Document:

Exhibit
10.26.5

CONFIDENTIAL PORTIONS OF THIS DOCUMENT 

HAVE BEEN REDACTED AND FILED SEPARATELY 

WITH THE SECURITIES AND EXCHANGE COMMISSION

AMENDMENT
NO. 5 TO LICENSING AGREEMENT

This Amendment No. 5 (“Amendment No. 5”) to Licensing
Agreement is made as of December 30, 2005, by and between MedQuist
Transcription, Ltd. (“MedQuist”), a New Jersey corporation with its principal
place of business at 1000 Bishops Gate Blvd., Suite 300, Mount Laurel, NJ USA
08054, acting on its own behalf and on behalf of its wholly owned subsidiaries
(direct and indirect) and Philips Speech Recognition Systems GmbH (“Philips”),
and Austrian corporation, with its registered place of business at
Triesterstrasse 64, 1101 Vienna, Austria (MedQuist and Philips, each a “Party”
and, collectively, the “Parties”).

WITNESSETH

WHEREAS, the Parties entered into a Licensing
Agreement, dated as of May 22, 2000, as amended by Amendment No. 1 dated as of
January 1, 2002, Amendment No 2 dated as of December 10, 2002, Amendment No. 3
dated as of August 10, 2003, and Amendment No. 4 dated as of September 1, 2004
(as so amended, the “Licensing Agreement”) relating to the integration and use
of certain Philips speech recognition technology into MedQuist business; and

WHEREAS, the Parties desire to amend the Licensing
Agreement as set forth herein

NOW, THEREFORE, in consideration of the mutual
promises contained herein, the Parties agree to amend the terms and condition
of the Licensing Agreement as follows:

1)             Amendments
to Section 4. Pricing (and to Schedule D).

i.              Section
4.1 of the Licensing Agreement is amended by adding the following at the end
thereof:

From and after January 1, 2006, the license fees for
the Licenses Product payable by MedQuist to Philips shall be as set forth in
Schedule D (the “Fees”) attached to Amendment No. 4, as amended by Amendment
No. 5. In consideration of Philips delivery to MedQuist of the Licensed Product
(i.e., SpeechMagic 6.0) and the other promises set forth herein, MedQuist shall
pay to Philips, in the same day as the execution of Amendment No. 5, US$1
million as a prepayment for future License Fees for the Licensed Product
Thereafter, any amounts due as per the statements to be delivered to Philips
pursuant to Section 42 of the Licensing Agreement shall be credited against
such pre-payment until the amount of the prepayment equals $0  All License Fees prior to January 1,2006 shall
be as set forth in Schedule D of the License Agreement as in effect prior to
the date of the Amendment No. 5.

 

 

2)             It
is hereby agreed that the Philips’ line fees to MedQuist, commencing January 1,
2006 shall be as follows:

a)             [***]
per line in 2006, until the cumulative lines processed exceeds [***] .

b)            [***]
 per line for all lines processed after
the first [***] 

Consistent with this change, the Parties agree and
acknowledge that the following bullet point under Schedule D to Amendment No. 4
under the heading “Service Bureau Service including Correction Services”:

For 2005 and thereafter,
a line fee of [***] is agreed for all lines; provided, however, the line Fee
shall be [***] until such time as the entire amount of the pie-payment is
satisfied in full.

is removed in its
entirety, and replaced with the following:

For 2006 and thereafter,
a line fee of [***] is agreed for all lines; provided, however, the line Fee shall
be [***] until such time as the entire amount of the pre-payment is satisfied
in full.

3) Generally

Except as amended by this Amendment No 5, the
Licensing Agreement shall remain in full force and effect, unamended hereby.

IN WITNESS WHEREOF, the
Parties have caused this Amendment No. 5 to be duty executed by their
authorized representatives.

	
  PHILIPS SPEECH RECOGNITION

  SYSTEMS

  	
  MedQuist Transcriptions Ltd.

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
  By:

  	
  /s/ Gerald
  Strausberger

  	
   

  	
  By:

  	
   

  	
   

  	 

	
  Name:

  	
  Gerald
  Strausberger

  	
  Name

  	
   

  	
   

  
	
  Title:

  	
  CFO

  	
  Title

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Robert E.
  Thornton

  	
   

  	
   

  	 

	
  Name:

  	
  Robert E.
  Thornton

  	
   

  	 

	
  Title:

  	
  Commercial
  Director

  	
   

  	 

								

 

 ***  Confidential material which has been omitted
and filed separately with the Securities and Exchange Commission

 2Exhibit 10.26.6

CONFIDENTIAL PORTIONS OF THIS
DOCUMENT

HAVE BEEN REDACTED AND FILED
SEPARATELY

WITH THE SECURITIES AND EXCHANGE COMMISSION

AMENDMENT
NO. 6 TO LICENSING AGREEMENT

THIS AMENDMENT NO. 6 TO LICENSING AGREEMENT (this “Amendment”),
by and between MedQuist Inc. (“MedQuist”), acting on behalf of its wholly owned
subsidiaries (direct and indirect), and Philips Speech Recognition Systems GmbH
(“PSP”), is effective as of January 1, 2007 (the “Effective Date”).  Capitalized terms not otherwise defined in
this Amendment shall have the meanings given to them in the Agreement (as that
term is defined below).

