Document:

SHAREHOLDER AND VOTING AGREEMENT

         THIS  SHAREHOLDER AND VOTING  AGREEMENT (this  "Agreement") is made and
entered  into  effective  as of September  29,  2003,  by and among  Bridgewater
International  Group,  LLC, a Utah limited  liability  Company ("BIG"),  Kent I.
Madsen ("Madsen") and Atlas Management  Partners,  LLC, a Utah limited liability
company ("Atlas").

                                    RECITALS

A. BIG and Madsen own  voting  capital  shares in MACC  Private  Equities,  Inc.
("MACC"),  a Delaware  corporation  whose  shares are listed for  trading on the
Nasdaq SmallCap market.

B. BIG is a  consultant  to Atlas and Madsen is a member of Atlas.  Atlas may in
the future act as investment  manager of MACC and MorAmerica  Capital Corp.,  an
investment fund that is a wholly owned subsidiary of MACC.

C. The Parties desire to set forth their agreements in writing.

                                    AGREEMENT

           In consideration of the foregoing  recitals,  the mutual promises and
obligations set forth hereafter,  and for other good and valuable  consideration
the receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree as follows:

         1.  Appointment  of Atlas.  Subject to the terms and conditions of this
Agreement,  BIG hereby appoints Atlas as its proxy,  attorney-in-fact  and agent
with full authority to vote the 804,689  capital shares in MACC currently  owned
by it on any matter that  properly  comes  before the  shareholders  of MACC for
vote;  except on those  issues as to which  Atlas  determines  that it cannot or
should not vote because of  conflicts  of interest,  for which issues the shares
will not be voted. In the event of such conflicts of interest, if BIG is allowed
to  exercise  control  over MACC under SBA  regulations  and if BIG would not be
similarly  precluded from voting due to conflicts of interest,  Atlas will grant
to BIG the right to vote the shares on such issues.  The 804,689  capital shares
of MACC subject to this  Agreement are sometimes  referred to herein as the MACC
Shares. Notwithstanding the transfer of such voting rights to Atlas, the Parties
agree that legal title to said MACC Shares and all  beneficial  ownership  other
than the right to vote shall remain in BIG. The appointment of Atlas is intended
to be the grant of a proxy  coupled with an interest,  and shall be  irrevocable
during  the term of this  Agreement  except  as  otherwise  expressly  set forth
herein.

         2. Term of Agreement.  The voting provisions of this Agreement shall be
effective  and remain in force among the parties  from the date of  execution of
this  Agreement  by all parties  (the  "Effective  Date") until the date six (6)
years from the execution of investment  management  agreements between Atlas and
both MACC and  MorAmerica  Capital Corp.  (the  "Commencement"),  unless earlier
terminated as provided  herein or in the Strategic  Agreement of even date among
the parties and certain other prospective members of Atlas. This Agreement shall
be automatically renewed for up to two (2) additional periods of three (3) years
each (each called an "Extended Term") if the Management Agreement between BIG

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and Atlas is also extended for such Extended Term. If the  Management  Agreement
terminates  at the end of its initial  term as a result of BIG  electing  not to
renew,  then the  voting  rights  described  in  Section 1  hereof,  but not the
provisions of Section 3, 4 or 5, shall  continue for one year after  termination
of the Management Agreement.

         3.  Lock-Up,  Leak-out.  BIG  agrees  that it  will  not,  without  the
unanimous  prior  written  approval  of the  holders  of all of the  outstanding
membership interests (including the interests of Members and Economic Owners) in
Atlas,  offer for sale,  sell,  pledge,  hypothecate  or  otherwise  dispose of,
directly or indirectly,  any of the MACC Shares in any manner whatsoever whether
by way of a  private  sale,  a  public  sale,  or  pursuant  to SEC  Rule 144 or
otherwise, prior to the date that is three (3) years from Commencement ("Lock-Up
Period"). During the three year period starting immediately after the end of the
Lock-up Period (the  "Leak-out  Period") the MACC Shares shall be subject to the
same restrictions as during the Lock-up Period;  provided,  that BIG may sell or
otherwise  dispose of up to 80,469 of the MACC Shares in any  calendar  quarter,
but not more than a total of 241,407  MACC Shares  during the entire term of the
Leak-out  Period;  and  further  provided  that  the  First  Right  of  Purchase
provisions of Section 4 are complied with.  MACC Shares sold under this Leak-out
provision shall not be subject to this Agreement,  but all remaining MACC Shares
shall remain subject hereto.

         4. First Right to Purchase. BIG further agrees that during the Leak-out
Period and any Extended Term  (together,  the "Extended  Period"),  it shall not
sell,  pledge,  assign, or otherwise transfer all or any part of the MACC Shares
without first offering to Atlas or its designees and Madsen the right and option
to  purchase  said  Shares as  provided  in this  section  (the  "Right of First
Purchase").

         4.1      If BIG desires to sell,  pledge,  assign or otherwise transfer
                  any or all of its MACC Shares at any time during the  Extended
                  Period,  it  shall  first  give  written  notice  (the  "Alert
                  Notice") to Atlas and Madsen of its intention to sell, pledge,
                  assign or otherwise transfer the MACC Shares. The Alert Notice
                  shall  indicate the number of MACC Shares  proposed to be sold
                  (hereinafter the "Offered  Shares").  The Alert Notice must be
                  given to Atlas and Madsen at least  thirty  (30) days prior to
                  the Sale Notice described below.

