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Exhibit 10.30    
    

FORM OF EMPLOYEE STOCK OPTION AGREEMENT  

THE MACERICH COMPANY

EMPLOYEE STOCK OPTION AGREEMENT

2003 EQUITY INCENTIVE PLAN  

	Optionee:	 	 	 	 
	 	 	
	 	 
	Award Date:	 	 	 	 
	 	 	
	 	 
	Exercise Price per Share(1):	 	 	 	 
	 	 	
	 	 
	Number of Shares(1):	 	 	 	 
	 	 	
	 	 
	Expiration Date(2):	 	 	 	 
	 	 	
	 	 
	NQSO or ISO(1):	 	 	 	 
	 	 	
	 	 
	Vesting Schedule(1)(2):	 	[100% of the shares on the [third] anniversary of the Award Date]	 	 

	(1)
	Subject
to adjustment under Section 6.2 of the Plan.

	(2)
	Subject
to early termination if the Optionee's employment terminates or in certain other circumstances. See Sections 4 through 9 of this Agreement and Sections 1.6, 2.6,
6.2, 6.3 and 6.4 of the Plan for exceptions and additional details regarding possible adjustments, acceleration of vesting and/or early termination of the Option. 

        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 is granted pursuant to and subject to The
Macerich Company 2003 Equity Incentive Plan (the "Plan"). Capitalized terms used herein and not otherwise defined herein shall have the meaning assigned by the Plan. 

        If
the Corporation has designated the Option as an ISO above, the Corporation intends that the Option will be treated as an Incentive Stock Option within the meaning of
Section 422 of the Code (an "ISO") to the maximum extent permissible under all of the ISO rules and restrictions. Any shares acquired upon exercise of the Option without compliance with all
applicable ISO rules will be treated as acquired upon exercise of a Nonqualified Stock Option (a "NQSO"). If the Corporation has designated the Option as a NQSO above, the Company intends that the
Option will be treated in its entirety as a NQSO and not as an ISO. 

        WHEREAS, pursuant to the Plan, the Corporation has granted to the Optionee with reference to services rendered and to be rendered to the
Company, effective as of the Award Date, an Option upon the terms and conditions set forth herein and in the Plan. 

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

        1.    Exercisability of Option.    The Option shall vest and become exercisable during its
term [in percentage installments of] [for] the aggregate number of shares of Common Stock of the Corporation in accordance with the Vesting Schedule as
set forth above and with and subject to the applicable provisions of the Plan and this Agreement. The Option may be exercised only to the extent the Option is exercisable and vested, and, subject to
Section 1.8 of the Plan, during the Optionee's lifetime, only by the Optionee. In no event may the Optionee exercise the Option after the Expiration Date as provided above. 

 

        (a)    Cumulative Exercisability.    To the extent the Optionee does not at the time of a
particular exercise purchase all the shares that the Optionee may then exercise, the Optionee has the right cumulatively thereafter to purchase any of such shares not so purchased until the Option
terminates or expires. 

        (b)    No Fractional Shares; Minimum Exercise.    Fractional share interests shall be
disregarded, but may be cumulated. No fewer than 100 shares may be purchased at any one time, unless the number purchased is the total number at the time exercisable under the Option. 

        2.    Exercise of Option.    To the extent vested and exercisable, the Option may be exercised
by the delivery to the Corporation of a written exercise notice stating the number of shares to be purchased pursuant to the Option accompanied by payment of the aggregate Exercise Price of the shares
to be purchased and the payment or provision for any applicable employment or other taxes or withholding for taxes thereon. Subject to Section 6.4 of the Plan, the Option shall be deemed to be
exercised upon receipt and approval by the Corporation of such written exercise notice accompanied by the aggregate Exercise Price and any other payments so required, as permitted pursuant to
Section 3. 

