Document:

Exhibit 10.2

 

SEPARATION

 

AGREEMENT AND MUTUAL RELEASE OF CLAIMS

 

THIS SEPARATION AGREEMENT AND MUTUAL RELEASE OF CLAIMS (“Agreement”) is made as of May 31, 2011 by Tracey Gotsis (“Employee” or “You”) concerning your resignation from and release of claims against The Macerich Company (“Company”) or any of its affiliated organizations.

 

1.                                      Recitals.

 

a.             Company and Employee have reached an amicable and mutual resolution of issues regarding Employee’s employment which resolution includes your resignation from all employment with the Company, effective as of May 31, 2011 (the “Separation Date”), in exchange for the consideration described below from Company.

 

b.             You acknowledge that by this Agreement you will be agreeing to a mutual general release of all claims arising from and in any way related to your employment with Company through the date of this Agreement.

 

In consideration of the covenants, representations, warranties and releases made in this Agreement, and for good and sufficient consideration, as detailed below.

 

2A.                             Employment Relationship with the Company.

 

Effective at the close of business on the Separation Date, you are resigning from all employment with the Company.  In addition to receiving your base salary and associated benefits through the Separation Date, you will be paid for any accrued but unused vacation and personal days.  On the Separation Date, you will receive your final regular paycheck.  In regard to Profit Sharing/401(k) Plans and Deferred Compensation Plan, your continuing eligibility will terminate effective on the Separation Date.  Stephanie Cocoran is the contact for additional information regarding disposition of your balances under these Plans.

 

Your current medical and dental coverage will remain active through the Separation Date.  As you are currently enrolled in the Company’s medical and dental plans, you will have the right to convert to COBRA with the coverage you currently are enrolled in.  If you choose to elect COBRA conversion, the Company will pay for the first 36 months of coverage.  The first date of coverage under COBRA would be June 1, 2011.  COBRA notification (which will detail your rights, response deadlines, cost, and payment procedures) will be mailed to you from our third party administrator.  Please keep in mind that if you want coverage beyond the Separation Date, you must initiate the enrollment process.  Luisa Sheldon is the contact for COBRA information.

 

 

2B.                          Consulting Agreement.

 

Effective at the close of business on the Separation Date, you and Macerich Management Company will enter into a consulting arrangement which will run for the period of time from June 1, 2011 through May 31, 2013 pursuant to the terms and conditions set forth in the form of Consulting Agreement attached hereto as Exhibit A.

 

2C.                          Vesting of Restricted Stock Units and Exercise Period of SARs.

 

Even though you are resigning from employment, the 18,621 shares of service-based restricted stock units granted to you in March, 2009 and 2,481 shares of service-based restricted stock units granted to you in March 2011 will continue to vest on the scheduled dates set forth in such grants, and the 43,205 (after adjustment) SARs granted to you in March 2008 which have already vested will continue to have their original 10 year term for exercise, all as though you were continuing to be employed by the Company through such vesting and exercise dates and even in the case of your death, disability or changes to the current Macerich 2003 Comp Equity Incentive Plan.

 

2D.                          Consideration.

 

All payments are subject to normal payroll withholdings applicable to such sums.  The consideration set forth in this Agreement is in lieu of any and all payments and/or other consideration of any kind which at any time has been the subject of any prior discussions, representations, inducements or promises, oral or written, direct or indirect, contingent or otherwise including, without limitation, future wage and benefit claims. If at any point during the period during which the consideration set forth in this Agreement is being provided, Company receives or otherwise discovers credible evidence that you are in material breach of any provision of this Agreement, the Company’s obligation to continue to allow exercise of the SARs, and vesting of the restricted stock units under Section 2C above shall immediately and forever lapse.

 

3A.                             Mutual Release of All Claims.

 

a.             Company and Employee make this Agreement on behalf of themselves and their respective predecessors, successors, ancestors, descendants, spouse, dependents, executors, heirs, administrators, assigns and anyone else claiming by, through or under each of them.

 

b.             In exchange for the consideration provided herein to all parties to this Agreement, each party hereby agrees to fully release, waive and forever discharge the other including all of Company’s related, affiliated and client entities (including corporations, limited liability companies, partnerships and joint ventures) and with respect to each of the Company and its related, affiliated and client entities:

 

i)                                         their members, parents, subsidiaries, affiliates, predecessors, successors and associates, participants, present and former, and each of them, and

 

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ii)                                      their directors, shareholders, partners, officers, agents, owners, attorneys, servants, employees, trustees, plan administrators, fiduciaries, representatives and assigns, past and present, and each of them,

 

all of which together and collectively are hereinafter referred to as (“Company Releasees”).

 

c.             This full release and discharge is effective with respect to all claims, promises, causes of action or similar rights of any type, known or unknown, which either party ever had, now have or may hereafter claim to have had, against the other.

 

d.             Without limiting the generality of the description in subparagraph 3c above, the claims herein released include, but are not limited to, claims based upon:

 

i)                                         violations of Title VII of the Civil Rights Act of 1964;

 

ii)                                      Federal and state statutory or decisional law, including the state wage and hour law, and state Fair Employment and Housing law pertaining to employment discrimination, wrongful discharge or breach of public policy (excepting therefrom, however, claims for statutory indemnity for employment actions taken in good faith in the course and scope of your duties;

 

iii)                                   and all state, federal and local laws as well as common law for breach of contract, wrongful termination, employment discrimination, negligent or intentional infliction of emotional distress, defamation, fraud, concealment, false promise, negligent misrepresentation, intentional interference with contractual relations, breach of the covenant of good faith and fair dealing, and misrepresentation;

 

iv)                                  All non-qualified employee benefits plans, promises or agreements, and any and all severance plans, promises, arrangements and representations, but expressly excluding, however, any claims based upon Employee’s participation either in the Company’s 401k and non-qualified Deferred Compensation plans or in any ERISA plan, including but not limited to long term disability coverage provided by the Company;

 

and

 

v)                                     the Age Discrimination in Employment Act.

 

e.                                       Notwithstanding anything to the contrary above, the Release of claims above in this Paragraph 3 is not intended to and does not apply to Employee’s pending applications for long term disability benefits and/or to any claims which cannot be released as a

 

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matter of law including claims arising from events which occur after the execution of the Agreement, unemployment claims, state or federal disability claims, or workers’ compensation claims, all of which survive the Release.

 

f.             Employee retains the right to petition the National Labor Relations Board, the Equal Employment Opportunity Commission and the local state fair employment or equal employment opportunity enforcement agency regarding any conduct which Employee believes, in good faith, to warrant review by such agency, provided, however, Employee acknowledges and agrees that any claims for personal relief in connection with such a charge or investigation (such as reinstatement or money damages) would be and are hereby barred.  In addition, this Release does not prevent Employee from filing any lawsuit authorized by the Age Discrimination in Employment Act challenging the validity of this Release and this Release does not apply to any other rights Employee cannot lawfully release under applicable law.

