Document:

EXHIBIT 10.2

 

FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

 

This First
Amendment to Employment Agreement (this “Amendment”) is between James Northup,
an individual (“Executive”) and DuPont Photomasks, Inc. (“DPI”) and is
effective October 8, 2003.

 

BACKGROUND

 

A.            Executive and DPI
are parties to an Employment Agreement dated December 27, 2001 (the
“Agreement”).

 

B.            Executive and DPI desire to amend
certain of the terms of the Agreement in order to reflect the change in
Executive’s duties and title from Executive Vice President of Worldwide Sales
to Chief Operating Officer, which changes were effective October 8, 2003.

 

AMENDMENT

 

In
consideration of the foregoing and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, Executive and DPI
agree as follows:

 

1.               Definitions.  Capitalized terms used in this Amendment and
not otherwise defined in this Amendment shall have the meanings set forth in
the Agreement.

 

2.               Term. The first sentence of
Section 1.1 of the Agreement is hereby amended and restated to read in its
entirety as follows:

 

Executive
shall serve as Chief Operating Officer (COO) and shall report solely to the
Chief Executive Officer of the Company (CEO).

 

3.               Incentive Compensation.  The first sentence of Section 1.4.2 of the
Agreement is hereby amended and restated to read in its entirety as follows:

 

Pursuant to
the Company’s standard bonus plan, Executive will be entitled to an annual
target bonus opportunity of sixty percent (60%) of Base Salary (the “Incentive
Compensation”).

 

4.               Annual Stock Option Grant.  The second sentence of Section 1.5.2 of the
Agreement is hereby amended and restated to read in its entirety as follows:

 

The target
grant for Executive shall be an option to purchase thirty-five thousand shares
(35,000) of Common Stock, granted in accordance with the terms of the Plan, the
actual number of shares in the grant to be determined by the CEO and the
Compensation Committee of the Board of Directors.

 

5.               Miscellaneous.  The provisions of this Amendment supersede
all provisions of the Agreement which are inconsistent with the provisions of
this Amendment.  The Agreement, as
modified by this Amendment, constitutes the entire agreement of Executive and
DPI with respect to the subject matter of the Agreement, and supersedes any
prior agreements or understandings of Executive and DPI with respect
thereto.  This Amendment may be executed
in several counterparts, all of which taken together shall constitute a single
agreement between the Parties.

 

In witness
whereof, the Parties have caused this Amendment to be executed by their duly
authorized representatives, who by their signatures represent that they are so
authorized, to be effective as of the date written in the first paragraph
above.

 

	
  DUPONT
  PHOTOMASKS, INC.

  	
  JAMES
  NORTHUP

  
	
   

  	
   

  
	
  /s/ Marshall
  Turner, Chief Executive Officer

  	
   

  	
  /s/ James
  Northup

  	
   

  
	
  November 10,
  2003

  	
  November 7,
  2003

  
				

 

1Exhibit 4.1

 

Undertaking

 

In accordance with Item 601(b)(4)(iii)(A) of
Regulation S-K, the Company has not filed as an exhibit any instrument defining
the rights of holders of long-term debt where the total amount of securities
authorized thereunder does not exceed 10 percent of the total assets of the
Company and its subsidiaries on a consolidated basis.  The Company agrees to furnish a copy of any such agreement to the
Securities and Exchange Commission upon request.

 

 

1Exhibit 10.1

 

FORM OF RESTRICTED STOCK AWARD AGREEMENT

 

THE MACERICH COMPANY

 

RESTRICTED STOCK AWARD AGREEMENT

2003 EQUITY INCENTIVE PLAN

 

	
  Participant Name:

  	
   

  	
   

  
	
  Soc. Sec. No.:

  	
   

  	
   

  
	
  No. of Shares:

  	
   

  	
  (1)

  
	
   

  	
   

  	
   

  
	
  Vesting Schedule:

  	
   

  	
  [ 33 1/3% of the shares
  on each anniversary of the Award Date, beginning [first anniversary] and
  ending [third anniversary].  ]

  
	
   

  	
   

  	
   

  
	
  Award Date:

  	
   

  	
                        ,
  20

  

 

THIS AGREEMENT is
among THE
MACERICH COMPANY, a Maryland corporation (the “Corporation”), THE MACERICH
PARTNERSHIP, L.P., a Delaware limited partnership (the “Operating
Partnership”), and the Participant named above (the “Participant”) and is
delivered under The Macerich Company 2003 Equity Incentive Plan which includes
any applicable programs under the Plan (the “Plan”).