         4.2      Prior to the actual sale of the Offered Shares, BIG shall give
                  a second  written  notice to Atlas and Madsen of its immediate
                  intention  to sell the Offered  Shares  described in the Alert
                  Notice.  The Sale Notice  constitutes an irrevocable  offer by
                  BIG to sell any or all of the  Offered  Shares to (i) Atlas or
                  its  designees,  or (ii) to the extent not exercised by Atlas,
                  to Madsen,  at the price equal to the Market Value.  Atlas and
                  Madsen  shall  have 24 hours  (which  must  include at least 8
                  hours of a  business  day) from  Atlas's  receipt of such Sale
                  Notice  in which  to  notify  BIG of how  many of the  Offered
                  Shares they desire to purchase. If Atlas (or its designee) and
                  Madsen both  notify BIG that they  desire to purchase  Offered
                  Shares, Madsen's purchase will be fulfilled only to the extent
                  that Atlas did not  purchase  all of the Offered  Shares.  The
                  person(s)  exercising the option to purchase Offered Shares is
                  referred to as the "Buyer".

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         4.3      Buyer  shall  purchase  the  Offered  Shares  as to  which  it
                  exercises its Right of First Purchase by delivering payment in
                  full for the purchase  price  against  delivery of the Offered
                  Shares being purchased within fifteen (15) days after the date
                  of the Sale Notice.

         4.4      Any Offered Shares  described in a Sales Notice for which both
                  of Madsen and Atlas and its designees  fail to exercise  their
                  option as provided in this section,  may be sold by BIG within
                  a period of thirty (30) business days  commencing one business
                  day after the date of the Sale  Notice;  provided  that either
                  (a) such sale occurs on the principal  public  trading  market
                  for MACC  equity  securities,  or (b) such sale is for no less
                  than the Market Value. Any Offered Shares not sold within such
                  thirty (30)  business day period shall remain  subject to this
                  Agreement.

         4.5      For purposes of this Agreement,  "Market Value" shall mean the
                  market price of the MACC Shares as  determined  by the average
                  closing   price  of  the  shares   sold  or  traded  over  the
                  immediately  preceding  five (5) trading  days,  excluding all
                  transactions  on any days in which Madsen,  BIG,  Atlas or any
                  affiliates of such persons, buys or sells shares on the market
                  (as reported in Forms 144, 4,  Schedule 13D or other  publicly
                  available information). Market Value shall be determined as of
                  the date of the Sales Notice.

         5. First Right of Refusal. If during the Extended Period (as defined in
Section 4) BIG receives  and intends to accept a bona fide written  offer from a
third  party (the  "Offeror")  to  purchase  some or all of the MACC Shares in a
private  transaction,  BIG shall not accept the offer or sell the MACC Shares to
the Offeror  without first  offering to Atlas and Madsen the right and option to
purchase  said Shares on the same terms as offered by the Offeror as provided in
this section (the "Right of First Refusal").

         5.1      BIG shall  notify Atlas and Madsen in writing of its intent to
                  accept the third  party  offer  (the  "Refusal  Notice").  The
                  Refusal  Notice  shall  indicate  the  number  of MACC  Shares
                  proposed  to be sold (the  "Offered  Shares"),  the cash price
                  offered by the Offeror,  and any other  material  terms of the
                  Offeror's  offer  and  shall be  accompanied  by a copy of the
                  Offeror's written offer.

         5.2      The Refusal Notice  constitutes an irrevocable offer by BIG to
                  sell  any or all of the  Offered  Shares  to (i)  Atlas or its
                  designees,  or (ii) to the extent not  exercised by Atlas,  to
                  Madsen,  at the cash price  contained in the Offeror's  offer.
                  The cash  price is the price to be paid by the  Offeror,  less
                  any  consideration  to be paid in a form  other  than  cash or
                  marketable securities and, if the purchase price is to be paid
                  over a period of more than one year, reduced to present value.
                  Atlas and Madsen  shall  have  thirty  (30) days from  Atlas's
                  receipt of the  Refusal  Notice in which to notify BIG if they
                  are exercising the Right of First Refusal to purchase,  in the
                  aggregate,  all of the  Offered  Shares.  The  Right  of First
                  Refusal  may  not be  exercised  in  part.  If  Atlas  (or its
                  designee)  and  Madsen  both  notify  BIG that they  desire to
                  purchase Offered Shares,  Madsen's  purchase will be fulfilled
                  only to the  extent  that  Atlas did not  purchase  all of the
                  Offered  Shares.  The  person(s)   exercising  the  option  to
                  purchase  Offered Shares is referred to as the "Buyer".  Buyer

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                  shall purchase the Offered Shares as to which it exercises its
                  Right of First Refusal by  delivering  payment in full for the
                  purchase  price against  delivery of the Offered  Shares being
                  purchased  within three (3) business days after  notifying BIG
                  of Buyer's election to purchase the Offered Shares.

