Document:

2011 Amended and Restated Incentive Stock Option Plan

 Exhibit 10.3 
 PATHEON INC. 
 2011 AMENDED AND RESTATED 

INCENTIVE STOCK OPTION PLAN 
 MARCH 10, 2011 
  

	1.	Purposes of the Plan 

 The purposes of the Amended and Restated Incentive Stock Option Plan (the “Plan”) are (i) to grant to directors, officers and key employees of Patheon Inc. (the “Corporation”) and
its subsidiaries or any other person or company engaged to provide ongoing management or consulting services to the Corporation or any entity controlled by the Corporation (each, an “Eligible Person”) options (the “Options”) to
purchase restricted voting shares (the “Shares”) of the Corporation in order to encourage the productivity of such Eligible Persons in furthering the growth and development of the Corporation and (ii) to assist the Corporation in
retaining and attracting executives with experience and ability to reward significant performance achievements. 
  

	2.	Administration 

The Plan shall be administered by a committee (the “Compensation Committee”) of three or more members of the board of directors
of the Corporation (the “Board”). The Compensation Committee shall have full and complete authority to interpret the Plan and to prescribe such rules and regulations and make such other determinations as it deems necessary or desirable for
the administration of the Plan. Individual members of the Compensation Committee shall be eligible to be granted Options under the Plan. Where it is proposed that Options be issued to a member of the Compensation Committee, such member shall refrain
from voting on the resolution of the Compensation Committee approving such issuance, and such Options shall only be granted if approved by a majority of the other members of the Compensation Committee. The Options granted under the Plan may
constitute “Incentive Stock Options” or “ISOs” within the meaning of Section 422 of the U.S. Internal Revenue Code of 1986, as amended from time to time (the “Code”), if the Compensation Committee so chooses.

  

	3.	Shares Subject to the Plan 

 The maximum number of Shares that may be issued upon the exercise of Options granted under the Plan shall be 15,500,151 Shares, subject to adjustment pursuant to Section 11 of the Plan. The maximum
number of Shares reserved for issuance under Options granted to any one person within any one year period shall not exceed 6,458,396 Shares, subject to adjustment pursuant to Section 11 of the Plan. The aggregate number of Shares reserved for
issuance under Options granted to directors of the Corporation who are not employees of the Corporation (“Outside Directors”) shall not exceed 1% of the then issued and outstanding Shares (on a non-diluted basis), which for greater
certainty, in no event shall exceed 15,500,151 Shares, subject to adjustment pursuant to Section 11 of the Plan. The number of Shares issuable to insiders, at any time, under all security based compensation arrangements, cannot exceed 10% of
issued and outstanding Shares. The number of Shares issued to insiders, within any one year period, under all security based compensation arrangements, cannot exceed 10% of issued and outstanding Shares. All Shares subject to Options that have,
expired or have been forfeited or surrendered or otherwise terminated without the issuance of such Shares shall continue to be available for any subsequent issuance of Options under the Plan. Any Shares withheld to satisfy tax withholding
obligations on Options issued under the Plan and Shares used to pay the exercise price of Options under the Plan shall not be available for any subsequent issuance of Options under the Plan. 

	4.	Grant of Options 

The Compensation Committee shall from time to time designate and recommend to the Board for approval the Eligible Persons to whom Options
should be granted (the “Optionees”) and the number of Shares to be covered by each such Option, provided that ISOs may be granted only to eligible employees of the Corporation and its subsidiaries. 

Any Optionee, at the time of the granting of the Option, may hold more than one Option. The granting of each Option shall be evidenced by
a letter from the Corporation addressed to the Optionee setting forth the number of Shares covered by such Option, the subscription price, the option period(s) and, as applicable, that the Option is intended to be an ISO. 

 

	5.	Subscription Price 

The subscription price for each Share (the “Option Price”) covered by an Option shall be determined by the Compensation
Committee and approved by the Board; but under no circumstances shall any price be less than the “market price” per Share on the date of grant. For the purposes hereof, “market price” per Share shall be the closing price of the
Shares as reported on the Toronto Stock Exchange (or, if the Shares are not then listed and posted for trading on the Toronto Stock Exchange, on such stock exchange in Canada or the United States on which such Shares are listed and posted for
trading as may be selected for such purpose by the Board) on the date of grant. 
  

	6.	Option Period 

Each Option shall be exercisable during a period (an “Option Period”) recommended by the Compensation Committee and approved by
the Board, which shall commence not earlier than the date of the grant of the Option, and shall expire not later than ten years after such date. Subject to the proviso that under no circumstances shall any Option Period extend beyond ten years from
the date of grant, the following shall also apply: 
  

	 	(a)	in the event of the death of the Optionee either before or after retirement, the Option Period for Options outstanding at the time of death shall expire on the first
anniversary of the date of death (but not after the expiry date of the Option first established) and may be exercised by the legal personal representative(s) of the Optionee on or before expiry on such first anniversary; 

 

	 	(b)	if an Optionee’s employment or other service with the Corporation terminates because of retirement at or subsequent to normal retirement age, the Option Period for
Options then outstanding shall expire on the first anniversary of the date of retirement or such later date as may be fixed (but not after the expiry date of the Option first established), it being understood that an ISO must be exercised within 3
months following retirement (or such other period as may from time to time be prescribed by law) to qualify for ISO tax treatment; 

  

	 	(c)	if an Optionee’s employment or other service with the Corporation terminates for any cause other than death, retirement at or subsequent to normal retirement age
or Just Cause (as hereinafter defined), the Option Period for Options then outstanding shall expire 3 months after the date of termination of employment or such later date as the Compensation Committee may fix (but not after the termination date of
the Option first established), it being understood that an ISO must be exercised within 3 months following termination for any cause other than death or disability (or such other period as may from time to time be prescribed by law) to qualify for
ISO tax treatment; 

