Document:

Exhibit 10.14

 

NEITHER THIS WARRANT NOR THE SECURITIES
INTO WHICH THIS WARRANT IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER REGULATION D PROMULGATED UNDER THE U.S. SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION OR EXCLUSION FROM THE REGISTRATION REQUIREMENTS
THEREUNDER AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS.

 

INTEGRATED
HEALTHCARE HOLDINGS, INC.

COMMON STOCK WARRANT

 

WARRANT TO PURCHASE SHARES OF COMMON
STOCK

THIS COMMON STOCK
WARRANT (this “Warrant”) certifies that, for consideration received, SPCP GROUP, LLC, a Delaware limited
liability company, or its successors or assigns (the “Holder” or “Holders,”
as applicable), is entitled to subscribe for and purchase SIXTEEN MILLION EIGHT HUNDRED SEVENTEEN THOUSAND THREE HUNDRED SIXTY
FIVE (16,817,365) fully paid and nonassessable shares (as adjusted pursuant to Section 3 hereof, the “Shares”)
of the Common Stock (the “Common Stock”) of Integrated Healthcare Holdings, Inc., a Nevada corporation
(the “Company”), at a price per Share equal to seven cents ($0.07) (as adjusted pursuant to Section 3
hereof, the “Exercise Price”), subject to the provisions and upon the terms and conditions hereinafter
set forth.

1.Method of
Exercise; Payment.

(a)Exercise.
This Warrant shall be exercisable from and after February 7, 2013 through April 13, 2016 (the “Expiration Date”).
This Warrant shall be exercisable by Holder in whole or in part and from time to time for the Shares (as adjusted pursuant to Section
3 hereof).

(b)Cash
Exercise. The purchase rights represented by this Warrant may be exercised by the Holder, in whole or in part, by the surrender
of this Warrant (with the notice of exercise form attached hereto as Exhibit A duly executed) at the principal office of
the Company, and by the payment to the Company, by wire transfer or certified, cashier’s or other check acceptable to the
Company (or as otherwise provided pursuant to Section 1(c) hereinbelow), of an amount equal to the aggregate Exercise Price of
the Shares being purchased.

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(c)Net
Issue Exercise. In combination with or in lieu of exercising this Warrant for cash pursuant to Section 1(b), the Holder may
elect to receive Shares of Common Stock equal to the value of this Warrant (or any portion thereof) by surrender of this Warrant
at the principal office of the Company together with notice of such election, in which event the Company shall issue to the Holder
a number of Shares computed using the following formula:

 

	 	X	 	=	Y (A-B)
	 	 	 	    	     A
	 	Where X	 	=	the number of the Shares to be issued to the Holder pursuant to this Section 1(c).
	 	Y	 	=	the number of the Shares covered by this Warrant in respect of which the net issuance election is made pursuant to this Section 1(c).
	 	A	 	=	the fair market value of one Share on the date of election under this Section 1(c), as determined in accordance with Section 1(d).
	 	B	 	=	the Exercise Price in effect under this Warrant on the date of election under this Section 1(c).

(d)Fair
Market Value. For purposes of this Warrant, the per share fair market value of the Shares shall mean:

(i)If
the class of Shares is traded on a national securities exchange or other over-the-counter quotation system, the fair market value
shall be the last reported sale price of a Share on such exchange or other over-the-counter quotation system on the last business
day before the effective date of exercise of the net issuance election or if no such sale is made on such day, the mean of the
closing bid and asked prices for such day on such exchange.

(ii)If
the class of Shares is not so listed and bid and ask prices are not reported, the fair market value shall be the price per Share
that the Company could obtain from a willing buyer for Shares sold by the Company, as such price shall be determined by either
of the following (in each case, the “Appraiser”), which determination shall be conclusive and binding
on the Company and the Holder for purposes of this Warrant: (A) the mutual agreement of the Company and Holder, or (B) alternatively,
if in good faith the Company and the Holder are unable to reach such mutual agreement within five (5) business days, a nationally
recognized or major regional investment banking firm or firm of independent certified public accountants of recognized standing
selected by the Holder in its sole and absolute discretion and at the Company’s sole cost and expense.

(e)Stock
Certificates. Promptly upon receipt of a notice to exercise, the Company will take all necessary actions to authorize the issuance
of such Common Stock under this Warrant. In the event of any exercise of the rights represented by this Warrant, certificates for
the Shares so purchased shall be delivered to the Holder within three (3) business days, or four (4) Trading Days if the Company’s
Common Stock is publicly traded and the notice of exercise is received after 1:30 p.m. Pacific Time on a day in which the Company’s
Common Stock is publicly traded (each a “Trading Day”) and, unless this Warrant has been fully exercised
or has expired, a new Warrant representing the shares with respect to which this Warrant shall not have been exercised shall also
be issued to the Holder within such time.

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2.Stock Fully
Paid. All of the Shares issuable upon the exercise of the rights represented by this Warrant will, upon issuance and receipt
of the Exercise Price therefor, be duly authorized, validly issued, fully paid and nonassessable, and free from all taxes, liens
and charges with respect to the issue thereof (except the Holder’s income taxes, if any, that are due and payable with respect
to the Shares).

3.Adjustment
to the Number of Shares Issuable and/or the Exercise Price. The number of Shares issuable upon the exercise of this Warrant
and the Exercise Price are subject to adjustment from time to time as set forth in this Section 3. Upon each adjustment pursuant
to this Section 3, the Holder shall thereafter prior to the Expiration Date be entitled to purchase the adjusted number of Shares
of Common Stock at the Exercise Price as adjusted hereby. 

