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EXHIBIT 10.1
 GENERAL GROWTH PROPERTIES, INC.
 2003 INCENTIVE STOCK PLAN, AS AMENDED AND RESTATED
 EFFECTIVE MAY 16, 2006




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TABLE OF CONTENTS
 SECTION 1.
    
    Purpose; Definitions
    
    
    1(a)
    
    Administrator
    
    
    1(b)
    
    Affiliate
    
    
    1(c)
    
    Applicable Laws
    
    
    1(d)
    
    Award
    
    
    1(e)
    
    Award Agreement
    
    
    1(f)
    
    Awarded Stock
    
    
    1(g)
    
    Board
    
    
    1(h)
    
    Cause
    
    
    1(i)
    
    Code
    
    
    1(j)
    
    Committee
    
    
    1(k)
    
    Common Stock
    
    
    2(l)
    
    Company
    
    
    2(m)
    
    Director
    
    
    2(n)
    
    Disability
    
    
    2(o)
    
    Employee
    
    
    2(p)
    
    Exchange Act
    
    
    2(q)
    
    Fair Market Value
    
    
    2(r)
    
    Incentive Stock Option
    
    
    2(s)
    
    Mature Shares
    
    
    2(t)
    
    Non-Qualified Stock Option
    
    
    2(u)
    
    Officer
    
    
    2(v)
    
    Participant
    
    
    3(w)
    
    Plan
    
    
    3(x)
    
    Recipient
    
    
    3(y)
    
    Restricted Stock
    
    
    3(z)
    
    Restricted Stock Agreement
    
    
    3(aa)
    
    Retirement
    
    
    3(bb)
    
    Service Provider
    
    
    3(cc)
    
    Share
    
    
    3(dd)
    
    Stock Optionor Option
    
    
    3(ee)
    
    Subsidiary
    
    
    3
 (i)




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SECTION 2.
    
    Stock Subject to the Plan
    
    
    3SECTION 3.
    
    Administration of the Plan
    
    
    4(a)
    
    Administration
    
    
    4(b)
    
    Powers of the Committee
    
    
    4SECTION 4.
    
    Eligibility for Awards
    
    
    4SECTION 5.
    
    Limitations on Options
    
    
    5SECTION 6.
    
    Term of Option
    
    
    5SECTION 7.
    
    Option Exercise Price; Vesting and Consideration
    
    
    5(a)
    
    Exercise Price
    
    
    5(b)
    
    Waiting Period and Exercise Dates
    
    
    6(c)
    
    Form of Consideration
    
    
    6SECTION 8.
    
    Exercise of Option
    
    
    6(a)
    
    Procedure for Exercise; Rights as a Stockholder
    
    
    6(b)
    
    Termination of Relationship as Employee or Director
    
    
    7(c)
    
    Disability of Recipient
    
    
    7(d)
    
    Death of Recipient
    
    
    8(e)
    
    Retirement of Recipient
    
    
    8(f)
    
    Cash out Provisions
    
    
    9SECTION 9.
    
    Restricted Stock
    
    
    9(a)
    
    Awards of Restricted Stock
    
    
    9(b)
    
    Awards and Certificates
    
    
    9(c)
    
    Terms and Conditions
    
    
    10(d)
    
    Other Provisions
    
    
    11SECTION 10.
    
    Director Restricted Stock Awards
    
    
    11(a)
    
    Automatic Award
    
    
    11(b)
    
    Eligibility
    
    
    11(c)
    
    Applicability of Section 9
    
    
    11(d)
    
    Restriction Period
    
    
    11(e)
    
    Insufficient Shares
    
    
    11(f)
    
    Amendment
    
    
    12SECTION 11.
    
    Non-Transferability of Awards
    
    
    12SECTION 12.
    
    Effect of Change in Control
    
    
    12(a)
    
    Effect
    
    
    12(b)
    
    Change in Control
    
    
    12
 (ii)




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SECTION 13.
    
    Adjustments Upon Changes in Capitalization
    
    
    13SECTION 14.
    
    Date of Grant
    
    
    14SECTION 15.
    
