Document:

Executive Employment Agreement

 Exhibit 10.16 
 EXECUTIVE EMPLOYMENT AGREEMENT 

This Executive Employment Agreement (“Agreement”) is entered into as of May 20, 2011 by and between Kathleen
Philips (“Executive”) and Zillow, Inc., a Washington corporation (the “Company”), to become effective as of the Effective Date (as defined in Appendix A). As of the Effective Date, this
Agreement shall supersede and replace in its entirety the employment offer letter, dated June 18, 2010, previously entered into by the parties. 
 Certain capitalized terms in this Agreement have the meanings set forth in Appendix A attached to this Agreement, which is incorporated into this Agreement in its entirety. 

 

	1.	EMPLOYMENT 

 The Company
agrees to continue to employ Executive, and Executive agrees to continue to accept employment by the Company as its General Counsel and report to the Company’s Chief Executive Officer. Subject to Sections 3.3 and 3.4, changes may be made
from time to time by the Company in its sole discretion to the duties, reporting relationships and title of Executive. Executive will perform the duties as are commensurate and consistent with Executive’s position and will devote
Executive’s full working time, attention and efforts to the Company and to discharging the responsibilities of Executive’s position, and such other duties as may be assigned from time to time by the Company, which relate to the business of
the Company and are reasonably consistent with Executive’s position. During Executive’s employment, Executive will not engage in any business activity that, in the reasonable judgment of the Board of Directors, conflicts with the duties of
Executive under this Agreement, whether or not such activity is pursued for gain, profit or other advantage. Executive agrees to comply with the Company’s standard policies and procedures, including the Company’s Confidential Information,
Inventions, Nonsolicitation and Noncompetititon Agreement previously executed by Executive, and with all applicable laws and regulations. 
  

	2.	COMPENSATION AND BENEFITS 

The Company agrees to pay or cause to be paid to Executive and Executive agrees to accept in exchange for the services rendered hereunder
the following compensation and benefits: 
  

	 	2.1	Annual Salary 

Executive’s compensation shall consist of an annual base salary (the “Salary”) of $192,493, payable in
semi-monthly installments in accordance with the payroll practices of the Company. The Salary shall be reviewed, and shall be subject to change, by the Chief Executive Officer and/or the Board of Directors (or the Compensation Committee thereof), as
applicable, at least annually while Executive is employed hereunder. 
  

	 	2.2	Bonus And Equity Awards 

(a) Executive shall be eligible to participate in the Company’s incentive bonus plans as may be adopted from time to time by the
Board of Directors (or the Compensation Committee thereof), subject to and in accordance with the terms and conditions of such plans. Executive also may be eligible to receive equity awards under the Company’s equity plan, with the amount,
terms 

  
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and conditions of such equity awards to be determined by the Board of Directors (or the Compensation Committee thereof). 
 (b) As of the date hereof, Executive acknowledges prior receipt of fifty percent (50%) of a total hiring bonus of $130,000, of which $65,000 was paid following Executive’s commencement of
employment with the Company on July 12, 2010. Subject to continued employment, Executive shall be eligible to receive the remaining fifty percent (50%) of the hiring bonus, or $65,000, on the first regularly scheduled payroll date that
follows July 11, 2011. In the event Executive voluntarily terminates employment with the Company at any time prior to July 11, 2012, Executive shall reimburse the Company $65,000 of the hiring bonus received as of such termination date;
provided, however, that such reimbursement to the Company shall not be required in the event Executive’s employment terminates under circumstances pursuant to which Executive is eligible to receive the payments and benefits set forth in
Section 3.3 or Section 3.4. 
  

	 	2.3	Benefits 

 Executive shall
be eligible to participate, subject to and in accordance with applicable eligibility requirements, in such employee benefit plans, policies, programs and arrangements as are generally provided to the Company’s other similarly situated
executives, which shall include, at a minimum, basic health, dental and vision insurance. 
  

	 	2.4	Vacation and Other Paid Time-Off Benefits 

 Each calendar year, Executive shall be entitled to that number of weeks of paid vacation per year equal to those provided to similarly situated executives of the Company, in accordance with the plans,
policies, programs and arrangements of the Company applicable to similarly situated executives of the Company generally. Executive also shall be provided such holidays and sick leave as the Company makes available to all of its other employees.

  

	3.	TERMINATION 

  

	 	3.1	Employment At Will 

Executive acknowledges and understands that employment with the Company is at will and can be terminated by either party for no reason or
for any reason not otherwise specifically prohibited by law. Nothing in this Agreement is intended to alter Executive’s at-will employment status or obligate the Company to continue to employ Executive for any specific period of time, or in any
specific role or geographic location. Except as expressly provided for in this Agreement, upon any termination of employment, Executive shall not be entitled to receive any payments or benefits under this Agreement other than unpaid Salary earned
through the date of termination and unused vacation that has accrued as of the date of Executive’s termination of employment that would be payable under the Company’s standard policy. 

 

	 	3.2	Automatic Termination on Death or Total Disability 

 This Agreement and Executive’s employment hereunder shall terminate automatically upon the death or Total Disability of Executive. “Total Disability” shall mean
Executive’s inability, with reasonable accommodation, to perform the duties of Executive’s position for a period or periods aggregating ninety (90) days in any period of one hundred eighty (180) consecutive days as a result

  
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of physical or mental illness, loss of legal capacity or any other cause beyond Executive’s control. Executive and the Company hereby acknowledge that Executive’s ability to perform
Executive’s duties is the essence of this Agreement. Termination hereunder shall be deemed to be effective (a) at the end of the calendar month in which Executive’s death occurs or (b) immediately upon a determination by the
Board of Directors (or the Compensation Committee thereof) of Executive’s Total Disability. In the case of termination of employment under this Section 3.2, Executive shall not be entitled to receive any payments or benefits under this
Agreement other than unpaid Salary earned through the date of termination and unused vacation that has accrued as of the date of Executive’s termination of employment that would be payable under the Company’s standard policy. 

