Document:

Quitclaim Deed

							
	 	 	 	 	 	 	 WAKE COUNTY, NC 439
 LAURA M
RIDDICK
 REGISTER OF DEEDS
 PRESENTED &
RECORDED ON
 03/11/2005 AT 14:53:13

				
	 	 	 	 	 	 	BOOK: 011259 PAGE: 81822 - 81828

  
 Tax ID #0150575 
 Excise D 
  
 Prepared by Thomas B. Wood, Department of Transportation, Attorney General’s Office 1505 Mail Service Center, Raleigh, NC 27699-1505 
  
 STATE OF NORTH CAROLINA 
 COUNTY OF WAKE 
  
 THIS QUITCLAIM DEED executed this the 25th day of January 2005, by and between the Department of Transportation, (hereinafter known as the Department), and CAROLINA INVESTMENT PARTNERS, LTD,
(hereinafter known as the GRANTEE); 
  
 WITNESSETH:

  
 THAT WHEREAS, by Deed dated July 18, 1986, said Deed being recorded in
Deed Book 3785 at Page 763 of the Wake County Registry, the Department of Transportation acquired a parcel of land from Walsmith Associates, a North Carolina general partnership, during the highway right of way acquisition for State Highway Project
8.1401501, the improvement of US 1, in Wake County; and 
  
 WHEREAS, the GRANTEE,
has requested that the Department quitclaim to it a 1.99 acre tract being a portion of the above-mentioned acquisition; and 
  
 WHEREAS, the Department has determined that the approximately 1.99 acre area is no longer needed for highway purposes and can be considered surplus; and 
  
 WHEREAS, the Department, as part of the settlement of its highway Right of Way claim with the
Grantee, has agreed to convey the 1.99 acre area to the Grantee as part of its consideration for said settlement; and 
  
 WHEREAS, by that resolution adopted the 2nd day of December, 2004, the Board of Transportation approved the conveyance of the approximately 1.99 acre tract to the GRANTEE for $10.00 (TEN DOLLARS) and other good and valuable consideration and authorized the Department to
execute and deliver this instrument to the GRANTEE upon receipt of said sum; 
  
 mail to: Carolina Investment Partners 
               4000 Blueridge Road St.
100 
               Raleigh 27612 
  

 NOW, THEREFORE, for the receipt of the aforementioned consideration of $10.00 (TEN DOLLARS) and other good and valuable
consideration, receipt of which is hereby acknowledged, the GRANTOR, does remise, release and forever quitclaim unto the said GRANTEE, its successors and assigns, all of its right, title, claim or interest in and to that 1.99 acre area lying and
being in Wake County, North Carolina, and being described as follows: 
  
 Point of
BEGINNING being the southwestern corner of the property of the Department of Transportation, formerly Walsmith Associates, a North Carolina general partnership, and being S 56-44-30 W, 160.69 meters from a point in the centerline of-CPRPB-, Sta
12+00; thence to a point on a bearing of N 46-20-30 E, a distance of 42.00 meters (137.8 feet); thence to a point on a bearing of N 46-20-30 E, a distance of 26.67 meters (87.5 feet); thence to a point on a bearing of N 48-53-30 E, a distance of
25.33 meters (83.1 feet) ; thence to a point on a bearing of N 48-53-30 E, a distance of 16.04 meters (52.6 feet); thence to a point on a bearing of N 33-30-30 E, a distance of 187.34 meters (614.6 feet; thence to a point on a bearing of N 03-25-30
E, a distance of 72.68 meters (238.5 feet); thence to a point on a bearing of S 27-16-30 E, a distance of 37.18 meters (122.0 feet; thence to a point on a bearing of S 28-17-00 E, a distance of 24.97 meters (81.9 feet), thence to a point on a
bearing of S 27-53-30 E, a distance of 34.43 meters (112.9 feet); thence to a point on a bearing of S 45-09-00 W, a distance of 99.83 meters (327.5 feet; thence to a point on a bearing of S 43-04-30 W, a distance of 120.26 meters (394.6 feet);
thence to a point on a bearing of N 45-18-30 W, a distance of 4.71 meters (15.4 feet); thence to a point on a bearing of S 44-51-30 W, a distance of 9.83 meters (32.3 feet); thence to a point on a bearing of S 44-55-30 E, a distance of 5.02
meters (16.5 feet) ; thence to a point on a bearing of S 43-04-30 W, a distance of 9.48 meters (31.1 feet); thence to a point on a bearing of S 56-00-00 W, a distance of 81.39 meters (267.0 feet); returning to the point and place of BEGINNING Having
an area of 8027.03 Square Meters (86.401.9 Square Feet) being 0.80 Hectares (2.0 Acres) 
  
