Document:

Exhibit 10.8

SEPARATION
AGREEMENT

This Separation Agreement is made this 10th day of
December 2004, by and between MedQuist Inc. (hereinafter the “Company”)
and John W. Quaintance (hereinafter “Quaintance”), currently Chief
Operating Officer of the Company.

WHEREAS, Quaintance and the Company have agreed that
Quaintance will resign from his employment with the Company as of January 31,
2005; and

WHEREAS, the parties desire to set forth the terms and
conditions relating to Quaintance’s resignation of employment with the Company.

NOW THEREFORE, the parties, intending to be legally
bound, in consideration of the mutual promises and undertakings set forth
herein, do hereby agree as follows:

1.             Quaintance agrees
to resign from his employment as Chief Operating Officer and resign his duties
as an Officer of the Company effective January 31, 2005 (the “Resignation
Date”).

2.             In accordance with
his Employment Agreement entered into as of the 22nd of May 2000, by and between the Company and
Quaintance (the “Employment Agreement”), Quaintance will continue to perform
the services that are appropriate for a person in his position as well as
provide all reasonable assistance to the Company in transitioning the
responsibilities of his position. The Company reserves the right to relieve
Quaintance of his obligation to report to the office prior to the Resignation
Date, provided however, that Quaintance remains obligated to continue to
cooperate on an as-needed basis with any requests from the Board or from a
successor COO to assist in the transition of responsibilities. Quaintance will
receive all accrued but unpaid salary through the Resignation Date, $33,155.60,
which is the cash equivalent of all accrued but unused paid time off through
the Resignation Date, and unreimbursed expenses incurred through the
Resignation Date. Quaintance will be eligible to receive the portion of the
Discretionary Bonus for 2004 that is dependent upon the financial performance
of the Company for calendar year 2004, which will be calculated and, if
applicable, paid in accordance with the terms and conditions of the
Discretionary Bonus Plan and mailed to Quaintance at Quaintance’s home address
of record.

3.             Effective February
1, 2005, Quaintance may elect continued medical and dental coverage for the
time period permitted by COBRA, by completing the applicable COBRA forms when
sent to him. Upon receipt of the completed applicable COBRA forms, the Company
will make the necessary payments to continue Quaintance’s medical and/or dental
coverage. Quaintance agrees to notify the Company immediately if he secures
medical and dental coverage through any other source during this 18 month
period. To the extent that Quaintance is required to pay a portion of the cost
of medical and/or dental coverage, the Company will reimburse Quaintance for
the portion of the cost of medical and/or dental coverage paid by Quaintance
during the 18 month period. If Quaintance is not required to pay any part of
the cost of other 

 

 

medical and/or dental
coverage during the 18 month period, then the Company will cease making COBRA
payments.

4.             Quaintance’s
stock options, to the extent vested as of the Resignation Date, shall remain
exercisable for the post-termination exercise period provided in the option
award agreements, such period commencing on the date that the suspension is
lifted for the exercise of options and Quaintance will be notified of said date
along with and in the same manner as all persons with Company stock options. No
additional stock options will vest following the Resignation Date. Quaintance’s
participation in all Company benefit plans shall cease as of the Resignation
Date. The options as to which the exercise period is extended pursuant to the
Agreement may be subject to the provisions of section 409A of the Internal
Revenue Code and the regulations issued thereunder and, as such, Quaintance may
incur income tax and/or penalties as a result of such extension.

5.             The
Company and Quaintance agree that the time period set out in Section 9(a) of
the Employment Agreement is hereby reduced to eighteen (18) months. Except as
specifically modified here, Section 9 of the Employment Agreement (Restrictive
Covenants and Confidentiality; Injunctive Relief) and Section 10 (Survival),
shall apply in full force and effect.

