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Exhibit 10.2    
    

 
 

FORM OF EMPLOYEE STOCK APPRECIATION RIGHT AGREEMENT    
    

THE MACERICH COMPANY

EMPLOYEE STOCK APPRECIATION RIGHT AGREEMENT

2003 EQUITY INCENTIVE PLAN  

	

Grantee:	
 	

	
 	

 
	

Award Date:	
 	

	
 	

 
	

Base Price per Share1:	
 	

	
 	

 
	

Number of Shares1:	
 	

	
 	

 
	

Expiration Date2:	
 	

	
 	

 
	

Vesting Schedule1,2:	
 	

100% of the shares on March 15, 2011	
 	

 

	1
	Subject
to adjustment under Section 6.2 of the Plan.

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

        THIS AGREEMENT is among THE MACERICH COMPANY, a Maryland corporation (the "Corporation"),  THE MACERICH PARTNERSHIP, L.P., a Delaware limited partnership (the "Operating Partnership"), and is granted pursuant to and subject to The
Macerich Company 2003 Equity Incentive Plan, as amended (the "Plan"). Capitalized terms used herein and not otherwise defined herein shall have the meaning assigned by the Plan. 

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

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

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

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

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

 

        2.    Exercise and Payment of Stock Appreciation Right.    

        (a)    Exercise Procedures.    To the extent vested and exercisable, the Stock Appreciation
Right may be exercised by the delivery to the Corporation of a written exercise notice stating the number of shares to be exercised pursuant to the Stock Appreciation Right accompanied by payment or
provision for any applicable employment or other taxes or withholding for taxes thereon. Subject to Section 6.4 of the Plan, the Stock Appreciation Right shall be deemed to be exercised upon
receipt and approval by the Corporation of such written exercise notice accompanied by any payment or provision for payment so required. 

        (b)    Payment Procedures.    Upon exercise of a Stock Appreciation Right, the Grantee shall
be entitled to receive payment of an amount determined by multiplying: 

          (i)  the
difference obtained by subtracting the Base Price set forth above from the Fair Market Value of a share of Common Stock on the date of exercise of the Stock
Appreciation Right, by 

         (ii)  the
number of shares with respect to which the Stock Appreciation Right shall have been exercised. 

        Payment
shall be made by the Corporation of the amount determined above solely in shares of Common Stock (valued at their Fair Market Value on the date of exercise of the Stock
Appreciation Right). 

        3.    Continuance of Employment Required.    Except as otherwise provided in Section 5,
the vesting schedule requires continued service through each applicable vesting date as a condition to the vesting of the applicable installment and rights and benefits under this Agreement. Partial
service, even if substantial, during any vesting period will not entitle the Grantee to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a
termination of employment or service as provided in Section 4 or 7 below or under the Plan. 

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

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

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

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

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

2

 

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

        [Subject
to Section 18,] If the Grantee upon or not later than 12 months following a Change in Control Event has a Qualified Termination (as defined
in Section 6.2(c) of the Plan) or terminates his or her employment for Good Reason, then any portion of the Stock Appreciation Right that has not previously vested shall thereupon vest, subject
to the provisions of Sections 6.2(a), 6.2(e), 6.4 and 6.5 of the Plan and Sections 6, 7 and 9 of this Agreement. As used in this Agreement, the term "Good Reason" means a termination of
employment by the Grantee for any one or more of the following reasons, to the extent not remedied by the Company within a reasonable period of time after receipt by the Company of written notice from
the Grantee specifying in reasonable detail such occurrence, without the Grantee's written consent thereto: (1) an adverse and significant change in the Grantee's position, duties,
responsibilities or status with the Company; (2) a change in the Grantee's principal office location to a location farther away from the Grantee's home which is more than 30 miles from the
Grantee's principal office; (3) the taking of any action by the Company to eliminate benefit plans without providing substitutes therefor, to materially reduce benefits thereunder or to
substantially diminish the aggregate value of the incentive awards or other fringe benefits; provided that if neither a surviving entity nor its parent following a Change in Control Event is a
publicly-held company, the failure to provide stock-based benefits shall not be deemed Good Reason if benefits of comparable value using recognized valuation methodology are substituted
therefor; and provided further that a reduction or elimination in the aggregate of not more than 10% in aggregate benefits in connection with across the board reductions or modifications affecting
persons similarly situated of comparable rank in the Company or a combined organization shall not constitute Good Reason; (4) any reduction in the Grantee's Base Salary; or (5) any
material breach by the Company of any written employment or management continuity agreement with the Grantee. For purposes of the definition of "Good Reason," the term "Base Salary" means the annual
base rate of compensation payable as salary to the Grantee by the Company as of the Grantee's date of termination, before deductions or voluntary deferrals authorized by the Grantee or required by law
to be withheld from the Grantee by the Company, and salary excludes all other extra pay such as overtime, pensions, severance payments, bonuses, stock incentives, living or other allowances, and other
benefits and perquisites. 

