Document:

Zillow, Inc. Amended and Restated 2005 Equity Plan

 Exhibit 10.5 
 ZILLOW, INC. 
 AMENDED AND RESTATED 2005 EQUITY INCENTIVE PLAN

 SECTION 1.    PURPOSE 
 The purpose of the Zillow, Inc. Amended and Restated 2005 Equity Incentive Plan is to attract, retain and motivate employees, officers, directors, consultants, agents, advisors and independent contractors
of the Company and its Related Companies by providing them the opportunity to acquire a proprietary interest in the Company and to link their interests and efforts to the long-term interests of the Company’s shareholders. 

SECTION 2.    DEFINITIONS 
 Certain terms used in the Plan have the meanings set forth in Appendix A. 

SECTION 3.    ADMINISTRATION 

 

	3.1	Administration of the Plan 

 The Plan
shall be administered by the Board. 
  

	3.2	Administration and Interpretation by Plan Administrator 

 (a) Except for the terms and conditions explicitly set forth in the Plan, the Plan Administrator shall have full power and exclusive authority, to the extent permitted by applicable law and subject to
such orders or resolutions not inconsistent with the provisions of the Plan as may from time to time be adopted by the Board, to (i) select the Eligible Persons to whom Awards may from time to time be granted under the Plan; (ii) determine
the type or types of Award to be granted to each Participant under the Plan; (iii) determine the number of shares of Common Stock to be covered by each Award granted under the Plan; (iv) determine the terms and conditions of any Award
granted under the Plan; (v) approve the forms of notice or agreement for use under the Plan; (vi) determine whether, to what extent and under what circumstances Awards may be settled in cash, shares of Common Stock or other property or
canceled or suspended; (vii) determine whether, to what extent and under what circumstances cash, shares of Common Stock, other property and other amounts payable with respect to an Award shall be deferred either automatically or at the
election of the Participant; (viii) interpret and administer the Plan and any instrument evidencing an Award or notice or agreement entered into under the Plan; (ix) establish such rules and regulations as it shall deem appropriate for the
proper administration of the Plan; (x) delegate ministerial duties to such of the Company’s employees as it so determines; and (xi) make any other determination and take any other action that the Plan Administrator deems necessary or
desirable for administration of the Plan. 

 (b) The effect on the vesting of an Award of a Company-approved leave of absence or a Participant’s
reduction in hours of employment or service shall be determined by the Company’s chief human resources officer or other person performing that function or, with respect to directors or executive officers, by the Board, whose determination shall
be final. 
 (c) Decisions of the Plan Administrator shall be final, conclusive and binding on all persons, including the Company, any
Participant, any shareholder and any Eligible Person. A majority of the members of the Plan Administrator may determine its actions. 
 SECTION 4.    SHARES SUBJECT TO THE PLAN 
  

	4.1	Authorized Number of Shares 

 Subject to
adjustment from time to time as provided in Section 14.1, a maximum of 22,750,000 shares of Common Stock shall be available for issuance under the Plan. Shares issued under the Plan shall be drawn from authorized and unissued shares.

  

	4.2	Share Usage 

 (a) Shares of Common Stock
covered by an Award shall not be counted as used unless and until they are actually issued and delivered to a Participant. If any Award lapses, expires, terminates or is canceled prior to the issuance of shares thereunder or if shares of Common
Stock are issued under the Plan to a Participant and thereafter are forfeited to or otherwise reacquired by the Company, the shares subject to such Awards and the forfeited or reacquired shares shall again be available for issuance under the Plan.
Any shares of Common Stock (i) tendered by a Participant or retained by the Company as full or partial payment to the Company for the purchase price of an Award or to satisfy tax withholding obligations in connection with an Award or
(ii) covered by an Award that is settled in cash or in a manner such that some or all of the shares covered by the Award are not issued, shall be available for Awards under the Plan. The number of shares of Common Stock available for issuance
under the Plan shall not be reduced to reflect any dividends or dividend equivalents that are reinvested into additional shares of Common Stock or credited as additional shares of Common Stock subject or paid with respect to an Award. 

(b) The Plan Administrator shall also, without limitation, have the authority to grant Awards as an alternative to or as the form of payment for grants
or rights earned or due under other compensation plans or arrangements of the Company. 
 (c) Notwithstanding anything in the Plan to the
contrary, the Plan Administrator may grant Substitute Awards under the Plan. In the event that a written agreement between the Company and an Acquired Entity pursuant to which a merger or consolidation is completed is approved by the Board and said
agreement sets forth the terms and conditions of the substitution for or assumption of outstanding awards of the Acquired Entity, said terms and conditions shall be deemed to be the action of the Plan Administrator without any further action by the
Plan Administrator, except as may be required for compliance with Rule 16b-3 

  
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under the Exchange Act, and the persons holding such awards shall be deemed to be Participants. 
 (d) Notwithstanding the foregoing, the maximum number of shares that may be issued upon the exercise of Incentive Stock Options shall equal the aggregate share number stated in Section 4.1, subject
to adjustment as provided in Section 14.1. 
 SECTION 5.     ELIGIBILITY 

An Award may be granted to any employee, officer or director of the Company or a Related Company whom the Plan Administrator from time to time selects.
An Award may also be granted to any consultant, agent, advisor or independent contractor for bona fide services rendered to the Company or any Related Company that (a) are not in connection with the offer and sale of the Company’s
securities in a capital-raising transaction and (b) do not directly or indirectly promote or maintain a market for the Company’s securities. 
 SECTION 6.    AWARDS 
  

	6.1	Form, Grant and Settlement of Awards 

 The
Plan Administrator shall have the authority, in its sole discretion, to determine the type or types of Awards to be granted under the Plan. Such Awards may be granted either alone, in addition to, or in tandem with, any other type of Award. Any
Award settlement may be subject to such conditions, restrictions and contingencies as the Plan Administrator shall determine. 
  

	6.2	Evidence of Awards 

 Awards granted under
the Plan shall be evidenced by a written agreement, including an electronic agreement, that shall contain such terms, conditions, limitations and restrictions as the Plan Administrator shall deem advisable and that are not inconsistent with the
Plan. 
  

	6.3	Deferrals 

 The Plan Administrator may
permit or require a Participant to defer receipt of the payment of any Award. If any such deferral election is permitted or required, the Plan Administrator, in its sole discretion, shall establish rules and procedures for such payment deferrals,
which may include the grant of additional Awards or provisions for the payment or crediting of interest or dividend equivalents, including converting such credits to deferred stock unit equivalents. 

 

	6.4	Dividends and Distributions 

 Participants
may, if the Plan Administrator so determines, be credited with dividends or dividend equivalents paid with respect to shares underlying an Award in a manner determined by the Plan Administrator in its sole discretion. The Plan Administrator may

  
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apply any restrictions to the dividends or dividend equivalents that the Plan Administrator deems appropriate. The Plan Administrator, in its sole discretion, may determine the form of payment of
dividends or dividend equivalents, including cash, shares of Common Stock, Restricted Stock or Stock Units. Notwithstanding the foregoing, the right to any dividends or dividend equivalents declared and paid on the number of shares underlying an
Option or Stock Appreciation Right may not be contingent, directly or indirectly, on the exercise of the Option or Stock Appreciation Right, and must comply with or qualify for an exemption under Section 409A of the Code. Also notwithstanding
the foregoing, the right to any dividends or dividend equivalents declared and paid on Restricted Stock must (a) be paid at the same time they are paid to other shareholders and (b) comply with or qualify for an exemption under
Section 409A of the Code. 
 SECTION 7.    OPTIONS 

 

	7.1	Grant of Options 

 The Plan Administrator
may grant Options designated as Incentive Stock Options or Nonqualified Stock Options. 
  