BACKGROUND

WHEREAS, MedQuist and PSP entered into that certain
Licensing Agreement dated as of May 22, 2000 (as amended by that certain
Amendment No. 1 to Licensing Agreement dated as of January 1, 2002, that
certain Amendment No. 2 to Licensing Agreement dated as of December 10,
2002 (“Amendment No. 2”), that certain Amendment No. 3 to Licensing Agreement
dated as of August 10, 2003, that certain Amendment No. 4 to Licensing
Agreement dated as of September 1, 2004 (“Amendment No. 4”), and that
certain Amendment No. 5 to Licensing Agreement dated as of December 30,
2005 (“Amendment No. 5”) (as so amended, the “Agreement”)); and

WHEREAS, the parties desire to amend the Agreement as
set forth herein.

AGREEMENT

NOW THEREFORE, in consideration of the mutual
agreements and covenants contained herein and for other good and valuable
consideration, the receipt and sufficiency of which hereby are acknowledged, it
is mutually agreed and covenanted by and between the parties to this Amendment,
as follows:

Article I

Amendment to Licensing Agreement

Paragraph 1.1.                                                                   The
following paragraph of Section 2.1 of the Agreement shall be deleted in its
entirety:

“During the Term, as long as MedQuist is full
compliance with its obligations hereunder, Philips undertakes not to grant a
license of the Licensed Product and Contexts, or similar products, to a
competitor of MedQuist providing outsourced medical transcription services in
the USA.  However, Philips explicitly
reserves the right to license the Licensed Product, Contexts and similar
products to others, such as, but not limited to distributors and third party
endusers who wish to use such products (including SpeechMagic 3.0 and 3.1) for
non-outsourced medical transcription or other services.  For purposes of this Agreement, the term “outsourced”
means that the healthcare provider utilizes medical transcriptionists that are
not engaged or employed by the healthcare provider nor his hospital
organization (i.e., if a hospital records 

department or a doctor uses their own employees or
independent contractors or so-called statutory employees for their own
transcriptions and the transcription service is performed with technology owned
by or licensed to the hospital or doctor, the service is not outsourced).”

Paragraph 1.2.                                                                   The
following sentence of Section 2 of Amendment No. 1 shall be deleted in its
entirety:

“The words “in the USA” in the first sentence of the
second paragraph of Section 2.1 of the Original Licensing Agreement are hereby
deleted and replaced with “in North America. 
With respect to the Service Bureau Services, Philips hereby grants to
MedQuist a right of first refusal for any sales opportunity that Philips has in
North America to sell the Licensed Product to a third party for Service Bureau
Services.”

Paragraph 1.3.                                                                   The
following sentences of Section 3 of Amendment No. 4 shall e deleted in their
entirety:

“MedQuist shall be entitled to continued exclusive use
of the Licensed Product in North America pursuant to Section 2.1 of the
Licensing Agreement through 2005 and thereafter for successive one (1) year
periods so long as it pays (including pre-paid fees) the cumulative minimum
License Fees to Philips as of the dates indicated below:

	
  Year

  	
   

  	
  Minimum Cumulative License Fees

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  2004

  	
   

  	
  [***]

  	
   

  
	
  2005

  	
   

  	
  [***]

  	
   

  
	
  2006

  	
   

  	
  [***]

  	
   

  
	
  2007

  	
   

  	
  [***]

  	
   

  
	
  2008

  	
   

  	
  [***]

  	
   

  

 

If the cumulative License Fees incurred and paid by
MedQuist by December 20th of any given year set forth above fail to meet
the minimum cumulative License Fee amount due by such time, MedQuist an make up
this difference through the purchase of prepaid licenses.”

