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                                                                    EXHIBIT 4.1

                        GENERAL GROWTH PROPERTIES, INC.

                           2003 INCENTIVE STOCK PLAN

SECTION 1.  PURPOSE; DEFINITIONS.

     The purposes of this Plan are to promote the interests of the Company
(including its Subsidiaries and Affiliates) and its stockholders by using equity
interests in the Company to attract, retain and motivate its Officers, Employees
and Directors and to encourage and reward their contributions to the Company's
performance and profitability.

     The following capitalized terms shall have the following respective
meanings when used in this Plan:

          (a) "ADMINISTRATOR" means the Board or any of its Committees as shall
     be administering the Plan, in accordance with Section 3 of the Plan.

          (b) "AFFILIATE" means General Growth Management, Inc. and any other
     corporation or other entity controlled by the Company and designated by the
     Committee as such.

          (c) "APPLICABLE LAWS" means the legal requirements relating to the
     administration of plans providing one or more of the types of Awards
     described in this Plan and the issuance of Shares thereunder pursuant to
     U.S. state corporate laws, U.S. federal and state securities laws, the Code
     and the applicable laws of any foreign country or jurisdiction where
     Options, Stock Purchase Rights or other Awards are, or will be, granted
     under the Plan.

          (d) "AWARD" includes, without limitation, a Stock Option or Restricted
     Stock as described in or granted under the Plan, on a stand alone,
     combination or tandem basis, as described in or granted under the Plan.

          (e) "AWARD AGREEMENT" means a written agreement between the Company
     and a Participant evidencing the terms and conditions of an individual
     Award grant. The Award Agreement is subject to the terms and conditions of
     the Plan.

          (f) "AWARDED STOCK" means the Common Stock subject to an Award.

          (g) "BOARD" means the Board of Directors of the Company.

          (h) "CAUSE" shall mean, unless otherwise determined by the Committee,
     (i) the conviction of the Recipient for committing a felony under federal
     law or the law of the state in which such action occurred, (ii) dishonesty
     in the course of fulfilling the Recipient's employment duties or (iii)
     willful and deliberate failure on the part of the Recipient to perform his
     or her employment duties in any material respect.

          (i) "CODE" means the Internal Revenue Code of 1986, as amended or
     replaced from time to time.

          (j) "COMMITTEE" means the Committee appointed by the Board in
     accordance with Section 3 of the Plan.

          (k) "COMMON STOCK" means the common stock, par value $.10 per share,
     of the Company.

          (l) "COMPANY" means General Growth Properties, Inc., a Delaware
     corporation.

          (m) "DIRECTOR" means a member of the Board.

          (n) "DISABILITY" means permanent and total disability as determined
     under procedures established by the Committee for purposes of the Plan.

          (o) "EMPLOYEE" means any person, including Officers and Directors,
     employed by the Company or any Subsidiary or Affiliate of the Company.
     Neither service as a Director nor payment of a director's fee by the
     Company, without more, shall constitute "employment" by the Company. Except
     as expressly

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     authorized by Section 10 of the Plan, no grant shall be made to a Director
     who is not an Officer or a salaried Employee.

          (p) "EXCHANGE ACT" means the Securities Exchange Act of 1934, as
     amended from time to time, and any successor thereto.

          (q) "FAIR MARKET VALUE" means, as of any date, the value of Common
     Stock determined as follows:

             (A) If the Common Stock is listed on the New York Stock Exchange
        Composite Tape, its Fair Market Value shall be the mean of the highest
        and lowest reported sale prices of the stock (or, if no sales were
        reported, the average of the closing bid and asked price) on the New
        York Stock Exchange for any given day or, if not listed on such
        exchange, on any other national securities exchange on which the Common
        Stock is listed or on NASDAQ, as reported in The Wall Street Journal or
        such other source as the Committee deems reliable;

             (B) If the Common Stock is regularly quoted by a recognized
        securities dealer but selling prices are not reported, the Fair Market
        Value of a Share of Common Stock shall be the mean between the high bid
        and low asked prices for the Common Stock on any given day, as reported
        in The Wall Street Journal or such other source as the Committee deems
        reliable;

             (C) In the absence of an established regular public market for the
        Common Stock, the Fair Market Value shall be determined in good faith by
        the Committee.

          (r) "INCENTIVE STOCK OPTION" means an Option intended to qualify as an
     incentive stock option within the meaning of Section 422 of the Code and
     the regulations promulgated thereunder.

          (s) "MATURE SHARES" means any shares held by the Recipient for a
     minimum period of 6 months.

          (t) "NON-QUALIFIED STOCK OPTION" means any Stock Option that is not an
     Incentive Stock Option.

          (u) "OFFICER," unless otherwise noted herein, means a person who is an
     officer of the Company or a Subsidiary or Affiliate within the meaning of
     Section 16 of the Exchange Act and the rules and regulations promulgated
     thereunder.

          (v) "PARTICIPANT" means an Employee, Director or Officer who holds an
     outstanding Award.

          (w) "PLAN" means the General Growth Properties, Inc. 2003 Incentive
     Stock Plan.

          (x) "RECIPIENT" means an Employee, Director or Officer who holds an
     outstanding Award.

          (y) "RESTRICTED STOCK" means shares of Common Stock acquired pursuant
     to an Award under Section 9 below.

          (z) "RESTRICTED STOCK AGREEMENT" means a written agreement between the
     Company and the Recipient evidencing the terms and restrictions applying to
     stock awarded pursuant to an Award of Restricted Stock. The Restricted
     Stock Agreement is subject to the terms and conditions of the Plan.

          (aa) "RETIREMENT" means a Service Provider's retirement from active
     employment as determined under a pension plan of the Company or any
     Subsidiary or Affiliate, or under an employment contract with the Company
     or any Subsidiary or Affiliate; or the Service Provider's termination of
     employment at or after age 65 under circumstances that the Committee, in
     its sole discretion, deems equivalent to retirement.

