X0303 4 2009-07-24 0 0001142512 ZIPREALTY INC ZIPR 0001410721 Yakominich Robert John 2000 POWELL STREET SUITE 300 EMERYVILLE CA 94608 0 1 0 0 SVP, Sales Common Stock 15000 D Employee Stock Option (Right to Buy) 3.20 2009-07-24 4 A 0 30000 0.00 A 2009-08-01 2016-07-23 Comon Stock 30000 30000 D Employee Stock Option (Right to Buy) 4.97 2009-07-24 4 D 0 45000 0.00 D 2009-05-21 2018-05-20 Common Stock 45000 0 D Employee Stock Option (Right to Buy) 6.68 2008-08-20 2017-08-19 Common Stock 130000 130000 D 7,500 shares subject to the stock award shall vest on August 12, 2009, and 7,500 shares shall vest on February 12, 2010, in accordance with the terms of a Restricted Stock Award Agreement entered into under the Company's 2004 Equity Incentive Plan. This vesting schedule is subject to the employee remaining in a service relationship with the Company on such dates and also to change-of-control terms contained in separate agreement(s). Pursuant to the option exchange program of ZipRealty, Inc. ("Issuer"), Issuer canceled a 10-year option granted to the reporting person with an exercise price between $4.59 and $7.99 per share. In exchange for every three Eligible Options surrendered at this exerise price, the reporting person received two New Options with a seven-year life at an exercise price of $3.20 per share, which was the closing sale price of Issuer's common stock on the NASDAQ Global Market on July 24, 2009. The New Options vest at the rate of 1/36 per month on the first date of each month until fully vested, subject to the reporting person remaining a service provider to Issuer. One-fourth of the shares subject to the option vested and became exercisable on May 21, 2009, and one forty-eighth of the shares shall vest and become exercisable on the first day of each calendar month thereafter. One-fourth of the shares subject to the option vested and became exercisable on August 20, 2008, and one forty-eighth of the shares shall vest and become exercisable on the first day of each calendar month thereafter. /s/David Rector, Attorney-in-Fact 2009-07-28