Document:

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                                                                   EXHIBIT 10.1

                                PROMISSORY NOTE

$229,164.77                                                        July 31, 2002
                                                               Norcross, Georgia

         FOR VALUE RECEIVED, the undersigned, Videoconferencing Systems, Inc.,
a Delaware corporation ("VS") and Simtrol, Inc., a Delaware corporation f/k/a
VSI Enterprises, Inc. ("Simtrol") (VS and Simtrol are jointly and severally
referred to herein as "Borrower") jointly and severally promise to pay to the
order of AMB Property, L.P., a Delaware limited partnership (herein the
"Lender" and, along with each subsequent holder of this Note, referred to as
the "Holder"), the principal sum of TWO HUNDRED TWENTY-NINE THOUSAND ONE
HUNDRED SIXTY-FOUR AND 77/100 DOLLARS ($229,164.77), plus interest on the
outstanding principal balance of this Note from the date hereof until fully
paid at a simple interest rate of twelve percent (12%) per year, as hereinafter
provided.

         This Note shall be payable in thirty-four (34) consecutive monthly
installments of principal in the amount of $6,740.14 each, commencing on the
1st day of November, 2002, and continuing on the 1st day of each successive
month thereafter until paid. If Borrower makes all such payments without an
occurrence of a Default (defined below), then Holder shall waive all accrued
interest otherwise due pursuant to this Note.

         If Holder does not receive from Borrower any installment of principal
on the date it is due and within five (5) days after Holder sends Borrower
notice of default, then Borrower shall be in default of this Note ("Default"),
and Holder shall have the right to declare the unpaid principal and accrued and
unpaid interest on this Note to be forthwith due and payable.

         All notices to Borrower shall be sent to 2200 Norcross Parkway, Suite
255, Norcross, Georgia 30071. All notices to Lender shall be sent to c/o
Trammell Crow Company, Five Concourse Parkway, Suite 1600, Atlanta, Georgia
30328. Borrower and Lender may each change their respective notice addresses by
providing notice of the change to the other party. All notices under this Note
must be in writing and must either be personally delivered or sent by certified
mail return receipt requested or overnight delivery. Any notice personally
delivered shall be deemed received on the date of delivery. Any notice sent by
mail or overnight delivery shall be deemed received on the date such notice is
deposited in the mail or with an overnight delivery carrier. All payments under
this Note shall only be deemed made on the date that good funds are received by
the payee.

         The principal hereof and, if applicable, interest hereon shall be
payable in lawful money of the United States of America, to the Lender at
Lender's notice address. The Borrower may prepay this Note (to include all
accrued interest, if applicable because Borrower is in Default, through the
date of payment) in whole or in part at any time without notice to Holder. All
payments hereunder received from the Borrower by the Holder shall be applied
first to interest to the extent then accrued and payable, and then to
principal, all in inverse order of maturity. Such a partial prepayment shall
not affect the monthly payments due hereunder except to the extent that the
payment shall be reduced accordingly. All parties liable for the payment of
this Note agree to pay the Holder hereof an amount equal to ten percent (10%)
of the principal and interest outstanding as attorneys' fees for the services
of counsel employed to collect this Note, whether or not suit be brought, and

                                      16

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whether incurred in connection with collection, trial, appeal, or otherwise,
and to indemnify and hold the Holder harmless against liability for the payment
of state intangible, documentary and recording taxes, and other taxes
(including interest and penalties, if any) which may be determined to be
payable with respect to this transaction.

         In no event shall the amount of interest due or payable hereunder
exceed the maximum rate of interest allowed by applicable law.

         The remedies of the Holder as provided herein or by any applicable law
shall be cumulative and concurrent and may be pursued singly, successively, or
together, at the sole discretion of the Holder, and may be exercised as often
as occasion therefore shall arise.

         No act of omission or commission of the Holder, including specifically
any failure to exercise any right, remedy, or recourse, shall be effective
unless set forth in a written document executed by the Holder, and then only to
the extent specifically recited therein. A waiver or release with reference to
one event shall not be construed as continuing, as a bar to, or as a waiver or
release of any subsequent right, remedy, or recourse as to any subsequent
event.

