Document:

Second Supplemental Indenture, dated as of October 9, 2012

 Exhibit 4.1 

 
  

 
 WEINGARTEN REALTY INVESTORS

 ISSUER 

TO 
 THE BANK OF
NEW YORK MELLON TRUST COMPANY, N.A. 
 TRUSTEE 

 
  

SECOND SUPPLEMENTAL INDENTURE 
 DATED AS OF OCTOBER 9, 2012 
  

 
 SUPPLEMENTAL TO
INDENTURE 
 DATED AS OF MAY 1, 1995, BETWEEN 
 WEINGARTEN REALTY INVESTORS AND 
 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

 (successor in interest to J.P. Morgan Trust Company, 
 National Association, successor in interest 
 to Texas Commerce Bank National
Association) 
  
  

 

 SECOND SUPPLEMENTAL INDENTURE 

This SECOND SUPPLEMENTAL INDENTURE, dated as of October 9, 2012 (this “Second Supplemental
Indenture”), is entered into between WEINGARTEN REALTY INVESTORS, a Texas real estate investment trust (the “Issuer”), having its principal offices at 2600 Citadel Plaza Drive, Suite 125, Houston, Texas 77008 and THE BANK
OF NEW YORK MELLON TRUST COMPANY, N.A. (successor in interest to J.P. Morgan Trust Company, National Association, successor in interest to Texas Commerce Bank National Association), a national banking association organized under the laws of the
United States located in the State of California (the “Trustee”), with a trust office located at 601 Travis Street, 16th Floor, Houston, Texas 77002. 
 RECITALS 
 WHEREAS, the Issuer executed and delivered an Indenture
dated as of May 1, 1995 (the “Original Indenture”, as supplemented by the First Supplemental Indenture dated as of August 2, 2006 (together with the Original Indenture, the “Indenture”), to the Trustee to
issue from time to time for its lawful purposes debt securities evidencing its unsecured and unsubordinated indebtedness; 

WHEREAS, Section 901 of the Indenture provides that the Issuer and the Trustee, to the extent authorized thereby, may enter
into a supplemental indenture without the consent of Holders under specified circumstances for the purpose of changing certain of the provisions of the Indenture; 
 WHEREAS, the Issuer intends by this Second Supplemental Indenture to benefit the purchasers of the Issuer’s debt securities on and after the date of this Second Supplemental Indenture by
amending the Indenture to modify certain financial covenants contained in Section 1013 in the Indenture and to effect certain other changes set forth in this Second Supplemental Indenture (the “Amendment”); and 

WHEREAS, the Board of Trust Managers of the Issuer has approved the Amendment; and 

WHEREAS, the Issuer herby certifies to the Trustee that the Amendment qualifies under Section 901(2) of the Indenture for
adoption by the Issuer and the Trustee: 
 NOW, THEREFORE, IT IS AGREED: 

ARTICLE ONE 

Definitions 
 Section 1.01. Relation to Indenture. Except as expressly modified or amended thereby, the Indenture continues in full force and effect and is in all respects confirmed and preserved.

 Section 1.02. Definitions. Capitalized terms used in this Second Supplemental Indenture and not otherwise defined
herein shall have the meaning subscribed to them in the Indenture except the following terms shall have the following meanings: 

“Subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company,
partnership, joint venture, association, trust or any other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance
with GAAP as of such date. 
 “Total Assets” as of any date means the sum of (i) the Company’s Undepreciated
Real Estate Assets and (ii) all other assets of the Company determined in accordance with GAAP (but excluding intangibles and accounts receivable). 

