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                                                                 EXHIBIT 10.15.3

                              EMPLOYMENT AGREEMENT

          This EMPLOYMENT AGREEMENT is made as of the 2nd day of December, 2002
(the "Effective Date"), by and between VENTAS, INC., a Delaware corporation (the
"Company"), and Richard A. Schweinhart (the "Executive").

                                   WITNESSETH:

          WHEREAS, the Executive desires to be employed by the Company and the
Company desires to hire the Executive; and

          WHEREAS, the Board of Directors of the Company (the "Board") have
determined that it is in the best interests of the Company to enter into this
Agreement.

          NOW, THEREFORE, in consideration of the promises and the respective
covenants and agreements contained herein, and intending to be legally bound
hereby, the Company and Executive agree as follow:

          1. Employment. The Company hereby agrees to employ Executive and
Executive hereby agrees to be employed by the Company on the terms and
conditions herein set forth. Subject to the termination provisions hereinafter
provided, the term of Executive's employment under this Agreement (the "Term")
shall begin on December 2, 2002 (the "Commencement Date"), and shall end on
December 31, 2004. In the event Executive continues as an employee of the
Company after expiration of the Term, this Agreement shall nevertheless
terminate upon expiration of the Term and such employment thereafter shall be
"at will," except that the rights and obligations of the Company and the
Executive under Section 9 of this Agreement shall survive the expiration of the
Term or other termination of this Agreement.

          2. Duties. The Company shall employ Executive during the Term as its
Senior Vice President/Chief Financial Officer. Executive shall report to the
Chief Executive Officer of the Company (the "CEO"). Executive shall have the
duties and responsibilities consistent with those of the chief financial
officers of other publicly-traded healthcare real estate investment trusts,
including without limitation the duty and responsibility to manage the financial
function of the Company. Executive shall also perform such other duties
(including but not limited to presentations at industry conferences) as are
assigned to Executive from time to time by the CEO. Executive's duties will be
performed at the Company's corporate headquarters in Louisville Kentucky,
subject to such travel as may be reasonably required for the performance of
Executive's duties or as may be requested by the CEO.

          3. Extent of Services. Subject to the direction and control of the
CEO, Executive shall have the power and authority commensurate with his
executive status and necessary to perform his duties hereunder. The Company
shall provide Executive the resources necessary to perform his duties hereunder,
as determined by the Company in its sole discretion. During the Term, Executive
shall devote his entire working time, attention, labor, skill and energies in
the business of the Company, and shall not, without the consent of the Company,
be actively engaged in any other business activity, whether or not such business
activity is pursued for gain, profit or other pecuniary advantage.

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          4. Compensation. As compensation for services hereunder rendered,
Executive shall receive during the Term:

                (a) Base Salary. An annual base salary ("Base Salary") of not
          less than $250,000, payable in equal installments in accordance with
          the Company's normal payroll procedures. Executive may receive
          increases in his Base Salary from time to time, as approved by the CEO
          and the Compensation Committee of the Board of Directors of the
          Company. Base Salary of Executive will first be reviewed in 2003 for
          Base Salary to be paid in calendar year 2004.

                (b) Annual Bonus. The Company shall pay or cause to be paid to
          Executive an annual cash bonus ("Annual Bonus") in accordance with the
          terms hereof for each calendar year which begins during the Term.

                    (i)     For the 2002 calendar year, the Executive shall be
                 eligible for an Annual Bonus in an amount determined in the
                 discretion of the Company taking into account the Company's
                 achievement of corporate performance goals and the portion of
                 the year 2002 Executive is an employee of the Company and such
                 other factors as the Company in its discretion deems relevant.

                   (ii)     For the calendar years 2003 and 2004, Executive will
                 be included in the Ventas, Inc. annual bonus plan, policy or
                 program for senior executives on the terms and conditions
                 thereof in effect from time to time.

          5. Benefits.

                (a) Executive shall be entitled to participate in the Company's
          2000 Incentive Compensation Plan or such successor long-term incentive
          plan as may be in effect form time to time (any or all of which, the
          "LTIP"), and be granted awards under such terms and conditions as may
          be determined by the Committee (as defined in the LTIP) from time to
          time. Subject to the approval of the Committee, for the calendar year
          2003 Executive shall be granted a long-term incentive award that shall
          have a value, as determined by the Committee in its discretion
          exercised in good faith, of 50% of Base Salary at minimum individual
          and Company performance, a value of 100% of Base Salary at target
          individual and Company performance, and a maximum value of 200% of
          Base Salary. The actual amount of such award, ranging from 50% to 200%
          of Executive's Base Salary, and the portions thereof comprising
          options, restricted stock or other equity interests, shall be
          determined by the Committee in its discretion in accordance with the
          LTIP. The methodology for the valuation of Options for the Executive
          and allocation of any award amongst equity interests for the Executive
          shall be consistent with that methodology utilized by the Committee
          for other members of senior management of the Company.

                (b) Executive shall be entitled to participate in the Ventas,
          Inc. 401(k) Retirement Savings Plan (the "401(k) Plan"), Deferred
          Compensation Plan (if any), medical, dental, long term disability, and
          group life insurance coverages and fringe benefit plans, policies,
          practices, and programs, from time to time in effect for executives of
          the Company and its affiliates in accordance with the terms and
          conditions thereof.

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                (c) Commencing January 1, 2003, Executive shall be entitled to
          four weeks of paid vacation per calendar year, in accordance with the
          Company's vacation plan, policy or program in effect from time to
          time, at a time or times mutually agreed between Executive and the
          CEO.

                (d) Executive may incur reasonable expenses for promoting the
          Company's business, including expenses for entertainment, travel and
          similar items. The Company shall reimburse Executive for such
          reasonable expenses upon receipt by the Company of accounting in
          accordance with the Company's reimbursement policies and procedures in
          effect from time to time.

          6. Termination of Employment.

                (a) Death or Disability. Executive's Employment shall terminate
          automatically upon Executive's death during the Term. If the Company
          determines in good faith that the Disability (as defined below) of
          Executive has occurred during the Term, it may give to Executive
          written notice of its intention to terminate Executive's employment.
          In such event, Executive's employment with the Company shall terminate
          effective on the 30th day after receipt of such notice by Executive
          (the "Disability Effective Date"), provided that, within the 30 days
          after such receipt, Executive shall not have returned to full-time
          performance of Executive's duties. For purposes of this Agreement,
          "Disability" shall mean a mental or physical condition which, in the
          opinion of the Company, renders Executive with or without reasonable
          accommodation unable or incompetent to carry out his material job
          responsibilities which he held or the material duties he was assigned
          at the time the disability was incurred, which has existed for at
          least three months and which in the opinion of a physician selected by
          the Company is expected to be permanent or to last for an indefinite
          duration or a duration in excess of six months.