        3.    Method of Payment of Option.    Payment of the aggregate Exercise Price shall be by any
of the following, or a combination thereof, at the election of the Optionee: 

        (a)   in
cash or by electronic funds transfer, or by check payable to the order of the Corporation, in the full amount of the purchase price of the shares and the amount (if
any) required to satisfy any applicable withholding taxes; or 

        (b)   by
delivering a properly executed exercise notice together with irrevocable instructions to a broker to promptly deliver to the Corporation the amount of sales proceeds
necessary to pay the aggregate Exercise Price and, unless otherwise allowed by the Committee, any applicable tax withholding, subject to compliance with applicable law and cashless exercise procedures
approved by the Corporation; or 

        (c)   by
delivery of shares of Common Stock that have been held by the Optionee for at least six months, in accordance with Section 2.2(b) of the Plan, subject to
compliance with applicable law. 

        Other
payment methods may be permitted only if expressly authorized by the Committee with respect to the Option or all options under and consistent with the terms of the Plan. 

        4.    Continuance of Employment Required.    Except as otherwise provided in Section 6,
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 Optionee 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 5 or 8 below or under the Plan. 

        5.    Effect of Termination of Employment on Exercise Period.    If the Optionee's employment
by either the Corporation or any subsidiary terminates, the Option and all other rights and benefits under this Agreement terminate, except that the Optionee may, at any time within the applicable
period below after the Severance Date, exercise the Option to the extent the Option was exercisable on the Severance Date and has not otherwise expired or terminated: 

        (a)   If
the Optionee's employment terminates for any reason other than Total Disability or death, Retirement or for Cause, the Optionee shall have three months after the
Severance Date to exercise the Option to the extent the Option was exercisable on the Severance Date. 

        (b)   If
the Optionee's employment terminates as a result of Total Disability or death, the Optionee (or the Optionee's Personal Representative or Beneficiary, as the case may
be) shall 

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have
12 months after the Severance Date to exercise the Option to the extent the Option was exercisable on the Severance Date. 

        (c)   If
the Optionee's employment terminates as a result of Retirement, the Optionee (or the Optionee's Personal Representative or Beneficiary, as the case may be) shall have
12 months after the Severance Date to exercise the Option to the extent the Option was exercisable on the Severance Date (provided that, with respect to an ISO, after three months the Option
will no longer be exercisable as an ISO) to the extent the Option was exercisable on the Severance Date. 

        (d)   If
the Optionee's employment terminates for Cause, the Option shall terminate as of the Severance Date. 

Notwithstanding
the foregoing exercise periods after the Severance Date, to the extent the Option was otherwise an ISO, the Option will qualify as an ISO only if it is exercised within the applicable
exercise periods for ISOs and meets all other requirements of the Code for ISOs; and, in the case of a Total Disability that is not a permanent and total disability within the meaning of
Section 22(e)(3) of the Code, only if the Option is exercised within three months of the Severance Date. If the Option is not exercised within the applicable exercise periods or does not meet
such other requirements, the Option will be rendered a NQSO. 

        6.    Qualified Termination Upon or Following Change in Control Event.    

        [Subject
to Section 20,] If the Optionee upon or not later than 12 months following a Change in Control Event 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 Option 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 7, 8 and 12 of this Agreement. As used in this Agreement, the term "Good Reason" means a termination of
employment by the Optionee 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 Optionee specifying in reasonable detail such occurrence, without the Optionee's written consent thereto: (1) an adverse and significant change in the Optionee's position, duties,
responsibilities or status with the Company; (2) a change in the Optionee's principal office location to a location farther away from the Optionee's home which is more than 30 miles from the
Optionee'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 Optionee's Base Salary; or (5) any
material breach by the Company of any written employment or management continuity agreement with the Optionee. For purposes of the definition of "Good Reason," the term "Base Salary" means the annual
base rate of compensation payable as salary to the Optionee by the Company as of the Optionee's date of termination, before deductions or voluntary deferrals authorized by the Optionee or required by
law to be withheld from the Optionee 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. 