 “Undepreciated Real Estate Assets” as of any date means the book value of real
estate assets of the Company and its Subsidiaries on such date, before depreciation and amortization determined on a consolidated basis in accordance with GAAP. 
 “Unencumbered Total Asset Value” means the sum of, without duplication, those Undepreciated Real Estate Assets which are not subject to a lien securing Debt and all other assets (excluding
intangibles and accounts receivable), of the Company and its Subsidiaries not subject to a lien securing Debt, all determined on a consolidated basis in accordance with GAAP; provided, however, that all investments by the Company and its
Subsidiaries in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated entities shall be excluded from Unencumbered Total Asset Value to the extent that such
investments would have otherwise been included. 
 ARTICLE TWO 

Further Amendments 
 Section 2.01. Cross-Acceleration. For purposes of the Event of Default provided for in Section 501(5) of the Indenture, all references to “$10,000,000” shall be deleted and
inserted in its place, “$25,000,000”; provided, however, that for any of the Outstanding Securities issued pursuant to the Indenture prior to the date of this Second Supplemental Indenture, references in Section 501(5) to
“$10,000,000” shall continue to apply. 
 Section 2.02. Reports by Company. Section 703
of the Indenture is amended and restated in its entirety to read as follows: 
 Section 703. Reports by Company. The
Company will: 
 (1) file with the Trustee, within 15 days after the Company is required to file the same with the Commission,
copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Company may be required to
file with the Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934; or, if the Company is not required to file information, documents or reports pursuant to either of such Sections, then it will file
with the Trustee, in accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the Securities
Exchange Act of 1934 in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations; 
 (2) file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such additional information, documents and reports with respect to
compliance by the Company with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and 
 (3) provide to the Holders of the Securities within 30 days after the filing thereof with the Trustee, in the manner and to the extent provided in TIA Section 313(c), such summaries of any
information, documents and reports required to be filed by the Company pursuant to paragraphs (1) and (2) of this Section as may be required by rules and regulations prescribed from time to time by the Commission. 

  
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 All required information, documents and other reports referred to in this Section 703
shall be deemed filed with the Trustee and transmitted to the Holders at the time such information, documents or other reports are publicly filed with the Commission via the Commission’s Electronic-Data Gathering, Analysis and Retrieval system
(or any successor system, including the Commission’s Interactive Data Electronic Application system). 
 Delivery of reports
by the Company to the Trustee under this Section 703 shall not constitute actual or constructive knowledge or notice. 

Section 2.03. Provision of Financial Information. Section 1009 of the Indenture is amended and restated in its
entirety to read as follows: 
 Section 1009. Provision of Financial Information. Whether or not the Company is
subject to Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company will prepare the annual reports, quarterly reports and other documents within 15 days of each of the respective dates by which the Company would have been
required to file with the Commission pursuant to such Section 13 or 15(d) and will (i) provide to all Holders copies of the annual reports, quarterly reports and other documents which the Company would have been required to file with the
Commission pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 if the Company were subject to such Sections, (ii) file with the Trustee copies of the annual reports, quarterly reports and other documents which the
Company would have been required to file with the Commission pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 if the Company were subject to such Sections, and (iii) promptly upon written request and payment of the
reasonable cost of duplication and delivery, supply copies of such documents to any prospective Holder. If the Company is a reporting company, all required information, documents and other reports referred to in this Section 1009 shall be
deemed filed with the Trustee and transmitted to the Holders at the time such information, documents or other reports are publicly filed with the Commission via the Commission’s Electronic-Data Gathering, Analysis and Retrieval system (or any
successor system, including the Commission’s Interactive Data Electronic Application system). If the Company is not a reporting company at any time that the reports described above must be provided to the Trustee and the Holders, such reports
will be transmitted to them by mail, and as to the Holders, as their names and addresses appear in the Security Register, without cost to such Holders. 
 Section 2.04. Maintenance of Value of Unencumbered Assets to Unsecured Debt. Section 1013 of the Indenture is amended and restated in its entirety to read as follows: 

Section 1013. Maintenance of Value of Unencumbered Assets to Unsecured Debt The Company will at all times maintain an
Unencumbered Total Asset Value in an amount of not less than 150% of the aggregate principal amount of all outstanding Debt of the Company and its Subsidiaries that is unsecured. 

