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SEC Filings



10-Q
MACERICH CO filed this Form 10-Q on 05/07/2018
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Exhibit 10.2


Thomas E. O’Hern
c/o The Macerich Company
401 Wilshire Blvd., Suite 700
Santa Monica, CA 90401

RE:    Employment Agreement

Dear Tom:

I am pleased to provide you in writing the offer to become the Chief Executive Officer of The Macerich Company (the “Company”). The details of the Company’s offer are outlined below and in Annex A, attached hereto:

Title:
Chief Executive Officer, effective January 1, 2019.

Board of Directors:
You will be nominated for election as an executive member of the Board of Directors on or before July 1, 2018. For clarity, if at any time the Company fails to propose you, without your consent, to be a member of the Board of Directors, such failure shall constitute a material diminution in your position, authority, duties or responsibilities for purposes of qualifying as “Good Reason” under Annex A hereto, the CIC Plan (as such term is defined below), and under all of your equity award agreements, including the Annual Equity Grants provided below. In the event you become an executive member of the Board of Directors, if you subsequently cease to be a member of the Board of Directors, without your consent, such change in status shall also constitute a material diminution in your position, authority, duties or responsibilities for purposes of qualifying as “Good Reason” under Annex A hereto, the CIC Plan, and under all of your equity award agreements, including the Annual Equity Grants provided below.

Base Salary:
Your annual base salary (“Salary”) will be $800,000 per annum, starting on April 26, 2018, prorated for the remainder of the 2018 calendar year.

Term:
April 26, 2018 to April 25, 2021.