 

W
I  T  N
E  S  S
E  T  H

 

WHEREAS, pursuant
to the Plan, the Corporation has granted to the Participant with reference to
services rendered and to be rendered to the Company, effective as of the Award
Date, a restricted stock award (the “Restricted Stock Award” or “Award”), upon
the terms and conditions set forth herein and in the Plan.

 

NOW THEREFORE, in
consideration of services rendered and to be rendered by the Participant and
the mutual promises made herein and the mutual benefits to be derived therefrom,
the parties agree as follows:

 

1.                                      Defined
Terms.  Capitalized terms used
herein and not otherwise defined herein shall have the meaning assigned to such
terms in the Plan.

 

2.                                      Grant.  Subject to the terms of this Agreement and
the Plan, the Corporation grants to the Participant a Restricted Stock Award
with respect to an aggregate number of shares of Common Stock, par value $.01
per share (the “Restricted Stock”) set forth above.  The consideration for the shares issuable with respect to the
Award on the terms set forth

 

(1) Subject to adjustment under
Section 6.2 of the Plan and the terms of this Agreement.

 

1

 

in this Agreement includes services and other consideration in an
amount not less than the minimum lawful consideration under Maryland law.

 

3.                                      Vesting.  The Award shall vest, and restrictions
(other than those set forth in Section 6.4 of the Plan) shall lapse, with
respect to the portion of the total number of shares (subject to adjustment under
Section 6.2 of the Plan) on each of the anniversaries of the Award Date
until the Award is fully vested, as reflected in the Vesting
Schedule above, subject to earlier termination or acceleration as provided
herein or in the Plan.

 

4.                                      Continuance
of Employment Required.  The
Participant agrees to provide services to the Company in consideration for the
conditional rights to the unvested shares of Restricted Stock subject to the
Award granted hereunder.  Except as
otherwise provided in Sections 8(c) or 9 or pursuant to the Plan, the Vesting
Schedule requires continued service through each applicable vesting date
as a condition to the vesting of the applicable installment and rights and
benefits under this Agreement.  Partial
service, even if substantial, during any vesting period will not entitle the
Participant to any proportionate vesting or avoid or mitigate a termination of
rights and benefits upon or following a termination of employment or service as
provided in Section 8 below or under the Plan.

 

5.                                      Dividend
and Voting Rights.  After the
Award Date, the Participant shall be entitled to cash dividends and voting
rights with respect to the shares of Restricted Stock subject to the Award even
though such shares are not vested, provided that such rights shall terminate
immediately as to any shares of Restricted Stock that cease to be eligible for
vesting.

 

6.                                      Restrictions
on Transfer.  Prior to the time
they become vested, neither the shares of Restricted Stock comprising the
Award, nor any other rights of the Participant under this Agreement or the Plan
may be transferred, except as expressly provided in Sections 1.8 and 4.1 of the
Plan.  No other exceptions have been
authorized by the Committee.

 

7.                                      Stock
Certificates.

 

(a)                                  Book
Entry Form; Information Statement; Power of Attorney.  The Corporation shall issue the shares of
Restricted Stock subject to the Award in book entry form, registered in the
name of the Participant with notations regarding applicable restrictions on
transfer.  Concurrent with the execution
and delivery of this Agreement, the Corporation shall deliver to the
Participant a written information statement with respect to such shares, and,
to the extent requested, the Participant shall deliver to the Corporation an
executed stock power, in blank, with respect to such shares.  The Participant, by receipt of the Award,
shall be deemed to appoint the Corporation and each of its authorized
representatives as the Participant’s attorney(s)-in-fact to effect any transfer
of unvested forfeited shares (or shares otherwise reacquired by the Corporation
hereunder) to the Corporation as may be required pursuant to the Plan or this
Agreement and to execute such documents as the Corporation or such
representatives deem necessary or advisable in connection with any such
transfer.