         The Borrower and all sureties, endorsers, and guarantors of this Note
hereby (a) waive demand, presentment of payment, notice of nonpayment, protest,
notice of protest and all other notice, filing of suit, and diligence in
collecting this Note, or in enforcing any of its rights under any guaranties
securing the repayment hereof; (b) agree to any substitution, addition, or
release of any collateral or any party or person primarily or secondarily
liable hereon; (c) agree that the Holder shall not be required first to
institute any suit, or to exhaust his, their, or its remedies against the
Borrower or any other person or party to become liable hereunder, or against
any collateral in order to enforce payment of this Note; (d) consent to any
extension, rearrangement, renewal, or postponement of time of payment of this
Note and to any other indulgence with respect hereto without notice, consent,
or consideration to any of them; and (e) agree that, notwithstanding the
occurrence of any of the foregoing (except with the express written release by
the Holder or any such person), they shall be and remain jointly and severally,
directly and primarily, liable for all sums due under this Note.

         Whenever used in this Note, the words "Borrower" and "Holder" shall be
deemed to include the Borrower and the Holder named in the opening paragraph of
this Note, and their respective heirs, executors, administrators, legal
representatives, successors, and assigns. It is expressly understood and agreed
that the Holder shall never be construed for any purpose as a partner, joint
venturer, co-principal, or associate of the Borrower, or of any person or party
claiming by, through, or under the Borrower in the conduct of their respective
businesses.

         Time is of the essence of this Note.

         This Note shall be construed and enforced in accordance with the laws
of the State of Georgia, without regard to that state's conflicts of law.

         The pronouns used herein shall include, when appropriate, either
gender and both singular and plural, and the grammatical construction of
sentences shall conform thereto.

         All references herein to any document, instrument, or agreement shall
be deemed to refer to such document, instrument, or agreement as the same may
be amended, modified, restated, supplemented, or replaced from time to time.

         IN WITNESS WHEREOF, the undersigned have executed this instrument
under seal as of the day and year first above written.

                             BORROWER:

                                VIDEOCONFERENCING SYSTEMS, INC., a
                                Delaware corporation

                                By: /s/ Stephen N. Samp
                                   ---------------------------------------------

                                Name: Stephen N. Samp

                                Title: Chief Financial Officer

                                          [corporate seal]

                                SIMTROL, INC., a Delaware corporation f/k/a
                                VSI Enterprises, Inc.

                                By: /s/ Stephen N. Samp
                                   ---------------------------------------------

                                Name: Stephen N. Samp

                                Title: Chief Financial Officer

                                        [corporate seal]

                                      17exv4w2

 

EXHIBIT 4.2

GATEWAY FINANCIAL HOLDINGS, INC.

2001 NONSTATUTORY STOCK OPTION PLAN

         Gateway Financial Holdings, Inc., a North Carolina corporation (the
“Corporation”), does herein set forth the terms of its 2001 Nonstatutory Stock
Option Plan (the “Plan”), which was adopted by the Board of Directors (the
“Board”) of the Corporation.

         1.     Purpose of this Plan. The purpose of this Plan is to provide for the
grant of Nonstatutory Stock Options (the “Options” or singularly, “Option”) to
employees and directors of the Corporation (“Eligible Individuals”) who wish to
invest in the Corporation’s common stock, no par value (the “Common Stock”).
The Board believes the existence of this Plan will make it possible for the
Corporation to attract capable individuals to serve with the Corporation or any
of its subsidiaries.

         2.     Administration of this Plan. (a) This Plan shall be administered by
the Board. The Board shall have full power and authority to construe,
interpret and administer this Plan. All actions, decisions, determinations, or
interpretations of the Board shall be final, conclusive, and binding upon all
parties.

                  (b) The Board may designate any officers or employees of the Corporation
to assist in the administration of this Plan. The Board may authorize such
individuals to execute documents on its behalf and may delegate to them such
other ministerial and limited discretionary duties as the Board may see fit.

         3.     Shares of Common Stock Subject to this Plan. The number of shares of
Common Stock that shall be available initially for Options under this Plan is
fifty thousand (50,000), subject to adjustment as provided in Paragraph 12.
Common Stock subject to Options which expire or terminate prior to exercise of
the Options shall lapse and such shares shall again be available for future
grants of Options under this Plan.