        7.    Adjustments Upon Specified Events.    As provided in Section 6.2 of the Plan,
upon the occurrence of certain events relating to or affecting the Corporation's stock contemplated by Section 6.2 of the Plan, the Committee shall, in such manner, to such extent (if any) and
at such times as it deems appropriate and equitable in the circumstances, make adjustments in the number, amount 

3

 

and
type of shares (or other securities or property) subject to the Option, the Exercise Price and the securities deliverable upon exercise of the Option (or any combination thereof) or provide for a
cash payment or the assumption, substitution or exchange of the Option or the shares or other securities subject to the Option, based upon the distribution or consideration payable to stockholders
generally. All rights of the Optionee hereunder are subject to such adjustments and other provisions of the Plan. 

        8.    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 6 of this Agreement, the Committee retains the right to terminate
the Option, 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 8 is not intended to prevent future vesting (including provision for future vesting) if the Option (or a substituted award)
remains outstanding following a Change in Control Event. 

        9.    Change in Subsidiary's Status; Leaves of Absence.    If the Optionee is employed only by
an entity that ceases to be a subsidiary, this event is deemed for purposes of this Agreement to be a termination of the Optionee's employment by the Company other than a termination for Cause, Total
Disability, Retirement or death of the Optionee. Absence from work caused by military service, authorized sick leave or other leave approved in writing by the Company or the Committee shall not be
considered a termination of employment by the Company for purposes of Section 5 only if reemployment upon the expiration of such leave is required by contract or law, or such leave is for a
period of not more than 90 days. 

        10.    Additional Provisions Applicable to ISOs.    

        (a)    ISO Value Limit.    If the aggregate fair market value of the shares with respect to
which ISOs (whether granted under the Option or otherwise) first become exercisable by the Participant in any calendar year exceeds $100,000, as measured on the applicable award dates, the limitations
of Section 2.3 of the Plan shall apply and to such extent the Option will be rendered a NQSO. 

        (b)    Notice of Sale.    The Participant agrees to notify the Corporation of any sale or
other disposition of any shares if such sale or disposition of any shares occurs within two years after the Award Date or within one year after the date of exercise of any Option intended as an ISO. 

        (c)    Transferability.    In accordance with Section 1.8 of the Plan and the Code, an
ISO is not transferable by the Optionee other than by will or the laws of descent and distribution, and is exercisable during the Optionee's lifetime only by the Optionee. 

        (d)    Tax Withholding.    If any portion of the Option is rendered a NQSO in accordance with
the terms hereof or applicable law, the Participant shall pay or make provision for the payment of any applicable withholding and employment taxes upon exercise of the Option. 

        11.    Limitation on Exercise of Option.    The Optionee will not be entitled to receive
Common Stock upon exercise of the Option to the extent that it will cause the Optionee to Beneficially or Constructively Own Equity Shares in excess of the Ownership Limit. If the Optionee exercises
any portion of this Option which upon delivery of the Common Stock would cause the Optionee to Beneficially or Constructively Own Equity Shares in excess of the Ownership Limit, the Corporation has
the right to deliver to the Optionee, in lieu of Common Stock, a check or cash in the amount equal to the Fair Market Value of the Common Stock otherwise deliverable on the date of exercise (minus any
amounts withheld pursuant to Section 6.5 of the Plan). 

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

        (a)    Limitation on Acceleration.    Notwithstanding anything contained herein
[(except as otherwise provided in Section 20 hereof)] or in the Plan or any other agreement to the contrary, in 

4

 

no
event shall the vesting of the Option be accelerated pursuant to Section 6.3 of the Plan or Section 6 hereof to the extent that the Corporation would be denied a federal income tax
deduction for such vesting because of Section 280G of the Code and, in such circumstances, the Option will continue to vest in accordance with and subject to the other provisions hereof. 

        (b)    Reduction in Benefits.    If the Optionee 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 [(except as otherwise
provided in Section 20 hereof)] or of any other existing agreement to the contrary, the Optionee 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 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 Optionee. 

        13.    Optionee not a Stockholder.    Neither the Optionee nor any other person entitled to
exercise the Option shall have any of the rights or privileges of a stockholder of the Corporation as to any shares of Common Stock until the issuance and delivery to him or her of a certificate
evidencing the shares registered in his or her name. No adjustment will be made for dividends or other rights as a stockholder as to which the record date is prior to such date of delivery. 