 

(b)                                  Certificates
to be Held by Corporation; Legend. 
Any certificates representing Restricted Stock that the Participant may
be entitled to receive from the Corporation prior to vesting shall be
redelivered to the Corporation to be held by the Corporation

 

2

 

until the restrictions on such shares shall have lapsed and the shares
shall thereby have become vested or the shares represented thereby have been
forfeited hereunder.  Such certificates
shall bear the following legend:

 

“The transferability of
this certificate and the shares of stock represented hereby are subject to the
terms and conditions contained in an Agreement entered into between the
registered owner, The Macerich Partnership L.P. and The Macerich Company.  A copy of such Agreement is on file in the
office of the Secretary of The Macerich Company, 401 Wilshire Boulevard, Suite
700, Santa Monica, California 90401.”

 

(c)                                  Delivery
of Certificates Upon Vesting. 
Promptly after the lapse or other release of restrictions, a certificate
or certificates evidencing the number of shares of Common Stock as to which the
restrictions have lapsed or been released or such lesser number as may be
permitted pursuant to Section 6.5 of the Plan shall be delivered to the
Participant or other person entitled under the Plan to receive the shares.  The Participant or such other person shall
deliver to the Corporation any representations or other documents or assurances
required pursuant to Section 6.4 of the Plan.  The shares so delivered shall no longer be restricted shares
hereunder.  Pursuant to Section 1.7
of the Plan, fractional share interests shall be disregarded, but may be
accumulated.  The Committee, however,
may determine that cash, securities or other property will be paid or
transferred in lieu of fractional share interests.

 

8.                                      Effect
of Termination of Employment.

 

(a)                                  Forfeiture
after Certain Events.  Except as
provided in Sections 8(c) and 9 hereof, the Participant’s shares of Restricted
Stock shall be forfeited to the extent such shares have not become vested upon
the date the Participant is no longer employed by the Company for any reason,
whether with or without cause, voluntarily or involuntarily.  If an entity ceases to be a Subsidiary, such
action shall be deemed to be a termination of employment of all employees of
that entity, but the Committee, in its sole and absolute discretion, may make
provision in such circumstances for accelerated vesting of some or all of the
remaining restricted shares under any Awards held by such employees, effective
immediately prior to such event.

 

(b)                                  Return
of Shares.  Upon the occurrence
of any forfeiture of shares of Restricted Stock hereunder, such unvested,
forfeited shares shall, without payment of any consideration by the Corporation
for such transfer, be automatically transferred to the Corporation, without any
other action by the Participant, or the Participant’s Beneficiary or Personal
Representative, as the case may be.  The
Corporation may exercise its powers under Section 7(a) hereof and take any
other action necessary or advisable to evidence such transfer.  The Participant, or the Participant’s
Beneficiary or Personal Representative, as the case may be, and the Operating
Partnership shall deliver any additional documents of transfer that the
Corporation may request to confirm the transfer of such unvested, forfeited
shares to the Corporation.

 

(c)                                  Qualified
Termination Upon or Following Change in Control Event.  If the Participant upon or not later than 12
months following a Change in Control Event

 

3

 

has a Qualified Termination (as defined in Section 7.1(gg) of the
Plan) or terminates his or her employment for Good Reason, then any portion of
the Award that has not previously vested shall thereupon vest, subject to the
provisions of Sections 6.2(a), 6.2(e), 6.4 and 6.5 of the Plan and Sections 11
and 12 of this Agreement; provided, however, that in no event shall
restrictions on the shares lapse or the shares vest earlier than six months
after the date hereof.  As used in this
Agreement, the term “Good Reason” means a termination of employment by the
Participant for any one or more of the following reasons, to the extent not
remedied by the Company within a reasonable period of time after receipt by the
Company of written notice from the Participant specifying in reasonable detail
such occurrence, without the Participant’s written consent thereto:
(1)  an adverse and significant change in the Participant’s position,
duties, responsibilities or status with the Company;  (2)  a change in the Participant’s principal office
location to a location farther away from the Participant’s home which is more
than 30 miles from the Participant’s principal office;  (3)  the taking of any action by
the Company to eliminate benefit plans without providing substitutes therefor,
to materially reduce benefits thereunder or to substantially diminish the
aggregate value of the incentive awards or other fringe benefits; provided that
if neither a surviving entity nor its parent following a Change in Control
Event is a publicly-held company, the failure to provide stock-based benefits
shall not be deemed Good Reason if benefits of comparable value using recognized
valuation methodology are substituted therefor; and provided further that a
reduction or elimination in the aggregate of not more than 10% in aggregate
benefits in connection with across the board reductions or modifications
affecting persons similarly situated of comparable rank in the Company or a
combined organization shall not constitute Good Reason;  (4)  any reduction in the
Participant’s Base Salary; or (5)  any material breach by the Company
of any written employment or management continuity agreement with the
Participant.  For purposes of the
definition of “Good Reason,” the term “Base Salary” means the annual base rate
of compensation payable as salary to the Participant by the Company as of the
Participant’s date of termination, before deductions or voluntary deferrals
authorized by the Participant or required by law to be withheld from the
Participant by the Company, and salary excludes all other extra pay such as
overtime, pensions, severance payments, bonuses, stock incentives, living or
other allowances, and other benefits and perquisites.

