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Exhibit 10.32.1    
    

THE MACERICH COMPANY

2006 LONG-TERM INCENTIVE PLAN

AWARD AGREEMENT  

        2006 LONG-TERM INCENTIVE PLAN AWARD AGREEMENT made as of date set forth on Schedule A hereto
between The Macerich Company, a Maryland corporation (the "Company"), its subsidiary The Macerich Partnership, L.P., a Delaware limited partnership and
the entity through which the Company conducts substantially all of its operations (the "Partnership"), and the party listed on  Schedule A (the
"Grantee"). 

RECITALS  

        A.    The
Grantee is a key employee of the Company or one of its Subsidiaries or affiliates and provides services to the Partnership. 

        B.    The
Company has adopted the 2006 Long-Term Incentive Plan (the "LTIP") pursuant to The Macerich Company 2003
Equity Incentive Plan, as amended (the "2003 Plan"), to provide certain key employees of the Company or its Subsidiaries and affiliates, including the
Grantee, in connection with their employment with the long-term incentive compensation described in this Award Agreement (this "Agreement"
or "Award Agreement"), and thereby provide additional incentive for them to promote the progress and success of the business of the Company and its
Subsidiaries and affiliates, including the Partnership, while increasing the total return to the Company's shareholders. The LTIP was adopted by the
Compensation Committee (the "Committee") of the Board of Directors of the Company (the "Board") pursuant
to authority delegated to it by the Board as set forth in the Committee's charter, including authority to make grants of equity interests in the Partnership which may, under certain circumstances,
become exchangeable for shares of the Company's Common Stock reserved for issuance under the 2003 Plan, or any successor equity plan (as any such plan may be amended, modified or supplemented from
time to time, collectively the "Stock Plan")) and, upon the Compensation Committee's recommendation, was also approved by the Board. This Agreement
evidences an award to the Grantee under the LTIP (this "Award"), which is subject to the terms and conditions set forth herein. 

        C.    The
Grantee was selected by the Committee to receive this Award as one of select group of highly compensated or management employees who, through the effective execution
of their assigned duties and responsibilities, are in a position to have a direct and measurable impact on the Company's long-term financial results. Effective as of the grant date
specified in Schedule A hereto, the Committee awarded to the Grantee the number of LTIP Units (as defined herein) set forth in  Schedule A.

        NOW, THEREFORE, the Company, the Partnership and the Grantee agree as follows: 

        1.    Administration.    The LTIP and all awards thereunder, including this Award, shall be administered by the
Committee, which in the administration of the LTIP shall have all the powers and authority it has in the administration of the Stock Plan, as set forth in the Stock Plan. The Committee may from time
to time adopt any rules or procedures it deems necessary or desirable for the proper and efficient administration of the LTIP, consistent with the terms hereof and of the Stock Plan. The Committee's
determinations and interpretations with respect to the LTIP and this Agreement shall be final and binding on all parties. 

        2.    Definitions.    Capitalized terms used herein without definitions shall have the meanings given to those terms
in the Stock Plan. In addition, as used herein: 

        "Annual Base Price" means with regard to each Annual Performance Period that is used to measure whether Award LTIP Units shall vest
pursuant to Section 4 hereof, the Fair Market Value of one share of Common Stock on the last day of the calendar year immediately preceding such
Annual Performance Period (or, if such day is not a trading day, the most recent trading day immediately preceding such day). 

 

        "Annual Performance Period" means, with respect to the measurement of Total Return and related provisions of this Agreement for any
Vesting Year, the performance period that begins January 1 of that Vesting Year and ends on December 31 of that Vesting Year. 

        "Annual Vesting Date" means each of December 31, 2007, 2008, and 2009. 

        "Award LTIP Units" has the meaning set forth in Section 3. 

        "Cause" for termination of the Grantee's employment means that the Company, acting in good faith based upon the information then known to
the Company, determines that the Grantee has: 

        (a)   failed
to perform in a material respect without proper cause his obligations under the Grantee's Service Agreement (if one exists); 

        (b)   been
convicted of or pled guilty or nolo contendere to a felony; or 

        (c)   committed
an act of fraud, dishonesty or gross misconduct which is materially injurious to the Company; 

Any
act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Applicable Board (as defined below) or upon the instructions of the Chief Executive Officer of the
Company or based upon the advice of counsel or independent accountants for the Company shall be
conclusively presumed for purposes of this Agreement to be done, or omitted to be done, by the Grantee in good faith and in the best interests of the Company. The cessation of employment of the
Grantee shall not be deemed to be for Cause under clause (a) or (c) above unless and until there shall have been delivered to the Grantee a copy of a resolution duly adopted by the
affirmative vote of at least a majority of the entire membership of the Applicable Board (excluding the Grantee and any relative of the Grantee, if the Grantee or such relative is a member of the
Applicable Board) at a meeting of the Applicable Board called and held for such purpose (after reasonable notice is provided to the Grantee and the Grantee is given an opportunity, together with
counsel for the Grantee, to be heard before the Applicable Board), finding that, in the good faith opinion of the Applicable Board, the Grantee is guilty of the conduct described in clause (a)
or (c) above, and specifying the particulars thereof in reasonable detail. For purposes of the definition of Cause, "Applicable Board" means the
Board or, if the Company is not the ultimate parent corporation of the Company and its Affiliates and is not publicly-traded, the board of directors of the ultimate parent of the Company. 

        "Change of Control" means any of the following: 

        (a)   The
acquisition by any Person of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 33% or more of either
(A) the then-outstanding shares of common stock of the Company (the "Outstanding Company Common Stock") or (B) 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; (i) any acquisition directly
from the Company, (ii) any acquisition by the Company, (iii) 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 (iv) any acquisition by any entity pursuant to a transaction that complies with (c)(i), (c)(ii) and (c)(iii) below; 

        (b)   Individuals
who, as of the date hereof, constitute the Board (the "Incumbent Board") cease for any reason to constitute
at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company's stockholders, was
approved by a vote of at least two-thirds 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, but 

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excluding,
for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors
or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; 

        (c)   Consummation
of a reorganization, merger, statutory share exchange or consolidation or similar corporate transaction involving the Company or any of its subsidiaries, a
sale or other disposition of all
or substantially all of the assets of the Company, 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 unless, following such Business Combination, (i) all or substantially all of the individuals and entities that were the beneficial owners of
the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 60% of the
then-outstanding shares of common stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as the
case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the Company or all or substantially all of the
Company's assets directly or through one or more subsidiaries ("Parent")) in substantially the same proportions as their ownership immediately prior to
such Business Combination of the Outstanding Company Common Stock and the Outstanding Company Voting Securities, as the case may be, (ii) no Person (excluding any entity resulting from such
Business Combination or a Parent or any employee benefit plan (or related trust) of the Company or such entity resulting from such Business Combination or Parent) beneficially owns, directly or
indirectly, 20% or more of, respectively, the then-outstanding shares of common 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 20% existed prior to the Business Combination, and (iii) at least a majority
of the members of the board of directors or trustees of the entity resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement or
of the action of the Board providing for such Business Combination; or 

        (d)   Approval
by the stockholders of the Company of a complete liquidation or dissolution of the Company. 

        "Closing Price" of a security other than the Common Stock means the closing price per share of such security on the primary exchange or
other quotation system on which the security is traded as determined by the Committee consistently with the definition of Fair Market Value. 

        "Code" means the Internal Revenue Code of 1986, as amended. 

        "Common Stock" means shares of the Company's common stock, par value $0.01 per share, either currently existing or authorized hereafter. 

        "Continuous Service" means the continuous service to the Company or any Subsidiary or affiliate, without interruption or termination, in
any capacity of employee, or, with the written consent of the Committee, consultant. Continuous Service shall not be considered interrupted in the case of (A) any approved leave of absence,
(B) transfers among the Company and any Subsidiary or affiliate, or any successor, in any capacity of employee, or with the written consent of the Committee, consultant, or (C) any
change in status as long as the individual remains in the service of the Company and any Subsidiary or affiliate in any capacity of employee, member of the Board or (if the Company specifically agrees
in writing that the Continuous Service is not uninterrupted) a consultant. An approved leave of absence shall include sick leave, military leave, or any other authorized personal leave. 

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        "Cumulative Performance Period" means, with respect to the measurement of Total Return and related provisions of this Agreement, the
performance period that begins January 1, 2007 and ends on the earliest of (A) December 31, 2009, (B) the date of a Change of Control or (C) the date of a Qualified
Termination. 

        "Disability" means (1) a "permanent and total disability" within the meaning of Section 22(e)(3) of the Code, or
(2) the absence of the Grantee from his duties with the Company on a full-time basis for a period of nine months as a result of incapacity due to mental or physical illness which is
determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to the Grantee or his legal representative (such agreements as to acceptability not to be
unreasonably withheld). For purposes of the definition of Disability "incapacity" shall be limited only to a condition that substantially prevents the Grantee from performing his or her duties. 

        "Distribution Value" means, as of a particular date of determination, the aggregate amount of distributions paid on one Unit that was
outstanding as of the Effective Date between the Effective Date and such date of determination, adjusted to take into account any distributions in the form of additional Units or other Partnership
securities as provided in Section 9 hereof. 

        "Effective Date" means                              . 

        "Exchange Act" means the Securities Exchange Act of 1934, as amended. 

        "Fair Market Value" means, as of any given date, the fair market value of a share of Common Stock as determined by the Committee using any
reasonable method and in good faith (such determination will be made in a manner that satisfies Section 409A of the Code and in good-faith as required by Section 422(c)(1) of
the Code); provided that (A) if the Common Stock is admitted to
trading on a national securities exchange, the fair market value of a share of Common Stock on any date shall be the closing sale price reported for such share on the exchange on such date on which a
sale was reported; (B) if the Common Stock is admitted to quotation on the National Association of Securities Dealers Automated Quotation System ("NASDAQ") or a successor quotation system and
has been designated as a National Market System ("NMS") security, fair market value of a share Common Stock on any date shall be the closing sale price reported for such share on the system on such
date on which a sale was reported; and (C) if the Common Stock is admitted to quotation on the NASDAQ but has not been designated as an NMS security, fair market value of a share of Common
Stock on any such date shall be the average of the highest bid and lowest asked prices for such share of Common Stock on the system on such date on which both the bid and asked prices were reported. 

        "Final Calculation Date" means the earlier of (A) the end of the Vesting Year ending December 31, 2009, (B) the date
of a Change of Control, or (C) the date of a Qualified Termination. 

        "Good Reason" for termination of the Grantee's employment means any one or more of the following reasons, to the extent not remedied by
the Company within fifteen (15) business days after receipt by the Company of written notice from the Grantee specifying in reasonable detail such occurrence, without the Grantee's written
consent thereto: 

        (a)   the
assignment to the Grantee of any duties inconsistent in any respect with the Grantee's position (including status, offices, titles and reporting requirements),
authority, duties or responsibilities, or any other diminution in such position, authority, duties or responsibilities (whether or not occurring solely as a result of the Company's ceasing to be a
publicly traded entity), excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and that is remedied by the Company promptly after receipt of notice
thereof given by the Grantee; 

        (b)   a
change in the Grantee's principal office location to a location further away from the Grantee's home which is more than 30 miles from the Grantee's principal office; 

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        (c)   the
taking of any action by the Company to eliminate benefit plans in which the Grantee participated in or was eligible to participate in immediately prior to a Change
of Control 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 of Control 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 similarly situated persons of executive rank in the Company or a combined organization shall not constitute Good
Reason; 

        (d)   any
reduction in the Grantee's Base Salary; or 

        (e)   any
material breach by the Company of the Grantee's Service Agreement (if one exists). 

        If
the Grantee suffers physical or mental incapacity or dies following the occurrence of any of the events described in clauses (a) through (e) above and the Grantee has
given the Company the requisite written notice but the Company has failed to remedy the situation prior to such physical or mental incapacity or death, the Grantee's physical or mental incapacity or
death shall not affect the ability of the Grantee or his heirs or beneficiaries, as applicable, to treat the Grantee's termination of employment as a termination for Good Reason. For purposes of the
definition of Good Reason, the term "Base Salary" means the annual base rate of compensation payable to 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. Salary excludes all other extra pay such as
overtime, pensions, severance payments, bonuses, stock incentives, living or other allowances, and other perquisites. 

