Document:

EXHIBIT
10.15

FIRST AMENDMENT TO THE 2007 AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

This First Amendment to the 2007 Employment Agreement
(the “Agreement”), is made as of February 21, 2007, effective as of March 1,
2007 by and between LTC PROPERTIES, INC.,
a corporation organized under the laws of the State of Maryland (“LTC” or the “Company”),
and WENDY SIMPSON (“Executive”) and amends and restates the 2007
Amended and Restated Employment Agreement between LTC and Executive, dated as
of February 6, 2007 (“Prior Employment Agreement”).

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

1.             Effective Date, Appointment, Title and Duties.  The effective date of this Agreement is March
1, 2007 (“Effective Date”).  As of the
Effective Date, LTC employs Executive to serve as its Chief Executive
Officer.  In such capacity, Executive
shall report to the Board of Directors of the Company, and shall have such
duties, powers and responsibilities as are customarily assigned to a Chief
Executive Officer of a publicly held corporation, but shall also be responsible
to the Board of Directors and to any committee thereof.  In addition, Executive shall have such other
duties and responsibilities as the Board of Directors may reasonably assign
her, with her consent, including serving with the consent or at the request of
the Board of Directors as an officer or on the board of directors of affiliated
corporations, provided that such duties are
commensurate with and customary for a senior executive officer bearing
Executive’s experience, qualifications, title and position.

2.             Term of Agreement.  The term of this Agreement shall commence as
of the Effective Date and shall extend such that at each and every moment of
time hereafter the remaining term shall be three years.

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

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

(a)           LTC shall pay to Executive a base
salary at an annual rate of not less than Four Hundred Thousand Dollars
($400,000) per annum (“Base Salary”), paid in approximately equal installments
at intervals based on any reasonable Company policy.  LTC agrees from time to time to consider
increases in such base salary in the discretion of the Board of Directors.  Any increase, once granted, shall
automatically amend this Agreement to provide that thereafter Executive’s base
salary shall not be less than the annual amount to which such base salary has
been increased.

(b)           During the term hereof, Executive
shall participate in all health, retirement, Company-paid insurance, sick
leave, disability, expense reimbursement and other benefit programs which LTC
makes available to any of its senior executives.

(c)           Health Insurance Benefits. LTC
shall provide to  Executive and her
spouse  LTC health insurance benefits, of
a type and nature no less favorable to Executive than the health insurance
benefits made available by LTC to Executive and to LTC’s other senior
executives at the time of execution of this Agreement, for so long as Executive
is employed hereunder and continuing thereafter for Executive’s lifetime.  The benefits described in the preceding
sentence shall be referred to herein as Executive’s “Health Insurance Benefits”.

(i)            In the event LTC ceases to offer
health insurance coverage to its senior executives or LTC elects in its sole
discretion to discontinue providing Executive with Executive’s Health Insurance
Benefits, LTC shall have the option (a) at the Company’s expense, to purchase
health insurance coverage no less favorable to Executive than Executive’s
Health Insurance Benefits, or (b) terminate all further Health Insurance
Benefits to Executive and in lieu thereof make a one time payment of Two
Hundred Fifty Thousand Dollars ($250,000) to Executive (a “Health Insurance
Buyout”).

(ii)           In order to effect a Health Insurance
Buyout, LTC shall give no less than sixty (60) days’ prior written notice to
Executive that LTC has elected to terminate Executive’s Health Insurance
Benefits.  Such notice shall not be
effective nor shall it relieve LTC of its obligations under this Section 4(c)
unless it is accompanied by payment in full of the aforesaid Two Hundred Fifty
Thousand Dollars ($250,000).

(iii)          Executive’s rights to the benefits set
forth in this Section 4(c) and the subsections of this Section 4(c) shall
survive any termination or expiration of this Agreement and the termination of
Executive’s employment, regardless of whether such termination is by the
Executive or by the Company and regardless of whether such termination is for
any or no reason or with or without Good Reason or Cause.

(d)           The Company has set an annual target
bonus for Executive equal to one hundred percent (100%) of her Base Salary; provided, however, that the award of any such bonus is
subject to the sole discretion of the Board of Directors.  Executive also shall be eligible to participate
in any LTC incentive stock, option or bonus plan offered by LTC to its senior
executives, subject to the terms thereof and at the sole discretion of the
Board of Directors.

(e)           At
the date hereof:

(i)            Executive has previously been
awarded twenty-seven thousand one

 2
 

hundred twenty (27,120)
shares of the Company’s common stock (“Prior RSA’s”).  Twenty-two thousand five hundred (22,500) of
the Prior RSA’s were awarded under the LTC Properties, Inc. 2004 Restricted
Stock Plan (“2004 RSP”) and four thousand six hundred twenty (4,620) of the
Prior RSA’s were awarded under the LTC Properties, Inc., 1998 Equity
Participation Plan (“1998 EPP”) and the applicable LTC Property, Inc.
Restrictive Stock Agreements or 1998 EPP Award Agreements, as the case may be
(together the “Award Agreements”).  The
Award Agreements are hereby modified and amended to provide that (A) no prior
existing schedule for the lapsing of restriction on the shares awarded
thereunder shall have any further force and effect, and (B) all restrictions
imposed by the Company with respect to the Prior RSA’s shall lapse in the
annual amount of 9,040 shares each March 1, 2008, 2009 and 2010, respectively.

(ii)             Simultaneously with the execution
of this Agreement, the Company and Executive shall execute a 2007 Restricted
Stock Agreement in the form of Exhibit A hereto pursuant to which the Company
shall grant Executive a Restricted Stock Award of forty thousand (40,000)
shares of restricted common stock of the Company under the 1998 EPP (the “2007
RSA”).  Restrictions imposed by the
Company on the 2007 RSA shares shall lapse in the amounts of 13,333 shares on
March 1, 2008, 13,333 on March 1, 2009 and 13,334 on March 1, 2010.

