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Exhibit 10.12
 
SECOND AMENDMENT
TO THE
WEINGARTEN REALTY INVESTORS SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

WHEREAS, Weingarten Realty Investors (the “Employer”) adopted the Weingarten
Realty Investors Supplemental Executive Retirement Plan (the “Plan”), most
recently restated effective September 1, 2002;

WHEREAS, the Employer subsequently amended the Plan on November 3, 2003;

WHEREAS, the purpose of the plan is to supplement the retirement benefit
provided under the terms of the Weingarten Realty Retirement Plan, as amended
(the "Pension Plan") for selected eligible employees;

WHEREAS, the Sponsor desires to add a definition for “Retirement Age” under the
Plan; and,

WHEREAS, the Sponsor desires to amend the allocation of “Employer Credits” under
the Plan.

NOW, THEREFORE, the Sponsor amends the Plan as follows:

Effective January 1, 2003, Article I, Section 1.17 is amended by the addition of
the following sentence:

“Retirement Age” shall mean the latest of the attainment of age 65, the
completion of five (5) years of participation in the Plan, or the Participant’s
attained age.

Effective January 1, 2003, Article III, Section 3.1 of the Plan is amended as
underscored to read hereafter as follows:

3.1
Employer Credits. The Employer shall credit to the Account of each Participant
an amount each Plan Year which is designed to provide the Participant a
supplemental retirement benefit at Retirement Age equal to the additional
retirement benefit he would have accrued under the Employer’s Pension Plan, as
applicable to such Participant, if such retirement benefit were determined
without regard to the benefit and compensation limitations imposed by the Code,
but calculated applying the definition of “Earnings” contained herein.

(a)  
The amount credited each Plan Year to the Account of a Participant hired before
January 1, 2002 shall be calculated as an actuarially determined level
percentage of the participant’s projected compensation that amortizes the
unfunded present value of the Supplemental Benefit described below over the
period remaining until the Participant attains Retirement Age. The Supplemental
Benefit shall be equal to the excess of:

 
 

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(i)  
the projected retirement benefit to which the Participant would have been
entitled at Retirement Age if such benefit were calculated without giving effect
to the benefit and compensation limitations imposed by the Code if such benefit
were calculated under the Pension Plan’s defined benefit formula in effect
December 31, 2001 (“Defined Benefit Formula”), but applying the definition of
“Earnings” contained herein; over

 

(ii)  
the projected retirement benefit payable to the Participant under the Pension
Plan’s Cash Balance Formula at Retirement Age or, for Participant’s in the
Pension Plan’s Transition Group, the Pension Plan’s Defined Benefit Formula at
Retirement Age.

 

(b)  
Employer Credits credited to the Account of a Participant hired on or after
January 1, 2002 shall be calculated as an actuarially determined level
percentage of the participant’s projected compensation that amortizes the
unfunded present value of the Supplemental Benefit described below over the
period remaining until the Participant attains Retirement Age. The Supplemental
Benefit shall be equal to the excess of:

 

(i)  
the projected retirement benefit to which the Participant would have been
entitled at Retirement Age if such benefit were calculated without giving effect
to the benefit and compensation limitations imposed by the Code if such benefit
were calculated under the Pension Plan’s “Cash Balance Formula” in effect April
1, 2002, but applying the definition of “Earnings” contained herein; over

 

(ii)  
the retirement benefit payable to the Participant under the Pension Plan’s Cash
Balance Formula at Retirement Age.

 

IN WITNESS WHEREOF, the Sponsor has executed this instrument this 22 day of
October, 2004.

Weingarten Realty Investors

By:  /s/ Stephen Richter
Title:  SR VP, CFO

2

 

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