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

        7.    Possible Early Termination of Award.    As permitted by Section 6.2(b) of the
Plan, and without limiting the authority of the Committee under other provisions of Section 6.2 of the Plan or Section 5 of this Agreement, the Committee retains the right to terminate
the Stock Appreciation Right, to the extent it has not vested, upon a dissolution of the Corporation or a reorganization event or transaction in which the Corporation does not survive (or does not
survive as a public company in respect of its outstanding common stock). This Section 7 is not intended to prevent future vesting (including provision for future
vesting) if the Stock Appreciation Right (or a substituted award) remains outstanding following a Change in Control Event. 

        8.    Change in Subsidiary's Status; Leaves of Absence.    If the Grantee is employed only by
an entity that ceases to be a subsidiary, this event is deemed for purposes of this Agreement to be a termination of the Grantee's employment by the Company other than a termination for Cause, Total
Disability, 

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Retirement
or death of the Grantee. Absence from work caused by military service, authorized sick leave or other leave approved in writing by the Company or the Committee shall not be considered a
termination of employment by the Company for purposes of Section 4 only if reemployment upon the expiration of such leave is required by contract or law, or such leave is for a period of not
more than 90 days. 

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

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

        (b)    Reduction in Benefits.    If the Grantee would be entitled to benefits, payments or
coverage hereunder and under any other plan, program or agreement which would constitute "parachute payments," then notwithstanding any other provision hereof [(except as otherwise
provided in Section 18 hereof)] or of any other existing agreement to the contrary, the Grantee may by written notice to the Secretary of the Corporation designate the order in
which such "parachute payments" shall be reduced or modified so that the Company is not denied federal income tax deductions for any "parachute payments" because of Section 280G of the Code. 

        (c)    Determination of Limitations.    The term "parachute payments" shall have the meaning
set forth in and be determined in accordance with Section 280G of the Code and regulations issued thereunder. All determinations required by this Section 9, including without limitation
the determination of whether any benefit, payment or coverage would constitute a parachute payment, the calculation of the value of any parachute payment and the determination of the extent to which
any parachute payment would be nondeductible for federal income tax purposes because of Section 280G of the Code, shall be made by an independent accounting firm (other than the Corporation's
outside auditing firm) having nationally recognized expertise in such matters selected by the Committee. Any such determination by such accounting firm shall be binding on the Corporation, its
Subsidiaries and the Grantee. 

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

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

        12.    No Guarantee of Continued Employment.    Nothing contained in this Agreement or the
Plan constitutes an employment or service commitment by the Company, affects the Grantee's status as an employee at will who is subject to termination without cause, confers upon the Grantee any right
to remain employed by the Company, interferes in any way with the right of the Company at any time to terminate such employment, or affects the right of the Company to increase or decrease the
Grantee's 

4

 

other
compensation or benefits. Nothing in this Section 12, however, is intended to adversely affect any independent contractual right of the Grantee without his or her consent thereto.
Employment for any period of time (including a substantial period of time) after the Award Date will not entitle the Grantee to any proportionate vesting or avoid or mitigate a termination of rights
and benefits upon or following a termination of employment if the express conditions to vesting pursuant to Section 1 or 6 have not been satisfied. 

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

        14.    Notices.    Any notice to be given under the terms of this Agreement shall be in
writing and addressed to the Corporation at its principal office located at 401 Wilshire Boulevard, Suite 700, Santa Monica, California 90401, to the attention of the Corporate Secretary and to
the Grantee at the address given beneath the Grantee's signature hereto, or at such other address as either party may hereafter designate in writing to the other. 

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

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

        17.    Plan.    The Stock Appreciation Right and all rights of the Grantee with respect
thereto are subject to, and the Grantee agrees to be bound by, all of the terms and conditions of the provisions of the Plan, incorporated herein by reference, to the extent such provisions are
applicable to Awards granted to Eligible Persons. The Grantee acknowledges receipt of a copy of the Plan, which is made a part hereof by this reference, and agrees to be bound by the terms thereof.
Unless otherwise expressly provided in other Sections of this Agreement, provisions of the Plan that confer discretionary authority on the Committee do not (and shall not be deemed to) create any
rights in the Grantee unless such rights are expressly set forth herein or are otherwise in the sole discretion of the Committee specifically so conferred by appropriate action of the Committee under
the Plan after the date hereof. 

