Form 4: Macerich Co. Executive Doug J. Healey Acquires 40,368 LTIP Units Following Performance-Based Vesting

Doug J. Healey, Senior EVP, Head of Leasing at Macerich Co., acquired 40,368 LTIP units on April 24, 2024, following the vesting of performance-based units.

Summary

• On April 24, 2024, Doug J. Healey, Senior EVP, Head of Leasing at Macerich Co., reported a transaction involving Long-Term Incentive Plan (LTIP) units.
• Healey acquired 40,368 LTIP units due to the vesting of performance-based units of limited partnership interest in The Macerich Partnership, LP.
• These LTIP Units were issued as long-term incentive compensation and vested upon achievement of certain pre-established performance criteria from January 1, 2021, through December 31, 2023.
• The Compensation Committee determined that 40,368 of the LTIP Units, or 83.7% of the target amount, were earned based on the Issuer's performance during the performance period.
• Each LTIP Unit may be converted into a common unit of limited partnership interest, which can then be redeemed for cash or common stock of Macerich Co.
• The reporting person directly owns 167,396 shares of common stock following the reported transaction.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive as it reflects the achievement of performance targets and increased executive alignment with shareholder interests. The vesting of LTIP units is a routine part of executive compensation.

Positives

• The vesting of LTIP units suggests that Macerich Co. achieved a significant portion of its performance goals during the specified period.
• The executive's increased stake in the company through LTIP units aligns his interests with those of the shareholders.

Industry Context

This filing is typical for executives receiving equity-based compensation in publicly traded companies. It reflects the alignment of executive incentives with company performance and shareholder value.

Stakeholder Impact

• Shareholders may view the vesting of LTIP units positively, as it indicates that the company has met certain performance criteria.
• Employees may see this as a positive sign of company performance and potential for future growth.

Key Dates