Document:

Exhibit
10.1

 

1998 STOCK PURCHASE AND OPTION PLAN

FOR EMPLOYEES OF

ACCURIDE CORPORATION AND SUBSIDIARIES

 

1.             Purpose
of Plan

 

The
1998 Stock Purchase and Option Plan for Employees of Accuride Corporation and
Subsidiaries (the “Plan”) is designed:

 

(a)           to
promote the long term financial interests and growth of Accuride Corporation
(the “Company”) and its Subsidiaries by attracting and retaining management
and  personnel with the training,
experience and ability to enable them to make a substantial contribution to the
success of the Company’s business;

 

(b)           to
motivate personnel by means of growth-related incentives to achieve long range
goals; and

 

(c)           to
further the identity of interests of participants with those of the
stockholders of the Company through opportunities for stock or stock-based
ownership in the Company.

 

2.             Definitions

 

As
used in the Plan, the following words shall have the following meanings:

 

(a)           “Affiliate”
shall mean (i) with respect to any Person, any other Person directly or
indirectly controlling, controlled by, or under common control with, such
Person, and (ii) with respect to the Company, also any entity designated by the
Board of Directors of the Company in which the Company or one of its Affiliates
has an interest, and (iii) with respect to Kohlberg Kravis Roberts & Co.,
L.P. (“KKR”), also any Affiliate of any partner of KKR.  For purposes of this Plan, “Person” means an
individual, partnership, corporation, business trust, joint stock company,
trust, unincorporated association, joint venture, governmental authority or
other entity of whatever nature, and “control” shall have the meaning given
such term under Rule 405 of the Securities Act of 1933.

 

(b)           “Board
of Directors” means the Board of Directors of the Company.

 

(c)           “Committee”
means the Compensation Committee of the Board of Directors or another committee
of the Board designated by the Board to administer the Plan.

 

(d)           “Common
Stock” or “Share” means $.01 par value common stock of the Company.

 

(e)           “Employee”
means a person, including an officer, in the regular full-time employment of
the Company or one of its Subsidiaries.

 

1

 

(f)            “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

(g)           “Fair
Market Value” means such value of a Share as reported for stock exchange
transactions and/or determined in accordance with any applicable resolutions or
regulations of the Committee in effect at the relevant time.

 

(h)           “Grant”
means an award of Purchase Stock or a Non-Qualified Stock Option made to a
Participant pursuant to the Plan and described in Paragraph 5, including any
combination of the foregoing.

 

(i)            “Grant
Agreement” means an agreement between the Company and a Participant that sets
forth the terms, conditions and limitations applicable to a Grant.

 

(j)            “Participant”
means an Employee, consultant, or other person having a unique relationship
with the Company or one of its Subsidiaries, to whom one or more Grants have
been made and such Grants have not all been forfeited or terminated under the
Plan; provided, however, a non-employee director of the Company or one of its
Subsidiaries may not be a Participant.

 

(k)           “Stock-Based
Grants” means the collective reference to the grant of Non-Qualified Stock
Options and Purchase Stock.

 

(l)            “Stock
Options” means the “Non-Qualified Stock Options” described in Paragraph 5.

 

(m)          “Subsidiary”
means any corporation (or other entity) other than the Company in an unbroken
chain of corporations (or other entities) beginning with the Company if each of
the corporations (or entities), or group of commonly controlled corporations
(or entities), other than the last corporation (or entity) in the unbroken
chain, then owns stock (or other equity interest) possessing 50% or more of the
total combined voting power of all classes of equity in one of the other
entities in such chain.

 

3.             Administration
of Plan

 

(a)           The
Plan shall be administered by the Committee. 
The members of the Committee shall consist solely of individuals who are
both “non-employee directors” as defined by Rule 16b-3 promulgated under the
Exchange Act and “outside directors” for purposes of Section 162(m) of the
Internal Revenue Code of 1986, as amended (the “Code”), to the extent that the
Company and its Employees are subject to Section 16 of the Exchange Act or
Section 162(m) of the Code.  The
Committee may adopt its own rules of procedure, and the action of a majority of
the Committee, taken at a meeting or taken without a meeting by a writing
signed by such majority, shall constitute action by the Committee.  The Committee shall have the power, authority
and the discretion to administer, construe and interpret the Plan and Grant
Agreements, to make rules for carrying out the Plan and to make changes in such
rules.  Any such interpretations, rules,
and administration shall be made and done in good faith and consistent with the
basic purposes of the Plan.

 

2

 

(b)           The
Committee may delegate to the Chief Executive Officer and to other senior
officers of the Company its duties under the Plan subject to such conditions
and limitations as the Committee shall prescribe except that only the Committee
may designate and make Grants to Participants who are subject to Section 16 of
the Exchange Act or Section 162(m) of the Code.

 

(c)           The
Committee may employ attorneys, consultants, accountants, appraisers, brokers
or other persons.  The Committee, the
Company, and the officers and directors of the Company shall be entitled to
rely upon the advice, opinions or valuations of any such persons.  Subject to the terms and conditions of this
Plan and any applicable Grant Agreement, all actions taken and all
interpretations and determinations made by the Committee in good faith shall be
final and binding upon all Participants, the Company and all other interested
persons.  No member of the Committee
shall be personally liable for any action, determination or interpretation made
in good faith with respect to the Plan or the Grants, and all members of the
Committee shall be fully protected by the Company with respect to any such
action, determination or interpretation.

 

4.             Eligibility

 

The
Committee may from time to time make Grants under the Plan to such Employees,
consultants, or other persons having a unique relationship with the Company or
any of its Subsidiaries, and in such form and having such terms, conditions and
limitations as the Committee may determine. 
No Grants may be made under this Plan to non-employee directors of the
Company or any of its Subsidiaries. 
Grants may be granted singly, in combination or in tandem.  The terms, conditions and limitations of each
Grant under the Plan shall be set forth in a Grant Agreement, in a form
approved by the Committee, consistent, however, with the terms of the Plan;
provided, however, such Grant Agreement shall contain provisions dealing with
the treatment of Grants in the event of the termination, death or disability of
the Participant, and may also include provisions concerning the treatment of Grants
in the event of a change of control of the Company.

 

5.             Grants

 

From
time to time, the Committee will determine the forms and amounts of Grants for
Participants.  Such Grants may take the
following forms in the Committee’s sole discretion:

 

(a)           Non-Qualified
Stock Options - These are options to purchase Common Stock which are not “incentive
stock options,” within the meaning of Section 422 of the Internal Revenue Code
of 1986, as amended.  At the time of
grant, the Committee shall determine, and shall have specified in the Grant
Agreement or other Plan rules, the option exercise period, the option exercise
price, and such other conditions or restrictions on the grant or exercise of
the Stock Option as the Committee deems appropriate, which may include the
requirement that the grant of Stock Options is predicated on the acquisition of
Purchase Stock under Paragraph 5(b) by the Participant.  In addition to other restrictions contained
in the Plan and Grant Agreement, Stock Options granted under this Paragraph
5(a), (i) may not be exercised more than 10 years after the date granted and
(ii) may not have an option exercise price less than 50% of the Fair Market
Value of Common Stock on the date the option is granted.  Payment of the option exercise price shall be
made in

 

3

 

cash or in shares of Common Stock (including shares
acquired by contemporaneous exercise of other Stock Options), or a combination
thereof, in accordance with the terms of the Plan, the Grant Agreement and any
applicable guidelines of the Committee in effect at the time.

