Document:

Lease agreement dated as of November 1, 2006

 Exhibit 10.15 
 LEASE AGREEMENT 
 This Lease, effective the first day of November, 2006 by and between: 
  

			
	 Landlord:
	 	Tenant:
		
	 Capital Club Properties, LLC
	 	North State Bancorp
	 P.O. Box 41228
	 	4270 The Circle at North Hills
	 Raleigh, NC 27629
	 	Raleigh, NC 27609

 THE LANDLORD AND THE TENANT AGREE TO LEASE THE RENTAL SPACE FOR THE TERM, RENT, ADDITIONAL RENT AND OTHER
CONDITIONS STATED AS FOLLOWS: 
 1. RENTAL SPACE: The Twelfth Floor Approx. Rentable Square Feet: 3707 
 Located at 16 West Martin Street, Raleigh, North Carolina, known as the Capital Club Building, hereafter called the “Building”. The
“Rental Space” may be modified at Tenant’s option pursuant to Paragraphs 20 and 45 herein. 
 2. USE: The Tenant
shall use and occupy the Rental Space for the purpose of first class office space. The Landlord is leasing the Rental Space to the Tenant for the use as stated above. Tenant agrees not to use the Rental Space for any other use or unlawful or
hazardous purpose. 
 3. TERM: The term of this Lease shall be for a period of five years beginning 11/01/06, and ending
10/31/11. This lease shall automatically extend and renew for a period of five years beginning 11/01/11 and ending 10/31/16, unless Tenant notifies Landlord in writing prior to 11/01/10 of its intent to cancel the
automatic extension and renewal provided for herein. 
 4. MINIMUM BASE
RENTAL: All rent payable by Tenant shall be paid without previous demand therefore by Landlord, and without setoff or deduction. The Minimum Base Rental for the term hereof shall be the sum of $7,000.00 per month payable on or before
the first day of each calendar month during the term of this Lease. The Minimum Base Rental shall increase in the amount of Five percent (5%) per year during the original term and each renewal and extension period, payable monthly, with the
rental adjustments starting on November 1st of each year. 
 All checks should be made out to Capital Club Properties, LLC and will be deposited directly into the LLC account. 
 4a. UTILITY PAYMENTS: From the beginning date throughout the term Tenant shall pay its usage or pro-rata share of all utilities and
services of the building. Tenant’s pro-rata share shall be equal to Tenant’s total area divided by the Leased area of the Building, which is calculated to be 9.9%. Tenant shall pay the estimated sum of $386.00 per month along
with base rent. Tenant shall pay any adjustment within 30 days of Landlord’s statement for Tenant’s actual share due. Adjustment shall be made not more than once per year. 
  

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 5. DELAY IN GIVING OF POSSESSION: Not applicable. 
 6. NO ASSIGNMENT OR SUBLETTING: Tenant shall not assign or sublet any portion of the Rental Space without the prior written consent of the
Landlord and upon such terms and conditions as may be mutually agreed upon by the parties. Such consent shall not be unreasonably withheld. Any such assignment or subletting without Landlord’s consent shall be void and the Landlord shall have
the option to terminate this lease upon written notice to the Tenant. 
 7. BUILDING HOURS: Landlord shall provide access and
services to the Building during normal business hours Monday through Friday, legal holidays excluded. The Tenant shall have access to the Rental Space at any time however the Landlord shall not be obligated to provide the services or utilities at
other times other than specified herein. 
 8. ADDITIONAL RENT: If the Tenant fails to comply with any agreement or obligation
of this Lease, the Landlord may do so on behalf of the Tenant. The Landlord may charge the cost to comply, including reasonable attorney’s fees, which will be charged to the Tenant as “additional rent”. The addition rent shall be due
and payable as Rent with the next monthly Rent due. Non-payment of additional Rent shall give the Landlord the same rights against the Tenant as if the Tenant failed to pay the minimum base rent on time. 
 9. SECURITY: The Tenant shall give to the Landlord the Security upon Tenant’s execution of this Lease. The Security shall be held by
the Landlord during the Term of this Lease. The Landlord may deduct from the Security any expenses incurred in connection with the Tenant’s violation of any agreement in this Lease. The amount of the Security is $0.00. 
 10. INSURANCE: Tenant shall keep in force at all times during the term of this Lease, the following insurance coverage with respect to the
Rental Space naming the Landlord as additionally insured. 
 Comprehensive General Liability Insurance, property damage, leasehold improvements, and other
adequate insurance relating to the Rental Space and its improvements with a combined single limit of Two Million Thousand Dollars ($2,000,000.00) per occurrence and in the aggregate. 
 All policies shall state that the insurance company cannot cancel or refuse to renew without at least 15 days written certified notice to the Landlord. The Tenant shall deliver a renewal policy or certificate to the
Landlord not less than 15 days before the expiration date of each policy or upon request from Landlord. 
 If due to Tenant’s use of the Rental Space:
(a) the Landlord cannot obtain fire insurance on the Building in an amount and form acceptable to the Landlord, the Landlord may terminate this Lease on 30 days written notice to the Tenant or; (b) the fire insurance rate or any other
insurance Landlord carries is increased, the Tenant shall pay the increase in the premium to the Landlord on demand. 
  