 

9.                                      Effect
of Total Disability, Death or Retirement.  If the Participant incurs a Total Disability or dies while
employed by the Company, then any portion of his or her Award that has not
previously vested shall thereupon vest, subject to the provisions of Sections
6.4 and 6.5 of the Plan.  If the
Participant’s employment with the Company terminates as a result of his or her
Retirement, the Committee may, on a case-by-case basis and in its sole
discretion, provide for partial or complete vesting prior to Retirement of that
portion of his or her Award that has not previously vested.

 

10.                               Adjustments
Upon Specified Events.  Upon the
occurrence of certain events relating to the Corporation’s stock contemplated
by Section 6.2 of the Plan, the Committee shall make adjustments as it
deems appropriate in the number and kind of securities or other consideration
that may become vested under an Award. 
If any adjustment shall be made under Section 6.2 of the Plan or a
Change in Control Event shall occur and the shares of Restricted Stock are not
fully vested upon such Event or prior thereto, the restrictions applicable to
such shares of Restricted Stock shall continue in effect with respect to any
consideration or

 

4

 

other securities (the “Restricted Property” and, for the
purposes of this Agreement, “Restricted Stock” shall include “Restricted
Property,” unless the context otherwise requires) received in respect of such
Restricted Stock.  Such Restricted
Property shall vest at such times and in such proportion as the shares of
Restricted Stock to which the Restricted Property is attributable vest, or
would have vested pursuant to the terms hereof if such shares of Restricted
Stock had remained outstanding. 
Notwithstanding the foregoing, to the extent that the Restricted
Property includes any cash, the commitment hereunder shall become an unsecured
promise to pay an amount equal to such cash (with earnings attributable thereto
as if such amount had been invested, pursuant to policies established by the
Committee, in interest bearing, FDIC-insured (subject to applicable insurance
limits) deposits of a depository institution selected by the Committee) at such
times and in such proportions as the Restricted Stock would have vested.

 

11.                               Possible
Early Termination of Award.  As
permitted by Section 6.2(b) of the Plan, and without limiting the
authority of the Committee under other provisions of Section 6.2 of the
Plan or Section 8 of this Agreement, the Committee retains the right to
terminate the Award, to the extent it has not vested, upon a dissolution of the
Corporation or a reorganization event or transaction in which the Corporation
does not survive (or does not survive as a public company in respect of its
outstanding common stock).  This
Section 11 is not intended to prevent future vesting of the Award if it
(or a substituted award) remains outstanding following a Change in Control
Event.

 

12.                               Limitations
on Acceleration and Reduction in Benefits in Event of Tax Limitations.

 

(a)                                  Limitation
on Acceleration. 
Notwithstanding anything contained herein or in the Plan or any other
agreement to the contrary, in no event shall the vesting of any share of
Restricted Stock be accelerated pursuant to Section 6.3 of the Plan or
Section 8(c) hereof to the extent that the Company would be denied a
federal income tax deduction for such vesting because of Section 280G of
the Code and, in such circumstances, the restricted shares not subject to
acceleration will continue to vest in accordance with and subject to the other
provisions hereof.

 

(b)                                  Reduction
in Benefits.  If the Participant
would be entitled to benefits, payments or coverage hereunder and under any
other plan, program or agreement which would constitute “parachute payments,”
then notwithstanding any other provision hereof or of any other existing
agreement to the contrary, the Participant may by written notice to the
Secretary of the Corporation designate the order in which such “parachute
payments” shall be reduced or modified so that the Company is not denied
federal income tax deductions for any “parachute payments” because of
Section 280G of the Code.

