Document:

EX-10.1

EXHIBIT 10.1

STANDARD MICROSYSTEMS CORPORATION MANAGEMENT INCENTIVE PLAN

(EFFECTIVE JUNE 1, 2009)

Section 1. Purpose.

The purpose of the Management Incentive Plan is to promote the interests of Standard
Microsystems Corporation and its subsidiaries by providing eligible key employees of the Company
with incentive to assist the Company in meeting and exceeding its business goals.

Section 2. Definitions.

(a) “Awards” shall mean the performance based awards earned pursuant to the Plan.

(b) “Board” means SMSC’s Board of Directors.

(c) “Code” means the Internal Revenue Code of 1986, as amended, or the corresponding
provisions of any subsequent federal internal revenue law.

(d) “Committee” means the Compensation Committee of SMSC’s Board of Directors (and any
committee to which the Compensation Committee has delegated its authority as set forth in Section
3(d) hereof); in any event the Committee shall be comprised of not less than two directors of the
Company, each of whom shall qualify in all respects as an “outside director” for purposes of
Section 162(m) of the Code.

(e) “Company” or “SMSC” means SMSC or any corporation or business entity of which SMSC (i)
directly or indirectly has an ownership interest of 50% or more, or (ii) has a right to elect or
appoint 50% or more of the board of directors or other governing body.

(f) “Participant” shall mean a qualifying employee selected by the Committee to participate in
the Plan in accordance with Section 5 hereof.

(g) “Performance Percentage” shall mean, with respect to a Participant, the percentage to be
applied to such Participant’s Target Award (if any) to be used in calculating the actual Award
payable to such Participant (if any). The Performance Percentage shall be calculated on a
schedule, matrix or other objective method based on the Company’s achievement of the Performance
Targets.

(h) “Performance Period” means the period in which performance is measured for which Awards
are paid, as determined by the Committee. Performance Periods shall be at least equal to one
fiscal quarter and may be overlapping.

(i) “Performance Rating” shall mean the rating that each Participant receives for his
individual performance. The rating must be between 0.5 and 1.5 for each Performance Period. The
Performance Rating may be based on objective or subjective factors.

(j) “Performance Schedule” shall mean the schedule, matrix or other objective method for
determining the Plan Funds based on the Company’s achievement of the Performance Targets.

(k) “Performance Targets” shall mean the performance goals and objectives established by the
Committee to determine funding under the Plan.

(l) “Plan” means this plan, which shall be known as the SMSC Management Incentive Plan or MIP.

(m) “Plan Funds” shall mean, with respect to a Performance Period, the total amount of funds
available to be paid on a Company wide basis based on the Performance Schedule.

(n) “Target Award” shall mean the base award expressed as a percentage of base salary, which
will convert into a dollar figure, established for each Participant for each Performance Period.

	 	 	Section 3. Administration.

(a) The Plan shall be administered by the Committee.

(b) The Committee may, subject to the provisions of the Plan, establish, adopt or revise rules
and regulations relating to the Plan or take such actions as it deems necessary or advisable for
the proper administration of the Plan. The Committee shall have the authority to interpret the
Plan in its absolute discretion. Each interpretation made or action taken by the Committee
pursuant to the Plan shall be final and conclusive for all purposes and binding upon all
Participants (as defined in Section 2) or former Participants and their successors in interest.

(c) Neither the Committee nor any member of the Committee shall be liable for any act,
omission, interpretation, construction or determination made in good faith in connection with the
Plan, and the members of the Committee shall be entitled to indemnification and reimbursement by
Company in respect of any claim, loss, damage or expense (including, without limitation, reasonable
attorneys’ fees) arising or resulting therefrom to the fullest extent permitted by law.

(d) The Committee may delegate its authority to grant and administer Awards to a separate
committee; however; only the Committee may grant and administer Awards for executive officers.

