Document:

Employment Agreement as Amended and Restated May 1, 2003

 Exhibit 10.66 
  
 EMPLOYMENT AGREEMENT 
 (as amended and restated May 1, 2003) 
  
 THIS EMPLOYMENT AGREEMENT (this “Agreement”) is amended and effective as of the                     
day of May, 2003, by and between ACT Teleconferencing, Inc., a Colorado corporation (the “Company”), and Gene Warren, a Colorado resident (the “Executive”). 
  
 RECITALS 
  
 WHEREAS, the Executive is experienced in the teleconferencing industry; 
  
 WHEREAS, the Company desires, under the terms and conditions of this Agreement, to secure the Executive’s services;

  
 WHEREAS, the Executive is willing to provide services to the
Company and to agree that Executive will protect Company’s trade secrets and not compete with the Company in the teleconferencing industry; and 
  
 WHEREAS, the Executive executed an Employment Agreement dated September 1, 2001, which the Company and the Executive wish to extend, amend and restate.

  
 AGREEMENT 
  
 NOW THEREFORE, in consideration of the above premises and of the mutual
covenants and undertakings stated in this Agreement, the Executive and the Company hereby agree as follows: 
  
 1. Term. 
  
 The Company shall employ the Executive from the date hereof to April 30, 2006 (the “Employment Period”), unless the Executive’s employment
under this Agreement terminates earlier under Section 8 of this Agreement. Commencing on April 1, 2006, and on each April 1st thereafter, the Employment Period shall be extended automatically for one additional year, unless by February 1st preceding any such automatic extension, the Company shall give the Executive written notice that it elects not to
extend the Employment Period. 
  
 2. Duties.

  
 The Company shall employ the Executive as an officer of
the Company in the capacity of Chief Operating Officer or whatever other position the Board of Directors from time to time determines (his “Duties”), and the Executive shall perform such Duties as the Company’s board of directors may
specify from time to time, to whom the Executive shall report. 
  
 During the Employment Period, the Executive shall make himself available full time to perform the Executive’s Duties and responsibilities under this Agreement and shall not engage in other substantial employment or in other material
business activities related to the teleconferencing industry, other than trade associations, industry seminars, and other activities that support the Company’s objectives. The Executive shall be permitted and encouraged to participate in
professional activities (including board memberships in organizations that do not compete with the Company), speaking, writing, consulting, and teaching with the approval of the Company’s board of directors. 
  
 3. Compensation. 
  
 (a) Base Salary. While the Executive is employed by the Company under
this Agreement, the Company shall pay to the Executive a base salary (“Base Salary”) at least equal to or above the Executive’s 2003 Base Salary. The Company shall pay to the Executive the Executive’s Base Salary in accordance
with the Company’s standard payroll practices. 

 (b) Bonus Awards. While the Executive is employed by the Company under this Agreement, the Company
may, in the sole discretion of its board of directors, and, in accordance with any bonus plan or policy which it may adopt, provide the Executive a bonus (“Bonus”) from time to time to compensate the Executive for outstanding effort.

  
 (c) Withholding Taxes. All the Company’s payments
to the Executive under this Agreement are subject to withholding of income and employment taxes and all other amounts required by law. 
  
 4. Benefits. 
  
 (a) Insurance. While the Executive is employed by the Company under this Agreement, the Company shall provide and maintain, solely at its expense,
medical, dental, vision, disability, and life insurance coverage substantially similar to current coverage (collectively the “Coverage”) which the Company provides to Executive and/or his spouse, on the date of this Agreement. The Company
shall continue to provide Coverage for Executive and his spouse for as long as Benefits are provided pursuant to Section 8(e) hereof, if Executive’s employment is terminated before the end of the Employment Period by death, disability, or
without cause (or is terminated without cause or for Good Reason under the Executive Agreement referenced in Section 11 of this Agreement). Coverage may be provided through programs, plans, or insurance contracts as currently in effect or as amended
or through programs, plans, or insurance contracts substituted therefor, provided that the terms thereof are substantially identical to the terms of programs, plans, and insurance contracts in effect on the date hereof, or are expressly approved by
the Executive or the Executive’s spouse. 
  
 (b)
Expenses. While the Executive is employed by the Company under this Agreement, the Company promptly shall reimburse the Executive for the Executive’s reasonable and necessary business related expenses provided that they are submitted in
accordance with the Company’s general expense reimbursement policies for its executives. 
  
 (c) Vacation. The Executive shall be entitled to a minimum of four (4) weeks of paid vacation during each year of employment to be accrued and used in accordance with the Company’s policy regarding
vacations. The Executive agrees to cooperate with the schedule of the Company when scheduling the Executive’s vacation. 
  
 (d) Other Benefits. The Executive shall be eligible for participation in the Company’s 401(k) plan and any other benefit plan not enumerated
above for which the Company’s employees generally, and officers specifically, are eligible. The Executive shall be a covered person under the Company’s directors and officers liability insurance policy. 
  
 5. Trade Secrets and Confidential Information. 
  
 (a) The Executive acknowledges that during the course of the Executive’s
employment with the Company, the Executive has had and will have access to certain proprietary confidential information of the Company maintained in the strictest confidence by the Company as trade secrets, including, but not limited to, information
relating to concepts, ideas, software, designs, technology, marketing, research, customers, and information regarding the Company’s finances and business systems and techniques (collectively referred to as the “Confidential
Information”). Excluded from Confidential Information is information that is in the public domain or enters the public domain without any fault of Executive; that is disclosed to Executive by a person having no obligation of confidentiality
with respect to such information; or that is developed by Executive after termination of his employment without benefit of any disclosure made by Company to Executive during his employment. 
  
 (b) The Company has developed and established and will continue to develop
and establish valuable plans, products, and services, and it would suffer great loss and irreparable injury if the Executive were to disclose any of the Confidential Information or use the Confidential Information in the solicitation of customers of
the Company, or use the Confidential Information to compete with the Company. All Confidential Information disclosed to the Executive, or to which the Executive obtains access, whether originated by the Executive or by others, during the period of
the Executive’s employment, which the Executive reasonably believes to be Confidential 
  

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 Information, or which is recognized by the Company as being Confidential Information, shall be presumed to be
Confidential Information. 
  