 The above-described area is subject to a Permanent Drainage Basement described as follows: 
  
 Point of BEGINNING being a point in the southeast line of the property of the Department of Transportation, formerly Walsmith Associates, a North Carolina general partnership, and lying and being S 59-26-30 W, 70.17
meters from a point in the centerline of-CPRP8-, Sta. 12+00; thence to a point on a bearing of N 44-55-30 W, a distance of 5.02 meters (16.5 feet); thence to a point on a bearing of N 44-51-30 E, a distance of 9.83 meters (32.3 feet); thence to a
point on a bearing of S 45-18-30 E, a distance of 4.71 meters (15.4 feet); thence to a point on a bearing of S 43-04-30 W, a distance of 9.87 meters (32.4 feet); returning to the point and place of BEGINNING, Having an area of 47.90 Square Meters
(515.5 Square Feet) being LESS THAN 1 Hectare (LESS THAN 1 Acre) 
  

 Main Parcel: 
  
 Having an area of 47.90 Square Meters (515.5 Square Feet) being LESS THAN 1 Hectare, (LESS THAN 1 Acre) 
  
 This description was taken from the Master Plans for State Highway Project 8.1401501, Wake County, and from a deed recorded on July 18,1986
in Deed Book 3785 at Page 763 of the Wake County Registry with both the aforesaid Master Plans and deed being on file in the Offices of the Department of Transportation in Raleigh, North Carolina. 
  
 This conveyance is made subject to any underground or above-ground utilities in existence at
the time of the conveyance to Grantee. In the event the Grantee should desire such utilities to be relocated or removed, the costs for said relocation or removal shall be borne by the Grantee. 
  
 TO HAVE AND TO HOLD the above-described land and premises together with all privileges and
appurtenances thereunto belonging to the said GRANTEE, its successors and assigns, free and discharged of all right and title and interest of Grantor or anybody claiming by or through it. 
  
 IN WITNESS WHEREOF, the Department of Transportation has hereunto set its hand and seal on the day and year first above written. 

 

			
	 STATE OF NORTH CAROLINA
 DEPARTMENT OF
TRANSPORTATION

		
	By:	 	 /s/ John B. Williamson, Jr.

	 	 	 JOHN B. WILLIAMSON, JR.

	 	 	 MANAGER OF RIGHT OF WAY

  

	
	ATTEST:
	
	 /s/ Illegible

	 SECRETARY TO THE BOARD OF
 TRANSPORTATION AND CUSTODIAN
 OF THE SEAL OF THE DEPARTMENT
 OF TRANSPORTATION

  
 [SEAL]

	
	 APPROVED AS TO FORM:
  
 ROY COOPER
 Attorney General

	
	 /s/ Thomas B. Wood

	 Thomas B. Wood

	 Assistant Attorney General

  

 

 
  

 

 
  

 NORTH CAROLINA 
 WAKE COUNTY 
  
 This the 25th day of
January, 2005, personally appeared before me, Joe G. Creech, Jr., a Notary Public of Johnston County and State, Tammy Denning, who being by me duly sworn, says that she knows the Seal of the Department of Transportation and is acquainted with John
B. Williamson, Jr., who is Manager of Right-of-Way of the Division of Highways of said Department, and that she, the said Tammy Denning, is the Secretary to the Board of Transportation and Custodian of the Seal of the Department of Transportation,
and saw said Manager of Right of Way sign the foregoing instrument, and that she, the said Secretary to the Board of Transportation and Custodian of the Seal of the Department of Transportation, affixed said seal to said instrument and signed her
name in attestation of the execution thereof in the presence of said Manager of Right of Way. 
  
