MAC - The Macerich Company Announces Grant of Employment Inducement Award in Connection with Appointment of Jackson Hsieh as President and Chief Executive Officer | Benzinga
SANTA MONICA, Calif., March 01, 2024 (GLOBE NEWSWIRE) -- The Macerich Company (NYSE:MAC) (the "Company") announced that it granted two inducement equity awards to Jackson Hsieh on March 1, 2024, the effective date of Mr. Hsieh's appointment as President and Chief Executive Officer of the Company, pursuant to the employment agreement entered into between the Company and Mr. Hsieh effective March 1, 2024. The awards were granted in accordance with New York Stock Exchange Listed Company Manual Rule 303A.08 as an inducement to Mr. Hsieh's employment with the Company.
The inducement awards include a sign-on equity grant in the amount of 304,692 Company Long-Term Incentive ("LTIP") units (the "Sign-On LTIP Grant") and an annual equity grant in the amount of 396,098 LTIP units (the "2024 Annual LTIP Grant"). Each of the Sign-On LTIP Grant and 2024 Annual LTIP Grant will generally have the same terms and conditions as LTIP units granted under the Company's Long-Term Incentive Program and the Company's Amended and Restated 2003 Equity Incentive Plan (the "Equity Plan"), but such inducement awards will be granted outside of the Equity Plan reserve.
The Sign-On LTIP Grant will vest 50% on the third anniversary and 25% on each of the fourth and fifth anniversaries measured from March 1, 2024, subject to Mr. Hsieh's continued service with the Company on each applicable vesting date. The Sign-On LTIP Grant is subject to certain termination-related vesting provisions generally providing for, in the event of an ...