          (bb) "SERVICE PROVIDER" means an Employee, Director or Officer. A
     Service Provider who is an Employee shall not cease to be a Service
     Provider (i) during any leave of absence approved by the Company; provided
     that, for purposes of Incentive Stock Options, no such leave may exceed
     ninety days, unless reemployment upon expiration of such leave is
     guaranteed by statute or contract; or (ii) as a result of transfers between
     locations of the Company or between the Company and any Subsidiary or
     Affiliate. If reemployment upon expiration of a leave of absence approved
     by the Company is not guaranteed by statute or contract, then on the 181st
     day of such leave, any Incentive Stock Option held by the Recipient

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     shall cease to be treated as an Incentive Stock Option and shall be treated
     for tax purposes as a Non-Qualified Stock Option.

          (cc) "SHARE" means a share of the Common Stock, as adjusted in
     accordance with Section 13 of the Plan.

          (dd) "STOCK OPTION" or "OPTION" means a qualified or non-qualified
     option to purchase Shares granted pursuant to the Plan.

          (ee) "SUBSIDIARY" means a "subsidiary corporation," whether now or
     hereafter existing, as defined in Section 424(f) of the Code.

SECTION 2.  STOCK SUBJECT TO THE PLAN.

     Subject to the provisions of Section 13 of the Plan, the maximum aggregate
number of Shares available for grants of Awards under the Plan is 3,000,000
Shares of Common Stock. Shares subject to an Award under the Plan may be
authorized but unissued, or reacquired, Common Stock or treasury shares. No
Recipient may be granted Awards in any calendar year with respect to more than
300,000 Shares. In determining the number of Shares with respect to which a
Service Provider may be granted an Award in any calendar year, any Award which
is cancelled shall count against the maximum number of Shares for which an Award
may be granted to a Service Provider.

     If an Award expires or becomes unexercisable without having been exercised
in full, the unpurchased Shares which were subject thereto shall become
available for future grant or sale under the Plan (unless the Plan has
terminated); provided, however, that Shares that have actually been issued under
the Plan, whether upon exercise of an Option, Restricted Stock Award or other
Award, shall not be returned to the Plan and shall not become available for
future distribution under the Plan.

SECTION 3.  ADMINISTRATION OF THE PLAN.

        (a) Administration.  The Plan shall be administered by an Administrator
that shall consist of the Compensation Committee of the Board or such other
Committee consisting of two or more directors as shall be designated from time
to time by the Board ("Committee"). Each member of the Committee shall qualify
as a "non-Employee Director" as determined under Rule 16b-3, or any successor or
replacement rule adopted by the Securities and Exchange Commission. Committee
members shall serve for such term as the Board may determine, subject to removal
by the Board at any time. Any such Committee shall act by a majority of its
members, or, if there are only two members of such Committee, by unanimous
consent of both members. If at any time no Committee shall be in office, the
functions of the Committee specified in the Plan shall be carried out by the
Board.

        (b) Powers of the Committee.  Except for the terms and conditions
explicitly set forth in the Plan, the Committee shall have exclusive authority,
in its discretion, to determine the Fair Market Value of the Common Stock, in
accordance with Section 1(q) of the Plan. The Committee also shall have
exclusive authority to determine all matters relating to Awards under the Plan,
including the selection of individuals to be granted an Award, the type of
Award, the number of shares of Common Stock subject to an Award, all terms,
conditions, restrictions and limitations, if any, of an Award and the terms of
any instrument that evidences the Award, provided that Awards to non-Employee
Directors shall be made only in accordance with Section 10. The Committee shall
also have exclusive authority to construe and interpret the Plan and its rules
and regulations, to promulgate, amend and rescind rules relating to the
implementation of the Plan (subject to Section 15) and to make all other
determinations deemed necessary or advisable under or for administering the
Plan, including determining under what circumstances a Stock Option may be
settled in cash or Common Stock. Notwithstanding the foregoing, the Committee
may, by a majority of its members then in office, (i) delegate to an Officer of
the Company the authority to make decisions pursuant to Sections 8(a), (b), (c),
(d) and (e) (provided that the Committee may not delegate its authority with
regard to the selection for participation of or the granting of Awards to
persons subject to Section 16 of the Exchange Act); and (ii) authorize any one
or more of their members or any Officer of the Company to execute and deliver

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documents on behalf of the Committee. All actions taken and determinations made
by the Committee or its delegate pursuant to the Plan shall be conclusive and
binding on all parties involved or affected.

SECTION 4.  ELIGIBILITY FOR AWARDS.

     Non-Qualified Stock Options and other Awards may be granted to Employees,
Directors and Officers who are responsible for or contribute to the management,
growth and profitability of the business of the Company, its Subsidiaries or
Affiliates. Incentive Stock Options may be granted only to Employees of the
Company or any Subsidiary. In addition, an Award may also be granted to a person
who is offered employment by the Company, a Subsidiary or an Affiliate, provided
that such Award shall be immediately forfeited if such person does not accept
such offer of employment within such time period as the Company, Subsidiary or
Affiliate may establish. If otherwise eligible, an Employee, Director or Officer
who has been granted an Option or Restricted Stock Award may be granted
additional Options or additional Restricted Stock, to the extent permitted under
the Plan. Except as expressly authorized by Section 10 of the Plan, no Award
shall be made to a Director who is not an Officer or a salaried Employee.

SECTION 5.  LIMITATIONS ON OPTIONS.

     Each Option shall be designated in the written Award Agreement as either an
Incentive Stock Option or a Non-Qualified Stock Option. However, notwithstanding
such designation, to the extent that the aggregate Fair Market Value of the
Shares with respect to which Incentive Stock Options are exercisable for the
first time by the Recipient during any calendar year (under all plans of the
Company and any Subsidiary or Affiliate) exceeds $100,000, such Options shall be
treated as Non-Qualified Stock Options. For purposes of this Section 5,
Incentive Stock Options shall be taken into account in the order in which they
were granted. The Fair Market Value of the Shares shall be determined as of the
time the Option with respect to such Shares is granted. If an Option is granted
hereunder that is part Incentive Stock Option and part Non-Qualified Stock
Option due to becoming first exercisable in any calendar year in excess of
$100,000, the Incentive Stock Option portion of such Option shall become
exercisable first in such calendar year, and the Non-Qualified Stock Option
portion shall commence becoming exercisable once the $100,000 limit has been
reached.