	 	 	Section 4. Performance Measures, Funding and Establishment of Target Awards

(a) The Committee may grant Awards to Participants with respect to any Performance Period
subject to the terms and conditions of the Plan. All Awards shall be settled in cash. Within 90
days after the beginning of a Performance Period, and in any case before 25% of the Performance
Period has elapsed, the Committee shall establish, with respect to such Performance Period, (a) the
Performance Targets for the Company, (b) Target Awards for each Participant, (c) the Performance
Percentage and Performance Schedules and (d) the potential Plan Funds. The Performance Targets
shall be based on one or more of the following business criteria: revenue, revenue growth,
operating income, operating cash flow, operating margin, net income, net margin, earnings per
share, EBITDA, return on sales, return on assets (net or gross), return on equity, return on
invested capital, total shareholder return or such other factors as the Committee may establish in
their discretion.

(b) The measurement of any Performance Targets may be based on non-GAAP or pro forma
financial measures. Such measures may exclude the impact of charges for extraordinary, unusual,
non-recurring or other items that the Committee determines should not be included in the
Performance Targets (including without limitation charges for equity based compensation,
acquisitions or dispositions, restructurings and discontinued operations), and the cumulative
effects of accounting changes, each as defined by generally accepted accounting principles and as
identified in the Company’s audited financial statements, including the notes thereto. Any
Performance Targets may be used to measure the performance of an individual, the Company or a
subsidiary of the Company as a whole or any business unit of the Company or any subsidiary or any
combination thereof, as the Committee may deem appropriate, or any of the above Performance Targets
as compared to the performance of a group of comparator companies, or a published or special index
that the Committee, in its sole discretion, deems appropriate.

Section 5. Eligibility.

Awards may be granted to key employees of the Company who are selected for participation in
the Plan by the Committee.

Section 6. Individual Performance and Determination of Awards.

(a) Calculation. The Committee shall, promptly after the date on which the necessary
financial and other information for a particular Performance Period becomes available, certify in
writing the extent to which Performance Targets have been achieved. Using the Performance
Schedule, the Committee shall determine the actual Plan Funds available and the Performance
Percentage. Awards shall be calculated for each Participant by multiplying the Target Award by
the Performance Percentage by the Performance Rating (Award = Target Award X Performance Percentage
X Performance Rating). The total of all Participants Awards may not exceed the actual Plan Funds
for any Performance Period.

(b) Discretionary Changes. The Committee may, in its discretion, reduce, increase or
eliminate the amount of any Award payable to any Participant, based on such factors as the
Committee may deem relevant. For purposes of clarity, the Committee may exercise the discretion
provided for by the foregoing sentence in a non-uniform manner among Participants. Participants
who enter the MIP during a Performance Period will normally have their awards prorated.

(c) Payment. The Company shall pay Awards as soon as administratively practical following
certification by the Committee of the extent to which the applicable Performance Targets have been
achieved and the determination of the actual Awards in accordance with Section 4 and this Section
6; provided that in no event shall any Award (or any other amount payable pursuant to this Plan) be
paid later than the fifteenth (15) day of the third month following the end of the fiscal year with
respect to which Award (or such other amount) was earned, if at all. A Participant must be
employed by the Company on the date the Awards are paid in order to receive an Award.
Notwithstanding the foregoing, payment of Awards shall be subject to any election duly and validly
made in accordance with Section 409A of the Code by a Participant with respect to the deferral of
all or a portion of his or her Award under a deferred compensation plan of the Company.

	 	 	Section 7. General Provisions.

(a) No Rights to Awards or Continued Employment. No employee of the Company shall have any
claim or right to receive Awards under the Plan. Neither the Plan nor any action taken under the
Plan shall be construed as giving any employee any right to be retained by the Company.

(b) No Limits on Other Awards and Plans. Nothing contained in this Plan shall prohibit the
Company from establishing other special awards or incentive compensation plans providing for the
payment of incentive compensation to employees of the Company, including any Participants.

(c) Withholding Taxes. The Company shall deduct from all payments and distributions under the
Plan any required federal, state or local governments tax withholdings.

(d) Unfunded Status of Plan. The Company shall not have any obligation to establish any
separate fund or trust or other segregation of assets to provide for payments under the Plan. To
the extent any person acquires any rights to receive payments hereunder from the Company, such
rights shall be no greater than those of an unsecured creditor.

(e) Effective Date; Amendment. The Plan is effective as of June 1, 2009. The Committee may
at any time and from time to time alter, amend, suspend or terminate the Plan in whole or in part.

