with
respect thereto, if any, are removed upon the consummation of such sale. The number of shares of Registrable Securities deemed to be outstanding at any given time shall be the sum of the number of shares of Common Stock outstanding that are
Registrable Securities plus the number of shares of Common Stock issuable upon conversion of Founders’ Stock, Series A Preferred, Series B Preferred and Series C Preferred that are Registrable Securities hereunder. For purposes of
determining under this Agreement whether Common Stock is issuable upon conversion of Class C Common Stock, it shall be assumed that all conditions precedent or concurrent required to be satisfied for the conversion of Class C Common Stock have been
satisfied. 
 (l) The term “SEC” shall mean the Securities and Exchange Commission. 

 

	 	1.2	Request for Registration 

 (a) Subject to the conditions of this Section 1.2, if the Company shall receive at any time after the six month anniversary of the effective date of the Company’s first firm commitment
underwritten public offering of its Common Stock under the Act, or five years after the first closing of the sale of the Company’s Series C Preferred (the “First Closing”), whichever is earlier, a written request
from (i) one or more Major Investors or (ii) one or more Founders holding at least 30% of the then outstanding shares of Founders’ Stock that are Registrable Securities (the Holders making such request, the “1.2 Initiating
Holders”) that the Company file a registration statement under the Act covering the registration of Registrable Securities with an anticipated aggregate offering price in excess of $20,000,000 (a “Qualified Initial
Offering”) then the Company shall, promptly but not later than twenty (20) days after the receipt thereof, give written notice of such request to all Eligible Investors and Founders, and subject to the limitations of this
Section 1.2, use all reasonable efforts (including filing post-effective amendments and complying with the Securities Act) to effect, as soon as practicable, the registration under the Act of all Registrable Securities that the Eligible
Investors and Founders request to be registered in a written request received by the Company within 20 days of the mailing of the Company’s notice pursuant to this Section 1.2(a). 

(b) If the 1.2 Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting,
then they shall so advise the Company as a part of their request and the Company shall include such information in the written notice referred to in Section 1.2(a). In such event, the right of any Eligible Investor or Founder to include its
Registrable Securities in such registration shall be conditioned upon 

  
 -4-

 
such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by a
majority-in-interest of the 1.2 Initiating Holders and such Holder) to the extent provided herein. All Eligible Investors and Founders proposing to distribute their securities through such underwriting shall (and the Company, if applicable) enter
into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company (which underwriter or underwriters shall be reasonably acceptable to a majority-in-interest of the 1.2 Initiating
Holders). Notwithstanding any other provision of this Section 1.2, if the underwriter advises the Company that marketing factors require a limitation of the number of securities underwritten (including Registrable Securities), then the Company
shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares that may be included in the underwriting shall be apportioned among the selling Eligible Investors and Founders such
that the Eligible Investors may include 65% of the total amount of securities to be so included therein (to be apportioned pro rata among the selling Eligible Investors according to the total amount of securities that, absent such cutback, would be
entitled to be included therein owned by each Eligible Investor) and the Founders may include 35% of the total amount of securities to be so included therein (to be apportioned pro rata among the Founders according to the total amount of securities
that, absent such cutback, would be entitled to be included therein owned by each Founder, or in such other proportions as shall mutually be agreed to by such selling Eligible Investors and Founders), provided, however, that the number
of shares of Registrable Securities to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting and registration. Any Registrable Securities excluded or withdrawn from such
underwriting shall be withdrawn from the registration. 
 (c) The Company shall not be required to effect a registration
pursuant to this Section 1.2: 
 (1) in any particular jurisdiction in which the Company would be required to execute a
general consent to service of process in effecting such registration, unless the Company is already subject to service in such jurisdiction, and except as may be required under the Act; or 

(2) for a Major Investor after the Company has effected two registrations under such Section 1.2 in which one or more Major
Investors were the Initiating Holders, or for a Founder after the Company has effected two registrations under such Section 1.2 in which one or more Founders were the Initiating Holders, and all such registrations have been declared or ordered
effective; or 
 (3) during the period starting with the date that is 90 days before the Company’s good faith estimate of
the date of the filing of, and ending on the date that is 180 days after the effective date of a Company-initiated registration subject to Section 1.3 below, provided that the Company is actively employing in good faith all reasonable efforts

  
 -5-

 
to cause such registration statement to become effective; or 
 (4) if
the 1.2 Initiating Holders propose to dispose of Registrable Securities that may be registered on Form S-3 pursuant to Section 1.4 hereof; or 
 (5) if the Company shall furnish to Holders requesting a registration statement pursuant to this Section 1.2, a certificate signed by the Company’s Chief Executive Officer or Chairman of the
Board stating that in the good faith judgment of the Board of Directors of the Company, it would be detrimental to the Company and its shareholders for such registration statement to be effected at such time, in which event the Company shall have
the right to defer such filing for a period of not more than 90 days after receiving the 1.2 Initiating Holders request, provided that such right to delay a request shall be exercised by the Company not more than once in any 12-month period, and
provided, further, that the Company shall not register any securities for the account of itself or any other shareholder during such 90-day period (other than a registration relating solely to the sale of securities of participants in
a Company stock plan, a registration relating to a corporate reorganization or transaction under Rule 145 of the Act, a registration on any form that does not include substantially the same information as would be required to be included in a
registration statement covering the sale of the Registrable Securities, or a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered). 

 

	 	1.3	Company Registration 

 (a) If the Company proposes to register (including for this purpose a registration initiated by the Company for shareholders other than the Holders) any of its stock or other securities under the Act in
connection with the public offering for cash of such securities (other than a registration relating solely to the sale of securities to participants in a Company stock plan, a registration relating to a corporate reorganization or other transaction
under Rule 145 of the Act, a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities, or a registration in
which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered), then the Company shall, at such time, notify each Eligible Investor and Founder in writing at least 45 days
before such registration. Upon the written request of any Eligible Investor or Founder given within 15 days after delivery of such notice by the Company in accordance with Section 3.5, the Company shall, subject to the provisions of
Section 1.3(c), use all reasonable efforts to cause to be registered under the Act all of the Registrable Securities that each such Eligible Investor or Founder has requested to be registered. 

Each Eligible Investor’s and Founder’s written request shall state the number of Registrable Securities that such Holder wishes
to include in such registration statement. Eligible Investors and Founders that do not elect to participate in any registration and underwriting under this Section 1.3 shall nevertheless continue to have the right to include

  
 -6-

 
any Registrable Securities in subsequent registrations and underwritings to which this Section 1.3 is applicable. 
 (b) Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 1.3 before the effectiveness of such
registration whether or not any Eligible Investor or Founder has elected to include securities in such registration. The expenses of such withdrawn registration shall be borne by the Company in accordance with Section 1.7 hereof. 

(c) Underwriting Requirements. 
 The Company shall not be required to include in any registration and underwriting to which this Section 1.3 is applicable, the Registrable Securities of any Eligible Investor or Founder that fails to
execute the underwriting agreement entered into between the Company and the underwriter or underwriters selected by the Company. In addition, if the total amount of securities, including Registrable Securities, requested by shareholders to be
included in such offering exceeds the amount of securities to be sold other than by the Company that the underwriters determine in their sole discretion is compatible with the success of the offering, then the Company shall be required to include in
the offering only that number of Registrable Securities that the underwriters determine in good faith will not jeopardize the success of the offering (the securities so included to be apportioned among the selling Eligible Investors and Founders
such that the Eligible Investors may include 65% of the total amount of the securities to be so included therein (to be apportioned pro rata among the selling Eligible Investors according to the total amount of securities that, absent such cutback,
would be entitled to be included therein owned by each Eligible Investor) and the Founders may include 35% of the total amount of securities to be so included therein (to be apportioned pro rata among the Founders according to the total amount of
securities that, absent such cutback, would be entitled to be included therein owned by each Founder), or in such other proportions as shall mutually be agreed to by such selling Eligible Investors and Founders), but in no event shall (i) the
amount of securities of the selling Eligible Investors and Founders included in the offering be reduced below 30% of the total amount of securities included in such offering, unless such offering is the initial public offering of the Company’s
securities, in which case the selling Eligible Investors and Founders may be completely excluded if the underwriters make the determination described above and no other shareholder’s securities are included, (ii) any securities held by
Holders other than the Eligible Investors and the Founders be included if any securities held by the Eligible Investors and the Founders are excluded, or (iii) the number of shares of Registrable Securities to be included in such underwriting
be reduced unless all other securities (other than those of the Company) are first entirely excluded from the underwriting. For purposes of the preceding parentheticals concerning apportionment, for any selling shareholder that is a Holder of
Registrable Securities as defined in Section 1.1(k)(i) (including securities issued under Section 1.1(k)(iii) in respect of Registrable Securities as defined in Section 1.1(k)(i)) and that is (x) a venture capital fund,
partnership, limited liability company, or corporation, the affiliated venture capital funds, partners, retired partners, members, and shareholders of, 

  
 -7-

 
or entities under common investment management with, such Holder, or the estates and family members of any such partners, retired partners, members and any trusts for the benefit of any of the
foregoing persons or (y) an investment company, investment companies that are affiliated or under common investment management with such Holder, shall be deemed to be a single “selling Eligible Investor,” and any pro
rata reduction with respect to such “selling Eligible Investor” shall be based upon the aggregate amount of Registrable Securities owned of record by all such related entities and individuals. 

