Exhibit 10.1

LEASE SCHEDULE NO. 003X

This Lease Schedule No. 003X replaces Lease Schedule
No. 003R.

This Lease Schedule is issued pursuant to the Lease Agreement Number TR051905 dated May 19, 2005. The terms of the Lease
Agreement and serial numbers contained on Certificate of Acceptance Numbers TR051905-003-001 thru TR051905-003-014 are a part hereof and are incorporated by reference herein.



|                              |  |                          
|----------------------------- |  | -------------------------
|LESSOR                        |  | LESSEE                   
|Farnam Street Financial, Inc. |  | Transcend Services, Inc. 
|240 Pondview Plaza            |  | 945 East Paces Ferry Road
|5850 Opus Parkway             |  | Suite 1475               
|Minnetonka, MN 55343          |  | Atlanta, GA 30326        
|                              | 
|SUPPLIER OF EQUIPMENT         |  | LOCATION OF EQUIPMENT    
|Various                       |  | Various                  

Term of Lease from Commencement Date: 24 Months

Monthly Lease Charge: $25,113.04

Delivery and Installation: October 2005  March 2006

Commencement Date: April 1,
2006

Security Deposit: $26,258.00. At the end of the applicable lease term, provided that there is no event of default, this security deposit will be
returned to Lessee.

EQUIPMENT



|             |  |     |  |               |  |                                           
|------------ |  | --- |  | ------------- |  | ------------------------------------------
|MANUFACTURER |  | QTY |  | MACHINE/MODEL |  | EQUIPMENT DESCRIPTION (including features)

See Attachment A

All of the Equipment on this Lease Schedule shall be defined as a total of $589,116.98. Interim rent due prior to the Commencement date shall not reduce or offset Lessees post-Commencement Monthly Lease Charge
obligations hereunder.



|                                       |  |                      |  |                                       |  |             |  |                  
|-------------------------------------- |  | -------------------- |  | ------------------------------------- |  | ----------- |  | -----------------
|Every Term is Agreed to and Accepted:  |  |                      |  | Every Term is Agreed to and Accepted:
|                                       |  |                     
|FARNAM STREET FINANCIAL, INC. LESSOR |  |                      |  | TRANSCEND SERVICES, INC. LESSEE    
|                                       |  |                      |  |                                      
|By:                                    |  | /s/ Steven C. Morgan |  |                                       |  | By:         |  | /s/ Lance Cornell
|Print Name:                            |  | Steven C. Morgan     |  |                                       |  | Print Name: |  | Lance Cornell    
|Title:                                 |  | President            |  |                                       |  | Title:      |  | CFO              
|Date:                                  |  | April 3, 2006        |  |                                       |  | Date:       |  | 3/30/06          



---

|                                 |  |            
|-------------------------------- |  | -----------
|Lease Agreement Number: TR051905 |  | Page 1 of 3
|                                 | 
|Lease Schedule Number:     003X  |  |            