(f)            Executive shall be entitled to
reasonable vacation time, not less than four (4) weeks per year, provided that not more than two (2) weeks
of such vacation time may be taken consecutively without prior notice to and
non-objection by the Compensation Committee of the Board of Directors or,
if there is no Compensation Committee, the Board of Directors.

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

(a)         Executive shall be deemed to be “disabled”
if a physical or mental condition shall occur and persist which, in the written
opinion of a licensed physician selected by the Board of Directors in good
faith, has rendered Executive unable to perform the duties set forth in Section
1 hereof for a period of sixty (60) days or more and, in the written opinion of
such physician, the condition will continue for an indefinite period of time,
rendering Executive unable to return to her duties.

(b)        A termination of Executive’s employment
by LTC shall be deemed 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 Executive’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 LTC into disrepute, and result in material
damage to the Company.  The Company shall
have the right to suspend Executive with pay, for a reasonable period to
investigate allegations of conduct which, if proven, would establish a right to
terminate this Agreement for Cause, or to permit a felony charge to be
tried.  Immediately upon the conclusion
of such temporary period, unless Cause to terminate this Agreement has been
established, Executive shall be restored to all duties and responsibilities as
if such suspension had never occurred.

 3
 

(c)         A resignation by Executive 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 Executive’s title, duties,
or salary; (ii) a material reduction in benefits; (iii) a direction
by the Board of Directors that Executive report to any person or group other
than the Board of Directors, or (iv) a geographic relocation of Executive’s
place of work a distance for more than seventy-five (75) miles from LTC’s
offices located at  31365 Oak Crest
Drive, Suite 200, Westlake Village, California 91361.

(d)     “Affiliate” means with respect to any
Person, a Person who, directly or indirectly, through one or more
intermediaries, controls, is controlled by or is under common control, with the
Person specified.

(e)     “Base Salary” means, as of any date of
termination of employment, the highest base salary of Executive in the then
current fiscal year or in any of the last four fiscal years immediately
preceding such date of termination of employment.

(f)      “Beneficial Owner” shall have the meaning
given to such term in Rule 13d-3 under the Exchange Act.

(g)     A “Change in Control” occurs if:

(i)           Any Person or related group of
Persons (other than Executive and her Related Persons, the Company or a Person
that directly or indirectly controls, is controlled by, or is under common
control with, the Company) is or becomes the Beneficial Owner, directly or
indirectly, of securities of the Company representing 30% or more of the
combined voting power of the Company’s then outstanding securities;

(ii)           The stockholders of the Company
approve a merger or consolidation of the Company with any other corporation (or
other entity), other than a merger or consolidation which would result in the
voting securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity) more than 66-2/3% of the
combined voting power of the voting securities of the Company or such surviving
entity outstanding immediately after such merger or consolidation; provided, however, that a merger or
consolidation effected to implement a recapitalization of the Company (or
similar transaction) in which no Person acquires 30% or more of the combined
voting power of the Company’s then outstanding securities shall not constitute
a Change in Control;

(iii)          The Stockholders of the Company approve
a plan of complete liquidation of the Company or an agreement for the sale or
disposition by the Company of all or substantially all of the Company’s assets;
or

(iv)          A majority of the members of the Board
of Directors of the Company cease to be Continuing Directors;

(h)     “Code” means the Internal Revenue Code of
1986, as amended.

(i)      “Continuing
Directors” means, as of any date of determination, any member

 4
 

of the Board of
Directors who (i) was a member of such Board of Directors on the date of
the Agreement or (ii) was nominated for election or elected to such Board
of Directors with the approval of a majority of the Continuing Directors who
were members of such Board of Directors at the time of such nomination or
election.

(j)      “Exchange Act” means the Exchange Act of
1934, as amended.

(k)     “Person” means any individual, corporation,
partnership, limited liability company, trust, association or other entity.

(l)      “Related Person” means any immediate
family member (spouse, partner, parent, sibling or child whether by birth or
adoption) of the Executive and any trust, estate or foundation, the beneficiary
of which is the Executive and/or an immediate family member of the Executive.

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

(a)   If
Executive’s employment by LTC terminates for any reason other than as a result
of (i) a termination for Cause, or (ii) a voluntary resignation by Executive
without a Good Reason, or (iii) a Change in Control of the Company, then LTC
shall pay Executive a lump sum severance payment equal to two times her Base
Salary, provided that if
employment terminates by reason of Executive’s death or disability, then such
salary shall be paid only to the extent the Company has available “key man”
life, disability or similar insurance relating to the death or disability of
Executive.

(b)  Upon a
Change in Control of the Company whether or not Executive’s employment is
terminated thereby, in lieu of the severance payment described in Section 6(a)
above, LTC shall pay Executive a one time severance payment in cash equal to Three
Million Dollars ($3,000,000), and all stock options shall automatically become
exercisable.  All restrictions on stock
awarded to Executive, other than the Prior RSA’s and the 2007 RSA shares
pursuant to Section 4(e) hereof, shall automatically lapse concurrently upon a
Change in Control, notwithstanding any prior existing schedule; provided, however, that no Change of Control or payment of
the aforesaid severance payment shall (i) terminate or reduce Executive’s
Health Care Benefits as set forth in Section 4(c) hereof which shall remain in
full force and effect, and (ii) if Executive’s employment is not terminated in
connection with such Change of Control, restrictions on the Prior RSA’s and the
2007 RSA shares awarded under Section 4(e) hereof shall remain in full force
and effect and shall not lapse until Executive’s employment is terminated as
provided in such Section 4(e).

