EX-4.1



 Exhibit 4.1 

CONNECTURE, INC. 

INVESTOR RIGHTS AGREEMENT 

THIS INVESTOR RIGHTS AGREEMENT (the
“Agreement”) is entered into as of the 3rd day of August, 2012, by and among CONNECTURE, INC., a Delaware corporation (the “Company”), and the investors listed on
EXHIBIT A hereto, referred to hereinafter as the “Investors” and each individually as an “Investor.” 

RECITALS 

WHEREAS, the Company and certain Investors (the “Series B
Investors”) are parties to that certain Series B Preferred Stock Purchase Agreement, dated August 3, 2012 (as amended from time to time, the “Series B Purchase Agreement”), pursuant to which the Company is
selling, and the Series B Investors are purchasing, shares of the Company’s Series B Preferred Stock, par value $0.001 per share (the “Series B Stock”); and  

WHEREAS, certain of the Company’s and the Series B Investors’ obligations under the Series B
Purchase Agreement are conditioned on the execution and delivery of this Agreement by the parties hereto. 
 NOW,
THEREFORE, in consideration of these premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

 

	SECTION 1.	GENERAL. 

 1.1 Definitions. As used in this Agreement the following terms shall
have the following respective meanings: 
 (a) “Affiliate” means, with respect to any specified Person, any
other Person who, directly or indirectly, controls, is controlled by, or is under common control with such Person and any partner of such Person if such Person is a partnership. An “Affiliate” with respect to any Investor that is an entity
includes (i) any private equity or venture capital fund or similar fund or entity for which an Affiliate of such Investor directly or indirectly, through one or more intermediaries, serves as a manager, general partner or in a like capacity,
and (ii) any general partners, limited partners, managers, management companies, members or stockholders of such Investor or its other Affiliates (including any Person described in clause (i)). 

(b) “Board” means the Board of Directors of the Company. 

(c) “Common Stock” means the Company’s common stock. 

(d) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(e) “Form S-1” means such form under the Securities Act as in effect on
the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC. 

  
 1. 









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 (f) “Form S-3” means such form under the Securities Act as in
effect on the date hereof or any successor or similar registration form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents filed by the Company
with the SEC. 
 (g) “GAAP” means generally accepted accounting principles in the United States, consistently
applied. 
 (h) “Holder” means any Investor owning of record outstanding Registrable Securities who is a
party to this Agreement. 
 (i) “Initial Offering” means the Company’s first firm commitment
underwritten public offering of its Common Stock registered under the Securities Act. 
 (j) “Major
Investor” means an Investor holding in the aggregate at least 1,000,000 shares (as adjusted for stock splits, combinations and the like) of Preferred Stock or Common Stock issued upon conversion thereof. 

(k) “Preferred Stock” means, collectively, the Series A Stock and the Series B
Stock (upon the designation of such shares). 
 (l) “Register,” “registered,” and
“registration” refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of effectiveness of such registration statement or
document. 
 (m) “Registrable Securities” means (a) Common Stock issuable or issued upon conversion of
the Shares; (b) any Common Stock acquired by the Investors after the date of this Agreement; and (c) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a
dividend or other distribution with respect to, or in exchange for or in replacement of, the securities described in clause (a) or (b). Notwithstanding the foregoing, Registrable Securities shall not include any securities (i) sold by a
person to the public either pursuant to a registration statement or Rule 144; or (ii) held by a Holder (together with its Affiliates) if the Company has completed its Initial Offering and all shares of Common Stock (including all shares of
Common Stock issuable or issued upon conversion of the Shares) held by and issuable to such Holder (and its Affiliates) constitute less than one percent (1%) of the shares of Common Stock then outstanding as shown on the then most recent report
or statement filed by the Company with the SEC. 
 (n) “Registrable Securities then Outstanding” shall be the
number of shares of the Common Stock that are Registrable Securities and either (a) are then issued and outstanding or (b) are issuable upon conversion of the Shares. 

(o) “Registration Expenses” shall mean all expenses (other than Selling Expenses) incurred in connection with
any registration, qualification or compliance pursuant to Sections 2.2, 2.3 and 2.4, including all registration and filing fees, printing expenses, fees and disbursements of counsel for the Company, reasonable fees and disbursements of a single
special counsel for the Holders, blue sky fees and expenses and the expense of any special audits incident to or required by any such registration (but excluding the compensation of regular employees of the Company which shall be paid in any event
by the Company). 








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 (p) “Restated Certificate” means the Company’s Fifth
Amended and Restated Certificate of Incorporation, as amended. 
 (q) “SEC” or “Commission”
means the Securities and Exchange Commission. 
 (r) “Securities Act” shall mean the Securities Act
of 1933, as amended. 
 (s) “Selling Expenses” shall mean all underwriting discounts, selling commissions and
stock transfer taxes applicable to the sale of Registrable Securities and fees and disbursements of counsel for any Holder, except for fees and disbursements of a single special counsel for the Holders borne and paid for by the Company as provided
in subsection (o) above. 
 (t) “Series A Stock” shall mean the Company’s Series A Preferred Stock,
par value $0.001 per share. 
 (u) “Shares” shall mean the shares of Series B Stock issued pursuant to the
Purchase Agreement and shares of Preferred Stock held from time to time by the Investors listed on Exhibit A hereto and their permitted assigns. 

(v) “Special Registration Statement” shall mean (i) a registration statement relating to any employee
benefit plan or (ii) with respect to any corporate reorganization or transaction under Rule 145 of the Securities Act, any registration statements related to the issuance or resale of securities issued in such a transaction or (iii) a
registration in which the only Common Stock being registered is stock issuable upon conversion of debt securities that are also being registered. 
  

	SECTION 2.	REGISTRATION; RESTRICTIONS ON TRANSFER. 

 2.1 Restrictions on Transfer. 

(a) Each Holder agrees not to make any disposition of all or any portion of the Shares or Registrable Securities unless and until: 

(i) there is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition
is made in accordance with such registration statement; or 
 (ii) (A) The transferee has agreed in writing to be bound by the
terms of this Agreement, (B) such Holder shall have notified the Company of the proposed disposition and shall have furnished the Company with a statement of the circumstances surrounding the proposed disposition, and (C) if reasonably
requested by the Company, such Holder shall have furnished the Company with an opinion of counsel or other evidence, in each case reasonably satisfactory to the Company, that such disposition will not require registration of such shares under the
Securities Act. It is agreed that the Company will not require opinions of counsel for 








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transactions made pursuant to Rule 144, except in unusual circumstances. After its Initial Offering, the Company will not require any transferee to be bound by the terms of this Agreement if the
shares so transferred do not remain Registrable Securities hereunder following such transfer. 
 (b) Notwithstanding the provisions
of subsection (a) above, no such restriction shall apply to a transfer by a Holder that is (A) an Affiliate of such Holder, or (B) an individual transferring to the Holder’s family member or trust for the benefit of an individual
Holder; provided that in each case the transferee will agree in writing to be subject to the terms of this Agreement to the same extent as if such transferee were an original Holder hereunder. 