         4.     Eligibility. (a) Options under this Plan may be granted to any
employee or director as determined by the Board. An individual may hold more
than one Option under this or other plans adopted by the Corporation.
(b) Upon the forfeiture of an Option for whatever reason prior to the
expiration of the Option Period (as defined in Paragraph 8 hereof) the shares
of Common Stock covered by a forfeited Option shall be available for the
granting of additional Options during the remaining term of this Plan upon such
terms and conditions and to such Eligible Individuals as may be determined by
the Board.

         5.     Option Price. (a) The price per share of each Option granted under
this Plan (the “Option Price”) shall be determined by the Board as of the
effective date of grant of such Option. In no event shall such Option Price be
less than 100% of the fair market value of the Common Stock on the date of the
grant. An Option shall be considered as granted on the later of (i) the date
the Board acts to grant such Option, or (ii) such later date as the Board shall
specify in an Option Agreement (as hereinafter defined).

                  (b) The fair market value of a share of Common Stock shall be determined
as follows:

                  (i) If on the date as of which such determination is being made, the
Common Stock is admitted to trading on a securities exchange or exchanges for
which actual sale prices are regularly reported, or actual sale prices are
otherwise regularly published, the fair market value of a share of the Common
Stock shall be deemed to be equal to the mean of the closing sale price as
reported for each of the five (5) trading days immediately preceding the date
as of which such determination is made; provided, however, that, if a closing
sale price is not reported for each of the five (5) trading days immediately
preceding the date as of which such determination is made, then the fair market
value shall be equal to the mean of the closing sale prices on those trading
days for which such price is available.

                  (ii) If on the date as of which such determination is made, quotations for
the Common Stock are regularly listed on the National Association of Securities
Dealers Nasdaq system or another comparable system, the fair market value of a
share of Common Stock shall be deemed to be equal to the mean of the average of
the closing bid and asked prices for the Common Stock quoted on such system on
each of the five (5) trading days preceding the date as of which such
determination is made. If a closing bid and asked price is not available for
each of the five (5)
trading days, then the fair market value shall be equal to the mean of the
average of the closing bid and asked prices on those trading days during the
five-day period for which such prices are available.

 

 

                  (iii) If no such quotations are available, the fair market value of a
share of Common Stock shall be deemed to be the average of the closing bid and
asked prices furnished by a professional securities dealer making a market in
such shares, as selected by the Board, for the trading date first preceding the
date as of which such determination is made.

                  If the Board determines that the price as determined above does not
represent the fair market value of a share of Common Stock, the Board may then
consider such other factors as it deems appropriate and then fix the fair
market value for the purposes of this Plan.

         6.     Payment of Option Price. Payment for shares subject to an Option may
be made either in cash or, with the approval of the Board, in other stock of
the Corporation owned by the person to whom such Option was granted or such
other person as may be entitled to exercise such Option (the “Optionee”). Any
shares of the Corporation’s stock that are delivered in payment of the
aggregate Option Price shall be valued at their fair market value, as
determined by the Board, on the date of the exercise of such Option.

         7.     Terms and Conditions of Grant of Options. Each Option granted pursuant
to this Plan shall be evidenced by a written Nonstatutory Stock Option
Agreement (the “Option Agreement”) with each employee or director to whom an
Option is granted. The Option Agreement shall be in the form the Board shall
adopt and may contain such terms and conditions as the Board may determine.

         8.     Option Period. Each Option Agreement shall set forth a period during
which such Option may be exercised (the “Option Period”)’ provided, however,
that the Option Period shall not exceed ten (10) years after the date of grant
of such Option as specified in an Option Agreement.

         9.     Exercise of Options. (a) An Option shall be exercised by written
notice to the Board signed by an Optionee or by such other person as may be
entitled to exercise such Option or to surrender such Option. The written
notice shall state the number of shares with respect to which an Option is
being exercised and shall either be accompanied by the payment of the aggregate
Option Price for such shares or shall fix a date (not more than ten (10)
business days after the date of such notice) by which the payment of the
aggregate Option Price will be made. An Optionee shall not exercise an Option
to purchase less than 100 shares, unless the Board otherwise approves or unless
the partial exercise is for the remaining shares available under such Option.