 

(c)                                  Determination
of Limitations.  The term
“parachute payments” shall have the meaning set forth in and be determined in
accordance with Section 280G of the Code and regulations issued
thereunder.  All determinations required
by this Section 12, including without limitation the determination of
whether any benefit, payment or coverage would constitute a parachute payment,
the calculation of the value of any parachute payment and the determination of
the extent to which any parachute payment would be nondeductible for federal

 

5

 

income tax purposes because of Section 280G of the Code, shall be
made by an independent accounting firm (other than the Corporation’s outside
auditing firm) having nationally recognized expertise in such matters selected
by the Committee.  Any such determination
by such accounting firm shall be binding on the Corporation, its Subsidiaries
and the Participant.

 

13.                               Tax
Withholding.  The entity within
the Company last employing the Participant shall be entitled to require a cash
payment by or on behalf of the Participant and/or to deduct from other
compensation payable to the Participant any sums required by federal, state or
local tax law to be withheld with respect to the payment of dividends or the
vesting of any Restricted Stock, but, in the alternative the Participant or
other person in whom the Restricted Stock vests may irrevocably elect, in such
manner and at such time or times prior to any applicable tax date as may be
permitted or required under Section 6.5 of the Plan and rules established
by the Committee, to have the entity last employing the Participant withhold
and reacquire shares of Restricted Stock at their Fair Market Value at the time
of vesting to satisfy any withholding obligations of the Company with respect
to such vesting.  Any election to have
shares so held back and reacquired shall be subject to such rules and
procedures, which may include prior approval of the Committee, as the Committee
may impose, and shall not be available if the Participant makes or has made an
election pursuant to Section 83(b) of the Code with respect to such Award.

 

14.                               Notices.  Any notice to be given under the terms of
this Agreement shall be in writing and addressed to the Corporation at its
principal office located at 401 Wilshire Boulevard, Suite 700, Santa Monica,
California 90401, to the attention of the Corporate Secretary and to the
Participant at the address given beneath the Participant’s signature hereto, or
at such other address as either party may hereafter designate in writing to the
other.

 

15.                               Plan.  The Award and all rights of the Participant
with respect thereto are subject to, and the Participant agrees to be bound by,
all of the terms and conditions of the provisions of the Plan, incorporated
herein by reference, to the extent such provisions are applicable to Awards
granted to Eligible Persons.  The
Participant acknowledges receipt of a copy of the Plan, which is made a part
hereof by this reference, and agrees to be bound by the terms thereof.  Unless otherwise expressly provided in other
Sections of this Agreement, provisions of the Plan that confer discretionary
authority on the Committee do not (and shall not be deemed to) create any
rights in the Participant unless such rights are expressly set forth herein or
are otherwise in the sole discretion of the Committee specifically so conferred
by appropriate action of the Committee under the Plan after the date hereof.

 

16.                               No
Service Commitment by Company. 
Nothing contained in this Agreement or the Plan constitutes an
employment or service commitment by the Company, affects the Participant’s
status as an employee at will who is subject to termination without cause,
confers upon the Participant any right to remain employed by the Company,
interferes in any way with the right of the Company at any time to terminate
such employment, or affects the right of the Company to increase or decrease
the Participant’s other compensation or benefits.  Nothing in this Section, however, is intended to adversely affect
any independent contractual right of the Participant without his or her consent
thereto.  Employment for any period of
time (including a substantial period of time) after the Award Date will not
entitle the Participant to

 

6

 

any proportionate vesting or avoid or mitigate a termination of rights
and benefits upon or following a termination of employment as provided in
Section 3 or 8 above if the express conditions to vesting set forth in
such Sections have not been satisfied.

 

17.                               Limitation on Participant’s Rights.  This Award confers no  rights
or interests other than as herein provided. 
This Agreement creates only a contractual obligation on the part of the
Company as to amounts payable and shall not be construed as creating a trust.

 

[  18.                     Other
Agreements.  If any provision of
this Agreement is inconsistent with any provision of the Management Continuity
Agreement dated as of March 15, 2002 between the Corporation and
Participant and as it may be amended from time-to-time (the “MCA”), the
provisions of the MCA shall control.  ]  [  This provision is to be included only in agreements
with Participants subject to the MCA.  ]

 

7

 

IN WITNESS WHEREOF,
the parties have executed this Agreement as of the date first above
written.  By the Participant’s execution
of this Agreement, the Participant agrees to the terms and conditions of this
Agreement and of the Plan.

