Document:

Exhibit 4.1

	
  NUMBER

  

  	
   

  	
  

  	
   

  	
  MedQuist Inc.

  	
   

  	
  SHARES

  

  

  

  

  

  See reverse for

  Certain Definitions

  	
   

  
	
   

  	
   

  	
  INCORPORATED UNDER THE LAWS OF THE
  STATE OF NEW JERSY

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  THIS CERTIFIES THAT

  	
   

  	
   

  	
   

  	
  CUSIP
  584949 10 1

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  IS THE OWNER OF

  	
   

  	
   

  	
   

  	
   

  

 

FULLY PAID AND NON-ASSESSABLE SHARES OF THE COMMON
STOCK OF

MedQuist Inc.

(hereinafter called the “Corporation” ) transferable
on the books of the Corporation in person or by duly authorized attorney upon
surrender of this Certificate properly endorsed. This Certificate and the
shares represented hereby are issued and shall be held subject to all the
provisions of the Certificate of Incorporation and By-Laws of the Corporation
and the amendments time to time made thereto, copies of which are or will be on
file at the principal office of the Corporation to all of which the holder by
acceptance hereof assents. This Certificate is not valid unless countersigned
and registered by the Transfer Agent and Registrar.

WITNESS the facsimile seal of the Corporation and the
facsimile signatures of its duly authorized officers.

Dated: 

	
  

  	
   

  	
  [SEAL]

  	
   

  	
   

  
	
  SECRETARY

  	
   

  	
   

  	
   

  	
  PRESIDENT

  

 

	
  COUNTERSIGNED AND REGISTERED

  	
   

  	
   

  
	
  AMERICAN
  STOCK TRANSFER & TRUST COMPANY

  	
   

  	
   

  
	
  (NEW YORK, N.Y)

  	
   

  	
  TRANSFER AGENT

  
	
   

  	
   

  	
  AND REGISTRAR

  

 

BY

	
  

  	
   

  	
   

  

AUTHORIZED
SIGNATURE

 

 

MedQuist Inc.

The Company will furnish to any shareholder upon
request and without charge a full statement of the designation, relative
rights, preferences and limitations of the shares of each class authorized to
be issued and the designation, relative rights, preferences and limitations of
each series of preferred shares which the Company is authorized to issue so far
as the same have been fixed, and the authority of the Board of Directors of the
Company to designate and fix the relative rights, preferences and limitations
of other series.

The following abbreviations, when used in the
inscription on the face of this certificate, shall be construed as though they
were written out in full according to applicable laws or regulations:

	
  TEN COM

  	
  —

  	
  as tenants in common

  	
   

  	
  UNIF GIFT MIN ACT—

  	
  Custodian

  
	
  TEN ENT

  	
  —

  	
  as tenants by the entireties

  	
   

  	
   

  	
  (Cust)

  	
  (Minor)

  
	
  JT TEN

  	
  —

  	
  as joint tenants with right of

  survivorship and not as tenants

  in common

  	
   

  	
   

  	
  under Uniform
  Gifts to

  Minors Act

  (State)

  

Additional abbreviations
may also be used though not in the above list.

For value received                         
hereby sell assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER 

    IDENTIFYING NUMBER OF ASSIGNEE

	
  

  

  

  

 

	
  

  
	
  (PLEASE PRINT OR
  TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

  
	
  shares

  
	
  of the capital stock represented
  by the within Certificates and do hereby irrevocably constitute and appoint 

  
	
   

  
	
  Attorneyto transfer the said stock
  on the books of the within named Corporation with full power of substitution
  in the premises.

  

Dated                                  

	
  NOTICE: 

  	
  THE SIGNATURE TO
  THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE
  CERTIFICATE IN EVERY PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT OR ANY
  CHANGE WHATEVERExhibit 10.1

THE MRC GROUP, INC.

AMENDED AND RESTATED

1992 EMPLOYEE STOCK OPTION PLAN

1.                                       Purpose.
The purpose of this plan (the “Plan”) is to secure for The MRC Group, Inc. (the
“Company”), and its shareholders the benefits arising from capital stock ownership
by certain key advisors, consultants, employees and members of the Board of
Directors (“Directors”) of the Company and its subsidiary (as defined in
Section 17 hereof), if any, who are expected to contribute to the Company’s
future growth and success.

