<SEC-DOCUMENT>0001144204-16-136945.txt : 20161129
<SEC-HEADER>0001144204-16-136945.hdr.sgml : 20161129
<ACCEPTANCE-DATETIME>20161129160049
ACCESSION NUMBER:		0001144204-16-136945
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20161122
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Termination of a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20161129
DATE AS OF CHANGE:		20161129

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Apollo Medical Holdings, Inc.
		CENTRAL INDEX KEY:			0001083446
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MANAGEMENT CONSULTING SERVICES [8742]
		IRS NUMBER:				870042699
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37392
		FILM NUMBER:		162022772

	BUSINESS ADDRESS:	
		STREET 1:		450 NORTH BRAND BLVD.,
		STREET 2:		SUITE 600
		CITY:			GLENDALE
		STATE:			CA
		ZIP:			91203
		BUSINESS PHONE:		818-396-8050

	MAIL ADDRESS:	
		STREET 1:		700 NORTH BRAND BLVD.,
		STREET 2:		SUITE 1400
		CITY:			GLENDALE
		STATE:			CA
		ZIP:			91203

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SICLONE INDUSTRIES INC
		DATE OF NAME CHANGE:	19990413
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v454046_8k.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CURRENT REPORT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>PURSUANT TO SECTION 13 OR 15(d) OF </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>THE SECURITIES EXCHANGE ACT OF 1934 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Date of Report (Date of earliest event reported):
November 22, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>APOLLO MEDICAL HOLDINGS, INC. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-size: 10pt">001-37392</FONT></TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-size: 10pt">46-3837784</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or Other Jurisdiction</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Commission File</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">of Incorporation)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Number)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Identification Number)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">700 N. Brand Blvd., Suite 1400, Glendale,
CA 91203</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address of principal executive offices)
(zip code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(818) 396-8050</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Registrant's telephone number, including
area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">N/A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Former name or former address, if changed
since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 (see General Instruction
A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1.01 &#9;Entry into a Material Definitive Agreement.</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On November 22, 2016, Apollo Medical Management,
Inc. (&ldquo;AMM&rdquo;), a wholly-owned subsidiary of Apollo Medical Holdings, Inc. (the &ldquo;Company&rdquo;), entered into
an Intercompany Revolving Loan Agreement (the &ldquo;Loan Agreement&rdquo;) with Maverick Medical Group, Inc. (&ldquo;MMG&rdquo;),
another affiliate of the Company, pursuant to which AMM has agreed to lend MMG up to $2,000,000 (the &ldquo;Commitment Amount&rdquo;)
in one or more advances (collectively, &ldquo;Advances&rdquo;) that MMG may request from time to time during the term of the Loan
Agreement. Interest on outstanding Advance shall accrue interest at a rate equal to the greater of 10% per annum or the LIBOR rate
then in effect, and is payable monthly on the first business day of each month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In an Event of Default (as defined in the
Loan Agreement), interest on Advances shall accrue interest at a default rate equal to 3% per annum above the interest rate then
in effect. Additionally, in an Event of Default, MMG may, among other things, accelerate all payments due under the Loan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Loan Agreement also contains other provisions
typical of an agreement of this nature, including without limitation, representation and warranties, a right of set-off and governing
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Loan Agreement replaces substantially
similar loan agreements between the parties (other than with respect to the Commitment Amount), including without limitation that
certain Intercompany Revolving Loan Agreement dated as of February 1, 2013, that certain <FONT STYLE="background-color: white">Amendment
No. l to Intercompany Revolving Loan Agreement dated as of March 28, 2014, that certain Intercompany Revolving Loan Agreement dated
as of June 27, 2014, and that certain Amendment No. 2 to Intercompany Revolving Loan Agreement dated as of March 30, 2016, all
of which were terminated. </FONT>See Item 1.02, &ldquo;Termination of a Material Definitive Agreement&rdquo;.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Loan Agreement was entered into in response
to a request of the California Department of Managed Health Care (&ldquo;DMHC&rdquo;), in order to comply with DMHC requirements
in connection with its review of a pending Corrective Action Plan (&ldquo;CAP&rdquo;) for MMG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Also on November 22, 2016, and also at the
request of the DMHC in connection with its review of the pending CAP for MMG, AMM and MMG entered into a Subordination Agreement