                  (b) A certificate or certificates for the shares of Common Stock purchased
by the exercise of an Option shall be issued in the regular course of business
following the receipt of the notice of exercise of such Option and the payment
therefor. During the Option Period, no person entitled to exercise any Option
granted under this Plan shall have any of the rights or privileges of a
shareholder with respect to any shares of the Common Stock issuable upon
exercise of such Option, until certificates representing such shares shall have
been issued and delivered and the individual’s name entered as a shareholder of
record on the books of the Corporation for such shares.

         10.     Effect of Leaving the Corporation or Death. (a) In the event that an
Optionee terminates the relationship with the Corporation for any reason other
than retirement, disability, or death, any Option granted to the Optionee under
this Plan, to the extent not previously exercised or surrendered by the
Optionee or expired, shall immediately terminate.

                  (b) In the event of an Optionee’s retirement, such Optionee shall have
the right to exercise an Option granted under this Plan, to the extent that it
has not previously been exercised or surrendered by the Optionee or expired,
for such period of time as may be determined by the Board and specified in the
Option Agreement, but in no event may any Option be exercised later than the
end of the Option Period provided in the Option Agreement. Notwithstanding any
other provision contained this Plan, or in any Option Agreement, upon
retirement, any Option then held by an Optionee shall be exercisable
immediately in full. For purposes of this Plan, the term “retirement” for a
Director shall mean termination of a Director’s membership on the Board (i) at
any time after attaining age 65 with the approval of the Board; or (ii) at the
election of the Director, at any time after not less than five (5) years
service as a member of the Board.

                  (c) In the event of an Optionee’s disability, such Optionee shall have
the right to exercise an Option granted under this Plan, to the extent that it
has not previously been exercised or surrendered by the Optionee
or expired, for such period of time as may be determined by the Board and
specified in the Option Agreement, but in

2

 

no event may any Option be exercised
later than the end of the Option Period provided in the Option Agreement.
Notwithstanding any other provision contained this Plan, or in any Option
Agreement, upon an Optionee’s disability, any Option then held by the Optionee
shall be exercisable immediately in full. For purposes of this Plan, the term
“disability” shall be defined as may be determined by the Board.

                  (d) In the event that an Optionee should die while serving on the Board
or as an employee during the Option Period, an Option granted under this Plan,
to the extent that it has not previously been exercised or surrendered by the
Optionee or expired, shall vest and shall be exercisable, in accordance with
the terms of the Option Agreement, by the personal representative of such
Optionee, the executor or administrator of such Optionee’s estate, or by any
person or persons who acquired such Option by bequest or inheritance from such
optionee, notwithstanding any limitations placed on the exercise of such Option
by this Plan or the Option Agreement, at any time within twelve (12) months
after the date of death of such Optionee. In no event may an Option be
exercised later than the end of the Option Period provided in the Option
Agreement. Any references herein to an Optionee shall be deemed to include any
person entitled to exercise an Option after the death of such Optionee under
the terms of this Plan.

         11.     Effect of Plan on Status with Corporation. The fact that an Optionee
has been granted an Option under this Plan shall not confer on such Optionee
any right to continued service on the Board, nor shall it limit the right of
the Corporation to remove such Optionee from service with the Corporation at
any time.

         12.     Adjustment Upon Changes in Capitalization; Dissolution or Liquidation.

                  (a) In the event of a change in the number of shares of Common Stock
outstanding by reason of a stock dividend, stock split, recapitalization,
reorganization, merger, exchange of shares, or other similar capital adjustment
prior to the termination of an Optionee’s rights under this Plan, equitable
proportionate adjustments shall be made by the Board in (i) the number and kind
of shares which remain available under this Plan and (ii) the number, kind, and
the Option Price of shares subject to the unexercised portion of an Option
under this Plan. The adjustments to be made shall be determined by the Board
and shall be consistent with such change or changes in the Corporation’s total
number of outstanding shares; provided, however, that no adjustment shall
change the aggregate Option Price for the exercise of Options granted under
this Plan.