 

THE MACERICH COMPANY

(a Maryland corporation)

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Richard A. Bayer

  
	
   

  	
  Executive Vice President,
  General Counsel & Secretary

  

 

 

	
  THE MACERICH PARTNERSHIP, L.P.

  (a Delaware limited partnership)

  
	
   

  
	
  By:

  	
  The Macerich Company

  (its general partner)

  
	
   

  
	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Richard A. Bayer

  	
   

  
	
   

  	
   

  	
  Executive Vice
  President, General Counsel & Secretary

  
	
   

  
	
   

  
	
   

  	
  PARTICIPANT

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (Signature)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (Print
  Name)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (Address)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (City,
  State, Zip Code)

  	
   

  
						

 

8

 

CONSENT OF SPOUSE

 

In
consideration of the execution of the foregoing Restricted Stock Award Agreement
by The Macerich Company and The Macerich Partnership L.P., I,
                            ,
the spouse of the Participant therein named, do hereby join with my spouse in
executing the foregoing Restricted Stock Award Agreement and do hereby agree to
be bound by all of the terms and provisions thereof and of the Plan.

 

	
  Dated: 
                         ,
         .

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature of Spouse

  

 

9

 

IRREVOCABLE POWER OF ATTORNEY

(Coupled with an
interest)

 

KNOW ALL MEN BY THESE
PRESENTS, that I hereby constitute and appoint Thomas E. O’Hern and Richard A.
Bayer and their respective successors in office as Chief Financial Officer and
Secretary of The Macerich Company (the “Company”), my true and lawful attorneys-in-fact
and agents, each acting alone, with full powers of substitution and
resubstitution, for me and in my name, place and stead, in any and all
capacities, to sign any documents and to take any other action to effect the
transfer and delivery of up to               shares
(the “Shares”) of Common Stock of the Company issued in my name back to the
Company in the event of any occurrence that requires the return to the Company
of any or all of the Shares under the terms of the Company’s 2003 Equity
Incentive Plan (the “Plan”) and the related Restricted Stock Award Agreement to
me thereunder dated as
of                     (the
“Award”), each as amended from time to time. 
I further hereby grant unto said attorneys-in-fact and agents, each
acting alone, full power and authority to do and perform each and every act and
thing whatsoever requisite and necessary to be done in and about the premises,
as fully to all intents and purposes as I might or could do in person, hereby
ratifying, confirming and approving all of the acts which said
attorneys-in-fact and agents, each acting alone, or their respective substitute
or substitutes, may lawfully do or cause to be done by virtue hereof.

 

By this document I intend
to create a power of attorney coupled with an interest in the Shares to be held
by the Company pending satisfaction of conditions to vesting under the terms of
the Award and the Plan for an indefinite period of time not less than 10
years.  This power of attorney is a
durable power of attorney and shall not be affected by my subsequent incapacity
or disability or death.  I understand
that the Award and any continued benefits thereunder is subject to the
condition that I grant and the Company or its agents hold an effective power of
attorney to the effect set forth herein.

 

This power of attorney is
irrevocable by me at any time prior to the vesting of all of the Shares in
accordance with the terms of the Award and the release of all restrictions on
the Shares thereunder.

 

	
   

  	
   

  	
   

  	
   

  
	
  Date

  	
  Name:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Place

  	
   

  

 

10

 

ASSIGNMENT SEPARATE FROM CERTIFICATE

 

 

For Value Received,
                            
hereby sells[s], assign[s] and transfer[s] unto The Macerich Company (the
“Corporation”)
                            Shares
of the Common Stock of the Corporation standing in his/her name on the books of
the Corporation and do hereby irrevocably constitute and appoint Richard A.
Bayer, attorney-in-fact, with full power of substitution to transfer said
shares on the books of the Corporation.

 

 

Dated:
                 ,
20    

 

 

	
   

  	
   

  	
   

  
	
   

  	
  Name:

  

 

11

 

THE MACERICH COMPANY

 

RESTRICTED STOCK AWARD

INFORMATION STATEMENT

 

General Information

 

This information
statement has been provided to
                  (the
“Participant”) in connection with a Restricted Stock Award granted to the
Participant by The Macerich Company, a Maryland corporation (the “Corporation”),
pursuant to a Restricted Stock Award Agreement dated as of
                            among
the Participant, the Corporation and The Macerich Partnership, L.P. (the “Award
Agreement”) under the Corporation’s 2003 Equity Incentive Plan (the “Plan”).  Capitalized terms used herein as not
otherwise defined herein shall have the meanings assigned to them in the
Agreement and the Plan.