(c)             COBRA.  If Executive’s employment by LTC terminates
for any reason, except for LTC’s termination of Executive’s employment for
Cause or a voluntary resignation by Executive without a Good Reason, LTC shall
offer to Executive the opportunity to participate in

 5
 

all Company-provided
medical and dental plans to the extent Executive elects and remains eligible
for coverage under COBRA and for a maximum period of eighteen (18) months at
Company expense to the extent the benefits thereunder are not duplicative of
the Executive’s Health Insurance Benefits; provided,
however, in the event Executive’s employment by LTC terminated upon
a Change in Control of the Company, then Executive shall not be given the
opportunity to participate in any of such medical and dental plans, except to
the extent required by law and except as required in accordance with Executive’s
Health Insurance Benefits.  The
provisions of this Section 6(c) are intended to specify Executive’s rights
under COBRA and are not intended to limit or reduce Executive’s Health
Insurance Benefits.

(d)             In
the event that Executive’s employment terminates by reason of her death, all benefits
provided in this Section 6 shall be paid to her estate or as her executor shall
direct, but payment may be deferred until Executive’s executor or personal
representative has been appointed and qualified pursuant to the laws in effect
in Executive’s jurisdiction of residence at the time of her death.

(e)             LTC
shall make all payments pursuant to the foregoing subsections (a) through (d)
concurrently with the date of termination of Executive’s employment or
consummation of a Change in Control of the Company, as applicable.

(f)              LTC
shall have no liability under this Section 6 if Executive’s employment pursuant
to this Agreement is terminated by LTC for Cause or by Executive without a Good
Reason; provided, however, that if Executive’s
employment pursuant to this Agreement is terminated by LTC for Cause or by
Executive without a Good Reason at any time after a Change of Control which did
not result in Executive’s employment being terminated, such post-Change
of Control termination by LTC for Cause or by Executive without a Good Reason
shall not affect in any way Executive’s entitlement to Executive’s Health
Insurance Benefits or the Health Insurance Buyout right under Section 4(c)under
above, the one time severance payment described in Section 6(b) above or any
other rights, benefits or entitlements to which Executive may be entitled as a
result of such Change of Control.

 6
 

(g)             Gross-Up.

(i)           If it shall be determined that any
payment, distribution or benefit received or to be received by Executive from
the Company (whether payable pursuant to the terms of this Agreement or any
other plan, arrangements or agreement with the Company or a Affiliate (as
defined above) (“Payments”)) would be subject to the excise tax imposed by
Section 4999 of the Code (the “Excise Tax”), then Executive shall be entitled
to receive an additional payment (the “Excise Tax Gross-Up Payment”) in an
amount such that the net amount retained by Executive, after the calculation
and deduction of any Excise Tax on the Payments and any federal, state and
local income taxes and excise tax on the Excise Tax Gross-Up Payment
provided for in this Section 6(g), shall be equal to the Payments.  In determining this amount, the amount of the
Excise Tax Gross-Up Payment attributable to federal income taxes shall be
reduced by the maximum reduction in federal income taxes that could be obtained
by the deduction of the portion of the Excise Tax Gross-Up Payment attributable
to state and local income taxes. 
Finally, the Excise Tax Gross-Up Payment shall be reduced by
income or excise tax withholding payment made by the Company or any affiliate
of either to any federal, state or local taxing authority with respect to the
Excise Tax Gross-Up Payment that was not deducted from compensation
payable to Executive.

(ii)          All determinations required to be made
under this Section 6(g), including whether and when an Excise Tax Gross-Up
Payment is required and the amount of such Excise Tax Gross-Up Payment
and the assumptions to be utilized in arriving at such determination, except as
specified in Section 6(g)(i) above, shall be made by the Company’s independent
auditors (the “Accounting Firm”), which shall provide detailed supporting
calculations both to the Company and Executive. 
Such determination of tax liability made by the Accounting Firm shall be
subject to review by Executive’s tax advisor and, if Executive’s tax advisor
does not agree with such determination reached by the Accounting Firm, then the
Accounting Firm and Executive’s tax advisor shall jointly designate a
nationally recognized public accounting firm, which shall make such
determination.  All reasonable fees and
expenses of the accountants and tax advisors retained by either Executive or
the Company shall be borne by the Company. 
Any Excise Tax Gross-Up Payment, as determined pursuant to this
Section 6(g), shall be paid by the Company to Executive within five days after
the receipt of such determination.  Any
determination by a jointly designated public accounting firm shall be binding
upon the Company and Executive.

(iii)         As a result of the uncertainty in the
application of Subsection 4999 of the Code at the time of the initial
determination thereunder, it is possible that Excise Tax Gross-Up
Payments will not have been made by the Company that should have been made
consistent with the calculations required to be made hereunder (“Underpayment”).  In the event that Executive thereafter is
required to make a payment of any Excise Tax, any such Underpayment calculated
in accordance with and in the same manner as the Excise Tax Gross-Up
Payment in Section 6(g)(i) above shall be promptly paid by the Company to or
for the benefit of Executive.  In the
event that the Excise Tax Gross-Up Payment exceeds the amount
subsequently determined to be due, such excess shall constitute a loan from the
Company (together with interest at the rate provided in Section 1274(b)(2)(B)
of the Code).

7.                                                                                 [Intentionally omitted]

 7
 

8.             Indemnification. 
LTC shall indemnify Executive and hold her harmless from and against all
claims, losses, damages, expense or liabilities (including expenses of defense
and settlement) based upon or in any way arising from or connected with his
employment by LTC, to the maximum extent permitted by law.  To the fullest extent permitted by law, LTC
shall advance to Executive all expenses necessary in connection with the
defense of any action or claim which is brought if indemnification cannot be
determined to be available prior to the conclusion of such action or the
investigation of such claim.  LTC shall investigate
in good faith the availability and cost of directors’ and officers’ insurance
and shall include Executive as an insured in any directors’ and officers’
insurance policy it maintains.  The
provisions of this Section 8 shall survive any termination or expiration of
this Agreement.