	7.2	Option Exercise Price 

 Options shall be
granted with an exercise price per share at least equal to 100% of the Fair Market Value of the Common Stock on the Grant Date (and not less than the minimum exercise price required by Section 422 of the Code with respect to Incentive Stock
Options), except in the case of Substitute Awards. Notwithstanding the foregoing, the Plan Administrator may grant Nonqualified Stock Options with an exercise price of less than the Fair Market Value of the Common Stock on the Grant Date if the
Option meets all the requirements for Awards that are considered “deferred compensation” within the meaning of Section 409A of the Code. 
  

	7.3	Term of Options 

 Subject to earlier
termination in accordance with the terms of the Plan and the instrument evidencing the Option, the maximum term of an Option (the “Option Term”) shall be as established for that Option by the Plan Administrator or, if not so
established, shall be seven years from the Grant Date. For Incentive Stock Options, the Option Term shall be as specified in Section 8.4. 
  

	7.4	Exercise of Options 

 The Plan
Administrator shall establish and set forth in each instrument that evidences an Option the time at which, or the installments in which, the Option shall vest and become exercisable, any of which provisions may be waived or modified by the Plan
Administrator at any time. If not so established in the instrument evidencing the Option, the Option shall vest and become exercisable according to the following schedule, which may be waived or modified by the Plan Administrator at any time:

  
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	 Period of Participant’s Continuous
 Employment or Service With the
 Company or Its Related Companies

From the Vesting Commencement Date
	  	 Portion of Total Option That

Is Vested and Exercisable      

	 After 1 year
	  	 1/4
		
	Each additional one-month period of continuous service completed thereafter	  	An additional  1/48
		
	 After 4 years
	  	100%

 To the extent an Option has vested and become
exercisable, the Option may be exercised in whole or from time to time in part by delivery to the Company of a properly executed stock option exercise agreement or notice, in a form and in accordance with procedures established by the Plan
Administrator, setting forth the number of shares with respect to which the Option is being exercised, the restrictions imposed on the shares purchased under such exercise agreement or notice, if any, and such representations and agreements as may
be required by the Plan Administrator, accompanied by payment in full as described in Sections 7.5 and 12. An Option may be exercised only for whole shares and may not be exercised for less than a reasonable number of shares at any one time, as
determined by the Plan Administrator. 
  

	7.5	Payment of Exercise Price 

 The exercise
price for shares purchased under an Option shall be paid in full to the Company by delivery of consideration equal to the product of the Option exercise price and the number of shares purchased. Such consideration must be paid before the Company
will issue the shares being purchased and must be in a form or a combination of forms acceptable to the Plan Administrator for that purchase, which forms may include: 
 (a) cash; 
 (b) check or wire transfer; 
 (c) having the Company withhold shares of Common Stock that would otherwise be issued on exercise of the Option that have an aggregate Fair Market Value equal to the aggregate exercise price of the shares
being purchased under the Option; 
 (d) tendering (either actually or, if and as so long as the Common Stock is registered under
Section 12(b) or 12(g) of the Exchange Act, by attestation) shares of Common Stock already owned by the Participant, which have a Fair Market Value equal to the aggregate exercise price of the shares being purchased under the Option;

 (e) if and so long as the Common Stock is registered under Section 12(b) or 12(g) of the Exchange Act, and to the extent permitted by
law, delivery of a properly executed exercise agreement or notice, together with irrevocable instructions to a brokerage firm designated or 

  
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approved by the Company to deliver promptly to the Company the aggregate amount of proceeds to pay the Option exercise price and any withholding tax obligations that may arise in connection with
the exercise, all in accordance with the regulations of the Federal Reserve Board; or 
 (f) such other consideration as the Plan Administrator
may permit. 
 In addition, to assist a Participant (including directors and executive officers) in acquiring shares of Common Stock pursuant to
an Award granted under the Plan, the Plan Administrator, in its sole discretion, may authorize, either at the Grant Date or at any time before the acquisition of Common Stock pursuant to the Award, (i) the payment by a Participant of the
purchase price of the Common Stock by a promissory note or (ii) the guarantee by the Company of a loan obtained by the Participant from a third party. Such notes or loans must be full recourse to the extent necessary to avoid adverse accounting
charges to the Company’s earnings for financial reporting purposes. Subject to the foregoing, the Plan Administrator shall in its sole discretion specify the terms of any loans or loan guarantees, including the interest rate and terms of and
security for repayment. 
  

	7.6	Effect of Termination of Service 

 The
Plan Administrator shall establish and set forth in each instrument that evidences an Option whether the Option shall continue to be exercisable, and the terms and conditions of such exercise, after a Termination of Service, any of which provisions
may be waived or modified by the Plan Administrator at any time. If not so established in the instrument evidencing the Option, the Option shall be exercisable according to the following terms and conditions, which may be waived or modified by the
Plan Administrator at any time: 
 (a) Any portion of an Option that is not vested and exercisable on the date of a Participant’s
Termination of Service shall expire on such date. 
 (b) Any portion of an Option that is vested and exercisable on the date of a
Participant’s Termination of Service shall expire on the earliest to occur of 
 (i) if the Participant’s Termination
of Service occurs for reasons other than Cause, Retirement, Disability or death, the date that is three months after such Termination of Service; 
 (ii) if the Participant’s Termination of Service occurs by reason of Retirement, Disability or death, the one-year anniversary of such Termination of Service; and 

(iii) the last day of the Option Term (the “Option Expiration Date”). 

Notwithstanding the foregoing, if a Participant dies after the Participant’s Termination of Service but while an Option is otherwise exercisable,
the portion of the Option that is vested and exercisable on the date of such Termination of Service shall expire upon the earlier to 

  
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occur of (y) the Option Expiration Date and (z) the one-year anniversary of the date of death, unless the Plan Administrator determines otherwise. 

Also notwithstanding the foregoing, in case a Participant’s Termination of Service occurs for Cause, all Options granted to the Participant shall
automatically expire upon first notification to the Participant of such termination, unless the Plan Administrator determines otherwise. If a Participant’s employment or service relationship with the Company is suspended pending an
investigation of whether the Participant shall be terminated for Cause, all the Participant’s rights under any Option shall likewise be suspended during the period of investigation. If any facts that would constitute termination for Cause are
discovered after a Participant’s Termination of Service, any Option then held by the Participant may be immediately terminated by the Plan Administrator, in its sole discretion. 

SECTION 8.    INCENTIVE STOCK OPTION LIMITATIONS 
 Notwithstanding any other provisions of the Plan, the terms and conditions of any Incentive Stock Options shall in addition comply in all respects with Section 422 of the Code, or any successor
provision, and any applicable regulations thereunder, including, to the extent required thereunder, the following: 
  

	8.1	Dollar Limitation 

 To the extent the
aggregate Fair Market Value (determined as of the Grant Date) of Common Stock with respect to which a Participant’s Incentive Stock Options become exercisable for the first time during any calendar year (under the Plan and all other stock
option plans of the Company and its parent and subsidiary corporations) exceeds $100,000, such portion in excess of $100,000 shall be treated as a Nonqualified Stock Option. In the event the Participant holds two or more such Options that become
exercisable for the first time in the same calendar year, such limitation shall be applied on the basis of the order in which such Options are granted. 
  

	8.2	Eligible Employees 

 Individuals who are
not employees of the Company or one of its parent or subsidiary corporations may not be granted Incentive Stock Options. 
  

	8.3	Exercise Price 

 The exercise price of an
Incentive Stock Option shall be at least 100% of the Fair Market Value of the Common Stock on the Grant Date, and in the case of an Incentive Stock Option granted to a Participant who owns more than 10% of the total combined voting power of all
classes of the stock of the Company or of its parent or subsidiary corporations (a “Ten Percent Shareholder”), shall not be less than 110% of the Fair Market Value of the Common Stock on the Grant Date. The determination of
more than 10% ownership shall be made in accordance with Section 422 of the Code. 

  
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	8.4	Option Term 

 Subject to earlier
termination in accordance with the terms of the Plan and the instrument evidencing the Option, the Option Term of an Incentive Stock Option shall not exceed seven years, and in the case of an Incentive Stock Option granted to a Ten Percent
Shareholder, shall not exceed five years. 
  

