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Exhibit 10.1    
  

NINTH AMENDMENT TO THE

AMENDED AND RESTATED

LIMITED PARTNERSHIP AGREEMENT OF

THE MACERICH PARTNERSHIP, L.P. 

        THIS
NINTH AMENDMENT (the "Amendment") TO THE AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT DATED AS OF MARCH 16, 1994, AMENDED AS OF
AUGUST 14, 1995, FURTHER AMENDED AS OF JUNE 27, 1997, FURTHER AMENDED AS OF NOVEMBER 16, 1997, FURTHER AMENDED AS OF FEBRUARY 25, 1998, FURTHER AMENDED AS OF FEBRUARY 26, 1998, FURTHER AMENDED AS OF
JUNE 17, 1998, FURTHER AMENDED AS OF DECEMBER 23, 1998, AND FURTHER AMENDED AS OF NOVEMBER 9, 2000 (the "Agreement") OF THE MACERICH PARTNERSHIP, L.P.
(the "Partnership") is dated effective as of July 26, 2002. 

RECITALS  

        WHEREAS, the Partnership has agreed to issue to the Class B limited partners of Westcor Realty Limited
Partnership ("WRLP") listed on Exhibit A to this Amendment 1,961,345 Series D Preferred Units of the Partnership (the "Series D Preferred Units") having the terms and subject to
the conditions set forth in the Master Agreement by and among WRLP, the Partnership, Macerich Galahad LP, The Westcor Company Limited Partnership, The Westcor Company II Limited Partnership, Macerich
TWC II LLC, Macerich TWC II Corp., Macerich WRLP LLC, Macerich WRLP Corp., Eastrich No. 128 Corp. and certain individuals dated as of June 29, 2002 (the "Master Agreement") 

        WHEREAS; the Series D Preferred Units shall have the terms set forth in Exhibit B to this Amendment; 

        WHEREAS, Section 3.3 (a)(i)of the Agreement authorizes the General Partner to cause the Partnership to
issue additional interests in the Partnership in one or more classes, or one or more series of any of such classes, with such designations, preferences and relative, participating, optional or other
special rights, powers and duties, including rights, powers and duties senior to those of the Limited Partners,
all as shall be determined by the General Partner in its sole and absolute discretion and without the approval of any of the Limited Partners; 

        WHEREAS, Section 12.1(b)(iii) of the Agreement provides that the General Partner has the power, without the
consent of the Limited Partners of the Partnership, to amend the Agreement as may be required to facilitate or implement setting forth the designations, rights, powers, duties, and preferences of the
holders of any additional interests in the Partnership issued pursuant to Section 3.3; 

        WHEREAS, the General Partner has made the determination pursuant to  Section 12.1(b)(iii) of the Agreement that consent of the Limited Partners of the Partnership
is not required with respect to the matters set
forth in this Amendment; and 

        WHEREAS, all things necessary to make this Amendment a valid agreement of the Partnership have been done; 

        NOW, THEREFORE, pursuant to the authority granted to the General Partner under the Agreement, the Agreement is hereby amended as follows: 

        1.    Amendments:

        (a)  Section 2.2
of the Agreement is hereby amended by inserting the following new Section 2.2(e) to read as follows: 

        (e)  Series D Preferred Units. In exchange for the contribution of limited partnership interests in WRLP, the
Partnership hereby issues to each new Limited Partner identified on Exhibit A to this Amendment the number of Series D Preferred Units set forth opposite such new Limited Partner's name.
Each new Limited Partner is hereby admitted as a Limited 

 

Partner in respect of such Series D Preferred Units, and each such new Limited Partner agrees to be bound by the provisions of this Agreement, as amended from time to time. Without limitation
of the foregoing, each such new Limited Partner is deemed to have made all of the representations, warranties, acknowledgements, waivers and agreements set forth in Sections 10.6, 11.1 and 13.11 of
the
Agreement. The Capital Contribution made by each such new Limited Partner shall be deemed to be $36.55 per Series D Preferred Unit. Series D Preferred Units shall have the rights, powers
and duties set forth in Exhibit B to the Ninth Amendment to this Agreement. 

        (b)  Section 4.1
of the Agreement is hereby amended to read as follows: 

        4.1    Distribution of Net Cash Flow.    The General Partner shall cause the Partnership to
distribute all or a portion of Net Cash Flow to the Partners from time to time as determined by the General Partner, but in any event not less frequently than quarterly, in such amounts as the General
Partner shall determine. Notwithstanding the foregoing, the General Partner shall use its reasonable efforts to cause the Partnership to distribute sufficient amounts to enable the General Partner to
pay shareholder dividends that will (a) satisfy the requirements for qualifying as a REIT under the Code and Regulations ("REIT Requirements"),
and (b) avoid any federal income or excise tax liability of the General Partner. All amounts withheld pursuant to the Code or a provision of any state or local tax law with respect to any
allocation, payment or distribution to the General Partner or any Limited Partner shall be treated as amounts distributed to such Partner. Upon the receipt by the General Partner of each Exercise
Notice or Series D Exercise Notice pursuant to which one or more Redemption Partners or Series D Redemption Partners exercise Redemption Rights in accordance with the provisions of  Article IX and the Redemption Rights Exhibit or the Series D Redemption Rights Exhibit, the General Partner shall, unless the General
Partner has elected to issue only Shares to such Redemption Partners in respect of the Purchase Price of the Offered Interests or Series D Preferred Shares to such Series D Redemption
Partners in respect of the Series D Purchase Price of the Series D Offered Interests, cause the Partnership to distribute to the Partners, pro
rata in accordance with their respective Percentage Interests as of the date of delivery of such Exercise Notice or Series D Exercise Notice, all (or such lesser portion
as the General Partner shall reasonably determine to be prudent under the circumstances) of Net Cash Flow, which distribution shall be made prior to the closing of the redemption or purchase and sale
of the Offered Interests or Series D Offered Interests specified in such Exercise Notice or Series D Exercise Notice. Subject to any restrictions or limitations imposed by any provisions
of any agreement with respect to indebtedness, including the Credit and Guaranty Agreement and those agreements with respect to the Convertible Subordinated Debentures (the "Debt Instruments") or
Section 17-607 of the Act, distributions shall be made in accordance with the following order of priority: 

        (a)  First,
semi-annual distributions to the General Partner with respect to the Preferred Units in an amount equal to the cumulative and unpaid Preferred Return
on such Preferred Units in such a way as to allow the General Partner to pay interest and any additional amounts on the Convertible Subordinated Debentures payable to the holders thereof; 

        (b)  Second,
to the General Partner, with respect to the Series A Preferred Units and Series B Preferred Units, and to the holders of the Series D
Preferred Units, pro rata, in an amount equal to the cumulative and unpaid Series A Preferred Return on such Series A Preferred Units, the
cumulative and unpaid Series B Preferred Return on such Series B Preferred Units and the cumulative and unpaid Series D Preferred Return on such Series D Preferred Units in
such a way as to allow the General Partner to pay cumulative preferential dividends and any additional amounts required on the Series A Preferred Shares, the Series B Preferred Shares,
the Series D Preferred Units and any outstanding Series D Preferred Shares, respectively, payable to the holders thereof; and 

2

 

        (c)  Next,
to the Partners holding Common Units, pro rata in accordance with such Partners' then Percentage Interests. 

        (c)  Subsections
(a), (b) and (c) of Section 9.1 of the Agreement are hereby amended to read as follows: 

        (a)  The
Partnership does hereby grant to each Redemption Partner and each Redemption Partner does hereby accept the rights ("Redemption Rights"), but without obligation to
the Redemption Partner, to require the Partnership to redeem from time to time part or all of its Partnership Interest for the Purchase Price set forth in the Redemption Rights Exhibit or, in the case
of Series D Preferred Units, for the Series D Purchase Price set forth in the Series D Redemption Rights Exhibit 

        (b)  Notwithstanding
the provisions of Section 9.1(a), the General Partner may, in its sole and absolute discretion,
assume directly the obligation with respect to and satisfy the Redemption Partner's exercise of a Redemption Right by paying to the Redemption Partner, at the General Partner's election, either the
Cash Purchase price or the Share Purchase Price or the Series D Cash Purchase Price or the Series D Share Purchase Price, as applicable; provided, however, that notwithstanding the
foregoing the General Partner may not elect to pay the Share Purchase price or the Series D Share Purchase Price in respect of a Redemption Right to the extent that the issuance of Shares or
Series D Preferred Shares would cause a violation of the REIT Requirements. If the General Partner assumes such obligations with respect to an exercise of a Redemption Right, then the
Partnership shall have no obligation to pay any amount to the Redemption Partner with respect to such Redemption Partner's exercise of the Redemption Right, and any Partnership Units redeemed shall be
owned by the General Partner for all purposes. 

        (c)  Such
Redemption Rights shall be exercisable, in whole or in part, at any time or from time to time, on the terms and subject to the conditions and restrictions contained
in the Redemption Rights Exhibit or the Series D Redemption Rights Exhibit, as applicable, upon delivery to the General Partner of an Exercise Notice in the form of  Schedule 1 attached to the
Redemption Rights Exhibit or a Series D Exercise Notice in the form of Schedule 1 attached to the
Series D Redemption Rights Exhibit, which notice shall specify the portion of the Redemption Partner's Partnership Interest to be redeemed. Once delivered, any such Exercise Notice or
Series D Exercise Notice shall be irrevocable, subject to payment of the applicable Purchase Price or Series D Purchase Price in respect of such Partnership Interest in accordance with
the terms hereof. 

        (d)  Section 10.3
of the Agreement is hereby amended to read as follows: 

        10.3    Timing Requirements; Deemed Liquidation.    In the event that the Partnership is
"liquidated" within the meaning of Section 1.704-1(b)(2)(ii)(g) of the Regulations, any and all distributions to the Partners pursuant to  Section 10.2(c) hereof shall be made no later than the
later to occur of (i) the last day of the taxable year of the Partnership in which
such liquidation occurs or (ii) ninety (90) days after the date of liquidation. Subject to the foregoing, a reasonable time shall be allowed for the orderly winding up of the business
and affairs of the Partnership and the liquidation of its assets in order to minimize any losses otherwise attendant upon such winding up. Notwithstanding any other provision of this  Article X to
the contrary, if the Partnership is liquidated within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g)(3),
but no dissolution event described in subsections (a) through (e) of Section 10.1 has
occurred, the Partnership Assets shall not be liquidated, the Partnership's liabilities shall not be paid or discharged, and the Partnership's affairs shall not be wound up. Instead, the new
partnership deemed to have been created for federal income tax purposes shall be governed by the terms of this Agreement. 

3

 

        (e)  The
definition of the term "Partnership Interest" contained in the Glossary of Defined Terms of the Agreement is hereby amended to read as follows: 

        "Partnership Interest" shall mean an ownership interest of a Partner in the Partnership from time to time, including, as applicable, such
Partner's Preferred Units, Series A Preferred Units, Series B Preferred Units, Series D Preferred Units and Percentage Interest and such Partner's Capital Account, and any and all
other benefits to which the holder of such Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms of this Agreement. 

        (f)    The
definition of the term "Partnership Unit" contained in the Glossary of Defined Terms of the Agreement is hereby amended to read as follows: 

        "Partnership Unit" shall mean a Common Unit, Preferred Unit, Series A Preferred Unit, Series B Preferred Unit or
Series D Preferred Unit and shall constitute a fractional, undivided share of the Partnership Interests corresponding to that particular class of Units. 