SECTION 6.  TERM OF OPTION.

     The term of each Option shall be stated in the Award Agreement but shall be
no later than ten (10) years from the date of grant or such shorter term as may
be provided in the Award Agreement. Moreover, in the case of an Incentive Stock
Option granted to a Recipient who, at the time the Incentive Stock Option is
granted, owns stock representing more than ten percent (10%) of the total
combined voting power of all classes of stock of the Company or its Subsidiaries
(taking into account the attribution rules under Section 424(d) of the Code),
the term of the Incentive Stock Option shall be five (5) years from the date of
grant or such shorter term as may be provided in the Award Agreement, and the
exercise price shall be as set forth in Section 7(a)(A)(i) below.

SECTION 7.  OPTION EXERCISE PRICE; VESTING AND CONSIDERATION.

        (a) Exercise Price.  The per share exercise price for the Shares to be
issued pursuant to exercise of an Option shall be determined by the
Administrator, subject to the following:

             (A) In the case of an Incentive Stock Option

                (i) granted to an Employee who, at the time the Incentive Stock
           Option is granted, owns stock representing more than ten percent
           (10%) of the total combined voting power of all classes of stock of
           the Company or its Subsidiaries (taking into account the attribution
           rules under Section 424(d) of the Code), the per Share exercise price
           shall be no less than 110% of the Fair Market Value per Share on the
           date of grant.

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                (ii) granted to any Employee or Officer other than an Employee
           described in paragraph (i) immediately above, the per Share exercise
           price shall be no less than 100% of the Fair Market Value per Share
           on the date of grant.

             (B) In the case of a Non-Qualified Stock Option, the per Share
        exercise price shall be no less than 100% of the Fair Market Value per
        Share on the date of grant.

        (b) Waiting Period and Exercise Dates.  The Committee shall have the
authority, subject to the terms of the Plan, to determine any vesting
restriction or limitation or waiting period with respect to any Option granted
to a Recipient or the Shares acquired pursuant to the exercise of such Option.

        (c) Form of Consideration.  The Committee shall determine the acceptable
form of consideration for exercising an Option, including the method of payment.
In the case of an Incentive Stock Option, the Committee shall determine the
acceptable form of consideration at the time of grant. Such consideration may
consist entirely of the following:

             (i) cash (in the form of certified or bank check or such other
        instrument as the Company may accept);

             (ii) other Mature Shares already owned by the Recipient (and, in
        the case of the exercise of a Non-Qualified Stock Option, Restricted
        Stock subject to an Award hereunder) based on the Fair Market Value of
        the Common Stock on the date the Stock Option is exercised; provided,
        however, that, in the case of an Incentive Stock Option, the right to
        make a payment in the form of already owned Shares may be authorized
        only at the time the Stock Option is granted; and provided that if
        payment is made in the form of Restricted Stock, the number of
        equivalent shares of Common Stock to be received shall be subject to the
        same forfeiture restrictions to which such Restricted Stock was subject,
        unless otherwise determined by the Committee;

             (iii) by any combination of (i) and (ii) above;

             (iv) subject to Section 17(g) in the case of a Director or
        "Executive Officer" (as defined in Rule 3b-7 of the Exchange Act) of the
        Company, at the discretion of the Committee, by delivery of a properly
        executed exercise notice together with such other documentation as the
        Committee and a qualified broker, if applicable, shall require to effect
        an exercise of the Option, and delivery to the Company of the sale or
        loan proceeds required to pay the exercise price; or

             (v) such other consideration and method of payment for the issuance
        of Shares as permitted by the Committee and Applicable Laws.

SECTION 8.  EXERCISE OF OPTION.

        (a) Procedure for Exercise; Rights as a Stockholder.  Any Option granted
hereunder shall be exercisable according to the terms of the Plan and at such
times and under such conditions as determined by the Committee and set forth in
the Award Agreement. If the Committee provides that any Stock Option is
exercisable only in installments, the Committee may at any time waive such
installment exercise provisions, in whole or in part, based on such factors as
the Committee may determine. The Committee may at any time, in whole or in part,
accelerate the exercisability of any Stock Option.

     An Option shall be deemed exercised when the Company receives: (i) written
notice of exercise (in accordance with the Award Agreement) from the person
entitled to exercise the Option, and (ii) full payment for the Shares with
respect to which the Option is exercised. Full payment may consist of any
consideration and method of payment authorized by the Committee and permitted by
the Award Agreement and by the Plan as described under Section 7(c) above.
Shares issued upon exercise of an Option shall be issued in the name of the
Recipient. Until the stock certificate evidencing such Shares is issued (as
evidenced by the appropriate entry on the books of the Company or of a duly
authorized transfer agent of the Company), no right to vote or receive dividends
or any other rights as a stockholder shall exist with respect to the optioned
Stock, notwithstanding the exercise of the Option. The Company shall issue (or
cause to be issued) such stock certificate promptly after the Option is
exercised. No adjustment will be made for a dividend or other right for

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which the record date is prior to the date the stock certificate is issued,
except as provided in Section 13 of the Plan.

     Exercising an Option in any manner shall decrease the number of Shares
thereafter available, both for purposes of the Plan and for sale under the
Option, by the number of Shares as to which the Option is exercised.