	8.5	Exercisability 

 An Option designated as
an Incentive Stock Option shall cease to qualify for favorable tax treatment as an Incentive Stock Option to the extent it is exercised (if permitted by the terms of the Option) (a) more than three months after the date of a Participant’s
Termination of Service if termination was for reasons other than death or Disability, (b) more than one year after the date of a Participant’s Termination of Service if termination was by reason of Disability, or (c) after the
Participant has been on leave of absence for more than 90 days, unless the Participant’s reemployment rights are guaranteed by statute or contract. 
  

	8.6	Taxation of Incentive Stock Options 

 In
order to obtain certain tax benefits afforded to Incentive Stock Options under Section 422 of the Code, the Participant must hold the shares acquired upon the exercise of an Incentive Stock Option for two years after the Grant Date and one year
after the date of exercise. 
 A Participant may be subject to the alternative minimum tax at the time of exercise of an Incentive Stock Option.
The Participant shall give the Company prompt notice of any disposition of shares acquired on the exercise of an Incentive Stock Option prior to the expiration of such holding periods. 

 

	8.7	Code Definitions 

 For the purposes of
this Section 8, “Disability,” “parent corporation” and “subsidiary corporation” shall have the meanings attributed to those terms for purposes of Section 422 of the Code. 

 

	8.8	Promissory Notes 

 The amount of any
promissory note delivered pursuant to Section 7.5 in connection with an Incentive Stock Option shall bear interest at a rate specified by the Plan Administrator, but in no case less than the rate required to avoid imputation of interest (taking
into account any exceptions to the imputed interest rules) for federal income tax purposes. 

SECTION 9.    STOCK APPRECIATION RIGHTS 

 

	9.1	Grant of Stock Appreciation Rights 

 The
Plan Administrator may grant Stock Appreciation Rights to Participants at any time on such terms and conditions as the Plan Administrator shall determine in its sole discretion. An 

  
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SAR may be granted in tandem with an Option or alone (“freestanding”). The grant price of a tandem SAR shall be equal to the exercise price of the related Option. The
grant price of a freestanding SAR shall be established in accordance with procedures for Options set forth in Section 7.2. An SAR may be exercised upon such terms and conditions and for the term as the Plan Administrator determines in its sole
discretion; provided, however, that, subject to earlier termination in accordance with the terms of the Plan and the instrument evidencing the SAR, the term of a freestanding SAR shall be as established for that SAR by the Plan Administrator or, if
not so established, shall be seven years, and in the case of a tandem SAR, (a) the term shall not exceed the term of the related Option and (b) the tandem SAR may be exercised for all or part of the shares subject to the related Option
upon the surrender of the right to exercise the equivalent portion of the related Option, except that the tandem SAR may be exercised only with respect to the shares for which its related Option is then exercisable. 

 

	9.2	Payment of SAR Amount 

 Upon the exercise
of an SAR, a Participant shall be entitled to receive payment in an amount determined by multiplying: (a) the difference between the Fair Market Value of the Common Stock for the date of exercise over the grant price of the SAR by (b) the
number of shares with respect to which the SAR is exercised. At the discretion of the Plan Administrator as set forth in the instrument evidencing the Award, the payment upon exercise of an SAR may be in cash, in shares, in some combination thereof
or in any other manner approved by the Plan Administrator in its sole discretion. 

SECTION 10.    STOCK AWARDS, RESTRICTED STOCK AND STOCK UNITS 

 

	10.1	Grant of Stock Awards, Restricted Stock and Stock Units 

 The Plan Administrator may grant Stock Awards, Restricted Stock and Stock Units on such terms and conditions and subject to such repurchase or forfeiture restrictions, if any, which may be based on
continuous service with the Company or a Related Company or the achievement of any performance goals, as the Plan Administrator shall determine in its sole discretion, which terms, conditions and restrictions shall be set forth in the instrument
evidencing the Award. 
  

	10.2	Vesting of Restricted Stock and Stock Units 

 Upon the satisfaction of any terms, conditions and restrictions prescribed with respect to Restricted Stock or Stock Units, or upon a Participant’s release from any terms, conditions and restrictions
of Restricted Stock or Stock Units, as determined by the Plan Administrator, and subject to the provisions of Section 12, (a) the shares of Restricted Stock covered by each Award of Restricted Stock shall become freely transferable by the
Participant, subject to the terms and conditions of the Plan, the instrument evidencing the Award and applicable securities laws, and (b) Stock Units shall be paid in shares of Common Stock or, if set forth in the instrument evidencing the
Awards, in cash or a combination of cash and shares of 

  
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Common Stock. Any fractional shares subject to such Awards shall be paid to the Participant in cash. 
  

	10.3	Waiver of Restrictions 

 Notwithstanding
any other provisions of the Plan, the Plan Administrator, in its sole discretion, may waive the repurchase or forfeiture period and any other terms, conditions or restrictions on any Restricted Stock or Stock Unit under such circumstances and
subject to such terms and conditions as the Plan Administrator shall deem appropriate. 

SECTION 11.    OTHER STOCK OR CASH-BASED AWARDS 
 Subject to the terms of the Plan and such other terms and conditions as the Plan Administrator deems appropriate, the Plan Administrator may grant other incentives payable in cash or in shares of Common
Stock under the Plan as it determines. 
 SECTION 12.    WITHHOLDING 

The Company may require the Participant to pay to the Company the amount of (a) any taxes that the Company is required by applicable federal, state,
local or foreign law to withhold with respect to the grant, vesting or exercise of an Award (“tax withholding obligations”) and (b) any amounts due from the Participant to the Company or to any Related Company
(“other obligations”). The Company shall not be required to issue any shares of Common Stock or otherwise settle an Award under the Plan until such tax withholding obligations and other obligations are satisfied. 

The Plan Administrator may permit or require a Participant to satisfy all or part of the Participant’s tax withholding obligations and other
obligations by (a) paying cash to the Company, (b) having the Company withhold an amount from any cash amounts otherwise due or to become due from the Company to the Participant, (c) having the Company withhold a number of shares of
Common Stock that would otherwise be issued to the Participant (or become vested in the case of Restricted Stock) having a Fair Market Value equal to the tax withholding obligations and other obligations, or (d) surrendering a number of shares
of Common Stock the Participant already owns having a value equal to the tax withholding obligations and other obligations. The value of the shares so withheld or tendered may not exceed the employer’s minimum required tax withholding rate.

 SECTION 13.    ASSIGNABILITY 
 No Award or interest in an Award may be sold, assigned, pledged (as collateral for a loan or as security for the performance of an obligation or for any other purpose) or transferred by a Participant or
made subject to attachment or similar proceedings otherwise than by will or by the applicable laws of descent and distribution, except to the extent the Participant designates one or more beneficiaries on a Company-approved form who may exercise the
Award or receive payment under the Award after the Participant’s death. During a Participant’s lifetime, an Award may be exercised only by the Participant. Notwithstanding the foregoing

  
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and to the extent permitted by Section 422 of the Code, an Award may be transferred, in whole or in part, (a) by gift or, with the consent of the Plan Administrator, for value, to the
Participant’s Immediate Family, partnerships of which the only partners are members of the Participant’s Immediate Family and trusts established solely for the benefit of the Participant’s Immediate Family; provided, that such
transferability shall be limited to vested rights or (b) subject to such other terms and conditions as the Plan Administrator shall specify. In addition, an Award may be transferred, in whole or in part, with consent of the Plan Administrator,
to charitable organizations, provided such transferability shall be limited to vested rights. Charitable organizations shall not be permitted to effect a cashless exercise. Any Award transferred pursuant to the terms of this Section 13 shall
continue to be subject to the terms and conditions of the Plan and the agreement evidencing the Award and the transferee shall not have the right to further transfer such Award other than by will or the laws of descent and distribution. 