        (g)  The
definition of the term "Common Unit" contained in the Glossary of Defined Terms of the Agreement is hereby amended to read as follows: 

        "Common Unit" shall mean Partnership Interests other than Preferred Units, Series A Preferred Units, Series B Preferred
Units and Series D Preferred Units. 

        (h)  The
definition of the term "Project" contained in the Glossary of Defined Terms of the Agreement is hereby amended to read as follows: 

        "Project" shall mean any shopping center or other real estate project or property, including construction and improvement activities
undertaken with respect thereto, land held for investment or development and off-site improvements, on-site improvements, structures, buildings and/or related parking and other
facilities. 

        (i)    The
Glossary of Defined Terms of the Agreement is hereby amended to include the following definitions: 

        "Master Agreement" shall mean the Master Agreement by and among WRLP, the Partnership, Macerich Galahad LP, The Westcor Company Limited
Partnership, The Westcor Company II Limited Partnership, Macerich TWC II LLC, Macerich TWC II Corp., Macerich WRLP LLC, Macerich WRLP Corp., Eastrich No. 128 Corp. and certain individuals dated
as of June 29, 2002. 

        "Series D Cash Purchase Price" is defined in the Series D Redemption Rights Exhibit. 

        "Series D Exercise Notice" is defined in the Series D Redemption Rights Exhibit. 

        "Series D Offered Interests" is defined in the Series D Redemption Rights Exhibit. 

        "Series D Preferred Return" is defined in Exhibit B to the Ninth Amendment to this Agreement. 

        "Series D Preferred Shares" shall mean shares of Series D Cumulative Convertible Preferred Stock, $.01 par value per share,
of the General Partner, the terms of which are set forth in the Series D Preferred Shares Articles Supplementary. 

        "Series D Preferred Shares Articles Supplementary" shall mean the Series D Cumulative Convertible Preferred Stock Articles
Supplementary, dated as of July 25, 2002, which fixes the distribution and other preferences and rights of the Series D Preferred Shares. 

        "Series D Preferred Units" shall mean the Partnership Units issued pursuant to  Section 2.2(e) of this Agreement, the terms of which are set forth in
Exhibit B to the Ninth Amendment to this Agreement. 

4

 

        "Series D Purchase Price" is defined in the Series D Redemption Rights Exhibit. 

        "Series D Redemption Rights Exhibit" shall mean Exhibit C to the Ninth Amendment to this Agreement. 

        "Series D Share Purchase Price" is defined in the Series D Redemption Rights Exhibit. 

        "Series D Redemption Partner" means a Limited Partner other than the Company holding Series D Preferred Units. 

        "WRLP" is defined in the Ninth Amendment to this Agreement. 

        (j)    Section 1.1
of Exhibit A to the Agreement (Allocations Exhibit) is hereby amended to add at the end thereof the following new sentence: "Solely for
purposes of the allocations described in Sections 2.1 and 2.2, a separate sub-capital account ("Sub-Capital Account") shall be
established for each Partner in respect of each class of Partnership Units held by such Partner, to which shall be credited or debited only those items of income, gain, loss, deduction, capital
contributions and distributions allocated or made to or by such Partner with respect to such class of Partnership Units, other than income or deductions allocated pursuant to Paragraphs 3.1, 3.2, 3.4
and 3.5 below or distributions that cause or increase such Partner's share of Minimum Gain or Partner Nonrecourse Debt Minimum Gain." 

        (k)  Section 1.2
of Exhibit A to the Agreement (Allocations Exhibit) is hereby amended to read as follows: 

        1.2    Transferees.    Generally, a transferee (including any assignee) of a Partnership
Interest shall succeed to a pro rata portion of the Capital Account of the transferor; provided, however, that, if the transfer causes a termination of the Partnership under
Section 708(b)(1)(B) of the Code, the Partnership's properties and liabilities shall be deemed, solely for federal income tax purposes, to have been contributed to a newly formed partnership in
exchange for an interest therein, followed immediately thereafter by a distribution of interests in the new partnership to the holders of Partnership Units (including such transferee) in proportion to
their Partnership Units in liquidation of the terminated Partnership. In such event, the Gross Asset Values of the Partnership properties shall be adjusted
immediately prior to such deemed contribution pursuant to Section 1.3(b) of this Allocations Exhibit. The Capital Accounts of such new partnership shall be maintained in accordance with the
principles of this Allocations Exhibit. 

        (l)    Sections
2.1 and 2.2 of Exhibit A to the Agreement (Allocations Exhibit) are hereby amended to read as follows: 

        2.1    Net Income.    After giving effect to the special allocations set forth in
Article 3 of this Allocations Exhibit, Net Income for any fiscal year or other applicable period shall be allocated in the following order and priority: 

        (a)  First,
to the Partners, until the cumulative Net Income allocated pursuant to this subparagraph 2.1(a) for the current and all prior periods equals the cumulative Net
Loss allocated pursuant to subparagraphs 2.2(d) and (e) hereof for all prior periods, which allocation shall be made among such Partners in the reverse order that such Net Loss was allocated to
them (and, in the event of a shift of a Partner's interest in the Partnership, to the Partners in a manner that most equitably reflects the successors in interest of such Partners); 

        (b)  Second,
to the General Partner in respect of its Preferred Units, until the cumulative Net Income allocated pursuant to this subparagraph 2.1(b) for the current and all
prior periods equals the cumulative Net Loss allocated in respect of such Preferred Units pursuant to Subparagraph 2.2(c) hereof for all prior periods; 

5

 

        (c)  Third,
to the General Partner in respect of its Preferred Units, until the cumulative Net Income allocated pursuant to this subparagraph 2.1(c) for the current and all
prior periods equals the cumulative Preferred Return on the Preferred Units; 

        (d)  Fourth,
to the General Partner in respect of its Series A Preferred Units and Series B Preferred Units, and the holders of the Series D Preferred
Units, pro rata to such units, until the cumulative Net Income allocated pursuant to this subparagraph 2.1(d) for the current and all prior periods equals the cumulative Net Loss allocated pursuant to
Subparagraph 2.2(b) hereof for all prior periods; 

        (e)  Fifth,
to the General Partner in respect of its Series A Preferred Units and Series B Preferred Units, and to the holders of the Series D Preferred
Units, pro rata to such units, until the cumulative Net Income allocated pursuant to this subparagraph 2.1(e) equals the cumulative Series A Preferred Return
on the Series A Preferred Units, the cumulative Series B Preferred Return on the Series B Preferred Units and the cumulative Series D Preferred Return on the
Series D Preferred Units, respectively; and 

        (f)    Thereafter,
the balance of the Net Income, if any, shall be allocated to the Partners holding Common Units in accordance with their respective Percentage Interests. 

        2.2    Net Loss.    After giving effect to the special allocations set forth in
Article 3 of this Allocations Exhibit, Net Loss of the Partnership for each fiscal year or other applicable period shall be allocated as follows: 

        (a)  To
the Partners holding Common Units in accordance with their respective Percentage Interests until the Sub-Capital Accounts attributable to such Common
Units are all reduced to zero (determined after all capital contributions, distributions, and special allocations under Article III of this Allocations Exhibit allocable to the Partner for the
Fiscal Year have been reflected in the Partner's Sub-Capital Account); 

        (b)  Second,
to the General Partner in respect of its Series A Preferred Units and Series B Preferred Units, and to the holders of the Series D Preferred
Units in respect to their Series D Preferred Units, pro rata to such units, until their Sub-Capital Accounts attributable to such units are reduced to zero; 

        (c)  Third,
to the General Partner in respect of its Preferred Units, until its Sub-Capital Account attributable to such Preferred Units is reduced to zero; 

        (d)  Thereafter,
to the Partners holding Common Units in accordance with their respective Percentage Interests; and 

        (e)  Notwithstanding
preceding provisions of this Section 2.2, to the extent any Net Losses allocated to a Partner under this Section 2.2 would cause such
Partner (hereinafter, a "Restricted Partner") to have an Adjusted Capital Account Deficit at the end of the fiscal year to which such Losses related,
such Losses shall not be allocated to such Restricted Partners and instead shall be allocated to the other Partner(s) (herein, the "Permitted Partners")
pro rata in accordance with their relative Percentage Interests. 

        2.    Lock-up Period.    Each new Limited Partner executing this Amendment agrees not to exercise any
Redemption Rights with respect to Series D Preferred Units or Common Units under Article IX of the Agreement prior to July 26, 2003
(the "Lock-up Period"); provided that, after the death of any such Limited Partner, the fiduciary or other authorized representative of such Limited Partner's estate shall be entitled to
deliver an Exercise Notice or Series D Exercise Notice to the General Partner during the Lock-up Period with respect to the Redemption Rights of such deceased Limited Partner;
provided
further that, upon any such exercise during the Lock-up Period, the General Partner may elect, in its sole and absolute discretion, not to permit any other such Limited Partner to exercise
its 

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rights under Paragraph 3(a) of the Redemption Rights Exhibit or under Paragraph 3(a) of the Series D Redemption Rights Exhibit to join in the giving of such Exercise Notice or
Series D Exercise Notice. 

        3.    Defined Terms and Recitals.    As used in this Amendment, capitalized terms used and defined in this Amendment
shall have the meaning assigned to them in this Amendment, and capitalized terms used in this Amendment but not defined herein, shall have the meaning assigned to them in the Agreement. 

        4.    Ratification and Confirmation.    Except to the extent specifically amended by this Amendment, the terms and
provisions of the Agreement, as previously amended, are hereby ratified and confirmed. 

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        IN WITNESS WHEREOF, the undersigned has executed this Amendment effective as of the date first above mentioned. 

	 	 	GENERAL PARTNER:
	

 	
 	
THE MACERICH COMPANY
	

 	
 	

By:	
 	

 Richard A. Bayer

General Counsel and Secretary
	

 	
 	
NEW LIMITED PARTNERS:

8

  

 
 

EXHIBIT A
  
  New Limited Partners    
  

	Name and Address
 
	 	Number of Series D Preferred Units
 

	

	 	 

A-1

  

 
 

EXHIBIT B
  
  Terms of Series D Preferred Units    
  

        1.    Definitions.    Unless otherwise indicated, capitalized terms shall have the meanings set forth in the
Agreement. As used herein, the following terms, shall have the meanings set forth below, unless the context otherwise requires: 

        "Distribution
Payment Date" shall mean, with respect to any Distribution Period, the payment date for the distribution declared by the General Partner on its shares of Common Stock for
such Distribution Period or, if no such distribution payment date is established, the last business day of such Distribution Period. 

        "Distribution
Period" shall mean the quarterly period that is then the dividend period with respect to the Common Stock or, if no such dividend period is established, the calendar
quarter shall be the Dividend Period; provided that (a) the initial distribution period shall commence on July 26, 2002 and end on and include September 30, 2002 and
(b) the distribution period in which the final liquidation payment is made pursuant to Section 10.2 of the Agreement shall commence on the first day following the immediately preceding
Distribution Period and end on the date of such final liquidation payment. 