 

Restricted Stock issued
to the Participant pursuant to the Award Agreement will be represented in book
entry form.  This information statement
is provided to the Participant pursuant to §2-210 of the Maryland General
Corporation Law.

 

Award Summary

 

	
  Participant Name:

  	
   

  	
   

  
	
  Issuer Name:

  	
   

  	
  The Macerich Company

  
	
  Class of Security:

  	
   

  	
  Common Stock, par value
  $.01 per share

  
	
  Number of Securities:

  	
   

  	
                                 shares

  

 

No Security

 

THIS STATEMENT IS MERELY
A RECORD OF THE RIGHTS OF THE ADDRESSEE AS OF THE TIME OF ITS ISSUANCE.  DELIVERY OF THIS STATEMENT, OF ITSELF, DOES
NOT CONFER ANY RIGHTS UPON THE RECIPIENT. 
THE STATEMENT IS NEITHER A NEGOTIABLE INSTRUMENT NOR A SECURITY.

 

Availability of Further
Information Concerning the Capital Stock of the Corporation

 

The Corporation is
authorized to issue three classes of capital stock which are designated as
Common Stock, Preferred Stock and Excess Stock.  The Corporation will furnish to any stockholder on request and
without charge a full statement of the designations and any preferences,
conversion and other rights, voting powers, restrictions, limitations as to
dividends, qualifications and terms and conditions of redemption of the stock
of each class which the Corporation is authorized to issue, and the differences
in the relative rights and preferences between the shares of each series to the
extent they have been set, and the authority of the Board of Directors to set
the relative rights and preferences of subsequent series.  Such request may be made to the Secretary of
the Corporation or to its transfer agent.

 

12

 

Restrictions on Transfer

 

The transferability of
Restricted Stock is subject to the terms and conditions contained in the Award
Agreement and the Plan.  A copy of the
Award Agreement is on file in the office of the Secretary of the Corporation.

 

The securities
represented by this certificate are also subject to restrictions on ownership
and transfer for the purpose of the Corporation’s maintenance of its status as
a real estate investment trust under the Internal Revenue Code of 1986, as
amended (the “Code”).  Except as
otherwise provided pursuant to the charter of the Corporation, no Person may
(1) Beneficially Own shares of Equity Stock in excess of 5.0% (or such greater
percentage as may be provided in the charter of the Corporation) of the number
or value of the outstanding Equity Stock of the Corporation (unless such Person
is an Excluded Participant), or (2) Beneficially Own Equity Stock that would
result in the Corporation being “closely held” under Section 856(h) of the
Code (determined without regard to Code Section 856(h)(2) and by deleting
the words “the last half of” in the first sentence of Code
Section 542(a)(2) in applying Code Section 856(h)), or (3)
Beneficially Own Equity Stock that would result in Common Stock and Preferred
Stock being beneficially owned by fewer than 100 Persons (determined without
reference to any rules of attribution). 
Any Person who attempts to Beneficially Own shares of Equity Stock in
excess of the above limitations must immediately notify the Corporation.  All capitalized terms in this paragraph have
the meanings defined in the Corporation’s charter, as the same may be further
amended from time to time, a copy of which, including the restrictions on
ownership or transfer, will be sent without charge to each stockholder who so
requests.  Transfers or other events in
violation of the restrictions described above shall be null and void ab initio,
and the purported transferee or purported owner shall acquire or retain no
rights to, or economic interest in, any Equity Stock held in violation of these
restrictions.  The Corporation may
redeem such shares upon the terms and conditions specified by the Board of
Directors in its sole discretion if the Board of Directors determines that a
Transfer or other event would violate the restrictions described above.  In addition, if the restrictions on
ownership or transfer are violated, the shares of Equity Stock represented
hereby shall be automatically exchanged for shares of Excess Stock which will
be held in trust for the benefit of a Beneficiary.  Excess Stock may not be transferred at a profit.  The Corporation has an option to acquire
Excess Stock under certain circumstances. 
The foregoing restrictions may also delay, defer or prevent a change of
control of the Corporation or other transaction which could be in the best
interests of stockholders.

 

The Corporation will
furnish information about all of the restrictions on transferability of these
securities to the stockholder, on request and without charge.

 

13

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