 

g.             The parties mutually agree that no action, suit or proceeding has been brought or complaint filed or initiated by the other party or any executor, heir, administrator or assign in any court, or with any governmental body or commission with respect to any matter or course of action based upon any facts that might have occurred prior to the date of this Agreement whether known now or discovered hereafter, nor have either party assigned or transferred any claim being released hereby or purported to do so.

 

3B.                             Covenants by Employee.

 

a.                                      Employee shall through and following the date of this Agreement:

 

i)                                         Refrain from disparaging, criticizing or denigrating any Company Releasees;

 

ii)                                      Refrain from engaging in or assisting in any litigation against Company relating to anything referring to or occurring prior to the date of this Agreement unless court ordered to do so; and

 

b.                                     Employee agrees through and following the date of this Agreement:

To refrain from ever disclosing or using any Company Proprietary or Confidential Information, either directly or indirectly, without the express, written consent of Company.  For purposes of this Agreement, “Confidential Information” consists of any and all trade secrets as defined by the California Uniform Trade Secrets Act (California Civil Code§3426, et. seq. and any Arizona law equivalent) and Proprietary Information includes, without limitation, any information concerning any procedures, operations, techniques, data, compilations of information, member lists, pay practices, records, costs, employees, purchasing, sales, salaries, and all other information which is related to any service or business of Company, other than information which is generally known in the industry in which Company’s business is conducted or acquired from public sources all of which Proprietary Information is the exclusive and valuable property of Company.

 

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3C.                             Covenants by Company.

 

a.              Company shall through and following the date of this Agreement, cause its executive officers to refrain from disparaging, criticizing or denigrating Employee.

 

b.              Refrain from engaging in or assisting in any litigation against Employee relating to anything referring to or occurring prior to the date of this Agreement unless court ordered to do so.

 

4A.                             Waiver of § 1542 Rights by Employee.

 

You expressly waive all rights and relinquish all benefits afforded under Arizona law which are comparable to Section 1542 of the Civil Code of the State of California, which reads as follows:

 

“A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.”

 

You acknowledge that you may have claims which are covered by the terms of this Agreement which you have not yet discovered.  You acknowledge that you do intend to release any and all such unknown or unsuspected claims arising out of your employment by Company and understand the significance of your waiver of Section 1542.

 

4B.                             Waiver of § 1542 Rights by Company.

 

Company expressly waives all rights and relinquishes all benefits afforded under Section 1542 of the Civil Code of the State of California, which reads as follows:

 

“A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.”

 

Company acknowledges that it may have claims which are covered by the terms of this Agreement which it has not yet discovered.  Company acknowledges that it does intend to release any and all such unknown or unsuspected claims arising out of your employment by Company and understands the significance of its waiver of Section 1542.

 

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5.                                      Mutual No Admission of Liability.

 

Company and Employee agree that this Agreement and the consideration set forth herein are not an admission by Company Releasees or Employee of any wrongdoing or liability.  Company Releasees and Employee specifically deny any liability or wrongful acts against the other.  Company and Employee agree that this Agreement and the covenants made herein are not an admission by Company or Employee of any wrongdoing or liability.  The parties have entered into this Agreement in order to settle all disputes and differences between them, without admitting liability or wrongdoing by any party.

 

6.                                      SEC Requirements.

 

The Company may be required to file a copy of this Agreement with the SEC.

 

7.                                      Binding Effect.

 

This Agreement shall be binding upon the parties and upon their respective heirs, administrators, representatives, executors, successors and assigns, and shall inure to the benefit of each party and to their heirs, administrators, representatives, executors, successors and assigns.

 

8.                                      Severability.

 

Should any provision of this Agreement be declared or determined by any court or by an arbitrator to be illegal or invalid, the validity of the remaining parts, terms and provisions shall not be affected thereby and the illegal or invalid part, term or provision shall not be deemed to be a part of this Agreement.

 

9.                                      Entire Agreement.

 

Company and Employee acknowledge that this Agreement constitutes the entire and exclusive Agreement between Company and Employee with respect to the subject matter hereof and that no other promise, inducement or agreement has been made to either party in connection with the subject matter hereof.  Company and Employee further acknowledge that this Agreement is not subject to modifications of any kind, except for modifications in writing which are signed by both parties.

 

10.                               Governing Law.

 

The parties agree that this Agreement shall be construed and enforced pursuant to the laws of the State of Arizona.

 

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11.                               Attorney’s Fees.

 

Each party shall bear its own costs and attorney’s fees in this matter.

 

12.                               Dispute Resolution.

 

If a dispute or claim shall arise with respect to (i) any of the terms or provisions of this Agreement, or the performance of any party hereunder, or (ii) matters relating to this Agreement, then the aggrieved party may, by notice as herein provided and given no later than the expiration of the statute of limitation that Arizona state law prescribes for such a claim, require that the dispute be submitted under the National Rules for Resolution of Employment Disputes of the American Arbitration Association then if effect.  The written decision of the arbitrator shall be binding and conclusive on the parties.  Judgment may be entered in any court having jurisdiction and the parties consent to the jurisdiction of the Superior Court of Maricopa County, Arizona for this purpose.  Any arbitration undertaken pursuant to the terms of this Agreement shall occur in Maricopa County, Arizona unless the parties mutually agree in writing to some other venue.  Each party will bear its own attorney’s fees associated with the arbitration.

 

13.                               Voluntary Agreement.

 

Company and Employee hereby acknowledge that each has read this Agreement and fully know, understand and appreciate the contents and effects thereof, and that each executes this Agreement voluntarily and of their own free will and accord.

 

14.                               Acknowledgement of Waiver of Claims Under ADEA.

 

a.                                      Employee acknowledges that by executing this Agreement she is waiving and releasing any rights Employee may have under the Age Discrimination in Employment Act of 1967 (“ADEA”) and that her waiver and release of such rights is knowing and voluntary.  Employee further acknowledges that the consideration given for the ADEA waiver and release under this Agreement is in addition to anything of value to which she was already entitled.

 

b.                                      Employee also acknowledges that she has been advised by this writing that:

 

(i)                                     She should have, and she has consulted with an attorney prior to executing this Agreement.

(ii)                                  She has up to twenty-one (21) days within which to consider this ADEA waiver and release;

(iii)                               She has seven (7) days following her execution of this Agreement to revoke this ADEA waiver and release;

(iv)                              The ADEA waiver and release shall not be effective until the revocation period has expired; and

 

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(v)                                 The twenty-one (21) day period set forth above shall run from the date Employee receives this Agreement.  Employee and the Company agree that any modifications made to this Agreement prior to its execution shall not restart, or otherwise affect, this twenty-one day consideration period.

 

c.                                       Employee further agrees and acknowledges that in the event she revokes her ADEA waiver and release in accordance with this Section 16, Employee’s general release of claims set forth in Section 3A above shall no longer include any release or waiver of claims under the ADEA but shall otherwise remain in full force and effect as to all non-ADEA claims released and/or waived therein.  In the event that Employee revokes her ADEA waiver and release in accordance with this Section 16, Employee further agrees and acknowledges that she shall not be entitled to the consideration set forth in Sections 2C and 2D above.