         5.3      Any Offered  Shares  described  in a Refusal  Notice for which
                  both of Madsen and Atlas and its  designees  fail to  exercise
                  their option as provided in this  section,  may be sold by BIG
                  to the Offeror  within a period of thirty (30)  business  days
                  commencing thirty-one (31) business days after the date of the
                  Refusal  Notice;  provided  that such sale  occurs on terms no
                  more favorable to the Offeror than those stated in the Refusal
                  Notice.

         6.  Exceptions  to  Lock-up,  First Right of Refusal and First Right of
Purchase.  If (i) the  transferee  of the MACC  Shares  agrees  that such shares
remain subject to this Agreement,  and (ii) the transfer otherwise complies with
any restrictions on transfer imposed by MACC, the following transactions in MACC
Shares  are not  prohibited  by  Section 3 and do not  require  compliance  with
Section 4 and 5:

                            (a)   Transfers  by  operation  of  law,   including
                  transfers   resulting  from  the  merger,   consolidation   or
                  liquidation of BIG;

                            (b)  Transfers by BIG to an affiliate of BIG without
                  consideration;

                            (c)  Transfers  by BIG  pursuant  to the  Management
                  Agreement between BIG and Atlas.

         7. Reduction in Profit Participation Percentages. In the event that BIG
sells in excess of 120,703  MACC  Shares  pursuant to Sections 3, 4 and 5 above,
then  BIG's  Profit  Participation  Percentage  shall be reduced as set forth in
Atlas's Second Amended and Restated Operating Agreement.

         8.  Termination.  Except as provided herein,  this Agreement may not be
terminated by any party.  Notwithstanding the previous sentence,  this Agreement
may be terminated by any party upon written  notice to each of the other Parties
if any of the  following  events occurs and such event is not cured within forty
five (45) days after its occurrence:

         8.1.     If, at any time after the  expiration  of eighteen (18) months
                  from the date  hereof,  the  average  net asset  value of MACC
                  falls below $3.5 million during any six month period; or

         8.2.     If payments of salary, consulting fees or guaranteed dividends
                  or any payments  under the  Promissory  Note between Atlas and
                  BIG  dated  the date of this  Agreement  are not  paid  within
                  thirty (30) days of their due date; or

         8.3.     If, at any time after the  expiration  of eighteen (18) months
                  from the date hereof, Atlas receives a written notice from the
                  U. S.  Small  Business  Administration  ("SBA")  that  the SBA
                  intends  to  remove  Atlas as  investment  advisor  of MACC or
                  MorAmerica.

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<PAGE>

         9.  Standard  of Care.  In  voting  on all  matters  which  come to the
Shareholders of MACC for a vote, the Managers of Atlas shall exercise their best
business judgment. However, it is understood that neither Atlas nor its Managers
shall incur any responsibility by reason of any error of law or by anything done
or omitted under this Agreement except for gross negligence or fraud.

         10. Miscellaneous Provisions.

         10.1.    Notices. 15.1 Notices. Without precluding any other sufficient
                  form of notice, all notices,  demands, or other communications
                  under this  Agreement  shall be deemed given as outlined below
                  if sent by fax or first class mail, to the most recent address
                  given by the party to whom notice is given and directed to the
                  attention of the individual(s)  specified in any communication
                  as contact persons or individuals authorized to receive notice
                  on behalf of a party.  Without  limiting  any means by which a
                  Party may be able to prove that a notice has been  received by
                  another party, a notice will be deemed to be duly received:

                            (a) if sent by first class  mail,  5 days (if posted
                  within a country to an address in the same country) or 10 days
                  (if  posted  from one  country to  another)  after the date of
                  posting; or

                            (b) if sent by facsimile, upon receipt by the sender
                  of an acknowledgment  or transmission  report generated by the
                  machine from which the facsimile was sent  indicating that the
                  facsimile  was  sent  in  its  entirety  to  the   recipient's
                  facsimile number.

         10.2.    Legends.  All  certificates  representing  the MACC Shares and
                  MACC's transfer  records shall bear the following  restrictive
                  legend:

                           This Certificate and the transfer of interests in the
                           underlying shares hereof are subject to the terms and
                           conditions  of that  certain  Shareholder  and Voting
                           Agreement  dated  as of  September  29,  2003,  among
                           Bridgewater  International Group, LLC, Kent I. Madsen
                           and Atlas Management Partners, LLC

                  BIG shall  surrender the  certificates  representing  the MACC
Shares to MACC for inclusion of such legend.

         10.3.    Removal of Legends.  Upon request of BIG, Atlas shall promptly
                  execute  and  deliver  to  MACC's  transfer  agent a letter in
                  substantially   the  form  attached   hereto  as  Exhibit  "A"
                  authorizing  removal of the restrictive legend described above
                  with  respect to (i) MACC  Shares  released  from the terms of
                  this  Agreement  upon sale pursuant to Sections 3, 4 or 5, and
                  (ii) all  remaining  MACC  Shares  upon the  later to occur of
                  termination  of this  Agreement  or the  termination  of sales

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<PAGE>

                  restrictions set forth in the Management Agreement between BIG
                  and Atlas.  Delivery  of such letter by Atlas shall be binding
                  on all parties hereto.