(c) Each certificate representing Shares or Registrable Securities shall be stamped or otherwise imprinted with legends substantially
similar to the following (in addition to any legend required under applicable state securities laws): 
 THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR UNLESS THE COMPANY
HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED. 
 THE SALE, PLEDGE,
HYPOTHECATION OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN INVESTOR RIGHTS AGREEMENT BY AND BETWEEN THE STOCKHOLDER AND THE COMPANY. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON
WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY. 
 (d) The Company shall be obligated to reissue promptly unlegended
certificates at the request of any Holder thereof if the Company has completed its Initial Offering and the Holder shall have obtained an opinion of counsel (which counsel may be counsel to the Company) or other evidence, in each case reasonably
acceptable to the Company to the effect that the securities proposed to be disposed of may lawfully be so disposed of without registration, qualification and legend, provided that the second legend listed above shall be removed only at such
time as the Holder of such certificate is no longer subject to any restrictions hereunder. 
 (e) Any legend endorsed on an
instrument pursuant to applicable state securities laws and the stop-transfer instructions with respect to such securities shall be removed upon receipt by the Company of an order of the appropriate blue sky authority authorizing such removal.









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 2.2 Demand Registration. 

(a) Subject to the conditions of this Section 2.2, if the Company shall receive at any time after one hundred eighty
(180) days after the effective date of the Initial Offering, a written request from the Holders of at least 40% of the Registrable Securities (the “Initiating Holders”) that the Company file a Form S-1 registration
statement under the Securities Act covering the registration of Registrable Securities with an anticipated aggregate offering price, net of underwriting discounts and commissions, of at least $5,000,000, then the Company shall, within thirty
(30) days of the receipt thereof, give written notice of such request to all Holders, and subject to the limitations of this Section 2.2, effect, as expeditiously as reasonably possible (and in any event within 60 days after the date such
request is given by the Initiating Holders), the registration under the Securities Act of all Registrable Securities that all Holders request to be registered. 

(b) If the Initiating Holders intend to distribute the Registrable Securities covered by their request in
Section 2.2(a) by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 2.2 or any request pursuant to Section 2.4 and the Company shall include such information in the
written notice referred to in Section 2.2(a) or Section 2.4(a), as applicable. In such event, the right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in
such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting
agreement in customary form with the underwriter or underwriters selected for such underwriting by the Holders of a majority of the Registrable Securities held by all Initiating Holders (which underwriter or underwriters shall be reasonably
acceptable to the Company). Notwithstanding any other provision of this Section 2.2 or Section 2.4, if the underwriter advises the Company that marketing factors require a limitation of the number of securities to be underwritten
(including Registrable Securities), then the Company shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares that may be included in the underwriting shall be allocated to
the Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities held by all such Holders (including the Initiating Holders); provided, however, that the number of shares of Registrable
Securities to be included in such underwriting and registration shall not be reduced unless all other securities of the Company are first entirely excluded from the underwriting and registration. Any Registrable Securities excluded or withdrawn from
such underwriting shall be withdrawn from the registration. 
 (c) The Company shall not be required to effect a registration
pursuant to this Section 2.2: 
 (i) prior to the expiration of the restrictions on transfer set forth in Section 2.10
following the Initial Offering; 
 (ii) after the Company has effected two (2) registrations pursuant to this Section 2.2,
and such registrations have been declared or ordered effective; 








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 (iii) during the period starting with the date of filing of, and ending
on the date one hundred eighty (180) days following the effective date of the registration statement pertaining to a public offering, other than pursuant to a Special Registration Statement; provided that the Company makes reasonable
good faith efforts to cause such registration statement to become effective; 
 (iv) if the Company shall
furnish to Holders requesting a registration statement pursuant to this Section 2.2 a certificate signed by the Chairman of the Board stating that in the good faith judgment of the Board, it would be seriously detrimental to the Company and its
stockholders for such registration statement to be effected at such time, in which event the Company shall have the right to defer such filing for a period of not more than one hundred twenty (120) days after receipt of the request of the
Initiating Holders; provided that such right to delay a request shall be exercised by the Company not more than once in any twelve (12) month period; provided, further, that the Company shall not register any securities for
its own account or that of any other stockholder during such 120 day period, other than a Special Registration Statement; 
 (v)
if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to Section 2.4; or 

(vi) in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent
to service of process in effecting such registration, qualification or compliance, unless the Company is already subject to service in such jurisdiction and except as may be required under the Securities Act. 

2.3 Piggyback Registrations. The Company shall notify all Holders of Registrable Securities in writing at least twenty (20) days
prior to the filing of any registration statement under the Securities Act for purposes of a public offering of securities of the Company (including, but not limited to, registration statements relating to secondary offerings of securities of the
Company, but excluding Special Registration Statements) and will afford each such Holder an opportunity to include in such registration statement all or part of such Registrable Securities held by such Holder. Each Holder desiring to include in any
such registration statement all or any part of the Registrable Securities held by it shall, within fifteen (15) days after the above-described notice from the Company, so notify the Company in writing. Such notice shall state the intended
method of disposition of the Registrable Securities by such Holder. If a Holder decides not to include all of its Registrable Securities in any registration statement thereafter filed by the Company, such Holder shall nevertheless continue to have
the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect to offerings of its securities, all upon the terms and conditions set forth herein.

 (a) Underwriting. If the registration statement of which the Company gives notice under this Section 2.3 is for an
underwritten offering, the Company shall so advise the Holders of Registrable Securities. In such event, the right of any such Holder to include Registrable Securities in a registration pursuant to this Section 2.3 shall be conditioned upon
such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable  