Section 2.05 Supplemental Indentures without Consent of Holders. Section 901 of the Indenture is amended and restated in
its entirety to read as follows: 
 Section 901. Supplemental Indentures without Consent of Holders. Without
the consent of any Holders of Securities or coupons, the Company, when authorized by or pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form
satisfactory to the Trustee, for any of the following purposes: 
 (1) to evidence the succession of another Person to the
Company and the assumption by any such successor of the covenants of the Company herein and in the Securities contained; or 

  
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 (2) to add to the covenants of the Company for the benefit of the Holders of all or any
series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power herein
conferred upon the Company; or 
 (3) to add any additional Events of Default for the benefit of the Holders of all or any series
of Securities (and if such Events of Default are to be for the benefit of less than all series of Securities, stating that such Events of Default are expressly being included solely for the benefit of such series); provided, however, that in respect
of any such additional Events of Default such supplemental indenture may provide for a particular period of grace after default (which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate
enforcement upon such default or may limit the remedies available to the Trustee upon such default or may limit the right of the Holders of a majority in aggregate principal amount of that or those series of Securities to which such additional
Events of Default apply to waive such default; or 
 (4) to add to or change any of the provisions of this Indenture to provide
that Bearer Securities may be registerable as to principal, to change or eliminate any restrictions on the payment of principal of or any premium or interest on Bearer Securities, to permit Bearer Securities to be issued in exchange for Registered
Securities, to permit Bearer Securities to be issued in exchange for Bearer Securities of other authorized denominations or to permit or facilitate the issuance of Securities in uncertificated form, provided that any such action shall not adversely
affect the interests of the Holders of Securities of any series or any related coupons in any material respect; or 
 (5) to
change or eliminate any of the provisions of this Indenture, provided that any such change or elimination shall become effective only when there is no Outstanding Security of any series created prior to the execution of such supplemental indenture
which is entitled to the benefit of such provision; or 
 (6) to secure the Securities; or 

(7) to establish the form or terms of Securities of any series and any related coupons as permitted by Sections 201 and 301, including the
provisions and procedures relating to Securities convertible into Common Shares or Preferred Shares, as the case may be; or 

(8) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or
more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee; or 

(9) to cure any ambiguity, to correct or supplement any provisions herein which may be defective or inconsistent with any other provision
herein, or to make any other provision with respect to matters or questions arising under this Indenture which shall not be inconsistent with the provisions of this Indenture, provided such provisions shall not adversely affect the interests of the
Holders of Securities of any series or any related coupons in any material respect; or 
 (10) to supplement any of the
provisions of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance and discharge of any series of Securities pursuant to Sections 401, 1402 and 1403; provided that any such action shall not adversely affect the
interests of the Holders of Securities of such series and any related coupons or any other series of Securities in any material respect; or 
 (11) to conform the terms of the Indenture or any series of Securities to the description thereof contained in any prospectus or other offering document or memorandum relating to the offer and sale of
such Securities. 

  
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 ARTICLE THREE 
 Trustee 
 Section 3.01. Trustee. The Trustee shall not be
responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Second Supplemental Indenture or the due execution thereof by the Issuer. The recitals of fact contained herein shall be taken as the statements solely of
the Issuer, and the Trustee assumes no responsibility for the correctness thereof. All of the provisions contained in the Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect of
the Second Supplemental Indenture as fully and with like force and effect as though fully set forth in full herein. 
 ARTICLE
FOUR 
 Miscellaneous Provisions 
 Section 4.01. Parties Benefitted. This Second Supplemental Indenture is solely for the benefit of purchasers of the Issuer’s debt securities on and after the date of this Second
Supplemental Indenture and is not applicable to any Outstanding Securities issued under the Indenture prior to the date of this Second Supplemental Indenture. 
 Section 4.02. Ratification of Original Indenture. This Second Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Indenture, and as supplemented and
modified hereby, the Indenture is in all respects ratified and confirmed, and the Indenture and this Second Supplemental Indenture shall be read, taken and construed as one and the same instrument. Notwithstanding anything herein to the contrary, to
the extent that any provision of this Second Supplemental Indenture is inconsistent with any provision of the Indenture, the terms of this Second Supplemental Indenture shall govern and control; provided, however, that the provisions of the Second
Supplemental Indenture are not applicable to any Outstanding Securities issued under the Indenture prior to the date of this Second Supplemental Indenture. 
 Section 4.03. Effect of Headings. The Article and Section headings herein are for convenience only and shall not affect the construction hereof. 