(the &ldquo;Subordination Agreement&rdquo;), pursuant to which AMM has agreed to irrevocably and fully subordinate its right to
repayment of Advances, together with interest thereon, under the Loan Agreement, to all other present and future creditors of MMG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">AMM also agreed that the payment by MMG
of principal and interest of Advances under the Loan Agreement will be suspended and will not mature when, excluding the liability
of MMG to pay AMM principal and interest under the Loan Agreement, if after giving effect to the payment, MMG would not be in compliance
with the financial solvency requirements, as defined in and calculated under the Knox-Keene Health Care Service Plan Act of 1975,
as amended, and the rules promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">AMM further agreed that, in the event of
the liquidation or dissolution of MMG, the payment by MMG of principal and interest to AMM under the Loan Agreement shall be fully
subordinated and subject to the prior payment or provision for payment in full of all claims of all other present and future creditors
of MMG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the written consent of the director
of the DMHC, all previous subordination agreements between AMM and MMG, including without limitation that certain Subordination
Agreement dated June 27, 2014 between AMM and MMG and that certain Amended and Restated Subordination Agreement between AMM and
MMG dated as of March, 30, 2016, shall be terminated. Once consented to by the director of the DMHC and executed by the parties,
the Subordination Agreement may not be cancelled, terminated, rescinded or amended by mutual consent or otherwise, without the
prior written consent of the director of the DMHC. See Item 1.02, &ldquo;Termination of a Material Definitive Agreement&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Subordination Agreement also contains
other provisions typical of an agreement of this nature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1.02 Termination of a Material Definitive Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As reported under Item 1.01 above, on November
22, 2016, at the request of the DMHC in connection with its review of the pending CAP for MMG, AMM and MMG terminated that certain
Intercompany Revolving Loan Agreement dated as of February 1, 2013, that certain <FONT STYLE="background-color: white">Amendment
No. l to Intercompany Revolving Loan Agreement dated as of March 28, 2014, that certain Intercompany Revolving Loan Agreement dated
as of June 27, 2014, and that certain Amendment No. 2 to Intercompany Revolving Loan Agreement dated as of March 30, 2016. </FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9;Upon the written consent of the director of the DMHC, all
previous subordination agreements between AMM and MMG, including without limitation that certain Subordination Agreement dated
June 27, 2014 between AMM and MMG and that certain Amended and Restated Subordination Agreement between AMM and MMG dated as of
March, 30, 2016, shall be terminated. Such consent is pending. &#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-size: 10pt; width: 11%"><B>Item&nbsp;9.01.</B></TD>
    <TD STYLE="padding: 1.5pt; font-size: 10pt; width: 89%"><B>Financial Statements and Exhibits.</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(d) &nbsp;&nbsp;&nbsp;&nbsp;Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-size: 10pt; text-decoration: underline; width: 15%"><U>Exhibit No.</U></TD>
    <TD STYLE="padding: 1.5pt; font-size: 10pt; text-decoration: underline; width: 85%"><U>Description</U></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15%; text-align: left">10.1</TD>
    <TD STYLE="text-align: justify; width: 85%">Intercompany Revolving Loan Agreement dated as of November
22, 2016 by and &#9;between Apollo Medical Management, Inc. and Maverick Medical Group, Inc.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; font-size: 10pt"><FONT STYLE="font-size: 10pt">10.2</FONT></TD>
    <TD STYLE="width: 85%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Subordination Agreement dated as of November 22, 2016 by and between Apollo Medical Management, Inc. and Maverick Medical Group, Inc.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><B>APOLLO MEDICAL HOLDINGS, INC.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%; font-size: 10pt">Dated: November 29, 2016</TD>
    <TD NOWRAP STYLE="width: 1%; font-size: 10pt">By:&nbsp;</TD>
    <TD STYLE="width: 46%; border-bottom: black 1pt solid; font-size: 10pt"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Warren Hosseinion</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">Name: Warren Hosseinion</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp; Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>



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<FILENAME>v454046_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INTERCOMPANY REVOLVING LOAN AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">This INTERCOMPANY REVOLVING LOAN AGREEMENT
(&quot;Loan Agreement&quot;), dated as of November 22, 2016, is entered into by and between:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">(1) Apollo Medical Management, Inc. (&quot;Lender&quot;);
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">(2) Maverick Medical Group, Inc. (&quot;Borrower&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In consideration of the covenants, conditions and agreements