        2.    Designation and Number; Etc.    The Series D Preferred Units have been established and shall have such
rights, preferences, limitations and qualifications as are described herein (in addition to the rights, preferences, limitations and qualifications contained in the Agreement to the extent
applicable). The authorized number of Series D Preferred Units shall be 1,961,345. Notwithstanding anything to the contrary contained herein, in the event of a conflict between the provisions
of this Exhibit B and any other provision of the Agreement, the provisions of this Exhibit B shall control. For purposes of this Amendment, the rights of the Series D Preferred
Units shall be construed to include their rights under the Series D Redemption Rights Exhibit. 

        3.    Rank.    The Series D Preferred Units shall, with respect to the payment of distributions and the
distribution of amounts upon voluntary or involuntary liquidation, dissolution or winding-up of the Partnership, rank as follows: 

        (a)  senior
to all classes or series of Common Units and to all Partnership Units the terms of which provide that such Partnership Units shall rank junior to such
Series D Preferred Units; 

        (b)  on
a parity with the Series A Preferred Units and the Series B Preferred Units and each other series of preferred Partnership Units hereafter issued by the
Partnership which does not provide by its express terms that it ranks junior in right of payment to the Series D Preferred Units with respect to payment of distributions or amounts upon
liquidation, dissolution or winding-up; and 

        (c)  junior
to the Preferred Units and to any class or series of preferred Partnership Units issued by the Partnership that ranks senior to the Series D Preferred
Units in accordance with Section 4 of this Exhibit B. 

        4.    Voting.    

        (a)  Holders
of Series D Preferred Units shall not have any voting rights, except as provided by the Agreement or applicable law or as described below in this
Section 4. 

        (b)  So
long as any Series D Preferred Units remain outstanding, the Partnership shall not, without the affirmative vote or consent of the holders of at least a
majority of the Series D Preferred Units outstanding at the time, given in person or by proxy, either in writing or at a meeting (such series voting separately as a class),
(i) authorize, create, issue or increase the authorized or issued amount of, any class or series of partnership interests in the Partnership ranking prior to the Series D Preferred Units
with respect to the payment of distributions or the distribution of assets upon voluntary or 

B-1

 

involuntary liquidation, dissolution or winding-up of the Partnership or reclassify any Common Units into such partnership interests, or create, authorize or issue any obligation or
security convertible or exchangeable into or evidencing the right to purchase any such partnership interests; or (ii) amend, alter or repeal the provisions of the Agreement, whether by merger
or consolidation or otherwise (an "Event"), so as to materially and adversely affect any right, preference, privilege or voting power of the Series D Preferred Units or the holders thereof.
Notwithstanding anything to the contrary contained herein, none of the following shall be deemed to materially and adversely affect any such right, preference, privilege or voting power or otherwise
require the vote or consent of the holders of the Series D Preferred Units: (A) the occurrence of any Event so long as either (1) the Partnership is the surviving entity, such
entity is the principal direct subsidiary of a publicly traded REIT whose common equity is traded on the New York Stock Exchange and the Series D Preferred Units remain outstanding with the
terms thereof materially unchanged or (2) interests in an entity having substantially the same rights and terms as the Series D Preferred Units are substituted for the Series D
Preferred Units and
such entity is the principal direct subsidiary of a publicly traded REIT whose common equity is traded on the New York Stock Exchange, (B) any increase in the amount of the authorized preferred
Partnership Units or the creation or issuance of any other series or class of preferred Partnership Units or any increase in the amount of any other series of preferred Partnership Units, in each case
ranking on a parity with or junior to the Series D Preferred Units with respect to payment of distributions and the distribution of assets upon voluntary or involuntary liquidation, dissolution
or winding-up of the Partnership and (C) the dissolution, liquidation and/or winding up of the Partnership. 

        The
foregoing voting provisions shall not apply if, at or prior to the time when the act with respect to which such vote would otherwise be required shall be effected, all outstanding
Series D Preferred Units shall have been converted or redeemed. 

        For
purposes of the foregoing provisions of this Section 4, each Series D Preferred Unit shall have one (1) vote. Except as otherwise required by applicable law or
as set forth in the Agreement or herein, the Series D Preferred Units shall not have any voting rights or powers and the consent of the holders thereof shall not be required for the taking of
any action. 

        5.    Distributions.    

        (a)  With
respect to each Distribution Period and subject to the rights of the holders of preferred Partnership Units ranking senior to or on parity with the Series D
Preferred Units, the holders of Series D Preferred Units shall be entitled to receive, when, as and if declared by the General Partner, out of assets of the Partnership legally available for
the payment of distributions, quarterly cumulative cash distributions (the "Series D Preferred Return") in an amount per Series D Preferred Unit equal to the greater of
(i) $0.6725 and (ii) the amount of the regular quarterly cash distribution for such Distribution Period upon the number of Common Units (or portion thereof) into which such
Series D Preferred Unit is then convertible in accordance with Section 7 of this Exhibit B. Notwithstanding anything to the contrary contained herein, the amount of distributions
described under either clause (i) or (ii) of this paragraph for the initial Distribution Period, or any other period shorter than a full Distribution Period, shall be prorated and
computed on the basis of a 365/366 day year and the actual number of days in such period. The distributions upon the Series D Preferred Units for each Distribution Period shall, if and
to the extent declared or authorized by the General Partner on behalf of the Partnership, be paid in arrears (without interest or other amount) on the Distribution Payment Date with respect thereto,
and, if not paid on such date, shall accumulate, whether or not there are funds legally available for the payment thereof and whether or not such distributions are declared or authorized. The record
date for distributions upon the Series D Preferred Units for any Distribution Period shall be the same as the record date for the distributions upon the Common Units for such Distribution
Period (or, if no such record is set for the Common Units, the fifteenth day of the calendar month in which the applicable Distribution Payment Date falls). Accumulated and unpaid distributions for
any past Distribution Periods may be declared and paid at any time, without reference 

B-2

 

to any Distribution Payment Date, to holders of record on such date, not exceeding 45 days preceding the payment date thereof, as may be fixed by the General Partner. Any distribution payment
made upon the Series D Preferred Units shall first be credited against the earliest accumulated but unpaid distributions due with, respect to such Units which remains payable. No interest, or
sum of money in
lieu of interest, shall be owing or payable in respect of any distribution payment or payments on the Series D Preferred Units, whether or not in arrears. 

        (b)  No
distribution on the Series D Preferred Units shall be declared by the General Partner or paid or set apart for payment by the Partnership at such time as the
terms and provisions of any agreement of the Partnership, including any Debt Instrument, prohibits such declaration, payment or setting apart for payment or provides that such declaration, payment or
setting apart for payment would constitute a breach thereof, or a default thereunder, or if such declaration or payment shall be restricted or prohibited by law. Notwithstanding the foregoing,
distributions on the Series D Preferred Units shall accumulate whether or not any of the foregoing restrictions exist. 

        (c)  Except
as provided in Section 5(d) of this Exhibit B, so long as any Series D Preferred Units are outstanding, (i) no distributions (other
than in Common Units or other Partnership Units ranking junior to the Series D Preferred Units as to payment of distributions and amounts upon liquidation, dissolution or winding-up
of the Partnership) shall be declared or paid or set apart for payment upon the Common Units or any other class or series of Partnership Units ranking, as to payment of distributions or amounts
distributable upon liquidation, dissolution or winding-up of the Partnership, on a parity with or junior to the Series D Preferred Units, for any period and (ii) no Common
Units or other Partnership Units ranking junior to or on a parity with the Series D Preferred Units as to payment of distributions or amounts upon liquidation, dissolution or
winding-up of the Partnership, shall be redeemed, purchased or otherwise acquired for any consideration (or any monies be paid to or made available for a sinking fund for the redemption of
any such Units) by the Partnership (except by conversion into or exchange for other Units ranking junior to the Series D Preferred Units as to payment of distributions and amounts upon
liquidation, dissolution or winding-up of the Partnership or by redemptions pursuant to Article IX of the Agreement) unless, in the case of either clause (i) or (ii), full
cumulative distributions have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set apart for such payment on the Series D Preferred Units
for all Distribution Periods ending on or prior to the distribution payment date for the Common Units or such other class or series of Unit or the date of such redemption, purchase or other
acquisition. 

        (d)  When
distributions are not paid in full (or a sum sufficient for such full payment is not set apart for such payment) upon the Series D Preferred Units and any
other Partnership Units ranking on a parity as to payment of distributions with the Series D Preferred Units, all distributions declared upon the Series D Preferred Units and any other
Partnership Units ranking on a parity as to payment of distributions with the Series D Preferred Units shall be declared pro rata so that the amount of distributions declared per
Series D Preferred Unit and such other Partnership Units shall in all cases bear to each other the same ratio that accrued distributions per Series D Preferred Unit and such other
Partnership Units (which shall not include any accumulation in respect of unpaid distributions for prior distribution periods if such Partnership Units do not have cumulative distributions) bear to
each other. 

        (e)  Holders
of Series D Preferred Units shall not be entitled to any distributions, whether payable in cash, property or Units, in excess of the cumulative
distributions described in Section 5(a) above. 

        (f)    Distributions
with respect to the Series D Preferred Units are intended to qualify as permitted distributions of cash that are not treated as a disguised sale
within the meaning of Treasury Regulation Sec.1.707-4 and the provisions of this Exhibit B shall be construed and applied consistently with such Treasury Regulations. 

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        6.    Liquidation Preference.    

        (a)  In
the event of any voluntary or involuntary liquidation, dissolution or winding-up of the Partnership, it is the intent of the Partners that before any
payment or distribution of the assets of the Partnership (whether capital or surplus) shall be made to or set apart for the holders of Common Units or any other Partnership Units ranking junior to the
Series D Preferred Units as to the distribution of assets upon the liquidation, dissolution or winding-up of the Partnership, the holders of the Series D Preferred Units
shall, with respect to each Series D Preferred Unit, be entitled to receive, according to their positive Capital Account balances, out of the assets of the Partnership available for
distribution to Partners after payment or provision for payment of all debts and other liabilities of the Partnership, an amount equal to $36.55, plus an amount equal to all distributions (whether or
not earned or declared) accrued and unpaid thereon to the date of final distribution. If, upon any such voluntary or involuntary liquidation, dissolution or winding up of the Partnership, the assets
of the Partnership, or proceeds thereof, distributable among the holders of the Series D Preferred Units are insufficient to pay in full the preferential amount aforesaid on the Series D
Preferred Units and liquidating payments on any other Partnership Units ranking, as to payment of distributions and amounts upon the liquidation, dissolution or winding-up of the
Partnership, on a parity with the Series D Preferred Units, then it is the intent of the Partners that such assets, or the proceeds thereof, shall be distributed among the holders of
Series D Preferred Units and any such other Partnership Units ratably in accordance with the respective amounts that would be payable on such Series D Preferred Units and such other
Partnership Units if all amounts payable thereon were paid in full. The General Partner shall apply the provisions of this Agreement, in accordance with the regulations under Code
Section 704(b), to achieve the intent of the Partners expressed in this paragraph to the maximum extent practicable. For the purposes of this Section 6, none of (i) a
consolidation, merger or other business combination of the Partnership with or into another entity, (ii) a merger of another entity with or into the Partnership or (iii) a sale, lease or
conveyance of all or substantially all of the Partnership's assets, properties or business shall be deemed to be a liquidation, dissolution or winding-up of the Partnership. 