 6. Non-Competition.

  
 The Executive acknowledges the importance to the Company
of Executive refraining from any competition with the Company and that this is a key factor in the Company’s willingness to commit to an employment relationship of the duration set forth in the Agreement. To this end: 
  
 (a) The Executive acknowledges that the Executive possesses skill,
professional training, or experience and knowledge of the Company’s business which are significant to the Company’s business success. 
  
 (b) The Executive recognizes that Confidential Information known to Executive would be valuable and beneficial to a competitor. Therefore, it is likely
that the Executive could cause grave harm to the Company if the Executive worked for a competitor of or started another teleconferencing company. 
  
 (c) During the period of Executive’s employment by the Company and for three (3) years following the termination of Executive’s employment by
the Company, the Executive will not be employed by any competitor of the Company, consult with any competitor, or engage in the operation of a teleconferencing company. The Executive will also refrain from actually performing or directly managing or
supervising teleconferencing activities or from starting Executive’s own business which would compete with the Company. 
  
 (d) The Executive understands that this non-competition provision encompasses and prohibits direct or indirect engagement as a partner, consultant,
coventurer, or otherwise, including employment, with any business organization which is engaged in or about to engage in the operation of a teleconferencing company. This provision also includes any parent, subsidiary, or joint venturer of a
competitor of the Company to the extent that the affiliated entity engages in the teleconferencing industry (except that nothing in this Agreement shall prohibit Executive from owning not more than 1.0% of the outstanding shares of any class of
stock of a corporation if such class of stock is regularly traded on a recognized national securities exchange). 
  
 (e) The Executive agrees and acknowledges that any breach of his obligations under this Section 6 or Sections 5 and 7 would cause immediate and
irreparable harm to the Company and that immediate injunctive relief would be an appropriate remedy. 
  
 (f) The Executive acknowledges and agrees that he has received separate good and valuable consideration for the non-competition agreement contained in
this Section 6, including, without limitation, the Company’s forgiveness of a loan owed by Executive to the Company. 
  
 7. Intellectual Property Rights. 
  
 (a) Assignment. During the course of the Executive’s employment with the Company and for three (3) years thereafter, the Executive shall
assign (and hereby does assign) to the Company all of the Executive’s rights, title, and interest to all trademarks, copyrights, creations, inventions, properties, discoveries, improvements, processes, recipes, concepts, analyses, evaluations,
messages, formulas, techniques, and ideas (whether or not shown or described in writing or reduced to practice) in works of authorship, including but not limited to any products, programs, designs, studies, textbooks, software programs, and/or
services derived therefrom, whether or not patentable or copyrightable, and including any applications for letters patent, letters patent granted, including foreign letters patent (“Inventions”), 
  

	 	(i)	which relate to the Company’s actual or demonstrably anticipated services or research and development, 

  

	 	(ii)	which result from any work performed for the Company, 

  

	 	(iii)	which equipment, supplies, facilities, or trade secret information of the Company was used, or 

  

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	 	(iv)	which was developed in whole or in part on any Company time. 

  
 (b) Cooperation. The Executive shall assist the Company, at the Company’s expense and request, to obtain patents, copyrights, or other
intellectual property protection on any such patentable or copyrightable ideas or inventions, and agrees to execute all documents necessary in the name of the Company. The Executive agrees to promptly and fully disclose and describe all Inventions
to the Company and to keep accurate, complete, and timely records of such Inventions. Such records are to be the property of the Company and to be retained in its premises. Nothing in this section shall apply to any Invention for which no equipment,
supplies, facility, or trade secret information of the Company was used and which was developed entirely on the Executive’s own time, and (1) does not relate (a) directly or indirectly to the business of the Company or (b) to the Company’s
actual or demonstrably anticipated research and development, or (2) which does not result from any work performed for the Company. 
  
 Except as listed on Exhibit A at the end of this Agreement, the Executive will not assert any rights under any Inventions as having been made, authored,
or acquired by the Executive prior to his being employed by the Company. 
  
 (c) License to the Executive. On a case by case basis, and in its sole discretion, the Company agrees to provide the Executive a perpetual, royalty free non-exclusive license which would allow the Executive to
use materials which he develops for the Company, provided that the Executive does not use any such materials for or in conjunction with any venture that competes or may compete, directly or indirectly, with the Company or any of its affiliates.

  
 8. Termination. 
  
 (a) Executive’s employment by the Company shall end immediately upon
(the “Termination Date”): 
  

	 	(i)	receipt by the Company of Executive’s resignation from the Company (whether written, oral, or in other form), 

  

	 	(ii)	Executive’s receipt of written notice from the Company of termination of Executive’s employment, 

  

	 	(iii)	Executive’s death or incapacity, or 

  

	 	(iv)	expiration of the Employment Period. 

  
 (b) Termination of Employment by the Executive. The Executive may voluntarily terminate Executive’s employment by the Company with or without
cause upon ninety (90) days prior written notice to the Company. The Executive agrees to cooperate with the Company to minimize the effect of his termination on the operation of the Company. 
  
 (c) Termination of Employment by the Company. The Company may
terminate Executive’s employment by the Company without cause at any time before the Termination Date upon ninety (90) days’ written notice of termination specifying the date of such termination. The Company also may terminate
Executive’s employment by the Company if the Executive becomes unable to perform his Duties as defined in this Agreement for a continuous period of ninety (90) days as a result of a disability, as determined by a licensed physician selected by
the Company in its reasonable discretion; provided the Company also satisfies any conditions to such termination set forth in procedures or policies adopted by the board of Directors with respect to termination for disability. 
  
 (d) Immediate Termination for Cause by the Company. The Company may
immediately terminate Executive’s employment by the Company prior to the Termination Date for any one or more of the following: 
  

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	 	(i)	the Executive’s material breach of any term or provision of this Agreement, including the neglect of his Duties, which is not cured within thirty (30) days following receipt of
written notice of the breach. 

  

	 	(ii)	The conviction or a plea of guilty or nolo contendere by the Executive to any felony charge, or to any serious misdemeanor charge relating to the operation of the Company.

