Document:

Amendment No. 1 to the Listings and Sales Agreement by and among Yahoo! Inc.

 Exhibit 10.1 
 [***] Indicates confidential material that has been omitted pursuant to a Confidential Treatment Request filed with the Securities and Exchange Commission. A complete copy of this agreement has been
separately filed with the Securities and Exchange Commission. 
 Homes for Sale Partnership 

AMENDMENT NO. 1 

TO THE LISTING AND SALES AGREEMENT 
 This Amendment No. 1 to the Listing and Sales Agreement dated July 2, 2010 (the “Agreement”) is entered into as of August 30, 2011 by and among Yahoo! Inc., and Yahoo Realty Inc.
(collectively “Yahoo”), on the one hand, and Zillow Inc. (“Zillow”), on the other hand, modifies certain terms of the Agreement. Unless otherwise specified, all defined terms used herein shall have the meanings ascribed to them
in the Agreement. 
 For good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereby agree
to amend the Agreement as set forth below: 
 1. The definition of COGS is amended to add a sentence that reads: “For Display Ads sold by
Zillow under this Agreement, COGS is [***]% of Gross Revenue.” 
 2. The Agreement is amended to replace the term “Listings API”
with the term “Zillow Listings Feed” throughout the Agreement, except that: (i) “Listings API” shall remain a definition in Section 1 and (ii) 
 “Listings API” shall not be replaced in Exhibit A, provided that the definition of Listings API is amended to include the phrase “including all related images.” 

3. The Agreement is amended to add the following definition to Section 1: 
 “Zillow Listings Feed” means the XML feed that contains all data relevant to Zillow Listings which complies with the specifications set forth on Exhibit A and is delivered in an XML format in
accordance with the current RETS feed found at www.rets.org with the addition of two fields (Share of Voice and DisplayMode). 
 4.
Section 2.1(b)(iii) is amended to replace the phrase “Listings Detail section of Listings API Specification” with “Functional Listings Specification Document.” 
 5. Section 2.1(b)(iv) is deleted in its entirety and replaced by the following new section 2.1(b)(iv): 
 “(iv) Listing Results Order. YRI will use Zillow’s default sort order for Zillow Listings on all Search Results Pages. Such default sort order will prioritize Platinum Featured Listings
(as described in Exhibit A) above non-Platinum Featured Listings above basic Zillow Listings. All such groupings of listings shall be further sorted by prioritizing most recently listed. Except with respect to such first priority default sort order,
Zillow has the right to revise the listings sort methodology, so long as the same listings sort methodology is applied on Zillow’s Site and to every other partner in the Zillow Network. If a user re-sorts the search results in any way,
the user’s sort preference shall take precedence. If a user refines the search results in any way, YRI will use the default sort order specified in this Subsection. If YRI launches a product with a unique functionality, and subject to
the conditions that such product does not cause modifications to the default sort order for Search Results Pages, YRI may display Listings in such new product based on other parameters being first in priority. During any such implementation, Yahoo
shall respect the Featured Listing designation placed by Zillow, and YRI shall visually distinguish such Featured Listings in its product implementation. For 

 
example, if the foregoing conditions are met, in a mobile application, YRI may pull listings based on user geographic location as the primary sort criteria (i.e. listings closest to user) and for
“most recent update” modules, YRI may pull listings based on recency. If a Zillow licensor opts out of syndication on YRE, any listings from such advertiser will not be included in the Zillow Listings Feed. Notwithstanding the foregoing,
YRI reserves the right to comingle any Zillow Listings with listings from other real estate listing categories, including new homes and foreclosures, provided that the Zillow Featured Listings are sorted first in accordance with the provisions
outlined in this Subection and are presented in accordance with the terms of this Agreement. For clarity, if a user re-sorts a co-mingled set of listings, the user’s sort preference shall take precedence.” 

6. Section 2.2.1(a) is hereby deleted in its entirety and replaced with the new section 2.2.1(a) as follows: 

“Data Access Requirements. During the Term, Zillow will provide YRI and Yahoo with access to APIs or a data feed in compliance with the
Functional Listings Specification Document set forth on Exhibit A. Throughout the Term, Zillow shall maintain a For Sale By Owner service that will enable homeowners to post their homes for sale on both Zillow and Yahoo, which service shall be made
available to Yahoo users according to the SLA set forth in Exhibit A.” 
 7. Section 2.2.1(b) is amended to delete the words
“(Alerts API Section).” 
 8. Section 2.2.3 is amended to delete the first sentence and replace it with the following: “At
the Launch Date, Zillow will provide YRI with an API providing access to a graph containing year-over-year market value percentage change in median price of homes for sale data (the “Market Data Content”).” 

9. Section 2.2.3(f) is deleted in its entirety. 
 10. Section 3.1(a) is amended such that the following sentence is added at the end: 

“In addition, Yahoo may sell to builders, and real estate brokerage companies, graphical display advertising for placement on YRE, provided that:
(i) Yahoo does not sell such advertising to real estate agents; and (ii) Zillow competitors, including Move Inc., Trulia, and Dominion Enterprises, may not be granted the right to resell graphical display advertising on Yahoo! Real
Estate.” 
 11. Section 3.5 of the Agreement is amended as follows: 
 (a) the following sentence (the fifth sentence of Section 3.5) shall be deleted in its entirety: 
 “Zillow agrees to launch the Yahoo-Only Packages with the same pricing as comparable Zillow-only packages and will only alter Yahoo-Only Package pricing after six months of Yahoo Lead volume data is
available to assess the average number of Leads from Yahoo.” 
 (b) The following sentence (the sixth sentence of Section 3.5) shall
be deleted in its entirety: 
 “At no time shall Yahoo-Only Package pricing be greater than 20% below the Zillow-only pricing for
comparable Slots without mutual agreement of the parties.” and replaced with the following: 
 “The pricing of Yahoo-Only Packages
will be determined based on mutual agreement between Yahoo and Zillow.” 
 (c) The second to the last sentence of Section 3.5 is
amended so that the word “may” is replaced with the word “will,” such that the sentence reads as follows: 
 “Zillow
will set pricing for Display Ads above the floor pricing provided by Yahoo, but at no time shall Zillow set CPMs for Yahoo inventory that are different from CPMs for similar Zillow inventory, including for similar DMAs.” 

