- Current report filing (8-K)
March 29 2010 - 6:06AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date
of report (Date of earliest event reported)
March 26,
2010
THE MACERICH
COMPANY
(Exact
Name of Registrant as Specified in Charter)
MARYLAND
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1-12504
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95-4448705
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(State
or Other Jurisdiction of
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(Commission
File Number)
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(IRS
Employer Identification No.)
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Incorporation)
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401 Wilshire Boulevard, Suite 700, Santa Monica,
California 90401
(Address
of Principal Executive Offices) (Zip Code)
Registrants
telephone number, including area code
(310) 394-6000
N/A
(Former
Name or Former Address, if Changed Since Last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions (
see
General Instruction A.2. below):
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
ITEM 5.02. Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On March 26, 2010, The Macerich Company
(the Company) and Tony Grossi, Senior Executive Vice President, Chief
Operating Officer and Chief Economist of the Company entered into a Separation
Agreement and Release of Claims (the Separation Agreement) which was approved
by the Compensation Committee whereby Mr. Grossi will resign from all
employment with the Company effective as of the close of business on April 30,
2010 (the Separation Date).
On the Separation Date, Mr. Grossi will
receive his final regular paycheck as well as payment for any accrued but
unused vacation and personal days. All
unvested service-based LTIP Units and unvested restricted stock units will
continue to vest in accordance with their original vesting schedules. Mr. Grossi
will also receive a proportionate share of a full year target level bonus for
2010 in the amount of $300,000. Mr. Grossi will no longer be eligible to
participate in the Companys benefit plans as of the Separation Date.
The Separation Agreement further provides
that Mr. Grossi has the option to enter into a consulting agreement with
the Company effective as of the Separation Date. The consulting agreement will provide that Mr. Grossi
will perform consulting services as requested by the Company through January 31,
2011 or such earlier date specified by Mr. Grossi and will receive a
$56,000 monthly consulting fee.
Under the Separation Agreement, Mr. Grossi
provided the Company with a general liability release and agreed to certain
covenants including confidentiality and non-solicitation for one year.
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SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, The Macerich Company has duly caused this
report to be signed by the undersigned, hereunto duly authorized, in the City
of Santa Monica, State of California, on March 26, 2010.
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THE
MACERICH COMPANY
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By:
RICHARD A. BAYER
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/s/
Richard A. Bayer
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Senior
Executive Vice President,
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Chief
Legal Officer
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and
Secretary
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