Document:

Exhibit 10.4

 

THE MACERICH COMPANY

 

NON-QUALIFIED STOCK OPTION GRANT

(Annual Grant)*

 

 

THIS GRANT dated as of December 31, 20    , by
The Macerich Company, a Maryland corporation (the “Corporation”), to
                     
(the “Director”).

 

W I T N E S S E T H

 

WHEREAS, the Corporation has adopted The Macerich Company 2003 Equity
Incentive Plan (the “Plan”).

 

NOW, THEREFORE, in consideration of the services rendered and to be
rendered by the Director, the Corporation hereby grants an option (the “Option”) to the Director pursuant to and
subject to the Plan and upon the terms and conditions evidenced hereby, which
Option is not intended as and shall not be deemed to be an incentive stock
option within the meaning of Section 422 of the Code.

 

1.                                       Option
Grant.  This Agreement evidences the
grant to the Director, as of December 31, 20    , (the
“Option
Date”), of an Option to purchase an aggregate of 5,000 shares of Common Stock, par value
$0.01 per share, subject to the terms and conditions of and to adjustments
provided in or pursuant to the Plan.

 

2.                                       Exercise
Price.  The Option entitles the
Director to purchase all of any part of the Option shares, to the extent then
exercisable, at a price per share of $              ,
which represents the Fair Market Value of the shares on the Option Date.

 

3.                                       Option
Exercisability and Term.

 

(a)                                  Except as earlier
permitted by or pursuant to the Plan or by the Compensation Committee, the
Option shall not become exercisable and no shares may be purchased by exercise
of the Option until the expiration of six months after the Option Date.  The exercisability of the Option requires
continued service through the date the Option becomes exercisable as a
condition to the vesting of the rights and benefits under this Agreement.  Partial service, even if substantial, prior
to the date the Option becomes exercisable will not entitle the Director to any
proportionate vesting or avoid or mitigate a termination of rights and benefits
upon or following a termination of service as provided in Section 8.5 of
the Plan, except as otherwise expressly provided in the Plan.

 

*Note:  If this is an initial grant under
Section 8.2(a) of the Plan, make the following changes to this form
consistent with Section 8.2(a): 
change the December 31 option date to the date of grant, make the
corresponding change to the termination date, change the number of shares of
Common Stock to 2,500.

 

 

(b)                                 The Option shall
terminate on the earlier of December 31,
201 , or the earlier termination date under the terms of the
Plan, including but not limited to Section 8.5, 8.6 or 6.2.

 

4.                                       Service.  The Director agrees to serve as a director
in accordance with the provisions of the Corporation’s Articles of
Incorporation, bylaws and applicable law.

 

5.                                       General
Terms.  The Option and this Grant
are subject to, and the Corporation and the Director agree to be bound by, the
provisions of the Plan that apply to the Option (including but not limited to
Sections 1.8, 6.2, 6.4 and Article 8 of the Plan), and such provisions are
incorporated herein by this reference. 
If there is any conflict or inconsistency between the terms and
conditions of this Agreement and of the Plan, the terms and conditions of the
Plan shall govern.  The Director
acknowledges receiving a copy of the Plan and reading its applicable
provisions.  Capitalized terms not
otherwise defined herein shall have the meaning assigned to such terms in the
Plan.

 

 

IN WITNESS WHEREOF, the Corporation has executed this Agreement as of
the date first above written.

 

 

	
   

  	
   

  	
  THE MACERICH COMPANY
a Maryland corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Richard A. Bayer

  
	
   

  	
   

  	
   

  	
  Executive Vice President, General

  
	
   

  	
   

  	
   

  	
  Counsel & Secretary

  
						

 

2Exhibit 10.5

 

AMENDMENT
2003-1

TO

THE MACERICH COMPANY

EMPLOYEE STOCK PURCHASE PLAN

 

 

WHEREAS, The Macerich Company (the “Company”)
maintains The Macerich Company Employee Stock Purchase Plan (the “ESPP”);

 

WHEREAS, Section 19(d) of the ESPP provides that the
Board of Directors of the Company may amend the Plan.

 

NOW, THEREFORE, the ESPP is hereby amended, effective
on October 29, 2003 as follows:

 

1.                                       The
last sentence of Section 7(a) is hereby amended to read as follows:

 

“A Participant’s Account shall be reduced by any
amounts used to pay the Exercise Price of
shares acquired, by any other amounts distributed pursuant to Sections 7(e) or
11 or by any amounts used to satisfy withholding obligations pursuant to
Section 25.”

 

2.                                       Section 9
is hereby amended in its entirety to read as follows:

 

“Unless a Participant withdraws pursuant to
Section 7(e) or the Participant’s Plan participation is terminated as
provided in Section 11, his or her Option for the purchase of shares shall
be exercised automatically on the Exercise Date for that Offering Period,
without any further action on the Participant’s part, and the maximum number of
shares (which may include fractional shares) of Common Stock subject to such
Option (subject to the limits of Section 8(c)) shall be purchased at the
Exercise Price with the balance of such Participant’s Account.”

 

3.                                       The
second sentence of Section 16 is hereby amended to read as follows:

 

“Each Participant’s statement shall set forth, as of
such Exercise Date, that Participant’s Account balance immediately prior to the
exercise of his or her Option, the Exercise Price and the number of shares
purchased.”