(d) The following sentence is added at the end of Section 3.5: 
 “Throughout the Term, Zillow shall use best efforts to optimize the revenue paid to Yahoo.” 
 12. Section 4.1.1 is hereby amended to change the reference to “Section 4.2.2” to “Section 4.1.2.” 

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  

 13. Section 3.6 is hereby amended such that the following is added to the end of the first sentence:

 “, except that Zillow may enter into an agreement for the sale of Real Estate Ad Products on the Curbed Network, provided that, Zillow
will notify Yahoo in writing as to the date that Zillow will begin such sales (the “Curbed Launch Date”). In no event will Zillow, during the Term, make changes to the current Yahoo-Zillow Network in comScore.” 

14. Section 5.1.1 is hereby amended to include the following sentences at the end: 
 “Notwithstanding the foregoing, Leads from the Curbed Network shall not contribute to the [***] until [***] following the Curbed Launch Date. Following the [***] of the Curbed Launch Date, the terms
of this Section 5.1.1 shall apply to Leads from the Curbed Network.” 
 15. Exhibit A of the Agreement (“API
Specifications”) is hereby deleted in its entirety and replaced by the new Exhibit A attached hereto as Exhibit A to this Amendment (“Functional Listings Specification Document”). 

16. Except as modified hereby, the Agreement shall remain in full force and effect and is hereby ratified by Zillow and Yahoo. 

17. Zillow and Yahoo each represent and warrant to the other that it has the right, power and authority to enter into this Amendment. 

18. Zillow and Yahoo hereby agree that facsimile signatures hereto are valid and binding. 
 IN WITNESS WHEREOF, the Parties hereto have caused the foregoing Amendment to be signed by a duly authorized agent of each party, the day and year first above written. 

 

									
	YAHOO! INC.:	 		 		 	
					
	By:	 	 /s/ ERIC ALEDORT
	 		 		 	
	Title:	 	 VP, BD
	 		 		 	
	Printed Name:	 	 Eric Aledort
	 		 		 	
	Date:	 	 9/9/11
	 		 		 	
			
	YAHOO! REALTY INC.:	 		 	ZILLOW, INC.
	By:	 	 /s/ AMAN KOTHARI
	 		 	By:	 	 /s/ GREG SCHWARTZ

	Title:	 	 SVP, CAO
	 		 	Title:	 	 Chief Revenue Officer

	Printed Name:	 	 Aman Kothari
	 		 	Printed Name:	 	 Greg Schwartz

	Date:	 	 9/8/11
	 		 	Date:	 	 9/6/2011

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  

 Homes for Sale Partnership 
 Exhibit A 
 Functional Listings Specifications Document 

 
 Homes for Sale Partnership

 Yahoo! Real Estate & Zillow.com 

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  

 Homes for Sale Partnership 
  

	•	 	 Table of Contents 

  

					
	 1 Introduction
	  	 	7	  
	 1.1 Purpose and Scope
	  	 	7	  
	 1.2 Intended Audience
	  	 	7	  
	 1.3 Product Release Identification
	  	 	7	  
	 1.4 Revision History
	  	 	7	  
	 1.5 References
	  	 	7	  
	 1.6 Glossary
	  	 	7	  
	 1.7 Assumptions
	  	 	8	  
		
	 2 Listings API Specifications
	  	 	9	  
	 [***]
	  			
		
	 3 Ad Products API Specifications
	  	 	10	  
	 [***]
	  			
	 4 Platinum Listings API
	  	 	18	  
	 [***]
	  			
	 5 Listings Feed
	  	 	19	  
	 [***]
	  			
	 6 Activity Data Reporting
	  	 	20	  
	 [***]
	  			
	 7 Address Resolution Logic
	  	 	21	  
		
	 8 Image Specification
	  	 	22	  
		
	 9 Service Level Agreement
	  	 	23	  
	 9.1 Definitions
	  	 	23	  
	 9.1.1 Zillow Availability
	  	 	23	  
	 9.1.2 Yahoo! Availability
	  	 	23	  
	 9.1.3 Production System
	  	 	23	  
	 9.1.4 Results Set
	  	 	23	  
	 9.1.5 Internal Zillow Response Time
	  	 	23	  
	 9.1.6 Minor Problem
	  	 	24	  
	 9.1.7 Major Problem
	  	 	24	  
	 9.1.8 Severe Problem
	  	 	24	  
		
	 9.1.9 Catastrophic Problem
	  	 	24	  
	 9.1.10 Problem Resolution
	  	 	25	  
	 9.1.11 Unresolved Catastrophic Problem
	  	 	25	  
	 9.1.12 Scheduled Maintenance
	  	 	25	  
	 9.1.13 Temporary Workaround
	  	 	25	  
	 9.1.14 Timeouts
	  	 	25	  
	 9.1.15 Aggregate Response Time
	  	 	25	  
	 9.1.16 Critical Threshold
	  	 	25	  
	 9.2 Contact Information
	  	 	25	  