2.                                       Types
of Awards and Administration.

a.                                       Types of Awards.
Options granted pursuant to the Plan shall be as specified herein and
authorized by action of the Board of Directors of the Company (or a Committee
designated by the Board of Directors) and may be either incentive stock options
(“Incentive Stock Options”) meeting the requirements of Section 422 of the
Internal Revenue Code of 1986, as amended (the “Code”) or non-qualified stock
options which are not intended to meet the requirements of Section 422.

b.                                      Administration.
The Plan will be administered by the Board of Directors of the Company, whose
construction and interpretation of the terms and provisions of the Plan shall
be final and conclusive. The Board of Directors may in its sole discretion,
subject to the terms of this Plan, grant options to purchase shares of the
Company’s Common Stock and issue shares upon exercise of such options, as
provided in the Plan. The Board shall have authority, subject to the express
provisions of the Plan and all applicable securities laws, rules and
regulations, to construe the respective option agreements and the Plan, to
prescribe, amend and rescind rules and regulations relating to the Plan, to
determine the terms and provisions of the respective option agreements (which
need not be identical), to advance the lapse of any waiting or installment
periods and exercise dates, and to make all other determinations in the
judgment of the Board of Directors necessary or desirable for the
administration of the Plan. The Board of Directors may correct any defect or
supply any omission or reconcile any inconsistency in the Plan or in any option
agreement in the manner and to the extent it shall deem expedient to carry the
Plan into effect and it shall be the sole and final judge of such expediency.
No director shall be liable for any action or determination made in good faith.
The Board of Directors may, to the full extent permitted by law, delegate any
or all of its powers under the Plan to a committee (the “Committee”) appointed
by the Board of Directors, and if the Committee is so appointed all references
to the Board of Directors in the Plan shall mean and relate to such Committee.

c.                                       Indemnification.
In addition to such other rights of indemnification as they may have as Directors
or as members of the Committee, members of the Board of Directors and of the
Committee shall be indemnified by the Company against reasonable expenses,
including attorneys’ fees, actually and necessarily incurred in connection with
the defense of any action, suit or proceeding, or in connection with any appeal
therein, to which they or any of them may be a party by reason of any action
taken or failure to act under or in connection with the Plan, or any option
(and/or related right) granted thereunder, and against all amounts paid by them
in

 

 

settlement thereof (provided such settlement is approved by independent
legal counsel selected by the Company), or paid by them in satisfaction of a
judgment of any such action, suit or proceeding, except in relation to matters
as to which it shall be adjudged in such action, suit or proceeding that such
person is liable for negligence or misconduct in his duties; provided that
within sixty (60) days after the institution of such action, suit or
proceeding, such person shall offer the Company, in writing, the opportunity at
its own expense, to handle and defend the same.

3.                                       Eligibility.
Incentive Stock options shall be granted only to persons who are, at the time
of grant, full-time employees of the Company or Subsidiary, if any. No person
shall be granted an Incentive Stock Option under the Plan who, at the time such
option is granted, owns, directly or indirectly, Common Stock of the Company
possessing more than 10% of the total combined voting power of all classes of
stock of the Company or Subsidiary, unless the requirements of paragraph (b) of
Section 11 are satisfied. Non-qualified options may be granted to officers,
full-time employees, Directors and consultants to the Company or any
subsidiary. A person who has been granted an option under the Plan (“Optionee”)
may, if he or she is otherwise eligible, be granted additional options if the
Board of Directors shall so determine.

4.                                       Stock
Subject to Plan. Subject to adjustment as provided in Section 13 and 14 below,
the maximum number of shares of Common Stock of the Company which may be issued
and sold under the Plan is 5,714,286 shares. Such shares may be authorized and
unissued shares or may be shares issued and thereafter acquired by the Company.
If an option granted under the Plan shall expire or terminate for any reason
without having been exercised in full, the unpurchased shares subject to such
option shall again be available for subsequent option grants under the Plan.
Stock issuable upon exercise of an option granted under the Plan may be subject
to such restrictions on transfer, repurchase rights or other restrictions as
shall be determined by the Board of Directors.

5.                                       Forms
of Options. As a condition to the grant of an option under the Plan, each recipient
of an option shall execute an option agreement, in such form not inconsistent
with the Plan as shall be specified by the Board of Directors at the time such
option is granted.