        "LTIP Units" means units of limited partnership interest of the Partnership designated as "LTIP Units" in the Partnership Agreement
awarded under the LTIP, having the rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption set forth in the Partnership Agreement. 

        "Partnership Agreement" means the Amended and Restated Limited Partnership Agreement of the Partnership, dated as of March 16,
1994, among the Company, as general partner, and the limited partners who are parties thereto, as amended from time to time. 

        "Peer REIT" means each of the business entities qualified as real estate investment trusts
("REITs") listed on Schedule B hereto, and any successors to the businesses or assets of such
REITs as determined by the Committee in its sole and absolute discretion. If a REIT listed on Schedule B (A) ceases to exist during the
term of this Agreement and the Committee determines that there is no successor to the business or assets of such REIT or (B) the common shares of a Peer REIT are no longer publicly traded, then
such REIT will cease to be treated as a member of the group of Peer REITs to the extent and for the periods determined by the Committee in its reasonable discretion. Notwithstanding the foregoing,
from time to time the Committee may remove from or add to the list set forth on Schedule B such business entities, including
non-REITs, as appropriate in its reasonable discretion to make the Total Return comparisons required by Section 4 hereof meaningful
and consistent across the relevant measurement periods. 

        "Percentile" is defined in accordance with standard statistical methodology. For example, for purposes of  Section 4(a)(i), if 50% of the Peer REITs had a Total
Return for an Annual Performance Period equal to or worse than the Company's Total Return
for the same period, then the Company would be at the 50th percentile. Notwithstanding the foregoing, the Committee may, upon consideration of the statistical distribution of the Peer REITs within the
full range of Total Return for any applicable period, exercise its reasonable discretion to allow for vesting of LTIP Units under 

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 Section 4 on a basis other than a strict mathematical calculation of percentiles. By way of illustration, if for a given period the Total Return of a number of Peer
REITs is clustered within a narrow range such that the effect of the precise calculation of percentiles is that vesting would not occur or occur at a specific level, the Committee could in its
discretion conclude that vesting should occur at a different level to the extent appropriate in light of the circumstances and of the Company's Total Return performance relative to the Peer REITs as a
group. 

        "Person" means an individual, corporation, partnership, limited liability company, joint venture, association, trust, unincorporated
organization, other entity or "group" (as defined in the Exchange Act). 

        "Qualified Termination" means a termination of the Grantee's employment (A) by the Company without Cause, (B) by the Grantee
with Good Reason, or (C) as a result of the Grantee's death or Disability. 

        "Service Agreement" means, as of a particular date, any employment, consulting or similar service agreement, including, without
limitation, management continuity agreement, then in effect between the Grantee, on the one hand, and the Company or one of its affiliates, on the other hand, as amended or supplemented through such
date. 

        "Total Return" means, with respect to a Peer REIT or the Company, as applicable, the total percentage return per share achieved by the
common shares of such REIT or the Company's Common Stock, as applicable, assuming contemporaneous reinvestment in such common shares or Common Stock of all dividends and other distributions, in each
case measured following the end of each Vesting Year for the applicable Annual Performance Period or the Cumulative Performance Period, as the case may be. The Total Return performance of the Company
relative to the Total Return performance of the Peer REITs will be determined using the Fair Market Value of the Common Stock and the Closing Price of the common shares of the Peer REITs for the last
trading day of the applicable period from the applicable Annual Base Price (or for the Cumulative Performance Period from the initial Annual Base Price) and from the Closing Price for the common
shares of each Peer REIT on the last trading day of the calendar year immediately preceding the applicable Annual Performance Period or, for the Cumulative Performance Period, the year ended
December 31, 2006. In calculating Total Return, it is the current intention of the Committee to use total return to shareholders data and calculations published annually by the National
Association of Real Estate Investment Trusts ("NAREIT"), though the Committee reserves the right to use additional and/or different data or calculations
in its reasonable discretion for purposes of this Award. 

        "Units" means Partnership Units (as defined in the Partnership Agreement) that are outstanding or are issuable upon the conversion,
exercise, exchange or redemption of any securities of any kind convertible, exercisable, exchangeable or redeemable for Partnership Units. 

        "Vesting Year" means each calendar year in the three-year period beginning January 1, 2007 and ending
December 31, 2009. 

        3.    Award of LTIP Units.    On the terms and conditions set forth in this Agreement, as well as the terms and
conditions of the Stock Plan, the Grantee is hereby granted this Award consisting of the number of LTIP Units set forth on Schedule A hereto,
which is incorporated herein by reference (the "Award LTIP Units"). The timing of issuance of Award LTIP Units to the Grantee pursuant to this Award is
within the full and exclusive control of the Committee, so long as such issuance occurs on or prior to the applicable date as of which vesting occurs based on the calculations to be made pursuant to  Section 4 hereof. Without limiting the discretion of the Committee, Award LTIP Units may be issued to the Grantee as of the date of this
Agreement or from time to time thereafter, based on a determination by the Committee of the extent to which the performance objectives established under the LTIP have been achieved or otherwise. Award
LTIP Units, when issued, shall constitute and be 

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treated
as the property of the Grantee, subject to the terms of this Agreement and the Partnership Agreement. The issuance of Award LTIP Units to the Grantee pursuant to this Award shall be set forth
in minutes of the meetings of the Committee and communicated to the Grantee in writing promptly after the approval thereof by the Committee. Award LTIP Units will be: (A) subject to forfeiture
to the extent provided in Section 4; and (B) subject to vesting as provided in Sections 4
and 5 hereof. In connection with each subsequent issuance of Award LTIP Units, if any, the Grantee shall execute and deliver to the Company and the
Partnership such documents, comparable to the documents executed and delivered in connection with this Agreement, as the Company and/or the Partnership reasonably request in order to comply with all
applicable legal requirements, including, without limitation, federal and state securities laws. 

        4.    Vesting of Award LTIP Units.    

        (a)   The
Grantee's Award LTIP Units shall be eligible for vesting over a three-year period, except as otherwise provided in  Section 5 hereof, based on the Percentile ranking of the Company in terms of Total
Return relative to the Total Return of the Peer REITs for each
Annual Performance Period and for the Cumulative Performance Period, with vesting occurring at the times, in the amounts and upon the conditions set forth in this  Section 4, provided that the Continuous Service of the Grantee continues through and on the
relevant Annual Vesting Date or the Final Calculation Date, as applicable. 

        (i)    As
soon as practicable following the end of each Vesting Year, the Committee will determine the Total Return of the Company and each of the Peer REITs for the applicable
Annual Performance Period and then perform the following calculations with respect to the Award LTIP Units: 

        (w)  if
for the applicable Annual Performance Period the Company's Total Return is below the 50th Percentile of the Total Return of the Peer REITs as a group
during the same period, then none of the Grantee's Award LTIP Units will vest as of the applicable Annual Vesting Date; 

        (x)   if
for the applicable Annual Performance Period the Company's Total Return is at or above the 50th Percentile of the Total Return of the Peer REITs as a
group during the same period, but below the 60th Percentile, then 20% of the Grantee's Award LTIP Units will vest as of the applicable Annual Vesting Date; 

        (y)   if
for the applicable Annual Performance Period the Company's Total Return is at or above the 60th Percentile of the Total Return of the Peer REITs as a
group during the same period, but below the 70th Percentile, then 33% of the Grantee's Award LTIP Units will vest as of the applicable Annual Vesting Date; 

        (z)   if
for the applicable Annual Performance Period the Company's Total Return is at or above the 70th Percentile of the Total Return of the Peer REITs as a
group during the same period, then 50% of the Grantee's Award LTIP Units will vest as of the applicable Annual Vesting Date; 

        (ii)   To
the extent that the vesting performance requirements of Section 4(a)(i) above are not satisfied for a given
Vesting Year (other than the third Vesting Year to which the provisions of Section 4(a)(iii) below apply), unvested Award LTIP Units will not be
forfeited, but will be eligible for vesting based on performance over a subsequent Annual Performance Period or the Cumulative Performance Period. 

        (iii)  As
soon as practicable following the Final Calculation Date, in addition to the calculations set forth in  Section 4(a)(i) above with respect to the Annual Performance Period ending on such date, the
Committee will determine the Total Return of the
Company and each of the Peer REITs for the Cumulative Performance Period on a 

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cumulative
basis, and then perform the following calculations with respect to the Award LTIP Units: 

        (x)   if
(I) for the Cumulative Performance Period the Company's Total Return is at or above the 40th Percentile of the Total Return of the Peer REITs as a group during
the same period, but below the
60th Percentile, and (II) less than 50% of the Grantee's Award LTIP Units have become vested in the aggregate based on performance during all completed Annual Performance Periods pursuant to  Section 4(a)(i)
 above, then that number of additional LTIP Award Units will vest as of the Final Calculation Date which is sufficient, together
with the Award LTIP Units, if any, that previously became or concurrently become vested pursuant to Section 4(a)(i) above, to add up to 50% of
the Grantee's Award LTIP Units; 

        (y)   if
(I) for the Cumulative Performance Period the Company's Total Return is at or above the 60th Percentile of the Total Return of the Peer REITs as a group during
such period, and (II) less than 100% of the Grantee's Award LTIP Units have become vested in the aggregate based on performance during all completed Annual Performance Periods pursuant to  Section 4(a)(i)
 above, then that number of additional LTIP Award Units will vest as of the Final Calculation Date which is sufficient, together
with the Award LTIP Units, if any, that previously became or concurrently become vested pursuant to Section 4(a)(i) above, to add up to 100% of
the Grantee's Award LTIP Units.

        (b)   Any
Award LTIP Units that do not become vested pursuant to this Section 4 shall, without payment of any
consideration by the Partnership, automatically and without notice terminate, be forfeited and be and become null and void as of the Final Calculation Date, and neither the Grantee nor any of his
successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such unvested Award LTIP Units. 

        5.    Change of Control or Termination of Grantee's Service Relationship.    

        (a)   If
the Grantee is a party to a Service Agreement, the provisions of Sections 5(b),  5(c) and 5(d) below shall
govern the vesting of the Grantee's Award LTIP Units exclusively in the event
of a Change of Control or termination of the Grantee's service relationship with the Company or any Subsidiary or affiliate, unless the Service Agreement contains provisions that expressly refer to
this Section 5 and provides that those provisions of the Service Agreement shall instead govern the vesting of the Grantee's Award LTIP Units.
The foregoing sentence will be deemed an amendment to any applicable Service Agreement to the extent required to apply its terms consistently with this  Section 5, such that, by way of illustration,
any provisions of the Service Agreement with respect to accelerated vesting or payout of the
Grantee's bonus or incentive compensation awards in the event of certain types of terminations of Grantee's service relationship (such as, for example, termination at the end of the term, termination
without Cause by the employer or termination for Good Reason by the employee) shall not be interpreted as requiring that any calculations set forth in  Section 4 hereof be performed, or vesting
occur with respect to this Award other than as specifically provided in this  Section 5. In the event an entity ceases to be a Subsidiary or affiliate of the Company, such action shall be deemed to
be a termination of
employment of all employees of that entity for purposes of this Agreement, provided that the Committee, in its sole and absolute discretion, may make
provision in such circumstances for accelerated vesting of some or all of the Grantee's remaining unvested Award LTIP Units that have not previously been forfeited, effective immediately prior to such
event. 

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        (b)   In
the event of a Change of Control or Qualified Termination prior to December 31, 2009, then: 

        (i)    the
calculations provided in Section 4(a)(i) hereof with respect to the Annual Performance Period then in progress
shall be performed with respect to such period effective as of the date of the Change of Control or Qualified Termination as if such Annual Performance Period ended on such date and such date was the
applicable Annual Vesting Date; 

        (ii)   the
calculations provided in Section 4(a)(iii) hereof with respect to the Cumulative Performance Period shall be
performed as of the date of the Change of Control or Qualified Termination as if the Cumulative Performance Period ended on such date and such date were the Final Calculation Date; 

        (iii)  the
number of Award LTIP Units resulting from the above calculations shall automatically and immediately vest as of the date of the Change of Control or Qualified
Termination; and 

        (iv)  following
the date of the Change of Control or Qualified Termination no further calculations pursuant to  Section 4 hereof shall be performed. Any Award LTIP Units that do not become vested pursuant to this
 Section 5(b) shall, without payment of any consideration by the Partnership, automatically and without notice terminate, be forfeited and be and
become null and void, and neither the Grantee nor any of his successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such unvested Award LTIP
Units. 