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  

					
	 9.2.1 Yahoo! Support Personnel
	  	 	26	  
	 9.2.2 Zillow Support Personnel
	  	 	26	  
	 9.3 Support Procedures
	  	 	27	  
	 9.3.1 Support Procedures.
	  	 	27	  
	 9.3.2 Zillow Response
	  	 	27	  
	 9.3.2.1 Support Table
	  	 	27	  
	 9.3.3 Zillow Notification and Escalation Process
	  	 	28	  
	 9.4 Operational Metrics
	  	 	28	  
	 9.4.1 Availability
	  	 	28	  
	 9.4.1.1 Zillow Availability
	  	 	28	  
	 9.4.2 Capacity
	  	 	29	  
	 9.4.3 Query Response Time
	  	 	30	  
	 9.4.4 Aggregate Response Time
	  	 	30	  
	 9.4.5 Site monitoring
	  	 	30	  
	 9.4.6 Maintenance Requirements
	  	 	31	  
	 9.4.7 Reporting
	  	 	31	  
	 9.4.8 Image Serving
	  	 	31	  
	 9.4.9 Business Continuity Planning
	  	 	31	  
	 9.4.10 Sole and exclusive Remedy
	  	 	31	  
		
	 10 Failover Requirements
	  	 	32	  
		
	 11 Reviewers
	  	 	33	  

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  

 Introduction 

 
  

	A.	Purpose and Scope 

 This document describes the
requirements and functional design for Homes for Sale Partnership. 
  

	B.	Intended Audience 

 The primary audience for this
document is Yahoo! Real Estate and Zillow. 
  

	C.	Product Release Identification 

  

			
	Title	  	Yahoo! Real Estate - Homes For Sale Partnership
	Version	  	1.0
	Customer	  	Yahoo! Inc. and Zillow.com

  

	D.	Revision History 

  

							
	 Version #
	  	 Date
	  	 Revised By
	  	 Revision Description

	 1.0
	  	7/1/10	  	 Yahoo! Inc.
	  	 Base version.

	 1.1
	  	2/2/11	  	 Yahoo! Inc.
	  	 Amendment for Feed ingestion and additional APIs

  

	E.	References 

 This document shall be used in
conjunction with the following publications: 
  

			
	 Document/Book
	  	 Author(s)

		  	
		  	

  

	F.	Glossary 

 This document references the following
terms, acronyms and abbreviations: 
  

			
	 Term/Expression
	  	 Definition

		  	
		  	
		  	

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 7 

	G.	Assumptions 

 Homes for Sale Partnership

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 8 

 Listings API Specifications 

 
 This document describes the API that is required to
display listing data and publish alerts on Yahoo! Real Estate and as further described in the Listing and Sales Agreement to which this document is an Exhibit. [***][Portions of this page and the following page have been omitted.] 

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 9 

 Ad Products API Specifications 

 
 This document describes API to display showcase
ads, contact modules on Yahoo! Real Estate. This document also provides the API to submit the contacts through Zillow Ad Server. 

[***][Portions of this page and the following eight pages have been omitted.] 

 

	1.	Form Type 

  

	 	a)	Short form 

  
 

 
  

	 	b)	With broker logo 

  

 

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 10 

 When an agent sends a message, we will show the success message over the “Contact
button” It will look like this: 
  
 

 

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 11 

	2.	Contact Type 

  

	 	a)	Direct Contact 

  

 

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 12 

	 	b)	Leader board 

  

 
  

	3.	E-mail Content 

 This includes filling in the
purpose of the visit, the address of the home etc. 
 [***] 
  

	 	a)	Paid Listing Agent 

 Showcase
advertiser or manual paid for sale listings. Phone number is [***] 

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 13 

  
 

 
  

	 	b)	Broker Match – for sale 

[***] 

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 14 

  
 

 

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 15 

	 	c)	Dormant Agent 

  

 
  

	 	d)	Active listing agent 

  

			
	 

	    	[***]

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 16 

	 	e)	For Sale by Owner 

  

			
	 

	    	[***]

  

	N.	Contact Information 

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 17 

 Platinum Listings API 

 
 [***][Portions of this page and the following
five pages have been omitted.] 

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 18 

 Listings Feed 

 
  

	P.	Definitions 

 [***][Portions of this page and
the following page have been omitted.] 

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 19 

 Activity Data Reporting 

 
 [***][Portions of this page and the following
page have been omitted.] 

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 20 

 Address Resolution Logic 

 
 [***] 

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 21 

 Image Specification 

 
 [***] 

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 22 

 Service Level Agreement 

 
 The purpose of this Service Level Agreement (the
“SLA”) is to describe the service level commitments that Zillow is obligated to deliver under the Agreement. Zillow acknowledges and agrees that failure to remedy non-compliance with the SLA will be deemed a material breach of the
Agreement. Capitalized terms not defined here have the same meaning as in API Spec. 8.1, 8.2, 8.3 are proposals pending additional review and mutual agreement. 
  

	U.	Definitions 

  

	1.	Zillow Availability 

 The percentage of the total
Queries for which Zillow responds (either with a “Resource Not Found” response, where that would be a correct response for the Query, or a response in the form of properly formatted Results Sets, within the Critical Threshold (defined
below)). 
  

	2.	Yahoo! Availability 

 The percentage of the total
web requests for which Yahoo! Real Estate responds within [***] 
  

	3.	Production System 

 Delivery systems used for
providing services to Yahoo! Real Estate. These services include but not limited Listing Search, Listing Details, Listing Images, data returned from API calls and any other data provided by Zillow. 