 

	
 
    	
Very truly yours,
    
	
 
    	
 
    
	
 
    	
The Macerich Company,
    
	
 
    	
A Maryland corporation
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Richard A. Bayer
    
	
 
    	
 
    	
Richard A. Bayer
    
	
 
    	
 
    	
Sr. EVP & Chief Legal Officer
    

 

 

I HEREBY AGREE TO THE TERMS AND CONDITIONS OF THE FOREGOING RELEASE OF CLAIMS.

 

 

	
Date: June 7, 2011
    	
/s/ Tracey Gotsis
    
	
 
    	
Tracey Gotsis
    

 

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EXHIBIT A

 

FORM OF CONSULTING AGREEMENT

 

CONSULTING AGREEMENT

 

This Consulting Agreement (“Consulting Agreement”) is entered into as of June 1, 2011 by and between Tracey Gotsis, an individual (“Consultant”), and Macerich Management Company, a California corporation (the “Company”).  Consultant and the Company agree as follows:

 

I.                                        Engagement

 

The Company hereby engages Consultant and Consultant hereby accepts such engagement, upon the terms and conditions hereinafter set forth, for the Consulting Term.  The “Consulting Term” is the period of time commencing on June 1, 2011 (the “Effective Date”) and ending on the first to occur of:  (1) May 31, 2013; (2) Consultant’s written notice to the Company that she elects to terminate the Consulting Term for any reason; or (3) the date that Consultant materially breaches one of her obligations or agreements under this Consulting Agreement or under the Separation Agreement and Release of Claims between The Macerich Company and Consultant dated as of May 31, 2011.

 

A.                                    Performance

 

Consultant shall perform consulting services as requested by the Company with reasonable notice as to matters with which Consultant is familiar or about which Consultant has acquired knowledge, expertise, or experience.

 

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B.                                    Competent Service

 

Consultant agrees to honestly and faithfully conduct herself at all times during the performance of consulting services for the Company.  Consultant agrees to perform her services in a diligent and competent manner.

 

II.            Compensation

 

In consideration for the services to be provided by Consultant, the Company will pay Consultant a Consulting Fee of Ten Thousand Dollars ($10,000) each month (the “Consulting Fee”).  The Consulting Fee shall be prorated for the first and last month of the Consulting Term, based upon actual days during the Consulting Term as a percentage of the actual days in such calendar months. The Consulting Fee for a particular month shall be paid not later than fifteen days following that month.  The Company shall also pay or reimburse any expenses reasonably incurred by Consultant in performing the services.

 

III.          Termination

 

Upon termination or expiration of the Consulting Term pursuant to Section I, this Agreement shall terminate without further obligations to or by the Consultant under this Agreement, other than for payment of Consultant’s Consulting Fee through the month in which the Consulting Term ends (to the extent not theretofore paid).

 

IV.          Relationship

 

A.                                    Independent Contractor

 

Consultant shall operate at all times under this Consulting Agreement as an independent contractor of the Company.

 

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B.                                    Agency

 

This Consulting Agreement does not authorize Consultant to act as an agent of the Company or any of its affiliates or to make commitments on behalf of the Company or any of its affiliates.  Consultant and the Company intend that an independent contractor relationship be created by this Consulting Agreement, and nothing herein shall be construed as creating an employer/employee relationship, partnership, joint venture, or other business group or concerted action.  Consultant shall at no time hold herself out as an agent of the Company or any of its affiliates for any purpose, including reporting to any governmental authority or agency, and shall have no authority to bind the Company or any of its affiliates to any obligation whatsoever.

 

C.                                    Taxes

 

Consultant and the Company agree that Consultant is not an employee for state or federal tax purposes.  Consultant shall be solely responsible for any taxes due as a result of the payment of any consulting fee or other compensation pursuant to this Consulting Agreement.  Consultant will defend and indemnify the Company and each of its affiliates from and against any tax arising out of Consultant’s failure to pay such taxes with respect to any such payments.  If the Company reasonably determines that applicable law requires that taxes should be withheld from any payments or other compensation and benefits pursuant to this Consulting Agreement, the Company reserves the right to withhold, as legally required, and to notify Consultant accordingly.

 

D.                                    Workers’ Compensation and Unemployment Insurance

 

Consultant is not entitled to workers’ compensation benefits or unemployment compensation benefits provided by the Company.  Consultant shall be solely responsible for the payment of her workers’ compensation, unemployment compensation, and other such payments.  The Company will not pay for workers’ compensation for Consultant.  The Company will not 

 

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contribute to a state unemployment fund for Consultant.  The Company will not pay the federal unemployment tax for Consultant.

 

E.                                    Benefits

 

Consultant shall not be entitled to participate in any vacation, medical, retirement, or other health and welfare or fringe benefit plan of the Company by virtue of this Consulting Agreement, and Consultant shall not make claim of entitlement any such employee plan, program or benefit on the basis of this Consulting Agreement.  Nothing in this Consulting Agreement is intended, however, to supersede or otherwise affect Consultant’s rights to continued medical, dental or group health or life insurance coverage following her termination of employment with the Company pursuant to COBRA.

 

V.                                    Non-Disparagement

 

Consultant agrees that she will not at any time during the Consulting Term, (1) directly or indirectly, make or ratify any statement, public or private, oral or written, to any person that denigrates or disparages, either professionally or personally, the Company, any of its subsidiaries or affiliates, or any of their respective directors, officers, or employees, successors or products, past and present, or (2) make any statement or engage in any conduct that has the purpose (or which a reasonable person reasonably should have known would likely have the effect) of disrupting the business of the Company or any of its subsidiaries or affiliates.

 

VI.                               Miscellaneous

 

A.                                    Successors

 

This Consulting Agreement is personal to each of Consultant and the Company and shall not, without the prior written consent of the other, be assignable by either of them.  Notwithstanding the above, this Consulting Agreement shall remain a continuing obligation of Company and shall be binding and enforceable against Company’s successors and assigns.

 

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B.                                    Waiver and Modification

 

No waiver of any breach of any term or provision of this Consulting Agreement shall be construed to be, nor shall be, a waiver of any other breach of this Consulting Agreement.  No waiver shall be binding unless in writing and signed by the party waiving the breach.  This Consulting Agreement may not be amended or modified other than by a written agreement executed by Consultant and an authorized officer of the Company.

 

C.                                    Complete Agreement

 

This Consulting Agreement constitutes and contains the entire agreement and final understanding concerning Consultant’s consulting relationship with the Company and its affiliates, and the other subject matters addressed herein between the parties, and it supersedes and replaces all prior negotiations and all agreements proposed or otherwise, whether written or oral, concerning the subject matters hereof provided, however, that Consultant’s confidentiality, proprietary information, trade secret and similar obligations under any existing agreement with the Company shall continue.

 

D.                                    Severability

 

If any provision of this Consulting Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of the Consulting Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Consulting Agreement are declared to be severable.