        (b) Termination of Relationship as Employee or Director.  If a Recipient
ceases to be a Service Provider, other than for Cause or upon the Recipient's
Disability, death or Retirement, the Recipient, subject to the restrictions of
this Section 8(b), may exercise his or her Option within the time specified
herein to the extent that the Option is vested on the date of termination,
including any acceleration of vesting granted by the Committee, and has not yet
expired as set forth in the Award Agreement. Unless otherwise determined by the
Committee, such Option may be exercised as follows: (A) if the Option is a
Non-Qualified Stock Option, it shall remain exercisable for the lesser of the
remaining term of the Option or one year from the date of such termination of
the relationship as a Service Provider; or (B) if the Option is an Incentive
Stock Option, it shall remain exercisable for the lesser of the term of the
Option or three (3) months following the Recipient's termination of his
relationship as a Service Provider; provided, however, that if the Recipient
dies within such three-month period, any unexercised Stock Option held by such
Recipient shall notwithstanding the expiration of such three-month period
continue to be exercisable to the extent to which it was exercisable at the time
of death for a period of one year from the date of such death or the expiration
of the stated term of such Option, whichever period is shorter. If, on the date
of termination, the Recipient is not vested as to his or her entire Option and
the Committee has not granted any acceleration of vesting, the Shares covered by
the unvested portion of the Option shall revert to the Plan. If a Recipient
ceases to be a Service Provider for Cause, the Option shall immediately
terminate, and the Shares covered by such Option shall revert to the Plan. If,
after termination, the Recipient does not exercise his or her Option within the
time specified herein, the Option shall terminate, and the Shares covered by
such Option shall revert to the Plan.

     Notwithstanding the above, in the event of a Recipient's change in status
from the current status to an Employee, Director or Officer, the Recipient shall
not automatically be treated as if the Recipient terminated his relationship as
a Service Provider, nor shall the Recipient be treated as ceasing to provide
services to the Company solely as a result of such change in status. In the
event a Recipient's status changes from Employee to Director, an Incentive Stock
Option held by the Recipient shall cease to be treated as an Incentive Stock
Option and shall be treated for tax purposes as a Non-Qualified Stock Option
three months and one day following such change of status.

        (c) Disability of Recipient.  If, as a result of the Recipient's
Disability, a Recipient ceases to be a Service Provider, the Recipient may
exercise his or her Option subject to the restrictions of this Section 8(c) and
within the period of time specified herein to the extent the Option is vested on
the date of termination, including any acceleration of vesting granted by the
Committee, and has not yet expired as set forth in the Award Agreement. Unless
otherwise determined by the Committee, such Option shall be exercisable for the
lesser of the remaining period of time specified in the Award Agreement or three
years from the date of such termination. Notwithstanding the foregoing, if the
Recipient dies within such three-year (or shorter) period, any unexercised Stock
Option held by such Recipient shall, notwithstanding the expiration of such
period, continue to be exercisable to the extent to which it was exercisable at
the time of death for a period of one year from the date of death or the
expiration of the stated term of such Stock Option, whichever period is the
shorter. If, on the date of termination, the Recipient is not vested as to his
or her entire Option and the Committee has not granted any acceleration of
vesting, the Shares covered by the unvested portion of the Option shall revert
to the Plan. If, after termination, the Recipient does not exercise his or her
Option within the time specified herein, the Option shall terminate, and the
Shares covered by such Option shall revert to the Plan. In the event of
termination of employment by reason of Disability, if an Incentive Stock Option
is exercised after the expiration of the exercise periods that apply for
purposes of Section 422 of the Code, such Stock Option will thereafter be
treated as a Non-Qualified Stock Option.

        (d) Death of Recipient.  If a Recipient dies while an Employee, Director
or Officer, the Option may be exercised subject to the restrictions of this
Section 8(d) and within such period of time as is specified

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in the Award Agreement (but in no event later than the earlier of one year or
the expiration of the term of such Option as set forth in the Award Agreement),
by the Recipient's estate or by a person who acquires the right to exercise the
Option by bequest or inheritance, but only to the extent that the Option is
vested on the date of death, including any acceleration of vesting granted by
the Committee, and has not yet expired as set forth in the Award Agreement.
Unless otherwise determined by the Committee, the Option shall remain
exercisable for the lesser of the remaining period of time specified in the
Award Agreement or twelve (12) months following the Recipient's death. If, at
the time of death, the Recipient is not vested as to his or her entire Option
and the Committee has not granted any acceleration of vesting, the Shares
covered by the unvested portion of the Option shall immediately revert to the
Plan. The Option may be exercised by the executor or administrator of the
Recipient's estate or, if none, by the person(s) entitled to exercise the Option
under the Recipient's will or the laws of descent or distribution. If the Option
is not so exercised within the time specified herein, the Option shall
terminate, and the Shares covered by such Option shall revert to the Plan. In
the event of termination of employment by reason of death, if an Incentive Stock
Option is exercised after the expiration of the exercise periods that apply for
purposes of Section 422 of the Code, such Stock Option will thereafter be
treated as a Non-Qualified Stock Option.

        (e) Retirement of Recipient.  If, as a result of the Recipient's
Retirement, a Recipient ceases to be a Service Provider, the Recipient may,
subject to the restrictions of this Section 8(e), exercise his or her Non-
Qualified Stock Option within the time specified herein to the extent the Option
is vested on the date of termination, including any acceleration of vesting
granted by the Committee, and has not yet expired as set forth in the Award
Agreement. Unless otherwise determined by the Committee, such Option may be
exercised for the lesser of the remaining period of time specified in the Award
Agreement or three (3) years following the Recipient's Retirement.
Notwithstanding the foregoing, if the Recipient dies within such three-year (or
shorter) period, any unexercised Non-Qualified Stock Option held by such
Recipient shall, notwithstanding the expiration of such period, continue to be
exercisable to the extent to which it was exercisable at the time of death for a
period of one year from the date of death or the expiration of the stated term
of such Stock Option, whichever period is shorter. If the Recipient holds an
Incentive Stock Option and ceases to be a Service Provider by reason of his or
her Retirement, such Incentive Stock Option may continue to be exercisable by
the Recipient to the extent to which it was exercisable at the time of
Retirement for a period of three months from the date of Retirement or the
expiration of the stated term of such Stock Option, whichever period is the
shorter. Notwithstanding the foregoing, if the Recipient dies within such
three-month period, any unexercised Incentive Stock Option held by such
Recipient shall, notwithstanding the expiration of such period, continue to be
exercisable to the extent to which it was exercisable at the time of death for a
period of one year from the date of such death or the expiration of the stated
term of such Stock Option, whichever period is the shorter. If, on the date of
termination, the Recipient is not vested as to his or her entire Option and the
Committee has not granted any acceleration of vesting, the Shares covered by the
unvested portion of the Option shall revert to the Plan. If, after termination,
the Option is not exercised within the time specified herein, the Option shall
terminate, and the Shares covered by such Option shall revert to the Plan.