 

4.                                       The
second sentence of the first paragraph of Section 25 is hereby amended to
read as follows:

 

“In such event, the maximum number of shares subject
to such Option (subject to the other limits set forth in this Plan) shall be
purchased at the Exercise Price with the balance of the Participant’s Account
(after reduction for the tax withholding amount).”

 

 

5.                                       Section 24
is hereby amended by adding a new subsection (e) to read as follows:

 

“(e)                            Electronic and Telephonic Media.  Notwithstanding any provisions contained
herein to the contrary requiring the submission of forms and elections in the
form of a writing signed by the Participant in order to be effective, the
Committee (or its delegate) may require or permit Participant (or Beneficiary,
as the context may require) elections and/or consents under this Plan to be
made by means of such electronic or telephonic media as the Committee may
prescribe.  A Participant’s
participation election, request to withdraw from participation or other form of
election permitted by electronic or telephonic media under this Plan by the
Committee (or its delegate) shall be deemed to constitute the submission of a
writing signed by the Participant for purposes of this Plan only if timely
processed.  Reasonable efforts will be
used to process electronic or telephonic media consents and elections made
under this Plan.  Notwithstanding the
preceding sentence or anything else in this Plan to the contrary, neither the
Company, the Committee (or its delegate), nor any other person guarantees that
any consent or election will be so processed. 
However, the Committee (or its delegate) may accept consents and elections
that are not timely processed and retroactively implement such consents or
elections in the event that and to the extent that the failure of timely
processing was due to system error or other event not reasonably within the
control of the Participant, as the Committee (or its delegate) determines in
its sole discretion.  The Committee (or
its delegate) may adopt new or alternative rules for electronic or telephonic
media consents and elections as it deems appropriate in its sole and complete
discretion (including, without limitation, eliminating any electronic or
telephonic media system and re-implementing a requirement of written forms in
all cases).  In order to be effective,
each consent and/or election must be made in accordance with such other rules
as the Committee may prescribe.  The
provisions of this Section 24(e) shall not affect the requirement that
Beneficiary designations be in writing in accordance with Section 13.”

 

IN WITNESS WHEREOF, The Macerich Company has caused
this Amendment to be executed on
                              ,
2003.

 

	
   

  	
   

  	
  THE MACERICH COMPANY

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
						

 

2Exhibit 10.6

 

AMENDMENT
NUMBER 1

TO

THE MACERICH COMPANY

ELIGIBLE DIRECTORS’

DEFERRED COMPENSATION/PHANTOM STOCK PLAN

(As Amended and Restated Effective as of June 30, 2000)

 

 

WHEREAS, The Macerich Company (the
“Company”) has established The Macerich Company Eligible Directors’ Deferred
Compensation/Phantom Stock Plan (the “Plan”) to attract, motivate and retain
experienced and knowledgeable directors of the Company by permitting them to
defer compensation and affording them the opportunity to link that compensation
to an equity interest in the Company; and

 

WHEREAS, it is desirable to amend the Plan
to allow a new director to elect to participate upon first becoming an eligible
director of the Company.

 

NOW THEREFORE, the Plan is hereby amended
as set forth below, effective as of January 1, 2003.

 

ARTICLE II

 

DEFINITIONS

 

1.                                       Section 2.3
is amended in its entirety to read as follows:

 

“2.3                         Award
Date  with reference to elections under Section 4.2 shall mean the
January 1 that next follows the date of an Eligible Director’s election
made pursuant to Section 4.2. 
Award Date with reference to elections under Section 4.1(a) shall
mean August 3, 1994, with reference to elections under Section 4.1(b)
shall mean February 1, 1995, and with reference to elections under
Section 4.1(c) shall mean the date next following the date that the
Eligible Director files his or her election under Section 4.1(c).”

 

ARTICLE IV

 

DEFERRAL ELECTIONS

 

2.                                       Section 4.1
is amended by adding a new subsection (c) to read as follows:

 

“(c)                            Initial
Election for New Directors.  On
or before the 30th day after first becoming an Eligible Director, a
new Eligible Director may make an irrevocable election to defer all or a
portion (in 10% increments) of his or her Compensation and/or Special Meeting

 

 

Fees payable for services to be rendered by the
Eligible Director after the date such election is filed with the Committee and
during the remainder of the calendar year during which the Eligible Director
first becomes an Eligible Director and/or during the next one or two calendar
years in (a) cash, in accordance with Section 5.1, or (b) Stock Units, in
accordance with Section 5.2.  Such
election shall be in writing on a form provided by the Company and approved by
the Committee and must be filed no later than the 30th day following
the date that the Eligible Director first becomes an Eligible Director.”

 

ARTICLE V

 

DEFERRAL ACCOUNTS

 

3.                                       Section 5.2(a)
is amended by changing the second sentence thereof to read as follows:

 

“The present value shall be computed assuming the
Compensation deferred would have been paid on the first day of the calendar
year to which it relates (or, in the case of Compensation deferred under an
election under Section 4.1(c) for the remainder of the calendar year in
which the Eligible Director first becomes an Eligible Director,  on the Award Date) at the prevailing rate of
Compensation at the time of the election made in accordance with
Article IV, discounted to present value using the Discount Rate.”

 

IN WITNESS WHEREOF, the Company has caused
its duly authorized officers to execute this amendment this
                  day
of                 ,
2003.

 

	
   

  	
   

  	
  THE MACERICH COMPANY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
   

  	
   

  

 

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