        (c)   Notwithstanding
the foregoing, in the event vesting pursuant to this Section 5(b) is determined to constitute
"nonqualified deferred compensation" subject to Section 409A of the Code, then, to the extent the Grantee is a "specified employee" under Section 409A of the Code subject to the
six-month delay thereunder, any such vesting or related payments to be made during the six-month period commencing on the Grantee's "separation from service" (as defined in
Section 409A of the Code) shall be delayed until the expiration of such six-month period. 

        (d)   In
the event of a termination of employment or other cessation of the Grantee's Continuous Service other than a Qualified Termination, effective as of the date of such
termination or cessation, all Award LTIP Units except for those that had previously become vested pursuant to Section 4 or  5 hereof shall
automatically and immediately be forfeited by the Grantee and thereafter no further calculations pursuant to  Section 4 hereof shall be performed. Any such forfeited Award LTIP Units shall, without
payment of any consideration by the Partnership,
automatically and without notice be and become null and void, and neither the Grantee nor any of his successors, heirs, assigns, or personal representatives will thereafter have any further rights or
interests in such forfeited Award LTIP Units. If the Grantee's employment with the Company or a Subsidiary or affiliate terminates as a result of his or her Retirement, the Committee may, on a
case-by-case basis and in its sole discretion, provide for partial or complete vesting prior to the Retirement of all or a portion of his or her Award LTIP Units that have not
previously been forfeited. 

        (e)   To
the extent that the Grantee's Service Agreement entitles the Grantee to receive any severance payments, or any other similar term used in the Grantee's Service
agreement, from the Company in case of a termination of the Grantee's employment following a Change of Control or a similar event ("Change of Control Benefits"), then for purposes of calculating the
Grantee's entitlement to such Change of Control Benefits any of the Award LTIP Units that vest with respect to any Vesting Year pursuant to  Section 4(a)(i) shall be included as part of the
Grantee's bonus amount, or any other similar term used in the Grantee's Service Agreement, for
such 

9

 

Vesting
Year. The value of Award LTIP Units for purposes of determining such bonus amount shall be calculated by multiplying the Fair Market Value of a share of the Common Stock on the last trading
day of the applicable Vesting Year by the number of Award LTIP Units that vested on such date. 

        (f)    To
the extent that Schedule A provides for amounts or schedules of vesting that conflict with the provisions of
this Section 5, the provisions of Schedule A will be controlling and determinative. 

        6.    Payments by Award Recipients.    No amount shall be payable to the Company or the Partnership by the Grantee at
any time in respect of this Award. 

        7.    Distributions.    The Grantee shall be entitled to receive distributions with respect to the Award LTIP Units to
the extent provided for in the Partnership Agreement, as modified hereby, if applicable. The Distribution Participation Date (as defined in the Partnership Agreement) with respect to the Award LTIP
Units shall be the Effective Date and the Award LTIP Units shall be entitled to the full distribution payable on Units outstanding as of the record date for the fourth 2006 quarterly distribution even
though they will not have been outstanding for the whole period. To the extent that any LTIP Units are not issued until a date after the Effective Date as provided in  Section 3 hereof, an amount
equal to the Distribution Value attributable to such LTIP Units shall be paid to the Grantee in cash promptly
following the date of such issuance. All distributions paid with respect to Award LTIP Units, including amounts paid on account of the Distribution Value, if any, and amounts paid after the Final
Calculation Date but before a final determination is made pursuant to Section 4 or  Section 5 hereof as to the vesting or forfeiture of Award LTIP
Units, shall be fully vested and non-forfeitable when paid whether the
underlying Award LTIP Units are vested or unvested. 

        8.    Restrictions on Transfer.    None of the Award LTIP Units shall be sold, assigned, transferred, pledged or
otherwise disposed of or encumbered (whether voluntarily or involuntarily or by judgment, levy, attachment, garnishment or other legal or equitable proceeding) (each such action a
"Transfer"), or redeemed in accordance with the Partnership Agreement (a) prior to vesting, (b) for a period of two (2) years
beginning on the Effective Date other than in connection with a Change of Control, and (c) unless such Transfer is in compliance with all applicable securities laws (including, without
limitation, the Securities Act of 1933, as amended (the "Securities Act")), and such Transfer is in accordance with the applicable terms and conditions
of the Partnership Agreement; provided that, upon the approval of, and subject to the terms and conditions specified by, the Committee, unvested Award
LTIP Units that have been held for a period of at least two (2) years may be Transferred to (i) the spouse, children or grandchildren of the Grantee ("Immediate
Family Members"), (ii) a trust or trusts for the exclusive benefit of the Grantee and such Immediate Family Members, (iii) a partnership in which the Grantee and
such Immediate Family Members are the only partners, or (iv) one or more entities in which the Grantee has a 10% or greater equity interest, provided that the Transferee agrees in writing with
the Company and the Partnership to be bound by all the terms and conditions of this Agreement and that subsequent transfers of unvested Award LTIP Units shall be prohibited except those in accordance
with this Section 8. In connection with any Transfer of Award LTIP Units, the Partnership may require the Grantee to provide an opinion of
counsel, satisfactory to the Partnership, that such Transfer is in compliance with all federal and state securities laws (including, without limitation, the Securities Act). Any attempted Transfer of
Award LTIP Units not in accordance with the terms and conditions of this Section 8 shall be null and void, and the Partnership shall not reflect
on its records any change in record ownership of any LTIP Units as a result of any such Transfer, shall otherwise refuse to recognize any such Transfer and shall not in any way give effect to any such
Transfer of any LTIP Units. This Agreement is personal to the Grantee, is non-assignable and is not transferable in any manner, by operation of law or otherwise, other than by will or the
laws of descent and distribution. 

10

 

        9.    Changes in Capital Structure.    Without duplication with the provisions of Section 6.2 of the Stock
Plan, if (a) the Company shall at any time be involved in a merger, consolidation, dissolution, liquidation, reorganization, exchange of shares, sale of all or substantially all of the assets
or stock of the Company or other fundamental transaction similar thereto, (b) any stock dividend, stock split, reverse stock split, stock combination, reclassification, recapitalization,
significant repurchases of stock, or other similar change in the capital structure of the Company shall occur, (c) any extraordinary dividend or other distribution to holders of shares of
Common Stock or Units other than regular cash dividends shall be made, or (d) any other event shall occur that in each case in the good faith judgment of the Committee necessitates action by
way of appropriate equitable adjustment in the terms of this Award, the LTIP or the LTIP Units, then the Committee shall take such action as it deems necessary to maintain the Grantee's rights
hereunder so that they are substantially proportionate to the rights existing under this Award, the LTIP and the terms of the LTIP Units prior to such event, including, without limitation:
(i) adjustments in the Award LTIP Units, Distribution Value, Total Return or other pertinent terms of this Award; and (ii) substitution of other awards under the Stock Plan or otherwise.
The Grantee shall have the right to vote the Award LTIP Units if and when voting is allowed under the Partnership Agreement, regardless of whether vesting has occurred. 

        10.    Miscellaneous.    

        (a)    Amendments; Modifications.    This Agreement may be amended or modified only with the consent of the Company
and the Partnership acting through the Committee; provided that any such amendment or modification materially and adversely affecting the rights of the
Grantee hereunder must be consented to by the Grantee to be effective as against him; and provided,  further, that the Grantee acknowledges that the Stock
Plan may be amended or discontinued in accordance with Section 6.6 thereof and that this
Agreement may be amended or canceled by the Committee, on behalf of the Company and the Partnership, for the purpose of satisfying changes in law or for any other lawful purpose, so long as no such
action shall impair the Grantee's rights under this Agreement without the Grantee's written consent. Notwithstanding the foregoing, this Agreement may be amended in writing signed only by the Company
to correct any errors or ambiguities in this Agreement and/or to make such changes that do not materially adversely affect the Grantee's rights hereunder. No promises, assurances, commitments,
agreements, undertakings or representations, whether oral, written, electronic or otherwise, and whether express or implied, with respect to the subject matter hereof, have been made by the parties
which are not set forth expressly in this Agreement. This grant shall in no way affect the Grantee's participation or benefits under any other plan or benefit program maintained or provided by the
Company. 

        (b)    Incorporation of Stock Plan; Committee Determinations.    The provisions of the Stock Plan are hereby
incorporated by reference as if set forth herein. In the event of a conflict between this Agreement and the Stock Plan, this Agreement shall be controlling and determinative. The Committee will make
the determinations and certifications required by this Award as promptly as reasonably practicable following the occurrence of the event or events necessitating such determinations or certifications.
In the event of a Change of Control, the Committee will perform any calculations set forth in Section 4 or  Section 5 hereof required in
connection with such Change of Control and make any determinations relevant to vesting with respect to this Award
within a period of time that enables the Company to conclude whether Award Units become vested or are forfeited not later than the date of consummation of the Change of Control. 

        (c)    Status as a Partner.    As of the grant date set forth on  Schedule A, the Grantee shall be admitted as a partner of the
Partnership with beneficial ownership of the number of Award LTIP Units issued to
the Grantee as of such date pursuant to Section 3 hereof by: (A) signing and delivering to the Partnership a copy of this Agreement; and
(B) signing, as a Limited Partner, and delivering to the Partnership a counterpart signature page to the Partnership Agreement (attached hereto as  Exhibit A). The Partnership Agreement shall
be amended from time to time as applicable 

11

 

to
reflect the issuance to the Grantee of Award LTIP Units pursuant to Section 3 hereof, if any, whereupon the Grantee shall have all the rights
of a Limited Partner of the Partnership with respect to the number of LTIP Units then held by the Grantee, as set forth in the Partnership Agreement, subject, however, to the restrictions and
conditions specified herein and in the Partnership Agreement. 

        (d)    Status of LTIP Units under the Stock Plan.    Insofar as the LTIP has been established as an incentive program
of the Company and the Partnership, the Award LTIP Units are both issued as equity securities of the Partnership and granted as awards under the Stock Plan. The Company will have the right at its
option, as set forth in the Partnership Agreement, to issue shares of Common Stock in
exchange for Units into which Award LTIP Units may have been converted pursuant to the Partnership Agreement, subject to certain limitations set forth in the Partnership Agreement, and such shares of
Common Stock, if issued, will be issued under the Stock Plan. The Grantee must be eligible to receive the Award LTIP Units in compliance with applicable federal and state securities laws and to that
effect is required to complete, execute and deliver certain covenants, representations and warranties (attached as Exhibit B). The Grantee
acknowledges that the Grantee will have no right to approve or disapprove such determination by the Committee. 

        (e)    Legend.    The records of the Partnership evidencing the Award LTIP Units shall bear an appropriate legend, as
determined by the Partnership in its sole discretion, to the effect that such LTIP Units are subject to restrictions as set forth herein, in the Stock Plan and in the Partnership Agreement. 

        (f)    Compliance With Securities Laws.    The Partnership and the Grantee will make reasonable efforts to comply with
all applicable securities laws. In addition, notwithstanding any provision of this Agreement to the contrary, no LTIP Units will become vested or be issued at a time that such vesting or issuance
would result in a violation of any such laws. 

        (g)    Investment Representations; Registration.    The Grantee hereby makes the covenants, representations and
warranties and set forth on Exhibit B attached hereto. All of such covenants, warranties and representations shall survive the execution and
delivery of this Agreement by the Grantee. The Partnership will have no obligation to register under the Securities Act any LTIP Units or any other securities issued pursuant to this Agreement or upon
conversion or exchange of LTIP Units. The Grantee agrees that any resale of the shares of Common Stock received upon the exchange of Units into which LTIP Units may be converted shall not occur during
the "blackout periods" forbidding sales of Company securities, as set forth in the then applicable Company employee manual or insider trading policy. In addition, any resale shall be made in
compliance with the registration requirements of the Securities Act or an applicable exemption therefrom, including, without limitation, the exemption provided by Rule 144 promulgated
thereunder (or any successor rule). 