  

	 	(iii)	If the Executive commits any act involving dishonesty or fraud, the unauthorized disclosure of confidential information in violation of Section 5 above, or a violation of the
restrictive covenants in Section 6 above, that is found by the Company’s board of directors to be materially detrimental to the Company. 

  
 (e) Payments Upon Termination. 
  

	 	(i)	Termination With Cause. If the Executive’s employment is terminated for cause, the Executive shall be entitled only to the Base Salary earned by the Executive up
to the date of termination as provided in this Agreement and computed pro rata. 

  

	 	(ii)	Termination Without Cause. In the event of termination without cause, the Company, within 30 days of the date of termination, shall pay the Executive a lump sum equal
to the total of the Base Salary and Bonus that would accrue pursuant to this Agreement through the date of termination and for a period of three months following the date of termination. The Base Salary and Bonus utilized for calculations under this
Section 8(e)(ii) shall be the Base Salary in effect for the year during which the date of termination occurs and a Bonus equal in amount to the Base Salary. In addition, the Company shall provide Executive and Executive’s dependents
substantially the same Benefits for said three month period that would have been available to Executive and Executive’s dependents if Executive had remained an employee of the Company. Such Benefits shall be provided through existing group
programs or, at the Company’s option, through separate contracts obtained by the Company for such purposes. 

  

	 	(iii)	Other Termination. If the Executive’s employment is terminated by death or disability, the Executive shall be entitled to Base Salary and Bonuses earned by
Executive through the date of termination as provided in this Agreement and computed pro rata, plus whatever continuing Benefits are available to the Company’s employees and their dependents when an employee dies or is disabled. If the
Employee’s employment is terminated by resignation, the Executive shall be entitled only to Base Salary earnings through the date of termination plus whatever Benefits continue to be available to an employee and dependents of an employee when
any employee of the Company resigns. 

  
 9.
Covenants of the Executive. 
  
 (a)
Restrictions. The Executive shall not, directly or indirectly, while the Executive is employed by the Company, or for a period of three (3) years after the Executive’s Termination Date: 
  

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	 	(i)	employ or attempt to employ any director, officer, or employee of the Company, or otherwise interfere with or disrupt any employment relationship (contractual or other) of the
Company; 

  

	 	(ii)	solicit, request, advise, or induce any present or potential customer, supplier, or other business contact of the Company to cancel, curtail, or otherwise change its relationship
with the Company; or 

  

	 	(iii)	publicly criticize or disparage in any manner or by any means the Company, or any aspect of its management, policies, operations, products, services, or personnel.

  
 (b) Remedies. The Executive specifically
acknowledges and agrees that this Section 9 and each provision of this Section is reasonable and necessary to ensure that the Company receives the expected benefits of this Agreement, and that violation of this Section 9 will harm the Company to
such an extent that monetary damages alone would be an inadequate remedy. Therefore, in the event of any violation by Executive or their Personal Representative of any provision of this Section 9, the Company shall be entitled to an injunction (in
addition to all other remedies it may have) restraining Executive from committing or continuing such violation. If any provision or application of this Section 9 is held unlawful or unenforceable in any respect, this Section 9 shall be revised or
applied in a manner that renders it lawful and enforceable to the fullest extent possible. 
  
 (c) Return of Property. Upon termination of the Executive’s employment with the Company, the Executive agrees to deliver promptly to the Company all records, manuals, books, blank forms, documents,
letters, memoranda, notes, notebooks, textbooks, reports, data, tables, photographs, videotapes, audiotapes, manuals, computer disks, software, or other documents and media which relate in any way to the business, products, services, trade secrets,
or Confidential Information of the Company. The Executive shall be permitted to retain personal correspondence, documents, and items which contain no trade secrets or Confidential Information. 
  
 10. No Violation of Other Agreements. 
  
 The Executive hereby represents that neither (a) the Executive’s
entering into this Agreement nor (b) the Executive’s carrying out the provisions of this Agreement shall violate any other agreement (oral or written) to which the Executive is a party or by which the Executive is bound. 
  
 11. Effect of Executive Agreement. 
  
 Company and Executive also are parties to an Executive Agreement dated April
1, 1999 (the “Executive Agreement”) in which, among other things, the Company agrees to pay Executive a Special Termination Amount in certain circumstances following a Change in Control, as defined and provided therein. In the event of
conflicts between this Agreement and the Executive Agreement or uncertainties to which agreement applies, this Agreement shall determine and control Executive’s relationship with the Company until and unless 
  
 (a) the occurrence of a Change in Control, as defined by the Executive
Agreement; and 
  
 (b) any of the conditions occur which trigger
payment of the Special Termination Amount under the Executive Agreement. 
  
 The
Executive Agreement shall thereafter supercede this Agreement except that 
  
 (c) the Company’s obligation to continue providing the benefits described in Section 4 hereof and required by Section 8 hereof shall survive this Agreement and control over any provisions of the Executive
Agreement that, expressly or impliedly, are in conflict with this Agreement, regardless of the circumstances of Executive’s termination of employment. 
  
 12. Separate Representation. 
  

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 The Executive hereby acknowledges that the Executive has had an opportunity to seek and receive
independent advice from counsel of the Executive’s own selection in connection with this Agreement and has not relied to any extent on any counsel to the Company in deciding to enter into this Agreement. 
  
 13. Entire Agreement/Amendments. 
  
 This Agreement supercedes and replaces in its entirety that certain
employment agreement dated as of September 1, 2001 by and between Executive and Company and such agreement shall be of no further force and effect. This Agreement contains the entire understandings of the parties with respect to the employment of
the Executive by the Company, and no provision of this Agreement may be amended, modified, or waived except by written agreement executed by both parties. 
  
 14. Waiver. 
  
 No delay or failure of either party to exercise any rights or remedies under this Agreement shall constitute a waiver of such rights or remedies under
this Agreement. 
  
 15. Severance. 
  
 If any term or provision of this Agreement is held invalid or unenforceable,
the remainder of this Agreement and any other application of the terms and provisions shall not be affected. 
  
 16. Successors and Assigns. 
  
 This Agreement is binding on the Executive and on the Company and its successors and assigns. The rights and obligations of the Company under this
Agreement may be assigned to a successor. No rights or obligations of the Executive under this Agreement may be assigned by the Executive to any other person or entity. 
  