                (b) Cause. The Company may terminate Executive's employment
          during the Term for Cause. For purposes of this Agreement, "Cause"
          shall mean (i) the Executive's indictment for, conviction of, or plea
          of nolo contendere to, any felony or a misdemeanor involving fraud,
          dishonesty or moral turpitude; (ii) the Executive's willful or
          intentional material breach by Executive of his duties and
          responsibilities; (iii) the Executive's willful or intentional
          material misconduct by Executive in the performance of his duties
          under this Agreement, or willful or intentional failure to comply with
          any written instruction or directive of the CEO; or (iv) the
          prohibition of Executive's serving as an officer or Chief Financial
          Officer of the Company by order of any United States federal or state
          agency or by order of any federal or state court. Any act, or failure
          to act, based upon authority given pursuant to a resolution duly
          adopted by the Board or based upon advice of counsel for the Company
          shall be conclusively presumed to be done, or omitted to be done, by
          Executive in good faith and in the best interests of the Company.

                (c) Good Reason. Executive may terminate his employment during
          the Term for Good Reason. For purposes of this Agreement, "Good
          Reason" shall mean any of the following:

                    (i)     the assignment to the Executive of any duties
                materially and adversely inconsistent with the Executive's
                position (including offices, titles, reporting requirements or
                responsibilities), authority or duties as prescribed by

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                Section 2 or the Company's requiring the Executive to be based
                at any office or location other than the location described in
                Section 2 or any other action by the Company which results in
                a diminution or other material adverse change in such
                position, authority or duties;

                   (ii)     the failure to pay Guaranteed Base Salary in at
                least the amount prescribed by Section 4(a);

                  (iii)     the failure to provide Annual Bonus opportunity
                prescribed by Section 4(b);

                   (iv)     the failure to provide any equity award, plan or
                fringe benefits or perquisites prescribed by Section 5;

                    (v)     any other material adverse change to the terms and
                conditions of the Executive's employment (whether or not also
                described in clauses (a) through (c) above);

                   (vi)     a failure by the Company to cause a successor, prior
                to or as of the date it becomes a successor, to assume and
                agree to perform this Agreement in accordance with the
                provisions of Section 1l(c);

          which in each case is not cured within thirty (30) days after written
          notice from Executive to the Company setting forth in reasonable
          detail the facts and circumstances claimed to constitute Good Reason
          and affording an opportunity to cure. Any termination of employment by
          the Executive for Good Reason shall be communicated to the Company by
          Notice of Termination in accordance with this Agreement. The passage
          of time not in excess of 12 months after the Executive has actual
          knowledge of an act or omission which constitutes Good Reason prior to
          delivery of Notice of Termination or a failure by the Executive to
          include in the Notice of Termination any fact or circumstance which
          contributes to a showing of Good Reason shall not waive any right of
          the Executive under this Agreement or preclude the Executive from
          asserting such fact or circumstance in enforcing rights under this
          Agreement.

                (d) Notice of Termination. Any termination by the Company for
          Cause or by the Executive for Good Reason shall be communicated by
          notice (a "Notice of Termination") given in accordance with this
          Agreement. For purposes of this Agreement, a Notice of Termination
          means a written notice which (i) indicates the specific termination
          provision in this Agreement relied upon, (ii) sets forth in reasonable
          detail the facts and circumstances claimed to provide a basis for
          termination by the Company (for Cause) or by the Executive (with Good
          Reason) of Executive's employment under the provision so indicated,
          and (iii) specifies the intended termination date. The failure by the
          Company or Executive to set forth in the Notice of Termination any
          fact or circumstance which contributes to a showing of Cause or Good
          Reason shall not waive any right of the Company, respectively,
          hereunder or preclude the Company or Executive, respectively, from
          asserting such fact or circumstance in enforcing their respective
          rights hereunder.

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                (e) Date of Termination. "Date of Termination" means (i) if
          Executive's employment is terminated by the Company for Cause or by
          the Executive for Good Reason, the date specified in the Notice of
          Termination, (ii) if Executive's employment is terminated by the
          Company other than for Cause or Disability, the Date of Termination
          shall be the date on which the Company notified Executive of such
          termination, (iii) if Executive resigns other than for Good Reason,
          the Date of Termination shall be the date 60 days after Executive
          notified the Company of such termination and (iv) if Executive's
          employment is terminated by reason of death or Disability, the Date of
          Termination shall be the date of death of Executive or the Disability
          Effective Date, as the case may be.

          7. Obligations of the Company Upon Termination. Following any
termination of Executive's employment hereunder except for a termination in
connection with a Change of Control (defined below) covered by Section 8 hereof,
the Company shall pay Executive his Base Salary through the Date of Termination
and any amounts accrued or owed (but yet unpaid) to Executive pursuant to the
terms and conditions of the executive benefit plans and programs of the Company
at the time such payments are due, including accrued and unpaid vacation. In
addition, subject to Executive's execution of a general release of claims in
form substantially similar to the form attached hereto as Attachment A (the
"Release"), Executive shall be entitled to the following additional payments:

                (a) Death or Disability. If, during the Term, Executive's
          employment shall terminate by reason of Executive's death or
          Disability, the Company shall pay to Executive (or his designated
          beneficiary or estate, as the case may be) the prorated portion of the
          Annual Bonus Executive would received for the year of termination of
          employment assuming maximum individual and Company performance (the
          "Maximum Annual Bonus"), in an amount equal to the product of such
          Maximum Annual Bonus multiplied by a fraction, the numerator of which
          is the number of days in the year of the termination of employment
          during which Executive was employed by the Company and the denominator
          of which is 365. Such amount shall be paid within 30 days of the date
          when such amounts would otherwise have been payable to the Executive
          if Executive's employment had not terminated (but not earlier than the
          date the Release becomes irrevocable).

                (b) Other than for Cause, or for Good Reason. If, during the
          Term, the Company shall terminate Executive's employment other than
          for Cause (but not for Disability), or if the Executive shall
          terminate his employment for Good Reason,

                     (1)    The Company shall pay Executive within 30 days of
                the date of termination of employment (but not earlier than the
                date on which the Release becomes irrevocable) a lump sum
                payment equal to the sum of (A) one year of Executive's annual
                Base Salary as then in effect plus (B) Executive's Maximum
                Annual Bonus for the year of termination.

                     (2)    Executive shall be treated as having one additional
                year of service for purposes of vesting in restricted stock then
                outstanding and not yet fully vested, and the duration within
                which any option awarded to Executive then outstanding and
                vested and exercisable may be exercised shall be extended by one
                year (but not beyond the maximum duration for options permitted
                by the LTIP).