(a)If
the Company, at any time while this Warrant is outstanding, (i) shall pay a stock dividend payable in shares of its capital stock
(whether payable in shares of its Common Stock, preferred stock, or securities convertible into, or exchangeable or exercisable
for, Common Stock or of other capital stock of any class), (ii) shall subdivide outstanding shares of Common Stock into a larger
number of shares, or (iii) combine outstanding shares of Common Stock into a smaller number of shares, then (x) the number of shares
of Common Stock issuable upon exercise of this Warrant (or any shares of stock or other securities at the time issuable upon exercise
of this Warrant) shall be proportionally increased or decreased to reflect such event, and (y) the Exercise Price shall be adjusted
to an amount obtained by multiplying the Exercise Price in effect immediately prior to such event by a fraction equal to the number
of Shares for which this Warrant is exercisable immediately prior to such event divided by the number of Shares for which this
Warrant is exercisable immediately after such event. Any adjustment made pursuant to this Section 3(a) shall become effective immediately
after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become
effective immediately after the effective date of a subdivision, combination or reclassification.

(b)If
the Company, at any time while this Warrant is outstanding, shall distribute to all holders of Common Stock, or holders of any
securities convertible into, or exchangeable or exercisable for Common Stock (and not to the Holder), evidences of its indebtedness,
assets or any rights or warrants to subscribe for or purchase any security (excluding those referred to in this Section 3), the
number of shares of Common Stock issuable upon exercise of this Warrant (or any shares of stock or other securities at the time
issuable upon exercise of this Warrant) shall be proportionally increased to reflect such event as determined by the Appraiser.
The Company shall promptly provide a statement to the Holder of the portion of assets or evidences of indebtedness so
distributed or such subscription rights applicable to one share of Common Stock. Such adjustment shall be made whenever any such
distribution is made and shall become effective immediately after the record date mentioned above.

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(c)In
case of any reclassification of the Common Stock, any consolidation or merger of the Company with or into another person, the sale
or transfer of all or substantially all of the assets of the Company or any compulsory share exchange pursuant to which the Common
Stock is converted into other securities, cash or property, then, subject to the terms hereof, the Holder shall have the right
thereafter to exercise this Warrant into the shares of stock and other securities and property receivable upon or deemed to be
held by holders of Common Stock following such reclassification, consolidation, merger, sale, transfer or share exchange, and the
Holder shall be entitled upon such event to receive such amount of securities or property as the shares of the Common Stock into
which this Warrant could have been exercised immediately prior to such reclassification, consolidation, merger, sale, transfer
or share exchange would have been entitled. The terms of any such reclassification, consolidation, merger, sale, transfer or share
exchange shall include such terms so as to continue to give to the Holder the right to receive the securities or property set forth
in this Section 3(c) upon any exercise following such reclassification, consolidation, merger, sale, transfer or share exchange.
This provision shall similarly apply to successive reclassification, consolidations, mergers, sales, transfers or share exchanges.

(d)If
the Company, at any time while this Warrant is outstanding, shall issue additional shares of Common Stock for a consideration per
share less than the Exercise Price (a “Dilutive Issuance”), then, the Exercise Price shall be reduced, concurrently
with such issue, to a price (calculated to the nearest cent) determined by multiplying such Exercise Price by a fraction, the numerator
of which shall be the number of shares of Common Stock outstanding immediately prior to such issue plus the number of shares which
the aggregate consideration received by the Company for such issue would purchase at such Exercise Price, and the denominator of
which shall be the number of shares of Common Stock outstanding immediately prior to such issue plus the number of such additional
shares of Common Stock so issued. For the purposes of this Section 3(d), all shares of Common Stock issuable upon conversion of
any outstanding shares of preferred stock and the exercise and/or conversion of any other outstanding securities or rights exercisable
for or convertible into shares of Common Stock shall be deemed to be outstanding. For the purposes of this Section 3(d), the following
paragraphs shall also be applicable:

(i)If the Company, at
any time while this Warrant is outstanding, grants any rights to subscribe for, or any rights or options to purchase, or securities
convertible into, shares of Common Stock, whether or not such rights or options or rights to convert or exchange are immediately
exercisable, and the price per share associated with such rights or options or rights to convert or exchange is less than the Exercise
Price, then the total maximum number of shares issuable upon the exercise of such rights or options or upon conversion or exchange
of the total maximum amount of such convertible securities issuable upon the exercise of such rights or options shall (as of the
date of grant of such rights or options) be deemed to have been issued at such time in a Dilutive Issuance, and the Exercise Price
shall be adjusted accordingly pursuant to this Section 3(d).

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(ii)If the Company, at
any time while this Warrant is outstanding, issues or sells any convertible securities, whether or not the rights to exchange or
convert thereunder are immediately exercisable, and the price per share associated with such convertible securities is less than
the Exercise Price, then the total maximum number of shares issuable upon conversion or exchange of such convertible securities
shall (as of the date of the issue or sale of such convertible securities) be deemed to have been issued at such time in a Dilutive
Issuance, and the Exercise Price shall be adjusted accordingly pursuant to this Section 3(d); provided that if any such issuance
or sale of such convertible securities is made upon exercise of any rights to subscribe for or to purchase or any option to purchase
any such convertible securities for which adjustments of the Exercise Price have been or are to be made pursuant to Section 3(d)(i),
then no further adjustment shall be made pursuant to this Section 3(d)(ii) by reason of such issuance or sale.