        (f) Cash out Provisions.  On receipt of written notice of exercise, the
Committee may elect to cash out all or any part of the shares of Common Stock
for which a Stock Option is being exercised by paying the optionee an amount, in
cash, equal to the excess of the Fair Market Value of the Common Stock over the
option price times the number of shares of Common Stock for which the Stock
Option is being exercised on the effective date of such cash out. Cash outs
pursuant to this Section 8(f) relating to Options held by Recipients who are
actually or potentially subject to Section 16(b) of the Exchange Act shall
comply with the provisions of Section 16 of the Exchange Act and the rules
promulgated thereunder, to the extent applicable.

SECTION 9.  RESTRICTED STOCK.

        (a) Awards of Restricted Stock.  Shares of Restricted Stock may be
issued either alone, in addition to, or in tandem with other Awards granted
under the Plan and/or cash awards made outside of the Plan. The Committee shall
determine the Employees to whom it will award Restricted Stock under the Plan,
and it shall advise the Recipient in writing, by means of an Award Agreement, of
the terms, conditions and restrictions related to the offer, including the
number of Shares to be awarded to the Recipient, the time or times within

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which such Awards may be subject to forfeiture and any other terms and
conditions of the Awards, in addition to those contained in this Section 9. The
Committee may condition the grant of Restricted Stock upon the attainment of
specified performance goals of the Recipient or of the Company, Subsidiary or
Affiliate for or within which the Recipient is primarily employed, or upon such
other factors as the Committee shall determine. The provisions of a Restricted
Stock Award need not be the same with respect to each Recipient. The terms of
the Award of Restricted Stock shall comply in all respects with Applicable Law
and the terms of the Plan.

        (b) Awards and Certificates.  Each Award shall be confirmed by, and
subject to the terms of, a Restricted Stock Agreement. Shares of Restricted
Stock shall be evidenced in such manner as the Committee may deem appropriate,
including book-entry registration or issuance of one or more stock certificates.
The Committee may require that the certificates evidencing such Shares be held
in custody by the Company until the restrictions thereon shall have lapsed and
that, as a condition of any Award of Restricted Stock, the Recipient shall have
delivered to the Company a stock power, endorsed in blank, relating to the
Common Stock covered by such Award. Any certificate issued with respect to
Shares of Restricted Stock shall be registered in the name of such Recipient and
shall bear an appropriate legend referring to the terms, conditions and
restrictions applicable to such Award, substantially in the following form:

          "The transferability of this certificate and the shares of Stock
          represented hereby are subject to the terms and conditions (including
          forfeiture) of the General Growth Properties, Inc. 2003 Incentive
          Stock Plan and a Restricted Stock Agreement. Copies of such Plan and
          Stock Agreement are on file at the office of the Secretary of General
          Growth Properties, Inc."

If and when the Restriction Period (hereinafter defined) expires without a prior
forfeiture of the Restricted Stock subject to such Restriction Period,
unlegended certificates for such Shares shall be delivered to the Recipient.

        (c) Terms and Conditions.  Shares of Restricted Stock shall be subject
to the following terms and conditions:

             (A) Restriction Period.  Subject to the provisions of the Plan and
        the terms of the Restricted Stock Agreement, during a period set by the
        Committee, commencing with the date of such Award (the "Restriction
        Period"), the Recipient shall not be permitted to sell, assign,
        transfer, pledge or otherwise encumber Shares of Restricted Stock (the
        "Restrictions"). The Committee may provide for the lapse of such
        Restrictions in installments or otherwise and may accelerate or waive
        such Restrictions, in whole or in part, in each case based on period of
        service, performance of the Recipient or of the Company, Subsidiary or
        Affiliate, division or department for which the Recipient is employed or
        such other factors or criteria as the Committee may determine, subject
        to the rules set forth below.

                (i) With respect to Awards of Restricted Stock designated as
           "performance-based," no Restrictions shall lapse or be waived or
           accelerated before a period of least twelve (12) months has elapsed
           following the date of grant;

                (ii) If the Recipient of a Restricted Stock Award is subject to
           the provisions of Section 16 of the Exchange Act, shares of Common
           Stock subject to the grant may not, without the written consent of
           the Committee, be sold or otherwise disposed of within six (6) months
           following the date of grant; and

                (iii) With respect to Awards of Restricted Stock which are not
           designated as "performance-based," the Restrictions shall lapse in
           accordance with a schedule that does not provide for a lapse of such
           Restrictions any sooner than: immediately (on the date of grant) with
           respect to one-third (1/3) of the Shares subject to the Award; on the
           first anniversary of the date of grant with respect to another
           one-third (1/3) of such Shares; and on the second anniversary of the
           date of grant with respect to the final one-third (1/3) of such
           Shares. Within any twelve-month period, no Recipient shall receive an
           Award of Restricted Stock in excess of one hundred thousand (100,000)
           Shares, unless such Award is "performance-based."

                                       8
<PAGE>

             (B) Rights.  Except as provided in this Section 9(c)(B), Section
        9(c)(A) above, the Restricted Stock Agreement and under Applicable Law,
        the Recipient shall have, with respect to the Shares of Restricted
        Stock, all of the rights of a stockholder of the Company holding the
        class or series of Common Stock that is the subject of the Restricted
        Stock Agreement, including, if applicable, the right to vote the Shares
        and the right to receive any cash dividends. If so determined by the
        Committee in the applicable Restricted Stock Agreement and subject to
        Section 17(e), for the Restriction Period, (A) cash dividends on the
        Shares of Common Stock that are the subject of the Restricted Stock
        Award shall be automatically deferred and reinvested in additional
        Restricted Stock and (B) dividends payable in Common Stock shall be paid
        in the form of Restricted Stock.

