Document:

Exhibit 10.6.3

 

AMENDMENT NUMBER 1

TO

THE MACERICH COMPANY

2005 DEFERRED COMPENSATION PLAN

FOR SENIOR EXECUTIVES

 

WHEREAS, The
Macerich Company (the “Company”) has established and maintains The Macerich
Company 2005 Deferred Compensation Plan for Senior Executives (the “Plan”) to
provide supplemental retirement income benefits through deferrals of salary and
bonuses for certain Senior Executives (as defined in the Plan); and

 

WHEREAS, the Plan is
intended to comply with the requirements of Section 409A of the Internal
Revenue Code of 1986 (the “Code”), and Section 10.4 of the Plan provides
for the amendment of the Plan to ensure such compliance and to add provisions
that so comply; and

 

WHEREAS, Treasury
Regulations and Internal Revenue Service guidance promulgated since the
adoption of the Plan necessitate and allow certain amendments to the Plan in
order to maintain compliance with Section 409A of the Code; and

 

WHEREAS, the Company
has determined that it is appropriate and desirable to amend the Plan in a manner
that complies with such regulations and guidance.

 

NOW, THEREFORE, the
Plan is hereby amended as set forth below, effective January 1, 2009, or
such other date or dates as may be specified below.

 

ARTICLE I

TITLE AND DEFINITIONS

 

1.               Section 1.2 of the Plan is amended
by changing the definition of “Company Matching Amount” to read as follows:

 

“Company Matching Amount” shall mean an
amount equal to a percentage, determined by the Company in its sole discretion
no later than the December 31 immediately preceding a Plan Year, of the
amount of Compensation deferred under the Plan for the Plan Year.

 

ARTICLE III

DEFERRAL ELECTIONS

 

2.               Section 3.1(a) of the Plan is
amended in its entirety, effective from the inception of the Plan, to read as
follows:

 

(a)           Elections to Defer.  Each Eligible Employee may elect to defer
Compensation for any Plan Year by filing with the Committee an election that
conforms to the requirements of this Section 3.1, on a form provided by
the Committee, no later than the December 15 immediately preceding such
Plan Year (or such later date that the Committee determines, but in no event
later than December 31) in which the 

 

 

Compensation is to be earned.  Notwithstanding the foregoing, an Eligible
Employee who is a participant in the Prior Plan may make such election on such
form under this Plan with respect to the Eligible Employee’s Bonus earned for
service in 2004 and payable in 2005 no later than December 15, 2004 (or
such later date that the Committee determines, but in no event later than December 31,
2004).  The Committee shall notify each
Eligible Employee of his or her eligibility to participate in the Plan at least
10 days prior to the time he or she must file an election for participation.  Each participation election shall signify the
portion of the Eligible Employee’s Salary or Bonus, as applicable, that he or
she elects to defer.

 

3.               Section 3.1(e) of the Plan is
amended in its entirety to read as follows:

 

(e)           Withholding Taxes.  If any deferral election under this Plan, either
alone or in combination with a deferral election under any other nonqualified
elective deferred compensation plan maintained by the Company (hereinafter
referred to as an “Other Plan”), would reduce the nondeferred Compensation
payable to a Participant for a Plan Year to an amount less than the amount of
FICA withholding taxes applicable to his or her deferred Compensation and/or
Company Matching Amounts (under this Plan and any Other Plan(s)) for such Plan
Year, then the Company shall reduce the amount credited to the Participant’s
Deferral Account under this Plan and to the Participant’s accounts under any
such Other Plan(s) (pro rata among such plans in proportion to the amounts
elected to be deferred under each for such Plan Year) by an amount equal to the
excess of such FICA withholding taxes over the nondeferred Compensation payable
to the Participant for such Plan Year plus any additional federal, state, local
or foreign withholding taxes due as a result of such reduction in the amount of
the Participant’s deferred Compensation for the Plan Year.  In addition, in the event of a reduction in
the amount of a Participant’s Compensation that is deferred under this Plan
pursuant to the preceding sentence, the Company shall reduce the amount of any
Company Matching Amount under this Plan for the Participant for the Plan Year
to reflect such reduction in the amount of deferred Compensation.