ATTACHMENT A



|                      |  |     |  |               |  |                                                         
|--------------------- |  | --- |  | ------------- |  | --------------------------------------------------------
|MANUFACTURER          |  | QTY |  | MACHINE/MODEL |  | EQUIPMENT DESCRIPTION (incl. features)                  
|COMPAQ                |  | 1   |  | 0EXT12R-332   |  | Compaq ML 330 W2000 Rack Integration Gateway            
|COMPAQ                |  | l   |  | 0EXV03R-337   |  | Compaq ML370 G3 Voice Response Server, Rack             
|COMPAQ                |  | 8   |  | 286776-B22    |  | 36.4GB HD U320 SCSI HPLUG 15K RPM                       
|COMPAQ                |  | 2   |  | 356820-B21    |  | Compaq Proliant DL858 with two opteron 2.2GHz 2GB PC2100
|                      |  |     |  |               |  | DDR SDRAM 266HMz 24XCD Embedded Dual Gigabit Ethernet   
|                      |  |     |  |               |  | ADAP Smart Array                                        
|COMPAQ                |  | 24  |  | CT479175      |  | Crucial 2GB PC3200 DDR SDRAM 2X1GB                      
|DEPARTMENT OF REVENUE |  | 1   |  |               |  | Sales Tax                                               
|DEPARTMENT OF REVENUE |  | 1   |  |               |  | Sales Tax                                               
|DEPARTMENT OF REVENUE |  | 1   |  |               |  | Sales Tax                                               
|DEPARTMENT OF REVENUE |  | 1   |  |               |  | Sales Tax                                               
|DEPARTMENT OF REVENUE |  | 1   |  |               |  | Sales Tax                                               
|DICTAPHONE            |  | 1   |  | 502758        |  | Brooktrout 4-port Unicersal Fax Card                    
|DICTAPHONE            |  | 1   |  | 0EXT08R-238   |  | SRVR HWText G3 DL380R W2K 1.0GB                         
|DICTAPHONE            |  | 8   |  | NTC002S-102   |  | Xcription SW Upgrd Word Client to Work Client w/xnet    
|DICTAPHONE            |  | 8   |  | 148649        |  | USB Foot Control Adapter                                
|DICTAPHONE            |  | 1   |  | 139073        |  | EXT Version 4.x to 6.x Upgrade Software                 
|DICTAPHONE            |  | 1   |  | 1000024       |  | EXVoicc System Audit Events License                     
|DICTAPHONE            |  | 1   |  | 0EXV11R-038   |  | SRVR HW Data GL DL380R W2K l.GB SDRAM                   
|DICTAPHONE            |  | 1   |  | 0EXT13R-136   |  | Print Route - DL 360 Version                            
|DICTAPHONE            |  | 2   |  | 0139227-MFG   |  | 12 Port Universal PCI Voice Kit                         
|DICTAPHONE            |  | 1   |  | 0139075-001   |  | EXV Build 6 Upgrade - Software Only                     
|DICTAPHONE            |  | 8   |  | 0139074-103   |  | Transcription Software                                  
|DICTAPHONE            |  | 1   |  |               |  | Professional Services                                   
|DICTAPHONE            |  | 1   |  |               |  | Maintenance 24x7                                        
|DICTAPHONE            |  | 1   |  |               |  | Data Mirgration Fee                                     
|DICTAPHONE            |  | 1   |  |               |  | Installation                                            
|DICTAPHONE            |  | 1   |  | 0502752-106   |  | Software Upgrd to Business Server V9.0 Captaris         
|DIGITAL VOICE SYSTEMS |  | 1   |  | BT003391707   |  | VRS 24 Port Card                                        
|DIGITAL VOICE SYSTEMS |  | 1   |  |               |  | Mouse                                                   
|DIGITAL VOICE SYSTEMS |  | 1   |  |               |  | Onboard NIC                                             
|DIGITAL VOICE SYSTEMS |  | 1   |  |               |  | Pentium IV 2.4GHz Processor                             
|DIGITAL VOICE SYSTEMS |  | 1   |  |               |  | Pervasive SQL Database 2000i (5 User)                   
|DIGITAL VOICE SYSTEMS |  | 1   |  |               |  | Remote Diagnostics                                      
|DIGITAL VOICE SYSTEMS |  | 1   |  |               |  | Smart VA UPS 1500                                       
|DIGITAL VOICE SYSTEMS |  | 1   |  |               |  | Keyboard                                                
|DIGITAL VOICE SYSTEMS |  | 1   |  |               |  | Windows 2003 Server (5 User)                            
|DIGITAL VOICE SYSTEMS |  | 1   |  |               |  | Dual 460 Watt Power Supplies                            
|DIGITAL VOICE SYSTEMS |  | 1   |  |               |  | Training                                                
|DIGITAL VOICE SYSTEMS |  | 1   |  |               |  | Installation                                            
|DIGITAL VOICE SYSTEMS |  | 1   |  |               |  | 17 Monitor                                             
|DIGITAL VOICE SYSTEMS |  | 1   |  |               |  | DVI Series IV Dictation System                          
|DIGITAL VOICE SYSTEMS |  | 1   |  |               |  | Analog Telephone Interface Card for 24 Port Card        
|DIGITAL VOICE SYSTEMS |  | 1   |  |               |  | Advantech Heavy Duty Enclosure                          
|DIGITAL VOICE SYSTEMS |  | 1   |  |               |  | 62X CD ROM                                              
|DIGITAL VOICE SYSTEMS |  | 1   |  |               |  | 512 MB RAM                                              
|DIGITAL VOICE SYSTEMS |  | 2   |  |               |  | 40% Deposit Due on DVI Series Dictation System          
|DIGITAL VOICE SYSTEMS |  | 1   |  |               |  | 2000+ Hours RAID 1 SATA Storage                         
|DIGITAL VOICE SYSTEMS |  | 1   |  |               |  | DVI Voice Power Version 7.23                            
|EMC                   |  | 1   |  | N502-FD       |  | FS502-FD - 2 DM NS500 Field Install                     
|EMC                   |  | 1   |  |               |  | 7X24X365 - EMC 1st and 2nd year Warranty HW Maintenance 