 

E.                                    Choice of Law

 

This Consulting Agreement shall be deemed to have been executed and delivered within the State of Arizona, and the rights and obligations of the parties hereunder shall be construed and enforced in accordance with, and governed by, the laws of the State of Arizona without regard to principles of conflict of laws.

 

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F.                                     Advice of Counsel

 

In entering this Consulting Agreement, the parties represent that they have relied upon the advice of their attorneys, who are attorneys of their own choice, and that the terms of this Consulting Agreement have been completely read and explained to them by their attorneys, and that those terms are fully understood and voluntarily accepted by them.  Each party has cooperated in the drafting and preparation of this Consulting Agreement.  Hence, in any construction to be made of this Consulting Agreement, the same shall not be construed against any party on the basis that the party was the drafter.

 

G.                                   Attorney Fees

 

In the event that any parties hereto institute legal action, arbitration or otherwise to enforce any of the terms and conditions or provisions contained here, or for any breach hereof, the prevailing party in such action shall be entitled to costs, expenses and actual attorneys’ fees in addition to any other award of damages.

 

H.                                   Counterparts

 

This Consulting Agreement may be executed in counterparts, and each counterpart, when executed, shall have the efficacy of a signed original.  Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.

 

I.                                        Headings

 

The section headings contained in this Consulting Agreement are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Consulting Agreement.

 

I have read the foregoing Consulting Agreement and I accept and agree to the provisions it contains and hereby execute it voluntarily with full understanding of its consequences.

 

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EXECUTED this 7th   day of June, 2011.
    	
 
    
	
 
    	
 
    
	
 
    	
CONSULTANT
    
	
 
    	
 
    
	
 
    	
/s/ Tracey Gotsis
    
	
 
    	
Tracey Gotsis
    
	
 
    	
 
    
	
 
    	
 
    
	
EXECUTED this 7th   day of June, 2011.
    	
 
    
	
 
    	
 
    
	
 
    	
THE COMPANY
    
	
 
    	
 
    
	
 
    	
THE MACERICH COMPANY,
    
	
 
    	
A MARYLAND CORPORATION
    
	
 
    	
 
    
	
 
    	
/s/ Richard A. Bayer
    
	
 
    	
Richard A. Bayer
    

 

15Exhibit 10.21.1

 

FIRST AMENDMENT TO CREDIT AGREEMENT

 

This FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is dated as of December 8, 2011 and is entered into by and among THE MACERICH PARTNERSHIP, L.P., a limited partnership organized under the laws of the state of Delaware (the “Borrower”), THE GUARANTORS SIGNATORY HERETO, THE LENDERS SIGNATORY HERETO, and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, as administrative agent for the Lenders (in such capacity, the “Administrative Agent”), and is made with reference to that certain $1,500,000,000 Revolving Loan Facility Credit Agreement dated as of May 2, 2011 (the “Original Credit Agreement”, and the Original Credit Agreement as Modified by this Amendment and the Joinder as further provided below, the “Credit Agreement”) by and among the Borrower, the Guarantors party thereto, the Lenders party thereto, the Administrative Agent and the other agents named therein.  Capitalized terms used herein without definition shall have the same meanings herein as set forth in the Original Credit Agreement after giving effect to this Amendment and the Joinder (as defined below).

 

WHEREAS, the Borrower has notified the Administrative Agent that it intends to borrow $125,000,000 of New Term Loans (such New Term Loans being referred to as the “Series A Term Loans” and  such increase (but, for the avoidance of doubt, not including any other increases requested by the Borrower pursuant to Article 3), the “Initial Incremental Term Facility”) pursuant to that certain Joinder Agreement dated as of the date hereof among the Borrower, the Guarantors party thereto, the Administrative Agent and the New Term Loan Lenders signatory thereto (together with all attachments thereto, the “Joinder”);

 

WHEREAS, Borrower has requested that the Joint Lead Arrangers and the Administrative Agent waive their rights to syndicate the Initial Incremental Term Facility, and the Borrower desires to appoint Wells Fargo Securities, LLC as the sole arranger and syndication agent with respect to the Initial Incremental Term Facility;

 

WHEREAS, in connection with the proposed Joinder, the Borrower Parties have requested that the Required Lenders (as defined in the Original Credit Agreement) agree to, among other things, (i) amend the definition of “Required Lenders” set forth in Annex I to the Credit Agreement and (ii) amend Article 9 of the Credit Agreement to provide for pro rata sharing of proceeds of Collateral amongst the existing revolving Lenders and the New Term Loan Lenders based on the total amount of outstanding revolving Loans and outstanding New Term Loans, in each case, as provided for herein; and

 

WHEREAS, subject to certain conditions set forth below, the Required Lenders (as defined in the Original Credit Agreement) are willing to agree to such amendments relating to the Original Credit Agreement.

 

NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:

 

 

SECTION I.     AMENDMENTS AND WAIVERS WITH RESPECT TO ORIGINAL CREDIT AGREEMENT

 

A.     Annex I to the Original Credit Agreement is hereby amended by:

 

(a)      amending and restating the definition of “Applicable Percentage” set forth therein to read as follows:

 

““Applicable Percentage” shall mean, with respect to any Lender, the percentage obtained by dividing (x) the sum of the Revolving Commitment (or, after termination of the Revolving Commitments, Revolving Credit Exposure) and Term Loan Credit Exposure of such Lender, by (y) the aggregate Revolving Commitments (or, after termination of the Revolving Commitments, Revolving Credit Exposures) and Term Loan Credit Exposures of all Lenders.”

 

(b)     amending and restating the definition of “Loan Documents” set forth therein to read as follows:

 

““Loan Documents” shall mean the Credit Agreement, the First Amendment Joinder Agreement, each other Joinder Agreement, if any, the Notes and each of the following (but only to the extent evidencing, guaranteeing, supporting or securing the obligations under the foregoing instruments and agreements), the REIT Guaranty, each of the Subsidiary Guaranty, any Guaranty executed by any other Guarantor, the Pledge Agreements, and each other instrument, certificate or agreement executed by the Borrower, MAC or the other Borrower Parties in connection herewith, as any of the same may be Modified from time to time.”

 

(c)     amending and restating the definition of “Obligations” set forth therein to read as follows:

 

““Obligations” shall mean any and all debts, obligations and liabilities of the Borrower or the other Borrower Parties to the Administrative Agent, the Swing Line Lender, the Issuing Lender, the other Agents or any of the Lenders (whether now existing or hereafter arising, voluntary or involuntary, whether or not jointly owed with others, direct or indirect, absolute or contingent, liquidated or unliquidated, and whether or not from time to time decreased or extinguished and later increased, created or incurred), arising out of or related to the Loan Documents.”

 

(d)     amending and restating the definition of “Required Lenders” set forth therein to read as follows:

 

““Required Lenders” means, at any time, Lenders having Credit Exposures and Unused Commitments representing an amount not less than 50% of the sum of the total Credit Exposures and Unused Commitments at such time; provided that, solely for purposes of waiver of any and all conditions to the funding of Revolving Loans set forth in Section 5.2, “Required Lenders” shall 

 

 

mean, at any time, Lenders having Revolving Credit Exposures and Unused Commitments representing an amount not less than 50% of the sum of the total Revolving Credit Exposures and Unused Commitments at such time.  The Credit Exposure and Unused Commitments of any Defaulting Lender shall be disregarded in determining Required Lenders at any time.”

