EXHIBIT 10.1
STOCK OPTION SURRENDER AGREEMENT
AND
AMENDMENT TO ALL SENIOR EXECUTIVE EMPLOYMENT AGREEMENT(S)
Each of the undersigned ("Senior Executives") of Integrated Healthcare
Holdings, Inc. ("Company") have been employed pursuant to certain substantially
similar written agreements, each of which is entitled "Employment Agreement."
Each Employment Agreement contains a provision ("Stock Option Provision"),
purportedly permitting the purchase of the Company's common stock, which states:
"STOCK OPTIONS. The Company will grant Executive, effective as
of the Commencement Date, an option to purchase [a specific number] of
the company's class A common stock, .001 value per share, at a price of
the mean average per share for 10 days following the Commencement Date.
This option will be for a period of [a specific number of] years and
will vest at the rate of [a specific number] % on each anniversary of
this Agreement. Executive shall receive additional stock options
annually if certain Company goals are met. Additional information
regarding Company's stock option plan shall be provided."
Each of the undersigned Senior Executives has concluded and agrees that
it is in each of the Senior Executive's and the Company's best interest for each
Senior Executive to surrender and renounce any and all rights (if any) each
Senior Executive may have pursuant to the Stocks Option Provision or any other
provision in their respective Employment Agreements.
Therefore, each of the undersigned Senior Executives surrenders and
renounces any and all rights (if any) each Senior Executive may have pursuant to
the Stock Option Provision or any other provision in their respective Employment
Agreement, subject to and effective upon the execution of this Agreement by each
and all of the undersigned Senior Executives.
This Agreement shall NOT be enforceable, however, as to any of the
Undersigned Senior Executives until and unless all the Senior Executives execute
this Agreement. At such time as this Agreement has been executed by each of the
undersigned Senior Executives, without further action or writing, each of their
respective Employment Agreements shall be deemed to have been amended to delete
the Stock Option Provision or any other provision which might be construed to
give a Senior Executive any Stock Option rights in the Company's Stock.
Executed on August 3, 2006 Executed on Aug 5th, 2006
By: /s/ Xx. Xxxx Xxxx By: /s/ Xxxx X. Xxx
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Xx. Xxxx Xxxx Xxxx X. Xxx
Executed on August 4, 2006 Executed on July 13, 2006
By: /s/ Xxxxx Xxxxx By: /s/ Xxxxx X. Xxxxxxxx
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Xxxxx Xxxxx Xxxxx X. Xxxxxxxx