---

|                                 |  |            
|-------------------------------- |  | -----------
|Lease Agreement Number: TR051905 |  | Page 2 of 3
|                                 | 
|Lease Schedule Number:     003X  |  |            

ATTACHMENT A



|                    |  |     |  |                 |  |                                                              
|------------------- |  | --- |  | --------------- |  | -------------------------------------------------------------
|MANUFACTURER        |  | QTY |  | MACHINE/MODEL   |  | EQUIPMENT DESCRIPTION (incl. features)                       
|EMC                 |  | 1   |  | NASSFTPP        |  | NASSFTPP - PRPAID NAS SFT                                    
|EMC                 |  | 1   |  | SYMMOD-US       |  | SYMMOD-US - Modern United States                             
|EMC                 |  | 29  |  | NS-2G10-300     |  | NS-2G10-300- 300GB FC 10K 2GB                                
|EMC                 |  | 1   |  | NS-2G10-300-HS  |  | NS-2G10-300-HS - NS 10K 300GB Hot Spare                      
|EMC                 |  | 1   |  | NS-2PDAE-FD     |  | NS-2PDAE-FD - CX DAE FC 2GB Expansion                        
|EMC                 |  | 1   |  | NS500-AUXFD     |  | NS500-AUXFD - NS500 Back-End - No Rack                       
|EMC                 |  | 1   |  | NS502C-CIFS-L   |  | NS502C-CIFS-L NS500 CIFS License                             
|EMC                 |  | 1   |  | NS5-IS-CI-L     |  | NS5-IS-CI-L - NS500 ISCSI with CIFS Lic                      
|EMC                 |  | 1   |  | NS-CSFD         |  | NS-CSFD - CS Falcon SRVER FLD INSTL                          
|EMC                 |  | 1   |  | NS-DCD          |  | NS-DCD - Celerra CD & Documentation                          
|EMC                 |  | 1   |  | NS-ISCSI-DCD    |  | NS-ISCSI-DCD - Celerra ISCS1 APP DCD                         
|EMC                 |  | 1   |  |                 |  | EMC Snapsure Software Included                               
|EWORKZ              |  | 1   |  |                 |  | Freight                                                      
|EWORKZ              |  | 16  |  | CT373855        |  | 2GB 184Pin Dimm DDR for DL585                                
|EWORKZ, INC.        |  | 36  |  |                 |  | Freight                                                      
|EWORKZ, INC.        |  | 128 |  |                 |  | Freight                                                      
|EWORKZ, INC.        |  | 131 |  | IN-155          |  | IN-155 Foot Pedal                                            
|EWORKZ, INC.        |  | 148 |  | Tech Hrly       |  | Load Ghost Image                                             
|HEWLETT-PACKARD     |  | 2   |  | IC-510012       |  | SIIG Sound Wave Pro PCI                                      
|HEWLETT-PACKARD     |  | 4   |  | SVM-DDR3200/256 |  | Simple Tech 256MB Module                                     
|HEWLETT-PACKARD     |  | 150 |  | PX836AA#ABA     |  | HP DX 2000 MT P4-2.8A                                        
|HEWLETT-PACKARD     |  | 1   |  | J8167A          |  | HP Procurve Switch 5308XL-48G                                
|HEWLETT-PACKARD     |  | 1   |  | J4907A          |  | HP Pro Curve Switch XL 16 Port 10/100/1000                   
|HEWLETT-PACKARD     |  | 151 |  | IC-510012       |  | SIIG Sound Wave Pro                                          
|HEWLETT-PACKARD     |  | 2   |  |                 |  | Freight                                                      
|HEWLETT-PACKARD     |  | 1   |  | IN-155          |  | IN-155 Foot Pedal                                            
|HEWLETT-PACKARD     |  | 150 |  | CN5614RV-1      |  | 56K V.92 Internal Modem                                      
|HEWLETT-PACKARD     |  | 150 |  | 781761581       |  | STED Plus Stan 2005 SU                                       
|HEWLETT-PACKARD     |  | 2   |  | 356820-B21      |  | Compaq Proliant DL858 With Two Opteron 2.2GHz 2GB PC2100     
|                    |  |     |  |                 |  | DDR SDRAM 266MHZ 24X CD Embedded Dual Gigabit                
|                    |  |     |  |                 |  | Ethernet ADAP Smart Array                                    
|HEWLETT-PACKARD     |  | 150 |  | 10363129        |  | SAV CORP ED10                                                
|HEWLETT-PACKARD     |  | 2   |  |                 |  | Load Ghost Image                                             
|HEWLETT-PACKARD     |  | 150 |  | DS710B          |  | 1.44MB Internal Floppy Drive                                 
|LABTEC              |  | 134 |  | 970087-0403     |  | Labtec Spin 75 PC Multimedia Speakers                        
|MICROSOFT           |  | 2   |  | 810-02530       |  | Microsoft SQL Server Ent. Edition One Processor Open Business
|MICROSOFT           |  | 1   |  | 810-05229       |  | MS SQL Server Ent Edition Media                              
|MICROSOFT           |  | 1   |  | P72-00264       |  | MS Windows Server 2003                                       
|MICROSOFT           |  | 150 |  | 070-02632       |  | Microsoft Works 8.0 WIN32 English OLP NL                     
|MILNER VOICE & DATA |  | 1   |  | TDB00J          |  | Fusion Voice Manager Concurrent, 5 Pack                      
|MILNER VOICE & DATA |  | 1   |  | TDB00K          |  | Fusion Voice Messaging                                       
|MILNER VOICE & DATA |  | 1   |  | TDB00M          |  | Fusion Voice Export Lic, Upgrade 50 to Unlimited             
|MILNER VOICE & DATA |  | 1   |  | TDB00H          |  | FV Vault Tolerant Module                                     
|MILNER VOICE & DATA |  | 20  |  | TDB002          |  | FVP Port License                                             
|MILNER VOICE & DATA |  | 1   |  | ATB002          |  | Dolbey Allowance                                             
|MILNER VOICE & DATA |  | 1   |  | TDB001          |  | Fusion Voice Server, FVS 235                                 
|MTI                 |  | 1   |  |                 |  | Freight                                                      
|MTI                 |  | 1   |  | MTI-PS-Custom   |  | MTI-PS-Custom - Custom MTI Professional Services Engagement  
|OLYMPUS             |  | 134 |  | 146023          |  | Olympus E99 Headset Digital Voice Recorder                   
|SIMPLE TECH         |  | 296 |  | SVM-DDR3200/256 |  | Simple Tech 256MB Module                                     
|TRIDIA CORPORATION  |  | 1   |  | ITIMAP          |  | iTivity- Maintenance (MAP) 1 Year                            



