Document:

Exhibit

Exhibit 10.4

EDISON INTERNATIONAL
2016 Long-Term Incentives
Terms and Conditions
		
	1.
	LONG-TERM INCENTIVES

The long-term incentive awards granted in 2016 (“LTI”) for eligible persons (each, a “Holder”) employed by Edison International (“EIX”) or its participating affiliates include the following:
		
	•
	Nonqualified stock options to purchase shares of EIX Common Stock (“EIX Options”) as described in Section 3;

		
	•
	Contingent EIX performance units (“Performance Shares”) as described in Section 4; and

		
	•
	Restricted EIX stock units (“Restricted Stock Units”) as described in Section 5.

Each of the LTI awards will be granted under the 2007 Performance Incentive Plan (the “Plan”) and will be subject to adjustment as provided in Section 7.1 of the Plan.
The LTI shall be subject to these 2016 Long-Term Incentives Terms and Conditions (these “Terms”).  The LTI shall be administered by the Compensation and Executive Personnel Committee of the EIX Board of Directors (the “Committee”).  The Committee shall have the administrative powers with respect to the LTI set forth in Section 3.2 of the Plan.
In the event EIX grants LTI to a Holder, the number of EIX Options, Performance Shares and Restricted Stock Units granted to the Holder will be set forth in a written award certificate delivered by EIX to the Holder.
		
	2.
	VESTING OF LTI

Subject to Sections 8 and 9 the following vesting and payment rules shall apply to the LTI:
		
	2.1
	EIX Options.  The EIX Options will vest over a four-year period as described in this Section 2 (the “Vesting Period”). The effective “initial vesting date” will be January 3, 2017, or six months after the date of the grant, whichever date is later.  The EIX Options will vest as follows:

		
	•
	On the initial vesting date, one-fourth of the award will vest.

		
	•
	On January 2, 2018, an additional one-fourth of the award will vest.

		
	•
	On January 2, 2019, an additional one-fourth of the award will vest.

		
	•
	On January 2, 2020, the balance of the award will vest.

		
	2.2
	Performance Shares.  The Performance Shares will vest and become payable to the extent earned as determined at the end of the three-calendar-year period commencing on January 1, 2016, and ending December 31, 2018 (the “Performance Period”), subject to the provisions of Section 4.

		
	2.3
	Restricted Stock Units.  The Restricted Stock Units will vest and become payable on January 2, 2019.

		
	2.4
	Continuance of Employment/Service Required.  The vesting schedule requires continued employment or service through each applicable vesting date as a condition for the vesting of the applicable installment of the LTI and the rights and benefits thereunder.  Employment or service for only a portion of the vesting period, even if a substantial portion, will not entitle the Holder to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a termination of employment or services except as provided in Sections 8 and 9 below.

		
	3.
	EIX OPTIONS

		
	3.1
	Exercise Price.  The exercise price of an EIX Option stated in the award certificate is the closing price (in regular trading) of a share of EIX Common Stock on the New York Stock Exchange for the effective date of the grant.

		
	3.2
	Cumulative Exercisability; Term of Option.  The vested portions of the EIX Options will accumulate to the extent not exercised, and be exercisable by the Holder subject to the provisions of this Section 3 and Sections 8 and 9, in whole or in part, in any subsequent period but not later than January 2, 2026.

		
	3.3
	Method of Exercise.  The Holder may exercise an EIX Option by providing written notice to EIX on the form prescribed by the Committee for this purpose, or completion of such other EIX Option exercise procedures as EIX may prescribe, accompanied by full payment of the applicable exercise price.  Payment must be in cash or its equivalent acceptable to EIX.  At the discretion of the Holder, EIX Common Stock valued on the exercise date at a per-share price equal to the closing price of EIX Common Stock on the New York Stock Exchange may be used to pay the exercise price, provided the Company can comply with any legal requirements.  (“Companies” or “Company” means EIX and its affiliates, or any of them, as the context may require.)  A broker-assisted “cashless” exercise may be accommodated for EIX Options at the discretion of EIX.  Until payment is accepted, the Holder will have no rights in the optioned stock.  The provisions of Section 10 must be satisfied as a condition precedent to the effectiveness of any purported exercise.

		
	3.4
	Automatic Exercise.  Except as may otherwise be determined by the Committee in advance of the applicable exercise date and subject to the conditions below, the Holder’s then-outstanding vested EIX Options shall automatically be exercised by EIX on behalf of the Holder on the last day of the term of such options (including any shortened term as a result of a termination of employment or in connection with a Change in Control of EIX as provided in Articles 8 and 9), to the extent such options are not otherwise exercised on or before that date.  In connection with any automatic exercise of outstanding vested EIX Options, EIX shall satisfy the exercise price of the EIX Options and the minimum applicable withholding obligation by withholding that number of EIX shares of Common Stock otherwise issuable pursuant to the options having a value (based on the closing price of EIX Common Stock on the New York Stock Exchange on the exercise date, or if no sales of EIX Common Stock were reported on the New York Stock Exchange on that date, the closing price of EIX Common Stock on the New York Stock Exchange on the next preceding day on which sales of EIX Common Stock were reported) equal to the exercise price of the EIX Options and the minimum applicable withholding obligation.  Outstanding vested EIX Options shall only be automatically exercised by EIX on behalf of the Holder if (i) the EIX Options have an exercise price that is lower than the price of a share of EIX Common Stock on the New York Stock Exchange at the time of exercise so that the options are “in-the-money,” and (ii) the exercise by EIX complies with all legal requirements applicable to EIX.

		
	4.
	PERFORMANCE SHARES

		
	4.1
	Performance Shares.  Performance Shares are EIX Common Stock-based units subject to a performance vesting requirement. A target number of contingent Performance Shares will be awarded on the initial grant date.  Fifty percent (50%) of the grant date value (based on EIX’s valuation methodology for the award) of the contingent Performance Shares will be a target number of contingent Performance Shares subject to a performance measure based on the percentile ranking of EIX total shareholder return (“TSR”) among the TSRs for the stocks comprising the Comparison Group (as defined below) over the entire Performance Period (these contingent Performance Shares are referred to as the “TSR Performance Shares”).  The other fifty percent (50%) of the grant date value (based on EIX’s valuation methodology for the award) of the contingent Performance Shares will be a target number of contingent Performance Shares subject to a performance measure based on EIX’s average core earnings per share (“EPS”) over the entire Performance Period (these contingent Performance Shares are referred to as the “EPS Performance Shares”).  The TSR Performance Shares and EPS Performance Shares will be increased by any additional Performance Shares created by “reinvestment” of dividend equivalents as provided in Section 4.5.

		
	4.2
	TSR Performance Shares.  The actual amount of TSR Performance Shares to be paid will depend on EIX’s TSR percentile ranking on the Performance Measurement Date (as defined herein).  If EIX’s TSR is below the 25th percentile, no TSR Performance Shares will be paid.  Twenty-five percent (25%) of the target number 

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of TSR Performance Shares will be paid if EIX’s TSR percentile ranking is at the 25th percentile.  The target number of TSR Performance Shares will be paid if EIX’s TSR rank is at the 50th percentile.  Two times the target number of TSR Performance Shares will be paid if EIX’s TSR percentile ranking is at the 75th percentile or higher.  The payment multiple is interpolated for performance between the points indicated in the preceding three sentences on a straight-line basis with discrete intervals at every 5th percentile.
TSR is calculated using (i) the average of the closing stock prices for the relevant stocks for the 20-trading-day period ending with the last day on which the New York Stock Exchange is open for trading preceding the first day of the Performance Period, and (ii) the average of the closing stock prices for the relevant stocks for the 20-trading-day period ending with the Performance Measurement Date.  In making such determination, stock prices will be equitably and proportionately adjusted to the extent (if any) necessary to preserve the intended incentives of the awards and mitigate the impact of any stock split, stock dividend or reverse stock split occurring during the applicable period.  The “Comparison Group” consists of the stocks comprising the Philadelphia Utility Index as the index is constituted on the Performance Measurement Date.  If the Comparison Group consists of fewer than 20 stocks on the Performance Measurement Date, the stock with the median TSR for the entire Performance Period (or, if there are an even number of stocks in the Comparison Group before giving effect to this sentence, a stock deemed to have a TSR equal to the average TSR of the two stocks in the Comparison Group that fall in the middle of such group when ranked based on TSR for the entire Performance Period) shall be added back to the Comparison Group a sufficient number of times to bring the stocks comprising the Comparison Group to 20.  (For purposes of clarity, if there are only 17 stocks in the Comparison Group before giving effect to the preceding sentence, the stock with the median TSR for the entire Performance Period will be added back to the Comparison Group a total of three times to bring the stocks comprising the Comparison Group to 20.)  Dividends with ex-dividend dates falling inside the Performance Period will be included in the TSR calculations using the assumption that reinvestment occurs on the ex-dividend date.
The Performance Measurement Date for the TSR Performance Shares will be the last day of the Performance Period on which the New York Stock Exchange is open for trading.  As of that date, the applicable payment multiple will be determined as provided above in this Section 4.2 based on the EIX TSR percentile ranking achieved during the Performance Period.  No payment will be made with respect to the TSR Performance Shares unless and until the Committee has certified, by resolution or other appropriate action in writing, that the applicable EIX TSR percentile ranking has been accurately determined.  The Committee shall not have discretion to pay TSR Performance Shares if the minimum EIX TSR ranking is not achieved or to pay TSR Performance Shares in excess of the amount provided above in this Section 4.2 for the applicable EIX TSR ranking.
		
	4.3
	EPS Performance Shares.  The Committee shall establish an EIX EPS target for each of calendar 2016, 2017 and 2018, which are the three calendar years comprising the Performance Period.  The Committee shall establish the EIX EPS target for each calendar year no later than during the first 90 days of the applicable calendar year, and while performance relating to the EIX EPS target remains substantially uncertain.  