 

(e)     amending and restating the definition of “Revolving Credit Exposure” set forth therein to read as follows:

 

““Revolving Credit Exposure” shall mean, with respect to any Revolving Lender at any time, (i) the aggregate outstanding principal amount of such Revolving Lender’s Revolving Loans and LC Exposure, at such time and (ii) in the case of Swing Line Lender, the aggregate outstanding principal amount of all Swing Line Loans (net of any participations therein by other Revolving Lenders).”

 

(f)     inserting the following new defined terms in proper alphabetical order thereto:

 

““Applicable Revolving Percentage” shall mean, with respect to any Revolving Lender, (i) prior to the termination of the Revolving Commitments in accordance with the Credit Agreement, the percentage obtained by dividing (x) the Revolving Commitment of that Revolving Lender by (y) the aggregate Revolving Commitments of all Revolving Lenders and (ii) after the termination of Revolving Commitments in accordance with the Credit Agreement, the percentage obtained by dividing (x) the Revolving Credit Exposure of that Revolving Lender by (y) the aggregate Revolving Credit Exposures of all Revolving Lenders.”

 

““Applicable Term Percentage” shall mean, with respect to any Term Lender of a Series, the percentage obtained by dividing (x) the Term Loan Credit Exposure of that Term Lender with respect to such Series by (y) the aggregate Term Loan Credit Exposure of all Term Lenders with respect to such Series.”

 

““Credit Exposure” shall mean, with respect to any Lender at any time, the sum of such Lender’s Revolving Credit Exposure plus such Lender’s Term Loan Credit Exposure.”

 

““First Amendment Joinder Agreement” shall mean that certain Joinder Agreement dated as of December 8, 2011 among the Borrower Parties, the Administrative Agent and the New Term Loan Lenders signatory thereto (including all attachments to such Joinder Agreement).”

 

““Term Loan Credit Exposure” shall mean, with respect to any Term Lender at any time, the aggregate outstanding principal amount of such Term Lender’s portion of the Term Loans including all outstanding Series of Term Loans or, of a given Series of Term Loans, as applicable, at such time.  For the avoidance of doubt, unless otherwise specified in the applicable Loan Document, “Term Loan Credit Exposure” shall include all outstanding Series of Term Loans.”

 

 

B.     Section 2.2 of the Original Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“2.2        Pro Rata Treatment.  Except to the extent otherwise provided herein:  (i) each Revolving Borrowing shall be made from the Revolving Lenders, each payment of the Unused Line Fee under Section 2.11 shall be made for account of the Revolving Lenders, and each termination or reduction of the amount of the Revolving Commitments under Section 1.7 shall be applied to the respective Revolving Commitments of the Revolving Lenders, pro rata according to the amounts of their respective Revolving Commitments; (ii) each Revolving Borrowing shall be allocated pro rata among the Revolving Lenders according to the amounts of their respective Revolving Commitments (in the case of the making of Revolving Loans) or their respective Revolving Loans (in the case of conversions and continuations of Loans); (iii) each payment or prepayment of principal of Revolving Loans by the Borrower shall be made for account of the Revolving Lenders pro rata in accordance with the respective unpaid principal amounts of the Revolving Loans held by them; (iv) each payment of interest on Revolving Loans by the Borrower shall be made for account of the Revolving Lenders pro rata in accordance with the amounts of interest on such Revolving Loans then due and payable to the respective Revolving Lenders; (v) each Term Loan Borrowing of a Series shall be made from the applicable Term Lenders, pro rata according to the amounts of their respective Term Loan Commitments for such Series; (vi) each Term Loan Borrowing of a Series shall be allocated pro rata among the applicable Term Lenders according to the amounts of their respective Term Loan Commitments for such Series (in the case of the making of the Term Loans of such Series) or their respective portions of the Term Loans of such Series (in the case of conversions and continuations of the Term Loans of such Series); (vii) each payment or prepayment of principal of the Term Loans of a Series by the Borrower shall be made for account of the applicable Term Lenders pro rata in accordance with the respective unpaid principal amounts of the Term Loans of such Series held by them; and (viii) each payment of interest on the Term Loans of a Series by the Borrower shall be made for account of the applicable Term Lenders pro rata in accordance with the amounts of interest on the Term Loans of such Series then due and payable to the respective Term Lenders.  For the avoidance of doubt, (x) the obligations to repay the New Term Loans and pay and perform the other obligations of Borrower or any other Borrower Party under the Loan Documents (including, without limitation, any Joinder Agreement, any Notes evidencing the New Term Loans and any other documents and instruments executed in connection with any of the foregoing) constitute Obligations under this Agreement that are pari passu with the other Obligations in accordance with the respective Credit Exposures of the Lenders, (y) all of the Obligations of Borrower are guarantied by the Guarantors under Loan Documents pari passu in accordance with the respective Credit Exposures of the Lenders, and (z) all of the Obligations are secured by all Collateral (and all other collateral for the Obligations) pari passu in accordance with the respective Credit Exposures of the Lenders.”

 

 

C.     Section 2.14 of the Original Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“2.14.          Application of Insufficient Payments.  If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest, fees and prepayment premiums then due under this Agreement and the other Loan Documents, such funds shall be applied (i) first, to pay interest, fees and prepayment premiums then due under this Agreement and the other Loan Documents, ratably among the parties entitled thereto in accordance with the amounts of interest,  fees and prepayment premiums then due to such parties, and (ii) second, to pay principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then due to such parties.”

 

D.     Article 3 of the Original Credit Agreement is hereby amended by inserting the phrase “(or such shorter or longer period as the Administrative Agent may agree in its sole discretion)” in clause (A) of the second sentence of Section 3.1 thereof after the text “which shall be a date not less than 10 Business Days, nor more than 30 Business Days after the date on which such notice is delivered to the Administrative Agent” appearing therein.

 

E.     Article 9 and other provisions of the Original Credit Agreement are hereby amended by including the Series A Term Loans and any subsequent Term Loans made pursuant to a Joinder Agreement in accordance with Article 3 of the Original Credit Agreement within the definition of Loans, Obligations and Commitments (the consequence of which is to provide, among other things, that a failure to pay any principal or interest on the Series A Term Loans or any subsequent Term Loans made pursuant to a Joinder Agreement in accordance with Article 3 of the Original Credit Agreement shall constitute an Event of Default and that all rights and remedies under Article 9 of the Original Credit Agreement shall apply to the Series A Term Loans and any other Term Loan made pursuant to a Joinder Agreement in accordance with Article 3 of the Original Credit Agreement, in each case, in the same manner as such rights and remedies apply to the revolving Loans made under the Original Credit Agreement).