        (b)  Written
notice of such liquidation, dissolution or winding-up of the Partnership, stating the payment date or dates when, and the place or places where, the
amounts distributable in such circumstances shall be payable, shall be given by first class mail, postage pre-paid, not less than 30 nor more than 60 days prior to the payment date
stated therein, to each record holder of the Series D Preferred Units at the respective addresses of such holders as the same shall appear on the records of the Partnership. 

        (c)  After
payment of the full amount of liquidating distributions to which they are entitled as provided in Section 6(a) of this Exhibit B, the holders of
Series D Preferred Units shall have no right or claim to any of the remaining assets of the Partnership. 

        7.    Conversion.    Holders of Series D Preferred Units shall have the right to convert all or a portion of
such Partnership Units into Common Units, as follows: 

        (a)  A
holder of Series D Preferred Units shall have the right, at such holder's option, at any time, to convert any whole number of Series D Preferred Units,
in whole or in part, into Common Units. Each Series D Preferred Unit shall be convertible into one Common Unit subject to adjustment as described in Section 7(c) hereof (the "Conversion
Ratio"). No fractional Common Units will be issued upon any conversion of Series D Preferred Units. Instead, the number of Common Units to be issued upon each conversion shall be rounded to the
nearest whole number of Common Units. 

        (b)  To
exercise the conversion right, the holder of each Series D Preferred Unit to be converted shall execute and deliver to the General Partner, at the principal
office of the Partnership, a written notice (the "Conversion Notice") indicating that the holder thereof elects to convert such Series D
Preferred Unit. Unless the Common Units issuable on conversion are to be issued in the same name as the name in which such Series D Preferred Unit is registered, each Series D Preferred
Unit 

B-4

 

surrendered for conversion shall be accompanied by instruments of transfer, in form reasonably satisfactory to the Partnership, duly executed by the holder or such holder's duly authorized attorney
and an amount sufficient to pay any transfer or similar tax (or evidence reasonably satisfactory to the Partnership demonstrating that such taxes have been paid). 

        As
promptly as practicable after delivery of the Conversion Notice as aforesaid, the General Partner shall reflect the conversion and the issuance of Common Units issuable upon the
conversion of such Series D Preferred Units on the books and records of the Partnership in accordance with the provisions of this Section 7. In addition, the Partnership shall deliver to
the holder at its address as reflected on the records of the Partnership, a copy of such amendment. 

        A
holder of Series D Preferred Units at the close of business on the record date for any Distribution Period shall be entitled to receive the distribution payable on such
Partnership Units on the corresponding Distribution Payment Date notwithstanding the conversion of such Series D Preferred Units following such record date and prior to such Distribution
Payment Date and shall have no right to receive any distribution for such Distribution Period in respect of the Common Units into which such Series D Preferred Units were converted. Except as
provided herein, the Partnership shall make no payment or allowance for unpaid distributions, whether or not in arrears, on converted Series D Preferred Units or for distributions on the Common
Units that are issued upon such conversion. 

        Each
conversion shall be deemed to have been effected immediately prior to the close of business on the date on which the Conversion Notice is received by the Partnership as aforesaid,
and the person or persons in whose name or names any Common Units shall be issuable upon such conversion shall be deemed to have become the holder or holders of record of such Partnership Units at
such time on such
date, and such conversion shall be at the Conversion Ratio in effect at such time and on such date unless the transfer books of the Partnership shall be closed on that date, in which event such person
or persons shall be deemed to have become such holder or holders of record at the close of business on the next succeeding day on which such transfer books are open, but such conversion shall be at
the Conversion Ratio in effect on the date on which such Partnership Units have been surrendered and such notice received by the Partnership. 

        (c)  If
the Partnership shall, after the date on which the Series D Preferred Units are first issued (the "Issue Date"), (i) pay or make a distribution to
holders of its Partnership Units in Common Units, (ii) subdivide its outstanding Common Units into a greater number of Partnership Units or distribute Common Units to the holders thereof,
(iii) combine its outstanding Common Units into a smaller number of Partnership Units or (iv) issue any Partnership Units by reclassification of its Common Units, the Conversion Ratio in
effect at the opening of business on the day following the date fixed for the determination of holders entitled to receive such distribution or at the opening of business on the day next following the
day on which such subdivision, combination or reclassification becomes effective, as the case may be, shall be adjusted so that the holder of any Series D Preferred Unit thereafter surrendered
for conversion shall be entitled to receive the number of Common Units or other Partnership Units or securities that such holder would have owned or have been entitled to receive after the happening
of any of the events described above had such Series D Preferred Unit been converted immediately prior to the record date in the case of a distribution or the effective date in the case of a
subdivision, combination or reclassification. An adjustment made pursuant to this subsection (c) shall become effective immediately after the opening of business on the day next following the
record date (except as provided in subsection (g) below) in the case of a distribution and shall become effective immediately after the opening of business on the day next following the
effective date in the case of a subdivision, combination or reclassification. 

        (d)  If
the Partnership shall be a party to any transaction (including, without limitation, a merger, consolidation, self tender offer, for all or substantially all of the
Common Units, sale of all or 

B-5

 

substantially all of the Partnership's assets or recapitalization of the Common Units and excluding any transaction as to which subsection (c) of this Section 7 applies) (each of the
foregoing being referred to herein as a "Transaction"), in each case as a result of which Common Units shall be converted into the right to receive other partnership interests, shares, stock,
securities or other property (including cash or any combination thereof), each Series D Preferred Unit which is not converted into the right to receive other partnership interests, shares,
stock, securities or other property in connection with such Transaction shall thereafter be convertible into the kind and amount of shares, stock, securities and other property (including cash or any
combination thereof) receivable upon the consummation of such Transaction by a holder of that number of Common Units into which one Series D Preferred Unit was convertible immediately prior to
such Transaction, assuming such holder of Common Units is not a Person with which the Partnership consolidated or into which the Partnership merged or which merged into the Partnership or to which
such sale or transfer was made, as the case may be (a "Constituent Person"), or an affiliate of a Constituent Person. The Partnership shall not be a party to any Transaction unless the terms of such
Transaction are consistent with the provisions of this subsection (d), and it shall not consent or agree to the occurrence of any Transaction until the Partnership has entered into an agreement with
the successor or purchasing entity, as the case may be, for the benefit of the holders of the Series D Preferred Units that will contain provisions enabling the holders of Series D
Preferred Units that remain outstanding after such Transaction to convert into the consideration received by holders of Common Units at the Conversion Ratio in effect immediately
prior to such Transaction (with the holder having the option to elect the type of consideration if a choice was offered in the Transaction). The provisions of this subsection (d) shall
similarly apply to successive Transactions. 

        (e)  If:

        (i)    the
Partnership shall declare a distribution on the Common Units (other than a cash distribution) or there shall be a reclassification, subdivision or combination of
Common Units; or 

        (ii)  the
Partnership shall authorize the granting to the holders of the Common Units of rights, options or warrants to subscribe for or purchase any Partnership Units of any
class or any other rights, options or warrants; or 

        (iii)  there
shall be any reclassification of the Common Units or any consolidation or merger to which the Partnership is a party and for which approval of any partners of
the Partnership is required, involving the conversion or exchange of Common Units into securities or other property, or a self tender offer by the Partnership for all or substantially all of the
Common Units, or the sale or transfer of all or substantially all of the assets of the Partnership as an entirety; or 

        (iv)  there
shall occur the voluntary or involuntary liquidation, dissolution or winding-up of the Partnership, 

        then
the Partnership shall cause to be mailed to the holders of the Series D Preferred Units at their addresses as shown on the records of the Partnership as promptly as possible
a notice stating (A) the date on which a record is to be taken for the purpose of such distribution of rights, options or warrants, or, if a record is not to be taken, the date as of which the
holders of Common Units of record to be entitled to such distribution of rights, options or warrants are to be determined. or (B) the date on which such reclassification, subdivision,
combination, consolidation, merger, sale, transfer, liquidation, dissolution or winding-up is expected to become effective, and the date as of which it is expected that holders of Common
Units of record shall be entitled to exchange their Common Units for securities or other property, if any, deliverable upon such reclassification, consolidation, merger, sale, transfer, liquidation,
dissolution or winding-up. Failure to give or receive such notice or any defect therein shall not affect the legality or validity of the proceedings described in this Section 7. 

B-6

 

        (f)    Whenever
the Conversion Ratio is adjusted as herein provided, the Partnership shall prepare a notice of such adjustment of the Conversion Ratio setting forth the
adjusted Conversion Ratio and the
date such adjustment becomes effective and shall mail such notice of such adjustment of the Conversion Ratio to the holder of each Series D Preferred Unit at such holder's last address as shown
on the records of the Partnership. 

        (g)  In
any case in which subsection (c) of this Section 7 provides that an adjustment shall become effective on the date next following the record date for an
event, the Partnership may defer until the occurrence of such event issuing to the holder of any Series D Preferred Unit converted after such record date and before the occurrence of such event
the additional Common Units issuable upon such conversion by reason of the adjustment required by such event over and above the Common Units issuable upon such conversion before giving effect to such
adjustment. 

        (h)  For
purposes of this Section 7, the number of Common Units at any time outstanding shall not include any Common Units then owned or held by or for the account of
the Partnership. The Partnership shall not make any distribution on Common Units held in the treasury of the Partnership. 

        (i)    If
any action or transaction would require adjustment of the Conversion Ratio pursuant to more than one subsection of this Section 7, only one adjustment shall be
made, and such adjustment shall be the amount of adjustment that has the highest absolute value. 

        (j)    If
the Partnership shall take any action affecting the Common Units, other than actions described in this Section 7, that in the reasonable judgment of the
General Partner would materially and adversely affect the conversion rights of the holders of the Series D Preferred Units, the Conversion Ratio for the Series D Preferred Units may be
adjusted, to the extent permitted by law, in such manner, if any, and at such time, as the General Partner determines to be equitable in the circumstances. 

        (k)  The
Partnership covenants that Common Units issued upon conversion of the Series D Preferred Units shall be validly issued, fully paid and nonassessable and the
holder thereof shall be entitled to rights of a holder of Common Units specified in the Agreement. Prior to the delivery of any securities that the Partnership shall be obligated to deliver upon
conversion of the Series D Preferred Units, the Partnership shall endeavor to comply with all federal and state laws and regulations thereunder requiring the registration of such securities,
with, or any approval of or consent to the delivery thereof, by any governmental authority; provided that, if the holder of the Series D Preferred Units to be converted does not provide
evidence satisfactory to the General Partner that it is an "accredited investor" as defined in Rule 501 under the Securities Act of 1933, as amended, the Partnership may in its sole discretion,
instead of issuing Common Units, pay to such holder an amount with respect to each such Series D Preferred Unit equal to the Cash Purchase Price that would be payable if the Common Units
otherwise issuable with respect to each such Series D Preferred Unit were redeemed for cash on such date of delivery. . 

        (1)  The
Partnership will pay any and all documentary stamp or similar issue or transfer taxes payable in respect of the issue or delivery of Common Units or other securities
or property on conversion of the Series D Preferred Units pursuant hereto; provided, however, that the Partnership shall not be required
to pay any tax that may be payable in respect of any transfer involved in the issue or delivery of Common Units or other securities or property in a name other than that of the holder of the
Series D Preferred Units to be converted, and no such issue or delivery shall be made unless and until the person requesting such issue or delivery has paid to the Partnership the amount of any
such tax or established, to the reasonable satisfaction of the Partnership, that such tax has been paid. 

