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Exhibit 10.20

                           ACT TELECONFERENCING, INC.
                          EMPLOYEE STOCK PURCHASE PLAN
                        (AS AMENDED AS OF JUNE 29, 2000)


      1.    PURPOSE AND SCOPE OF PLAN. The purpose of this ACT
Teleconferencing Employee Stock Purchase Plan (the "Plan") is to provide the
employees of ACT Teleconferencing, Inc. (the "Company") and its subsidiaries
with an opportunity to acquire a proprietary interest in the Company through
the purchase of its common stock and, thus, to develop a stronger incentive
to work for the continued success of the Company. The Plan is intended to be
an "employee stock purchase plan" within the meaning of Section 423(b) of the
Internal Revenue Code of 1986, as amended, and shall be interpreted and
administered in a manner consistent with such intent.

      2.    DEFINITIONS.

            2.1.  The terms defined in this section are used (and
      capitalized) elsewhere in this Plan:

            (a)   "AFFILIATE" means each domestic or foreign corporation that is
            a "parent corporation" or "subsidiary corporation" of the Company,
            as defined in Sections 424(e) and 424(f) of the Code or any
            successor provision and whose participation in the Plan the Board of
            Directors has expressly approved.

            (b)   "BOARD OF DIRECTORS" means the Board of Directors of the
            Company.

            (c)   "CODE" means the Internal Revenue Code of 1986, as amended
            from time to time.

            (d)   "COMMITTEE" means three or more Disinterested Persons
            designated by the Board of Directors to administer the Plan under
            Section 13.

            (e)   "COMMON STOCK" means the no par value common stock of
            the Company.

            (f)   "COMPANY" means ACT Teleconferencing, Inc.

            (g)   "COMPENSATION" means the gross cash compensation (including
            wage, salary, commission, bonus, and overtime earnings) paid by the
            Company or any Affiliate to a Participant in accordance with the
            terms of employment.

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            (h)   "DISINTERESTED PERSONS" means a member of the Board of
            Directors who is considered a disinterested person within the
            meaning of Exchange Act Rule 16b-3 or any successor definition.

            (i)   "ELIGIBLE EMPLOYEE" means any employee of the Company or an
            Affiliate whose customary employment is at least 20 hours per week;
            provided, however, that "Eligible Employee" shall not include any
            person who would be deemed, for purposes of Section 423(b)(3) of the
            Code, to own stock possessing 5% or more of the total combined
            voting power or value of all classes of stock of the Company.

            (j)   "EXCHANGE ACT" means the Securities Exchange Act of 1934, as
            amended from time to time.

            (k)   "FAIR MARKET VALUE" of a share of Common Stock as of any date
            means, if the Company's Common Stock is listed on a national
            securities exchange or traded in the national market system, the
            mean between the high and low sale prices for such Common Stock on
            such exchange or market on said date, or, if no sale has been made
            on such exchange or market on said date, on the last preceding day
            on which any sale shall have been made. If such determination of
            Fair Market Value is not consistent with the then current
            regulations of the Secretary of the Treasury applicable to plans
            intended to qualify as an "employee stock purchase plan" within the
            meaning of Section 423(b) of the Code, however, Fair Market Value
            shall be determined in accordance with such regulations. The
            determination of Fair Market Value shall be subject to adjustment as
            provided in Section 14.

            (l)   "PARTICIPANT" means an Eligible Employee who has elected to
            participate in the Plan in the manner set forth in Section 4.

            (m)   "PLAN" means this ACT Teleconferencing, Inc. Employee Stock
            Purchase Plan, as amended from time to time.

            (n)   "PURCHASE PERIOD" means the Company's semi-annual periods of
            January 1 through June 30 and July 1 through December 31, commencing
            July 1, 1998.

            (o)   "RECORDKEEPING ACCOUNT" means the account maintained in the
            books and records of the Company recording the amount withheld from
            each Participant through payroll deductions made under the Plan.