 17. Governing Law. 
  

This Agreement shall be construed under and governed by the laws of the State of Colorado. 
  
 18. Dispute Resolution. 
  
 If the parties cannot in good faith resolve any dispute arising under this
Agreement after a party provides thirty (30) days’ written notice to the other party, either party may submit the dispute to binding arbitration in Denver, Colorado pursuant to the Commercial Arbitration Rules of the American Arbitration
Association then in effect. Each party shall bear its own costs and attorneys’ fees associated with the arbitration proceedings. Nothing in this Section 17 shall prevent either party from seeking injunctive or other equitable relief to secure
specific performance or prevent a breach under the provisions of this Agreement. 
  
 19. Headings. 
  
 The headings in this Agreement are for purposes of reference only and shall not limit or define the meaning of the sections. 
  
 20. Notices. 
  
 All required notices and other communications are deemed given when received and shall be in writing delivered personally; by registered or certified
mail, return receipt requested, postage prepaid; by overnight delivery; or by facsimile to the party the address below. 
  
 21. Enforcement by Courts. 
  
 If a court of competent jurisdiction determines that any term of this Agreement, including, without limitation the provisions of Sections 5, 6, and
7, are partially or wholly inoperative, unenforceable or invalid in a 
  

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 particular case because of their time or geographic scope or for any other reason, the parties agree that such court
shall have the power to limit such time or geographic scope or otherwise to recast the terms of this Agreement in such case so as to permit its enforcement to the greatest extent permitted by applicable law. 
  
 IN WITNESS WHEREOF, the parties to this Agreement have caused this Agreement
to be duly executed on the date and year first above written. 
  

					
	EXECUTIVE:	 	 	  	THE COMPANY:
			
	 	 	 	  	ACT TELECONFERENCING, INC.
			
	 	 	 	  	 1658 Cole Boulevard, Suite 130
 Golden, Colorado
80401

	
	 	 	 	 
	 Gene Warren
	 	 	  	 By:                                      
                                        
             

			
	 	 	 	  	Print
Name:                                       
                                    
			
	 	 	 	  	Title:                                     
                                        
           

  

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 EXHIBIT A 
 To Employment Agreement 
  
 Inventions 
  

 9Real Estate Purchase Contract

 Exhibit 10.4.2 
  
 REAL ESTATE PURCHASE CONTRACT 
  

THIS REAL ESTATE PURCHASE CONTRACT (this “Contract”) made as of January 6, 2004, by and between Cost Plus, Inc., a California
corporation, or assigns, hereinafter referred to as “Buyer”, whose address is 200 4th Street, Oakland,
California 94607 (Fax: (415) 433-5530; Email: bsimon@cwclaw.com); and GEM Big Bethel, L.L.C. hereinafter referred to as “Seller”, whose address is c/o Ellis-Gibson Development Group, 1081 19th Street, Suite 203, Virginia Beach, Virginia 23451-5600 (Fax: 757 497-2943; Email: dellis@egdg-vb.com). 
  
 W I T N E S S E T H: 
  
 That for and in consideration of the sum of Twenty Thousand and
No/One-Hundredths Dollars ($20,000.00) (the “Deposit”), by check to Seller, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller agrees to sell and Buyer agrees to buy, at the
price and upon the terms, provisions and conditions hereinafter set forth, (a) the real property more particularly described on Exhibit A attached hereto and made a part hereof, together with (i) any and all improvements thereon and
appurtenances thereunto belonging (the “Real Property”), (ii) Seller’s interest in all contracts and other agreements in connection with the operation and maintenance of the Real Property (the “Contracts”, a list of which is
attached hereto and incorporated herein as Exhibit B), and (iii) all intangible personal property used in the operation of, located at, or associated with the Real Property, including without limitation transferable permits, licenses,
entitlements, certificates, approvals, and consents granted or issued by any governmental or quasi-governmental agency; all warranties and guarantees, if any, by third parties covering the Real Property and the improvements, including without
limitation all warranties and guarantees by architects, contractors, subcontractors, engineers, and/or vendors, and all rights and claims that Seller has or may have against third parties with respect to the Real Property (collectively, the
“Intangible Interests”); and (b) all of Seller’s right, title and interest in and to that certain Option Agreement and Real Estate Purchase Contract, dated January 12, 2001, by and between the Industrial Development Authority of Isle
of Wight County, Virginia and GEM 460 Associates I, L.L.C., relating to approximately 6.6 acres of real estate located contiguous to the Real Property (the “Option Property”), a copy of which is attached hereto as Exhibit C and made
a part hereof (the “Option”, together with the Real Property, the Contracts, and Intangible Interests comprise the “Property”). 
  

 -1- 

 1.    PURCHASE PRICE. The purchase price of the Property shall be as follows: 
  

			
	$       20,000.00	  	Deposit herewith.
		
	26,480,000.00	  	Additional cash at the Closing Date, herein defined, by wire transfer, such amount to be reduced by $50,000.00 if Buyer has timely delivered to Seller the Extension Notice and the Extension
Deposit before the expiration of the Inspection Period referred to in Section 5.
		
	$26,500,000.00	  	Total Purchase Price.

  
 2.    CLOSING. This transaction shall be closed and settled at the offices of Williams Mullen in Virginia Beach, Virginia, on April 15, 2004; provided, however, such date shall be extended to May 14, 2004, if
Buyer timely delivers to Seller the Extension Notice and the Extension Deposit before the expiration of the Inspection Period referred to in Section 5 (the “Closing Date”). Notwithstanding anything to the contrary in this Contract or as
may be provided by statutory or common law, the Closing Date shall be deemed of the essence. 
  
 At the Closing, Seller shall execute and deliver to Buyer the following: 
  
 A.    A Special Warranty Deed conveying the Real Property to Buyer or Buyer’s wholly owned affiliate, or Buyer’s assignee
that has been previously approved in writing by Seller, which approval shall not be unreasonably withheld, conditioned, or delayed; and in the event of any such assignment and approval by Seller, all references to “Buyer” herein shall
refer to such assignee. Seller shall submit the proposed form of Special Warranty Deed and, to the extent available, any other assignment/transfer documents, or other Seller closing documents to Buyer for approval at least sixty (60) days prior to
the Closing Date. 
  