(f) Governing Law. The Plan and the rights of all persons under the Plan shall be construed
and administered in accordance with the laws of the State of New York without regard to its
conflict of law principles.

(g) Section 409A. The intent of the Company is that payments and benefits under this Plan
comply with Section 409A of the Code. All Awards granted pursuant to this Plan are intended to be
excluded from coverage under Section 409A of the Code pursuant to Section 1.409A-1(b)(4)
“Short-term deferrals”. If any provision of the Plan would otherwise frustrate or conflict with
this intent, the Committee may amend the Plan to the extent necessary to comply with Section 409A
of the Code, provided that such amendment will not result in additional cost to the Company.
Neither the Company nor any Participant shall have the right to accelerate or defer the delivery of
any Award except to the extent specifically permitted or required by Section 409A of the Code.EX-10.1

April 8, 2009

Dominick J. Golio

c/o MedQuist Inc.

1000 Bishops Gate Blvd., Suite 300

Mount Laurel, NJ 08064

Dear Dominick:

On behalf of MedQuist Inc. (the “Company”), this Agreement describes the terms of your
new employment as the Company’s Chief Financial Officer, which will commence on April 13, 2009 (the
“Employment Commencement Date”). For purposes of this Agreement, you are referred to as
the “Employee.” Other capitalized terms used in this Agreement have the meanings defined
in Section 6, below.

1. Term and Location. The Company shall employ Employee hereunder for a three (3)
year term commencing on the Employment Commencement Date hereof (the “Term”), which Term
will be automatically extended for additional one (1) year periods beginning on the third
anniversary of the Employment Commencement Date and upon each subsequent anniversary thereof unless
either party provides the other party with at least ninety (90) days prior written notice of its
intention not to renew this Agreement unless terminated earlier pursuant to Sections 3 or 5 of this
Agreement. The Employee’s primary office location shall be the Company’s headquarters, currently
based in Mt. Laurel, New Jersey. The Company shall reimburse the Employee for reasonable lodging
expenses in the Mt. Laurel, New Jersey area.. Employee shall be responsible for all other costs
including, but not limited to, travel and meals, associated with the performance of
responsibilities at the Company’s headquarters.

2. Consideration.

a. Compensation. As consideration for all services rendered by Employee to the
Company and for the Covenants contained herein, Employee will be entitled to:

(1) base salary at an annual rate of $275,000;

(2) participate in MedQuist’s Management Incentive Plan for 2009. Your target incentive in
this plan will be 50% of your base salary for 2009 and following years; provided, however that your
incentive for 2009 shall be prorated based upon your Employment Commencement Date. The target
incentive is the payment amount that the Employee shall be eligible to receive if the Company and
Employee both attain the pre-established incentive plan target objectives. The actual incentive
award may be higher or lower than the target incentive amount based upon achievement of the
objectives by Employee and the Company. Management Incentive Plan target objectives shall be
developed on or before February 28th of each year of the Management Incentive Plan. Payment of
$137,500, which is 100% of the annual target incentive amount for 2009, is guaranteed and shall be
paid in four (4) equal installments of $34,375 as follows: (i) the first installment shall be paid
within 15 days of June 30, 2009, (ii) the second installment shall be paid within 15 days of
September 30, 2009, (iii) the third installment shall be paid within 15 days of December 31, 2009
and (iv) the fourth installment shall be paid within 15 days of March 31, 2010. In order to
receive the installments of the guaranteed annual target incentive amount for 2009, you must be
employed by the Company on the scheduled date of the applicable installment payment;

(3) participate in the same employee benefit plans available generally to other full-time
employees of the Company, subject to the terms of those plans (as the same may be modified, amended
or terminated from time to time); (benefits information package enclosed);

(4) if Employee’s employment is terminated by the Company without Cause, the severance pay and
benefits described below in Section 4.

b. Long Term Incentives. In addition, from time to time, the Board may review the
performance of the Company and Employee and, in its sole discretion, may provide long term
incentive to Employee to reward extraordinary performance and/or to encourage Employee’s future
efforts on behalf of the Company. The grant of any such long term incentives will be subject to
the terms of the Company’s long term incentive plan, if any, and will be evidenced by a separate
award agreement by and between the Company and Employee.

