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SEC Filings



10-K/A
MACERICH CO filed this Form 10-K/A on 04/30/2018
Entire Document
 


    if a named executive officer does not meet the requirements for retirement under our current retirement policy, and the Compensation Committee does not otherwise provide,

 

    his equity awards that have not vested as of his retirement date will be forfeited,

 

    he will have 12 months from his retirement date to exercise vested options and SARs, subject to specified limitations, and

 

    he will forfeit all unvested performance-based and service-based LTIP Units, unless the Compensation Committee determines in its sole discretion to provide for vesting of some or all such LTIP Units.

Upon Death or Disability

In the event of death or disability of a named executive officer while employed,

 

    his benefits under our long-term disability plan or payments under our life insurance plan(s), as appropriate, will be distributed,

 

    except as provided below, his unvested equity awards will immediately vest,

 

    his unvested performance-based LTIP Units will be eligible to vest based on performance through the executive’s date of death or disability, and

 

    his vested stock options or SARs may be exercised for 12 months after the date of his disability or death.

Termination/Change of Control Payments Table

The following table provides the potential payments and benefits to the named executive officers, upon termination of employment or a change in control, assuming such event occurred on December 31, 2017. These numbers do not reflect the actual amounts that may be paid to such persons, which will only be known at the time that they become eligible for payment and will only be payable if the specified event occurs.

Items Not Reflected in Table

The following items are not reflected in the table set forth below:

 

    Accrued salary, bonus, personal time and vacation.

 

    Costs of COBRA or any other mandated governmental assistance program to former employees.

 

    Welfare benefits, including life insurance, provided to all salaried employees.

 

    Amounts outstanding under our 401(k) plan or any deferred compensation plan. There are no special or enhanced benefits under these plans for our named executive officers, and all of such participating officers are fully vested in these plans. See “Nonqualified Deferred Compensation” table.

Other Notes Applicable to the Table

 

    For the accelerated vesting of the unvested service-based LTIP Units, the table reflects the intrinsic value of such acceleration. The value for each unvested LTIP Unit is $65.68, which represents the closing price of our Common Stock on the NYSE on December 29, 2017, the last trading day of 2017.

 

    For the accelerated vesting of Mr. Leanse’s unvested stock options, the table reflects the intrinsic value of such acceleration. The value for each unvested stock option is the amount by which the closing price of our Common Stock on the NYSE on December 29, 2017 ($65.68) exceeded the exercise price of the option ($56.768).

 

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