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 11. NON-LIABILITY OF LANDLORD: Landlord shall not be responsible or liable to Tenant for
any loss or damage that may be occasioned by the acts or omissions of persons occupying any space adjacent to or adjoining the Rental Space, or any part thereof, or for any loss or damage resulting to Tenant or its property. 
 12. COMMON FACILITIES: Tenant, its employees, and invitees, shall be permitted to use the common areas and facilities of the Building
including the stairways, hallways, entrances, restrooms and elevators in common with the Landlord and other occupants of the Building. Tenant shall be responsible for any damage to the common areas and facilities due to the act or neglect of Tenant,
its employees and invitees. The cost and expense of such damage or abuse shall be charged to Tenant as additional rent. 
 13.
ACCEPTANCE OF RENTAL SPACE: The Tenant has inspected the Rental Space and acknowledges that the Rental Space is in satisfactory condition and suitable for Tenant’s intended use. Tenant agrees to complete its upfit in the
Tenant’s space consistent with building standards prior to February 28, 2007, provided that Landlord must approve of Tenant’s upfit plan prior to construction to ensure compliance with the historical appropriateness of the space and
the construction schedule to ensure minimal disruption with the building’s existing tenants. 
 14. QUIET ENJOYMENT: If
the Tenant pays all rent and additional rent due under this Lease on their respective due dates and the Tenant does not violate any agreement in this Lease, the Tenant may peacefully enjoy the use of the Rental Space within Landlord’s
reasonable control. 
 15. UTILITIES AND SERVICES: Landlord shall supply water, heating, air conditioning and electricity to
the Rental Space during the normal building hours. The stoppage or reduction of any of these utilities and or services does not entitle Tenant to abatement of rent or other charges. The Landlord shall not be liable to the Tenant for any interruption
or delay in any of these utilities, and/or services. Landlord shall not be required to supply any utilities or services to Tenant if Tenant is in default of this Lease. 
 16. TENANT’S REPAIRS, MAINTENANCE, AND COMPLIANCE: The Tenant shall throughout the term of this Lease: (a) Promptly comply with all laws, orders, rules, codes, ordinances, and requirements of
governmental authorities, insurance carriers, environmental protection agencies or similar groups for use of the Rental Space; (b) Maintain the walls, and floor covering of the Rental Space in good repair and appearance; (c) Maintain the
Rental Space in neat, clean, safe, and sanitary condition; (d) Keep the adjacent walks, entrances, hallways, loading areas, and stairs clean, free from trash, and debris; (e) Use all electric, plumbing, heating, cooling, restrooms and
other facilities in the Rental Space and Building in a safe, clean and reasonable way. The Tenant shall pay all expenses involved in complying with the above. In the event that the Landlord pays for any of the above, the Tenant shall promptly
reimburse the Landlord for Landlord’s reasonable cost and expense upon demand as additional rent. 
  

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 17. LANDLORD’S REPAIRS AND MAINTENANCE: The Landlord shall: (a) Maintain the
common areas, heating and air conditioning, ceilings, roof, structure, sprinkler system, and exterior walls in good condition unless these repairs are made necessary by the act or neglect of the Tenant or the Tenant’s employees, guests, or
contractor invitees; (b) Replace light bulbs within the Rental Space; (c) Provide for janitorial service to remove normal office garbage generated by Tenant’s business. 
 18. COVENANTS CONCERNING OFFENSIVE PRACTICES: Tenant shall not, at any time during the term of this Lease: (a) Solicit business, hold
demonstrations or sell any merchandise, post or distribute any hand bills or other advertising matter in the Common Areas; (b) Cause or permit objectionable odors, vibrations or noises from the Rental Space; (c) Use, store, dispose or
discharge any flammable, toxic or hazardous materials in, on, or about the Rental Space or Building; (d) Overload any floor in the Rental Space, or operate any machinery that is harmful to the Building; (e) Operate any coin or token
operated ride, vending machine or similar device inside or outside the Rental Space; (f) Obstruct the sprinkler system. 
 19. NO
ALTERATIONS BY TENANT: The Tenant may not make any changes or alterations to the Rental Space without the Landlord’s prior written consent. Any changes or alterations made without the Landlord’s written consent shall be removed by
the Tenant on demand. All changes or alterations made with the Landlord’s written consent shall become the property of the Landlord when completed and paid for by the Tenant and shall remain as part of the Rental Space at the end of the Term.
The Landlord may demand that the Tenant remove any changes or alterations at the end of the Term. The Tenant shall promptly pay for all costs of any changes or alterations. The Tenant shall not allow any mechanic’s lien or other claim to be
filed against the Landlord or Building. Any lien or claim filed against the Landlord or Building as a result of the Tenant’s changes or alterations shall be promptly removed within 10 days at the Tenant’s expense. 
 20. SIGNS: Tenant shall have the option, subject to applying for and receiving
permits from the City of Raleigh therefor, to place up to two exterior signs on the side of the Building near the top in the general area of the prior location of the signs of the prior 12th Floor tenant, WTVD, Channel 11 Eyewitness News. The signs must utilize energy efficient lighting. This option must be exercised and the sign installed by
February 28, 2007, or said option shall terminate. If Tenant exercises this option, the Rental Space as defined in Paragraph 1 herein shall be expanded to include the signage area on the exterior of the Building and the insurance provisions
herein must include the signs and all items related thereto. Prior to the end of the lease, Tenant shall remove the signs and repair all holes, mounts, electrical connections, etc, related to the signs. Tenant shall be deemed to be holding over
within the terms of this lease until such removal and repair has been finalized. 
 21. ACCESS TO RENTAL SPACE: The Landlord
shall have access to the Rental Space during normal business hours and at other times on reasonable notice to the Tenant. The Landlord may enter the Rental Space at any time without notice to the Tenant in case of emergency. 
  