Section 4.04. Successors and Assigns. All covenants and agreements in this Second Supplemental Indenture by the Issuer shall
bind its successors and assigns, whether or not so expressed. 
 Section 4.05. Severability Clause. In case any one
or more of the provisions contained in this Second Supplemental Indenture shall for any reason be held to be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions hereof shall not in
any way be affected or impaired thereby. 
 Section 4.06. Governing Law. This Second Supplemental Indenture shall be
governed by and construed in accordance with the laws of the State of New York. This Second Supplemental Indenture is subject to the provisions of the Trust Indenture Act of 1939, as amended, that are required to be part of this Second Supplemental
Indenture and shall, to the extent applicable, be governed by such provisions. 
 Section 4.07. Consequential
Damages and Force Majeure. (a) In no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of
whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; and 

  
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 (b) In no event shall the Trustee be responsible or liable for any failure or delay in the
performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, it being understood that the Trustee shall use reasonable efforts which are consistent
with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

Section 4.08. Counterparts. This Second Supplemental Indenture may be executed in any number of counterparts, by facsimile or
otherwise, and each of such counterparts shall for all purposes be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. 
 Section 4.09. Waiver of Jury Trial. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THE POOLING AND SERVICING AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 4.10. Notice. The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture
sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods. If the party elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its
discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the
Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks arising
out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third
parties. 
 IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be duly executed,
and the Issuer has caused its corporate seal to be hereunto affixed and attested, all as of the date first above written. 
  

			
	WEINGARTEN REALTY INVESTORS
		
	 By:
	 	 /s/ Stephen C. Richter

		 	Stephen C. Richter
		 	Executive Vice President / Chief Financial Officer
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	 By:
	 	 /s/ Teresa Petta

	 Name:
	 	 Teresa Petta

	 Title:
	 	 Vice President

  

  
 6Form of 3.375% Senior Note due 2022

 Exhibit 4.2 

 

					
		 	[Face of Security]	  	
			
	REGISTERED	 		  	PRINCIPAL AMOUNT
	No. 1	 		  	$300,000,000

 CUSIP No. 948741 AH6 
 WEINGARTEN REALTY INVESTORS 
 3.375% Note due 2022 

WEINGARTEN REALTY INVESTORS, a real estate investment trust organized under the Texas Business Organizations Code (herein referred to as
the “Company,” which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of Three
Hundred Million Dollars ($300,000,000) on October 15, 2022 (the “Stated Maturity Date”) or the date fixed for earlier redemption (the “Redemption Date,” and together with the Stated Maturity Date with respect to principal
repayable on such date, the “Maturity Date”), and to pay interest thereon from October 9, 2012 or from the most recent interest payment date to which interest has been paid or duly provided for, semi-annually on March 15 and
September 15 of each year (each, an “Interest Payment Date”), commencing March 15, 2013, at the rate of 3.375% per annum, until the principal hereof is paid or duly provided for. The interest so payable, and punctually paid
or duly provided for, on any Interest Payment Date will, as provided in the Indenture referred to on the reverse hereof, be paid to the Holder in whose name this Note is registered at the close of business on the regular record date for such
interest, which shall be March 1 or September 1 (whether or not a Business Day) (each, a “Regular Record Date”), as the case may be, next preceding such Interest Payment Date by transfer of funds to an account maintained by such
Holder within the United States. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date, and may be paid to the Holder in whose name this Note is registered at the
close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee referred to on the reverse hereof, notice whereof shall be given to Holders of Notes of this series not less than 10 days prior to such
Special Record Date. Interest will be computed on the basis of a 360-day year of twelve 30-day months. All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