 

F.     Article 9 of the Original Credit Agreement is hereby further amended by (i) inserting the phrase “and fees” in clause fifth thereof after the words “unpaid interest” appearing therein, (ii) deleting the phrase “until such interest has been paid in full” appearing in clause fifth thereof and inserting the phrase “until such interest and fees have been paid in full” in lieu thereof, (iii) replacing each occurrence of the words “Revolving Credit Exposure” set forth in clauses fifth and sixth thereof with the words “Credit Exposure,” (iv) deleting the “and” at the end of clause fifth thereof, (v) deleting “.” at the end of clause sixth thereof and inserting “; and” in lieu thereof and (vi) inserting the following new clause (7) immediately following clause (6):

 

“(7)         seventh, to the extent proceeds remain after the application pursuant to the preceding clauses (1) through (6) inclusive, to the Term Lenders of any applicable Series of Term Loans in payment of prepayment premiums owing under this Agreement or any Joinder Agreement pro rata in accordance 

 

 

with their respective Term Loan Credit Exposures with respect to such Series of Term Loans, until such prepayment premiums have been paid in full.”

 

G.     The Joint Lead Arrangers and the Administrative Agent hereby elect to waive their rights to syndicate the Initial Incremental Term Facility; provided however, the Joint Lead Arrangers and the Administrative Agent do not waive or in any way agree to compromise, restrict, or Modify: (i) any other rights provided to them under Article 3 of the Credit Agreement with respect to the Initial Incremental Term Facility; (ii) any rights whatsoever with the respect to any subsequent New Revolving Loan Commitments or New Term Loan Commitments (other than those relating to the Initial Incremental Term Facility) pursuant to the Credit Agreement (including Article 3 thereof) from and after the date hereof; and (iii) any other rights, benefits, remedies, or powers under the Loan Documents.

 

SECTION II.     CONDITIONS TO EFFECTIVENESS

 

This Amendment shall become effective as of the date hereof only upon the satisfaction of all of the following conditions precedent (the date of satisfaction of such conditions being referred to herein as the “First Amendment Effective Date”):

 

A.     Execution of Amendment. Administrative Agent shall have received (i) a counterpart signature page of this Amendment duly executed by each of the Borrower Parties and (ii) a counterpart signature page of this Amendment duly executed by the Required Lenders (as defined in the Original Credit Agreement), the Administrative Agent and the Joint Lead Arrangers.

 

B.     Execution of Joinder.  Administrative Agent shall have received a copy of the Joinder that has been duly executed by the Borrower, the Administrative Agent and each of the New Term Loan Lenders providing New Term Loan Commitments thereunder, and each of the conditions set forth in Section 6 of the Joinder have been satisfied.

 

C.     Satisfaction of Conditions to Initial Incremental Facility Increase.  Each of the conditions set forth in Section 3.3 of the Credit Agreement have been satisfied with respect to the Initial Incremental Facility Increase.

 

D.     Fees.  The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the First Amendment Effective Date, including, to the extent invoiced, reimbursement or other payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder or any other Loan Document.

 

E.     Necessary Consents. Each Borrower Party shall have obtained all consents and approvals necessary to implement the transactions contemplated by this Amendment.

 

SECTION III.     REPRESENTATIONS, WARRANTIES, AND COVENANTS

 

In order to induce Administrative Agent and the Lenders to enter into this Amendment and to amend the Original Credit Agreement in the manner provided herein, each Borrower Party hereby represents, warrants and agrees as follows:

 

 

A.     Each Borrower Party represents and warrants that it has all requisite power and authority to enter into this Amendment and the Joinder and the documents and instruments executed in connection therewith and to carry out the transactions contemplated by, and perform its obligations under, the Credit Agreement as Modified by this Amendment and the Joinder and the documents and instruments executed in connection therewith, and under the other Loan Documents and has been duly authorized to do so.

 

B.     Each Borrower Party represents and warrants that this Amendment and the Joinder and the documents and instruments executed in connection therewith have been duly executed and delivered by each of the Borrower Parties and constitutes a legal, valid and binding obligation of such Borrower Party, enforceable against such Borrower Party in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization or other similar laws affecting creditors’ rights generally and except as enforceability may be limited by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

C.     Each Borrower Party represents and warrants that no event has occurred and is continuing or will result from the consummation of the transactions contemplated by this Amendment or the Joinder and the documents and instruments executed in connection therewith that would constitute an Event of Default or a Potential Default.

 

D.     Each Borrower Party acknowledges and agrees that, as of the date hereof, it does not have any offsets, defenses, claims, counterclaims, setoffs, or other basis for reduction with respect to any of the Obligations.

 

E.     Each Borrower Party represents and warrants that each of the representations and warranties contained in the Credit Agreement and the other Loan Documents are true and correct in all material respects (after taking into account non-material updates to disclosure schedules or exceptions provided to Administrative Agent in connection with such representations and warranties which have been approved by the Administrative Agent in its good faith judgment in accordance with Section 5.2(1) of the Credit Agreement or in connection with this Amendment and the Joinder) on and as of the date hereof to the same extent as though made on and as of the date hereof, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties were true and correct in all material respects on and as of such earlier date.

 

SECTION IV.     ACKNOWLEDGMENT AND CONSENT

 

In order to induce Administrative Agent and Lenders to enter into this Amendment, each Guarantor hereby:

 

A.     acknowledges that it has reviewed the terms and provisions of the Credit Agreement, including this Amendment and the Joinder, and consents to all the terms and conditions set forth in this Amendment and the Joinder to the Modification and waiver of the Original Credit Agreement as provided herein and therein. Each Guarantor hereby confirms that each Loan Document to which it is a party or otherwise bound and all Collateral encumbered thereby will continue to guarantee or secure, as the case may be, to the fullest extent possible in 

 

 

accordance with the Loan Documents the payment and performance of all “Obligations” under each of the Loan Documents to which is a party;

 

B.     acknowledges and agrees that any of the Loan Documents to which it is a party or otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this Amendment or the Joinder; and

 

C.     acknowledges and agrees that (x) notwithstanding the conditions to effectiveness set forth in this Amendment or the Joinder, such Guarantor is not required by the terms of the Credit Agreement or any other Loan Document to consent to the Modifications to or waivers of the Original Credit Agreement effected pursuant to this Amendment and (y) nothing in the Credit Agreement, including this Amendment and the Joinder, or any other Loan Document shall be deemed to require the consent of such Guarantor to any future Modifications or waivers with respect to the Credit Agreement.

 

SECTION V.     MISCELLANEOUS

 

A.     Reference to and Effect on the Credit Agreement and the Other Loan Documents.

 

(i)     On and after the First Amendment Effective Date, each reference in the Original Credit Agreement to “this Agreement”, the “Credit Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Original Credit Agreement, and each reference in the other Loan Documents to the “Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Original Credit Agreement shall mean and be a reference to the Credit Agreement (including any Modifications prior to the date hereof and Modifications effected through this Amendment and the Joinder and the documents and instruments executed in connection therewith).