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

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	THE MACERICH COMPANY,

a Maryland corporation	 	THE MACERICH PARTNERSHIP, L.P.,

a Delaware limited partnership
	

By:	
 	

    
	
 	

By:	
 	

The Macerich Company
	Its:	 	    
	 	 	 	Its General Partner
	

 	
 	

 	
 	

By:	
 	

    

	 	 	 	 	Its:	 	    

	
AGREED AND ACKNOWLEDGED:	
 	

 	
 	

 
	

 (Grantee's Signature)	
 	

 	
 	

 
	

 (City, State, Zip Code)	
 	

 	
 	

 
	

 (Address)	
 	

 	
 	

 

 
 

CONSENT OF SPOUSE    
    

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

	Date:	 	 	 	 
	 	 	
	 	
 Signature of Spouse

6

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Exhibit 10.2

FORM OF EMPLOYEE STOCK APPRECIATION RIGHT AGREEMENT

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Exhibit 10.3    
    

 
 

THE MACERICH COMPANY
  
    LTIP UNITS AWARD AGREEMENT    
    

LTIP
UNITS AWARD AGREEMENT made as of the 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 an employee of the Company or one of its Subsidiaries or affiliates and provides services to the Partnership. 

        B.    Pursuant
to The Macerich Company 2003 Equity Incentive Plan, as amended, which includes any applicable programs thereunder (the "2003
Plan"), the Company has granted to the Grantee with reference to services rendered and to be rendered to the Company, upon the terms and conditions set forth herein, an award
of LTIP Units (this "Award") as described in this Award Agreement (this "Agreement" or
"Award Agreement"). This Award was made 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"). 

        C.    Effective
as of the Effective Date specified in Schedule A hereto, the Committee awarded to the Grantee the number
of LTIP Units set forth in Schedule A. 

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

        1.    Administration.    This Award and this Agreement shall be administered by the Committee pursuant to its powers
and authority 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 this Award and this Agreement, consistent with the terms hereof and of the Stock Plan. The Committee's determinations and interpretations with respect to this Award 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: 

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

        "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 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. 

        "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. 

        "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. 

        "Effective Date"
means                                    ,
            . 

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

        "LTIP Units" means units of limited partnership interest of the Partnership designated as "LTIP Units" in the Partnership Agreement 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. 

        "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 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. 

        "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 Date" means each of the vesting dates set forth in Section 4. 

        "Vesting Schedule" means the vesting schedule set forth in Section 4. 

        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"). Award LTIP Units constitute and shall be treated as the property of the Grantee,
subject to the terms of this Agreement and the Partnership Agreement. Award LTIP Units will be: (A) subject to forfeiture to the extent provided in  Section 5; and (B) subject to vesting
as provided in Sections 4 and  5 hereof. 

        4.    Vesting of Award LTIP Units.    

        (a)    Vesting Schedule.    Except as otherwise provided in  Section 5 hereof, and/or the Stock Plan, the Award LTIP Units
shall become vested in the following amounts,  provided that the Continuous Service of the Grantee continues through and on the relevant Vesting Date. 

	Vesting Date
	 	Number of

Award LTIP Units

Becoming Vested
	 	Cumulative

Percentage Vested

	                        ,        	 	            [(331/3%)]	 	[331/3%]
	                        ,        	 	            [(331/3%)]	 	[662/3%]
	                        ,        	 	            [(331/3%)]	 	[100%]

[Vesting
schedule subject to change by the Committee.] 

        (b)    Continuous Service Requirement.    The Grantee agrees to provide Continuous Service to the Company in
consideration for the conditional rights to the unvested Award LTIP Units. Except as otherwise provided in Section 5 or pursuant to the Stock
Plan, the Vesting Schedule requires Continuous Service through each applicable Vesting Date as a condition to the vesting of the applicable installment and rights and benefits under this Agreement.
Partial service, even if substantial, during any vesting period will not entitle the Grantee to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a
termination of employment or service as provided in Section 5 below or under the Stock Plan. 

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

        (a)    Forfeiture after Certain Events.    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 shall not be interpreted as requiring that
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. 

        (b)    Change of Control, Qualified Termination or Retirement.    In the event of a Change of Control or Qualified
Termination, the unvested Award LTIP Units subject to this Agreement that have not been previously forfeited shall automatically and immediately vest as of the date of the Change of Control or
Qualified Termination (or effective immediately prior to such event to the extent necessary in order to enable the realization of the benefits of such acceleration), subject to the provisions of
Sections 6.4 and 6.5 of the Stock Plan. 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. 

        (c)    Change of Control Benefits.    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 the amount of the Award LTIP Units awarded for
performance for any fiscal year shall be included as part of the Grantee's annual incentive bonus amount, or any other similar term used in the Grantee's Service Agreement, for such fiscal year. For
purposes of Grantee's management continuity agreement with the Company, the Award LTIP Units shall be treated in the same manner as restricted stock awards. 