(d) No Demand Registration. Registration pursuant to this Section 1.3 shall not be deemed to be a request for
registration as described in Section 1.2 above. Except as otherwise provided herein, there shall be no limit on the number of times the Eligible Investors or Founders may request registration of Registrable Securities under this
Section 1.3. 
  

	 	1.4	Form S-3 Registration 

 In case the Company shall receive from (i) a Major Investor or (ii) one or more Founders holding at least 30% of the then outstanding shares of Founders’ Stock that are Registrable
Securities (the Holders making such request, the “1.4 Initiating Holders”) a written request or requests that the Company effect a registration on Form S-3 and any related qualification or compliance with respect to
all or a part of the Registrable Securities owned by such Holders, then the Company shall: 
 (a) promptly give written notice of
the proposed registration, and any related qualification or compliance, to all other Eligible Investors and Founders; and 
 (b)
use all reasonable efforts to effect, as soon as reasonably practicable, such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such
1.4 Initiating Holders’ Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other Eligible Investors or Founders joining in such request as are specified in a written
request given within 15 days after receipt of such written notice from the Company, provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance pursuant to this
Section 1.4: 
 (1) if Form S-3 is not available for use by the Company with respect to such offering by such
Holders; 
 (2) if the Major Investors, Eligible Investors and Founders, together with the holders of any other securities of
the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public of less than $10,000,000; 

(3) if the Company shall furnish to the 1.4 Initiating Holders a 

  
 -8-

 
certificate signed by the Chief Executive Officer or Chairman of the Board of the Company stating that, in the good faith judgment of the Board of Directors of the Company, it would be
detrimental to the Company and its shareholders for such Form S-3 registration to be effected at such time, in which event the Company shall have the right to defer the filing of the Form S-3 registration statement for a period of not more
than 90 days after receiving the 1.4 Initiating Holders’ request under this Section 1.4, provided, however, that the Company shall not utilize this right more than once in any 12-month period and provided,
further, that the Company shall not register any securities for the account of itself or any other shareholder during such 90-day period (other than a registration relating solely to the sale of securities of participants in a Company stock
plan, a registration relating to a corporate reorganization or transaction under Rule 145 of the Act, a registration on any form that does not include substantially the same information as would be required to be included in a registration statement
covering the sale of the Registrable Securities, or a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered); 

(4) for a Major Investor if the Company has, within the 12-month period preceding the date of such request, already effected two
registrations on Form S-3 pursuant to this Section 1.4 at the request of one or more of the Major Investors, or for a Founder if the Company has, within the 12-month period preceding the date of such request, already effected two
registrations on Form S-3 pursuant to this Section 1.4 at the request of one or more of the Founders; or 
 (5) in
any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or compliance. 

(c) If the 1.4 Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting,
they shall so advise the Company as a part of their request made pursuant to this Section 1.4 and the Company shall include such information in the written notice referred to in Section 1.4(a). The provisions of Section 1.2(b) shall
be applicable to such request (with the substitution of Section 1.4 for references to Section 1.2). 
 (d) Subject to
the foregoing, the Company shall file a Form S-3 registration statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the request or requests of the Holders.
Registrations effected pursuant to this Section 1.4 shall not be counted as requests for registration effected pursuant to Section 1.2. Except as otherwise provided herein, there shall be no limit on the number of times the Holders may
request registration of Registrable Securities under this Section 1.4. 
  

	 	1.5	Obligations of the Company 

 Whenever required under this Section 1 to effect the registration of any Registrable 

  
 -9-

 
Securities, the Company shall, as expeditiously as reasonably possible: 

(a) prepare and file with the SEC a registration statement with respect to such Registrable Securities and use all reasonable efforts to
cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period of up to 120 days or, if earlier,
until the distribution contemplated in the Registration Statement has been completed; 
 (b) prepare and file with the SEC such
amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary or advisable to comply with the provisions of the Act with respect to the disposition of all
securities covered by such registration statement for the period set forth in paragraph (a) above; 
 (c) furnish to the
Holders such numbers of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable
Securities owned by them; 
 (d) use reasonable efforts to register and qualify the securities covered by such registration
statement under such other securities or “blue sky” laws of such jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to
do business or to file a general consent to service of process in any such states or jurisdictions; 
 (e) in the event of any
underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter of such offering; 

(f) notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is
required to be delivered under the Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact
required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; 
 (g) cause all such Registrable Securities registered pursuant to this Agreement to be listed on each securities exchange and/or quoted on each broker-dealer network on which similar securities issued by
the Company are then listed and/or quoted; 
 (h) provide a transfer agent and registrar for all Registrable Securities
registered pursuant to this Agreement and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration; and 

  
 -10-

 (i) use its best efforts to furnish, at the request of any Holder requesting registration of
Registrable Securities pursuant to this Section 1, on the date that such Registrable Securities are delivered to the underwriters for sale in connection with a registration pursuant to this Section 1, if such securities are being sold
through underwriters, or, if such securities are not being sold through underwriters, on the date that the registration statement with respect to such securities becomes effective, (x) an opinion, dated such date, of the counsel representing
the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and to the Holders requesting registration of Registrable
Securities and (y) a letter dated such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public
offering, addressed to the underwriters, if any, and to the Holders requesting registration of Registrable Securities. 
  

	 	1.6	Information from Holder 

 It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 1 with respect to the Registrable Securities of any selling Holder that such Holder
shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as shall be reasonably required to effect the registration of such Holder’s
Registrable Securities. 
  

	 	1.7	Expenses of Registration 

 All expenses other than underwriting discounts, commissions and stock transfer taxes incurred in connection with registrations, filings or qualifications pursuant to Sections 1.2, 1.3, and 1.4,
including (without limitation) all registration, filing and qualification fees, printer’s and accounting fees, fees and disbursements of counsel for the Company and the reasonable fees of one special counsel for the selling Holders (not to
exceed $25,000) shall be borne by the Company. Notwithstanding the foregoing, the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Sections 1.2 or 1.4 if the registration request is
subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all participating Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to
be requested in the withdrawn registration), unless, (a) in the case of a registration requested under Section 1.2, the respective Holders of a majority of the Registrable Securities subject to Section 1.2, respectively, agree to
forfeit such Holders’ right to one demand registration pursuant to Section 1.2; or (b) in the case of a registration requested under Section 1.4, the respective Holders of a majority of the Registrable Securities subject to
Section 1.4 agree that the withdrawn registration shall be counted as one of such Holders’ requests for registration under Section 1.4(b)(4); and provided further that, if at the time of such withdrawal, the Holders have
learned of a material adverse change in the condition, business or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness following disclosure by the Company of
such 

  
 -11-

 
material adverse change, then the Holders shall not be required to pay any of such expenses and shall retain their rights pursuant to Section 1.2 or 1.4, as the case may be. 

 

	 	1.8	Delay of Registration 

 No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation
or implementation of this Section 1. 
  

