Exhibit 10.31
THE MACERICH
COMPANY
NON-QUALIFIED STOCK OPTION
GRANT
THIS GRANT dated as of
,
20 , by The Macerich Company, a
Maryland corporation (the “ Corporation ”), to
(the “ Director ”).
W I T N E S S E T
H
WHEREAS, the Corporation has adopted
The Macerich Company 2003 Equity Incentive Plan (the “
Plan ”).
NOW, THEREFORE, in consideration of
the services rendered and to be rendered by the Director, the
Corporation hereby grants an option (the “ Option
”) to the Director pursuant to and subject to the Plan and
upon the terms and conditions evidenced hereby, which Option is not
intended as and shall not be deemed to be an incentive stock option
within the meaning of Section 422 of the Code.
1.
Option Grant
. This Agreement evidences the
grant to the Director, as of
,
20 , (the “ Option
Date ”), of an Option to purchase an aggregate of
shares of Common Stock, par value $0.01 per share, subject to the
terms and conditions of and to adjustments provided in or pursuant
to the Plan.
2.
Exercise Price
. The Option entitles the
Director to purchase all or any part of the Option shares, to the
extent then exercisable, at a price per share of
$
, which represents the Fair Market Value of the shares on the
Option Date.
3.
Option Exercisability and
Term .
(a)
Except as earlier permitted by or
pursuant to the Plan or by the Compensa