The principal of this Note payable on the Stated Maturity Date or the principal of, premium, if any, and, if the Redemption Date is not
an Interest Payment Date, interest on this Note payable on the Redemption Date will be paid against presentation of this Note at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York,
currently the office of The Bank of New York Mellon Trust Company, N.A., Trustee, located at 101 Barclay Street, New York, New York 10007, in such coin or currency of the United States of America as at the time of payment is legal tender for the
payment of public and private debts. 
 Interest payable on this Note on any Interest Payment Date and on the Stated Maturity
Date or Redemption Date, as the case may be, will include interest accrued from and including the next preceding Interest Payment Date in respect of which interest has been paid or duly provided

 
for (or from and including October 9, 2012, if no interest has been paid on this Note) to but excluding such Interest Payment Date or the Stated Maturity Date or Redemption Date, as the case
may be. If any Interest Payment Date or the Stated Maturity Date or Redemption Date falls on a day that is not a Business Day, as defined below, principal, premium, if any, and/or interest payable with respect to such Interest Payment Date or Stated
Maturity Date or Redemption Date, as the case may be, will be paid on the next succeeding Business Day with the same force and effect as if it were paid on the date such payment was due, and no interest shall accrue on the amount so payable for the
period from and after such Interest Payment Date or Stated Maturity Date or Redemption Date, as the case may be. “Business Day” means any day, other than a Saturday, Sunday or any other day on which banking institutions in the City of New
York are authorized or obligated by law or executive order to close. 
 All payments of principal, premium, if any, and interest
in respect of this Note will be made by the Company in immediately available funds. 
 Reference is hereby made to the further
provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the Certificate of Authentication hereon has been executed by the Trustee by manual signature of one of its authorized signatories, this Note shall not be entitled to any benefit under the
Indenture, or be valid or obligatory for any purpose. 

  
 2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
facsimile corporate seal. 
 Dated: October 9, 2012 
  

							
	  
 (SEAL)
	 		 	WEINGARTEN REALTY INVESTORS.
				
		 		 	By:	 	 
		 		 		 	Name: Andrew M. Alexander
		 		 		 	Title:   Chief Executive Officer and President
				
		 		 	By:	 	 
		 		 		 	Name: Stephen C. Richter
		 		 		 	Title:   Executive Vice President and Chief Financial Officer

  

	
	Attest:
	
	 
	 Joe D. Shafer, Secretary

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the series designated therein referred to in the within-mentioned Indenture. 

The Bank of New York Mellon Trust Company, N.A., 

        as Trustee 
  

			
	 By:
	 	 
		 	Authorized Signatory

  
 3 

 [Reverse of Security] 

WEINGARTEN REALTY INVESTORS 
 3.375% Note due 2022 
 This Note is one of a duly authorized issue of securities
of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of May 1, 1995, as amended by the First Supplemental Indenture, dated as of August 2, 2006, and the
Second Supplemental Indenture, dated as of October 9, 2012 (herein, as so amended, the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A. (successor in interest to J.P. Morgan Trust Company, National
Association), as trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture with respect to the series of which this Note is a part), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Note is one of the duly authorized series of Securities designated as “3.375% Notes due 2022” (collectively, the “Notes”), and the aggregate principal amount of the Notes to be issued under such
series is limited to $300,000,000 (except for Notes authenticated and delivered upon transfer of, or in exchange for, or in lieu of other Notes). 
 If an Event of Default, as defined in the Indenture, shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect
provided in the Indenture. 
 This Note will not be subject to any sinking fund and, except in accordance with the provisions of
the following paragraphs, will not be redeemable or repayable prior to the Stated Maturity Date. 
 This Note is subject to
redemption at any time or from time to time prior to maturity, as a whole or in part, at the election of the Company, at a redemption price equal to the greater of (i) 100% of the principal amount of the Note to be redeemed or (ii) the sum
of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed discounted to the date of redemption (the “Redemption Date”) on a semi-annual basis (assuming a 360-day year consisting of
twelve 30-day months) at the Treasury Rate plus 30 basis points; plus, in either case, accrued and unpaid interest on the principal amount being redeemed to, but excluding, the Redemption Date. If this Note is redeemed on or after July 15,
2022, the Company may redeem this Note at a redemption price equal to 100% of the principal amount of this Note plus accrued and unpaid interest on the principal amount being redeemed to, but excluding, the Redemption Date. 