(e)For
purposes of any computation respecting consideration received, the following shall apply:

(i)in
the case of the issuance of shares of Common Stock for cash, the consideration shall be the amount of such cash, provided that
in no case shall any deduction be made for any commissions, discounts or other expenses incurred by the Company for any underwriting
of the issue or otherwise in connection therewith; and

(ii)in
the case of the issuance of shares of Common Stock for a consideration in whole or in part other than cash, the consideration other
than cash shall be deemed to be the fair market value thereof as determined by the Appraiser, whose determination shall be conclusive.

(f)For
the purposes of this Section 3, the following clauses shall also be applicable:

(i)Record
Date. In case the Company shall promptly take a record of the holders of its Common Stock for the purposes of entitling them
(A) to receive a dividend or other distribution payable in Common Stock or in convertible securities, or (B) to subscribe for or
purchase Common Stock or securities convertible into, or exchangeable or exercisable for, Common Stock, then such record date shall
be deemed to be the date of the issue or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration
of such dividend or the making of such other distribution or the date of the granting of such right of subscription or purchase,
as the case may be.

(ii)Treasury
Shares. Except for the shares issuable pursuant to the stock purchase agreements entered into by the Company pursuant to the
Settlement Agreement, General Release and Covenant Not to Sue on or about April 2, 2009 (“Purchase Rights”),
the number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for the account
of the Company, and the disposition of any such shares shall be considered an issue or sale of Common Stock for purposes of this
Section 3.

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(iii)Exempt
Issuance. Notwithstanding anything to the contrary contained in this Section 3, no adjustments to the number of Shares issuable
upon exercise of this Warrant or the Exercise Price shall be made upon an Exempt Issuance. The term “Exempt Issuance”
means the issuance of (a) shares of Common Stock in an underwritten public offering with an aggregate gross offering price of at
least $50,000,000 and a minimum per share offering price of at least double the then-current Exercise Price, (b) shares of Common
Stock or options to employees, officers or directors of the Company primarily for compensatory purposes pursuant to any stock or
option plan or arrangement duly adopted by the Board of Directors of the Company, provided that any shares issued to any Affiliate,
existing shareholder, or other related party of the Company (the “Related Parties”) in connection with such
plans or arrangements are not materially greater than the shares otherwise issued to non-Related Parties for similar service under
such plans or arrangements, (c) shares of common stock or options to third-party consultants to the Company who are not Related
Parties pursuant to arrangements duly approved by the Board of Directors of the Company, (d) securities upon the exercise or conversion
of this Warrant, the other New Warrants (defined below), the Purchase Rights, or other securities or rights exercisable or exchangeable
for or convertible into shares of Common Stock issued and outstanding on April 13, 2010 (the “Initial Exercise Date”),
(e) securities issued as consideration for acquisitions or strategic transactions duly approved by the Board of Directors of the
Company in a business synergistic with the business of the Company, but shall not include a transaction in which the Company is
issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities
or (f) Common Stock and/or securities convertible into or exercisable for shares of Common Stock that may be issued to Kali P.
Chaudhuri, M.D. or his Affiliates in connection with one or more strategic transactions approved by the Board of Directors of the
Company as being fair and reasonable and providing consideration to the Company at least commensurate with the shares or securities
being issued, provided that the number of shares issued or shares into which such securities are convertible pursuant to all issuances
under this clause (f) shall not exceed 55,000,000 shares in aggregate (as appropriately adjusted for stock splits, combinations
and similar events).

(iv)For
purposes of this Warrant, the term “Affiliate” shall have the definition given that term in Rule 12b-2 promulgated
by the Securities and Exchange Commission under the Exchange Act.

(g)The
Company shall not, by amendment of its articles of incorporation or through a reorganization, transfer of assets, consolidation,
merger, dissolution, issue, or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance
of any of the terms to be observed or performed under this Warrant by the Company, but shall at all times in good faith assist
in carrying out all the provisions of this Section 3 and in taking all such action as may be necessary or appropriate to protect
Holder’s rights under this Section 3 against impairment.

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4.Notice of
Adjustments. Whenever the number of Shares purchasable hereunder or the Exercise Price thereof shall be adjusted pursuant to
Section 3 hereof, the Company shall promptly provide notice to the Holder setting forth, in reasonable detail, the event requiring
the adjustment, the amount of the adjustment, the method by which such adjustment was calculated, and the number and class of Shares
which may be purchased and the Exercise Price therefor after giving effect to such adjustment.

5.Fractional
Shares. This Warrant may not be exercised for fractional shares. In lieu of fractional shares the Company shall promptly make
a cash payment therefor based upon the per share fair market value of a Share then in effect.