Paragraph 1.4.                                                                   Section
6.1 of the Agreement shall be amended and restated in its entirety as follows:

“In order that the relationship contemplated by this
agreement shall be mutually advantageous, and in recognition of the particular
expertise and commitment necessary to properly use and support the Licensed
Product, MedQuist agrees during the Term to comply with the following
requirements:  MedQuist shall (i) conduct
business sin a manner that does not reflect negatively at any time on the good
name, goodwill and reputation of Philips; (ii) avoid deceptive, misleading or
unethical 

 *** 
Confidential material which has been omitted and filed separately with
the Securities and Exchange Commission

 2
 

practices that are or might be determined to Philips,
its product or the public; and (iii) make no false or misleading
representations with regard to Philips or its products.  Furthermore, during the Term, MedQuist shall
not use a competing Product (defined below) in production use to replace the
Licensed Product in the DocQment Enterprise Platform unless MedQuist complies
with the Philips Notification and Response Process (defined below).  “Competing Product” means a third party
product competing with the Licensed Product; provided that the Licensed Product
is competitive in technological performance and commercial terms and compared
on a like-for-like basis, in light of current industry standards, with such
third party product.  “Philips Notification
and Response Process” means that prior to MedQuist replacing the Licensed
Product in the DocQment Enterprise Platform with production use of a Competing
Product, MedQuist shall inform Phillips in writing of its intentions with
reasonably detailed reasons for such determination and shall give Phillips a
minimum period of three (3) months from such notice to submit a technologically
and commercially competitive offer before replacing the Licensed Product.”

Paragraph 1.5.                                                                   Effective
as of the Effective Date, Schedule D to the Agreement shall be of no
further force or effect. Notwithstanding anything in the Agreement to the
contrary (including without limitation Sections 1 and 2 of Amendment No. 5),
MedQuist shall, until the termination or expiration of the Agreement, pay PSP
license fees for use of the Licensed Product in accordance with the following
table:

	
  ASR Lines in calendar

  month (“Subject Lines”)

  	
   

  	
  ASR Line rate

  applicable to all

  Subject Lines

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  

 

For purposes of this Paragraph 1.5, the term “ASR
Lines” shall be defined as the aggregate number of ASR lines processed by the
Licensed Product as reported by MedQuist’s DocQment Enterprise Platform.  MedQuist shall provide PSP with no less than
fifteen (15) days prior written notice 

 *** 
Confidential material which has been omitted and filed separately with
the Securities and Exchange Commission

 3
 

of any change in the coursing algorithms or setting
used to calculate ASR Lines.

For the avoidance of doubt, the following are
illustrations of the license fees payable pursuant to the foregoing table:

	
  Calendar 

  month

  	
   

  	
  Subject Lines

  	
   

  	
  Applicable ASR

  Line rate

  	
   

  	
  License fees

  payable to PSP for

  use of use of the

  Licensed Product

  	
   

  
	
  3/1/07 to
  3/31/07

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  6/1/07 to
  6/30/07

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  10/1/07 to 10/31/07

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  

 

PSP shall be responsible for the maintenance and
support of the Licensed Product until the termination or expiration of the
Agreement.  In addition to PSP’s
obligations with respect to new releases under the Agreement, if PSP releases a
new version of SpeechMagic, PSP will ensure that MedQuist can migrate to the
new release without a major disruption to MedQuist’s operations.

Subject to applicable laws, rules and regulations,
including, without limitation, HIPAA, MedQuist will continue to supply voice
and text files to PSP until the grant of the license under the Agreement
expires.

Article II

MISCELLANEOUS

Paragraph 2.1.                                                                   Entire
Agreement.  This Amendment contains
the entire agreement and understanding between the parties with respect to the
subject matter of provisions of the Agreement amended hereby.

Paragraph 2.2.                                                                   Full
Force and Effect.  Except as modified
by this Agreement, the Agreement shall remain in full force and effect
unmodified.  To the extent the terms of
the Agreement are inconsistent with the terms of this Amendment, the terms of
this Amendment shall control.

Paragraph 2.3.                                                                   No
Waiver.  Except as specifically set
forth herein, the execution, delivery and performance of this Agreement shall
not operate as a waiver of any right, power of remedy of the parties hereto
under the Agreement and the related agreements executed in connection therewith
or constitute a waiver of any provision thereof,

 *** 
Confidential material which has been omitted and filed separately with
the Securities and Exchange Commission

 4
 

Paragraph 2.4.                                                                   Governing
Law.  The Amendment shall be governed
by the laws of the State of New York.

Paragraph 2.5.                                                                   Facsimile
Signature; Counterparts.  This
Agreement may be executed by facsimile and in two or more counterparts, each of
which shall constitute one and the same instrument.

[The remainder of this page was intentionally left
blank]

 5
 

IN WITNESS WHEREOF, MedQuist and PSP have executed
this Amendment as of the dates set forth below by their duly authorized
representatives.

	
  MEDQUIST, INC.

  	
   

  	
  PHILIPS SPEECH RECOGNITION 

  SYSTEMS GMBH

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Linda L.E. Reino

  	
   

  	
  By:

  	
  /s/ illegible

  
	
   

  	
  Name:

  	
  Linda L.E. Reino

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
  C.O.O.

  	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  February 13,
  2007

  	
   

  	
   

  	
  January 31, 2007

  

 

 6

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