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                     (3)    During the one-year period beginning on the Date of
                Termination (the "Severance Period"), the Company shall provide
                Executive with continued medical, dental, long-term disability
                and life insurance benefits at the same levels as if he remained
                actively employed during the Severance Period; provided that
                Executive shall not participate in any bonus, vacation pay,
                retirement benefits, long-term incentive, stock option or other
                equity grant plan, program or arrangement after the Date of
                Termination, provided farther, if Executive is unable to
                participate in such benefit plans as offered by the Company to
                active employees, the Company will pay to Executive the premium
                cost which the Company pays for similarly situated active senior
                management employees; provided farther, that Executive shall pay
                the Company on a monthly basis the portion of the periodic cost
                of such continued coverage equal to the dollar amount of such
                periodic cost as if he remained employed during the Severance
                Period; provided farther, that such welfare benefits shall be
                reduced to the extent Executive receives similar benefits from a
                subsequent employer. As and to the extent provided by the
                Consolidated Omnibus Budget Reconciliation Act of 1985, as
                amended ("COBRA"), Executive will be eligible to continue his
                health insurance benefits at his own expense for the statutory
                period prescribed by COBRA following the "qualifying event" (as
                defined in COBRA) occurring at the end of Severance Period and,
                later, to the extent provided in such benefit plan, program or
                arrangement, to convert such benefits to an individual policy.

                     (4) Executive shall become immediately vested in all
                accounts or accrued benefits under any defined contribution plan
                or program qualified under Section 401 (a) of the Internal
                Revenue Code of 1986, as amended, including without limitation
                the 401(k) Plan; provided that to the extent such vesting is not
                allowed pursuant to the terms of such plans, the Company shall
                pay to Executive an amount equal to the sum of the value of the
                unvested portion of such accounts or accrued benefits as of the
                Date of Termination and forfeited by Executive due to
                termination of employment.

                (c) Cause; Executive Resignation. If Executive's employment
          shall be terminated by the Company for Cause or by the Executive other
          than for Good Reason (and other than due to Executive's death), during
          the Term, this Agreement shall terminate without further additional
          obligations to Executive under this Agreement, provided that the
          Company shall pay to Executive his Base Salary through the Date of
          Termination.

                (d) Death after Termination. In the event of the death of
          Executive during the period Executive is receiving payments pursuant
          to this Agreement, Executive's designated beneficiary shall be
          entitled to receive the balance of the payments, or in the event of no
          designated beneficiary, the remaining payments shall be made to
          Executive's estate.

          8. Occurrence of a Change in Control.

                (a) Termination Other than for Cause, or for Good Reason. If
          during the Term a Change of Control (as defined below) shall occur and
          within one year from the

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          date of the occurrence of such Change of Control the Company shall
          terminate Executive's employment other than for Cause or the Executive
          shall terminate his employment for Good Reason (a "Change of Control
          Severance"), subject to Executive's execution of the Release and in
          lieu of the benefits under Section 7 hereof,

                     (1)    The Company shall pay Executive within 30 days of
                the date of termination of employment (but not earlier than the
                date on which the Release becomes irrevocable) a lump sum
                payment equal to two (2) times the sum of (A) one year of
                Executive's annual Base Salary as then in effect, plus (B)
                Executive's Maximum Annual Bonus for the year of termination,
                plus (C) the fair market value (determined as of the Date of
                Termination) of the maximum number of shares of restricted stock
                authorized to be granted to Executive under the LTIP in the year
                of termination assuming all performance criteria for such award
                were deemed satisfied.

                     (2)    All options held by Executive for which the exercise
                period has not yet lapsed or expired shall become fully vested
                and exercisable and all restricted stock held by Executive shall
                become fully vested.

                     (3)    During the two (2) year period commencing on the
                date of the Change of Control Severance the Company shall
                provide Executive with continued medical, dental, long-term
                disability and life insurance benefits at the same levels as if
                he remained actively employed during the Severance Period;
                provided that Executive shall not participate in any bonus,
                vacation pay, retirement benefits, long-term incentive, stock
                option or other equity grant plan, program or arrangement after
                the Date of Termination, provided further, if Executive is
                unable to participate in such benefit plans as offered by the
                Company to active employees, the Company will pay to Executive
                the premium cost which the Company pays for similarly situated
                active senior management employees; provided further, that
                Executive shall pay the Company on a monthly basis the portion
                of the periodic cost of such continued coverage equal to the
                dollar amount of such periodic cost as if he remained employed
                during the Severance Period; provided further, that such welfare
                benefits shall be reduced to the extent Executive receives
                similar benefits from a subsequent employer. As and to the
                extent provided by the Consolidated Omnibus Budget
                Reconciliation Act of 1985, as amended ("COBRA"), Executive will
                be eligible to continue his health insurance benefits at his own
                expense for the statutory period prescribed by COBRA following
                the "qualifying event" (as defined in COBRA) occurring at the
                end the two (2) year period and, later, to the extent provided
                in such benefit plan, program or arrangement, to convert such
                benefits to an individual policy.

                     (4)    Executive shall become immediately vested in all
                accounts or accrued benefits under any defined contribution plan
                or program qualified under Section 401 (a) of the Internal
                Revenue Code of 1986, as amended, including without limitation
                the 401(k) Plan; provided that to the extent such vesting is not
                allowed pursuant to the terms of such plans, the Company shall
                pay to Executive an amount equal to the sum of the value of the
                unvested portion of

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                such accounts or accrued benefits as of the Date of Termination
                and forfeited by Executive due to termination of employment.

                (b) For purposes of this Agreement, a "Change in Control" means
          the occurrence of any of the following events:

                     (1)    An acquisition (other than directly from the
                Company) of any voting securities of the Company (the "Voting
                Securities") by any "Person" (as defined in Section 3(a)(9) of
                the Securities Exchange Act of 1934 (the "1934 Act") and used in
                Section 13(d) and 14(d) thereof, including a "group as defined
                in Section 13(d)) immediately after which such Person has
                "Beneficial Ownership" (within the mean of Rule 13d-3 under the
                1934 Act) of 35% or more of the combined voting power of
                Company's then outstanding Voting Securities; provided, however,
                that in determining whether a Change in Control has occurred,
                Voting Securities which are acquired in an acquisition by (i)
                the Company or any of its subsidiaries, (ii) an employee benefit
                plan (or a trust forming a part thereof) maintained by the
                Company or any of its subsidiaries or (iii) any Person in
                connection with an acquisition referred to in the preceding
                clause (i), shall not constitute an acquisition which would
                cause a Change in Control.