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 22. LANDLORD’S ALTERATIONS: Landlord reserves the right at any time to make
alterations, remodel, or make additions to the Building on which the Rental Space is a part. Landlord may erect temporary scaffolding and other construction aids and to install, maintain, use, repair and replace pipes, ducts, conduits, and wires
leading through the Rental Space and serving other parts of the Building. Landlord shall not be liable in any case for any inconvenience, disturbance, loss of business or any other annoyance arising from such alterations. The Landlord shall use
reasonable care when completing any of the above work and the Landlord shall repair any damages to the Rental Space caused by Landlord’s alterations. 
 23. FIRE AND OTHER CASUALTY: The Tenant shall give the Landlord immediate notice of any fire or other casualty in or about the Rental Space. If the Rental Space cannot be used because of fire or other
casualty, the Tenant is not required to pay Rent for the time the Rental Space is unusable. If part of the Rental Space can be used, the Tenant must pay Rent for the usable part on a proportionate basis. If the fire or other casualty is caused by
the act or neglect of the Tenant or the Tenant’s employees or guest, then Tenant shall pay for all repairs and all other damage to restore the Rental Space. In that case the Tenant must pay the full Rent for the balance of the Term. 

If the Rental Space is partially damaged by fire or other casualty without the act or neglect of the Tenant or the Tenant’s employee or guest the Landlord shall
repair it as soon as possible. The Landlord need only repair the damaged structural parts of the Rental Space and fixtures installed by the Landlord. The Landlord is not required to repair or replace anything installed by the Tenant. 
 Landlord may terminate this Lease if (a) the Rental Space is totally destroyed by fire or other casualties by the act or neglect of the Tenant or Tenant’s
employee or guest, or (b) the Rental Space is so damaged by fire or other casualty without the act or neglect of the Tenant or the Tenant’s employee or guest that it cannot be repaired within 90 days, or (c) the Landlord elects not to
rebuild or repair the damage, if in Landlord’s sole judgment the Building cannot operate as a viable unit or (d) the Lease Term has less than 2 years remaining on the term. 
 24. EXCULPATION OF LANDLORD/AGENT: Landlord, and all of the members of Landlord’s ownership including the managing agent and general
partners shall have absolutely no personal liability with respect to any provision of this Lease. Tenant shall look solely to the equity of the real property of the Capital Club Building (or, if the interest of the Landlord is a leasehold interest,
Tenant shall look solely to such leasehold interest) for the satisfaction of any remedies of Tenant under this Lease. 
 25. RULES AND
REGULATIONS: Landlord reserves the right from time to time to adopt and enforce rules and regulations applicable to the Rental Space, common areas, parking areas, and the Building and to amend and supplement such rules and regulations.
Notice of such rules and regulations or any amendments and supplements shall be given to Tenant or posted within the Building and Tenant shall comply with and observe all rules and regulations to the extent practicable. 
  