         10.4.    Assignment.  This  Agreement  may not be assigned by any party
                  without the prior written consent of the other,  except that a
                  merger,  consolidation,  or sale of  substantially  all of the
                  assets of any party shall not be considered an assignment  and
                  shall not require the other party's consent.  If assignment is
                  permitted hereunder,  this Agreement shall be binding upon the
                  parties' permitted  successors,  heirs,  devisees,  divisions,
                  subsidiaries,  officers, directors,  employees, and agents and
                  any and all persons or entities in privity with them or having
                  notice of this Agreement.

         10.5.    Waiver. Failure of any of the parties hereto to enforce any of
                  the  provisions  of this  Agreement or any rights with respect
                  thereto or to exercise any election provided for herein, shall
                  in no  way be  considered  as a  waiver  of  such  provisions,
                  rights, or elections or in any way affect the validity of this
                  Agreement.  No term or provision hereof shall be deemed waived
                  and no breach excused,  unless such waiver or consent shall be
                  in writing  and signed by the party  claimed to have waived or
                  consented. The failure by any of the parties hereto to enforce
                  any  of  said  provisions,  rights,  or  elections  shall  not
                  preclude  or  prejudice  such party from  later  enforcing  or
                  exercising  the  same  or any  other  provisions,  rights,  or
                  elections which it may have under this Agreement.  Any consent
                  by any party to, or waiver of, a breach by the other,  whether
                  express or  implied,  shall not  constitute  a consent  to, or
                  waiver of, or excuse for any other,  different,  or subsequent
                  breach.

         10.6.    Headings.  Headings  used in this  Agreement are for reference
                  purposes  only  and  shall  not  be  deemed  a  part  of  this
                  Agreement.

         10.7.    Choice of Law and Venue.  This Agreement  shall be governed by
                  and  construed  in  accordance  with the laws of the  State of
                  Utah. Any action to enforce the terms of this Agreement  shall
                  be  brought  and  prosecuted  in the state or  federal  courts
                  sitting  in the  State  of Utah.  All  parties  submit  to the
                  jurisdiction  of the  courts  sitting in the State of Utah and
                  agree that venue shall be proper in Salt Lake County, State of
                  Utah.  Nothing  herein shall prevent either party from seeking
                  removal to federal  court of an action filed in state court to
                  the extent permitted by law.

10.8.             Entire Agreement.  The parties hereto have read this Agreement
                  and agree to be bound by all its terms.  The  parties  further
                  agree that this Agreement, related Agreements of even date and
                  agreements  referenced  therein shall  constitute the complete
                  and exclusive  statement of the Agreement  among them and that
                  this Agreement supersedes all proposals,  oral or written, and
                  all other  communications  among them  relating to the subject
                  matter of this Agreement.

10.9.             Reliance on Facsimile Signatures, Counterparts. This Agreement
                  maybe  executed  in two  counterparts,  each of which shall be
                  deemed an original and which taken together shall constitute a
                  single instrument.  The delivery of a counterpart signature by

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                  facsimile  shall be effective as delivery of a manually signed
                  original  and the  receiving  party may rely  thereon  for all
                  purposes.

                  IN WITNESS WHEREOF,  the parties have signed this Agreement as
         the date and year first above written.

BIG:
BRIDGEWATER INTERNATIONAL GROUP, LLC

By: /s/ Benjamin Jiaravanon
    -------------------------
Its: Manager

/s/ KENT MADSEN
--------------------------------------------
Kent I. Madsen

ATLAS MANAGEMENT PARTNERS, LLC

By   /s/ KENT MADSEN
  ------------------------------------------
     Kent I. Madsen, Its Manager

<PAGE>

                                   Exhibit "A"

[Name and Address of Transfer Agent]

         Re:      Shareholder Agreement dated September 29, 2003

Gentlemen:

         We understand  that  Bridgewater  International  Group,  LLC ("BIG") is
presenting to you for transfer  certificate(s)  representing _________ shares of
MACC  Private  Equities,  Inc.  ("MACC")  which bear the  following  restrictive
legend:

                           This Certificate and the transfer of interests in the
                           underlying shares hereof are subject to the terms and
                           conditions  of that  certain  Shareholder  and Voting
                           Agreement  dated  as of  September  29,  2003,  among
                           Bridgewater  International Group, LLC, Kent I. Madsen
                           and Atlas Management Partners, LLC

         On  behalf of the  parties  to the  Shareholder  and  Voting  Agreement
referred to in the legend,  you are authorized to issue  certificate(s)  for the
number of MACC shares  indicated above to the  transferee(s)  as directed by BIG
free of the above restrictive legend.

                                                ATLAS MANAGEMENT PARTNERS, LLC

                                                --------------------------------9

                               STRATEGIC AGREEMENT

         THIS STRATEGIC  AGREEMENT  (this  "Agreement") is made and entered into
effective  as of  September  29, 2003,  by and among  Bridgewater  International
Group, LLC, a Utah limited liability company ("BIG"), Kent I. Madsen ("Madsen"),
Robert A.  Madsen  ("R.  Madsen")  and Atlas  Management  Partners,  LLC, a Utah
limited  liability  company  ("Atlas").  BIG,  Madsen,  R.  Madsen and Atlas are
sometimes referred to as the "Parties."