 

	 	3.3	Termination of Employment Without Cause or for Good Reason, Other Than in Connection with a Change of Control 

(a) If (1) the Company terminates Executive’s employment without Cause (as defined in Appendix A), or
(2) Executive resigns for Good Reason (as defined in Appendix A), then Executive shall be entitled to receive the following termination payments and benefits; provided, however, that this Section 3.3 shall not apply to, and
shall have no effect in connection with, any termination to which Section 3.2 or Section 3.4 of this Agreement applies: 
 (i) an amount equal to six (6) months’ Salary, at the rate in effect immediately prior to termination, payable to Executive in accordance with the terms below (“Severance
Payments”); 
 (ii) unpaid Salary earned through the date of termination and unused vacation that
has accrued and would be payable under the Company’s standard policy (collectively, the “Accrued Obligations”), payable in a lump sum on the next regularly scheduled payroll date following the date on which
Executive’s employment terminated; 
 (iii) COBRA continuation coverage paid in full by the Company, so long
as Executive has not become actually covered by the medical plan of a subsequent employer during any such month and is otherwise entitled to COBRA continuation coverage, with such payments for up to a maximum of six (6) months following the
date of termination. After such period, Executive is responsible for paying the full cost for any additional COBRA continuation coverage to which Executive is then entitled; 

(iv) accelerated vesting by an additional twelve (12) months of Executive’s (A) then unvested stock options
to purchase securities of the Company and (B) any other then outstanding equity-based awards that vest based on continued employment or service; and 
 (v) an extension of the time period during which Executive may exercise Executive’s then outstanding stock options, to the extent vested on the date of termination (taking into account the
accelerated vesting provided in this Section 3.3(a)), until the earlier of (A) one (1) year from the date of termination and (B) the latest date upon which such stock options would have expired by their original terms under any
circumstances. 
 (b) As a condition to receiving the payments and benefits under this Section 3.3 other than the Accrued
Obligations, Executive shall execute (and not revoke within the applicable revocation period) a general release and waiver of all claims against the Company, which release and waiver shall be in a form acceptable to the Company, and in substantially
the form attached hereto as 

  
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Appendix B. Such release and waiver shall be delivered to the Company no later than the date specified by the Company (which date shall in no event be later than twenty-one
(21) days or forty-five (45) days, as applicable, after the date on which Executive is presented with the terms of the release and waiver). In addition, payment of the amounts and benefits under this Section 3.3 are contingent on
Executive’s full and continued compliance with the Company’s Confidential Information, Inventions, Nonsolicitation and Noncompetition Agreement, as the same may be amended from time to time. 

(c) Notwithstanding the foregoing, termination of employment by Executive will not be for Good Reason unless (1) Executive notifies
the Company in writing of the existence of the condition which Executive believes constitutes Good Reason within thirty (30) days of the initial existence of such condition (which notice specifically identifies such condition), (2) the
Company fails to remedy such condition within thirty (30) days after the date on which it receives such notice (the “Remedial Period”), and (3) Executive actually terminates employment within thirty (30) days
after the expiration of the Remedial Period and before the Company remedies such condition. If Executive terminates employment before the expiration of the Remedial Period or after the Company remedies the condition (even if after the end of the
Remedial Period), then Executive’s termination will not be considered to be for Good Reason. 
 (d) Subject to
Section 3.3(b), Severance Payments under Section 3.3(a)(i) shall be paid to Executive through the Company’s normally scheduled payroll during the six (6) month period commencing within sixty (60) days following the date on
which Executive’s employment was terminated without Cause or Executive resigned for Good Reason; provided, however, that in the event such sixty (60) day period begins in one taxable year of Executive and ends in a second taxable year of
Executive, the Company shall not make any Severance Payments to Executive until the second taxable year. Each such payment shall be treated as a separate payment for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”), including the rules and regulations thereunder (“Code Section 409A”). Notwithstanding the foregoing, if any payments and benefits payable pursuant to Section 3.3(a) constitute a
“deferral of compensation” subject to Code Section 409A (after taking into account, to the maximum extent possible, any applicable exemptions), then the applicable provisions of Section 13 hereof shall apply. 

 

	 	3.4	Termination of Employment in Connection with a Change of Control 

  

	 	3.4.1	Benefits for Qualified Terminations in Connection with a Change of Control 

 (a) If (1) during the period commencing on the date the Company enters into a definitive agreement with respect to a transaction that would constitute a Change of Control (as defined in
Appendix A) and ending on the date the definitive agreement therefor is terminated or the Change of Control is consummated, the Company terminates Executive’s employment without Cause (as defined in Appendix A),
(2) during the period commencing upon the consummation of the Change of Control and ending eighteen (18) months thereafter, the Company or, if applicable, the surviving or successor employer (“Successor Employer”)
terminates Executive’s employment without Cause (as defined in Appendix A), or (3) during the period commencing upon the consummation of the Change of Control and ending eighteen (18) months thereafter, Executive resigns
for Good Reason (as defined in Appendix A), then Executive shall be entitled to receive the following termination payments and benefits and shall not also be eligible to receive the payments and benefits under Section 3.3:

  
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 (i) an amount equal to six (6) months’ Salary, measured as the
higher of the Salary in effect immediately prior to the Change of Control or the Salary in effect immediately prior to termination, payable to Executive in accordance with the terms below (“CIC Severance Payments”);

 (ii) Accrued Obligations, payable in a lump sum on the next regularly scheduled payroll date following the
date on which Executive’s employment terminated; 
 (iii) COBRA continuation coverage paid in full by the
Company, so long as Executive has not become actually covered by the medical plan of a subsequent employer during any such month and is otherwise entitled to COBRA continuation coverage, with such payments for up to a maximum of six (6) months
following the date of termination. After such period, Executive is responsible for paying the full cost for any additional COBRA continuation coverage to which Executive is then entitled; 

(iv) accelerated vesting of fifty percent (50%) of Executive’s (A) then unvested stock options to purchase
securities of the Company or options to purchase comparable securities of a Successor Employer issued in substitution or replacement therefor in connection with the Change of Control and (B) any other then outstanding equity-based awards that
vest based on continued employment or service; and 
 (v) an extension of the time period during which Executive
may exercise Executive’s then outstanding stock options, to the extent vested as of the date of termination (taking into account the accelerated vesting provided in this Section 3.4.1(a)), until the earlier of (A) one (1) year
from the date of termination and (B) the latest date upon which such stock options would have expired by their original terms under any circumstances. 
 (b) As a condition to receiving the payments and benefits under this Section 3.4.1 other than the Accrued Obligations, Executive shall execute (and not revoke within the applicable revocation period)
a general release and waiver of all claims against the Company, which release and waiver shall be in a form acceptable to the Company (including any Successor Employer thereto), and in substantially the form attached hereto as Appendix
B. Such release and waiver shall be delivered to the Company (or any Successor Employer thereto) no later than the date specified by the Company (or any Successor Employer thereto) (which date shall in no event be later than twenty-one
(21) days or forty-five (45) days, as applicable, after the date on which Executive is presented with the terms of the release and waiver). In addition, payment of the amounts and benefits under this Section 3.4.1 are contingent on
Executive’s full and continued compliance with the Company’s Confidential Information, Inventions, Nonsolicitation and Noncompetition Agreement, as the same may be amended from time to time. 