	 	(d)	if an Optionee’s employment or other service with the Corporation terminates by reason of his dismissal or removal for just cause, including but not limited to
fraud or willful fault or neglect (“Just Cause”), the Option Period for Options then outstanding shall be deemed to have expired on the date immediately preceding the date of such dismissal; and 

 

	 	(e)	notwithstanding the foregoing but subject to the Compensation Committee otherwise determining, an Option and all rights to purchase Shares pursuant thereto granted to
an Outside Director shall expire and terminate immediately upon the Optionee ceasing to be a director of the Corporation; 

 All rights under (i) an Option unexercised at the expiry of the Option Period or (ii) an Option for which the Option Period has not commenced prior to the date of death or termination of
employment or other service with the Corporation shall be forfeited. 
 Notwithstanding the foregoing, if the term of an Option
held by any Optionee expires during or within 10 business days of the expiration of a period when the Optionee is prohibited from trading in the Corporation’s securities pursuant to (i) the Corporation’s written policies then
applicable, or (ii) a notice in writing to the Optionee by a senior officer or director of the Corporation (the “Black-out Period”), then the term of such Option shall be extended to the close of business at the tenth business day
following the expiration of the Black-out Period. With regard to Optionees who are U.S. taxpayers, the term “Black-out Period” shall only include a period that the Optionee cannot exercise the Option because such exercise would violate an
applicable United States federal, state, local, or foreign law. 
 Where used in this Section 6, the word “month”
means a period of 30 consecutive days and the term “business day” means any day other than Saturday and Sunday on which the Toronto Stock Exchange is open for business. 

 

	7.	Exercise of Option 

  

	 	(a)	An Option may be exercised in whole at any time or in part from time to time during the Option Period. Exercise shall be made by written notice to the Corporation
setting forth the number of Shares with respect to which the Option is being exercised and specifying the address to which the certificate evidencing such Shares is to be delivered. Such notice shall be accompanied by a certified cheque made payable
to the Corporation or other evidence of payment satisfactory to the Corporation in the amount of the Option Price, together with the amount the Corporation determines, in its discretion, is required to satisfy the Corporation’s withholding tax
and source deduction remittance obligations in respect of the exercise of the Options and issuance of Shares. The Corporation shall cause a certificate for the number of Shares specified in the notice to be issued in the name of the Optionee and
delivered to the address specified in the notice not later than five business days following receipt of such notice and cheque or other evidence of payment. 

 

	 	(b)	If the Shares are listed and posted for trading on a stock exchange or market, an Optionee may elect a cashless exercise in a written notice of exercise if the Shares
issuable on the exercise are to be immediately sold. In such case, the Optionee will not be required to deliver to the Corporation a cheque for the applicable Option Price referred to in paragraph (a) above. Instead the following procedure will
be followed: 

	 	(i)	The Optionee will, directly or through an intermediary, instruct a broker selected by the Optionee (or selected by the Corporation at the Corporation’s sole
option) to sell through the stock exchange or market on which the Shares are listed or quoted, the Shares issuable on the exercise of Options, as soon as possible at the then applicable bid price of the Shares. 

 

	 	(ii)	On the trade date, the Optionee will deliver the written notice of exercise including details of the trades to the Corporation electing the cashless exercise and the
Corporation will direct its registrar and transfer agent to issue a certificate in the name of the broker (or as the broker may otherwise direct) for the number of Shares issued on the exercise of the Options, against payment by the broker to the
Corporation of (i) the Option Price for such Shares; and (ii) the amount the Corporation determines, in its discretion, is required to satisfy the Corporation’s withholding tax and source deduction remittance obligations in respect of
the exercise of the Options and issuance of Shares. 

  

	 	(iii)	The broker will deliver to the Optionee the remaining proceeds of sale, net of the brokerage commission. 

 

	 	(c)	Notwithstanding any of the provisions contained in the Plan or in any Option, the Corporation’s obligation to issue Shares to an Optionee pursuant to the exercise
of an Option shall be subject to: 

  

	 	(i)	completion of such registration or other qualification of such Shares or obtaining approval of such governmental authority as the Corporation shall determine to be
necessary or advisable in connection with the authorization, issuance or sale thereof; 

  

	 	(ii)	the admission of such Shares to listing on any stock exchange on which the Shares may then be listed; and 

 

	 	(iii)	the receipt from the Optionee of such representations, agreements and undertakings, including as to future dealings in such Shares, as the Corporation or its counsel
determines to be necessary or advisable in order to safeguard against the violation of the securities laws of any jurisdiction. 

In this connection the Corporation shall, to the extent necessary, take all reasonable steps to obtain such approvals, registrations and qualifications
as may be necessary for the issuance of such Shares in compliance with applicable securities laws and for the listing of such Shares on any stock exchange on which the Shares are then listed. 

 

	8.	Non-assignable 

 No
Option or any interest therein shall be assignable or transferable by the Optionee otherwise than by will or the law of succession. 
  

	9.	Not a Shareholder 

An Optionee shall have no rights as a shareholder of the Corporation with respect to any Shares covered by his or her Option until he or
she shall have become the holder of record of such Shares. 
  

	10.	Taxes and Source Deductions 

 The Corporation or an affiliate may take such reasonable steps for the deduction and withholding of any taxes and other required source deductions which the Corporation or the affiliate, as the case may
be, is required by any law or regulation of any governmental authority whatsoever to remit in connection with this Plan, any Options or any issuance of Shares. Without limiting the generality of the foregoing, the Corporation may, at its discretion:
(i) deduct and withhold those amounts it is required to remit from any cash remuneration or other amount payable to the Optionee, whether or not related to the Plan, the exercise of any Options or the issue of any Shares; (ii) allow the
Optionee to make a cash payment to the Corporation equal to the amount required to be remitted, which amount shall be remitted by the Corporation to the appropriate governmental authority for the account of the Optionee; or (iii) sell, on
behalf of the Optionee, that number of Shares to be issued upon the exercise of Options such that the amount withheld by the Corporation from the proceeds of such sale will be sufficient to satisfy any taxes required to be remitted by the
Corporation for the account of the Optionee. Where the Corporation considers that the steps undertaken in connection with the foregoing result in inadequate withholding or a late remittance of taxes, the delivery of any Shares to be issued to an
Optionee on the exercise of Options may be made conditional upon the Optionee (or other person) reimbursing or compensating the Corporation or making arrangements satisfactory to the Corporation for the payment in a timely manner of all taxes
required to be remitted for the account of the Optionee. 