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

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

11.           Construction.  In constructing this Agreement, if any
portion of this Agreement shall be found to be invalid or unenforceable, the
remaining terms and provisions of this Agreement shall be given effect to the
maximum extent permitted without considering the void, invalid or unenforceable
provisions.  In construing this
Agreement, the singular shall include the plural, the masculine shall include
the feminine and neuter genders as appropriate, and no meaning in effect shall
be given to the captions of the sections in this Agreement, which is inserted
for convenience of reference only. 
Without limitation to the foregoing, nothing in this Agreement is
intended to violate the Sarbanes-Oxley Act of 2002, and to the extent that any
provision of this Agreement would constitute such a violation, such provision
shall be modified to the extent required by such Act, or, to the extent that
such provision cannot be so modified and is found to be invalid or
unenforceable, the remaining terms and provisions shall be given effect to the
maximum extent permitted without considering the void, invalid or unenforceable
provision.

Notwithstanding any other provision of the
Agreement, to the extent that (i) any amount paid pursuant to the Agreement is
treated as nonqualified deferred compensation pursuant to Section 409A of the
Internal Revenue Code of 1986 (the “Code”) and (ii) the Executive is a “specified
employee” pursuant to Section 409A(2)(B) of the Code, then such payments shall
be made on the date which is six (6) months after the date of the Executive’s
separation from service.  In connection with the payment of any
obligation that is delayed pursuant to this Rider, the Company shall establish an
irrevocable trust to hold funds to be used for payment of such
obligations.  Upon the date that such
amount would otherwise be payable, the Company shall deposit into such
irrevocable trust an amount equal to the obligation.  However, notwithstanding the establishment of
the irrevocable trust, the Company’s obligations under the Agreement upon the
Executive’s termination of employment shall constitute a general, unsecured
obligation of the Company and any amount payable to the Executive shall be paid
solely out of the Company’s general assets, and the Executive shall have no
right to any specific

 8
 

assets of the
Company.  The funds, if any, contained or
contributed to the irrevocable trust shall remain available for the claims of
the Company’s general creditors.

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

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

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

 9
 

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

	
  Signed February 21, 2007

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  

  	
   

  	
   

  	
  LTC PROPERTIES, INC., a Maryland corporation

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  /s/ Andre
  Dimitriadis

  
	
   

  	
   

  	
   

  	
  Andre C.
  Dimitriadis, Chairman

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:  

  	
  /s/ Timothy
  Triche

  
	
   

  	
   

  	
   

  	
  Compensation
  Committee Representative

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Executive: 

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  /s/ Wendy
  Simpson

  
	
   

  	
   

  	
   

  	
  Wendy Simpson

  

 

 10

EXHIBIT A

LTC PROPERTIES, INC.

FIRST AMENDMENT TO THE 2007 RESTRICTED STOCK AGREEMENT

LTC PROPERTIES, INC., a Maryland
corporation (the “Corporation”), and WENDY SIMPSON,
an employee of the Corporation (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.  This Agreement is the
First Amendment to the 2007 Restricted Stock Agreement referred to in the First
Amendment to the Amended and Restated Employment Agreement, dated as of
February 21, 2007, between the Corporation and Grantee (“2007 Employment
Agreement”).  The Corporation hereby
confirms the award to the Grantee, effective March 1, 2007 (the “Date of Award”),
of forty thousand (40,000) shares of the Corporation’s Common Stock, $.01 par
value (the “2007 Restricted Stock”), under and subject to the terms and
conditions of the Corporation’s 1998 Equity Participation Plan (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.  As of the
Date of Award, the Grantee will be a stockholder of the Corporation with
respect to the 2007 Restricted Stock and will have all the rights of a
stockholder with respect to the 2007 Restricted Stock, including the right to
vote the 2007 Restricted Stock and to receive all dividends and other
distributions paid with respect thereto, subject to the restrictions of the
Plan and this Agreement.

2.                                       Acceptance
of Restricted Stock Award.  The
Grantee accepts the 2007 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 2007 Restricted Stock.

3.                                       Restrictions

A.            Grantee shall not 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 2007
Restricted Stock, or any rights or interests appertaining to the 2007
Restricted Stock, prior to the lapse of the restrictions set forth herein as
provided in Section 3(D) below with respect to such shares.

B.            As of the Date of Award,
certificates representing the shares of the 2007 Restricted Stock will be
issued in the name of the Grantee and held by the Corporation in escrow until
the lapse of restrictions set forth herein as provided in Section 3(D) below
with respect to such shares.

C.            The Grantee understands the
provisions of Article 7.2 of the Plan to the effect that the obligation of the
Corporation 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 Corporation, (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, 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 Corporation 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
Corporation to comply with the laws, rules, regulations and orders specified
under the first sentence of this Section 3(C) and to execute a joinder to any
shareholders’ agreement of the Corporation, in the form provided by the
Corporation, pursuant to which the transfer of shares received under the Plan
may be restricted.

D.            The restrictions applicable to the
2007 Restricted Stock granted hereunder shall lapse and expire as to 13,333
shares on March 1, 2008, as to 13,333 shares on March 1, 2009 and as to 13,334
shares on March 1, 2010.

4.                                       Withholding
of Taxes.  The Grantee will be
advised by the Corporation as to the amount of any Federal income or employment
taxes required to be withheld by the Corporation on the compensation income
resulting from the award of or lapse of restrictions on the 2007 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 Corporation on any
compensation income resulting from the award of the 2007 Restricted Stock.  The Grantee will pay any taxes required to be
withheld directly to the Corporation upon request.

If the Grantee does not
pay any taxes required to be withheld directly to the Corporation within ten
days after any request as provided above, the Corporation may withhold such
taxes from any other compensation to which the Grantee is entitled from the
Corporation.  The Grantee will hold the
Corporation 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 3.1 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 Administrator and the decision of the
Administrator will be final, binding and conclusive for all purposes.

6.                                       Effect
of Agreement on Rights of Corporation and Grantee.  This Agreement does not confer any right on
the Grantee to continue in the employ of the Corporation or interfere

 2
 

in any way with the
rights of the Corporation to terminate the employment of the Grantee.