 

(b)           Purchase
Stock - Purchase Stock is Common Stock with restrictions or conditions on
the Participant’s right to transfer or sell such stock, offered to a
Participant at such price as determined by the Committee, the acquisition of
which may make such Participant eligible to receive Stock Options under the
Plan; provided, however, that the price of such Purchase Shares may not be less
than 50% of the Fair Market Value of the Common Stock on the date such shares
of Purchase Stock are offered.

 

6.             Limitations
and Conditions

 

(a)           The
number of Shares available for Grants under this Plan shall be 2,598 shares of
the authorized Common Stock as of the effective date of the Plan. Unless
restricted by applicable law, Shares related to Grants that are forfeited,
terminated, canceled or expire unexercised, shall immediately become available
for Grants.

 

(b)           No
Grants shall be made under the Plan beyond ten years after the effective date of
the Plan, but the terms of Grants made on or before the expiration thereof may
extend beyond such expiration.  At the
time a Grant is made or amended or the terms or conditions of a Grant are
changed, the Committee may provide for limitations or conditions on such Grant.

 

(c)           Nothing
contained herein shall affect the right of the Company or any Subsidiary to
terminate any Participant’s employment at any time or for any reason.

 

(d)           Except
as otherwise prescribed by the Committee, the amounts of the Grants for any
employee of a Subsidiary, along with interest, dividends, and other expenses
accrued on deferred Grants shall be charged to the Participant’s employer
during the period for which the Grant is made. 
If the Participant is employed by more than one Subsidiary or by both the
Company and a Subsidiary during the period for which the Grant is made, the
Participant’s Grant and related expenses will be allocated between the
companies employing the Participant in a manner prescribed by the Committee.

 

(e)           Other
than as specifically provided by will or by the applicable laws of descent and
distribution or the terms of any applicable trust, no benefit under the Plan
shall be subject in any manner to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance, or charge, and any attempt to do so shall be
void.  No such benefit shall, prior to
receipt thereof by the Participant, be in any manner liable for or subject to
the debts, contracts, liabilities, engagements, or torts of the Participant.

 

(f)            Participants
shall not be, and shall not have any of the rights or privileges of,
stockholders of the Company in respect of any Shares purchasable or otherwise
acquired in connection with any Grant unless and until certificates
representing any such Shares have been issued by the Company to such
Participants; provided however that no

 

4

 

delay in the issuance of certificates due to be issued
hereunder representing any such Shares shall operate to impair or prejudice any
Participant’s rights to participate in a corporate transaction providing for
the disposition of such Shares.

 

(g)           No
election as to benefits or exercise of Stock Options or other rights may be
made during a Participant’s lifetime by anyone other than the Participant
except by a legal representative appointed for or by the Participant.

 

(h)           Absent
express provisions to the contrary, no Grant under this Plan shall be deemed “compensation”
for purposes of computing benefits or contributions under any retirement plan
of the Company or its Subsidiaries and shall not affect any benefits under any
other benefit plan of any kind or subsequently in effect under which the
availability or amount of benefits is related to level of compensation.  This Plan is not a “Pension Plan” or “Welfare
Plan” under the Employee Retirement Income Security Act of 1974, as amended.

 

(i)            Unless
the Committee determines otherwise, no benefit or promise under the Plan shall
be secured by any specific assets of the Company or any of its Subsidiaries,
nor shall any assets of the Company or any of its Subsidiaries be designated as
attributable or allocated to the satisfaction of the Company’s obligations
under the Plan.

 

7.             Transfers
and Leaves of Absence

 

For
purposes of the Plan, unless the Committee determines otherwise:  (a)
a transfer of a Participant’s employment without an intervening period of
separation among the Company and any Subsidiary shall not be deemed a
termination of employment, and (b) a Participant who is granted in writing a
leave of absence shall be deemed to have remained in the employ of the Company
or a Subsidiary during such leave of absence.

 

8.             Adjustments

 

In the
event of any change in the outstanding Common Stock (including an exchange for
cash) by reason of a stock split, reverse stock split, spin-off, stock
dividend, stock combination or reclassification, recapitalization,
reorganization, consolidation, merger, change of control, or similar event, the
Committee may adjust appropriately the number and kind of Shares subject to the
Plan and available for or covered by Grants and Share prices related to
outstanding Grants, and make such other revisions to outstanding Grants as it
deems are equitably required.

 

9.             Merger,
Consolidation, Exchange, Acquisition, Distribution, Liquidation or Dissolution

 

In its
sole discretion, and on such terms and conditions as it deems appropriate,
coincident with or after the grant of any Stock Option, the Committee may
provide that such Stock Option cannot be exercised after the consummation of
the merger or consolidation of the Company into another corporation, the
exchange of all or substantially all of the assets of the Company for the
securities of another corporation, the acquisition by another corporation of
80% or more of the Company’s then outstanding shares of voting stock or the
recapitalization, reclassification, liquidation or dissolution of the Company,
or other adjustment or event which results in shares of Common Stock being
exchanged for or converted into cash, securities or

 

5

 

other property, and if the Committee so provides, it
shall, on such terms and conditions as it deems appropriate in its absolute
discretion, also provide, either by the terms of such Stock Option or by a
resolution adopted prior to the consummation of such merger, consolidation,
exchange, acquisition, recapitalization, reclassification, liquidation or
dissolution, that, for some period of time prior to the consummation of such
transaction or event, such Stock Option shall be exercisable as to all shares
subject thereto, notwithstanding anything to the contrary herein (but subject
to the provisions of Paragraph 6(b)) and that, upon the consummation of such
event, such Stock Option shall terminate and be of no further force or effect;
provided, however, that the Committee may also provide, in its absolute
discretion, that even if the Stock Option shall remain exercisable after any
such event, from and after such event, any such Stock Option shall be
exercisable only for the kind and amount of cash, securities and/or other
property, or the cash equivalent thereof (net of any applicable exercise
price), receivable as a result of such event by the holder of a number of
shares of stock for which such Stock Option could have been exercised
immediately prior to such event.

 

In the
event of a “spin-off” or other substantial distribution of assets of the
Company which has a material diminutive effect upon the Fair Market Value of
the Company’s Common Stock, the Committee may in its discretion make an
appropriate and equitable adjustment to any Stock Option exercise price to
reflect such diminution.

 

10.           Anti-Dilution

 

(a)           If
and whenever on or after the date of adoption hereof and prior to the initial
public offering of the Common Stock, the Company issues or sells, or in
accordance with this Paragraph 10 is deemed to have issued or sold, any shares
of Common Stock (or other equity securities which are convertible or
exchangeable into, or options or warrants to acquire, Common Stock
(collectively “Equity Securities”)) (including shares held in the Company’s
treasury) (“New Stock”) some or all of which are issued and/or sold, other than
pursuant to the terms hereof, to Hubcap Acquisition L.L.C., KKR, any partner of
KKR or any Affiliate of any of the foregoing (the “Existing Stockholders”),
then immediately upon such issuance or sale the Company shall, in a written
notice (a “New Stock Notice”) offer for sale to each Participant that number of
additional Equity Securities of the same type such that the number of shares of
Common Stock (assuming full conversion or exercise of the Equity Securities),
plus the number of unexercised Options, held by such Participant immediately
after such issuance or sale (assuming purchase by such Participant of such
additional Equity Securities) equals the number of shares of Common Stock, plus
the number of unexercised Options, held by such Participant immediately prior
to such issuance or sale multiplied by the total number of shares of Common
Stock deemed under this Paragraph 10 to be held by the Existing Stockholders
immediately after such issuance or sale, divided by the total number of
shares of Common Stock deemed under this Paragraph 10 to be held by the
Existing Stockholders immediately prior to such issuance or sale
(assuming in each case full conversion or exercise of the Equity
Securities).  The New Stock Notice shall
state the number and type of Equity Securities offered for sale to such
Participant pursuant to this Paragraph 10, the purchase price per Equity
Security therefor, as determined pursuant to this Paragraph 10, and the time
and place for the closing of the purchase in the event such Participant accepts
the offer.