                     (2)    The individuals who, as of August 5, 2002,
                constituted the Board of Directors of the Company (the
                "Incumbent Board") cease for any reason to constitute over 50%
                of the Board; provided, however, that if the election, or
                nomination for election by the Company's stockholders, of any
                new director was approved by a vote of over 50% of the Incumbent
                Board, such new director shall, for purposes of this Section
                8(b), be considered as though such person were a member of the
                Incumbent Board; provided, further, however, that no individual
                shall be considered a member of the Incumbent Board if such
                individual initially assumed office as a result of either an
                actual or threatened "Election Contest" (as described in Rule
                14a-ll promulgated under the 1934 Act) or other actual or
                threatened solicitation of proxies or consents by or on behalf
                of a Person other than the Board of Directors of the Company (a
                "Proxy Contest"), including by reason of any agreement intended
                to avoid or settle any Election Contest or Proxy Contest.

                     (3)    Consummation of a merger, consolidation or
                reorganization involving the Company, unless each of the
                following events occurs in connection with such merger,
                consolidation or reorganization:

                    (i)     the stockholders of the Company, immediately before
                such merger, consolidation or reorganization, own, directly or
                indirectly immediately following such merger, consolidation or
                reorganization, over 50% of the combined voting power of all
                voting securities of the corporation resulting from such merger
                or consolidation or reorganization (the "Surviving Company")
                over which any Person has Beneficial Ownership in substantially
                the same proportion as their ownership of the Voting Securities
                immediately before such merger, consolidation or reorganization.

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                   (ii)     the individuals who were members of the Incumbent
                Board immediately prior to the execution of the agreement
                providing for such merger, consolidation or reorganization
                constitute over 50% of the members of the board of directors of
                the Surviving Company; and

                  (iii)     no Person (other than the Company, any of its
                subsidiaries, any employee benefit plan (or any trust forming a
                part thereof) maintained by the Company, the Surviving Company
                or any Person who, immediately prior to such merger,
                consolidation or reorganization had Beneficial Ownership of 35%
                or more of the then outstanding Voting Securities) has
                Beneficial Ownership of 35% or more of the combined voting power
                of the Surviving Company's then outstanding voting securities.

                    (4)     Approval by the Company's stockholders of a complete
                liquidation or dissolution of the Company.

                    (5)     Approval by Company's stockholders of an agreement
                for the sale or other disposition of all or substantially all of
                the assets of the Company to any Person (other than a transfer
                to a subsidiary of the Company).

                     (6)    Any other event that the Board shall determine
                constitutes an effective Change in Control of Company.

                    (7)     Notwithstanding the foregoing, a Change in Control
                shall not be deemed to occur solely because any Person (the
                "Subject Person") acquired Beneficial Ownership of more than the
                permitted amount of the outstanding Voting Securities as a
                result of the acquisition of Voting Securities by the Company
                which, by reducing the number of Voting Securities outstanding,
                increases the proportional number of shares Beneficially Owned
                by the Subject Person; provided that if a Change in Control
                would occur (but for the operation of this sentence) as a result
                of the acquisition of Voting Securities by the Company, and
                after such share acquisition by the Company, the Subject Person
                becomes the Beneficial Owner of any additional Voting Securities
                which increases the percentage of the then outstanding Voting
                Securities Beneficially Owned by the Subject Person, then a
                Change in Control shall occur.

          9. Restrictive Covenants.

                (a) Confidentiality.

                    (i)     Executive shall not, unless written permission is
                granted by the Company, disclose to or communicate in any manner
                with the press or any other media about his employment with the
                Company, the terms of this Agreement, the termination of his
                employment with the Company, the Company's businesses or
                affairs, the Company's officers, directors, employees and/or
                consultants, or any matter related to any of the foregoing.

                   (ii)     Executive acknowledges that it is the policy of the
                Company and its subsidiaries to maintain as secret and
                confidential all valuable and unique

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                information and techniques acquired, developed or used by the
                Company and its subsidiaries relating to their business,
                operations, actual or potential products, strategies, potential
                liabilities, employees, tenants, proposed or perspective tenants
                and customers, business partners and customers, (including
                without limitation information protected by the company's
                attorney/client, work product, or tax advisor/audit privileges;
                tax matters and information; financial analysis models; the
                Company's strategic plans; negotiations with third parties;
                methods, policies, processes, formulas, techniques, know-how and
                other knowledge; trade practices, trade secrets, or financial
                matters; lists of customers or customers' purchases; lists of
                suppliers, manufacturers, representatives, or other
                distributors; lists of and information about tenants;
                requirements for systems, programs, machines, or their
                equipment; information regarding the Company's bank accounts,
                credit agreement or financial projections information;
                information regarding the Company's directors or officers or
                their personal affairs) which gives the Company and its
                subsidiaries a competitive advantage in the businesses in which
                the Company and its subsidiaries are engaged ("Confidential
                Information"). "Confidential Information" shall not include
                information that (A) is or becomes generally available to the
                public other than as a result of a disclosure by Executive in
                violation of this Agreement, (B) was available to Executive on a
                non-confidential basis prior to the date hereof, or (C) is
                compelled to be disclosed by a court or governmental agency,
                provided that prior written notice is given to the Company and
                Executive cooperates with the Company in any efforts by the
                Company to limit the scope of such obligation and/or to obtain
                confidential treatment of any material disclosed pursuant to
                such obligation. Executive recognizes that all such Confidential
                Information is the sole and exclusive property of the Company
                and its subsidiaries, and that disclosure of Confidential
                Information would cause damage to the Company and its
                subsidiaries. Executive shall not disclose, directly or
                indirectly, any Confidential Information obtained during his
                employment with the Company, and will take all necessary
                precautions to prevent disclosure, to any unauthorized
                individual or entity inside or outside the Company, and will not
                use the Confidential Information or permit its use for the
                benefit of Executive or other third party other than the
                Company. These obligations shall continue for so long as the
                Confidential Information remains Confidential Information.

                (b) Noncompetition, Nonsolicitation, Noninterference. Executive
          shall not during the Term, and during the one-year period after the
          termination of Executive's employment with the Company for any reason
          (the "Restricted Period"), either directly or indirectly (through
          another business or person) engage in or facilitate any of the
          following activities anywhere in the United States:

                    (i)     hiring, recruiting, engaging as a consultant or
                adviser, employing or attempting or soliciting to hire, recruit
                or employ any person employed by the Company or any subsidiary,
                or causing or attempting to cause any third party to do any of
                the foregoing;

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                   (ii)     causing or attempting to cause any person employed
                at any time during the Restricted Period by the Company or any
                subsidiary to terminate his or her relationship with the Company
                or any subsidiary;

                  (iii)     soliciting, enticing away, or endeavoring to entice
                away, or otherwise interfering with any employee, customer,
                tenant or proposed tenant with whom the Company has ongoing
                contact, financial partner or proposed financial partner with
                whom the Company has ongoing contact, vendor, supplier or other
                similar business relation, who at any time during the Restricted
                Period or who which at any time during the period commencing one
                year prior to the Date of Termination, to the Executive's
                knowledge, maintained a material business relationship with the
                Company or any subsidiary or with whom the Company is targeting
                for a material business relationship or is engaged in
                discussions with to commence a material business relationship;
                or

                   (iv)     performing services as an employee, director,
                officer, consultant, independent contractor or advisor; or
                investing in, whether in the form of equity or debt, owning any
                interest or otherwise having an ownership or other interest or a
                connection to any healthcare REIT (real estate investment
                trust), or any person which owns in excess of five percent of
                the issued and outstanding equity interest of a healthcare REIT,
                or any other company, entity or person that directly and
                materially competes with the Company anywhere in the United
                States. Nothing in this Section (iv) shall, however, restrict
                Executive from (A) making an investment in and owning up to
                one-percent (1%) of the common stock of any company whose stock
                is listed on a national exchange, provided that such investment
                does not give Executive the right or ability to control or
                influence the policy decisions of any direct competitor, or (B)
                performing services as an employee, director, officer,
                consultant, independent contractor or advisor of an operating
                company which provides goods or services other than leasing or
                otherwise providing real estate and related personal property
                (for example, a hospital).