             (C) Termination of Service Provider Relationship.  Except to the
        extent otherwise provided in the applicable Restricted Stock Agreement,
        Sections 9(c)(A), this Section 9(c)(C) and Section 12(a)(B), if a
        Recipient ceases to be a Service Provider for any reason during the
        Restriction Period, all Shares still subject to restriction shall be
        forfeited by the Recipient.

        (d) Other Provisions.  The Restricted Stock Agreement shall contain such
other terms, provisions and conditions not inconsistent with the Plan as may be
determined by the Committee in its sole discretion. In addition, the terms of
Restricted Stock Agreements need not be the same with respect to each Recipient.

SECTION 10.  DIRECTOR STOCK OPTIONS.

     The granting of Awards to non-Employee Directors shall be made pursuant to
the following terms:

        (a) Automatic Award.  Each Director of the Company who is not otherwise
an Employee of the Company or any Subsidiary or Affiliate from and after the
effective date of the Plan shall, as of the first business day of each January
during such Director's term, automatically be granted Non-Qualified Stock
Options to purchase 1,000 shares of Common Stock having an exercise price per
share equal to 100% of the Fair Market Value of the Common Stock at the date of
grant of such Non-Qualified Stock Option. Each such Director, upon joining the
Board, shall also be awarded an initial grant of Non-Qualified Stock Options to
purchase 1,000 shares of Common Stock having an exercise price equal to 100% of
the Fair Market Value of the Common Stock as of such date. Any Options granted
to a Director pursuant to this Section 10 shall be immediately exercisable.

        (b) Eligibility.  An automatic Director Stock Option shall be granted
hereunder only if as of each date of grant (or, in the case of any initial
grant, from and after the effective date of the Plan) the Director (i) is not
otherwise an Employee of the Company or any Subsidiary or Affiliate, (ii) has
not been an Employee of the Company or any Subsidiary or Affiliate for any part
of the preceding fiscal year and (iii) has served on the Board continuously
since the commencement of his or her term.

        (c) Insufficient Shares.  In the event that the number of Shares of
Common Stock available for future grant under the Plan is insufficient to make
all automatic grants required to be made on such date, then all non-Employee
Directors entitled to a grant on such date shall share ratably in the number of
options on Shares available for grant under the Plan.

        (d) Amendment.  The provisions of paragraph (a) of this Section 10 may
not be amended more often than once every six months. Except as expressly
provided in this Section 10, any Stock Option granted hereunder shall be subject
to the terms and conditions of the Plan as if the grant were made pursuant to
Sections 5 through 8 hereof.

SECTION 11.  NON-TRANSFERABILITY OF AWARDS.

     Unless otherwise specified by the Committee in the Award Agreement, an
Award may not be sold, pledged, assigned, hypothecated, transferred, or disposed
of in any manner other than by (i) will or by the laws of descent or
distribution or (ii) pursuant to a qualified domestic relations order (as
defined in the Code or Title I of the Employee Retirement Income Security Act of
1974, as amended, or the rules thereunder). Stock Options may be exercised,
during the lifetime of the Participant, only by the Participant or by the
guardian or legal representative of the Participant or by an alternate payee
pursuant to a qualified domestic relations order.

                                       9
<PAGE>

If the Committee makes an Award transferable, such Award shall contain such
additional terms and conditions as the Committee deems appropriate. Any attempt
to assign, pledge or otherwise transfer any Award or of any right or privileges
conferred thereby, contrary to this Plan, or the sale or levy or similar process
upon the rights and privileges conferred hereby, shall be void.

SECTION 12.  EFFECT OF CHANGE IN CONTROL.

        (a) Effect.  Notwithstanding any other provision of this Agreement, in
the event of a Change in Control (as defined below) after the Effective Date,

             (A) a Recipient shall become 100% vested in his or her Stock
        Options, if applicable; and

             (B) the restrictions applicable to any Restricted Stock shall lapse
        and such Restricted Stock shall become free of all restrictions and
        fully vested and transferable to the full extent of the original grant.

        (b) Change in Control.  For purposes of this Plan, a "Change in Control"
shall be deemed to have occurred upon the completion of any of the following
events:

             (A) Acquisition.  Any acquisition or series of related acquisitions
        resulting in any "Person" (as defined in subparagraph (F) below) or
        group, within the meaning of Section 13(d)(3) or 14(d)(2) of the
        Exchange Act, beneficially owning (within the meaning of Rule 13d-3
        promulgated under the Exchange Act) 20% or more of either the then
        outstanding shares of Common Stock or the combined voting power of the
        then outstanding voting securities entitled to vote generally in the
        election of directors of the Company (a "Triggering Acquisition"),
        provided that a Change in Control shall not be deemed to have occurred
        if the "Person" described in the preceding provisions is an underwriter
        or underwriting syndicate that has acquired the ownership of voting
        securities of the Company solely in connection with a public offering of
        those securities; and provided that the following shall not constitute a
        Triggering Acquisition:

                (i) any acquisition directly from the Company, other than an
           acquisition by any Person by virtue of the exercise of a conversion
           privilege unless the security being so converted was itself acquired
           by such Person directly from the Company, GGP Limited Partnership or
           any other entity in which the Company owns a direct or indirect
           interest;

                (ii) any acquisition by the Company, or members of the Company's
           management, or any combination thereof;

                (iii) any acquisition by any employee benefit plan (or related
           trust) sponsored or maintained by the Company or any corporation
           controlled by the Company; or

                (iv) any acquisition by any Person pursuant to a transaction
           which complies with clauses (i), (ii) and (iii) of subsection (A) of
           this Section 12(b).