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Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their Registrable Securities through such underwriting shall enter into an underwriting
agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company. Notwithstanding any other provision of this Agreement, if the underwriter determines in good faith that marketing factors require a
limitation of the number of shares to be underwritten, the number of shares that may be included in the underwriting shall be allocated, first, to the Company; second, to the Investors on a pro rata basis based on the total number of
Registrable Securities held by the Investors; and third to any stockholder of the Company (other than an Investor) on a pro rata basis; provided, however, that no such reduction shall reduce the amount of securities of the selling
Investors included in the registration below fifteen percent (15%) of the total amount of securities included in such registration, unless such offering is the Initial Offering and such registration does not include shares of any other selling
stockholders, in which event any or all of the Registrable Securities of the Investors may be excluded in accordance with the immediately preceding clause. In no event will shares of any other selling stockholder be included in such registration
that would reduce the number of shares which may be included by Investors without the written consent of Investors holding not less than a majority of the Registrable Securities proposed to be sold in the offering. If any Holder disapproves of the
terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter, delivered at least ten (10) business days prior to the effective date of the registration statement. Any
Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. For any Holder which is a partnership, limited liability company or corporation, the partners, retired partners, members,
retired members and stockholders of such Holder, or the estates and family members of any such partners, retired partners, members and retired members and any trusts for the benefit of any of the foregoing person shall be deemed to be a single
“Holder,” and any pro rata reduction with respect to such “Holder” shall be based upon the aggregate amount of shares carrying registration rights owned by all
entities and individuals included in such “Holder,” as defined in this sentence. 
 (b) Right to Terminate Registration.
The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 2.3 whether or not any Holder has elected to include securities in such registration, and shall promptly notify any Holder that
has elected to include shares in such registration of such termination or withdrawal. The Registration Expenses of such withdrawn registration shall be borne by the Company in accordance with Section 2.5. 

2.4 Form S-3 Registration. In case the Company shall receive from any Holder or Holders of Registrable Securities a written request or
requests that the Company effect a registration on Form S-3 (or any successor to Form S-3) or any similar short-form registration statement and any related qualification or compliance with respect to all or a part of the Registrable
Securities owned by such Holder or Holders, the Company will: 
 (a) promptly give written notice of the proposed
registration, and any related qualification or compliance, to all other Holders of Registrable Securities; and 
 (b) as soon
as practicable (and in any event within 45 days after the date such request is given by the initiating Holders), effect such registration and all such qualifications and 








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compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holder’s or Holders’ Registrable Securities as are
specified in such request, together with all or such portion of the Registrable Securities of any other Holder or Holders joining in such request as are specified in a written request given within fifteen (15) days after receipt of such written
notice from the Company; provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance pursuant to this Section 2.4: 

(i) if Form S-3 is not available for such offering by the Holders; 

(ii) if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration,
propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public of less than one million five hundred thousand dollars ($1,500,000); 

(iii) if within thirty (30) days of receipt of a written request from any Holder or Holders pursuant to this Section 2.4,
the Company gives notice to such Holder or Holders of the Company’s intention to make a public offering within ninety (90) days, other than pursuant to a Special Registration Statement; 

(iv) if the Company shall furnish to the Holders a certificate signed by the Chairman of the Board stating that in the
good faith judgment of the Board, it would be seriously detrimental to the Company and its stockholders for such Form S-3 registration to be effected at such time, in which event the Company shall have the right to defer the filing of the
Form S-3 registration statement for a period of not more than one hundred twenty (120) days after receipt of the request of the Holder or Holders under this Section 2.4; provided, that such right to delay a request shall be
exercised by the Company not more than once in any twelve (12) month period; provided, further, that the Company shall not register any securities for its own account or that of any other stockholder during such 120 day period,
other than a Special Registration Statement; 
 (v) if the Company has, within the twelve (12) month period preceding
the date of such request, already effected two (2) registrations on Form S-3 for the Holders pursuant to this Section 2.4; or 

(vi) in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent
to service of process in effecting such registration, qualification or compliance, unless the Company is already subject to service in such jurisdiction and except as may be required under the Securities Act. 

(c) Subject to the foregoing, the Company shall file a Form S-3 registration statement covering the Registrable Securities and
other securities so requested to be registered as soon as practicable after receipt of the requests of the Holders (and in any event within 45 days after the date such request is given by the initiating Holders). Registrations effected pursuant to
this Section 2.4 shall not be counted as demands for registration or registrations effected pursuant to Section 2.2. 








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 2.5 Expenses of Registration. Except as specifically provided herein, all Registration
Expenses incurred in connection with any registration, qualification or compliance pursuant to Section 2.2, 2.3 or 2.4 herein shall be borne by the Company. All Selling Expenses incurred in connection with any registrations hereunder, shall be
borne by the Holders of the securities so registered pro rata on the basis of the number of shares so registered. The Company shall not, however, be required to pay for expenses of any registration proceeding begun pursuant to
Section 2.2 or 2.4, the request of which has been subsequently withdrawn by the Initiating Holders unless (a) the withdrawal is based upon material adverse information concerning the Company of which the Initiating Holders were not aware
at the time of such request or (b) the Holders of a majority of Registrable Securities agree to deem such registration to have been effected as of the date of such withdrawal for purposes of determining whether the Company shall be obligated
pursuant to Section 2.2(c) or 2.4(b)(v), as applicable, to undertake any subsequent registration, in which event such right shall be forfeited by all Holders. If the Holders are required to pay the Registration Expenses, such expenses shall be
borne by the Holders of securities (including Registrable Securities) requesting such registration in proportion to the number of shares for which registration was requested. If the Company is required to pay the Registration Expenses of a withdrawn
offering pursuant to clause (a) above, then such registration shall not be deemed to have been effected for purposes of determining whether the Company shall be obligated pursuant to Section 2.2(c) or 2.4(b)(v), as applicable, to undertake
any subsequent registration. 
 2.6 Obligations of the Company. Whenever required to effect the registration of any
Registrable Securities, the Company shall, as expeditiously as reasonably possible: 
 (a) Prepare
and file with the SEC a registration statement with respect to such Registrable Securities and use all reasonable efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable
Securities registered thereunder, keep such registration statement effective for up to one hundred twenty (120) days or, if earlier, until the Holder or Holders have completed the distribution related thereto; provided, however, that at any
time, upon written notice to the participating Holders and for a period not to exceed sixty (60) days thereafter (the “Suspension Period”), the Company may delay the filing or effectiveness of any registration statement
or suspend the use or effectiveness of any registration statement (and the Initiating Holders hereby agree not to offer or sell any Registrable Securities pursuant to such registration statement during the Suspension Period) if the Company
reasonably believes that there is or may be in existence material nonpublic information or events involving the Company, the failure of which to be disclosed in the prospectus included in the registration statement could result in a Violation (as
defined below). In the event that the Company shall exercise its right to delay or suspend the filing or effectiveness of a registration hereunder, the applicable time period during which the registration statement is to remain effective shall be
extended by a period of time equal to the duration of the Suspension Period. The Company may extend the Suspension Period for up to an additional consecutive sixty (60) days with the consent of the holders of a majority of the Registrable
Securities registered under the applicable registration statement, which consent shall not be unreasonably withheld. No more than one (1) such Suspension Period shall occur in any twelve (12) month period. In no event shall any Suspension
Period, when taken together with all prior Suspension Periods, exceed 120 days in the aggregate in any twelve (12) month period. If so directed by the Company, all Holders registering shares under such registration statement shall 









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(i) not offer to sell any Registrable Securities pursuant to the registration statement during the period in which the delay or suspension is in effect after receiving notice of such delay or
suspension; and (ii) use their reasonable efforts to deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Holders’ possession, of the prospectus relating to such Registrable
Securities current at the time of receipt of such notice. Notwithstanding the foregoing, the Company shall not be required to file, cause to become effective or maintain the effectiveness of any registration statement other than a registration
statement on Form S-3 that contemplates a distribution of securities on a delayed or continuous basis pursuant to Rule 415 under the Securities Act. 

