Form 4: Macerich Director Marianne Lowenthal Receives Equity Award, Boosting Stake

Macerich Co. Director Marianne Lowenthal was granted 8,348 restricted stock units as non-cash compensation, increasing her total beneficial ownership to 42,876 shares.

Summary

• Macerich Co. (MAC) Director Marianne Lowenthal acquired 8,348 shares of common stock on June 2, 2025.
• The acquisition was a non-cash compensation award of restricted stock units (RSUs) under The Macerich Company 2003 Equity Incentive Plan.
• The restricted stock units were acquired at a price of $0 per share, as is typical for compensation awards.
• These RSUs are scheduled to vest one year after the award date.
• Following this transaction, Ms. Lowenthal's direct beneficial ownership in Macerich Co. increased to 42,876 shares.

Sentiment

Score: 6

Explanation: The sentiment is slightly positive as the equity award aligns the director's interests with shareholders, which is generally viewed favorably. It's a routine compensation event, not indicative of major operational changes.

Positives

• The award of restricted stock units to a director aligns management's interests with those of shareholders, as the value of the compensation is tied to the company's stock performance.
• The transaction is part of an existing equity incentive plan, indicating a structured approach to executive and director compensation.

Future Outlook

The restricted stock units are scheduled to vest one year after the award date, indicating a future increase in the director's vested equity holdings, contingent on continued service.

Industry Context

The granting of restricted stock units is a common form of non-cash compensation for directors and executives across various industries, including Real Estate Investment Trusts (REITs) like Macerich Co. This practice aims to align the interests of company leadership with long-term shareholder value.

Comparison to Industry Standards

• The use of restricted stock units as director compensation is a standard practice in publicly traded companies, including REITs, aligning with common corporate governance principles.
• While specific award sizes vary by company size, performance, and individual roles, this type of equity grant is consistent with compensation structures observed in comparable companies within the retail REIT sector.

Corporate Governance

Related Party Transactions

• The transaction involves the company granting equity compensation to a director, which is a standard related-party transaction for compensation purposes.

Stakeholder Impact

• Shareholders: The equity award aligns the director's financial interests with long-term shareholder value, potentially encouraging decisions that benefit stock performance.
• Employees: While not directly impacting employees, the use of equity incentive plans can set a precedent for broader employee compensation strategies.

Next Steps

• The restricted stock units are expected to vest one year from the award date, at which point they will convert into fully owned shares, subject to the terms of the 2003 Equity Incentive Plan.

Key Dates

Keywords

Macerich, MAC, Restricted Stock Units, RSU, Director Compensation, Equity Award, Insider Transaction, SEC Form 4, Corporate Governance, Real Estate Investment Trust, REIT