6.             Release.  a.  Quaintance
hereby forever releases and discharges the Company, the Company’s past,
present, or future parent, affiliated, related, and/or subsidiary entities, and
all of their past, present and future directors, shareholders, officers, general
or limited partners, employees, agents, attorneys and representatives for
actions or omissions taken by any or all of them on behalf of the Company in
each of their respective capacities, and the employee benefit plans in which
Quaintance is or has been a participant by virtue of his employment with the
Company (collectively, the “Company Releasees”), from, and agrees hereby
forever not to sue the Company Releasees with respect to, any and all claims,
debts, demands, accounts, judgments, rights, causes of action, equitable
relief, damages, costs, charges, attorneys’ fees, complaints, obligations,
promises, agreements, controversies, suits, expenses, any form of compensation
(including but not limited to salary, bonuses, commissions or related fees),
responsibility and liability of every kind and character whatsoever, whether in
law or equity, known or unknown, asserted or unasserted, suspected or
unsuspected, which Quaintance has or may have had against the Company Releasees
based on any events or circumstances arising or occurring on or prior to the
date of this Agreement arising directly or indirectly out of, relating to, or
in any other way involving in any manner whatsoever, (i) Quaintance’s
Employment Agreement or stock option agreements; (ii) Quaintance’s employment
with the Company or his separation of employment, (iii) Quaintance’s status at
any time as a holder of any securities of the Company, or (iv) without
limitation, any and all claims arising under federal, state, or local laws
relating to employment or securities, including without limitation claims of
wrongful discharge, breach of express or implied contract, fraud,
misrepresentation, defamation, or liability in tort, claims of any kind that
may be brought in any court or administrative agency, any claims arising under
Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment
Act (“ADEA,” a law which prohibits discrimination on the basis of age),
the Americans with Disabilities Act, the Fair Labor Standards Act, the Employee
Retirement Income Security Act, the Family and Medical Leave Act, the
Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley
Act, The New Jersey Law Against Discrimination, New Jersey Conscientious
Employee Protection Act, The New Jersey Wage

 2
 

 

 

Payment and Collection
Law and similar state or local statutes, ordinances, and regulations; provided,
that, notwithstanding anything to the contrary set forth herein, this general
release shall not extend to (x) benefit claims under employee pension and
deferred compensation benefit plans in which Quaintance was a participant by
virtue of his employment with the Company; (y) indemnification rights
Quaintance may have by virtue of his status as a former officer in accordance
with applicable law and the Company’s by-laws and that certain Undertaking
dated September 10, 2004; and (z) any obligation of the Company under this
Separation Agreement.

b.             Except
for the survival and continuation of Quaintance’s obligations as set forth in
Section 5 of this Separation Agreement, the Company fully, forever, irrevocably
and unconditionally releases, remises, settles and discharges Quaintance from
any and all manner of claims, charges, complaints, debts, liabilities, demands,
actions, causes of action, suits, rights, covenants, contracts, controversies,
agreements, promises, omissions, damages, obligations and expenses of any kind,
whether known or unknown, which it had, now has, or hereafter may have against
Quaintance arising from, or relating in any way to Quaintance’s employment by
the Company, except for actions by Quaintance that constitute fraud or other
intentional misconduct.

c.             Quaintance
understands that the release of claims he has given, as set forth in Section 6a
of this Agreement, includes a release of claims arising under the ADEA.
Quaintance understands and warrants that he has been given a period of 21 days
to review and consider this Agreement. By his signature below, Quaintance
warrants that he has consulted with an attorney as to the terms of this
Agreement. Quaintance further warrants that he understands that he may accept
and return the Agreement prior to the expiration of this 21-day review period,
and, if he chooses to do so, he warrants that he used as much of the 21-day
review period as he required and returned the Agreement knowingly and
voluntarily and without any pressure or coercion on the part of the Company or
any of its representatives.

d.             Quaintance
further warrants that he understands that he has seven (7) days after signing
this Agreement to revoke the Agreement by notice in writing to the Company’s
Human Resources Manager at Mount Laurel, New Jersey, 08054-4632. This Agreement
shall be binding, effective, and enforceable upon both parties upon the
expiration of this seven (7) day revocation period without the Company having
received such revocation, but not before such time.

7.             Provided
that (i) Quaintance has executed this Agreement, (ii) the time period in
Section 6c has expired, and (iii) he has performed the duties requested of him
in Section 1 satisfactorily and has not engaged in any intentional wrongdoing
or other gross misconduct prior to the Resignation Date, on or before February
15, 2005, the Company shall pay to Quaintance, as consideration for executing
this Agreement, a lump sum payment in a total amount equal to $582,450.00, less
applicable withholding, which will be mailed to Quaintance at Quaintance’s home
address of record.

8.             The
parties acknowledge that the sums and benefits set forth in Sections 3, 4, and
7 above represent amounts in addition to anything of value to which Quaintance
is otherwise entitled and are provided in consideration for the execution of
this Agreement.

