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|  | 4.2 | Deferral of Restricted Shares      or Options. A Participant or Trust Manager, subject      to the limitations below, may elect to defer all      or a portion of the Award of Restricted Shares or      Options, on such terms as the Administrator may permit, by      completing a Share or Option Award Deferral Agreement and submitting it to      the Administrator prior to the calendar year in which the Award of Restricted Shares or      Options is made. With respect to      Option      Awards,      such election may be made only with respect to Option Awards made prior to      January 1, 2008. Any election to defer all or a portion of the      Award of Restricted Shares or      Options shall apply to any subsequent Award unless and until a      revised Share or Option Award Deferral Agreement is submitted to the      Administrator. Such deferral elections shall be made pursuant to Sections      2.1 and 3.1, above, in accordance with the provisions thereof (with      respect to such deferrals, the "Share or Option Deferral Period"). The      Administrator shall credit such deferred Restricted Shares or      Options to a bookkeeping account (to be known as a "Weingarten      Stock Account") for the benefit of such Participant or Trust      Manager.  The Restricted Shares or      Options so deferred initially shall be accounted for by the      Employer and shall be transferred to the Trustee at such time as the      Employer shall, in its discretion, determine. Distribution of Restricted Shares or      Options that have been deferred pursuant to this Article IV shall      be made in accordance with Article VIIhereof. |
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|   | (a) | General Rule.      Distribution of the Participant’s Accounts shall be made in accordance      with the Participant’s election with respect to the form of      payment.  The Participant may make a separate election as to the      form of distribution in the event of death and the time at which      distribution is to commence followingdeath. |
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|   | (b) | Modification To      Distribution Date or Form of Payment.  Except as may be      permitted in Section 7.1(a) hereof, any election by a Participant to      modify a previously-filed distribution election or to modify the time      distribution would otherwise commence under Section 7.2 or 7.3 hereof is      ineffective unless all of the following requirements are      satisfied: |
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|   | (i) | Such      modification may not be effective for at least twelve (12) months after      the date on which the modification is filed with the      Administrator. |
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|   | (ii) | Except      in the case of modifications relating to distributions on account of death      or Disability, the modification must provide that payment will not      commence for at least five (5) years from the date payment would otherwise      have been made or commenced. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | A      modification related to distribution to be made at a specified time or      under a fixed schedule may not be made less than twelve (12) months prior      to the date of the first otherwise scheduled  payment. |
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|   | (iv) | Such      modification may not permit acceleration of the time or schedule of any      payment under the Plan, except as may be permitted pursuant to applicable      Treasury Regulations. |
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|  | (c)         | Distribution to      Specified Employees. Notwithstanding anything contained herein to      the contrary, if a Participant is a Specified      Employee and separates from service for a reason other than death or      Disability, distribution of such Participant’s Accounts may not commence      earlier than six (6) months from the date of his or her separation from      service. Any payment that would have been made within the first six months      following the date on which the Participant separated from service without      regard to this subsection (c) shall be made on the first day of the month      following the date that is six months following the date on which the      Participant separated from service. |
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|   | (a) | Retirement      Accounts. |
|--------|-----|---------------------------|

|   | (i) | Form of Payment.      Retirement Accounts are payable in one of the following forms, as elected      by the Participant: (i) in a lump sum payment or (ii) in annual      installments over a period of up to twenty (20) years. In accordance with      Treasury Regulation Section 1.409A-2(b)(2)(iii) and (iv) and for purposes      of Section 7.1(b) hereof, an election for distribution in the form of      installment payments shall be treated as an election of a series of      separate payments. If the Participant has not made a valid election      as to the form of payment of his Retirement Account, payment shall be made      in one lump sum. |
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|   | (ii) | Commencement of      Payment. Retirement Account payments shall be made or commence as      of the first day of the month immediately following the month in which the      Participant Retires (or as soon as administratively feasible thereafter);      provided, however, that the Participant may elect, in accordance with      Section 7.1(b), to defer payment to a later date.  If an      installment form of distribution is elected, annual installment payments      subsequent to the first payment shall be made on each succeeding      anniversary of the date the first payment was  made. |
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|   | (b) | Education      Accounts. |
|--------|-----|--------------------------|