6.Pre-emptive
Rights. The Company hereby grants to the Holder (so long as SPCP Group, LLC or an Affiliate thereof (which term shall include
any investment fund managed by SPCP Group, LLC or its Affiliates) is and remains the Holder hereof) pre-emptive rights with respect
to issuances, other than Exempt Issuances, after the Initial Exercise Date, by the Company of its equity securities or securities
or rights convertible into or exercisable for equity securities, where issuance of those securities or rights would result in dilution
of the Holder’s beneficial ownership (as calculated by the Holder for purposes of Section 13(d) of the Exchange Act of 1934,
as amended (the “Exchange Act”)) of the Common Stock on a fully-diluted and as converted basis, taking into
account all securities of the Company held by the Holder which entitle the Holder to acquire Common Stock at any time, including,
without limitation, this Warrant, immediately prior to the consummation of the proposed issuance (the “Pre-Transaction
Percentage”). Each time the Company proposes to issue or offer any shares of, or securities or rights convertible into
or exercisable for any shares of, any class of the Company’s equity securities (the “New Shares”) that
would reduce the Holder’s Pre-Transaction Percentage, other than in Exempt Issuances, the Company shall first make a written
offer to the Holder of its pro rata share of the New Shares based on the Holder’s Pre-Transaction Percentage (the “Offer
Notice”). The Offer Notice shall state (a) the Company’s bona fide intention to issue or offer the New Shares,
(b) the identity of the person(s) to whom the New shares are to be issued or offered, (c) the number of New Shares to be issued
or offered, and (d) the price and terms upon which it proposes to issue or offer the New Shares. The Holder may, by written notice
to the Company delivered within ten (10) days of its receipt of the Offer Notice, elect to purchase, at the price and on the terms
specified in the Offer Notice, up to its pro rata share of the New Shares. The closing of the sale to the Holder shall occur simultaneously
with the issuance or sale of the New Shares to the other person(s) identified in the Offer Notice, but no earlier than fifteen
(15) days following the Holder’s receipt of the Offer Notice (unless a shorter period is mutually agreed between the Company
and the Holders). The Holder’s pro rata share of the New Shares shall be priced equal to the lowest price paid by any of
the other person(s) identified in the Offer Notice, including any such person who may be receiving or purchasing New Shares by
virtue of similar pre-emptive or other purchase rights. If the Company does not consummate the issuance or sale of the New Shares
within sixty (60) days following the Holder’s receipt of the Offer Notice, then the New Shares shall not be offered, issued
or sold unless again offered to the Holder in accordance with this Section 6.

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7.Representations,
Warranties and Covenants of the Company.

(a)The
Company represents and warrants to the Holder that all corporate actions on the part of the Company, its officers, directors and
stockholders necessary for the sale and issuance of the Shares pursuant hereto and the performance of the Company’s obligations
hereunder were taken prior to and are effective as of the effective date of this Warrant, except that the Company may need to obtain
stockholder approval to increase its authorized capital to ensure there are sufficient shares of Common Stock available for issuance
of the Shares pursuant hereto. The Company covenants and agrees to promptly increase the Company’s authorized capital as
and to the extent necessary to ensure there are sufficient authorized shares of Common Stock reserved and available for issuance
under this Warrant, subject to the Holder’s cooperation in approving by vote or written consent from time to time resolutions
approving such increases in authorized capital. The Company will procure at its sole expense upon each such authorization and reservation
of shares the listing thereof (subject to issuance or notice of issuance) on all stock exchanges on which the Common Stock is then
listed or inter-dealer trading systems or markets on which the Common Stock is then traded. The Company will take all such actions
as may be necessary to assure that such shares of Common Stock may be so issued without violation of any applicable law or regulation,
or of any requirements of any national securities exchange upon which the Common Stock may be listed or inter-dealer trading system
on which the Common Stock is then traded, free of any pre-emptive rights except as referenced in Section 7(e) hereof. In furtherance,
and not in limitation, of the foregoing, prior to the date hereof, the Company prepared and filed with the Securities and Exchange
Commission definitive versions of a Schedule 14C Information Statement and such other filings and mailings to the Company’s
stockholders as necessary or appropriate to cause an increase in the Company’s authorized capital to a number that is sufficient
to accommodate exercise of this Warrant.

(b)The
Company has made available to the Holder true, correct and complete copies of its articles of incorporation and bylaws, as amended.
This Warrant is not inconsistent with the Company’s articles of incorporation or bylaws, and does not contravene any law
or governmental rule, regulation or order applicable to it, does not and will not contravene any provision of, or constitute a
default under, any indenture, mortgage, contract, agreement or other instrument to which it is a party or by which it is bound,
and constitutes the legal, valid and binding agreements of the Company, enforceable in accordance with its terms.

(c)No
consent or approval of, giving of notice to, registration with, or taking of any other action in respect of any state, federal
or other governmental authority or agency is required with respect to the execution, delivery and performance by the Company of
its obligations under this Warrant, except for the filing of notices pursuant to Regulation D under the Securities Act and any
filing required by applicable state securities law, which filings will be effective by the time required thereby.

(d)All
issued and outstanding shares of Common Stock or any other securities of the Company have been duly authorized and validly issued
and are fully paid and nonassessable. All outstanding shares of Common Stock and any other securities were issued in full compliance
with all federal and state securities laws. Except as provided (i) in favor of Kali P. Chaudhuri, M.D. and William E. Thomas in
that certain Securities Purchase Agreement dated effective as of July 18, 2008, as amended, among the Company, Kali P. Chaudhuri,
M.D. and William E. Thomas (“2008 SPA”) and (ii) in the New Warrants (as defined below), no stockholder
of the Company has preemptive rights to purchase new issuances of the Company’s capital stock.

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(e)Except
as provided in the 2008 SPA and in warrants (including this Warrant) to purchase up to four hundred five million (405,000,000)
shares of Common Stock, which warrants (the “New Warrants”) were issued by the Company on the Initial Exercise
Date, the Company is not, pursuant to the terms of any agreement currently in existence, under any obligation to register under
the Securities Act any of its presently outstanding securities or any of its securities which may hereafter be issued.

(f)Assuming
that the Holder is an accredited investor (as defined in Rule 501(a) of Regulation D promulgated under the Securities Act (as defined
in Section 8 hereof)), the issuance of the Shares upon exercise of this Warrant will constitute a transaction exempt from (i) the
registration requirements of Section 5 of the Securities Act, in reliance upon Section 4(2) thereof, and (ii) the qualification
requirements of the applicable state securities laws.