 3
 

 

 

9.             In
response to any inquiries from future or prospective employers concerning Quaintance,
it is agreed that the Company will provide the letter of referral attached
hereto as Exhibit A and further agrees not to provide any information that is
not consistent with the attached letter of referral.

10.           Quaintance
agrees that he will cooperate fully with the Company and its counsel with
respect to any matter (including litigation, investigation, or governmental
proceeding) which relates to matters with which Quaintance was involved during
the period in which he was employed or engaged as a consultant by the Company,
including full disclosure of all relevant information and truthfully testifying
on the Company’s behalf in connection with any such proceeding or
investigation. Quaintance will render such cooperation in a timely manner and
at such times and places as may be mutually agreeable to the parties. Upon
submission of appropriate documentation, Quaintance shall be reimbursed by the
Company for reasonable travel, lodging, meals, and telecommunications expenses
incurred in cooperating with the Company under the terms of this provision.
Except as required by operation of law, Quaintance agrees that he will promptly
notify the Company if he is contacted for an interview or if he receives a
subpoena in any matter relating in any way to his employment with the Company
and, in such event, the Company, upon request from Quaintance, agrees to
provide in its discretion reasonable access to information and documents within
its control. Quaintance further agrees that he will not initiate any communication
with a member of the press regarding his employment with the Company and that
if he is contacted by the press for any such information, he will decline
comment and refer the person seeking information to the Company.

11.           The
parties agree that the terms of this Agreement shall remain completely
confidential, and that they will not disclose the terms of this Agreement to
any person, except that this Section shall not prohibit the parties from
disclosing the fact and terms of this Agreement to immediate family or to
personal or company accountants and/or financial or legal advisors. The Company
is not prohibited from disclosing the facts and terms of this settlement to
those Company employees who have a “need to know” about the Agreement as
determined by the Company. The parties understand and agree that such
information may be disclosed to the aforementioned individuals only on the
condition that such individuals in turn agree to keep such information
completely confidential, and not to disclose it to others. This Section shall
not prohibit the parties from disclosing the fact or details of this Agreement
to any federal, state or local authority or government agency, nor does it
prohibit the parties from complying with a valid court order or any law or regulation
that compels disclosure.

12.           Quaintance
agrees that except as set forth in this Agreement, Quaintance is not entitled
to any other compensation or benefits from the Company arising from his status
as an employee of the Company, including any severance benefits that may be
available under the Employment Agreement or any severance arrangement of the
Company.

13.           Quaintance
and the Company affirm that this Agreement, including the provisions of the
Employment Agreement as incorporated in Section 5 above, set forth the entire
agreement between the parties with respect to the subject matter contained
herein and supersede all prior or contemporaneous agreements or understandings
between the parties with respect to the subject matter contained herein. Further,
there are no representations, arrangements or understandings, either oral or
written, between the parties, which are not fully expressed herein.

 4
 

 

 

Finally, no alteration or other modification of this
Agreement shall be effective unless made in writing and signed by both parties.

14.           This
Agreement may be executed in one or more counterparts by facsimile, each of
which shall be deemed to be an original but all of which together shall
constitute one and the same instrument.

15.           Any
notice authorized or required to be given or made by or pursuant to this
Agreement shall be made in writing and either personally delivered or mailed by
overnight express mail addressed as follows:

	
  If to Quaintance:

  	
  John W. Quaintance

  
	
   

  	
  233 South 6th Street

  
	
   

  	
  Apt. 1902

  
	
   

  	
  Philadelphia, PA
  19106

  
	
   

  	
   

  
	
  with a copy to:

  	
  Alan B. Epstein, Esq.

  
	
   

  	
  Spector, Gadon
  & Rosen

  
	
   

  	
  1635 Market St.,
  7th Floor

  
	
   

  	
  Philadelphia, PA
  19103

  
	
   

  	
   

  
	
  If to the
  Company:

  	
  MedQuist Inc.

  
	
   

  	
  1000 Bishops
  Gate

  
	
   

  	
  Mount Laurel, NJ
  08054-4632

  
	
   

  	
  Attn: Gregory M.
  Sebasky

  
	
   

  	
   

  
	
  with a copy to:

  	
  Barry Abelson, Esquire

  
	
   

  	
  Pepper Hamilton
  LLP

  
	
   

  	
  3000 Two Logan
  Square

  
	
   

  	
  Eighteenth and
  Arch Streets

  
	
   

  	
  Philadelphia, PA
  19103-2799

  

 

Either party may change the address to which such
notices are to be addressed by giving the other party notice in the manner
indicated above.