set forth herein, the parties agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE 1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">DEFINITIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">1.1 &quot;Advance&quot; shall have the
meaning given in Section 2.1 of the Loan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">1.2 &quot;Business Day&quot; shall mean
any day on which commercial banks are not authorized or required to close in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">1.3 &quot;Commitment&quot; shall mean an
amount equal to Two Million Dollars ($2,000,000.00).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">1.4 &quot;Default&quot; shall mean any
event or circumstance not yet constituting an Event of Default but which, with the giving of any notice or the lapse of any period
of time or both, would become an Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">1.5 &quot;Event of Default&quot; shall
have the meaning given to that term in Section 5.01.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">1.6 &quot;GAAP&quot; shall mean generally
accepted accounting principles and practices as promulgated by the Financial Accounting Standards Board and as in effect in the
United States from time to time, consistently applied. Unless otherwise indicated in this Loan Agreement, all accounting terms
used in this Loan Agreement shall be construed, and all accounting and financial computations hereunder or thereunder shall be
computed, in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">1.7 &quot;Governmental Authority&quot;
shall mean any domestic or foreign national, state or local government, any political subdivision thereof, any department, agency,
authority or bureau of any of the foregoing, or any other entity exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">1.8 &quot;Indebtedness&quot; of any Person
shall mean and include the aggregate amount of, without duplication (a) all obligations of such Person for borrowed money, (b)
all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (c) all obligations of such
Person to pay the deferred purchase price of property or services (other than accounts payable incurred in the ordinary course
of business determined in accordance with generally accepted accounting principles), (d) all obligations under capital leases of
such Person, (e) all obligations or liabilities of others secured by a lien on any asset of such Person, whether or not such obligation
or liability is assumed, (f) all guaranties of such Person of the obligations of another Person; (g) all obligations created or
arising under any conditional sale or other title retention agreement with respect to property acquired by such Person (even if
the rights and remedies of the seller or lender under such agreement upon an event of default are limited to repossession or sale
of such property), (h) net exposure under any interest rate swap, currency swap, forward, cap, floor or other similar contract
that is not entered to in connection with a bona fide hedging operation that provides offsetting benefits to such Person, which
agreements shall be marked to market on a current basis, (i) all reimbursement and other payment obligations, contingent or otherwise,
in respect of letters of credit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">1.9 &quot;LIBOR Rate&quot; shall mean the
rate per annum, calculated to the nearest .01%, at which U.S. dollar deposits are offered in the London interbank market for one
month periods as quoted in the &quot;Money Rates&quot; column of The Wall Street Journal on the first Business Day of each calendar
month. All computations of such interest shall be based on a year of 360 days and actual days elapsed. Such LIBOR Rate shall remain
in effect until it is adjusted on the first Business Day of the following calendar month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">1.10 &quot;Loan Agreement&quot; shall have
the meaning set forth in the opening paragraph of this document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">1.11 &quot;Loan Documents&quot; shall mean
and include this Loan Agreement and any other documents, instruments and agreements delivered to Lender in connection with this
Loan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">1.12 &quot;Obligations&quot; shall mean
and include all Advances, debts, liabilities, and financial obligations, howsoever arising, owed by Borrower to Lender of every
kind and description (whether or not evidenced by any note or instrument), direct or indirect, absolute or contingent, due or to
become due, now existing or hereafter arising pursuant to the terms of any of the Loan Documents, including, without limitation,
all interest, fees, charges, expenses, reasonable attorneys' fees (and expenses) and accountants' fees (and expenses) chargeable
to Borrower or payable by Borrower hereunder or thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">1.13 &quot;Person&quot; shall mean and
include an individual, a partnership, a corporation (including a business trust), a joint stock company, a limited liability company,
an unincorporated association, a joint venture or other entity or a Governmental Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">1.14 &quot;Termination Date&quot; shall
mean the fifth anniversary of the date of this Loan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ADVANCES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">2.1 Terms. Subject to the terms and conditions
