Document:

EX-4.1

 Exhibit 4.1 
 

 
 shares 
inCoRpoRATed undeR
The lAWs of The sTATe of WAshinGTon see ReveRse foR CeRTAin definiTions 
CUSIP 98954M 10 1 
This certifies that 
is the record holder of 
Fully paid and nonassessable shares oF Class a Common sToCk, $0.0001 par value, oF 
ZILLOW
GROUP, INC. transferable on the books of the Corporation in person or by duly authorized attorney upon surrender of this 
Certificate properly endorsed. This
Certificate is not valid until countersigned by the Transfer Agent and registered by the Registrar. 
WiTness theCERTIFICATE facsimile seal of the Corporation and
the facsimile signatures OF of its duly authorized STOCK officers. 
Dated:

number 
zG 
W GROUP 
O , I 
L O N 
I L RP RA C 
Z O TE . 
CSEAL 
JULY 25, 2014 H 
H 
WA O N 
SHINGT 
Chief executive officer 
CounTeRsiGned And ReGisTeRed: 
CompuTershare shareowner serviCes llC 
TRAnsfeR AGenT And ReGisTRAR 
By: 
AuThoRized siGnATuRe 

 

 
 This Certificate evidences shares of Class A Common Stock of the Corporation. Other classes of shares of the Corporation are ormayin the
future be authorized, and those classes may consist of one or more series of shares, each with different rights, preferences and limitations. The Corporation will furnish any shareholder upon request and without charge a full statement of the
designations, preferences, limitations and relative rights of the shares of each class authorized to be issued, and the variations in the relative rights and preferences between the shares of each seriess of aras the same have been fixed and
determined, and the authority of the board of directors to fix and determine the relative rights and preferences of subsequent series. 
The following abbreviations,
when used in the inscription on the face of this Certificate, shall becon strued as though they were written out in full according to applicable laws or regulations:

TENCOM –astenantsincommon TENENT –astenantsbytheentireties JTTEN –asjointtenantswithrightof 
survivorshipandnotastenants in common 
COMPROP–ascommunityproperty 
UNIF GIFT MIN ACT – . Custodian 
(Cust) (Minor) under Uniform Gifts to Minors 
Act (State) 
UNIF TRF MIN ACT – . Custodian (until age .) 
(Cust) 
. (Minor) under Uniform Transfers to Minors Act (State) 
Additionalabbreviationsmayalsobeusedthoughnotintheabovelist.

FORVALUERECEIVED,            herebysell(s),assign(s)andtransfer(s)unto 
PLEASEINSERTSOCIALSECURITyOROThER IDENTIFyINGNUMbEROFASSIGNEE

(PLEASEPRINTORTyPEwRITENAMEANDADDRESS,INCLUDINGzIPCODE,OFASSIGNEE) 
shares
ofthecapitalstockrepresentedbythewithinCertificate,anddoherebyirrevocablyconstituteandappoint 
attorney-in-fact to transfer the said stock on the books of the
within named Corporation with full power of substitution in the premises. 
Dated

X X 
NOTICE:
ThESIGNATURETOThISASSIGNMENTMUSTCORRESPONDwIThThENAMEASwRITTENUPONThE 
FACEOFThECERTIFICATEINEVERyPARTICULAR,wIThOUTALTERATIONORENLARGEMENTORANy 
ChANGEwhATSOEVER. 
Signature(s)Guaranteed: 
by 
ThESIGNATURE(S)ShOULDbEGUARANTEEDbyANELIGIbLEGUARANTORINSTITUTION,(bANkS,STOCkbROkERS,
SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS wITh MEMbERShIP IN AN APPROVED SIGNATURE GUARANTEEMEDALLIONPROGRAM),PURSUANTTOS.E.C.RULE17Ad-15.GUARANTEESbyANOTARyPUbLICARENOT ACCEPTAbLE.SIGNATUREGUARANTEESMUSTNOTbEDATED.EX-10.11

 Exhibit 10.11 

AMENDED AND RESTATED STOCK OPTION GRANT PROGRAM 

FOR 
 NONEMPLOYEE
DIRECTORS UNDER THE 
 ZILLOW, INC. AMENDED AND RESTATED 

2011 INCENTIVE PLAN, AS AMENDED 

The following provisions set forth the terms of the stock option grant program (the “Program”) for nonemployee
directors of Zillow Group, Inc. (the “Company”) under the Zillow, Inc. Amended and Restated 2011 Incentive Plan, as amended and as assumed by the Company (the “Plan”). In the event of any inconsistency
between the terms contained herein and in the Plan, the Plan shall govern. Capitalized terms that are not defined herein have the meanings set forth in the Plan. 

