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Exhibit 10.2    
    

 
 

Form of Termination of Employment Agreement    
    

        The Employment Agreement between The Macerich Company
and                        dated as
of                        , 1994 is hereby terminated and shall no longer have any
force or effect as of October 26, 2006. 

	 	 	 	 
	 	 	 	 
	 	 	

	 	 	 	 
	 	 	 	 
	 	 	The Macerich Company,

a Maryland corporation
	 	 	 	 
	 	 	 	 
	 	 	By:	    
 Richard A. Bayer,

Executive Vice President,

Chief Legal Officer and Secretary

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Exhibit 10.2

Form of Termination of Employment AgreementQuickLinks
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Exhibit 10.2.1    
    

 
 

List of Omitted Termination of Employment Agreements    
    

Termination
Agreement between Company and Mace Siegel effective October 26, 2006. 

Termination
Agreement between Company and Arthur M. Coppola effective October 26, 2006. 

Termination
Agreement between Company and Dana K. Anderson effective October 26, 2006. 

Termination
Agreement between Company and Edward C. Coppola effective October 26, 2006. 

Termination
Agreement between Company and Richard A. Bayer effective October 26, 2006. 

Termination
Agreement between Company and Thomas E. O'Hern effective October 26, 2006. 

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Exhibit 10.2.1

List of Omitted Termination of Employment AgreementsQuickLinks
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Exhibit 10.2.2    
    

 
 

EMPLOYMENT AGREEMENT    
    

        This Employment Agreement (the "Agreement") is entered into by and among The Macerich Company, a Maryland corporation and The Macerich Partnership, L.P., a
Delaware partnership (collectively, the "Company"), and Tony Grossi ("Employee"), as of the 1st day of November, 2006. 

I.    EMPLOYMENT.    

        The
Company hereby employs Employee and Employee hereby accepts such employment, upon the terms and conditions hereinafter set forth. 

II.    TERM.    

        The
initial term of Employee's employment pursuant to this Agreement shall commence on January 8, 2007, and end on December 31, 2009. Upon the expiration of such term, this
Agreement will lapse and have no further force or effect and Employee shall become an "at will" employee in accordance with the Company's customary practices; provided, however, and notwithstanding
such at-will status, the severance provisions of Section V.D.3.b. shall survive the specified term of the Agreement and be fully enforceable during the period January 1, 2010
through December 31, 2011. 

III.    DUTIES.    

        A.    Employee
shall serve during the course of his employment as Executive Vice President, Chief Operating Officer & Chief Economist, and shall have such other duties
and responsibilities as the Board of Directors of the Company, or its President & Chief Executive Officer, shall determine from time to time. In addition, Employee will be responsible for
extensive travel throughout the United States, particularly in the first half of 2007, to acquaint himself with the Company, meet with personnel; and visit all relevant and competitive properties. 

        B.    Employee
agrees to devote substantially all of his work day, energy and ability to the business of the Company. Nothing herein shall prevent Employee from investing in
real estate for his own account or from becoming a partner or a stockholder in any corporation, partnership or other venture not in competition with the business of the Company or in competition with
any present or future affiliate of the Company. 

        C.    Employee
hereby acknowledges and agrees that, except as above contemplated, the engagement of Employee by the Company under this Agreement is exclusive to the Company,
and he shall not render services to any other entity for compensation or otherwise without the prior written consent of the Company. 

IV.    COMPENSATION.    

        A.    Salary.    The Company will pay to Employee a base salary at the rate of $500,000 per year. Such salary shall be
earned monthly and shall be payable biweekly in periodic installments in accordance with the Company's customary practices. Amounts payable shall be reduced by standard withholding and other
authorized deductions. The Company will review Employee's salary at least annually. The Company may in its discretion increase Employee's salary but it may not reduce it during the term of this
Agreement. 