(b) To the extent the Company is a “well-known seasoned issuer” (as defined in Rule
405 under the Securities Act) at the time any written request for registration is submitted to the Company by any Holder or Holders of Registrable Securities in accordance with Section 2.4, if specifically requested to do so in such written
request for registration, file an “automatic shelf registration statement” (as defined in Rule 405 under the Securities Act) to effect such registration, and use reasonable efforts to remain a well-known seasoned issuer (and
not become an “ineligible issuer” (as defined in Rule 405 under the Securities Act)) during the period during which such automatic shelf registration statement is required to remain effective in accordance with this
Agreement. 
 (c) If at any time when the Company is required to re-evaluate its status as a well-known seasoned issuer
for purposes of an automatic shelf registration statement used to effect a written request for registration in accordance with Section 2.4, (i) the Company determines that it is not a well-known seasoned issuer, (ii) the registration
statement is required to be kept effective in accordance with this Agreement, and (iii) the registration rights of the applicable Holders have not terminated, promptly, to the extent the Company is eligible to do so, amend the registration
statement to provide for the continuing effectiveness of the registration statement on Form S-3 or file a new registration statement on Form S-3, and keep such registration statement effective in accordance with the requirements otherwise applicable
under this Agreement. 
 (d) Prepare and file with the SEC such amendments and supplements to such registration statement and
the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement for the period set
forth in subsection (a) above. 
 (e) Furnish to the Holders such number of copies of a prospectus, including a
preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them. 

(f) Use its reasonable efforts to register and qualify the securities covered by such registration statement under such
other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders; provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a
general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required under the Securities Act. 








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 (g) In the event of any underwritten public offering, enter into and perform its
obligations under an underwriting agreement, in usual and customary form, with the managing underwriter(s) of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement.

 (h) Notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus relating
thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to
state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. The Company will use reasonable efforts to amend or supplement such prospectus in order
to cause such prospectus not to include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then
existing. 
 (i) Use its reasonable efforts to cause all such Registrable Securities covered by such registration statement to
be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then listed. 

(j) Provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and provide a CUSIP
number for all such Registrable Securities, in each case not later than the effective date of such registration. 
 (k)
Promptly make available for inspection by the selling Holders, any underwriter(s) participating in any disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or
selected by the selling Holders, all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company’s officers, directors, employees, and independent accountants to supply all information
reasonably requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in
connection therewith. 
 (l) Notify each selling Holder, promptly after the Company receives notice thereof, of the time when
such registration statement has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed. 

(m) After such registration statement becomes effective, notify each selling Holder of any request by the SEC that the Company amend or
supplement such registration statement or prospectus. 








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 2.7 Delay of Registration; Furnishing Information. 

(a) No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such registration as the
result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 
 (b)
It shall be a condition precedent to the obligations of the Company to take any action pursuant to Section 2.2, 2.3 or 2.4 that the selling Holders shall furnish to the Company such information regarding themselves, the Registrable
Securities held by them and the intended method of disposition of such securities as shall be reasonably required to effect the registration of their Registrable Securities. 

(c) The Company shall have no obligation with respect to any registration requested pursuant to Section 2.2 or Section 2.4 if
the number of shares or the anticipated aggregate offering price of the Registrable Securities to be included in the registration does not equal or exceed the number of shares or the anticipated aggregate offering price required to originally
trigger the Company’s obligation to initiate such registration as specified in Section 2.2 or Section 2.4, whichever is applicable. 

2.8 Indemnification. In the event any Registrable Securities are included in a registration statement under Sections 2.2, 2.3 or
2.4: 
 (a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, the
partners, members, stockholders, managers, officers and directors of each Holder, any legal counsel and accountants for such Holder, any underwriter (as defined in the Securities Act) for such Holder and each person or entity, if any, who controls
such Holder or underwriter within the meaning of the Securities Act or the Exchange Act (collectively, the “Holder Indemnitees”), against any losses, claims, damages, or liabilities (joint or several) to which
they may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements,
omissions or violations (collectively a “Violation”) by the Company: (i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement or incorporated by
reference therein, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, or any issuer free writing prospectus (as defined in Rule 433 of the Securities Act) or issuer information (as
defined in Rule 433 of the Securities Act) filed or required to be filed pursuant to Rule 433(d) under the Securities Act prepared by or on behalf of the Company or used or referred to by the Company, (ii) the omission or alleged omission to
state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities
law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law in connection with the offering covered by such registration statement; and the Company will reimburse each such Holder Indemnitee for
any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in this Section 2.8(a)
shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall the Company be liable
in any such case for any such loss, claim, damage, liability or action to 








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the extent that it arises out of or is based upon a Violation which occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such
registration by such Holder, partner, member, officer, director, underwriter or controlling person of such Holder. 
 (b)
To the extent permitted by law, each Holder, severally and not jointly, will, if Registrable Securities held by such Holder are included in the securities as to which such registration qualifications or compliance is being effected,
indemnify and hold harmless the Company, each of its directors, its officers and each person, if any, who controls the Company within the meaning of the Securities Act, any underwriter and any other Holder selling securities under such registration
statement or any of such other Holder’s partners, members, managers, stockholders, directors or officers or any person who controls such Holder, against any losses, claims, damages or liabilities (joint or several) to which the Company or any
such director, officer, controlling person, underwriter or other such Holder, or partner, member, stockholder, manager, director, officer or controlling person of such other Holder may become subject under the Securities Act, the Exchange Act or
other federal or state law, in each case only to the extent that such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any of the following statements: (i) any untrue statement or alleged
untrue statement of a material fact contained in such registration statement or incorporated by reference therein, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, or any issuer
free writing prospectus (as defined in Rule 433 of the Securities Act) or issuer information (as defined in Rule 433 of the Securities Act) filed or required to be filed pursuant to Rule 433(d) under the Securities Act prepared by or on behalf of
the Company or used or referred to by the Company, (ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or
alleged violation by the Company of the Securities Act (collectively, a “Holder Violation”), in each case to the extent (and only to the extent) that such Holder Violation occurs in reliance upon and in
conformity with written information furnished by such Holder under an instrument duly executed by such Holder and stated to be specifically for use in connection with such registration; and each such Holder will reimburse any legal or other expenses
reasonably incurred by the Company or any such director, officer, controlling person, underwriter or other Holder, or partner, member, stockholder, manager, officer, director or controlling person of such other Holder in connection with
investigating or defending any such loss, claim, damage, liability or action if it is judicially determined that there was such a Holder Violation; provided, however, that the indemnity agreement contained in this Section 2.8(b) shall
not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; provided further, that in no
event shall any indemnity under this Section 2.8 exceed the net proceeds from the offering received by such Holder. 
 (c)
Promptly after receipt by an indemnified party under this Section 2.8 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any
indemnifying party under this Section 2.8, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires,
jointly with any other indemnifying party similarly noticed, to 