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 26. INABILITY TO PERFORM: If Landlord is delayed or prevented from performing any of its
obligations under this Lease by reason of strike or labor troubles or any cause whatsoever beyond Landlord’s control, the period of such delay or such prevention shall be deemed added to the time herein provided for the performance of any such
obligation by Landlord and Tenant is not excused from paying rent. 
 27. BROKER: Landlord and Tenant represents that there was
no Broker instrumental in consummating this lease. 
 28. INDEMNITY: Tenant agrees to indemnify and save the Landlord,
mortgagee and/or any underlying ground lessor(s) of the Rental Space harmless from and against any and all claims and demands in connection with, any accident, injury or damage whatsoever caused to any person or property arising out of Tenant’s
negligent use of the Rental Space. 
 29. EMINENT DOMAIN: If any part of the Rental Space is taken by eminent domain, either
party may terminate this Lease on 30 days written notice to the other. The entire payment for the taking shall belong to the Landlord. The Tenant shall make no claim for the value of the remaining part of the Term. If other portions of the property
are taken and in the Landlord’s sole judgment property cannot be operated as a viable unit, the Landlord shall have the right to terminate this lease upon 30 days written notice to Tenant. The Tenant shall not participate in any of the
Landlord’s claim for compensation. The Tenant may separately make a claim for Tenant’s interest. 
 30.
SUBORDINATION: This Lease is subordinate to the lien of, (a) all mortgages now on the Building and land, (b) all renewals, modifications, or extensions of these mortgages, and (c) all mortgages which the Landlord signs at
any time in the future on the Building and land, and (d) all underlying ground Leases (if applicable) now or in the future. All documents necessary to subordinate this Lease to any mortgage or ground Lease may be signed by the Landlord on
behalf of the Tenant. 
 31. TENANT’S CERTIFICATE: At the request of the Landlord, the Tenant shall sign a certificate
stating the basic Terms of the Lease and the date that rent was last paid. Tenant shall return such signed certificate to Landlord within 10 days of Landlord’s request. 
 32. TENANT’S DEFAULT: The Landlord may evict the Tenant for the violation of any agreement in this Lease and for all other causes
provided by law. The Landlord may then re-enter and regain possession of the Rental Space. 
 If the cause for eviction is non-payment of Rent, and if the
Tenant fails to pay any rent or additional rent due under this Lease Landlord may give notice of such default. In the event that the Tenant’s default for non-payment of any rent or additional rent is not remedied within 10 days of
Landlord’s notice then the Landlord shall have the absolute right to terminate this Lease upon a second notice to the Tenant and the Landlord shall then have the right to re-rent the Rental Space to another party and Tenant shall immediately
vacate the Rental Space. 
  

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 The Tenant shall have 30 days to cure any other non-monetary default. If the non-monetary default is capable of being
cured within 30 days, and Tenant fails to cure, the Landlord may terminate this Lease upon written notice to Tenant. In case of a non-monetary default on part of the Tenant where such default cannot be reasonably cured within 30 days, providing such
default is curable and Tenant diligently proceeds to cure the default, the Tenant shall have a reasonable period of time to cure such default. 
 The Tenant
is obligated to the Landlord for all damages, including reasonable attorneys fees and costs resulting from the Tenant’s violation or default of any agreement in this Lease including failure to pay rent and additional rent on time. 

Even if the Tenant is evicted or this Lease is terminated for non-payment of rent or other non-monetary defaults, the Tenant shall continue to be bound by the terms
of this Lease and to pay the Rent and additional Rent until the Landlord has re-rented the Rental Space. If the Landlord re-rents the Rental Space for less than the Tenant’s Rent, the Tenant shall pay the difference until the end of the Term.
The Tenant shall not be entitled to any excess rent resulting from the re-renting. The Tenant shall also pay, (a) all reasonable expenses incurred by the Landlord in preparing the Rental Space for re-renting and, (b) commissions paid to a
broker for obtaining a new tenant and (c) reasonable attorney fees. 
 33. FEES & EXPENSES: In the event that any
rent or additional rent is not received by the Landlord within 10 days of its due date there shall be an additional late charge due by Tenant for the late payment of said rent or additional rent. Tenant agrees that a late charge is fair and
reasonable. On each instance the late charge shall be 3% of all real items in arrears. A charge of $75.00 shall apply for returned checks. 
 In the event it is necessary for Landlord to commence legal proceedings to collect any rent or additional rent from Tenant, then, in such event Tenant, as additional rental hereunder, shall reimburse Landlord for all reasonable
attorney’s fees and costs to enforce Landlord’s rights under this Lease and by law, such additional rent shall be due and payable on demand. 
 34. CHRONIC LATE PAYMENT: Tenant agrees to pay its rent and additional rent when due. In the event that the Tenant makes chronic late payments of rent and or additional rent, then Landlord may default
Tenant and the chronic late payment of rent shall give the Landlord the same rights as if the Tenant failed to pay rent. Chronic late payment shall mean 5 or more times in any calendar year that Tenant pays its rent or additional rent past the 20th
day or any month. 
 35. RECORDING: Tenant shall not permit or cause this Lease to be recorded. 
 36. NOTICES: All notices given under this Lease must be in writing and they must be given by (a) personal delivery to the other party,
and acknowledged, or (b) certified or registered mail, return receipt requested. Notices shall be addressed to the Landlord at the address stated at the beginning of this Lease and to the Tenant at the rental space or at the address stated at
the beginning of this lease. The Landlord or Tenant may notify the other of a change of address, which will be effective only by written notice to the other. 
  

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 37. HOLDING OVER: Should Tenant hold over in possession of the Rental Space after the
expiration of the term hereof with the consent of Landlord, Tenant shall be deemed to be occupying the Rental Space from month to month, subject to termination by either party upon at least thirty (30) days written notice to the other. Such
month to month tenancy shall be subject to all of the terms, covenants and conditions or this Lease insofar as same may be applicable to a month to month tenancy except the minimum monthly rent shall be 150 percent of the rent last in effect.

 38. NO WAIVER: The Landlord’s (a) acceptance of rent, or additional rent, late rent or partial rent, after a
violation by the Tenant of any agreement in this Lease or (b) failure to default or enforce any agreement or obligation of Tenant in this Lease, shall not prevent the Landlord from enforcing any agreement of this Lease at a later time.