        B.    Bonus and Incentive Compensation.    Employee shall be entitled to participate in all annual bonus, incentive,
stock incentive, LTIP, savings and retirement plans, practices, policies and programs applicable generally to other Executive Officers of the Company. Bonus and incentive plan awards will be based on
success in achieving personal goals and objectives and Company performance. 

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        C.    Welfare Benefit Plans.    Employee and/or his family, as the case may be, shall be eligible for participation in
and shall receive all benefits under welfare benefit plans, practices, policies and programs provided by the Company (including, without limitation, medical, prescription, dental, disability, salary
continuance, employee life, group life, accidental death and travel accident insurance plans and programs) to the extent applicable generally to other Executive Officers of the Company. 

        D.    Expenses.    In addition, Employee shall be entitled to receive prompt reimbursement for all reasonable
employment expenses incurred by him in accordance with the policies, practices and procedures as in effect generally with respect to other Executive Officers of the Company. 

        E.    Fringe Benefits.    Employee shall be entitled to fringe benefits in accordance with the plans, practices,
programs and policies as in effect generally with respect to other Executive Officers of the Company. 

        F.    Vacation.    Employee shall be entitled to at least 4 weeks of paid vacation in accordance with the plans,
policies, programs and practices as in effect generally with respect to other Executive Officers of the Company. 

        G.    The
Company reserves the right to modify, suspend or discontinue any and all of the above plans, practices, policies and programs at any time without recourse by Employee
so long as such action is taken generally with respect to other Executive Officers and does not single out Employee. 

V.    TERMINATION.    

        A.    Death or Disability.    Employee's employment shall terminate automatically upon Employee's death. If the
Company determines in good faith that the Disability of Employee has occurred (pursuant to the definition of Disability set forth below), it may give to Employee written notice of its intention to
terminate Employee's employment. In such event, Employee's employment with the Company shall terminate effective on the 30th day after receipt of such notice by Employee, provided that, within the
30 days after such receipt, Employee shall not have returned to full-time performance of his duties. For purposes of this Agreement, "Disability" shall mean the absence of Employee
from his duties with the Company on a full-time basis for a period of nine months as a result of incapacity due to mental or physical illness which is determined to be total and permanent
by a physician selected by the Company or its insurers and acceptable to Employee or his legal representative (such agreement as to acceptability not to be withheld unreasonably). "Incapacity" as used
herein shall be limited only to a condition that substantially prevents Employee from performing his duties hereunder. 

        B.    Cause.    During the term of this Agreement, the Company may terminate Employee's employment for Cause. "Cause"
shall mean a termination of employment of the Employee by the Company due to (a) the commission by the Employee of an act of fraud or embezzlement against the Company; (b) the conviction
of the Employee in a court of law, or guilty plea or no contest plea, to a felony charge; (c) the willful misconduct of the Employee which is reasonably likely to result in injury or financial
loss to the Company; (d) the willful failure of the Employee to render services to the Company, which failure amounts to material neglect of the Employee's duties and does not result from
physical illness, injury or incapacity, and which failure is not cured promptly after adequate notice of such failure and a reasonably detailed explanation in writing has been presented by the Company
to the Employee; or
(e) any other material breach of this Agreement, which breach is not cured, if curable, within 30 days after a written notice of such breach is delivered to the Employee. 

        C.    Termination by the Company Without Cause.    The Company may terminate Employee's employment at any time during
the term of this Agreement without cause and without prior notice. Any such termination without cause shall trigger the Company's obligations under Section V.D.3. below. 

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        D.    Obligations of the Company Upon Termination.    

        1.    Death or Disability.    If Employee's employment is terminated by reason of Employee's Death or Disability,
during the remainder of the term of this Agreement (as in effect on the date of Employee's termination of employment), the Company shall continue to pay to Employee (or, in the case of his death, his
surviving spouse or, if there is no surviving spouse, his estate) Employee's annual base salary at the same time and in the same manner as if he had continued to perform services under this Agreement. 

