Document:

ex10_43.htm

    
      

      

    

     

    

      EXHIBIT
10.43

      

      

      Amendment
No. 2 to the

      Weingarten
Realty Investors

      Retirement
Benefit Restoration Plan

      

      WHEREAS, Weingarten Realty
Investors (the “Employer”) sponsors the Weingarten Realty Investors Retirement
Benefit Restoration Plan (the “Plan”); and

      

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

      

      WHEREAS, the Employer desires
to amend the Plan to further reflect the Plan’s compliance with Internal Revenue
Code Section 409A and guidance issued thereunder, as well as to adopt other
changes determined by the Employer to be desirable, as hereinafter
provided;

      

      NOW, THEREFORE, the Employer
amends the Plan as follows, effective as stated herein:

      

      1.           Section
1.14 of the Plan is hereby amended, as underlined, to be and read as follows,
effective January 1, 2008:

      

      1.14       Specified Employee.

      

      
        	
                 
      

              	
                (a)

              	
                An
      officer of an Employer earning more than $135,000 per year, as adjusted
      from time to time in accordance with Internal Revenue Service
      guidelines,

              

      

      

      
        	
                 
      

              	
                (b)

              	
                A
      five percent owner of an Employer,
or

              

      

      

      
        	
                 
      

              	
                (c)

              	
                A
      one percent owner of an Employer having Compensation from the Employer of
      more than $150,000,

              

      

      

      all as
determined in accordance with Sections 409A and 416(i) of the Code and
applicable Treasury Regulations issued thereunder, provided stock in the
Employer corporation is publicly traded on an established securities
market.

      

      2.           Section
2.1 of the Plan is hereby amended to be and read as follows, effective January
1, 2008:

      

      
        	
                2.1

              	
                Commencement of
      Participation.  Each Eligible Employee shall become a
      Participant as of the date on which he or she is designated as an Eligible
      Employee. Prior to commencement of participation in the Plan, each
      Participant shall be required to complete a Participation Agreement
      designating the form and timing of the distribution of his or her
      Accounts.

              

      

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      
        	
                3.

              	
                Section
      3.6 of the Plan is hereby deleted from the Plan in its entirety, effective
      with respect to Participants commencing participation in the Plan on and
      after January 1, 2007.

              

      

      

      4.           Article
VI of the Plan is hereby amended, as underlined, to be and read as follows,
effective January 1, 2008 and as otherwise provided herein:

      

      Article
VI - Distributions

      

      
        	
                6.1

              	
                Entitlement to
      Distribution. A Participant shall be entitled to distribution due
      to separation from service on account of death, Disability, Early
      Retirement, Retirement or any other reason, provided the Participant is
      vested in his Account.

              

      

       

      6.2           Distribution
Election.

       

      
        	
                 
      

              	
                (a)

              	
                General
      Rule.  Distribution of the vested balance of a
      Participant’s Accounts shall be made in accordance with his or her
      election which indicates the Participant’s choice with respect to the form
      of distribution among the options available under Section 6.3 hereof. 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
      following death. Such distribution elections must be made at the time the
      Participant completes his or her initial Participation Agreement in
      accordance with Section 2.1. A Participant may modify his or her
      previously-made elections relating to the form of distribution and may
      modify the time at which distribution would otherwise commence under
      Section 6.4 hereof in accordance with Section 6.2(b). Notwithstanding the
      preceding, if an Eligible Employee is participating in the Plan in 2005,
      2006, or
      2007 and has not previously designated the form of distribution of
      his or her Accounts or desires to modify a previously-filed distribution
      election, he or she must make or modify such an election, as the case may
      be, and file it with the Administrator on or before December 31, 2007; provided,
      however, that a Participant may not file a modified payment election in
      2006 that has the effect of deferring payment of amounts the Participant
      would otherwise receive in 2006 or cause payments to be made in 2006 that
      would otherwise be made subsequent to 2006; likewise the
      Participant may not  file a modified payment election in 2007
      that has the effect of deferring payment of amounts the Participant would
      otherwise receive in 2007 or cause payments to be made in 2007 that would
      otherwise be made subsequent to 2007. The elections referred to in
      the immediately preceding sentence shall not be required to meet the
      requirements of Section 6.2(b).

              

      

       

      
        	
                 
      

              	
                (b)

              	
                Modification
      to the Time or Form of Distribution.  Except as may be permitted
      under 6.2(a) hereof, any election by a Participant to modify a
      previously-filed distribution election or to modify the time at
      which

              

      

       

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      distribution
would otherwise commence under Section 6.4 hereof is ineffective unless all of
the following requirements are satisfied:

       

      
        	
                 
      

              	
                (i)

              	
                Such
      modification may not be effective for at least twelve (12) months after
      the date on which the modification is
made.

              

      

       

      
        	
                 
      

              	
                (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 a 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.

              

      

       

      
        	
                 
      

              	
                (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.