16.           The
parties acknowledge that they have carefully reviewed this Agreement with the
assistance of counsel, that they have entered into this Agreement voluntarily
and knowingly and without reliance on any promises not expressly contained
herein, that they have been afforded an adequate time to review carefully the
terms of this Agreement, and that this Agreement shall not be deemed void or
voidable by claims of duress, deception, mistake of fact or otherwise. Nor
shall the principle of construction whereby all ambiguities are to be construed
against the drafter be employed in the interpretation of this Agreement. This
Agreement should not be construed for or against any party.

 5
 

 

 

17.           This
Agreement shall be governed by and all questions relating to its validity,
interpretation, enforcement and performance shall be construed in accordance
with the laws of the State of New Jersey. The exclusive choice of laws set
forth in this Section shall not be deemed to preclude the enforcement of any
judgment obtained in any forum or the taking of any action under this Agreement
to enforce such judgment in any appropriate jurisdiction.

18.           Quaintance
affirms that he has carefully read the foregoing Agreement, that he fully
understands the meaning and intent of this document and that he intends to be
bound by the promises contained in this Agreement for the aforesaid
consideration.

IN WITNESS
WHEREOF, Quaintance and the authorized representative of the Company have executed
this Agreement on the dates indicated below:

 

 

	
  By:

  	
  /s/ John W. Quaintance

  	
   

  	
  Dated: 
  December 9, 2004

  
	
   

  	
  John W. Quaintance

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Gregory M. Sebasky

  	
   

  	
  Dated: 
  December 9, 2004

  
	
   

  	
  Gregory M. Sebasky

  	
   

  
	
   

  	
  MedQuist Inc.

  	
   

  

 

 6Exhibit 10.9

SEPARATION
AGREEMENT

This Separation Agreement is made this 20th day of
December, 2004, by and between MedQuist Inc. (hereinafter the “Company”)
and Ethan Cohen (hereinafter “Cohen”), former Senior Vice President and
Chief Technology Officer of the Company.

WHEREAS, Cohen and the Company have agreed that Cohen’s
employment with the Company ended as of October 31, 2004; and

WHEREAS, the parties desire to set forth the terms and
conditions relating to Cohen’s separation of employment with the Company.

NOW THEREFORE, the parties, intending to be legally
bound, in consideration of the mutual promises and undertakings set forth
herein, do hereby agree as follows:

1.             Cohen’s employment
as Senior Vice President and Chief Technology Officer and duties as an Officer
of the Company terminated on October 31, 2004 (the “Separation Date”).

2.             In accordance with
his Employment Agreement entered into as of the 22nd of May 2000, by and between the Company and
Cohen (the “Employment Agreement”), Cohen will receive all accrued but
unpaid salary through the Separation Date and unreimbursed expenses incurred
through the Separation Date.

3.             Effective November
1, 2004, Cohen may elect continued medical and dental coverage at his expense
for the time period permitted by COBRA, by completing the applicable COBRA
forms when sent to him. As soon as practicable following submission by Cohen of
evidence of payment of the COBRA premium, the Company shall reimburse Cohen for
up to 18 months of COBRA continuation coverage premiums. Such reimbursements
will be mailed monthly to Cohen at Cohen’s home address of record. Cohen agrees
to notify the Company immediately if he secures medical and dental coverage
through any other source during this 18 month period. To the extent that Cohen
or his wife is required to pay a portion of the cost of medical and/or dental
coverage for Cohen, the Company will continue to reimburse Cohen for the
portion of the cost of medical and/or dental coverage paid by Cohen or his wife
during the 18 month period. If Cohen is not required to pay any part of the
cost of other medical and/or dental coverage during the 18 month period, then
the Company will stop making reimbursement payments to Cohen.