(c) Notwithstanding the foregoing, termination of employment by Executive will not be for Good Reason unless (1) Executive notifies
the Company (or a Successor Employer thereto) in writing of the existence of the condition which Executive believes constitutes Good Reason within thirty (30) days of the initial existence of such condition (which notice specifically identifies
such condition), (2) the Company (or a Successor Employer thereto) fails to remedy such condition within thirty (30) days after the date on which it receives such notice (the “Remedial Period”), and
(3) Executive actually terminates employment within thirty (30) days after the expiration of the Remedial Period and before the Company (or a Successor Employer thereto) remedies such condition. If Executive terminates employment before
the expiration of the Remedial Period or after 

  
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the Company (or a Successor Employer thereto) remedies the condition (even if after the end of the Remedial Period), then Executive’s termination will not be considered to be for Good
Reason. 
 (d) Subject to Section 3.4.1(b), the CIC Severance Payments under Section 3.4.1(a) shall be paid to
Executive through the Company’s (or the Successor Employer’s) normally scheduled payroll during the six (6) month period commencing within sixty (60) days following the date on which Executive’s employment was terminated
without Cause or Executive resigned for Good Reason; provided, however, that in the event such sixty (60) day period begins in one taxable year of Executive and ends in a second taxable year of Executive, the Company will not make any CIC
Severance Payments to Executive until the second taxable year. Each such payment shall be treated as a separate payment for purposes of Code Section 409A. Notwithstanding the foregoing, if any payments and benefits payable pursuant to
Section 3.4.1(a) constitute a “deferral of compensation” subject to Code Section 409A (after taking into account, to the maximum extent possible, any applicable exemptions), then the applicable provisions of Section 13
hereof shall apply. 
  

	 	3.4.2	Code Section 280G 

(a) Notwithstanding anything in this Agreement to the contrary, in the event that Executive becomes entitled to receive or receives any
payment or benefit under this Agreement or under any other plan, agreement or arrangement with the Company, any person whose actions result in a Change of Control or any other person affiliated with the Company or such person (all such payments and
benefits being referred to herein as the “Total Payments”) and it is determined that any of the Total Payments will be subject to any excise tax pursuant to Code Section 4999, or any similar or successor provision (the
“Excise Tax”), the Company shall pay to Executive either (1) the full amount of the Total Payments or (2) an amount equal to the Total Payments, reduced by the minimum amount necessary to prevent any portion of the
Total Payments from being an “excess parachute payment” (within the meaning of Code Section 280G) (the “Capped Payments”), whichever of the foregoing amounts results in the receipt by Executive, on an
after-tax basis, of the greatest amount of Total Payments notwithstanding that all or some portion of the Total Payments may be subject to the Excise Tax. For purposes of determining whether Executive would receive a greater after-tax benefit
from the Capped Payments than from receipt of the full amount of the Total Payments, (i) there shall be taken into account any Excise Tax and all applicable federal, state and local taxes required to be paid by Executive in respect of
the receipt of such payments and (ii) such payments shall be deemed to be subject to federal income taxes at the highest rate of federal income taxation applicable to individuals that is in effect for the calendar year in which the effective
date of the Change of Control occurs, and state and local income taxes at the highest rate of taxation applicable to individuals in the state and locality of Executive’s residence on the effective date of the Change of Control, net of the
maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes (as determined by assuming that such deduction is subject to the maximum limitation applicable to itemized deductions under Code
Section 68 and any other limitations applicable to the deduction of state and local income taxes under the Code). 
 (b)
All computations and determinations called for by this Section 3.4.2 shall be made by a reputable independent public accounting firm or independent tax counsel appointed by the Company (the “Firm”). All determinations
made by the Firm under this Section 3.4.2 shall be conclusive and binding on both the Company and Executive, and the Firm shall provide its determinations and any supporting calculations to the Company and Executive within ten
(10) business days after Executive’s employment terminates under any of the circumstances described in Section 3.4.1, or such earlier time as is requested by the Company. For purposes of making its

  
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determinations under this Section 3.4.2, the Firm may rely on reasonable, good faith interpretations concerning the application of Code Sections 280G and 4999. The Company and Executive
shall furnish to the Firm such information and documents as the Firm may reasonably request in making its determinations. The Company shall bear all fees and expenses charged by the Firm in connection with its services. 

(c) In the event that Section 3.4.2(a) applies and a reduction is required to be applied to the Total Payments thereunder, the Total
Payments shall be reduced by the Company in its reasonable discretion in the following order: (1) reduction of any Total Payments that are subject to Code Section 409A on a pro-rata basis or such other manner that complies with
Code Section 409A, as determined by the Company, and (2) reduction of any Total Payments that are exempt from Code Section 409A. 
  

	4.	ASSIGNMENT 

 This
Agreement is personal to Executive and shall not be assignable by Executive. The Company may assign its rights hereunder to (a) any Successor Employer; (b) any other corporation resulting from any merger, consolidation or other
reorganization to which the Company is a party; (c) any other corporation, partnership, association or other person to which the Company may transfer all or substantially all of the assets and business of the Company existing at such time; or
(d) any subsidiary, parent or other affiliate of the Company. All of the terms and provisions of this Agreement shall be binding upon and shall inure to the benefit of and be enforceable by the parties hereto and their respective successors and
permitted assigns. 
  

	5.	AMENDMENTS IN WRITING 

 No
amendment, modification, waiver, termination or discharge of any provision of this Agreement, or consent to any departure therefrom by either party hereto, shall in any event be effective unless the same shall be in writing, specifically identifying
this Agreement and the provision intended to be amended, modified, waived, terminated or discharged and signed by the Company and Executive, and each such amendment, modification, waiver, termination or discharge shall be effective only in the
specific instance and for the specific purpose for which given. No provision of this Agreement shall be varied, contradicted or explained by any oral agreement, course of dealing or performance or any other matter not set forth in an agreement in
writing and signed by the Company and Executive. 
  

	6.	NOTICES 

 Every notice
relating to this Agreement shall be in writing and shall be given by personal delivery, by a reputable same-day or overnight courier service (charges prepaid), by registered or certified mail (postage prepaid, return receipt requested) or by
facsimile to the recipient with a confirmation copy to follow the next day to be delivered by personal delivery or by a reputable same-day or overnight courier service to the appropriate party’s address or fax number below (or such other
address and fax number as a party may designate by notice to the other parties): 

  
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	If to the Company:	  	Zillow, Inc.
		  	999 Third Avenue, Suite 4600
		  	Seattle, Washington 98104
		  	Fax Number: (206) 470-7002
		  	Attn: Chief Executive Officer
		
	If to the Executive:	  	
		  	
		  	

  

	7.	APPLICABLE LAW 

 This
Agreement shall in all respects, including all matters of construction, validity and performance, be governed by, and construed and enforced in accordance with, the laws of the State of Washington, without regard to any rules governing conflicts of
laws. 
  

	8.	ENTIRE AGREEMENT 

 This
Agreement, on and as of the Effective Date, constitutes the entire agreement between the Company and Executive with respect to the subject matter hereof, and all prior or contemporaneous oral or written communications, understandings or agreements
between the Company and Executive with respect to such subject matter are hereby superseded in their entirety, except as otherwise provided herein. 
  