        (h)    Section 83(b) Election.    In connection with each separate issuance of LTIP Units under this Award
pursuant to Section 3 hereof the Grantee hereby agrees to make an election to include in gross income in the year of transfer the applicable
Award LTIP Units pursuant to Section 83(b) of the Code substantially in the form attached hereto as Exhibit C and to supply the necessary
information in accordance with the regulations promulgated thereunder. 

        (i)    Severability.    If, for any reason, any provision of this Agreement is held invalid, such invalidity shall not
affect any other provision of this Agreement not so held invalid, and each such other provision shall to the full extent consistent with law continue in full force and effect. If any provision of this
Agreement shall be held invalid in part, such invalidity shall in no way affect the rest of such provision not held so invalid, and the rest of such provision, together with all other provisions of
this Agreement, shall to the full extent consistent with law continue in full force and effect. 

12

 

        (j)    Governing Law.    This Agreement is made under, and will be construed in accordance with, the laws of State of
Delaware, without giving effect to the principles of conflict of laws of such state. 

        (k)    No Obligation to Continue Position as an Employee, Consultant or Advisor.    Neither the Company nor any
affiliate is obligated by or as a result of this Agreement to continue to have the Grantee as an employee, consultant or advisor and this Agreement shall not interfere in any way with the right of the
Company or any affiliate to terminate the Grantee's service relationship at any time. 

        (l)    Notices.    Any notice to be given to the Company shall be addressed to the Secretary of the Company at its
principal place of business and any notice to be given the Grantee shall be addressed to the Grantee at the Grantee's address as it appears on the employment records of the Company, or at such other
address as the Company or the Grantee may hereafter designate in writing to the other. 

        (m)    Withholding and Taxes.    No later than the date as of which an amount first becomes includible in the gross
income of the Grantee for income tax purposes or subject to the Federal Insurance Contributions Act withholding with respect to this Award, the Grantee will pay to the Company or, if appropriate, any
of its affiliates, or make arrangements satisfactory to the Committee regarding the payment of, any United States federal, state or local or foreign taxes of any kind required by law to be withheld
with respect to such amount. The obligations of the Company under this Agreement will be conditional on such payment or arrangements, and the Company 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 Grantee. 

        (n)    Headings.    The headings of paragraphs hereof are included solely for convenience of reference and shall not
control the meaning or interpretation of any of the provisions of this Agreement. 

        (o)    Counterparts.    This Agreement may be executed in multiple counterparts with the same effect as if each of the
signing parties had signed the same document. All counterparts shall be construed together and constitute the same instrument. 

        (p)    Successors and Assigns.    This Agreement shall be binding upon and inure to the benefit of the parties hereto
and any successors to the Company and the Partnership, on the one hand, and any successors to the Grantee, on the other hand, by will or the laws of descent and distribution, but this Agreement shall
not otherwise be assignable or otherwise subject to hypothecation by the Grantee. 

        (q)    409A.    This Agreement shall be construed, administered and interpreted in accordance with a good faith
interpretation of Section 409A of the Code. Any provision of this Agreement that is inconsistent with Section 409A of the Code, or that may result in penalties under Section 409A
of the Code, shall be amended, in consultation with the Grantee and with the reasonable cooperation of the Grantee and the Company, in the least restrictive manner necessary to (i) exclude the
Award LTIP Units from the definition of "deferred compensation" within the meaning of such Section 409A or (ii) comply with the provisions of Section 409A, other applicable
provision(s) of the Code and/or any rules, regulations or other regulatory guidance issued under such statutory provisions, in each case without diminution in the value of the benefits granted hereby
to the Grantee. 

        (r)    Complete Agreement.    This Agreement (together with those agreements and documents expressly referred to
herein, for the purposes referred to herein) embody the complete and entire agreement and understanding between the parties with respect to the subject matter hereof, and supersede any and all prior
promises, assurances, commitments, agreements, undertakings or representations, whether oral, written, electronic or otherwise, and whether express or implied, which may relate to the subject matter
hereof in any way. 

[signature page follows]

13

 

        IN
WITNESS WHEREOF, the undersigned have caused this Award Agreement to be executed as of the      day of
                             ,         .

	 	 	THE MACERICH COMPANY
	

 	
 	

By:	
 	

	 	 	 	 	Name:	 	Richard A. Bayer
	 	 	 	 	Title:	 	Executive Vice President,
	 	 	 	 	 	 	Chief Legal Officer and Secretary
	

 	
 	

THE MACERICH PARTNERSHIP, L.P.
	

 	
 	

By:	
 	

The Macerich Company, its general partner
	

 	
 	

By:	
 	

	 	 	 	 	Name:	 	Richard A. Bayer
	 	 	 	 	Title:	 	Executive Vice President,
	 	 	 	 	 	 	Chief Legal Officer and Secretary
	

 	
 	

GRANTEE
	

 	
 	

	 	 	Name:	 	 

14

EXHIBIT A  

FORM OF LIMITED PARTNER SIGNATURE PAGE 

        The
Grantee, desiring to become one of the within named Limited Partners of The Macerich Company, L.P., hereby accepts all of the terms and conditions of (including, without limitation,
the provisions related to powers of attorney), and becomes a party to, the Agreement of Limited Partnership, dated as of March 16, 1994, of The Macerich Partnership, L.P., as amended (the
"Partnership Agreement"). The Grantee agrees that this signature page may be attached to any counterpart of the Partnership Agreement and further agrees
as follows (where the term "Limited Partner" refers to the Grantee: 

	1.
	The
Limited Partner hereby confirms that it has reviewed the terms of the Partnership Agreement and affirms and agrees that it is bound by each of the terms and conditions of the
Partnership Agreement, including, without limitation, the provisions thereof relating to limitations and restrictions on the transfer of Partnership Units. Without limitation of the foregoing, the
Limited Partner is deemed to have made all of the acknowledgements, waivers and agreements set forth in Section 10.6 and 13.11 of the Partnership Agreement.

	2.
	The
Limited Partner hereby confirms that it is acquiring the Partnership Units for its own account as principal, for investment and not with a view to resale or distribution, and that
the Partnership Units may not be transferred or otherwise disposed of by the Limited Partner otherwise than in a transaction pursuant to a registration statement filed by the Partnership (which it has
no obligation to file) or that is exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), and all
applicable state and foreign securities laws, and the General Partner may refuse to transfer any Partnership Units as to which evidence of such registration or exemption from registration satisfactory
to the General Partner is not provided to it, which evidence may include the requirement of a legal opinion regarding the exemption from such registration. If the General Partner delivers to the
Limited Partner shares of common stock of the General Partner ("Common Shares") upon redemption of any Partnership Units, the Common Shares will be
acquired for the Limited Partner's own account as principal, for investment and not with a view to resale or distribution, and the Common Shares may not be transferred or otherwise disposed of by the
Limited Partner otherwise than in a transaction pursuant to a registration statement filed by the General Partner with respect to such Common Shares (which it has no obligation under the Partnership
Agreement to file) or that is exempt from the registration requirements of the Securities Act and all applicable state and foreign securities laws, and the General Partner may refuse to transfer any
Common Shares as to which evidence of such registration or exemption from such registration satisfactory to the General Partner is not provided to it, which evidence may include the requirement of a
legal opinion regarding the exemption from such registration.

	3.
	The
Limited Partner hereby affirms that it has appointed the General Partner, any liquidator and authorized officers and attorneys-in-fact of each, and each of
those acting singly, in each case with full power of substitution, as its true and lawful agent and attorney-in-fact, with full power and authority in its name, place and
stead, in accordance with Section 6.10 of the Partnership Agreement, which section is hereby incorporated by reference. The foregoing power of attorney is hereby declared to be irrevocable and
a power coupled with an interest, and it shall survive and not be affected by the death, incompetency, dissolution, disability, incapacity, bankruptcy or termination of the Limited Partner and shall
extend to the Limited Partner's heirs, executors, administrators, legal representatives, successors and assigns.

	4.
	

	(a)
	The
Limited Partner hereby irrevocably consents in advance to any amendment to the Partnership Agreement, as may be recommended by the General Partner, intended to avoid the
Partnership being treated as a publicly-traded partnership within the meaning of Section 7704 of the Internal Revenue Code, including, without limitation, (x) any amendment 

to
the provisions of Section 9.1 or the Redemption Rights Exhibit of the Partnership Agreement intended to increase the waiting period between the delivery of a notice of redemption and the
redemption date to up to sixty (60) days or (y) any other amendment to the Partnership Agreement intended to make the redemption and transfer provisions, with respect to certain
redemptions and transfers, more similar to the provisions described in Treasury Regulations Section 1.7704-1(f). 

	(b)
	The
Limited Partner hereby appoints the General Partner, any Liquidator and authorized officers and attorneys-in-fact of each, and each of those acting singly,
in each case with full power of substitution, as its true and lawful agent and attorney-in-fact, with full power and authority in its name, place and stead, to execute and
deliver any amendment referred to in the foregoing paragraph 4(a) on the Limited Partner's behalf. The foregoing power of attorney is hereby declared to be irrevocable and a power coupled with
an interest, and it shall survive and not be affected by the death, incompetency, dissolution, disability, incapacity, bankruptcy or termination of the Limited Partner and shall extend to the Limited
Partner's heirs, executors, administrators, legal representatives, successors and assigns.

	5.
	The
Limited Partner agrees that it will not transfer any interest in the Partnership Units (x) through (i) a national, non-U.S., regional, local or other
securities exchange, (ii) PORTAL or (iii) an over-the-counter market (including an interdealer quotation system that regularly disseminates firm buy or sell
quotations by identified brokers or dealers by electronic means or otherwise) or (y) to or through (a) a person, such as a broker or dealer, that makes a market in, or regularly quotes
prices for, interests in the Partnership or (b) a person that regularly makes available to the public (including customers or subscribers) bid or offer quotes with respect to any interests in
the Partnership and stands ready to effect transactions at the quoted prices for itself or on behalf of others.

	6.
	The
Limited Partner acknowledges that the General Partner shall be a third party beneficiary of the representations, covenants and agreements set forth in Sections 4 and 5 hereof. The
Limited Partner agrees that it will transfer, whether by assignment or otherwise, Partnership Units only to the General Partner or to transferees that provide the Partnership and the General Partner
with the representations and covenants set forth in Sections 4 and 5 hereof.

	7.
	This
Acceptance shall be construed and enforced in accordance with and governed by the laws of the State of Delaware, without regard to the principles of conflicts of law. 

	 	 	Signature Line for Limited Partner:
	

 	
 	

	

 	
 	

Name:	
 	

	 	 	Date:	 	                             
	

 	
 	

Address of Limited Partner:
	

 	
 	

	

 	
 	

EXHIBIT B  

GRANTEE'S COVENANTS, REPRESENTATIONS AND WARRANTIES  

        The Grantee hereby represents, warrants and covenants as follows: 

        (a)   The
Grantee has received and had an opportunity to review the following documents (the "Background Documents"): 

        (i)    The
Company's latest Annual Report to Stockholders; 

        (ii)   The
Company's Proxy Statement for its most recent Annual Meeting of Stockholders; 

        (iii)  The
Company's Report on Form 10-K for the fiscal year most recently ended; 

        (iv)  The
Company's Form 10-Q, if any, for the most recently ended quarter filed by the Company with the Securities and Exchange Commission since the
filing of the Form 10-K described in clause (iii) above; 

        (v)   Each
of the Company's Current Report(s) on Form 8-K, if any, filed since the end of the fiscal year most recently ended for which a
Form 10-K has been filed by the Company; 

        (vi)  The
Partnership Agreement; 

        (vii) The
Stock Plan; and 

        (viii) The
Company's Articles of Amendment and Restatement, as amended. 

        The
Grantee also acknowledges that any delivery of the Background Documents and other information relating to the Company and the Partnership prior to the determination by the
Partnership of the suitability of the Grantee as a holder of LTIP Units shall not constitute an offer of LTIP Units until such determination of suitability shall be made. 