                  (b) The grant of Options under this Plan shall not affect in any way the
right or power of the Corporation or its shareholders to make or authorize any
adjustment, recapitalization, reorganization, or other change in the
Corporation’s capital structure or its business, or any merger or consolidation
of the Corporation, or to issue bonds, debentures, preferred or other
preference stock ahead of or affecting the Common Stock or the rights thereof,
or the dissolution or liquidation of the Corporation, or any sale or transfer
of all or any part of the Corporation’s assets or business.

                  (c) Upon the effective date of the dissolution or liquidation of the
Corporation, or of a reorganization, merger, or consolidation of the
Corporation with one or more other corporations in which the Corporation is not
the surviving corporation, or the transfer of all or substantially all of the
assets or shares of the Corporation to another person or entity, or a tender
offer approved by the Board (any such transaction being hereinafter referred to
as an “Acceleration Event”), this Plan and any Options granted hereunder shall
terminate unless provision is made in writing in connection with such
Acceleration Event for the continuance of this Plan and for the assumption of
Options granted hereunder, or the substitution for such Options of new options
for the shares of the successor corporation, or a parent or a subsidiary
thereof, with such appropriate adjustments as may be determined or approved by
the Board, or the successor to the Corporation, to the number, kind and Option
Price of shares subject to such substituted options. In such event, this Plan
and Options granted hereunder, or the new options substituted therefore, shall
continue in the manner and under the terms so provided, but any vesting periods
or other restrictions on exercise that would otherwise apply shall no longer be
applicable. Upon the occurrence of any Acceleration Event in which provision
is not made for the continuance of this Plan and for the assumption of Options
granted hereunder, or the substitution for such Options of new options for the
shares of a successor corporation or a parent or a subsidiary thereof, each
Optionee to whom an Option has been granted under this Plan (or such person’s
personal representative, the executor or administrator of such person’s estate,
or any person who acquired the right to exercise such Option from such person
by bequest or inheritance) shall be entitled, prior to the effective date of
the Acceleration Event, (i) to exercise, in whole or in part, the Optionee’s
rights under any Option granted to the Optionee without any regard to any
restrictions on exercise that would otherwise apply, or (ii) to surrender any
such Option to the Corporation in exchange for receipt of cash equivalent to
the amount by which the

3

 

 fair market value of the shares of Common Stock such person would have
received had such person exercised the Option in full immediately prior to
consummation of the Acceleration Event exceeds the applicable aggregate Option
Price. To the extent that a person, pursuant to this Subparagraph 12(c) has a
right to exercise or surrender any Option on account of an Acceleration Event
which such person otherwise would not have had at that time, such right shall
be contingent upon the consummation of the Acceleration Event.

         13.     Limited Stock Appreciation Rights. (a) In connection with the grant
of any Option under this Plan, the Board may, in its discretion, by written
notice provide an Optionee with the right (herein sometimes referred to as
“Limited Stock Appreciation Rights”), following a “change in control” of the
Corporation and without regard to any restrictions on exercise that would
otherwise apply, to surrender any unexercised portion of such Option as such
Optionee then may have for a cash payment equal to the amount by which the fair
market value (as determined by the Board) of the number of shares of Common
Stock then subject to such Option exceeds the aggregate Option Price therefor.

                  (b) When used herein, the phrase “change in control” refers to (i) the
acquisition by any person, group of persons or entity of the beneficial
ownership or power to vote more than twenty (20%) percent of the Corporation’s
outstanding stock or (ii) during any period of two (2) consecutive years, a
change in the majority of the Board unless the election of each new Director
was approved by at least two-thirds of the Directors then still in office who
were Directors at the beginning of such two (2) year period.

                  (c) Limited Stock Appreciation Rights shall be exercised by written
notice to the Corporation as provided in Paragraph 11 hereof at any time prior
to the earlier of (i) the date which is thirty (30) days after the date of
notice of a change in control or (ii) the last day of the Option Period
provided in the Option Agreement, but in no event shall the expiration date be
more than ten (10) years after the date of grant of an Option as specified in
the Option Agreement.

                  (d) Limited Stock Appreciation Rights may be exercised only when the
aggregate market value of Common Stock subject to an Option exceeds the
aggregate Option Price.