 

6

 

(b)           A
Participant may elect to purchase all, none, or any portion of the Equity
Securities offered for sale in a New Stock Notice by delivering to the Company
written notice thereof within five (5) business days following such Participant’s
receipt of such New Stock Notice.

 

(c)           For
purposes of the computation referred to in this Paragraph 10, the number of
shares of Common Stock outstanding shall be deemed to include all issued and
outstanding shares of Common Stock plus all shares issuable to the holders of
any securities exercisable for, or convertible into, shares of Common Stock.
The purchase price per Equity Security offered for sale pursuant to this
Paragraph 10 shall be equal to the price per Equity Security paid by the
Existing Stockholders.

 

(d)           The
Existing Stockholders may, in their sole discretion, elect to fulfill the
Company’s obligation to Participants under this Paragraph 10 out of such
Existing Stockholders’ holdings of Equity Securities.  In the event the Existing Stockholders
fulfill the Company’s obligations to Participants under this Paragraph 10 with
respect to an issuance or sale of Common Stock, the Company shall have no
further obligation to such Participants under this Paragraph 10 with respect to
such issuance or sale.

 

(e)           This
Paragraph 10 shall not apply to the issuance of Common Stock (or other Equity
Securities)  pursuant to the conversion
or exercise of any Equity Securities. The Company shall not be obligated to
make the offer described in subparagraph 10(a) if it would require the
registration of any securities under any state or Federal securities law,
provided that the Company shall take all reasonable ministerial steps to
qualify such offer and issuance for applicable exemptions from registration
under such law.

 

11.           Amendment
and Termination

 

The
Committee shall have the authority to make such amendments to any terms and
conditions applicable to outstanding Grants as are consistent with this Plan
provided that, except for adjustments under Paragraph 8 or 9 hereof, no such
action shall modify such Grant in a manner adverse to the Participant without
the Participant’s consent except as such modification is provided for or
contemplated in the terms of the Grant. 
The Board of Directors may amend, suspend or terminate the Plan.

 

7

 

12.           Foreign
Grants and Rights

 

The
Committee may make Grants to individuals who are subject to the laws of nations
other than the United States, which Grants may have terms and conditions that
differ from the terms provided elsewhere in the Plan for the purpose of
complying with foreign laws.

 

13.           Withholding
Taxes

 

The
Company shall have the right to deduct from any cash payment made under the
Plan any federal, state or local income or other taxes required by law to be
withheld with respect to such payment. 
It shall be a condition to the obligation of the Company to deliver
Shares upon the exercise of a Stock Option or upon delivery of any Purchase
Stock that the Participant pay to the Company such amount as may be requested
by the Company for the purpose of satisfying any liability for such withholding
taxes.  Any Grant Agreement may provide
that the Participant may elect, in accordance with any conditions set forth in
such Grant Agreement, to pay a portion or all of such withholding taxes in
shares of Common Stock (including shares acquired by contemporaneous exercise
of other Stock Options).

 

14.           Registration

 

(a)           If
the Company shall have filed a registration statement pursuant to the
requirements of Section 12 of the Exchange Act, or engaged in a Public Offering
(as defined below), (i) the Company shall use reasonable efforts to register
the Stock Options and the Common Stock to be acquired on exercise of the Stock
Options on a Form S-8 Registration Statement or any successor to Form S-8 to
the extent that such registration is then available with respect to such Stock
Options and Common Stock and (ii) the Company will use reasonable efforts to
file the reports required to be filed by it under the Securities Act of 1933,
as amended, and the rules and regulations in effect thereunder (the “Act”) and
the Exchange Act and the rules and regulations adopted by the Securities and
Exchange Commission (“SEC”) thereunder, to the extent required from time to time
to enable the Participant to sell shares of Common Stock without registration
under the Act within the limitations of the exemptions provided under any
applicable rule or regulation of the SEC. 
Notwithstanding anything contained in this Section 14, the Company may
deregister under Section 12 of the Exchange Act if it is then permitted to do
so pursuant to the Exchange Act and the rules and regulations thereunder.  Nothing in this Section 14 shall be deemed to
limit in any manner any otherwise applicable restrictions on sales of Common
Stock.

 

(b)           As
used herein the term “Public Offering” shall mean the sale of shares of Common
Stock to the public pursuant to a registration statement under the Act which
has been declared effective by the SEC (other than a registration statement on
Form S-8 or any other similar form) which results in an active trading market
in the Common Stock.

 

8

 

15.           Effective
Date and Termination Dates

 

The
Plan shall be effective on and as of the date of its approval by the
stockholders of the Company and shall terminate ten years later, subject to
earlier termination by the Board of Directors pursuant to Paragraph 11.

 

* * * * * * * * * *

 

I
hereby certify that the foregoing Plan was duly adopted by the Board of
Directors of Accuride Corporation and approved by the shareholders of the
Company on January 21, 1998.

 

Executed
on this 21st day of January, 1998.

 

	
   

  	
    /s/ Greg Szabo

  	
   

  
	
   

  	
  Secretary

  	
   

  

 

9

 

AMENDMENT NO. 1 TO THE 1998 STOCK
PURCHASE AND OPTION PLAN FOR 

EMPLOYEES OF ACCURIDE CORPORATION AND SUBSIDIARIES

 

This
AMENDMENT NO. 1 TO THE 1998 STOCK PURCHASE AND OPTION PLAN FOR EMPLOYEES OF
ACCURIDE CORPORATION AND SUBSIDIARIES (the “Amendment”), dated as of August 1, 1998,
amends the 1998 STOCK PURCHASE AND OPTION PLAN FOR EMPLOYEES OF ACCURIDE
CORPORATION AND SUBSIDIARIES (the “Plan”) dated as of January 21,1998.

 

RECITALS

 

WHEREAS,
capitalized terms used herein but not defined shall have the respective
meanings given them in the Plan.

 

NOW,
THEREFORE, in consideration of the foregoing, and for other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged,
Section 6(a) of the Plan is hereby amended as follows:

 

(a)           The
number of Shares available for Grants under this Plan shall be 2,667 shares of
the authorized Common Stock as of the effective daft of the plan.  Unless restricted by applicable law, Shares
related to Grants that are forfeited, terminated, canceled or expire
unexercised, shall immediately become available for Grants.

 

1

 

I
hereby certify that the foregoing Amendment was duly adopted by the Board of
Directors of Accuride effective August 1, 1998.

 

Executed
on this 8th day of September, 1998.

 

	
   

  	
  /s/ John R.
  Murphy

  	
   

  
	
   

  	
  John R. Murphy

  
	
   

  	
  Secretary

  

 

2

 

FIRST AMENDMENT 

TO THE

1998 STOCK PURCHASE AND OPTION PLAN 

FOR EMPLOYEES OF

ACCURIDE CORPORATION AND SUBSIDIARIES

 

Effective
January 21, 1998 Accuride Corporation (the “Company”) established the 1998
Stock Purchase and Option Plan for Employees of Accuride Corporation and
Subsidiaries (the “Plan”).  By this
instrument, the Company intends to amend the Plan to extend the period of time
during which participants in the Plan may purchase shares pursuant to the anti-dilution
provisions of the Plan.