	 	1.9	Indemnification 

In the event any Registrable Securities are included in a registration statement under this Section 1: 

(a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, the partners or officers, directors and
shareholders of each Holder, legal counsel and accountants for each Holder, any underwriter (as defined in the Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Act or the 1934 Act,
against any losses, claims, damages or liabilities (joint or several) to which they may become subject under the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, insofar as such losses, claims,
damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”): (i) any untrue statement or alleged
untrue statement of a material fact contained in such registration statement, including any preliminary or final prospectus contained therein, and any amendments, supplements or exhibits thereto, or in any state “blue sky” filing required
in connection therewith, (ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the
Company of the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, the 1934 Act or any state securities laws, and the Company will reimburse each such Holder, underwriter, controlling person or other
aforementioned person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action as such expenses are incurred, provided, however, that
the indemnity agreement contained in this Section l.9(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall
not be unreasonably withheld or delayed), nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation that occurs in reliance upon and in
conformity with written information furnished expressly for use in connection with such registration by any such Holder, underwriter, controlling person or other aforementioned person, and provided further, that the foregoing indemnity
agreement with respect to any preliminary prospectus shall not inure to the benefit of any Holder or underwriter or other aforementioned person, or any person controlling such Holder or underwriter, from whom the

  
 -12-

 
person asserting any such losses, claims, damages or liabilities purchased shares in the offering, if a copy of the prospectus (as then amended or supplemented if the Company shall have furnished
any amendments or supplements thereto) was not sent or given by or on behalf of such Holder or underwriter or other aforementioned person to such person, if required by law so to have been delivered, at or prior to the written confirmation of the
sale of the shares to such person, and if the prospectus (as so amended or supplemented) would have cured the defect giving rise to such loss, claim, damage or liability. 
 (b) To the extent permitted by law, each selling Holder will severally but not jointly indemnify and hold harmless the Company, each of its directors, each of its officers who has signed the registration
statement, each person, if any, who controls the Company within the meaning of the Act, legal counsel and accountants for the Company, any underwriter, any other Holder selling securities in such registration statement and any controlling person of
any such underwriter or other Holder, against any losses, claims, damages or liabilities to which any of the foregoing persons may become subject, under the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the
Act, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in
conformity with written information furnished by such Holder expressly for use in connection with such registration, and each such Holder will reimburse any person intended to be indemnified pursuant to this Section l.9(b), for any legal or
other expenses reasonably incurred by such person in connection with investigating or defending any such loss, claim, damage, liability or action as such expenses are incurred, provided, however, that the indemnity agreement contained
in this Section 1.9(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder (which consent shall not be unreasonably withheld or
delayed), and provided that in no event shall any indemnity under this Section l.9(b) exceed the net proceeds from the offering received by such Holder. 
 (c) Promptly after receipt by an indemnified party under this Section 1.9 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in
respect thereof is to be made against any indemnifying party under this Section 1.9, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the
extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties, provided, however, that an indemnified party
(together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such
indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure
to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if prejudicial to its ability to defend such action, shall 

  
 -13-

 
relieve such indemnifying party of any liability to the indemnified party under this Section 1.9, but the omission so to deliver written notice to the indemnifying party will not relieve it
of any liability that it may have to any indemnified party otherwise than under this Section 1.9. 
 (d) If the
indemnification provided for in this Section 1.9 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to herein, then the indemnifying
party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect
the relative fault of the indemnifying party on the one hand and of the indemnified party on the other in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense, as well as any other relevant
equitable considerations, provided, however, that no contribution from any Holder, when combined with any amounts paid by such Holder pursuant to Section 1.9(b), shall exceed the net proceeds from the offering received by such
Holder. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact
relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. 

(e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

(f) The obligations of the Company and Holders under this Section 1.9 shall survive the completion of any offering of Registrable
Securities in a registration statement under this Section 1, and otherwise. 
  

	 	1.10	Reports Under the 1934 Act 

 With a view to making available to the Holders the benefits of Rule 144 promulgated under the Act and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities
of the Company to the public without registration or pursuant to a registration on Form S-3, the Company agrees to: 
 (a)
make and keep public information available, as those terms are understood and defined in SEC Rule 144 (or any successor rule promulgated under the Act “Rule 144”), at all times after the effective date of the
initial public offering of the Company’s equity securities, 
 (b) file with the SEC in a timely manner all reports and
other documents required of the Company under the Act and the 1934 Act; and 

  
 -14-

 (c) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith
upon request (i) a written statement by the Company that it has complied with the reporting requirements of Rule 144 (at any time after the date that is 90 days after the effective date of the first registration statement filed by the
Company), the Act and the 1934 Act (at any time after it has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after it so qualifies),
(ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested in availing any Holder of any rule or
regulation of the SEC that permits the selling of any such securities without registration or pursuant to such form. 
  

	 	1.11	Assignment of Registration Rights 

 The rights to cause the Company to register Registrable Securities pursuant to this Section 1 may be assigned (but only with all related obligations) by a Holder to a transferee or assignee of such
securities that (a) is a partner, limited partner or retired partner of a Holder that is a partnership, (b) is a member or retired member of any Holder that is a limited liability company, (c) is a spouse, sibling, lineal descendant
or ancestor of a Holder, or any trust established for the benefit of a Holder or any spouse, sibling, lineal descendant or ancestor of a Holder, (d) is controlled by, controlling or under common control or common investment management with the
Holder, (e) after such assignment or transfer, holds at least 344,800 shares of Registrable Securities issued or issuable upon the conversion of shares of Series A Preferred (subject to adjustment for splits, dividends, combinations and
other recapitalizations), (f) after such assignment or transfer, holds at least 65,000 shares of Registrable Securities issued or issuable upon the conversion of shares of Series B Preferred (subject to adjustment for splits, dividends,
combinations and other recapitalizations), or (g) after such assignment or transfer, holds at least 65,000 shares of Registrable Securities issued or issuable upon the conversion of shares of Series C Preferred (subject to adjustment for
splits, dividends, combinations and other recapitalizations), provided: (i) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee or assignee and the securities
with respect to which such registration rights are being assigned, (ii) such transferee or assignee agrees in writing to be bound by and subject to the terms and conditions of this Agreement, including without limitation the provisions of
Section 1.13 below, and (iii) such assignment shall be effective only if immediately following such transfer the further disposition of such securities by the transferee or assignee is restricted under the Act. 

 

	 	1.12	Limitations on Subsequent Registration Rights 

 From and after the date of this Agreement, the Company shall not, without the prior written consent of the (a) Holders of 70% of the Common Stock issued or issuable upon the conversion of the
Preferred Stock and that are Registrable Securities and (b) Holders of a majority of Common Stock issued or issuable upon conversion of the Founders’ Stock and 

  
 -15-

 
that are Registrable Securities, enter into any agreement with any holder or prospective holder of any securities of the Company that would allow such holder or prospective holder: (i) to
include such securities in any registration filed under Sections 1.2, 1.3 or 1.4 hereof, unless under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that
the inclusion of such securities will not reduce the amount of the Registrable Securities of the Holders that are included, or (ii) to exercise other registration rights, except registration rights that are subordinate or pari passu with to
those granted to the Holders hereunder. 
  

	 	1.13	Market Stand-off Agreement 

 Each Holder hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the Company’s
initial public offering and ending on the date specified by the Company and the managing underwriter (such period not to exceed 180 days) following the effective date of the registration statement for such offering, if so required by the
underwriters of such offering, (a) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose
of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock held immediately prior to the effectiveness of the Registration Statement for such offering, or (b) enter
into any swap, hedging or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such Common Stock, whether any such transaction described in clause (a) or (b) above is to be
settled by delivery of Common Stock or such other securities, in cash or otherwise. The foregoing provisions of this Section 1.13 shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, and shall only
be applicable to the Holders if all officers, directors and greater than 1% shareholders of the Company enter into similar agreements; provided, however, that if any provision of such agreement is waived or terminated with respect to
any of the securities of any Holder hereof or any such officer, director or greater than 1% shareholder (in any such case of waiver or termination, such securities being the “Released Securities”), the foregoing provisions
shall be waived or terminated, as applicable, to the same extent with respect to the same percentage of securities of each Holder as the percentage the Released Securities represent with respect to the securities held by such released Holder or the
applicable officer, director or greater than 1% shareholder that were subject to such agreement immediately prior to such waiver or termination. The underwriters in connection with the Company’s initial public offering are intended third party
beneficiaries of this Section 1.13 and shall have the right, power and authority to enforce the provisions of this Section 1.13 as though they were a party hereto. Holders further agree to sign the underwriter’s standard market
stand-off agreement reflecting the foregoing provisions. In order to enforce the foregoing covenants, the Company may impose stop-transfer instructions with respect to the Registrable Securities of each Holder (and the shares or securities of every
other person subject to the foregoing restriction) until the end of such period. 

