UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
--------------------------
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): November 16, 2006
--------------------------
INTEGRATED HEALTHCARE HOLDINGS, INC.
(Exact Name of Registrant as Specified in its Charter)
--------------------------
NEVADA 0-23511 87-0412182
(State or Other Jurisdiction of (Commission File Number) (I.R.S. Employer
Incorporation or Organization) Identification No.)
1301 NORTH TUSTIN AVENUE
SANTA ANA, CALIFORNIA 92705
(Address of Principal Executive Offices) (Zip Code)
(714) 953-3503
(Registrant's telephone number,
including area code)
(Former Name or Former Address, if Changed Since Last Report)
--------------------------
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
|_| Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.02 TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN
OFFICERS.
On November 16, 2006, Integrated Healthcare Holdings, Inc. (the "Company")
terminated the employment of Dr. Anil Shah without cause under that certain
Employment Agreement, dated March 7, 2005, between the Company and Dr. Shah (the
"Agreement"). Dr. Shah remains a director of the Company.
The Agreement, as amended effective August 5, 2006, provides for the
performance by Dr. Shah of executive services for the Company for a period of
three years under the following terms:
o Base salary of $500,000 per year;
o Bonus as determined by the Board of Directors;
o Standard medical and dental insurance;
o Up to four weeks vacation annually; and
o Monthly auto allowance of $1,000 and use of cellular telephone.
The Agreement provides that if the Company terminates Dr. Shah without
cause, he is entitled to receive all salary and benefits for a period of twelve
(12) months, but will not accrue additional paid time off, vacation or other
sick pay benefits, provided that he signs the form of severance agreement
attached as an exhibit to the Agreement within thirty (30) days of his
separation date.
1
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: November 22, 2006
INTEGRATED HEALTHCARE HOLDINGS, INC.
By: /s/ Bruce Mogel
---------------
Bruce Mogel
Chief Executive Officer
2