This agreement can be an addendum to the shareholders’ agreement.

The specific purpose of a voting agreement is to clarify the rights and obligations of voting shareholders.  It ensures some clarity on which issues require input and defines what would be a major vs. minor decision.  Below is an article interviewing Rafi Amit, of Wharton  on voting agreements and family business:

http://www.knowledgeatwharton.com.cn/index.cfm?fa=printArticle&articleID=1745&languageid=1

As noted in the article, this agreement becomes especially critical when a non-family member becomes a shareholder of a family business.  The natural evolution for most businesses’ may require a third party to become a shareholder, either for strategic reasons or financing of growth.

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