Macerich Executives to Get $32 Million Sweetener If Firm Is Sold

Until very recently, four top executives at Macerich Co. faced getting paid almost nothing if the firm were to be sold and they lost their jobs as a result. Now they’re eligible for more than $32 million.

The shopping-mall operator said in its quarterly filing on Nov. 3 that it had adopted a cash-severance plan, ensuring that senior executives would get nice checks if they leave or are terminated within two years of a change in control. Such a move could signal a company is gearing up for a sale.

Increased interest from activists and intensifying deal discussions among mall ...