        2.    Cause.    If Employee's employment is terminated by the Company pursuant to Section V-B, this
Agreement shall terminate without further obligations to Employee other than for (a) payment of the sum of Employee's annual base salary through the date of termination and any accrued vacation
pay to the extent not theretofore paid, which shall be paid to Employee or his estate or beneficiary, as applicable, in a lump sum in cash within 30 days of the date of termination;
(b) payment of any vested compensation previously deferred by Employee (together with any accrued interest or earnings thereon), which shall be paid to Employee or his estate or beneficiary
pursuant to terms of the plan or agreement under which such compensation was deferred; and (c) payment to Employee or his estate or beneficiary, as applicable, any amounts due pursuant to the
terms of any applicable welfare benefit plans. The payments described in clauses (a) and (b) shall hereinafter be referred to as the "Accrued Obligations." If it is subsequently
determined that the Company did not have Cause for termination under this Section V.D.2, then the Company's decision to terminate shall be deemed to have been made under Section V.D.3
and the amounts payable thereunder shall be the only amounts Employee may receive for his termination. 

        3.    Termination Without Cause.    (a) If the Company terminates this Agreement and Employee's employment
other than pursuant to Section V.A. or V.B, then upon Employee's execution of a standard form of Employee Release and Settlement Agreement (an exemplar of which is attached hereto as
Exhibit A for reference only) updated at the time of any use to comply with all then applicable legal restrictions and limitations, (i) the Company shall immediately pay to Employee a
lump sum equal to two times the aggregate of Employee's base salary and target bonus for one year, less standard withholdings and other authorized deductions (which base salary and target bonus for
the purposes of this Section V.D.3 shall be deemed to be $500,000 salary + $750,000 target bonus = $1,250,000; and therefore the gross
payment under this Section V.D.3.(a) prior to withholdings and other authorized deductions shall be deemed to be $2,500,000), and (ii) the Company shall timely pay to Employee the
Accrued Obligations; (b) if Company terminates this Agreement and Employee's employment for a reason other than described in Section V.A. or V.B., at any time during the 24 month
period immediately following the specified term of this Agreement, then upon Employee's execution of an Employee Release as described in Section V.D.3.(a) above, the Company shall pay to
Employee the sum specified in Section V.D.3(a)(i), multiplied by a fraction, the numerator of which shall be the number of whole months remaining in such 24 month period (with any
partial month considered to be a whole month) and the denominator of which shall be 24; (c) none of the payments provided in this Section V.D.3 shall be reduced by any amounts earned or
received by Employee from a third party at any time. 

VI.    ARBITRATION.    

        Any
controversy or claim arising out of or relating to this Agreement, its enforcement or interpretation, or because of an alleged breach, default, or misrepresentation in connection
with any of its provisions, shall be submitted to arbitration, pursuant to the terms and conditions of the Arbitration Agreement attached hereto as Exhibit B. 

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VII.    CONFIDENTIAL INFORMATION.    

        A.    Employee
shall hold in a fiduciary capacity for the benefit of the Company all secret or confidential information, knowledge or data relating to the Company and its
affiliates, and their respective businesses, which shall have been obtained by Employee during his employment by the Company and which shall not be or become public knowledge (other than by acts by
Employee or his representatives in violation of this Agreement). After termination of Employee's employment with the Company, he shall not, without the prior written consent of the Company, or as may
otherwise be required by law or legal process, communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by either of them. 

        B.    Employee
agrees that all lists, materials, books, files, reports, correspondence, records, and other documents ("Company material") used, prepared, or made available to
Employee, shall be and shall remain the property of the Company. Upon the termination of employment or the expiration of this Agreement, all Company material shall be returned immediately to the
Company, and Employee shall not make or retain any copies, excerpts or summaries thereof. 

VIII.    SUCCESSORS.    

        A.    This
Agreement is personal to Employee and shall not, without the prior written consent of the Company, be assignable by Employee. 