        14.    No Guarantee of Continued Employment.    Nothing contained in this Agreement or the
Plan constitutes an employment or service commitment by the Company, affects the Optionee's status as an employee at will who is subject to termination without cause, confers upon the Optionee 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
Optionee's other compensation or benefits. Nothing in this Section 14, however, is intended to adversely affect any independent contractual right of the Optionee 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 Optionee to any proportionate vesting or avoid or mitigate a termination
of rights and benefits upon or following a termination of employment if the express conditions to vesting pursuant to Section 1 or 6 have not been satisfied. 

        15.    Non-Transferability of Option.    The Option and any other rights of the
Optionee under this Agreement or the Plan are nontransferable except as provided in Section 1.8 of the Plan. 

        16.    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 Optionee at the address given beneath the Optionee's signature hereto, or at such other address as either party may hereafter designate in writing to the other. 

        17.    Effect of Award Agreement.    This Agreement shall be binding upon and inure to the
benefit of any successor or successors of the Corporation, except to the extent the Committee determines otherwise. 

5

 

        18.    Entire Agreement; Governing Law.    The Plan is incorporated herein by reference.
[Subject to Section 20 below,] The Plan and this Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in
their entirety all prior undertakings and agreements of the Company and the Optionee with respect to the subject matter hereof, and may not be modified adversely to the Optionee's interest except by
means of a writing signed by the Company and the Optionee. The constructive interpretation, performance and enforcement of this Agreement and the Option shall be governed by the internal substantive
laws, but not the choice of law rules, of the State of Maryland. 

        19.    Plan.    The Option and all rights of the Optionee with respect thereto are subject to,
and the Optionee 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 Optionee 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 Optionee 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. 

        20.    [Other Agreements.    If any provision of this Agreement is inconsistent
with any provision of the Management Continuity Agreement dated as of [October 26, 2006] between the Corporation and Participant and as it may be amended from
time-to-time (the "MCA"), the provisions of the MCA shall control and shall be deemed incorporated herein by reference.] [This
provision and the language in brackets in Sections 6, 12(a), 12(b) and 18 are to be included only in agreements with Optionees subject to the MCA. ] 

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	THE MACERICH COMPANY,

a Maryland corporation	 	AGREED AND ACKNOWLEDGED:
	

By:	
 	

 	
 	

 
	 	 	
	 	

	Its:	 	 	 	(Optionee's Signature)
	 	 	
	 	 
	

 	
 	

 	
 	

 
	 	 	 	 	

	 	 	 	 	(City, State, Zip Code)
	

 	
 	

 	
 	

 
	 	 	 	 	

	 	 	 	 	(Address)

CONSENT OF SPOUSE  

        In consideration of the execution of the foregoing Employee Stock Option Agreement by the Corporation, I, the spouse of the employee named above, join with my
spouse in executing this Agreement and agree to be bound by all of the terms and provisions of this Agreement and of the Plan. 

	Date:	 	 	 	 	 	 	 	 
	 	 	
	 	 	 	
	 	 
	 	 	 	 	 	 	Signature of Spouse	 	 

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Exhibit 10.32.3    
    

 
 

FORM OF EMPLOYEE STOCK APPRECIATION RIGHT AGREEMENT    
    

 
 

THE MACERICH COMPANY
  EMPLOYEE STOCK APPRECIATION RIGHT AGREEMENT
  2003 EQUITY INCENTIVE PLAN    
    

	Grantee:	 	 
	 	 
	Award Date:	 	 
	 	 
	Base Price per Share(1):	 	 
	 	 
	Number of Shares(1):	 	 
	 	 
	Expiration Date(2):	 	 
	 	 
	Vesting Schedule(1),(2):	 	[100% of the shares on the [third] anniversary of the Award Date]	 	 

	(1)
	Subject
to adjustment under Section 6.2 of the Plan.