    Term; Amendment and Termination of the Plan
    
    
    14(a)
    
    Amendment and Termination
    
    
    14(b)
    
    Stockholder Approval
    
    
    14(c)
    
    Effect of Amendment or Termination
    
    
    14SECTION 16.
    
    Conditions Upon Issuance of Shares
    
    
    14(a)
    
    Legal Compliance
    
    
    14(b)
    
    Withholding Obligations
    
    
    15(c)
    
    Inability to Obtain Authority
    
    
    15(d)
    
    Grants Exceeding Allotted Shares
    
    
    15SECTION 17.
    
    GENERAL PROVISIONS
    
    
    15(a)
    
    Term of Plan
    
    
    15(b)
    
    No Contract of Employment
    
    
    15(c)
    
    Severability
    
    
    15(d)
    
    Governing Law
    
    
    16(e)
    
    Dividends
    
    
    16(f)
    
    Prohibition on Repricing
    
    
    16(g)
    
    Prohibition on Loans to Participants
    
    
    16(h)
    
    Performance-Based Compensation
    
    
    16(i)
    
    Unfunded Status of Plan
    
    
    16(j)
    
    Liability of Committee Members
    
    
    16
 (iii)




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GENERAL GROWTH PROPERTIES, INC.
2003 INCENTIVE STOCK PLAN, AS AMENDED AND RESTATED
EFFECTIVE MAY 16, 2006
 SECTION 1. Purpose; Definitions.
   Administrator
 Affiliate
 Applicable Laws
 Award
 Award Agreement
 Awarded Stock
 Board
 Cause
 Code
 Committee
 1




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Common Stock
 Company
 Director
 Disability
 Employee
 Exchange Act
 Fair Market Value
 The Wall Street Journal
 The Wall
Street Journal
  Incentive Stock Option
 Mature Shares
 Non-Qualified Stock Option
 Officer,
 2




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Participant
 Plan
 Recipient
 Restricted Stock
 Restricted Stock Agreement
 Retirement
 Service Provider
 Share
 Stock Option Option
 Subsidiary
 SECTION 2. Stock Subject to the Plan.
  3




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provided, however
 SECTION 3. Administration of the Plan.
 Administration
 Powers of the Committee
 SECTION 4. Eligibility for Awards.
  4




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SECTION 5. Limitations on Options.
  SECTION 6. Term of Option
  SECTION 7. Option Exercise Price; Vesting and Consideration.
 Exercise Price
    5




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Waiting Period and Exercise Dates
 Form of Consideration
      SECTION 8. Exercise of Option.
 Procedure for Exercise; Rights as a Stockholder
  6




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Termination of Relationship as Employee or Director
  Disability of Recipient
 7




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Death of Recipient
 Retirement of Recipient
 8




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Cash out Provisions
 SECTION 9. Restricted Stock.
 Awards of Restricted Stock
 Awards and Certificates
  9




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Terms and Conditions
 Restriction Period
    Rights
 Termination of Service Provider Relationship
 10




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Other Provisions
 SECTION 10. Director Restricted Stock Awards.
  Automatic Award
 Eligibility
 Applicability of Section 9
 Restriction Period
 Insufficient Shares
 11




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Amendment
 SECTION 11. Non-Transferability of Awards.
  SECTION 12. Effect of Change in Control.
 Effect.
   Change in Control
 Acquisition.
   12




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Reorganization other than
 Asset sale.
 Liquidation
 Board Change
 Person.
 SECTION 13. Adjustments Upon Changes in Capitalization.
  13




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SECTION 14. Date of Grant.
  SECTION 15. Term; Amendment and Termination of the Plan.
 Amendment and Termination
 Stockholder Approval
 Effect of Amendment or Termination
 SECTION 16. Conditions Upon Issuance of Shares.
 Legal Compliance
 14




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Withholding Obligations.
 Inability to Obtain Authority
 Grants Exceeding Allotted Shares
 SECTION 17. General Provisions.
 Term of Plan
 No Contract of Employment
 Severability
 15




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Governing Law
 Dividends
 Prohibition on Repricing
 Prohibition on Loans to Participants
 Performance-Based Compensation.
 Unfunded Status of Plan
 Liability of Committee Members
 16