 

4.               Subsection (f) is hereby added to Section 3.1
of the Plan to read as follows:

 

(f)            Hardship Withdrawal Cancellation
of Election.  Notwithstanding the
foregoing, in the event that an Eligible Employee who has elected to defer
Compensation for a Plan Year pursuant to this Section 3.1 receives a
hardship withdrawal during such Plan Year from a 401(k) Plan maintained by
the Company, the Eligible Employee’s election to defer Compensation hereunder
shall be cancelled immediately upon such Eligible Employee’s receipt of such
hardship withdrawal.  No Eligible
Employee may elect to defer Compensation pursuant to this Section 3.1, and
no such election shall take effect, if the election would result in the
deferral of Compensation within six (6) months after the Eligible Employee
has received a hardship withdrawal from a 401(k) Plan maintained by the
Company.

 

 

ARTICLE VI

DISTRIBUTIONS

 

5.               Section 6.2 of the Plan is amended
in its entirety to read as follows:

 

6.2                               Small
Benefits.

 

Notwithstanding anything herein contained to
the contrary, if on the date that any installment payment is to be made to a
Participant (or the Participant’s Beneficiary) hereunder the remaining balance
in the Participant’s Accounts is less than $10,000, then the entire remaining
balance in the Participant’s Accounts shall be paid in the form of a cash lump
sum to the Participant (or the Participant’s Beneficiary) on the date scheduled
for such installment payment.  This
provision is intended to comply with Treasury Regulations Section 1.409A-2(b)(2)(iii) and
shall be interpreted accordingly.

 

6.               Article VI of the Plan is amended
by adding a new Section 6.4 thereto, subsection (a) thereof to be
effective January 1, 2007 and subsection (b) thereof to be effective January 1,
2008, to read as follows:

 

6.4                               Transition
Relief Distribution Elections.

 

(a)           Notwithstanding the provisions of
Sections 6.1(b) and 6.3 hereof, a Participant may elect to change his or
her distribution election under Section 6.1 by filing a new election with
the Committee on or after January 1, 2007 and on or before December 31,
2007.  In making such election change, a
Participant may elect a scheduled in-service distribution only if the
Participant elected a scheduled in-service distribution in connection with his
or her initial enrollment in the Plan. 
Any such election change shall apply only to amounts that would not
otherwise be payable in 2007 and shall not cause any amount to be paid in 2007
that would not otherwise be payable in 2007.

 

(b)           Notwithstanding the provisions of
Sections 6.1(b) and 6.3 hereof, a Participant may elect to change his or
her distribution election under Section 6.1 by filing a new election with
the Committee on or after January 1, 2008 and on or before December 31,
2008.  Any such election change shall
apply to the balance in the Participant’s Accounts on January 1, 2009 and
amounts credited thereafter, and may select any of the optional forms of
distribution specified in Section 6.1(a) (including a scheduled
in-service distribution on a specified date on or after January 1, 2009)
without regard to whether any distribution (including any scheduled in-service
distribution) previously has been made pursuant to a prior election.  Any such election change shall apply only to
amounts that would not otherwise be payable in 2008 and shall not cause any
amount to be paid in 2008 that would not otherwise be payable in 2008.

 

 

ARTICLE X

MISCELLANEOUS

 

7.               The fourth sentence of Section 10.4
of the Plan is amended to read as follows:

 

In the event that this Plan is terminated in
accordance with the provisions of either paragraph (A) or (B) of
Treasury Regulations Section 1.409A-3(j)(4)(ix), the amounts credited to a
Participant’s Deferral Account and Company Matching Account shall be
distributed to the Participant or, in the event of his or her death, to his or
her Beneficiary in a lump sum within thirty (30) days following the date of
termination; provided, however, if the Plan is terminated under circumstances
to which such provisions do not apply, distributions to the Participants or
their Beneficiaries shall be made on the dates on which the Participants or
their Beneficiaries would receive benefits hereunder without regard to the
termination of the Plan or as otherwise required or permitted by applicable
law.

 

IN WITNESS WHEREOF,
the Company has caused its duly authorized officer to execute this amendment
this 30th day of October, 2008.