The actual amount of EPS Performance Shares to be paid will depend on EIX’s actual EPS performance achieved as a percentage of the EIX EPS target established for the calendar year.  If EIX’s actual EPS for any calendar year is less than eighty percent (80%) of the EIX EPS target amount for the year, the EPS performance multiple for the calendar year will be zero (0).  If EIX’s actual EPS for any calendar year is equal to eighty percent (80%) of the EIX EPS target amount for the year, the EPS performance multiple for the calendar year will be 0.25x.  If EIX’s actual EPS for any calendar year is equal to one hundred percent (100%) of the EIX EPS target amount for the year, the EPS performance multiple for the calendar year will be 1.0x.  If EIX’s actual EPS for any calendar year is equal to or greater than one hundred twenty percent (120%) of the EIX EPS target amount for the year, the EPS performance multiple for the calendar year will be 2.0x.  Each year’s EPS performance multiple is interpolated for performance between the points indicated in the preceding three sentences on a straight-line basis with discrete intervals at every 4th percentage point, however, the performance multiple will be equal to the lowest multiple within each interval.
Following the end of the Performance Period, the EPS performance multiples achieved for each of calendar 2016, 2017 and 2018 will be averaged (determined by including zero (0) for any year in which the EPS 

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achieved was less than eighty percent (80%) of the applicable target for that year), and the resulting average EPS performance multiple achieved for the Performance Period is referred to as the “Performance Period EPS Multiple.”  The actual amount of EPS Performance Shares to be paid will be determined by multiplying the Performance Period EPS Multiple times the target number of EPS Performance Shares.
EPS is defined as “Core” earnings per share, a non-GAAP financial measure derived from basic GAAP earnings per share by excluding income or loss from discontinued operations and income or loss from significant discrete items that are not representative of ongoing earnings. 
For purposes of Section 162(m) of the Code, each of calendar years 2016, 2017 and 2018 shall be treated as a separate performance period and the EIX EPS target established for each such year shall be treated as a separate performance goal.  If EIX’s actual EPS for any calendar year is equal to eighty percent (80%) or more of the EIX EPS target amount for the year (the “EPS Performance Threshold”), then the maximum total EPS Performance Share payment (including any additional EPS Performance Shares created by “reinvestment” of dividend equivalents as provided in Section 4.5) may not exceed the lesser of (1) two hundred and fifty percent (250%) times the target number of EPS Performance Shares or (2) the maximum share limit specified in Section 5.2.3 of the Plan (such maximum payment, the “EPS Maximum Payment”), and the actual payment amount determined as set forth above is a reduction of the payment below the EPS Maximum Payment.  No payment will be made with respect to the EPS Performance Shares unless and until the Committee has certified, by resolution or other appropriate action in writing, that the EPS Performance Threshold has been achieved.  The Committee shall not have discretion to pay EPS Performance Shares if the EPS Performance Threshold is not achieved or to pay EPS Performance Shares in excess of the EPS Maximum Payment.
		
	4.4
	Payment of Performance Shares.  The total number of Performance Shares that are earned pursuant to Sections 4.2, 4.3, and 4.5 will be paid in cash.  The value of each whole Performance Share paid in cash will be equal to the closing price per share of EIX Common Stock on the New York Stock Exchange for the date of the Committee’s certification in Section 4.2 and Section 4.3 above, and the value of any fractional Performance Share paid in cash will also be determined based on that price.  The cash payable for the earned Performance Shares will be delivered as soon as practicable for EIX following the Committee’s certification in Section 4.2 and Section 4.3 above, as applicable, and in all events no later than March 15, 2019.  The Performance Shares are subject to termination and other conditions specified in Sections 8 and 9, and to the provisions of Section 10.  

		
	4.5
	Dividend Equivalent Reinvestment.  For each dividend on EIX Common Stock for which the ex-dividend date falls within the Performance Period and after the date of grant of the Performance Shares, the Holder of the Performance Shares will be credited with an additional number of target Performance Shares.  The additional number of shares added on each ex-dividend date will be equal to (i) the per-share cash dividend paid by EIX on its Common Stock with respect to the related ex-dividend date, multiplied by (ii) the Holder’s number of target Performance Shares (including any additional target Performance Shares previously credited under this Section 4.5), divided by (iii) the closing price of a share of EIX Common Stock on the related ex-dividend date, with the result rounded to six decimal places.  Any target Performance Shares added pursuant to the foregoing provisions of this Section 4.5 will be subject to the same vesting, payment, termination and other terms, conditions and restrictions as the original target Performance Shares to which they relate (including, as applicable, application of the TSR payment multiple as contemplated by Section 4.2 or the EPS performance payment multiple as contemplated by Section 4.3).  No target Performance Shares will be added pursuant to this Section 4.5 with respect to any target Performance Shares which, as of the related ex-dividend date, have either become payable pursuant to Section 4.4 or terminated pursuant to Section 8.

		
	5.
	RESTRICTED STOCK UNITS

		
	5.1
	Restricted Stock Units.  Restricted Stock Units are EIX Common Stock-based units that vest based on the passage of time.  As soon as practicable for EIX following January 2, 2019 (and in all events within 90 days after such date), EIX will pay Restricted Stock Units that have vested, except that if the Restricted Stock Units vest pursuant to Section 8.2, 8.3, 8.4, 8.5 or 9, the Restricted Stock Units will become payable as provided in the applicable section below and as follows.  Whole Restricted Stock Units that have vested will 

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be paid on a one-for-one basis in EIX Common Stock under the Plan.  Any fractional Restricted Stock Unit will be paid in cash based on the closing price per share of EIX Common Stock on January 2, 2019 or, as to any fractional Restricted Stock Units that have vested pursuant to Section 8.3, 8.4, 8.5 or 9 (including any payment made pursuant to Section 14.7, but excluding any payment where the time for payment is determined by reference to Section 8.2(C)), the closing price per share of EIX Common Stock on the New York Stock Exchange for the business day immediately preceding the day of payment.  The Restricted Stock Units are subject to termination and other conditions specified in Sections 8 and 9, and to the provisions of Section 10.
		
	5.2
	Dividend Equivalent Reinvestment.  For each dividend declared on EIX Common Stock with an ex-dividend date on or after the date an award of Restricted Stock Units is granted and before all of such Restricted Stock Units either have been paid (or converted into a cash amount, as the case may be) pursuant to Section 5.1 (including any payment made pursuant to Section 14.7) or have terminated pursuant to Section 8 or 9, the Holder of such award will be credited with an additional number of Restricted Stock Units equal to (i) the per-share cash dividend paid by EIX on its Common Stock with respect to the related ex-dividend date, multiplied by (ii) the total number of outstanding and unpaid Restricted Stock Units (including any Restricted Stock Units previously credited under this Section 5.2) subject to such award as of such ex-dividend date, divided by (iii) the closing price of a share of EIX Common Stock on the related ex-dividend date, with the result rounded to six decimal places.  Any additional Restricted Stock Units credited pursuant to the foregoing provisions of this Section 5.2 will be subject to the same vesting, payment, termination and other terms, conditions and restrictions as the original Restricted Stock Units to which they relate; provided, however, that the Committee shall retain discretion to pay any Restricted Stock Units in cash rather than shares of EIX Common Stock if and to the extent that payment in shares would exceed the applicable share limits of the Plan.  No crediting of Restricted Stock Units will be made pursuant to this Section 5.2 with respect to any Restricted Stock Units which, as of the related ex-dividend date, have either been paid pursuant to Section 5.1 or terminated pursuant to Section 8 or 9.

		
	6.
	DELAYED PAYMENT OR DELIVERY OF LTI GAINS

Notwithstanding any other provision herein, Holders who are eligible to defer salary under the EIX 2008 Executive Deferred Compensation Plan (the “EDCP”) may irrevocably elect to defer receipt of all or a part of the cash payable in respect of their earned Performance Shares pursuant to the terms of the EDCP.  To make such an election, the Holder must submit a signed agreement in the form approved by, and in advance of the applicable deadline established by, the Committee.  In the event of any timely deferral election, the LTI with respect to which the deferral election was made shall be paid in accordance with the terms of the EDCP.
		
	7.
	TRANSFER AND BENEFICIARY

		
	7.1
	Limitations on Transfers.  Except as provided below and in Section 10, the LTI will not be transferable by the Holder and, during the lifetime of the Holder, the LTI will be exercisable only by him or her.  The Holder may designate a beneficiary who, upon the death of the Holder, will be entitled to exercise the then vested portion of the LTI during the remaining term subject to the provisions of the Plan and these Terms. 

		
	7.2
	Exceptions.  Notwithstanding the foregoing, the LTI of the Chief Executive Officers and Presidents of EIX and Southern California Edison Company, and of the Executive Vice Presidents of EIX, are transferable to a spouse, children or grandchildren, or trusts or other vehicles established exclusively for their benefit.  Any transfer request must specifically be authorized by EIX in writing and shall be subject to any conditions, restrictions or requirements as the Committee may determine.  Restricted Stock Units may not, however, be transferred to the extent the transfer would violate (and result in any tax, penalty or interest under) Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).

		
	8.
	TERMINATION OF EMPLOYMENT

		
	8.1
	General.  In the event of termination of the employment of the Holder for any reason other than those specified in Sections 8.2, 8.3, 8.4 or 9, the LTI will terminate as follows: (i) the Holder’s unvested EIX Options will terminate for no value as of the date such employment terminates, (ii) the Holder’s vested EIX Options will terminate for no value 180 days from the date on which such employment terminated (or, if earlier, on the last day of the applicable EIX Option term) to the extent not theretofore exercised, (iii) the 

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Holder’s unearned Performance Shares will terminate for no value as of the date such employment terminates, and (iv) the Holder’s unvested Restricted Stock Units will terminate for no value as of the date such employment terminates.  Any fractional vested EIX Options will be rounded up to the next whole share. 
		
	8.2
	Retirement.  If the Holder terminates employment on or after the first day of the month in which he or she (i) attains age 65 or (ii) attains age 61 with five “years of service,” as that term is defined in the Edison 401(k) Savings Plan (a “Retirement”), then the vesting and exercise or payment provisions of this Section 8.2 will apply.