	11.	Effects of Alteration of Share Capital 

 In the event of any change in the outstanding Shares of the Corporation by reason of any stock dividend, split, recapitalization, merger, consolidation, combination or exchange of shares or other similar
corporate change, an equitable adjustment shall be made in the maximum number of kind of Shares issuable under the Plan or subject to outstanding Options and in the Option Price. Such adjustment shall be determined by the Compensation Committee and,
if appropriate, approved by the Board, and shall be conclusive and binding for all purposes of the Plan. 
  

	12.	Amendments Not Requiring Shareholder Approval 

 Subject to Section 13, applicable law and the rules and regulations of any stock exchange on which the Shares may be listed, the Board may from time to time in its absolute discretion make
amendments, modifications and changes to the Plan or to any Option granted hereunder without notice to or approval by the shareholders of the Corporation including: 
  

	 	(a)	minor changes of a “housekeeping nature”, including any amendments to any definitions in the Plan or any Option; 

 

	 	(b)	changes in the administration of the Plan including to the delegation by the Board of responsibility for the Plan to any committee of the Board;

  

	 	(c)	changes implemented pursuant to a Change in Control, as defined in Section 14; 

 

	 	(d)	changing the exercise method and frequency, the Option Price (including the method of determining the market price), the Option Period (including any alteration,
extension or acceleration of the vesting of Options) or the provisions relating to the effect of termination of an Optionee’s employment in Section 6 (for greater certainty, any reduction in the Option Price benefiting an insider or an
extension of the Option Period benefiting an insider will require shareholder approval in accordance with Section 13); 

  

	 	(e)	changing the terms and conditions of any financial assistance which may be provided by the Corporation to Optionees to facilitate the purchase of Shares under the Plan;

	 	(f)	adding, removing or changing a cashless exercise feature or automatic exercise feature payable in cash or securities; 

 

	 	(g)	changes required for compliance with applicable laws or regulations, tax or accounting provisions or the rules or requirements of any tax or regulatory authority or
stock exchange; 

  

	 	(h)	correcting errors or omissions or clarifying the provisions of the Plan or any Option; 

 

	 	(i)	changes to enable the Options to qualify for favourable treatment under applicable tax laws; 

 

	 	(j)	changing the application of Section 11 (Effects of Alteration of Share Capital) and Section 14 (Change in Control); and 

 

	 	(k)	suspending or terminating the Plan. 

  

	13.	Amendments Requiring Shareholder Approval 

 The following specific types of amendments require approval by the shareholders of the Corporation: 
  

	 	(a)	any increase in the maximum number of Shares issuable under the Plan (other than pursuant to Section 11); 

 

	 	(b)	any change in the class of Eligible Persons; 

  

	 	(c)	a reduction in the Option Price benefiting an insider of the Corporation; 

  

	 	(d)	an extension of the Option Period benefiting an insider of the Corporation; 

 

	 	(e)	any increase in the maximum Option Period permitted under the Plan; 

  

	 	(f)	any increase in the maximum number of Shares that may be reserved for issuance under Options granted to Outside Directors; 

 

	 	(g)	any increase in the maximum number of Shares that may be reserved for issuance to insiders under all security based compensation arrangements; 

 

	 	(h)	any increase in the maximum number of Shares that may be issued to insiders in any one year period under all security based compensation arrangements;

  

	 	(i)	the cancellation and reissue of any Option; 

  

	 	(j)	any amendment to the provisions of the Plan that would permit Options to be transferred or assigned other than by will or the law of succession; and

  

	 	(k)	any amendments to the amendment provisions of the Plan. 

 Notwithstanding Section 12 or any other provision of the Plan, any amendment for which shareholder approval would be required to bring the Plan within the performance-based compensation exception
under Section 162(m) of the Code, will require shareholder approval. 

 For the purposes of this Section 13, an amendment does not include an accelerated
expiry of an Option by reason of the fact that an Optionee ceases to be an officer, director, or employee of the Corporation or any of its subsidiaries. 
 The shareholders’ approval of an amendment, if required pursuant to the terms hereof, shall be given by approval of the holders of a majority of the Shares present and voting in person or by proxy at
a duly called meeting of the shareholders. Options may be granted under the Plan prior to the approval of the amendment, provided that no Shares may be issued pursuant to the amended terms of the Plan until the shareholders’ approval of the
amendment has been obtained. 
 No amendment, modification or change may, without the consent of the Optionee to whom Options
shall theretofore have been granted, adversely affect the rights of such Optionee. 
  

	14.	Change in Control 

In the event of a Change in Control, each Option granted and outstanding under the Plan shall become immediately exercisable, even if such
Option is not otherwise vested or exercisable in accordance with its terms. 
 In the event of a Change in Control or a
potential Change in Control, the Board of Directors shall have the power, subject to Section 13, to make such changes to the terms of the Options as it considers fair and appropriate in the circumstances, including but not limited to:
(i) accelerating the date at which Options become exercisable; and (ii) otherwise modifying the terms of the Options to assist the Optionees to tender into a take-over bid or other arrangement leading to a Change in Control. 