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

8.                                       Entire
Agreement.  This Agreement
constitutes the entire agreement between the Corporation and the Grantee and
supersedes all prior agreements and understandings, oral or written, between
the Corporation 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 Corporation 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 California.

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

	
   

  	
  LTC PROPERTIES, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title: Chairman,
  Compensation Committee

  
	
   

  	
   

  
	
   

  	
  GRANTEE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Wendy Simpson

  

 

 3EXHIBIT
10.16

FIRST AMENDMENT TO THE 2007
AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

This
First Amendment to the 2007 Amended and Restated Employment Agreement (the “Agreement”)
is made as of February 21, 2007, effective as of March 1, 2007, by and between LTC PROPERTIES, INC., a corporation organized under the laws
of the State of Maryland (“LTC” or the “Company”), and ANDRE C.
DIMITRIADIS (“Executive”), and amends and restates the 2007 Amended
and Restated Employment Agreement dated February 6, 2007, by and between LTC
and Executive (the “Prior Employment Agreement”), as amended.

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

1.             Effective
Date, Appointment, Title and Duties. 
The effective date of this Agreement is March 1, 2007 (“Effective Date”).  LTC hereby accepts the resignation of
Executive from his position of Chief Executive Officer and hereby employs
Executive to serve as its Executive Chairman of the Board, subject to the terms
hereof.  In such capacity, Executive
shall report to the Board of Directors of the Company, and shall have such
duties, powers and responsibilities as are customarily assigned to the Executive
Chairman of the Board of a publicly-held corporation.  In addition, Executive shall have such other
duties and responsibilities as the Board of Directors may reasonably assign
him, with his consent, including serving with the consent or at the request of
the Company on the board of directors of affiliated corporations, provided that
such duties are commensurate with and customary for a senior executive officer
bearing Executive’s experience, qualifications, title and position.

2.             Term
of Agreement.  The initial term of
this Agreement shall be for a four (4) year period, commencing on the Effective
Date and ending February 28, 2011. 
Unless the employment hereunder shall have been terminated in accordance
with the provisions hereof, the term of this Agreement shall be extended beyond
February 28, 2011 such that at each and every moment of time hereafter the
remaining term shall not be less than four (4) years.  For purposes of this Agreement, a resignation
by Executive which is for “Good Reason,” as described in Section 5 below shall
not constitute a termination of this Agreement.

3.             Acceptance
of Position.  Executive accepts the
position of Executive Chairman of the Board of LTC, and agrees that during the
term of this Agreement he will faithfully perform his duties.  Executive will devote approximately two full
business days per week to the business and affairs of LTC.  During the term of his employment by LTC,
Executive will not engage, for his own account or for the account of any other
person or entity, in a business which competes with LTC.  It is acknowledged and agreed that Executive
may serve as an officer and/or director of companies in which LTC owns voting
or non-voting stock.  In addition, it is
acknowledged and agreed that Executive may, from time to time, serve as a
member of the board of directors of other companies without the consent of LTC,
provided that Executive will disclose such other board memberships to the LTC
board of directors.  Any compensation or
remuneration which Executive receives in consideration of his service on the
board of directors of other companies or for other non-competitive activities
outside of his

service hereunder shall be the sole and exclusive
property of Executive, and LTC shall have no right or entitlement at any time
to any such compensation or remuneration.

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

(a)           LTC shall pay to Executive a base
salary at an annual rate of not less than Two Hundred Forty Thousand Dollars
($240,000) per annum, paid in approximately equal installments at intervals
based on any reasonable Company policy. 
LTC agrees from time to time to consider increases in such base salary
in the discretion of the Board of Directors. 
Any increase, once granted, shall automatically amend this Agreement to
provide that thereafter Executive’s base salary shall not be less than the
annual amount to which base salary has been increased.

(b)           During the term hereof, Executive
shall participate in all health, retirement, Company-paid insurance, sick
leave, disability, expense reimbursement and other benefit programs which LTC
makes available to any of its senior executives from time to time.

(c)           Health Insurance Benefits.  LTC shall provide to Executive and his two
daughters LTC health insurance benefits, of a type and nature no less favorable
to Executive than the health insurance benefits made available by LTC to
Executive and to LTC’s other senior executives at the time of the execution of
this Agreement, for so long as Executive is employed hereunder and for the
lifetime of the Executive, provided that
the Company may terminate such health insurance for Executive’s two daughters
at such time as they attain the  age of
twenty-two (22) years.  The benefits
described in the preceding sentence shall be referred to herein as Executive’s “Health
Insurance Benefits”.

(i)            In the event LTC
ceases to offer health insurance coverage to its senior executives or LTC
elects in its sole discretion to discontinue providing Executive with Executive’s
Health Insurance Benefits, LTC shall have the option (a) at the Company’s
expense, to purchase health insurance coverage no less favorable to Executive
than Executive’s Health Insurance Benefits, or (b) terminate all further Health
Insurance Benefits to Executive and in lieu thereof make a one time payment of
Two Hundred Fifty Thousand Dollars ($250,000) to Executive (a “Health Insurance
Buyout”).

(ii)         In order to effect a
Health Insurance Buyout,  LTC shall give
no less than sixty (60) days’ prior written notice to Executive that LTC has
elected to terminate Executive’s Health Insurance Benefits.  Such notice shall not be effective nor shall
it relieve LTC of its obligations under this Section 4(c) unless it is
accompanied by payment in full of the aforesaid Two Hundred Fifty Thousand
Dollars ($250,000).

(iii)          Executive’s rights
to the benefits set forth in this Section 4(c) and the subsections of this
Section 4(c) shall survive any termination or expiration of this Agreement and
the termination of Executive’s employment, regardless of whether such termination
is by the Executive or by the Company and regardless of whether such
termination is for any or no reason or with or without Good Reason or Cause.