(g)At
the written request of the Holder, in the event the Holder proposes to sell Shares issuable upon the exercise of this Warrant in
compliance with Rule 144 promulgated under the Securities Act by the Securities and Exchange Commission, the Company shall furnish
to the Holder, within three (3) Trading Days after receipt of such request, a written statement confirming the Company’s
compliance with the filing requirements of the Securities and Exchange Commission as set forth in such Rule, as such Rule may be
amended from time to time.

8.Restrictive
Legend. The Shares (unless registered under the Securities Act) shall be stamped or imprinted with a legend in substantially
the following form:

THESE SHARES HAVE NOT BEEN REGISTERED
WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION
UNDER REGULATION D PROMULGATED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND,
ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT
TO AN AVAILABLE EXEMPTION OR EXCLUSION FROM THE REGISTRATION REQUIREMENTS THEREUNDER AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES
LAWS.

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9.Transfer
of Warrant.

(a)This
Warrant may be sold, transferred, assigned or hypothecated, in whole or in part, by the Holder without the consent of the Company;
provided, in each case that any transferee or assignee agrees to be bound by the terms of this Warrant, and such transfer
or assignment is in compliance with the Securities Act and the securities law of any applicable jurisdiction.
The Warrant may be divided or combined, upon request to the Company by the Holder, into one or more new warrants representing the
same aggregate number of Shares. For purposes of this Warrant, “person” means an individual or a corporation,
association, partnership, limited liability company, joint venture, organization, business, trust or any other entity or organization,
including a government or any subdivision or agency thereof. The terms and conditions of this Warrant shall inure to the benefit
of and be binding upon the respective permitted successors and assigns of the parties.

(b)No
opinion of counsel or “no-action” letter shall be necessary for any transfer or assignment by any Holder.

9.Rights of
Stockholders. No holder of this Warrant shall be entitled, as a Warrant holder, to vote or receive dividends or be deemed the
holder of the Shares or any other securities of the Company which may at any time be issuable on the exercise hereof for any purpose,
nor shall anything contained herein be construed to confer upon the holder of this Warrant, as such, any of the rights of a stockholder
of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof,
or to give or withhold consent to any corporate action (whether upon any recapitalization, issuance of stock, reclassification
of stock, change of par value, consolidation, merger, conveyance, or otherwise) or to receive notice of meetings, or to receive
dividends or subscription rights or otherwise until the Warrant shall have been exercised and the Shares purchasable upon the exercise
hereof shall have become deliverable, as provided herein.

10.Information
Rights. The Company shall deliver to the Holder the following (which may be satisfied by the Company’s delivery of the
Company’s public filings, if applicable, to Holder):

(a)as soon as practicable,
but in any event within ninety (90) days after the end of each fiscal year of the Company, a balance sheet and income statement
as of the last day of such year and a statement of cash flows for such year, such year end financial reports to be in reasonable
detail, prepared in accordance with generally accepted accounting principles, and audited and certified by independent public accountants
of nationally recognized standing selected by the Company;

(b)as soon as practicable,
but in any event within forty five (45) days after the end of each of the first three (3) quarters of each fiscal year of the Company,
an unaudited income statement, schedule as to the sources and application of funds for such fiscal quarter, an unaudited balance
sheet and a statement of stockholder’s equity as of the end of such fiscal quarter; and

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(c)as soon as practicable,
but in any event with forty-five (45) days after the end of each of the first three (3) quarters of each fiscal year of the Company,
a statement showing the number of shares of each class and series of capital stock and securities convertible into or exercisable
for shares of capital stock outstanding at the end of the period, the number of common shares issuable upon conversion or exercise
of any outstanding securities convertible or exercisable for common shares and the exchange ratio or exercise price applicable
thereto and number of shares of issued stock options and stock options not yet issued but reserved for issuance, if any, all in
sufficient detail as to permit the Holder to calculate its percentage equity ownership in the Company and certified by the Chief
Financial Officer or Chief Executive Officer of the Company as being true, complete and correct.

11.Reports
Under Exchange Act. With a view to making available to the Holders the benefits of Rule 144 promulgated by the Securities and
Exchange Commission (the “SEC”) under the Securities Act (“SEC Rule 144”) and
any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to
the public without registration or pursuant to a registration on Form S-3, the Company agrees to:

(a)make and keep public
information available, as those terms are understood and defined in SEC Rule 144, at all times after the effective date of the
first registration statement filed by the Company for the offering of its securities to the general public so long as the Company
is subject to the periodic reporting requirements under Sections 13 or 15(d) of the Exchange Act;

(b)file with the SEC in
a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act; and

(c)furnish to any Holder,
so long as the Holder holds this Warrant or owns any Shares, forthwith upon request (i) a written statement by the Company that
it has complied with the reporting requirements of SEC Rule 144, the Securities Act and the Exchange Act (at any time after it
has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant
to Form S-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly report of the Company and such
other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested in availing
any Holder of any rule or regulation of the SEC which permits the selling of any such securities without registration or pursuant
to such form.

12.Expiration
of Warrant. This Warrant shall expire and shall no longer be exercisable after 5:00 p.m., Pacific Time, on the Expiration Date.