“Treasury Rate” means, with respect to any redemption date for the notes, 

	 	•	 	 the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical
release published by the Board of Governors of the Federal Reserve System designated as “Statistical Release H.15 (519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and
which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity
is within three months before or after the maturity date, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from such
yields on a straight line basis, rounding to the nearest month), or 

  

	 	•	 	 if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate
per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Price (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price
for such Redemption Date. The Treasury Rate shall be calculated on the third business day preceding the Redemption Date. 

 “Comparable Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as having a maturity comparable to the remaining term of this Note that
would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of this Note. 

“Independent Investment Banker” means Wells Fargo Securities, LLC or its successor, or if such firm is unwilling or
unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Company. 
 “Comparable Treasury Price” means with respect to any Redemption Date (1) the average of four Reference Treasury Dealer Quotations as determined by the Company for such Redemption
Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 

“Reference Treasury Dealer” means (1) Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan
Securities LLC and a Primary Treasury Dealer (as defined below) selected by Wells Fargo Securities, LLC or their successors and, (2) at the Company’s option, up to two other primary U.S. Government securities dealers in New York City
(each, a “Primary Treasury Dealer”); provided, however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, the Company will substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date,
the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 5:00
p.m., New York City time, on the third business day preceding such Redemption Date. 

  
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 Notice of redemption will be given by mail to Holders of Securities, not less than 30 nor
more than 60 days prior to the Redemption Date, all as provided in the Indenture. 
 In the event of redemption of this Note in
part only, a new Note or Notes for the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities
under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority of the aggregate principal amount of all Securities issued under the Indenture at the time Outstanding and affected thereby.
The Indenture also contains provisions permitting the Holders of not less than a majority of the aggregate principal amount of the Outstanding Securities, on behalf of the Holders of all such Securities, to waive compliance by the Company with
certain provisions of the Indenture. Furthermore, provisions in the Indenture permit the Holders of not less than a majority of the aggregate principal amount, in certain instances, of the Outstanding Securities of any series to waive, on behalf of
all of the Holders of Securities of such series, certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of
this Note and other Notes issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Note at the times, places and rate, and in the coin or currency, herein prescribed. 

This Note is issuable only in registered form without coupons in denominations of $1,000 and integral multiples of $1,000 in excess
thereof. 
 As provided in the Indenture and subject to certain limitations therein and herein set forth, the transfer of this
Note is registrable in the Security Register of the Company upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of (and premium, if any) and interest on this Note are
payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or by his attorney duly authorized in writing, and thereupon one or more
new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 As provided in the Indenture and subject to certain limitations therein and herein set forth, this Note is exchangeable for a like aggregate principal amount of Notes of different authorized denominations
but otherwise having the same terms and conditions, as requested by the Holder hereof surrendering the same. 

  
 3 

 No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

This Note shall be subject to all the terms of the Indenture and all of the terms, provisions and conditions of the Indenture shall
continue in full force and effect. 
 THE INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY IN SUCH STATE. 

  
 4 

 ASSIGNMENT FORM 
 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 
  

 
 Please insert social security number or other
identifying number of assignee: 
  
  

Please print or type name and address (including zip code) of assignee: 
  

 
  

 
  

 
  

 
 the within Note and all rights
thereunder, hereby irrevocably constituting and appointing                         attorney to transfer said Note of Weingarten
Realty Investors on the books of Weingarten Realty Investors, with full power of substitution in the premises. 
  

 

Dated:                        
                              

NOTICE: The signature to this assignment must correspond with the name as written upon the face of this Note in every particular without
alteration or enlargement or any change whatsoever. 

  
 5

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