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  Exhibit 10.9    
    

 
 

  2008 EQUITY PARTICIPATION PLAN OF LTC PROPERTIES, INC.
  NONSTATUTORY STOCK OPTION AGREEMENT    
    

LTC
Properties, Inc., a Maryland corporation (the "Company"), and [Name], an employee of the Company or one of its Subsidiaries (the "Optionee"), for good and valuable
consideration the receipt and adequacy of which are hereby acknowledged and intending to be legally bound hereby, agree as follows: 

	1.
	Grant of Option. The Company hereby confirms that on [Date] (the "Date of Grant"),
the Company's Board of Directors approved the grant to the Optionee of an option (the "Option") to purchase [Number] shares of Common Stock, par value $0.01 per share, of the
Company (the "Common Stock") at an option price of $[Option price] per share, under and subject to the terms and conditions of the 2008 Equity Participation Plan of LTC
Properties, Inc. (the "Plan") and this Agreement. The Plan is incorporated by reference and made a part of this Agreement as though set forth in full herein. Terms which are capitalized but not
defined in this Agreement have the same meaning as in the Plan unless the context otherwise requires. 

The
Option confirmed hereby is a "nonstatutory stock option," i.e., a stock option which does not qualify under section 422 or section 423 of the Internal Revenue Code of 1986, as
amended. Subject to the provisions of (i) Section 5.3(b) of the Plan regarding exercisability of stock options upon termination of employment, and (ii) Section 12.1 of the
Plan regarding exercisability of stock options after the death of Optionee, the Option is exercisable in accordance with the following schedule set forth below: 

On
or after [Date], [Number] shares subject to the Option; and 

On
or after [Date], [Number] shares subject to the Option; and 

On
or after [Date], [Number] shares subject to the Option; and 

and
unexercised options will expire at the close of business on the seven year anniversary of each above exercisability date. For purposes of the foregoing schedule, any fractional shares shall be
rounded up to the next whole share. Notwithstanding the foregoing, (i) the Options shall become the fully exercisable upon the occurrence of a Change in Control and (ii) the Committee
may in its discretion authorize the acceleration of the date on which the Option may be exercised.  

	2.
	Acceptance of Grant of Option. The Optionee accepts the grant of the Option confirmed by this Agreement,
acknowledges having received a copy of the Plan and agrees to be bound by the terms and provisions of the Plan, as the Plan may be amended from time to time; provided, however, that no alteration,
amendment, revocation or termination of the Plan will, without the written consent of the Optionee, adversely affect the rights of the Optionee with respect to the Option.

	3.
	Option Not Transferable. The Option shall not be transferable otherwise than by Will or by the laws of
descent and distribution of the state of domicile of the Optionee at the time of death, and the Option shall be exercisable during the lifetime of the Optionee only by the Optionee.

	4.
	Procedure for Exercise of Option. The Option may be exercised only by execution and delivery by the Optionee
to the Company of an exercise form attached as Exhibit A. Each exercise form must set forth the number of whole shares of Common Stock as to
which the Option is exercised and must be dated and signed by the person exercising the Option. Subject to the last sentence of this Section 4, the exercise is not effective until the Company
receives payment of the full option price for the number of shares of Common Stock as to which the Option is exercised. The option price may be paid in cash in United States dollars (including check,
bank draft or money order), which may include cash forwarded through a broker or other agent-sponsored exercise or financing program, discussed in the second succeeding paragraph, in shares of
already-owned Common Stock with a fair market value (determined as provided in the Definitions of the Plan) on the date of 

 

exercise
equal to such option price, or any combination of cash and such shares equaling such option price; provided, however, that (i) any portion of the option price representing a fraction
of a share shall be paid by the Optionee in cash and (ii) no shares of already-owned Common Stock which have been held for less than six months may be delivered in payment of the option price. 

The
Company shall advise any person exercising the Option in whole or in part with shares of already-owned Common Stock as to the amount of any cash required to be paid to the Company representing a
fraction of a share, and such person will be required to pay any such cash directly to the Company before any distribution of certificates representing shares of Common Stock will be made. The person
exercising the Option should execute the form of assignment on the back of the certificate or should deliver an executed Assignment Separate from Certificate with respect to each stock certificate
delivered in payment of the option price. Delivery of shares of already-owned Common Stock in payment of the option price may also be accomplished through the effective transfer to the Company of
shares held through a broker or other agent. 