                                    RECITALS

         A. Each of the Parties  except Atlas owns voting  capital stock in MACC
Private Equities,  Inc. ("MACC"),  a Delaware  corporation whose stock is listed
for trading on the Nasdaq SmallCap market.

         B. Atlas is a Utah  limited  liability  company of which  Madsen is the
sole manager and Madsen and BIG are the only members. BIG, Madsen and Atlas have
entered  into a  Shareholder  and  Voting  Agreement  pursuant  to which BIG has
granted to Atlas a proxy, irrevocable during the term of that agreement, to vote
its capital shares in MACC.

         C. It is the  intention  of the Parties  that Atlas will,  at some time
estimated  to be no later  than May  2004,  be  appointed  to act as  investment
manager of MACC and  MorAmerica  Capital  Corp.,  an  investment  fund that is a
wholly owned subsidiary of MACC.

         D. At such time as Atlas  becomes  the  investment  manager of MACC and
MorAmerica  Capital Corp.,  the Parties intend that the Articles of Organization
of Atlas and the  Operating  Agreement  of Atlas will be amended and restated to
name all of the Parties as Members of Atlas and to name Madsen, BIG and Geoffrey
T. Woolley ("Woolley") as Managers of Atlas.

         E. It is the  intent  of the  Parties  that BIG will  loan  Atlas up to
$300,000.00  pursuant  to a  Promissory  Note of even  date  herewith  (the "BIG
Note").

         F. The Parties desire to set forth their agreements in writing.

                                    AGREEMENT

           In consideration of the foregoing  recitals,  the mutual promises and
obligations set forth hereafter,  and for other good and valuable  consideration
the receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree as follows:

         1. Amendment of Atlas Articles of Organization and Operating Agreement.
The parties agree that concurrently with the execution of investment  management
agreements  between  Atlas  and both  MACC and  MorAmerica  Capital  Corp.  (the
"Commencement"),  the  Articles  of  Organization  of Atlas shall be amended and
restated  substantially  in the form  attached  hereto as Exhibit  "A-1" and the
Operating Agreement of Atlas shall be amended and restated  substantially in the
form attached hereto as Exhibit "A-2."

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<PAGE>

         2. BIG Management Agreement.  Simultaneously with the Commencement, BIG
and Atlas shall enter into a  Management  Agreement  pursuant to which BIG shall
agree to serve as a  Manager  of  Atlas,  which  Management  Agreement  shall be
substantially in the form attached as Exhibit "B."

         3.  Woolley   Capital   Commitment.   Subject  to   occurrence  of  the
Commencement,  Woolley has committed to make capital  available to MACC or Atlas
substantially in accordance with the terms generally  outlined on the term sheet
attached as Exhibit  "C." It is the intent of the Parties  that the BIG Note and
Woolley's capital commitment will be on substantially  similar terms and will be
drawn down at the same time and the proceeds invested for the same purposes, and
the BIG Note  may be  amended  accordingly  when the  final  terms of  Woolley's
capital commitment are determined.

         4. Failure of Commencement. If the Commencement has not occurred by the
date one year from the date of this  Agreement,  then (i) this  Agreement  shall
automatically  terminate and all Parties shall be released from all  obligations
hereunder, other than the obligation of Atlas under Paragraph 9, (ii) the Voting
Agreement  shall  automatically  terminate  and all  parties  thereto  shall  be
released from all  obligations  thereunder,  and (iii) the BIG Note shall become
immediately due and payable.

         5. Vote for BIG Nominee to MACC Board. In each election of directors of
MACC  beginning on the first election of directors  following the  Commencement,
and continuing  until the termination of the  Shareholder  and Voting  Agreement
among BIG, Madsen and Atlas (the "Voting Agreement"), Atlas agrees that it shall
cast all of the votes of the MACC  Shares (as  defined in the Voting  Agreement)
for at least one (1) board of director  candidate  nominated or  recommended  by
BIG;  provided that such nominee is approved by Atlas,  which approval shall not
be withheld if the candidate is legally  qualified to so serve. If the candidate
nominated or  recommended by BIG and approved by Atlas has not been nominated by
the  management  of MACC,  Atlas  shall  take  such  reasonable  steps as may be
necessary to have such person  nominated and included in MACC's proxy  statement
in accordance with MACC's by-laws. BIG hereby recommends, and Atlas approves and
agrees to cast all of the votes of the MACC  Shares  for the  election  of,  Ben
Jiaravanon as BIG's initial  nominee for the board of directors of MACC. BIG may
change such  recommendation at any time prior to the next election for the board
of directors of MACC.