of this Loan Agreement, Lender agrees to advance to Borrower from time to time and until the Termination Date, such sums as Borrower
may request (the &quot;Advances&quot;) but which shall not exceed, in the aggregate principal amount at any one time outstanding,
the Commitment. Advances shall be made in lawful currency of the United States of America and shall be made in same day or immediately
available funds. Each Advance shall be in an amount equal to at least $10,000 or any integral multiple of $5,000 in excess thereof
and shall be made three Business Days after written request (or telephonic request confirmed in writing). Subject to the terms
and conditions hereof, Borrower may borrow pursuant to this Section 2.1, prepay the Advances and reborrow pursuant to this Section
2.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">2.2 Payment of Outstanding Amounts. If
not paid earlier, the outstanding principal and interest balance of all Advances shall be due and payable to the Lender on the
Termination Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">2.3 Interest Payments. Interest on the
outstanding principal balance under the Advances shall accrue at the greater of 10% per annum or LIBOR Rate in effect. All computations
of such interest shall be based on a year of 360 days and actual days elapsed for each day on which any principal balance is outstanding
under the terms of the Loan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">2.4 Interest Payments. All accrued and
unpaid interest shall be due on the first Business Day of each month. If not paid earlier, all outstanding accrued interest hereunder
shall be due and payable to the Lender on the Termination Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">2.5 Other Payment Terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">(a) Manner. Borrower shall make all payments
due to Lender hereunder in lawful money of the United States and in same day or immediately available funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">(b) Date. Whenever any payment due hereunder
shall fall due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, and such extension
of time shall be included in the computation of interest or fees, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">(c) Default Rate. From and after the occurrence
of an Event of Default and during the continuance thereof, Borrower shall pay interest on all Obligations not paid when due, from
the date due thereof until such amounts are paid in full at a per annum rate equal to the three (3) percentage points in excess
of the rate otherwise applicable to Advances. All computations of such interest shall be based on a year of 360 days and actual
days elapsed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">2.6 Loan Account. The Obligations of Borrower
to Lender hereunder shall be evidenced by one or more accounts or records maintained by Lender in the ordinary course of business.
The accounts or records maintained by Lender shall be presumptive evidence of the amount of such Obligations, and the interest
and principal payments thereon. Any failure so to record or any error in so doing shall not, however, limit, increase or otherwise
affect the obligation of Borrower hereunder to pay any amount owning hereunder. Upon Lender's request, Borrower shall execute a
promissory note in favor of Lender but the existence of a promissory note shall not be required to evidence or enforce any Obligation
arising hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REPRESENTATIONS AND WARRANTIES OF BORROWER</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">To induce Lender to enter into this Loan
Agreement and to make Advances hereunder, Borrower represents and warrants to Lender as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">3.1 Due Incorporation, etc. Borrower is
a corporation duly organized, validly existing and in good standing under the laws of its state of incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">3.2 Authority. The execution, delivery
and performance by Borrower of each Loan Document to be executed by Borrower and the consummation of the transactions contemplated
thereby (i) are within the power of Borrower and (ii) have been duly authorized by all necessary actions on the part of Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">3.3 Enforceability. Each Loan Document executed, or to be executed, by Borrower has been, or will be, duly executed and delivered
by Borrower and constitutes, or will constitute, a legal, valid and binding obligation of Borrower, enforceable against Borrower
in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting
the enforcement of creditors' rights generally and general principles of equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE 4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONDITIONS TO MAKING ADVANCES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">Lender's obligation to make the initial
Advance and each subsequent Advance is subject to the prior satisfaction or waiver of all the conditions set forth in this Article
4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">4.1 Principal Loan Documents. Borrower
shall have duly executed and delivered to Lender: (a) the Loan Agreement; and (b) such other documents, instruments and agreements
as Lender may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">4.2 Representations and Warranties Correct.