SECTION 14.    ADJUSTMENTS 

 

	14.1	Adjustment of Shares 

 In the event, at
any time or from time to time, a stock dividend, stock split, spin-off, combination or exchange of shares, recapitalization, merger, consolidation, a statutory share exchange, distribution to shareholders other than a normal cash dividend, or other
change in the Company’s corporate or capital structure results in (a) the outstanding shares of Common Stock, or any securities exchanged therefor or received in their place, being exchanged for a different number or kind of securities of
the Company or any other company or (b) new, different or additional securities of the Company or any other company being received by the holders of shares of Common Stock, then the Plan Administrator shall make proportional adjustments in
(i) the maximum number and kind of securities available for issuance under the Plan; (ii) the maximum number and kind of securities issuable as Incentive Stock Options as set forth in Section 4.2(d); and (iii) the number and
kind of securities that are subject to any outstanding Award and the per share price of such securities, without any change in the aggregate price to be paid therefor. The determination by the Plan Administrator as to the terms of any of the
foregoing adjustments shall be conclusive and binding. 
 Notwithstanding the foregoing, the issuance by the Company of shares of stock of any
class, or securities convertible into shares of stock of any class, for cash or property, or for labor or services rendered, either upon direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon conversion of shares or
obligations of the Company convertible into such shares or other securities, shall not affect, and no adjustment by reason thereof shall be made with respect to, outstanding Awards. Also notwithstanding the foregoing, a dissolution or liquidation of
the Company or a Company Transaction shall not be governed by this Section 14.1 but shall be governed by Sections 14.2 and 14.3, respectively. 
  

	14.2	Dissolution or Liquidation 

 To the extent
not previously exercised or settled, and unless otherwise determined by the Plan Administrator in its sole discretion, Options, Stock Appreciation Rights and Stock Units 

  
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shall terminate immediately prior to the dissolution or liquidation of the Company. To the extent a vesting condition, forfeiture provision or repurchase right applicable to an Award has not been
waived by the Plan Administrator, the Award shall be forfeited immediately prior to the consummation of the dissolution or liquidation. 
  

	14.3	Company Transaction 

  

	 	14.3.1	Effect of a Company Transaction 

Notwithstanding any other provision of the Plan to the contrary, unless the Plan Administrator shall determine otherwise with respect to a particular
Award, in the event of a Company Transaction that is not a Related Party Transaction, all outstanding Awards may be assumed or substituted for by the Successor Company if such assumption or substitution is approved by the Plan Administrator. If the
Successor Company refuses to assume or substitute outstanding awards or the Plan Administrator does not approve such assumption or substitution, the Plan Administrator, in its sole discretion, shall determine the effect of the Company Transaction on
outstanding Awards, which may include that some or all of the outstanding Awards shall (a) become fully or partially exercisable or payable, and that all applicable deferral and restriction limitations or forfeiture provisions shall lapse
immediately prior to the Company Transaction or (b) with respect to Options or Stock Appreciation Rights, terminate upon consummation of such Company Transaction and that each such Participant shall receive, in exchange therefor, a cash payment
equal to the amount (if any) by which (x) the Acquisition Price multiplied by the number of shares of Common Stock subject to such outstanding Options or SARs (either to the extent then vested and exercisable or whether or not then vested and
exercisable, as determined by the Plan Administrator in its sole discretion) exceeds (y) the respective aggregate exercise price for such Options or grant price for such SARs. If and to the extent the Successor Company assumes or substitutes
outstanding Awards, the forfeiture provisions applicable to Restricted Stock shall not lapse, and all such restrictions shall continue with respect to any shares of the Successor Company or other consideration that may be issued in exchange or in
substitution for such Restricted Stock. 
  

	 	14.3.2	Assumption or Substitution 

 For the
purposes of this Section 14.3, an Award shall be considered assumed or substituted for if following the Company Transaction an option or right confers the right to purchase or receive, for each share of Common Stock subject to the Award
immediately prior to the Company Transaction, the consideration (whether stock, cash, or other securities or property) received in the Company Transaction by holders of Common Stock for each share held on the effective date of the transaction (and
if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares); provided, however, that if such consideration received in the Company Transaction is not solely common stock
of the Successor Company, the Plan Administrator may, with the consent of the Successor Company, provide for the consideration to be received upon the exercise of the Option, for each share of Common Stock subject thereto, to be solely

  
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common stock of the Successor Company substantially equal in fair market value to the per share consideration received by holders of Common Stock in the Company Transaction. The determination of
such substantial equality of value of consideration shall be made by the Plan Administrator and its determination shall be conclusive and binding. 
  

	14.4	Further Adjustment of Awards 

 Subject to
Sections 14.2 and 14.3, the Plan Administrator shall have the discretion, exercisable at any time before a sale, merger, consolidation, a statutory share exchange, reorganization, liquidation, dissolution or change in control of the Company, as
defined by the Plan Administrator, to take such further action as it determines to be necessary or advisable with respect to Awards. Such authorized action may include (but shall not be limited to) establishing, amending or waiving the type, terms,
conditions or duration of, or restrictions on, Awards so as to provide for earlier, later, extended or additional time for exercise, lifting restrictions and other modifications, and the Plan Administrator may take such actions with respect to all
Participants, to certain categories of Participants or only to individual Participants. The Plan Administrator may take such action before or after granting Awards to which the action relates and before or after any public announcement with respect
to such sale, merger, consolidation, reorganization, liquidation, dissolution or change in control that is the reason for such action. 
  

	14.5	No Limitations 

 The grant of Awards shall
in no way affect the Company’s right to adjust, reclassify, reorganize or otherwise change its capital or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

  

	14.6	Fractional Shares 

 In the event of any
adjustment in the number of shares covered by any Award, each such Award shall cover only the number of full shares resulting from such adjustment. 
  

	14.7	Section 409A of the Code 

Notwithstanding anything in this Plan to the contrary, (a) any adjustments made pursuant to this Section 14 or any other amendments to Awards
that are considered “deferred compensation” within the meaning of Section 409A of the Code shall be made in compliance with the requirements of Section 409A of the Code and (b) any adjustments made pursuant to this
Section 14 or any other amendments to Awards that are not considered “deferred compensation” subject to Section 409A of the Code shall be made in such a manner as to ensure that after such adjustment or amendment the Awards
either (i) continue not to be subject to Section 409A of the Code or (ii) comply with the requirements of Section 409A of the Code. 

  
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 SECTION 15.    FIRST REFUSAL AND REPURCHASE RIGHTS

  

	15.1	First Refusal Rights 

 Until the date on
which the initial registration of the Common Stock under Section 12(b) or 12(g) of the Exchange Act first becomes effective, the Company shall have the right of first refusal with respect to any proposed sale or other disposition by a
Participant of any shares of Common Stock issued pursuant to an Award. Such right of first refusal shall be exercisable in accordance with the terms and conditions established by the Plan Administrator and set forth in the stock purchase agreement
evidencing the purchase of the shares. 
  

	15.2	Repurchase Rights for Vested Shares 

Until the date on which the initial registration of the Common Stock under Section 12(b) or 12(g) of the Exchange Act first becomes effective,
upon a Participant’s Termination of Service, all vested shares of Common Stock issued pursuant to an Award (whether issued before or after such Termination of Service) shall be subject to repurchase by the Company, at the Company’s sole
discretion, at the Fair Market Value of such shares on the date of such repurchase. The terms and conditions upon which such repurchase right shall be exercisable (including the period and procedure for exercise) shall be established by the Plan
Administrator and set forth in the stock purchase agreement evidencing the purchase of the shares. 
  

	15.3	General 

 The Company’s first refusal
and repurchase rights under this Section 15 are assignable by the Company at any time. 