		
	(A)
	EIX Options.  The EIX Options will remain outstanding and eligible to vest; provided, however, that in the event the Holder’s Retirement occurs within calendar 2016, the portion of the option that remains outstanding and eligible to vest following the Holder’s Retirement will be prorated by multiplying the total number of shares subject to the option by a fraction (not greater than 1), the numerator of which shall be the number of whole months in calendar 2016 that the Holder was employed by one or more of the Companies, and the denominator of which shall be twelve (12).  In no event shall the Holder be credited with services performed during any portion of a calendar month (even if a substantial portion) if the Holder is not employed by one or more of the Companies as of the last day of such calendar month.  The portion of the option not eligible to vest following the Holder’s Retirement after giving effect to the proration described in the preceding two sentences shall terminate as of the Holder’s Retirement, and the Holder shall have no further rights with respect to such terminated portion.  Any fractional EIX Options eligible to vest under this Section 8.2 will be rounded up to the next whole number.  EIX Options that remain outstanding and eligible to vest following Retirement will vest and become exercisable on the schedule under which they would have been vested had the Holder not retired (one-fourth of the option grant on the effective initial vesting date (January 3, 2017 or six months after the date of grant, whichever is later) and an additional one-fourth on each of January 2, 2018, January 2, 2019 and January 2, 2020), except that if the Holder dies, the then-outstanding portion of the option will immediately vest and become exercisable as of the date of the Holder’s death.  In the event prorated vesting is required in connection with the Holder’s Retirement, the portion of the option that remains outstanding and eligible to vest will vest and become exercisable first on the effective initial vesting date (up to the maximum number of shares that would have vested and become exercisable on that date had no termination of employment occurred) and so on until the portion of the option that remains outstanding and eligible to vest becomes vested and exercisable, except that if the Holder dies, the then-outstanding portion of the option will immediately vest and become exercisable as of the date of the Holder’s death.  Once exercisable, EIX Options will remain exercisable as provided in Section 3 for the remainder of the original EIX Option term. 

		
	(B)
	Performance Shares.  The Performance Shares will vest and become payable at the end of the Performance Period to the extent they would have vested and become payable if the Holder’s employment had continued through the last day of the Performance Period; provided, however, that if the Holder’s Retirement occurs within calendar 2016, the number of each of the TSR Performance Shares and EPS Performance Shares that remain outstanding and eligible to vest following the Holder’s Retirement will be prorated by multiplying the number of TSR Performance Shares or EPS Performance Shares, respectively, subject to the award by a fraction (not greater than 1), the numerator of which shall be the number of whole months in calendar 2016 that the Holder was employed by one or more of the Companies, and the denominator of which shall be twelve (12).  For this purpose, the number of “whole months” shall be calculated as provided in Section 8.2(A) above.  Performance Shares will be payable to the Holder on the payment date specified in Section 4.4 to the extent, as applicable, of the EIX TSR ranking achieved as specified in Section 4.2 or the Performance Period EPS Multiple achieved as specified in Section 4.3.  Any unvested Performance Shares (after application of the foregoing vesting provisions) will terminate for no value.

		
	(C)
	Restricted Stock Units.  The Restricted Stock Units will remain outstanding and eligible to vest following the Holder’s Retirement and will vest and be payable on or as soon as practicable for EIX following January 2, 2019 (and in all events within 90 days after such date); provided, however, that in the event the Holder’s termination of employment occurs within calendar 2016, the number of Restricted Stock Units that remain outstanding and eligible to vest following the Holder’s Retirement will be prorated by multiplying the total number of Restricted Stock Units subject to the award by a fraction (not greater 

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than 1), the numerator of which shall be the number of whole months in calendar 2016 that the Holder was employed by one or more of the Companies, and the denominator of which shall be twelve (12).  For this purpose, the number of “whole months” shall be calculated as provided in Section 8.2(A) above.  Any Restricted Stock Units not eligible to vest following the Holder’s Retirement (after application of the foregoing vesting provisions) will terminate for no value.  Notwithstanding the foregoing provisions, if the Holder dies after Retirement and prior to the date the then outstanding Restricted Stock Units are paid, the then outstanding Restricted Stock Units will vest and be paid as soon as practicable for EIX (and in all events within 90 days) following the date of the Holder’s death.
		
	8.3
	Death or Disability.  If, prior to the Holder’s termination of employment with a Company, the Holder dies or incurs a “disability” (as such term is defined for purposes of Section 409A of the Code), the provisions of this Section 8.3 will apply.

		
	(A)
	EIX Options.  Any unvested EIX Options will immediately vest.  The EIX Options will be exercisable immediately as of the date of such termination and will remain exercisable as provided in Section 3 for the remainder of the original EIX Option term. 

		
	(B)
	Performance Shares.  The Performance Shares will vest and become payable at the end of the Performance Period as provided in Section 4.4 to the extent they would have vested and become payable if the Holder’s employment had continued through the last day of the Performance Period.

		
	(C)
	Restricted Stock Units.  Any unvested Restricted Stock Units will immediately vest and become payable as soon as practicable for EIX (and in all events within 90 days) after the date of the Holder’s death or disability, as applicable. 

		
	8.4
	Involuntary Termination Not for Cause.  Except as may otherwise be provided in Section 9, upon involuntary termination of the Holder’s employment by his or her employer not for cause (and other than due to the Holder’s death or disability), the provisions of this Section 8.4 shall apply.

		
	(A)
	EIX Options.  Unvested EIX Options will vest to the extent necessary to cause the aggregate number of shares subject to vested EIX Options (including any shares acquired pursuant to previously exercised EIX Options) to equal the number of shares granted multiplied by a fraction (not greater than 1), the numerator of which is the number of whole months in the period from January 1 of the year of grant of the award through the one-year anniversary of the Holder’s last day of employment prior to termination of the Holder’s employment, and the denominator of which is forty-eight (48).  For purposes of determining such fraction, no fractional month shall be taken into account.  The Holder will have one year following the date of termination in which to exercise the EIX Options, or until the end of the EIX Option term, whichever occurs earlier.  The Holder’s vested options will terminate for no value at the end of such period to the extent not theretofore exercised.  The portion of the option not eligible to vest following the termination of the Holder’s employment after giving effect to the proration described in this Section 8.4(A) shall terminate as of the termination of the Holder’s employment, and the Holder shall have no further rights with respect to such terminated portion.  Any fractional EIX Options vested under this Section 8.4(A) will be rounded up to the next whole number. 

Notwithstanding anything to the contrary in the preceding paragraph, if the Holder qualifies for Retirement (as defined in Section 8.2) at the time of the termination of the Holder’s employment, or if the Holder would have satisfied the requirements for Retirement if an extra year of service and age were applied, EIX Options will (i) vest (without any proration) and become exercisable on the schedule specified in Section 8.2 and (ii) remain exercisable for the remainder of the original EIX Option term.

		
	(B)
	Performance Shares.  The Performance Shares will vest and become payable at the end of the Performance Period to the extent they would have vested and become payable if the Holder’s employment had continued through the last day of the Performance Period; provided, however, that the number of each of the TSR Performance Shares and EPS Performance Shares that remain outstanding and eligible to vest following termination of the Holder’s employment will be prorated by multiplying the number of TSR Performance Shares or EPS Performance Shares, respectively, subject to the award by a fraction (not greater than 1), the numerator of which shall be the number of whole months the Holder 

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was employed by one or more of the Companies from January 1, 2016 through the one-year anniversary of the Holder’s last day of employment prior to termination of the Holder’s employment, and the denominator of which is thirty-six (36).  For purposes of determining such fraction, no fractional month shall be taken into account.  Such vested Performance Shares will be payable to the Holder as provided in Section 4.4 to the extent, as applicable, of the EIX TSR ranking achieved as provided in Section 4.2 or the Performance Period EPS Multiple achieved as specified in Section 4.3.  Any unvested Performance Shares (after application of the foregoing vesting provisions) will terminate for no value as of the date of the Holder’s termination of employment.
Notwithstanding anything to the contrary in the preceding paragraph, if the Holder qualifies for Retirement (as defined in Section 8.2) at the time of the termination of the Holder’s employment, or if the Holder would have satisfied the requirements for Retirement if an extra year of service and age were applied, the Performance Shares will vest (without proration) and become payable at the end of the Performance Period as provided in Section 4.4 to the extent they would have vested and become payable if the Holder’s employment had continued through the last day of the Performance Period.

		
	(C)
	Restricted Stock Units.  The Restricted Stock Units will vest to the extent necessary to cause the aggregate number of vested Restricted Stock Units to equal the number of Restricted Stock Units subject to the award multiplied by a fraction (not greater than 1), the numerator of which is the number of whole months in the period from January 1 of the year of grant of the award through the one-year anniversary of the Holder’s last day of employment prior to termination of the Holder’s employment, and the denominator of which is thirty-six (36).  For purposes of determining such fraction, no fractional month shall be taken into account.  Any unvested Restricted Stock Units (after application of the foregoing vesting provisions) will terminate for no value as of the date of the Holder’s termination of employment.  Subject to the last paragraph of this Section 8.4(C), vested Restricted Stock Units will be paid as soon as practicable for EIX (and in all events within 90 days) following the date of the Holder’s Separation from Service, if the Separation from Service occurs prior to any other applicable payment event otherwise provided for in these Terms.  For purposes of the LTI, a “Separation from Service” means the Holder’s “separation from service” with the Company as that term is used for purposes of Section 409A of the Code.