      3.    SCOPE OF THE PLAN. Shares of Common Stock may be sold by the
Company to Eligible Employees commencing July 1, 1998, as hereinafter
provided, but not more than 300,000 shares of Common Stock (subject to
adjustment as provided in Section 14) shall be


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sold to Eligible Employees pursuant to this Plan. All sales of Common Stock
pursuant to this Plan shall be subject to the same terms, conditions, rights
and privileges. The shares of Common Stock delivered by the Company pursuant
to this Plan may be acquired shares having the status of any combination of
authorized but unissued shares, newly issued shares, or treasury shares.

      4.    ELIGIBILITY AND PARTICIPATION. To be eligible to participate in the
Plan for a given Purchase Period, an employee must be an Eligible Employee on
the first day of such Purchase Period. An Eligible Employee may elect to
participate in the Plan by filing an enrollment form with the Company before the
first day of such Purchase Period that authorizes regular payroll deductions
from Compensation beginning with the first payday in such Purchase Period and
continuing until the Eligible Employee withdraws from the Plan, modifies his or
her authorization, or ceases to be an Eligible Employee, as hereinafter
provided.

      5.    AMOUNT OF COMMON STOCK EACH ELIGIBLE EMPLOYEE MAY PURCHASE.

            5.1.  Subject to the provisions of this Plan, each Eligible Employee
      shall be offered the right to purchase on the last day of the Purchase
      Period the maximum number of shares of Common Stock (not including
      fractional shares) that can be purchased at the price specified in Section
      5.2 with the entire credit balance in the Participant's Recordkeeping
      Account; provided, however, that (i) no more than 2,500 shares of Common
      Stock may be purchased under the Plan by any Participant for a given
      Purchase Period and (ii) no more than $50,000 in Fair Market Value
      (determined at the beginning of each Purchase Period) of shares of Common
      Stock may be purchased under the Plan and all other employee stock
      purchase plans, if any, of the Company and the Affiliates by any
      Participant for each calendar year. If the purchases by all Participants
      would otherwise cause the aggregate number of shares of Common Stock to be
      sold under the Plan to exceed the number specified in Section 3, however,
      each Participant shall be allocated a ratable portion of the maximum
      number of shares of Common Stock which may be sold.

            5.2.   The purchase price of each share of Common Stock sold
      pursuant to this Plan will be the lesser of (a) or (b) below:

            (a)   85% of the Fair Market Value of such share on the first
                  day of the Purchase Period.

            (b)   85% of the Fair Market Value of such share on the last
                  day of the Purchase Period.


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            (c)   For the purposes of this Section 5.2:

                  (i)  The closing price on December 31 is designated as the
            purchase price on the first day of the Purchase Period commencing
            January 1 and the last day of the Purchase Period ending on December
            31; and

                  (ii) The closing price on June 30 is designated as the
            purchase price on the first day of the Purchase Period commencing
            July 1 and the last day of the Purchase Period ending on June 30.

      6.    METHOD OF PARTICIPATION.

            6.1.  The Company shall give notice to each Eligible Employee of the
      opportunity to purchase shares of Common Stock pursuant to this Plan and
      the terms and conditions for such offering. Such notice is subject to
      revision by the Company at any time prior to the date of purchase of such
      shares. The Company contemplates that for tax purposes the first day of a
      Purchase Period will be the date of the offering of such shares.

            6.2.  Each Eligible Employee who desires to participate in the Plan
      for a Purchase Period shall signify his or her election to do so by
      signing an election form developed by the Committee. An Eligible Employee
      may elect to have any whole percent of Compensation withheld, but not
      exceeding ten percent (10%) per pay period. An election to participate in
      the Plan and to authorize payroll deductions as described herein must be
      made before the first day of the Purchase Period to which it relates and
      shall remain in effect unless and until such Participant withdraws from
      the Plan, modifies his or her authorization, or ceases to be an Eligible
      Employee, as hereinafter provided.