         6. BIG Designee as Atlas Voting Managing  Director.  Concurrently  with
the  Commencement,  and continuing  until the  termination of the BIG Management
Agreement,  BIG shall be entitled to designate one (1) Voting Managing  Director
of Atlas,  and the Parties each agree that they shall do all things necessary or
desirable  to cause BIG's  designee to be named as a Voting  Managing  Director,
including, if necessary,  casting an affirmative vote in the Party's capacity as
a member or manager of Atlas.  BIG hereby  designates  Tim  Bridgewater as BIG's
initial  designee as a Voting  Managing  Director of Atlas.  BIG may replace its
designated Voting Managing Director at any time

         7. Participation in MACC Equity. Commencing with the Commencement,  and
continuing  until the termination of the Voting  Agreement,  Atlas shall use its
best efforts to support the ability of BIG to  participate as an investor in any
sale or issuance of equity  securities  by MACC,  on terms as favorable as those

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being offered to any other  investor,  so that BIG will have the  opportunity to
maintain  BIG's  proportional  ownership in MACC similar to  preemptive  rights.
BIG's  participation  in any offering will be  conditioned  on BIG being legally
entitled to  participate  therein  without MACC  incurring  material  additional
effort or expense.

         8.  Conversion of MACC to Registered  Investment  Company.  The Parties
agree that Atlas  should  generally  support  the goal of  converting  MACC to a
Registered  Investment  Company  within  approximately  3 to 5 years  after  the
Commencement,  if it is the best  interest  of MACC.  Any  decision  to become a
Registered  Investment Company will be made by the board of directors of MACC if
they consider it to be in the best  interests of MACC,  and subject to favorable
economic conditions.

         9. Transaction  Expenses.  The Parties agree that Atlas shall reimburse
BIG and Madsen for reasonable  costs and expenses  incurred by BIG and Madsen in
connection  with the creation of Atlas and BIG, the  negotiation and preparation
of  the  definitive   agreements  between  the  Parties,   the  negotiation  and
documentation  of the  purchase  of MACC stock by both BIG and  Madsen,  and the
negotiation and preparation of agreements  whereby Atlas will become  investment
manager of MACC and MorAmerica.

         10. Agreements Prior to Commencement.

                  10.1   During the  period  prior to  Commencement,  Atlas will
                         provide BIG with monthly financial  reports  reflecting
                         Atlas's activities, assets and liabilities.

                  10.2   During the period prior to  Commencement  no membership
                         interest in Atlas shall be transferred  nor shall Atlas
                         issue any  additional  membership  interests;  provided
                         that in the event of the death or  disability of Madsen
                         his  interest  in  Atlas  may be  transferred  to  Todd
                         Stevens.

                  10.3   During the period prior to Commencement  Atlas will not
                         pay or accrue  any  salary  management  fee or  similar
                         expenses to related  parties;  provided  that Atlas may
                         reimburse  such  parties for actual out of pocket costs
                         reasonably incurred.

         11.  Tag-Along  Rights.  In the event  that one or more of the  Parties
other than Atlas elect to sell all or part of their membership interest in Atlas
(the  "Selling  Members")  and have  received  a bona fide offer  therefor,  the
Selling Members shall notify the other Parties (the "Sale Notice"), including in
such notice the details of the proposed sale including price, quantity (i.e. the
Profit  Participating  Percentage  to be  sold),  other  terms  of sale  and the
identity of the proposed  purchaser.  If the Selling  Members receive consent to
sell  membership  interests  as  provided  in the Second  Amended  and  Restated
Operating  Agreement,  then all of the  Parties  other  than  Atlas  shall  have
"Tag-Along  Rights" to  participate  in the sale of such interests to the extent
provided  herein.   The  Tag-Along  Rights  shall  be  exercised  by  making  an
affirmative  election  to  exercise  such  rights to be sent in  writing  to the
Selling Members within 45 days after receipt of the Selling Members' notice (the
"Election  Notice").  The  Election  Notice  shall state the amount of interests
which such Party  desires to sell at the price stated in the Sale Notice,  which

                                       3
<PAGE>

shall be equal to (or less than) the  Profit  Participating  Percentage  held by
such participating  Party multiplied by the same percentage as the percentage of
Profit  Participating  Percentage to be sold by the Selling Members bears to the
total number of Profit Participating Percentage then outstanding.  The amount of
Profit  Participating  Percentage specified in the Election Notice shall then be
purchased by the purchaser or purchasers of Profit  Participating  Percentage of
the  Selling  Members at the same price and at the same time as the  purchase of
the Profit  Participating  Percentage  of the  Selling  Members  Member and as a
condition to approval of such transfer.

         12.  Termination.   This  Agreement  shall  terminate  as  provided  in
Paragraph 4 above or upon termination of the Voting Agreement,  whichever occurs
first.

         13.  Securities  Filings.  Each of the  Parties who is required to file
reports of  ownership of the MACC Shares  (including  Schedule 13D and Form 3, 4
and 5) with the  Securities  and Exchange  Agreement  agrees to timely file such
reports on a timely basis. During the period that some or all of the Parties may
be  considered a "group" for purposes of Schedule  13D, the members of the group
agree to promptly  report to all other members of the group any  acquisition  or
disposition of MACC securities.  Each of the Parties (an  "Indemnifying  Party")
agrees to indemnify the other Parties from and against any  liabilities  arising
from (i) the  Indemnifying  Party's  failure  to  timely  or  accurately  file a
required report with the SEC, or (ii) the Indemnifying Party's failure to report
information  regarding the  Indemnifying  Party's  ownership of MACC  securities
which results in the other Party filing a misleading report with the SEC.