Notwithstanding anything to the contrary in the preceding paragraph, if the Holder qualifies for Retirement (as defined in Section 8.2) at the time of the termination of the Holder’s employment, the Restricted Stock Units will vest (without any proration) and become payable at the same time provided for in Section 8.2(C).  
In addition, and notwithstanding anything to the contrary in the preceding two paragraphs, if the Holder does not qualify for Retirement at the time of the termination of the Holder’s employment, but the Holder would have satisfied the requirements for Retirement if an extra year of service and age had been applied at the time of termination, then the Restricted Stock Units (i) will vest (without any proration) and (ii) will, subject to the last paragraph of this Section 8.4(C), become payable as soon as practicable for EIX (and in all events within 90 days) following the date of the Holder’s Separation from Service, if the Separation from Service occurs prior to any other applicable payment event otherwise provided for in these Terms.
If either the first or third paragraphs of this Section 8.4(C) apply and the period for payment of the Restricted Stock Units spans two calendar years, and if Section 8.4(D) applies and the period for delivery of the Holder’s release of claims and any applicable revocation period also spans those two calendar years, then the payment of the applicable Restricted Stock Units will be made (subject to the satisfaction of Section 8.4(D)) within the prescribed period of time but in the second of those two calendar years.  
		
	(D)
	Conditions of Benefits.  Notwithstanding the foregoing provisions, if at the time of the Holder’s involuntary termination the Holder is covered by a severance plan of EIX or any of its affiliates, the Holder shall be entitled to the accelerated vesting provided in this Section 8.4 only if the Holder satisfies the applicable conditions for receiving severance benefits under that plan (including, without limitation, any requirement to execute and deliver a release of claims) in connection with such involuntary termination.  In the event that such conditions are not satisfied, the provisions of Section 8.1 above shall apply, and the Holder shall not be entitled to any accelerated vesting under this Section 8.4.

8

		
	8.5
	Effect of Change of Employer.  For purposes of the LTI only, involuntary termination of employment will be deemed to occur on the date the Holder’s employing company is no longer a member of the EIX controlled group of corporations as defined in Section 1563(a) of the Code, regardless of whether the Holder’s employment continues with that entity or a successor entity outside of the EIX controlled group.  A termination of employment will not be deemed to occur for purposes of the LTI if a Holder’s employment by one EIX Company terminates but immediately thereafter the Holder is employed by another EIX Company.

		
	9.
	CHANGE IN CONTROL; EARLY TERMINATION OF LTI

Notwithstanding any other provision herein, in the event of a Change in Control of EIX (as defined in Section 9.6), the provisions of this Section 9 will apply.
		
	9.1
	EIX Options.  In the event the EIX Options are to terminate pursuant to Section 7.2 of the Plan in connection with a Change in Control of EIX, then upon (or, as may be necessary to effect the acceleration, immediately prior to) the Change in Control of EIX the then-outstanding and unvested EIX Options will become fully vested; provided, however, that this automatic acceleration provision will not apply with respect to any EIX Options to the extent the Committee has made a provision for the substitution, assumption, exchange or other continuation of the EIX Options.  In the event of such a termination where the Committee has not provided for a cash settlement of the EIX Options as described below, the Holder of each EIX Option that is to be so terminated will be given reasonable advance notice of the impending termination and a reasonable opportunity to exercise such EIX Option in accordance with its terms before such termination (except that in no event will more than 10 days’ notice of the accelerated vesting and impending termination be required).  The Committee may provide, as to each EIX Option that is to be terminated in connection with a Change in Control of EIX, to settle the EIX Option by a cash payment to the Holder of such option based upon the distribution or consideration payable to the holders of the EIX Common Stock upon or in respect of such event, such cash payment to be made as soon as practicable for EIX after the Change in Control of EIX. 

		
	9.2
	Performance Shares.  In the event the Performance Shares are to terminate pursuant to Section 7.2 of the Plan in connection with a Change in Control of EIX, then the Performance Period for all outstanding Performance Shares will be shortened so that the Performance Period will be deemed to have ended on the last day prior to such Change in Control of EIX, and the Performance Shares that will vest and become payable will be determined in accordance with Section 4.2 (TSR Performance Shares) or 4.3 (EPS Performance Shares) based on such shortened Performance Period (and, with respect to the EPS Performance Shares, after giving effect to a proportionate adjustment by the Committee to the EIX EPS target established for the year in which the Change in Control of EIX occurs to pro-rate such target for the portion of such year elapsed through the last day prior to such Change in Control of EIX); provided, however, that this automatic acceleration provision will not apply with respect to any Performance Shares to the extent the Committee has made a provision for the substitution, assumption, exchange or other continuation of the Performance Shares.  Any Performance Shares that become subject to a shortened Performance Period pursuant to this Section 9.2 shall be paid, to the extent such Performance Shares become vested and payable after giving effect to the first sentence of this Section 9.2, to the Holder in cash as soon as practicable for EIX (and in all events within 74 days ) after the date of the Change in Control of EIX, and any such Performance Shares that do not become vested and payable shall terminate for no value as of the date of the Change in Control of EIX.

		
	9.3
	Restricted Stock Units.  This Section 9.3 applies to the Restricted Stock Units notwithstanding anything to the contrary in Section 7.2 of the Plan.  The Committee may not exercise any discretion to change the payment date(s) of the Restricted Stock Units except as otherwise expressly provided in this Section 9.3 or as otherwise compliant with (so as to not result in any tax, penalty or interest under) Section 409A of the Code.  The Restricted Stock Units may only be terminated in connection with a Change in Control of EIX to the extent the termination satisfies the requirements of Treasury Regulation Section 1.409A-3(j)4(ix) (Plan Terminations and Liquidations).  In the event the Restricted Stock Units are to terminate in connection with such an event, then upon (or, as may be necessary to effect the acceleration, immediately prior to) the Change in Control of EIX, the then-outstanding and unvested Restricted Stock Units will become fully vested.  In the event the Restricted Stock Units are not to be so terminated in connection with such an event, the Committee shall make provision for the substitution, assumption, exchange or other continuation of the Restricted Stock Units in a manner that is compliant with (and does not result in any tax, penalty or interest under) Section 

9

409A of the Code and the Restricted Stock Units shall be paid at the first applicable time otherwise provided in these Terms.
		
	9.4
	Severance Plan Benefits.  If a Holder is a participant in the EIX 2008 Executive Severance Plan (or any similar successor plan) and experiences a Qualifying Termination Event as defined in the EIX 2008 Executive Severance Plan (or a similar employment termination under a successor plan) associated with a Change in Control as defined in the EIX 2008 Executive Severance Plan (or any similar successor plan), then (i) the Holder’s outstanding EIX Options will immediately vest, (ii) the Holder will have two years following the date of termination in which to exercise such EIX options if the Holder is a Senior Vice President or Executive Vice President (three years if the Holder is the Chief Executive Officer, General Counsel, or Chief Financial Officer of EIX, or the Chief Executive Officer or President of Southern California Edison Company or Edison Energy, Inc.), in each case subject to earlier termination at the end of the applicable option term or as provided in Section 9.1 above, (iii) any then outstanding Performance Shares shall be treated as provided for in Section 8.3(B) above, if the applicable performance period has not been shortened pursuant to Section 9.2 above, and (iv) any then outstanding Restricted Stock Units will immediately and fully vest, and will be paid as soon as practicable for EIX (and in all events within 90 days) following the date of the Holder’s Separation from Service, if vesting had not otherwise been triggered by Section 9.3 above.

		
	9.5
	Other Acceleration Rules.  Any acceleration of LTI pursuant to this Section 9 will comply with applicable legal requirements and, if necessary to accomplish the purposes of the acceleration or if the circumstances require, may be deemed by the Committee to occur within a limited period of time not greater than 30 days prior to the Change in Control of EIX.  Without limiting the generality of the foregoing, the Committee may deem an acceleration to occur immediately prior to the applicable event and/or reinstate the original terms of a LTI if the event giving rise to acceleration does not occur.

		
	9.6
	Definition of Change in Control of EIX.  A “Change in Control of EIX” shall be deemed to have occurred as of the first day, after the date of grant, that any one or more of the following conditions shall have been satisfied:

		
	(A)
	Any Person (other than a trustee or other fiduciary holding securities under an employee benefit plan of EIX) becomes the Beneficial Owner, directly or indirectly, of securities of EIX representing thirty percent (30%) or more of the combined voting power of EIX’s then outstanding securities.  For purposes of this clause, “Person” shall mean any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act, except that such term shall not include one or more underwriters acquiring newly-issued voting securities (or securities convertible into voting securities) directly from EIX with a view towards distribution; and the term “Beneficial Owner” shall mean as defined under Rule 13d-3 promulgated under the Exchange Act. 

		
	(B)
	On any day after the date of grant (the “Reference Date”) Continuing Directors cease for any reason to constitute a majority of the Board.  A director is a “Continuing Director” if he or she either:

		
	(i)
	was a member of the Board on the applicable Initial Date (an “Initial Director”); or

		
	(ii)
	was elected to the Board, or was nominated for election by EIX’s shareholders, by a vote of at least two-thirds (2/3) of the Initial Directors then in office.

A member of the Board who was not a director on the applicable Initial Date shall be deemed to be an Initial Director for purposes of clause (b) above if his or her election, or nomination for election by EIX’s shareholders, was approved by a vote of at least two-thirds (2/3) of the Initial Directors (including directors elected after the applicable Initial Date who are deemed to be Initial Directors by application of this provision) then in office.  For these purposes, “Initial Date” means the later of (A) the date of grant or (B) the date that is two (2) years before the Reference Date.
		
	(C)
	EIX is liquidated; all or substantially all of EIX’s assets are sold in one or a series of related transactions; or EIX is merged, consolidated, or reorganized with or involving any other corporation, other than a merger, consolidation, or reorganization that results in the voting securities of EIX outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the combined voting power 

10

of the voting securities of EIX (or such surviving entity) outstanding immediately after such merger, consolidation, or reorganization.  Notwithstanding the foregoing, a bankruptcy of EIX or a sale or spin-off of an affiliate of EIX (short of a dissolution of EIX or a liquidation of substantially all of EIX’s assets, determined on an aggregate basis) will not constitute a Change in Control of EIX.
		
	(D)
	The consummation of such other transaction that the Board may, in its discretion in the circumstances, declare to be a Change in Control of EIX for purposes of the Plan.