6.                                       Purchase
Price.

a.                                       General. The
purchase price per share of stock deliverable upon the exercise of an option
shall be determined by the Board of Directors, provided, however, that in the
case of an Incentive Stock Option, the exercise price shall not be less than
100% of the fair market value of such stock on the date of grant of such
option, or less than 110% of such fair market value in the case of options
described in paragraph (b) of Section 11. In the case of a Non-Qualified stock
option, the exercise price shall be determined by the Board of Directors in
their discretion on the date of grant of such option. As used herein, “fair
market value” on a given date shall mean the average of the highest and lowest
selling price per share on the principal securities exchange (or the Nasdaq
National Market) if the Common Stock is so traded; or if not so traded, “fair
market value” shall mean the average of closing “bid” and “ask” prices for one
share of the Common Stock of the Company as quoted on Nasdaq or a successor
quotation system, or on such other public market system as the Common Stock of
the Company is then listed, or in the event such

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quotations are not available, “fair market value” shall be determined
in the good faith discretion of the Board of Directors.

b.                                      Payment of
Purchase Price. Options granted under the Plan may provide for the payment of
the exercise price by delivery of (i) cash, (ii) a check to the order of the
Company in an amount equal to the exercise price of such options, (iii) shares
of Common Stock of the Company already owned by the Optionee for at least six
(6) months prior to the date the Optionee tenders such shares, having a fair
market value equal in amount to the exercise price of the options being
exercised, or (iv) by any combination of such methods of payment, as permitted
by applicable law. The fair market value of any shares of the Company’s Common
Stock which may be delivered upon exercise of an option shall be determined in
the manner specified above.

7.                                       Option
Period. Each option and all rights thereunder shall be expressed to expire on
such date as the Board of Directors shall determine, but in no event after the
expiration of ten (10) years from the day on which the option is granted
(subject to the special limitations set forth in paragraph (b) of Section 11),
and shall be subject to earlier termination as provided in the Plan.

8.                                       Exercise
of Options. Each option may be exercisable, in part or in full, at any time and
from time-to-time, and subject to such conditions and restrictions as
determined by the Board of Directors and as set forth herein or in the
agreement evidencing such option, during a ten (10) year period following the
date of grant thereof (subject to the special limitations set forth in
paragraph (b) of Section 11). To the extent that an option to purchase shares
is not exercised by an Optionee when it becomes initially exercisable, it shall
not expire but shall be carried forward and shall be exercisable, on a
cumulative basis, until the expiration of the exercise period.

9.                                       Nontransferability
of Options. No option granted under the Plan shall be assignable or
transferable by the person to whom it is granted, either voluntarily or by
operation of law, except by will or the laws of descent and distribution or
pursuant to a qualified domestic relations order as defined by the Internal
Revenue Code of 1986, as amended, or Title I of the Employee Retirement Income
Security Act, or the rules thereunder; provided, however, that if so provided
in the instrument evidencing the option, the Board of Directors, or the
Committee, as the case may be, may permit any Optionee to transfer the option
during his lifetime to one or more members of his family, to one or more trusts
for the benefit of one or more members of his family or to one or more entities
owned solely by family members, provided that no consideration is paid for the
transfer and that such transfer would not result in the loss of any exemption
under Rule l6b-3 promulgated under the Securities Act of 1933, as amended, for
any option that the Board of Directors or the Committee, as the case may be,
does not permit to be so transferred. The transferee of an option shall be
subject to all restrictions, terms, and conditions applicable to the option
prior to its transfer, except that the option shall not be further transferable
inter vivos by the transferee. The Board of Directors or the Committee, as the
case may be, may impose on any transferable option and on the Common Stock to
be issued upon the exercise of the option such limitations and conditions as
the Board of Directors or the Committee, as the case may be, deems appropriate.

10.                                 Effect
of Termination of Employment. For all purposes of the Plan and any option or
purchase right granted hereunder, “employment” shall be defined in accordance
with the

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provisions of Section
1.421-7(h) of the Income Tax Regulations (or any successor regulations). No
option may be exercised unless, at the time of such exercise, the Optionee is,
and has been continuously since the date of grant of his or her option,
employed by the Company or a subsidiary, except that if and to the extent the
option agreement so provides:

a.                                       The option may
be exercised within the period of three months after the date the Optionee
ceases to be an employee of any of the foregoing entities (or within such
shorter or longer period as may be specified or provided for in the option
agreement; provided, however, that the exercise of the option shall not be less
than thirty (30) days after the termination of employment of the Optionee);
provided, however, that in no event may an option be exercised after the
expiration date of the option.