	
   

  	
   

  
	
   

  	
  THE MACERICH COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Richard A. Bayer

  
	
   

  	
   

  	
  Richard A. Bayer

  
	
   

  	
   

  	
  Senior Executive Vice President, Chief

  
	
   

  	
   

  	
  Legal Officer & SecretaryExhibit 10.7.1

 

AMENDMENT NUMBER 1

TO

THE MACERICH COMPANY

ELIGIBLE DIRECTORS’ DEFERRED COMPENSATION/PHANTOM STOCK PLAN

(As Amended and Restated as of January 1, 2005)

 

WHEREAS, The
Macerich Company (the “Company”) has established and maintains The Macerich
Company Eligible Directors’ Deferred Compensation/Phantom Stock Plan (As
Amended and Restated Effective as of January 1, 2005) (the “Plan”) to
permit Eligible Directors (as defined in the Plan) to defer compensation and
link that compensation to an equity interest in the Company; and

 

WHEREAS, the Plan,
as amended and restated effective January 1, 2005, is intended to comply
with the requirements of Section 409A of the Internal Revenue Code of 1986
(the “Code”), and Article VII of the Plan provides for the amendment of
the Plan to ensure such compliance and to add provisions that so comply; and

 

WHEREAS, Treasury
Regulations and Internal Revenue Service guidance promulgated since the
adoption of the Plan necessitate and allow certain amendments to the Plan in
order to maintain compliance with Section 409A of the Code; and

 

WHEREAS, the Company
has determined that it is appropriate and desirable to amend the Plan in a
manner that complies with such regulations and guidance.

 

NOW, THEREFORE, the
Plan is hereby amended as set forth below, effective January 1, 2009, or
such other date or dates as may be specified below.

 

ARTICLE II

DEFINITIONS

 

1.               Section 2.6 of the Plan is amended
to read as follows:

 

2.6                                 Change in Control Event

 

(a)                                  with
respect to the provisions of Section 5.5A of the Plan set forth in
Appendix A, which apply to the distribution of amounts deferred prior to January 1,
2005 and credited to Prior Cash Accounts, Prior Dividend Equivalent Cash
Accounts, Prior Dividend Equivalent Stock Accounts and Prior Stock Unit
Accounts, shall have the meaning specified for such term under The Macerich
Company Amended and Restated 1994 Incentive Plan, as amended from time to time;
and

 

(b)                                  with
respect to the provisions of the Plan that apply to distributions from Current
Cash Accounts, Current Dividend Equivalent Cash Accounts, Current Dividend
Equivalent Stock Accounts and Current Stock Unit Accounts, shall mean

 

(1)           the
acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or
14(d)(2) of the Securities Exchange Act of 1934, as 

 

 

amended (the “Exchange Act”)) (such individual, entity, or group, a “Person”)
of beneficial ownership (within the meaning of Rule 13d-3 promulgated
under the Exchange Act) of stock possessing 33% or more of the combined voting
power of the then-outstanding voting securities of the Company entitled to vote
generally in the election of directors (the “Outstanding Company Voting
Securities”); provided, however, that, for purposes of this definition, the following
acquisitions shall not constitute a Change of Control; (A) any acquisition
directly from the Company, (B) any acquisition by the Company, (C) any
acquisition by any employee benefit plan (or related trust) sponsored or
maintained by the Company or any affiliate of the Company or successor or (D) any
acquisition by a Person having beneficial ownership of more than 50% of the
Outstanding Company Voting Securities prior to the acquisition;

 

(2)           individuals
who, as of any date (the “Initial Date”) after the date hereof, constitute the
Board (the “Incumbent Board”) cease for any reason, at any time within 12
months following the Initial Date, to constitute at least a majority of the
Board; provided, however, that any individual becoming a director subsequent to
the Initial Date whose election, or nomination for election by the Company’s
stockholders, was approved by a vote of at least a majority of the directors
then comprising the Incumbent Board (including for these purposes, the new
members whose election or nomination was so approved, without counting the
member and his predecessor twice) shall be considered as though such individual
were a member of the Incumbent Board;

 

(3)           consummation
of a reorganization, merger, statutory share exchange or consolidation or
similar corporate transaction involving the Company or any of its subsidiaries,
or the acquisition of assets or stock of another entity by the Company or any
of its subsidiaries (each, a “Business Combination”), in each case if,
following such Business Combination, any Person (excluding any entity resulting
from such Business Combination or a parent of any such entity or any employee
benefit plan (or related trust) of the Company or such entity resulting from
such Business Combination or parent of any such entity) beneficially owns,
directly or indirectly, more than 50% of, respectively, the then-outstanding
shares of stock of the entity resulting from such Business Combination or the
combined voting power of the then-outstanding voting securities of such entity,
except to the extent that the ownership in excess of 50% existed prior to the
Business Combination; or