---

|                                 |  |            
|-------------------------------- |  | -----------
|Lease Agreement Number: TR051905 |  | Page 3 of 3
|                                 | 
|Lease Schedule Number:     003X  |  |            

ATTACHMENT A



|                   |  |     |  |               |  |                                       
|------------------ |  | --- |  | ------------- |  | --------------------------------------
|MANUFACTURER       |  | QTY |  | MACHINE/MODEL |  | EQUIPMENT DESCRIPTION (incl. features)
|TRIDIA CORPORATION |  | 1   |  | ITIVODM       |  | iTivily - 21 connection               
|VIEWSONIC          |  | 144 |  | E70B-11       |  | Viewsonic 17 CRT Black Monitor       



|                                       |  |                      |  |                                   |  |             |  |                  
|-------------------------------------- |  | -------------------- |  | --------------------------------- |  | ----------- |  | -----------------
|Agreed to and Accepted:                |  |                      |  | Agreed to and Accepted:          
|                                       |  |                     
|FARNAM STREET FINANCIAL, INC. LESSOR |  |                      |  | TRANSCEND SERVICES, INC. LESSEE
|                                       |  |                      |  |                                  
|By:                                    |  | /s/ Steven C. Morgan |  |                                   |  | By:         |  | /s/ Lance Cornell
|Print Name:                            |  | Steven C. Morgan     |  |                                   |  | Print Name: |  | Lance Cornell    
|Title:                                 |  | President            |  |                                   |  | Title:      |  | CFO              
|Date:                                  |  | April 3, 2006        |  |                                   |  | Date:       |  | 3/30/06