	(2)
	Subject
to early termination if the Grantee's employment terminates or in certain other circumstances. See Sections 4 through 9 of this Agreement and Sections 1.6, 2.6,
6.2, 6.3 and 6.4 of the Plan for exceptions and additional details regarding possible adjustments, acceleration of vesting and/or early termination of the Stock Appreciation Right. 

        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 is granted pursuant to and subject to The
Macerich Company 2003 Equity Incentive Plan, as amended (the "Plan"). Capitalized terms used herein and not otherwise defined herein shall have the meaning assigned by the Plan. 

        WHEREAS, pursuant to the Plan, the Corporation has granted to the Grantee with reference to services rendered and to be rendered to the
Company, effective as of the Award Date, a Stock Appreciation Right upon the terms and conditions set forth herein and in the Plan. 

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

        1.    Exercisability of Stock Appreciation Right.    The Stock Appreciation Right shall vest
and become exercisable during its term [in percentage installments of] [for] the aggregate number of shares of Common Stock of the Corporation subject
to the Stock Appreciation Right in accordance with the Vesting Schedule as set forth above and subject to the applicable provisions of the Plan and this Agreement. The Stock Appreciation Right may be
exercised only to the extent the Stock Appreciation Right is exercisable and vested, and, subject to Section 1.8 of the Plan, during the Grantee's lifetime, only by the Grantee. In no event may
the Grantee exercise the Stock Appreciation Right after the Expiration Date as provided above. 

        (a)    Cumulative Exercisability.    To the extent the Grantee does not at the time of a
particular exercise receive all the shares that the Grantee may then receive upon exercise, the Grantee has the right cumulatively thereafter to receive any of such shares not so received until the
Stock Appreciation Right terminates or expires. 

        (b)    No Fractional Shares; Minimum Exercise.    Fractional share interests shall be
disregarded, but may be cumulated. No fewer than 100 shares may be received at any one time, unless the number received is the total number at the time exercisable under the Stock Appreciation Right. 

        2.    Exercise of Stock Appreciation Right.    To the extent vested and exercisable, the Stock
Appreciation Right may be exercised by the delivery to the Corporation of a written exercise notice 

 

stating
the number of shares to be received pursuant to the Stock Appreciation Right accompanied by payment or provision for any applicable employment or other taxes or withholding for taxes thereon.
Subject to Section 6.4 of the Plan, the Stock Appreciation Right shall be deemed to be exercised upon receipt and approval by the Corporation of such written exercise notice accompanied by any
payments so required. 

        3.    Continuance of Employment Required.    Except as otherwise provided in Section 5,
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 Grantee 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 4 or 7 below or under the Plan. 

        4.    Effect of Termination of Employment on Exercise Period .    If the Grantee's employment
by either the Corporation or any subsidiary terminates, the Stock Appreciation Right and all other rights and benefits under this Agreement terminate, except that the Grantee may, at any time within
the applicable period below after the Severance Date, exercise the Stock Appreciation Right to the extent the Stock Appreciation Right was exercisable on the Severance Date and has not otherwise
expired or terminated: 

        (a)   If
the Grantee's employment terminates for any reason other than Total Disability or death, Retirement or for Cause, the Grantee shall have three months after the
Severance Date to exercise the Stock Appreciation Right to the extent the Stock Appreciation Right was exercisable on the Severance Date. 

        (b)   If
the Grantee's employment terminates as a result of Total Disability or death, the Grantee (or the Grantee's Personal Representative or Beneficiary, as the case may
be) shall have 12 months after the
Severance Date to exercise the Stock Appreciation Right to the extent the Stock Appreciation Right was exercisable on the Severance Date. 

        (c)   If
the Grantee's employment terminates as a result of Retirement, the Grantee (or the Grantee's Personal Representative or Beneficiary, as the case may be) shall have
12 months after the Severance Date to exercise the Stock Appreciation Right to the extent the Stock Appreciation Right was exercisable on the Severance Date. 

        (d)   If
the Grantee's employment terminates for Cause, the Stock Appreciation Right shall terminate as of the Severance Date. 