The
Optionee may choose to exercise an Option by participating in a broker or other agent-sponsored exercise or financing program. If the Optionee so chooses, the Company will deliver the shares of
Common Stock acquired pursuant to the exercise of the Option to the broker or other agent, as designated by the Optionee, and will cooperate with all other reasonable procedures of the broker or other
agent to permit participation by the Optionee in the sponsored exercise or financing program. Notwithstanding any procedures of the broker or other agent-sponsored exercise or financing program, no
exercise of an Option shall be deemed to occur and no shares of Common Stock will be issued until the Company has received full payment in cash (including check, bank draft, or money order) for the
option price from the broker or other agent. 

If
a person other than the Optionee exercises the Option, the exercise material must include proof satisfactory to the Company of the right of such person to exercise the Option, and the signature on
all
certificates or Assignments Separate from Certificate for shares delivered in payment of the option price must be guaranteed by a commercial bank or trust company or by a firm having membership in the
New York Stock Exchange, Inc., the American Stock Exchange, Inc., or the National Association of Securities Dealers, Inc. 

The
date of exercise of the Option is the date on which the exercise form or forms, proof of right to exercise (if required) and payment of the option price in cash or shares of already-owned Common
Stock are received by the Company at 31365 Oak Crest Drive, Suite 200, Westlake Village, CA 91361, (or in the case of cash, by effective transfer to the Company's account). For purposes of
determining the date of exercise where payment of the option price is made in shares of already-owned Common Stock, any cash required to be paid to the Company with respect to a fraction of a share
shall not be taken into account in determining whether payment of the option price has been made.  

	5.
	Issuance of Certificates. Subject to the second paragraph of Section 4 of this Agreement and this
Section 5, the Company will issue a certificate or certificates representing the number of shares of Common Stock for which the Option is exercised as soon as practicable after the date of
exercise. In lieu of certificates, the Company may cause all or part of such shares to be transferred to an account of the person exercising the option with a broker or other agent. Unless the person
exercising the Option otherwise directs the Company in writing, the certificate or certificates will be registered in the name of the person exercising the Option and delivered to such person. If the
option price is paid in whole or in part with shares of already-owned Common Stock, the Company will issue at the same time and return it to the person exercising the Option a certificate representing
the number of any excess shares included in any certificate or certificates delivered to the Company at the time of exercise. 

2

 

Under
Section 6.3 of the Plan, the obligation of the Company to issue shares on exercise of an option is subject to the effectiveness of a Registration Statement under the Securities Act of
1933, as amended, with respect to such shares, if deemed necessary or appropriate by the Committee on advice of counsel, the condition that the shares shall have been listed (or authorized for listing
upon official notice of issuance) upon each stock exchange on which the Common Stock shares may then be listed and all other applicable laws, regulations, rules and orders which may then be in effect.
The Company is not obligated to file such a Registration Statement. If at the time of exercise of the Option, no such Registration Statement is in effect, the issuance of shares on exercise of the
Option may also be made subject to such restrictions on the transfer of the shares, including the placing of an appropriate legend on the certificates restricting the transfer thereof, and to such
other restrictions as the Committee, on the advice of counsel, may deem necessary or appropriate to prevent a violation of applicable securities laws.  

	6.
	Withholding of Taxes; Notice by Optionee of Disposition of Shares Acquired Upon Exercise of Option. State,
local or foreign income or employment taxes may be required to be withheld by the Company or a Subsidiary on any compensation income resulting from the Option, and the Optionee will pay any such taxes
directly to the Company or Subsidiary upon request. 

If
the Optionee does not pay any taxes required to be withheld directly to the Company or a Subsidiary within 10 days after any request referred to in the preceding paragraph, the Company or
any of its Subsidiaries may withhold such taxes from any other compensation to which the Optionee is entitled from the Company or any of its Subsidiaries. The Optionee shall hold the Company and its
Subsidiaries harmless in acting to satisfy the withholding obligation in this manner if it becomes necessary to do so.  

	7.
	Interpretation of Plan and Agreement. This Agreement is the stock option agreement referred to in
Section 4.1 of the Plan. If there is any conflict between the Plan and this Agreement, the provisions of the Plan will control. Any dispute or disagreement which arises under or in any way
relates to the interpretation or construction of the Plan or this Agreement will be resolved by the Committee and the decision of the Committee will be final, binding and conclusive for all purposes.

	8.
	Effect of Agreement on Rights of Company and Optionee. This Agreement does not confer any right on the
Optionee to continue as an employee of the Company or any of its subsidiaries or interfere in any way with the rights of the Company or any Subsidiary to terminate the employment of the Optionee.