 

	4.	Results Set 

 A Results Set will consist of the
requested Home listings and/or Related Content, or a “Resource Not Found” notification if applicable. Results Set is properly formatted in a mutually agreed XML format. 

 

	5.	Internal Zillow Response Time 

 The period of
time beginning at the time of Zillow’s receipt of an API call or an image request to the completion of sending the results set. 

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 23 

	6.	Minor Problem 

 A Minor Problem is (a) a
cosmetic display issue that allows the major elements of Results Sets to display in a legible format, but causes textual irregularities (e.g., an umlaut not displaying properly), (b) minor issues that do not have widespread impact to end-users,
(c) minor issues with non-Production Systems, or (d) other similar problems under the direct control of Zillow which do not need immediate resolution. Zillow will identify issues that can be fixed within a published timeline. Zillow may
reasonably suspend or close out Minor issues with proper notification to Yahoo!. For clarity, an error that causes Results to fail to work, fail to display completely, or fail to be completely legible will be considered a Major Problem, Severe
Problem, or Catastrophic Problem, not a Minor Problem. This is otherwise known as “Minor” issue. 
  

	7.	Major Problem 

 An issue with a Service which
has widespread impact to end users but which (a) does not make the Service unusable for a large percentage of queries or operations, and (b) is an SLA violation which causes [***] of Zillow’s queries to exceed the Critical Threshold
within [***]. This is otherwise known as “Major”. Major Problems are given a default Priority of “P2”. Once a Major Problem has been outstanding for more than [***], either party may, using reasonable judgment, escalate the
priority to “P1” or downgrade to a lower priority issue. 
  

	8.	Severe Problem 

 An error, bug, incompatibility
or malfunction, which causes Zillow’s API and Image Services not to operate substantially as designed, and/or renders the Results Sets substantially unavailable to or substantially unusable by Yahoo! (and which lasts for [***]), including
issues which cause [***] of Queries to exceed the Critical Threshold [***]. Problems may also include security risks as identified by Yahoo or Zillow and are consistent with the Information and Security document and are deemed Severe with regard to
impact and/or risk. This is otherwise known as “SEV2”. Severe Problems are assigned a default “P1” priority for resolution and response. Once a Severe Problem has been outstanding [***], either party may, using reasonable
judgment, upgrade the Priority to “P0”. This is otherwise known as “P1”. 
  

	9.	Catastrophic Problem 

 An issue which causes
Zillow’s APIs as detailed in API Spec to become largely unavailable or cease to function substantially correctly and that persists for a period of [***] that is not due to Scheduled Maintenance or needed to effect a Problem Resolution. Yahoo!
or Zillow can also identify catastrophic problems and may include security issues. This is otherwise known as “SEV1”.Catastrophic Problems start with a default “P0” Priority. 

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 24 

	10.	Problem Resolution 

 A correction, patch, fix,
alteration or Temporary Workaround that minimizes the effect of a Minor Problem, Moderate Problem, Severe Problem, or Catastrophic Problem restoring the system to the levels set forth in this SLA. 

 

	11.	Unresolved Catastrophic Problem 

 A Catastrophic
Problem that does not have a Problem Resolution within a total period of one hour or more. 
  

	12.	Scheduled Maintenance 

 A planned service
maintenance or update to the service required to keep Zillow’s back-end systems functioning (e.g., hardware or software upgrades, architecture changes, etc.) that will affect the operation of systems relied upon by Yahoo Real Estate for Listing
Services. 
  

	13.	Temporary Workaround 

 A temporary technical
solution that restores the system to, or substantially to the levels set forth in this SLA, although there may be ongoing or additional measures until a permanent solution can be implemented. 

 

	14.	Timeouts 

 An action taken by a Yahoo! production
server when Result Sets are not received within the Aggregate Response Time. 
  

	15.	Aggregate Response Time 

 The Internal Zillow
Response Time plus a mutually agreed upon worst case acceptable delay due to network latency in the USA. 
  

	16.	Critical Threshold 

 The Aggregate Response Time
is also known as Critical Threshold. 
  

	V.	Contact Information 

 Both parties shall maintain
and communicate to the other party updates to the following contact list, which shall be used to communicate and coordinate regarding technical problems that may be encountered with the Real Estate Listing Services. 

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 25 

	1.	Yahoo! Support Personnel 

  

							
	 Name
	  	 Role/Responsibility
	  	Email Address	  	Office Phone
				
	 [***]
	  	Primary Systems Contact	  	[***]	  	
				
	 [***]
	  	Product Contact	  	[***]	  	
				
	 [***]
	  	Program Contact	  	[***]	  	
				
	 [***]
	  	Real Estate Operations Primary Contact	  	[***]	  	
				
	 [***]
	  	Product Contact	  	[***]	  	
				
	 [***]
	  	Yahoo Network Operations Center 24X7 Support	  	[***]	  	[***]

  

	2.	Zillow Support Personnel 

  

							
	 Name
	  	 Role/Responsibility
	  	Email Address	  	Office Phone
				
	 [***]
	  	Primary Systems Contact	  	[***]	  	[***]
				
	 [***]
	  	Product Contact	  	[***]	  	[***]
				
	 [***]
	  	Program Contact	  	[***]	  	[***]
				
	 [***]
	  	Zillow Operations Primary Contact	  	[***]	  	[***]
				
	 [***]
	  	Zillow Operations Secondary Contact	  	[***]	  	[***]
				
	 [***]
	  	Network Engineer	  	[***]	  	[***]
				
	 [***]
	  	Zillow Network Operations Center 24X7 Support	  	[***]	  	[***]

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 26 

	W.	Support Procedures 

  

	1.	Support Procedures. 

 Zillow will provide Yahoo!
with 24 x 365 support in the English language with respect to all Real Estate Listing Services as set forth herein. 
 All Severe Problems and
Catastrophic Problems reported by either party must be submitted to the other party, as appropriate, via the technical support telephone number and/or via e-mail to the contact information set forth in the Support Table, and each such Minor Problem,
Major Problem, Severe Problem and Catastrophic Problem will be given a unique reference number by the receiving party. 
 The responsible party
shall inform the other party’s technical support personnel of ongoing efforts to provide a Problem Resolution concerning Severe Problems, and Catastrophic Problems within the response times set forth in the Support Table below. 