 

1.             The
provisions of this First Amendment shall be effective as of May 1, 2000. This
Amendment shall amend only those provisions of the Plan as set forth herein,
and those provisions not expressly amended hereby shall be considered in full
force and effect.

 

2.             Section
10(b) of the Plan is hereby amended and restated in its entirety to provide

 

as
follows:

 

(b)           A
Participant may elect to purchase all, none, or any portion of the Equity
Securities offered for sale in a New Stock Notice by delivering to the Company
written notice thereof within ninety (90) business days following such
Participant’s receipt of such New Stock Notice.

 

IN
WITNESS WHEREOF, the Company has caused this First Amendment to be executed by
its duly authorized representative on this 12th day of April, 2000.

 

 

 

	
   

  	
  ACCURIDE CORPORATION

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
      /s/ William P. Greubel

  	
   

  

 

1

 

AMENDMENT NO. 2 TO THE 1998 STOCK PURCHASE AND
OPTION PLAN

FOR EMPLOYEES OF ACCURIDE CORPORATION AND SUBSIDIARIES

 

This
AMENDMENT NO. 2 TO THE 1998 STOCK PURCHASE AND OPTION PLAN FOR EMPLOYEES OF
ACCURIDE CORPORATION AND SUBSIDIARIES (the “Amendment”), dated as of May 28,
2002, amends the 1998 STOCK PURCHASE AND OPTION PLAN FOR EMPLOYEES OF ACCURIDE
CORPORATION AND SUBSIDIARIES (the “Plan”) originally dated as of January 21,
1998.

 

RECITALS

 

WHEREAS,
capitalized terms used herein but not defined shall have the respective
meanings given them in the Plan.

 

NOW,
THEREFORE, in consideration of the foregoing, and for other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged,
Section 6(a) of the Plan is hereby amended as follows:

 

(a) The number of Shares
available for Grants under this Plan shall be 3,247 shares of the authorized
Common Stock as of the effective date of the Plan. Unless restricted by
applicable law, Shares related to Grants that are forfeited, terminated,
canceled or expire unexercised, shall immediately become available for Grants.

 

I
hereby certify that the foregoing Amendment was duly adopted by the Board of
Directors of Accuride effective May 28, 2002.

 

Executed
on this  28th day of  May, 2002.

 

 

	
   

  	
  /s/ David K. Armstrong

  	
   

  
	
   

  	
  David K.
  Armstrong

  	
   

  
	
   

  	
  Secretary

  	
   

  
	
   

  	
  Accuride
  CorporationQuickLinks
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Exhibit 10.5.1    
    

THE MACERICH COMPANY

DEFERRED COMPENSATION PLAN

FOR EXECUTIVES

(Effective January 1, 2005)  

 
THE MACERICH COMPANY

DEFERRED COMPENSATION PLAN

FOR EXECUTIVES

(Effective as of January 1, 2005)  

TABLE OF CONTENTS  

	 
	 	 
	 	Page

	ARTICLE I	 	TITLE AND DEFINITIONS	 	1
	 	1.1	 	Title	 	1
	 	1.2	 	Definitions	 	1
	ARTICLE II	 	PARTICIPATION	 	3
	 	2.1	 	Participation	 	3
	ARTICLE III	 	DEFERRAL ELECTIONS	 	3
	 	3.1	 	Elections to Defer Compensation	 	3
	 	3.2	 	Investment Elections	 	4
	ARTICLE IV	 	PARTICIPANT ACCOUNTS	 	5
	 	4.1	 	Deferral Account	 	5
	 	4.2	 	Company Matching Account	 	5
	ARTICLE V	 	VESTING	 	6
	 	5.1	 	Deferral Account	 	6
	 	5.2	 	Company Matching Account	 	6
	ARTICLE VI	 	DISTRIBUTIONS	 	6
	 	6.1	 	Time and Form of Distribution	 	6
	 	6.2	 	Small Benefits	 	7
	ARTICLE VII	 	HARDSHIP DISTRIBUTIONS	 	7
	 	7.1	 	Hardship Distribution	 	7
	ARTICLE VIII	 	ADMINISTRATION	 	8
	 	8.1	 	Members	 	8
	 	8.2	 	Committee Action	 	8
	 	8.3	 	Powers and Duties of the Committee	 	8
	 	8.4	 	Construction and Interpretation	 	8
	 	8.5	 	Information	 	9
	 	8.6	 	Compensation, Expenses and Indemnity	 	9
	 	8.7	 	Quarterly Statements	 	9
	ARTICLE IX	 	MISCELLANEOUS	 	9
	 	9.1	 	Unsecured General Creditor	 	9
	 	9.2	 	Restriction Against Assignment	 	9
	 	9.3	 	Withholding	 	10
	 	9.4	 	Amendment, Modification, Suspension or Termination	 	10
	 	9.5	 	Governing Law	 	10
	 	9.6	 	Receipt or Release	 	10
	 	9.7	 	Payments on Behalf of Persons under Incapacity	 	11
	 	9.8	 	Headings, etc. Not Part of Agreement	 	11
	 	9.9	 	Limitation on Participants' Rights	 	11
	ARTICLE X	 	CLAIMS PROCEDURE	 	11
	 	10.1	 	Claims Procedure	 	11

i

THE MACERICH COMPANY

2005 DEFERRED COMPENSATION PLAN

FOR EXECUTIVES

(Effective January 1, 2005)  

        The Macerich Company (the "Company") hereby establishes this deferred compensation plan (the "Plan"), effective January 1, 2005, to provide supplemental
retirement income benefits through deferrals of salary and bonuses. 

ARTICLE I

TITLE AND DEFINITIONS  

1.1   Title.  

        This Plan shall be known as The Macerich Company 2005 Deferred Compensation Plan for Executives. 

1.2   Definitions.  

        Whenever the following words and phrases are used in this Plan, with the first letter capitalized, they shall have the meanings specified below. 

        "Account"
or "Accounts" shall mean a Participant's Deferral Account and/or Company Matching Account. 

        "Beneficiary"
means (a) in the case of a Participant who is a participant in the Prior Plan, the beneficiary designated under the Prior Plan by the Participant to receive benefits
in the event of the Participant's death or (b) in the case of a Participant who is not a participant in the Prior Plan, the person or persons, including a trustee, personal representative or
other fiduciary, last designated in
writing by a Participant in accordance with procedures established by the Committee to receive the benefits specified hereunder in the event of the Participant's death. If there is no valid
Beneficiary designation in effect, or if there is no surviving designated Beneficiary, then the Participant's surviving spouse shall be the Beneficiary. If there is no surviving spouse to receive any
benefits payable in accordance with the preceding sentence, the duly appointed and currently acting personal representative of the Participant's estate (which shall include either the Participant's
probate estate or living trust) shall be the Beneficiary. In any case where there is no such personal representative of the Participant's estate duly appointed and acting in that capacity within
90 days after the Participant's death (or such extended period as the Committee determines is reasonably necessary to allow such personal representative to be appointed, but not to exceed
180 days after the Participant's death), then Beneficiary shall mean the person or persons who can verify by affidavit or court order to the satisfaction of the Committee that they are legally
entitled to receive the benefits specified hereunder. In the event any amount is payable under the Plan to a minor, payment shall not be made to the minor, but instead be paid (a) to that
person's living parent(s) to act as custodian, (b) if that person's parents are then divorced, and one parent is the sole custodial parent, to such custodial parent, or (c) if no parent
of that person is then living, to a custodian selected by the Committee to hold the funds for the minor under the Uniform Transfers or Gifts to Minors Act in effect in the jurisdiction in which the
minor resides. If no parent is living and the Committee decides not to select another custodian to hold the funds for the minor, then payment shall be made to the duly appointed and currently acting
guardian of the estate for the minor or, if no guardian of the estate for the minor is duly appointed and currently acting within 60 days after the date the amount becomes payable, payment
shall be deposited with the court having jurisdiction over the estate of the minor. 