 WITNESS my hand and Notarial Seal, the 25th day of January, 2005. 
  

	
	
	/s/ Illegible
	NOTARY PUBLIC

  
 My Commission Expires: 
  
 September 8,
2007 
  
 [SEAL]Form of Executive Severence Agreement

 Exhibit 10.1 
  
 ACT TELECONFERENCING, INC. 
  
                     , 2005 
  
 _________________ 
 ___________________ 
 ACT Teleconferencing, Inc. 
 1526 Cole Boulevard, Suite 250 
 Golden, CO 80401 
  
 Dear             : 
  
 As you know, the Company does not have a formal severance policy. However, we
recognize that you are currently experiencing some uncertainty about your employment in the event a change in control of the Company occurs. In return for your continued best efforts to fulfill your duties as periodically assigned to you by the
Board, the Company will provide you a severance package that will become available to you if there is a change in control of the Company and if, during the twelve month period following the change in control, you are demoted, required to move to a
location outside the six county Denver metro area (Adams, Arapahoe, Boulder, Denver, Douglas and Jefferson counties) or your employment is involuntarily terminated. The date of your demotion, notice of relocation, or involuntary termination is
referred to in this letter as the “Effective Date.” 
  
 The severance package will include the following: 
  
 1.
A lump sum severance payment to you in an amount equal to nine months of salary at your then current base rate, which will be paid to you within thirty days following the Effective Date. 
  
 2. An additional lump sum equal to the number of years you were employed by the Company through the Effective Date
multiplied by your then current monthly salary, payable within 90 days following the Effective Date. This applies to full years of service calculated on the anniversary date of your first day of employment by the Company or by any of its
subsidiaries, including prior employment by a subsidiary acquired by the Company. 
  
 3. Any additional compensation for which you are eligible under any then-existing bonus or wage-based incentive plan, with the amount payable to you prorated for the number of months of the period to which the bonus
or incentive plan is applicable, payable within 90 days of the Effective Date. 
  
 4. The vesting of any stock options that were granted to you prior to the Effective Date will accelerate by one year as of the Effective Date. 
  
 These payments are in addition to any accrued salary or vacation pay to which you are entitled as of the Effective Date. All
payments will continue to be subject to customary payroll and withholding taxes. The Company will cooperate with you to facilitate the continuation of your health insurance coverage under the federal COBRA law and to obtain other benefits that are
portable as of the Effective Date; however, all such continuing coverage will be at your sole expense. 
  
 For the purpose of this agreement, “change in control” means that (a) an individual, entity, or group, which presently owns less than 5% of the
Company’s issued and outstanding common stock, becomes the owner of more than 20% of its issued and outstanding common stock, whether by purchase of new shares from the Company, the acquisition of shares from other shareholders privately or
through the public market, or the exercise of warrants or other rights; or (b) there is a change in composition of the current Board of Directors, such that the majority of the Board is comprised of directors who are not currently serving on the
Board. 
  
 Please indicate your consent to this arrangement by
promptly signing and delivering a copy of this letter to Gene Warren’s office and a photocopy or fax to Bill Campbell at Faegre & Benson. Thank you very much. 
  

 The Board is working hard to identify and pursue a financial or strategic transaction that will be of
benefit to its shareholders, employees, vendors, and customers. We look forward to working with you toward this objective. 
  

	
	 Very truly yours,

	
	 Mack V. Traynor

	 Chairman of the Board

  

	
	
	  
	 Signature of Officer

  

	
	
	  
	 Date

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