             (B) Reorganization.  Any shareholder-approved reorganization,
        merger or consolidation of the Company with any other Person, other than
        a transaction which would result in (A) the owners of voting securities
        of GGP outstanding immediately prior thereto continuing to own directly
        or indirectly more than sixty percent (60%) of the combined voting power
        of the voting securities of the entity or entities surviving such
        reorganization, merger or consolidation that own and conduct the
        business owned and conducted by the Company prior thereto; and (B) no
        Person (other than the Company, any employee benefit plan or trust
        sponsored or maintained by the Company or any corporation controlled by
        the Company or such corporation resulting from such transaction)
        beneficially owning, directly or indirectly, 20% or more of,
        respectively, the outstanding shares of Common Stock of the corporation
        resulting from such transaction or the combined voting power of the
        outstanding voting securities of such corporation entitled to vote
        generally in the election of directors except to the extent such
        ownership existed with respect to the Company prior to the transaction;
        and (C) individuals who were members of the Incumbent Board (hereinafter
        defined)

                                       10
<PAGE>

        constituting a majority of the members of the board of directors of the
        corporation resulting from such transaction;

             (C) Asset sale.  The sale or other disposition by the Company, in
        one transaction or a series of related transactions, of all or
        substantially all of the assets of the Company;

             (D) Liquidation.  The approval by the stockholders of the Company
        of a complete liquidation or dissolution of the Company; or

             (E) Board Change.  A change in the composition of the Board such
        that individuals who, as of the Effective Date, constitute the Board of
        Directors of the Company (the "Incumbent Board") cease for any reason to
        constitute at least a majority of the board of directors of the Company,
        provided that any individual who becomes a director after the Effective
        Date whose election, or nomination for election by stockholders, is
        approved by a vote of at least a majority of the directors then
        comprising the relevant Incumbent Board shall be considered to be a
        member of the relevant Incumbent Board. For purposes of the definition
        of "Change in Control," references to the Company shall also refer to
        its successors and assigns such that reorganizations or other corporate
        transactions do not impair the substantive intent of these provisions.

             (F) Person.  For purposes of this Section, "Person" means an
        individual, a partnership, a corporation, a limited liability company,
        an association, a joint stock company, a trust, a joint venture, an
        unincorporated organization or a governmental entity (or any department,
        agency, or political subdivision thereof).

SECTION 13.  ADJUSTMENTS UPON CHANGES IN CAPITALIZATION.

     Subject to any required action by the stockholders of the Company, the
number of shares of Common Stock covered by each outstanding Award, and the
number of shares of Common Stock which have been authorized for issuance under
the Plan but as to which no Awards have yet been granted or which have been
returned to the Plan upon cancellation or expiration of an Award, as well as the
price per share of Common Stock covered by each such outstanding Award, shall be
proportionately adjusted for any increase or decrease in the number of issued
shares of Common Stock resulting from a stock split, reverse stock split, stock
dividend, combination or reclassification of the Common Stock, or any other
increase or decrease in the number of issued shares of Common Stock effected
without receipt of consideration by the Company; provided, however, that
conversion of any convertible securities of the Company shall not be deemed to
have been "effected without receipt of consideration;" and provided that the
dilution effect of the Shares authorized, plus the shares reserved for issuance
pursuant to all other stock-related plans of the Company, shall not exceed 10%.
Such adjustment shall be made by the Board in its sole discretion, whose
determination in that respect shall be final, binding and conclusive. Except as
expressly provided herein, no issuance by the Company of shares of stock of any
class, or securities convertible into shares of stock of any class, shall
affect, and no adjustment by reason thereof shall be made with respect to, the
number or price of shares of Common Stock subject to an Award.

SECTION 14.  DATE OF GRANT.

     The date of grant of an Award shall be, for all purposes, the date on which
the Committee makes the determination granting such Award, or such other later
date as is determined by the Committee. Notice of the determination shall be
provided to each Participant by way of an Award Agreement within a reasonable
time after the date of such grant.

SECTION 15.  TERM; AMENDMENT AND TERMINATION OF THE PLAN.

        (a) Amendment and Termination.  Subject to this Section 15 and Section
17(f), the Board may at any time amend, alter, suspend or terminate the Plan,
including without limitation to provide for the transferability of any or all
Options to comply with or take advantage of rules governing registration of
shares. Subject to Section 17(f) and the other terms of the Plan, the Committee
may amend the terms of any Stock

                                       11
<PAGE>

Option theretofore granted, prospectively or retroactively, but no such
amendment shall impair the rights of any Recipient without the Recipient's
consent.

        (b) Stockholder Approval.  The Company shall obtain stockholder approval
of any material Plan amendment and any amendment to the extent necessary and
desirable to comply with Section 422 of the Code (or any successor rule or
statute or other applicable law, rule or regulation, including the requirements
of any exchange or quotation system on which the Common Stock is listed or
quoted). Such stockholder approval, if required, shall be obtained in such a
manner and to such a degree as is required by the Applicable Law, rule or
regulation.

        (c) Effect of Amendment or Termination.  No amendment, alteration,
suspension or termination of the Plan shall impair the rights of any
Participant, unless mutually agreed otherwise between the Participant and the
Committee, which agreement must be in writing and signed by the Participant and
the Company.

SECTION 16.  CONDITIONS UPON ISSUANCE OF SHARES.

        (a) Legal Compliance.  Shares shall not be issued pursuant to the
exercise of an Award unless the exercise of such Award and the issuance and
delivery of such Shares shall comply with all relevant provisions of law,
including, without limitation, the Securities Act of 1933, as amended, the
Exchange Act, the rules and regulations promulgated thereunder, Applicable Laws,
and the requirements of any stock exchange or quotation system upon which the
Shares may then be listed or quoted and shall be further subject to the approval
of counsel for the Company with respect to such compliance. The Committee may
cause a legend or legends to be placed on any certificates for Shares or other
securities delivered under the Plan as it may deem appropriate to make reference
to such legal rules and restrictions, or to impose any restrictions on transfer.