	9.	SEVERABILITY 

 If any
provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement
or any action in any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

 

	10.	WAIVERS 

 No delay or
failure by any party hereto in exercising, protecting, or enforcing any of its rights, titles, interests, or remedies hereunder, and no course of dealing or performance with respect thereto, shall constitute a waiver thereof. The express waiver by a
party hereto of any right, title, interest, or remedy in a particular instance or circumstance shall not constitute a waiver thereof in any other instance or circumstance. All rights and remedies shall be cumulative and not exclusive of any other
rights or remedies. 
  

	11.	HEADINGS 

 All headings
used herein are for convenience only and shall not in any way affect the construction of, or be taken into consideration in interpreting, this Agreement. 

  
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	12.	COUNTERPARTS 

 This
Agreement, and any amendment or modification entered into pursuant to Section 5 hereof, may be executed in any number of counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of
which counterparts, taken together, shall constitute one and the same instrument. 
  

	13.	CODE SECTION 409A 

 The
Company makes no representations or warranties to Executive with respect to any tax, economic or legal consequences of this Agreement or any payments or other benefits provided hereunder, including without limitation under Code Section 409A,
and no provision of this Agreement shall be interpreted or construed to transfer any liability for failure to comply with Code Section 409A from Executive or any other individual to the Company or any of its affiliates. Executive, by executing
this Agreement, shall be deemed to have waived any claim against the Company and its affiliates with respect to any such tax, economic or legal consequences. However, the parties intend that this Agreement and the payments and benefits provided
hereunder be exempt from the requirements of Code Section 409A, and the rules and regulations issued thereunder, to the maximum extent possible, whether pursuant to the short-term deferral exception described in Treasury Regulation
Section 1.409A-1(b)(4), the involuntary separation pay plan exception described in Treasury Regulation Section 1.409A-1(b)(9)(iii), or otherwise. To the extent Code Section 409A is applicable to this Agreement, the parties intend that
this Agreement and any payments and benefits hereunder comply with the deferral, payout and other limitations and restrictions imposed under Code Section 409A so as to avoid the imputation of any tax, penalty or interest under Code
Section 409A. Notwithstanding anything herein to the contrary, this Agreement shall be construed, interpreted, operated and administered in a manner consistent with such intentions. Without limiting the generality of the foregoing, and
notwithstanding any other provision of this Agreement to the contrary: 
 (a) To the extent Code Section 409A is applicable
to this Agreement, a termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of amounts or benefits upon or following a termination of employment unless such
termination constitutes a “separation from service” within the meaning of Treasury Regulation Section 1.409A-1(h)(1), without regard to the optional alternative definitions available thereunder (a “Separation from
Service”), and, for purposes of any such provision of this Agreement, references to “terminate,” “termination,” “termination of employment,” “resigns” and like terms shall mean Separation from
Service. 
 (b) If Executive is a “specified employee” within the meaning of Treasury Regulation
Section 1.409A-1(i) as of the date of Executive’s Separation from Service, Executive shall not be entitled to any payment or benefit on account of Executive’s Separation from Service, until the earlier of (1) the date which is
six (6) months after Executive’s Separation from Service for any reason other than death or (2) the date of Executive’s death. The provisions of this paragraph shall only apply if, and to the extent, required to avoid the
imputation of any tax, penalty or interest pursuant to Code Section 409A on Executive. Any amounts otherwise payable to Executive upon or in the six (6) month period following Executive’s Separation from Service that are not so paid
by reason of this Section 13(b) shall be paid (without interest) as soon as practicable (and in all events within thirty (30) days) after the date that is six (6) months after Executive’s Separation from Service (or, if earlier,
as soon as practicable, and in all events within thirty (30) days, after the date of Executive’s 

  
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death). 
 IN WITNESS WHEREOF, the parties have executed and
entered into this Agreement effective on the date first set forth above. 
  

			
	EXECUTIVE
	
	 /s/ Kathleen Philips

	
	ZILLOW, INC.
		
	By	 	 /s/ Richard Barton

		
	Its	 	 Executive Chairman

  
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 APPENDIX A 

DEFINITIONS 
 Capitalized terms used below that are not defined in this Appendix A have the meanings set forth in the Executive Employment Agreement (“Agreement”) to which this
Appendix A is attached. As used in the Agreement, 
 1. “Cause” means the occurrence of one or more
of the following events: 
 (a) willful misconduct, insubordination or dishonesty in the performance of Executive’s duties
or a knowing and material violation of the Company’s or the Successor Employer’s policies and procedures in effect from time to time which results in a material adverse effect on the Company or the Successor Employer; 

(b) the continued failure of Executive to satisfactorily perform his duties after receipt of written notice that identifies the areas in
which Executive’s performance is deficient; 
 (c) willful actions in bad faith or intentional failures to act in good
faith by Executive with respect to the Company or the Successor Employer that materially impair the Company’s or the Successor Employer’s business, goodwill or reputation; 

(d) conviction of Executive of a felony or misdemeanor, conduct by Executive that the Company reasonably believes violates any statute,
rule or regulation governing the Company, or conduct by Executive that the Company reasonably believes constitutes unethical practices, dishonesty or disloyalty and that results in a material adverse effect on the Company or the Successor Employer;

 (e) current use by Executive of illegal substances; or 

(f) any material violation by Executive of this Agreement or the Company’s Confidential Information, Inventions, Nonsolicitation and
Noncompetition Agreement. 
 2. “Change of Control” means the occurrence of any of the following events:

 (a) an acquisition by any Entity of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange
Act) of more than 50% of the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided,
however, that the following acquisitions shall not constitute a Change of Control: (i) any acquisition directly from the Company, other than an acquisition by virtue of the exercise of a conversion privilege where the security being so
converted was not acquired directly from the Company by the party exercising the conversion privilege, (ii) any acquisition by the Company, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by
the Company or any Related Company, (iv) any acquisition by a Founder Shareholder, provided that this clause (iv) shall terminate and be of no effect with respect to a Founder Shareholder at such time as such Founder Shareholder’s
beneficial ownership of the Outstanding Company Voting Securities is less than 25%, or (v) any acquisition by any Entity 

  
 A-1

 
pursuant to a transaction that meets the conditions of clauses (i), (ii) and (iii) set forth in the definition of Company Transaction; 

(b) a change in the composition of the Board of Directors of the Company during any two-year period such that the individuals who, as of
the beginning of such two-year period, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that for purposes of this definition, any individual
who becomes a member of the Board subsequent to the beginning of the two-year period, whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of those individuals who are members
of the Board and who were also members of the Incumbent Board (or deemed to be such pursuant to this proviso) shall be considered as though such individual were a member of the Incumbent Board; and provided further, however, that any such individual
whose initial assumption of office occurs as a result of or in connection with an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on
behalf of an Entity other than the Board shall not be considered a member of the Incumbent Board; or 
 (c) the consummation of
a Company Transaction. 
 3. “Company Transaction” means consummation of: 

(a) a merger or consolidation of the Company with or into any other company; 

(b) a statutory share exchange pursuant to which all of 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, 
 excluding, however, in each case, any such transaction pursuant to which 

(i) the Entities who are the beneficial owners of the Outstanding Company Voting Securities immediately prior to such transaction will
beneficially own, directly or indirectly, at least 50% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the Successor Company in substantially the same proportions as
their ownership, immediately prior to such transaction, of the Outstanding Company Voting Securities; 
 (ii) no Entity (other
than the Company, any employee benefit plan (or related trust) of the Company, a Related Company or a Successor Company) will beneficially own, directly or indirectly, more than 50% of the combined voting power of the outstanding voting securities
of the Successor Company entitled to vote generally in the election of directors unless such ownership resulted solely from ownership of securities of the Company prior to such transaction; and 

(iii) individuals who were members of the Incumbent Board will immediately after the consummation of such transaction constitute at least
a majority of the members of the board of directors of the Successor Company. 