        "Board
of Directors" or "Board" shall mean the Board of Directors of The Macerich Company. 

        "Bonus"
shall mean any incentive compensation payable to a Participant in addition to the Participant's Salary prior to any deferrals under this Plan or any salary reduction
contributions to a plan described in Section 401(k) of the Code or Section 125 of the Code. 

 

        "Code"
shall mean the Internal Revenue Code of 1986, as amended. 

        "Committee"
shall mean the Committee appointed pursuant to Section 8.1 of this Plan. 

        "Company"
shall mean The Macerich Company, its subsidiaries and successors and, where the context warrants, The Macerich Partnership, L.P., Macerich Property Management Company, LLC,
Macerich Management Company, Westcor Partners, LLC, Westcor Realty Limited Partnership and Macerich Westcor Management Company. 

        "Company
Matching Account" shall mean the bookkeeping account maintained by the Committee for each Participant that is credited with an amount equal to (1) the Company Matching
Amount and (2) earnings or losses thereon pursuant to Section 4.2. 

        "Company
Matching Amount" shall mean an amount equal to a percentage, determined by the Company in its sole discretion, of the amount of Compensation deferred under the Plan for the Plan
Year. 

        "Compensation"
shall mean the Salary and Bonus that the Participant is entitled to for services rendered to the Company. 

        "Deferral
Account" shall mean the bookkeeping account maintained by the Committee for each Participant that is credited with amounts equal to (1) the portion of the Participant's
Salary that he or she elects to defer, (2) the portion of the Participant's Bonus that he or she elects to defer, and (3) earnings or losses thereon pursuant to Section 4.1. 

        "Earnings
Rate" shall mean, for each Fund, an amount equal to the net rate of gain or loss on the assets of such Fund determined for each business day. 

        "Effective
Date" of this Plan shall mean January 1, 2005. 

        "Eligible
Employee" for any Plan Year shall mean each key executive of the Company designated by the Committee whose annualized Salary is equal to or greater than $80,000 and who is not
eligible to participate in the Macerich Company Deferred Compensation Plan for Senior Executives. Notwithstanding the foregoing, any key executive of the Company designated by the Committee who is a
participant in the Prior Plan shall be an Eligible Employee for purposes of this Plan. 

        "Exchange
Act" shall mean the Securities Exchange Act of 1934, as amended. 

        "Fund"
or "Funds" shall mean one or more of the investment funds designated in Section 3.2(a). 

        "Key
Employee" shall mean any Participant who is a "key employee" of the Company as defined in Section 416(i) of the Code. 

        "Participant"
shall mean any Eligible Employee who elects to defer compensation in accordance with Section 3.1. 

        "Payment
Eligibility Date" shall mean the first day of the month following the day on which a Participant terminates employment or dies; provided, however, that if a Participant is a Key
Employee and his or her employment terminates for any reason other than death, then the Payment Eligibility Date shall mean the last day of the six-month period immediately following the
Participant's termination of employment (or, if the Participant dies prior to the end of such six-month period, the date of the Participant's death). Notwithstanding the foregoing, a
termination of employment shall not be deemed to have occurred for any purpose under the Plan unless such termination of employment constitutes a "separation from service" as defined under
Section 409A (or other applicable section) of the Code and any regulations promulgated thereunder. 

        "Plan"
shall mean The Macerich Company 2005 Deferred Compensation Plan for Executives set forth herein, now in effect, or as amended from time to time. 

2

 

        "Plan
Year" shall mean the 12 consecutive month period beginning on January 1 each year. 

        "Prior
Plan" shall mean The Macerich Company Deferred Compensation Plan for Executives, as amended. 

        "Salary"
shall mean the Participant's base pay prior to any deferrals under this Plan or any salary reduction contributions to a plan described in Section 401(k) of the Code or
Section 125 of the Code. 

ARTICLE II

PARTICIPATION  

2.1   Participation.  

        Participation in the Plan is voluntary. An Eligible Employee shall become a Participant in the Plan by electing to defer Compensation in accordance with
Section 3.1. 

ARTICLE III

DEFERRAL ELECTIONS  

3.1   Elections to Defer Compensation.  

        (a)    Elections to Defer.    Each Eligible Employee may elect to defer Compensation for any Plan Year by filing with
the Committee an election that conforms to the requirements of this Section 3.1, on a form provided by the Committee, no later than the December 15 immediately preceding such Plan Year
(or such later date that the Committee determines, but in no event later than December 31) in which the Compensation is to be earned. The Committee shall notify each Eligible Employee of his or
her eligibility to participate in the Plan at least 10 days prior to the time he or she must file an election for participation. Each participation election shall signify the portion of the
Eligible Employee's Salary or Bonus, as applicable, that he or she elects to defer. 

        (b)    Amount of Deferrals.    The amount of Compensation that an Eligible Employee may elect to defer is as follows: 

        (1)   Any
percentage of Salary up to 50%, which shall be deferred ratably over the Plan Year; and/or 

        (2)   Any
percentage of Bonus, if any, up to 100%. 

Notwithstanding
the foregoing, the maximum amount of Compensation that an Eligible Employee may defer under this Plan and any other nonqualified elective plan of deferred compensation maintained by
the Company shall be reduced by the amount of Compensation that the Eligible Employee could have
deferred under any qualified cash or deferred arrangements as described in Section 401(k) of the Code (a "401(k) Plan") without violating Section 402(g) of the Code or the maximum
elective contributions permitted under the terms of the 401(k) Plan. 

        (c)    Effect of Election.    An election to defer Salary for a Plan Year shall apply to all Salary earned during each
pay period beginning in such Plan Year, and an election to defer Bonuses for a Plan Year shall apply to any Bonus earned during such Plan Year. Notwithstanding the foregoing, an individual who becomes
an Eligible Employee during a Plan Year may elect to participate in the Plan during such Plan Year by filing such written application with the Committee no later than the 30th day following the date
on which such individual becomes an Eligible Employee. An election filed in accordance with the preceding sentence shall be effective solely with respect to Salary and that portion of any Bonus earned
on or after the first day of the first complete pay period commencing after the filing of such election. 

3

 

        (d)    Irrevocability.    Any election filed pursuant to this Section 3.1 shall apply only prospectively and
shall be irrevocable for the Plan Year (or portion thereof) to which such election applies. 