         14.  Take-over of MACC.  The Parties  agree that neither they nor their
affiliates shall seek to purposefully take control,  directly or indirectly,  of
MACC or its  management  other than through Atlas and the  agreements  among the
Parties described herein.

         15. Miscellaneous Provisions.

                  15.1   Notices.  Without  precluding any other sufficient form
                         of   notice,   all   notices,    demands,    or   other
                         communications  under  this  Agreement  shall be deemed
                         given as  outlined  below if sent by fax or first class
                         mail, to the most recent  address given by the party to
                         whom notice is given and  directed to the  attention of
                         the  individual(s)  specified in any  communication  as
                         contact  persons or  individuals  authorized to receive
                         notice on behalf of a party. Without limiting any means
                         by which a Party may be able to prove that a notice has
                         been received by another party, a notice will be deemed
                         to be duly received:

                                  15.1.1  if sent by first  class  mail,  5 days
                                          (if  posted  within  a  country  to an
                                          address  in the  same  country)  or 10
                                          days (if  posted  from one  country to
                                          another) after the date of posting; or

                                  15.1.2  if sent by facsimile,  upon receipt by
                                          the  sender  of an  acknowledgment  or
                                          transmission  report  generated by the
                                          machine from which the  facsimile  was
                                          sent indicating that the facsimile was
                                          sent   in   its    entirety   to   the
                                          recipient's facsimile number.

                                       4
<PAGE>

                  15.2   Assignment.  This  Agreement may not be assigned by any
                         party without the prior  written  consent of the other,
                         except  that  a  merger,  consolidation,   or  sale  of
                         substantially  all of the assets of any party shall not
                         be considered  an assignment  and shall not require the
                         other  party's  consent.  If  assignment  is  permitted
                         hereunder,  this  Agreement  shall be binding  upon the
                         parties'   permitted   successors,   heirs,   devisees,
                         divisions,    subsidiaries,     officers,    directors,
                         employees,  and  agents  and  any and  all  persons  or
                         entities in privity with them or having  notice of this
                         Agreement.

                  15.3   Waiver. Failure of any of the parties hereto to enforce
                         any of the  provisions of this  Agreement or any rights
                         with  respect  thereto  or  to  exercise  any  election
                         provided for herein, shall in no way be considered as a
                         waiver of such provisions,  rights,  or elections or in
                         any way affect the validity of this Agreement.  No term
                         or  provision  hereof  shall be  deemed  waived  and no
                         breach excused,  unless such waiver or consent shall be
                         in  writing  and  signed by the party  claimed  to have
                         waived or consented.  The failure by any of the parties
                         hereto to enforce any of said  provisions,  rights,  or
                         elections  shall not preclude or  prejudice  such party
                         from  later  enforcing  or  exercising  the same or any
                         other  provisions,  rights,  or elections  which it may
                         have under this Agreement. Any consent by any party to,
                         or waiver of, a breach by the other, whether express or
                         implied,  shall not  constitute a consent to, or waiver
                         of, or excuse for any other,  different,  or subsequent
                         breach.

                  15.4   Headings.  Headings  used  in  this  Agreement  are for
                         reference  purposes only and shall not be deemed a part
                         of this Agreement.

                  15.5   Choice  of Law  and  Venue.  This  Agreement  shall  be
                         governed by and construed in  accordance  with the laws
                         of the State of Utah.  Any action to enforce  the terms
                         of this  Agreement  shall be brought and  prosecuted in
                         the state or  federal  courts  sitting  in the State of
                         Utah.  All parties  submit to the  jurisdiction  of the
                         courts  sitting  in the  State of Utah and  agree  that
                         venue  shall be proper in Salt  Lake  County,  State of
                         Utah.  Nothing  herein shall prevent  either party from
                         seeking  removal to federal court of an action filed in
                         state court to the extent permitted by law.

                  15.6   Entire  Agreement.  The  parties  hereto have read this
                         Agreement  and agree to be bound by all its terms.  The
                         parties further agree that this Agreement together with
                         the other agreements referenced herein shall constitute
                         the complete and  exclusive  statement of the Agreement
                         among  them  and that  this  Agreement  supersedes  all
                         proposals,    oral   or   written,    and   all   other
                         communications  among  them  relating  to  the  subject
                         matter of this Agreement.

                                       5
<PAGE>

                  15.7   Tax  Benefits.  Should  any  Party  discover  that more
                         favorable  tax  treatment is allowed under U.S. tax law
                         by  adjusting  the  structure  of these  agreements  or
                         entities, changes will be reasonably allowed as long as
                         no economic changes are suffered by the other Parties.

                  15.8   Changes  to the  Documents.  Any  and  all  contractual
                         agreements  considered under this Agreement can only be
                         amended by a writing signed by all of the Parties

                  15.9   Reliance on Facsimile  Signatures,  Counterparts.  This
                         Agreement maybe executed in two  counterparts,  each of
                         which  shall be deemed  an  original  and  which  taken
                         together  shall  constitute  a single  instrument.  The
                         delivery of a counterpart  signature by facsimile shall
                         be effective as delivery of a manually  signed original
                         and  the  receiving  party  may  rely  thereon  for all
                         purposes.