b.                                      If the Optionee
dies while in the employ of the Company, a Parent Corporation or a Subsidiary
or within three months after the Optionee ceases to be such an employee, the
option may be exercised by the person to whom it is transferred by will or the
laws of descent and distribution within the period of one year after the date
of death (or within such shorter or longer period as may be specified or
provided for in the option agreement or instrument, but in no event shall the
period be less than six (6) months after the date of death); provided, however,
that in no event may an option be exercised after the expiration date of the
option.

c.                                       If the Optionee
becomes “disabled” while in the employ of the Company, a Parent Corporation or
a Subsidiary, the option may be exercised within the period of one year after
the date the Optionee ceases to be an employee of any of the foregoing entities
because of such disability (or within such shorter or longer period as may be
specified or provided for in the option agreement or instrument but in no event
shall the period be less than six (6) months after the date the Optionee ceases
to be an employee because of such disability); provided, however, that in no
event may any option be exercised after the expiration date of the option. For
purposes of this Plan, the Optionee shall be considered “disabled” if he or she
is unable to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment, which can be expected to
result in death or which has lasted, or can be expected to last, for a
continuous period of not less than twelve (12) months.

11.                                 Incentive
Stock Options. Options granted under the Plan which are intended to be
Incentive Stock Options shall be specifically designated as Incentive Stock
Options and shall be subject to the following additional terms and conditions:

a.                                       Limitation. The
aggregate fair market value (determined as of the respective date or dates of
grant) of the Common Stock which may be made the subject of Incentive Stock
Options granted under the Plan (and under any other stock option plans of the
Company, and any Parent Corporation and Subsidiary) to any employee, which
first become exercisable in any one calendar year shall not exceed the sum of
$100,000 or such greater amount as may be permitted under subsequent amendments
to the Code.

b.                                      10% Shareholder.
If an employee to whom an Incentive Stock Option is to be granted under the
Plan is at the time of the grant of such option the owner of stock possessing
more than 10% of the total combined voting power of all classes of stock of the
Company or of any Parent corporation or any Subsidiary, then the purchase price
per share of the Common

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Stock subject to such Incentive Stock Option shall not be less than one
hundred ten percent (110%) of the fair market value of one share of Common
Stock of the Company at the time of grant and the Incentive Stock Option shall
have a maximum term of five years.

c.                                       Maximum Grant.
No individual may be granted options in any calendar year, whether an Incentive
Stock Option or a non-qualified stock option, to purchase more than 714,286
shares of Common Stock.

Except as modified by the preceding provisions of this
Section 11, all the provisions of the Plan shall be applicable to Incentive
Stock Options granted hereunder.

12.                                 Rights
as a Shareholder. The holder of an option shall have no rights as a shareholder
with respect to any shares covered by the option until the date of issue of a
stock certificate to him or her for such shares. Except as otherwise expressly
provided in the Plan, no adjustment shall be made for dividends or other rights
for which the record date is prior to the date such stock certificate is issued.

13.                                 Recapitalization.
In the event that the outstanding shares of Common Stock of the Company are
changed into or exchanged for a different number or kind of shares or other
securities of the Company by reason of any recapitalization, reclassification,
stock split, stock dividend, combination or subdivision, appropriate adjustment
shall be made in the number and kind of shares available under the Plan and
under any options granted under the Plan. Such adjustment to outstanding
options shall be made without change in the total price applicable to the
unexercised portion of such options, and a corresponding adjustment in the
applicable option price per share shall be made. No such adjustment shall be
made which would, within the meaning of any applicable provisions of the Code,
constitute a modification, extension or renewal of any option or a grant of
additional benefits to the holder of an option.

14.                                 Reorganization.
In case the Company is merged or consolidated with another corporation and the
Company is not the surviving corporation, or in case the acquiring corporation
is not assuming the obligations of the Company with respect to its outstanding
options, or in the case all or substantially all of the assets or more than
fifty percent (50%) of the outstanding voting stock of the Company is acquired
by another corporation (unless all voting stock acquired by said corporation is
acquired directly from the Company), or in the case of a reorganization or
liquidation of the Company, the Board of Directors of the Company, or the board
of directors of any corporation assuming the obligations of the Company, shall,
as to outstanding options, either (i) make appropriate provision for the
protection of any such outstanding options by the substitution on an equitable
basis of appropriate stock of the Company, or of the merged, consolidated or
otherwise reorganized corporation which will be issuable in respect to the
shares of Common Stock of the Company, provided that no additional benefits
shall be conferred upon Optionees or offerees as a result of such substitution,
and the excess of the aggregate fair market value of the shares subject to the
options immediately after such substitution over the purchase price thereof is
not more than the excess of the aggregate fair market value of the shares
subject to such options immediately before such substitution over the purchase
price thereof, or (ii) upon written notice to the Optionees or offerees,
provide that all unexercised non-expired options granted under the Plan shall
immediately accelerate the Exercisability Date(s) to the date of written notice
and further all said options must be exercised within a specified number of
days

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(which shall not be less
than thirty) of the date of such notice or they will be terminated. In any such
case, the Board of Directors may, in its discretion, accelerate the
Exercisability Date(s) of outstanding options.