  
 A-2

 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. 
 4. “Effective
Date” shall be the closing date of the Company’s initial public offering. 
 5. “Entity” means
any individual, entity or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act). 
 6.
“Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 7. “Founder
Shareholder” means any holder of record of the Class B common stock, par value $0.0001 per share, of the Company as of the Effective Date. 
 8. “Good Reason” means that Executive, without Executive’s express, written consent, has: 
 (a) incurred a material reduction in authority, duties or responsibilities at the Company or a Successor Employer (with respect to a termination in connection with a Change of Control, relative to
authority, duties or responsibilities immediately prior to the Change of Control); 
 (b) incurred a material reduction in
Executive’s annual Salary or bonus opportunity (except for reductions in connection with a general reduction in annual Salary for all executives of the Company by an average percentage that is not less than the percentage reduction of
Executive’s annual Salary); 
 (c) suffered a material breach of this Agreement by the Company or a Successor Employer; or

 (d) been required to relocate or travel more than fifty (50) miles from Executive’s then current place of
employment in order to continue to perform the duties and responsibilities of Executive’s position (not including customary travel as may be required by the nature of Executive’s position). 

9. “Parent Company” means a company or other entity which as a result of a Company Transaction owns the Company or all or
substantially all of the Company’s assets either directly or through one or more intermediaries. 
 10. “Related
Company” means any entity that is directly or indirectly controlled by, in control of or under common control with the Company. 

11. “Successor Company” means the surviving company, the successor company or Parent Company, as applicable, in connection
with a Company Transaction. 

  
 A-3

 APPENDIX B 

FORM OF RELEASE 

In consideration for the payments and benefits to be provided pursuant to Section 3 of the Executive Employment Agreement
(“Agreement”) entered into by and between                         
(“Executive”) and Zillow, Inc., a Washington corporation (the “Company”), with an effective date of             , 2011, Executive
agrees to the following: 
 (a) Executive represents that Executive has not filed any complaints, charges or lawsuits against
the Company with any governmental agency or any court. 
 (b) Executive expressly waives all claims against the Company and
releases the Company, and any of the Company’s past, present or future parent, affiliated, related, and/or subsidiary entities, and all of the past and present directors, shareholders, officers, general or limited partners, employees, agents,
and attorneys, and agents and representatives of such entities, and employee benefit plans in which Executive is or has been a participant by virtue of his or her employment with the Company (collectively, the “Releasees”),
from any claims that Executive may have against the Company or the Releasees. It is understood that this release includes, but is not limited to, any claims arising directly or indirectly out of, relating to, or in any other way involving in any
manner whatsoever, (1) Executive’s employment with the Company or its subsidiaries or the termination thereof or (2) Executive’s status at any time as a holder of any securities of the Company, including any claims for wages,
stock or stock options, employment benefits or damages of any kind whatsoever arising out of any contracts, express or implied, any covenant of good faith and fair dealing, express or implied, any legal restriction on the Company’s right to
terminate employment, or any federal, state or other governmental statute or ordinance, including, without limitation, the Employee Retirement Income Security Act of 1974, Title VII of the Civil Rights Act of 1964, the federal Age Discrimination in
Employment Act, the Americans With Disabilities Act, the Family and Medical Leave Act, the Washington Law Against Discrimination Act, the Washington Family and Parental Leave Act, or any other legal limitation on the employment relationship (the
“Release”); provided, however, notwithstanding anything to the contrary set forth herein, that this Release shall not extend to (i) benefit claims under employee pension benefit plans in which Executive is a participant
by virtue of Executive’s employment with the Company or its subsidiaries or to benefit claims under employee welfare benefit plans for occurrences (e.g., medical care, death, or onset of disability) arising after the execution of this Release
by Executive, (ii) Executive’s rights to severance pay and benefits under the Agreement; (iii) any claims Executive may have for indemnification pursuant to law, contract or Company policy, (iv) any claims for coverage under any
applicable directors’ and officers’ insurance policy in accordance with the terms of such policy, or (v) any claims arising from events that occur after the date Executive signs this Release. 

Executive understands that this Release includes a release of claims arising under the Age Discrimination in Employment Act (ADEA).
Executive understands and warrants that Executive has been given a period of twenty-one (21) days to review and consider this Release or forty-five (45) days if Executive’s termination is part of a group reduction in force. Executive
further warrants that Executive understands that, with respect to the release of age discrimination claims only, Executive has a period of seven days (7) after execution of this Release to revoke the release of age discrimination claims by
notice in writing to the Company. 

  
 B-1

 EXECUTIVE ACKNOWLEDGES ALL OF THE FOLLOWING: 

(A) I HAVE CAREFULLY READ AND HAVE VOLUNTARILY SIGNED THIS RELEASE; 

(B) I FULLY UNDERSTAND THE FINAL AND BINDING EFFECT OF THIS RELEASE, INCLUDING THE WAIVER OF CLAIMS UNDER THE AGE DISCRIMINATION IN
EMPLOYMENT ACT; AND 
 (C) PRIOR TO SIGNING THIS RELEASE, I HAVE BEEN ADVISED OF MY RIGHT TO CONSULT, AND HAVE BEEN GIVEN
ADEQUATE TIME TO REVIEW MY LEGAL RIGHTS WITH AN ATTORNEY OF MY CHOICE. 
  

	
	  

	Executive Signature
	
	  

	Executive Name (Print)
	
	  

	Date

  
 B-2Form of Restricted Stock Unit Award Agreement (with performance-based vesting)

 Exhibit 10.2 
 FORM OF 
 RESTRICTED STOCK UNIT AWARD AGREEMENT 

(Performance-Based Vesting) 
 This Restricted Stock Unit Award Agreement (the “Agreement”) is entered into as of [GRANT DATE] (the “Grant Date”), by and between Newport Corporation, a Nevada corporation (the
“Company”), and [GRANTEE NAME] (the “Grantee”), pursuant to the Company’s 2011 Stock Incentive Plan (the “Plan”). Any capitalized term not defined herein shall have the same meaning ascribed to it in the
Plan. 
 RECITALS 
 A. Grantee is an employee, director, consultant or other Service Provider, and in connection therewith has rendered services for and on behalf of the Company. 