 B.    An appropriate
bill of sale, and such other documents as may be reasonably necessary to transfer any and all easements, permits, licenses, Contracts, Intangible Interests, and all other agreements and rights benefiting the Real Property including all access and
utility easements Buyer determines reasonably necessary to the construction and full use and enjoyment of Buyer’s proposed additional facility to be constructed on the unimproved portion of the Real Property, the Option Property and any
additional property to be acquired by Buyer from third parties (collectively, the “Expansion Property”) and Buyer’s current leasehold improvements over, across, and through Seller’s property adjacent to the Real Property provided
such easements are situated so as not to materially impact Seller’s use of its adjacent property. 
  

 -2- 

 C.    Such affidavits and other documents as may be required by the title insurance
company to issue an ALTA Owner’s Extended Coverage Policy of title insurance to Buyer without exception for mechanics/materialmens liens. 
  
 D.    Seller’s affidavit that Seller is not a foreign person for the purposes of Section 1445 of the Internal Revenue Code; and a
Virginia Nonresident Real Property Owner Registration Form R-5 pursuant to Section 58.1-317 of the Virginia Code. 
  
 E.    An assignment of the Option, together with the unconditional consent to assignment by the Seller under the terms of the Option.

  
 F.    An Agreement, dated and effective
the Closing Date, by and between the Buyer and the Seller (the “Lease Termination Agreement”), terminating that certain Industrial Real Estate Lease, dated February 12, 2001, as amended by that certain First Amendment To Industrial Real
Estate Lease, dated January 24, 2002 (collectively, the “Lease”). 
  
 G.    Originals of the Contracts, Intangible Interests, and such additional documents as Buyer may reasonably request in order to consummate this transaction and fully comply with this Contract.

  
 At the Closing, Buyer shall execute and deliver to the Seller
the following: 
  
 H.    The Lease Termination
Agreement. 
  
 I.      The unpaid
portion of the Purchase Price in immediately available funds. 
  
 J.     Such additional documents as Seller may reasonably request in order to consummate this transaction and fully comply with this Contract. 
  
 3.    CLOSING COSTS. Seller shall pay for preparation of the Special Warranty Deed, the grantor’s recording
tax and any fees necessary to release the lien of that certain Deed of Trust, Security Agreement, Assignment of Leases and Rents and Fixture Filing, dated January 30, 2002, recorded in the Clerk’s Office of the Circuit Court of Isle of Wight
County, Virginia (the “GEBAF Deed of Trust”) including, but not limited to, any fees owed to General Electric Capital Business Asset Funding Corporation as may be required to prepay in full the amount secured by the GEBAF Deed of Trust;
all other deed recording fees and recording taxes customarily paid by a buyer in a commercial real estate transaction of this nature in the Commonwealth of Virginia shall be paid by Buyer. Each party shall pay their own attorney’s fees and
other costs. 
  
 4.    POSSESSION, RISK OF LOSS.
Possession of Seller’s interest in the Real Property and the Property shall transfer to Buyer at Closing, and all risk of loss or damage shall be borne by Seller until Closing. 
  

 -3- 

 5.    DUE DILIGENCE. Following the date of this Contract until 5 o’clock p.m. Eastern
Standard Time on March 15, 2004 (the “Inspection Period”), Buyer, its agents, employees and contractors, at Buyer’s risk, cost and expense, shall have the right to undertake a thorough examination of all conditions relating to the
Real Property, the Contracts, the Intangible Interests, and the Option which would affect the ability of Buyer to utilize the same for the Buyer’s purposes, including, but not limited to the following: 
  
 A.    Review and investigation of the suitability of the
Real Property and the Option Property for expansion (including without limitation the legal permissibility of such expansion). 
  
 B.    Review and investigation of the condition of the title of the Real Property and the real estate subject to the Option.

  
 C.    To make investigations and
non-destructive testing regarding wetlands, hazardous/toxic substances and other applicable governmental regulations and requirements with regard to the Real Property and to make investigations of any actual or potential deficiencies in the
buildings and other improvements to the Real Property. Buyer may perform its own environmental investigations and tests to determine the existence, non-existence and/or extent of hazardous, toxic, or other regulated substances or conditions and the
effects of the same. 
  
 Buyer shall provide to Seller as soon as
reasonably practicable after its receipt of same, at no cost to Seller, copies of all title reports, surveys, environmental studies and other investigations that Buyer conducts regarding the Real Property. In addition, Buyer shall regularly inform
Seller throughout the Inspection Period of Buyer’s progress on its review and investigation of the suitability of the Real Property for Buyer’s purposes. Buyer shall indemnify, defend and hold Seller harmless from any liens or claims for
the cost of any such surveys, tests and studies, and any claims with respect to personal injury, death or damage to personal property to the extent arising out of any such surveys, tests and studies or otherwise proximately caused by access to or
activities on the Real Property by Buyer or its agents or contractors in connection with the exercise of Buyer’s rights under this Contract. Buyer’s indemnity of Seller hereunder shall survive the rescission, cancellation, termination or
consummation of this Contract. Further, Buyer shall repair any damage to or disturbance of the Real Property caused by such surveys, tests and other studies of the Real Property, if the transaction contemplated under this Contract does not close.

  
 Within fourteen (14) days after the date of this Contract,
Seller shall provide to Buyer (at no cost to Buyer) any and all materials in Seller’s possession or control pertaining to the Real Property (but only if not previously delivered to Buyer), including, but not limited to, copies of the following:
engineering and architectural plans and specifications for the Real Property, studies and surveys of the Real Property, notices, citations, warnings or any other form documentation related to the Real Property from governmental or quasi governmental
agencies, any and all claims asserted by any other 
  

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 party whether or not settled since the date of original construction, claims of any taxing authority asserting any claim
against the Real Property, all environmental reports and investigation/test results, and any other information or documentation desired by Buyer reasonably related to the Real Property and either in Seller’s possession or control. 