  
 -16-

	 	1.14	Termination of Registration Rights 

 No Holder shall be entitled to exercise any right provided for in this Section 1 after the earliest of: (a) five years following the consummation of an initial public offering of the
Company’s equity securities, (b) as to any Holder, such earlier time after the initial public offering at which (i) such Holder can sell all shares held by it in compliance with Rule 144(k) of the Act or (ii) such Holder holds 1%
or less of the Company’s outstanding Common Stock and all Registrable Securities held by such Holder (together with any affiliate of the Holder with whom such Holder must aggregate its sales under Rule 144 of the Act) can be sold in any
three-month period without registration in compliance with Rule 144 of the Act. 
  

	2.	Covenants 

 The
Company hereby covenants to each of the Investors as follows: 
  

	 	2.1	Delivery of Financial Statements 

 The Company shall deliver to each Major Investor: 
 (a) as soon as practicable, but
in any event within 90 days after the end of each fiscal year of the Company, an income statement for such fiscal year, a balance sheet of the Company and statement of shareholder’s equity as of the end of such year, and a statement of cash
flows for such year, such year-end financial reports to be in reasonable detail, prepared in accordance with generally accepted accounting principles (“GAAP”) and commencing with the financial reports for fiscal year end
2005, audited by an accounting firm of national standing; 
 (b) as soon as practicable, but in any event within 45 days after
the end of each of the first three quarters of each fiscal year of the Company, an income statement, statement of cash flows for such fiscal quarter and a balance sheet as of the end of such fiscal quarter, to be in reasonable detail and prepared in
accordance with GAAP; 
 (c) as soon as practicable, but in any event at least 30 days prior to the end of each fiscal year, a
budget and business plan for the next fiscal year, prepared on a monthly basis, including balance sheets, income statements and statements of cash flows for such months and, as soon as prepared, any other budgets or revised budgets prepared by the
Company; and 
 (d) such other information relating to the financial condition, business or corporate affairs of the Company as
the Major Investor may from time to time request, provided, however, that the Company shall not be obligated under this subsection (d) to provide information that (i) it deems in good faith to be a trade secret or similar confidential
information or (ii) that the Company does not prepare or collect as part of its ordinary course operations and that it reasonably considers to be unduly burdensome to prepare or collect in order to satisfy the request. 

  
 -17-

	 	2.2	Inspection 

 The
Company shall permit each Major Investor, at such Major Investor’s expense, to visit and inspect the Company’s properties and facilities, to examine its books of account and records and to discuss the Company’s affairs, finances and
accounts with its executive officers, all at such reasonable times as may be requested by the Investor, provided, however, that the Company shall not be obligated pursuant to this Section 2.2 to provide access to any information
that it reasonably considers to be a trade secret or similar confidential information if, in consultation with legal counsel, the Company determines that providing such access would compromise the Company’s rights with respect to such
information, unless such Major Investor delivers a confidentiality and non-disclosure agreement in form and substance reasonably satisfactory to the Company’s legal counsel. 

 

	 	2.3	Right of First Offer 

 (a) Subject to the terms and conditions specified in this Section 2.3, if the Company proposes to issue Additional Shares of Common Stock (as defined in Section 2.2(d)(iv)(A)(IV)(d) of
the Company’s Amended and Restated Articles of Incorporation, as may be amended), it shall in any case provide each Major Investor and Founder (each a “First Offer Holder”), with a written notice
(the “Issuance Notice”) stating (i) its bona fide intention to offer such Additional Shares of Common Stock, (ii) the number of such Additional Shares of Common Stock to be offered, and (iii) the price and
terms upon which it proposes to offer such Additional Shares of Common Stock. By written notification received by the Company, within 15 calendar days after receipt of the Issuance Notice, each First Offer Holder may elect to purchase or obtain, at
the price and on the terms specified in the Issuance Notice, up to that portion of such Additional Shares of Common Stock (such holder’s “Pro-Rata Portion”) that equals the proportion that the number of shares of Common
Stock then held, or issuable or issued upon conversion of Series A Preferred, Series B Preferred, Series C Preferred, Class B Common Stock or Class C Common Stock then held by such Holder, bears to the total number of shares of Common
Stock of the Company then outstanding, including the Common Stock issuable upon conversion of all outstanding Series A Preferred, Series B Preferred, Series C Preferred, Class B Common Stock or Class C Common Stock, upon conversion of
all other outstanding convertible securities, and upon exercise of all outstanding options and warrants (and assuming conversion of convertible securities issuable upon exercise of options and warrants). 

(b) In the event that such First Offer Holder fails to give such notice within the prescribed period, or otherwise fails to purchase its
Pro-Rata Portion of such Additional Shares of Common Stock the Company shall promptly inform in writing each First Offer Holder that has elected to purchase its full Pro-Rata Portion (a “Fully Exercising Investor”) of
any other First Offer Holder’s failure to do so. During the 10-day period commencing after the delivery of such supplemental notice, each Fully Exercising Investor shall be entitled to obtain its Pro Rata Portion of the Additional Shares of
Common Stock not purchased by other First Offer Holders. 

  
 -18-

 (c) If all Additional Shares of Common Stock that First Offer Holders are entitled to obtain
pursuant to Section 2.3(a) and (b) are not elected to be obtained as provided in Section 2.3(a) and (b) hereof, then the Company may, during the 90-day period following the expiration of the period provided in Section 2.3(a)
or (b) hereof, as the case may be, offer the remaining unsubscribed portion of such Additional Shares of Common Stock to any person or persons at a price not less than, and upon terms no more favorable to the offeree than those specified in the
Issuance Notice. If the Company does not enter into an agreement for the sale of the Additional Shares of Common Stock within such period, or if such agreement is not consummated within 90 days of the execution thereof, the right provided hereunder
shall be deemed to be revived and such Additional Shares of Common Stock shall not be offered unless first reoffered to the First Offer Holders in accordance herewith. 
 (d) The right of first offer in this Section 2.3 shall not be applicable to the issuance of securities excluded from the definition of Additional Shares of Common Stock in the Company’s Amended
and Restated Articles of Incorporation. The rights of first offer in this Section 2.3 shall also not be applicable to the issuance of shares of Series C Preferred pursuant to the Purchase Agreement. 

(e) The right of first offer in this Section 2.3 shall not be applicable with respect to any First Offer Holder with regard to any
issue of Additional Shares of Common Stock, if (i) at the time of such issue of Additional Shares of Common Stock, such First Offer Holder is not an accredited investor, and (ii) such issue of Additional Shares of Common Stock is otherwise
being offered only to accredited investors. 
 (f) The rights provided in this Section 2.3 may not be assigned or
transferred; provided, however, that (i) a First Offer Holder that is a venture capital fund or investment company may assign or transfer such rights to an affiliated venture capital fund or investment company or a venture capital
fund or investment company under common investment management and (ii) a Holder may assign its rights hereunder to a spouse, sibling, lineal descendant or ancestor of such Holder, or any trust established for the benefit of such Holder or any
spouse, sibling, lineal descendant or ancestor of such Holder. 
  

	 	2.4	Board Committee Rights 

 The Company agrees that each committee of the Board of Directors shall, if requested by a director elected solely by the holders of the Series A Preferred (a “Series A
Director”), include at least one Series A Director, provided at least one Series A Director is willing to serve on such committee. 
  

	 	2.5	Stock Option Vesting 

 Except as expressly approved by the Board of Directors, including the Series A Directors, all stock, options, or other rights exercisable for or convertible into stock, issued to employees,
directors, consultants and the like of the Company shall be granted with four-year vesting, with 25% of such stock, options or rights vesting on the first anniversary from the 

  
 -19-

 
date of grant and the remainder vesting in equal monthly installments after the first anniversary until fully vested, provided, however, that excluded from the application of this
Section 2.5 shall be the issuance of the Series C Preferred to employees, directors or consultants pursuant to the Purchase Agreement and the issuance of stock to employees, directors or consultants in connection with bona fide equity
financings that are negotiated by the Company on an arms’ length basis and approved by the Board of Directors. 
  

	 	2.6	Restrictions on Common Stock 

 Except as expressly approved by the Board, including at least one of the Series A Directors, the Company shall use commercially reasonable best efforts to cause Authorized Common Stock issued by the
Company to be subject to (a) a right of first refusal to acquire such shares in favor of the Company and (b) a 180-day lockup period in connection with the Company’s initial public offering on terms substantially the same as provided
in Section 1.13 above; provided, however, that such right of first refusal shall be subject to customary exclusions and shall expire on the earlier of (y) a bona fide underwritten initial public offering of the Company’s securities
pursuant to the Act and (z) a transaction constituting a Deemed Liquidation under the Company’s Amended and Restated Articles of Incorporation. The Company shall retain a right to repurchase those shares of Company Common Stock purchased
by Company employees (other than the Founders) on or about July 20, 2005. 
  