B-7

  

 
 

EXHIBIT C
  
  Series D Redemption Rights Exhibit    
  

        The Redemption Rights granted by the Partnership to the holders of Series D Preferred Units pursuant to  Section 9.1 of the
Agreement or otherwise shall be subject to the following terms and conditions: 

        1.    Definitions. Unless otherwise indicated, capitalized terms shall have the meanings set forth in the Agreement. The
following terms and phrases shall, for purposes of this Exhibit C and the Agreement, have the meanings set forth below: 

        "Anti-dilution Provisions" shall mean the provisions set forth in  Paragraph 10 of this Exhibit C. 

        "Conversion Factor" shall mean 100%, provided that such factor shall be adjusted in accordance with the Anti-dilution
Provisions. 

        "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended, or any successor statute. 

        "Exercising Partner" shall have the meaning set forth in Paragraph 2 of this
Exhibit. 

        "Securities Act" shall mean the Securities Act of 1933, as amended, or any successor statute. 

        "Series D Cash Purchase Price" shall mean for each Series D Preferred Unit an amount of cash equal to $36.55 plus any
accrued and unpaid distributions with respect to such Series D Preferred Unit 

        "Series D Election Notice" shall mean the written notice to be given by the General Partner to the Exercising Partners in response
to the receipt by the General Partner of a Series D Exercise Notice from such Exercising Partners, the form of which Series D Election Notice is attached hereto as  Schedule 2. 

        "Series D Exercise Notice" shall mean a written notice delivered by an Exercising Partner pursuant to  Paragraph 2 of this Exhibit C, the form of which
Series D Exercise Notice is attached hereto as  Schedule 1. 

        "Series D Offered Interests" shall mean the Partnership Units of an Exercising Partner identified in an Series D Exercise
Notice. 

        "Series D Purchase Price" shall mean the Series D Cash Purchase Price or the Series D Share Purchase Price, or a
combination thereof. 

        "Series D Share Purchase Price" shall mean, with respect to the exercise of any Redemption Rights with respect to Series D
Preferred Units pursuant to a Series D Exercise Notice, a number of Series D Preferred Shares of the General Partner equal to the product of (i) the number of Series D
Preferred Units being redeemed multiplied by (ii) the Conversion Factor; provided, however, that
in the event the General Partner issues to all holders of Series D Preferred Shares rights, options, warrants or convertible or exchangeable securities entitling the shareholders to subscribe
for or purchase Series D Preferred Shares, or any other securities or property (collectively, "Rights") then the Series D Share Purchase
Price shall also include such Rights that a holder of that number of Series D Preferred Shares as calculated above would be entitled to receive. 

        2.    Delivery of Series D Exercise Notices. Any Redemption Partner may, subject to the limitations set forth herein,
deliver to the General Partner written notice pursuant to which such Redemption Partner (an "Exercising Partner") elects to exercise all or a portion of
its Redemption Rights with respect to Series D Preferred Units. 

C-1

 

        3.    Limitations on Delivery of Series D Exercise Notices. The ability of Redemption Partners to exercise Redemption
Rights with respect to Series D Preferred Units shall be restricted as follows: 

        (a)  No
more than three (3) Series D Exercise Notices may be delivered to the General Partner during each calendar year period; provided, however, that all
Redemption Partners holding Series D Preferred Units shall be notified by the General Partner within five (5) Business Days after the General Partner receives a Series D Exercise
Notice, and each such Redemption Partner shall be entitled to elect to join
in such Series D Exercise Notice by giving its own Series D Exercise Notice to the General Partner within five (5) Business Days after such notice is received from the General
Partner; 

        (b)  No
Series D Exercise Notice may be delivered to the General Partner prior to July 26, 2003 (the "Lock-up Period"); 

        (c)  Notwithstanding
the foregoing provisions of this Paragraph 3 to the contrary, after the death of any Redemption Partner holding Series D Preferred Units,
the fiduciary or other duly authorized representative of such Redemption Partner's estate shall be entitled to deliver a Series D Exercise Notice to the General Partner with respect to the
Redemption Rights of such deceased Partner with respect to Series D Preferred Units; provided, however, upon any such exercise occurring during the Lock-up Period, the General
Partner may elect, in its sole and absolute discretion, not to permit the other Redemption Partners holding Series D Preferred Units to exercise their respective rights under
Paragraph 3(a) to join in the giving of such Series D Exercise Notice. 

        (d)  The
minimum Series D Offered Interest that may be reflected in a Series D Exercise Notice, or under any notice given by a Redemption Partner electing to
join in the giving of a Series D Exercise Notice pursuant to Paragraph 3(a), shall be comprised of two thousand (2000) or more Series D Preferred Units or, if such Redemption
Partner holds less than two thousand (2000) Series D Preferred Units at such time, all of the Series D Preferred Units held by such Redemption Partner. 

        4.    Limitation on Exercise of Redemption Rights. Redemption Rights may be exercised in whole or in part at any time and from
time to time, subject to the limitations contained herein, and provided that the General Partner may not elect to pay the Series D Share Purchase Price if it would cause a violation of the
ownership limitations in the General Partner's Organizational Documents or cause the General Partner to no longer be in compliance with the REIT Requirements. 

        5.    Closing, Delivery of Series D Election Notice. The General Partner shall, within thirty (30) days after the
earlier to occur of (i) the receipt by the General Partner of a Series D Exercise Notice from all of the Redemption Partners holding Series D Preferred Units, and (ii) the
expiration of the second five (5) Business Day period referred to in Paragraph 3(a) hereof, deliver to the Exercising Partners a Series D Election Notice, which Series D
Election Notice shall specify whether the Partnership or the General Partner will satisfy the obligation to pay the Series D Purchase Price, shall set forth the computation of the
Series D Purchase Price and shall specify the form of the Purchase Price (which shall be in accordance with and subject to Section 9.1 of the Agreement) to be paid by the General Partner
or the Partnership to each Exercising Partner and the date, time and location for completion of the purchase and sale of the Series D Offered Interests, which date shall, in no event be more
than (i) ten (10) days after delivery by the General Partner of the Series D Election Notice for Series D Offered Interests with respect to which the General Partner has
elected to pay the Series D Share Purchase Price or (ii) sixty (60) days after the initial date of receipt by the General Partner of the Series D Exercise Notice for
Series D Offered Interests with respect to which the Partnership must pay, or the General Partner has elected to pay, the Series D Cash Purchase Price; provided, however, that such sixty
(60) day period may be extended for up to an additional one hundred eighty (180) day period to the extent required for the General Partner to cause additional Shares to be issued to 

C-2

 

provide financing to be used to acquire the Series D Offered Interests. If the General Partner fails to deliver any Series D Election Notice within such thirty (30) day period,
it shall be deemed to have given a Series D Election Notice on the last day of such period specifying that the Partnership will redeem the applicable Series D Offered Interests for the
Series D Cash Purchase Price, at the Partnership's principal office, at 10 a.m. local time on the sixtieth (60th) day thereafter. Notwithstanding the foregoing, the General Partner and
the Partnership agree to use their best efforts to cause the closing of the acquisition of Series D Offered Interests hereunder to occur as quickly as possible. 

        6.    Closing Deliveries. At the closing of the redemption or purchase and sale of Series D Offered Interests, payment of
the Series D Purchase Price and/or delivery of the Series D Preferred Shares shall be accompanied by proper instruments of transfer and assignment and by the delivery of
(i) representations and warranties of (A) the Exercising Partner with respect to its due authority to transfer all of the right, title and interest in and to such Series D Offered
Interests to the General Partner and with respect to the status of such Series D Offered Interests being free and clear of all Liens, and (B) the General Partner with respect to its due
authority for acquiring such Series D Offered Interests, and (ii) to the extent that any Series D Preferred Shares are issued to the Exercising Partner, (A) an opinion of
counsel for the General Partner, reasonably satisfactory to such Exercising Partner, to the effect that such Series D Preferred Shares have been duly authorized, are validly issued,
fully-paid and nonassessable, and (B) a certificate or certificates evidencing the Series D Preferred Shares to be issued and registered in the name of such Exercising
Partner or its designee. With respect to the exercise of a Redemption Right for which the Partnership or the General Partner has elected to pay the Series D Cash Purchase Price, the Purchase
Price shall be paid by cashier's check or wire transfer of immediately available funds, in each case as the General Partner is directed in writing by a duly authorized officer or agent of the
recipient. 

        7.    Term of Redemption Rights. The Redemption Rights shall continue in full force and effect for the term of the Partnership. 

        8.    Covenants of the General Partner. The General Partner covenants and agrees as follows: 

        (a)  The
General Partner shall at all times reserve for issuance and keep available, free from preemptive rights, out of its authorized but unissued Series D Preferred
Shares, such number of Series D Preferred Shares as may be necessary to enable the General Partner to issue Series D Preferred Shares in full satisfaction of all Redemption Rights which
are from time to time outstanding (assuming no limits with respect to the ownership of such Series D Preferred Shares applied under the General Partner's Organization Documents or the REIT
Requirements, and that the General Partner elected to pay the Series D Share Purchase Price with respect to all Redemption Rights relating to Series D Preferred Units). 

        (b)  The
Redemption Partners shall receive in a timely manner all reports filed by the General Partner with the SEC and all other communications transmitted from time to time
by the General Partner to its shareholders generally. 

        (c)  The
General Partner shall ensure that all Series D Preferred Shares which are issued in respect of the Series D Purchase Price will upon issue be fully
paid and non-assessable and the General Partner will pay all taxes (except to the extent provided in Paragraph 9 of this Exhibit C), charges and Liens with respect to the
issue thereof; provided, however, that the General Partner shall not be required to pay any tax which may be payable in respect of any transfer involved in the issue and delivery of Series D
Preferred Shares in respect of the Series D Purchase Price in a name other than that of the Exercising Partner, and no such issue or delivery shall be made unless the Person requesting such
issue has paid to the General Partner the amount of any such tax, or has established to the satisfaction of the General Partner that such tax has been paid. 

C-3

 

        9.    Redemption Partners' Covenants. Each Redemption Partner covenants and agrees with the General Partner that all
Series D Offered Interests tendered to the General Partner in accordance with the exercise of Redemption Rights herein provided shall be delivered to the General Partner free and clear of all
Liens and should any Liens exist or arise with respect to such Series D Offered Interests, the General Partner shall be under no obligation to acquire the same unless the Series D Cash
Purchase Price will be sufficient to cause such existing Lien to be discharged in full upon application of all or a part of such consideration and the General Partner is expressly authorized to apply
such portion of the Series D Purchase Price as may be necessary to satisfy any indebtedness in full and to discharge such Lien in full. Each Redemption Partner further agrees that, in the event
any state or local property transfer tax is payable as a result of the transfer of its Series D Offered Interests to the General Partner (or its designee), such Redemption Partner shall assume
and pay such transfer tax. 