        (d)    Return of Award LTIP Units.    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. Upon the occurrence of any forfeiture of Award LTIP Units hereunder, such unvested, forfeited LTIP Units shall, without payment of any consideration by the Company for such
transfer, be automatically transferred to the Company, without any other action by the Grantee, or the Grantee's Beneficiary or Personal Representative, as the case may be. The Company may take any
other action necessary or advisable to evidence such transfer. Any such forfeited Award LTIP Units shall automatically and without notice, terminate and be and become null and void, and neither the
Grantee nor any of his Beneficiaries or Personal Representatives will thereafter have any further rights or interests in such forfeited Award LTIP Units. The Grantee, or the Grantee's Beneficiary or
Personal Representative, as the case may be, and the Partnership shall deliver any additional documents of transfer that the Company may request to confirm the transfer of such unvested, forfeited
LTIP Units to the Company. 

        (e)    Section 409A Matters.    Notwithstanding the foregoing, in the event vesting pursuant to this  Section 5 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. 

        (f)    Schedule A Controls.    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 quarterly distribution in which the
Effective Date falls even though the Award LTIP Units will not have been outstanding for the whole quarterly period. All distributions paid with respect to 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. 

        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 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 and the terms of the LTIP Units prior to such event, including, without limitation: (i) adjustments in the Award
LTIP Units 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.    Possible Early Termination of Award LTIP Units.    As permitted by Section 6.2(b) of the Stock Plan, and
without limiting the authority of the Committee under other provisions of Section 6.2 of the Stock Plan
or Section 5 of this Agreement, the Committee retains the right to terminate the Award LTIP Units, to the extent they have not vested, upon a
dissolution of the Company or a reorganization event or transaction in which the Company does not survive (or does not survive as a public company in respect of its outstanding Common Stock). This  Section 10 is not intended to prevent future vesting of any Award LTIP Units if they (or a substituted award) remain outstanding following a
Change of Control. 

        11.    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. 

        (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 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.    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. 

        (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)    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. 

        (l)    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. 

        (m)    No Service Commitment by Company.    Nothing contained in this Agreement or the Stock Plan constitutes an
employment or service commitment by the Company, affects the Grantee's status as an employee at will who is subject to termination without cause, confers upon the Grantee any right to remain employed
by the Company, interferes in any way with the right of the Company at any time to terminate such employment, or affects the right of the Company to increase or decrease the Grantee's other
compensation or benefits. Nothing in this Section, however, is intended to adversely affect any independent contractual right of the Grantee without his consent thereto. Employment for any period of
time (including a substantial period of time) after the Effective Date will not entitle the Grantee to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon or
following a termination of employment as provided in Section 4 or 5 above if the express
conditions to vesting set forth in such Sections have not been satisfied. 

        (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)    Section 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]

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

	 	 	THE MACERICH COMPANY
	

 	
 	

By:	

    
 Name:

Title:
	

 	
 	

THE MACERICH PARTNERSHIP, L.P.
	

 	
 	

By: The Macerich Company, its general partner
	

 	
 	

By:	

    
 Name:

Title:
	

 	
 	

GRANTEE
	

 	
 	

 Name:

 

 
 

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:

Title:
	

 	
 	

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 ("SEC") 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 (except for those Items of the Form 8-K that are not deemed to be "filed" with the SEC or incorporated by reference into
any filing with the SEC); 

        (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    
    

        LTIP Units are subject to time-based vesting with 331/3% of such units vesting on each
successive                                    , beginning
                                    and
ending                                    . [Vesting schedule subject
to change by the Compensation Committee.] The above vesting is conditioned upon the Taxpayer remaining an
employee of The Macerich Company (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 passage of time and continued employment
with the Company or its subsidiaries. 

SCHEDULE A TO LTIP UNITS AWARD AGREEMENT  

        Date
of Award Agreement: 

        Name
of Grantee: 

        Number
of LTIP Units Subject to Grant: 

        Effective
Date: 

Initials
of Company
representative:                                    

Initials
of Grantee:                                    

QuickLinks

Exhibit 10.3

THE MACERICH COMPANY LTIP UNITS AWARD AGREEMENT

RECITALS

EXHIBIT A

GRANTEE'S COVENANTS, REPRESENTATIONS AND WARRANTIES

ELECTION TO INCLUDE IN GROSS INCOME IN YEAR OF TRANSFER OF PROPERTY PURSUANT TO SECTION 83(B) OF THE INTERNAL REVENUE CODE

Vesting Provisions of LTIP Units

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