THE MACERICH COMPANY
DEFERRED COMPENSATION PLAN
1998 COMPENSATION DEFERRAL, INVESTMENT AND
DISTRIBUTION ELECTION
INSTRUCTIONS/PURPOSE: This form is for Eligible Employees of
Macerich Company and its subsidiaries and successors (the
"Company") to enroll in The Macerich Company Deferred
Compensation Plan (the "Plan") for calendar year 1998,
and/or to make or change their investment elections for existing
account balances and future deferrals. To make deferral
elections, complete Parts A and B. To make investment
elections, complete Parts A and C. To make distribution elections,
complete Parts A and D. Employees should designate their
beneficiary(ies) on a separate Beneficiary Designation Form.
A. EMPLOYEE INFORMATION
___________________________ _____-_____-_____
Name Social Security Number
B. DEFERRAL ELECTIONS
1. Election to Defer Salary
I elect to defer ___% (any percentage up to 50%) of my
annual salary earned during the 1998 calendar year, commencing
with the first pay period beginning in 1998 and ending with the
last pay period beginning in 1998. I understand that I may not
revoke this election for the 1998 Plan Year and that, in order
to defer any salary for the 1999 Plan Year (beginning on January 1,
1999), I must submit a separate election form on or before
December 24, 1998.
2. Election to Defer Bonus
I elect to defer __% (any percentage up to 50%) of my
bonus (if any) paid during the 1998 Plan Year (reduced by the
amount I could have deferred under any Macerich 401(k) plan).
I understand that I may not revoke this election for the 1998
Plan Year and that, in order to defer any of my bonus for the
1999 Plan Year (beginning on January 1, 1999), I must submit a
separate election form on or before December 24, 1998.
C. INVESTMENT ELECTION (existing account balances and future
deferrals)
I hereby elect to have my existing account balances
and future deferrals deemed to be invested in the following
Northwestern Mutual Life funds or portfolios, according to
the percentages listed below, for purposes of determining the
amount of earnings and losses to be credited to my account.
Any deferrals for which no fund or portfolio is elected will
be deemed to be invested in the Money Market Portfolio. This
investment election must be submitted to the Committee by the
25th of a calendar month to be effective at the end of that month.
Elections submitted after the 25th will be effective at the end
of the following month. Investment elections must total 100%.
No more than five of the funds may be selected.
Type of Fund Percentage of Total Deferral
Guaranteed Interest Fund __________%
Money Market Portfolio __________%
Select Bond Portfolio __________%
High Yield Bond Portfolio __________%
Balanced Portfolio __________%
Index 500 Stock Portfolio __________%
Growth & Income Stock Portfolio __________%
Growth Stock Portfolio __________%
International Equity Portfolio __________%
Aggressive Growth Stock Portfolio __________%
Total 100 %
D. TIMING AND FORM OF PAYMENT
I hereby specify that payment of my deferred
compensation under this election be made or begin as indicated
below.
THIS SUPERSEDES ALL PRIOR ELECTIONS.
% of Total Payment Made or Payments Begin
% Payable promptly following my termination of
employment (for any reason including death,
retirement or voluntary resignation)
% A cash lump sum payable promptly upon the later
of my termination of employment for any
reason or ____________________ [fill in date]
% ________________ [any number up to 120] monthly
installments beginning on the first day of the
month following the later of my termination of
employment for any reason or _________________
[fill in date]
% On ______________________ date
(must not be any sooner than 1/1/99)
% On ______________________ date (must
not be any sooner than 1/1/99)
% On ______________________ date (must
not be any sooner than 1/1/99)
% On ______________________ date (must
not be any sooner than 1/1/99)
100% Total (must equal 100%)
ACKNOWLEDGMENT
I acknowledge that I have read and am familiar with
the terms of the Plan, and that I have elected to defer
Compensation subject to all conditions and restrictions set
forth in the Plan. I understand that (1) I may not withdraw
or take loans against any amounts I elect to defer (with the
exception of a hardship distribution permitted by the Committee);
(2) I may not retroactively change my decision to participate
in the Plan for calendar year 1998; (3) all amounts credited
to my accounts under the Plan will be paid to me (or my
beneficiary) following my termination of employment with the
Company, unless I file a timely Optional Distribution Election;
(4) I assume all risk, and the Company is not responsible, for
the investment performance of the Funds I have selected; (5)
my accounts shall merely be bookkeeping entries on the
Company's books, and I shall not obtain any interest in any
Funds selected by the Committee; and (6) my right to receive
benefits under the Plan is not secured in any way. Also,
I understand the investment elections made on this form will
remain in effect until I make a change.
____________________ __________________________
Date Participant's Signature
TO DEFER COMPENSATION FOR 1998, A PARTICIPANT MUST FILE
THIS FORM WITH THE PLAN'S ADMINISTRATIVE COMMITTEE BY
DECEMBER 31, 1997.