Document:

Exhibit 10.27

    
      

      

    

    

      EXHIBIT
        10.27

      

      FIRST
        AMENDMENT TO

      THE
        WEINGARTEN REALTY PENSION PLAN

       

      R
        E C I T A L S:

       

      A.     WHEREAS,
        Weingarten
        Realty Investors
        (the
“Employer”) has previously established the Weingarten
        Realty Pension Plan
        (the
“Plan”) for the benefit of those employees who qualify thereunder and for their
        beneficiaries; 

       

      B.     WHEREAS,
        the
        Employer desires to amend Plan provisions regarding the eligibility of certain
        employees to participate in the Plan; 

       

      NOW,
        THEREFORE,
        pursuant to Section 16.1 of the Plan, the following amendment is hereby made
        and
        shall be effective January 1, 2005. 

       

      1.    Section
        1.1(r) of the Plan, is amended in its entirety to be and read as
        follows:

      

      
        	
                (r)

              	
                An
                  "Employee" means any employee of an Employer. Notwithstanding the
                  foregoing, the term "Employee" shall not include the
                  following:

              

      

       

      	(1)  	
              Employees
                who are nonresident aliens (within the meaning of Code
                Section 7701(b)(1)(B)) and who receive no earned income (within
                the
                meaning of Code Section 911(d)(2)) from the Employer which
                constitutes income from sources within the United States (within
                the
                meaning of Code Section 861(a)(3)).

            

       

      	(2)  	
              Employees
                whose employment is governed by the terms of a collective bargaining
                agreement between Employee representatives (within the meaning of
                Code
                Section 7701(a)(46)) and the Employer under which retirement
                benefits
                were the subject of good faith bargaining between the parties, unless
                such
                agreement expressly provides for coverage in this
                Plan.

            

       

      	(3)  	
              Individuals
                classified by the Employer as independent contractors, regardless
                of
                whether such an individual is subsequently determined by the Internal
                Revenue Service to be an Employee.

            

       

      	(4)  	
              Employees
                of Affiliated Employers, unless such Affiliated Employer have specifically
                adopted this Plan in writing.

            

       

      	(5)  	
              Leased
                Employees. A Leased Employee means any person who performs services
                for an
                Employer or an Affiliated Company (the "recipient") (other than an
                employee of the recipient) pursuant to an agreement between the recipient
                and any other person (the "leasing organization") on a substantially
                full-time basis for a period of at least one year, provided that
                such
                services are performed under the primary direction or control of
                the
                recipient. An "excludable leased employee" means any leased employee
                of
                the recipient who is covered by a money purchase pension plan maintained
                by the leasing organization which provides for (i) a
                

            

       

       

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      
         

        	 	
                nonintegrated
                  employer contribution on behalf of each participant in the plan
                  equal to
                  at least ten percent of compensation, (ii) full and immediate vesting,
                  and
                  (iii) immediate participation by employees of the leasing organization
                  (other than employees who perform substantially all of their services
                  for
                  the leasing organization or whose compensation from the leasing
                  organization in each plan year during the four-year period ending
                  with the
                  plan year is less than $1,000); provided, however, that leased
                  employees
                  do not constitute more than 20 percent of the recipient's nonhighly
                  compensated work force. For purposes of this Section, contributions
                  or
                  benefits provided to a leased employee by the leasing organization
                  that
                  are attributable to services performed for the recipient shall
                  be treated
                  as provided by the recipient.

              

         

      

       

      2.    Section
        1.1(nn) of the Plan is hereby amended to be and read as
        follows:

       

      A
        “Service
        Computation Period”
        means
        the 12-month period used for determining an Employee’s years of Service and
        years of Credited Service. 

       

      The
        Service Computation Period for determining an Employee’s years of Service and
        years of Credited Service is the Plan Year.

       

      Notwithstanding
        the foregoing, solely for purposes of determining the eligibility of Project
        Employees, the initial Service Computation Period shall be the twelve (12)
        consecutive month period commencing with the Employee’s employment commencement
        date. The eligibility computation period for each such Employee shall shift
        to
        the Plan Year which includes the anniversary date of the Employee’s employment
        commencement date without regard to whether the Employee is entitled to be
        credited with one thousand (1,000) Hours of Service during the period, provided
        that an Employee who is credited with one thousand (1,000) Hours of Service
        in
        both the initial eligibility computation period and the Plan Year which includes
        the first anniversary of the Employee’s employment commencement date shall be
        credited with two (2) years of eligibility service.

      

      3.    Section
        1.1 of the Plan is hereby amended by adding the following subsection to the
        end
        thereof to be and read as follows:

       

      
        	
                (ss)

              	
                “Project
                  Employee” means an Employee employed for short-term assignments, generally
                  of six months’ duration or less.

              

      

       

      4.    Section
        4.1 of the Plan is hereby amended to be and read as
        follows:

       

      
        4.1        
          Participation
          

         

      

      Each
        Employee who was an Active Participant immediately prior to January 1, 2002,
        and
        who is an active Employee on April 1, 2002, shall become an Active Participant
        as of April 1, 2002. Each other person other than a Project Employee shall
        become an Active Participant as of the Entry Date coinciding with or immediately
        following the date he becomes an Employee. 

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      
        Notwithstanding
          the preceding, with respect to Project Employees, any Project Employee
          who is
          credited with at least 1,000 Hours of Service in his initial eligibility
          computation period (or in any subsequent eligibility computation period
          as set
          forth in Section 1.1(nn) of the Plan) shall become a Participant on the
          first
          day of the month occurring on or following the completion of such requirement
          in
          such computation period.