B. The Company desires to award Restricted Stock Units to Grantee to provide an incentive for Grantee to remain a Service Provider
of the Company and to exert added effort towards its growth and success. 
 NOW, THEREFORE, in consideration of the mutual
covenants hereinafter set forth, and for other good and valuable consideration, the parties agree as follows: 
 1. Award and
Acceptance of Restricted Stock Units. 
 (a) Award and Acceptance. The Company hereby awards to Grantee an
aggregate of [NUMBER OF SHARES] Restricted Stock Units (the “Restricted Stock Units”) on and subject to the terms and conditions set forth in this Agreement and in the Plan. Grantee accepts the Restricted Stock Units and
acknowledges that he or she has read and understands and agrees to be bound by the terms and conditions of this Agreement and the Plan. 
 (b) Restricted Stock Units. One (1) Restricted Stock Unit represents the conditional right to receive one (1) share of the Company’s Common Stock and shall be used solely as a
device for the determination of any issuance of shares of Common Stock to be made to the Grantee if and when Restricted Stock Units vest pursuant to the conditions set forth in this Agreement and the Plan. The Restricted Stock Units create no
fiduciary duty of the Company to the Grantee, and this Agreement creates only a contractual obligation on the part of the Company to deliver shares of the Company’s Common Stock, subject to vesting and the other terms and conditions hereof, as
provided in Section 5 below. The Restricted Stock Units shall not be treated as property or as a trust fund of any kind. No assets have been secured or set aside by the Company with respect to the Restricted Stock Units and, if amounts become
payable to the Grantee pursuant to this Agreement, the Grantee’s rights with respect to such amounts shall be no greater than the rights of any general unsecured creditor of the Company. 

2. Vesting of Units. 
 (a) Vesting Schedule. Subject to the provisions of Sections 3 and 4 below, the Restricted Stock Units evidenced by this Agreement shall vest in installments as set forth in Exhibit A
attached hereto and incorporated herein by reference (each a “Vesting Date”), subject to the achievement of the specified performance goals established by the Committee (as defined in the Plan) with respect to the Performance Criteria (as
defined in the Plan) (the “Performance Condition”) and for the performance period (the “Performance Period”) set forth in Exhibit A, in accordance with the provisions set forth in Exhibit A of this Agreement,
and the other terms and conditions set forth herein. 
 (b) Performance Determination Date. The Committee shall
determine, in its sole discretion, and certify in writing whether and the extent to which the Performance Condition was achieved. Except as otherwise set forth in Exhibit A, such determination and written certification will be made following
completion of the external audit of the Company’s financial statements for the Performance Period (the “Performance Determination Date”). 
 3. Continuous Service. 

                (a) Definition of Continuous Service. For
purposes of this Agreement, the term “Continuous Service” means: (1) employment of the Grantee by either the Company or any Affiliated Company (as defined in the Plan), or by any successor entity following a Change in Control (as
defined in the Plan), which is uninterrupted other than by vacations, illness (except for permanent disability, as defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended (the “Code”)), or leaves of absence which
are approved in writing by the Company or any Affiliated Company, if applicable; (2) service as a member of the Board of Directors of the Company until Grantee resigns, is removed from office, or Grantee’s term of office expires and he or
she is not reelected; or (3) so long as Grantee is engaged as a Service Provider (as defined in the Plan) to the Company or an Affiliated Company. Changes in Grantee’s status among the alternatives set forth in the foregoing clauses (1),
(2) and/or (3) shall not be deemed to terminate Grantee’s Continuous Service. For purposes of this Agreement, the length of the previous employment of Grantee by any entity, or relating to any business, that has been acquired by the
Company or any Affiliated Company shall be included for purposes of calculating the number of years of Grantee’s Continuous Service. 
 (b) Termination of Continuous Service. In the event of any termination of Grantee’s Continuous Service, notwithstanding Section 2(a) above, vesting of the Restricted Stock Units
shall cease immediately upon a termination of Grantee’s Continuous Service. Service for only a portion of the vesting period, even if a substantial portion, will not entitle the Grantee to any proportionate vesting or avoid or mitigate a
termination of rights and benefits upon or following a termination of Continuous Service. Any Restricted Stock Units subject to this Agreement, to the extent not vested as of the date of termination of Grantee’s Continuous Service, shall be
automatically forfeited by Grantee as of such date (regardless of the reason for such termination, including, without limitation, a termination due to death or permanent disability), and the Grantee shall have no further rights with respect to such
Restricted Stock Units. 

 4. Change in Control. Notwithstanding Section 2(a) above, in the event
there occurs a Change in Control (as defined in the Plan) of the Company, then, except as provided herein, the portion of the Restricted Stock Units that is outstanding and unvested immediately prior to such occurrence shall accelerate and become
fully vested (100% achievement of the Performance Condition shall be deemed to have occurred) upon (or, as may be necessary to effect such acceleration, immediately prior to) the consummation of the Change in Control. If, however, this Agreement is
assigned by the Company and assumed by the acquiring or successor entity (or parent thereof), or if a new agreement of comparable value covering shares of a successor entity (or parent thereof) is to be issued in exchange therefor, in connection
with such Change in Control transaction (as such events are more particularly described in the Plan), then vesting of the Restricted Stock Units shall not accelerate and the time-based vesting schedule shall continue to apply, but 100%
achievement of the Performance Condition shall be deemed to have occurred. 
 5. Timing and Manner of Settlement of
Restricted Stock Units. In the event that Restricted Stock Units subject to this Agreement vest in accordance with the conditions set forth in this Agreement, the shares of the Company’s Common Stock which Grantee is entitled to receive
upon such vesting shall be issued in book-entry form, registered in Grantee’s name or in the name of Grantee’s legal representatives, beneficiaries or heirs, as the case may be, promptly or as soon as practicable after the Vesting Date of
such Restricted Stock Units, in settlement of such vested whole Restricted Stock Units, unless such settlement is deferred in accordance with the terms and conditions of the Company’s nonqualified compensation deferral plans and in compliance
with Section 409A of the Code. Such delivery of shares shall be subject to the tax withholding provisions of Section 6(b) and subject to adjustment as provided in Section 7, and shall be nonassessable and in complete satisfaction of
such vested Restricted Stock Units. The Grantee shall deliver to the Company any representations or other documents or assurances required pursuant to Section 11. 
 6. Tax Matters. 
 (a) Compliance with Tax Laws. In order to
comply with all applicable federal or state income tax laws or regulations, the Company may take such action as it deems appropriate to ensure that all applicable federal or state payroll, withholding, income or other taxes, which are the sole and
absolute responsibility of Grantee, are withheld or collected from Grantee. 
 (b) Tax Withholding. The Company
shall reasonably determine the amount of any federal, state, local or other income, employment, or other taxes which the Company or any Affiliated Company may reasonably be obligated to withhold with respect to the grant, vesting, or other event
with respect to the Restricted Stock Units. The Company may, in its sole discretion, withhold a sufficient number of shares of Common Stock in connection with the vesting of the Restricted Stock Units at the Fair Market Value (as defined in the
Plan) of the Common Stock (determined as of the date of measurement of the amount of income subject to such withholding) to satisfy the amount of any such withholding obligations that arise with respect to the vesting of such Restricted Stock Units.
The Company may take such action(s) without notice to the Grantee and shall remit to the Grantee the balance of any proceeds from withholding such shares in excess of the amount reasonably determined to be necessary to satisfy such withholding
obligations. The Grantee shall have no discretion as to the satisfaction of tax withholding obligations in such manner. If, however, any withholding event occurs with respect to the Restricted Stock Units other than upon the vesting of such
Restricted Stock Units, or if the Company for any reason does not satisfy the withholding obligations with respect to the vesting of the Restricted Stock Units as provided above in this Section 6(b), the Company shall be entitled to require a
cash payment by or on behalf of the Grantee and/or to deduct from other compensation payable to the Grantee the amount of any such withholding obligations. 
 (c) Tax Treatment. The Restricted Stock Units evidenced by this Agreement, and the issuance of shares of Common Stock to the Grantee in settlement of vested Restricted Stock Units, are
intended to be taxed under the provisions of Section 83 of the Code, and are not intended to provide and do not provide for the deferral of compensation within the meaning of Section 409A(d) of the Code. Therefore, the Company intends to
report as includible in the Grantee’s gross income for any taxable year an amount equal to the Fair Market Value of the shares of Common Stock covered by the Restricted Stock Units that vest (if any) during such taxable year, determined as of
the date such Restricted Stock Units are settled and the shares are delivered to the Grantee. The Company reserves the right to amend this Agreement, without the Grantee’s consent, to the extent it reasonably determines from time to time that
such amendment is necessary in order to achieve the purposes of this Section. 
 7. Adjustments Upon Specified Events.