SECTION 16.    MARKET STANDOFF 
 In the event of an underwritten public offering by the Company of its equity securities pursuant to an effective registration statement filed under the Securities Act, including the Company’s initial
public offering, no person may sell, make any short sale of, loan, hypothecate, pledge, grant any option for the purchase of, or otherwise dispose of or transfer for value or otherwise agree to engage in any of the foregoing transactions with
respect to any shares issued pursuant to an Award granted under the Plan without the prior written consent of the Company or its underwriters. Such limitations shall be in effect for such period of time as may be requested by the Company or such
underwriters (such period, the “Lock-Up Period”); provided, however, that the Lock-Up Period shall not exceed 180 days after the effective date of the registration statement unless (a) during the last 17 days of the
initial Lock-Up Period the Company releases earnings results or material news or a material event relating to the Company occurs, or (b) prior to the expiration of the initial Lock-Up Period the Company announces that it will release earnings
results during the 16-day period beginning on the last day of the initial Lock-Up Period. If the conditions of clause (a) or (b) of the foregoing sentence have been satisfied, and upon the mutual agreement of the Company and the
underwriters, the Lock-Up Period will be extended until the expiration of 

  
 -14-

 
the 18-day period beginning on the date of release of the earnings results or the occurrence of the material news or material event, as applicable. The limitations of this Section 16 shall
in all events terminate two years after the effective date of the Company’s initial public offering. 
 In the event of any stock split,
stock dividend, recapitalization, combination of shares, exchange of shares or other change affecting the Company’s outstanding Common Stock effected as a class without the Company’s receipt of consideration, any new, substituted or
additional securities distributed with respect to the shares issued under the Plan shall be immediately subject to the provisions of this Section 16, to the same extent the shares issued under the Plan are at such time covered by such
provisions. 
 In order to enforce the limitations of this Section 16, the Company may impose stop-transfer instructions with respect to
the purchased shares until the end of the applicable standoff period. 
 SECTION 17.    AMENDMENT AND
TERMINATION 
  

	17.1	Amendment, Suspension or Termination 

 The
Board may amend, suspend or terminate the Plan or any portion of the Plan at any time and in such respects as it shall deem advisable; provided, however, that, to the extent required by applicable law, regulation or stock exchange rule, shareholder
approval shall be required for any amendment to the Plan. Subject to Section 17.3, the Board may amend the terms of any outstanding Award, prospectively or retroactively. 

 

	17.2	Term of the Plan 

 The Plan shall have no
fixed expiration date. After the Plan is terminated, no future Awards may be granted, but Awards previously granted shall remain outstanding in accordance with their applicable terms and conditions and the Plan’s terms and conditions.
Notwithstanding the foregoing, no Incentive Stock Options may be granted more than ten years after the later of (a) the adoption of the Plan by the Board and (b) the adoption by the Board of any amendment to the Plan that constitutes the
adoption of a new plan for purposes of Section 422 of the Code. 
  

	17.3	Consent of Participant 

 The amendment,
suspension or termination of the Plan or a portion thereof or the amendment of an outstanding Award shall not, without the Participant’s consent, materially adversely affect any rights under any Award theretofore granted to the Participant
under the Plan. Any change or adjustment to an outstanding Incentive Stock Option shall not, without the consent of the Participant, be made in a manner so as to constitute a “modification” that would cause such Incentive Stock Option to
fail to continue to qualify as an Incentive Stock Option. Notwithstanding the foregoing, any adjustments made pursuant to Section 14 shall not be subject to these restrictions. 

  
 -15-

 SECTION 18.    GENERAL 

 

	18.1	No Individual Rights 

 No individual or
Participant shall have any claim to be granted any Award under the Plan, and the Company has no obligation for uniformity of treatment of Participants under the Plan. 
 Furthermore, nothing in the Plan or any Award granted under the Plan shall be deemed to constitute an employment contract or confer or be deemed to confer on any Participant any right to continue in the
employ of, or to continue any other relationship with, the Company or any Related Company or limit in any way the right of the Company or any Related Company to terminate a Participant’s employment or other relationship at any time, with or
without cause. 
  

	18.2	Issuance of Shares 

 Notwithstanding any
other provision of the Plan, the Company shall have no obligation to issue or deliver any shares of Common Stock under the Plan or make any other distribution of benefits under the Plan unless, in the opinion of the Company’s counsel, such
issuance, delivery or distribution would comply with all applicable laws (including, without limitation, the requirements of the Securities Act or the laws of any state or foreign jurisdiction) and the applicable requirements of any securities
exchange or similar entity. 
 The Company shall be under no obligation to any Participant to register for offering or resale or to qualify for
exemption under the Securities Act, or to register or qualify under the laws of any state or foreign jurisdiction, any shares of Common Stock, security or interest in a security paid or issued under, or created by, the Plan, or to continue in effect
any such registrations or qualifications if made. 
 As a condition to the exercise of an Option or any other receipt of Common Stock pursuant
to an Award under the Plan, the Company may require (a) the Participant to represent and warrant at the time of any such exercise or receipt that such shares are being purchased or received only for the Participant’s own account and
without any present intention to sell or distribute such shares and (b) such other action or agreement by the Participant as may from time to time be necessary to comply with the federal, state and foreign securities laws. At the option of the
Company, a stop-transfer order against any such shares may be placed on the official stock books and records of the Company, and a legend indicating that such shares may not be pledged, sold or otherwise transferred, unless an opinion of counsel is
provided (concurred in by counsel for the Company) stating that such transfer is not in violation of any applicable law or regulation, may be stamped on stock certificates to ensure exemption from registration. The Plan Administrator may also
require the Participant to execute and deliver to the Company a purchase agreement or such other agreement as may be in use by the Company at such time that describes certain terms and conditions applicable to the shares. 

  
 -16-

 To the extent the Plan or any instrument evidencing an Award provides for issuance of stock certificates to
reflect the issuance of shares of Common Stock, the issuance may be effected on a noncertificated basis, to the extent not prohibited by applicable law or the applicable rules of any stock exchange. 

 

	18.3	Indemnification 

 Each person who is or
shall have been a member of the Board shall be indemnified and held harmless by the Company against and from any loss, cost, liability or expense that may be imposed upon or reasonably incurred by such person in connection with or resulting from any
claim, action, suit or proceeding to which such person may be a party or in which such person may be involved by reason of any action taken or failure to act under the Plan and against and from any and all amounts paid by such person in settlement
thereof, with the Company’s approval, or paid by such person in satisfaction of any judgment in any such claim, action, suit or proceeding against such person; provided, however, that such person shall give the Company an opportunity, at its
own expense, to handle and defend the same before such person undertakes to handle and defend it on such person’s own behalf, unless such loss, cost, liability or expense is a result of such person’s own willful misconduct or except as
expressly provided by statute. 
 The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which
such person may be entitled under the Company’s articles of incorporation or bylaws, as a matter of law, or otherwise, or of any power that the Company may have to indemnify or hold harmless. 

 

	18.4	No Rights as a Shareholder 

 Unless
otherwise provided by the Plan Administrator or in the instrument evidencing the Award or in a written employment, services or other agreement, no Option, Stock Appreciation Right or Stock Unit shall entitle the Participant to any cash dividend,
voting or other right of a shareholder unless and until the date of issuance under the Plan of the shares that are the subject of such Award. 
  