 

(4)           consummation
of a sale or other disposition of all or substantially all of the assets of the
Company (an “Asset Transfer”), other than a transfer to (A) one or more of
the beneficial owners (immediately before the Asset Transfer) of the
then-outstanding shares of stock of the Company (“Outstanding Company Stock”)
in exchange for or with respect to such Outstanding Company Stock of such
beneficial owners, or (B) an entity, 50% or more of the total value or
voting power of which is owned, directly or indirectly, by the Company, or (C) a
Person that owns, directly or indirectly, 50% or more of the total value or
voting power of the Outstanding Company Stock, or (D) an entity, 50% or
more of the total value or voting power of which is owned, directly or
indirectly, by a Person described in the preceding clause (C).

 

 

Each event comprising a Change in Control
Event under this Subsection (b) is intended to constitute a “change
in ownership or effective control” or a “change in the ownership of a
substantial portion of the assets” of the Company as such terms are defined for
purposes of Section 409A of the Internal Revenue Code and such definition
of “Change in Control Event” as used herein shall be interpreted consistently
therewith.

 

ARTICLE IV

DEFERRAL ELECTIONS

 

2.               Section 4.2 of the Plan is amended
by adding a new subsection (c) thereto to be effective January 1,
2008, to read as follows:

 

(c)   2008 Distribution Elections.  Notwithstanding the provisions of Sections
4.1, 4.2(a), 4.2(b) and 5.5 hereof, a Participant may elect to change his
or her distribution election with respect to his or her Current Cash Accounts,
Current Dividend Equivalent Cash Accounts, Current Dividend Equivalent Stock
Accounts and Current Stock Unit Accounts from among the optional times and
forms of distribution set forth in Section 5.5(a) by filing a new
election with the Committee on or after January 1, 2008 and on or before December 31,
2008.  Any such election change shall
apply only to amounts that would not otherwise be payable in 2008 and shall not
cause any amount to be paid in 2008 that would not otherwise be payable in
2008.

 

ARTICLE V

DEFERRAL ACCOUNTS

 

3.               Section 5.5(f) of the Plan is
amended in its entirety to read as follows:

 

(f)    Small Benefit Exception.  Notwithstanding
any other provision of this Plan to the contrary, if at the time any partial or
installment distribution is to be made to an Eligible Director hereunder the
total vested balance remaining in the Eligible Director’s Current Cash Account
and Current Dividend Equivalent Cash Account is less than $2,000 and the number
of vested Units credited to the Eligible Director’s Current Stock Unit Account
of Current Dividend Equivalent Stock Account is less than 100, then all such
remaining vested balances and vested Units shall be distributed in a lump sum
on the date scheduled for such partial or installment distribution.  This provision is intended to comply with
Treasury Regulations Section 1.409A-2(b)(2)(iii) and shall be
interpreted accordingly.

 

4.               Section 5.5 of the Plan is amended
by adding a new subsection (g) thereto to read as follows:

 

(g)   Distributions to Specified Employees. 
Notwithstanding any other provision
of this Plan to the contrary, and solely to the extent that a delay in payment
is required in order to avoid the imposition of any tax under Section 409A
of the Code, if an Eligible Director is a “specified employee” for purposes of Section 409A(a)(2)(B) of
the Code, and any amounts to be distributed under this Agreement are considered
to be non-qualified deferred compensation payable in connection with the
Eligible Director’s 

 

 

separation from service with the Company for purposes of Section 409A
of the Code, which otherwise would be payable at any time during the six-month
period immediately following such separation from service, then such amounts
shall not be paid prior to, and shall instead be payable in a lump sum within
ten (10) business days following, the expiration of such six-month period.

 

 

IN WITNESS WHEREOF,
the Company has caused its duly authorized officer to execute this amendment
this 11th day of December, 2008.

 

	
   

  	
  THE MACERICH COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Richard A. Bayer

  
	
   

  	
   

  	
  Richard A. Bayer

  
	
   

  	
   

  	
  Senior Executive Vice President, Chief

  
	
   

  	
   

  	
  Legal Officer & Secretary

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