EX-10.3



 Exhibit 10.3 

VOTING AGREEMENT 
 This
Voting Agreement (this “Agreement”), dated as of March 11, 2016 between the undersigned stockholder (“Stockholder”) of Connecture, Inc., a Delaware corporation (the “Company”), and Francisco
Partners IV, L.P., a Delaware limited partnership (“Investor”). 
 WHEREAS, concurrently with or following the execution of
this Agreement, the Company, Investor and other investor parties thereto, have entered, or will enter, into an Investment Agreement dated the date hereof ( the “Investment Agreement”), the form executed or to be executed having been
previously provided to the Stockholder including all exhibits in final form, providing for, among other things, an equity financing transaction (the “Financing”); and 

WHEREAS, to induce Investor to enter into the Investment Agreement, Stockholder is willing to make certain representations, warranties,
covenants and agreements with respect to the shares of common stock, par value $0.001 per share, of the Company (“Company Common Stock”) beneficially owned by Stockholder and set forth below Stockholder’s signature on the
signature page hereto (the “Original Shares” and, together with any additional shares of Company Common Stock pursuant to Section 6 hereof, the “Shares”). 

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt, sufficiency and adequacy of which
are hereby acknowledged, the parties hereto agree as follows: 
 1. Definitions. For purposes of this Agreement, capitalized terms used and not
defined herein shall have the respective meanings ascribed to them in the Investment Agreement. 
 2. Representations of
Stockholder. Stockholder represents and warrants to Investor that: 
 (a) (i) Stockholder owns beneficially (as such term is
defined in Rule 13d-3 under the Exchange Act all of the Original Shares free and clear of all Liens, and (ii) except pursuant hereto, there are no options, warrants or other rights, agreements, arrangements or commitments of any character to which
Stockholder is a party relating to the pledge, disposition or voting of any of the Original Shares and there are no voting trusts or voting agreements with respect to the Original Shares. 

(b) Stockholder does not beneficially own any shares of Company Common Stock or any security exercisable for or convertible into shares of
Company Common Stock other than the Original Shares as set forth on the signature page of this Agreement. 







 (c) Stockholder has full power and authority to enter into, execute and deliver this Agreement
and to perform fully Stockholder’s obligations hereunder. This Agreement has been duly and validly executed and delivered by Stockholder and constitutes the legal, valid and binding obligation of Stockholder, enforceable against Stockholder in
accordance with its terms. 
 (d) None of the execution and delivery of this Agreement by Stockholder, the consummation by Stockholder of
the transactions contemplated hereby or compliance by Stockholder with any of the provisions hereof will conflict with or result in a breach, or constitute a default (with or without notice of lapse of time or both) under any provision of, any trust
agreement, loan or credit agreement, note, bond, mortgage, indenture, lease or other agreement, instrument or Law applicable to Stockholder or to Stockholder’s property or assets. 

(e) No consent, approval or authorization of, or designation, declaration or filing with, any Governmental Entity or other Person on the part
of Stockholder is required in connection with the valid execution and delivery of this Agreement. 
 3. Agreement to Vote Shares. 

(a) Stockholder agrees during the term of this Agreement to vote the Shares, and to cause any holder of record of Shares to vote: (i) in favor
of the Financing and the Investment Agreement, at every meeting of the stockholders of the Company at which such matters are considered and at every adjournment or postponement thereof; (ii) against (1) any Alternative Transaction, (2) any action,
proposal, transaction or agreement which could reasonably be expected to result in a breach of any covenant, representation or warranty or any other obligation or agreement of the Company under the Investment Agreement or of Stockholder under this
Agreement and (3) any action, proposal, transaction or agreement that could reasonably be expected to impede, interfere with, delay, discourage, adversely affect or inhibit the timely consummation of the Financing or the fulfillment of
Investor’s or the Company’s conditions under the Investment Agreement or change in any manner the voting rights of any class of shares of the Company (including any amendments to the Certificate of Incorporation or Bylaws. 

(b) Stockholder hereby appoints Investor and any designee of Investor, and each of them individually, its proxies and attorneys-in-fact, with
full power of substitution and resubstitution, to vote during the term of this Agreement with respect to the Shares in accordance with Section 3(a) and for no other purpose. This proxy and power of attorney is given to secure the performance of the
duties of Stockholder under this Agreement. Stockholder shall take such further action or execute such other instruments as may be necessary to effectuate the intent of this proxy. This proxy and power of attorney granted by Stockholder shall be
irrevocable during the term of this Agreement, shall be deemed to be coupled with an interest sufficient in law to support an irrevocable proxy and shall revoke any and all prior proxies granted by Stockholder with respect to the Shares. The power
of attorney granted by Stockholder herein is a durable power of attorney and shall survive the dissolution, bankruptcy, death or incapacity of Stockholder. The proxy and power of attorney granted hereunder shall terminate upon the termination of
this Agreement. 

  
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 4. Covenants. 

(a) Stockholder agrees that Stockholder will not, and will not permit any entity under Stockholder’s control to, deposit any of the
Shares in a voting trust, grant any proxies with respect to the Shares or subject any of the Shares to any arrangement with respect to the voting of the Shares other than agreements entered into with Investor. 

(b) Stockholder agrees that all shares of Company Common Stock that Stockholder purchases, acquires the right to vote or otherwise acquires
beneficial ownership (as defined in Rule 13d-3 under the Exchange Act) of after the execution of this Agreement shall be subject to the terms of this Agreement and shall constitute Shares for all purposes of this Agreement. 