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assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party shall have the right to retain its own counsel, with the fees and
expenses thereof to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party
and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any
liability to the indemnified party under this Section 2.8 to the extent, and only to the extent, materially prejudicial to its ability to defend such action, but the omission so to deliver written notice to the indemnifying party will not
relieve it of any liability that it may have to any indemnified party otherwise than under this Section 2.8. 
 (d)
If the indemnification provided for in this Section 2.8 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any losses, claims, damages or liabilities referred to herein, the
indemnifying party, in lieu of indemnifying such indemnified party thereunder, shall to the extent permitted by applicable law contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability in
such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other in connection with the Violation(s) or Holder Violation(s) that resulted in such loss, claim, damage
or liability, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by a court of law by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission; provided, that in no event shall any contribution by a Holder hereunder exceed the net proceeds from the offering received by such Holder except in the case of willful
misconduct or fraud by such Holder. 
 (e) Unless otherwise superseded by an underwriting agreement entered into in connection
with the underwritten public offering, the obligations of the Company and Holders under this Section 2.8 shall survive completion of any offering of Registrable Securities in a registration statement and, with respect to liability arising from
an offering to which this Section 2.8 would apply that is covered by a registration filed before termination of this Agreement, such termination. No indemnifying party, in the defense of any such claim or litigation, shall, except with the
consent of each indemnified party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all
liability in respect to such claim or litigation. 
 2.9 Limitation on Subsequent Registration Rights. Other than as provided
in Section 5.10, after the date of this Agreement, the Company shall not, without the prior written consent of the Holders holding a majority of the Registrable Securities then outstanding, enter into any agreement with any holder or
prospective holder of any securities of the Company that would grant such holder rights to demand the registration of shares of the Company’s capital stock, or to include such shares in a registration statement that would reduce the number of
shares includable by the Holders after all Holders have had the opportunity to include in the registration and offering all shares of Registrable Securities that the Holders wish to so include. 








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 2.10 “Market Stand-Off” Agreement. Each Holder hereby agrees that such
Holder shall not sell, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale of, any Common Stock (or other securities) of the Company held by
such Holder (other than those included in the registration) during the 180-day period following the effective date of the Initial Offering (or such longer period as the underwriters or the Company shall request in order to facilitate compliance with
NASD Rule 2711), provided, that all officers and directors of the Company and stockholders holding at least 1% of the Company’s capital stock are bound by and have entered into similar agreements. The obligations described in this
Section 2.10 shall not apply to (a) a registration relating solely to employee benefit plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future, (b) a registration relating solely to a transaction on Form
S-4 or similar forms that may be promulgated in the future or (c) the sale of any shares to an underwriter pursuant to an underwriting agreement. The underwriters in connection with any such registration are intended third-party beneficiaries of this Section 2.10 and shall have the right, power, and authority to enforce the provisions hereof as though they were a party hereto. Each Holder further agrees to execute such
agreements as may be reasonably requested by the underwriters in connection with such registrations that are consistent with this Section 2.10 or that are necessary to give further effect thereto. Any discretionary waiver or termination of the
restrictions of any or all of such agreements by the Company or the underwriters shall apply pro rata to all Holders subject to such agreements. 

2.11 Agreement to Furnish Information. Each Holder agrees to execute and deliver such other agreements as may be reasonably requested
by the Company or the underwriter that are consistent with the Holder’s obligations under Section 2.10 or that are necessary to give further effect thereto. In addition, if reasonably requested by the Company or the representative of the
underwriters of Common Stock (or other securities) of the Company, each Holder shall provide, within ten (10) days of such request, such information as may be required by the Company or such representative in connection with the completion of
any public offering of the Company’s securities pursuant to a registration statement filed under the Securities Act. The obligations described in Section 2.10 and this Section 2.11 shall not apply to a Special Registration Statement.
The Company may impose stop-transfer instructions with respect to the shares of Common Stock (or other securities) subject to the foregoing restriction until the end of said ten day period. Each Holder agrees that any transferee of any shares of
Registrable Securities shall be bound by Sections 2.10 and 2.11. The underwriters of the Company’s stock are intended third party beneficiaries of Sections 2.10 and 2.11 and shall have the right, power and authority to enforce the
provisions hereof as though they were a party hereto. 
 2.12 Rule 144 Reporting. With a view to making available to the
Holders the benefits of certain rules and regulations of the SEC which may permit the sale of the Registrable Securities to the public without registration or pursuant to a registration on Form S-3, the Company agrees to use commercially reasonable
efforts to: 
 (a) Make and keep public information available, as those terms are understood and defined in SEC Rule 144
or any similar or analogous rule promulgated under the Securities Act, at all times after the effective date of the first registration filed by the Company for an offering of its securities to the general public; 








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 (b) File with the SEC, in a timely manner, all reports and other documents required of
the Company under the Securities Act and the Exchange Act; and 
 (c) So long as a Holder owns any Registrable Securities,
furnish to such Holder forthwith upon request: a written statement by the Company as to its compliance with the reporting requirements of said Rule 144 of the Securities Act, and of the Exchange Act (at any time after it has become subject to such
reporting requirements); a copy of the most recent annual or quarterly report of the Company filed with the Commission; and such other reports and documents as a Holder may reasonably request in connection with availing itself of any rule or
regulation of the SEC allowing it to sell any such securities without registration. 
  

	SECTION 3.	COVENANTS OF THE COMPANY. 

 3.1 Basic Financial Information and Reporting. 

(a) The Company will maintain true books and records of account in which full and correct entries will be made of all its business
transactions pursuant to a system of accounting established and administered in accordance with GAAP, and will set aside on its books all such proper accruals and reserves as shall be required under GAAP. 