        (b)   The
Grantee hereby represents and warrants that 

        (i)    The
Grantee either (A) is an "accredited investor" as defined in Rule 501(a) under the Securities Act, or (B) by reason of the business and
financial experience of the Grantee, together with the business and financial experience of those persons, if any, retained by the Grantee to represent or advise him with respect to the grant to him
of LTIP Units, the potential conversion of LTIP Units into units of limited partnership of the Partnership ("Common Units") and the potential redemption
of such Common Units for shares the Company's common stock ("REIT Shares"), has such knowledge, sophistication and experience in financial and business
matters and in making investment decisions of this type that the Grantee (I) is capable of evaluating the merits and risks of an investment in the Partnership and potential investment in the
Company and of making an informed investment decision, (II) is capable of protecting his own interest or has engaged representatives or advisors to assist him in protecting his interests, and
(III) is capable of bearing the economic risk of such investment. 

        (ii)   The
Grantee understands that (A) the Grantee is responsible for consulting his own tax advisors with respect to the application of the U.S. federal income tax
laws, and the tax laws of any state, local or other taxing jurisdiction to which the Grantee is or by reason of the award of LTIP Units may become subject, to his particular situation; (B) the
Grantee has not received or relied upon business or tax advice from the Company, the Partnership or any of their respective employees, agents, consultants or advisors, in their capacity as such;
(C) the Grantee provides services to the Partnership on a regular basis and in such capacity has access to such information, and has such experience of and involvement in the business and
operations of the Partnership, as the Grantee believes to be necessary and appropriate to make an informed decision to accept the award of LTIP Units; and (D) an investment in the Partnership
and/or the Company involves substantial risks. The Grantee has been given the opportunity to make a thorough investigation of matters relevant to the LTIP Units and has been furnished with, and has
reviewed and understands, materials relating to the Partnership and the Company and their respective activities 

(including,
but not limited to, the Background Documents). The Grantee has been afforded the opportunity to obtain any additional information (including any exhibits to the Background Documents)
deemed necessary by the Grantee to verify the accuracy of information conveyed to the Grantee. The Grantee confirms that all documents, records, and books pertaining to his receipt of LTIP Units which
were requested by the Grantee have been made available or delivered to the Grantee. The Grantee has had an opportunity to ask questions of and receive answers from the Partnership and the Company, or
from a person or persons acting on their behalf, concerning the terms and conditions of the LTIP Units. The Grantee has relied upon, and is making its decision solely upon, the
Background Documents and other written information provided to the Grantee by the Partnership or the Company.

        (iii)  The
LTIP Units to be issued, the Common Units issuable upon conversion of the LTIP Units and any REIT Shares issued in connection with the redemption of any such
Common Units will be acquired for the account of the Grantee for investment only and not with a current view to, or with any intention of, a distribution or resale thereof, in whole or in part, or the
grant of any participation therein, without prejudice, however, to the Grantee's right (subject to the terms of the LTIP Units, the Stock Plan, the agreement of limited partnership of the Partnership,
the articles of organization of the Company, as amended, and the Award Agreement) at all times to sell or otherwise dispose of all or any part of his LTIP Units, Common Units or REIT Shares in
compliance with the Securities Act, and applicable state securities laws, and subject, nevertheless, to the disposition of his assets being at all times within his control. 

        (iv)  The
Grantee acknowledges that (A) neither the LTIP Units to be issued, nor the Common Units issuable upon conversion of the LTIP Units, have been registered
under the Securities Act or state securities laws by reason of a specific exemption or exemptions from registration under the Securities Act and applicable state securities laws and, if such LTIP
Units or Common Units are represented by certificates, such certificates will bear a legend to such effect, (B) the reliance by the Partnership and the Company on such exemptions is predicated
in part on the accuracy and completeness of the representations and warranties of the Grantee contained herein, (C) such LTIP Units or Common Units, therefore, cannot be resold unless
registered under the Securities Act and applicable state securities laws, or unless an exemption from registration is available, (D) there is no public market for such LTIP Units and Common
Units and (E) neither the Partnership nor the Company has any obligation or intention to register such LTIP Units or the Common Units issuable upon conversion of the LTIP Units under the
Securities Act or any state securities laws or to take any action that would make available any exemption from the registration requirements of such laws, except, that, upon the redemption of the
Common Units for REIT Shares, the Company may issue such REIT Shares under the Stock Plan and pursuant to a Registration Statement on Form S-8 under the Securities Act, to the
extent that (I) the Grantee is eligible to receive such REIT Shares under the Stock Plan at the time of such issuance, (II) the Company has filed a Form S-8
Registration Statement with the Securities and Exchange Commission registering the issuance of such REIT Shares and (III) such Form S-8 is effective at the time of the
issuance of such REIT Shares. The Grantee hereby acknowledges that because of the restrictions on transfer or assignment of such LTIP Units acquired hereby and the Common Units issuable upon
conversion of the LTIP Units which are set forth in the Partnership Agreement or this Agreement, the Grantee may have to bear the economic risk of his ownership of the LTIP Units acquired hereby and
the Common Units issuable upon conversion of the LTIP Units for an indefinite period of time. 

        (v)   The
Grantee has determined that the LTIP Units are a suitable investment for the Grantee. 

        (vi)  No
representations or warranties have been made to the Grantee by the Partnership or the Company, or any officer, director, shareholder, agent, or affiliate of any of
them, and the Grantee has received no information relating to an investment in the Partnership or the LTIP Units except the information specified in paragraph (b) above. 

        (c)   So
long as the Grantee holds any LTIP Units, the Grantee shall disclose to the Partnership in writing such information as may be reasonably requested with respect to
ownership of LTIP Units as the Partnership may deem reasonably necessary to ascertain and to establish compliance with provisions of the Code, applicable to the Partnership or to comply with
requirements of any other appropriate taxing authority. 

        (d)   The
Grantee hereby agrees to make an election under Section 83(b) of the Code with respect to the LTIP Units awarded hereunder, and has delivered with this
Agreement a completed, executed copy of the election form attached hereto as Exhibit C. The Grantee agrees to file the election (or to permit the
Partnership to file such election on the Grantee's behalf) within thirty (30) days after the award of the LTIP Units hereunder with the IRS Service Center at which such Grantee files his
personal income tax returns, and to file a copy of such election with the Grantee's U.S. federal income tax return for the taxable year in which LTIP Units are issued or awarded to the Grantee. 

        (e)   The
address set forth on the signature page of this Agreement is the address of the Grantee's principal residence, and the Grantee has no present intention of becoming a
resident of any country, state or jurisdiction other than the country and state in which such residence is sited. 

EXHIBIT C  

ELECTION TO INCLUDE IN GROSS INCOME IN YEAR OF

TRANSFER OF PROPERTY PURSUANT TO SECTION 83(B)

OF THE INTERNAL REVENUE CODE  

        The undersigned hereby makes an election pursuant to Section 83(b) of the Internal Revenue Code with respect to the property described below and supplies
the following information in accordance with the regulations promulgated thereunder: 

	1.
	The
name, address and taxpayer identification number of the undersigned are: 

Name:                                       
         (the
"Taxpayer") 

Address:

Social
Security No./Taxpayer Identification No.:            

	2.
	Description
of property with respect to which the election is being made: 

The
election is being made with respect to                        LTIP Units in The Macerich Partnership, L.P. (the "Partnership"). 

	3.
	The
date on which the LTIP Units were transferred is                              . The taxable year
to which this election relates is calendar year
        .

	4.
	Nature
of restrictions to which the LTIP Units are subject:

	(a)
	With
limited exceptions, until the LTIP Units vest, the Taxpayer may not transfer in any manner any portion of the LTIP Units without the consent of the Partnership.

	(b)
	The
Taxpayer's LTIP Units vest in accordance with the vesting provisions described in the Schedule attached hereto. Unvested LTIP Units are forfeited in accordance with the vesting
provisions described in the Schedule attached hereto.

	5.
	The
fair market value at time of transfer (determined without regard to any restrictions other than restrictions which by their terms will never lapse) of the LTIP Units with respect
to which this election is being made was $0 per LTIP Unit.

	6.
	The
amount paid by the Taxpayer for the LTIP Units was $0 per LTIP Unit.

	7.
	A
copy of this statement has been furnished to the Partnership and The Macerich Company. 

        Dated:
                              

	 	 	

	 	 	Name:

SCHEDULE TO EXHIBIT C  

 Vesting Provisions of LTIP Units  

        The LTIP Units are subject to performance-based vesting. Performance-based vesting will be from 0-100% based on The Macerich Company's (the
"Company's") per-share total return to holders of the Company's common stock (the "Total Return") for the period from January 1, 2007 to December 31, 2009 (or earlier in
certain circumstances). The LTIP Units may vest depending on the percentile ranking of the Company in terms of Total Return relative to the Total Return of a group of peer REITs (the "Peer REITs"), as
measured at the end of each year of the three year period (each, a "Vesting Year"). 

        The
vesting of the LTIP Units occurs in two cumulative stages. In the first stage, following the end of each Vesting Year, the Company's Compensation Committee (the "Committee") will
determine the performance of the Company and each of the Peer REITs for the applicable Vesting Year and, depending on the Company's Total Return relative to the Total Return of the Peer REITs, vesting
of the LTIP Units will occur as follows: 

	Company's Percentile Ranking
 
	 	Vesting
	 
	Less than 50%	 	0	%
	

Equal to or greater than 50% and less than 60%	
 	

20	
%
	

Equal to or greater than 60% and less than 70%	
 	

33	
%
	

Equal to or greater than 70%	
 	

50	
%

        The
second stage of the vesting of the LTIP Units occurs at the end of the three year vesting period (or earlier in certain circumstances). The Committee will determine the performance
of the Company and each of the Peer REITs for the entire three year period and perform the following calculation: If (I) for the entire three year vesting period the Company's Total Return is
at or above the 40th percentile of the Total Return of the Peer REITs, but below the 60th percentile, and (II) less than 50% of the Taxpayer's LTIP Units have become vested in the aggregate in
the first stage, then that number of additional LTIP Units will vest as of the end of the third Vesting Year which is sufficient to add up to 50% of the Taxpayer's LTIP Units; if (I) for the
entire three year vesting period the Company's Total Return is at or above the 60th percentile of the Total Return of the Peer REITs, and (II) less than 100% of the Taxpayer's LTIP Units have
become vested in the aggregate in the first stage, then that number of additional LTIP Units will vest as of the end of the third Vesting Year which is sufficient to add up to 100% of the Taxpayer's
LTIP Units. 

        The
above vesting is conditioned upon the Taxpayer remaining an employee of the Company through the applicable vesting dates, and subject to acceleration in the event of a change of
control of the Company or termination of the Taxpayer's service relationship with the Company under specified
circumstances. Unvested LTIP Units are subject to forfeiture in the event of failure to vest based on the determination of the performance-based percentage. 

SCHEDULE A TO 2006 LTIP AWARD AGREEMENT  

	Date of Award Agreement:	 	                             
	

Name of Grantee:	
 	

 
	

Number of LTIP Units Subject to Grant:	
 	

 
	

Grant Date:	
 	

                             

Initials
of Company representative: 

Initials
of Grantee: 

SCHEDULE B TO 2006 LTIP AWARD AGREEMENT 

	Peer REITs
 
	 	 

	

Acadia Realty Trust	
 	

 
	

Developers Diversified Realty Corporation	
 	

 
	

Equity One, Inc.	
 	

 
	

Federal Realty Investment Trust	
 	

 
	

Heritage Property Investment Trust, Inc.	
 	

 
	

Inland Real Estate Corporation	
 	

 
	

Kimco Realty Corporation	
 	

 
	

New Plan Excel Realty Trust, Inc.	
 	

 
	

Regency Centers Corporation	
 	

 
	

Tanger Factory Outlet Centers, Inc.	
 	

 
	

Weingarten Realty Investors	
 	

 
	

CBL & Associates Properties, Inc.	
 	

 
	

General Growth Properties, Inc.	
 	

 
	

Glimcher Realty Trust	
 	

 
	

Pennsylvania Real Estate Investment Trust	
 	

 
	

Simon Property Group, Inc.	
 	

 
	

Taubman Centers, Inc.	
 	

