MACERICH CO
EXHIBIT 10.36
<DOCUMENT>
<TYPE>EX-10.36
<SEQUENCE>9
<FILENAME>a2130493zex-10_36.htm
<DESCRIPTION>EXHIBIT 10.36
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#04BHL1132_8">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit 10.36  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="lg1133_amendment_to_the_maceri__lg102261"> </A>
<A NAME="toc_lg1133_1"> </A>
<BR></FONT><FONT SIZE=2><B>AMENDMENT<BR>  TO THE MACERICH COMPANY<BR>  2003 EQUITY INCENTIVE PLAN    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>WHEREAS</B></FONT><FONT SIZE=2>, The Macerich Company (the "Company") maintains The Macerich Company 2003 Equity Incentive Plan (the
"Plan"); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>WHEREAS</B></FONT><FONT SIZE=2>, Article&nbsp;8 of the Plan provides for the automatic formulaic award of nonqualified stock options to eligible directors of
the Company during the term of the Plan; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>WHEREAS</B></FONT><FONT SIZE=2>, the Board of Directors has the authority to amend the Plan, and has determined that it is advisable and in the best interests of
the stockholders of the Company to amend the Plan to suspend the grant of such automatic awards indefinitely. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>RESOLVED</B></FONT><FONT SIZE=2>, the Plan is hereby amended effective as of October&nbsp;29, 2003 as follows: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.1
of the Plan is hereby amended by inserting the following sentence to the immediately before the first sentence thereof: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Notwithstanding
anything contained in this Article&nbsp;8 to the contrary, effective as of October&nbsp;29, 2003, the automatic grant of nonqualified stock options as provided for
in this Section&nbsp;8 is hereby suspended." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>IN WITNESS WHEREOF</B></FONT><FONT SIZE=2>, the Company has caused its duly authorized officer to confirm the adoption of this Amendment by the Board as of the
29<SUP>th</SUP> day of October, 2003. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>RICHARD A. BAYER</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Richard A. Bayer<BR>
Executive Vice President, General Counsel and Secretary</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=1,EFW="2130493",CP="THE MACERICH COMPANY",DN="8",CHK=898576,FOLIO='blank',FILE='DISK009:[04BHL3.04BHL1133]LG1133A.;3',USER='TOSBORNA',CD='11-MAR-2004;09:05' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="04BHL1132_8">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_lg1133_1">AMENDMENT TO THE MACERICH COMPANY 2003 EQUITY INCENTIVE PLAN</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=DMALONE,SEQ=,EFW="2130493",CP="THE MACERICH COMPANY",DN="8" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