        10.  Anti-dilution Provisions. The Conversion Factor shall be subject to adjustment from time to time as
hereinafter provided and shall be expressed as a percentage, calculated to the nearest one-thousandth of one percent (.001%). If the General Partner (i) declares or pays a dividend
on its outstanding Series D Preferred Shares in Series D Preferred Shares, or makes a distribution to all holders of its outstanding Series D Preferred Shares in Series D
Preferred Shares, (ii) subdivides its outstanding Series D Preferred Shares, or (iii) combines its outstanding Series D Preferred Shares into a smaller number of
Series D Preferred Shares, then the Conversion Factor shall be adjusted by multiplying the Conversion Factor by a fraction, the numerator of which shall be the number of Series D
Preferred Shares issued and outstanding on the record date for such dividend, distribution, subdivision or combination (assuming for the purposes of such calculation that such dividend, distribution,
subdivision or combination has occurred as of such time), and the denominator of which shall be the actual number of Series D Preferred Shares (assuming for the purposes of such calculation
that such dividend, distribution, subdivision or combination has not yet occurred as of such time) issued and outstanding on the record date for such dividend, distribution, subdivision or
combination. Any such adjustment to the Conversion Factor shall become effective immediately after the effective date of such event retroactive to the record date, if any, for such event. For the
purposes of the calculations to be made under this Paragraph 10, the number of Series D Preferred Shares at any time outstanding shall not include Series D Preferred Shares held
in the treasury of the General Partner, but shall include Series D Preferred
Shares issuable in respect of scrip certificates issued in lieu of fractions of Series D Preferred Shares. The General Partner shall not pay any dividend or make any distribution on
Series D Preferred Shares held in the treasury of the General Partner. 

        11.  Fractions of Shares. No fractional Series D Preferred Shares shall be issued in respect of any Series D
Share Purchase Price. Instead, the General Partner shall pay, on the closing date of the acquisition of the applicable Series D Preferred Offered Interest, a cash adjustment in respect of any
fraction of a Series D Preferred Share that would otherwise be issuable in respect of such Series D Share Purchase Price. Such cash adjustment shall be in an amount equal to the same
fraction multiplied by $36.55. 

        12.  Requests for Computation of Conversion Factor. Each Redemption Partner shall be entitled to request, from time to time,
that the General Partner compute the Conversion Factor then in effect by delivering written notice to the General Partner requesting such computation, provided, however, that no Redemption Partner may
request such computation more than once during any calendar year. Upon its receipt of any such request, the General Partner shall compute the Conversion Factor as the same may have been theretofore
adjusted in accordance with this Exhibit C, and shall prepare and promptly deliver to the requesting party a certificate signed by the chief financial officer or treasurer of the General
Partner stating, to the best of such person's knowledge, the Conversion Factor and the date as of which the same was calculated, and showing in reasonable detail the facts pursuant to which the
Conversion Factor had been theretofore adjusted. 

C-4

 

        13.  Provisions in Case of Consolidation, Merger or Sale of Assets. In the event of any consolidation of the General Partner
with, or merger of the General Partner into, any other Person, any merger or consolidation of another Person into the General Partner (other than a merger which does not result in any
reclassification, conversion, exchange or cancellation of outstanding Series D Preferred Shares of the General Partner), or the Transfer of the General Partner's Partnership Interest (a
"General Partner Reorganization"), in each case to the extent the same does not constitute a violation of the Agreement or is otherwise consented to by the Redemption Partners, the Person formed by
such consolidation or resulting from such merger or which acquires such Partnership Interest and other assets of the General Partner, as the case may be (the "Surviving General Partner"), shall have
the right and the duty to amend this Exhibit C as set forth below in this Paragraph 13. The Surviving General Partner shall in good faith arrive at a new method for the calculation of
the Series D Purchase Price for a Series D Preferred Unit after any such General Partner Reorganization so as to approximate the existing method for such calculation as closely as
reasonably possible. Such calculation shall take into account, among other things, the kind and amount of securities, cash and other property that was receivable upon such General Partner
Reorganization by a holder of a number of Series D Preferred Shares and Rights in exchange for which one Series D Preferred Unit could have been acquired by the General Partner
immediately prior to the consummation of such General Partner Reorganization. Such amendment to this Exhibit C shall provide for adjustments to such method of calculation which shall be as
nearly equivalent as may be practicable to the adjustments provided for in this Exhibit C with respect to the Conversion Factor. The above provisions of this Paragraph 13 shall similarly
apply to successive General Partner Reorganizations permitted or consented to hereunder. 

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SCHEDULE 1 TO SERIES D REDEMPTION RIGHTS EXHIBIT
  Series D Exercise Notice    
  

To:    [GENERAL
PARTNER AT ITS THEN CURRENT ADDRESS] 

        Reference
is made to that certain Amended and Restated Limited Partnership Agreement of The Macerich Partnership, L.P.
dated                        , 1994, [as amended by
                                         
       ] (the "Partnership Agreement"). Capitalized terms used but not defined herein shall have the meanings set
forth in the Partnership Agreement. Pursuant to Article IX of the Partnership Agreement and Paragraph 2 of the Series D Redemption Rights Exhibit to the Partnership Agreement, the
undersigned, being a limited partner of the Partnership (an "Exercising Partner"), hereby elects to exercise its Redemption Rights as to a portion or portions of its Partnership Interest, all as
specified opposite its name below: 

Dated:

       

       

	 	 	Series D Offered
	

Exercising Partner	
 	

Interest
	Units	 	                    Series D Preferred

       

	Exercising Partner:	 	 
	

	
 	

 
	

	
 	

 
	(Signature)	 	 

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SCHEDULE 2 TO SERIES D REDEMPTION RIGHTS EXHIBIT    
  

Series D
Election Notice 

To:    [EXERCISING
PARTNER AT THEN-CURRENT ADDRESS] 

        Reference
is made to that certain Amended and Restated Limited Partnership Agreement of The Macerich Partnership, L.P. (the "Partnership Agreement"), pursuant to which the undersigned
and the
other parties thereto formed a Delaware limited partnership known as The Macerich Partnership, L.P. (the "Partnership"). All capitalized terms used but not defined herein shall have the meanings set
forth in the Partnership Agreement. Pursuant to Paragraph 5 of the Series D Redemption Rights Exhibit, the undersigned, being the general partner of the Partnership, hereby notifies you
as an Exercising Partner that (a) the Series D Purchase Price for the Series D Offered Interests as to which your Redemption Rights are being exercised is
$                        ,
(b) [the Partnerships will redeem            Series D Preferred Units of such Series D Offered Interests and pay the Series D Purchase Price with respect
thereto.] [and/or] [the General Partner will acquire            Series D Preferred Units of such Series Offered Interests and pay the
Series D Purchase Price with respect thereto.] (c) $                        of the Series D Purchase Price is
payable in cash and the balance thereof is payable by issuance of
            Series D Preferred Shares; and (d) the closing of the redemption or purchase and sale of the Series D Offered Interests as to which the Redemption Rights are being
exercised shall take place at the offices
of                        at             a.m., local time,
on                        ,            .
 

	Dated:	 	THE MACERICH COMPANY,

a Maryland corporation
	 	 	 	 	 
	

 	
 	

By:	
 	

	 	 	Its:	 	

C-7

QuickLinks

Exhibit 10.1

EXHIBIT A New Limited Partners

EXHIBIT B Terms of Series D Preferred Units

EXHIBIT C Series D Redemption Rights Exhibit

SCHEDULE 1 TO SERIES D REDEMPTION RIGHTS EXHIBIT Series D Exercise Notice

SCHEDULE 2 TO SERIES D REDEMPTION RIGHTS EXHIBITQuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 10.2    
  

 
  REGISTRATION RIGHTS AGREEMENT    
  

        REGISTRATION RIGHTS AGREEMENT, dated as of July 26, 2002 (this "Agreement"), by and among The Macerich
Partnership, L.P., a Delaware limited partnership (the "Partnership"),The Macerich Company, a Maryland corporation (the
"Company"), and the parties whose names are set forth under the caption "Investors" on the signature
pages hereof (the "Investors"). 

        WHEREAS,
pursuant to that certain Master Agreement by and among Westcor Realty Limited Partnership ("WRLP"), the Partnership, Macerich
Galahad LP, The Westcor Company Limited Partnership, The Westcor Company II Limited Partnership, Macerich TWC II LLC, Macerich TWC II Corp., Macerich WRLP LLC ("Macerich WRLP
LLC"), Macerich WRLP Corp. ("Macerich WRLP Corp."), Eastrich No. 128 Corp.
("Eastrich"), and certain individuals (the "Partners") dated as of June 29, 2002, and that
certain Purchase and Sale and Contribution Agreement by and among WRLP, the Partnership, Macerich WRLP LLC, Macerich WRLP Corp., Eastrich and the Partners dated as of June 29, 2002
(collectively, the "Master Agreements") the Partnership has agreed to issue 1,961,345 Series D Preferred Units of the Partnership (the
"Series D Preferred Units") to the Investors; and 

        WHEREAS,
the Series D Preferred Units (i) may be converted into Common Units of the Partnership ("Common Units") which may
in turn be redeemed, under certain circumstances, for shares of the Company's Common Stock, par value $.01 per share (the "Common Shares"), and
(ii) may be redeemed, under certain circumstances, for shares of the Company's Series D Cumulative Convertible Preferred Stock, par value $.01 per share (the
"Preferred Shares"), which are in turn convertible into Common Shares; and 

        WHEREAS,
in connection with the Master Agreements, the Company has agreed to register under the Securities Act of 1933, as amended (the "Securities
Act", which term includes the rules and regulations thereunder, all as the same shall be in effect at the relevant time) (i) any Common Shares issuable upon redemption
of Common Units issuable to Investors, (ii) any Preferred Shares issuable upon redemption of Series D Preferred Units issuable to Investors and (iii) any Common Shares issuable
upon conversion of such Preferred Shares (collectively, the "Registrable Shares"); and 

        WHEREAS,
the parties hereto desire to enter into this Agreement to evidence the foregoing agreement of the Company and the mutual covenants of the parties relating thereto. 

        NOW,
THEREFORE, in consideration of the foregoing and the covenants of the parties set forth herein and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, subject to the terms and conditions set forth herein, the parties hereby agree as follows: 

        Section 1.    Certain Definitions.    In this Agreement the following terms shall have the following respective
meanings: 

        "Commission" shall mean the Securities and Exchange Commission or any other federal agency at the time administering the Securities Act. 

        "Common Shares" shall have the meaning ascribed to in the recitals to this Agreement. 

        "Common Units" shall have the meaning ascribed to it in the recitals to this Agreement. 

        "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder, all
as the same shall be in effect at the relevant time. 

        "Filing Date" shall have the meaning ascribed to it in Section 2(a) of this Agreement. 

        "Holders" shall mean (i) the Investors, (ii) each Person holding Series D Preferred Units or Common Units that have
been transferred or assigned by an Investor or another Holder, which transfer or assignment is properly completed in accordance with the terms of the Partnership Agreement and Section 8 of this
Agreement and (iii) each Person holding Registrable Shares as a result of a transfer or assignment to that Person of Registrable Shares other than pursuant to an effective Registration 

 

Statement or Rule 144, which transfer or assignment is properly completed in accordance with the Company's Articles of Incorporation, as amended from time to time, and Section 8 of this
Agreement. 

        "Indemnified Party" shall have the meaning ascribed to it in Section 5(c) of this Agreement. 

        "Indemnifying Party" shall have the meaning ascribed to it in Section 5(c) of this Agreement. 

        "Issuance Registration Statement" shall have the meaning ascribed to it in Section 2(a) of this Agreement. 

        "Partnership Agreement" shall mean the Amended and Restated Limited Partnership Agreement of the Partnership dated as of March 16,
1994, as amended from time to time. 