For purposes of this Section 14, “Change in Control” means the occurrence of any of the following: 

 

	 	(a)	any person or group, other than JLL Patheon Holdings LLC or its affiliates (as determined pursuant to applicable securities legislation, including all regulations,
rules, policy statements, rulings, notices, orders or other instruments promulgated thereunder), acquires beneficial ownership of securities of the Corporation carrying 30% or more of the voting rights attached to all securities of the Corporation
then outstanding entitled to vote in the election of directors of the Corporation (collectively, “Voting Shares”) including securities convertible into, or exchangeable for, or providing for the issuance of, Voting Shares; provided,
however, that, for the purposes of this paragraph (a), the following acquisitions shall not constitute a Change in Control: 

  

	 	(i)	any acquisition of beneficial ownership of Voting Shares by the Corporation or any of its subsidiaries; 

 

	 	(ii)	any acquisition of beneficial ownership of Voting Shares by any employee benefit plan (or related trust) of the Corporation or its subsidiaries;

  

	 	(iii)	any acquisition of beneficial ownership of Voting Shares by any person pursuant to a transaction which complies with clauses (i), (ii) and (iii) of paragraph
(b); or 

  

	 	(iv)	any acquisition of beneficial ownership of Voting Shares by any person whose ordinary business includes the management of investment funds for others and such Voting
Shares are beneficially owned by such person in the ordinary course of such business; 

	 	(b)	consummation of a merger, amalgamation, arrangement, business combination, reorganization or consolidation or sale or other disposition of all or substantially all of
the assets of the Company (a “Business Combination”), in each case, unless, following such Business Combination: 

  

	 	(i)	persons who were the beneficial owners, respectively, of the outstanding common shares immediately prior to such Business Combination beneficially own, directly or
indirectly, more than 50% of the then-outstanding Voting Shares of the person resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Corporation or all or substantially
all of the Corporation’s assets either directly or through one or more subsidiaries); 

  

	 	(ii)	no person (excluding any person resulting from the Business Combination or any employee benefit plan (or related trust) of the Corporation or such person resulting from
the Business Combination) or group beneficially owns, directly or indirectly, 30% or more of, respectively, the then-outstanding Voting Shares of the person resulting from such Business Combination except to the extent that such ownership existed
prior to the Business Combination; and 

  

	 	(iii)	at least a majority of the members of the board of directors of the person resulting from such Business Combination were members of the incumbent board of directors at
the time of the execution of the initial agreement providing for, or the action of the board of directors approving, such Business Combination. 

  

	15.	Compliance with Applicable Foreign Laws 

 Notwithstanding any other provision of this Plan to the contrary, in order to comply with the laws in other countries or other jurisdictions in which the Corporation and its subsidiaries operate or have
employees, the Compensation Committee, in its sole discretion, shall have the power and authority to: 
  

	 	(a)	Determine which subsidiaries shall be covered by this Plan. 

  

	 	(b)	Determine which Eligible Persons outside Canada and the United States are eligible to participate in this Plan. 

 

	 	(c)	Modify the terms and conditions of any Option granted to Optionees outside Canada and the United States to comply with applicable foreign laws.

  

	 	(d)	Establish subplans and modify exercise procedures and other terms and procedures, to the extent such actions may be necessary or advisable. Any subplans and
modifications to Plan terms and procedures established under this Section 15 by the Compensation Committee shall be attached to this Plan document as appendices. 

 

	 	(e)	Take any action, before or after an Option is granted, that it deems advisable to obtain approval or comply with any necessary local government regulatory exemptions or
approvals. 

 Notwithstanding the above, the Compensation Committee may not take any actions hereunder, and no
Options shall be granted, that would violate applicable law. 

	16.	Compliance with State Securities Laws  

 Notwithstanding any provision of this Plan to the contrary, the Compensation Committee, in its sole discretion, shall have the power and authority to modify the terms and conditions of any Option granted
to Optionees who reside in one or more individual states to the extent necessary or desirable under applicable state securities laws. Any modifications to Plan terms and procedures established under this Section 16 by the Compensation Committee
shall be attached to this Plan document as appendices. 
  

	17.	Deferred Compensation 

 No deferral of compensation (as defined under Section 409A of the Code or guidance thereto) is intended under this Plan. If, notwithstanding this intent, the grant of an Option, reduction of an
Option Price, extension of an Option Period or other change to the terms of an Option would give rise to deferred compensation as defined under Section 409A of the Code at a time when the Option(s) fail to meet the requirements of
Section 409A of the Code, then such grant, reduction, extension or other change shall be null and void. 

 APPENDIX A 
 Patheon Inc. 
 2011 Amended and Restated 

Incentive Stock Option Plan 
 March 10, 2011 
 Provisions Applicable to California Residents

 Notwithstanding anything to the contrary otherwise appearing in the Plan, to the extent applicable, the following
provisions promulgated under the California Code of Regulations, together with any and all amendments, supplements or revisions thereto, shall apply to any stock option granted under the Plan to a resident of the State of California and, in the
event of any conflict or inconsistency between the following provisions and the provisions otherwise appearing in the Plan, the following provisions shall control, solely with respect to options or other awards granted under the Plan to residents of
the State of California: 
 Rule 260.140.41., Compensatory option plans 

Options granted to employees [including insurance agents who are employees for purposes of Rule 701(c) under the Securities Act of 1933,
as amended (17 C.F.R. 230.701(c))], officers, directors, general partners, trustees (where the issuer is a business trust) managers, advisors or consultants of the issuer, its parents, its majority-owned subsidiaries or majority-owned subsidiaries
of the issuer’s parents as part of a compensatory benefit plan shall be pursuant to a plan or agreement that provides for all of the following: 
 (a) The total number of securities (which may be expressed as a specific number of securities or as a percentage of the total number of securities outstanding from time to time) which may be issued and
the persons eligible to receive options to purchase these securities. 
 (b) An exercise period of not more than 120 months from
the date the option is granted. 
 (c) The non-transferability of the options, provided that the plan or agreement may permit
transfer by will, by the laws of descent and distribution, to a revocable trust, or as permitted by Rule 701 of the Securities Act of 1933, as amended (17 C.F.R. 230.701). 
 (d) The proportionate adjustment of the number of securities purchasable and the exercise price thereof under the option in the event of a stock split, reverse stock split, stock dividend,
recapitalization, combination, reclassification or other distribution of the issuer’s equity securities without the receipt of consideration by the issuer, of or on the issuer’s class or series of securities underlying the option.

