Document:

Exhibit

Exhibit 10.04
ANGIE'S LIST, INC.
NONQUALIFIED STOCK OPTION AGREEMENT

This Nonqualified Stock Option Agreement (this "Agreement") is entered into as of the Grant Date specified below, by and between Scott A. Durchslag (the "Optionee") and Angie's List, Inc., a Delaware corporation (the "Corporation").
In consideration of the premises, the Corporation and the Optionee agree as follows:
		
	1.
	Option: Basic Terms.

		
	A.
	Defined Terms and Rules of Construction.  Except as otherwise defined herein, capitalized terms shall have the meanings specified by the Angie's List, Inc. Amended and Restated Omnibus Incentive Plan, as may be amended, restated or modified from time to time (the "Plan"), and the rules of construction specified in the Plan shall apply to this Agreement as well.

		
	B.
	Grant of Option.  The Corporation hereby grants the Optionee the right to purchase up to 471,522 Shares upon the terms and conditions set forth below (the "Stock Option").

		
	C.
	Grant Date.  The date of the grant of the Stock Option is September 8, 2015 (the "Grant Date").

		
	D.
	Type of Option.  The Stock Option is a Nonqualified Stock Option.

		
	E.
	Subject to Plan.  The Stock Option is subject to the terms and conditions of the Plan.  By signing this Agreement, the Optionee acknowledges that the Corporation has provided him or her with a copy of the Plan.  The terms of the Plan are hereby incorporated herein by reference.

		
	F.
	Vesting of Option.  

		
	a.
	Except for any accelerated vesting as otherwise provided in the Employment Agreement between the Optionee and the Corporation dated September 4, 2015 (the “Employment Agreement”), the Stock Option shall only become vested and therefore exercisable as provided in the following vesting schedule:

Vested Percentage

25%    1st anniversary of the Grant Date

25%    2nd anniversary of the Grant Date

25%    3rd anniversary of the Grant Date

25%    4th anniversary of the Grant Date
                
		
	b.
	Upon vesting pursuant to the foregoing schedule, the vested portion of the Stock Option shall be fully exercisable at any time prior to the Expiration Date (as defined below).  The Optionee's interest in the Stock Option, to the extent it is not exercised prior to the Expiration Date, shall be forfeited.  The Optionee shall have no further rights under the Plan with respect to a Stock Option (or portion thereof) to the extent the Stock Option (or portion thereof) has been forfeited.

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	G.
	Expiration Date.  Unless earlier terminated pursuant to the terms and provisions of the Plan or this Agreement, the Stock Option with respect to Shares shall expire on the 10th anniversary of the Grant Date (the "Expiration Date").

		
	H.
	Purchase Price.  The purchase price for each Share subject to the Stock Option shall be Five Dollars and Twenty-One cents ($5.21) (the "Exercise Price").

		
	2.
	Method of Exercise.  The Stock Option shall be exercisable by the Optionee pursuant to the method specified by the Committee which, unless otherwise specified, shall be electronically via the Plan’s brokerage website which has been or will be made available promptly to the Optionee after the date hereof via electronic communication (the "Exercise Notice").  The Exercise Notice must state the number of Shares for which the Stock Option is being exercised.  The Exercise Notice must be signed by the Optionee and must be accompanied by payment of the Exercise Price plus payment of any applicable withholding tax.  The Stock Option shall be deemed to be exercised upon receipt by the Corporation of the Exercise Notice accompanied by the Exercise Price and payment of any applicable withholding tax.

		
	3.
	Method of Payment.  Payment of the Exercise Price shall be by any of the following methods, at the election of the Optionee: (a) cash; (b) check; (c) with the consent of the Committee, surrendered Shares issuable upon the exercise of the Stock Option having a Fair Market Value on the date of exercise equal to the aggregate Exercise Price of the Stock Option or exercised portion thereof; or (d) such other method or combination of methods as approved by the Committee.

