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The shareholders and managers agreement defines the governance arrangements between PE investors and the management team. The agreement does not typically address: a) The number

The shareholders and managers agreement defines the governance arrangements between PE investors and the management team. The agreement does not typically address:

a) The number of directors on the board;

b) Key management decisions over an agreed level of materiality;

c) The hiring and firing of key management personnel;

d) What action the bank can take in the event of a breach of a debt covenant; or

e) More than one of the above

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