 

	2.	Zillow Response 

 If notice of a problem is
received from Yahoo!, Yahoo! will identify whether the problem is a Minor Problem, a Major Problem, a Severe Problem, or a Catastrophic Problem or none of the above according to the definitions set forth above and Yahoo! will supply Zillow with
sufficient supporting and pertinent data in the problem report to analyze and debug the issue and provide data to support the classification of the issue. Both Yahoo! and Zillow need to mutually agree to the classification of the issue. After
mutual, reasonable agreement, Zillow will respond to the request within the response times set forth in the Support Table and shall use all commercially reasonable efforts to resolve the Minor Problem, Moderate Problem, Severe Problem or
Catastrophic Problem as rapidly as possible, and in accordance with this SLA. If the parties agree that a Minor Problem, Moderate Problem, Severe Problem, or Catastrophic Problem is not Zillow’s responsibility, then the tracking ticket is
closed. 
  

	 	a)	Support Table 

  

							
	 Priority Description
	  	Initial Response
Target	  	Status Updates	  	Target for
Workaround or Fix
	 “P0”
  

•    SEV1 Issues

•    Elevated SEV2 Issues
	  	[***]	  	[***]	  	[***]
	 “P1”
  

•    SEV2 Issues
	  	[***]	  	[***]	  	[***]
	 “P2”:
  

•    Major Issues
	  	[***]	  	[***]	  	[***]

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 27 

 3. Zillow Notification and Escalation Process 
 Zillow will notify Yahoo! according to the response times set forth in the Support Table above. 

If a Severe Problem or Catastrophic Problem remains unresolved for an extended period, Yahoo! and Zillow will make available any necessary personnel to
discuss the issue and to effect a resolution, with an immediate conference call according to the following schedule or mutually agreed upon schedule, with the call to happen as soon as practical after the trigger time below: 

 

					
	 Time Problem Outstanding
	  	 Yahoo! Contact
	  	Zillow Contact
			
	 [***]
	  	[***]	  	[***]
			
	 [***]
	  	[***]	  	[***]
			
	 [***]
	  	[***]	  	[***]
			
	 [***]
	  	[***]	  	[***]

  

	X.	Operational Metrics 

  

	1.	Availability 

  

	 	a)	Zillow Availability 

 Inclusive of scheduled
maintenance of the Zillow API, Zillow will maintain [***] daily availability, as measured by Yahoo’s internal monitoring tools, verified by Gomez Inc. agents, or other mutually agreed means of third party verification, with [***] intervals and
[***]. In the event of discrepancies between Zillow’s availability and Yahoo!’s production query logs, the parties will work together to determine the root cause of such discrepancies. If the discrepancy resolution determines that
Zillow’s availability falls below the specified level, Zillow will effect a Problem Resolution. In case of temporary unavailability of one of Zillow’s datacenter, Zillow will [***]. A single Zillow datacenter is capable of handling the
complete Yahoo Real Estate Traffic including Peak Request Rate Traffic. It will be classified as a Severe Problem “P1” and all communications need to be followed as per the Support Table. 

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 28 

					
	 API
	  	 Availability
	  	Internal Zillow
Response 
Time
			
	[***]	  	[***]	  	[***]
			
	[***]	  	[***]	  	[***]
			
	[***]	  	[***]	  	[***]
			
	[***]	  	[***]	  	[***]
			
	[***]	  	[***]	  	[***]
			
	[***]	  	[***]	  	[***]

 Zillow and Yahoo will work to reach a mutually agreeable Image Service SLA. 

 

	2.	Capacity 

 Zillow must maintain sufficient server
capacity per datacenter such that Zillow will be able to support peak loads for all the following services simultaneously within defined SLA 
  

			
	 API
	  	 Peak Request Rate

		
	 Contact Agent API
	  	[***]
		
	 Listings Ad
	  	[***]
		
	 Platinum API
	  	[***]
		
	 Showcase Ad API
	  	[***]
		
	 Beacon API
	  	[***]
		
	 Agent Profile API
	  	[***]

 If peak traffic projections for above mentioned services increases beyond above-mentioned numbers, then Zillow needs to
expand their capacity in a mutually agreed upon timeframe to cater to additional peak traffic. 