The representations and warranties made by Borrower in Article 3 hereof shall be true and correct as of the date on which each
Advance is made and after giving effect to the making of the Advance. The submission by Borrower to Lender of a request for an
Advance shall be deemed to be a certification by the Borrower that as of the date of borrowing, the representations and warranties
made by Borrower in Article 3 hereof are true and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">4.3 No Event of Default or Default. No
Event of Default or Default has occurred or is continuing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">4.4 Total Outstanding Advances. The total
aggregate principal amount of outstanding Advances does not exceed the Commitment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE 5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EVENTS OF DEFAULT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">5.1 Events of Default. The occurrence of
any of the following shall constitute an &quot;Event of Default&quot; under this Loan Agreement and the Note:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">(a) Failure to Pay. Borrower shall fail
to pay (i) the principal amount of all outstanding Advances on the Termination Date hereunder; (ii) any interest, Obligation or
other payment required under the terms of this Loan Agreement or any other Loan Document on the date due and such failure shall
continue for five (5) Business Days after Borrower's receipt of Lender's written notice thereof to Borrower; or (iii) any Indebtedness
(excluding Obligations) owed by Borrower to Lender on the date due and such failure shall continue for five (5) Business Days after
Borrower's receipt of Lender's written notice thereof to Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">(b) Breaches of Covenants. Borrower shall
fail to observe or perform any other covenant, obligation, condition or agreement contained in this Loan Agreement or any other
Loan Document and (i) such failure shall continue for ten (10) Business Days, or (ii) if such failure is not curable within such
ten (10) Business Day period, but is reasonably capable of cure within thirty (30) Business Days, either (A) such failure shall
continue for thirty (30) Business Days or (B) Borrower shall not have commenced a cure in a manner reasonably satisfactory to Lender
within the initial ten (10) Business Day period; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">(c) Representations and Warranties. Any
representation, warranty, certificate, or other statement (financial or otherwise) made or furnished by or on behalf of Borrower
to Lender in writing in connection with any of the Loan Documents, or as an inducement to Lender to enter into this Loan Agreement,
shall be false, incorrect, incomplete or misleading in any material respect when made or furnished; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">(d) Voluntary Bankruptcy or Insolvency
Proceedings. Borrower shall (i) apply for or consent to the appointment of a receiver, trustee, liquidation or custodian of itself
or of all or a substantial part of its property, (ii) be unable, or admit in writing its inability, to pay its debts generally
as they mature, (iii) make a general assignment for the benefit of its or any of its creditors, (iv) be dissolved or liquidated
in full or in part, (v) become insolvent (as such term is defined in 11 U.S.C. '101 (32), as amended from time to time), (vi) commence
a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under
any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such relief or to the appointment
of or taking possession of its property by any official in an involuntary case or other proceeding commenced against it, or (vii)
take any action for the purpose of effecting any of the foregoing; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">(e) Involuntary Bankruptcy or Insolvency
Proceedings. Proceedings for the appointment of a receiver, trustee, liquidator or custodian of Borrower or of all or a substantial
part of the property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization or other relief with
respect to Borrower or the debts thereof under any bankruptcy, insolvency or other similar law now or hereafter in effect shall
be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged within sixty (60) calendar
days of commencement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">5.2 Rights of Lender upon Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">(a) Acceleration. Upon the occurrence or
existence of any Event of Default described in Sections 5.1(d) and 5.1(e), automatically and without notice or, at the option of
Lender, upon the occurrence of any other Event of Default, all outstanding Obligations payable by Borrower hereunder shall become
immediately due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly
waived, anything contained herein or in the other Loan Documents to the contrary notwithstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">(b) Cumulative Rights, etc. The rights,
powers and remedies of Lender under this Loan Agreement shall be in addition to all rights, powers and remedies given to Lender
by virtue of any applicable law, rule or regulation of any Governmental Authority, any transaction contemplated thereby or any
other agreement, all of which rights, powers, and remedies shall be cumulative and may be exercised successively or concurrently
without impairing Lender's rights hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE 6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MISCELLANEOUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">6.1 Notices. Except as otherwise provided
herein, all notices, requests, demands, consents, instructions or other communications to or upon Lender or Borrower under this
Agreement or the other Loan Documents shall be in writing and telecopied, mailed or delivered to each party at its telecopier number
or address set forth below (or to such other telecopier number or address for any party as indicated in any notice given by that
party to the other party). All such notices and communications shall be effective (a) when sent by Federal Express or other overnight
service of recognized standing, on the Business Day following the deposit with such service; (b) when mailed by registered or certified
mail, first class postage prepaid and addressed as aforesaid through the United States Postal Service, upon receipt; (c) when delivered
by hand, upon delivery; and (d) when telecopied, upon confirmation of receipt; provided, however, that any notice delivered to
Lender under Article 2 shall not be effective until received by Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 45.8pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px"><FONT STYLE="font-size: 10pt">LENDER:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Apollo Medical Management, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">700 N. Brand Blvd. Suite 1400</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Glendale, California 91203</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Attention: CEO</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">BORROWER:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Maverick Medical Group, a Professional Corporation</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">700 N. Brand Blvd. Suite 1400</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Glendale, California 91203</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Attention: CEO</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">6.2 Waivers; Amendments. Any term, covenant,
agreement or condition of this Loan Agreement or any other Loan Document may be amended or waived if such amendment or waiver is
in writing and is signed by Borrower and Lender. No failure or delay by Lender in exercising any right hereunder shall operate
as a waiver thereof or of any other right nor shall any single or partial exercise of any such right preclude any other further
exercise thereof or of any other right. A waiver or consent given hereunder shall be effective only if in writing and in the specific
instance and for the specific purpose for which given.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">6.3 Successors and Assigns. This Loan Agreement
and the other Loan Documents shall be binding upon and inure to the benefit of Borrower, Lender and their respective successors
and permitted assigns, except that Borrower may not assign or transfer (and any such attempted assignment or transfer shall be
void) any of its rights or obligations under any Loan Document without the prior written consent of Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">6.4 Set-off. In addition to any rights
and remedies of Lender provided by law, Lender shall have the right, without prior notice to Borrower, any such notice being expressly
waived by Borrower to the extent permitted by applicable law, upon the occurrence and during the continuance of a Default or an
Event of Default, to set-off and apply against any Indebtedness, whether matured or unmatured, of Borrower to Lender (including,
without limitation, the Obligations), any amount owing from Lender to Borrower. The aforesaid right of set-off may be exercised
by Lender against Borrower or against any trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, receiver
or execution, judgment or attachment creditor of Borrower or against anyone else claiming through or against Borrower or such trustee
in bankruptcy, debtor-in- possession, assignee for the benefit of creditors, receiver, or execution, judgment or attachment creditor,
notwithstanding the fact that such right of set-off shall not have been exercised by Lender prior to the occurrence of a Default