1. Eligibility 
 Each
director of the Company elected or appointed to the Board who is not otherwise an officer or employee of the Company or of any Related Company (an “Eligible Director”) shall be eligible to receive Options under the Plan, as
described below. 
 2. Annual Option Grants 

(a) Beginning on March 1, 2015 and on each anniversary thereafter (the “Grant Date”), each individual who was an
Eligible Director during the twelve months preceding the Grant Date shall automatically receive a Nonqualified Stock Option to purchase that number of shares of Class A Common Stock with a Black-Scholes-Merton value (or such other valuation
method then being used by the Company to value its stock options for financial reporting purposes) equal to $150,000, with any fractional share rounded to the nearest whole share (0.5 to be rounded up) (each, an “Annual Option
Grant”). 
 (b) In the event of an Eligible Director’s initial election or appointment to the Board during the
twelve-month period prior to a Grant Date, such Eligible Director shall automatically receive a prorated Annual Option Grant on the first Grant Date after initial election or appointment to the Board, based on the number of full calendar months that
have elapsed between the date of the Eligible Director’s initial election or appointment to the Board and the Grant Date. 
 3.
Option Vesting 
 Annual Option Grants shall be fully vested and exercisable on the Grant Date. 

4. Option Exercise Price 

The per share exercise price of an Annual Option Grant shall be equal to the Fair Market Value of the Class A Common Stock on the Grant
Date. 
 5. Payment of Exercise Price 

Options granted under the Program shall be exercised by giving notice to the Company (or a brokerage firm designated or approved by the
Company) in such form as required by the Company, stating the number of shares of Class A Common Stock with respect to which the Option is being exercised, accompanied by payment in full for such Class A Common Stock, which payment may be
made, to the extent permitted by applicable laws and regulations, in whole or in part: 
 (a) by cash, check or wire
transfer; 
 (b) if and so long as the Class A Common Stock is registered under the Exchange Act, by delivery of a
properly executed exercise notice, together with irrevocable instructions to a broker, to promptly deliver to 

 
the Company the amount of proceeds to pay the exercise price, all in accordance with the regulations of the Federal Reserve Board; or 

(c) by such other consideration as the Compensation Committee may permit. 

6. Term of Options 
 Each
Option shall expire seven years from the Grant Date thereof (the “Option Expiration Date”), but shall be subject to earlier termination as follows: 

(a) General Rule. In the event of an Eligible Director’s Termination of Service for any reason other than death, Disability or for
Cause, the Option may be exercised by the Eligible Director only until the earlier of (i) two years after the Eligible Director’s Termination of Service and (ii) the Option Expiration Date; 

(b) Death or Disability. In the event of an Eligible Director’s Termination of Service by reason of death or Disability, the
Option may be exercised only until the earlier of (i) the one-year anniversary of the date of the Eligible Director’s Termination of Service and (ii) the Option Expiration Date. If an Eligible Director dies after his or her
Termination of Service but while the Option is still exercisable, the Option may be exercised until the earlier of (x) the one-year anniversary of the date of death and (y) the Option Expiration Date; and 

(c) Cause. In the event of an Eligible Director’s Termination of Service for Cause, the Option shall terminate and no longer be
exercisable, unless the Committee determines otherwise. 
 7. Amendment 

The Board or the Compensation Committee may amend the provisions contained herein in such respects as it deems advisable. Unless otherwise
provided in the Plan, any such amendment shall not, without the consent of the Eligible Director, materially adversely affect any rights of an Eligible Director under an Option. 