	9.
	Binding Effect. This Agreement will be binding upon the successors and assigns of the Company and upon the
legal representatives, heirs and legatees of the Optionee.

	10.
	Entire Agreement. This Agreement constitutes the entire agreement between the Company and the Optionee and
supersedes all prior agreements and understandings, oral or written, between the Company and the Optionee with respect to the subject matter of this Agreement.

	11.
	Amendment. This Agreement may be amended only by a written instrument signed by the Company and the
Optionee.

	12.
	Section Headings. The Section headings contained in this Agreement are for reference purposes only and will
not affect in any way the meaning or interpretation of any of the provisions of this Agreement.

	13.
	Governing Law. This Agreement will be governed by, and construed and enforced in accordance with, the laws
of the State of Maryland. 

3

 

        IN
WITNESS WHEREOF, the Company and the Optionee have executed this Agreement as of the Date of Grant. 

 

 

					
	

 	
 	
 LTC PROPERTIES, INC.
	

 	
 	
 By:	
 	
 

 
	 	 	 Name:	 	  

 
	 	 	 Title:	 	 

 
	

 	
 	
 OPTIONEE:
	

 	
 	

  [Name]

 

 4

 
 

EXHIBIT A
  2008 EQUITY PARTICIPATION PLAN
  OF LTC PROPERTIES, INC.
  EXERCISE NOTICE    
    

LTC
Properties, Inc.

[Address] 

        1.    Exercise of Option.    Effective as of today,
                                    , the undersigned ("Purchaser")
hereby elects to
purchase                        shares (the "Shares") of the Common Stock of LTC Properties, Inc. (the "Company") under and
pursuant to the 2008 Equity Participation Plan of LTC
Properties, Inc. (the "Plan") and the Nonstatutory Stock Option Agreement
dated                                    , (the "Option Agreement").
Subject to adjustment, if any, in accordance with Section 12.3
of the Plan, the purchase price for the Shares shall be $            , as required by the Option Agreement. 

        2.    Delivery of Payment.    Purchaser herewith delivers to the Company the full purchase price for the Shares. 

        3.    Representations of Purchaser.    Purchaser acknowledges that Purchaser has received, read and understood the
Plan and Option Agreement and agrees to abide by and be bound by their terms and conditions. 

        4.    Rights as Stockholder.    Until the issuance (as evidenced by the appropriate entry on the books of the Company
or of a duly authorized transfer agent of the Company) of the Shares, no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Shares underlying the
Option, notwithstanding the exercise of the Option. The Shares so acquired shall be issued to the Optionee as soon as practicable after exercise of the Option. No adjustment shall be made for a
dividend or other right for which the record date is prior to the date of issuance, except as provided in Section 12.3 of the Plan. 

        5.    Tax Consultation.    Purchaser understands that Purchaser may suffer adverse tax consequences as a result of the
Purchaser's purchase or disposition of the Shares. Purchaser represents that Purchaser has consulted with any tax consultants Purchaser deems advisable in connection with the purchase or disposition
of the Shares and that Purchaser is not relying on the Company for any tax advice. 

        6.    Entire Agreement; Governing Law.    The Plan and Option Agreement are incorporated herein by reference. This
Agreement, the Plan and the Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and
agreements of the Company and Purchaser with respect to the subject matter hereof, and may not be modified adversely to the Purchaser's interest except by means of a writing signed by the Company and
Purchaser. This agreement is governed by the internal substantive laws, but not the choice of law rules, of Maryland. 

 

 

			
	Submitted by:	 	Accepted by:
	
 PURCHASER:	
 	
LTC PROPERTIES, INC.
	

  Signature	
 	

  By
	

  Print Name	
 	

  Its
	
 Address:	
 	
Address:
	

 	
 	
[Address]
	

  	
 	

 
	

  	
 	

 

 

 

QuickLinks

Exhibit 10.9

2008 EQUITY PARTICIPATION PLAN OF LTC PROPERTIES, INC. NONSTATUTORY STOCK OPTION AGREEMENT

EXHIBIT A 2008 EQUITY PARTICIPATION PLAN OF LTC PROPERTIES, INC. EXERCISE NOTICEQuickLinks
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  Exhibit 10.10    
    

 
 