or an Event of Default. Lender agrees promptly to notify Borrower after any such set-off and application made by Lender, provided
that the failure to give such notice shall not affect the validity of such set-off and application.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">6.5 No Third Party Rights. Nothing expressed
in or to be implied from this Agreement or any other Loan Document is intended to give, or shall be construed to give, any Person,
other than the parties hereto and thereto and their permitted successors and assigns, any benefit or legal or equitable right,
remedy or claim under or by virtue of this Agreement or any other Loan Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">6.6 Partial Invalidity. If at any time
any provision of this Loan Agreement or any of the Loan Documents is or becomes illegal, invalid or unenforceable in any respect
under the law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions of the Loan Agreement
or such other Loan Documents, nor the legality, validity or enforceability of such provision under the law of any other jurisdiction,
shall in any way be affected or impaired thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">6.7 Governing Law. This Loan Agreement
and each of the other Loan Documents shall be governed by and construed in accordance with the laws of the State of California
without reference to conflicts of law rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">6.8 Construction. Each of this Loan Agreement
and the other Loan Documents is the result of negotiations among, and has been reviewed by, Borrower, Lender and their respective
counsel. Accordingly, this Loan Agreement and the other Loan Documents shall be deemed to be the product of all parties hereto,
and no ambiguity shall be construed in favor of or against Borrower or Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">6.9 Entire Agreement. This Loan Agreement
and the other Loan Documents, taken together, constitute and contain the entire agreement of Borrower and Lender with respect to
the subject matter hereby and supersede any and all prior agreements, negotiations, correspondence, understandings and communications
among the parties, whether written or oral, respecting the subject matter hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">6.10 Termination of Previous Agreements.
All previous loan agreements between the parties, including without limitation that certain Intercompany Revolving Loan Agreement
dated as of February 1, 2013, that certain <FONT STYLE="background-color: white">Amendment No. l to Intercompany Revolving Loan
Agreement dated as of March 28, 2014, that certain Intercompany Revolving Loan Agreement dated as of June 27, 2014, and that certain
Amendment No. 2 to Intercompany Revolving Loan Agreement dated as of March 30, 2016, are hereby terminated. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">IN WITNESS WHEREOF, the parties have executed
this Loan Agreement as of the date first set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 50%; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">BORROWER:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">MAVERICK MEDICAL GROUP, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">By:&nbsp;&nbsp;/s/ Mark Marten</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Name: Mark Marten</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Title: Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">LENDER:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">APOLLO MEDICAL MANAGEMENT, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">By: /s/ Warren Hosseinion</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Name: Warren Hosseinion, M.D. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Title: Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>v454046_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SUBORDINATION AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">THIS SUBORDINATION AGREEMENT (this &ldquo;Agreement&rdquo;)
is entered into as of November 22, 2016, by and between Maverick Medical Group, Inc. (&ldquo;Borrower&rdquo;) and Apollo Medical
Management, Inc. (&ldquo;Lender&rdquo;) with reference to the following facts:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RECITALS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower
is currently operating as a Risk-Bearing Organization (&ldquo;RBOs&rdquo;) pursuant to the Knox-Keene Health Care Service Plan
Act of 1975, as amended (the &ldquo;Act&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Department of Managed Health Care of the State of California (&ldquo;DMHC&rdquo;) requires RBOs to meet the financial solvency
requirements as defined in and calculated pursuant to the Act and rules and regulations promulgated thereunder (the &ldquo;Rules&rdquo;).