                (c) Other Prohibited Activities. Executive acknowledges that his
          position at the Company provides him with access to highly sensitive
          information concerning the Company's principal lessee and its
          affiliates and leases to such lessee and its affiliates which are
          critical to the Company's ability to effectively function and to the
          properties to be purchased by the Company, and that if Executive were
          to provide services for such principal lessee and/or its' affiliates
          such services would cause irreparable damages to the Company.
          Executive shall not during the Term and the Restricted Period, either
          directly or indirectly (through another business or person) engage in
          or facilitate any of the following activities anywhere in the United
          States or in any location outside the United States where the Company
          conducts or plans to conduct business: performing services as an
          employee, director, officer, consultant, independent contractor or
          advisor; or investing in, whether in the form of equity or debt,
          owning any interest or otherwise having an ownership or other interest
          or a connection to Kindred Healthcare, Inc. or any of its parent,
          sister, subsidiary or affiliated entities in any manner, including
          without limitation as an owner, principal, partner, officer, director,
          stockholder, employee, consultant, contractor, agent, broker,
          representative or otherwise (unless Executive becomes a

                                     - 11 -

<PAGE>

          stockholder in Kindred Healthcare as part of a restructuring of
          Kindred Healthcare where the Company's stockholders receive Kindred
          Healthcare stock); provided, however, that this subsection (c) shall
          not be preclude Executive from owning (whether during or after the
          Term) any equity or debt interest in Kindred Healthcare to which he
          became entitled by reason of his employment by Kindred Healthcare
          prior to his employment by the Company.

                (d) Non-Disparagement.

                    (i)     Executive agrees not to make, or cause to be made,
                any statement, observation or opinion, or communicate any
                information (whether oral or written, directly or indirectly)
                that (A) accuses or implies that the Company and/or any of its
                affiliates, together with their respective present or former
                officers, directors, partners, stockholders, employees and
                agents, and each of their predecessors, successors and assigns,
                engaged in any wrongful, unlawful, unethical or improper
                conduct, whether relating to Executive's employment (or
                termination thereof), the business or operations of the Company,
                or otherwise; or (B) disparages, impugns or in any way reflects
                adversely upon the business, good will, products, business
                opportunities, competency, character, behavior or reputation of
                the Company and/or any of its affiliates, together with their
                respective present or former officers, directors, partners,
                stockholders, employees and agents, and each of their
                predecessors, successors and assigns.

                   (ii)     Nothing herein shall be deemed to preclude Executive
                or the Company from providing truthful testimony or information
                pursuant to subpoena, court or other similar legal process.

                (e) New Employer. Executive shall provide the terms and
          conditions of this Section 9 to any prospective new employer or new
          employer and shall permit the Company to contact any such company,
          entity or individual to confirm Executive's compliance with this
          Section 9 and shall provide the Company with such information as it
          requests to allow such inquiry.

                (f) Reasonableness of Restrictive Covenants.

                    (i)     Executive acknowledges that the covenants contained
                in this Section 9 are reasonable in the scope of the activities
                restricted, the geographic area covered by the restrictions, and
                the duration of the restrictions, and that such covenants are
                reasonably necessary to protect the Company's legitimate
                interests in its confidential Information, its reputation, and
                in its relationships with its employees, customers, and
                suppliers.

                   (ii)     The Company has, and the Executive has had an
                opportunity to, consult with their respective legal counsel and
                to be advised concerning the reasonableness and propriety of
                such covenants. Executive acknowledges that his observance of
                the covenants contained herein will not deprive Executive of the
                ability to earn a livelihood or to support his dependents.

                                     - 12 -

<PAGE>

                (g) Right to Injunction. In recognition of the confidential
          nature of the Confidential Information, and in recognition of the
          necessity of the limited restrictions imposed by Section 9, Executive
          and the Company agree that it would be impossible to measure solely in
          money the damages which the Company would suffer if Executive were to
          breach any of his obligations hereunder. Executive acknowledges that
          any breach of any provision of this Agreement would irreparably injure
          the Company. Accordingly, Executive agrees that if he breaches any of
          the provisions of Section 9, the Company shall be entitled, in
          addition to any other remedies to which the Company may be entitled
          under this Agreement or otherwise, to an injunction to be issued
          without bond by a court of competent jurisdiction, to restrain any
          breach, or threatened breach, of any provision of Section 11, and
          Executive hereby waives any right to assert any claim or defense that
          the Company has an adequate remedy at law for any such breach or to
          require the Company to post bond or other security during the pendancy
          of such injunction.

             (h) Assistance. During the one-year period following a termination
          of Executive's employment with the Company, Executive shall from time
          to time provide the Company with such reasonable assistance and
          cooperation as the Company may reasonably from time to time request in
          connection with any financial and business issues, investigation,
          claim, dispute, judicial, legislative, administrative or arbitral
          proceeding, or litigation (any of the foregoing, a "Proceeding")
          arising out of matters within the knowledge of Executive and related
          to his position as an employee of the Company. Such assistance and
          cooperation shall include providing information, declarations or
          statements to the Company, signing documents, meeting with attorneys
          or other representatives of the Company, and preparing for and giving
          truthful testimony in connection with any Proceeding or related
          deposition. Executive shall agree to also make himself available to
          assist the Company with transition of Executive's duties to his
          successor and addressing ongoing issues and problems. In any such
          instance, Executive shall provide such assistance and cooperation at
          times and in places mutually convenient for the Company and Executive
          and which do not unreasonably interfere with Executive's business or
          personal activities. The Company shall reimburse Executive's
          reasonable out-of-pocket costs and expenses in connection with such
          assistance and cooperation upon Executive's written request in such
          form and containing such information as the Company shall reasonably
          request.