 

(ii)     The Credit Agreement and other Loan Documents are amended by this Agreement, the Joinder Agreement and the documents and instruments executed in connection thererewith.  Except as specifically amended by this Amendment and the Joinder and the documents and instruments executed in connection therewith, the Credit Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed.

 

(iii)     The execution, delivery and performance of this Amendment shall not constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of any Agent or Lender under, the Credit Agreement or any of the other Loan Documents.

 

(iv)     This Amendment constitutes a Loan Document.

 

B.     Headings.  Section and Subsection headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose or be given any substantive effect.

 

 

C.     Applicable Law.  The choice of law and venue provisions stated in the Original Credit Agreement are incorporated herein by this reference, and this Amendment shall be construed and enforced in accordance therewith.

 

D.     Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document.

 

E.     Beneficiaries.  This Amendment is made and entered into solely for the benefit of the Lenders and the other parties hereto, and no other Person shall be a direct or indirect legal beneficiary of, or have any direct or indirect cause of action or claim in connection with, this Amendment.

 

[Remainder of this page intentionally left blank.]

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective officers thereunto duly authorized as of the date first written above.

 

	
BORROWER:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
THE   MACERICH PARTNERSHIP, L.P.,
    
	
 
    	
a   Delaware limited partnership
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
The   Macerich Company,
    
	
 
    	
 
    	
a   Maryland corporation,
    
	
 
    	
 
    	
its   general partner
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Richard A. Bayer
    
	
 
    	
Name:
    	
Richard   A. Bayer
    
	
 
    	
Title:
    	
Senior   Executive Vice President, Chief Legal Officer & Secretary
    

 

[Signature Page to First Amendment - Macerich]

 

 

GUARANTORS:

 

	
 
    	
THE   MACERICH COMPANY,
    
	
 
    	
a   Maryland corporation
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Richard A. Bayer
    
	
 
    	
Name:
    	
Richard   A. Bayer
    
	
 
    	
Title:
    	
Senior   Executive Vice President, Chief Legal Officer & Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
MACERICH   TWC II CORP.,
    
	
 
    	
a   Delaware corporation
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Richard A. Bayer
    
	
 
    	
Name:
    	
Richard   A. Bayer
    
	
 
    	
Title:
    	
Senior   Executive Vice President, Chief Legal Officer & Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
MACERICH   TWC II LLC,
    
	
 
    	
a   Delaware limited liability company
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Richard A. Bayer
    
	
 
    	
Name:
    	
Richard   A. Bayer
    
	
 
    	
Title:
    	
Senior   Executive Vice President, Chief Legal Officer & Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
MACERICH   WRLP CORP.,
    
	
 
    	
a   Delaware corporation
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Richard A. Bayer
    
	
 
    	
Name:
    	
Richard   A. Bayer
    
	
 
    	
Title:
    	
Senior   Executive Vice President, Chief Legal Officer & Secretary
    

 

[Signature Page to First Amendment - Macerich]

 

 

 

	
 
    	
MACERICH   WRLP LLC,
    
	
 
    	
a   Delaware limited liability company
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Richard A. Bayer
    
	
 
    	
Name:
    	
Richard   A. Bayer
    
	
 
    	
Title:
    	
Senior   Executive Vice President, Chief Legal Officer & Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
MACERICH   WRLP II CORP.,
    
	
 
    	
a   Delaware corporation
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Richard A. Bayer
    
	
 
    	
Name:
    	
Richard   A. Bayer
    
	
 
    	
Title:
    	
Senior   Executive Vice President, Chief Legal Officer & Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
MACERICH   WRLP II L.P.,
    
	
 
    	
a   Delaware limited partnership
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
Macerich   WRLP II Corp.,
    
	
 
    	
 
    	
a   Delaware corporation,
    
	
 
    	
 
    	
its   general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Richard A. Bayer
    
	
 
    	
 
    	
Name:
    	
Richard   A. Bayer
    
	
 
    	
 
    	
Title:
    	
Senior   Executive Vice President, Chief Legal Officer & Secretary
    

 

[Signature Page to First Amendment - Macerich]

 

 

	
 
    	
WALLEYE   LLC,
    
	
 
    	
a   Delaware limited liability company
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Richard A. Bayer
    
	
 
    	
Name:
    	
Richard   A. Bayer
    
	
 
    	
Title:
    	
Senior   Executive Vice President, Chief Legal Officer & Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
WALLEYE   RETAIL INVESTMENTS LLC,
    
	
 
    	
a   Delaware limited liability company
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
Walleye   LLC,
    
	
 
    	
 
    	
 
    	
a   Delaware limited liability company, 
    
	
 
    	
 
    	
 
    	
its   member
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Richard A. Bayer
    
	
 
    	
 
    	
Name:
    	
Richard   A. Bayer
    
	
 
    	
 
    	
Title:
    	
Senior   Executive Vice President, Chief Legal Officer & Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
Macerich   Walleye LLC,
    
	
 
    	
 
    	
 
    	
a   Delaware limited liability company, 
    
	
 
    	
 
    	
 
    	
its   member
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Richard A. Bayer
    
	
 
    	
 
    	
Name:
    	
Richard   A. Bayer
    
	
 
    	
 
    	
Title:
    	
Senior   Executive Vice President, Chief Legal Officer & Secretary
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
MACERICH   WALLEYE LLC,
    
	
 
    	
a   Delaware limited liability company
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Richard A. Bayer
    
	
 
    	
Name:
    	
Richard   A. Bayer
    
	
 
    	
Title:
    	
Senior   Executive Vice President, Chief Legal Officer & Secretary
    
							

 

[Signature Page to First Amendment - Macerich]

 

 

	
 
    	
MACERICH   SANTA MONICA ADJACENT LLC,
    
	
 
    	
a   Delaware limited liability company
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Richard A. Bayer
    
	
 
    	
Name:
    	
Richard   A. Bayer
    
	
 
    	
Title:
    	
Senior   Executive Vice President, Chief Legal Officer & Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
NORTHRIDGE   FASHION CENTER LLC,
    
	
 
    	
a   California limited liability company
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Richard A. Bayer
    
	
 
    	
Name:
    	
Richard   A. Bayer
    
	
 
    	
Title:
    	
Senior   Executive Vice President, Chief Legal Officer & Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
ROTTERDAM   SQUARE, LLC,
    
	
 
    	
a   Delaware limited liability company
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Richard A. Bayer
    
	
 
    	
Name:
    	
Richard   A. Bayer
    
	
 
    	
Title:
    	
Senior   Executive Vice President, Chief Legal Officer & Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
DESERT   SKY MALL LLC,
    
	
 
    	
a   Delaware limited liability company
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Richard A. Bayer
    
	
 
    	
Name:
    	
Richard   A. Bayer
    
	
 
    	
Title:
    	
Senior   Executive Vice President, Chief Legal Officer & Secretary
    

 

[Signature Page to First Amendment - Macerich]

 

 

	
 
    	
MACERICH   PANORAMA SPE LLC,
    
	
 
    	
a   Delaware limited liability company
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Richard A. Bayer
    