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|   | (c) | Fixed Period      Accounts. Fixed Period Account distributions shall be paid in one      lump sum payment on January 1 (or as soon as administratively feasible      thereafter) of the calendar year designated by the Participant on his or      her Deferral Election; provided, however, that the Participant may elect,      in accordance with Section 7.1(b), to defer payment to a later      date. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | General Rule.      Payment of a Participant’s Account(s) shall be made or commence in      accordance with this Section 7.3 if payment has not been made or commenced      under Section 7.2 at the time the Participant separates from service due      to death, Disability, or any other reason other than      Retirement. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Form of      Payment. The Participant’s vested Account(s) are payable under this      Section 7.3 in one of the following forms, as elected by the Participant:      (i) in a lump sum payment or (ii) in annual installments over a period of      up to twenty (20) years. If the Participant has not made a valid election      as to the form of payment, payment shall be made in one lump sum. In accordance with      Treasury Regulation Section 1.409A-2(b)(2)(iii) and (iv) and for purposes      of Section 7.1(b) hereof, an election for distribution in the form of      installment payments shall be treated as an election of a series of      separate payments. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Commencement of      Distribution. Payment under this Section 7.3 shall commence as of      the first day of the month (or as soon as administratively feasible      thereafter) following the month in which the Participant dies, separates      from service due to Disability, or separates from service for any other      reason other than Retirement; provided, however, that the Participant may      elect, in accordance with Section 7.1(b), to defer payment to a later      date. If an installment form of distribution is elected, annual      installment payments subsequent to the first payment shall be made on each      succeeding anniversary of the date the first payment was    made. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | If      the balance of a Participant’s Account upon his separation from service is      less than $50,000, the Participant shall be paid such balance on the first      of the month following the month in which the Participant separates from      service; if the      Participant is a Specified Employee and separates from service for a      reason other than death or Disability, such balance shall be paid on the      first day following the date that is six months following the      Participant’s separation fromservice. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (b) | Subject      to Section 7.1(c), if the balance in a Participant’s Education Account is      less than $4,000 at the time the first scheduled payment from such Account      would otherwise be made, the Participant shall be paid such balance as a      single lump sum on the date the first scheduled payment would have      otherwise been made. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Except      as otherwise provided in this section, the Employer shall have the sole      authority to modify, amend or terminate this Plan; provided, however, that      any modification or termination of this Plan shall not reduce, without the      consent of a Participant, a Participant's right to any amounts already      credited to his or her Account. Following such Plan termination, payment      of such credited amounts shall be made in a single sum payment thirty (30) days      following Plan termination or if subparagraph (a)(iii) of this Section      11.10 is applicable, at the time provided in such subparagraph      (a)(iii). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Within      twelve (12) months of the Employer’s dissolution taxed under Section 331      of the Code or with the approval of a bankruptcy court pursuant to 11      U.S.C. Section 503(b)(1)(A), provided that the amounts deferred under the      Plan are included in the Participants’ gross income in the latest      of: |
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|   | (1) | The      calendar year in which the Plan termination  occurs; |
|--------|-----|---------------------------------------------------------------|

|   | (2) | The      calendar year in which the amount is no longer subject to a substantial      risk of forfeiture; or |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

|   | (3) | The      first calendar year in which the payment is administratively      practicable. |
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|   | (ii) | Within      the thirty (30) days preceding or the twelve (12) months following a      change in control (within the meaning of Code Section 409A and related      guidance issued thereunder), provided all substantially similar      arrangements sponsored by the Employer are also terminated, so that the      Participant and all participants under substantially similar arrangements      are required to receive all amounts of compensation deferred under the      terminated arrangements within twelve (12) months of the date of      termination of the arrangements. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (iii) | At      the discretion of the Employer, provided that all of the following      requirements are satisfied: |
|--------|-------|-------------------------------------------------------------------------------------------------------------|

|   | (1) | The termination does      not occur proximate to a downturn in the financial health of the      Employer; |
|--------|-----|-----------------------------------------------------------------------------------------------------------|

|   | (2) | All      arrangements sponsored by the Employer that would be aggregated with any      terminated arrangement under Treasury Regulation Section 1.409A-1(c) if      the same Participant participated in all of the arrangements are      terminated; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | No      payments other than payments that would be payable under the terms of the      arrangements if the termination had not occurred are made within twelve      (12) months of the termination of the  arrangements; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (4) | All      payments are made within twenty-four (24) months of the termination of the      arrangements; and |
|--------|-----|------------------------------------------------------------------------------------------------------------|

|   | (5) | The      Employer does not adopt a new arrangement that would be aggregated with      any terminated arrangement under Treasury Regulation Section 1.409A-1(c)      if the same Participant participated in both arrangements, at any time      within three (3) years      following the date of termination of the  arrangement. |
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|   | (iv) | Such      other events and conditions as the Commissioner of Internal Revenue may      prescribe in generally applicable guidance published in the Internal      Revenue Bulletin. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | A      Participant shall have a right to the vested portion of his or her Account      in the event of the termination of the Plan pursuant to subsection (a),      above. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| WEINGARTEN      REALTY INVESTORS                                  |
|-------------------------------------------------------------------|
|                                                              |
|                                                              |
| By:  /s/ Stephen C.      Richter                        |
|                                                              |
| Its      (Title):  Executive VP/Chief Financial      Officer |

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