 
	

National Retail Properties, Inc.	
 	

 
	

Realty Income Corporation	
 	

 
	

Equity Office Properties Trust	
 	

 
	

Mack-Cali Realty Corporation	
 	

 
	

Duke Realty Corporation	
 	

 
	

Liberty Property Trust	
 	

 
	

AMB Property Corporation	
 	

 
	

Apartment Investment and Management Company	
 	

 
	

Equity Residential	
 	

 
	

Colonial Properties Trust	
 	

 
	

Crescent Real Estate Equities Company	
 	

 
	

Vornado Realty Trust	
 	

 

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Exhibit 10.32.1QuickLinks
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Exhibit 10.34    
    

 
 

FORM    
    

 
 

MANAGEMENT CONTINUITY AGREEMENT    
    

        THIS AGREEMENT is entered into by and between THE MACERICH COMPANY, a Maryland corporation (the "Company") and [    ] (the
"Executive"), this      day of                              ,
        . 

        The
Board of Directors of the Company (the "Board") has determined that it is in the best interests of the Company and its stockholders to assure that the Company will have the continued
commitment and dedication of the Executive, notwithstanding the possibility or occurrence of a Change of Control (as defined in Appendix A), to encourage the Executive's full attention and
dedication to the Company currently and in the event of any impending Change of Control, to encourage the Executive's continued objectivity and impartiality in the evaluation of alternative strategies
and continued service after a Change of Control, to provide the Executive with security, compensation and benefits arrangements following termination upon a Change of Control that further these
objectives and that are competitive with those of other corporations. In order to accomplish these objectives, the Board has approved the Company's entering into this Agreement [which
amends and restates the Management Continuity Agreement dated as of March 15, 2002]. 

        NOW
THEREFORE, IT IS HEREBY AGREED AS FOLLOWS: 

        1.     Certain Definitions.    In addition to terms defined elsewhere in this Agreement, the following terms have the
following meanings: 

        "1994
Plan" means The Macerich Company Amended and Restated 1994 Incentive Plan, as it may be amended from time to time. 

        "2000
Plan" means The Macerich Company 2000 Incentive Plan, as it may be amended from time to time. 

        "2003
Plan" means The Macerich Company 2003 Equity Incentive Plan, as it may be amended from time to time. 

        "Applicable
Board" means the Board or, if the Company is not the ultimate parent corporation of the Company and its Affiliates and is not publicly-traded, the board of directors of the
ultimate parent of the Company. 

        "Affiliate"
means any company controlled by, controlling or under common control with the Company. 

        "Base
Salary" means the annual base rate of compensation payable to Executive by the Company as of the Executive's Date of Termination, before deductions or voluntary deferrals
authorized by the Executive or required by law to be withheld from the Executive by the Company. Salary excludes all other extra pay such as overtime, pensions, severance payments, bonuses, stock
incentives, living or other allowances, and other perquisites. 

        "Cause"
means that the Company, acting in good faith based upon the information then known to the Company, determines that the Executive has: 

        (1)   failed
to perform in a material respect without proper cause his obligations under this Agreement or the written employment agreement with Executive, if any; 

        (2)   been
convicted of or pled guilty or nolo contendere to a felony; or 

        (3)   committed
an act of fraud, dishonesty or gross misconduct which is materially injurious to the Company; 

 

        Any
act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Applicable Board or upon the instructions of the Chief Executive Officer of the
Company or based upon the advice of counsel or independent accountants for the Company shall be conclusively presumed for purposes of this Agreement to be done, or omitted to be done, by the Executive
in good faith and in the best interests of the Company. The cessation of employment of the Executive shall not be deemed to be for Cause under clause (1) or (3) above unless and until
there shall have been delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of at least a majority of the entire membership of the Applicable Board (excluding the
Executive and any relative of the Executive, if the Executive or such relative is a member of the Applicable Board) at a meeting of the Applicable Board called and held for such purpose (after
reasonable notice is provided to the Executive and the Executive is given an opportunity, together with counsel for the Executive, to be heard before the Applicable Board), finding that, in the good
faith opinion of the Applicable Board, the Executive is guilty of the conduct described in clause (1) or (3) above, and specifying the particulars thereof in reasonable detail. 

        "Change
of Control" shall have the meaning set forth in Appendix A. 

        "Change
of Control Period" means the period commencing on the Execution Date and ending on the third anniversary of such date; provided, however,  that commencing on the date one year after the Execution Date,
and on each annual anniversary of such date (such date and each annual anniversary thereafter, the "Renewal
Date"), unless previously terminated, the Change of Control Period shall be automatically extended so as to terminate three years from such Renewal Date, unless at least 60 days prior to the
Renewal Date, the Company shall give notice to the Executive that the Change of Control Period shall not be so extended. 

        "Code"
means the Internal Revenue Code of 1986, as amended. 

        "Date
of Termination" means the date of receipt of a notice of termination from the Company or the Executive as applicable or any later date specified in the notice of termination, which
date shall not be more than 30 days after the giving of such notice. 

        "Disability"
means (1) a "permanent and total disability" within the meaning of Section 22(e)(3) of the Code, or (2) the absence of the Executive from his duties
with the Company on a full-time basis for a period of nine months as a result of incapacity due to mental or
physical illness which is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to the Executive or his legal representative (such agreements as to
acceptability not to be unreasonably withheld). "Incapacity" as used herein shall be limited only to a condition that substantially prevents the Executive from performing his or her duties. 

        "Effective
Date" means the first date during the Change of Control Period on which a Change of Control occurs; provided, however that notwithstanding anything in this Agreement to the
contrary, if a Change of Control occurs and if the Executive's employment with the Company was terminated by the Company for no reason or any reason other than death, Disability or for Cause, or by
the Executive for Good Reason, after the public announcement of but prior to the consummation of such Change of Control, or such termination or events giving rise to such termination otherwise
occurred in specific contemplation of such Change of Control (including, without limitation, at the request of a third party that has taken steps reasonably calculated to effect such Change of
Control), then for the purposes of this Agreement, the "Effective Date" shall mean the date immediately prior to the date of such termination of employment. 

        "Execution
Date" means the date first set forth above. 

        "Good
Reason" means a termination of employment by the Executive during the Protected Period for any one or more of the following reasons, to the extent not remedied by the Company
within 

2

 

fifteen
(15) business days after receipt by the Company of written notice from the Executive specifying in reasonable detail such occurrence, without the Executive's written consent thereto: 

        (1)   the
assignment to the Executive of any duties inconsistent in any respect with the Executive's position (including status, offices, titles and reporting requirements),
authority, duties or responsibilities, or any other diminution in such position, authority, duties or responsibilities (whether or not occurring solely as a result of the Company's ceasing to be a
publicly traded entity), excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and that is remedied by the Company promptly after receipt of notice
thereof given by the Executive; 

        (2)   a
change in the Executive's principal office location to a location further away from the Executive's home which is more than 30 miles from the Executive's principal
office; 

        (3)   the
taking of any action by the Company to eliminate benefit plans in which the Executive participated in or was eligible to participate in immediately prior to a Change
of Control 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 of Control 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 similarly situated persons of executive rank in the Company or a combined organization shall not constitute Good Reason; 

        (4)   any
reduction in the Executive's Base Salary; or 

        (5)   any
material breach by the Company of this Agreement or the written employment agreement with Executive, if any. 

        If
the Executive suffers physical or mental incapacity or dies following the occurrence of any of the events described in clauses (1) through (5) above and the Executive
has given the Company the requisite written notice but the Company has failed to remedy the situation prior to such physical or mental incapacity or death, the Executive's physical or mental
incapacity or death shall not affect the ability of the Executive or his heirs or beneficiaries, as applicable, to treat the Executive's termination of employment as a termination for Good Reason. 

        "Protected
Period" means the period commencing on the Effective Date and ending on the second anniversary of the Effective Date. 

        "Qualified
Termination" means a termination of the Executive's employment with the Company during the Protected Period (a) by the Company for no reason, or for any reason other
than for Cause, death or Disability or (b) by the Executive for Good Reason. 

        2.     Benefits Following a Change of Control.

        (a)   Severance Payments.    Upon a Qualified Termination, the Company shall pay to the Executive an amount equal to
three (3) times the sum of (1) Executive's Base Salary and (2) the amount of the highest cash and stock portion of the Executive's annual incentive bonus (including any cash
portion of an incentive bonus which the Executive has elected to convert into shares of restricted stock or stock units under the Company's Cash Bonus/Restricted Stock and Stock Unit Award Programs or
other comparable express, optional stock-in-lieu of cash benefit programs) awarded to the Executive for each of the three fiscal years preceding the Date of Termination (the
"Bonus Amount"). If the annual incentive bonus has not yet been awarded for the fiscal year immediately preceding the Date of Termination, the measurement period will be for each of the 

3

 

four
fiscal years preceding the Date of Termination. For purposes of calculation of the Bonus Amount the following shall also be included: (i) any supplemental or special cash and/or stock
bonus awarded to the Executive for any of the applicable years and (ii) the value of any outstanding LTIP units that vest during the applicable year as provided in the applicable award
agreement. The severance amount described in this paragraph shall be paid in cash to the Executive in a single lump sum as soon as practicable after the Date of Termination, but in no event later than
30 days after the Date of Termination, provided that, to the extent required in order to comply with Section 409A of the Code, amounts and
benefits to be paid or provided under this Section 2(a) shall be paid or provided to the Executive on the first business day after the date that is six months following the Executive's
"separation from service" within the meaning of Section 409A of the Code. 

        (b)   Welfare Benefits.    Upon a Qualified Termination, from the Date of Termination until the third anniversary of
the Date of Termination or, to the extent required in order to comply with Section 409A of the Code, the end of the second calendar year following the calendar year in which the Date of
Termination occurs (the "Benefit Continuation Period"), the Company shall continue welfare benefits for the Executive and/or the Executive's family at least equal to those that would have been
provided to them in accordance with the plans, programs, practices and policies as in effect immediately prior to the Change of Control if the Executive's employment had not been terminated or, if
more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its Affiliates and their families at no cost to the Executive or
his family; provided, however, that, if the Executive becomes reemployed with another employer and is
eligible to receive such benefits under another employer provided plan, the medical and other welfare benefits described herein shall be secondary to those provided under such other plan, and such
other benefits shall not be provided by the Company, during such applicable period of eligibility. The Executive's entitlement to COBRA continuation coverage under Section 4980B of the Code
("COBRA Coverage") shall not be offset by the provision of benefits under this Section 2(b) and the period of COBRA Coverage shall commence at the end of the Benefit Continuation Period. 

        (c)   Payment
of Accrued Obligations. 

        Upon
a Qualified Termination, the Executive will receive in addition to any other payments that may become due under this Agreement, the following: 

        (1)   payment
of the sum of (A) the Executive's Base Salary through the Date of Termination, (B) the Executive's accrued vacation pay and (C) the
Executive's accrued annual incentive bonus for the fiscal year immediately preceding the year in which the Date of Termination occurs, in each case, to the extent not theretofore paid, which shall be
paid to the Executive, subject to any deferral elections then in effect, in a lump sum in cash as soon as practicable after the Date of Termination but in no event later than 30 days after the
Date of Termination; 

        (2)   payment
in an amount equal to the product of (A) the Bonus Amount and (B) a fraction, the numerator of which is the number of days in the bonus year from
the commencement of the bonus year until the Date of Termination and the denominator of which is 365, which shall be paid to the Executive in a lump sum in cash as soon as practicable after the Date
of Termination but in no event later than 30 days after the Date of Termination, provided that, to the extent required in order to comply with
Section 409A of the Code, such amount shall be paid to the Executive on the first business day after the date that is six months following the Executive's "separation from service" within the
meaning of Section 409A of the Code; and 

4

 

        (3)   to
the extent not theretofore paid or provided, payment or provision of any Other Benefits (as defined in Section 10(b)). 