3.2   Investment Elections.  

        (a)   At
the time of making the first deferral election described in Section 3.1, the Participant shall designate, on a form provided by the Committee or otherwise in
accordance with procedures established by the Committee, the Fund or Funds in which the Participant's deferrals under such election (and any subsequent deferral elections) and corresponding Company
Matching Amounts will be deemed to be invested for purposes of determining the amount of earnings or losses to be credited to the Participant's Accounts. As of the Effective Date, the Funds shall be
the following: 

	1.
	Northwestern
Mutual Life Guaranteed Interest Fund

	2.
	Northwestern
Mutual Life Money Market Fund

	3.
	Northwestern
Mutual Life Select Bond Fund

	4.
	Northwestern
Mutual Life High Yield Bond Fund

	5.
	Northwestern
Mutual Life Balanced Fund

	6.
	Northwestern
Mutual Life Index 500 Stock Fund

	7.
	Mason
Street Advisors Large Cap Core Stock Fund

	8.
	Northwestern
Mutual Life Growth Stock Fund

	9.
	Franklin
Templeton International Equity Fund

	10.
	Northwestern
Mutual Life Aggressive Growth Stock Fund

	11.
	Northwestern
Mutual Life Index 400 Stock Fund

	12.
	Russell
Real Estate Securities Fund

	13.
	T.
Rowe Price Small Cap Value Fund 

        (b)   In
making the designation pursuant to this Section 3.2, the Participant must specify, in whole numbers, the percentage of his or her Deferral Account and Company
Matching Account that shall be deemed to be invested in one or more of the Funds. Effective as of the end of the day on which the Committee receives the Participant's election, a Participant may
change the designation made under this Section 3.2 by filing an election in accordance with procedures established by the Committee. If a Participant fails to elect a Fund under this
Section 3.2, he or she shall be deemed to have elected the Northwestern Mutual Life Money Market Fund. 

        (c)   The
Earnings Rate of each Fund shall be used to determine the amount of earnings or losses to be credited to the Participant's Accounts under Article IV. The
Company reserves the right to increase or decrease the number of the Funds listed in Section 3.2(a), as well as the right to designate other investment funds as the Funds (instead of those
currently listed in Section 3.2(a)) for purposes of this Plan. 

        (d)   Notwithstanding
the Participant's ability to designate the Funds in which his or her Accounts shall be deemed to be invested, the Company shall have no obligation to
invest any funds in accordance with any Participant's election. A Participant's Accounts shall merely be bookkeeping entries on the Company's books, and no Participant shall obtain any interest in any
Funds. 

4

 

ARTICLE IV

PARTICIPANT ACCOUNTS  

4.1   Deferral Account.  

        The Committee shall establish and maintain a Deferral Account for each Participant under the Plan. Each Participant's Deferral Account shall be divided into
separate subaccounts ("investment fund subaccounts"), each of which corresponds to an investment fund elected by the Participant pursuant to Section 3.2. A Participant's Deferral Account shall
be credited as follows: 

        (a)   As
of the last date of each month, the Committee shall credit the investment fund subaccounts of the Participant's Deferral Account with an amount equal to Salary
deferred by the Participant during
each pay period ending in that month in accordance with the Participant's election under Section 3.2(a); that is, the portion of the Participant's deferred Salary that the Participant has
elected to be deemed to be invested in a certain Fund shall be credited to the investment fund subaccount corresponding to that Fund; 

        (b)   As
of the last day of the month in which the Bonus or partial Bonus would have been paid, the Committee shall credit the investment fund subaccounts of the Participant's
Deferral Account with an amount equal to the portion of the Bonus deferred by the Participant's election under Section 3.2(a); that is, the portion of the Participant's deferred Bonus that the
Participant has elected to be deemed to be invested in a particular Fund shall be credited to the investment fund subaccount corresponding to that Fund; and 

        (c)   As
of the end of each business day, each investment fund subaccount of a Participant's Deferral Account shall be credited with earnings or losses in an amount equal to
that determined by multiplying the balance of such investment fund subaccount as of the end of the prior business day by the Earnings Rate for the corresponding Fund for the day of crediting. 

4.2   Company Matching Account.  

        The Committee shall establish and maintain a separate Company Matching Account for each Participant under the Plan. Each Participant's Company Matching Account
shall be divided into separate investment fund subaccounts corresponding to the investment funds elected by the Participant pursuant to Section 3.2. A Participant's Company Matching Account
shall be credited as follows: 

        (a)   As
of the last day of each Plan Year or at more frequent intervals as determined by the Committee, the Company shall credit the investment fund subaccounts of the
Participant's Company Matching Account with an amount equal to the Company Matching Amount, if any, applicable to that Participant; that is, the portion of the Company Matching Amount, if any, which
the Participant elected to be deemed to be invested in a certain Fund shall be credited to the corresponding investment fund subaccount; and 

        (b)   As
of the end of each business day, each investment fund subaccount of a Participant's Company Matching Amount shall be credited with earnings or losses in an amount
equal to that determined by multiplying the balance of such investment fund subaccount as of the end of the prior business day by the Earnings Rate for the corresponding Fund for the day of the
crediting. 

In
addition, the Company may at any time direct the Committee to credit a Participant's Company Matching Account with such additional amount that the Company has determined, for any reason, to credit
to such Participant. 

5

   ARTICLE V

VESTING  

5.1   Deferral Account.  

        A Participant's Deferral Account shall at all times be 100% vested. 

5.2   Company Matching Account.  

        A Participant's Company Matching Account shall at all times be 100% vested. 

ARTICLE VI

DISTRIBUTIONS  

6.1   Time and Form of Distribution.  

        (a)   The
amount credited to a Participant's Deferral Account and the amount credited to his or her Company Matching Account shall be paid to the Participant (or, in the case
of his or her death, Beneficiary) in the form of a cash lump sum payment on his or her Payment Eligibility Date. Notwithstanding the foregoing, on a distribution election form filed simultaneously
with and in the
same manner as the first deferral election form that a Participant files in accordance with the provisions of Section 3.1 hereof, a Participant may elect to have the amounts credited to his or
her Accounts distributed to him or her in any one of the following optional forms of distribution: 

        (1)   A
scheduled in-service distribution on a specified date (no earlier than January 1 of the year following the Participant's first year of participation
in the Plan) of all or a specified percentage of the amount credited to the Participant's Accounts (as of the specified date), with all remaining amounts then credited or subsequently credited to the
Participant's Accounts distributed in a lump sum on the Participant's Payment Eligibility Date; provided that, if the Participant's Payment Eligibility Date occurs prior to the scheduled
in-service distribution date, then the total amount credited to the Participant's Accounts will be paid in a lump sum payment on the Participant's Payment Eligibility Date; 

        (2)   A
cash lump sum payable on the later of some specified date or the Participant's Payment Eligibility Date; 

        (3)   A
specified number of substantially equal monthly installments (not to exceed 180) commencing on the later of a specified date or the Participant's Payment Eligibility
Date; 

        (4)   A
specified number of substantially equal annual installments (not to exceed 15) commencing on the later of a specified date or the Participant's Payment
Eligibility Date; or 

        (5)   Any
other method selected by the Participant that is approved by the Committee in its sole and absolute discretion, provided that payment is not made or payments do not
begin before the Participant's Payment Eligibility Date. 

        (b)   An
election made under Section 6.1(a) shall apply to all amounts deferred for all Plan Years under this Plan and may be changed only in accordance with
Section 6.3. 

        (c)   The
Participant's Accounts shall continue to be credited with earnings or losses pursuant to Article IV of the Plan until all amounts credited to his or her
Accounts under the Plan have been distributed. 

        (d)   For
all purposes under this Plan, a Participant shall not be considered terminated from employment if the Participant remains employed by The Macerich Company, any of
its subsidiaries, The Macerich Partnership, L.P., Macerich Property Management Company, LLC, 

6

 

Macerich
Management Company, Westcor Partners, LLC, Westcor Realty Limited Partnership or Macerich Westcor Management Company. 