        B.    This
Agreement shall inure to the benefit of and be binding upon the Company and it successors and assigns and any such successor or assignee shall be deemed substituted
for the applicable company under the terms of this Agreement for all purposes. As used herein, "successor" and "assignee" shall include any person, firm, corporation or other business entity which at
any time, whether by purchase, merger or otherwise, directly or indirectly acquires the equity of the Company, or to which the Company assigns its interest in this Agreement by operation of law or
otherwise. 

IX.    WAIVER.    

        No
waiver of any breach of any term or provision of this Agreement shall be construed to be, nor shall be, a waiver of any other breach of this Agreement. No waiver shall be binding
unless in writing and signed by the party waiving the breach. 

X.    MODIFICATION.    

        This
Agreement may not be amended or modified other than by a written agreement executed by the Employee and the Company. 

XI.    SAVINGS CLAUSE.    

        If
any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of the Agreement which can be given effect
without the invalid provisions or applications and to this end the provisions of this Agreement are declared to be severable. 

XII.    COMPLETE AGREEMENT.    

        This
instrument constitutes and contains the entire agreement and understanding concerning Employee's employment and the other subject matters addressed herein between the parties, and
supersedes and replaces all prior negotiations and all agreements proposed or otherwise, whether written or oral, concerning the subject matters hereof. This is an integrated document. 

XIII.    GOVERNING LAW.    

        This
Agreement shall be deemed to have been executed and delivered within the State of California, and the rights and obligations of the parties hereunder shall be construed and enforced
in 

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accordance
with, and governed by, by the laws of the State of California without regard to principles of conflict of laws. 

XIV.    CONSTRUCTION.    

        The
captions of this Agreement are not part of the provisions hereof and shall have no force or effect. 

XV.    COMMUNICATIONS.    

        All
notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if delivered in person, by telecopy, telex or equivalent
form of written telecommunication or if sent by registered or certified mail, return receipt requested, postage prepaid, as follows: 

	To Company	 	Richard A. Bayer

Executive Vice President & Chief Legal Officer

The Macerich Company

401 Wilshire Boulevard, Suite 700

Santa Monica, CA 90401
	

To Employee:	
 	

Tony Grossi

3 Ivor Road

Toronto, Ontario

M4N 2H3

Any
party may change the address at which notice shall be given by written notice given in the above manner. All notices required or permitted hereunder shall be deemed duly given and received on the
date of delivery, if delivered in person or by telex, telecopy or other written telecommunication on a regular business day and within normal business hours or on the fifth day next succeeding the
date of mailing, if sent by certified or registered mail. 

XVI.    EXECUTION.    

        This
Agreement is being executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose. 

XVII.    LEGAL COUNSEL.    

        The
Employee and the Company recognize that this is a legally binding contract and acknowledge and agree that they have had the opportunity to consult with legal counsel of their choice. 

XVIII.    SURVIVAL.    

        The
provisions of this Agreement shall survive the term of this Agreement to the extent necessary to accommodate full performance of all such terms. 

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

	THE COMPANY:	 	THE MACERICH COMPANY

a Maryland corporation
	

 	
 	

By:	
 	

/s/  RICHARD A. BAYER      
 Richard A. Bayer

Executive VP & Chief Legal Officer
	

 	
 	

THE MACERICH PARTNERSHIP, L.P.

a Delaware partnership
	

 	
 	

By:	
 	

The Macerich Company

a Maryland corporation

its general partner
	

 	
 	

 	
 	

By:	

/s/  RICHARD A. BAYER      
 Richard A. Bayer

Executive VP & Chief Legal Officer
	
EMPLOYEE:	
 	

/s/  TONY GROSSI      
	 	 	
 Tony Grossi

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QuickLinks

Exhibit 10.2.2

EMPLOYMENT AGREEMENT

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