		
	10.
	TAXES AND OTHER WITHHOLDING

Upon any exercise, vesting, payment or other taxable event with respect to any LTI, the Company shall have the right at its option to:
		
	•
	require the Holder (or the Holder’s personal representative or beneficiary, as the case may be) to pay or provide for payment of at least the minimum amount of any taxes which the Company may be required to withhold with respect to such LTI event or payment; or

		
	•
	deduct from any amount otherwise payable in cash to the Holder (or the Holder’s personal representative or beneficiary, as the case may be), with respect to any LTI or otherwise, the minimum amount of any taxes which the Company may be required to withhold.

To the extent that the payment of any LTI pursuant to exercise or vesting requires tax withholding and a sufficient amount of cash (not otherwise deferred) is not generated from the underlying transaction to satisfy such withholding obligations, EIX shall substitute a cash award for a number of shares of Common Stock otherwise issuable pursuant to the LTI, rounded up to the next whole share for fractional shares and valued in a consistent manner at their fair market value as of the date of such exercise (in the case of EIX Options) or (in the case of Restricted Stock Units) at a fair market value based on the closing price per share of EIX Common Stock on January 2, 2019 (or, as to any Restricted Stock Units that have vested pursuant to Section 8.3, 8.4, 8.5 or 9 (including any payment made pursuant to Section 14.7, but excluding any payment where the time for payment is determined by reference to Section 8.2(C)), the closing price per share of EIX Common Stock on the New York Stock Exchange for the business day immediately preceding the day of payment), as is necessary to satisfy the minimum applicable withholding obligation in connection with such transaction to the extent that such withholding amount exceeds the amount of cash generated from the underlying transaction and not otherwise deferred.
Notwithstanding the foregoing, in no event shall the shares withheld exceed the minimum whole number of shares required for tax withholding under applicable law.  If for any reason EIX cannot or elects not to satisfy such withholding obligations in such manner, or if a tax withholding obligation arises in any other circumstances, the Company shall have the right to satisfy such withholding obligations, or require the Holder to satisfy such withholding obligations, as otherwise provided above.
To the extent that the payment of any LTI pursuant to exercise or vesting requires Garnishment Payments by the Company, and a sufficient amount of cash is not generated by the underlying transaction to satisfy the Garnishment Payment obligations arising from such transaction, the Company shall substitute a cash award for a number of shares of Common Stock otherwise issuable pursuant to the LTI, rounded up to the next whole share for fractional shares and valued in a consistent manner at their fair market value as of the date of such exercise (in the case of EIX Options) or (in the case of Restricted Stock Units) at a fair market value based on the closing price per share of EIX Common Stock on the New York Stock Exchange for January 2, 2019 (or, as to any Restricted Stock Units that have vested pursuant to Section 8.3, 8.4, 8.5 or 9 (including any payment made pursuant to Section 14.7, but excluding any payment where the time for payment is determined by reference to Section 8.2(C)), the closing price per share of EIX Common Stock on the New York Stock Exchange for the business day immediately preceding the day of payment), equal to the amount required by any Garnishment, less any cash received and not deferred in connection with such transaction.  For this purpose, “Garnishment” means garnishment orders, levies, and other assessments imposed by legal authority and “Garnishment Payments” means payments required by the Company pursuant to any such Garnishment.  

11

		
	11.
	CONTINUED EMPLOYMENT

Nothing in the award certificate or these Terms will be deemed to confer on the Holder any right to continue in the employ of EIX, any of its subsidiaries, or any other entity or interfere in any way with the right of any of them to terminate his or her employment at any time.
		
	12.
	INSIDER TRADING; SECTION 16 

		
	12.1
	Insider Trading.  Each Holder shall comply with all EIX notice, trading and other policies regarding transactions in and involving EIX securities (including, without limitation, policies prohibiting insider trading).

		
	12.2
	Section 16.  If an LTI is granted to a person who later becomes subject to the provisions of Section 16 of the Exchange Act (“Section 16”) in respect of EIX, the LTI will immediately and automatically become subject to the requirements of Rule 16b-3(d) and/or 16b-3(e) ( the “Rule”) and may not be exercised, transferred or (to the extent permitted by Section 409A of the Code without triggering any tax, penalty or interest thereunder) paid until the Rule has been satisfied.  Approval of these Terms is intended to satisfy the Rule.  However, in its sole discretion, the Committee may take any other action to assure compliance with the requirements of the Rule, including (to the extent permitted by Section 409A of the Code without triggering any tax, penalty or interest thereunder) withholding delivery to Holder (or any other person) of any security or of any other payment in any form until the requirements of the Rule have been satisfied. The Secretary of EIX may waive compliance with the requirements of the Rule if he or she determines the transaction to be exempt from the provisions of paragraph (b) of Section 16.

		
	12.3
	Notice of Disposition.  The Holder agrees that if he or she should plan to dispose of any shares of stock acquired on the exercise or payment of LTI awards (including a disposition by sale, exchange, gift or transfer of legal title) and the Holder is a person who is required to preclear EIX securities transactions, the Holder will notify EIX prior to such disposition.

		
	13.
	AMENDMENT

The LTI are subject to the terms of the Plan, as it may be amended from time to time.  EIX reserves the right to amend these Terms from time to time to the extent that EIX reasonably determines that the amendment is necessary or advisable to comply with applicable laws, rules or regulations or to preserve the intended tax consequences of the applicable LTI.  The LTI may not otherwise be amended or terminated (by amendment to or of the Plan or otherwise) in any manner materially adverse to the rights of the Holder of the affected LTI without such Holder’s consent.
		
	14.
	MISCELLANEOUS

		
	14.1
	Force and Effect.  The various provisions herein are severable in their entirety.  Any determination of invalidity or unenforceability of any one provision will have no effect on the continuing force and effect of the remaining provisions.

		
	14.2
	Governing Law.  These Terms will be construed under the laws of the State of California.

		
	14.3
	Notice.  Unless waived by EIX, any notice required under or relating to the LTI must be in writing, with postage prepaid, addressed to: Edison International, Attn: Corporate Secretary, P.O. Box 800, Rosemead, CA 91770.

		
	14.4
	Construction.  These Terms shall be construed and interpreted to comply with Section 409A of the Code.  Additionally, when any provision of this document refers to a date, including a date implied by the end of a specified period, and that date falls on a holiday or weekend, the date shall be deemed to be the immediately preceding business day on which the New York Stock Exchange is open, except that the last day of the Performance Period shall occur on December 31, 2018 and in no event shall the term of an EIX Option extend beyond its maximum 10-year term.  Any determination of trading price or fair market value for purposes of these Terms shall be made consistent with the resolutions adopted by the EIX Board of Directors on July 19, 2001 entitled “Fair Market Value Measure for Equity-Based Awards.”  EIX Options and Performance Shares 

12

are intended to qualify as performance-based compensation exempt from the deductibility limitations of Section 162(m) of the Code and these Terms shall be construed and interpreted consistent with that intent.
		
	14.5
	Transfer Representations.  The Holder agrees that any securities acquired by him or her hereunder are being acquired for his or her own account for investment and not with a view to or for sale in connection with any distribution thereof and that he or she understands that such securities may not be sold, transferred, pledged, hypothecated, alienated, or otherwise assigned or disposed of without either registration under the Securities Act of 1933 or compliance with the exemption provided by Rule 144 or another applicable exemption under such act.

		
	14.6
	Award Not Funded.  The Holder will have no right or claim to any specific funds, property or assets of the Companies as to any award of LTI.

		
	14.7
	Section 409A.  Notwithstanding any provision of these Terms to the contrary, if the Holder is a “specified employee” as defined in Section 409A of the Code, the Holder shall not be entitled to any payment with respect to any LTI subject to Section 409A in connection with the Holder’s Separation from Service until the earlier of (a) the date which is six (6) months after the Holder’s Separation From Service for any reason other than the Holder’s death, or (b) the date of the Holder’s death.  Any amounts otherwise payable to the Holder following the Holder’s Separation From Service that are not so paid by reason of this Section 14.7 shall be paid as soon as practicable for EIX (and in all events within ninety (90) days) after the date that is six (6) months after the Holder’s Separation From Service (or, if earlier, the date of the Holder’s death).  The provisions of this Section 14.7 shall only apply if, and to the extent, required to comply with Section 409A of the Code.

		
	14.8
	Claw-Back.  Notwithstanding any provision of these Terms to the contrary, the LTI, as well as any shares of Common Stock, cash or other property that may be issued, delivered or paid in respect of the LTI, as well as any consideration that may be received in respect of a sale or other disposition of any such shares or property, shall be subject to any recoupment, “clawback” or similar provisions of applicable law, as well as any recoupment, “clawback” or similar policies of the Company that may be in effect from time to time.