	 	2.7	Qualified Small Business Stock 

 So long as a Major Investor, or a transferee thereof in whose hands the shares of Series A Preferred or Series B Preferred are eligible to qualify as “qualified small business stock”
(as defined in Section 1202(c) of the Internal Revenue Code of 1986, as amended (the “Code”)), holds any shares of Series A Preferred or Series B Preferred (including, without limitation, the shares of Common
Stock issued upon conversion thereof), the Company shall use its commercially reasonable efforts to cause such shares, as well as any shares into which such shares are converted, within the meaning of Section 1202(f) of the Code (collectively,
the “Eligible Shares”), to constitute “qualified small business stock”; provided, however, that such requirement shall not be applicable if the Board of Directors of the Company (including at least one
of the Series A Directors) determines, in its good faith business judgment, that such qualification is inconsistent with the best interests of the Company. The Company shall submit to the Major Investors who hold Series A Preferred or Series B
Preferred and to the Internal Revenue Service any reports that may be required under Section 1202(d)(1)(C) of the Code and the regulations promulgated thereunder. In addition, within 20 business days after any such Major Investor’s written
request therefor, the Company shall deliver to such Investor a written statement, if and to the extent required by law to cause such shares to constitute “qualified small business stock, indicating whether, to the best of the Company’s
knowledge, (and what portion of) such Investor’s interest in the Company constitutes “qualified small business stock”. 
  

	 	2.8	Director and Officer Insurance 

  
 -20-

 The Company shall maintain at all times during which a Series A Director serves on the Board
of Directors, in full force and effect with financially sound and reputable insurers, directors’ and officers’ liability insurance in an amount not less than $5,000,000. 

 

	 	2.9	Board Observation Rights and Documents 

 As long as PAR Investment Partners, L.P. or its successor in interest (“PAR”) is a Major Investor, PAR will be entitled to designate one representative of PAR (the “PAR
Observer”), and as long as Legg Mason Opportunity Trust, a Series of Legg Mason Investment Trust, Inc. or its successor in interest (“Legg Mason”) is a Major Investor, Legg Mason will be entitled to designate one
representative of Legg Mason (the “Legg Mason Observer”, each of the PAR Observer and the Legg Mason Observer being an “Observer”), to attend all meetings of the Company’s Board of Directors in a
nonvoting observer capacity and, in this respect, the Company shall contemporaneously provide any such Observer with copies of all official Company Board of Director notices, documents and communications, such as meeting notices, meeting materials
and meeting packages; provided, however, that such Observer shall agree to hold in confidence and trust and to act in a fiduciary manner with respect to all confidential information so provided; and, provided further, that the Company reserves the
right to withhold any information and to exclude any such Observer from any meeting or portion thereof (i) if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and
its counsel, (ii) in the case of the PAR Observer, if PAR or the PAR Observer is a direct competitor of the Company; provided that any PAR investments in other companies constituting a less-than-controlling interest will not alone qualify PAR
or the PAR Observer as a direct competitor of the Company, or (iii) in the case of the Legg Mason Observer, if Legg Mason or the Legg Mason Observer is a direct competitor of the Company, provided that any Legg Mason investments in other
companies constituting a less-than-controlling interests will not alone qualify Legg Mason or the Legg Mason Observer as a direct competitor of the Company. 
  

	 	2.10	Termination of Covenants 

 The covenants set forth in Section 2 (other than Sections 2.6 (excluding the last sentence thereof), 2.7 and 2.8) shall terminate and be of no further force or effect (a) upon the consummation
of the Company’s initial sale of its Common Stock or other securities pursuant to a Registration Statement under the Act (other than a registration statement relating either to the sale of securities to employees of the Company pursuant to its
stock option, stock purchase or similar plan or a SEC Rule 145 transaction), (b) upon a Deemed Liquidation (as defined in the Company’s Amended and Restated Articles of Incorporation) or (c) for purposes of Sections 2.1 and 2.2
only, at such time as the Company becomes subject to the reporting provisions of the 1934 Act. 
  

	3.	Miscellaneous 

  

	 	3.1	Successors and Assigns 

  
 -21-

 Except as otherwise provided herein, the terms and conditions of this Agreement shall inure
to the benefit of and be binding upon the respective successors and assigns of the parties (including transferees of any shares of Registrable Securities). Nothing in this Agreement, express or implied, is intended to confer upon any party other
than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

 

	 	3.2	Governing Law 

This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed by and
construed under the laws of the State of Washington, as applied to agreements among Washington residents entered into and to be performed entirely within Washington without giving effect to principles of conflicts of law. 

 

	 	3.3	Counterparts 

 This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. 

 

	 	3.4	Titles and Subtitles 

 The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 

 

	 	3.5	Notices 

 Unless
otherwise provided, any notice under this Agreement shall be given in writing and shall be deemed effectively delivered (a) upon personal delivery to the party to be notified, (b) upon confirmation of receipt by fax by the party to be
notified, (c) one business day after deposit with a reputable overnight courier, prepaid for overnight deliver and addressed as set forth in (d), or (d) three days after deposit with the United States Postal Service, postage prepaid,
registered or certified with return receipt requested and addressed to the party to be notified at the address indicated for such party on the exhibits hereto, or at such other address as such party may designate by ten days’ advance written
notice to the other party given in the foregoing manner. 
  

	 	3.6	Entire Agreement; Amendments and Waivers 

 This Agreement (including the exhibits hereto) and the documents referred to herein constitute the full and entire understanding and agreement among the parties with regard to the subjects hereof and
thereof, and no party shall be liable or bound to any other party in any manner by any warranties, representations, or covenants, except as specifically set forth herein or therein. Any term of this Agreement may be amended and the observance of any

  
 -22-

 
term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company, the holders of 70% of
the Registrable Securities held by the Major Investors and the holders of a majority in interest of the Registrable Securities held by the Founders; provided, however, that, if an amendment, waiver, discharge, or termination impacts
the rights or obligations under this Agreement of a Major Investor holding shares of a series of Preferred Stock or the Registrable Securities issued or issuable upon conversion of such series of Preferred Stock (the “Affected Major
Investor”) in a manner materially and adversely different from the impact of such amendment, waiver, discharge, or termination on the rights or obligations under this Agreement of one or more Major Investors holding a different series
of Preferred Stock or the Registrable Securities issued or issuable upon conversion of such different series of Preferred Stock, then the consent of the Affected Major Investor will also be required for such amendment, waiver, discharge, or
termination. Any amendment or waiver effected in accordance with this paragraph shall be binding upon each Holder of any Registrable Securities, each future Holder of any Registrable Securities and the Company. Notwithstanding the foregoing, the
Company may amend this Agreement solely to add a party who after the date of this Agreement acquires shares of the Company’s Series C Preferred pursuant to the terms of the Purchase Agreement. Any such additional party, by executing a
counterpart signature page to this Agreement, shall become an Investor for all purposes and shall be bound by all of the applicable provisions under this Agreement. 
  

	 	3.7	Severability 

 If
one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision shall be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be
enforceable in accordance with its terms. 
  

	 	3.8	Aggregation of Stock 

 All shares of Registrable Securities held or acquired by affiliated entities or persons (or entities under common investment management) shall be aggregated together for the purpose of determining the
availability of any rights under this Agreement. 
  

	 	3.9	Expenses 

 If any
action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such
party may be entitled. 
  

	 	3.10	Execution and Delivery 

 A facsimile, telecopy, PDF, or other written or electronic reproduction of this Agreement may be executed by one or more parties, and an executed copy of this Agreement may be delivered by one or more
parties by facsimile, telecopy, PDF, or similar written or 

  
 -23-

 
electronic transmission device pursuant to which the signature of or on behalf of such party can be seen, and such execution and delivery will be considered valid, binding and effective for all
purposes. At any party’s request, all parties agree to execute an original of this Agreement as well as any facsimile, telecopy, PDF, or other reproduction of this Agreement. 

[SIGNATURE PAGES FOLLOW] 

  
 -24-

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written. 
  

					
	 COMPANY:
  

ZILLOW, INC.