        (e)   In
the event of the death of a Participant, the benefits described in this Section 6.1 shall be paid to the Participant's Beneficiary in accordance with the
Participant's election hereunder. 

6.2   Small Benefits.  

        Notwithstanding anything herein contained to the contrary, if the amount distributable in a form other than a cash lump sum to a Participant (or to the
Beneficiary of a Participant as a result of the Participant's death) is less than $10,000, such amount shall be paid in the form of a cash lump sum to the Participant (or Beneficiary); provided,
however, that if this provision would cause amounts deferred under this Plan to be included in the income of a Participant prior to the date of distribution, this provision shall not apply and
distributions to each Participant shall be in accordance his or her election under this Plan. 

6.3   Change in Election of Time and Form of Distribution.  

        A Participant may elect to change his or her distribution election under Section 6.1 by filing a new election with the Committee; provided, however, that
(i) no such election shall be effective until one year after the date on which the election is made, (ii) the first payment with respect to which such election is made must be deferred
for a period of not less than five years from the date such payment would otherwise have been made (except for distributions on account of death or hardship distributions), and (iii) any
election related to a payment that commences on any date other than the Payment Eligibility Date shall only be effective if it is made at least twelve months prior to the date of the first scheduled
payment under such election. 

ARTICLE VII

HARDSHIP DISTRIBUTIONS  

7.1   Hardship Distribution.  

        (a)   Upon
written request of a Participant, the Committee may, in its sole discretion, make a lump sum payment and/or accelerate the payment of installment payments due to a
Participant in order to meet a severe financial hardship to the Participant resulting from (1) an illness or accident of the Participant, the Participant's spouse or a dependent (as defined in
Section 152(a) of the Code) of the Participant, (2) loss of the Participant's property due to casualty or (3) other similar extraordinary and unforeseeable circumstances arising
as a result of events beyond the control of the Participant. However, no payment shall be made under this Section 7.1 to the extent that a hardship is or may be relieved (1) through
reimbursement or compensation by insurance or otherwise or (2) by liquidation of the Participant's assets, to the extent the liquidation of such assets would not itself cause severe financial
hardship. The amount of any hardship lump sum payment and/or accelerated amount shall not exceed the lesser of (1) the amount required to meet the immediate financial need created by such
hardship plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution or (2) the entire amounts credited to the Participant's Accounts. The amount of any such
payment shall be deducted from the amount credited to the Participant's Accounts, pro rata from among each of the investment subaccounts of the Participant's Deferral Account and Company Matching
Account. The remaining amounts credited to a Participant's Accounts shall be distributed in accordance with the Participant's distribution election. 

7

 
ARTICLE VIII

ADMINISTRATION  

8.1   Members.  

        A Committee shall be appointed by, and serve at the pleasure of, the Board of Directors. The number of members comprising the Committee shall be determined by the
Board, which may from time to time vary the number of members. A member of the Committee may resign by delivering a written notice of resignation to the Board. The Board may remove any member by
delivering a certified copy of its resolution of removal to such member. Vacancies in the membership of the Committee shall be filled promptly by the Board. 

8.2   Committee Action.  

        The Plan shall be administered by the Committee. The Committee shall act at meetings by affirmative vote of a majority of the members of the Committee. Any action
permitted to be taken at a meeting may be taken without a meeting if, prior to such action, a written consent to the action is signed by all members of the Committee and such written consent is filed
with the minutes of the proceedings of the Committee. A member of the Committee shall not vote or act upon any matter which relates solely to himself or herself as a Participant. The Chairman or any
other member or members of the Committee designated by the Chairman may execute any certificate or other written direction on behalf of the Committee. 

8.3   Powers and Duties of the Committee.  

        (a)   The
Committee, on behalf of the Participants and their Beneficiaries, shall enforce the Plan in accordance with its terms, shall be charged with the general
administration of the Plan, and shall have all powers necessary to accomplish its purposes, including, but not by way of limitation, the following: 

        (1)   To
determine all questions relating to the eligibility of employees to participate; 

        (2)   To
construe and interpret the terms and provisions of this Plan; 

        (3)   To
compute the Earnings Rate for each Fund in accordance with the terms of the Plan; 

        (4)   To
compute and certify to the amount and kind of benefits payable to Participants and their Beneficiaries; 

        (5)   To
maintain all records that may be necessary for the administration of the Plan; 

        (6)   To
provide for the disclosure of all information and the filing or provision of all reports and statements to Participants, Beneficiaries or governmental agencies as
shall be required by law; 

        (7)   To
make and publish such rules for the regulation of the Plan and procedures for the administration of the Plan as are not inconsistent with the terms hereof; and 

        (8)   To
appoint a plan administrator or any other agent, and to delegate to them such powers and duties in connection with the administration of the Plan as the Committee may
from time to time prescribe. 

8.4   Construction and Interpretation.  

        The Committee shall have full discretion to construe and interpret the terms and provisions of this Plan, which interpretation or construction shall be final and
binding on all parties, including but not 

8

 

limited
to the Company and any Participant or Beneficiary. The Committee shall administer such terms and provisions in a uniform and nondiscriminatory manner and in full accordance with any and all
laws applicable to the Plan. 

8.5   Information.  

        To enable the Committee to perform its functions, the Company shall supply full and timely information to the Committee on all matters relating to the
Compensation of all Participants, their death or other cause of termination, and such other pertinent facts as the Committee may require. 

8.6   Compensation, Expenses and Indemnity.  

        (a)   The
members of the Committee shall serve without compensation for their services hereunder. 

        (b)   The
Committee is authorized at the expense of the Company to employ such legal counsel as it may deem advisable to assist in the performance of its duties hereunder.
Expenses and fees in connection with the administration of the Plan shall be paid by the Company. 

        (c)   To
the extent permitted by applicable state law, the Company shall indemnify and save harmless the Committee and each member thereof, the Board of Directors and any
delegate of the Committee who is an employee of the Company against any and all expenses, liabilities and claims, including legal fees to defend against such liabilities and claims arising out of
their discharge in good faith of responsibilities under or incident to the Plan, other than expenses and liabilities arising out of willful misconduct. This indemnity shall not preclude such further
indemnities as may be available under insurance purchased by the Company or provided by the Company under any bylaw, agreement or otherwise, as such indemnities are permitted under state law. 

8.7   Quarterly Statements.  

        Under procedures established by the Committee, a Participant shall receive a statement with respect to such Participant's Accounts as soon as practicable
following the end of each calendar quarter ending on March 31, June 30, September 30 or December 31. 

ARTICLE IX

MISCELLANEOUS  

9.1   Unsecured General Creditor.  

        Participants and their Beneficiaries, heirs, successors, and assigns shall have no legal or equitable rights, claims, or interest in any specific property or
assets of the Company. No assets of the Company shall be held under any trust, or held in any way as collateral security for the fulfilling of the obligations of the Company under this Plan. Any and
all of the Company's assets shall be, and remain, the general, unpledged, unrestricted assets of the Company. The Company's obligation under the Plan shall be
merely that of an unfunded and unsecured promise of the Company to pay money in the future, and the rights of the Participants and Beneficiaries shall be no greater than those of unsecured general
creditors. 