13Exhibit

Exhibit 10.2

WEINGARTEN REALTY INVESTORS
DEFERRED COMPENSATION PLAN 

Restated Effective April 1, 2016

WEINGARTEN REALTY INVESTORS
DEFERRED COMPENSATION PLAN

	
					
	 
	 
	Table of Contents
	Page
	

	ARTICLE I - DEFINITIONS
	2
	

	 
	1.1
	Account
	2
	

	 
	1.2
	Administrator
	2
	

	 
	1.3
	Board
	2
	

	 
	1.4
	Bonus
	2
	

	 
	1.5
	Code
	2
	

	 
	1.6
	Compensation
	2
	

	 
	1.7
	Deferrals
	2
	

	 
	1.8
	Deferral Election
	2
	

	 
	1.9
	Disabled or Disability
	2
	

	 
	1.10
	Effective Date
	2
	

	 
	1.11
	Eligible Employee
	3
	

	 
	1.12
	Eligible Independent Contractor
	3
	

	 
	1.13
	Employee
	3
	

	 
	1.14
	Investment Fund or Funds
	3
	

	 
	1.15
	Key Employee
	3
	

	 
	1.16
	Participant
	3
	

	 
	1.17
	Plan Year
	3
	

	 
	1.18
	Retirement
	3
	

	 
	1.19
	Salary
	3
	

	 
	1.20
	Student
	3
	

	 
	1.21
	Trust
	3
	

	 
	1.22
	Trustee
	4
	

	ARTICLE II - PARTICIPATION
	5
	

	 
	2.1
	Commencement of Participation
	5
	

	 
	2.2
	Change in Eligible Employee Status
	5
	

	ARTICLE III - CONTRIBUTIONS
	6
	

	 
	3.1
	Participant Deferrals
	6
	

	 
	3.2
	Time of Contributions
	6
	

	 
	3.3
	Form of Contributions
	7
	

	ARTICLE IV - RESTRICTED SHARE AND OPTION DEFERRAL
	8
	

	 
	4.1
	General
	8
	

	 
	4.2
	Deferral of Restricted Shares
	8
	

	 
	4.3
	Terms and Conditions of Awards
	8
	

	 
	4.4
	Dividends
	9
	

	 
	4.5
	Definitions
	9
	

-i-

	
					
	 
	 
	Table of Contents
	Page
	

	 
	4.6
	Cancellation of Certain Restricted Share and Option Deferrals
	9
	

	ARTICLE V - VESTING
	10
	

	 
	5.1
	Vesting of Deferrals
	10
	

	ARTICLE VI - ACCOUNTS
	11
	

	 
	6.1
	Bookkeeping Accounts
	11
	

	 
	6.2
	Adjustment and Crediting of Accounts
	11
	

	 
	6.3
	Investment of Trust Assets
	11
	

	ARTICLE VII - DISTRIBUTIONS
	13
	

	 
	7.1
	Distribution Election
	13
	

	 
	7.2
	Payment of Retirement, Education, and Fixed Period Accounts
	14
	

	 
	7.3
	Payment upon Death, Disability or Termination for Reason Other Than Retirement
	15
	

	 
	7.4
	Minimum Distribution
	15
	

	ARTICLE VIII - BENEFICIARIES
	16
	

	 
	8.1
	Beneficiaries
	16
	

	 
	8.2
	Change of Beneficiary Designation
	16
	

	 
	8.3
	Determination of Beneficiary
	16
	

	 
	8.4
	Lost Beneficiary
	16
	

	ARTICLE IX - FUNDING
	18
	

	 
	9.1
	Prohibition Against Funding
	18
	

	 
	9.2
	Deposits in Trust
	18
	

	 
	9.3
	Withholding of Participant Contributions
	18
	

	ARTICLE X - CLAIMS ADMINISTRATION
	19
	

	 
	10.1
	General
	19
	

	 
	10.2
	Claim Review
	19
	

	 
	10.3
	Right of Appeal
	19
	

	 
	10.4
	Review of Appeal
	19
	

	 
	10.5
	Designation
	19
	

	ARTICLE XI - GENERAL PROVISIONS
	20
	

	 
	11.1
	Administrator
	20
	

	 
	11.2
	No Assignment
	20
	

	 
	11.3
	No Employment Rights
	20
	

	 
	11.4
	Incompetence
	21
	

	 
	11.5
	Identity
	21
	

	 
	11.6
	Other Benefits
	21
	

	 
	11.7
	No Liability
	21
	

	 
	11.8
	Expenses
	21
	

	 
	11.9
	Insolvency
	21
	

	 
	11.10
	Amendment and Termination
	21
	

	 
	11.11
	Employer Determinations
	23
	

ii

	
					
	 
	 
	Table of Contents
	Page
	

	 
	11.12
	Construction
	23
	

	 
	11.13
	Governing Law
	23
	

	 
	11.14
	Severability
	23
	

	 
	11.15
	Headings
	23
	

	 
	11.16
	Entire Agreement
	24
	

	 
	11.17
	Terms
	24
	

iii

WEINGARTEN REALTY INVESTORS
DEFERRED COMPENSATION PLAN

RECITALS 

Weingarten Realty Investors ("Employer"), a Texas Real Estate Investment Trust, previously adopted the Weingarten Realty Investors Deferred Compensation Plan ("Plan") for the purpose of attracting and retaining a select group of management or highly compensated employees.
The Plan is an unfunded arrangement established and maintained primarily for the benefit of a select group of management or highly compensated employees and is intended to be exempt from the participation, vesting, funding, and fiduciary requirements set forth in Title I of the Employee Retirement Income Security Act of 1974, as amended.
The Plan previously provided both a deferred compensation benefit and a supplemental executive retirement benefit; the Employer amended and restated the Plan as a separate and independent plan, effective September 1, 2002, and again amended and restated the Plan to incorporate subsequent amendments to the Plan and to meet the applicable requirements of Section 409A of the Internal Revenue Code, effective January 1, 2005;
The Employer now desires to amend and restate the Plan, effective April 1, 2016, to incorporate subsequent amendments to the Plan and to permit diversification of vested share awards; 
The Plan shall be interpreted and administered to the extent possible in accordance with Code Section 409A.
NOW THEREFORE, the Employer hereby adopts this restatement of the Plan effective April 1, 2016, or as otherwise stated herein, as follows:

1

Article I - DEFINITIONS
		
	1.1
	Account. The bookkeeping account established for each Participant as provided in Section 6.1 hereof.

		
	1.2
	Administrator. The individual serving as the Director of Human Resources for the Employer or such other person or committee duly authorized by the Executive Committee of the Board.  The Administrator shall be the agent for the Employer with respect to the Plan and Trust.

		
	1.3
	Board. The Board of Trust Managers of the Employer.

		
	1.4
	Bonus. Compensation that is designated as a bonus by the Employer and that relates to services performed during an incentive period by an Eligible Employee in addition to his or her Salary, including any pretax elective deferrals from said Bonus to any Employer-sponsored plan that includes amounts deferred under a Deferral Election or a qualified cash or deferred arrangement under Code Section 401(k) or "cafeteria plan" under Code Section 125.

		
	1.5
	Code. The Internal Revenue Code of 1986, as amended.

		
	1.6
	Compensation. The Participant's earned income, including Salary, Bonus and other remuneration from the Employer. Compensation shall include self-employment income received by an Eligible Independent Contractor from the Employer.  

		
	1.7
	Deferrals. The portion of Compensation that a Participant elects to defer in accordance with Articles II and III hereof.

		
	1.8
	Deferral Election. The separate written agreement, submitted to the Administrator, by which an Eligible Employee, Eligible Independent Contractor, or trust manager agrees to participate in the Plan and make Deferrals thereto.

		
	1.9
	Disabled or Disability. A Participant will be considered Disabled for Plan purposes if the Participant:

		
	(a)
	Is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or

		
	(b)
	Is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under an accident and health plan sponsored by the Employer.

		
	1.10
	Effective Date. April 1, 2016, except as otherwise provided herein. 

2

		
	1.11
	Eligible Employee. An Employee shall be considered an Eligible Employee if such Employee is designated as an Eligible Employee by the Employer.

		
	1.12
	Eligible Independent Contractor. An individual who provides services to the Employer as an independent contractor shall be considered an Eligible Independent Contractor if such individual is designated as an Eligible Independent Contractor by the Chief Executive Officer of the Employer.

		
	1.13
	Employee. Any person employed by the Employer.

		
	1.14
	Investment Fund or Funds. Each deemed investment which serves as a means to measure the value of a Participant's Accounts, which may be made available for such purpose, from time to time, by the Employer.

		
	1.15
	Key Employee. An Employee who is: (i) an officer of the Employer, with annual compensation from the Employer greater than $170,000; (ii) a five-percent owner of the Employer; or (iii) a one-percent owner of the Employer with annual compensation from the Employer greater than $150,000. All terms described in the preceding sentence and all determinations of Key Employee status shall be made in accordance with Code Section 416(i), excluding paragraph (5) thereof or as otherwise provided under Code Section 409A.

		
	1.16
	Participant. An Eligible Employee, Eligible Independent Contractor, or trust manager who is a Participant as provided in Article II.

		
	1.17
	Plan Year. January 1 through December 31.

		
	1.18
	Retirement. Retirement means a Participant has retired from the employ of the Employer  on or after age 65.

		
	1.19
	Salary. An Eligible Employee's base salary rate or rates in effect at any time during a Plan Year, including any pretax elective deferrals from said Salary to any Employer-sponsored plan that includes amounts deferred under a Deferral Election or a qualified cash or deferred arrangement under Code Section 401(k) or "cafeteria plan" under Code Section 125.

		
	1.20
	Student. A child, grandchild, niece or nephew of the Participant who has not attained the age of fifteen (15) at the time the Participant establishes an Education Account for the Student.

		
	1.21
	Trust. The agreement or agreements between the Employer and the Trustee under which the assets of the Plan may be held, administered and managed.  Participants shall have no right or claim to Trust assets set aside to fund benefits under this Plan, which shall remain the general assets of the Employer.  

3

		
	1.22
	Trustee. The entity or individual designated from time to time by the Board to serve as trustee in accordance with the terms of the Plan.

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4

Article II - Participation
		
	2.1
	Commencement of Participation. 

		
	(a)
	Each Eligible Employee, Eligible Independent Contractor, and trust manager shall become a Participant on the date his or her initial Deferral Election first becomes effective. With respect to deferrals of Salary, a Participant must file a Deferral Election with the Administrator no later than the close of the calendar year immediately preceding the calendar year in which the services to which the Election relates are performed. In the year in which an Eligible Employee, Eligible Independent Contractor, or trust manager is first eligible to participate, such Deferral Election shall be filed within thirty (30) days of the date on which such individual is first eligible to participate, to be effective with respect to cash Compensation or Restricted Share awards received for services rendered after such Deferral Election is effective; provided, however, that if such Election would be effective after June 30 of a Plan Year, such Election may not be effective with respect to a Bonus attributable to services performed in such Plan Year.

		
	(b)
	With respect to deferrals of Bonus, a Participant must file a Deferral Election with the Administrator no later than June 30 of the Plan Year in which the services are performed to which such Election relates. 

		
	(c)
	Prior to commencing participation in the Plan, each Participant shall be required to designate on a Deferral Election form (or other form provided by the Administrator) the form and timing of the distribution of his or her Accounts.  