         14.     Non-Transferability. An Option granted under this Plan shall not be
assignable or transferable except, in the event of the death of an Optionee, by
will or by the laws of descent and distribution. In the event of the death of
an Optionee, his personal representative, the executor or the administrator of
such Optionee’s estate, or the person or persons who acquired by bequest or
inheritance the rights to exercise or to surrender such Options, may exercise
or surrender any Option or portion thereof to the extend not previously
exercisable or surrendered by an Optionee or expired, in accordance with the
terms of the Option Agreement, prior to the expiration of the exercise period
as specified in Subparagraph 10(d) hereof.

         15.     Tax Withholding. The Corporation shall have the right to deduct or
otherwise effect a withholding or payment of any amount required by federal or
state laws to be withheld or paid with respect to the grant, exercise or
surrender for cash of any Option or the sale of stock acquired upon the
exercise of an Option in order for the Corporation or any of its subsidiaries
to obtain a tax deduction otherwise available as a consequence of such grant,
exercise, surrender for cash, or sale, as the case may be.

         16.     Listing and Registration of Option Shares. Any Option granted under
this Plan shall be subject to the requirement that if at any time the Board
shall determine, in its sole discretion, that the listing, registration, or
qualification of the shares covered thereby upon any securities exchange or
under any state or federal law or the consent or approval of any governmental
regulatory body is necessary or desirable as a condition of, or in connection
with, the granting of such Option or the issuance or purchase of shares
thereunder, such Option may not be exercised in whole or in part unless and
until such listing, registration, qualification, consent, or approval shall
have been effected or obtained free of any conditions not acceptable to the
Board.

         17.     Exculpation and Indemnification. In connection with this Plan, no
member of the Board shall be personally liable for any act or omission to act
in such person’s capacity as a member of the Board, nor for any mistake in
judgment made in good faith, unless arising out of, or resulting from, such
person’s own bad faith, gross negligence, willful misconduct, or criminal acts.
To the extent permitted by applicable law and regulation, the Corporation shall
indemnify and hold harmless the members of the Board, and each other officer or
employee of the Corporation to whom any duty or power relating to the
administration or interpretation of this Plan may be assigned

4

 

or delegated,
from and against any and all liabilities (including any amount paid in
settlement of a claim with the approval of the Board) and any costs or expenses
(including reasonable counsel fees) incurred by such persons
arising out of, or as a result of, any act or omission to act in
connection with the performance of such person’s duties, responsibilities, and
obligations under this Plan, other than such liabilities, costs, and expenses
as may arise out of, or result from, the bad faith, gross negligence, willful
misconduct, or criminal acts of such persons.

         18.     Amendment and Modification of this Plan. The Board may at any time,
and from time to time, amend or modify this Plan in any respect; provided,
however, that any amendment or modification of this Plan shall not materially
reduce the benefits under any Option therefore granted to an Optionee under
this Plan without the consent of such Optionee or any permitted transferee.

         19.     Termination and Expiration of this Plan. This Plan may be abandoned,
suspended, or terminated at any time by the Board; provided, however, that
abandonment, suspension, or termination of this Plan shall not affect any
Options then outstanding under this Plan. No Option shall be granted pursuant
to this Plan after ten (10) years from October 29, 2001, the effective date of
this Plan.

         20.     Captions and Headings; Gender and Number. Captions and paragraph
headings used herein are for convenience only, do not modify or affect the
meaning of any provision herein, are not a part hereof, and shall not serve as
a basis for interpretation or in construction of this Plan. As used herein,
the masculine gender shall include the feminine and neuter, the singular
number, the plural, and vice versa, whenever such meanings are appropriate.

         21.     Expenses of Administration of Plan. All costs and expenses incurred
in the operation and administration of this Plan shall be borne by the
Corporation.

         22.     Governing Law. Without regard to the principles of conflicts of laws,
the laws of the State of North Carolina shall govern and control the validity,
interpretation, performance, and enforcement of this Plan.

         23.     Inspection of Plan. A copy of this Plan, and any amendments thereto
or modifications thereof, shall be maintained by the Secretary of the
Corporation and shall be shown to any proper person making inquiry about it.

5

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