	18.5	Compliance With Laws and Regulations 

 In
interpreting and applying the provisions of the Plan, any Option granted as an Incentive Stock Option pursuant to the Plan shall, to the extent permitted by law, be construed as an “incentive stock option” within the meaning of
Section 422 of the Code. 
 The Plan and Awards granted under the Plan are intended to be exempt from the requirements of Section 409A
of the Code to the maximum extent possible, whether pursuant to the short-term deferral exception described in Treasury Regulation Section 1.409A-1(b)(4), the exclusion applicable to stock options, stock appreciation rights and certain other
equity-based compensation under Treasury Regulation Section 1.409A-1(b)(5), or otherwise. To the extent Section 409A of the Code is applicable to the Plan or any Award granted under the Plan, it is intended that the Plan and any Awards
granted under the Plan comply with the 

  
 -17-

 
deferral, payout and other limitations and restrictions imposed under Section 409A of the Code. Notwithstanding any other provision of the Plan or any Award granted under the Plan to the
contrary, the Plan and any Award granted under the Plan shall be interpreted, operated and administered in a manner consistent with such intentions. Without limiting the generality of the foregoing, and notwithstanding any other provision of the
Plan or any Award granted under the Plan to the contrary, with respect to any payments and benefits under the Plan or any Award granted under the Plan to which Section 409A of the Code applies, all references in the Plan or any Award granted
under the Plan to the termination of the Participant’s employment or service are intended to mean the Participant’s “separation from service,” within the meaning of Section 409A(a)(2)(A)(i) of the Code. Notwithstanding any
other provision in the Plan, the Plan Administrator, to the extent it deems necessary or advisable in its sole discretion, reserves the right, but shall not be required, to unilaterally amend or modify the Plan and any Award granted under the Plan
so that the Award qualifies for exemption from or complies with Section 409A of the Code; provided, however, that the Plan Administrator makes no representations that Awards granted under the Plan shall be exempt from or comply with
Section 409A of the Code and makes no undertaking to preclude Section 409A of the Code from applying to Awards granted under the Plan. 
 Also notwithstanding any provision contained in the Plan to the contrary, the Plan Administrator shall have broad authority to amend the Plan or any outstanding Award without the consent of the
Participant to the extent the Board deems necessary or advisable to comply with, or take into account, changes in applicable tax laws, securities laws, accounting rules or other applicable law, rule or regulation. 

 

	18.6	Participants in Other Countries or Jurisdictions 

 Without amending the Plan, the Plan Administrator may grant Awards to eligible persons who are foreign nationals on such terms and conditions different from those specified in the Plan, which may, in the
judgement of the Plan Administrator, be necessary or desirable to foster and promote achievement of the purposes of the Plan and shall have the authority to adopt such modifications, procedures, subplans and the like as may be necessary or desirable
to comply with provisions of the laws or regulations of other countries or jurisdictions in which the Company or any Related Company may operate or have employees to ensure the viability of the benefits from Awards granted to Participants employed
in such countries or jurisdictions, meet the requirements that permit the Plan to operate in a qualified or tax efficient manner, comply with applicable foreign laws or regulations and meet the objectives of the Plan. 

 

	18.7	No Trust or Fund 

 The Plan is intended to
constitute an “unfunded” plan. Nothing contained herein shall require the Company to segregate any monies or other property, or shares of Common Stock, or to create any trusts, or to make any special deposits for any immediate or deferred
amounts payable to any Participant, and no Participant shall have any rights that are greater than those of a general unsecured creditor of the Company. 

  
 -18-

	18.8	Successors 

 All obligations of the
Company under the Plan with respect to Awards shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all
the business and/or assets of the Company. 
  

	18.9	Severability 

 If any provision of the
Plan or any Award is determined to be invalid, illegal or unenforceable in any jurisdiction, or as to any person, or would disqualify the Plan or any Award under any law deemed applicable by the Plan Administrator, such provision shall be construed
or deemed amended to conform to applicable laws, or, if it cannot be so construed or deemed amended without, in the Plan Administrator’s determination, materially altering the intent of the Plan or the Award, such provision shall be stricken as
to such jurisdiction, person or Award, and the remainder of the Plan and any such Award shall remain in full force and effect. 
  

	18.10	Choice of Law and Venue 

 The Plan, all
Awards granted thereunder and all determinations made and actions taken pursuant hereto, to the extent not otherwise governed by the laws of the United States, shall be governed by the laws of the State of Washington without giving effect to
principles of conflicts of law. Participants irrevocably consent to the nonexclusive jurisdiction and venue of the state and federal courts located in the State of Washington. 

 

	18.11	Legal Requirements 

 The granting of
Awards and the issuance of shares of Common Stock under the Plan are subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 

 

	18.12	California Appendix Provisions 

Participants who are residents of the State of California shall be subject to the additional terms and conditions set forth in Appendix B to the Plan
to the extent required by applicable law until such time as the Common Stock becomes a “listed” security under the Securities Act. 
 SECTION 19.    EFFECTIVE DATE 
 The effective date (the
“Effective Date”) is the date on which the Plan is adopted by the Board. If the shareholders of the Company do not approve the Plan within 12 months after the Board’s adoption of the Plan, any Incentive Stock
Options granted under the Plan will be treated as Nonqualified Stock Options. 

  
 -19-

 APPENDIX A 
 “Acquired Entity” means any entity acquired by the Company or a Related Company or with which the Company or a Related Company merges or combines. 

“Acquisition Price” means the fair market value of the securities, cash or other property, or any combination thereof, receivable
upon consummation of a Company Transaction in respect of a share of Common Stock. 
 “Award” means any Option, Stock
Appreciation Right, Stock Award, Restricted Stock, Stock Unit or cash-based award or other incentive payable in cash or in shares of Common Stock, as may be designated by the Plan Administrator from time to time. 

“Board” means the Board of Directors of the Company. 
 “Cause,” unless otherwise defined in the instrument evidencing an Award or in a written employment, services or other agreement between the Participant and the Company or a Related
Company, means dishonesty, fraud, serious or willful misconduct, unauthorized use or disclosure of confidential information or trade secrets, or conduct prohibited by law (except minor violations), in each case as determined by the Company’s
chief human resources officer or other person performing that function or, in the case of directors and executive officers, the Board, whose determination shall be conclusive and binding. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
 “Common Stock” means the common stock, par value $0.0001 per share, of the Company. 
 “Company” means Zillow, Inc., a Washington corporation. 

“Company Transaction,” unless otherwise defined in the instrument evidencing the Award or in a written employment, services or
other agreement between the Participant and the Company or a Related Company, means consummation of: 
 (a) a merger or consolidation of the
Company with or into any other company or other entity; 
 (b) a statutory share exchange pursuant to which the Company’s outstanding
shares are acquired or a sale in one transaction or a series of transactions undertaken with a common purpose of all of the Company’s outstanding voting securities; or 
 (c) a sale, lease, exchange or other transfer in one transaction or a series of related transactions undertaken with a common purpose of all or substantially all of the Company’s assets. 

 Where a series of transactions undertaken with a common purpose is deemed to be a Company Transaction, the
date of such Company Transaction shall be the date on which the last of such transactions is consummated. 

“Disability,” unless otherwise defined by the Plan Administrator or in the instrument evidencing the Award or in a written
employment, services or other agreement between the Participant and the Company or a Related Company, means a mental or physical impairment of the Participant that is expected to result in death or that has lasted or is expected to last for a
continuous period of 12 months or more and that causes the Participant to be unable to perform his or her material duties for the Company or a Related Company and to be engaged in any substantial gainful activity, in each case as determined by
the Company’s chief human resources officer or other person performing that function or, in the case of directors and executive officers, the Board, each of whose determination shall be conclusive and binding. 

“Effective Date” has the meaning set forth in Section 19. 
 “Eligible Person” means any person eligible to receive an Award as set forth in Section 5. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. 
 “Fair Market Value” means the per share fair market value of the Common Stock as established in good faith by the Plan Administrator or, if the Common Stock is publicly traded, the
average of the high and low trading prices for the Common Stock on any given date during regular trading, or if not trading on that date, such price on the last preceding date on which the Common Stock was traded, unless determined otherwise by the
Plan Administrator using such methods or procedures as it may establish. 
 “Grant Date” means the later of (a) the
date on which the Plan Administrator completes the corporate action authorizing the grant of an Award or such later date specified by the Plan Administrator or (b) the date on which all conditions precedent to an Award have been satisfied,
provided that conditions to the exercisability or vesting of Awards shall not defer the Grant Date. 
 “Immediate
Family” means the Participant’s spouse, parents, children or grandchildren (including adopted children, step-children and step-grandchildren). 
 “Incentive Stock Option” means an Option granted with the intention that it qualify as an “incentive stock option” as that term is defined for purposes of
Section 422 of the Code or any successor provision. 
 “Nonqualified Stock Option” means an Option other than an
Incentive Stock Option. 
 “Option” means a right to purchase Common Stock granted under Section 7. 