        3.     Equity Awards.    Upon a Change of Control, notwithstanding any provision of any plan or applicable award
agreement to the contrary as in effect on the Effective Date, (1) any shares of restricted stock held by the Executive that remain unvested shall immediately vest and shall no longer be subject
to any restrictions unless such restrictions are required by any applicable law or regulation; (2) any restricted stock units held by the Executive that remain unvested shall immediately vest
and shall no longer be subject to any restrictions unless such restrictions are required by any applicable law or regulation; (3) any stock options held by the Executive, to the extent that
they are unvested and unexercisable, shall vest in full and become immediately exercisable; and (4) any outstanding LTIP units shall vest as provided in the applicable award agreement. In the
case of a Change of Control under subsection (3) of the Change of Control definition (merger or similar transaction), such restricted stock, stock units or stock options shall vest effective
immediately prior to such Change of Control to the extent necessary in order to enable the realization of the benefits of such acceleration. Any stock options held by the Executive that become vested
and exercisable under this Section 3 or any other agreement or are otherwise vested shall remain exercisable for a period at least until the first to occur of (1) the expiration of the
full term of the option and (2) one year after the date on which the Change of Control occurs, subject only to Section 6.2(b) of the 1994 Plan, the 2000 Plan and the 2003 Plan or any
comparable provisions of any plan under which the options are granted; provided that, if Section 409A of the Code requires a shorter exercise period such stock options shall remain exercisable
only until the maximum period permitted under Section 409A. 

        4.     Soliciting Employees.    Executive agrees that he will not, from the Effective Date through a period of two
years following the later of termination of his employment or the expiration of this Agreement, directly or indirectly solicit or recruit any of the Company employees (other than through general
advertising not specifically directed at such current or former Company employees) who earned annually $25,000 or more as a Company employee during the last six months of his or her own employment to
work for him or any business, individual, partnership, firm, corporation, or other entity, whether for him or such entity, in competition with the Company or any subsidiary or affiliate of the
Company. 

        5.     Confidential Information.

        (a)   The
Executive shall, beginning on the Execution Date and for the term of this Agreement and thereafter in perpetuity, hold in a fiduciary capacity for the benefit of the
Company all secret or confidential information, knowledge or data, whether in tangible or intangible form, including but not limited to, information relating to the Company or any of its affiliated
companies, or their respective businesses, plans, finances, tenants, customers, partners, properties, processes or means of operation, which shall have been obtained by the Executive during the
Executive's employment by the Company or any of its affiliated companies and which shall not be or become public knowledge (other than by acts by the Executive or representatives of the Executive in
violation of this Agreement). After termination of the Executive's employment with the Company, the Executive shall not, without the prior written consent of the Company or as may otherwise be
required by law or legal process, use (other than in furtherance of the Company's business), or communicate or divulge any such information, knowledge or data to anyone other than the Company and
those designated by it. 

5

  

        (b)   Executive
agrees that all lists, materials, books, files, reports, correspondence, records, and other documents ("Company Material") used, prepared or made available to
Executive, shall be and remain the property of the Company. Upon the Executive's termination of employment or the expiration of this Agreement, all Company Materials shall be returned immediately to
the Company, and Executive shall not make or retain any copies hereof. 

        6.     Certain Additional Payments by the Company.

        (a)   Amount of Section 280G Additional Payment.    Anything in this Agreement or any other agreement between
the Executive and the Company (including but not limited to any restricted stock award agreement under the 1994 Plan, the 2000 Plan, and/or the 2003 Plan) to the contrary notwithstanding, if it shall
be determined that any payment or distribution by the Company to or for the benefit of the Executive (within the meaning of Section 280G(b)(2) of the Code) (whether paid or payable or
distributed or distributable pursuant to the terms of this Agreement or otherwise, but determined without regard to any additional payments required under this Section 6) (a "Payment") would be
subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties are incurred by the Executive with respect to such excise tax, but excluding any income taxes and
penalties imposed pursuant to Section 409A, (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to as the "Excise Tax"), then the Executive
shall be entitled to receive an additional payment (a "Gross-Up Payment"). The Gross-Up Payment shall equal an amount such that after payment by the Executive of all taxes (and
any interest or penalties imposed with respect to such taxes), including, without limitation, any income taxes (and any interest and penalties imposed with respect thereto) and Excise Tax imposed upon
the Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments. Notwithstanding the foregoing provisions of
this Section 6(a), if it shall be determined that the Executive is entitled to the Gross-Up Payment, but that the Parachute Value (as defined below) of all Payments does not exceed
110% of an amount equal to 2.99 times the Executive's "base amount" within the meaning of Section 280G(b)(3) of the Code (the "Safe Harbor Amount"), then no Gross-Up Payment shall
be made to the Executive and the amounts payable under this Agreement shall be reduced so that the Parachute Value of all Payments, in the aggregate, equals the Safe Harbor Amount. The reduction of
the amounts payable hereunder, if applicable, shall be made by first reducing the payments under Section 2(a), unless an alternative method of reduction is elected by the Executive, and in any
event shall be made in such a manner as to maximize the Value (as defined below) of all Payments actually made to the Executive. For purposes of reducing the Payments to the Safe Harbor Amount, only
amounts payable under this Agreement (and no other Payments) shall be reduced. If the reduction of the amount payable under this Agreement would not result in a reduction of the Parachute Value of all
Payments to the Safe Harbor Amount, no amounts payable under the Agreement shall be reduced pursuant to this Section 6(a). For the purposes of this Section 6(a), "Parachute Value" shall
mean the present value of a Payment as of the date of a change of control for purposes of Section 280G of the Code of the portion of such Payment that constitutes a "parachute payment" under
Section 280G(b)(2), as determined by the Accounting Firm for purposes of determining
whether and to what extent the Excise Tax would apply to such Payment, and "Value" shall mean the economic present value of a Payment as of the date of the change of control for purposes of 280G of
the Code, as determined by the Accounting Firm using the discount rate required by Section 280G(d)(4) of the Code. 

        (b)   Determination of Amount.    Subject to the Provisions of Section 6(c), all determinations required to be
made under this Section 6, including whether and when a Gross-Up Payment is required and the amount of such Gross-Up Payment or Parachute Value and the assumptions to be
utilized in arriving at such determinations, shall be made by a nationally recognized accounting firm selected in the discretion of the Company immediately prior to the Change of Control (the 

6

 

"Accounting
Firm") which shall provide detailed supporting calculations both to the Company and the Executive within 15 business days of the receipt of notice from the Executive that there has been a
Payment, or such earlier time as is requested by the Company. If the Accounting Firm is serving as accountant or auditor for the individual, entity or group effecting the Change of Control, the
Executive may appoint another nationally recognized accounting firm to make the determinations required hereunder (which accounting firm shall then be referred to as the Accounting Firm hereunder).
All fees and expenses of the Accounting Firm shall be borne solely by the Company. Any Gross-Up Payment, as determined pursuant to and payable under this Section 6, shall be paid by
the Company to the Executive within five days of the receipt of the Accounting Firm's determination. If the Accounting Firm determines that no Excise Tax is payable by the Executive, it shall furnish
the Executive with a written opinion that failure to report the Excise Tax on the Executive's applicable federal income tax return would not result in the imposition of a negligence or similar
penalty. Any determination by the Accounting Firm shall be binding upon the Company and the Executive. As a result of the uncertainty in the application of Section 4999 of the Code at the time
of the initial determination by the Accounting Firm hereunder, it is possible that Gross-Up Payments which will not have been made by the Company should have been made ("Underpayment"),
consistent with the calculations required to be made hereunder. If the Company exhausts its remedies pursuant to Section 6(c) and the Executive thereafter is required to make a payment of any
Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to or for the benefit of the Executive. 

        (c)   Claim Process.    The Executive shall notify the Company in writing of any claim by the Internal Revenue
Service that, if successful, would require the payment by the Company of the Gross-Up Payment. Such notification shall be given as soon as practicable but no later than ten business days
after the Executive is informed in writing of such claim and shall apprise the Company of the nature of such claim and the date on which such claim is requested to be paid. The Executive shall not pay
such claim prior to the expiration of the 30-day period following the date on which it gives such notice to the Company (or such shorter period ending on the date that any payment of taxes
with respect to such claim is due). If the Company notifies the Executive in writing prior to the expiration of such period that it desires to contest such claim, the Executive shall: 

        (1)   give
the Company any information reasonably requested by the Company relating to such claim, 

        (2)   take
such action in connection with contesting such claim as the Company shall reasonably request in writing from time to time, including, without limitation, accepting
legal representation with respect to such claim by an attorney reasonably selected by the Company, 

        (3)   cooperate
with the Company in good faith in order effectively to contest such claim, and 

        (4)   permit
the Company to participate in any proceedings relating to such claim; provided, however, that the Company shall bear and pay directly all costs and expenses
(including additional interest and penalties) incurred in connection with such contest and shall indemnify and hold the Executive harmless, on an after-tax basis, for any Excise Tax or
income tax (including interest and penalties with respect thereto) imposed as a result of such representation and payment of costs and expenses. Without limitation on the foregoing provisions of this
Section 6(c), the Company shall control all proceedings taken in connection with such contest and, at its sole option, may pursue or forgo any and all administrative appeals, proceedings,
hearings and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct the Executive to pay the tax claimed and sue 

7

 

for
a refund or contest the claim in any permissible manner, and the Executive agrees to prosecute such contest to a determination before any administrative tribunal, in a court of initial
jurisdiction and in one or more appellate courts, as the Company shall determine; provided, however, that if the Company directs the Executive to pay such claim and sue for a refund, the Company shall
pay the amount of such payment to the Executive, on an interest-free basis and shall indemnify and hold the Executive harmless, on an after-tax basis, from any Excise Tax or
income tax (including interest or penalties with respect thereto) imposed with respect to such payment or with respect to any imputed income with respect to such payment; and further provided that any
extension of the statute of limitations relating to payment of taxes for the taxable year of the Executive with respect to which such contested amount is claimed to be due is limited solely to such
contested amount. Furthermore, the Company's control of the contest shall be limited to issues with respect to which a Gross-Up Payment would be payable hereunder and the Executive shall
be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority. 

        (d)   Refunds.    If, after the receipt by the Executive of an amount paid by the Company pursuant to
Section 6(c), the Executive becomes entitled to receive any refund with respect to such claim, the Executive shall (subject to the Company's complying with the requirements of
Section 6(c)) promptly pay to the Company the amount of such refund together with any interest paid or credited thereon after taxes applicable thereto). If, after the receipt by the Executive
of an amount paid by the Company pursuant to Section 6(c), a determination is made that the Executive shall not be entitled to any refund with respect to such claim and the Company does not
notify the Executive in writing of its intent to contest such denial of refund prior to the expiration of 30 days after such determination, then such payment shall not be required to be repaid
and the amount of such payment shall offset, to the extent thereof, the amount of Gross-Up Payment required to be paid. 

        7.     Full Settlement; Resolution of Disputes.

        (a)   No Offset.    Subject to Section 2(b), the Company's obligation to make the payments provided for in
this Agreement and otherwise to perform its obligations hereunder shall not be subject to any set-off, counterclaim, recoupment, or other claim, right or action which the Company may have
against the Executive, except under this Agreement. 

        (b)   No Mitigation.    In no event shall the Executive be obligated to seek other employment or take any other
action to attempt to reduce any of the amounts payable to the Executive under any of the provisions of this Agreement. Further, except as otherwise provided under Section 2(b), amounts or
benefits hereunder shall not be reduced if the Executive obtains other employment. 

        (c)   Arbitration of Disputes.

        (1)   Any
controversy or claim arising out of or relating to this Agreement, its enforcement, arbitrability or interpretation, or because of an alleged breach, default, or
misrepresentation in connection with any of its provisions, or arising out of or relating in any way to the Executive's employment or termination of the same or conduct thereafter, including, without
limiting the generality of the foregoing, any alleged violation of statute, common law or public policy, shall be submitted to final and binding arbitration, to be held in Los Angeles County,
California, before a single arbitrator, in accordance with California Civil Procedure Code §§ 1280 et seq. The arbitrator shall
be selected by mutual agreement of the parties or, if the parties cannot agree, then by striking from a list of arbitrators supplied by the American Arbitration Association or JAMS/Endispute. The
arbitrator shall issue a written opinion revealing, however briefly, the essential findings and conclusions upon which the arbitrator's award is based. The Company will pay the arbitrator's fees and
arbitration 

8

 

expenses
and any other costs associated with the arbitration hearing. The Company agrees to pay as incurred (within 10 days following the Company's receipt of an invoice from the Executive), to
the full extent permitted by law, all legal fees and expenses that the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company, the Executive or
others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive about
the amount of any payment pursuant to this Agreement), plus, in each case, interest on any delayed payment at the applicable federal rate provided for in Section 7872(f)(2)(A) of the Code.
Nothing in this paragraph shall affect the Executive's or the Company's ability to seek from a court injunctive or equitable relief. 