                  [The   remainder of this page is intentionally blank.]

                                       6
<PAGE>

         IN WITNESS WHEREOF, the parties have signed this Agreement effective as
of the date and year first above written.

BIG:
BRIDGEWATER INTERNATIONAL GROUP, LLC

By: /s/ Benjamin Jiaravanon
    -----------------------
Its:  Manager

/s/ KENT MADSEN
----------------------------------------
Kent I. Madsen

Robert A. Madsen

ATLAS MANAGEMENT PARTNERS, LLC

By /s/ KENT MADSEN
  --------------------------------------
      Kent I. Madsen, Its Manager

                                       7
<PAGE>

                                    Exhibit C
                                   Term Sheet

Subject to the  Commencement  (as defined in the Agreement  dated  September 29,
2003 to which this Term  Sheet is  attached)  and  negotiation  of final  terms,
Geoffrey T. Woolley commits to provide capital to Atlas Management Partners, LLC
("Atlas") on the following general terms:

Purpose:          To provide working capital to MACC Private  Equities,  Inc. or
                  Atlas or to other similar purposes chosen by Atlas

Borrower:         MACC Private Equities,  Inc. ("MACC"),  Atlas or other similar
                  borrower chosen by Atlas

Lender:           Geoffrey T. Woolley or designee

Guarantor:        Atlas (non-recourse)

Amount:           Up to $500,000, with an initial draw of $250,000

Term:             36 months

Interest:         9% per annum, compounded quarterly

Payments:         Interest only, paid quarterly, balloon on maturity

Option:           If MACC or another publicly held company is the borrower, 100%
                  of the drawn loan will be  convertible  into common  shares of
                  the  borrower at a 20% premium to the market price on the date
                  of the initial loan draw.  The option to convert will be valid
                  until the end of the loan term or the  earlier  prepayment  of
                  the loan.

Tag-Along Rights: In the event that one or more of the Bridgewater International
                  Group, LLC, a Utah limited liability Company ("BIG"),  Kent I.
                  Madsen ("Madsen"), Robert A. Madsen ("R. Madsen"), Geoffrey T.
                  Woolley ("Woolley") and Atlas Management Partners, LLC, a Utah
                  limited liability company  ("Atlas").  BIG, Madsen, R. Madsen,
                  Woolley and Atlas are sometimes  referred to as the "Parties."
                  Other than Atlas elect to sell all or part of their membership
                  interest in Atlas (the "Selling  Members") and have received a
                  bona fide offer  therefore,  the Selling  Members shall notify
                  the other  Parties  (the  "Sale  Notice"),  including  in such
                  notice  the  details of the  proposed  sale  including  price,
                  quantity  (i.e.  the  Profit  Participating  Percentage  to be
                  sold),  other terms of sale and the  identity of the  proposed
                  purchaser.  If the  Selling  Members  receive  consent to sell
                  membership  interests  as provided  in the Second  Amended and
                  Restated  Operating  Agreement,  then all of the Parties other
                  than Atlas shall have "Tag-Along Rights" to participate in the
                  sale of such  interests  to the extent  provided  herein.  The
                  Tag-Along  Rights shall be exercised by making an  affirmative
                  election to exercise  such rights to be sent in writing to the
                  Selling  Members  within 45 days after  receipt of the Selling
                  Members' notice (the "Election  Notice").  The Election Notice
                  shall state the amount of interests  which such Party  desires
                  to sell at the price stated in the Sale Notice, which shall be
                  equal to (or less  than) the Profit  Participating  Percentage

                                       8
<PAGE>

                  held  by  such  participating  Party  multiplied  by the  same
                  percentage   as  the   percentage   of  Profit   Participating
                  Percentage  to be sold by the  Selling  Members  bears  to the
                  total   number  of  Profit   Participating   Percentage   then
                  outstanding.  The  amount of Profit  Participating  Percentage
                  specified  in the  Election  Notice shall then be purchased by
                  the purchaser or purchasers of Profit Participating Percentage
                  of the Selling  Members at the same price and at the same time
                  as the purchase of the Profit Participating  Percentage of the
                  Selling  Members Member and as a condition to approval of such
                  transfer.

Prepayment:       No penalty or  restriction;  provided that Lender will receive
                  reasonable  advance  notice of prepayment to allow exercise of
                  conversion option.

Security:         To  be  negotiated   with  borrower.   Atlas  will  provide  a
                  non-recourse  guarantee  to  the  extent  of  management  fees
                  received after a loan default.

Default Provisions:   Customary

Closing:          Within 30 days after the Commencement

Documentation:    Final  documentation  will be prepared which reflect the terms
                  described herein

Documentation and Closing Costs:    Paid by borrower.

      Lender agrees to the  general  terms  outlined  above in  addition in con-
                  sideration  of  $10  dollars  and  other  good  and   valuable
                  consideration  receipt of which is hereby  acknowledged lender
                  agrees to be bound by the Tag-Along Rights as written above.

                               /s/ Geoffrey T. Woolley
                               -------------------------
                               Geoffrey T. Woolley

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