Document:

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                                                                   Exhibit 10.37
                                                                   -------------

                              SECURITY AGREEMENT

         THIS SECURITY AGREEMENT (this "Agreement") is entered into as of July
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25, 2001, by and between Gerald D.  Van Eeckhout ("Debtor"), and ACT
                                                   ------
Teleconferencing, Inc., a Colorado corporation ("Secured Party").
                                                 -------------

                                    RECITALS

         A.       Secured Party has accepted a promissory note in the amount of
$347,875 (the "Note") as full consideration for a loan to Debtor, pursuant to a
               ----
resolution by the Board of Directors of even date herewith.

         B.       In order to induce Secured Party to accept the Note, Debtor
has executed and delivered a this Security Agreement.

                                    AGREEMENT

         NOW, THEREFORE, for and in consideration of the mutual covenants and
agreements contained herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Debtor and Secured
Party hereby agree as follows:

                  1.       Grant of Security Interest.  Subject to the terms
                           --------------------------
and provisions contained herein, Debtor hereby grants to Secured Party a
security interest in all tangible personal property and receivables in which
Debtor holds an ownership interest (the "Collateral").

                  2.       Covenants and Agreements of Debtor.  Debtor hereby
                           ----------------------------------
covenants and agrees:

                           (a)      to promptly pay all taxes and  assessments
         of every nature which may be levied or assessed against the Collateral.

                           (b)      to maintain and preserve ownership of the
         Collateral.

                           (c)      to not transfer or attempt to transfer any
         interest in such Collateral.

                           (d)      from time to time to execute such additional
         documents and take such other action as Secured Party may deem
         necessary to effectuate, maintain and preserve its security interest
         in the Collateral and the perfection of the same and shall indemnify
         Secured Party from and against all reasonable costs and expenses
         incurred in connection therewith, including reasonable attorneys'
         fees.  Without limitation on the generality of the foregoing, to the
         extent any of the Collateral or proceeds therefrom constitutes cash
         or other property for which a security interest under the Colorado
         Uniform Commercial Code may be perfected only by possession, upon
         written request
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         from Secured Party, Debtor shall forthwith deliver the same to
         Secured Party upon Debtor's receipt thereof.

                  3.       Events of Default. The following shall constitute
                           -----------------
"Events of Default" hereunder, and each such Event of Default shall also
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constitute an Event of Default under the Note, entitling Secured Party to
exercise all or any of the remedies available to Secured Party under the terms
of the Note and this Agreement:

                           (a)      Any default by Debtor under the Note,
         including the failure by Debtor to pay any sum when due and payable
         under the Note; or

                           (b)      The failure of Debtor to perform or observe,
         or other breach of, any other covenant, obligation, agreement,
         condition, prohibition, representation, warranty or any other term or
         provision hereunder.

                  4.       Cure by Secured Party. Debtor agrees that Secured
                           ---------------------
Party shall have the right, but not the obligation, to take any action
reasonably necessary to maintain, protect and preserve the Collateral. The
amount due under the Note shall be increased by any amounts so paid by Secured
Party. Payment or action by the Secured Party under this Section 4 shall not be
deemed to cure any default by Debtor under the Note or this Agreement.

                  5.       Secured Party's Right Upon an Event of Default.
                           ----------------------------------------------

                           (a)      Upon the occurrence of an Event of Default
         hereunder, Secured Party shall have all of the remedies of a secured
         party under the Uniform Commercial Code as enacted by the State of
         Colorado and then in effect. Without limiting the foregoing, Secured
         Party shall be entitled to recover all of its costs and expenses
         incurred in enforcing its rights hereunder and under the Note,
         including reasonable attorneys' fees and costs.

                           (b)      For any Collateral which constitutes
         proceeds resulting from liquidated proceeds or sums of any nature,
         Secured Party may, without being obligated to sell or attempt to sell
         any Collateral, giving rise to the proceeds or sums, collect such
         proceeds or sums from the Debtor and apply the same in reduction of
         the indebtedness secured hereby in such order and manner as Secured
         Party shall determine in its discretion. Debtor hereby authorizes any
         such account debtor or obligor to perform for Secured Party upon
         receiving notice from Secured Party that it is entitled to such
         performance, regardless of any dispute between Debtor and Secured
         Party concerning the existence of the requisite Event of Default or
         any other matter, and the Debtor hereby releases any such debtor or
         obligor from any liability for so performing. In connection
         therewith, such indebtedness shall be reduced only to the extent that
         such liquidated sums are actually received and actually applied by
         Secure Party as aforesaid.

                           (c)      The rights and remedies of Secured Party
         hereunder are cumulative and are not in lieu of, but are in addition
         to, any other rights or remedies which Secured Party may have under the
         Note, at law or in equity.

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                  6.       Further Assurances.  Debtor hereby agrees to execute
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such other documents and perform such other acts as may be deemed necessary or
appropriate by Secured Party to perfect, protect or enforce the rights
hereunder.

                  7.       Binding Effect.  The provisions of this Agreement
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shall be binding upon and shall inure to the benefit of the parties hereto and
their respective heirs, legal representatives, successors and permitted assigns.

                  8.       Amendment.  This Agreement may not be amended,
                           ---------
modified, or changed, nor shall any waiver of any provision hereof be
effective, except only by an instrument in writing and signed by the party
against whom enforcement of any waiver, amendment, change, modification, or
discharge is sought.