        (2)   Except
as may be necessary to enter judgment upon the award or to the extent required by applicable law, all claims, defenses and proceedings (including, without
limiting the generality of the foregoing, the existence of a controversy and the fact that there is an arbitration proceeding) shall be
treated in a confidential manner by the arbitrator, the parties and their counsel, each of their agents, and employees and all others acting on behalf of or in concert with them. Without limiting the
generality of the foregoing, no one shall divulge to any third party or person not directly involved in the arbitration the content of the pleadings, papers, orders, hearings, trials, or awards in the
arbitration, except as may be necessary to enter judgment upon an award as required by applicable law. Any controversy relating to the arbitration, including, without limiting the generality of the
foregoing, to prevent or compel arbitration or to confirm, correct, vacate or otherwise enforce an arbitration award, shall be filed under seal with the court, to the extent permitted by law. 

        8.     Restraint on Alienation.

        None
of the benefits, payments, proceeds or claims of the Executive shall be subject to any claim of any creditor and, in particular, the same shall not be subject to attachment or
garnishment or other legal process by any creditor, nor shall the Executive have any right to alienate, anticipate, commute, pledge, encumber or assign any of the benefits or payments of proceeds
which he or she may expect to receive, contingently or otherwise, under this Agreement. Notwithstanding the above, benefits which are in pay status may be subject to a garnishment or wage assignment
or authorized or mandatory deductions made pursuant to a court order, a tax levy or applicable law or the Executive's elections. 

        9.     Grantor Trust.

        The
Company may establish a trust with a bank trustee, for the purpose of paying benefits under this Agreement. If so established, the trust shall be a grantor trust subject to the
claims of the Company's creditors and shall, immediately prior to a Change of Control, be funded in cash or common stock of the Company or such other assets as the Company deems appropriate with an
amount equal to 100 percent of the aggregate benefits payable under this Agreement assuming that the Executive incurred a Qualified Termination immediately following the Change of Control.
Notwithstanding the establishment of any such trust, the Executive's rights hereunder will be solely those of a general unsecured creditor. 

        10.   Entire Understanding.

        (a)   This
Agreement constitutes the entire understanding between the parties with respect to the subject matters contemplated by this Agreement, except with respect to any
outstanding LTIP units. Such agreements and terms supersede all prior written or oral communications, negotiations, understandings or agreements of any kind with respect to such subject matters
[,including without limitation the Management Continuity Agreement dated as of March 15, 2002]. [or in the case of Tony Grossi [the Employment
Agreement dated as of November 1, 2006] 

9

 

        (b)   Nothing
in this Agreement shall prevent or limit the Executive's continuing or future participation in any plan, program, policy or practice provided by the Company or
its Affiliates and for which the Executive may qualify, nor shall anything herein limit or otherwise affect such rights as the Executive may have under any other contract or agreement with the Company
or its Affiliates. Amounts that are vested benefits or that the Executive and/or the Executive's dependents are otherwise entitled to receive under any plan, policy, practice or program of or any
other contract or agreement with the Company or its Affiliates at or subsequent to the Date of Termination shall be payable in accordance with such plan, policy, practice or program or contract or
agreement, except as explicitly modified by this Agreement (the "Other Benefits"). The benefit provided pursuant to Section 2 above shall be provided in addition to, and not in lieu of, all
other accrued or vested or earned but deferred compensation, rights, options or other benefits which may be owed to the Executive upon or following termination, including but not limited to accrued
vacation or sick pay, amounts or benefits payable under any bonus or other compensation plans, stock option plan, stock ownership plan, stock purchase plan, life insurance plan, health plan,
disability plan or similar or successor plan. Without limiting the generality of the foregoing, the Executive's resignation under this Agreement with or without Good Reason, shall in no way affect the
Executive's ability to terminate employment by reason of the Executive's "retirement" under any of the Company's or its Affiliate's compensation or benefits plans, programs, policies or arrangements
or substitute plans adopted by the Company or its successors, including without limitation, any retirement or pension plans or to be eligible to receive benefits under any compensation or benefits
plans, programs, policies or arrangements, including without limitation any retirement or pension plan of the Company and its Affiliates or substitute plans adopted by the Company or its successors,
and any termination which otherwise qualifies as Good Reason shall be treated as such even if it is also a "retirement" for purposes of any such plan. Notwithstanding the foregoing, if the Executive
receives payments and benefits pursuant to Section 2(a) of this Agreement, the Executive shall not be entitled to any severance pay or benefits under any severance plan, program or policy of
the Company and its Affiliates, unless otherwise specifically provided therein in a specific reference to this Agreement. 

        11.   Successors.

        (a)   Executive.    This Agreement and rights under it are personal to the Executive and without the prior written
consent of the Company shall not be assignable or assigned by the Executive. If the Executive dies or suffers a Disability after a Qualified Termination, this Agreement shall inure to the benefit of
and be enforceable by the Executive's heirs or legal representatives, as the case may be. 

        (b)   Company.    This Agreement shall inure to the benefit of and be binding upon the Company and its successors and
assigns, including any transferee of all or substantially all of its assets as an entirety. The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation,
reorganization or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent
that the Company would be required to perform it if no such succession had taken place. As used in the preceding sentence, "Company" shall mean the Company as previously defined herein and any
successor to its business and/or assets described in the preceding sentence that assumes and agrees to perform this Agreement by operation of law or otherwise. 

        12.   Indemnification.

        In
any circumstance where, under the Company's certificate of incorporation, bylaws, The Macerich Partnership, L.P. Limited Partnership Agreement, or applicable law, the Company has the
power to indemnify or advance expenses to the Executive in respect of any judgments, fines, 

10

 

settlements,
loss, costs or expertise (including attorneys' fees) of any nature relating to or arising out of the Executive's activities as an agent, employee, officer or director of the Company or in
any other capacity on behalf of or at the request of the Company, then the Company will promptly, upon written request, indemnify and advance expenses to the Executive to the fullest extent permitted
by applicable law, including but not limited to, making such findings and determinations and taking any and all such actions as the Company may, under applicable law, be permitted to have the
discretion to take so as to effectuate such indemnification or advancement. Such agreement by the Company will not be deemed to impair any other obligation of the Company or The Macerich Partnership,
L.P. respecting indemnification of the Executive arising out of this or any other Agreement or promise by the Company or under the Company's certificate of incorporation, bylaws or any statute. 

        13.   Miscellaneous.

        (a)   Governing Law.    This Agreement shall be governed by and construed in accordance with the laws of the State of
California, without reference to principles of conflict of laws. 

        (b)   No Contract or Right of Employment.    Nothing in this Agreement (1) shall be construed as creating an
express or implied contract of employment, changing Executive's status as an employee at will, if that is or becomes the case, giving the Executive any right to be retained in the employ of the
Company or any subsidiary or affiliate, or giving the Executive the right to any particular level of compensation or benefits nor (2) interfere in any way with the right of the Company or a
subsidiary or affiliate, as the case may be, to terminate the Executive's employment at any time with or without Cause, subject in
either case to any express payment and other obligations of the Company under this Agreement in the case of a termination of employment after the Effective Date. 

        (c)   Termination Prior to Effective Date.    If, prior to the Effective Date, the Executive's employment with the
Company terminates, then the Executive shall have no rights under this Agreement. 

11

  

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

        (e)   Amendments.    This Agreement may not be amended or modified otherwise than by a written agreement executed by
the parties hereto or their respective successors and legal representatives. 

        (f)    Interest.    Interest shall not be payable on any benefit payable by the Company under this Agreement prior to
the time such payment is due. 

        (g)   Notices.    All notices and other communications hereunder shall be in writing and shall be given by hand
delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 

        If
to the Executive: 

At
the most recent address on file for the Executive at the Company. 

        If
to the Company: 

The
Macerich Company

401 Wilshire Boulevard, No. 700

Santa Monica, California 90401

Attention: Richard A. Bayer, Secretary 

or
to such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when actually received by the addressee. 

        (h)   Tax Withholdings.    The Company shall be entitled to withhold from any amounts payable under or pursuant to
this Agreement all taxes as legally shall be required (including without limitation, and United States federal taxes and any other state, city or local taxes). 

        (i)    Strict Compliance; Severability.    The Executive's or the Company's failure to insist upon strict compliance
with any provision hereof or any other provision of this Agreement or the failure to assert any right the Executive or the Company may have hereunder, including, without limitation, the right of the
Executive to terminate employment for Good Reason, shall not be deemed to be a waiver of such provision or right with respect to any subsequent lack of compliance, or of any other provision or right
of this Agreement. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, if the essential
terms from the perspective of both parties remain enforceable. 

        (j)    Section 409A Savings Clause.    In addition to any specific references to Section 409A of the
Code in this Agreement, if any compensation or benefits provided by this Agreement may result in the application of Section 409A of the Code, the Company shall, in consultation with the
Executive, modify the Agreement in the least restrictive manner necessary in order to exclude such compensation from the definition of "deferred compensation" within the meaning of such
Section 409A or in order to comply with the provisions of Section 409A, other applicable provision(s) of the Code and/or any rules, regulations or other regulatory guidance issued under
such statutory provisions and without any diminution in the value of the payments to the Executive. 

12

 

        IN
WITNESS WHEREOF, the Executive has hereunto set the Executive's hand and, pursuant to the authorization from its Board of Directors, the Company has caused these presents to be
executed in its name on its behalf, all as of the day and year first above written. 

	 	 	EXECUTIVE
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	
 [      ]
	 	 	 	 
	 	 	 	 
	 
	 	THE MACERICH COMPANY

	 	 	 	 
	 	 	By:	Richard A. Bayer

Executive Vice President,

Chief Legal Officer & Secretary

13

  

 
 

Appendix A    
    

 
 

Definition of Change of Control    
    

"Change
of Control" means any of the following: 

        (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 33% or more of
either (A) the then-outstanding shares of common stock of the Company (the "Outstanding Company Common Stock") or (B) 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; (i) any acquisition directly from the Company, (ii) any acquisition by the Company,
(iii) 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 (iv) any acquisition by any
entity pursuant to a transaction that complies with Sections (3)(A), (3)(B) and (3)(C) below; 

        (2)   Individuals
who, as of the date hereof, constitute the Board (the "Incumbent Board") cease for any reason to constitute at least a majority of the Board; provided,
however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company's stockholders, was approved by a vote of at least
two-thirds 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, but excluding, for this purpose, any such individual whose initial assumption of office
occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of
a Person other than the Board; 

        (3)   Consummation
of a reorganization, merger, statutory share exchange or consolidation or similar corporate transaction involving the Company or any of its subsidiaries, a
sale or other disposition of all or substantially all of the assets of the Company, 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 unless, following such Business Combination, (A) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Company
Common Stock and the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 60% of the then-outstanding
shares of common stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the entity
resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the Company or all or substantially all of the Company's assets directly
or through one or more subsidiaries ("Parent")) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common Stock and the
Outstanding Company Voting Securities, as the case may be, (B) no Person (excluding any entity resulting from such Business Combination or a Parent or any employee benefit plan (or related
trust) of the Company or such entity resulting from such Business Combination or Parent) beneficially owns, directly or indirectly, 20% or more of, respectively, the then-outstanding
shares of common 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 20% existed prior to the Business Combination, and (C) at least a majority of the members of the board of directors or trustees of the entity resulting from such 

A-1

 

Business
Combination were members of the Incumbent Board at the time of the execution of the initial agreement or of the action of the Board providing for such Business Combination; or 

        (4)   Approval
by the stockholders of the Company of a complete liquidation or dissolution of the Company. 

A-2

QuickLinks

Exhibit 10.34

FORM

MANAGEMENT CONTINUITY AGREEMENT

Appendix A

Definition of Change of Control

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