 39. SURVIVAL: If any agreement in this Lease is contrary to law, the rest of the Lease shall remain in full force and
effect. 
 40. END OF TERM: At the end of the term or upon termination of this Lease the Tenant shall (a) leave the Rental
Space clean and in good condition, (b) remove all of the Tenant’s property, (c) remove all Tenant’s signs and restore that portion of the Rental Space on which they were placed, (d) repair all damages caused by moving, and
(e) return the Rental Space to the Landlord in the same condition as it was at the beginning of the term except for normal wear caused by reasonable use. 
 If the Tenant leaves any property in the Rental Space, the Landlord may within 10 days after the end of the term (a) dispose of it and charge the Tenant for the cost of removal or disposal, or (b) keep it as
abandoned property or (e) request Tenant to remove it at Tenant’s expense. 
 41. DRAFTING: Neither party shall have
been considered responsible for drafting this Lease as it contains the parties’ mutual agreements. 
 42. BINDING: This
Lease shall be non-binding on either party until executed by Landlord and Tenant. Landlord reserves the right to withdraw and revoke this Lease at anytime prior to Landlord’s execution. Upon the full execution of this Lease it binds the
Landlord and the Tenant and their legal representatives, heirs, successors, and lawful assigns. 
 43. NO CHANGES: The parties
have read this Lease. It contains their entire agreement. It may not be changed except in writing signed by the Landlord and the Tenant. The Tenant acknowledges that there are no warranties, agreements and/or representations made by the Landlord or
the Landlord’s agents with respect to the Rental Space, Building or Property which it is part of. 
 44. NON-DISTURBANCE:
If at any time in the future, Landlord acquires a mortgage on the Building, Landlord agrees to submit to mortgagor a non-disturbance agreement drafted by Tenant. 
  

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 45. AUTOMATED TELLER MACHINE IN
LOBBY: Tenant shall have the option, subject to applying for and receiving permits from the City of Raleigh (if needed) therefor, to place an Automated Teller Machine in the First Floor Lobby of the Building in the general area of the prior
location or the Call Station of the prior 12th Floor tenant, WTVD, Channel 11 Eyewitness News. This option must be
exercised by December 31, 2006 or said option shall terminate. If Tenant exercises this option, the Rental Space as defined in Paragraph 1 herein shall be expanded to include the Lobby of the Building and the insurance provisions herein must
include the Teller Machine, the Lobby, Lobby Doors and all items related thereto. If Tenant exercises this option, the initial Minimum Base Rental amount provided for in Paragraph 4 shall be increased by One Thousand Dollars ($1,000.00) per month,
and will continue in accordance with the escalations provided for in Paragraph 4 throughout the remainder of the lease and extensions provided for herein. 
 Signature Page Follows 
  

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 SIGNATURES: The Landlord and the Tenant agree to the terms of this Lease by signing below. If the Tenant is also
signing as a corporation, this Lease must be signed by the proper corporate officers and its corporate seal affixed. 
 Witnessed or Attested by: 

 

							
	 	 	 	 	Capital Club Properties, LLC	 	 
		 		 	Landlord	 	
				
	 /s/ Illegible
	 		 	 /s/ C. Thomas Hendrickson
	 	(SEAL)
	As to Landlord	 		 	C. Thomas Hendrickson, Manager	 	
				
		 		 	North State Bancorp	 	
		 		 	Tenant	 	
				
	 /s/ Stacey S. Koble
	 		 	 /s/ Larry Barbour
	 	(SEAL)
	As to Tenant	 		 	Larry Barbour, President	 	

  

 10Form of Stock Option Agreement under 2004 Equity Incentive Plan, as amended

 EXHIBIT 10.6 
 ACT TELECONFERENCING, INC. 
 2004 EQUITY INCENTIVE PLAN, AS AMENDED 
 Incentive Stock Option Agreement 
  

			
	Name of Optionee:
		
	No. of Shares Covered:	  	Date of Grant:
		
	Exercise Price Per Share:	  	Expiration Date:
		
	Exercise Schedule (Cumulative):	  	

  

			
		
	 Date(s) of Exercisability
	  	 No. of Shares as to Which
 Option Becomes Exercisable

		  	
		  	

 This Incentive Stock Option Agreement (this “Agreement”) between ACT Teleconferencing,
Inc., a Colorado corporation (the “Company”), and the optionee identified above (the “Optionee”) is effective as of the date of grant specified above. 
 Recitals 
 WHEREAS, the Company maintains the ACT Teleconferencing, Inc. 2004 Equity Incentive
Plan (the “Plan”); and 
 WHEREAS, pursuant to the Plan, the Board of Directors of the Company (the “Board”) or a
committee of two or more directors of the Company (the “Committee”) appointed by the Board administers the Plan and has the authority to determine the awards to be granted under the Plan (if the Board has not appointed a committee to
administer the Plan, then the Board shall constitute the Committee); and 
 WHEREAS, the Committee has determined that the Optionee is
eligible to receive an award under the Plan in the form of an incentive stock option (the “Option”); 

 NOW, THEREFORE, the Company hereby grants this Option to the Optionee under the terms and conditions as
follows. 
 Terms and Conditions* 
  

	1.	Grant. The Optionee is granted this Option to purchase the number of Shares specified at the beginning of this Agreement. 

