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MACERICH CO filed this Form 10-K on 02/23/2018
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(ii)    if the Grantee’s Qualified Termination, death or Disability occurs before the first anniversary of the Effective Date, the number of Award [2018] LTIP Units (PB) resulting from the calculations provided in Section 4 hereof shall be multiplied by the Partial Service Factor (with the resulting number being rounded to the nearest whole LTIP Unit or, in the case of 0.5 of a unit, up to the next whole unit), and such adjusted number of Award [2018] LTIP Units (PB) shall become vested; and
(iii)    if the Grantee’s Qualified Termination, death, Disability or Retirement occurs after the first anniversary of the Effective Date, then there will be no reduction in the number of Award [2018] LTIP Units (PB) resulting from the calculations provided in Section 4 hereof.
(d)    For the avoidance of doubt, if the Grantee becomes engaged in Competitive Activities following the effective date of Retirement and before the end of the Performance Period, then the provisions of Section 5(b) or 5(c) will not apply, and the provisions of Section 5(f) will apply.
(e)    If the Grantee’s employment with the Company or a Subsidiary or affiliate terminates as a result of retirement under circumstances other than as described in Section 5(c) above, the Committee may, on a case-by-case basis and in its sole discretion, provide for accelerated or continued vesting of some or all of the Grantee’s unvested Award [2018] LTIP Units (PB) that have not previously been forfeited effective prior to the effective date of retirement.
(f)    In the event of a termination of employment or other cessation of the Grantee’s Continuous Service prior to the end of the Performance Period other than as provided in Section 5 (b) or 5(c), effective as of the date of such termination or cessation, all [2018] LTIP Units (PB) except for those that had previously been earned pursuant to Section 4 hereof and become vested pursuant to this Section 5 shall automatically and immediately be forfeited by the Grantee. Any forfeited Award [2018] LTIP Units (PB) shall, without payment of any consideration by the Partnership, automatically and without notice be and become null and void, and neither the Grantee nor any of his successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such forfeited Award [2018] LTIP Units (PB).
6.    Payments by Award Recipients. No amount shall be payable to the Company or the Partnership by the Grantee at any time in respect of this Award.
7.    Distributions. Distributions on [2018] LTIP Units (PB) will be paid in accordance with the Partnership Agreement as modified hereby as follows:
(a)    The LTIP Unit Distribution Participation Date (as defined in the Partnership Agreement) with respect to those [2018] LTIP Units (PB) that have become vested in accordance with Sections 4 or 5 hereof shall be the effective date of vesting of Award [2018] LTIP Units (PB) (i.e. the last day of the Performance Period [or such other date as provided in Section 5 hereof]). Vested [2018] LTIP Units (PB) shall be entitled to receive the full distribution payable on Units