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Exhibit 10.24
FIRST AMENDMENT TO THE
TRUST UNDER THE

WEINGARTEN REALTY INVESTORS
 
DEFERRED COMPENSATION PLAN
 
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN,
 
AND RETIREMENT BENEFIT RESTORATION PLAN
 

 
THIS AGREEMENT is made by and between Weingarten Realty Investors, a real estate
investment trust organized under the laws of the State of Texas and having its
principal office and place of business in Houston, Texas (the "Company") and
Reliance Trust Company, a trust organization under the laws of the United States
of America and having its principal office and place of business in Atlanta,
Georgia, as trustee (the “Trustee”).
 
RECITALS
 
WHEREAS, the Company is the Plan Sponsor of the Weingarten Realty Investors
Deferred Compensation Plan, the Weingarten Realty Investors Supplemental
Executive Retirement Plan and the Weingarten Realty Investors Retirement Benefit
Restoration Plan which are unfunded executive benefit plans providing deferred
compensation benefits to a select group of its management or highly compensated
employees (collectively, the “Plan”); and
 
WHEREAS, the Company and the Trustee have previously entered into a trust
agreement (the “Trust”) to hold the Trust assets and to receive contributions by
the Company to be held therein, subject to the claims of the Company's creditors
in the event of the Company's insolvency, as defined under the Trust, until paid
to the Plan participants and their beneficiaries in such manner and at such
times as specified in the Plan or paid to the Company in accordance with the
terms of the Trust; and
 
WHEREAS, the Company has amended the Plan to permit the elective deferral of
non-vested Restricted Shares and future Restricted Share Awards; and
 
WHEREAS, the Company and Trustee desire to amend the Trust to provide for the
return of any forfeited Restricted Shares; and
 
WHEREAS, it is the intention of the parties that the Trust, as amended, shall
constitute an unfunded arrangement and shall not affect the status of the Plan
as an unfunded Plan maintained for the purpose of providing deferred
compensation for a select group of management or highly compensated employees
according to Title I of the Employee Retirement Income Security Act of 1974 as
amended;
 
NOW, THEREFORE, the parties do hereby amend the Trust as follows:
 

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Section 4(a) of the Trust is amended in its entirety to read as follows:
 
SECTION 4. PAYMENTS TO COMPANY
 
(a) Except as provided in Sections 3 and in this Section 4, because the Trust is
irrevocable, in accordance with Section 1(b) hereof, the Company shall not have
the right or the power to direct the Trustee to return to the Company or to
divert to others any of the Trust assets before all payment of benefits have
been made to Participants or their beneficiaries pursuant to the terms of the
Plan. If at any time prior to the Company being determined to be Insolvent for
purposes of this Trust Agreement, a Participant should forfeit all or any
portion of the benefits provided under the Plan, then the portion of the Trust
assets attributable to the such forfeited benefit(s), upon written direction of
the Company, shall be returned to the Company as soon as practicable. Such
written direction shall specify the name of the Participant, the amount of the
forfeiture and the Trust asset(s) to be so returned incident to such forfeiture.
 

 
IN WITNESS WHEREOF, the Company and the Trustee have executed this First
Amendment each by action of a duly authorized person.
 
WEINGARTEN REALTY INVESTORS
 

By: /s/ Stephen Richter
Name/Title:  Sr. VP/CFO
 
Date: 3/16/04
 

 
RELIANCE TRUST COMPANY
 

By: /s/ Howard Kaplan
 
Name/Title: SVP
 
Date: 3/18/04
 
 
2
 

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