3. Covenants.

a. Non-Solicitation. While employed by the Company and for the one (1) year period
following the cessation of that employment for any reason (and without regard to whether such
cessation was initiated by Employee or the Company), Employee will not do any of the following
without the prior written consent of the Company:

(1) solicit, entice or induce, either directly or indirectly, any person, firm or corporation
who or which is a client or customer of the Company or any of its subsidiaries to become a client
or customer of any other person, firm or corporation;

(2) influence or attempt to influence, either directly or indirectly, any customer of the
Company or its subsidiaries to terminate or modify any written or oral agreement or course of
dealing with the Company or its subsidiaries (except in Employee’s capacity as an employee of the
Company); or

(3) influence or attempt to influence, either directly or indirectly, any person to terminate
or modify any employment, consulting, agency, distributorship, licensing or other similar
relationship or arrangement with the Company or its subsidiaries (except in Employee’s capacity as
an employee of the Company).

b. Non-Disclosure. Employee shall not use for Employee’s personal benefit, or
disclose, communicate or divulge to, or use for the direct or indirect benefit of any person, firm,
association or company other than Company, any “Confidential Information,” which term shall mean
any information regarding the business methods, business policies, policies, procedures,
techniques, research or development projects or results, historical or projected financial
information, budgets, trade secrets, or other knowledge or processes of, or developed by, Company
or any other confidential information relating to or dealing with the business operations of
Company, made known to Employee or learned or acquired by Employee while in the employ of Company,
but Confidential Information shall not include information otherwise lawfully known generally by or
readily accessible to the general public. The foregoing provisions of this subsection shall apply
during and after the period when the Employee is an employee of the Company and shall be in
addition to (and not a limitation of) any legally applicable protections of Company interest in
confidential information, trade secrets, and the like. At the termination of Employee’s employment
with Company, Employee shall return to the Company all copies of Confidential Information in any
medium, including computer tapes and other forms of data storage.

c. Non-Competition. While employed by the Company and for the one (1) year period
following the cessation of that employment for any reason (and without regard to whether such
cessation was initiated by Employee or the Company), Employee shall not directly or indirectly
engage in (as a principal, shareholder, partner, director, officer, agent, employee, consultant or
otherwise) or be financially interested in any business which is involved in business activities
which are the same as or in direct competition with business activities carried on by the Company,
or being definitively planned by the Company at the time of termination of Employee’s employment.
Nothing contained in this subsection shall prevent Employee from holding for investment up to three
percent (3%) of any class of equity securities of a company whose securities are publicly traded on
a national securities exchange or in a national market system.

d. Intellectual Property & Company Creations.

(1) Ownership. All right, title and interest in and to any and all ideas, inventions,
designs, technologies, formulas, methods, processes, development techniques, discoveries, computer
programs or instructions (whether in source code, object code, or any other form), computer
hardware, algorithms, plans, customer lists, memoranda, tests, research, designs, specifications,
models, data, diagrams, flow charts, techniques (whether reduced to written form or otherwise),
patents, patent applications, formats, test results, marketing and business ideas, trademarks,
trade secrets, service marks, trade dress, logos, trade names, fictitious names, brand names,
corporate names, original works of authorship, copyrights, copyrightable works, mask works,
computer software, all other similar intangible personal property, and all improvements, derivative
works, know-how, data, rights and claims related to the foregoing that have been or are conceived,
developed or created in whole or in part by the Employee (a) at any time and at any place that
relates directly or indirectly to the business of the Company, as then operated, operated in the
past or under consideration or development or (b) as a result of tasks assigned to Employee by the
Company (collectively, “Company Creations”), shall be and become and remain the sole and exclusive
property of the Company and shall be considered “works made for hire” as that term is defined
pursuant to applicable statutes and law.

(2) Assignment. To the extent that any of the Company Creations may not by law be considered
a work made for hire, or to the extent that, notwithstanding the foregoing, Employee retains any
interest in or to the Company Creations, Employee hereby irrevocably assigns and transfers to the
Company any and all right, title, or interest that Employee has or may have, either now or in the
future, in and to the Company Creations, and any derivatives thereof, without the necessity of
further consideration. Employee shall promptly and fully disclose all Company Creations to the
Company and shall have no claim for additional compensation for Company Creations. The Company
shall be entitled to obtain and hold in its own name all copyrights, patents, trade secrets,
trademarks, and service marks with respect to such Company Creations.