 (a) Adjustment in Number and Kind. In the event that the outstanding shares of the Company’s Common
Stock are hereafter increased or decreased or changed into or exchanged for a different number or kind of shares or other securities of the Company by reason of a recapitalization, stock split, reverse stock split, reclassification, stock dividend,
or other change in the capital structure of the Company, then the Company shall make appropriate adjustments to the number of Restricted Stock Units subject to this Agreement and to the number and kind of securities that may be issued in respect of
such Restricted Stock Units, in order to preserve, as nearly as practical, but not to increase, the benefits to the Grantee. 
 

(b) Adjustment to Performance Measures. With respect to the Performance Condition, the Company shall adjust the performance
measure, performance goal and other provisions of this Agreement to the extent (if any) it determines, in its sole discretion, that the adjustment is necessary or advisable to preserve the intended incentives and benefits to reflect (1) any
stock split, reverse stock split, stock dividend, material change in corporate capitalization, any material corporate transaction (such as a reorganization, combination, separation, merger, acquisition, or any combination of the foregoing), or any
complete or partial liquidation of the Company, (2) any change in accounting policies or practices, (3) the effects of any special charges to the Company’s earnings, or (4) any other similar special circumstances. 

8. No Stockholder Rights. The Grantee shall have no rights as a stockholder of the Company, no dividend rights and no
voting rights with respect to the Restricted Stock Units or any shares of Common Stock issuable in respect of such Restricted Stock Units, until 

  
 2 

 
shares of Common Stock are actually issued to and held of record by the Grantee. No adjustments will be made for dividends or other rights of a holder for which the record date is prior to the
date of issuance of the shares of Common Stock, except as provided in Section 7 hereof. 
 9. Restrictions on
Transfer. Until shares of the Company’s Common Stock have been issued free of restrictions in settlement of vested Restricted Stock Units, neither the Restricted Stock Units nor any interest therein or amount payable in respect thereof may
be sold, assigned, transferred, pledged or otherwise disposed of, alienated or encumbered by the Grantee, either voluntarily or involuntarily, except by will, the laws of descent and distribution or pursuant to a DRO entered by a court in settlement
of marital property rights or except as authorized by the Administrator of the Plan in its sole discretion. The transfer restrictions set forth in this Section 9 shall not apply to transfers to the Company. Notwithstanding the foregoing, upon
the issuance of shares of the Company’s Common Stock in settlement of vested Restricted Stock Units, the restrictions set forth in this Section 9 shall continue to apply to such issued shares until such time as the Grantee has satisfied
all holding period requirements applicable to the Grantee based on his or her position with the Company under any Company policy. 
 10. Adverse Activity. The Company may cancel, rescind, suspend, withhold or otherwise limit or restrict all or any portion of the Restricted Stock Units at any time if the Grantee is not in
compliance with all applicable provisions of this Agreement and the Plan, or if the Grantee engages in any “Adverse Activity.” For purposes of this Section 10, “Adverse Activity” shall include: (a) the rendering of
services for any organization or engaging directly or indirectly in any business which is or becomes competitive with the Company, or which organization or business, or the rendering of services to such organization or business, is or becomes
otherwise prejudicial to or in conflict with the interests of the Company; (b) the disclosure to anyone outside the Company, or the use in other than the Company’s business, without prior written authorization from the Company, of any
confidential information or material relating to the business of the Company, acquired by the Grantee either during or after employment or other engagement with the Company; (c) the failure or refusal to disclose promptly and to assign to the
Company (in accordance with the Company’s policies and any agreement in effect between the Company and the Grantee pertaining to confidentiality and/or ownership of intellectual property) all right, title and interest in any invention or idea,
patentable or not, made or conceived by the Grantee during employment by the Company, utilizing any Company property, during Grantee’s working time, or relating in any manner to the actual or anticipated business, research or development work
of the Company; (d) activity that results in termination of the Grantee’s employment for cause; (e) a material violation of any rules, policies, procedures or guidelines of the Company; or (f) any attempt directly or indirectly
to induce any employee of the Company to be employed or perform services elsewhere or any attempt directly or indirectly to solicit the trade or business of any current or prospective customer, supplier or partner of the Company. 

11. Compliance with Laws. The award of Restricted Stock Units and the offer, issuance and delivery of securities under this
Agreement are subject to compliance with all applicable federal and state laws, rules and regulations (including but not limited to state and federal securities laws) and to such approvals by any listing, regulatory or governmental authority as may,
in the opinion of counsel for the Company, be necessary or advisable in connection therewith. The Grantee will, if requested by the Company, provide such assurances and representations to the Company as the Company may deem necessary or desirable to
assure compliance with all applicable legal requirements. The Company will cause such action to be taken, and such filings to be made, so that the grant hereunder shall comply with the rules of the Nasdaq National Market or the principal stock
exchange on which shares of the Company’s Common Stock are then listed for trading. 
 12. Limitation of
Company’s Liability for Nonissuance; Unpermitted Transfers. The Company agrees to use its reasonable best efforts to obtain from any applicable regulatory agency such authority or approval as may be required in order to issue and sell the
shares of the Company’s Common Stock to Grantee pursuant to this Agreement. The inability of the Company to obtain, from any such regulatory agency, authority or approval deemed by the Company’s counsel to be necessary for the lawful
issuance and sale of the shares hereunder and under the Plan shall relieve the Company of any liability in respect of the nonissuance or sale of such shares as to which such requisite authority or approval shall not have been obtained. The Company
shall not be required to: (a) transfer on its books any Restricted Stock Units or any shares issued in respect thereof which shall have been sold or transferred in violation of any of the provisions set forth in this Agreement, or
(b) treat as owner of such issued shares or to accord the right to vote as such owner or to pay dividends to any transferee to whom such issued shares shall have been so transferred. 