		
	4.
	Restrictions on Exercise.  If the issuance of Shares upon exercise of the Stock Option, or the method of payment for such Shares, would constitute a violation of any applicable federal or state securities or other law or regulation, then the Stock Option may not be exercised.  The Corporation may require the Optionee to make any representation and warranty to the Corporation as may be required by any applicable law or regulation before allowing the Stock Option to be exercised.

		
	5.
	Non-Transferability.  Neither the Stock Option nor any portion thereof shall be transferred, sold, pledged, assigned, hypothecated, or disposed of in any manner by the Optionee other than by will or the laws of descent and distribution.  The Stock Option may be exercised during the Optionee's lifetime only by the Optionee hereof or, upon the Optionee's legal incapacity to act on his or her own behalf or the Optionee’s death, by the Optionee's conservator or other lawful representative.  The Stock Option shall be null and void and without effect upon any attempted assignment or transfer, except as hereinabove provided, including without limitation, any purported assignment, whether voluntary or by operation of law, pledge, hypothecation, or other disposition contrary to the provisions hereof, or levy of execution, attachment, trustee process or similar process, whether legal or equitable, upon the Stock Option.  

		
	6.
	Adjustments.  If an event described in Section 3(d) of the Plan occurs, the number of Shares subject to the Stock Option and the Exercise Price shall be appropriately adjusted by the Committee in the manner set forth in Section 3(d) of the Plan.

		
	7.
	Termination of Service. Except as otherwise provided in the Employment Agreement, Section 12 of the Plan shall control, in the event of Optionee’s Termination of Service.

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	8.
	Indemnification.  The Optionee agrees to hold the Corporation and its officers, directors, and controlling persons (as defined in the Securities Act of 1933, as amended (the "Securities Act"), and any persons affiliated with any of them or with the issuance of the Stock Option subject to this Agreement, harmless from all expenses, liabilities, and damages (including reasonable attorneys' fees) (i) deriving from a disposition of the Stock Option or Shares acquired pursuant to the Stock Option in a manner that violates the Securities Act or of any applicable state securities law or (ii) that may be suffered by any person by reason of any breach of a representation required of the Optionee by this Agreement or the Plan.    

		
	9.
	No Agreement of Employment.  Neither the grant of the Stock Option nor this Agreement shall be deemed to create any agreement with, or obligation by, the Corporation to employ or otherwise engage the services of Optionee for any period of time, it being understood that, unless Optionee has an employment, consulting or other agreement with the Corporation that provides otherwise, the Optionee's employment or service with the Corporation may be terminated by the Corporation at any time, with or without cause.

		
	10.
	Notices.  All notices and other communications required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been duly given as follows (a) if to the Corporation, mailed first class, postage prepaid at the principal business address of the Corporation to the attention of the Secretary of the Corporation; or (b) if to Optionee then delivered personally, mailed first class, postage prepaid at the last address of Optionee known to the Corporation at the time the notice or other communication is sent.

		
	11.
	Entire Agreement.  This Agreement, including the Plan, and the Employment Agreement contains the entire understanding and agreement between the parties hereto respecting the subject matter hereof, and there are no representations, agreements, arrangements, or understandings, oral or written, between the parties hereto relating to the subject matter of this Agreement that are not fully expressed herein. 

		
	12.
	Governing Law.  The validity, performance, enforcement, interpretation and any other aspect of this Agreement shall be governed by the internal laws of the State of Delaware (to the extent not inconsistent with the applicable provisions of the Code) notwithstanding the choice of law provisions of any jurisdiction.  Optionee hereby consents to the exclusive jurisdiction of the local, state and federal courts, as applicable, within the State of Indiana, and waives any defense of lack of personal jurisdiction or improper venue to a claim brought in such court.

		
	13.
	Counterparts.  This Agreement may be executed in two original or facsimile or PDF counterparts, each of which shall be deemed to be an original and both of which, when taken together, shall constitute one instrument.