(b) As soon as commercially reasonable after the end of each fiscal year of the Company, and in any event within one hundred twenty
(120) days thereafter, the Company will furnish each Major Investor a balance sheet of the Company, as at the end of such fiscal year, and a statement of income and a statement of cash flows of the Company, for such year, all prepared in
accordance with GAAP and setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail. Such financial statements shall be audited and certified by independent public accountants of nationally or
regionally recognized standing approved by the Board. 
 (c) The Company will furnish each Major Investor, as soon as practicable
after the end of each month, and in any event within thirty (30) days thereafter, a balance sheet of the Company as of the end of each such month, and a statement of income and a statement of cash flows of the Company for such period and for
the current fiscal year to date, prepared in accordance with GAAP, with the exception that no notes need be attached to such statements and normal year-end audit adjustments may not have been made. 

(d) The Company will furnish each Major Investor, as soon as practicable, but in any event within
forty-five (45) days after the end of each of the first three (3) quarters of each fiscal year of the Company, unaudited statements of income and of cash flows for such fiscal quarter, and an
unaudited balance sheet and a statement of stockholders’ equity as of the end of such fiscal quarter, prepared in accordance with GAAP, with the exception that no notes need be attached to such statements and normal year-end audit adjustments
may not have been made. 
 (e) The Company will furnish each Major Investor, as soon as practicable, but in any event within
forty-five (45) days after the end of each of the first three (3) quarters of each 








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fiscal year of the Company, a statement showing the number of shares of each class and series of capital stock and securities convertible into or exercisable for shares of capital stock
outstanding at the end of the period, the Common Stock issuable upon conversion or exercise of any outstanding securities convertible or exercisable for Common Stock and the exchange ratio or exercise price applicable thereto, and the number of
shares of issued stock options and stock options not yet issued but reserved for issuance, if any, all in sufficient detail as to permit the Major Investors to calculate their respective percentage equity ownership in the Company. 

If, for any period, the Company has any subsidiary whose accounts are consolidated with those of the Company, then in respect of such period the financial
statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the Company and all such consolidated subsidiaries. 

3.2 Inspection Rights. Each Major Investor shall have the right to visit and inspect any of the properties of the Company or any of its
subsidiaries, and to discuss the affairs, finances and accounts of the Company or any of its subsidiaries with its officers, and to review such information as is reasonably requested all at such reasonable times and as often as may be reasonably
requested; provided, however, that the Company shall not be obligated under this Section 3.2 with respect to a competitor of the Company or with respect to information which the Board determines in good faith is
confidential or attorney-client privileged and should not, therefore, be disclosed.  
 3.3 Confidentiality of Records. Each
Investor agrees to use the same degree of care as such Investor uses to protect its own confidential information to keep confidential any information furnished to such Investor, including information furnished pursuant to Section 3.1 and 3.2,
that the Company identifies as being confidential or proprietary (so long as such information is not in the public domain), except that such Investor may disclose such proprietary or confidential information (i) to any Affiliate of such
Investor as long as such Affiliate is advised of and agrees or has agreed to be bound by the confidentiality provisions of this Section 3.3 or comparable restrictions; (ii) at such time as it enters the public domain through no fault of
such Investor; (iii) that is communicated to it free of any obligation of confidentiality; (iv) that is or has been developed by Investor or its agents independently of and without reference to any confidential information communicated by
the Company; (v) to its attorneys, accountants, business and financial consultants, and other business and financial professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company;
(vi) to any prospective purchaser of any Registrable Securities from such Investor, if such prospective purchaser agrees to be bound by the provisions of this Section 3.3; or (vii) as required by applicable law. Notwithstanding
the foregoing, any restrictions on an Investor in this Section 3.3 with respect to any information furnished to such Investor shall expire on the date that is five (5) years after the delivery of such confidential information to
such Investor. 
 3.4 Reservation of Common Stock. The Company will at all times reserve and keep available, solely for
issuance and delivery upon the conversion of the Preferred Stock, all Common Stock issuable from time to time upon such conversion. 

3.5 Director and Officer Insurance. The Company will obtain and maintain in full force and effect director and officer liability
insurance with coverage limits of at least $3,000,000 per occurrence and with other terms and conditions acceptable to the holders of a majority of the Registrable Securities and the holders of a majority of the Series B Stock. 








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 3.6 Assignment of Right of First Refusal. In the event the Company elects not to
exercise any right of first offer the Company may have on a proposed transfer of any of the Company’s outstanding capital stock pursuant to the Company’s charter documents, by contract or otherwise, the Company shall, to the extent it may
do so, assign such right of first offer to each Investor. In the event of such assignment, each Investor shall have a right to purchase its pro rata portion of the capital stock proposed to be transferred. Each Investor’s
pro rata portion shall be equal to the product obtained by multiplying (i) the aggregate number of shares proposed to be transferred by (ii) a fraction, the numerator of which is the number of shares of Registrable Securities held by such
Investor at the time of the proposed transfer and the denominator of which is the total number of Registrable Securities owned by all Investors at the time of such proposed transfer.  

3.7 Observer Rights. As long as GPP – Connecture, LLC and its Affiliates (“GPP”) owns not less than 5,000,000 shares of
Series B Stock (or equivalent amount of Common Stock issued upon conversion thereof, in each case subject to appropriate adjustment for stock splits, combinations, recapitalizations or the like with respect to such shares), and does not have a
representative then serving on the Board, the Company shall invite a representative of GPP to attend all meetings of its Board (and any committee thereof) in a nonvoting observer capacity. As long as SSM Venture Partners II, L.P. and its Affiliates
(“SSM”) owns not less than 2,500,000 shares of Series A Stock (or equivalent amount of Common Stock issued upon conversion thereof, in each case subject to appropriate adjustment for stock splits, combinations, recapitalizations or the
like with respect to such shares), and does not have a representative then serving on the Board, the Company shall invite a representative of SSM to attend all meetings of its Board (and any committee thereof) in a nonvoting observer capacity. As
long as Live Oak Equity Partners, L.P. and its Affiliates (“Live Oak”) owns not less than 2,500,000 shares of Series A Stock (or equivalent amount of Common Stock issued upon conversion thereof, in each case subject to appropriate
adjustment for stock splits, combinations, recapitalizations or the like with respect to such shares), and does not have a representative then serving on the Board, the Company shall invite a representative of Live Oak to attend all meetings of its
Board (and any committee thereof) in a nonvoting observer capacity. The Company shall give such representatives copies of all notices, minutes, consents, and other materials that it provides to its directors at the same time and in the same manner
as provided to such directors; provided, however, that the Company reserves the right to withhold any information and to exclude such representative from any meeting or portion thereof if access to such information or attendance at such meeting
could adversely affect the attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets or a conflict of interest. The Company shall reimburse the reasonable costs and expenses of each observer of GPP, SSM
and Live Oak incurred in attending meetings of the Board (including any meeting of committees of the Board) and any other meetings or events attended on behalf of the Company at the Company’s request. 