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 29 

	3.	Query Response Time 

 With respect to services
provided by Zillow, Zillow will comply with the following maximum Internal Zillow Response 
  

			
	 API
	  	 Internal Zillow Response

Time

		
	 Contact Agent API
	  	[***]
		
	 Listings Ad
	  	[***]
		
	 Platinum API
	  	[***]
		
	 Showcase Ad API
	  	[***]
		
	 Beacon API
	  	[***]
		
	 Agent Profile API
	  	[***]

  

	4.	Aggregate Response Time 

 The Aggregate Response
Time for each service above, from each Yahoo! data center performing that Query type, shall not exceed the Internal Zillow Response Time plus a mutually agreed upon worst case acceptable delay due to network latency in the USA (the “Critical
Threshold”). The parties agree that they will work together in good faith to establish appropriate Aggregate Response Times for additional countries and/or regions not listed in the preceding are added to the term. Both parties will continually
monitor the Aggregate Response Time between each Yahoo! data center requesting queries and the appropriate Zillow data center which is responding to those queries, and in the event that Aggregate Response Time exceeds the above numbers, the parties
will consider it a Severe Problem. 
 5. Site monitoring 
 Zillow will monitor the performance of its obligations under the Agreement using automated tools/utilities developed and/or configured by Zillow, or contracted with external third parties, to validate the
Availability and Query Response Times. If Zillow detects fault, it will respond as specified in this SLA agreement. Zillow will share the results of any such monitoring and tests with Yahoo! on a daily basis. The level of detail and thoroughness of
the site monitoring (and the reporting of the monitored data) shall be sufficient for both parties to ensure that the SLAs are being met. 

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 30 

 6. Maintenance Requirements 
 Zillow will use commercially reasonable efforts to notify Yahoo! [***] before any Scheduled Maintenance is performed on its core Partner systems if (a) the maintenance is reasonably expected to cause
any service degradation or service availability problem for Yahoo!, or (b) if the proposed maintenance would occur during a Yahoo! change-embargo period (such list of embargo periods to be provided in writing to Zillow by Yahoo!), in which case
Yahoo! Must agree to the maintenance and to the timing of said maintenance. Scheduled Maintenance should not impact the overall availability specified above in any calendar month without prior written agreement from Yahoo!. 

7. Reporting 
 Zillow will provide [***] to
Yahoo! in a mutually agreed upon format as measured by Zillow’s Internal Monitoring Tool. These Zillow reports will be verified against the reports generated by Gomez Inc. agents or any other mutually agreed means of third party verification.
In the event that there are material discrepancies between the numbers calculated by either of the parties and the other party, then the parties agree to use commercially reasonable efforts to work together to determine the reason for the
discrepancies and to correct for such discrepancies going forward. 
 8. Image Serving 
 Yahoo! reserves the right to manage and host the Zillow images if Zillow’s image serving response times are unsatisfactory as determined by Yahoo!. Zillow agrees to assist Yahoo! in its efforts to
setup and manage such an image serving solution as designed by Yahoo! 
 9. Business Continuity Planning 

Zillow shall have a Business Continuity Plan (BCP) in place by Launch Date with respect to the services provided to Yahoo! under the Agreement. An
integral part of the BCP is a High Availability (HA) requirement for all systems that provide Real Estate Listing Services. Zillow acknowledges and agrees to provide architecture diagram (with data flow) and detailed documentation of the failover
procedure that shall be reviewed by Yahoo BCP team. The failover procedure shall include the time it takes for failover, DNS-TTL procedure for scheduled downtime, and detailed monitoring of Zillow API servers. 

10. Sole and exclusive Remedy 
 Yahoo’s
sole and exclusive remedy for Zillow’s breach of this Exhibit A shall be Sections 10 (Term and Termination) and 9 (Indemnification) of this Agreement. 

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 31 

 Failover Requirements 

 
 The APIs should be able to recover from an outage
or failure ranging from equipment failure, network failure, or total loss of a data center. This requires APIs to be hosted in at least two geographically different datacenters. Both set of servers should be operational (hot-hot) and the users of
the API should be switched-over to the other datacenter in a transparent manner in case of datacenter failure. 

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 32 

 Reviewers 

 
  

			
	 Name
	  	 Title/Role

		  	
		  	

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 33Amendment No. 2 to the Listings and Sales Agreement by and among Yahoo! Inc.

 Exhibit 10.2 
 [***] Indicates confidential material that has been omitted pursuant to a Confidential Treatment Request filed with the Securities and Exchange Commission. A complete copy of this agreement has been
separately filed with the Securities and Exchange Commission. 
  
 AMENDMENT NO. 2 
 TO THE LISTING AND SALES AGREEMENT 

This Amendment No. 2 to the Listing and Sales Agreement dated July 2, 2010 (the “Agreement”) among Yahoo! Inc., and
Yahoo Realty Inc. (collectively “Yahoo”), on the one hand, and Zillow Inc. (“Zillow”), on the other hand, is entered into as of February 9, 2012 (“Second Amendment Effective Date”) and modifies certain terms of the
Agreement. Unless otherwise specified, all defined terms used herein shall have the meanings ascribed to them in the Agreement. 

For good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereby agree to amend the Agreement as set
forth below: 
  

	 	1.	The definition of Display Ads is amended to add the following sentence at the end: 

“Display Ads will also include any advertisements displayed on the Yahoo-Zillow Mobile Apps (as defined below).” 

 

	 	2.	The definition of Leads is amended to add the phrase “and mobile application” to the first sentence, directly after the phrase “means the email”.

  

	 	3.	The definition of “Yahoo Properties” is amended to add the following sentence at the end: 

“For clarity, Yahoo Properties will include Yahoo’s or its Affiliates’ worldwide properties, software, products, services,
sites and pages accessible in whole or in part through mobile and tablet devices.” 
  

	 	4.	Section 2.2 is amended to add the following new section 2.2.4: 

“2.2.4 Mobile Applications. 
  