		
	14.
	Amendment.  This Agreement may not be modified, amended, or waived in any manner except by an instrument in writing signed by both parties to this Agreement.

[Signature Page Follows]

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Grant Date.

"CORPORATION"

ANGIE'S LIST, INC.

By: /s/ THOMAS R. FOX        
Name: Thomas R. Fox
Title: Chief Financial Officer

"OPTIONEE"

/s/ SCOTT A. DURCHSLAG    
Printed: Scott A. Durchslag

4Exhibit

Exhibit 10.05
Angie’s List, Inc.
Amended and Restated Omnibus Incentive Plan
NOTICE OF RESTRICTED STOCK UNIT GRANT

Scott A. Durchslag

You have been granted the number of restricted stock units (the “RSUs”), each representing one share of Common Stock of Angie’s List, Inc. (the “Corporation”) (the “Shares”), as follows:
		
	Date of Grant:
	September 8, 2015

		
	Total Number of RSUs Granted:
	479,846

		
	Vesting/Exercise Schedule:
	Except for any accelerated vesting as otherwise provided in the employment agreement between you and the Corporation dated September 4, 2015 (the “Employment Agreement”), so long as you do not have a Termination of Service prior to vesting (in which event Section 12 of the Plan shall control), the RSUs shall vest in accordance with the following schedule:

- 25% on the first anniversary of the Date of Grant
- 75% ratably on a quarterly basis over a three year period thereafter

By accepting these RSUs, you agree that these RSUs are granted under and governed by the terms and conditions of the Angie’s List, Inc. Amended and Restated Omnibus Incentive Plan, this notice and the Restricted Stock Unit Agreement attached hereto and incorporated by reference herein and the Employment Agreement.
In addition, you agree and acknowledge that nothing in this Notice or the attached documents confers upon you any right to continue your employment or consulting relationship with the Corporation for any period of time, nor does it interfere in any way with your right or the Corporation’s right to terminate that relationship at any time, for any reason or no reason, with or without cause.

	
			
	 
	 
	Angie’s List, Inc.

	 
	 
	 

	/s/ SCOTT A. DURCHSLAG
	 
	By: /s/ THOMAS R. FOX

	Scott A. Durchslag
	 
	Name: Thomas R. Fox

	 
	 
	Title: Chief Financial Officer

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Angie’s List, Inc.
Amended and Restated Omnibus Incentive Plan
RESTRICTED STOCK UNIT AGREEMENT

1.    Grant of Option.  Angie’s List, Inc., a Delaware corporation (the “Corporation”), hereby grants to you (“Participant”) the number of RSUs (each representing a share of Common Stock of the Corporation) set forth in the Notice of Restricted Stock Unit Grant (the “Notice”), subject to the terms, definitions and provisions of the Corporation’s Amended and Restated Omnibus Incentive Plan (the “Plan”) adopted by the Corporation, which is incorporated in this Agreement by reference and this Restricted Stock Unit Agreement (this “Agreement”). Unless otherwise defined in this Agreement, the terms used in this Agreement shall have the meanings defined in the Notice or the Plan, as applicable.  The terms and conditions of this Agreement, to the extent not controlled by the terms and conditions contained in the Plan or the Employment Agreement, are as follows:
1.Vesting. Subject to the terms of the Notices and the terms of the Plan, the RSUs shall become vested on the vesting schedule set forth in the Notice.     

2.Forfeiture of Unvested RSUs.  Unvested RSUs shall be forfeited without consideration as provided in the Notice.