4.             Cohen’s stock
options, to the extent vested as of the Separation Date, shall remain
exercisable for the post-termination exercise period provided in the option
award agreements by and between Cohen and the Company (each a “Stock Option
Agreement”); provided, however, that with respect to any of Cohen’s
non-qualified Stock Option Agreements and Cohen’s incentive Stock Option
Agreement dated January 1, 2001, the post-termination exercise period set forth
in such Stock Option Agreements shall not begin to run (i.e., such period shall
be tolled) until the date, if ever, that the suspension is lifted for the
exercise of options, upon which event the Company will notify Cohen of the
lifting of such suspension along

 

 

with and in the same
manner as all other persons with Company stock options. No additional stock
options will vest following the Separation Date. Cohen’s participation in all
Company benefit plans shall cease as of the Separation Date. The options as to
which the exercise period is extended pursuant to the Agreement may be subject
to the provisions of section 409A of the Internal Revenue Code and the
regulations issued thereunder and, as such, Cohen may incur income tax and/or
penalties as a result of such extension.

5.             The
Company and Cohen agree that the time period set out is Section 9(a) of the
Employment Agreement is hereby reduced to eighteen (18) months, that Section
9(a)(i) of the Employment Agreement is hereby modified to prohibit the
delineated communications to those made directly or indirectly on behalf of a “Competing
Business,” that Section 9(a) (ii) of the Employment Agreement is hereby
modified to insert “or” before “entice” and to delete “hire[,]” and Section
9(a)(iii) of the Employment Agreement is hereby modified to delete the
following: “and health information management solutions services[.]” Except as
specifically modified herein, Section 9 of the Employment Agreement
(Restrictive Covenants and Confidentiality; Injunctive Relief) and Section 10
(Survival), shall continue to apply in full force and effect.

6.             Release.  a.  Cohen
hereby forever releases and discharges the Company, the Company’s past,
present, or future parent, affiliated, related, and/or subsidiary entities, and
all of their past, present and future directors, shareholders, officers,
general or limited partners, employees, agents, attorneys and representatives,
and the employee benefit plans in which Cohen is or has been a participant by
virtue of his employment with the Company (collectively, the “Company
Releasees”), from, and agrees hereby forever not to sue the Company Releasees
with respect to, any and all claims, debts, demands, accounts, judgments,
rights, causes of action, equitable relief, damages, costs, charges, attorneys’
fees, complaints, obligations, promises, agreements, controversies, suits,
expenses, any form of compensation (including but not limited to salary,
bonuses, commissions or related fees), responsibility and liability of every
kind and character whatsoever, whether in law or equity, known or unknown,
asserted or unasserted, suspected or unsuspected, which Cohen has or may have
had against the Company Releasees based on any events or circumstances arising
or occurring on or prior to the date of this Agreement arising directly or
indirectly out of, relating to, or in any other way involving in any manner whatsoever,
(i) Cohen’s Employment Agreement or stock option agreements; (ii) Cohen’s
employment with the Company or the termination thereof, (iii) Cohen’s status at
any time as a holder of any securities of the Company, or (iv) without
limitation, any and all claims arising under federal, state, or local laws
relating to employment, or securities, including without limitation claims of
wrongful discharge, breach of express or implied contract, fraud,
misrepresentation, defamation, or liability in tort, claims of any kind that
may be brought in any court or administrative agency, any claims arising under
Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment
Act (“ADEA,” a law which prohibits discrimination on the basis of age),
the Americans with Disabilities Act, the Fair Labor Standards Act, the Employee
Retirement Income Security Act, the Family and Medical Leave Act, the
Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley
Act, The New Jersey Law Against Discrimination, New Jersey Conscientious
Employee Protection Act, The New Jersey Wage Payment and Collection Law and
similar state or local statutes, ordinances, and regulations; provided,
that, notwithstanding anything to the contrary set forth herein, this general
release shall not extend to (x) benefit claims under an employee pension

 2
 

 

 

plan, the deferred
compensation benefit plan or any other benefit plans in which Cohen was a
participant by virtue of his employment with the Company; (y) indemnification
rights Cohen may have by virtue of his status as a former officer in accordance
with applicable law and the Company’s by-laws and that certain Undertaking
dated August 30, 2004; and (z) any obligation of the Company under this
Separation Agreement.

b.             Except
for the survival and continuation of Cohen’s obligations as set forth in
Section 5 of this Separation Agreement, the Company fully, forever, irrevocably
and unconditionally releases, remises, settles and discharges Cohen from any
and all manner of claims, charges, complaints, debts, liabilities, demands,
actions, causes of action, suits, rights, covenants, contracts, controversies,
agreements, promises, omissions, damages, obligations and expenses of any kind,
whether known or unknown, which it had, now has, or hereafter may have against
Cohen arising from, or relating in any way to Cohen’s employment by the
Company, except for actions by Cohen that constitute fraud or other intentional
misconduct.