              

      

       

      
        	
                6.3

              	
                Form of
      Payment.  A Participant entitled to distribution shall
      receive such distribution in one of the following forms, as previously
      elected by the Participant in accordance with Section 6.2 and commencing
      in accordance with Section 6.4: (i) a single life annuity; (ii) a joint
      and 50%, 75% or 100% survivor annuity; (iii) a ten-year certain and life
      annuity; (iv) a five-year certain and life annuity; (v) one lump sum; and
      (vi) annual installments over a period elected by the Participant (up to
      twenty (20) years). If payment is to be made in the form of an annuity,
      the amount payable to a Participant (and if applicable, the survivor
      annuitant) as an annuity shall be determined, in the sole discretion of
      the Administrator, by reference to a commercial annuity which could be
      purchased from an insurer with the Participant's vested Account at the
      time such payments are to commence. If payment is to be
      made in the form of installment payments, in accordance with Treasury
      Regulation Section 1.409A-2(b)(2)(iii) and (iv) and for purposes of
      Section 6.2(b) hereof, such an election shall be treated as an election of
      a series of separate payments. Under no circumstances shall the
      Participant have any preferential or secured right to or interest in any
      annuity contract purchased from an insurer by the Employer or Trustee, and
      the rights of such Participant (and if applicable, the survivor annuitant)
      shall remain that of a general creditor. If the Participant has not made a
      valid election in accordance with Section 6.2 regarding the form of
      distribution of his Plan benefit, distribution shall be made in the form
      of one lump sum payment.

              

      

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      6.4         Commencement of
Payment.

      

      
        	
                 
      

              	
                (a)

              	
                For
      purposes of this Section 6.4, the “Earliest Distribution Date” shall mean
      the earliest date on which distribution could be made or commence to the
      Participant under the Pension Plan, determined with regard to each
      Participant as of the date the Participant commenced participation under
      this Plan, without regard to any applicable amendments to the Pension Plan
      effective subsequent to the date the Participant commenced participation
      under this Plan.

              

      

       

      

       

      
        	
                 
      

              	
                (b)

              	
                Effective
      for distributions payable on and after August 4, 2006, subject to
      paragraph (c) of this Section 6.4, payment to a Participant shall be made
      or commence on the Earliest Distribution Date; provided, however, that the
      Participant may elect, in accordance with Section 6.2, to defer payment to
      a date subsequent to the Earliest Distribution Date. In the case of
      distribution in the event of death, if a Participant previously made an
      election as to the time benefits commence following death, distribution
      shall be made at the time elected. Effective with respect to distributions
      payable on and after January 1, 2005 and prior to August 4, 2006, subject
      to paragraph (c) of this Section 6.4, payment to a Participant shall be
      made or commence as soon as administratively feasible after the
      Participant’s death, Disability, separation from service, or
      Retirement.

              

      

       

      

       

      
        	
                 
      

              	
                (c)

              	
                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, such Participant’s distribution 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 six (6)
      months of the Participant’s separation from service without regard to the
      foregoing sentence shall instead be made on the first day of the month
      following the date that is six (6) months from the date on which the
      Participant separated from service.

              

      

       

      
        	
                6.5

              	
                Minimum Distribution.
      Notwithstanding any provision to the contrary, if the balance of a
      Participant's Account at the time of separation from service is less than
      $50,000, then the Participant shall be paid his or her benefits as a
      single lump sum thirty (30) days following the Participant’s separation
      from service; if
      the Participant is a Specified Employee and separates from service for a
      reason other than death or Disability, such payment shall be made the
      first day following the date that is six months following the
      Participant’s separation from
service.

              

      

       

      

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      5.           Section
10.11 of the Plan is hereby amended, as underlined, to be and read as follows,
effective January 1, 2008:

      

      10.11    Plan Termination.

      

      
        	
                 
      

              	
                (a)

              	
                The
      Employer may terminate the Plan upon occurrence of any one of the
      following:

              

      

       

      
        	
                 
      

              	
                (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:

              

      

       

      
        	
                 
      

              	
                (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.

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                Within
      the thirty (30) days preceding or the twelve (12) months following a
      Change in Control, provided all substantially similar arrangements (within
      the meaning of Section 409A of the Code and related guidance issued
      thereunder) 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.

              

      

       

      
        	
                 
      

              	
                (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 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

              

      

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                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 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.

              

      

       

      
        	
                 
      

              	
                (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)

              	
                Following such Plan
      termination, payment of credited amounts shall be made in a single sum
      payment thirty (30) days following Plan termination or if subparagraph
      (a)(iii) of this Section 10.11 is applicable, at the time provided in such
      subparagraph (a)(iii). A Participant shall have a right to the
      vested portion of his or her Account in the event of the termination of
      the Plan.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                Any
      funds remaining in the Trust after termination of the Plan and
      satisfaction of all liabilities to Participants and others, shall be
      returned to the Employer.

              

      

       

      

      IN WITNESS WHEREOF, the
Employer has executed this instrument this 9th day of
November, 2007, effective as stated herein.