 (e) Unless employment is terminated for cause as defined by applicable law, the terms of the plan or option grant or a
contract of employment, the right to exercise in the event of termination of employment, to the extent that the optionee is entitled to exercise on the date employment terminates, continues until the earlier of the option expiration date or:

 (1) At least 6 months from the date of termination if termination was caused by death or disability. 

(2) At least 30 days from the date of termination if termination was caused by other than death or disability. 

 (f) Options must be granted within 10 years from the date the plan or agreement is adopted
or the date the plan or agreement is approved by the issuer’s security holders, whichever is earlier. 
 (g) The plan or
agreement must be approved by a majority of the outstanding securities entitled to vote by the later of (1) within 12 months before or after the date the plan is adopted or the date the agreement is entered into or (2) prior to or within
12 months of the granting of any option or issuance of any security under the plan or agreement in this state. Any option granted to any person in this state that is exercised before security holder approval is obtained must be rescinded if security
holder approval is not obtained in the manner described in the preceding sentence. Such securities shall not be counted in determining whether such approval is obtained. A foreign private issuer, as defined by Rule 3b-4 of the Securities Exchange
Act of 1934, as amended (17 C.F.R. 240.3b-4), shall not be required to comply with this subsection provided that the aggregate number of persons in this state granted options under all option plans and agreements and issued securities under all
purchase and bonus plans and agreements does not exceed 35. 
 (h) Compliance with Section 260.140.46 of these rules
regarding the information required to be received by security holders. 
 Rule 260.140.45, Limitation on number of securities

 (a) The total number of securities issuable upon exercise of all outstanding options [exclusive of rights described in
Section 260.140.40 and warrants described in Sections 260.140.43 and 260.140.44 of these rules, and any purchase plan or agreement as described in Section 260.1 40.42 of these rules (provided that the purchase plan or agreement provides
that all securities will have a purchase price of 100% of the fair value (Section 260.140.50) of the security either at the time the person is granted the right to purchase securities under the plan or agreement or at the time the purchase is
consummated)], and the total number of securities called for under any bonus or similar plan or agreement shall not exceed a number of securities which is equal to 30% of the then outstanding securities of the issuer (convertible preferred or
convertible senior common shares of stock will be counted on an as if converted basis), exclusive of securities subject to promotional waivers under Section 260.141, unless a percentage higher than 30% is approved by at least two-thirds of the
outstanding securities entitled to vote. 
 (b) The 30% limitation set forth in this Rule, or such other percentage limitation as
may be approved pursuant to this Rule, shall be deemed satisfied if the plan or agreement provides that at no time shall the total number of securities issuable upon exercise of all outstanding options and the total number of securities provided for
under any bonus or similar plan or agreement of the issuer exceed the applicable percentage as calculated in accordance with the conditions and the exclusions of this Rule, based on the securities of the issuer which are outstanding at the time the
calculation is made. 
 (c) This section shall not apply to any plan or agreement that complies with all conditions of Rule 701
of the Securities Act of 1933, as amended (17 C.F.R. 230.701); provided that for purposes of determining such compliance, any registered domestic partner shall be considered a “family member” as that term is defined in Rule 701.

 Rule 260.140.46, Information to security holders 
 Plans or agreements pursuant to which securities are to be issued to employees, officers, directors, managers, advisors or consultants (including option, purchase and bonus plans) shall provide that the
security holder(s) will receive financial statements at least annually. This section does not require the use of financial statements in accordance with Section 260.613 of these rules. This section shall not apply when issuance is limited to
key persons whose duties in connection with the issuer assure them access to equivalent information. This section shall not apply to any plan or agreement that complies with all conditions of Rule 701 of the Securities Act of 1933, as amended (17
C.F.R. 230.701); provided that for purposes of determining such compliance, any registered domestic partner shall be considered a “family member” as that term is defined in Rule 701. 

  
 2Common Stock Purchase Agreement

 Exhibit 4.3 
 ZILLOW, INC. 
 COMMON STOCK PURCHASE AGREEMENT 

This Common Stock Purchase Agreement (“Agreement”) is made as of
                 , 2011, by and among Zillow, Inc., a Washington corporation (the “Company”), TCV V, L.P., TCV Member Fund, L.P.,
and PAR Investment Partners, L.P. (each an “Investor” and together, the “Investors”). 
 RECITALS 
 A. The Company has determined to raise $5,500,000 (the
“Financing”) through the sale of shares of its common stock, $0.0001 par value per share, one vote per share (“Common Stock”) to the Investors, with each Investor purchasing Common Stock in a dollar
amount equal to the Respective Investment Amount opposite such Investor’s name on Schedule 1 to this Agreement. 
 B. The Financing is to be consummated simultaneously with the closing of, and at a price per share equal to the initial public offering price per share (the “IPO Price”) that the
Common Stock is being offered to the public in, the Company’s initial public offering of Common Stock (“IPO”) pursuant to the underwriting agreement (the “Underwriting Agreement”) to be entered
into by and between the Company and Citigroup Global Markets Inc., as representative of the several underwriters named therein (the “Underwriters”). 
 C. The Investors desire to purchase from the Company, and the Company desires to sell and issue to the Investors, shares of the Common Stock on the terms and subject to the conditions set forth in this
Agreement. 
 D. It is currently contemplated that the Common Stock may be renamed Class A Common Stock in connection with
the IPO. All references herein to the Common Stock include the Class A Common Stock of the Company. 
 NOW, THEREFORE, in
consideration of the premises and the mutual covenants herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 

AGREEMENT 
  

	1.	Purchase and Sale of Stock 

  

	 	1.1	Sale and Issuance of Stock 

 (a) The Company agrees to issue and sell to the Investors, and the Investors agree to purchase from the Company, $5,500,000 of Common Stock at the IPO