c.             Cohen
understands that the release of claims he has given, as set forth in Section 6a
of this Agreement, includes a release of claims arising under the ADEA. Cohen
understands and warrants that he has been given a period of 21 days to review
and consider this Agreement. By his signature below, Cohen warrants that he has
consulted with an attorney as to the terms of this Agreement. Cohen further
warrants that he understands that he may accept and return the Agreement prior
to the expiration of this 21-day review period, and, if he chooses to do so, he
warrants that he used as much of the 21-day review period as he required and
returned the Agreement knowingly and voluntarily and without any pressure or
coercion on the part of the Company or any of its representatives.

d.             Cohen
further warrants that he understands that he has seven (7) days after signing
this Agreement to revoke the Agreement by notice in writing to the Company’s
Human Resources Manager at Mount Laurel, New Jersey, 08054-4632. This Agreement
shall be binding, effective, and enforceable upon both parties upon the
expiration of this seven (7) day revocation period without the Company having
received such revocation, but not before such time.

7.             Provided
Cohen has executed this Agreement and the time period in Section 6c has
expired, the Company shall pay to Cohen, as consideration for executing this
Agreement, payments in a total amount equal to $364,336.50, less applicable
withholding, which will be paid as follows: an initial lump sum in the amount
of $182,331.75 to be paid within fourteen (14) days of Cohen’s execution of
this Agreement and the balance to be paid in twelve (12) equal monthly
installments. As Cohen’s employment terminated on October 31, 2004, the Company
agrees that the initial installment payment to be paid in January 2005, prior to
January 15, 2005, shall include the monthly installment payments for November
2004, December 2004 and January 2005. Thereafter, the remaining nine (9)
monthly installment payments made in accordance with this Section will be
mailed to Cohen at Cohen’s home address of record on or before the 15th day of each month a payment is due.

8.             The
parties acknowledge that the sums and benefits set forth in Sections 3, 4, and
7 above represent amounts in addition to anything of value to which Cohen is
otherwise entitled and are provided in consideration for the execution of this
Agreement.

 3
 

 

 

9.              In response to any inquiries from
future or prospective employers concerning Cohen, it is agreed that the parties
will confirm only that Cohen resigned, dates of employment, titles of positions
held, and salary.

10.           Cohen
agrees that he will cooperate with the Company and its counsel with respect to
any matter (including litigation, investigation, or governmental proceeding)
which relates to matters with which Cohen was involved during the period in
which he was employed or engaged as a consultant by the Company, including full
disclosure of all relevant information and truthfully testifying on the Company’s
behalf in connection with any such proceeding or investigation. Cohen will
render such cooperation in a timely manner and at such times and places as may
be mutually agreeable to the parties. The Company agrees that any request for
cooperation to Cohen will be reasonable and will not be unduly burdensome to
Cohen. Cohen agrees that he will promptly notify the Company if he is contacted
for an interview or if he receives a subpoena in any matter relating in any way
to his employment with the Company and, in such event, the Company, upon
request from Cohen, agrees to provide in its discretion (not to be unreasonably
withheld) reasonable access to information and documents within its control.
Both the Company and Cohen further agree that they will not initiate any
communication with a member of the press regarding Cohen’s employment with the
Company and that if they are contacted by the press for any such information,
they will decline comment. Upon submission of appropriate documentation, Cohen
shall be reimbursed by the Company for reasonable travel, lodging, meals, and
telecommunications expenses incurred in cooperating with the Company under the
terms of this provision. Notwithstanding the above, Cohen retains the right to
a good faith assertion of any applicable privilege.

11.           The
parties agree that the terms of this Agreement shall remain completely
confidential, and that they will not disclose the terms of this Agreement to
any person, except that this Section shall not prohibit the parties from
disclosing the fact and terms of this Agreement to immediate family or to personal
or company accountants and/or financial or legal advisors. The Company is not
prohibited from disclosing the facts and terms of this settlement to those
Company employees who have a “need to know” about the Agreement as determined
by the Company. The parties understand and agree that such information may be
disclosed to the aforementioned individuals only on the condition that such
individuals in turn agree to keep such information completely confidential, and
not to disclose it to others. This Section shall not prohibit the parties from
disclosing the fact or details of this Agreement to any federal, state or local
authority or government agency, nor does it prohibit the parties from complying
with a valid court order or any law or regulation that compels disclosure. This
Section shall also not prohibit the parties from disclosing the terms of Cohen’s
post-employment restrictions as set out in Sections 9 and 10 of his Employment
Agreement as modified by Section 5 above.