	
	/s/ Lloyd Frink
	Lloyd Frink, President
		
	Address:	 	999 Third Avenue, Suite 4600
		 	Seattle, WA 98104
		 	Attn:	 	Chief Executive Officer
		 		 	Chief Financial Officer

  

SIGNATURE PAGE TO 

SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written. 
  

			
	 INVESTOR:
  

LEGG MASON OPPORTUNITY TRUST, A SERIES OF LEGG MASON INVESTMENT TRUST, INC.

		
	By:	 	      /s/ Gregory T. Merz
	Name: Gregory T. Merz
	Title: Vice President

			
		
	Address:	 	 100 Light Street
 Baltimore,
Maryland 21202

	Attention:	 	Legal and Compliance Department
	Fax:	 	(410) 454-5372

  

SIGNATURE PAGE TO 

SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written. 
  

			
	 INVESTOR:
  

PAR INVESTMENT PARTNERS, L.P.

		
	By:	 	PAR Group, L.P., as its General Partner
		
	By:	 	PAR Capital Management, Inc., as its General Partner
		
	By:	 	      /s/ Gina DiMento
	Gina DiMento, General Counsel & Vice President

			
		
	Address:	 	 Par Capital Management, Inc.

One International Place, Suite 2401
 Boston, MA
02110

	Attention:	 	 Gina DiMento
 General
Counsel & Vice President

	Fax:	 	(617) 556-8875

  

SIGNATURE PAGE TO 

SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written. 
  

			
	 INVESTOR:
  

BENCHMARK CAPITAL PARTNERS V, L.P.
 as
nominee for
 Benchmark Capital Partners V, L.P.
 Benchmark Founders’ Fund V, L.P.
 Benchmark Founders’ Fund V-A, L.P

Benchmark Founders’ Fund V-B, L.P.
 and
related individuals

		
	By:	 	 Benchmark Capital Management Co. V, L.L.C.
 its general partner

		
	By:	 	      /s/ Steven M. Spurlock
		 	Managing Member

			
		
	Address:	 	 2480 Sand Hill Road, Suite 200
 Menlo Park, CA 94025

	Fax:	 	

  
 SIGNATURE PAGE TO

 SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written. 
  

			
	 INVESTOR:
  

TCV V, L.P.
 a Delaware Limited
Partnership

		
	By:	 	Technology Crossover Management V, L.L.C.,
		
	Its:	 	General Partner
		
	By:	 	  /s/ Robert C. Bensky
		 	 Name: Robert C. Bensky

Title: Attorney in Fact

	
	 TCV Member Fund, L.P.
 a Delaware Limited Partnership
 (f/k/a TCV V Member Fund, L.P.)

		
	By:	 	Technology Crossover Management V, L.L.C
		
	Its:	 	General Partner
		
	By:	 	  /s/ Robert C. Bensky
		 	 Name: Robert C. Bensky

Title: Attorney in Fact

	
	Mailing Address:
		 	 Technology Crossover Ventures

528 Ramona Street
 Palo Alto, CA 94301

Attention: Jay C. Hoag
 Phone:
(650) 614-8210
 Fax: (650) 614-8222

	
	with a copy to:
		 	 Technology Crossover Ventures

56 Main Street, Suite 210
 Millburn, NJ
07041
 Attention: Robert C. Bensky

Phone: (973) 467-5320
 Fax:
(973) 467-5323

  

SIGNATURE PAGE TO 

SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written. 
  

			
	COMMON HOLDERS:
	
	  /s/ Richard Barton
	Richard Barton

			
		
	Address:	 	 1020
37th Avenue E.

Seattle, Washington 98112

			
	
	  /s/ Lloyd Frink
	Lloyd Frink
		
	Address:	 	 1029
39th Avenue

Seattle, Washington 98112

			
	
	THE BARTON DESCENDANTS’ TRUST
		
	By:	 	  /s/ Richard Barton
		 	 Name: Richard N. Barton

Its: Trustee

		
	By:	 	  /s/ Sarah M. Barton
		 	 Name: Sarah M. Barton
 Its:
Trustee

			
		
	Address:	 	 1020
37th Avenue E.

Seattle, Washington 98112

			
	
	THE FRINK DESCENDANTS’ TRUST
		
	By:	 	  /s/ Lloyd Frink
		 	 Name: Lloyd D. Frink
 Its:
Trustee

		
	By:	 	  /s/ Janet Elizabeth Angell Frink
		 	 Name: Janet Elizabeth Angell Frink
 Its: Trustee

			
		
	Address:	 	 1029
39th Avenue

Seattle, Washington 98112

  

SIGNATURE PAGE TO 

SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 EXHIBIT A 

SCHEDULE OF INVESTORS 
  

	
	 Legg Mason Opportunity Trust, a Series of Legg Mason

Investment Trust, Inc.

	
	 PAR Investment Partners, L.P.

	
	 Benchmark Capital Partners V, L.P.

	
	 TCV V, L.P.

	
	 TCV Member Fund, L.P.

	
	 Erik Blachford

	
	 Gregory B Maffei

 EXHIBIT B 

SCHEDULE OF COMMON HOLDERS 
  

	
	 Richard Barton

	
	 Lloyd Frink

	
	 The Barton Descendants’ Trust

	
	 The Frink Descendants’ TrustForm of Indemnification Agreement

 Exhibit 10.1 
 ZILLOW, INC. 
 INDEMNIFICATION AGREEMENT 

This Indemnification Agreement (this “Agreement”), dated as of ________, 2___, is entered into by and between
Zillow, Inc., a Washington corporation (the “Company”), and _________________ (“lndemnitee”). 
 RECITALS 
 A. Indemnitee performs a valuable service for the Company.

 B. The Company’s Amended and Restated Articles of Incorporation (the “Articles”) and bylaws (the
“Bylaws”) contain certain provisions, approved by the Company’s shareholders, for indemnification of the Company’s directors and/or officers to the full extent permitted by the Washington Business Corporation Act
(the “Statute”). 
 C. The Indemnitee has indicated a desire to supplement the indemnification
provisions in the Articles and Bylaws to provide additional protections against the risks associated with his service to the Company and further clarify his rights with respect to indemnification in certain circumstances. 

D. To induce Indemnitee to accept and continue his service as a director and/or officer of the Company, the Company and the Indemnitee
now agree that they should enter into this Indemnification Agreement. 
 AGREEMENT 

 

	1.	Indemnification of Indemnitee 

  

	 	1.1	Scope 

 Subject to
Section 4.1 and all other terms and conditions of this Agreement, the Company agrees to indemnify and hold harmless Indemnitee, to the full extent permitted by law, whether or not specifically authorized by this Agreement, the Articles, the
Bylaws, the Statute or otherwise, for any Indemnifiable Losses (as defined below) which the Indemnitee is or becomes legally obligated to pay in connection with any Proceeding. In the event of any change, after the date of this Agreement, in any
applicable law, statute or rule regarding the right of a Washington corporation to indemnify a director and/or officer, such changes, to the extent that they would expand Indemnitee’s indemnification rights, shall be within the purview of
Indemnitee’s rights and the Company’s obligations under this Agreement, and, to the extent that such changes would narrow Indemnitee’s indemnification rights, shall not affect or limit the scope of this Agreement; provided, however,
that any change that is required by applicable laws, statutes or rules to be applied to this Agreement shall be so 

 
applied regardless of whether the effect of such change is to narrow Indemnitee’s rights hereunder. 
  

	 	1.2	Nonexclusivity 

 The
indemnification provided by this Agreement is not exclusive of any rights to which Indemnitee may be entitled under the Articles, the Bylaws, any other agreement, any vote of shareholders or disinterested directors, the Statute, or otherwise,
whether as to action in Indemnitee’s official capacity or otherwise. 
  

	 	1.3	Definition of Indemnifiable Losses 

 For purposes of this Agreement, the term “Indemnifiable Losses” shall include (without limitation) any and all damages (compensatory, exemplary, punitive or otherwise), judgments,
fines, penalties, settlements, and expenses (including but not limited to costs, attorneys’ and expert fees and disbursements, costs of attachment or similar bonds, investigations, and expenses of establishing a right to indemnification under
this Agreement (“Expenses”)), and any other losses, claims, liabilities or other expenses incurred in connection with a Proceeding, subject to the limitations set forth in Section 4.1 below. 