15.                                 No
Special Employment Rights. Nothing contained in the Plan or in any option
granted under the Plan shall confer upon any option holder any right with
respect to the continuation of his or her employment by the Company (or any
Parent Corporation or Subsidiary) or interfere in any way with the right of the
Company (or any Parent Corporation or Subsidiary), subject to the terms of any
separate employment agreement to the contrary, at any time to terminate such
employment or to increase or decrease the compensation of the option holder
from the rate in existence at the time of the grant of an option. Whether an
authorized leave of absence, or absence in military or government service,
shall constitute termination of employment shall be determined by the Board of
Directors at the time.

16.                                 Other
Employee Benefits. The amount of any compensation deemed to be received by an
employee as a result of the exercise of an option, or the sale of shares
received upon such exercise will not constitute “earnings” with respect to
which any other employee benefits of such employee are determined, including
without limitation benefits under any pension, profit sharing, life insurance
or salary continuation plan.

17.                                 Definition
of Subsidiary. The term “Subsidiary” as used in the Plan shall mean any
corporation in an unbroken chain of corporations beginning with the Company if
each of the corporations other than the last corporation in the unbroken chain
owns stock possessing 50% or more of the total combined voting power of all
classes of stock in one of the other corporations in such chain.

18.                                 Amendment
of the Plan. The Board of Directors may at any time and from time-to-time
modify or amend the Plan in any respect, except that without the approval of
the shareholders of the Company, the Board of Directors may not (a) materially
increase the benefits accruing to individuals who participate in the Plan, (b)
materially increase the maximum number of shares which may be issued under the
Plan (except for permissible adjustments provided in the Plan), (c) materially
modify the requirements as to eligibility for participation in the Plan or (d)
modify or amend the Plan if shareholder approval is required under Section
162(m) of the Code in order for any compensation related to options granted
under the Plan to not be subject to the limitation on deductibility of Section
162 (m). The termination or any modification or amendment of the Plan shall
not, without the consent of an Optionee, affect his or her rights under an
option previously granted to him or her. With the consent of the Optionee
affected, the Board of Directors may amend outstanding option agreements in a
manner not inconsistent with the Plan. The Board of Directors shall have the
right to amend or modify the terms and provisions of the Plan and of any
outstanding Incentive Stock Options granted under the Plan to the extent
necessary to qualify any or all such options for such favorable federal income
tax treatment (including deferral of taxation upon exercise) as may be afforded
incentive stock options under Section 422 of the Code.

19.                                 Withholding.
The Company’s obligation to deliver shares upon the exercise of any option
granted under the Plan shall be subject to the option holder’s satisfaction of
all applicable federal, state and local income and employment tax withholding
requirements.

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20.                                 Effective
Date and Duration of the Plan.

a.                                       Effective Date.
The Plan shall become effective when adopted by the Board of Directors, but no
Incentive Stock Option granted under the Plan shall become exercisable unless
and until the Plan shall have been approved by the Company’s shareholders. If
such shareholder approval is not obtained within twelve months after the date
of the Board’s adoption of the Plan, any Incentive Stock Options previously
granted under the Plan shall terminate and no further Incentive Stock Options
shall be granted. Subject to this limitation, options may be granted under the
Plan at any time after the effective date and before the date fixed for
termination of the Plan.

b.                                      Termination.
Unless sooner terminated in accordance with Section 13, the Plan shall
terminate upon the earlier of (i) the close of business on the day next
preceding the tenth anniversary of the date of adoption by the Board of
Directors of this Amended and Restated 1992 Stock Option Plan, or (ii) the date
on which all shares available for issuance under the Plan shall have been
issued pursuant to the exercise or cancellation of options granted under the
Plan. If the date of termination is determined under (i) above, then options
outstanding on such date shall continue to have force and effect in accordance
with the provisions of the instruments evidencing such options.

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