“Option Expiration Date” has the meaning set forth in Section 7.6. 

  
 -2-

 “Option Term” means the maximum term of an Option as set forth in Section 7.3.

 “Participant” means any Eligible Person to whom an Award is granted. 

“Plan” means the Zillow, Inc. Amended and Restated 2005 Equity Incentive Plan. 

“Plan Administrator” means the Board. 
 “Related Company” means any entity that, directly or indirectly, is in control of, is controlled by or is under common control with the Company. 

“Related Party Transaction” means (a) a merger or consolidation of the Company, or a statutory share exchange pursuant to
which the Company’s outstanding shares are acquired, in which the holders of the outstanding voting securities of the Company immediately prior to the merger or consolidation hold at least a majority of the outstanding voting securities of the
Successor Company immediately after the merger, consolidation or statutory share exchange; (b) a sale, lease, exchange or other transfer of all or substantially all of the Company’s assets to a majority-owned subsidiary company; or
(c) a transaction undertaken for the principal purpose of restructuring the capital of the Company, including, but not limited to, reincorporating the Company in a different jurisdiction, converting the Company to a limited liability company or
creating a holding company. 
 “Restricted Stock” means an Award of shares of Common Stock granted under
Section 10, the rights of ownership of which are subject to restrictions prescribed by the Plan Administrator. 

“Retirement,” unless otherwise defined in the instrument evidencing the Award or in a written employment, services or other
agreement between the Participant and the Company or a Related Company, means “retirement” as defined for purposes of the Plan by the Plan Administrator or the Company’s chief human resources officer or other person performing that
function or, if not so defined, means Termination of Service on or after the date the Participant reaches “normal retirement age,” as that term is defined in Section 411(a)(8) of the Code. 

“Securities Act” means the Securities Act of 1933, as amended from time to time. 

“Stock Appreciation Right” or “SAR” means a right granted under Section 9.1 to receive the excess of
the Fair Market Value of a specified number of shares of Common Stock over the grant price. 
 “Stock Award” means an
Award of shares of Common Stock granted under Section 10, the rights of ownership of which are not subject to restrictions prescribed by the Plan Administrator. 
 “Stock Unit” means an Award denominated in units of Common Stock granted under Section 10. 

  
 -3-

 “Substitute Awards” means Awards granted or shares of Common Stock issued by the
Company in substitution or exchange for awards previously granted by an Acquired Entity. 
 “Successor Company” means
the surviving company, the successor company, the acquiring company or its parent, as applicable, in connection with a Company Transaction. 

“Termination of Service” means a termination of employment or service relationship with the Company or a
Related Company for any reason, whether voluntary or involuntary, including by reason of death, Disability or Retirement. Any question as to whether and when there has been a Termination of Service for the purposes of an Award and the cause of such
Termination of Service shall be determined by the Company’s chief human resources officer or other person performing that function or, with respect to directors and executive officers, by the Board, whose determination shall be conclusive and
binding. Transfer of a Participant’s employment or service relationship between the Company and any Related Company shall not be considered a Termination of Service for purposes of an Award. Unless the Board determines otherwise, a Termination
of Service shall be deemed to occur if the Participant’s employment or service relationship is with an entity that has ceased to be a Related Company. A Participant’s change in status from an employee of the Company or a Related Company to
a nonemployee director, consultant, advisor or independent contractor of the Company or a Related Company, or a change in status from a nonemployee director, consultant, advisor or independent contractor of the Company or a Related Company to an
employee of the Company or a Related Company, shall not be considered a Termination of Service. 
 “Vesting Commencement
Date” means the Grant Date or such other date selected by the Plan Administrator as the date from which an Award begins to vest. 

  
 -4-

 APPENDIX B 

TO THE ZILLOW, INC. 
 2005 EQUITY INCENTIVE PLAN 
 (For California Residents Only) 

This Appendix to the Zillow, Inc. 2005 Equity Incentive Plan (the “Plan”) shall have application only to
Participants who are residents of the State of California. Capitalized terms contained herein shall have the same meanings given to them in the Plan, unless otherwise provided in this Appendix. Notwithstanding any provision contained in the Plan
to the contrary and to the extent required by applicable law, the following terms and conditions shall apply to all Awards granted to residents of the State of California, until such time as the Common Stock becomes a “listed security”
under the Securities Act: 
 1. Options shall have a term of not more than ten years from the Grant Date. 

2. Awards shall be nontransferable other than by will or the laws of descent and distribution. Notwithstanding the foregoing, and to the extent permitted
by Section 422 of the Code, the Plan Administrator, in its discretion, may permit transfer of an Award to a revocable trust or as otherwise permitted by Rule 701 of the Securities Act. 
 3. Unless employment or services are terminated for Cause, the right to exercise an Option in the event of Termination of Service, to the extent that the Participant is otherwise entitled to exercise an
Option on the date of Termination of Service, shall be 
 a. at least six months from the date of a Participant’s
Termination of Service if termination was caused by death or Disability; and 
 b. at least 30 days from the date of a
Participant’s Termination of Service if termination of employment was caused by other than death or Disability; 
 c. but in
no event later than the Option Expiration Date. 
 4. No Award may be granted to a resident of California more than ten years after the earlier
of the date of adoption of the Plan and the date the Plan is approved by the shareholders. 
 5. Shareholders of the Company must approve the
Plan by the later of (a) within 12 months before or after the Plan is adopted by the Board and (b) prior to or within 12 months of the grant of an Option under the Plan to a resident of the State of California, except that
shareholders must approve the Plan prior to issuance of any securities under the Plan (other than Options) distributed or sold to Participants who are residents of the State of California. Any Option exercised by a California resident or shares
issued under an Award 

  
 -1-

 
to a California resident shall be rescinded if shareholder approval is not obtained in the foregoing manner. Shares subject to such Awards shall not be counted in determining whether such
approval is obtained. 
 6. To the extent required by applicable law, the Company shall provide annual financial statements of the Company to
each California resident holding an outstanding Award under the Plan. Such financial statements need not be audited and need not be issued to key persons whose duties at the Company assure them access to equivalent information. 

  
 -2-Form of Stock Option Grant Notice and Stock Option Agreement

 Exhibit 10.6 

 

					
	 	 	 
	 Stock Option Grant Notice
	 		 	                    Zillow, Inc.
	 and Stock Option Agreement

 
	 		 	
                    ID:

 

	 	 	 	 	 

					
			
	 [Name]
	 		 	Option Number:
		 		 	Plan: 05EP
	 United States
  
	 		 	 ID:
  

	 	 	 	 	 

  

Effective _______, you have been granted a(n) Non-Qualified Stock Option to buy ______ shares of Zillow, Inc. (the Company) stock at $________ per share.

 The total option price of the shares granted is $________. 
 Shares in each period will become fully vested on the date shown. 
  

											
		 		 		 		 		 	
		 	Shares	 	Vest Type	 	Full Vest	 	Expiration	 	
		 		 		 		 		 	
		 		 		 		 		 	
		 		 		 		 		 	
		 		 		 		 		 	
	 	 	 	 	 	 	 	 	 	 	 

 By your signature and the Company’s signature below, you and
the Company agree that the Option is granted under and governed by the terms and conditions of the Company’s Amended and Restated 2005 Equity Incentive Plan and the Stock Option Agreement, both of which are attached and made a part of this
document. 
  