 

	 	1.4	Definition of Proceeding 

For purposes of this Agreement, the term “Proceeding” shall include (without limitation) any threatened, pending
or completed claim, action, suit or proceeding, whether brought by or in the right of the Company or otherwise, and whether of a civil, criminal, administrative or investigative nature, in which the Indemnitee may be or may have been involved as a
party or otherwise (including without limitation as a witness) (a) by reason of the fact that Indemnitee is or was, or has agreed to become, a director and/or officer of the Company, (b) by reason of the fact that Indemnitee is or was serving at the
request of the Company as a director, trustee, officer, employee or agent of the Company or another corporation, partnership, joint venture, trust or other enterprise (including without limitation employee benefit plans and administrative committees
thereof) (an “Enterprise”) (which request will be conclusively presumed in the case of any of the foregoing that are “affiliates” of the Company as defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended), (c)
by reason of any actual or alleged error or misstatement or misleading statement made or suffered by the Indemnitee while acting as a director and/or officer of the Company or while serving at the request of the Company and acting as a director,
trustee, officer, employee or agent of an Enterprise, or (d) by reason of any action taken by Indemnitee or of any inaction on Indemnitee’s part while acting as a director and/or officer of the Company or while serving at the request of the
Company and acting as a director, trustee, officer, employee or agent of an Enterprise; provided, however, that, except with respect to an action to enforce the provisions of this Agreement or to enforce insurance rights under policies of insurance
purchased by the Company or an Enterprise on Indemnitee’s behalf, the term “Proceeding” shall not include any action, suit, claim or proceeding instituted by or at 

  
 -2-

 
the direction of Indemnitee unless such action, suit, claim or proceeding is or was authorized or ratified by the Company’s Board of Directors. 

 

	 	1.5	Determination of Entitlement 

 In the event that, notwithstanding Section 6.5 of the Company’s Bylaws, a determination of Indemnitee’s entitlement to indemnification is required pursuant to Section 23B.08.550 of the
Statute or its successor or pursuant to other applicable law, the party specified therein as the determining party shall make such determination; provided, however, (a) that Indemnitee shall initially be presumed in all cases to be entitled to
indemnification, (b) that Indemnitee may establish a conclusive presumption of any fact necessary to such a determination by delivering to the Company a declaration made under penalty of perjury that such fact is true and (c) that, unless
the Company shall deliver to Indemnitee written notice of a determination that Indemnitee is not entitled to indemnification within twenty (20) days of the Company’s receipt of Indemnitee’s initial written request for indemnification,
such determination shall conclusively be deemed to have been made in favor of the Company’s provision of indemnification and Company agrees not to assert otherwise. 

 

	 	1.6	Survival 

 The
indemnification provided under this Agreement shall apply to any and all Proceedings, notwithstanding that Indemnitee has ceased to serve in a capacity referred to in Section 1.4(a)-(d). 

 

	2.	Expense Advances 

  

	 	2.1	Generally 

 The right to
indemnification for Indemnifiable Losses conferred by Section 1 shall include the right to have the Company pay Indemnitee’s expenses in any Proceeding as such expenses are incurred and in advance of such Proceeding’s final
disposition (such right is referred to hereinafter as an “Expense Advance”), subject to Sections 2.2, 4 and 5 and all other terms and conditions of this Agreement. 

 

	 	2.2	Conditions to Expense Advance 

 The Company’s obligation to provide an Expense Advance is subject to (a) Indemnitee or his or her representative having first executed and delivered to the Company an undertaking, which need not
be secured and shall be accepted without reference to Indemnitee’s financial ability to make repayment, by or on behalf of Indemnitee to repay all Expense Advances if and to the extent that it shall ultimately be determined by a final,
unappealable decision rendered by a court having jurisdiction over the parties and the subject matter of the dispute that Indemnitee is not entitled to be indemnified under this Agreement or otherwise; and (b) Indemnitee furnishing, upon
request by the Company and if required 

  
 -3-

 
under applicable law, a written affirmation of Indemnitee’s good faith belief that Indemnitee has met any applicable standards of conduct. 

 

	 	2.3	Subrogation 

 In the
event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure
such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights. [ALTERNATIVE PROVISION TO BE USED FOR THESE AGREEMENTS WITH DIRECTORS AFFILIATED WITH VENTURE CAPITAL FUNDS: In
the event of any payment under this Agreement and except as set forth below in this Section 2.3, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee (other than against [FUND] and its
affiliated funds (collectively, the “Fund Indemnitors”)), who shall execute all papers required and take all action necessary to secure such rights, including, without limitation, execution of such documents as are necessary to
enable the Company to bring suit to enforce such rights. The Company hereby acknowledges that Indemnitee has certain rights to indemnification, advancement of expenses and/or insurance provided by the Fund Indemnitors. The Company hereby agrees
that, with respect to claims made against Indemnitee arising out of Indemnitee’s capacity as a director of the Company, (i) the Company is the indemnitor of first resort relative to the Fund Indemnitors (i.e., the Company’s
obligations to Indemnitee are primary and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for the same Expenses or liabilities incurred by Indemnitee is secondary), (ii) the Company shall be required to
advance the full amount of Expenses actually and reasonably incurred by Indemnitee and shall be liable for the full amount of all Expenses, judgments, penalties, fines and amounts paid in settlement, in each case to the extent required by and
subject to the terms of this Agreement, without regard to any rights Indemnitee may have against the Fund Indemnitors, and (iii) the Company, with respect to its obligations under this Agreement to advance Expenses to and indemnify Indemnitee,
irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no Expense
Advance or payment by the Fund Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee has sought an Expense Advance or indemnification from the Company shall affect the foregoing and the Fund Indemnitors shall have a
right of contribution and/or be subrogated to the extent of such Expense Advance or payment to all of the rights of recovery of Indemnitee against the Company. The Company and Indemnitee agree that the Fund Indemnitors are express third party
beneficiaries of the terms of this Section 2.3.] 

  
 -4-

	3.	Procedures for Enforcement 

  

	 	3.1	Enforcement 

 In the
event that a claim for indemnification hereunder is made and is not paid in full within twenty days after written notice of such claim is delivered to the Company, Indemnitee may, but need not, at any time bring suit against the Company to recover
the unpaid amount of the claim (an “Enforcement Action”), subject to all other terms, conditions and limitations of this Agreement. 
  

	 	3.2	Presumptions in Enforcement Action 

 In any Enforcement Action the following presumptions (and limitation on presumptions) shall apply: 
 (a) The Company shall conclusively be presumed to have entered into this Agreement and assumed the obligations imposed on it to induce Indemnitee to accept the position of, or to continue as director
and/or officer of the Company; and 
 (b) Neither (i) the failure of the Company (including its Board of Directors,
independent or special legal counsel or the Company’s shareholders) to have made a determination prior to the commencement of the Enforcement Action that indemnification of Indemnitee is proper in the circumstances nor (ii) an actual
determination by the Company, its Board of Directors, independent or special legal counsel or the shareholders that Indemnitee is not entitled to indemnification shall be a defense to the Enforcement Action or create a presumption that Indemnitee is
not entitled to indemnification. An Enforcement Action shall be conducted in all respects as a de novo trial on the merits and Indemnitee shall not be prejudiced by reason of a previous adverse determination by the Company. In any Enforcement
Action, the Company shall have the burden of proving Indemnitee is not entitled to indemnification or Expense Advances, as the case may be. 
  

	 	3.3	Attorneys’ Fees and Expenses for Enforcement Action 

 The Company shall indemnify and hold harmless Indemnitee against all of Indemnitee’s reasonable fees and expenses in bringing and pursuing any Enforcement Action (including reasonable attorneys’
fees at any stage, including on appeal); provided, however, that the Company shall not be required to provide such indemnity (a) if a court of competent jurisdiction determines that each of the material assertions made by Indemnitee in such
Enforcement Action was not made in good faith or was frivolous or (b) to the extent limited under Section 4.1 below. 

