EXHIBIT 10.14

SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT

This Employment Agreement (the "Agreement"), effective as of December 4, 2007, is by and betweenLTC
Properties, Inc., a corporation organized under the laws of the State of Maryland ("LTC" or the "Company"), andPeter Lyew
("Executive").

NOW
THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

1.Appointment, Title and Duties.    LTC hereby employs Executive to serve as its Vice President and Director of
Taxes. In such capacity, Executive shall report to the Chief Financial Officer of the Company, and shall have such duties, powers and responsibilities as are customarily assigned to a Vice President
and Director of Taxes of a publicly held corporation, but shall also be responsible to the Board of Directors and to any committee thereof. In addition, Executive shall have such other duties and
responsibilities as the Chief Financial Officer may assign him, with his consent, including serving with the consent or at the request of the Chief Executive Officer as an officer or on the board of
directors of affiliated corporations.

2.Term of Agreement.    The term of this Agreement shall commence as of the date hereof and shall extend such that
at each and every moment of time hereafter the remaining term shall be one year.

3.Acceptance of Position.    Executive accepts the position of Vice President and Director of Taxes of LTC, and
agrees that during the term of this Agreement he will faithfully perform his duties and, except as expressly approved by the Board of Directors of LTC, will devote substantially all of his business
time to the business and affairs of LTC, and will not engage, for his own account or for the account of any other person or entity, in a business which competes with LTC. It is acknowledged and agreed
that Executive may serve as an officer and/or director of companies in which LTC owns voting or non-voting stock. In addition, it is acknowledged and agreed that Executive may, from time
to time, serve as a member of the board of directors of other companies, in which event the Board of Directors of LTC must expressly approve such service pursuant to a Board resolution maintained in
the Company's minute books. Any compensation or remuneration which Executive receives in consideration of his service on the board of directors of other companies shall be the sole and exclusive
property of Executive, and LTC shall have no right or entitlement at any time to any such compensation or remuneration.

4.Salary and Benefits.    During the term of this Agreement:



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5.Certain Terms Defined.    For purposes of this Agreement:



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6.Certain Benefits Upon Termination.    Executive's employment shall be terminated upon the earlier of
(i) the voluntary resignation of Executive with or without Good Reason; (ii) Executive's death or permanent disability; or (iii) upon the termination of Executive's employment by
LTC for any reason at any time. In the event of such termination, the below provisions of this Section 6 shall apply, and in the event of a Change in Control, whether or not Executive's
employment is terminated thereby, Section 6(b) shall apply.



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7.Indemnification.    LTC shall indemnify Executive and hold him harmless from and against all claims, actions,
losses, damages, expense or liabilities (including expenses of defense and settlement) ("Claim") based upon or in any way arising from or connected with his employment by LTC, to the maximum extent
permitted by law. To the extent permitted by law, LTC shall advance to Executive any expenses necessary in connection with the defense of any Claim which is brought if indemnification cannot be
determined to be available prior to the conclusion of, or the investigation of, such Claim. The parties hereto agree that each understands and has understood that notwithstanding the above-stated
provisions, nothing herein shall require LTC to hold harmless or indemnify Executive with respect to any Claim which is brought or asserted against Executive by LTC. LTC shall investigate in good
faith the availability and cost of directors' and officers' insurance and shall include Executive as an insured in any directors and officers insurance policy of such insurance it maintains.

8.Attorney Fees.    In the event that any action or proceeding is brought to enforce the terms and provisions of
this Agreement, the prevailing party shall be entitled to recover reasonable attorney fees.

9.Notices.    All notices and other communications provided to either party hereto under this Agreement shall be
in writing and delivered by certified or registered mail to such party at its/his address set forth below its/his signature hereto, or at such other address as may be designated with postage prepaid,
shall be deemed given when received.

10.Construction.    In constructing this Agreement, if any portion of this Agreement shall be found to be invalid
or unenforceable, the remaining terms and provisions of this Agreement shall be given effect to the maximum extent permitted without considering the void, invalid or unenforceable provisions. In
construing this Agreement, the singular shall include the plural, the masculine shall include the feminine and neuter genders as appropriate, and no meaning in effect shall be given to the captions of
the sections in this Agreement, which are inserted for convenience of reference only.

Notwithstanding
any other provision of the Agreement, to the extent that (i) any amount paid pursuant to the Agreement is treated as nonqualified deferred compensation pursuant to
Section 409A of the Internal Revenue Code of 1986 (the "Code") and (ii) the Executive is a "specified employee" pursuant to Section 409A(2)(B) of the Code, then such payments
shall be made on the date which is six (6) months after the date of the Executive's separation from service. In connection with the

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payment
of any obligation that is delayed pursuant to this Rider, the Company shall establish an irrevocable trust to hold funds to be used for payment of such obligations. Upon the date that such
amount would otherwise be payable, the Company shall deposit into such irrevocable trust an amount equal to the obligation. However, notwithstanding the establishment of the irrevocable trust, the
Company's obligations under the Agreement upon the Executive's termination of employment shall constitute a general, unsecured obligation of the Company and any amount payable to the Executive shall
be paid solely out of the Company's general assets, and the Executive shall have no right to any specific assets of the Company. The funds, if any, contained or contributed to the irrevocable trust
shall remain available for the claims of the Company's general creditors.

11.Headings.    The section headings hereof have been inserted for convenience of reference only and shall not be
construed to affect the meaning, construction or effect of this Agreement.

12.Governing Law.    The provisions of this Agreement shall be construed and interpreted in accordance with the
internal laws of the State of California as at the time in effect.

13.Entire Agreement.    This Agreement constitutes the entire agreement and supersedes all other prior agreements
and undertakings, both written and oral, among Executive and the Company, with respect to the subject matter hereof.

IN
WITNESS WHEREOF, this Agreement shall be effective as of the date specified in the first paragraph of this Agreement.

|         |  |                                                             |  |     |  | LTC PROPERTIES, INC.,
a Maryland corporation                       
|-------- |  | ----------------------------------------------------------- |  | --- |  | -------------------------------------------------------------------
|Address: |  | 31365 Oak Crest Drive,
Suite 200
Westlake Village, CA 91361 |  |     |  | /s/WENDY SIMPSONWendy Simpson
President and Chief Executive Officer
|         |  |                                                             |  | By: |  | /s/TIMOTHY J. TRICHECompensation Committee Representative          
|Address: |  |                                                             |  |     |  | /s/PETER LYEWPeter Lyew                                            

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