          10. Disputes. Any dispute or controversy arising under, out of, or in
connection with this Agreement shall, at the election and upon written demand of
the Company, be finally determined and settled by binding arbitration in the
City of Louisville, Kentucky, in accordance with the commercial arbitration
rules and procedures of the American Arbitration Association, and judgment upon
the award may be entered in any court having jurisdiction thereof. Each party
shall bear its own costs, legal fees and other expenses respecting such
arbitration; provided, however, if one party shall prevail in the claims in such
arbitration, the non-prevailing party shall pay the prevailing party's costs,
legal fees and other expenses respecting such arbitration.

          11. Successors.

                (a) This Agreement is personal to Executive and without the
          prior written consent of the Company shall not be assignable by
          Executive otherwise than by will or the laws

                                     - 13 -

<PAGE>

          of descent and distribution. This Agreement shall inure to the benefit
          of and be enforceable by Executive's legal representatives.

                (b) This Agreement shall inure to the benefit of and be binding
          upon the Company and its successors and assigns.

                (c) The Company shall require any successor (whether direct or
          indirect, by purchase, merger, consolidation or otherwise) to all or
          substantially all of the business and/or assets of the Company, or any
          business of the Company for which Executive's services are principally
          performed, to assume expressly and agree to perform this Agreement in
          the same manner and to the same amount that the Company would be
          required to perform it if no such succession had taken place. As used
          in this Agreement, "Company" shall mean the Company as herein before
          defined and any successor to its business and/or assets as aforesaid
          which assumes and agrees to perform this Agreement by operation of
          law, or otherwise.

          12. Other Severance Benefits. Executive hereby agrees that in
consideration for the payments to be received under Section 7 or 8 of this
Agreement, Executive waives and all rights to any payments or benefits under any
plans, programs, contracts or arrangements of the Company or their respective
affiliates that provide for severance payments or benefits upon a termination of
employment.

          13. Certain Additional Payments by the Company. If Executive becomes
entitled to any payments or benefits pursuant to the terms of or by reason of
this Agreement (in the aggregate, "Payments" or singularly, "Payment"), which
Payments are subject to the tax imposed by Section 4999 or any successor
provision of the Code or any similar state or local tax (such excise tax is
hereinafter referred to as the "Excise Tax"), the Company shall pay Executive
an additional amount ("Gross-Up Payment") such that the net amount retained by
Executive, after deduction or payment of (i) any Excise Tax on Payments, and
(ii) any federal, state and local income tax and Excise Tax upon the payment
provided for by this Section, shall be equal to the full amount of the Payments.
Notwithstanding the foregoing provisions of this Section 13, if it shall be
determined that Executive is entitled to the Gross-Up Payment, but that the
Parachute Value (defined below) of all Payments does not exceed 110% of the Safe
Harbor Amount (defined below), then except as provided below, no Gross-Up
Payment shall be made to Executive and the amounts payable under this Agreement
shall be reduced (but not below zero) so that the Parachute Value of all
Payments, in the aggregate, equals the Safe Harbor Amount. Such reduction, if
applicable, shall be made by first reducing the payments under Section 8(a)(l)
unless an alternative method of reduction is elected by Executive, and in any
event shall be made in such a manner as to maximize the value of all Payments
actually made to Executive. For purposes of this Section 13, the "Parachute
Value" of a Payment means the present value, as of the date of the Change of
Control, for purposes of Section 280G of the Internal Revenue Code of 1986, as
amended (the "Code"), of the portion of such Payment that is a "parachute
payment" under Section 280G (b)(2) of the Code; and the "Safe Harbor Amount"
means 2.99 times Executive's "base amount" within the meaning of Section
280G(b)(3) of the Code.

          14. Withholding. The Company may withhold all applicable required
federal, state, local and other employment, income and other taxes from any and
all payments to be made pursuant to this Agreement.

                                     - 14 -

<PAGE>

          15. No Mitigation. Executive shall have no duty to mitigate his
damages by seeking other employment and, should Executive actually receive
compensation from any such other employment, the payments required hereunder,
shall not be reduced or offset by any such compensation except that the welfare
benefits provided pursuant to Section 7(b)(3) shall be reduced as provided by
Section 7(b)(3) to the extent Executive receives similar benefits from a
subsequent employer.

          16. Notices. Any notice required or permitted to be given under this
Agreement shall be in writing and shall be deemed to have been duly given when
delivered or sent by telephone facsimile transmission, personal or overnight
couriers, or registered mail with confirmation of receipt, addressed as follows:

          If to Executive: at the most recent address on file with the Company.

          If to Company:

          Ventas, Inc.
          4360 Brownsboro Road, Suite 115
          Louisville, KY 40207
          Attn.: General Counsel

          17. Waiver of Breach and Severabilitv. The waiver by either party of a
breach of any provision of this Agreement by the other party shall not operate
or be construed as a waiver of any subsequent breach by either party. In the
event any provision of this Agreement is found to be invalid or unenforceable,
it may be severed from the Agreement and the remaining provisions of the
Agreement shall continue to be binding and effective.

          18. Entire Agreement; Amendment. This instrument contains the entire
agreement of the parties with respect to the subject matter hereof and
supersedes all prior agreements, promises, covenants, arrangements,
communications, representations and warranties between them, wither written or
oral, with respect to the subject matter hereof. No provisions of this Agreement
may be modified, waived or discharged unless such modification, waiver or
discharge is agreed to in writing signed by Executive and the Company.

          19. Governing Law. This Agreement shall be construed in accordance
with and governed by the laws of the Kentucky without regard to its choice of
law principles.

          20. Headings. The headings in this Agreement are for convenience only
and shall not be used to interpret or construe its provisions.

          21. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument.

                                     - 15 -

<PAGE>

          IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first above written.

                                           VENTAS, INC.

                                           By: /s/ T. Richard Riney
                                               ---------------------------------
                                               T. Richard Riney
                                               Executive Vice President and
                                               General Counsel

                                               /s/  Richard A. Schweinhart
                                               ---------------------------------
                                               Richard A. Schweinhart
                                               Executive

                                     - 16 -<PAGE>

                                                                 EXHIBIT 10.17.1

                                  CONFIDENTIAL

                        RESIGNATION AND RELEASE AGREEMENT

          This RESIGNATION AND RELEASE AGREEMENT (this "Agreement") is made and
entered into by and between Ventas, Inc. (the "Company") and W. Bruce Lunsford
("Executive") dated as of January 28, 2003.

                                    RECITALS

          A.  Executive is presently employed by the Company as its Chairman of
the Board ("Chairman") pursuant to an employment agreement dated as of July 31,
1998, as amended as of December 31, 1998 ("the Employment Agreement").

          B.  Executive has filed papers with the Secretary of State of Kentucky
to become an official candidate for the office of Governor of the Commonwealth
of Kentucky.