 2
 

(d)           Executive shall be eligible to
participate in any LTC incentive stock option or bonus plan offered by LTC to
its senior Executives, subject to the terms thereof and the discretion of the
Board of Directors.

(e)           Executive shall be entitled to
reasonable vacation time, not less than four (4) weeks per year, provided that not more than two (2) weeks of such vacation
time may be taken consecutively without prior notice to and non-objection by
the Compensation Committee of the Board of Directors or, if there is no
Compensation Committee, the Board of Directors.

(f)            The Company and Executive are
parties to Restricted Stock Agreements dated March 12, 1999 and December 7,
2005 between the Company and Executive (the “RS Agreements).  As set forth in the RS Agreements, Executive
has previously been awarded certain restricted stock awards (the “Prior RSA’s”)
under the LTC Properties, Inc. Amended and Restated 1992 Stock Option Plan, as
amended on December 2, 1995 and the LTC Properties, Inc. 2004 Restricted Stock
Plan.  As of the execution of this
Agreement, an aggregate of fifty-four thousand nine hundred sixty (54,960)
shares of the Prior RSA’s  remain subject
to certain restrictions, which restrictions lapse, among other things, with the
passage of time.  The RS Agreements are
hereby deemed modified and amended as of the Effective Date to provide that (i)
no prior existing schedule for the lapsing of such restrictions shall have any
further force and effect, and (ii) all restrictions applicable to such shares
shall lapse on 5,496 shares each on the last day of each month beginning March
31, 2007 and ending December 31, 2007.

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

(a)           Executive shall be deemed to be “disabled”
if a physical or mental condition shall occur and persist which, in the written
opinion of a licensed physician selected by the Board of Directors in good
faith, has rendered Executive unable to perform the duties of Executive
Chairman of the Board of LTC for a period of sixty (60) days or more and, in
the written opinion of such physician, the condition will continue for an
indefinite period of time, rendering Executive unable to return to his duties.

(b)           A termination of Executive’s
employment by LTC shall be deemed 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 provided in Section 3 of
this Agreement, breach of Executive’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 LTC into
disrepute, and results in material damage to the Company.  The Company shall have the right to suspend
Executive, with pay, for a reasonable period to investigate allegations of
conduct which, if proven, would establish a right to terminate this Agreement
for Cause, or to permit a felony charge to be tried.  Immediately upon the conclusion of such
temporary period, unless Cause to terminate this Agreement has been
established, Executive shall be restored to all duties and responsibilities as
if such suspension had never occurred.

(c)           A resignation by Executive 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 Executive’s title (except as
permitted in Section 6(d) of this Agreement), duties, or salary; (ii) a

 3
 

material
reduction in benefits; (iii) a direction by the Board of Directors that
Executive report to any person or group other than the Board of Directors, or
(iv) a geographic relocation of Executive’s place of work a distance of more
than fifty (50) miles from LTC’s offices located 31365 Oak Crest Drive, Suite
200, Westlake Village, CA  91361.  Executive’s statement that a resignation was
based upon one of the events stated in this section shall be conclusive and
binding for purposes of this Agreement if the resignation occurs within twelve
(12) months following the event.

(d)           “Affiliate” means the Company’s
successors, any Person whose actions result in a Change in Control or any
corporation affiliated (or which, as a result of the completion of the
transactions causing a Change in Control shall become affiliated) with the
Company within the meaning of Section 1504 of the Code.

(e)           “Base Salary” means, as of any date
of termination of employment, the highest base salary of Executive in the then
current fiscal year or otherwise in effect at any time subsequent to the
Effective Date.

(f)            “Beneficial Owner” shall have the
meaning given to such term in Rule 13d-3 under the Exchange Act.

(g)           A “Change in Control” occurs if:

(i)            any Person or related group of
Persons (other than Executive and his Related Persons, the Company or a Person
that directly or indirectly controls, is controlled by, or is under common control
with, the Company) is or becomes the Beneficial Owner, directly or
indirectly, of securities of the Company representing thirty percent (30%)
or more of the combined voting power of the Company’s then
outstanding securities; or

(ii)           the stockholders of the Company
approve a merger or consolidation of the Company with any other
corporation (or other entity), other than a merger or consolidation which would
result in the voting securities of the Company outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity) more than sixty-six
and two-thirds percent (66-2/3%) of
the combined voting power of the voting securities of the Company or such
surviving entity outstanding immediately after such merger or consolidation; provided, however, that a merger or consolidation effected
to implement a recapitalization of the Company (or similar transaction) in
which no Person acquires thirty percent (30%) or more of the combined voting
power of the Company’s then outstanding securities shall not constitute a
Change in Control; or

(iii)          the stockholders of the Company
approve a plan of complete liquidation of the Company or an agreement for the
sale or disposition by the Company of all or substantially all of the Company’s
assets; or

(iv)          a majority of the members of the Board
of Directors of the Company cease to be Continuing Directors.

(h)           “Code” means the Internal Revenue
Code of 1986, as amended.

 4
 

(i)            “Continuing Directors” means, as of
any date of determination, any member of the Board of Directors who
(i) was a member of such Board of Directors on the date of the Agreement
or (ii) was nominated for election or elected to such Board of Directors
with the approval of a majority of the Continuing Directors who were members of
such Board of Directors at the time of such nomination or election.

(j)            “Exchange Act” means the Exchange
Act of 1934, as amended.

(k)           “Person” is given the meaning as such
term is used in Sections 13(d) and 14(d) of the Exchange Act; provided, however, that unless this Agreement provides to
the contrary, the term shall not include the entity, any trustee or other
fiduciary holding securities under an employee benefit plan of the entity,
or any corporation owned, directly or indirectly, by the stockholders of the
entity in substantially the same proportions as their ownership of stock of the
entity.

