A shareholders’ agreement is a private agreement entered into among the shareholders of an investee company and the investee company itself, to govern, alongside the investee company’s articles of association, the operation of the relevant company. The agreement may also set out the terms of the subscription for shares in the company by the various shareholders in the company, and, in such instances, may be known as either a subscription and shareholders’ agreement or an investment agreement. By way of example, see clause 2 of Precedent: Subscription and shareholders’ agreement—single investor. Where there is a change in the contractual obligations of a party, that change will ordinarily need to be documented as a contract variation