          C.  In light of the Executive's candidacy for the office of Governor
of the Commonwealth of Kentucky, the Board of Directors of the Company (the
"Board"), with the concurrence of Executive, has concluded that it would be in
the best interest of the Company and its stockholders that Executive be replaced
as Chairman and cease to be a member of the Board, contingent upon negotiation
of appropriate terms and conditions regarding Executive's termination.

          D.  In light of Executive's candidacy for the office of Governor of
the Commonwealth of Kentucky, Executive desires to cease serving as Chairman and
as a director on the Board, contingent upon negotiation of appropriate terms and
conditions regarding his resignation.

          E.  Pursuant to the Employment Agreement, in the event that Executive
were to resign as Chairman at the request of the Board, pursuant to Section 7(b)
of the Employment

<PAGE>

Agreement, he would be entitled to a variety of severance benefits, including,
without limitation, (1) a lump sum severance benefit of two times his base
salary (a total of $300,000), (2) continuation, for a two year period, of
Executive's health and dental benefits and payment of his life insurance
premiums, (3) fully vesting(to the extent not already vested) in the Vencor,
Inc. Retirement Savings Plan and any Retirement Savings Plan maintained by the
Company, (4) vesting and a two year period (or until expiration of the options)
to exercise all outstanding stock options ("Options"), a list of which is
attached hereto and made a part hereof as Schedule 1, and (5) forgiveness of all
of principal and interest outstanding pursuant to that certain Promissory Note,
in the initial principal amount of $3,750,000 dated as of June 15, 1998, as
amended as of December 31,1998 issued by Executive to the Company (the "Note").

          F.  Following significant negotiations, the parties have agreed to the
terms of this Agreement to provide an orderly and amicable arrangement with
respect to the termination of Executive as an officer, director and employee of
the Company.

          G.  Capitalized terms used and not defined herein shall have the
meanings ascribed to them in the Employment Agreement, which is terminated
hereby.

                                   AGREEMENTS

          In consideration for the mutual promises provided herein (including,
without limitation, the foregoing recitals, which shall constitute a part of
this Agreement), the parties hereby agree as follows:

          1.  Resignation. Executive permanently resigns from and permanently
waives all rights to employment (whether as Chairman or otherwise) with or by,
and service as a director and/or a member of any committee of the board of
directors of, the Company and/or any of its

                                      - 2 -

<PAGE>

subsidiaries and other affiliated or related entities, effective as of the date
hereof (the "Effective Date").

          2.  Releases and Covenants Not To Sue.

          A.  Executive's Releases and Covenants

              (1)      In consideration of the covenants and agreements of the
Company stated above, Executive, for himself, his agents, legal representatives,
assigns, heirs, distributees, devisees, legatees, administrators, personal
representatives and executors (the "Executive Releasing Parties"), hereby
releases and forever discharges the Company, its present or past subsidiaries,
divisions and affiliates, parent companies, or related companies, successors or
assigns, and their respective present or past officers, trustees, directors,
employees, attorneys and agents of each of them (the "Company Released
Parties"), from any and all claims, demands, actions, liabilities and other
claims for relief and remuneration whatsoever, whether known or unknown (a
"Claim") arising or which could have arisen up to and including the date of his
execution of this Agreement, including, without limitation, those arising out of
or relating to Executive's employment or cessation of employment, termination or
change in status as an Chairman and a member of the Board, the Employment
Agreement, the agreement between the Company and Executive dated July 1, 2001
regarding the employment of Mary Ewing or any other prior oral or written
agreements, and any claims arising or which could arise under Title VII of the
Civil Rights Act of 1964 (as amended by the Civil Rights Act of 1991), the
Americans With Disabilities Act, the Rehabilitation Act of 1973, the Equal Pay
Act, the Fair Labor Standards Act, the Older Workers Benefits Protection Act,
the Age Discrimination in Employment Act, the Employee Retirement Income
Security Act ("ERISA"), or any other federal, state, or local statute, law,
ordinance, regulation, code or executive order, any tort or

                                      - 3 -

<PAGE>

contract claims, and any of the claims, matters and issues which could have been
asserted by the Executive Releasing Parties against the Company Released Parties
in any legal, administrative, or other proceeding; provided, however, that the
foregoing release shall not apply to any Claim (i) pursuant to this Agreement,
(ii) pursuant to the Options or (iii) for indemnification or the advancement of
expenses to any Executive Releasing Party (to which such party would be entitled
under applicable law, the constituent documents of any of the Company Released
Parties, by contract or otherwise) in connection with any action, suit or
proceeding as to which an Executive Releasing Party is made or a party or is
threatened to be made a party or is otherwise involved by reason of the fact
that such Executive Releasing Party was or is an officer, director, employee or
agent of any of the Company Released Parties or was serving at the request of
any of a Company Released Party as a director, officer, employee, fiduciary or
agent of another entity.

              (2)      The Executive Releasing Parties further agree not to
assert any claim or other legal proceeding against the Company Released Parties,
in any court, based on any events, whether known or unknown, which are the
subject of the release contained in section A(1) of this Paragraph 2 or to take
any payments or other relief for any such released claims brought by any other
individual or entity on their behalf.

          B.  The Company Releases and Covenants

              (1)      In consideration of the covenants and agreements of
Executive stated herein, Company, on behalf of itself and the other Company
Released Parties, hereby releases and forever discharge the Executive Releasing
Parties, from any and all Claims arising or which could have arisen up to and
including the date of the execution of this Agreement, including, without
limitation, those arising out of or relating to Executive's employment and
service as a

                                      - 4 -

<PAGE>

director, or cessation of employment, termination or change in Executive's
status as an officer, director or employee, the Employment Agreement or any
other prior oral or written agreements, as such agreements have been amended, or
any other federal, state, or local statute, law, ordinance, regulation, code or
executive order, any tort or contract claims, and any of the claims, matters and
issues which could have been asserted by the Companies against the Executive
Releasing Parties in any legal, administrative, or other proceeding; provided,
however, that the foregoing release shall not apply to any Claim (i) pursuant to
this Agreement, (ii) for any breach of the duty of loyalty, self dealing,
intentional tort, embezzlement, fraud, or violation of criminal law or (iii)
pursuant to the Note (which shall remain valid, binding, outstanding and payable
in accordance with its terms). Executive and the Company represent that as of
the execution of this Agreement they were not actually aware of any breaches of
the duty of loyalty, self dealing, intentional tort, embezzlement, fraud or
violation of criminal law by Executive.

              (2)      The Company Released Parties further agree not to assert
any claim or other legal proceeding against the Executive Releasing Parties, in
any court, based on any events, whether known or unknown, which are the subject
of the release contained in section B(l) of this paragraph 2 or to take any
payments or other relief for any such released claims brought by any other
individual or entity on their behalf.