                  9.       Notices.  All notices permitted under this Agreement
                           -------
shall be in writing signed by the party giving same and shall be deemed
effective upon personal delivery or telefacsimile transmission or three days
after mailing by certified or registered mail, postage prepaid, as follows:

         If to Debtor:

                  Gerald D. Van Eeckhout
                  1658 Cole Boulevard, Suite 130
                  Golden, Colorado  80401
                  Telephone: (303) 235-6777
                  Facsimile: (303) 233-0895

         If to Secured Party:

                  ACT Teleconferencing, Inc.
                  Attn: Gavin J. Thomson
                  1658 Cole Boulevard, Suite 130
                  Golden, Colorado  80401
                  Telephone:  (303) 235-9000
                  Facsimile:  (303) 233-0895

                  10.      Governing Law. This Agreement shall be governed by
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and construed in accordance with the laws of the State of Colorado.

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         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
day and year first above written.

                            DEBTOR:

                            ___________________________________________________
                                           Gerald D. Van Eeckhout

                            SECURED PARTY:

                            ACT TELECONFERENCING, a Colorado
                            corporation

                            By:     ___________________________________________
                                    Gavin J. Thomson, Chief Financial Officer

CONSENT:

I consent to the terms of this Security
Agreement as applicable to any portion of
the Collateral of which I am the owner
with Debtor in joint tenancy.

____________________________________________
          Carolyn R. Van Eeckhout

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                                                                   Exhibit 10.38
                                                                   -------------

                          ACT Teleconferencing, Inc.
                                   Agreement

                   Long Term Stock Incentive for Gene Warren
                   -----------------------------------------

Whereby it is hereby agreed:

(1.) ACT Teleconferencing, Inc. "ACT" agrees to issue Gene Warren with 4 year
     restricted ACT stock based on a compensation plan linked to large telco and
     other global customers.  This is defined as global conferencing revenues of
     which Concert/AT&T are the present incumbents (global).  Existing ACT
     companies with global accounts such as Ernst & Young, CSFB, Philips are
     EXCLUDED from this arrangement.  New global customers such as NTT, KPN,
     France Telecom, or large industrial companies such as GE or GM or Siemens
     resulting in new ACT conferencing revenues would qualify for this
     incentive.

(2.) This incentive is limited to a 4 year plan.  The calculation is based upon
     a notional 10% stake in the global accounts business (i.e. 25% of the value
     is acquired each year, for the next 4 years).  Also, 25% of the stock is
     released from selling restriction per year and ownership also vests 25% per
     annum over this 4-year period.

(3.) The buyout calculation is at 2 times historic recorded audited revenue as
     defined in (1) above (provided a minimum PBT of global business is above
     20% per annum).  PBT to be determined by the Chief Financial Officer.
     Disagreements to be referred to the Audit Committee who's discretion is
     final.  Each yearly component shall only become due on the 1/st/ of July of
     each year commencing July 1, 2001.

(4.) On current performance -- ignoring growth -- (see calculation page attached
     on Appendix A) and assuming global (today's Concert) revenue stays stable
     at $8m per annum and profitability above 20%, the theoretical bonus is
     today worth $1.6m or $400,000 per annum being the first realized 25% at
     July 1, 2002.

(5.) ACT stock is issued with 4 year restriction including a one-year Rule 144
     restriction.  For calculation purposes ACT shall use a value of 2 times
     historic audited revenue for the same period (notwithstanding ACT price at
     time of issue); however if ACT market price is higher than 2 times revenue
     at time of issue, the ACT market price will be used.

(6.) Initially, this bonus would cap at $3m.  Board has discretion to revise
     upwards based on growth/profit performance.  The maximum compensation
     expense pursuant to this bonus to be expenses for any year on any proxy
     statement, prospectus or filing is not to exceed $750,000 per annum.  If
     more than this has been achieved in any one year, the excess will be
     renegotiated and deferred for stock issuance in a following year.  If
     performance is
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      superior during any one year the Board has discretion to accelerate
      vesting of ownership subject to the $750,000 cap mentioned above.

(7.)  A further notional 10% stake based on VoIP revenues is available to be
      discussed and negotiated with Gene also on a phantom basis. An informal
      target of $7m exists, however this is entirely dependent on developments
      within the Internet and revenue and profit generation and no obligation
      currently exists upon ACT in any way shape or form.

(8.)  ACT will investigate the tax consequences for Gene Warren and advise him
      accordingly; however all tax consequences of this plan are to be paid or
      arranged by Gene. The bonus will be expensed over a 4-year period
      commencing July 1, 2001, and taxes will be recognized accordingly.

(9.)  In regard to the $237,000 loan to Gene Warren, all efforts will be made
      for it to be concurrently transferred to a bank as part of this agreement
      and secured by a portion of these shares. Until such time will be secured
      by the issuance of these shares, and the previous security of stock
      options falls away with this Agreement unless variable accounting takes
      effect in which case the options or portion thereof will remain as
      security.

(10.) This Agreement supersedes all other Global Concert/AT&T/VoIP linked bonus
      agreements between Gene Warren and ACT Teleconferencing, Inc. Normal
      annual bonus plan as determined by the Chairman of ACT remains in place
      and is unaffected by this agreement.

(11.) The first issuance of stock according to the formula in Appendix A is
      32,000 shares.

AGREED THIS     1st     DAY OF JULY, 2001
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_______________________                 __________________________________
Gene Warren                             ACT Teleconferencing, Inc.

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