 
Price, with each Investor purchasing Common Stock in a dollar amount equal to the Respective Investment Amount opposite such Investor’s name on Schedule 1 to this Agreement. The
respective number of shares of Common Stock to be sold by the Company and purchased by each Investor hereunder (collectively, the “Shares”) shall equal the number of shares determined by dividing the Respective Investment
Amount opposite such Investor’s name on Schedule 1 hereto by the IPO Price (rounded down to the nearest whole share). Payment of the purchase price (which shall be equal to the total number of Shares to be purchased by an Investor,
as calculated pursuant to the immediately preceding sentence, multiplied by the IPO Price) for the Shares (the “Purchase Price”) shall be made at the time of the closing of the IPO by wire transfer of immediately available
funds to the account specified in writing by the Company to the Investors, subject to the satisfaction of the conditions set forth in this Agreement. Payment of the Purchase Price for the Shares shall be made against delivery to the Investors of the
Shares, which Shares shall be uncertificated and shall be registered in the names of the Investors on the books of the Company by the Company’s transfer agent. 
 (b) The closing of the sale and purchase of the Shares (the “Closing”) will take place at the offices of Perkins Coie LLP, 1201 Third Avenue, Suite 4800, Seattle, WA 98101
concurrently with the closing of the IPO. 
  

	2.	Representations and Warranties of the Company 

 The Company hereby represents and warrants to the Investors that the following representations are true and correct as of the date hereof and as of the Closing (except to the extent any such
representations and warranties expressly relate to an earlier date, in which case such representations and warranties are true and correct as of such earlier date), provided that for this purpose, the representations and warranties of the Company
shall be deemed to be updated and modified by the information included in the Registration Statement, including but not limited to the final prospectus relating to the IPO, a copy of which Registration Statement shall have been furnished to the
Investors prior to the Closing and on which the Investors shall be entitled to rely. “Registration Statement” means the registration statement on Form S-1 (File No. 333-173570), including any prospectus filed pursuant to
Rule 424 under the Securities Act of 1933, as amended (“Securities Act”) and any free writing prospectuses, relating to the IPO. 
  

	 	2.1	Organization, Valid Existence and Qualification 

 The Company is a corporation duly organized and validly existing under the laws of the State of Washington and has all requisite corporate power and authority to carry on its business as now conducted and
as proposed to be conducted. The Company is duly qualified to transact business as a foreign corporation in each jurisdiction in which it conducts its business, except where failure to be so qualified would not have a material adverse effect on the
Company’s financial condition, business, operations or property. 

  
 2 

	 	2.2	Registration Statement 

 The Registration Statement, as of its filing date and including each of its subsequent amendments, will as of the filing date of such Registration Statement and each subsequent amendment, comply in all
material respects with the requirements of the Securities Act and the rules and regulations of the Securities and Exchange Commission promulgated thereunder, and the Registration Statement and any prospectus contained therein will not as of such
filing date contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not
misleading. 
  

	 	2.3	Authorization 

 All
corporate action on the part of the Company, its officers, directors and shareholders necessary for the authorization, execution and delivery of this Agreement, the performance of all obligations of the Company hereunder, and the authorization,
issuance, sale and delivery of the Shares has been taken or will be taken prior to the Closing, and this Agreement constitutes the valid and legally binding obligation of the Company, enforceable in accordance with its terms, except (a) as
limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally, and (b) as limited by laws relating to the availability of specific
performance, injunctive relief or other equitable remedies. 
  

	 	2.4	Valid Issuance of Shares 

 The Shares that are being purchased by the Investors hereunder, when issued, sold and delivered in accordance with the terms of this Agreement for the consideration expressed herein, will be duly and
validly issued, fully paid, and nonassessable, and will be transferred to the Investors free of liens, encumbrances and restrictions on transfer other than (a) restrictions on transfer under this Agreement and under applicable state and federal
securities laws, (b) restrictions on transfer under the Second Amended and Restated Investors’ Rights Agreement dated as of September 7, 2007, as amended, by and among the Company and the investors and holders respectively listed on
Schedules A and B thereto (the “IRA”), (c) restrictions on transfer under the lock-up agreement entered into by the Investors for the benefit of the Underwriters in the IPO, and (d) any liens, encumbrances or
restrictions on transfer that are created or imposed by the Investors. Subject in part to the truth and accuracy of the Investors’ representations set forth in Section 3 of this Agreement, the offer, sale and issuance of the Shares as
contemplated by this Agreement are exempt from the registration requirements of applicable state and federal securities laws. 
  

	 	2.5	Non-Contravention 

No consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal,
state or local governmental authority on the part of the Company is required in connection with the consummation of the sale and 

  
 3 

 
issuance of Shares contemplated by this Agreement, except for the filing of notices of the sale of Shares pursuant to Regulation D promulgated under the Securities Act and applicable state
securities laws. The Company is not in violation or default in any material respect of any provision of its articles of incorporation or bylaws, or of any instrument, judgment, order, writ or decree to which it is a party or by which it is bound,
or, to its knowledge, of any provision of any federal or state statute, rule or regulation applicable to the Company, except for such violations or defaults of any federal or state statute, rule or regulation that could not reasonably be expected to
result, either individually or in the aggregate, in a material adverse effect on the Company’s assets, financial condition or affairs. The execution, delivery and performance of this Agreement and the consummation of the transactions
contemplated hereby will not result in any such violation or constitute, with or without the passage of time and giving of notice, either a default in any material respect of any such instrument, judgment, order, writ or decree or an event that
results in the creation of any lien, charge or encumbrance upon any assets of the Company or the suspension, revocation, impairment, forfeiture, or nonrenewal of any material permit, license, authorization or approval applicable to the Company, its
business or operations or any of its assets or properties. 
  

	 	2.6	No Brokers 

 The
Company has not incurred, and will not incur in connection with the sale of the Shares to the Investors any brokerage or finders’ fees, or agents’ commissions or similar liabilities. 