13.Notices.
All notices and other communications required or permitted hereunder shall be in writing, shall be effective when given, and shall
in any event be deemed to be given upon receipt or, if earlier, (a) five (5) days after deposit with the U.S. Postal Service or
other applicable postal service, if delivered by first class mail, postage prepaid, (b) upon delivery, if delivered by hand, (c)
one business day after the business day of deposit with Federal Express or similar overnight courier, freight prepaid or (d) one
business day after the business day of facsimile transmission, if delivered by facsimile transmission with copy by first class
mail, postage prepaid, and shall be addressed (i) if to the Holder, at the Holder’s address as set forth on the register
maintained by the Company, and (ii) if to the Company, at the address of its principal corporate offices (Attention: President),
which on the date hereof is 1301 N. Tustin Avenue, Santa Ana, California 92705, or at such other address as a party may designate
by ten (10) days advance written notice to the other party pursuant to the provisions above.

    	-11-

    	 

    

14.Warrant
Agent.

(a)The
Company shall serve as the initial warrant agent under this Warrant. The Company and the Holder may appoint a new warrant agent
as mutually agreed upon by the Company and the Holder.

(b)Any
corporation into which the Company or any new warrant agent may be merged or any corporation resulting from any consolidation to
which the Company or any new warrant agent shall be a party or any corporation to which the Company or any new warrant agent transfers
substantially all of its corporate trust or stockholders services business shall be a successor warrant agent under this Warrant
without any further act. Any such successor warrant agent shall promptly cause notice of its succession as warrant agent to be
mailed (by first class mail, postage prepaid) to the Holder at the Holder’s last address as shown on the register maintained
by the warrant agent pursuant to this Warrant.

15.Payment
of Taxes. The Company will pay all documentary stamp taxes attributable to the issuance of Shares upon the exercise of the
Warrants represented by this Warrant. The Holder shall be responsible for all other tax liability that may arise as a result of
holding or transferring the Warrants represented by this Warrant or receiving the Shares under this Warrant.

16.Replacement
of Warrant. If the certificate evidencing this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue in
exchange and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant certificate, a new
warrant certificate of like tenor, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft
or destruction and bond or other indemnity, if requested, reasonably satisfactory to it. A Holder of a replacement warrant certificate
also shall comply with such other reasonable regulations and pay such other reasonable charges attributable to the replacement
of a warrant certificate.

17.Governing
Law. This Warrant and all actions arising out of or in connection with this Warrant shall be governed by and construed in accordance
with the laws of the State of Nevada.

18.Amendments.
This Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the
party against which enforcement of such change, waiver, discharge or termination is sought.

    	-12-

    	 

    

19.Registration
Rights.

(a)The
Company shall file a registration statement under the Securities Act covering the resale of all Shares of the Holder as soon as
practicable following the Holder’s written request to do so, and use its reasonable best efforts to have the registration
statement declared effective by the SEC for distribution thereof by means of an underwriting. The underwriter will be selected
by the Company and shall be reasonably acceptable to the Holder. The Holder shall (together with the Company as provided herein
below) enter into an underwriting agreement in a customary form with the underwriter or underwriters selected for such underwriting.
Notwithstanding any other provision of this Section 19(a), if the underwriter advises the Holder in writing that marketing factors
require a limitation of the number of Shares to be underwritten, the number of Shares held by the Holder to be included in such
underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting. The Company shall
bear and pay all expenses incurred in connection with any registration, filing or qualification of the Shares with respect to the
registrations pursuant to this Section for each Holder, including (without limitation) all registration, filing, and qualification
fees, printers and accounting fees relating or apportionable thereto and the fees and disbursements of one counsel for the selling
Holders as selected by them.

(b)(i)The
Company covenants and agrees with the Holder (and any subsequent Holders of this Warrant and/or Shares) that, in the event the
Company proposes to file a registration statement under the Securities Act (including, without limitation, relating to an initial
public offering of Company Common Stock or shall receive a request for registration on Form S-3 from any stockholder) with respect
to any class of security which becomes or which the Company believes will become effective on or after the Initial Exercise Date
and on or before the Expiration Date, then the Company shall in each case give prompt written notice of such proposed filing to
the Holder (and any subsequent Holders of this Warrant and/or Shares) at least sixty (60) days before the proposed filing date
and, by such notice, shall offer to such Holders the opportunity to include in such registration statement such number of Shares
as they may request in writing.

(ii)The
Company shall permit, or shall cause the managing underwriter of a proposed offering to permit, the Holders from whom such written
requests have been received to include such number of Shares (the “Piggy-back Shares”) in the proposed
offering on terms and conditions no less favorable to the Holders as the terms and conditions applicable to securities of the Company
included therein or as applicable to securities of any person other than the Company and the Holders of Piggy-back Shares if the
securities of any such person are included therein; provided, however, that the Company shall not be required to
honor any such request that is received more than sixty (60) days after the proper giving of the Company’s notice or after
the Expiration Date. Notwithstanding any other provision of this Section 19(b)(ii), if the underwriter advises the Holder in writing
that marketing factors require a limitation of the number of shares to be underwritten, the number of Shares held by the Holder
to be included in such underwriting shall not be reduced unless all other securities, other than securities to be registered pursuant
to the registration rights granted in the 2008 SPA (the “Other Shares”) and securities to be offered
for the account of the Holders of the New Warrants and the Company, are first entirely excluded from the underwriting, and unless
the number of Other Shares, on the one hand, and Piggy-back Shares on the other hand, are cut back on a pro rata basis based on
the number of Piggy-back Shares and Other Shares requested to be included in such offering. The Company shall bear and pay all
expenses incurred in connection with any registration, filing or qualification of the Shares with respect to the registrations
pursuant to this Section for each Holder, including (without limitation) all registration, filing, and qualification fees, printers
and accounting fees relating or apportionable thereto and the fees and disbursements of one counsel for the selling Holders selected
by them.