12.           Cohen
agrees that except as set forth in this Agreement, Cohen is not entitled to any
other compensation or benefits from the Company arising from his status as an
employee of the Company, including any severance benefits that may be available
under the Employment Agreement or any severance arrangement of the Company;
provided, however, that this Section 12 does not release any rights to
compensation or benefits by virtue of Cohen’s participation in the Company
benefit plans referenced in Section 6a(x) above.

 4
 

 

 

13.           Cohen
and the Company affirm that this Agreement, including the provisions of the
Employment Agreement as incorporated in Section 5 above, set forth the entire
agreement between the parties with respect to the subject matter contained
herein and supersede all prior or contemporaneous agreements or understandings
between the parties with respect to the subject matter contained herein.
Further, there are no representations, arrangements or understandings, either
oral or written, between the parties, which are not fully expressed herein.
Finally, no alteration or other modification of this Agreement shall be
effective unless made in writing and signed by both parties.

14.           This
Agreement may be executed in one or more counterparts by facsimile, each of
which shall be deemed to be an original but all of which together shall
constitute one and the same instrument.

15.           Any
notice authorized or required to be given or made by or pursuant to this
Agreement shall be made in writing and either personally delivered or mailed by
overnight express mail addressed as follows:

	
  If to Cohen:

  	
  Ethan Cohen

  
	
   

  	
  22425 Canterbury
  Lane

  
	
   

  	
  Shaker Heights,
  OH 44122

  
	
   

  	
   

  
	
  with a copy to:

  	
  Rob Gilmore, Esq.

  
	
   

  	
  Kohrman, Jackson
  & Krantz P.L.L.

  
	
   

  	
  1375 East 9th Street

  
	
   

  	
  20th Floor, One Cleveland Center

  
	
   

  	
  Cleveland, Ohio
  44114

  
	
   

  	
   

  
	
  If to the 

  	
  MedQuist Inc.

  
	
  Company:

  	
  1000 Bishops
  Gate

  
	
   

  	
  Mount Laurel, NJ
  08054-4632

  
	
   

  	
  Attn: Gregory M.
  Sebasky

  
	
   

  	
   

  
	
  with a copy to:

  	
  Barry Abelson, Esquire

  
	
   

  	
  Pepper Hamilton
  LLP

  
	
   

  	
  3000 Two Logan
  Square

  
	
   

  	
  Eighteenth and
  Arch Streets

  
	
   

  	
  Philadelphia, PA
  19103-2799

  

 

Either party may change the address to which such
notices are to be addressed by giving the other party notice in the manner
indicated above.

16.           The
parties acknowledge that they have carefully reviewed this Agreement with the
assistance of counsel, that they have entered into this Agreement voluntarily
and knowingly and without reliance on any promises not expressly contained
herein, that they have

 5
 

 

 

been afforded an adequate
time to review carefully the terms of this Agreement, and that this Agreement
shall not be deemed void or voidable by claims of duress, deception, mistake of
fact or otherwise.

17.           This
Agreement shall be governed by and all questions relating to its validity,
interpretation, enforcement and performance shall be construed in accordance
with the laws of the State of New Jersey. The exclusive choice of laws set
forth in this Section shall not be deemed to preclude the enforcement of any
judgment obtained in any forum or the taking of any action under this Agreement
to enforce such judgment in any appropriate jurisdiction.

18.           Cohen
affirms that he has carefully read the foregoing Agreement, that he fully
understands the meaning and intent of this document and that he intends to be
bound by the promises contained in this Agreement for the aforesaid
consideration.

IN WITNESS WHEREOF, Cohen and the authorized
representative of the Company have executed this Agreement on the dates
indicated below:

	
  By: 

  	
  /s/ Ethan Cohen

  	
   

  	
  Dated: December 17, 2004

  
	
   

  	
  Ethan Cohen

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MedQuist Inc.

  	
  Dated: December 20, 2004

  
	
   

  	
   

  
	
  By: 

  	
  /s/ Gregory M. Sebasky

  	
   

  	
   

  
	
   

  	
  Gregory M. Sebasky

  President

  	
   

  	
   

  
						

 

 6

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