            6.3.  Any Eligible Employee who does not make a timely election as
      provided in Section 6.2 shall be deemed to have elected not to participate
      in the Plan. Such election shall be irrevocable for such Purchase Period.

      7.    RECORDKEEPING ACCOUNT.

            7.1.  The Company shall maintain a Recordkeeping Account for each
      Participant. Payroll deductions pursuant to Section 6 will be credited to
      such Recordkeeping Accounts on each payday.

            7.2.   No interest will be credited to a Participant's Recordkeeping
      Account.


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            7.3.  The Recordkeeping Account is established solely for accounting
      purposes, and all amounts credited to the Recordkeeping Account will
      remain part of the general assets of the Company.

            7.4.  A Participant may not make any separate cash payment
      into the Recordkeeping Account.

      8.    RIGHT TO ADJUST PARTICIPATION OR TO WITHDRAW.

            8.1.  A Participant may, at any time during a Purchase Period,
      direct the Company to make no further deductions from his or her
      Compensation or to increase or decrease the percentage amount of such
      deductions from future Compensation, subject to the limitation in Section
      6.2. Upon any such action, future payroll deductions with respect to such
      Participant shall cease or shall be increased or decreased in accordance
      with the Participant's direction.

            8.2.  Any Participant who stops payroll deductions may not
      thereafter resume payroll deductions during such Purchase Period.

            8.3.  At any time before the end of a Purchase Period, any
      Participant may withdraw from the Plan. In such event, all future payroll
      deductions shall cease and the entire credit balance in the Participant's
      Recordkeeping Account will be paid to the Participant, without interest,
      in cash within 15 days. A Participant who withdraws from the Plan will not
      be eligible to reenter the Plan until the next succeeding Purchase Period.

            8.4.  Notification of a Participant's election to increase,
      decrease, or terminate deductions, or to withdraw from the Plan, shall be
      made by filing an appropriate form with the Company.

      9.    TERMINATION OF EMPLOYMENT. If the employment of a Participant is
terminated for any reason, including death, disability, or retirement, the
entire balance in the Participant's Recordkeeping Account will be applied to the
purchase of shares as provided in Section 10.1 as of the last day of the
Purchase Period in which the Participant's employment terminated; except that if
such Participant so requests prior to the last day of such Purchase Period, the
Company shall refund in cash within 15 days all amounts credited to his or her
Recordkeeping Account.

      10.   PURCHASE OF SHARES.

            10.1. As of the last day of the Purchase Period, the entire credit
      balance in each Participant's Recordkeeping Account will be used to
      purchase shares (not including fractional shares) of Common Stock (subject
      to the limitations of Section 5) unless the Participant has filed an
      appropriate form with the Company in advance of that date


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      (which either elects to purchase a specified number of shares which is
      less than the number described above or elects to receive the entire
      credit balance in cash). Any amount in a Participant's Recordkeeping
      Account that is not used to purchase shares pursuant to this Section 10.1
      will be refunded to the Participant, except that any balance in such
      Recordkeeping Account resulting from the inability to purchase fractional
      shares shall be carried over to the immediately following Purchase Period
      unless the Participant elects to have such balance paid in cash.

            10.2. Certificates for the number of whole shares of Common Stock
      purchased by each Participant shall be issued and delivered to him or her
      promptly after the end of each Purchase Period.

      11.   RIGHTS AS A STOCKHOLDER. A Participant shall not be entitled to
any of the rights or privileges of a stockholder of the Company with respect
to such shares, including the right to receive any dividends which may be
declared by the Company, until (i) he or she actually has paid the purchase
price for such shares and (ii) certificates for such shares have been issued
to him or her, both as provided in Section 10.

      12.   RIGHTS NOT TRANSFERABLE. A Participant's rights under this Plan
are exercisable only by the Participant during his or her lifetime, and may
not be sold, pledged, assigned or transferred in any manner other than by
will or the laws of descent and distribution. Any attempt to sell, pledge,
assign or transfer the same shall be null and void and without effect. The
amounts credited to a Recordkeeping Account may not be assigned, transferred,
pledged or hypothecated in any way, and any attempted assignment, transfer,
pledge, hypothecation or other disposition of such amounts will be null and
void and without effect.