    	-13-

    	 

    

(iii)The
Company shall be obligated pursuant to this Section 19(b)(iii) to include in the piggy-back offering Shares that have not yet been
purchased by a Holder so long as such Holder submits an undertaking to the Company that such Holder intends to exercise the Warrant
for at least the number of Shares to be included in such piggy-back offering prior to the consummation of such piggy-back offering.
The Company shall use its reasonable best efforts to register or qualify the Shares for offer or sale under the state securities
or Blue Sky laws of such states which the Holders of such Shares shall designate.

(iv)If
the Company decides not to proceed with the piggy-back offering, the Company will have no obligation to proceed with the offering
of the Piggy-back Shares.

(c)(i)To
the fullest extent permitted by law, the Company will indemnify and hold harmless each Holder, the partners, members, officers,
directors and stockholders of each Holder, legal counsel and accountants for each Holder, any underwriter (as defined in the Securities
Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Securities Act
or the Exchange Act, against any Violation (as defined herein below) and the Company will pay to each such Holder, underwriter,
controlling person or other aforementioned person, any legal or other expenses reasonably incurred by them in connection with investigating
or defending any such loss, claim, damage, liability, or action as such expenses are incurred; provided, however,
that the indemnity agreement contained in this Section 19(c)(i) shall not apply to amounts paid in settlement of any such loss,
claim, damage, liability, or action if such settlement is effected without the consent of the Company (which consent shall not
be unreasonably withheld, delayed or conditioned), nor shall the Company be liable in any such case for any such loss, claim, damage,
liability, or action to the extent that it arises out of or is based upon a Violation which occurs in reliance upon and in conformity
with written information furnished expressly for use in connection with such registration by any such Holder, underwriter, controlling
person or other aforementioned person. The term “Violation” means losses, claims, damages, or liabilities
(joint or several) to which a party hereto may become subject under the Securities Act, the Exchange Act or other federal or state
law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any
of the following statements, omissions or violations: (i) any untrue statement or alleged untrue statement of a material fact contained
in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or
supplements thereto, (ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary
to make the statements therein not misleading, or (iii) any violation or alleged violation by any other party hereto, of the Securities
Act, the Exchange Act, any state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act
or any state securities law.

    	-14-

    	 

    

(ii)Each
Holder of Shares who participates in a registration pursuant to Section 19 shall indemnify and hold harmless the Company, each
of its directors, each of its officers who have signed any such registration statement, and each person, if any, who controls the
Company within the meaning of the Securities Act, against any losses, claims, damages or liabilities to which the Company, or any
such director, officer or controlling person may become subject under the Securities Act, the Exchange Act or other federal or
state law, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of, or are based upon,
any untrue or alleged untrue statement of any material fact contained in any such registration statement, or final prospectus,
or any amendment or supplement thereto, or arise out of or are based upon the omission or the alleged omission to state therein
a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent,
but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in any
such registration statement, or final prospectus, or any amendment or supplement thereto, in reliance upon and in conformity with
written information furnished by such Holder expressly for use in the preparation thereof; and will reimburse any legal or other
expenses reasonably incurred by the Company, or any such director, officer or controlling person in connection with investigating
or defending against any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement
contained in this subparagraph (ii) shall not apply to amounts paid to any claimant in settlement of any suit or claim unless such
payment is first approved by such Holder; and, provided further, that the aggregate amount payable by a Holder pursuant
to this Section 19(c)(ii) shall not exceed the net proceeds received by such Holder in the registered offering out of which its
obligations pursuant to this Section 19(c)(ii) arise.

[signature page follows]

 

 

 

 

 

 

    	-15-

    	 

    
 

Issued this 7th day of February, 2013.

Integrated
Healthcare Holdings, Inc.,

a
Nevada corporation

 

 

By:/s/ Kenneth K. Westbrook                                     

Kenneth K.
Westbrook, Chief Executive Officer

 

 

Attachments

 

Exhibit A - Notice of Exercise

Exhibit B - Form of Transfer

 

 

    	-16-

    	 

    
 

 

EXHIBIT A

NOTICE OF EXERCISE

TO:Integrated
Healthcare Holdings, Inc.

Attention: President

1.The undersigned
hereby elects to purchase __________ shares of the Common Stock of Integrated Healthcare Holdings, Inc. (the “Company”)
pursuant to the terms of the attached Warrant.

2.Method of Exercise
(Please initial the applicable blank(s)):

		___	The undersigned elects to exercise the attached Warrant by means of a cash payment, and tenders
herewith payment in full of $____________ for the purchase price of _____________ Shares being purchased for cash, together with
all applicable transfer taxes, if any.

		___	The undersigned elects to exercise the attached Warrant by means of the net exercise provisions
of Section 1(c) of this Warrant, and accordingly requests delivery of a net of ______ of such Shares and a corresponding reduction
in the total number of Shares available for further exercise from __________ Shares to _____________ Shares.

3.Please issue
a certificate or certificates representing said Shares in the name of the undersigned or in such other name as is specified below:

 

 

 

(Name)

 

 

 

 

 

 

(Address)

4.The undersigned
hereby represents and warrants that the aforesaid shares of Shares are being acquired for the account of the undersigned for investment
and not with a view to, or for resale, in connection with the distribution thereof.