(l)            “Related Person” means any immediate
family member (spouse, partner, parent, sibling or child whether by birth or
adoption) of the Executive and any trust, estate or foundation, the beneficiary
of which is the Executive and/or an immediate family member of the Executive.

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

(a)           If Executive’s employment by LTC is
terminated by LTC at any time without Cause, or if Executive terminates his
employment for Good Reason, unless the termination is due to a Change of
Control and all required payments are made to Executive thereunder, the
Provisions of Section 6(e) shall remain in full force and effect until the
earlier of (i) a Change of Control and all required payments to Executive
thereunder, and (ii) four (4) years from the effective date of termination.

(b)           If Executive voluntarily terminates
his employment without Good Reason, (i) LTC shall have no obligation to pay
Executive any salary other than accrued and unpaid salary and accrued vacation
pay; (ii) Executive will no longer be subject to any Change of Control
provision; and, (iii) Executive’s Health Insurance Benefits as set forth in Section
4(c) of this Agreement shall survive such termination, and the restrictions on
Executive’s Prior RSA’s shall lapse as set forth in Section 4(f) of this
Agreement.

(c)           If Executive’s employment by LTC
terminates for any reason other than as a result of (i) a termination for
Cause, or (ii) a voluntary resignation by Executive without Good Reason, or
(iii) a Change in Control of the Company, then LTC shall pay Executive a lump
sum severance payment equal to four times his Base Salary; provided
that if employment terminates by reason of Executive’s death or disability,
then such salary shall be paid only to the

 5
 

extent the
Company has available “key man” life, disability or similar insurance relating
to the death or disability of Executive.

(d)           In the event the Company nominates
Executive to a proposed slate of Directors and recommends his election, but
Executive is not elected, the terms and provisions of this Agreement shall
remain in full force and effect; provided, however,
Executive’s position and title shall be changed to Senior Advisor/Consultant to
the Chief Executive Officer,  but there
shall be no reduction in his compensation or benefits.

(e)           Upon a Change in Control of the
Company, whether or not Executive’s employment is terminated thereby, (i) LTC
shall pay Executive a lump sum severance payment in cash equal to Five Million
Dollars ($5,000,000), (ii) all stock options shall automatically become
exercisable, Executive’s employment shall be terminated, and as provided in
Section 4(f) hereof, restrictions on all Prior RSA’s shall automatically lapse
concurrently upon such termination; provided, however,
Executive’s Health Care Benefits and the Health Insurance Buyout Right under
Section 4 shall remain in full force and effect and shall survive such termination.

(f)            COBRA.  If Executive’s employment by LTC terminates
for any reason, except for LTC’s termination of Executive’s employment for
Cause or a voluntary resignation by Executive without a Good Reason, LTC shall
offer to Executive the opportunity to participate in all Company-provided
medical and dental plans to the extent Executive elects and remains eligible
for coverage under COBRA for a maximum period of eighteen (18) months at
Company expense to the extent the benefits thereunder are not duplicative of
Executive’s Health Insurance Benefits; provided, however,
in the event Executive’s employment by LTC terminates upon a Change in Control
of the Company, then Executive shall not be given the opportunity to
participate in any of such medical and dental plans except to the extent
required by law and except as required in accordance with Executive’s Health
Insurance Benefits.  The provisions of
this Section 6(f) are intended to specify Executive’s rights under COBRA and
are not intended to limit or reduce Executive’s Health Insurance Benefits.

(g)           In the event that Executive’s
employment terminates by reason of his death, all benefits provided in this
Section 6 shall be paid to his estate or as his executor shall direct, but
payment may be deferred until Executive’s executor or personal representative
has been appointed and qualified pursuant to the laws in effect in Executive’s
jurisdiction of residence at the time of his death; provided,
however, Executive’s Health Insurance Benefits as they relate to his
daughters shall remain in full force and effect until Executive’s daughters
attain the age of 22 years.

(h)           LTC shall make all payments pursuant
to the foregoing subsections (a) through (g) concurrently with the date of
termination of Executive’s employment or consummation of a Change in Control of
the Company, as applicable.

(i)            LTC shall have no liability under
this Section 6 if Executive’s employment pursuant to this Agreement is
terminated by LTC for Cause or by Executive without a Good Reason; provided, however, that if Executive’s employment pursuant
to this Agreement is terminated by LTC for Cause or by Executive without a Good
Reason at any time after a

 6
 

Change
of Control which did not result in Executive’s employment being terminated,
such post-Change of Control termination by LTC for Cause or by Executive
without a Good Reason shall not affect in any way Executive’s Health Insurance
Benefits or the Health Insurance Buyout Right, the one time severance payment
described in Paragraph 6(e), above or any other rights, benefits or
entitlements to which Executive may be entitled as a result of such Change of
Control.

(j)            Gross-Up.

(i)            If it shall be determined that any
payment, distribution or benefit received or to be received by Executive from
the Company (whether payable pursuant to the terms of this Agreement or any
other plan, arrangements or agreement with the Company or an Affiliate (as
defined above) (“Payments”) would be subject to the excise tax imposed by
Section 4999 of the Code (the “Excise Tax”), then Executive shall be entitled
to receive an additional payment (the “Excise Tax Gross-Up Payment) in an
amount such that the net amount retained by Executive, after the calculation
and deduction of any Excise Tax on the Payments and any federal, state and
local income taxes and excise tax on the Excise Tax Gross-Up Payment provided
for in this Section 6(j), shall be equal to the Payments.  In determining this amount, the amount of the
Excise Tax Gross-Up Payment attributable to federal income taxes shall be
reduced by the maximum reduction in federal income taxes that could be obtained
by the deduction of the portion of the Excise Tax Gross-Up Payment attributable
to state and local income taxes.  Finally,
the Excise Tax Gross-Up Payment shall be reduced by income or excise tax
withholding payments made by the Company or any affiliate of either to any
federal, state or local taxing authority with respect to the Excise Tax
Gross-Up Payment that was not deducted from compensation payable to Executive.