(3) Disclosure & Cooperation. Employee shall keep and maintain adequate and current
written records of all Company Creations and their development by Employee (solely or jointly with
others), which records shall be available at all times to and remain the sole property of the
Company. Employee shall communicate promptly and disclose to the Company, in such form as the
Company may reasonably request, all information, details and data pertaining to any Company
Creations. Employee further agrees to execute and deliver to the Company or its designee(s) any
and all formal transfers and assignments and other documents and to provide any further cooperation
or assistance reasonably required by the Company to perfect, maintain or otherwise protect its
rights in the Company Creations. Employee hereby designates and appoints the Company or its
designee as Employee’s agent and attorney-in-fact to execute on Employee’s behalf any assignments
or other documents deemed necessary by the Company to perfect, maintain or otherwise protect the
Company’s rights in any Company Creations.

e. Acknowledgments. Employee acknowledges that the Covenants are reasonable and
necessary to protect the Company’s legitimate business interests, its relationships with its
customers, its trade secrets and other confidential or proprietary information. Employee further
acknowledges that the duration and scope of the Covenants are reasonable given the nature of this
Agreement and the position Employee holds or will hold within the Company. Employee further
acknowledges that the Covenants are included herein to induce the Company to enter into this
Agreement and that the Company would not have entered into this Agreement or otherwise employed or
continued to employ the Employee in the absence of the Covenants. Finally, Employee also
acknowledges that any breach, willful or otherwise, of the Covenants will cause continuing and
irreparable injury to the Company for which monetary damages, alone, will not be an adequate
remedy.

f. Enforcement.

(1) If any court determines that the Covenants, or any part thereof, is unenforceable because
of the duration or scope of such provision, that court will have the power to modify such provision
and, in its modified form, such provision will then be enforceable.

(2) The parties acknowledge that significant damages will be caused by a breach of any of the
Covenants, but that such damages will be difficult to quantify. Therefore, the parties agree that
if Employee breaches any of the Covenants, liquidated damages will be paid by Employee in the
following manner:

(i) any Company stock options, stock appreciation rights, restricted stock units or similar
equity incentives or other long term incentives then held by Employee, whether or not then vested,
will be immediately and automatically forfeited;

(ii) any shares of restricted stock issued by the Company, then held by Employee or his
permitted transferee and then subject to forfeiture will be immediately and automatically
forfeited;

(iii) any obligation of the Company to provide severance pay or benefits (whether pursuant to
Section 5 or otherwise) will cease; and

(3) In addition to the remedies specified in Section 3(f)(2) and any other relief
awarded by any court, if Employee breaches any of the Covenants:

(i) Employee will be required to account for and pay over to the Company all compensation,
profits, monies, accruals, increments or other benefits derived or received by Employee as a result
of any such breach; and

(ii) the Company will be entitled to injunctive or other equitable relief to prevent further
breaches of the Covenants by Employee.

(4) If Employee breaches Section 3, then the duration of the restriction therein
contained will be extended for a period equal to the period that Employee was in breach of such
restriction.

4. Termination. Employee’s employment by the Company may be terminated at any time.
Upon termination, Employee will be entitled to the payment of accrued and unpaid salary through the
date of such termination. All salary, commissions and benefits will cease at the time of such
termination, subject to the terms of any benefit plans then in force or enforceable under
applicable law and applicable to Employee, and the Company will have no further liability or
obligation hereunder by reason of such termination; provided, however, that subject to Section
3(f)(2), if Employee’s employment is terminated by the Company without Cause, Employee will be
entitled to continued payment of his base salary (at the rate in effect upon termination) for a
period of 12 months; and notwithstanding the foregoing, no amount will be paid or benefit provided
under this Section 4 unless and until (x) Employee executes and delivers a general release
of claims against the Company and its subsidiaries in a form prescribed by the Company, and (y)
such release becomes irrevocable. Any severance pay or benefits provided under this Section
4 will be in lieu of, not in addition to, any other severance arrangement maintained by the
Company.