        5.    Qualified Termination Upon or Following Change in Control Event.    

        [Subject
to Section 18,] If the Grantee upon or not later than 12 months following a Change in Control Event has a Qualified Termination (as defined
in Section 6.2(c) of the Plan) or terminates his or her employment for Good Reason, then any portion of the Stock Appreciation Right 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 6, 7 and 9 of this Agreement. As used in this Agreement, the term "Good Reason" means a termination of
employment by the Grantee 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 Grantee specifying in reasonable detail such occurrence, without the Grantee's written consent thereto: (1) an adverse and significant change in the Grantee's position, duties,
responsibilities or status with the Company; (2) a change in the Grantee's principal office location to a location farther away from the Grantee's home which is more than 30 miles from the
Grantee'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 

2

 

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 Grantee's Base Salary; or (5) any material breach by the Company of any written
employment or management continuity agreement with the Grantee. For purposes of the definition of "Good Reason," the term "Base Salary" means the annual base rate of compensation payable as salary to
the Grantee by the Company as of the Grantee's date of termination, before deductions or voluntary deferrals authorized by the Grantee or required by law to be withheld from the Grantee 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. 

        6.    Adjustments Upon Specified Events.    As provided in Section 6.2 of the Plan,
upon the occurrence of certain events relating to or affecting the Corporation's stock contemplated by Section 6.2 of the Plan, the Committee shall, in such manner, to such extent (if any) and
at such times as it deems appropriate and equitable in the circumstances, make adjustments in the number, amount and type of shares (or other securities or property) subject to the Stock Appreciation
Right, the Base Price and the securities deliverable upon exercise of the Stock Appreciation Right (or any combination thereof) or provide for a cash payment or the assumption, substitution or
exchange of the Stock Appreciation Right or the shares or other securities subject to the Stock Appreciation Right, based upon the distribution or consideration payable to stockholders generally. All
rights of the Grantee hereunder are subject to such adjustments and other provisions of the Plan. 

        7.    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 5 of this Agreement, the Committee retains the right to terminate
the Stock Appreciation Right, 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 7 is not intended to prevent future vesting (including provision for future vesting) if the Stock
Appreciation Right (or a substituted award) remains outstanding following a Change in Control Event. 

        8.    Change in Subsidiary's Status; Leaves of Absence.    If the Grantee is employed only by
an entity that ceases to be a subsidiary, this event is deemed for purposes of this Agreement to be a termination of the Grantee's employment by the Company other than a termination for Cause, Total
Disability, Retirement or death of the Grantee. Absence from work caused by military service, authorized sick leave or other leave approved in writing by the Company or the Committee shall not be
considered a termination of employment by the Company for purposes of Section 4 only if reemployment upon the expiration of such leave is required by contract or law, or such leave is for a
period of not more than 90 days. 

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

        (a)    Limitation on Acceleration.    Notwithstanding anything contained herein
[(except as otherwise provided in Section 18 hereof)] or in the Plan or any other agreement to the contrary, in no event shall the vesting of the Stock Appreciation
Right be accelerated pursuant to Section 6.3 of the Plan or Section 6 hereof to the extent that the Corporation would be denied a federal income tax deduction for such vesting because of
Section 280G of the Code and, in such circumstances, the Stock Appreciation Right will continue to vest in accordance with and subject to the other provisions hereof. 

        (b)    Reduction in Benefits.    If the Grantee would be entitled to benefits, payments or
coverage hereunder and under any other plan, program or agreement which would constitute "parachute 

3

 

payments,"
then notwithstanding any other provision hereof [(except as otherwise provided in Section 18 hereof)] or of any other existing agreement to the contrary, the
Grantee 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 9, 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 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 Grantee. 

        10.    Limitation on Exercise of Stock Appreciation Right.    The Grantee will not be entitled
to receive Common Stock upon exercise of the Stock Appreciation Right to the extent that it will cause the Grantee to Beneficially or Constructively Own Equity Shares in excess of the Ownership Limit.
If the Grantee exercises any portion of this Stock Appreciation Right which upon delivery of the Common Stock would cause the Grantee to Beneficially or Constructively Own Equity Shares in excess of
the Ownership Limit, the Corporation has the right to deliver to the Grantee, in lieu of Common Stock, a check or cash in the amount equal to the Fair Market Value of the Common Stock otherwise
deliverable on the date of exercise (minus any amounts withheld pursuant to Section 6.5 of the Plan). 