 
 If Buyer in its sole and absolute discretion, determines that the Property
is not suitable for Buyer’s use whether for any reason or no reason at all, Buyer may terminate this Contract by written notice to Seller (the “Termination Notice”), given by fax, electronic mail or hand delivery, before the
expiration of the Inspection Period, in which event copies of all of the above documents and studies previously provided to Buyer shall be returned to Seller at Buyer’s expense, and no party shall have any further liability to the other under
this Contract, except as provided elsewhere herein. In the event that Buyer elects to terminate this Contract, the Deposit shall be retained by Seller to compensate Seller for its expenses incurred in accommodating Buyer’s interest in
purchasing the Property. In the event that Buyer does not terminate this Contract and does not exercise Buyer’s election contained in the next paragraph prior to the expiration of the Inspection Period, this Contract shall be binding on Seller
and Buyer, subject to its terms but to no other contingencies except (i) no material change in the status of any condition or matter pertaining to or affecting the Property, (ii) the provision to Buyer of the Title Policy on the Real Property
referred in Section 7 below and (iii) Seller’s performance of its obligations under Section 6 of this Contract and Seller’s restatement of its representations and warranties contained in Section15 of this Contract, and the Seller and Buyer
shall proceed to Closing on the Closing Date. At the Closing, the Deposit shall be applied against the unpaid balance of the Purchase Price. 
  
 At the Buyer’s election, by written notice to Seller (the “Extension Notice”), given by fax, electronic mail or hand delivery before the
expiration of the Inspection Period, accompanied by Buyer’s non-refundable extension deposit in the amount of $50,000.00 (the “Extension Deposit”), Buyer, its agents, employees and contractors, at Buyer’s risk, cost and expense,
shall have the right to continue its due diligence and investigation into the Property’s suitability for Buyer’s intended use and development but only as to the specific matters listed in the Extension Notice (the “Extension Notice
Matters”) until 5 o’clock p.m. Eastern Standard Time on April 15, 2004 (the “Extension Period”). If Buyer in its sole and absolute discretion, determines that the Property is not suitable for Buyer’s use solely on
account of one or more of the Extension Notice Matters, Buyer may terminate this Contract by written notice to Seller (the “Termination Notice”), given by fax, electronic mail or hand delivery, before the expiration of the Extension
Period, in which event copies of all of the above documents and studies previously provided to Buyer shall be returned to Seller at Buyer’s expense, and no party shall have any further liability to the other under this Contract, except as
provided elsewhere herein. In the event that Buyer elects to terminate this Contract, the Deposit and the Extension Deposit shall be retained by Seller to compensate Seller for its expenses incurred in accommodating Buyer’s interest in
purchasing the Property. In the event that Buyer does not terminate this Contract prior to the expiration of the Extension Period, this Contract shall be binding on Seller and Buyer, subject to its terms but to no other contingencies except (i) no
material 
  

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 change in the status of any condition or matter pertaining to or affecting the Property, (ii) the provision to Buyer of
the Title Policy on the Real Property referred in Section 7 below and (iii) Seller’s performance of its obligations under Section 6 of this Contract and Seller’s restatement of its representations and warranties contained in Section15 of
this Contract, and the Seller and Buyer shall proceed to Closing on the Closing Date. At the Closing, the Deposit and the Extension Deposit shall be applied against the unpaid balance of the Purchase Price. 
  
 6.      TITLE. Seller shall convey to Buyer marketable
and insurable fee simple title to the Real Property free and clear of all easements, restrictions, tenancies, liens, encumbrances and other title exceptions except real estate taxes not yet due and payable and any easements and restrictions of
record as of the date of this Contract. 
  
 7.      TITLE POLICY. Buyer’s title company shall be prepared to issue to Buyer at Closing a current ALTA Owner’s Extended Coverage Policy of title insurance showing title to the Real Property
vested in Buyer, subject only to the lien of real property taxes for the current fiscal year not yet due and payable and exceptions to title on the Buyer’s title company Preliminary Report not objected to (or, alternatively, waived after
objection) by Buyer, with such endorsements as Buyer shall request (the “Title Policy”). 
  
 8.      PROPERTY CONDITION. Buyer agrees to accept the Real Property in its current condition, AS IS, WHERE IS. During the period between the date of this Contract and the Closing,
Seller and Buyer will continue to perform their respective obligations and duties under the Lease with respect to the maintenance and repair, operation and insuring of the Real Property. Nothing contained herein shall be deemed or construed to
amend, modify, supplement or suspend any provision of the Lease; it being the intention of the parties that the Lease shall remain in full force and effect until the Closing and the mutual execution and delivery by the Seller and the Buyer of the
Lease Termination Agreement. 
  
 9.      PRORATIONS. All rents, CAM charges, estimated payments, utility charges (including, but not limited to, all charges for services of any type furnished to the Real Property by any governmental
agencies, public utilities and/or private utilities), and all other periodic payments associated with the Real Property shall be current and prorated as of the Closing Date. 
  
 10.    AD VALOREM TAXES AND ASSESSMENTS. Seller shall pay all delinquent real estate taxes, including penalties
and interest, and all current real estate taxes shall be prorated to the Closing Date. Seller also shall pay all special assessments or roll-back taxes which are a lien on the Real Property on the Closing Date, whether or not such assessments are
past due, then due or are thereafter to become due, as well as any special assessments which are then known but which will be payable in whole or in part after the Closing Date. 
  
 11.    CONDEMNATION. If any authority having the right of eminent domain shall commence negotiations with Seller
or shall commence legal action against Seller for the 
  

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 damaging, taking or acquisition of all or any part of the Real Property, either temporarily or permanently, by
condemnation or by exercise of the right of eminent domain, Seller shall immediately give notice of the same to Buyer. Upon the occurrence of any of the foregoing events, Buyer shall have the right, at its option, to terminate this Contract by
giving notice thereof to Seller on or before the Closing Date, in which event Buyer shall be released of all further obligations hereunder. In the event that Buyer elects to terminate this Contract, the Deposit shall be retained by Seller to
compensate Seller for its expenses incurred in accommodating Buyer’s interest in purchasing the Property. If Buyer does not terminate this Contract, the purchase price for the Property shall be reduced by the total of any awards, settlement
proceeds or other compensation received by Seller at or prior to Closing with respect to any damage, taking or acquisition. At Closing, Seller shall assign to Buyer all rights of Seller in and to any awards, settlement proceeds or other compensation
payable by reason of any such damage, taking or acquisition. The risk of condemnation or eminent domain shall be borne by Seller until Closing. In the event of any negotiations with any authority regarding the payment of any awards or other sums or
regarding any settlement on account of any damage, taking or acquisition through condemnation or eminent domain, Seller will inform Buyer of all such negotiations of which Seller has notice and will permit Buyer to take part in such negotiations.