  

	2.	Exercise Price. The price to the Optionee of each Share subject to this Option shall be the exercise price specified at the beginning of this Agreement (which price
shall not be less than the Fair Market Value as defined in paragraph 7 of the Plan as of the date of grant or, if the Optionee owns or is deemed to own stock possessing more than 10% of the combined voting power of all classes of stock of the
Company, 110% of the Fair Market Value as of the date of grant). 

  

	3.	Incentive Stock Option. This Option is intended to be an “incentive stock option” within the meaning of Section 422 of the Internal Revenue Code of
1986, as amended (the “Code”). 

  

	4.	Exercise Schedule. This Option shall vest and become exercisable as to the number of Shares and on the dates specified in the exercise schedule at the beginning of
this Agreement. The exercise schedule shall be cumulative; thus, to the extent this Option has not already been exercised and has not expired, terminated or been cancelled, the Optionee or the person otherwise entitled to exercise this Option as
provided herein may at any time, and from time to time, purchase all or any portion of the Shares then purchasable under the exercise schedule. 

 This Option may also be exercised in full (notwithstanding the exercise schedule) under the circumstances described in Section 8 of this Agreement if it has not expired prior thereto. 
  

	5.	Expiration. This Option shall expire at 5:00 p.m. Denver, Colorado time on the earliest of: 

  

	 	(a)	The expiration date specified at the beginning of this Agreement (which date shall not be later than ten years after the date of grant or, if the Optionee owns or is deemed to own
stock possessing more than 10% of the combined voting power of all classes of stock of the Company, five years after the date of grant); 

	*	Unless the context indicates otherwise, terms that are not defined in this Agreement shall have the meaning set forth in the Plan as it currently exists or as it is amended in the
future. 

  

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	 	(b)	The last day of the period following the termination of employment of the Optionee during which this Option can be exercised (as specified in Section 7 of this Agreement); or

  

	 	(c)	The date (if any) fixed for cancellation pursuant to Section 8 of this Agreement. 

 In no event may anyone exercise this Option, in whole or in part, after it has expired, notwithstanding any other provision of this Agreement. 
  

	6.	Procedure to Exercise Option. 

 Notice of
Exercise. This Option may be exercised by delivering written notice of exercise to the Company at the principal executive office of the Company, to the attention of the Company’s Chief Financial Officer, in the form attached to this
Agreement. The notice shall state the number of Shares to be purchased, and shall be signed by the person exercising this Option. If the person exercising this Option is not the Optionee, he/she also must submit appropriate proof of his/her right to
exercise this Option. 
 Tender of Payment. Upon giving notice of any exercise hereunder, the Optionee shall provide for payment of the
purchase price of the Shares being purchased through one or a combination of the following methods: 
  

	 	(a)	Cash; 

  

	 	(b)	Cancellation of indebtedness; 

  

	 	(c)	By delivery to the Company of unencumbered Shares having an aggregate Fair Market Value (as defined in paragraph 7 of the Plan) on the date of exercise equal to the purchase
price of such Shares; 

  

	 	(d)	By a reduction in the number of Shares delivered to the Optionee upon exercise, such number of Shares having an aggregate Fair Market Value on the date of exercise equal to the
purchase price of such Shares; or 

  

	 	(e)	To the extent permitted by law, a broker-assisted cashless exercise in which the Optionee irrevocably instructs a broker to deliver proceeds of a sale of all or a portion of the
Shares to be issued pursuant to the exercise to the Company in payment of the purchase price of such Shares. 

 Notwithstanding
the foregoing, the Optionee shall not be permitted to pay any portion of the purchase price with Shares if the Committee, in its sole discretion, determines that payment in such manner is undesirable. 
  

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 Delivery of Certificates. As soon as practicable after the Company receives the notice and
purchase price provided for above, it shall deliver to the person exercising this Option, in the name of such person, a certificate or certificates representing the Shares being purchased. The Company shall pay any original issue or transfer taxes
with respect to the issue or transfer of the Shares and all fees and expenses incurred by it in connection therewith. All Shares so issued shall be fully paid and nonassessable. Notwithstanding anything to the contrary in this Agreement, the Company
shall not be required to issue or deliver any Shares prior to the completion of such registration or other qualification of such Shares under any state or federal law, rule or regulation as the Company shall determine to be necessary or desirable.

  

	7.	Employment Requirement. This Option may be exercised only while the Optionee remains employed with the Company or a parent or subsidiary thereof, and only if the
Optionee has been continuously so employed since the date of this Agreement; provided that: 

  

	 	(a)	This Option may be exercised for three months following the day the Optionee’s employment by the Company ceases if such cessation of employment is for a reason other than death
or disability, but only to the extent that it was exercisable immediately prior to termination of employment. 

  

	 	(b)	This Option may be exercised within one year after the Optionee’s employment by the Company ceases if such cessation of employment is because of death or disability.