3.8 Rights Pertaining to the Board. 

(a) Unless otherwise determined by the Board (including the approval of a majority of the directors designated by the holders of Series
A Stock and the holders of Series B 








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Stock (the “Preferred Designees”)), the Board shall meet at least once every quarter. The Company shall reimburse the reasonable costs and expenses of
the Preferred Designees incurred in attending meetings of the Board (including any meeting of committees of the Board) and any other meetings or events attended on behalf of the Company at the Company’s request (such as trade shows) 

(b) For so long as 12,500,000 shares of Series A Stock remains outstanding and the holders thereof are entitled to elect a director,
the Company will not, without approval of the Board, which approval must include the affirmative vote of at least one of the directors elected by the holders of Series A Stock, take any action, by merger or otherwise, that (i) alters or changes
the rights, preferences or privileges of the Series B Stock, (ii) results in the issuance of any equity securities or creates or authorizes any obligation or security convertible into shares of any class or series of stock or
(iii) results in the payment, distribution or declaration of any dividend on any shares of stock. 
 3.9 Employee Pool.
The Company will reserve an additional 3,630,000 shares of its Common Stock (representing 7.0% of its fully diluted capital stock following the closing of the transactions contemplated by the Series B Purchase Agreement) for issuances to directors,
officers, employees, advisors, consultants and other service providers (the “Employee Pool”). This reservation shall be made following the Closing. The shares in the Employee Pool will be issued from time to
time to directors, officers, employees, advisors, consultants and other service providers of the Company under such arrangements, contracts or plans as are recommended by management and approved by the Board. 

3.10 Termination of Covenants. All covenants of the Company contained in Section 3 of this Agreement (other than the provisions of
Sections 3.3) shall expire and terminate upon the earlier of (a) the completion of the Initial Offering or (b) the closing of a transaction that constitutes a Deemed Liquidation Event (as defined in the Restated Certificate). 

 

	SECTION 4.	RIGHTS OF FIRST OFFER. 

 4.1 Subsequent Offerings. Subject to applicable
securities laws, each Investor shall have a right of first offer to purchase its pro rata share of all Equity Securities, as defined below, that the Company may, from time to time, propose to sell and issue after the date of
this Agreement, other than the Equity Securities excluded by Section 4.6. Each Investor’s pro rata share is equal to the ratio of (a) the number of shares of the Company’s Common Stock (including all shares
of Common Stock issuable or issued upon conversion of the Shares or upon the exercise of outstanding warrants or options) of which such Investor is deemed to be a holder immediately prior to the issuance of such Equity Securities to (b) the
total number of shares of the Company’s outstanding Common Stock (including all shares of Common Stock issued or issuable upon conversion of the Shares or upon the exercise of any outstanding vested warrants or vested options) immediately prior
to the issuance of the Equity Securities. The term “Equity Securities” shall mean (i) any Common Stock, Preferred Stock or other security of the Company, (ii) any security convertible into or
exercisable or exchangeable for, with or without consideration, any Common Stock, Preferred Stock or other security (including any option to purchase such a convertible security), (iii) any security carrying any warrant or right to subscribe to
or purchase any Common Stock, Preferred Stock or other security or (iv) any such warrant or right. 








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 4.2 Exercise of Rights. If the Company proposes to issue any Equity Securities, it
shall give each Investor written notice of its intention, describing the Equity Securities, the price and the terms and conditions upon which the Company proposes to issue the same. Each Investor shall have fifteen (15) days from the giving of
such notice to agree to purchase its pro rata share of the Equity Securities for the price and upon the terms and conditions specified in the notice by giving written notice to the Company and stating therein the quantity of
Equity Securities to be purchased. Notwithstanding the foregoing, the Company shall not be required to offer or sell such Equity Securities to any Investor who would cause the Company to be in violation of applicable federal securities laws by
virtue of such offer or sale. 
 4.3 Issuance of Equity Securities to Other Persons. If not all of the Investors elect to
purchase their pro rata share of the Equity Securities, then the Company shall promptly notify in writing the Investors who do so elect and shall offer such Investors the right to acquire such unsubscribed shares on a
pro rata basis. The Investors shall have five (5) business days after receipt of such notice to notify the Company of its election to purchase all or a portion thereof of the unsubscribed shares. The Company shall have
ninety (90) days thereafter to sell the Equity Securities in respect of which the Investor’s rights were not exercised, at a price not lower and upon general terms and conditions not materially more favorable to the purchasers thereof than
specified in the Company’s notice to the Investors pursuant to Section 4.2. If the Company has not sold such Equity Securities within ninety (90) days of the notice provided pursuant to Section 4.2, the Company shall not
thereafter issue or sell any Equity Securities, without first offering such securities to the Investors in the manner provided above. 

4.4 Termination. The rights of first refusal established by this Section 4 shall not apply to, and shall terminate upon, the
earlier to occur of (a) the completion of the Initial Offering or (b) the completion of a transaction that constitutes a Deemed Liquidation Event (as defined in the Restated Certificate). 

4.5 Assignment of Right of First Offer. The right of first offer of each Investor under this Section 4 may be assigned to the same
parties, subject to the same restrictions as any transfer of registration rights pursuant to Section 2.1. 
 4.6 Excluded
Securities. The rights of first refusal established by this Section 4 shall have no application to any of the following Equity Securities: (a) Equity Securities that are excluded from the definition of Additional Shares of Common Stock
(as defined in the Restated Certificate) and (b) Equity Securities issued in the Initial Offering. 
  

	SECTION 5.	MISCELLANEOUS. 

 5.1 Governing Law. This Agreement shall be governed by and
construed under the laws of the State of Delaware, without giving effect to the principles of conflicts of law thereof and regardless of the laws that might otherwise govern under applicable principles of conflicts of law.  








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 5.2 Successors and Assigns. Except as otherwise expressly provided herein, the
provisions hereof shall inure to the benefit of, and be binding upon, the parties hereto and their respective successors, assigns, heirs, executors, and administrators and shall inure to the benefit of and be enforceable by each person who shall be
a holder of Registrable Securities from time to time; provided, however, that prior to the receipt by the Company of adequate written notice of the transfer of any Registrable Securities specifying the full name and address of
the transferee, the Company may deem and treat the person listed as the holder of such shares in its records as the absolute owner and holder of such shares for all purposes, including the payment of dividends or any redemption price. 