									
	 	 	 	 	 	 	 
		 		 		 	
					
	 	 	 	 		 		 	 
	Zillow, Inc.	 		 		 	Date
					
	 	 	 	 		 		 	 
	Name	 		 		 	Date

  

 ZILLOW, INC. 
 AMENDED AND RESTATED 2005 EQUITY INCENTIVE PLAN 
 STOCK OPTION AGREEMENT

 Pursuant to your Stock Option Grant Notice (the “Grant Notice”) and this Stock Option Agreement (this
“Agreement”), Zillow, Inc. has granted you an Option under its Amended and Restated 2005 Equity Incentive Plan (the “Plan”) to purchase the number of shares of the Company’s Common Stock indicated in your Grant Notice (the
“Shares”) at the exercise price indicated in your Grant Notice. Capitalized terms not explicitly defined in this Stock Option Agreement but defined in the Plan shall have the same definitions as in the Plan. 

The details of the Option are as follows: 
 1. Vesting and Exercisability. Subject to the limitations contained herein, the Option will vest and become exercisable as provided in your Grant Notice, provided that vesting will cease upon your
Termination of Service and the unvested portion of the Option will terminate. 
 2. Securities Law Compliance.
Notwithstanding any other provision of this Agreement, you may not exercise the Option unless the Shares issuable upon exercise are registered under the Securities Act or, if such Shares are not then so registered, the Company has determined that
such exercise and issuance would be exempt from the registration requirements of the Securities Act. The exercise of the Option must also comply with other applicable laws and regulations governing the Option, and you may not exercise the Option if
the Company determines that such exercise would not be in material compliance with such laws and regulations. 
 3. Incentive
Stock Option Qualification. If so designated in your Grant Notice, all or a portion of the Option is intended to qualify as an Incentive Stock Option under federal income tax law, but the Company does not represent or guarantee that the Option
qualifies as such. 
 If the Option has been designated as an Incentive Stock Option and the aggregate Fair Market Value
(determined as of the grant date) of the shares of Common Stock subject to the portions of the Option and all other Incentive Stock Options you hold that first become exercisable during any calendar year exceeds $100,000, any excess portion will be
treated as a Nonqualified Stock Option, unless the Internal Revenue Service changes the rules and regulations governing the $100,000 limit for Incentive Stock Options. A portion of the Option may be treated as a Nonqualified Stock Option if certain
events cause exercisability of the Option to accelerate. 

  
 -2-

 4. Notice of Disqualifying Disposition. To the extent the Option has been designated
as an Incentive Stock Option, to obtain certain tax benefits afforded to Incentive Stock Options, you must hold the Shares issued upon the exercise of the Option for two years after the Grant Date and one year after the date of exercise. You may be
subject to the alternative minimum tax at the time of exercise. You should obtain tax advice when exercising the Option and prior to the disposition of the Shares. By accepting the Option, you agree to promptly notify the Company if you dispose of
any of the Shares within one year from the date you exercise all or part of the Option or within two years from the Grant Date. 

5. Independent Tax Advice. You should obtain tax advice when exercising the Option and prior to the disposition of the Shares.

 6. Method of Exercise. You may exercise the Option by giving written notice to the Company, in form and substance
satisfactory to the Company, which will state your election to exercise the Option and the number of Shares for which you are exercising the Option. The written notice must be accompanied by full payment of the exercise price for the number of
Shares you are purchasing. You may make this payment in any combination of the following: (a) by cash; (b) by check acceptable to the Company; (c) if permitted by the Plan Administrator for Nonqualified Stock Options, by having the
Company withhold shares of Common Stock that would otherwise be issued on exercise of the Option that have a Fair Market Value equal to the exercise price of the Option; (d) if permitted by the Plan Administrator, by using shares of Common
Stock you already own; (e) if the Common Stock is registered under the Exchange Act and to the extent permitted by law, by instructing a broker to deliver to the Company the total payment required, all in accordance with the regulations of the
Federal Reserve Board; or (f) by any other method permitted by the Plan Administrator. 
 7. Repurchase and First
Refusal Rights. So long as the Common Stock is not registered under the Exchange Act, the Company may, in its sole discretion at the time of exercise, require you to sign a stock purchase agreement, in the form to be provided, pursuant to which
you will grant to the Company certain repurchase and/or first refusal rights to purchase the Shares acquired by you upon exercise of the Option. Upon request to the Company, you may review a current form of this agreement prior to exercise of the
Option. 
 8. Market Standoff. By exercising the Option you agree that the Shares will be subject to the market standoff
restrictions on transfer set forth in the Plan. 
 9. Treatment Upon Termination of Employment or Service Relationship.
The unvested portion of the Option will terminate automatically and without further notice immediately upon your Termination of Service. You may exercise the vested portion of the Option as follows: 

  
 -3-

 (a) General Rule. You must exercise the vested portion of the Option on or before the
earlier of (i) three months after your Termination of Service and (ii) the Option Expiration Date; 
 (b)
Retirement or Disability. In the event of your Termination of Service due to Retirement or Disability, you must exercise the vested portion of the Option on or before the earlier of (i) one year after your Termination of Service and
(ii) the Option Expiration Date. 
 (c) Death. In the event of your Termination of Service due to your death, the
vested portion of the Option must be exercised on or before the earlier of (i) one year after your Termination of Service and (ii) the Option Expiration Date. If you die after your Termination of Service but while the Option is still
exercisable, the vested portion of the Option may be exercised until the earlier of (x) one year after the date of death and (y) the Option Expiration Date; and 
 (d) Cause. The vested portion of the Option will automatically expire at the time the Company first notifies you of your Termination of Service for Cause, unless the Plan Administrator determines
otherwise. If your employment or service relationship is suspended pending an investigation of whether you will be terminated for Cause, all your rights under the Option likewise will be suspended during the period of investigation. If any facts
that would constitute termination for Cause are discovered after your Termination of Service, any Option you then hold may be immediately terminated by the Plan Administrator. 
 The Option must be exercised within three months after termination of employment for reasons other than death or Disability and one year after termination of employment due to Disability to qualify for
the beneficial tax treatment afforded Incentive Stock Options. 
 It is your responsibility to be aware of the date the
Option terminates. 
 10. Limited Transferability. During your lifetime only you can exercise the Option. The Option
is not transferable except by will or by the applicable laws of descent and distribution. The Plan provides for exercise of the Option by a beneficiary designated on a Company-approved form or the personal representative of your estate.
Notwithstanding the foregoing, and to the extent permitted by Section 422 of the Internal Revenue Code of 1986, the Plan Administrator, in its sole discretion, may permit you to assign or transfer the Option, subject to the terms and conditions
of the Plan and such terms and conditions as specified by the Plan Administrator. 
 11. Withholding Taxes. As a
condition to the exercise of any portion of an Option, you must make such arrangements as the Company may require for the satisfaction of any federal, state, local or foreign withholding tax obligations that may arise in connection with such
exercise. 

  
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 12. Option Not an Employment or Service Contract. Nothing in the Plan or any Award
granted under the Plan will be deemed to constitute an employment contract or confer or be deemed to confer any right for you to continue in the employ of, or to continue any other relationship with, the Company or any Related Company or limit in
any way the right of the Company or any Related Company to terminate your employment or other relationship at any time, with or without Cause. 
 13. No Right to Damages. You will have no right to bring a claim or to receive damages if you are required to exercise the vested portion of the Option within three months (one year in the case of
Retirement, Disability or death) of your Termination of Service or if any portion of the Option is cancelled or expires unexercised. The loss of existing or potential profit in Awards will not constitute an element of damages in the event of your
Termination of Service for any reason even if the termination is in violation of an obligation of the Company or a Related Company to you. 
 14. Binding Effect. This Agreement will inure to the benefit of the successors and assigns of the Company and be binding upon you and your heirs, executors, administrators, successors and assigns.

 15. Section 409A Compliance. Notwithstanding any provision in the Plan or this Agreement to the contrary, the
Plan Administrator may, at any time and without your consent, modify the terms of the Option as it determines appropriate to avoid the imposition of interest or penalties under Section 409A of the Code; provided, however, that the Plan
Administrator makes no representations that the Option shall be exempt from or comply with Section 409A of the Code and makes no undertaking to preclude Section 409A of the Code from applying to the Option. 

  
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