Macerich Co (MAC) CLO Ann C. Menard granted and earns LTIP Units

Rhea-AI Filing Summary

Macerich Co Chief Legal Officer and Secretary Ann C. Menard reported equity-based compensation awards involving partnership LTIP Units. On February 16, 2026, she acquired 41,411 LTIP Units as long-term incentive compensation that vest one-third on December 31 of 2026, 2027, and 2028.

She also acquired 51,585 performance-based LTIP Units from a grant originally made on January 1, 2023. The Compensation Committee determined 102.89% of the 50,136-target LTIP Units were earned based on performance through December 31, 2025. These units vested on December 31, 2025 and must be held until December 31, 2026.

Each LTIP Unit represents a limited partnership interest in The Macerich Partnership, L.P. that can be converted into a common partnership unit, then generally redeemed for cash equal to the value of one Macerich common share, or, at the company’s election, settled in one common share, with no expiration date.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Menard Ann C

(Last) (First) (Middle)

401 WILSHIRE BLVD.

SUITE 700

(Street)

SANTA MONICA CA 90401

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
MACERICH CO [ MAC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Legal Officer/Secretary

3. Date of Earliest Transaction (Month/Day/Year)
02/16/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
LTIP Units	(1)	02/16/2026		A		41,411		(1)(2)	(1)	Common Stock	41,411	$0	127,062	D
LTIP Units	(3)	02/16/2026		A		51,585		(4)	(3)	Common Stock	51,585	$0	178,647	D

Explanation of Responses:

1. Represents units of limited partnership interest in The Macerich Partnership, L.P. (the "Partnership"), of which the Issuer is the general partner, issued as long term incentive compensation pursuant to the Issuer's equity based compensatory programs. Conditioned upon minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes and time vesting, each LTIP Unit may be converted into a common unit of limited partnership interest in the Partnership (a "Common Unit"). Each Common Unit acquired upon conversion of a LTIP Unit may be presented for redemption, at the election of the holder, for cash equal to the then fair market value of a share of the Issuer's common stock, except that the Issuer may, at its election, acquire each Common Unit so presented for one share of common stock. The rights to convert LTIP Units to Common Units and redeem Common Units do not have expiration dates.

2. LTIP Units vest one-third on December 31, 2026, one-third on December 31, 2027 and one-third on December 31, 2028.

3. Represents the vesting of performance-based units of limited partnership interest in The Macerich Partnership, LP (the "Partnership"), of which the Issuer is the general partner. These LTIP Units were issued as long-term incentive compensation and vested upon achievement of certain pre-established performance criteria. Conditioned upon minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, each LTIP Unit may be converted, at the election of the holder, into a common unit of limited partnership interest in the Partnership ("Common Unit"). Each Common Unit may generally be redeemed, at the election of the holder, for cash equal to the then fair market value of a share of the Issuer's common stock, except that the Issuer may, at its election, acquire each Common Unit for one share of common stock. The rights to convert LTIP Units into Common Units and redeem for common stock do not have expiration dates.

4. On January 1, 2023, the reporting person was granted an LTIP Unit award pursuant to which the reporting person could earn 50,136 LTIP Units at target performance, based on the Issuer's performance relative to certain performance criteria during the period from January 1, 2023 through December 31, 2025. On February 16, 2026, the Compensation Committee of the Board of Directors of the Issuer determined that 51,585 of the LTIP Units, or 102.89% of the target amount, were earned based on the Issuer's performance during the performance period. The LTIP Units vested on December 31, 2025 and must be retained by the reporting person until December 31, 2026.

Remarks:

	Ann C. Menard	02/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What did Macerich (MAC) executive Ann C. Menard report on this Form 4?

Ann C. Menard reported receiving LTIP Unit awards as equity compensation. She acquired 41,411 time-vested LTIP Units and 51,585 performance-based LTIP Units tied to results through December 31, 2025, reflecting long-term incentive alignment with Macerich’s partnership and common stock value.

How many LTIP Units did Ann C. Menard acquire in Macerich (MAC) awards?

Ann C. Menard acquired two LTIP Unit blocks totaling 93,0‑plus units. One award granted 41,411 time-based LTIP Units, and another reflected 51,585 performance-based LTIP Units earned at 102.89% of a 50,136-target grant covering the 2023–2025 performance period.

What are LTIP Units in Macerich (MAC)’s partnership structure?

LTIP Units are partnership interests in The Macerich Partnership, L.P. Subject to tax and vesting conditions, each LTIP Unit can convert into a common partnership unit, which may then be redeemed for cash equal to the fair market value of a Macerich common share or, at Macerich’s election, one share.

When do Ann C. Menard’s Macerich (MAC) LTIP Units vest and become retainable?

The time-based LTIP Units vest in thirds from 2026 through 2028. One-third vests on December 31 of 2026, 2027, and 2028. The performance-based LTIP Units vested on December 31, 2025 and must be retained by Menard until at least December 31, 2026.

How were the performance-based LTIP Units for Ann C. Menard at Macerich (MAC) determined?

The performance-based LTIP Units were tied to a 2023–2025 award. A January 1, 2023 grant allowed earning 50,136 LTIP Units at target. On February 16, 2026, the Compensation Committee certified 51,585 units, or 102.89% of target, based on Macerich’s performance through December 31, 2025.

Can Ann C. Menard’s LTIP Units be converted into Macerich (MAC) common stock?

Yes, LTIP Units can ultimately be settled in Macerich common stock or cash. After required tax allocations and vesting, LTIP Units may convert into common partnership units, which generally can be redeemed for cash equal to a common share’s value, or acquired by Macerich for one share.