         

      

      

        IN
          WITNESS WHEREOF,
          the
          Employer has caused the Plan to be amended by this First Amendment this
          1st day
          of August, 2005, to be effective January 1, 2005. 

      

       

    

    
      WEINGARTEN
        REALTY INVESTORS

      

      

      

      By:        
        /s/
        Michael Townsell   

      Name:
          Michael
        Townsell   

      Title    
         VP
        Human Resources   

      

      ATTEST

      

      By:
          /s/
        Dena Moon   

      Name:        
        Dena
        Moon   

      Title           
        HR
        Administrator  

      
         

         

        
3Exhibit 10.28

    
      

      

    

    

      EXHIBIT
        10.28

      

      MANDATORY
        DISTRIBUTION AMENDMENT

      (Code
        Section 401(a)(31)(B))

      

      

      ARTICLE
        I

      APPLICATION
        OF AMENDMENT

      

      
        	
                1.1

              	
                Effective
                  Date.
                  Unless a later effective date is specified in Article III of this
                  Amendment, the provisions of this Amendment will apply with respect
                  to
                  distributions made on or after March 28, 2005.

              

      

      

      
        	
                1.2
                  

              	
                Precedence.
                  This Amendment supersedes any inconsistent provision of the
                  Plan.

              

      

      

      

      ARTICLE
        II

      DEFAULT
        PROVISION: AUTOMATIC ROLLOVER

      OF
        AMOUNTS OVER $1,000

      

      Unless
        the Employer otherwise elects in Article III of this Amendment, the provisions
        of the Plan concerning mandatory distributions of amounts not exceeding $5,000
        are amended as follows: 

      

      In
        the
        event of a mandatory distribution greater than $1,000 that is made in accordance
        with the provisions of the Plan providing for an automatic distribution to
        a
        Participant without the Participant's consent, if the Participant does not
        elect
        to have such distribution paid directly to an “eligible retirement plan”
        specified by the Participant in a direct rollover (in accordance with the
        direct
        rollover provisions of the Plan) or to receive the distribution directly,
        then
        the Administrator shall pay the distribution in a direct rollover to an
        individual retirement plan designated by the Administrator. 

      

      

      ARTICLE
        III

      EMPLOYER’S
        ALTERNATIVE ELECTIONS

      

      
        	
                3.1

              	
                (  
                  )

              	
                Effective
                  Date of Plan Amendment

              

         

      

      
        	 	 	
                This
                  Amendment applies with respect to distributions made on or after
                  _____________(may be a date later than March 28, 2005, only if
                  the terms
                  of the Plan already comply with Code Section
                  401(a)(31)(B)).

              

      

      

      
        	
                3.2

              	
                (  
                  )

              	
                Election
                  to apply Article II of this Amendment to distributions of $1,000
                  or less.
                  

              

      

       

      In
        lieu
        of the default provision in Article II of this Amendment, the provisions
        of the
        Plan that provide for the involuntary distribution of vested accrued benefits
        of
        $5,000 or less, are modified as follows: 

      

      In
        the
        event of a mandatory distribution of $1,000 or less that is made in accordance
        with the provisions of the Plan providing for an automatic distribution to
        a
        Participant without the Participant's consent, if the Participant does not
        elect
        to have such distribution paid directly to an “eligible retirement

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

       

      plan”
        specified by the Participant in a direct rollover (in accordance with the
        direct
        rollover provisions of the Plan) or to receive the distribution directly,
        then
        the Administrator shall pay the distribution in a direct rollover to an
        individual retirement plan designated by the Administrator. 

      

      
        	
                3.3

              	
                (ü)
                  

              	
                Election
                  to reduce or eliminate mandatory distribution provisions of Plan
                  (may not
                  be elected if 3.2 above is
                  elected)

              

      

      

      In
        lieu
        of the default provision in Article II of this Amendment, the provisions
        of the
        Plan that provide for the involuntary distribution of vested accrued benefits
        of
        $5,000 or less, are modified as follows (choose a, b, or c
        below):

    

    

      
        	
                a.

              	
                (  
                  )

              	
                No
                  mandatory distributions.
                  Participant consent to the distribution now shall be required before
                  the
                  Plan may make the distribution. 

              
	 	 	 
	
                b.

              	
                (ü)

              	
                Reduction
                  of $5,000 threshold to $1,000.
                  The $5,000 threshold in such provisions is reduced to $1,000 and
                  the value
                  of the Participant's interest in the Plan for such purpose shall
                  include
                  any rollover contributions (and earnings thereon) within the meaning
                  of
                  Code Sections 402(c), 403(a)(4), 403(b)(8), 408(d)(3)(A)(ii), and
                  457(e)(16). 

              
	 	 	 
	
                c.

              	
                (  
                  )

              	
                Reduction
                  of $5,000 threshold to amount less than $1,000.
                  The $5,000 threshold in such provisions is reduced to $_______
                  (enter an
                  amount less than $1,000) and the value of the Participant's interest
                  in
                  the Plan for such purpose shall include any rollover contributions
                  (and
                  earnings thereon) within the meaning of Code Sections 402(c), 403(a)(4),
                  403(b)(8), 408(d)(3)(A)(ii), and
                  457(e)(16).

              

      

    This
      amendment is executed as follows:

    

    Name
      of
      Plan:  
Weingarten
      Realty Retirement Plan  

    

    Name
      of
      Employer:                
      Weingarten
      Realty Investors  

    

    

    By:    
       /s/
      Michael Townsell     Date: 
       8/1/05 

                   
        EMPLOYER

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