5. Miscellaneous.

a. Other Agreements. Employee represents and warrants to the Company that there are
no restrictions, agreements or understandings whatsoever to which she is a party that would prevent
or make unlawful his execution of this Agreement, that would be inconsistent or in conflict with
this Agreement or Employee’s obligations hereunder, or that would otherwise prevent, limit or
impair the performance by Employee of his duties to the Company.

b. Entire Agreement; Amendment. This Agreement contains the entire agreement and
understanding of the parties hereto relating to the subject matter hereof, and merges and
supersedes all prior and contemporaneous discussions, agreements and understandings of every nature
relating to the employment of Employee by the Company. This Agreement may not be changed or
modified, except by an agreement in writing signed by each of the parties hereto.

c. Waiver. Any waiver of any term or condition hereof will not operate as a waiver of
any other term or condition of this Agreement. Any failure to enforce any provision hereof will
not operate as a waiver of such provision or of any other provision of this Agreement.

d. Governing Law. This Agreement shall be governed by, and enforced in accordance
with, the laws of the State of New Jersey without regard to the application of the principles of
conflicts of laws.

e. Severability. Whenever possible, each provision of this Agreement will be
interpreted in such manner as to be effective and valid under applicable law, but if any provision
of this Agreement is held to be invalid, illegal or unenforceable in any respect under any
applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will
not affect any other provision or the effectiveness or validity of any provision in any other
jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as
if such invalid, illegal or unenforceable provision had never been herein contained.

f. Wage Claims. The parties intend that all obligations to pay compensation to
Employee be obligations solely of the Company. Therefore, intending to be bound by this provision,
Employee hereby waives any right to claim payment of amounts owed to her, now or in the future,
from directors or officers of the Company in the event of the Company’s insolvency.

g. Successors and Assigns. This Agreement is binding on the Company’s successors and
assigns.

h. Section Headings. The section headings in this Agreement are for convenience only;
they form no part of this Agreement and will not affect its interpretation.

i. Counterparts. This Agreement may be executed in multiple counterparts, each of
which will be deemed to be an original and all of which together will constitute but one and the
same instrument.

j. Indemnification. Employee shall be indemnified for acts performed in good faith as
an officer, director or employee of the Company in the manner provided in the Company’s charter and
by-laws, and shall be covered by director and officer liability insurance coverage for such acts to
the same extent that any such coverage is provided to the Company’s executive officers.

6. Definitions. Capitalized terms used herein will have the meanings below defined:

a. “Business” means electronic transcription services and other health information
management solutions services businesses in which the Company or its subsidiaries are engaged
anywhere within the United States.

b. “Cause” means the occurrence of any of the following: (1) Employee’s refusal,
willful failure or inability to perform (other than due to illness or disability) his employment
duties or to follow the lawful directives of his superiors; (2) misconduct or gross negligence by
Employee in the course of employment; (3) conduct of Employee involving any type of disloyalty to
the Company or its subsidiaries, including, without limitation: fraud, embezzlement, theft or
dishonesty in the course of employment; (4) a conviction of or the entry of a plea of guilty or
nolo contendere to a crime involving moral turpitude or that otherwise could reasonably be expected
to have an adverse effect on the operations, condition or reputation of the Company, (5) a material
breach by Employee of any agreement with or fiduciary duty owed to the Company; or (6) alcohol
abuse or use of controlled drugs other than in accordance with a physician’s prescription.

c. “Covenants” means the covenants set forth in Section 3 of this Agreement.

To acknowledge your agreement to and acceptance of the terms and conditions of this Agreement,
please sign below in the space provided within two (2) days of the date of this Agreement and
return a signed copy to my attention. If the Agreement is not signed and returned within two (2)
days, the terms and conditions of this Agreement will be deemed withdrawn.

	 	 	 	 	 
	
 
	 	Sincerely,
	 	

	 	 	MedQuist Inc.
	
 
	 	By:
	 	/s/ Peter Masanotti
	
 
	 	 	 	 
	
 
	 	 	 	Peter Masanotti

President & CEO
	Accepted and Agreed:

	 	

	 	

	/s/ Dominick J. Golio

	 	

	 	

	 

	 	

	 	

	Dominick J. Golio

	 	

	 	

	Date Accepted: April 9, 2009

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