        "Person" shall mean an individual, corporation, partnership, limited liability company, estate, trust, association, private foundation,
joint stock company or other entity. 

        "Preferred Shares" shall have the meaning ascribed to it in the recitals to this Agreement. 

        The
terms "Register," "Registered" and
"Registration" refer to a registration effected by preparing and filing a Registration Statement in compliance with the Securities Act providing for the
issuance to, or the sale by, the Holders of Registrable Shares in accordance with the method or methods of distribution described in such Registration Statement, and the declaration or ordering of the
effectiveness of such Registration Statement by the Commission. 

        "Registrable Shares" shall have the meaning ascribed to it in the recitals to this Agreement. 

        "Registration Expenses" shall mean all out-of-pocket expenses (excluding Selling Expenses) incurred by the Company
in connection with any attempted or completed registration pursuant to Sections 2 and 3 hereof, including, without limitation, the following: (a) all registration, filing and listing fees;
(b) fees and expenses of compliance with federal and state securities or real estate syndication laws (including, without limitation, reasonable fees and disbursements of counsel in connection
with state securities and real estate syndication qualifications of the Registrable Shares under the laws of such jurisdictions as the Holders may reasonably designate); (c) printing
(including, without limitation, expenses of printing or engraving certificates for the Registrable Shares in a form eligible for deposit with The Depository Trust Company and otherwise meeting the
requirements of any securities exchange on which they are listed and of printing registration statements and prospectuses), messenger, telephone, shipping and delivery expenses; (d) fees and
disbursements of counsel for the Company; (e) fees and disbursements of all independent public accountants of the Company; (f) Securities Act liability insurance if the Company so
desires; (g) fees and expenses of other Persons reasonably necessary in connection with the
registration, including any experts, retained by the Company; (h) fees and expenses incurred in connection with the listing of the Registrable Shares on each securities exchange on which
securities of the same class or series are then listed; and (i) fees and expenses associated with any filing with the National Association of Securities Dealers, Inc. required to be made
in connection with the Registration Statement. 

        "Registration Statement" shall mean either an Issuance Registration Statement or a Shelf Registration Statement. 

        "Rule 144" shall mean Rule 144 promulgated by the Commission under the Securities Act, or any successor rule or regulation. 

        "Securities Act" shall have the meaning ascribed to it in the recitals to this Agreement. 

        "Selling Expenses" shall mean all underwriting discounts, selling commissions and stock transfer taxes applicable to any sale of
Registrable Shares. 

        "Series D Preferred Units" shall have the meaning ascribed to it in the recitals to this Agreement. 

2

 

        "Shelf Registration Statement" shall have the meaning ascribed to it in Section 2(b) of this Agreement. 

        "Suspension Right" shall have the meaning ascribed to it in Section 2(c) of this Agreement. 

        Section 2.    Registration.    

        (a)  Subject
to the provisions of Section 2(b) below, the Company will file with the Commission a registration statement on Form S-3 (the
"Issuance Registration Statement") under Rule 415 under the Securities Act relating to the issuance to the Investors of (i) Common Shares
upon redemption of Common Units or conversion of Preferred Shares and (ii) the issuance of Preferred Shares upon redemption of Series D Preferred Units, such filing to be made on or
within five business days after July 11, 2003 (the "Filing Date"); provided, however, that, notwithstanding the foregoing, the Filing Date may be
such other date as may be required under applicable provisions of the Securities Act or by the
Commission pursuant to its interpretations of the Securities Act, the Exchange Act and other applicable federal securities laws. The Company shall use its reasonable best efforts to cause the Issuance
Registration Statement to be declared effective by the Commission for all Registrable Shares covered thereby as soon as practicable thereafter. In the event the Company is unable to cause such
Issuance Registration Statement to be declared effective by the Commission within ninety (90) days following the Filing Date, then the rights of the Holders set forth in Section 2(b)
below shall apply to the Registrable Shares. Notwithstanding the availability of rights under Section 2(b), the Company shall continue to use its reasonable best efforts to cause the Issuance
Registration Statement to be declared effective by the Commission until such time as the Company shall have filed and had declared effective a Shelf Registration Statement in accordance with
Section 2(b). If the Issuance Registration Statement is declared effective by the Commission, the Company agrees to use its reasonable best efforts to keep such Issuance Registration Statement
continuously effective until all Holders have tendered for redemption their outstanding Series D Preferred Units and any Common Units issued upon conversion of Series D Preferred Units. 

        (b)  In
the event that Form S-3 is unavailable at the Filing Date as a form for an Issuance Registration Statement, or Form S-3 becomes
unavailable as a form for an Issuance Registration Statement following the Filing Date, or the Company is unable, for any reason, to cause an Issuance Registration Statement to be declared effective
by the Commission within ninety (90) days following the Filing Date, then within ten (10) days after the occurrence of any such event, the Company shall file a registration
statement on Form S-3 or another appropriate form (a "Shelf Registration Statement") under Rule 415 under the Securities Act
relating to the resale of all Registrable Shares. The Company agrees to use its reasonable best efforts to cause such Shelf Registration Statement to be declared effective by the Commission and to
keep such Shelf Registration Statement effective until the date that is the earliest of (i) two (2) years following the date on which the last Holder tendered for redemption
Series D Preferred Units or any Common Units issued upon conversion of Series D Preferred Units, (b) the date on which all Registrable Shares have been disposed of by Holders, and
(c) the date on which it is no longer necessary to keep the Shelf Registration Statement effective because the Registrable Shares may be freely sold without limitation on volume or manner of
sale pursuant to Rule 144. After the Company has filed the Shelf Registration Statement, any obligation of the Company to file an Issuance Registration Statement pursuant to Section 2(a)
above shall be suspended for so long as the Shelf Registration Statement remains effective. 

        (c)  Notwithstanding
the foregoing, the Company shall have the right (the "Suspension Right") to defer any such filing (or
suspend sales under any filed Registration Statement or defer the updating of any filed Registration Statement and suspend sales thereunder) for a period of not more than 105 days during any
one-year period ending on December 31, if the Company shall 

3

 

furnish to the Holders a certificate signed by an executive officer or any director of the Company stating that, in the good faith judgment of the Company, it would be detrimental to the Company and
its stockholders to file such Registration Statement or amendment thereto at such time (or continue sales under a filed Registration Statement) and therefore the Company has elected to defer the
filing of such Registration Statement (or suspend sales under a filed Registration Statement). 

        Section 3.    Registration Procedures.    

        (a)  The
Company shall promptly notify the Holders of the occurrence of any of the following events: 

        (i)    when
any Registration Statement relating to the Registrable Shares or post-effective amendment thereto filed with the Commission has become effective; 

        (ii)  the
issuance by the Commission of any stop order suspending the effectiveness of any Registration Statement; 

        (iii)  the
suspension of sales under an effective Registration Statement by the Company in accordance with Section 2(c) above; 

        (iv)  the
Company's receipt of any notification of the suspension of the qualification of any Registrable Shares covered by a Registration Statement for sale in any
jurisdiction; or 

        (v)  the
existence of any event, fact or circumstance that results in a Registration Statement or prospectus relating to Registrable Shares or any document incorporated
therein by reference containing an untrue statement of material fact or omitting to state a material fact required to be stated therein or necessary to make the statements therein not misleading
during the distribution of securities. 

        The
Company agrees to use its reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of any such Registration Statement or any state qualification as
promptly as possible. The Holders agree that upon receipt of any notice from the Company of the occurrence of any event of the type described in Section 3(a)(ii), (iii), (iv) or
(v) to immediately discontinue any disposition of Registrable Shares pursuant to any Registration Statement until the receipt of written notice from the Company that such disposition may be
made. 

        (b)  The
Company shall provide to the Holders, at no cost to the Holders, a copy of the Registration Statement and any amendment thereto used to effect the Registration of
the Registrable Shares, each prospectus contained in such Registration Statement or post-effective amendment and any amendment or supplement thereto and such other documents as the Holders
may reasonably request in order to facilitate the disposition of the Registrable Shares covered by such Registration Statement. The Company consents to the use of each such prospectus and any
supplement thereto by the Holders in connection with the offering and sale of the Registrable Shares covered by such Registration Statement or any amendment thereto. The Company shall also
file a sufficient number of copies of the prospectus and any post-effective amendment or supplement thereto with the New York Stock Exchange, Inc. (or, if the Common Shares
are no longer listed thereon, with such other securities exchange or market on
which the Common Shares are then listed) so as to enable the Holders to have the benefits of the prospectus delivery provisions of Rule 153 under the Securities Act. 

        (c)  The
Company agrees to use its reasonable best efforts to cause the Registrable Shares covered by a Registration Statement to be registered with or approved by such state
securities authorities as may be necessary to enable the Holders to consummate the disposition of such shares pursuant to the plan of distribution set forth in the Registration Statement; provided,
however, that the Company shall not be obligated to take any action to effect any such 

4

 

Registration, qualification or compliance pursuant to this Section 3 in any particular jurisdiction in which the Company would be required to execute a general consent to service of process in
effecting such Registration, qualification or compliance unless the Company is already subject to service in such jurisdiction. 

        (d)  Subject
to the Company's Suspension Right, if any event, fact or circumstance requiring an amendment to a Registration Statement relating to the Registrable Shares or
supplement to a prospectus relating to the Registrable Shares shall exist, immediately upon becoming aware thereof the Company agrees to notify the Holders and prepare and furnish to the Holders a
post-effective amendment to the Registration Statement or supplement to the prospectus or any document incorporated therein by reference or file any other required document so that, as
thereafter delivered to the purchasers of the Registrable Shares, the prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein not misleading. 

        (e)  The
Company agrees to use its reasonable best efforts (including the payment of any listing fees) to obtain the listing of all Registrable Shares covered by the
Registration Statement on each securities exchange on which securities of the same class or series are then listed. 

        (f)    The
Company agrees to use its reasonable best efforts to comply with the Securities Act and the Exchange Act in connection with the offer and sale of Registrable Shares
pursuant to a Registration Statement, and, as soon as reasonably practicable following the end of any fiscal year during which a Registration Statement effecting a Registration of the Registrable
Shares shall have been effective, to make available to its security holders an earnings statement satisfying the provisions of Section 11(a) of the Securities Act. 

        (g)  The
Company agrees to cooperate with the selling Holders to facilitate the timely preparation and delivery of certificates representing Registrable Shares to be sold
pursuant to a Registration Statement and not bearing any Securities Act legend; and enable certificates for such Registrable Shares to be issued for such numbers of shares and registered in such names
as the Holders may reasonably request at least two business days prior to any sale of Registrable Shares. 

        Section 4.    Expenses of Registration.    The Company shall pay all Registration Expenses incurred in
connection with the registration, qualification or compliance pursuant to Sections 2 and 3 hereof. All Selling Expenses incurred in connection with the sale of Registrable Shares by any of the Holders
shall be borne by the Holder selling such Registrable Shares. Each Holder shall pay the expenses of its own counsel. 

        Section 5.    Indemnification and Contribution.    