  

	 	(c)	If the Optionee’s employment terminates after a declaration made pursuant to Section 8 of this Agreement in connection with an Event, this Option may be exercised at any
time permitted by such declaration. 

 Notwithstanding the above, this Option may not be exercised after it has expired.

  

	8.	Acceleration of Option. 

 Death or
Disability. This Option may be exercised in full, regardless of whether such exercise occurs prior to a date on which this Option would otherwise vest, upon the death or disability of the Optionee; provided that the Optionee shall have been
continuously employed by the Company or a parent or subsidiary thereof between the date of this Agreement and the date of such death or disability. 
 Change in Control. In the event of a Change in Control as defined in paragraph 11 of the Plan, then, without any action by the Committee or the Board, this Option, to the extent not already exercised in full or otherwise terminated,
expired or canceled, shall become immediately exercisable in full and the Committee may, as provided in paragraph 11(c) of the Plan, determine that this Option shall be canceled and make certain cash payments with respect to this Option. 

 

 4 

 Event. In the event of an Event as defined in paragraph 12 of the Plan, the Committee may,
but shall not be obligated to: 
  

	 	(a)	if the Event is a merger or consolidation or statutory share exchange, make appropriate provision for the protection of this Option by the substitution for this Option of options or
voting common stock of the corporation surviving any merger or consolidation or, if appropriate, the parent corporation of the Company or such surviving corporation, as provided in paragraph 12 of the Plan; or 

  

	 	(b)	at least 20 days prior to the occurrence of the Event, declare, and provide written notice to the Optionee of the declaration, that this Option, whether or not then exercisable,
shall be canceled at the time of, or immediately prior to the occurrence of, the Event (unless it shall have been exercised prior to the occurrence of the Event). In connection with any such declaration, the Committee may, but shall not be obligated
to, cause payment to be made to the Optionee of cash equal to, for each Share covered by the canceled Option, the amount, if any, by which the Event Proceeds per Share, as defined in paragraph 12 of the Plan, exceeds the exercise price per
Share covered by this Option. At the time of any such declaration, this Option shall immediately become exercisable in full and the Optionee shall have the right, during the period preceding the time of cancellation of this Option, to exercise this
Option as to all or any part of the Shares covered by this Option. In the event of a declaration pursuant to this subsection, to the extent this Option has not been exercised prior to the Event, the unexercised part of this Option shall be canceled
at the time of, or immediately prior to, the Event, as provided in the declaration. Notwithstanding the foregoing, the holder of this Option shall not be entitled to the payment provided for in this subsection if this Option shall have expired
pursuant to Section 5 above. 

 Discretionary Acceleration. The Committee has the power, in its sole discretion, to
declare at any time that this Option shall be immediately exercisable. 
  

	9.	Limitation on Transfer. While the Optionee is alive, only the Optionee or his/her guardian or legal representative may exercise this Option. This Option may not be
assigned or transferred other than by will or the laws of descent and distribution or pursuant to a qualified domestic relations order as defined by the Code or Title I of the Employee Retirement Income Security Act, or the rules thereunder.

  

 5 

	10.	No Shareholder Rights Before Exercise. No person shall have any of the rights of a shareholder of the Company with respect to any Share subject to this Option until
the Share actually is issued to him/her upon exercise of this Option. 

  

	11.	Discretionary Adjustment. In the event of any reorganization, merger, consolidation, recapitalization, liquidation, reclassification, stock dividend, stock split,
combination of shares, rights offering, or extraordinary dividend or divestiture (including a spin-off), or any other change in the corporate structure or Shares of the Company, the Committee (or if the Company does not survive any such transaction,
a comparable committee of the Board of Directors of the surviving corporation) may, without the consent of the Optionee, make such adjustment as it determines in its discretion to be appropriate as to the number and kind of securities subject to and
reserved under the Plan and, in order to prevent dilution or enlargement of rights of the Optionee, the number and kind of securities issuable upon exercise of this Option and the exercise price hereof. 

  

	12.	Transfer of Shares —Tax Effects. The Optionee hereby acknowledges that if any Shares received pursuant to the exercise of any portion of this Option are sold
within two years from the date of grant or within one year from the effective date of exercise of the Option, or if certain other requirements of the Code are not satisfied, such Shares will be deemed under the Code not to have been acquired by the
Optionee pursuant to an “incentive stock option” as defined in the Code; and that the Company shall not be liable to the Optionee in the event the Option for any reason is deemed not to be an “incentive stock option” within the
meaning of the Code. 

  

	13.	Interpretation of This Agreement. All decisions and interpretations made by the Committee with regard to any question arising hereunder or under the Plan shall be
binding and conclusive upon the Company and the Optionee. If there is any inconsistency between the provisions of this Agreement and the Plan, the provisions of the Plan shall govern. 

  

	14.	Discontinuance of Employment. This Agreement shall not give the Optionee a right to continued employment with the Company or any parent or subsidiary of the Company,
and the Company or any such parent or subsidiary employing the Optionee may terminate his/her employment at any time and otherwise deal with the Optionee without regard to the effect it may have upon him/her under this Agreement.