      13.   ADMINISTRATION OF THE PLAN. This Plan shall be administered by
the Committee, which is authorized to make such uniform rules as may be
necessary to carry out its provisions. The Committee shall determine any
questions arising in the administration, interpretation and application of
this Plan, and all such determinations shall be conclusive and binding on all
parties.

      14.   ADJUSTMENT UPON CHANGES IN CAPITALIZATION. In the event of any
change in the Common Stock of the Company by reason of stock dividends,
split-ups, corporate separations, recapitalizations, mergers, consolidations,
combinations, exchanges of shares and the like, the aggregate number and
class of shares available under this Plan and the number, class and purchase
price of shares available but not yet purchased under this Plan, may be
adjusted appropriately by the Committee.

      15.   REGISTRATION OF CERTIFICATES.  Stock certificates will be
registered in the name of the Participant, or jointly in the name of the
Participant and another person, as the Participant may direct on an
appropriate form filed with the Company.


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      16.   AMENDMENT OF PLAN. The Board of Directors may at any time amend
this Plan in any respect which shall not adversely affect the rights of
Participants pursuant to shares previously acquired under the Plan, except
that without stockholder approval, no amendment shall be made (i) to increase
the number of shares to be reserved under this Plan, (ii) to decrease the
minimum purchase price, (iii) to withdraw the administration of this Plan
from the Committee, or (iv) to change the definition of employees eligible to
participate in the Plan.

      17.   EFFECTIVE DATE OF PLAN. This Plan shall be effective May 14,
1998, for the offering commencing July 1, 1998, and ending December 31, 1998
and continuing on a semi-annual basis thereafter. All rights of Participants
in any offering hereunder shall terminate at the earlier of (i) the day that
Participants become entitled to purchase a number of shares of Common Stock
equal to or greater than the number of shares remaining available for
purchase or (ii) at any time, at the discretion of the Board of Directors,
after 30 days' notice has been given to all Participants. Upon termination of
this Plan, shares of Common Stock shall be issued to Participants in
accordance with Section 10, and cash, if any, remaining in the Participants'
Recordkeeping Accounts shall be refunded to them, as if the Plan were
terminated at the end of a Purchase Period.

      18.   GOVERNMENTAL REGULATIONS AND LISTING. All rights granted or to be
granted to Eligible Employees under this Plan are expressly subject to all
applicable laws and regulations and to the approval of all governmental
authorities required in connection with the authorization, issuance, sale or
transfer of the shares of Common Stock reserved for this Plan, including,
without limitation, there being a current registration statement of the
Company under the Securities Act of 1933, as amended, covering the shares of
Common Stock purchasable on the last day of the Purchase Period applicable to
such shares, and if such a registration statement shall not then be
effective, the term of such Purchase Period shall be extended until the first
business day after the effective date of such a registration statement, or
post-effective amendment thereto. If applicable, all such rights hereunder
are also similarly subject to effectiveness of an appropriate listing
application to a national securities exchange or a national market system,
covering the shares of Common Stock under the Plan upon official notice of
issuance.

      19.   MISCELLANEOUS.

            19.1. This Plan shall not be deemed to constitute a contract of
      employment between the Company and any Participant, nor shall it interfere
      with the right of the Company to terminate any Participant and treat him
      or her without regard to the effect which such treatment might have upon
      him or her under this Plan.

            19.2. Wherever appropriate as used herein, the masculine gender may
      be read as the feminine gender, the feminine gender may be read as the
      masculine gender, the singular may be read as the plural and the plural
      may be read as the singular.


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            19.3. This Plan, and all agreements hereunder, shall be
      construed in accordance with and governed by the laws of the State
      of Colorado.



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