Document:

SHAREHOLDER AND VOTING AGREEMENT
                               (Robert A. Madsen)

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

                                    RECITALS

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

         B. R.  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,  R. Madsen hereby appoints Atlas as its proxy,  attorney-in-fact  and
agent with full  authority to vote the 100,119  capital shares in MACC currently
owned by him 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 Madsen is
allowed to exercise  control over MACC under SBA regulations and if Madsen would
not be similarly precluded from voting due to conflicts of interest,  Atlas will
give to Madsen the right to vote the shares on such issues. Atlas covenants that
it shall vote the MACC shares subject to this  Agreement in accordance  with the
instructions of Madsen, except in situations in which all of the Voting Managing
Directors of Atlas then in office, with the exception of Madsen,  instruct Atlas
to vote otherwise.  The 100,119 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 R. Madsen.  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 term of this Agreement shall commence on the
date first written  above,  and shall  continue in effect during the term of the
Shareholder and Voting  Agreement  between BIG, Kent I. Madsen and Atlas of even
date herewith, as such term may be terminated or extended

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         3. Lock-Up,  Leak-out.  R. Madsen agrees that he 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 R. Madsen may
sell or  otherwise  dispose of up to 10,012 of the MACC  Shares in any  calendar
quarter,  but not more than a total of 30,036 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.  R. Madsen  further  agrees that during the
Leak-out  Period and any Extended Term  (together,  the "Extended  Period"),  he
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 R.  Madsen  desires to sell,  pledge,  assign or  otherwise
                  transfer  any or all of his MACC Shares at any time during the
                  Extended  Period,  he shall  first give  written  notice  (the
                  "Alert  Notice") to Atlas and Madsen of his 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,  R.  Madsen
                  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 R. Madsen 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 R.  Madsen of
                  how many of the Offered  Shares they  desire to  purchase.  If
                  Atlas (or its  designee) and Madsen both notify R. Madsen 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 R. Madsen
                  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 R.  Madsen,  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) R. Madsen  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,  R.  Madsen  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      R.  Madsen  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 R.
                  Madsen 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 R. Madsen 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 R. Madsen that they desire to
                  purchase Offered Shares,  Madsen's  purchase will be fulfilled

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                  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".

         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 R.
                  Madsen 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 will, descent, laws of intestacy or operation
                      of law; or

                  (b) Transfers  by  R.  Madsen  to  a  family  member   without
                      consideration.

         7. Reduction in Profit Participation Percentages.  In the event that R.
Madsen  sells in excess of 15,018  MACC  Shares  pursuant to Sections 3, 4 and 5
above, then R. Madsen's Profit Participation  Percentage shall be reduced as set
forth in the Atlas Second Amended and Restated Operating Agreement.

         8.  Standard  of Care.  In  voting  on all  matters  which  come to the
Shareholders  of MACC for a vote, the Voting  Managing  Directors of Atlas shall
exercise their best business  judgment.  However,  it is understood that neither
Atlas nor its Voting Managing Directors 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.

         9. Miscellaneous Provisions.

         9.1      Notices.  Without  precluding  any  other  sufficient  form of
                  notice, all notices,  demands, or other  communications  under
                  this  Agreement  shall be deemed given 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.

         9.2      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

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<PAGE>

                           conditions  of that  certain  Shareholder  and Voting
                           Agreement dated as of ___________, 2003, among Robert
                           A.  Madsen,  Kent  I.  Madsen  and  Atlas  Management
                           Partners, LLC

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

         9.3      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.

         9.4      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.

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

         9.6      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.

         9.7      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

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<PAGE>

                  this Agreement supersedes all proposals,  oral or written, and
                  all other  communications  among them  relating to the subject
                  matter of this Agreement.

         9.8      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.

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

R. MADSEN:

/s/ Robert Madsen
------------------------
Robert A. Madsen

MADSEN:

/s/ Kent Madsen
------------------------
Kent I. Madsen

ATLAS MANAGEMENT PARTNERS, LLC

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

Robert A. Madsen Shareholder and Voting AgreementEXHIBIT 10(B)(4)

                     AMENDMENT THREE TO MARKETING AGREEMENT

This  document is Amendment  Three to the Marketing  Agreement  made and entered
into effective June 1, 1993, and amended by Amendment One to Marketing Agreement
dated September 16, 1993 (the  "Agreement"),  by and between  American  National
Insurance  Company  ("American  National")  a  Texas  corporation,   and  Legacy
Marketing Group ("LMG"), a California Corporation

In  consideration  of mutual covenants  contained  herein,  the parties agree as
follows:

1.   Section 3.1 of the  Agreement  is hereby  deleted in its  entirety  and the
     following new Section 3.1 shall be sustituted therefor.

     "3.1 Subject to termination as hereinafter  provided,  this Agreement shall
     remain in force and effect until the close of business on November 1, 1998,
     the initial term of this Agreement. This Agreement may be renewed by mutual
     agreement for successive terms of one (1) year unless  terminated by either
     party by prior  written  notice to the other at least  one  hundred  eighty
     (180) days prior to the end of the initial term or the renewal term."

2.   Except as  specifically  amended  hereby,  all terms and  provisions of the
     Marketing Agreement shall remain in full force and effect.

     LEGACY MARKETING GROUP                AMERICAN NATIONAL INSURANCE
                                           COMPANY

     By: /s/ R. Preston Pitts              By: /s/ James Pozi

     Title:  President                     Title:  Executive Vice President

     Witness: /s/ David A. Skup            Witness: /s/ Gayle Adams

     Date: September 25, 1998              Date: October 1, 1998

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