      

      
        	
                Weingarten
      Realty Investors

              
	 
      
	 
      
	
                By:  /s/ Stephen C.
      Richter

              
	 
      
	
                Its
      (Title): Executive VP/Chief Financial
      Officer

              

      

      

      
        
           

        

        
          6ex10_44.htm

    
      

      

    

     

     

    EXHIBIT
10.44

    

    

    Amendment
No. 2 to the

    Weingarten
Realty Investors

    Deferred
Compensation Plan

    

    

    WHEREAS, Weingarten Realty
Investors (the “Employer”) sponsors the Weingarten Realty Investors Deferred
Compensation Plan (the “Plan”) under the terms of which eligible participants
are entitled to defer a portion of their compensation; and

     

    WHEREAS, the Employer desires
to amend the Plan to further reflect the Plan’s compliance with Internal Revenue
Code Section 409A and guidance issued thereunder;

    

    NOW THEREFORE, the Employer
amends the Plan as follows, effective as of January 1, 2008 or as otherwise
stated herein.

    

    1.           Section
4.2 is hereby amended, as underlined, to be and read as follows:

    

    
      	
            	
              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 VII
hereof.

            

    

     

    2.           Article
VII of the Plan is hereby amended to be and read as follows:

    

    Article
VII - Distributions

     

    7.1         Distribution
Election.

     

    
      	
               
      

            	
              (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 following
death.

            

    

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    Such
elections shall be made by the Participant at the time the Participant makes his
or her initial Deferral Election. A Participant may modify his or her
previously-made elections relating to the form of distribution and may modify
the time at which distribution would otherwise commence under Sections 7.2 or
7.3 hereof in accordance with Section 7.1(b). Notwithstanding the preceding, if
an Eligible Employee is participating in the Plan in 2005, 2006, or 2007 and has not
previously designated the form of distribution of his or her Accounts or desires
to modify a previously-filed distribution election, he or she must make or
modify such an election, as the case may be, and file it with the Administrator
on or before December 31, 2007; provided,
however, that a Participant may not file a modified distribution election in
2006 that has the effect of deferring payment of amounts the Participant would
otherwise receive in 2006 or cause payments to be made in 2006 that would
otherwise be made subsequent to 2006; likewise, the Participant
may not file a modified distribution election in 2007 that has the effect of
deferring payment of amounts the Participant would otherwise receive in 2007 or
cause payments to be made in 2007 that would otherwise be made subsequent to
2007. The elections referred to in the immediately preceding sentence
shall not be required to meet the requirements of Section 7.1(b). If the
Administrator separately accounts for Deferrals in each Plan Year, the
Participant may make separate distribution elections with respect to each Plan
Year’s Deferral Election, in which case each separate distribution election
shall be effective with respect to the Deferrals to which the election
relates.

     

    
      	
               
      

            	
              (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:

            

    

     

    
      	
               
      

            	
              (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.

            

    

     

    
      	
               
      

            	
              (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.

            

    

     

    
      	
               
      

            	
              (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.

            

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    
      	
            	
              (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.

            

    

     

    7.2         Payment of Retirement, Education, and
Fixed Period Accounts.

     

    
      	
               
      

            	
              (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.

            

    

     

    
      	
               
      

            	
              (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.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Education
      Accounts.

            

    

     

    Education
Account distributions shall be paid in four annual installments commencing on
January 1 (or as soon as administratively feasible thereafter) of the calendar
year in which the Student reaches age eighteen (18) and subsequently on the
three anniversaries thereof in the following amounts:

     

    Year
1             25%
of the account balance

    Year
2             33%
of the remaining account balance

    Year
3             50%
of the remaining account balance

    Year
4             100%
of the remaining account balance

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    Distribution
of an Education Account will commence as scheduled without regard to whether the
Student dies prior to attaining age eighteen (18) or whether the Student attends
college or incurs any post-secondary educational costs; provided, however, that
the Participant may elect, in accordance with Section 7.1(b), to defer payment
to a later date.

    

    
      	
               
      

            	
              (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.

            

    

     

    7.3         Payment upon Death, Disability or
Termination for Reason Other Than Retirement.

     

    
      	
               
      

            	
              (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.

            

    

     

    7.4         Minimum
Distribution.

     

    
      	
               
      

            	
              (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 from
service.

            

    

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (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.

            

    

     

    3.           Section
11.10 of the Plan is hereby amended, as underlined, to be and read as
follows:

    

    11.10    
Amendment and
Termination.

     

    
      	
               
      

            	
              (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).

            

    

     

    The
Employer may terminate the Plan upon occurrence of any one of the
following:

    

    
      	
               
      

            	
              (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:

            

    

     

    
      	
               
      

            	
              (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.

            

    

     

    
      	
               
      

            	
              (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.

            

    

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (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.

            

    

     

    
      	
               
      

            	
              (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.

            

    

     

    

    

    IN
WITNESS WHEREOF, WEINGARTEN REALTY INVESTORS has caused this instrument to be
executed by its duly authorized officer this 9th day of
November, 2007, effective as of January 1, 2008, or as otherwise stated
herein.

     

    
    

    
      

      
        	
                WEINGARTEN
      REALTY INVESTORS

              
	 
      
	 
      
	
                By:  /s/ Stephen C.
      Richter

              
	 
      
	
                Its
      (Title):  Executive VP/Chief Financial
      Officer

              

      

      

    

     

    6

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