The financial solvency requirements include those found in California Health and Safety Code section 1375.4 and sections 1300.75.4
through 1300.75.4.8 of Title 28, California Code of Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order to assist Borrower, as an RBO, in meeting the financial solvency requirements of the Act and Rules, Lender has loaned or
will, with the execution of this Agreement, loan to Borrower, from time to time, an amount or amounts not to exceed Two Million
Dollars ($2,000,000) outstanding at any one time (the &ldquo;Loan&rdquo;), under the terms and conditions specified in that certain
Intercompany Revolving Loan Agreement dated as of even date herewith (the &ldquo;Loan Agreement&rdquo;), a copy of which is attached
hereto as Exhibit &ldquo;A&rdquo; and incorporated herein by this reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
governing body of Lender has approved the Loan Agreement and this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
comply with the requirements of the Act and the Rules, it is necessary for Lender to irrevocably and fully subordinate all right,
title and interest to receive payment of principal and interest on the Loan under the terms of the Note to all other present and
future creditors of Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Borrower and Lender hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lender
hereby irrevocably and fully subordinates all right, title and interest in and to repayment of the Loan as evidenced by the Loan
Agreement to all other present and future creditors of Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lender
agrees that the payment by Borrower of principal and interest of the Loan to Lender under the terms of the Loan Agreement will
be suspended and will not mature when, excluding the liability of Borrower to pay Lender principal and interest on the Loan, if
after giving effect to the payment, Borrower would not be in compliance with the financial solvency requirements, as defined in
and calculated under the Act and Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lender
agrees that, in the event of the liquidation or dissolution of Borrower, the payment by Borrower of principal and interest to Lender
on the Loan is fully subordinated and subject to the prior payment or provision for payment in full of all claims of all other
present and future creditors of Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
terms of the Loan Agreement and the Loan are subject to the terms of this Agreement. To the extent that the terms of the Loan Agreement
and the Loan are in conflict with this Agreement, the terms of this Agreement will control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the written consent of the Director of DMHC, all previous subordination agreements between Borrower and Lender, including without
limitation that certain Subordination Agreement dated June 27, 2014 between Borrower and Lender and that certain Amended and Restated
Subordination Agreement between Lender and Borrower. dated as of March, 30, 2016, are terminated. Once consented to by the Director
of DMHC and executed by the parties hereto, this Agreement may not be cancelled, terminated, rescinded or amended by mutual consent
or otherwise, without the prior written consent of the Director of DMHC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement embodies the entire agreement between Borrower and Lender as to the subject of this Agreement and no other document regarding
the Loan, the Loan Agreement or this Agreement has been or will be executed without the prior written consent of the Director of
DMHC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
provisions of this Agreement are binding upon Borrower and Lender, and their respective successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement is made under, and will be governed by, the laws of the State of California in all respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lender
hereby represents and warrants that the execution of this Agreement has been authorized by a valid board resolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the authorized representatives
of the parties hereby execute this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; font-size: 10pt; layout-grid-mode: line; text-decoration: underline; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>BORROWER</U></B></FONT></TD>
    <TD STYLE="padding: 0; font-size: 10pt; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; font-size: 10pt; layout-grid-mode: line; text-decoration: underline; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>LENDER</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding: 0 0 1pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 0 1pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 0 1pt; font-size: 10pt; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0 0 1pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 0 1pt; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding: 0 0 1pt; text-indent: 0; width: 5%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By:</P></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1pt solid; padding-left: 0; text-indent: 0; width: 40%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> /s/ Mark Marten</P></TD>
    <TD STYLE="padding: 0 0 1pt; font-size: 10pt; layout-grid-mode: line; text-indent: 0; width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0 0 1pt; text-indent: 0; width: 5%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By:</P></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1pt solid; padding-left: 0; text-indent: 0; width: 40%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Warren Hosseinion</P></TD></TR>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name:&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mark Marten</P></TD>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name:</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Warren Hosseinion</P></TD></TR>
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    <TD NOWRAP STYLE="padding: 0 0 1pt; font-size: 10pt; layout-grid-mode: line; text-indent: 0; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1pt solid; padding-left: 0; font-size: 10pt; layout-grid-mode: line; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CEO</FONT></TD>
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    <TD NOWRAP STYLE="padding: 0 0 1pt; font-size: 10pt; layout-grid-mode: line; text-indent: 0; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
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    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1pt solid; padding-left: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 22, 2016</P></TD>
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    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1pt solid; padding-left: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 22, 2016</P></TD></TR>
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