3.Payment in Shares.  Shares will be issued on the applicable vesting date (or, to the extent not administratively feasible, as soon as practicable thereafter).  As a condition to such issuance, Participant shall have satisfied his or her tax withholding obligations and shall have completed, signed and returned any documents and taken any additional action that the Corporation deems appropriate to enable it to accomplish the delivery of the Shares.  In no event will the Corporation be obligated to issue a fractional  Share.  Notwithstanding the foregoing, (i) the Corporation shall not be obligated to deliver any Shares during any period when the Corporation determines that the conversion of a RSU or the delivery of Shares hereunder would violate any federal, state or other applicable laws and/or may issue Shares subject to any restrictive legends that, as determined by the Corporation’s counsel, is necessary to comply with securities or other regulatory requirements, and (ii) the date on which Shares are issued may include a delay in order to provide the Corporation such time as it determines appropriate to address tax withholding and other administrative matters.

4.Tax Treatment.  Any withholding tax liabilities (whether as a result of federal, state or other law and whether for the payment and satisfaction of any income tax, social security tax, payroll tax, or payment on account of other tax related to withholding obligations that arise by reason of the RSUs) incurred in connection with the RSUs becoming vested and Shares issued, or otherwise incurred in connection with the RSUs, may be satisfied in any of the following manners determined by the Corporation (and the Corporation may with notice to Participant require any of the following methods):  (i) by the sale by Participant of a number of Shares that are issued under the RSUs, which the Corporation determines is sufficient to generate an amount that meets the tax withholding obligations plus additional shares to account for rounding and market fluctuations, and payment of such tax withholding to the Corporation, and such Shares may be sold as part of a block trade with other participants of the Plan; (ii) with the consent of the Corporation in its discretion, by the Corporation withholding a number of Shares that would otherwise be issued under the RSUs that the Corporation determines have a fair market value equal to the minimum amount of taxes that the Corporation concludes it is required to withhold under applicable law; or (iii) by payment by Participant to the Corporation in cash or by check an amount equal to the minimum amount of taxes that the Corporation concludes it is required to withhold under applicable law.  Participant hereby authorizes the Corporation to withhold such tax withholding amount from any amounts owing to Participant to the Corporation and to take any action necessary in accordance with this paragraph.

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Notwithstanding the foregoing, Participant acknowledges and agrees that he or she is responsible for all taxes that arise in connection with the RSUs becoming vested and Shares being issued or otherwise incurred in connection with the RSUs, regardless of any action the Corporation takes pursuant to this Section.

5.Restrictions on Transfer.  Participant understands and agrees that the RSUs may not be sold, given, transferred, assigned, pledged or otherwise hypothecated by the holder.

6.Certificates. Certificates, transfer agent book entries or other evidence of ownership as determined by the Corporation issued in respect of the Shares shall, unless the Committee otherwise determines, be registered in the name of Participant. The stock certificate, if any, shall carry such appropriate legends, and such written instructions shall be given to the Corporation transfer agent, as may be deemed necessary or advisable by counsel to the Corporation in order to comply with the requirements of the Securities Act of 1933, any state securities laws or any other applicable laws.

7.No Stockholder Rights.  Participant will have no voting or other rights as the Corporation’s other stockholders with respect to the RSUs or with respect to the Shares until issuance of the Shares.

8.No Employment/Service Rights.  Neither this Agreement nor the grant of the RSUs hereby confers on Participant any right to continue in the employ or service of the Corporation or any Subsidiary or interferes in any way with the right of the Corporation or any Subsidiary to determine the terms of Participant’s employment or service.

9.Entire Agreement; Terms of Plan, Interpretations.  Participant acknowledges that he or she has received and reviewed a copy of the Plan.  The Plan and this Agreement (including the Notice) and the Employment Agreement contains the entire understanding of the parties hereto in respect of the subject matter contained herein.  This Agreement together with the Plan supersedes all prior agreements and understandings between the parties hereto with respect to the subject matter hereof. This Agreement and the terms and conditions herein set forth are subject in all respects to the terms and conditions of the Plan, which shall be controlling.  All interpretations or determinations of the Committee and/or the Board shall be binding and conclusive upon Participant and his legal representatives on any question arising hereunder.

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