        (a)  The
Company will (i) indemnify each Holder, each Holder's officers and directors, and each Person controlling such Holder within the meaning of Section 15
of the Securities Act, against all expenses, claims, losses, damages and liabilities (including reasonable legal expenses), arising out of or based on any untrue statement (or alleged untrue
statement) of a material fact contained in any Registration Statement or prospectus relating to the Registrable Shares, or any amendment or supplement thereto, or based on any omission (or alleged
omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and (ii) reimburse each Holder for all reasonable legal or
other expenses incurred in connection with investigating or defending any such action or claim as such expenses are incurred, provided, however, that
the Company will not be liable in any such case to the extent that any such claim, loss, damage, liability or expense arises out of or is based on any untrue statement or omission or alleged untrue
statement or omission, made in reliance upon and in conformity with information furnished in writing to the Company by such Holder for inclusion therein; and provided
further, that the Company shall not be liable with respect to any preliminary prospectus or 

5

 

preliminary prospectus supplement to the extent that any such expenses, claims, losses, damages and liabilities result from the fact that Registrable Shares were sold to a Person as to whom it shall
be established that there was not sent or given at or prior to the written confirmation of such sale a copy of the prospectus as then amended or supplemented under circumstances where such delivery is
required under the Securities Act, if the Company shall have previously furnished copies thereof to such Indemnified Party in sufficient quantities to enable such Indemnified Party to satisfy such
obligations and the expense, claim, loss, damage or liability of such Indemnified Party results from an untrue statement or omission of a material fact contained in the preliminary prospectus or the
preliminary prospectus supplement which was corrected in the prospectus. 

        (b)  Each
Holder selling shares pursuant to a Registration Statement and any agents of each Holder that facilitate the distribution of Registrable Shares will
(i) indemnify the Company, each of its directors and each of its officers who signs the Registration Statement, and each Person who controls the Company within the meaning of Section 15
of the Securities Act, against all expenses, claims, losses, damages and liabilities (including reasonable legal fees and expenses) arising out of or based on (A) any untrue statement (or
alleged untrue statement) of a material fact contained in any such Registration Statement or prospectus, or any amendment or supplement thereto, or based on any omission (or alleged omission) to state
therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement (or
alleged untrue statement) or omission (or alleged omission) is made in such Registration Statement or prospectus, in reliance upon and in conformity with information furnished in writing to the
Company by such Holder for inclusion therein, or (B) any failure by such Holder to deliver a
prospectus where such delivery is required under the Securities Act, the Company shall have furnished copies of such prospectus to such Holder in sufficient quantities to permit such Holder to satisfy
such obligations and such prospectus corrected an untrue statement or omission of a material fact contained in a preliminary prospectus, and (ii) reimburse the Company for all reasonable legal
or other expenses incurred in connection with investigating or defending any such action or claim as such expenses are incurred. 

        (c)  Each
party entitled to indemnification under this Section 5 (the "Indemnified Party") shall give notice to the
party required to provide indemnification (the "Indemnifying Party") promptly after such Indemnified Party has actual knowledge of any claim as to which
indemnity may be sought, but the omission to so notify the Indemnifying Party shall not relieve it from any liability which it may have to the Indemnified Party pursuant to the provisions of this
Section 5 except to the extent of the actual damages suffered by such delay in notification. The Indemnifying Party shall assume the defense of such action, including the employment of counsel
to be chosen by the Indemnifying Party to be reasonably satisfactory to the Indemnified Party, and payment of expenses. The Indemnified Party shall have the right to employ its own counsel in any such
case, but the legal fees and expenses of such counsel shall be at the expense of the Indemnified Party, unless the employment of such counsel shall have been authorized in writing by the Indemnifying
Party in connection with the defense of such action, or the Indemnifying Party shall not have employed counsel to take charge of the defense of such action or the Indemnified Party shall have
reasonably concluded that there may be defenses available to it or them which are different from or additional to those available to the Indemnifying Party (in which case the Indemnifying Party shall
not have the right to direct the defense of such action on behalf of the Indemnified Party), in any of which events such fees and expenses shall be borne by the Indemnifying Party. No Indemnifying
Party, in the defense of any such claim or litigation, shall, except with the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement which does not include as
an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation. 

6

 

        (d)  If
the indemnification provided for in this Section 5 is unavailable to a party that would have been an Indemnified Party under this Section 5 in respect
of any expenses, claims, losses, damages and liabilities referred to herein, then each party that would have been an Indemnifying Party hereunder shall, in lieu of indemnifying such Indemnified Party,
contribute to the amount paid or payable by such Indemnified Party as a result of such expenses, claims, losses, damages and liabilities in such proportion as is appropriate to reflect the relative
fault of the Indemnifying Party on the one hand and such Indemnified Party on the other in connection with the statement or omission which resulted in such expenses, claims, losses, damages and
liabilities, as well as any other relevant equitable considerations. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact relates to information supplied by the Indemnifying Party or such Indemnified Party and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and each Holder agree that it would not be just and equitable if contribution pursuant to
this Section were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to above in this Section 5(d). 

        (e)  No
person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who
was not guilty of such fraudulent misrepresentation. 

        (f)    In
no event shall any Holder be liable for any expenses, claims, losses, damages or liabilities pursuant to this Section 5 in excess of the net proceeds to such
Holder of any Registrable Shares sold by such Holder. 

        Section 6.    Information to be Furnished by Holders.    Each Holder shall furnish to the Company such
information as the Company may reasonably request and as shall be required in connection with any Registration Statement and related proceedings referred to in Section 2 hereof. If any Holder
fails to provide the Company with such information within 10 business days of receipt of the Company's request, the Company's obligations under Section 2 hereof with respect to such Holder or
the Registrable Shares owned by such Holder, shall be suspended until such Holder provides such information. 

        Section 7.    Black-Out Period.    The Holders agree, if requested by the Company, or the
underwriters or financial advisors in an offering of the Company's securities pursuant to a registration statement filed with the Commission (a "Registered
Offering"), not to effect any public sale or distribution of any Registrable Shares, including a sale pursuant to Rule 144, during the 15-day period prior
to, and during the 90-day period beginning on, the date of pricing of each such Registered Offering. 

        Section 8.    Transfer of Registration Rights.    The rights and obligations of a Holder under this Agreement
may be transferred or otherwise assigned to: (i) a transferee or assignee of Series D Preferred Units or Common Units issued upon conversion of Series D Preferred Units provided
that (A) such Series D Preferred Units or Common Units represent all of such Holder's Series D Preferred Units and/or Common Units issued upon conversion of Series D
Preferred Units, (B) such Series D Preferred Units or Common Units are transferred in accordance with the terms of the Partnership Agreement, (C) such transferee or assignee
becomes a party to this Agreement or agrees in writing to be subject to the terms hereof to the same extent as if such transferee or assignee were an original party hereunder and (D) the
Company is given written notice by such Holder of such transfer or assignment stating the name and address of such transferee or assignee and identifying the securities with regard to which such
rights and obligations are being transferred or assigned; or (ii) a transferee or assignee of Preferred Shares or Common Shares issued upon redemption of Common Units or conversion of Preferred
Shares that have not been issued pursuant to an Issuance Registration 

7

 

Statement, provided that (E) such Preferred Shares or Common Shares represent all of such Holder's Preferred Shares and/or Common Shares issued upon redemption of Common Units or conversion of
Preferred Shares, (F) such Preferred Shares or Common Shares are transferred in accordance with the Company's Articles of Incorporation, as amended from time to time, (G) such transferee
or assignee becomes a party to this Agreement or agrees in writing to be subject to the terms hereof to the same extent as if such transferee or assignee were an original party hereunder, and
(H) the Company is given written notice by such Holder of such transfer or assignment stating the name and address of such
transferee or assignee and identifying the securities with regard to which such rights and obligations are being transferred or assigned. 

        Section 9.    Miscellaneous.    

        (a)    Governing Law.    This Agreement shall be governed in all respects by the laws of the State of Delaware. 

        (b)    Entire Agreement.    This Agreement constitutes the full and entire understanding and agreement between the
parties with regard to the subject matter hereof. 

        (c)    Amendment.    No supplement, modification, waiver or termination of this Agreement shall be binding unless
executed in writing by the Company and the Holders of at least a majority of the outstanding Series D Preferred Units and Common Units issued upon redemption of Series D Preferred Units
(voting as a single class with each such Unit entitled to one vote). 

        (d)    Notices, etc.    Each notice, demand, request, request for approval, consent, approval, disapproval,
designation or other communication (each of the foregoing being referred to herein as a notice) required or desired to be given or made under this Agreement shall be in writing (except as otherwise
provided in this Agreement), and shall be effective and deemed to have been received (i) when delivered in person, (ii) when sent by fax with receipt acknowledged, (iii) five
(5) days after having been mailed by certified or registered United States mail, postage prepaid, return receipt requested, or (iv) the next business day after having been sent by a
nationally recognized overnight mail or courier service, receipt requested. Notices shall be addressed as follows: (a) if to an Investor, at such Investor's address or fax number set forth
below its signature hereon, or at such other address or fax number as such Investor shall have furnished to the Company in writing, or (b) if to any assignee or transferee of an Investor, at
such address or fax number as such assignee or transferee shall have furnished the Company in writing, or (c) if to the Company, at the address of its principal executive offices and addressed
to the attention of the President, or at such other address or fax number as the Company shall have furnished to the Holders. Any notice or other communication required to be given hereunder to a
Holder in connection with a registration may instead be given to a designated representative of such Holder. 

        (e)    Counterparts.    This Agreement may be executed in any number of counterparts, each of which may be executed by
fewer than all of the parties hereto (provided that each party executes one or more counterparts), each of which shall be enforceable against the
parties actually executing such counterparts, and all of which together shall constitute one instrument. 

        (f)    Severability.    In the event that any provision of this Agreement becomes or is declared by a court of
competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision. 

        (g)    Section Titles.    Section titles are for descriptive purposes only and shall not control or alter the meaning
of this Agreement as set forth in the text. 

        (h)    Successors and Assigns.    This Agreement shall be binding upon the parties hereto and their respective
successors and assigns. 

8

 

        (i)    Remedies.    The Company and the Investors acknowledge that there would be no adequate remedy at law if any
party fails to perform any of its obligations hereunder, and accordingly agree that the Company and each Holder, in addition to any other remedy to which it may be entitled at law or in equity, shall
be entitled to compel specific performance of the obligations of another party under this Agreement in accordance with the terms and conditions of this Agreement in any court of the United States or
any State thereof having jurisdiction. 

        (j)    Attorneys' Fees.    If the Company or any Holder brings an action to enforce its rights under this Agreement,
the prevailing party in the action shall be entitled to recover its costs and expenses, including, without limitation, reasonable attorneys' fees, incurred in connection with such action, including
any appeal of such action. 

[signature
page follows] 

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        IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. 

	 	 	THE MACERICH PARTNERSHIP, L.P.
	

 	
 	

 	

 
	 	 	By:	THE MACERICH COMPANY, General Partner
	

 	
 	

 	

 
	 	 	By:	 
	 	 	 	
 Richard A. Bayer

Executive Vice President, General Counsel and Secretary
	

 	
 	

 	

 
	 	 	THE MACERICH COMPANY
	

 	
 	

 	

 
	 	 	By:	 
	 	 	 	
 Richard A. Bayer

Executive Vice President, General Counsel and Secretary
	

 	
 	

 	

 
	 	 	INVESTORS
	

 	
 	

 	

 

10

QuickLinks

Exhibit 10.2

REGISTRATION RIGHTS AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00041-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00041-of-00352.parquet"}]]