	 	(a)	Yahoo-Zillow Mobile Apps. Zillow will develop and customize Yahoo branded applications that will be substantially similar, but not identical to, the Zillow home
listings applications, into which Zillow will incorporate Leads and Zillow Content (each, individually a Yahoo-Zillow Mobile App, collectively, the “Yahoo-Zillow Mobile Apps”). No later than the dates listed in Exhibit A, Zillow will
provide Yahoo-Zillow Mobile Apps based on the Zillow home listings applications for each of the Android, iPhone and iPad platforms, and, upon the mutual agreement of Yahoo and Zillow, for other operating platforms. The Yahoo-Zillow Mobile Apps shall
include the features and functionality set forth on Exhibit A. Zillow branding on the Yahoo-Zillow Mobile Apps will be limited to a “Powered by Zillow” in plain text, the location of which will be determined at the sole discretion of
Yahoo. Zillow will provide Yahoo-Zillow Mobile Apps based on the Zillow mortgage applications only in the event that Zillow and Yahoo mutually agree that Zillow will provide such applications. 

 

	 	(b)	Delivery Format of Yahoo-Zillow Mobile Apps. Zillow will deliver the application code for each Yahoo-Zillow Mobile App in a final format. Yahoo will be
responsible for testing each Yahoo-Zillow Mobile App and Zillow will correct material bugs within a commercially reasonable time. The final format of the Yahoo-Zillow Mobile Apps will be: (i) [***]and (ii) [***]. Zillow will deliver an
[***]. Yahoo will provide [***]. Yahoo may elect to send [***]. For the Android platform, Zillow will [***]. Yahoo will be [***]. 

	 	(c)	Promotion of the Yahoo-Zillow Mobile Apps. Yahoo will be solely responsible for negotiations with each platform operator relating to the promotion and
distribution of the Yahoo-Zillow Mobile Apps, as well as any corresponding distribution channel management.” 

  

	 	5.	Section 2.2.1 is amended to add the following new section 2.2.1(g): 

 “(g) Updates to Yahoo-Zillow Mobile Apps. No later than the next regularly scheduled release after the end of a calendar quarter, Zillow will update the Yahoo-Zillow Mobile Apps with any
updates made by Zillow to the Zillow branded version of the application during such quarter. Zillow will fix any significant bug in a Yahoo-Zillow Mobile App that materially affects the operation of such application within five (5) business
days after any such fix is made to the Zillow branded version of the application.” 
  

	 	6.	Section 3.2 is amended to add the following new section 3.2.6: 

 “3.2.6 Zillow may not [***]: (a) [***], or (b) [***].” 
  

	 	7.	Section 4.1 is amended to add the following new section 4.1.5 as follows: 

 “4.1.5 Yahoo-Zillow Mobile Apps. Zillow grants Yahoo a non-exclusive, worldwide, royalty free right to distribute the Yahoo-Zillow Mobile Apps. Solely to the extent necessary for Yahoo to
exercise the foregoing right, Zillow grants Yahoo the right to use and copy the software underlying the Yahoo-Zillow Mobile Apps during the Term. ” 
  

	 	8.	Section 5.1 is amended to add the following new section 5.1.4: 

 “5.1.4 Mortgage Products Revenue Share. In the event that Zillow provides Yahoo-Zillow Mobile Apps based on the Zillow mortgage applications, Zillow will pay to Yahoo [***] ([***]%) of [***]
recognized by Zillow from Leads generated through the Yahoo-Zillow Mobile Apps for mortgages.” 
  

	 	9.	Section 10.1 is hereby deleted and replaced with the following new section 10.1: 

“10.1 Term. This Agreement will commence upon the Effective Date and, unless terminated as provided herein, will remain in
effect for a period of forty-two (42) months from the Launch Date (“Term”). If delivery of the Yahoo-Zillow Mobile Apps does not meet the dates set forth on Exhibit A, the Term will be reduced as follows: for each day that
delivery of a Yahoo-Zillow Mobile App is delayed (as a result of Zillow’s actions or inactions, within Zillow’s reasonable control) past the corresponding launch date in Exhibit A, the Term will be reduced by a one (1) day period, up
to a maximum reduction of ninety (90) days (the “Max Reduction”). In the event that the Term is reduced by the Max Reduction, Yahoo and Zillow may mutually agree to terminate this Amendment, in which case the terms of the Agreement
immediately prior to the Second Amendment Effective Date will govern the relationship between Yahoo and Zillow.” 
  

	 	10.	Section 10 is amended to add the following new section 10.4:  

“10.4 Effect of Termination of Amendment No. 2. 

Yahoo may elect to terminate Amendment No. 2 upon ten (10) days’ written notice to Zillow. In the event of such termination
of Amendment No. 2, or termination of the Agreement for any reason, a one (1) year wind-down period (the “Mobile Transition Period”) will occur during which the Parties’ rights and obligations with respect to
Amendment No. 2 will remain in effect. Yahoo may migrate users to a new mobile application at any point during the Mobile Transition Period. For clarity, Yahoo will own the relationship with users who downloaded the Yahoo-Zillow Mobile App and
will have the opportunity to migrate them to any new Yahoo mobile application. Beginning on the last day of the Mobile Transition Period, Zillow will discontinue powering the Yahoo-Zillow Mobile Apps, such that any attempt to use a Yahoo-Zillow
Mobile App will result in loading an error message.” 

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 ii 

	 	11.	Section 11.3 of the Agreement is amended to add the following phrase at the beginning of the first sentence, such that it reads: 

“No Joint Works. Except as provided in Section 11.5, the Parties do not intend that any joint works under U.S. copyright
law be made in connection with this Agreement.” 
  