  

	15.	Option Subject to Plan, Articles of Incorporation and By-Laws. The Optionee acknowledges that this Option and the exercise thereof is subject to the Plan, the Articles
of Incorporation, as amended from time to time, and the By-Laws, as amended from time to time, of the Company, and any applicable federal or state laws, rules or regulations. 

  

 6 

	16.	Obligation to Reserve Sufficient Shares. The Company shall at all times during the term of this Option reserve and keep available a sufficient number of Shares to
satisfy this Agreement. 

  

	17.	Binding Effect. This Agreement shall be binding in all respects on the heirs, representatives, successors and assigns of the Optionee. 

  

	18.	Choice of Law. This Agreement is entered into under the laws of the State of Colorado and shall be construed and interpreted thereunder (without regard to its conflict
of law principles). 

 IN WITNESS WHEREOF, the Optionee and the Company have executed this Agreement as of the___ day of
October, 200__. 
  

	
	OPTIONEE
	
	   

  

			
	ACT TELECONFERENCING, INC.
		
	By	 	  

  

 7 

 Notice of Option Exercise 
 ACT TELECONFERENCING, INC. 
 1526 Cole Boulevard 
 Suite 300 
 Golden, CO 80401 
 Attention: Chief Financial Officer 
 Sir/Madam: 
 I hereby exercise the following option (the “Option”) granted to me under the ACT Teleconferencing, Inc. 2004 Equity Incentive Plan (the “Plan”) with respect to the number of shares of Common
Stock, no par value (“Shares”), of ACT Teleconferencing, Inc. (the “Company”), indicated below: 
  

			
	Name:	  	________________________________________
		
	Date of Grant of Option:	  	________________________________________
		
	Exercise Price Per Share:	  	________________________________________
		
	 Number of Shares With Respect to
 Which the
Option is Hereby Exercised:
	  	________________________________________
		
	Total Exercise Price:	  	________________________________________

  

	 	 ̈	Enclosed with this letter is a check, bank draft or money order in the amount of the Total Exercise Price. 

  

	 	 ̈	I hereby agree to pay the Total Exercise Price by cancellation of a debt owed to me by the Company. 

  

	 	 ̈	I hereby agree to pay the Total Exercise Price within five business days of the date hereof and, as stated in the attached Broker’s Letter, I have delivered irrevocable
instructions to __________________________________ to promptly deliver to the Company the amount of sale or loan proceeds from the Shares to be issued pursuant to this exercise necessary to satisfy my obligation hereunder to pay the Total Exercise
Price. 

  

 8 

	 	 ̈	Enclosed with this letter is a certificate evidencing unencumbered Shares (duly endorsed in blank) having an aggregate Fair Market Value (as defined in the Plan) equal to or in
excess of the Total Exercise Price. 

  

	 	 ̈	I elect to pay the Total Exercise Price through a reduction in the number of Shares delivered to me upon this exercise of the Option as provided in paragraph 8 of the Plan.

 If I am enclosing Shares with this letter, I hereby represent and warrant that I am the owner of such Shares free and clear
of all liens, security interests and other restrictions or encumbrances. I agree that I will pay any required withholding taxes in connection with this exercise as provided in paragraph 9 of the Plan. 
 Please issue a certificate (the “Certificate”) for the number of Shares with respect to which the Option is being exercised in the name of the
person indicated below and deliver the Certificate to the address indicated below: 
  

			
	Name in Which to Issue Certificate:	  	________________________________________
		
	Address to Which Certificate Should be Delivered:	  	________________________________________
		  	________________________________________
		  	________________________________________
		  	________________________________________
		  	________________________________________
		
	Principal Mailing Address for Holder of the Certificate (if different from above):	  	________________________________________
		  	________________________________________
		  	________________________________________
		  	________________________________________
		  	________________________________________

  
  

	
	Very truly yours,
	
	   
	Signature
	
	   
	Name, please print
	
	   
	Social Security Number
	
	__________________, 20___

  

 9 

 Broker Assisted Option Exercise 
 ACT TELECONFERENCING, INC. 
 1526 Cole Boulevard 
 Suite 300 
 Golden, CO 80401 
 Attention: Chief Financial Officer 
 Sir/Madam: 
  

			
	Name of Optionee:	  	________________________________________
		
	Date of Grant of Option:	  	________________________________________
		
	Exercise Price Per Share:	  	________________________________________
		
	 Number of Shares With Respect to
 Which the
Option is to be Exercised:
	  	________________________________________
		
	Total Exercise Price:	  	________________________________________

 The above Optionee has requested that we finance the exercise of the above Option to purchase
Shares of common stock of ACT Teleconferencing, Inc. (the “Company”) and has given us irrevocable instructions to promptly deliver to the Company the amount of sale or loan proceeds from the Shares to be issued pursuant to such exercise to
satisfy the Optionee’s obligation to pay the Total Exercise Price. 
  

	
	Very truly yours,
	
	   
	Broker Name

  

			
		
	By	 	  
		 	

  

 10

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