  2008 EQUITY PARTICIPATION PLAN OF LTC PROPERTIES, INC.
  RESTRICTED STOCK AGREEMENT    
    

LTC
Properties, Inc., a Maryland corporation (the "Company"), and «Grantee», an employee of the Company (the "Grantee"), for good and valuable consideration the receipt
and adequacy of which are hereby acknowledged and intending to be legally bound hereby, agree as follows: 

	1.
	Restricted Stock Award. The Company hereby confirms the award to the Grantee on
«Date» (the "Date of Award") of «Amount» shares of the Company's Common Stock, $.01 par value (the "Restricted Stock"), under and subject to the terms
and conditions of the Company's 2008 Equity Participation Plan of LTC Properties, Inc. (the "Plan") and this Agreement. The Plan is incorporated by reference and made a part of this Agreement
as though set forth in full herein. Terms which are capitalized but not defined in this Agreement have the same meaning as in the Plan unless the context otherwise requires. This Restricted Stock
Award is contingent on and shall be effective only upon receipt by the Company of this Agreement executed by the Grantee (the "Effective Date"). As of the Effective Date, the Grantee will be a
stockholder of the Company with respect to the Restricted Stock and will have all the rights of a stockholder with respect to the Restricted Stock, including the right to vote the Restricted Stock and
to receive all dividends and other distributions paid with respect to the Restricted Stock, subject to the restrictions of the Plan and this Agreement.

	2.
	Acceptance of Restricted Stock Award. The Grantee accepts the Restricted Stock Award confirmed by this
Agreement, acknowledges having received a copy of the Plan and agrees to be bound by the terms and provisions of the Plan, as the Plan may be amended from time to time; provided, however, that no
alteration, amendment, revocation or termination of the Plan shall, without the written consent of the Grantee, adversely affect the rights of the Grantee with respect to the Restricted Stock.

	3.
	Restrictions

        A.    If
the employment of the Grantee terminates for any reason prior to one of the dates listed below other than because of the Grantee's death, disability, termination
without Cause or a resignation with Good Reason, the number of shares of Restricted Stock set forth next to such date and any subsequent date listed below will, upon such termination of employment and
without any further action, be forfeited to the Company by the Grantee and cease to be issued and outstanding shares of the Common Stock of the Company: 

 

 

			
	Date

	 	Number of Shares

	One year anniversary of Date of Award	 	«oneyear»
	 	 	 
	Two year anniversary of Date of Award	 	«twoyear»
	 	 	 
	Three year anniversary of Date of Award	 	«threeyear»
	 	 	 

 

 
If
the Grantee remains employed with the Company on a date set forth above and the shares of the Restricted Stock have not been previously forfeited to the Company, the employment restriction imposed
by this Section 3(A) on the number of shares of Restricted Stock set forth next to such date will lapse and a certificate representing such shares will be transferred by the Company to the
Grantee. 

For
purposes of this Agreement, a Grantee's employment shall be deemed to be terminated for "Cause" if, and only if, it is based upon (i) conviction of a felony; (ii) material disloyalty
to the Company such as embezzlement, misappropriation of corporate assets or, except as permitted pursuant to Section 3 of this Agreement, breach of Grantee's agreement not to engage in
business for another enterprise of the type engaged in by the Company; or (iii) the engaging in unethical or 

 

illegal
behavior which is of a public nature, brings the Company into disrepute, and results in material damage to the Company. 

A
resignation by Grantee shall not be deemed to be voluntary and shall be deemed to be a resignation with "Good Reason" if it is based upon (i) a diminution in Grantee's title, duties, or
salary; (ii) a material reduction in benefits; (iii) a direction by the Board of Directors that Grantee report to any person or group other than specified in Grantee's employment
agreement, or (iv) a geographic relocation of Grantee's place of work a distance for more than seventy-five (75) miles from the Company's offices located at 31365 Oak Crest
Drive, Suite 200, Westlake Village, California 91361. 

Notwithstanding
the foregoing, if the Grantee remains employed with the Company on the date of a Change in Control or is terminated without Cause or voluntarily resigns with a Good Reason, any
employment restriction imposed by this Section 3(A) on the shares of Restricted Stock granted pursuant to this Agreement shall lapse, to the extent such shares of Restricted Stock have not been
previously forfeited to the Company, and a certificate representing such shares will be transferred by the Company to the Grantee. 

        B.    No
Grantee shall sell, exchange, assign, alienate, pledge, hypothecate, encumber, charge, give, transfer or otherwise dispose of, either voluntarily or by operation of
law, any shares of the Restricted Stock, or any rights or interests appertaining to the Restricted Stock, prior to the lapse of the employment restriction imposed by Section 3(A). 