13. Legends. In the event, and only in the event, that, at the time any Restricted Stock Units are to be settled in shares
of Common Stock pursuant to this Agreement, the Company does not have an effective Form S-8 Registration Statement on file with the Securities and Exchange Commission with respect to the offer and sale of shares of Common Stock covered by this
Agreement, the certificates, if any, representing the shares of Common Stock so paid will bear a legend in substantially the following form: 
 “THESE SHARES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR UNDER ANY APPLICABLE STATE LAW. THEY MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR PLEDGED WITHOUT (1) REGISTRATION
UNDER THE SECURITIES ACT OF 1933 AND ANY APPLICABLE STATE LAW, OR (2) AN OPINION (SATISFACTORY TO THE COMPANY) OF COUNSEL (SATISFACTORY TO THE COMPANY) THAT REGISTRATION IS NOT REQUIRED.” 

 14. “Market Stand-Off” Agreement.
Grantee agrees that, if requested by the Company or the managing underwriter of any proposed public offering of the Company’s securities (including any acquisition transaction where Company securities will be used as all or part of the purchase
price), Grantee will not sell or otherwise transfer or dispose of any shares of Common Stock held by Grantee that were issued upon the settlement of the Restricted Stock Units without the prior written consent of the Company or such underwriter, as
the case may be, during such period of time, not to exceed 180 days following the effective date of the registration statement filed by the Company with respect to such offering, as the Company or the underwriter may specify. 

15. No Agreement to Employ. Nothing contained in this Agreement constitutes an employment commitment by the Company or any
Affiliated Company, confers upon the Grantee any right to remain employed by the Company or any Affiliated Company, or interferes in any way with the right of the Company or any Affiliated Company at any time to terminate such employment. Nothing in
this paragraph, 

  
 3 

 
however, is intended to adversely affect any independent contractual right of the Grantee under any written agreement with the Company or any Affiliated Company. 

16. General. 
 (a) Section Headings; Number and Gender. The section headings of, and titles of paragraphs and subparagraphs contained in, this Agreement are for the purpose of convenience only, and they
neither form a part of this Agreement nor are they to be used in the construction or interpretation thereof. Where the context requires, the singular shall include the plural, the plural shall include the singular, and any gender shall include all
other genders. 
 (b) Governing Law; Attorneys’ Fees. The validity, construction, interpretation, and effect
of this Agreement shall be governed by and determined in accordance with the laws of the State of California except for matters related to corporate law, in which case the provisions of the Nevada corporation law shall govern. If any party shall
bring an action in law or equity against another to enforce or interpret any of the terms, covenants and provisions of this Agreement, the prevailing party in such action shall be entitled to recover from the other party reasonable attorneys’
fees and costs. 
 (c) Severability. If any provision of this Agreement or the application thereof is held to be
invalid, the invalidity shall not affect other provisions or applications of this Agreement which can be given effect without the invalid provisions or applications, and to this end the provisions of this Agreement are declared to be severable.

 (d) Entire Agreement. This Agreement, including Exhibit A hereto, embodies the entire agreement of the parties
hereto respecting the matters within the scope of this Agreement and supersedes all prior and contemporaneous agreements of the parties hereto that directly or indirectly bears upon the subject matter hereof, except as otherwise set forth in
Section 15 hereof. Any such prior negotiations, correspondence, agreements, proposals or understandings relating to the subject matter hereof shall be deemed to have been merged into this Agreement, and to the extent inconsistent herewith, such
negotiations, correspondence, agreements, proposals, or understandings shall be deemed to be of no force or effect. There are no representations, warranties, or agreements, whether express or implied, or oral or written, with respect to the subject
matter hereof, except as expressly set forth herein. This Agreement is an integrated Agreement as to the subject matter hereof. 

(e) Interpretation. The terms contained in the Plan are incorporated into and made a part of this Agreement and this
Agreement shall be governed by and construed in accordance with the Plan, and shall in all respects be interpreted in accordance therewith. In the event of any actual or alleged conflict between the provisions of the Plan and the provisions of this
Agreement, the provisions of the Plan shall be controlling and determinative. The Administrator shall interpret and construe this Agreement and the Plan, and any action, decision, interpretation or determination made in good faith by the
Administrator shall be final and binding on the Company and the Grantee. 
 (f) Modifications. This Agreement may
not be amended, modified or changed (in whole or in part), except by a written agreement expressly referring to this Agreement, which agreement is executed by both of the parties hereto. Notwithstanding the foregoing, amendments made pursuant to
Section 6(c) or 7 hereof may be effectuated solely by the Company. 
 (g) Successors and Assigns. This
Agreement shall inure to the benefit of the successors and assigns of the Company and be binding upon the Grantee and his heirs, executors, administrators, successors and permitted assigns. 

(h) Waiver. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege
under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any
waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is
signed by the party asserted to have granted such waiver. 
 (i) Notices. Any notice, demand or request required
or permitted to be given under this Agreement shall be in writing and shall be deemed given when delivered personally or three (3) days after being deposited in the United States mail, as certified or registered mail, with postage prepaid, (or
by such other method as the Administrator may from time to time deem appropriate), and addressed, if to the Company, at its principal place of business, Attention: General Counsel, and if to the Grantee, at his or her most recent address as shown in
the employment or stock records of the Company. 
 (j) Counterparts. This Agreement may be executed in any number
of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one or more
counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. Copies of such signed counterparts may be used in lieu of the originals for any purpose. 

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

 

							
	NEWPORT CORPORATION	 		  	GRANTEE:
				
	By:	 	  
	 		  	  

	Name:	 	  
	 		  	[GRANTEE NAME]
	Title:	 	  
	 		  	

  

  
 4 

 EXHIBIT A 
 VESTING SCHEDULE 
 The vesting of all Restricted Stock Units evidenced by this Agreement
will be conditioned upon the achievement by the Company of the following financial performance goal(s): 
  

			
	 Performance Measure
	  	        Target        
Level

 If the financial performance goal(s) set forth above are achieved by
the Company, the Restricted Stock Units will vest in equal [NUMBER OF INSTALLMENTS] installments on [VESTING DATES]. If such financial performance goal(s) are not achieved, all Restricted Stock Units will be forfeited effective as of
the Performance Determination Date. 

  
 A-1

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