		
	2.2
	Change in Eligible Employee Status. 

		
	(a)
	A Participant who is no longer an Eligible Employee, Eligible Independent Contractor, or trust manager shall not be permitted to submit a Deferral Election and all Deferrals for such Participant shall cease as of the end of the Plan Year in which such Participant is determined to no longer be an Eligible Employee, Eligible Independent Contractor, or trust manager. 

		
	(b)
	Amounts credited to the Account of a Participant described in subsection (a) shall continue to be held pursuant to the terms of the Plan and shall be distributed as provided in Article VII.

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5

Article III - Contributions
		
	3.1
	Participant Deferrals. 

		
	(a)
	The Employer shall credit to the Account of a Participant an amount equal to the amount designated in the Participant's Deferral Election for that Plan Year. Such amounts shall not be made available to such Participant, except as provided in Article VII, and shall reduce such Participant's Compensation from the Employer in accordance with the provisions of the applicable Deferral Election; provided, however, that all such amounts shall be subject to the rights of the general creditors of the Employer as provided in Article IX.

		
	(b)
	The Deferral Election shall designate the amount of Compensation deferred by each Participant, the subaccount, if any, to which the Participant requests the Deferral be directed, in accordance with Section 6.1, the beneficiary or beneficiaries of the Participant and such other items as the Administrator may prescribe. 

		
	(c)
	A Deferral Election effective with respect to a Plan Year may not be modified or revoked once such Plan Year has commenced. An election made pursuant to Section 6.1 designating the subaccount to which an amount deferred with respect to a Plan Year is to be directed may not be modified once such Plan Year has commenced. 

		
	(d)
	The minimum amount that may be deferred each Plan Year is five thousand dollars ($5,000).

		
	(e)
	The maximum amount that may be deferred each Plan Year shall be established by the Administrator from time to time.

		
	(f)
	For each payroll period, the Employer shall withhold from that portion of a Participant’s Compensation that is not deferred hereunder, such Participant’s share of taxes under the Federal Insurance Contributions Act ("FICA") and other applicable taxes that are required to be withheld with respect to (1) Deferrals, and (2) Employer contributions as they vest and become subject to FICA taxes and other withholding requirements (collectively, "Withholding Requirements"). To the extent that there is insufficient remaining cash Compensation to satisfy all applicable Withholding Requirements as they come due, the Employer reserves the right to reduce a Participant’s Deferrals to the extent necessary to satisfy such Withholding Requirements. In the event there is insufficient cash Compensation to satisfy all applicable Withholding Requirements as they come due, even after reducing a Participant’s Deferrals, such Participant shall be obligated to remit payment to the Employer, in such form as is acceptable to the Employer, sufficient to satisfy any remaining Withholding Requirements.

		
	3.2
	Time of Contributions. Deferrals shall be transferred to the Trust as soon as administratively feasible following the close of each month. The Employer shall also transmit at that time 

6

any necessary instructions regarding the allocation of such amounts among the Accounts of Participants.
		
	3.3
	Form of Contributions. Except as provided in Article IV hereof, all Deferrals to the Trust shall be made in the form of cash or cash equivalents of US currency.

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7

Article IV - RESTRICTED SHARE AND OPTION DEFERRAL
		
	4.1
	General. Any Participant shall be eligible to elect the deferral of an Award of Restricted Shares as defined in and pursuant to the Weingarten Realty Investors 1993 Share Incentive Plan and the Weingarten Realty Investors 2001 Long Term Incentive Plan, the Weingarten Realty Investors Amended and Restated 2010 Long Term Incentive Plan and any subsequently adopted incentive plan (collectively, the "Long Term Incentive Plan") which are incorporated herein by this reference.  Such election may be made with respect to either unvested Restricted Shares of a prior Award of Restricted Shares or as to any subsequent Award of Restricted Shares.  The manner and duration of such deferral shall be in accordance with the provisions of this Article IV and in accordance with procedures established by the Administrator. 

		
	4.2
	Deferral of Restricted Shares. A Participant, subject to the limitations below, may elect to defer all or a portion of the Award of Restricted Shares, on such terms as the Administrator may permit, by completing a Share Award Deferral Election and submitting it to the Administrator prior to the calendar year in which the Award of Restricted Shares is made.  Any election to defer all or a portion of the Award of Restricted Shares shall apply to any subsequent Award unless and until a revised Share Award Deferral Election 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 Deferral Period"). The Administrator shall credit such deferred Restricted Shares to a bookkeeping account (to be known as a "Weingarten Stock Account") for the benefit of such Participant.  The Restricted Shares 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 (with respect to Option Awards made prior to January 1, 2008) that have been deferred pursuant to this Article IV shall be made in accordance with Article VII hereof. 

		
	4.3
	Terms and Conditions of Awards. Any deferred Restricted Shares or Options (with respect to deferred Option Awards made prior to January 1, 2008) shall remain subject to the forfeiture and transfer restriction provisions of the Long Term Incentive Plan and any other terms and conditions established by the Management Development and Compensation Committee incident thereto. In the event that the Restricted Period, as defined under the Long Term Incentive Plan, has not expired or the Options have not been exercised at the end of the applicable Share Deferral Period elected under the applicable Share Award Deferral Election, any Restricted Shares or Options distributed by the Trustee shall remain subject to any and all such terms and conditions and any applicable provisions of the Long Term Incentive Plan imposed upon such Restricted Shares or Options. In addition, in the event the Restricted Period has not expired at the end of the applicable Share Deferral Period, Restricted Shares distributed by the Trustee shall contain the legend provided under the Long Term Incentive Plan.  If the Restricted Period shall expire or the Options are exercised prior to the expiration of the Share Deferral Period, the deferred Shares shall be credited to a Weingarten Stock Account for the Participant’s benefit and the 

8

Participant may not direct that the Shares be liquidated and alternative investment options substituted therefor, except as provided in Section 6.3(b).
		
	4.4
	Dividends. 

		
	(a)
	General.  Unless a Dividend Deferral Election is made by the Participant, any dividends payable with respect to any Restricted Shares shall be paid to the Participant who deferred such Restricted Shares, subject, in the case of a Participant who is an Employee, to applicable withholding.

		
	(b)
	Dividend Deferral Election.  In accordance with procedures and in such form as may be established by the Administrator, a Participant, in connection with a deferral of an Award of Restricted Shares, also may irrevocably elect to defer the receipt of the dividends payable with respect to some or all of the deferred Restricted Shares during the Share Deferral Period.  In such case, any and all such dividends attributable thereto shall be paid by the Employer to the Trustee, and shall be held in trust and may be credited as either additional deferred shares or any other Investment or Investment Fund invested in accordance with the Participant’s election under the terms of the Plan or subsequent investment election as herein provided. The account attributable to the dividends so deferred, adjusted for investment experience, shall be distributed to the Participant upon the expiration of the applicable Share Deferral Period in accordance with the provisions of Article VII.

		
	4.5
	Definitions. All bolded terms in this Article IV shall have the meaning contained in the Long Term Incentive Plan.  For purposes of Section 1.14 of this Plan, "Investment Fund or Funds" shall include any deferred Restricted Shares or Options or any deferred dividends to be credited as an equivalent amount in value of deferred shares.

		
	4.6
	Cancellation of Certain Restricted Share and Option Deferrals. Participants were entitled to elect, before December 31, 2005 to cancel previously made elections to defer Restricted Shares or Options. Such election only applied to deferrals of Restricted Shares that were not vested and Options that are not exercisable as of December 31, 2004.  If deferrals of Restricted Shares were cancelled, the certificate representing such Shares were removed from the Weingarten Stock Account maintained on behalf of the Participant and transferred to the proper holder thereof under the terms of the Long Term Incentive Plan.  If deferrals of Options were cancelled, the Award Agreement representing such Options were removed from the Weingarten Stock Account maintained on behalf of the Participant and transferred to the proper holder thereof under the terms of the Long Term Incentive Plan.

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9

Article V - VESTING
		
	5.1
	Vesting of Deferrals. A Participant shall have a 100% vested right to the portion of his or her Account attributable to Deferrals and any earnings on the deemed investment of such Deferrals.

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10

Article VI - Accounts
		
	6.1
	Bookkeeping Accounts. The Administrator shall establish and maintain a bookkeeping account in the name of each Participant. The Administrator shall also establish subaccounts, as provided in subsection (a), (b), or (c), below, as elected by the Participant pursuant to Article III.

		
	(a)
	A Retirement Account may be established for a Participant in accordance with the Participant’s Deferral Election.

		
	(b)
	One or more Education Accounts may be established for a Participant in the name of a Student, in accordance with the Participant’s Deferral Election.  The Administrator may establish a maximum number of Education Accounts that may be maintained by a Participant at any one time.  

		
	(c)
	One or more Fixed Period Accounts may be established in accordance with the Participant’s Deferral Election.  The Participant must designate the year of distribution at the time the Account is initially established. The minimum initial deferral period for each Fixed Period Account shall be three (3) years. The Administrator may establish a maximum number of Fixed Period Accounts that may be maintained by a Participant at any one time.  

		
	6.2
	Adjustment and Crediting of Accounts. 

		
	(a)
	The Administrator shall adjust the amounts credited to each Participant's Account to reflect Deferrals, distributions, deemed investment experience of the Participant’s Investment Fund selections and any other appropriate adjustments. Such adjustments shall be made as is administratively necessary in the discretion of the Administrator.

		
	(b)
	The deemed investment experience credited to a Participant’s Account, including a Participant’s Weingarten Stock Account, to the extent diversified in accordance with Section 6.3(b), shall be determined on a periodic basis according to the earnings and losses of the Investment Fund selections made by the Participant pursuant to his or her Deferral Election.  The earnings and losses will be determined as if the amount credited to the Participant Account were actually invested in the Investment Funds selected.  Participants may select one or more of the Investment Funds designated by the Administrator in whole percentages of the applicable Account balance, including a Participant’s Weingarten Stock Account, to the extent diversified in accordance with Section 6.3(b).  A Participant may change his or her selection of Investment Funds at any time.  Such an election shall be effective as soon as administratively feasible following the date the change is submitted in writing by the Participant to the Administrator, or such other means as the Administrator may approve. 