        C.    As
of the Date of Award, certificates representing the shares of Restricted Stock will be issued in the name of the Grantee and held by the Company in escrow until the
earlier of the forfeiture of the shares of the Restricted Stock to the Company or the lapse of the employment restriction set forth in Section 3(A) above with respect to such shares. 

        D.    The
Grantee understands the provisions of Article 12.9 of the Plan to the effect that the obligation of the Company to issue shares of Common Stock under the Plan
is subject to (i) the effectiveness of a registration statement under the Securities Act of 1933, as amended, if deemed necessary or appropriate by counsel for the Company, (ii) the
condition that the shares shall have been listed (or authorized for listing upon official notice of issuance) upon each stock exchange, if any, on which the Common Stock may then be listed, if deemed
necessary or appropriate by counsel for the Company and (iii) any other applicable laws, regulations, rules and orders which may then be in effect. 

        The
certificate or certificates representing the shares to be issued or delivered hereunder may bear any legends required by any applicable securities laws and may reflect any transfer
or other restrictions imposed by the Plan, and the Company may at some time issue to the stock transfer agent appropriate stop-transfer instructions with respect to such shares. In
addition, also as a condition precedent to the issuance or delivery of shares, the Grantee may be required to make certain other representations and warranties and to provide certain other information
to enable the Company to comply with the laws, rules, regulations and orders specified under the first sentence of this Section 3(D) and to execute a joinder to any shareholders' agreement of
the Company, in the form provided by the Company, pursuant to which the transfer of shares received under the Plan may be restricted.  

	4.
	Withholding of Taxes. The Grantee will be advised by the Company as to the amount of any Federal income or
employment taxes required to be withheld by the Company on the compensation income resulting from the award of or lapse of restrictions on the Restricted Stock. The timing of the withholding will
depend on whether the Grantee makes an election under Section 83(b) of the Code. State, local or foreign income or employment taxes may also be required to be withheld by the Company on any
compensation income resulting from the award of 

2

 

the
Restricted Stock. The Grantee will pay any taxes required to be withheld directly to the Company upon request. 

If
the Grantee does not pay any taxes required to be withheld directly to the Company within ten days after any request as provided above, the Company may withhold such taxes from any other
compensation to which the Grantee is entitled from the Company. The Grantee will hold the Company harmless in acting to satisfy the withholding obligation in this manner if it becomes necessary to do
so.  

	5.
	Interpretation of Plan and Agreement. This Agreement is the agreement referred to in Article 7.4 of
the Plan. If there is any conflict between the Plan and this Agreement, the provisions of the Plan will control. Any dispute or disagreement which arises under or in any way relates to the
interpretation or construction of the Plan or this Agreement will be resolved by the Administrator and the decision of the Administrator will be final, binding and conclusive for all purposes.

	6.
	Effect of Agreement on Rights of Company and Grantee. This Agreement does not confer any right on the Grantee
to continue in the employ of the Company or interfere in any way with the rights of the Company to terminate the employment of the Grantee.

	7.
	Binding Effect. This Agreement will be binding upon the successors and assigns of the Company and upon the
legal representatives, heirs and legatees of the Grantee.

	8.
	Entire Agreement. This Agreement constitutes the entire agreement between the Company and the Grantee and
supersedes all prior agreements and understandings, oral or written, between the Company and the Grantee with respect to the subject matter of this Agreement.

	9.
	Amendment. This Agreement may be amended only by a written instrument signed by the Company and the Grantee.

	10.
	Section Headings. The Section headings contained in this Agreement are for reference purposes only and will
not affect in any way the meaning or interpretation of any of the provisions of this Agreement.

	11.
	Governing Law and Jurisdiction. This Agreement will be governed by, and construed and enforced in accordance
with, the laws of the State of Maryland. 

        IN
WITNESS WHEREOF, the Company and the Grantee have executed this Agreement as of the Date of Award. 

 

 

					
	

 	
 	
 LTC PROPERTIES, INC.
	

 	
 	
 By:	
 	
 

 
	 	 	 Name:	 	  

 
	 	 	 Title:	 	 

 
	

 	
 	
 GRANTEE:
	

 	
 	

  «Grantee»

 

 3

QuickLinks

Exhibit 10.10

2008 EQUITY PARTICIPATION PLAN OF LTC PROPERTIES, INC. RESTRICTED STOCK AGREEMENT

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