  
 -5-

	4.	Limitations 

  

	 	4.1	Limitation on Indemnity 

Notwithstanding any other provision of this Agreement, the Company shall not be obligated to provide indemnification (other than Expense
Advances) pursuant to this Agreement: 
 (a) on account of any suit in which a final, unappealable decision is rendered by a
court having jurisdiction over the parties and the subject matter of the dispute for an accounting of profits made from the purchase or sale by Indemnitee of securities of the Company in violation of the provisions of Section 16(b) of the
Securities Exchange Act of 1934 and amendments thereto; 
 (b) for Indemnifiable Losses that actually have been paid directly to
Indemnitee by an insurance carrier under a policy of insurance maintained by the Company; 
 (c) on account of Indemnitee’s
conduct which is finally adjudged with no further right of appeal to have been intentional misconduct, a knowing violation of law, a violation of RCW 23B.08.310 or any successor provision of the Statute, or a transaction from which Indemnitee
derived personal benefit in money, property or services to which Indemnitee was not legally entitled; 
 (d) to the extent that
the Indemnitee is actually indemnified and actually paid otherwise than pursuant to this Agreement [ADDITIONAL CLAUSE TO BE ADDED FOR THESE AGREEMENTS WITH DIRECTORS AFFILIATED WITH VENTURE CAPITAL FUNDS: “, except for any Expense Advances or
indemnification payments by Fund Indemnitors as described in Section 2.3”]; 
 (e) if a final, unappealable decision
is rendered by a court having jurisdiction over the parties and the subject matter of the dispute finding that paying such indemnification is prohibited by applicable law; 
 (f) to the extent that attorneys’ fees, costs and disbursements, or similar expenses, that otherwise would constitute Indemnifiable Losses hereunder are determined to be unreasonable by a final,
unappealable decision rendered by a court having jurisdiction over the parties and the subject matter of the dispute, provided that the burden of proof that any Indemnifiable Losses are unreasonable shall be on the Company; or 

(g) for any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any
profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the securities laws of the United States, including but not limited to the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Wall Street Reform and
Consumer Protection Act. 

  
 -6-

	 	4.2	Partial Indemnification and Contribution 

 If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of any Indemnifiable Losses in connection with a Proceeding, but not, however, for
the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion of such Indemnifiable Losses to which Indemnitee is entitled. 
 To the fullest extent permissible under applicable law, if, for any reason whatsoever, the indemnification provided for in this Agreement is unavailable to Indemnitee with respect to a Proceeding or a
particular claim in a Proceeding but the Company is able to indemnify the Indemnitee with respect to another claim in the Proceeding or indemnify or pay the Expenses or liabilities of another person or entity that is a party to the Proceeding, then,
in lieu of indemnifying Indemnitee with respect to the matter for which indemnification is unavailable, the Company shall contribute to the amount actually and reasonably incurred by Indemnitee, whether for Expenses, judgments, fines or amounts paid
or to be paid in settlement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the
events and transactions giving cause to such Proceeding and (ii) the relative fault of the Company (and its directors, officers, employees and agents), on the one hand, and Indemnitee, on the other hand, in connection with such events and
transactions. The Company hereby agrees to indemnify and hold harmless Indemnitee from any claims for contribution which may be brought by directors, officers or employees of the Company (other than Indemnitee) who may be jointly liable with
Indemnitee for matters for which Indemnitee would be entitled to indemnification or contribution by the Company under this Agreement. 
  

	 	4.3	Mutual Acknowledgment 

The Company and Indemnitee acknowledge that, in certain instances, federal law or public policy may override applicable state law and
prohibit the Company from indemnifying Indemnitee under this Agreement or otherwise. For example, the Company and Indemnitee acknowledge that the Securities and Exchange Commission has taken the position that indemnification is not permissible for
liabilities arising under certain federal securities laws, and federal legislation prohibits indemnification for certain ERISA violations. Furthermore, Indemnitee understands and acknowledges that the Company has undertaken or may be required in the
future to undertake with the Securities and Exchange Commission to submit the question of indemnification to a court in certain circumstances for a determination of the Company’s right under public policy to indemnify Indemnitee. 

  
 -7-

	5.	Notification and Defense of Claim 

  

	 	5.1	Notification 

 Promptly
after receipt by Indemnitee of notice of the commencement of any Proceeding, Indemnitee will, if a claim is to be made against the Company under this Agreement, notify an executive officer of the Company in writing of the nature and status of the
Proceeding; provided, however, that the omission so to notify an executive officer of the Company will not relieve the Company from any obligation which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that
such omission can be shown to have prejudiced the Company. 
 If, at the time of the receipt of a notice of a claim pursuant to
this Section 5.1, the Company has director and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such Proceeding to the insurers in accordance with the procedures set forth in the respective
policies (unless there is no basis for asserting coverage). The Company shall take all necessary action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of
such policies. 
  

	 	5.2	Defense of Claim 

 With
respect to any such Proceeding as to which Indemnitee notifies the Company of the commencement thereof or otherwise seeks indemnification hereunder: 
 (a) The Company may participate at its own expense in such Proceeding; 
 (b) The
Company, jointly with any other indemnifying party similarly notified, may assume the defense of the Proceeding with counsel reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election to assume the defense,
the Company shall not be liable to Indemnitee under this Agreement or otherwise for any legal or other expenses of counsel (other than reasonable costs of investigation) subsequently incurred by Indemnitee in connection with the defense of such
Proceeding, unless (i) the employment of counsel by Indemnitee has been authorized in advance by the Company in writing, (ii) Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and
Indemnitee in the conduct of the defense of such action and notified the Company in writing to that effect in advance of the expense, (iii) the Company shall not in fact have employed counsel to assume the defense of such action, or
(iv) the Company is not financially or legally able to perform its indemnification obligations, in each of which cases the fees and expenses of counsel shall be at the expense of the Company. The Company shall not be entitled to assume the
defense of any action, suit or proceeding brought by or on behalf of the Company or as to which Indemnitee shall have made the conclusion provided for in (ii) or (iv) above; 

(c) The Company shall not without Indemnitee’s written consent settle any action or claim in any manner which would impose any
penalty or limitation on Indemnitee 

  
 -8-

 
that would not be an Indemnifiable Loss hereunder for which indemnification would be provided by the Company. 
  

	6.	Miscellaneous 

  

	 	6.1	Entire Agreement 

 This
Agreement is the entire agreement of the parties regarding its subject matter and supersedes all prior written or oral communications or agreements regarding the subject matter covered by this Agreement. 

 

	 	6.2	Severability 

 Nothing in
this Agreement is intended to require or shall be construed as requiring the Company to do or fail to do any act in violation of applicable law. The Company’s inability, pursuant to court order, to perform its obligations under this Agreement
shall not constitute a breach of this Agreement. The provisions of this Agreement shall be severable. If this Agreement or any portion shall be invalidated on any ground by any court of competent jurisdiction, then the Company shall nevertheless
indemnify Indemnitee to the full extent permitted by any portion of this Agreement not invalidated, and the balance of this Agreement shall be enforceable in accordance with its terms. 

 

	 	6.3	Notices 

 Notices given
pursuant to this Agreement shall be deemed duly given on the date of personal delivery, on the date sent by fax or three days after mailing if mailed by certified or registered mail, return receipt requested, postage prepaid, to the party at its
address below or such other address of which the addressee may subsequently notify the other parties in writing. 
  

	 	6.4	Governing Law 

 This
Agreement and the rights and obligations of the parties shall be governed by and construed in accordance with the laws of the state of Washington, without giving effect to principles of conflicts of law. 

 

	 	6.5	Counterparts 

 This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument. 
  

	 	6.6	Amendments; Waivers 

Neither this Agreement nor any provision may be amended except by written agreement signed by the parties. No waiver of any breach or
default shall be considered valid 

  
 -9-

 
unless in writing, and no such waiver shall be deemed a waiver of any subsequent breach or default. 
  

	 	6.7	Duration 

 This Agreement
shall continue for the duration of Indemnitee’s service as a director of the Company or as a director, trustee, partner, management member, officer, employee, agent, fiduciary, stockholder or controlling person of the Company or any other
Enterprise and thereafter for so long as Indemnitee may be subject to any pending or possible claim due for Indemnifiable Losses. 
  

	 	6.8	Successors and Assigns 

This Agreement shall be binding upon the Company and its successors and assigns, and inure to the benefit of Indemnitee and
Indemnitee’s heirs, legal representatives and assigns. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of
the Company expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. 

(Signature page follows) 

  
 -10-

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on and as of the date
first above written. 
  

			
	ZILLOW, INC.
		
	By:	 	 
		
	Name:	 	 
		
	Its 	 	 
		
	Address: 	 	999 Third Avenue, Suite 4100
		 	Seattle, WA 98104
		
	Fax:	 	(206) 470-7001
	
	INDEMNITEE:
	
	 
		
	Name:	 	 
		
	Address: 	 	 
		 	 
		 	 
		
	Fax:	 	 

  
 -11-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00188-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00188-of-00352.parquet"}]]