5. Termination. This Agreement shall terminate upon the earliest to occur of (i) the Closing (ii) the date on which the Investment Agreement is
terminated in accordance with its terms and (iii) June 30, 2016. 
 6. No Agreement as Director or Officer. Stockholder makes no agreement or
understanding in this Agreement in Stockholder’s capacity as a designator, employer or affiliate of any director or officer of the Company or any of its subsidiaries (if Stockholder’s designee, employee or affiliate holds such office), and
nothing in this Agreement: (a) will limit or affect any actions or omissions taken by any designee, employee or affiliate of Stockholder as such a director or officer, including in exercising rights under the Investment Agreement, and no such
actions or omissions shall be deemed a breach of this Agreement or (b) will be construed to prohibit, limit or restrict any designee, employee or affiliate of Stockholder from exercising his or her fiduciary duties as an officer or director to the
Company or its stockholders. 
 7. Miscellaneous. 

(a) This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware applicable to agreements
made and to be performed entirely within such state, without regard to the conflicts of law principles of such state. 
 (b) The parties
hereto acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the
parties hereto shall be entitled to seek an injunction or injunctions to prevent breaches or threatened breaches of this Agreement and to seek to enforce specifically the terms and provisions of this Agreement in any court of competent jurisdiction,
in each case without proof of damages or otherwise (and each party hereto hereby waives any requirement for the securing or posting of any bond in connection with such remedy), this being in addition to any other remedy to which they are entitled at
law or in equity. The parties hereto agree not to assert that a remedy of specific enforcement is unenforceable, invalid, contrary to law or inequitable for any reason, nor to assert that a remedy of monetary damages would provide an adequate
remedy. 

  
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 (c) Each of the parties hereto irrevocably and unconditionally submits to the exclusive
jurisdiction of the Chancery Court of the State of Delaware (or, if the Chancery Court of the State of Delaware declines to accept jurisdiction, any state or federal court within the State of Delaware), for the purposes of any Action or other
proceeding arising out of this Agreement and the rights and obligations arising hereunder, and irrevocably and unconditionally waives any objection to the laying of venue of any such Action or proceeding in any such court, and further irrevocably
and unconditionally waives and agrees not to plead or claim in any such court that any such Action or proceeding has been brought in an inconvenient forum. Each party hereto agrees that service of any process, summons, notice or document by
registered mail to such party’s respective address set forth on the signature pages hereto shall be effective service of process for any such Action or proceeding. 

(d) EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF
ANY ACTION, CLAIM OR OTHER PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. EACH PARTY HERETO (i) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, CLAIM OR OTHER PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER AND (ii) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7(d). 
 (e) This Agreement may be executed in two or more identical counterparts
(including by facsimile or electronic transmission), each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument, and shall become effective when one or more counterparts have been
signed by each of the parties hereto and delivered (by facsimile, electronic transmission or otherwise) to the other parties. 
 (f) Each
party hereto shall execute and deliver such additional documents as may be necessary or desirable to effect the transactions contemplated by this Agreement. 

(g) This Agreement supersedes all prior agreements, written or oral, between the parties hereto with respect to the subject matter hereof and
contains the entire agreement between the parties with respect to the subject matter hereof. This Agreement may not be amended or supplemented, and no provisions hereof may be modified or waived, except by an instrument in writing signed by both of
the parties hereto. No waiver of any provisions hereof by either party shall be deemed a waiver of any other provisions hereof by such party, nor shall any such waiver be deemed a continuing waiver of any provision hereof by such party. 

(h) All Section headings herein are for convenience of reference only and are not part of this Agreement, and no construction or reference
shall be derived therefrom. 

  
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 (i) The obligations of Stockholder set forth in this Agreement shall not be effective or binding
upon Stockholder until after such time as the Investment Agreement is executed and delivered by the Company and Investor, and the parties hereto agree that there is not and has not been any other agreement, arrangement or understanding between the
parties hereto with respect to the matters set forth herein. 
 (j) Neither party to this Agreement may assign any of its rights or
obligations under this Agreement without the prior written consent of the other party hereto, except that Investor may assign, in its sole discretion, all or any of its rights, interests and obligations hereunder to any of its Affiliates. Any
assignment contrary to the provisions of this Section 7(j) shall be null and void. 
 [SIGNATURE PAGE FOLLOWS] 

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

			
	INVESTOR:
	
	FRANCISCO PARTNERS IV, L.P.
		
	By:	 	 FRANCISCO PARTNERS GP IV, L.P.
 its General
Partner

		
	By:	 	FRANCISCO PARTNERS GP IV
		 	 MANAGEMENT LIMITED
 its General
Partner

		
	By:	 	 /s/ Ezra Perlman

	Name: Ezra Perlman
	Title: Co-President



  
 [SIGNATURE PAGE TO
VOTING AGREEMENT] 









			
	 STOCKHOLDER:
  

GPP – CONNECTURE, LLC

		
	 By
	 	 /s/ Jeffrey Jay

	 Name: Jeffrey Jay

	 Title: President

	
	 Number of Shares of Company Common

Stock Beneficially Owned as of the Date

of this Agreement: 4,127,232

Street Address: 165 Mason Street 3rd

Floor

City/State/Zip Code: Greenwich, CT

06830



 [SIGNATURE PAGE TO VOTING AGREEMENT]