	
 
    	
Name:
    	
Richard   A. Bayer
    
	
 
    	
Title:
    	
Senior   Executive Vice President, Chief Legal Officer & Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
MACERICH   HOLDINGS LLC,
    
	
 
    	
a   Delaware limited liability company
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Richard A. Bayer
    
	
 
    	
Name:
    	
Richard   A. Bayer
    
	
 
    	
Title:
    	
Senior   Executive Vice President, Chief Legal Officer & Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
MACERICH   CARMEL LIMITED PARTNERSHIP,
    
	
 
    	
a   California limited partnership
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
Macerich   Carmel GP Corp.,
    
	
 
    	
 
    	
a   Delaware corporation
    
	
 
    	
 
    	
its   general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Richard A. Bayer
    
	
 
    	
 
    	
Name:
    	
Richard   A. Bayer
    
	
 
    	
 
    	
Title:
    	
Senior   Executive Vice President, Chief Legal Officer & Secretary
    
					

 

[Signature Page to First Amendment - Macerich]

 

 

	
 
    	
MACERICH   SCG LIMITED PARTNERSHIP,
    	
 

	
 
    	
a   California limited partnership
    	
 

	
 
    	
 
    	
 
    
	
 
    	
By:
    	
Macerich   SCG GP LLC,
    
	
 
    	
 
    	
a   Delaware limited liability company
    
	
 
    	
 
    	
its   general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Richard A. Bayer
    
	
 
    	
 
    	
Name:
    	
Richard   A. Bayer
    
	
 
    	
 
    	
Title:
    	
Senior   Executive Vice President,
    
	
 
    	
 
    	
 
    	
Chief   Legal Officer & Secretary
    
					

 

[Signature Page to First Amendment - Macerich]

 

 

	
 
    	
MACERICH   SANTA MONICA LLC,
    
	
 
    	
a   Delaware limited liability company
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
Macerich   Santa Monica Place Corp.,
    
	
 
    	
 
    	
a   Delaware corporation
    
	
 
    	
 
    	
its   manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Richard A. Bayer
    
	
 
    	
 
    	
Name:
    	
Richard   A. Bayer
    
	
 
    	
 
    	
Title:
    	
Senior   Executive Vice President,
    
	
 
    	
 
    	
 
    	
Secretary   and Chief Legal Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
MACERICH   BRISTOL ASSOCIATES
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
The   Macerich Company,
    
	
 
    	
 
    	
a   Maryland corporation
    
	
 
    	
 
    	
its   general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Richard A. Bayer
    
	
 
    	
 
    	
Name:
    	
Richard   A. Bayer
    
	
 
    	
 
    	
Title:
    	
Senior   Executive Vice President,
    
	
 
    	
 
    	
 
    	
Secretary   and Chief Legal Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
The   Macerich Partnership, L.P.,
    
	
 
    	
 
    	
a   Delaware limited partnership
    
	
 
    	
 
    	
its   general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
The   Macerich Company,
    
	
 
    	
 
    	
 
    	
a   Maryland Corporation
    
	
 
    	
 
    	
 
    	
its   general partner
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
By:
    	
/s/   Richard A. Bayer
    
	
 
    	
 
    	
 
    	
Name:
    	
Richard   A. Bayer
    
	
 
    	
 
    	
 
    	
Title:
    	
Senior   Executive Vice President,
    
	
 
    	
 
    	
 
    	
 
    	
Secretary   and Chief Legal Officer
    
							

 

[Signature Page to First Amendment - Macerich]

 

 

	
 
    	
DEUTSCHE   BANK TRUST COMPANY AMERICAS, as Administrative Agent and as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   James Rolison
    
	
 
    	
Name:
    	
James   Rolison
    
	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   George R. Reynolds
    
	
 
    	
Name:
    	
George   R. Reynolds
    
	
 
    	
Title:
    	
Director
    

 

[Signature Page to First Amendment - Macerich]

 

 

	
 
    	
DEUTSCHE   BANK SECURITIES, INC.,
    
	
 
    	
as   Joint Lead Arranger
    
	
 
    	
 
    	
 
    
	
          
    	
By:
    	
/s/   James Rolison
    
	
 
    	
Name:
    	
James   Rolison
    
	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    	
 
    
	
         
    	
By:
    	
/s/   George R. Reynolds
    
	
 
    	
Name:
    	
George   R. Reynolds
    
	
 
    	
Title:
    	
Director
    

 

[Signature Page to First Amendment - Macerich]

 

 

	
 
    	
J.P.   MORGAN SECURITIES, LLC,
    
	
 
    	
as   Joint Lead Arranger
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Ben Middleberg
    
	
 
    	
Name:
    	
Ben   Middleberg
    
	
 
    	
Title:
    	
Vice   President
    

 

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BARCLAYS   BANK PLC, as a   Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Diane Rolfe
    
	
 
    	
Name:
    	
Diane   Rolfe
    
	
 
    	
Title:
    	
Director
    

 

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CITIBANK,   N.A., as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   John Rowland
    
	
 
    	
Name:
    	
John   Rowland
    
	
 
    	
Title:
    	
Vice   President
    

 

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J.P.   Morgan Chase Bank, N.A., as   a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Marc E. Costantino
    
	
 
    	
Name:   
    	
Marc   E. Costantino
    
	
 
    	
Title:
    	
Executive   Director
    

 

[Signature Page to First Amendment - Macerich]

 

 

	
 
    	
Goldman   Sachs Bank USA, as a   Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Lauren Day
    
	
 
    	
Name:
    	
Lauren   Day
    
	
 
    	
Title:
    	
Authorized   Signatory
    

 

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PNC   BANK NATIONAL ASSOCIATION, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Darin Mortimer
    
	
 
    	
Name:   
    	
Darin   Mortimer
    
	
 
    	
Title:
    	
Vice   President
    

 

[Signature Page to First Amendment - Macerich]

 

 

	
 
    	
ROYAL   BANK OF CANADA, as a   Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   G. David Cole
    
	
 
    	
Name:
    	
G.   David Cole
    
	
 
    	
Title:
    	
Authorized   Signatory
    

 

[Signature Page to First Amendment - Macerich]

 

 

	
 
    	
The   Royal Bank of Scotland plc, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Brett Thompson
    
	
 
    	
Name:   
    	
Brett   Thompson
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

[Signature Page to First Amendment - Macerich]

 

 

	
 
    	
UNION   BANK, N.A., as a   Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Ben Blakey
    
	
 
    	
Name:
    	
Ben   Blakey
    
	
 
    	
Title:
    	
AVP
    

 

[Signature Page to First Amendment - Macerich]

 

 

	
 
    	
U.S.   Bank National Association, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Adrian Metter
    
	
 
    	
Name:   
    	
Adrian   Metter
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

[Signature Page to First Amendment - Macerich]

 

 

	
 
    	
Wells   Fargo Bank, National Association, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Mark Loewen
    
	
 
    	
Name:   
    	
Mark   Loewen
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

[Signature Page to First Amendment - Macerich]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}]]