  
 12.    AGENTS: Seller and Buyer acknowledge that BT
Commercial Real Estate is the only agent or broker regarding this transaction and they each agree to indemnify and save the other harmless from any liability or expense (including attorney’s fees) arising from any claim by any other agent or
broker for a sales commission or other compensation arising from their respective actions. Buyer shall pay BT Commercial Real Estate a commission for its services in representing the Buyer, and Buyer shall hold Seller harmless from any liability
whatsoever to BT Commercial Real Estate for any services provided or commission earned whether or not Closing occurs under this Contract. 
  
 13.    DEFAULT. If Buyer shall default under this Contract after the expiration of all applicable notice, grace, and cure periods, Seller may
enforce this Contract by specific performance or Seller shall have any and all other remedies available to it at law or in equity. The retention of the Deposit, and the Extension Deposit, if applicable, by Seller shall in no way limit Seller’s
ability to sue Buyer or Seller’s right to recover monetary damages as a result of Buyer’s breach of this Contract. If Seller shall default under this Contract after the expiration of all applicable notice, grace and cure periods, Buyer may
enforce this Contract by specific performance or Buyer shall have any and all other remedies available to it at law or in equity. In the event of litigation, the losing party shall pay the prevailing party’s reasonable attorney’s fees and
costs of litigation. 
  
 14.    EXCHANGE PROVISIONS.
Any provision in this Contract to the contrary notwithstanding, the following provisions shall apply: 
  
 A.    At Seller’s option, exercisable by written notice to Buyer at or before Closing, in lieu of Seller selling the Property to
Buyer for cash, Seller may instead elect to transfer the Property to Buyer in exchange for other real property of a 
  

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 like-kind (“Exchange Land”) to be designated by Seller at or after Closing such that the exchange shall qualify
for nonrecognition of gain or loss under Section 1031 of the Internal Revenue Code of 1986, as amended. If Seller elects to effect a like-kind exchange, Buyer shall cooperate in effecting the exchange, the exchange shall be completed through the use
of a “qualified intermediary” as described in Section 14.B. below, and Seller shall indemnify and hold Buyer harmless from and against any loss, cost, damage or expense (including reasonable attorney’s fees and expenses) suffered by
Buyer as a result of performing its obligations under this Section 14., assisting in the exchange, permitting the assignment of this Contract to an intermediary and making payment to that intermediary. 
  
 B.    If Seller elects to effect a like-kind exchange of
the Property, Seller shall assign all of its right, title and interest in and to this Contract to Independent Trustees, Inc. as “qualified intermediary” under Treasury Regulation Section 1.1031(k)-1(g) (“Intermediary”). Seller
shall provide written notice of the assignment (including a copy of the executed Agreement of Assignment) to Buyer. Seller does not presently intend to elect to transfer the Real Property to Buyer in exchange for Exchange Land but if Seller does
elect to do so Seller shall provide Buyer as soon as reasonably practicable with information regarding such transaction and in any event Seller shall provide all requisite information concerning such an exchange to the extent relevant to the Closing
no later than April 1, 2004. The assignment of Seller’s rights under this Contract shall not require the consent of Buyer or any other person or render Intermediary an additional obligor with respect to the agreements, obligations,
representations, liabilities and warranties of Seller. Such assignment, however, shall in no way release Seller from its agreements, obligations, representations and warranties under this Contract. Following the assignment by Seller of its rights,
title and interest under this Contract to Intermediary, Intermediary shall then complete the transfer of the Property to Buyer hereunder by causing Seller to convey the Property directly to Buyer, and Buyer shall concurrently pay the net cash
purchase price due under this Contract to the Intermediary in accordance with instructions to be provided by Intermediary at or before Closing. Seller and Intermediary may then complete the like-kind exchange in the manner agreed upon between Seller
and Intermediary. Buyer shall not be required to participate in the selection, acquisition or transfer of any Exchange Land to be conveyed to Seller or enter into any contracts for Exchange Land. Following Closing, or if Closing should fail to occur
by May 15, 2004, Intermediary may, without the consent of Buyer, reassign all of its rights, title and interest under this Contract to Seller, including all rights and obligations in favor of Seller and/or Intermediary that survive Closing.

  
 15.    SELLER’S REPRESENTATIONS AND
WARRANTIES. As of the date of this Contract and as of the Closing Date, Seller represents and warrants to Buyer the following: 
  

 -8- 

 A.    Authority. This Contract and all documents and instruments executed or
to be executed by Seller in connection with the transfer of the Property to Buyer have been or will be duly authorized, executed, and delivered, and each constitutes or shall constitute a legal, valid, and binding agreement enforceable against
Seller in accordance with its terms, and no other consents, orders, or approvals are required in connection therewith. 
  
 B.    Title. Based solely upon that certain TICOR Title Insurance Policy No. 74107-094642 issued by Pioneer Title, dated
January 31, 2002 @ 4:23 p.m. (the “Policy Date and Time”) in favor of General Electric Business Asset Funding Corporation (the “Prior Title Policy”) and without having undertaken any independent investigation, as of the Date and
Time of the Prior Title Policy, to the best of Seller’s knowledge, the Seller had good and marketable fee simple title to the Real Property, free and clear of any and all mortgages, pledges, liens, encumbrances, security documents, bonds,
options, claims, and charges, other than the GEBAF Deed of Trust and the exceptions from coverage as shown in Schedule B, Part I and Part II, in the Prior Title Policy. 
  
 C.    Bankruptcy. Seller has not filed, or been the subject of any filing of, any petition under
the Federal Bankruptcy Law or any other bankruptcy or insolvency laws. 
  