 

	3.	Representations and Warranties of the Investors 

 Each of the Investors hereby represents and warrants to the Company that the following representations are true and correct as of the date hereof and as of the Closing (except to the extent any such
representations and warranties expressly relate to an earlier date, in which case such representations and warranties are true and correct as of such earlier date): 
  

	 	3.1	Authorization 

Such Investor has full power and authority to enter into this Agreement, and such agreement constitutes its valid and legally binding
obligation, enforceable in accordance with its terms except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally, and
(b) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies. 
  

	 	3.2	Purchase Entirely for Own Account 

 This Agreement is made with such Investor in reliance upon such Investor’s representations to the Company, which by such Investor’s execution of this Agreement the Investor hereby confirms, that
the portion of the Shares acquired by such Investor hereunder 

  
 4 

 
will be acquired for investment for the Investor’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Investor has no
present intention of selling, granting any participation in, or otherwise distributing the same. By executing this Agreement, such Investor further represents that such Investor does not have any contract, undertaking, agreement or arrangement with
any person to sell, transfer or grant participation rights to such person or to any third person, with respect to any of the Shares. 
  

	 	3.3	Disclosure of Information 

 Such Investor believes it has received all the information that it considers material in determining whether to purchase the Shares. Such Investor further represents that it has had an opportunity to ask
questions of and receive answers from the Company regarding the terms and conditions of the offering of the Shares and the business, properties, prospects and financial condition of the Company. The foregoing, however, does not limit or modify the
representations and warranties of the Company in Section 2 of this Agreement or the rights of the Investors to rely thereon. 
  

	 	3.4	Investment Experience 

 Such Investor is an experienced investor in securities of companies and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, including a total loss, and has such
knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Shares. Such Investor represents that it has not been organized for the purpose of acquiring the Shares.

  

	 	3.5	Accredited Investor 

Such Investor is an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated
under the Securities Act. 
  

	 	3.6	Restricted Securities 

 Such Investor understands that the Shares have not been, and will not be, registered under the Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act
which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of such Investor’s representations as expressed herein. Such Investor understands that the Shares are characterized as “restricted
securities” under applicable U.S. federal and state securities laws and that, pursuant to these laws, such Investor must hold the Shares indefinitely unless subsequently registered with the Securities and Exchange Commission and
qualified by state authorities, or an exemption from such registration and qualification requirements is available. Other than as contained in the IRA, such Investor acknowledges that the Company has no obligation to register or qualify the Shares
for resale. Such Investor further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not 

  
 5 

 
limited to, the time and manner of sale, the holding period for the Shares, and on requirements relating to the Company which are outside of such Investor’s control, and which the Company,
other than as contained in the IRA, is under no obligation and may not be able to satisfy. 
  

	 	3.7	Further Limitations on Disposition 

 Without in any way limiting the representations set forth above, such Investor further agrees not to make any disposition of all or any portion of the Shares unless and until the transferee has agreed in
writing for the benefit of the Company to be bound by (a) this Section 3, and (b) the IRA, provided and to the extent this Section 3 and such agreement are then applicable, and: 

(i) There is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition is
made in accordance with such registration statement; or 
 (ii) (A) Such Investor shall have notified the Company of the
proposed disposition and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition, and (B) if reasonably requested by the Company, such Investor shall have furnished the Company with
an opinion of counsel, reasonably satisfactory to the Company, that such disposition will not require registration of such Shares under the Securities Act. It is agreed that the Company will not require opinions of counsel for transactions made
pursuant to Rule 144, except in unusual circumstances. 
 (iii) Notwithstanding the provisions of Paragraphs (i) and
(ii) of this Section 3.7, no such registration statement or opinion of counsel shall be necessary for a transfer by such Investor to an affiliated fund or funds, to an affiliated investment company or companies or to an entity under common
investment management, or for a transfer by such Investor, if it is a partnership, to a partner of such partnership or a retired partner of such partnership who retires after the date hereof, or to the estate of any such partner or retired partners
or the transfer by gift, will or intestate succession of any partner to his or her spouse or to the siblings, lineal descendants or ancestors of such partner or his or her spouse, if the transferee agrees in writing to be subject to the terms of
this Agreement to the same extent as if the transferee were an original Investor hereunder. 
  

	 	3.8	Legends 

 It is
understood that the certificates (if any) evidencing the Shares may bear one or all of the following legends (or substantially similar legends): 
 (a) “THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT
IN EFFECT WITH RESPECT TO THE SECURITIES 

  
 6 

 
UNDER SUCH ACT OR AN OPINION OF COUNSEL, OR OTHER EVIDENCE, SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.” 

(b) Any legend required by the laws of any state or foreign jurisdiction, to the extent that such laws are applicable to the shares
represented by the certificate so legended. 
 (c) Any legend required by the IRA. 

 

	 	3.9	No Brokers 

 Such
Investor has not incurred, and will not incur in connection with the purchase of the Shares any brokerage or finders’ fees, or agents’ commissions or similar liabilities. 

 

	4.	Conditions to the Investors’ Obligations at Closing 

 The obligations of each of the Investors at Closing are subject to the fulfillment on or by Closing of each of the following conditions, unless otherwise waived in writing by such Investor: 

 

	 	4.1	Representations and Warranties 

 The representations and warranties of the Company contained in Section 2 shall be true and correct in all material respects. 

 

	 	4.2	Performance 

 The
Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing. 

 

	 	4.3	IPO 

 The
Underwriters shall have purchased, concurrent with the purchase of the Shares by the Investors hereunder, the Underwritten Securities (as defined in the Underwriting Agreement) at the same purchase price (less any underwriting discounts or
commissions) per share payable by the Investors hereunder. 
  

	 	4.4	Qualifications 

All authorizations, approvals, or permits, if any, of any governmental authority or regulatory body of the United States or of any state
that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be duly obtained and effective as of the Closing, other than (a) the filing pursuant to Regulation D, promulgated

  
 7 

 
under the Securities Act and (b) the filings required by applicable state “blue sky” securities laws, rules and regulations. 