5.3 Entire Agreement. This Agreement, the Exhibits and Schedules hereto, the Purchase Agreement and the other documents delivered
pursuant thereto constitute the full and entire understanding and agreement between the parties with regard to the subjects hereof and no party shall be liable or bound to any other in any manner by any oral or written representations, warranties,
covenants and agreements except as specifically set forth herein and therein. Each party expressly represents and warrants that it is not relying on any oral or written representations, warranties, covenants or agreements outside of this
Agreement. 
 5.4 Severability. In the event one or more of the provisions of this Agreement should, for any reason, be held
to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable
provision had never been contained herein. 
 5.5 Amendment, Termination and Waiver. 

(a) Except as otherwise expressly provided, this Agreement may be amended, terminated or modified, and the obligations of the Company
and the rights of the Holders under this Agreement may be waived, only upon the written consent of (i) the Company (ii) the holders of a majority of the Series B Stock; and (iii) the Holders of a majority of the Registrable Securities
then Outstanding. 
 (b) For the purposes of determining the number of Holders or Investors entitled to vote or exercise any
rights hereunder, the Company shall be entitled to rely solely on the list of record holders of its stock as maintained by or on behalf of the Company. 

5.6 Delays or Omissions. It is agreed that no delay or omission to exercise any right, power, or remedy accruing to any party, upon any
breach, default or noncompliance by another party under this Agreement shall impair any such right, power, or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence therein, or of any
similar breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent, or approval of any kind or character on any party’s part of any breach, default or noncompliance under the Agreement or any
waiver on such party’s part of any provisions or conditions of this Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement, by law, or otherwise
afforded to any party, shall be cumulative and not alternative. 








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 5.7 Notices. All notices required or permitted hereunder shall be in writing and shall
be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the next business day,
(c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery,
with written verification of receipt. All communications shall be sent, if to the Company, to the address set forth on the signature page hereto, and if to an Investor, at the address as set forth on EXHIBIT A hereto or at such
other address or electronic mail address as such party may designate by ten (10) days advance written notice to the other parties hereto. 

5.8 Attorneys’ Fees. In the event that any suit or action is instituted under or in relation to this Agreement, including to
enforce any provision in this Agreement, the prevailing party in such dispute shall be entitled to recover from the losing party all fees, costs and expenses of enforcing any right of such prevailing party under or with respect to this Agreement,
including such reasonable fees and expenses of attorneys and accountants, which shall include all fees, costs and expenses of appeals. 

5.9 Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference only and are
not to be considered in construing this Agreement. 
 5.10 Additional Investors. Notwithstanding anything to the contrary contained
herein, if the Company shall issue additional shares of its Preferred Stock after the date of this Agreement, the purchaser of such shares of its Preferred Stock may, with the consent of the holders of a majority of the outstanding Preferred Stock,
become a party to this Agreement by executing and delivering an additional counterpart signature page to this Agreement and thereafter shall be deemed an “Investor,” a “Holder” and a party hereunder.

 5.11 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of
which together shall constitute one instrument. 
 5.12 Aggregation of Stock. All shares of Registrable Securities held or acquired by
Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 
 5.13
Pronouns. All pronouns contained herein, and any variations thereof, shall be deemed to refer to the masculine, feminine or neutral, singular or plural, as to the identity of the parties hereto may require. 

[THIS SPACE INTENTIONALLY LEFT BLANK] 








			
	COMPANY:
	
	CONNECTURE, INC.
		
	By:	 	 /s/ R. Douglas Schneider

		
	Name:	 	 R. Douglas Schneider

	Title:	 	 CEO


 Address for Notices: 

18500 W. Corporate Drive 
 Suite 250 

Brookfield, WI 53045 








			
	INVESTORS:
	
	GPP-CONNECTURE, LLC
		
	By:	 	 /s/ Adam Dolder

	Name:	 	Adam Dolder
	Title:	 	President








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

									
	Individual:	 		 	Entity:
			
	  
	 		 	 Chrysalis Ventures II, L.P.

		 	(Signature)	 		 		 	(Print Name of Entity)
					
	Name:	 	  
	 		 	By:	 	 /s/ David A. Jones

					
		 		 		 	Name:	 	 David A. Jones, Jr.

		 		 		 	Title:	 	 Member









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

									
	Individual:	 		 	Entity:
			
	  
	 		 	 LiveOak Equity Partners L.P.

		 	(Signature)	 		 		 	(Print Name of Entity)
					
	Name:	 	  
	 		 	By:	 	 /s/ James A. Gilbert

					
		 		 		 	Name:	 	 James A. Gilbert

		 		 		 	Title:	 	 Managing Member









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

									
	Individual:	 		 	Entity:
			
	  
	 		 	 SSM Venture Associates, L.P.

		 	(Signature)	 		 		 	(Print Name of Entity)
					
		 		 		 	By:	 	 SSM II, L.P., general partner

		 		 		 	By:	 	 SSM Corporation, general partner

		 		 		 	By:	 	 /s/ James D. Witherington, Jr.

		 		 		 	Title:	 	 President









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

									
	Individual:	 		 	Entity:
			
	  
	 		 	 SSM Venture Partners II, L.P.

		 	(Signature)	 		 		 	(Print Name of Entity)
					
		 		 		 	By:	 	 SSM II, L.P., general partner

		 		 		 	By:	 	 SSM Corporation, general partner

		 		 		 	By:	 	 /s/ James D. Witherington, Jr.

		 		 		 	Title:	 	 President









 EXHIBIT A 

LIST OF INVESTORS 
  

													
	 NAME
	  	 ADDRESS
	  	 COMMON

STOCK
	  	SERIES A
PREFERRED
STOCK	 	  	SERIES B
PREFERRED
STOCK	 
	 GPP—Connecture, LLC
	  	 c/o Great Point Partners, LLC
 165 Mason Street,
3rd Floor
 Greenwich, CT 06830
 Attention: Charlie Myers
and Brett Carlson
	  	—  	  	 	—  	  	  	 	17,696,553	  
					
	 Chrysalis Ventures II, L.P.
	  	 101 South Fifth Street
 Suite 1650

Louisville, KY 40202-3122
 Attention: David A. Jones, Jr. and Alan
Ying
	  	—  	  	 	10,886,316	  	  	 	2,000,000	  
					
	 LiveOak Equity Partners, L.P.
	  	 1268 Park Vista Drive
 Atlanta, GA 30319

Attention: James A. Gilbert
	  	—  	  	 	4,773,387	  	  			
					
	 SSM Venture Associates, L.P.
	  	 c/o Jim Witherington
 6075 Poplar Avenue

Suite 335
 Memphis, TN 38119
	  	—  	  	 	1,492,434	  	  			
					
	 SSM Venture Partners II, L.P.
	  	 c/o Jim Witherington
 6075 Poplar Avenue

Suite 335
 Memphis, TN 38119
	  	—  	  	 	7,640,186	  	  			
	 TOTAL:
	  		  	0	  	 	24,792,323	  	  	 	19,696,553