9.2   Restriction Against Assignment.  

        The Company shall pay all amounts payable hereunder only to the person or persons designated by the Plan and not to any other person or corporation. No part of a
Participant's Accounts shall be liable for the debts, contracts, or engagements of any Participant, his or her Beneficiary, or successors in interest, nor shall a Participant's Accounts be subject to
execution by levy, attachment, or garnishment or by any other legal or equitable proceeding, nor shall any such person have any right to 

9

 

alienate,
anticipate, commute, pledge, encumber, or assign any benefits or payments hereunder in any manner whatsoever. If any Participant, Beneficiary or successor in interest is adjudicated bankrupt
or purports to anticipate, alienate, sell, transfer, assign, pledge, encumber or charge any distribution or payment from the Plan, voluntarily or involuntarily, the Committee, in its discretion, may
cancel such distribution or payment (or any part thereof) to or for the benefit of such Participant, Beneficiary or successor in interest in such manner as the Committee shall direct. 

9.3   Withholding.  

        (a)   There
shall be deducted from each payment made under the Plan all taxes which are required to be withheld by the Company in respect to such payment. The Company shall
have the right to reduce any payment by the amount of cash sufficient to provide the amount of said taxes. 

        (b)   In
the event that a Participant defers compensation in excess of the amount required to be withheld for federal, state or local tax purposes, the Company shall have the
right to reduce any other payments to the Participant by the amount sufficient to provide the amount of said taxes. 

9.4   Amendment, Modification, Suspension or Termination.  

        The Company may amend, modify, suspend or terminate the Plan in whole or in part. The Committee may amend the Plan to (a) ensure the Plan complies with the
requirements of Section 409A of the Code for the deferral of taxation on deferred compensation to the time of distribution and (b) add provisions for changes to the deferral elections
and elections as to the time and manner of distributions that comply with such requirements of Section 409A of the Code. Notwithstanding the foregoing rights of the Company and the Committee to
amend the Plan, no amendment, modification, suspension or termination shall reduce any amounts allocated previously to a Participant's Accounts. In the event that this Plan is terminated, the amounts
credited to a Participant's Deferral Account and Company Matching Account shall be distributed to the Participant or, in the event of his or her death, to his or her Beneficiary in a lump sum within
thirty (30) days following the date of termination; provided, however, if the foregoing provision would cause the amounts deferred under this Plan to be included in the income of Participants
prior to the date of distribution, such provision shall not apply and distributions to the Participants or their Beneficiaries shall be made on the dates on which the Participants or their
Beneficiaries would receive benefits hereunder without regard to the termination of the Plan. Notwithstanding the foregoing, if amounts deferred under the Plan have become taxable to Participants as
of the date of the Plan termination, distributions shall be made as soon as practicable following the termination of the Plan. The Company reserves the right to change the Funds as described in
Section 3.2(d). 

9.5   Governing Law.  

        The Plan shall be governed by and construed in accordance with Section 409A (or other applicable section) of the Code, and any regulations promulgated
thereunder, and the laws of the State of California to the extent such laws are not preempted by the Employee Retirement Income Security Act of 1974, as amended. 

9.6   Receipt or Release.  

        Any payment to a Participant or the Participant's Beneficiary in accordance with the provisions of the Plan shall, to the extent thereof, be in full satisfaction
of all claims against the Committee and the Company. The Committee may require such Participant or Beneficiary, as a condition precedent to such payment, to execute a receipt and release to such
effect. 

10

 

9.7   Payments on Behalf of Persons under Incapacity.  

        In the event that any amount becomes payable under the Plan to a person who, in the sole judgment of the Committee, is considered by reason of physical or mental
condition to be unable to give a valid receipt therefor, the Committee may direct that such payment be made to any person found by the Committee, in its sole judgment, to have assumed the care of such
person. Any payment made pursuant to such determination shall constitute a full release and discharge of the Committee and the Company. 

9.8   Headings, etc. Not Part of Agreement.  

        Headings and subheadings in this Plan are inserted for convenience of reference only and are not to be considered in the construction of the provisions hereof. 

9.9   Limitation on Participants' Rights.  

        Participation in this Plan shall not give any Eligible Employee the right to be retained in the Company's employ or any right or interest in the Plan other than
as herein provided. The Company reserves the right to dismiss any Eligible Employee without any liability for any claim against the Company, except to the extent provided herein. 

ARTICLE X

CLAIMS PROCEDURE  

10.1 Claims Procedure.  

        (a)    Claim.    A person who believes that he or she is being denied a benefit to which he or she is entitled under
this Plan (hereinafter referred to as "Claimant") may file a written request for such benefit with the Committee, setting forth his or her claim. The request must be addressed to the Committee
at the Company's then principal place of business. Within a reasonable period of time, but not later than 90 days after receipt of a claim for benefits, the Committee or its delegate shall
notify the Claimant of
any adverse benefit determination on the claim, unless special circumstances require an extension of time for processing the claim. In no event may the extension period exceed 90 days from the
end of the initial 90-day period. If an extension is necessary, the Committee or its delegate shall provide the Claimant with a written notice to this effect prior to the expiration of the
initial 90-day period. The notice shall describe the special circumstances requiring the extension and the date by which the Committee or its delegate expects to render a determination on
the claim. 

        (b)    Claim Decision.    In the case of an adverse benefit determination, the Committee or its delegate shall provide
to the Claimant written or electronic notification setting forth in a manner calculated to be understood by the Claimant: (i) the specific reason or reasons for the adverse benefit
determination, (ii) reference to the specific Plan provisions on which the adverse benefit determination is based, (iii) a description of any additional material or information necessary
for the Claimant to perfect the claim and an explanation of why the material or information is necessary, and (iv) a description of the Plan's claim review procedures and the time limits
applicable to such procedures, including a statement of the Claimant's right to bring a civil action under Section 502(a) of ERISA following an adverse final benefit determination on review. 

        (c)    Request for Review.    Within 60 days after receipt by the Claimant of notification of the adverse
benefit determination, the Claimant or his duly authorized representative, upon written application to the Committee, may request that the Committee fully and fairly review the adverse benefit
determination. On review of an adverse benefit determination, upon request and free of charge, the Claimant shall have reasonable access to, and copies of, all documents, records and 

11

 

other
information relevant to the Claimant's claim for benefits. The Claimant shall have the opportunity to submit written comments, documents, records, and other information relating to the claim for
benefits. The Committee's (or delegate's) review shall take into account all comments, documents, records, and other information submitted regardless of whether the information was previously
considered in the initial adverse benefit determination. 

        (d)    Review of Decision.    Within a reasonable period of time, but not later than 60 days after receipt of
such request for review, the Committee or its delegate shall notify the Claimant of any final benefit determination on the claim, unless special circumstances require an extension of time for
processing the claim. In no event may the extension period exceed 60 days from the end of the initial 60-day period. If an extension is necessary, the Committee or its delegate
shall provide the Claimant with a written notice to this effect prior to the expiration of the initial 60-day period. The notice shall describe the special circumstances requiring the
extension and the date by which the Committee or its delegate expects to render a final determination on the request for review. In the case of an adverse final benefit determination, the Committee or
its delegate shall provide to the Claimant written or electronic notification setting forth in a manner calculated to be understood by the Claimant: (i) the specific reason or reasons for the
adverse final benefit determination; (ii) reference to the specific Plan provisions on which the adverse final benefit determination is based; (iii) a statement that the Claimant is
entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to
the Claimant's claim for benefits; and (iv) a statement of the Claimant's right to bring a civil action under Section 502(a) of ERISA following an adverse final benefit determination on
review. 

        IN
WITNESS WHEREOF, the Company has caused this document to be executed by its duly authorized officers on this            day
of                        , 2004. 

	 	 	THE MACERICH COMPANY
	

 	
 	

By	

    

	

 	
 	

By	

    

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QuickLinks

Exhibit 10.5.1

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