	 	12.	Section 11 of the Agreement is amended to add the following new section 11.5: 

“11.5 Joint Ownership in Custom Works Made by Zillow for Yahoo. Between Zillow and Yahoo, Zillow will be the sole owner of all
Intellectual Property Rights in the software and other technology relating to the Yahoo-Zillow Mobile Apps, except as provided herein and except for any Yahoo branding or Yahoo Brand Features. In the event that Yahoo provides Zillow with a request
for a customization of a Yahoo-Zillow Mobile App and Zillow, in turn, customizes the Yahoo-Zillow Mobile App in a form that is substantially similar to the customization requested by Yahoo, Yahoo and Zillow will jointly own any resulting
Intellectual Property Rights in the Yahoo requested customizations. For clarity, this Section 11.5 shall not be deemed to grant Zillow joint ownership in any of Yahoo’s bona fide Intellectual Property.” 

13. Except as modified hereby, the Agreement shall remain in full force and effect and is hereby ratified by Zillow and Yahoo. 

14. Zillow and Yahoo each represent and warrant to the other that it has the right, power and authority to enter into this Amendment.

  

	 	15.	Zillow and Yahoo hereby agree that facsimile signatures hereto are valid and binding. 

IN WITNESS WHEREOF, the Parties hereto have caused the foregoing Amendment to be signed by a duly authorized agent of each party, the day
and year first above written. 
  

									
	YAHOO! INC.:	 		 		 	
					
	By:	 	 /s/ BRANDON HUFF
	 		 		 	
					
	Title:	 	 VP, Commerce
	 		 		 	
					
	Printed Name:	 	 Brandon Huff
	 		 		 	
					
	Date:	 	 2/16/12
	 		 		 	
			
	YAHOO! REALTY INC.:	 		 	ZILLOW, INC.
					
	By:	 	 /s/ AMAN KOTHARI
	 		 	By:	 	 /s/ GREG SCHWARTZ

					
	Title:	 	 SVP, Global Controller, CAO
	 		 	Title:	 	 Chief Revenue Officer

					
	Printed Name:	 	 Aman Kothari
	 		 	Printed Name:	 	 Greg Schwartz

					
	Date:	 	  
	 		 	Date:	 	 02/15/12

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 iii

 EXHIBIT A 
 Implementation Plan 
 This implementation plan sets forth the deliverables that Zillow
shall complete and deliver to Yahoo as defined below, to enable Yahoo to launch the new features as defined in Exhibit B of this Agreement. This implementation plan shall be governed by the terms and conditions of the Agreement and is fully
incorporated in the Agreement by this reference. Any capitalized terms not defined herein shall have the meanings set forth in the Agreement. Note: [***] 
  

	1.	Mobile Applications 

  

							
	 S. No.
	  	 Deliverable / Feature
	  	Owner	  	Target completion
date
	 1.1
	  	[***]	  	Z	  	[***]
	 1.2
	  	[***]	  	Z	  	[***]
	 1.3
	  	[***]	  	Z	  	[***]

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 iv 

 Exhibit B: Technical Specification 
 Yahoo-Zillow Mobile Apps 
  

			
	Spec Version	  	1.0
		
	Spec Stage	  	Preliminary
		
	Designer	  	N/A
		
	Biz Owner	  	Greg Schwartz / Garrett McCauliffe
		
	Dev Owners	  	Sunil G.
		
	Test Owners	  	Yahoo!
		
	Ops Owners	  	N/A
		
	Content Owner	  	Yahoo!
		
	Code Complete	  	Quarterly releases
		
	Target Release	  	1.0

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 v 

 Table of Contents 
  

							
	 1. Overview
	 	 	vii	  
	 2. Product Features
	 	 	vii	  
		 	 Homescreen
	 	 	vii	  
		 	 Search Homes
	 	 	vii	  
		 	 Search Filters
	 	 	vii	  
		 	 Nearby Homes
	 	 	vii	  
		 	 Favorite Homes
	 	 	vii	  
		 	 Saved Searches
	 	 	vii	  
		 	 Mortgage Rate and Calculators
	 	 	vii	  
		 	 Home Details Page
	 	 	viii	  
		 	 Exclusions
	 	 	viii	  
	 3. Yahoo Customization Opportunities
	 	 	viii	  
		 	 General
	 	 	viii	  
		 	 Homescreen
	 	 	viii	  
		 	 Emails
	 	 	viii	  
	 4. Yahoo! Responsibilities
	 	 	viii	  
	 We expect Yahoo to provide:
	 			
	 We also agreed that Yahoo will handle all:
	 			
	 5. Analytics and Reporting Requirements
	 	 	viii	  

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 vi 

 1. Overview 
 The Yahoo-Zillow Mobile Apps will be powered by existing Zillow back-end systems and services and existing Zillow Real Estate iPhone features. 
 After first release, additional quarterly updates may be released. Additional and new features will be determined on case by case basis. Deliverables will be [***] 

Not all functionality of the existing and future Zillow mobile apps may be available to transfer to the Yahoo-Zillow Mobile Apps. 

2. Product Features 
 Homescreen

 Allow easy access to popular features: 
 [***] 
 Search Homes 
 [***] 
 Search Filters 
 [***] 
 Will not include: 
 [***] 
 Nearby Homes 
 [***] 
 Favorite Homes 
 [***] 
 Will not include 
 [***] 
 Saved Searches 
 [***] 
 Will not include 
 [***] 
 Mortgage Rate and Calculators 

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 vii

 [***] 
 Home Details Page 
 [***] 
 Will not include 
 [***] 
 Exclusions 
 [***] 
 3. Yahoo Customization Opportunities 
 General 

[***] 
 Homescreen 

[***] 
 Emails 

[***] 
 4. Yahoo! Responsibilities

 Yahoo will provide 
 [***]

 Yahoo will handle all: 
 [***]

 5. Analytics & Reporting Requirements 
 [***] 

  
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 viii

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