_____________________________________

                         (Signature)

 

Title: ________________________________

 

________________________________

(Date)

 

    	-17-

    	 

    
 

EXHIBIT B

 

FORM OF TRANSFER

(To be signed only upon transfer of Warrant)

FOR VALUE RECEIVED,
the undersigned hereby sells, assigns and transfers unto _____________________________________________ the right represented
by the attached Warrant to purchase ____________ shares of the Common Stock of Integrated
Healthcare Holdings, Inc. (the “Company”), to which the attached Warrant relates, and appoints
______________ as their true and lawful attorney in fact to transfer such right on the books of the Company, with full power of
substitution in the premises.

Dated: ____________________

(Signature must conform in all
respects to name of Holder as specified on the face of the Warrant)

_______________________________________

_______________________________________

(Address)

Signed in the presence of:

 _______________________________________

 

 

    	-18-Exhibit 10.15

 

NEITHER THIS AMENDMENT
TO WARRANT NOR THE SECURITIES INTO WHICH THE WARRANT IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER REGULATION D PROMULGATED UNDER
THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR
SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION OR EXCLUSION
FROM THE REGISTRATION REQUIREMENTS THEREUNDER AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS.

AMENDMENT NO. 1 TO INTEGRATED
HEALTHCARE HOLDINGS, INC.

COMMON STOCK WARRANT
(KPC RESOLUTION COMPANY, LLC)

 

This AMENDMENT NO. 1 TO
INTEGRATED HEALTHCARE HOLDINGS, INC. COMMON STOCK WARRANT (this “Amendment”) is made as of February 7, 2013,
by and among KPC RESOLUTION COMPANY, LLC, a California limited liability company, or its successors or assigns (the “Holder”
or “Holders,” as applicable), and Integrated Healthcare Holdings, Inc., a Nevada corporation (the “Company”).

 

Holder is entitled to subscribe
for and purchase certain fully paid and nonassessable shares (the “Shares”) of the Common Stock (the “Common
Stock”) of the Company pursuant to the terms of the Warrant to Purchase Shares of Common Stock, exercisable from and
after April 13, 2010 (as amended, supplemented or otherwise modified and in effect from time to time, the “Warrant”).
Except as otherwise defined in this Amendment, terms defined in the Warrant are used herein as defined therein.

 

The Company and the Holder
desire to amend the Warrant in certain respects.

 

In consideration of the foregoing
and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the
Holder hereby agree as follows:

 

Section 1. Definitions.
Except as otherwise defined in this Amendment, terms defined in the Warrant are used herein as defined therein.

 

Section 2. Amendments.
Subject to the satisfaction of the conditions precedent specified in Section 4 below, but effective as of the date of this Amendment,
the Warrant shall be amended as follows:

 

2.1. References Generally.
References in the Warrant (including references to the Warrant as amended hereby) to “this Agreement” (and indirect
references such as “hereunder”, “hereby”, “herein” and “hereof”) shall be deemed
to be references to the Warrant as amended hereby.

 

2.2. Exercise. The
first sentence of Section 1(a) of the Warrant Agreement is hereby amended by deleting “April 13, 2013” and replacing
it with “April 13, 2016”.

 

    	Amendment No. 1 to Warrant (KPC Resolution Company, LLC)

    	 

    
 

 

2.3. Net Issue Exercise.
Section 1(c) of the Warrant Agreement is hereby amended by deleting the reference to “Section 3(d)” and replacing it
with “Section 1(d)”.

 

Section 3. Representations
and Warranties. The Company represents and warrants to the Holder that the representations and warranties set forth in Section
7 of the Warrant are true and complete on the date of this Amendment as if made on and as of the date of this Amendment (or, if
any such representation or warranty is expressly stated to have been made as of a specific date, such representation or warranty
shall be true and correct as of such specific date) and as if each reference in said Section 7 to “this Agreement”
included reference to this Amendment.

 

Section 4. Conditions
Precedent. This Amendment shall become effective as of the date of this Amendment upon the receipt by Holder of counterparts
of this Amendment executed by the Company.

 

Section 5. Effect of this
Amendment. Except as expressly provided in this Amendment, the Warrant and each other Loan Document shall remain unchanged
and in full force and effect.

 

Section 6. Miscellaneous.
This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same agreement,
and any of the parties hereto may execute this Amendment by signing any such counterpart. Delivery of a counterpart by electronic
transmission shall be effective as delivery of a manually executed counterpart hereof. This Amendment shall be governed by, and
construed in accordance with, the law of the State of Nevada.

 

[Remainder of page intentionally
blank]

 

    	Amendment No. 1 to Warrant (KPC Resolution Company, LLC)

    	 

    
 

 

IN WITNESS WHEREOF, the
parties hereto have caused this Amendment No. 1 to Warrant (KPC Resolution Company, LLC) to be duly executed by their respective
authorized representatives as of the day and year first above written.

 

 

	 	 	 
	 	INTEGRATED HEALTHCARE HOLDINGS, INC.
	 	 	 
	 	By:	/s/ Kenneth K. Westbrook
	 	Name:	Kenneth K. Westbrook
	 	Title:	CEO
	 	 	 

 

 

    	Signature Page to Amendment No. 1 to Warrant (KPC Resolution Company, LLC)

    	 

    
 

 

	 	 	 
	 	KPC RESOLUTION COMPANY, LLC
	 	 	 
	 	By:	/s/ Kali P. Chaudhuri
	 	Name:	Kali P. Chaudhuri
	 	Title:	 

 

 

    	Signature Page to Amendment No. 1 to Warrant (KPC Resolution Company, LLC)

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