 

	5.	Conditions to the Company’s Obligations at Closing 

 The obligations of the Company to each of the Investors are subject to the fulfillment on or by the Closing of each of the following conditions: 

 

	 	5.1	Representations and Warranties 

 The representations and warranties of such Investor contained in Section 3 shall be true and correct in all material respects. 

 

	 	5.2	Performance 

 Such
Investor shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing. 

 

	 	5.3	Payment of Purchase Price 

 Such Investor shall have delivered the Purchase Price as specified in Section 1.1 of this Agreement. 
  

	 	5.4	Qualifications 

All authorizations, approvals, or permits, if any, of any governmental authority or regulatory body of the United States or of any state
that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be duly obtained and effective as of the Closing, other than (a) the filing pursuant to Regulation D, promulgated under the Act and
(b) the filings required by applicable state “blue sky” securities laws, rules and regulations. 
  

	 	5.5	Waiver 

 The
Company shall have obtained signatures on the Waiver as set forth in Section 4.6 of this Agreement. 
  

	 	5.6	IPO 

 The
Underwriters shall have purchased, concurrent with the purchase of the Shares by the Investors hereunder, the Underwritten Securities (as defined in the Underwriting Agreement) at the same purchase price (less any underwriting discounts or
commissions) per share payable by the Investors hereunder. 

  
 8 

	6.	Miscellaneous 

  

	 	6.1	Survival of Representations and Warranties 

 The representations and warranties of the Company and the Investors contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement until the first anniversary
of the Closing, and shall in no way be affected by any investigation of the subject matter thereof made by or on behalf of the Investors or the Company. 
  

	 	6.2	Successors and Assigns 

 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). 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. 
  

	 	6.3	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 laws. 

 

	 	6.4	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 and the same instrument. 

 

	 	6.5	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. 

 

	 	6.6	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 delivery and addressed as set forth in (d), or (d) three days after deposit with the United States Post Office, postage prepaid,
registered or certified with return receipt requested and addressed to the party to be notified at the address indicated on such party’s respective signature page hereto, 

  
 9 

 
or at such other address as any such party may designate by ten days’ advance written notice to the other party given in the foregoing manner. 

 

	 	6.7	Legal Fees and Expenses 

 Except as set forth in this Section 6.7, each party to this Agreement shall pay all costs and expenses that it incurs with respect to the negotiation, execution, delivery and performance of this
Agreement. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, including an arbitration, the prevailing party shall be entitled to reasonable attorney’s fees, costs and necessary disbursements in
addition to any other relief to which such party may be entitled. 
  

	 	6.8	Amendments and Waivers 

 Any term of this Agreement may be amended and the observance of any 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 parties hereto. Any amendment or waiver effected in accordance with this paragraph shall be binding upon the holder of any of the Shares, each future holder of any of such Shares, and the Company. 

 

	 	6.9	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 or provisions were so
excluded and shall be enforceable in accordance with its terms. 
  

	 	6.10	Facsimile 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 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, the other party agrees to execute an original of this Agreement as well as any facsimile, telecopy, PDF, or other reproduction of this Agreement. 

 

	 	6.11	Termination 

 This
Agreement shall automatically terminate upon the earliest to occur of (a) the written consent of each of the Company and the Investors to such termination, (b) the withdrawal by the Company of the Registration Statement, or
(c) following the execution of the Underwriting Agreement, the termination of such Underwriting Agreement in accordance with its terms. 

  
 10 

	 	6.12	Entire Agreement 

This Agreement (including the schedules and exhibits hereto) and the documents referred to herein constitute the full and entire
understanding and agreement among the parties 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. 

[SIGNATURE PAGES FOLLOW] 

  
 11 

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

			
	ZILLOW, INC.
		
	By:	 	  

		 	Spencer Rascoff
		 	Chief Executive Officer
	
	Mailing Address:
		 	 Zillow, Inc.

		 	 999 3rd Avenue, Suite 4600

		 	 Seattle, WA 98104

		 	 Attention: Kathleen Philips, General

		 	                   Counsel

		 	 Phone:

		 	 Fax:

	
	with a copy to:
		 	 Perkins Coie, LLP

		 	 1201 Third Avenue, Suite 4800

		 	 Seattle, WA 98101

		 	 Attention: David F. McShea

		 	 Phone:

		 	 Fax:

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

					
		 	INVESTORS:
		
		 	TCV V, L.P.
		 	a Delaware Limited Partnership
		 	By:	 	Technology Crossover Management V, L.L.C.,
		 	Its:	 	General Partner
			
		 	By:	 	  

		 	Name:	 	  

		 	Its:	 	  

		
		 	TCV Member Fund, L.P.
		 	a Cayman Islands exempted limited partnership (f/k/a TCV V Member Fund, L.P.)
		 	By:	 	Technology Crossover Management V, L.L.C.,
		 	Its:	 	General Partner
			
		 	By:	 	  

		 	Name:	 	  

		 	Its:	 	  

	
	Mailing Address:
		 	Technology Crossover Ventures
		 	528 Ramona Street
		 	Palo Alto, CA 94301
		 	Attention: Jay C. Hoag
		 	Phone:	 	
		 	Fax:	 	
	
	with a copy to:
		 	Technology Crossover Ventures

					
		 	56 Main Street, Suite 210
		 	Millburn, NJ 07041
		 	Attention: Carla Newell
		 	Phone:
		 	Fax:

 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:	 	  

		 	Name:	 	  

		 	Its:	 	  

	
	Mailing Address:
		 	One International Place
		 	Suite 2401
		 	Boston, MA 02110
		 	Attention: Steve Smith
		 	Phone:
		 	Fax:

 SCHEDULE 1 

INVESTORS 
  

			
	 Name:
	  	Respective Investment Amount:
		
	 TCV V, L.P.
	  	$
		
	 TCV Member Fund, L.P.
	  	$
		
	 PAR Investment Partners, L.P.
	  	$

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