 D.    Contracts. To the best of Seller’s knowledge without having undertaken any independent investigation, the Contracts are in full force and effect, and there are no contracts or other agreements in
connection with the operation or maintenance of the Real Property other than the Contracts. 
  
 E.    Documents. To the best of Seller’s knowledge without having undertaken any independent investigation, all documents and information delivered by Seller to Buyer in accordance with
this Contract are true, complete, and accurate in all respects. 
  
 F.    Material Defects. Without having undertaken any independent investigation, Seller has no knowledge of the existence of any material defects in the Real Property or the improvements or any portions or
components thereof. 
  
 G.    Litigation. Without having undertaken any independent investigation, Seller has no knowledge of any pending or anticipated litigation or disputes affecting the Property or Seller’s ownership thereof.

  
 H.    Eminent Domain. Seller has
received no written notice (and without having undertaken any independent investigation, otherwise has no knowledge) from any governmental authority that eminent domain proceedings for the condemnation of all or any portion of the Real Property are
pending or contemplated. 
  
 I.    Other
Buyers or Tenants. Other than this Contract and the Lease, there is no binding agreement, understanding, letter of intent, or other commitment or arrangement of any kind between Seller and any other person, firm, corporation, or other entity
relating to the sale, lease, or other disposition of the Property. 
  

 -9- 

 16.    BUYER’S REPRESENTATIONS AND WARRANTIES. As of the date of this Contract and as of
the Closing Date, Buyer represents and warrants to Seller that this Contract and all documents and instruments executed or to be executed by Buyer in connection with the transfer of the Property to Buyer have been or will be duly authorized,
executed, and delivered, and each constitutes or shall constitute a legal, valid, and binding agreement enforceable against Buyer in accordance with its terms, and no other consents, orders, or approvals are required in connection therewith.

  
 17.    COVENANTS BEFORE CLOSING. Between the date
of this Contract and the Closing Date, Seller covenants and agrees that Seller shall (i) not enter into any contract or other agreement (or any amendment to any contract or other agreement) in connection with the operation or maintenance of the
Property which is not terminable upon thirty (30) days notice; and (ii) not enter into any binding agreement, understanding, letter of intent, or other commitment or arrangement of any kind with any other person, firm, corporation, or other entity
relating to the sale, lease, or other disposition of the Property. 
  
 18.    MISCELLANEOUS. 
  
 A.    Any notice required or intended to be given to any party under the terms of this Contract shall be in writing and shall be deemed to be duly given if delivered personally or if sent via fax or electronic mail
addressed to the party to whom notice is to be given at the party’s address set forth above, or at such other address as the party may hereafter designate by notice; however, a copy of any notice to Buyer also shall be given as aforesaid to
Beau Simon, Cooper, White and Cooper LLP, 201 California Street, Seventeenth Floor, San Francisco, California 94111 (Fax: 415 433-5530; Email: bsimon@cwclaw.com) and any notice to Seller shall be given as aforesaid to William W. Harrison, Jr.,
Williams Mullen, 222 Central Park Avenue, Suite 1700, Virginia Beach, Virginia 23462 (Fax: 757 473-0395; Email: wharrison@williamsmullen.com). 
  
 B.    The forbearance or waiver by any party of a breach of any provision of this Contract shall not operate as or be construed to be
a waiver of any subsequent or continuing breach thereof. 
  
 C.    This Contract shall be governed by and interpreted under the laws of the Commonwealth of Virginia, and in the event any provision of this Contract is held to be unenforceable, such provision shall be deemed
severable, and shall not affect the enforcement of the remainder of this Contract. 
  
 D.    Seller agrees to cooperate fully with Buyer and further agrees to join in any and all applications for licenses, permits, approvals, and rezonings which may be necessary or desirable to
Buyer; provided all associated costs are paid by Buyer. 
  
 E.    Whenever used herein, the singular shall include the plural, the plural the singular, and the use of any gender shall include all other genders. 
  

 -10- 

 F.    This Contract shall inure to the benefit of and be binding upon the parties
hereto, their legal representatives, heirs, successors and assigns. 
  
 G.    This Contract constitutes the entire agreement and understanding between the parties; all prior negotiations between them have been merged with this Contract; there are no understandings, representations,
warranties or covenants, either oral or written, other than those set forth herein; and neither this Contract nor any provision hereof shall be amended, altered or waived in any manner unless such amendment, alteration or waiver is in writing and
signed by all parties. 
  
 H.    Regardless of
whether or not the transaction contemplated herein is consummated, Seller and Purchaser agree not to disclose to any third party, without the prior written consent of the other party (which shall not be unreasonably withheld), the terms and
conditions of this Contract, except to the extent that either party is legally required or compelled to do so. 
  
 I.    The parties shall each perform such acts, execute and deliver such instruments and documents, and engage in such activities as
may be reasonably necessary to accomplish the transactions contemplated in this Contract; provided, however, that neither party shall be required to execute any agreements or other documents or undertake any activities by which liabilities are
assumed by either party beyond those liabilities assumed by such party under this Contract. 
  
 J.    This Contract may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. This Contract
shall not be effective until the execution and delivery between each of the parties of at least one set of counterparts. The parties authorize each other to detach and combine original signature pages and consolidate them into a single identical
original. Any one of such completely executed counterparts shall be sufficient proof of this Contract. Confirmation of execution and delivery by telecopy of a facsimile signature page shall constitute a legal, valid, and binding execution of this
Contract by any party so confirming. 
  
 REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK 
  
  

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 WITNESS the following duly authorized signatures and seals as of the day and year first above written.

  

			
	SELLER:
	
	 GEM BIG BETHEL, L.L.C.

		
	By:	 	/s/    JOHN L. GIBSON        
	 	 	

	 	 	 John L. Gibson, III, Manager

	
	BUYER:
	
	 COST PLUS, INC.

		
	By:	 	/s/    JOHN J. LUTTRELL        
	 	 	

	 	 	 John J. Luttrell, Senior V.P.

	 	 	 And Chief Financial Officer

  
 #427674 v5 - real estate
purchase contract – GEM Big Bethel/Cost Plus 
  

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