(ii)           All determinations required to be
made under this Section 6(j), including whether and when an Excise Tax Gross-Up
Payment is required and the amount of such Excise Tax Gross-Up Payment and the
assumptions to be utilized in arriving at such determination, except as
specified in Section 6(j)(i) above, shall be made by the Company’s independent
auditors (the “Accounting Firm”), which shall provide detailed supporting
calculations both to the Company and Executive within fifteen (15) business
days after the Company makes any Payments to Executive.  Such determination of tax liability made by
the Accounting Firm shall be subject to review by Executive’s tax advisor and,
if Executive’s tax advisor does not agree with such determination reached by
the Accounting Firm, then the Accounting Firm and Executive’s tax advisor shall
jointly designate a nationally recognized public accounting firm, which shall
make such determination.  All reasonable
fees and expenses of the accountants and tax advisors retained by either
Executive or the Company shall be borne by the Company.  Any Excise Tax Gross-Up Payment, as
determined pursuant to this Section 6(j), shall be paid by the Company to
Executive within five days after the receipt of such determination.  Any determination by a jointly designated
public accounting firm shall be binding upon the Company and Executive.

(iii)          As a result of the uncertainty in the
application of Subsection 4999 of the Code at the time of the initial
determination hereunder, it is possible that Excise Tax Gross-Up Payments will
not have been made by the Company that should have been made consistent with
the calculations required to be made hereunder (“Underpayment”).  In the event

 7
 

that Executive thereafter
is required to make a payment of any Excise Tax, any such Underpayment
calculated in accordance with and in the same manner as the Excise Tax Gross-Up
Payment in Section 6(j)(i) above shall be promptly paid by the Company to or
for the benefit of Executive.  In the
event that the Excise Tax Gross-Up Payment exceeds the amount
subsequently determined to be due, such excess shall constitute a loan from the
Company (together with interest at the rate provided in Section 1274(b)(2)(B)
of the Code).

7.             [Intentionally
Omitted.]

8.             Indemnification.  LTC shall indemnify Executive and hold him
harmless from and against all claims, losses, damages, expense or liabilities
(including expenses of defense and settlement) based upon or in any way arising
from or connected with his employment by LTC, to the maximum extent permitted
by law.  To the fullest extent permitted
by law, LTC shall advance to Executive all expenses necessary in connection
with the defense of any action or claim which is brought if indemnification
cannot be determined to be available prior to the conclusion of such action or
the investigation of such claim. The provisions of this Section 8 shall survive
any termination or expiration of this Agreement.  LTS shall investigate in good faith the availability
and cost of directors’ and officers’ insurance and shall include Executive as
an insured in any directors’ and officers’ insurance policy it maintains.

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

10.           Notices.  All notices and other communications provided
to either party hereto under this Agreement shall be in writing and delivered
by certified or registered mail to such party at its address set forth below
its signature hereto, or at such other address as may be designated by such
party in a notice to the other party. 
Any notice, if mailed and properly addressed with postage prepaid, shall
be deemed given when received.

11.           Construction.  In construing this Agreement, above, if any
portion of this Agreement shall be found to be invalid or unenforceable, the
remaining terms and provisions of this Agreement shall be given effect to the
maximum extent permitted without considering the void, invalid or unenforceable
provision.  In construing this Agreement,
the singular shall include the plural, the masculine shall include the feminine
and neuter genders as appropriate, and no meaning or effect shall be given to
the captions of the sections in this Agreement, which are inserted for
convenience of reference only without limitation to the foregoing.  Without limitation to the foregoing, nothing
in this Agreement is intended to violate the Sarbanes-Oxley Act of 2002, and to
the extent that any provision of this Agreement would constitute such a
violation, such provision shall be modified to the extent required by such Act,
or, to the extent such provision cannot be so modified and is found to be
invalid or unenforceable, the remaining terms and provisions shall be given
effect to the maximum extent permitted without considering the void, invalid or
unenforceable provision.

Notwithstanding
any other provision of the Agreement, to the extent that (i) any amount paid
pursuant to the Agreement is treated as nonqualified deferred compensation
pursuant to Section 409A of the Internal Revenue Code of 1986 (the “Code”) and
(ii) the

 8
 

Executive is a “specified employee” pursuant
to Section 409A(2)(B) of the Code, then such payments shall be made on the date
which is six (6) months after the date of the Executive’s separation from
service.  In connection
with the payment of any obligation that is delayed pursuant to this Rider, the
Company shall establish an irrevocable trust to hold funds to be used for
payment of such obligations.  Upon the
date that such amount would otherwise be payable, the Company shall deposit
into such irrevocable trust an amount equal to the obligation.  However, notwithstanding the establishment of
the irrevocable trust, the Company’s obligations under the Agreement upon the
Executive’s termination of employment shall constitute a general, unsecured
obligation of the Company and any amount payable to the Executive shall be paid
solely out of the Company’s general assets, and the Executive shall have no
right to any specific assets of the Company. 
The funds, if any, contained or contributed to the irrevocable trust
shall remain available for the claims of the Company’s general creditors.

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

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

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

 9
 

IN WITNESS WHEREOF, this
Agreement has been executed on the date set forth below, to be effective as of
the date specified in the first paragraph of this Agreement.

 

	
  

  	
  LTC PROPERTIES, INC.,

  
	
   

  	
  a Maryland Corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
      /s/ Wendy Simpson

  	
   

  
	
   

  	
   

  	
      Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
  Address:

  	
  By:

  	
      /s/ Timothy Triche

  	
   

  
	
  31365 Oak Crest
  Drive, Suite 200

  	
   

  	
      Chairman of Compensation

  
	
  Westlake Village,
  CA  91361

  	
   

  	
      Committee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Executive:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
      /s/ Andre Dimitriadis 

  	
   

  
	
   

  	
  Andre C. Dimitriadis

  

 

 10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}]]