Menard Ann C 4

What Happened

• Ann C. Menard, Chief Legal Officer and Secretary of Macerich (MAC), was granted two long-term incentive plan (LTIP) unit awards on February 16, 2026 totaling 92,996 LTIP Units (41,411 + 51,585). The awards were reported as acquisitions at $0.00 per unit (transaction code A — award/grant). These LTIP Units are derivative partnership units that can be converted into common units of the partnership and generally redeemed for cash equal to the fair market value of a share of Macerich common stock (or, at the issuer’s election, exchanged for one share).

Key Details

• Transaction date: February 16, 2026; Form 4 filed February 18, 2026.
• Awarded units: 41,411 LTIP Units (time-vesting) and 51,585 LTIP Units (performance-based); total = 92,996 units.
• Price: $0.00 per unit (award); no cash paid by the reporting person.
• Vesting / retention:
  • The 41,411 LTIP Units vest one‑third on Dec 31, 2026, one‑third on Dec 31, 2027 and one‑third on Dec 31, 2028.
  • The 51,585 performance-based LTIP Units were earned at 102.89% of target for the 2023–2025 performance period, vested on Dec 31, 2025, and must be retained by the reporting person until Dec 31, 2026.
• Shares owned after transaction: Not disclosed in the provided filing.
• Filing timeliness: Reported promptly (no late filing indicated).

Context

• These are compensation awards (derivative LTIP Units), not open-market purchases or sales — they do not necessarily signal insider buying or selling intent.
• LTIP Units are convertible/redeemable for common-equivalent value without an expiration date on conversion rights; the company can instead deliver shares when units are presented for redemption.
• Performance-based awards reflect achievement of pre-set goals (the 51,585 units were earned above target); time-based awards vest over multiple years.