        11.    Grantee not a Stockholder.    Neither the Grantee nor any other person entitled to
exercise the Stock Appreciation Right shall have any of the rights or privileges of a stockholder of the Corporation as to any shares of Common Stock until the issuance and delivery to him or her of a
certificate evidencing the shares registered in his or her name. No adjustment will be made for dividends or other rights as a stockholder as to which the record date is prior to such date of
delivery. 

        12.    No Guarantee of Continued Employment.    Nothing contained in this Agreement or the
Plan constitutes an employment or service commitment by the Company, affects the Grantee's status as an employee at will who is subject to termination without cause, confers upon the Grantee 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
Grantee's other compensation or benefits. Nothing in this Section 12, however, is intended to adversely affect any independent contractual right of the Grantee 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 Grantee to any proportionate vesting or avoid or mitigate a termination of
rights and benefits upon or
following a termination of employment if the express conditions to vesting pursuant to Section 1 or 6 have not been satisfied. 

        13.    Non-Transferability of Stock Appreciation Right.    The Stock Appreciation
Right and any other rights of the Grantee under this Agreement or the Plan are nontransferable except as provided in Section 1.8 of the Plan. 

        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 Grantee at the address given beneath the Grantee's signature hereto, or at such other address as either party may hereafter designate in writing to the other. 

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        15.    Effect of Award Agreement.    This Agreement shall be binding upon and inure to the
benefit of any successor or successors of the Corporation, except to the extent the Committee determines otherwise. 

        16.    Entire Agreement; Governing Law.    The Plan is incorporated herein by reference.
[Subject to Section 18 below,] The Plan and this Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in
their entirety all prior undertakings and agreements of the Company and the Grantee with respect to the subject matter hereof, and may not be modified adversely to the Grantee's interest except by
means of a writing signed by the Company and the Grantee. The constructive interpretation, performance and enforcement of this Agreement and the Stock Appreciation Right shall be governed by the
internal substantive laws, but not the choice of law rules, of the State of Maryland. 

        17.    Plan.    The Stock Appreciation Right and all rights of the Grantee with respect
thereto are subject to, and the Grantee 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 Grantee 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 Grantee 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. 

        18.    [Other Agreements.    If any provision of this Agreement is inconsistent
with any provision of the Management Continuity Agreement dated as of [October 26, 2006] between the Corporation and Participant and as it may be amended from
time-to-time (the "MCA"), the provisions of the MCA shall control and shall be deemed incorporated herein by reference. For purposes of the foregoing, the Stock Appreciation
Right shall be treated the same as an Option under the MCA.] [This provision and the language in brackets in Sections 5, 9(a), 9(b) and 16 are to
be included only in agreements with Grantees subject to the MCA. ] 

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	THE MACERICH COMPANY,
 a Maryland corporation	 	AGREED AND ACKNOWLEDGED:
	

By:	
 	

 
	
 	

 
 (Grantee's Signature)
	Its:	 	 
	 	 
 (City, State, Zip Code)
	 	 	 	 	 
 (Address)

 
 

CONSENT OF SPOUSE    
    

        In consideration of the execution of the foregoing Employee Stock Appreciation Right Agreement by the Corporation, I, the spouse of the employee named above, join
with my spouse in executing this Agreement and agree to be bound by all of the terms and provisions of this Agreement and of the Plan. 

	Date:	 	 
	 	 
 Signature of Spouse

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QuickLinks

Exhibit 10.32.3

FORM OF EMPLOYEE STOCK APPRECIATION RIGHT AGREEMENT

THE MACERICH COMPANY EMPLOYEE STOCK APPRECIATION RIGHT AGREEMENT 2003 EQUITY INCENTIVE PLAN

CONSENT OF SPOUSE

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