Provisions of the Plan (including any amendments thereto) that are not discussed herein, to the extent applicable to Eligible Directors, shall
continue to govern the terms and conditions of Options granted to Eligible Directors. 
 8. Effective Date 

This Program shall become effective on March 1, 2015 and, unless sooner terminated by the Board or the Compensation Committee, shall
remain effective during the term of the Plan.EX-10.12

 Exhibit 10.12 

ZILLOW, INC. 
 AMENDED
AND RESTATED 2011 INCENTIVE PLAN 
 (ASSUMED BY ZILLOW GROUP, INC.) 

NONQUALIFIED STOCK OPTION GRANT NOTICE 

Zillow Group, Inc. (the “Company”) hereby grants to you an Option (the “Option”) to purchase
shares of the Company’s Class A Common Stock under the Zillow, Inc. Amended and Restated 2011 Incentive Plan (as assumed by the Company) (the “Plan”). The Option is subject to all the terms and conditions set forth
in this Nonqualified Stock Option Grant Notice (this “Grant Notice”) and in the Nonqualified Stock Option Agreement (the “Stock Option Agreement”) and the Plan, which are incorporated into this Grant
Notice in their entirety. 
  

			
	Participant:		
		
	Grant Number:		
		
	Grant Date:		
		
	Vesting Commencement Date:		
		
	Number of Shares of Class A Common Stock Subject to Option (the “Shares”):		
		
	Exercise Price (per Share):		
		
	Option Expiration Date:		
		
	Type of Option:		Nonqualified Stock Option
		
	Vesting and Exercisability Schedule (subject to continued employment or service):		

 Additional Terms/Acknowledgement: You acknowledge receipt of, and understand and agree to, this Grant Notice, the Stock
Option Agreement and the Plan. You further acknowledge that as of the Grant Date, this Grant Notice, the Stock Option Agreement and the Plan set forth the entire understanding between you and the Company regarding the Option and supersede all prior
oral and written agreements on the subject. 
 Note: References to “Company” in the Plan are deemed to refer to
“Zillow Group, Inc.” except that such reference in the definition of “IPO Date” in the Plan continues to refer to Zillow, Inc. 

 ZILLOW, INC. 

AMENDED AND RESTATED 2011 INCENTIVE PLAN 

(ASSUMED BY ZILLOW GROUP, INC.) 

NONQUALIFIED STOCK OPTION AGREEMENT 

Pursuant to your Nonqualified Stock Option Grant Notice (the “Grant Notice”) and this Nonqualified Stock Option
Agreement (this “Agreement”), Zillow Group, Inc. (the “Company”) has granted you an Option under the Zillow, Inc. Amended and Restated 2011 Incentive Plan (as assumed by the Company) (the
“Plan”) to purchase the number of shares of the Company’s Class A 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 Agreement or the Grant Notice but defined in the Plan 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. Independent Tax Advice. You should obtain tax advice independent from the Company when exercising the Option and
prior to the disposition of the Shares. 
 4. 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 wire transfer or check acceptable to the Company; (c) if permitted by the Committee, by
having the Company withhold shares of Class A Common Stock that would otherwise be issued on exercise of the Option; (d) if permitted by the Committee, by tendering already owned shares of Class A Common Stock; (e) if the
Class A 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; or (f) by any other method permitted by the Committee. 

 5. Treatment upon Termination of Service. 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: 

(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. If your employment or service
relationship terminates 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. If your employment or service relationship terminates 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 or a Related Company first notifies you of your Termination of Service for Cause, unless the Committee 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 Committee. 
 It is your
responsibility to be aware of the date the Option terminates. 
 6. 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. Notwithstanding the
foregoing, the Committee, in its sole discretion, may permit you to assign or transfer the Option, subject to such terms and conditions as specified by the Committee. 

7. 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. 

 8. 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 service relationship at any time, with or without cause. 

9. 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 the
Option 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. 

10. Binding Effect. The Grant Notice and 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. 
 11. Section 409A. Notwithstanding any
provision of the Plan, the Grant Notice or this Agreement to the contrary, the Committee 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; provided, however, that the Company makes no representations that the Option will be exempt from or comply with Section 409A and makes no undertaking to preclude Section 409A from applying to the Option.

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