          3.  Additional Benefits.

                                      - 5 -

<PAGE>

          A.  Notwithstanding anything herein or in the Employment Agreement to
the contrary, upon the Effective Date, Executive shall not be entitled to any of
the severance benefits pursuant to Section 7(b) of the Agreement, other than, as
provided pursuant to Section 7(b)(8) of the Employment Agreement, that Executive
will have an additional two (2) years from the date hereof in which to exercise
the Options, except to the extent that such Options expire prior to the end of
such two (2) year period.

          B.  As additional consideration to Executive for his agreements
herein, the Company agrees that Executive shall have the right to exercise each
of the Options until the earlier of (x) two years after the period provided
pursuant to Section 7(b)(8) of the Employment Agreement and (y) the date upon
which such Option expires (notwithstanding any cessation of Executive's
employment with the Company).

          C.  Any monies due Executive under the Company's 401(k) Plan, if any,
will be distributed to Executive in accordance with the requirements of such
401(k) Plan and the Employee Retirement Income Security Act ("ERISA") consistent
with an employment termination date as of the date hereof.

          D.  To help insure the Company's indemnification obligations to
Executive under the Company's constituent documents the Company will use its
best efforts to cause its director and officer insurance policies ("D&O
Policies") to continue to cover Executive on account of his actions or omissions
as a director and/or officer of the Company to the same extent as the past
actions of its then serving officers and directors are covered thereby;
provided, however, the foregoing shall in no way require the Company to pay a
materially increased premium with respect to D&O Policies otherwise maintained
by it or to change the carrier of its D&O Policies

                                      - 6 -

<PAGE>

to the extent that the carrier of its choice is unwilling to provide the
insurance contemplated hereby.

          E.  Executive shall be eligible for all COBRA benefits to the extent
required under applicable law.

          4.  Return of Property. Executive represents that he has or will
return all data, memoranda, client lists, notes, programs and other papers,
items and tangible media and reproductions thereof relating to the Company and
all other property of the Company in his possession or control no later than
ten (10) business days after the date hereof.

          5.  Confidentiality. From the date of his signing of the Agreement,
the parties hereto agree not to disclose, divulge, publicize or publish the
terms of this Agreement except to his counsel, spouse and financial advisors, or
as required by law (including securities laws), or as required to enforce the
terms of this Agreement; provided, however, that notwithstanding the foregoing,
the Company may (i) make press releases regarding the contents hereof which are
provided to Executive for his review and comment prior to release (and the
Company will consider all such comments in good faith) and (ii) file copies
hereof with the Securities and Exchange Commission.

          6.  Voluntary Agreement - Advice of Legal Counsel - 21 Day
Consideration Period. Executive acknowledges and states that he has read this
Agreement; that he has had opportunity to, and has been advised orally, and in
writing hereby, to consult with legal counsel prior to executing this Agreement,
that he has consulted with counsel and he understands the legal effect and
binding nature of this Agreement; and that he is acting voluntarily and with
full knowledge of his actions in executing this Agreement.

                                      - 7 -

<PAGE>

          7.  Opinion of Counsel. The Company's obligations hereunder shall be
conditioned upon receipt by the Company of an unqualified opinion from Ogden
Newell & Welch, PLLC counsel to Executive, in the form attached as Exhibit A
hereto, to the effect that this Agreement and the Company's performance
hereunder does not and will not violate any of Chapter 121 of the Kentucky
Revised Finance Law, Title 32 of the Kentucky Administrative Statutes or the
Constitution of the Commonwealth of Kentucky and related advisory opinions
(collectively, "Kentucky Campaign Finance Law").

          8.  Further Assurances. Executive will cooperate with the Company to
provide information and execute documents reasonably requested by the Company to
comply with applicable securities laws or in connection with obtaining D&O
Policies.

          9.  Invalidity. In the event that any provision of this Agreement is
determined to be in violation of Kentucky Campaign Finance Law by any court or
other governmental entity of competent jurisdiction or otherwise shall be
finally determined to be invalid or unenforceable, such provisions shall be
severed from the Agreement to the extent such provisions are in violation of
Kentucky Campaign Finance Law or other laws and such illegality, invalidity or
unenforceability shall in no way effect Executive's resignation or the other
provisions hereof.

          10. Successors. This Agreement shall be binding upon and inure to the
benefit of the parties and any of their respective successors or assigns.

          11. Choice of Law. This Agreement shall be deemed to be made and
entered into in the State of Delaware, and shall in all respects be interpreted,
enforced and governed under the laws of said state. The language of all parts of
this Agreement shall in all cases be construed as a whole, according to its fair
meaning, and not strictly for or against any of the parties.

                                      - 8 -

<PAGE>

          12. Notice. For purposes of this Agreement, notices and all other
communications provided for in the Agreement shall be in writing and shall be
deemed to have been duly given when delivered or two days after deposit in the
mail by United States registered mail, return receipt requested, postage prepaid
or by Federal Express or similar reputable delivery service, as follows:

          If to Executive:

                  W. Bruce Lunsford
                  1400 Willow, Unit 704
                  Louisville, KY 40204

          With copies to:

                  Scott W. Brinkman, Esq.
                  1700 PNC Plaza
                  500 West Jefferson Street
                  Louisville, Kentucky 40202-2874
and

          If to the Company

                  Ventas, Inc.
                  4360 Brownsboro Road, Suite 115
                  Louisville, KY 40207-1642
                  Attn: General Counsel

          With copies to:

                  Roger C. Siske, Esq.
                  Sonnenschein Nath & Rosenthal
                  8000 Sears Tower
                  Chicago, Illinois 60606

          13. Miscellaneous. No provision of this Agreement may be modified,
waived or discharged unless such waiver, modification or discharge is agreed to
in writing signed by Executive and the Company. No waiver by either party hereto
at any time of any breach by the other party hereto of, or compliance with, any
condition or provision of this Agreement to be

                                      - 9 -

<PAGE>

performed by such other party shall be deemed a waiver of similar or dissimilar
provisions or conditions at the same or at any prior or subsequent time. This
Agreement contains the entire agreement of the parties with respect to the
subject matter hereof and supersedes all prior agreements, promises, covenants,
arrangements, communications, representations and warranties between them,
whether written or oral, with respect to the subject matter hereof, including
without limitation the Employment Agreement.

          14. Counterparts. This Agreement hereto may be executed in
counterparts, each of which shall be deemed to be an original but each of which
together will constitute one and the same instrument.

          15. Headings. The headings in this Agreement are for convenience only
and shall not be used to interpret or construe its provisions.

          IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date written below.

VENTAS, INC.

By: /s/ T. Richard Riney
   ------------------------------------
   Name:  T. Richard Riney
   Title: Executive Vice President

Dated: January 30, 2003
      --------------------------------

/s/ W. Bruce Lunsford
--------------------------------------
W. BRUCE LUNSFORD

Dated: January 28, 2003
      --------------------------------

                                     - 10 -

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