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DEF 14A
MACERICH CO filed this Form DEF 14A on 05/17/2018
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Compensation Discussion and Analysis of our proxy statement filed on April 18, 2017. In accordance with SEC rules, the LTIP Unit bonuses granted to these named executive officers for their 2016 performance are reported in the “Stock Awards” column for 2017. See also footnote (4) below.

Annual Incentive Reported in Year 2015

The annual incentive compensation awards for our named executive officers for their 2015 performance were paid in the form of fully-vested LTIP Units on March 4, 2016 and were previously described in the Compensation Discussion and Analysis of our proxy statement filed on April 15, 2016. In accordance with SEC rules, the LTIP Unit bonuses granted to these named executive officers for their 2015 performance are reported in the “Stock Awards” column for 2016. See also footnote (4) below.

 

(4) Stock Awards Reported in Year 2017

The amounts reflected in this column for 2017 relate to performance-based LTIP Units, service-based LTIP Units and fully-vested LTIP Units granted in 2017 under our LTIP and 2003 Incentive Plan. These amounts represent the value at the grant date computed in accordance with FASB ASC Topic 718, disregarding for this purpose the estimate of forfeitures related to service-based vesting conditions.

 

  a. Performance-Based LTIP Units.    The aggregate grant date fair values for performance-based LTIP Unit awards based upon the probable outcome of the performance conditions as of the grant date were as follows:

 

Arthur M. Coppola

     $6,749,994  

Edward C. Coppola

     $2,699,950  

Thomas E. O’Hern

     $1,499,983  

Robert D. Perlmutter

     $1,499,983  

Thomas J. Leanse

     $1,031,218  

The maximum aggregate values for performance-based LTIP Unit awards at the grant date assuming that the highest level of performance conditions would be achieved were as follows:

 

Arthur M. Coppola

     $10,141,454  

Edward C. Coppola

     $4,056,511  

Thomas E. O’Hern

     $2,253,633  

Robert D. Perlmutter

     $2,253,633  

Thomas J. Leanse

     $1,549,342  

 

  b. Service-Based LTIP Units.    The grant date fair values for service-based LTIP Unit awards were as follows:

 

Arthur M. Coppola

     $2,249,949  

Edward C. Coppola

     $899,951  

Thomas E. O’Hern

     $499,989  

Robert D. Perlmutter

     $499,989  

Thomas J. Leanse

     $343,716  

 

  c. Fully-Vested LTIP Units.    The grant date fair values for fully-vested LTIP Unit awards, which represent each named executive officer’s annual incentive award earned for 2016 performance, were as follows:

 

Arthur M. Coppola

     $2,614,936  

Edward C. Coppola

     $2,112,000  

Thomas E. O’Hern

     $1,187,942  

Robert D. Perlmutter

     $1,187,942  

Thomas J. Leanse

     $895,966  

 

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