        (b) Withholding Obligations.  No later than the date as of which an
amount first becomes includible in the gross income of the Recipient for federal
income tax purposes with respect to any Award under the Plan, the Recipient
shall pay to the Company, or make arrangements satisfactory to the Company
regarding the payment of, any federal, state, local or foreign taxes of any kind
required by law to be withheld with respect to such amount. Unless otherwise
determined by the Committee, withholding obligations may be settled with Common
Stock, including Common Stock that is part of the Award that gives rise to the
withholding requirement. The obligations of the Company under the Plan shall be
conditioned on such payment or arrangements, and the Company, its Subsidiaries
and its Affiliates shall, to the extent permitted by law, have the right to
deduct any such taxes from any payment otherwise due to the Recipient. The
Committee may establish such procedures as it deems appropriate, including the
making of irrevocable elections, for the settlement of withholding obligations
with Common Stock.

        (c) Inability to Obtain Authority.  The inability of the Company to
obtain authority from any regulatory body having jurisdiction, which authority
is deemed by the Company's counsel to be necessary to the lawful issuance and
sale of any Shares hereunder, shall relieve the Company of any liability in
respect of the failure to issue or sell such Shares as to which such requisite
authority shall not have been obtained.

        (d) Grants Exceeding Allotted Shares.  If the Awarded Stock covered by
an Award exceeds, as of the date of grant, the number of Shares which may be
issued under the Plan without additional stockholder approval, such Award shall
be void with respect to such excess Awarded Stock, unless stockholder approval
of an amendment sufficiently increasing the number of Shares subject to the Plan
is timely obtained in accordance with Applicable Law and Section 15(b).

SECTION 17.  GENERAL PROVISIONS.

        (a) Term of Plan.  This Plan shall become effective as of the Company's
May 7, 2003 Annual Shareholders Meeting, or upon its approval by the
stockholders of the Company, whichever is later ("Effective Date"). Such
stockholder approval shall be obtained in the manner and to the degree required
under Applicable Laws and the rules of any stock exchange upon which the Common
Stock is listed. It shall continue in effect for a term of ten (10) years unless
terminated earlier under Section 15 of the Plan.

                                       12
<PAGE>

        (b) No Contract of Employment.  Neither the Plan nor any Award hereunder
shall confer upon any individual any right with respect to continuing such
individual's employment relationship with the Company, nor shall they interfere
in any way with such individual's right or the Company's right to terminate such
employment relationship at any time, with or without cause.

        (c) Severability.  In the event that any provision of the Plan shall be
held illegal or invalid for any reason, the illegality or invalidity shall not
affect the remaining parts of the Plan, and the Plan shall be construed and
enforced as if the illegal or invalid provision had not been included.

        (d) Governing Law.  The Plan and all Awards made and actions thereunder
shall be governed by and construed in accordance with the laws of the state of
Delaware.

        (e) Dividends.  The reinvestment of dividends in additional Restricted
Stock at the time of any dividend payment shall be permissible only if
sufficient shares of Common Stock are available under the Plan for such
reinvestment (taking into account then-outstanding Stock Options and other
Awards).

        (f) Prohibition on Repricing.  Notwithstanding any other provision of
the Plan, the Committee shall not "reprice" any Stock Option granted under the
Plan if the effect of such repricing would be to decrease the exercise price per
Share applicable to such Stock Option. For this purpose, a "repricing" would
include a tandem cancellation and regrant or any other amendment or action that
would have substantially the same effect as decreasing the exercise price of
outstanding Stock Options.

        (g) Prohibition on Loans to Participants.  The Company shall not lend
funds to any Participant for the purpose of paying the exercise or base price
associated with any Award or for the purpose of paying any taxes associated with
the exercise or vesting of an Award.

        (h) Performance-Based Compensation.  The Committee may designate any
Award as "performance-based compensation" for purposes of Section 162(m) of the
Code. Any Awards designated as "performance-based compensation" shall be
conditioned on the achievement of one or more performance measures, and the
measurement may be stated in absolute terms or relative to comparable companies.

        (i) Unfunded Status of Plan.  It is intended that the Plan constitute an
"unfunded" plan for incentive and deferred compensation. The Committee may
authorize the creation of trusts or other arrangements to meet the obligations
created under the Plan to deliver Common Stock or make payment; provided,
however, that, unless the Committee otherwise determines, the existence of such
trusts or other arrangements is consistent with the "unfunded" status of the
Plan.

        (j) Liability of Committee Members.  Except as provided under Applicable
Law, no member of the Board or the Committee will be liable for any action or
determination made in good faith by the Board or the Committee with respect to
the Plan or any Award under it. Neither the Company, the Board of Directors nor
the Committee, nor any Subsidiary or Affiliate, nor any directors, officers or
employees thereof, shall be liable to any Participant or other person if it is
determined for any reason by the Internal Revenue Service or any court that an
Incentive Stock Option granted hereunder does not qualify for tax treatment as
an "incentive stock option" under Section 422 of the Code.

                                       13<PAGE>
                                                                    EXHIBIT 10.1

                           2003 SPECIAL BONUS PROGRAM

     The Corporation shall establish a bonus pool in the amount of $414,200, to
be allocated among the key executives of the Corporation (each, a "Participating
Executive") selected by the Compensation Committee of the Board of Directors,
such allocation to be made in the discretion of the Compensation Committee.
One-half of the special bonus shall become payable to the Participating
Executive if the Participating Executive remains in the employment of the
Corporation through May 30, 2003 and the other one-half of the special bonus
shall become payable to the Participating Executive if the Participating
Executive remains in the employment of the Corporation through October 2, 2003.
Each portion of the special bonus shall be paid to the Participating Executive
in cash promptly following the date it becomes payable. If the employment of the
Participating Executive terminates for any reason prior to May 30, 2003, the
entire special bonus shall be forfeited, or if the employment of the
Participating Executive terminates for any reason on or after May 30, 2003 but
prior to October 2, 2003, one-half of the special bonus shall be forfeited. The
amount of any forfeited bonus shall be retained by the Corporation and not
allocated to the other Participating Executives. The bonus to be paid under the
2003 Special Bonus Program shall be in addition to any bonus that may become
payable for the fiscal year ending on January 31, 2004 under the Management
Bonus Program.

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