		
	6.3
	Investment of Trust Assets. 

		
	(a)
	Deferrals hereunder may, in the sole discretion of the Employer, be set aside in a Trust in order to facilitate the payments of benefits under this Plan.  Any such Trust 

11

assets may be invested in an Investment Fund but are not required to be invested in individual accounts mirroring the bookkeeping Accounts established in Section 6.1.  Any such Trust shall constitute an unfunded arrangement and shall not affect the status of the Plan as an unfunded plan.  Under no circumstances shall any Participant have any preferential or secured right to or interest in any assets of such Trust, and the rights of each Participant (and if applicable, any beneficiary) shall remain that of a general creditor.  
		
	(b)
	Subject to the remainder of this Section 6.3(b), a Participant may request, from time to time, that Trust assets attributable to his Account be deemed to be invested in one or more Investment Funds.  A Participant may request, from time to time, that all or any potion of a grant of deferred shares held in his Weingarten Stock Account be deemed to be invested in one or more Investment Funds, subject to all of the following requirements:

		
	(i)
	Such an election may only be made with respect to deferred shares once vested for a period of not less than six months or such other restrictions as may be contained in the award agreement.  

		
	(ii)
	Such an election may be made with respect to all or any portion of such a grant.

		
	(iii)
	Such elections may only be made during the time periods designated by the Administrator.

		
	(iv)
	Such an election shall have no effect on the scheduled date of distribution or form of distribution applicable to the shares to which the election applies.

		
	(v)
	The Administrator, in its sole discretion, may establish additional requirements applicable to such elections and may determine that such requirements be applicable to all Participants or any specified group of Participants.

		
	(vi)
	Neither the Administrator nor the Employer may require that a Participant make such an election.

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12

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. 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). With respect to Participants who were participating in the Plan in 2005, 2006, 2007, or 2008 and who had not previously designated the form of distribution of his or her Accounts or who desired to modify a previously filed distribution election, he or she was permitted to make or modify such an election, as the case may be, and file it with the Administrator on or before December 31, 2008; provided, that, such election did not have the effect of deferring payment of amounts that the Participant would otherwise receive in the year the election was made or cause payments to be made in the year the election was made that would otherwise be made subsequent to such year.  The elections referred to in the immediately preceding sentence were not 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 have been 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. 

13

		
	(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.

		
	(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, 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, unless Section 7.1(c) hereof requires a later payment date, as described therein; 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

14

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 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, unless Section 7.1(c) hereof requires a later payment date, as described therein; 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.  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.

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15

Article VIII - Beneficiaries
		
	8.1
	Beneficiaries. Each Participant may from time to time designate one or more persons, entities or his or her estate as his or her beneficiary under the Plan. Such designation shall be made on a form prescribed by the Administrator.  

		
	8.2
	Change of Beneficiary Designation. Each Participant may at any time and from time to time, change any previous beneficiary designation, without notice to or consent of any previously designated beneficiary, by amending his or her previous designation on a form prescribed by the Administrator. 

		
	8.3
	Determination of Beneficiary. 

		
	(a)
	If the beneficiary does not survive the Participant (or is otherwise unavailable to receive payment), if the beneficiary does not survive until the final payment is made or if no beneficiary is validly designated, then the amounts payable under this Plan (or any remaining amount, as the case may be) shall be paid to the Participant's designated contingent beneficiary, if any, and, if none, to the Participant’s surviving spouse, if any, and if none, to his or her surviving issue per stirpes, if any, and, if none, to his or her estate and such person shall be deemed to be a beneficiary hereunder. (For purposes of this Article, a per stirpes distribution to surviving issue means a distribution to such issue as representatives of the branches of the descendants of such Participant; equal shares are allotted for each living child and for the descendants as a group of each deceased child of the deceased Participant). 

		
	(b)
	If more than one person is the beneficiary of a deceased Participant, each such person shall receive a pro rata share of any death benefit payable unless otherwise designated on the applicable form. 

		
	(c)
	If a beneficiary who is receiving benefits dies, all benefits that were payable to such beneficiary shall then be payable to the estate of that beneficiary. 

		
	(d)
	If the Administrator has any doubt as to the proper beneficiary to receive payments hereunder, the Employer shall have the right to withhold such payments until the matter is finally adjudicated.  However, any payment made by the Employer, in good faith and in accordance with this Plan, shall fully discharge the Employer from all further obligations with respect to that payment.

		
	8.4
	Lost Beneficiary.

		
	(a)
	All Participants and beneficiaries shall have the obligation to keep the Administrator informed of their current address until such time as all benefits due have been paid.

		
	(b)
	If a Participant or beneficiary cannot be located by the Administrator exercising due diligence, then, in its sole discretion, the Administrator may presume that the Participant or beneficiary is deceased for purposes of the Plan and all unpaid amounts 

16

(net of due diligence expenses) owed to the Participant or beneficiary shall be paid to his/her estate. Any such presumption of death shall be final, conclusive and binding on all parties.
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17

Article IX - Funding
		
	9.1
	Prohibition Against Funding. Benefits payable under this Plan shall be paid from the general assets of the Employer, or at the discretion of the Employer, from assets set aside in a trust for deferring the cost of providing the benefits due under this Plan; provided, however, that no person entitled to payment under this Plan shall have any claim, right, priority, security interest, or other interest in any fund, trust, account, or other asset of the Employer that may be looked to for such payment.  The liability for the payment of benefits hereunder shall be evidenced only by this Plan and by the existence of bookkeeping accounts established and maintained by the Employer for purposes of this Plan.  It is the express intention of the parties hereto that this arrangement shall be unfunded for tax purposes and for purposes of Title I of the Employee Retirement Income Security Act of 1974, as amended.

		
	9.2
	Deposits in Trust. Notwithstanding Section 9.1, or any other provision of this Plan to the contrary, the Employer may deposit into the Trust any amounts it deems appropriate to pay the benefits under this Plan.  The amounts so deposited may include all contributions made pursuant to a Deferral Election by a Participant and shall remain the general assets of the Employer.

		
	9.3
	Withholding of Participant Contributions. The Administrator is authorized to make any and all necessary arrangements with the Employer in order to withhold the Participant's Deferrals under Section 3.1 hereof from his or her Compensation. The Administrator shall determine the amount and timing of such withholding.

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18

Article X - Claims Administration
		
	10.1
	General. In the event that a Participant or his or her beneficiary does not receive any Plan benefit that is claimed, such Participant or beneficiary shall be entitled to consideration and review as provided in this Article.  Such consideration and review shall be conducted in a manner designed to comply with Section 503 of the Employee Retirement Income Security Act of 1974, as amended.

		
	10.2
	Claim Review. Upon receipt of any written claim for benefits, the Administrator shall be notified and shall give due consideration to the claim presented. If the claim is denied to any extent by the Administrator, the Administrator shall furnish the claimant with a written notice setting forth (in a manner calculated to be understood by the claimant):

		
	(a)
	the specific reason or reasons for denial of the claim;

		
	(b)
	a specific reference to the Plan provisions on which the denial is based;

		
	(c)
	a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary; and

		
	(d)
	an explanation of the provisions of this Article.

		
	10.3
	Right of Appeal. A claimant who has a claim denied under Section 10.2 may appeal to the Administrator for reconsideration of that claim. A request for reconsideration under this Section must be filed by written notice within sixty (60) days after receipt by the claimant of the notice of denial under Section 10.2.

		
	10.4
	Review of Appeal. Upon receipt of an appeal the Administrator shall promptly take action to give due consideration to the appeal. Such consideration may include a hearing of the parties involved, if the Administrator determines such a hearing is necessary. In preparing for this appeal, the claimant shall be given the right to review documents relevant to the benefit claim and the right to submit in writing a statement of issues and comments. After consideration of the merits of the appeal, the Administrator shall issue a written decision which shall be binding on all parties. The decision shall be written in a manner calculated to be understood by the claimant and shall specifically state its reasons and pertinent Plan provisions on which it relies. The Administrator's decision shall be issued within sixty (60) days after the appeal is filed, except that if a hearing is held the decision may be issued within one hundred twenty (120) days after the appeal is filed.

		
	10.5
	Designation. The Administrator may designate one or more of its members or any other person of its choosing to make any determination otherwise required under this Article.

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19

Article XI - General Provisions
		
	11.1
	Administrator.

		
	(a)
	The Administrator is expressly empowered to limit the amount of Compensation that may be deferred; to deposit amounts into Trust(s) in accordance with this Plan; to interpret the Plan, and to determine all questions arising in the administration, interpretation and application of the Plan; to employ actuaries, accountants, counsel, and other persons it deems necessary in connection with the administration of the Plan; to request any information from the Employer it deems necessary to determine whether the Employer would be considered insolvent or subject to a proceeding in bankruptcy; and to take all other necessary and proper actions to fulfill its duties as Administrator.

		
	(b)
	The Administrator shall not be liable for any actions by it hereunder, unless due to its own negligence, willful misconduct or lack of good faith.

		
	(c)
	The Administrator shall be indemnified and saved harmless by the Employer from and against all personal liability to which it may be subject by reason of any act done or omitted to be done in its official capacity as Administrator in good faith in the administration of the Plan and Trust, including all expenses reasonably incurred in its defense in the event the Employer fails to provide such defense upon the request of the Administrator. The Administrator is relieved of all responsibility in connection with its duties hereunder to the fullest extent permitted by law, short of breach of duty to the beneficiaries.

		
	11.2
	No Assignment. Benefits or payments under this Plan shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors of the Participant or the Participant's beneficiary, whether voluntary or involuntary, and any attempt to so anticipate, alienate, sell, transfer, assign, pledge, encumber, attach or garnish the same shall not be valid, nor shall any such benefit or payment be in any way liable for or subject to the debts, contracts, liabilities, engagement or torts of any Participant or beneficiary, or any other person entitled to such benefit or payment pursuant to the terms of this Plan, except to such extent as may be required by law.  If any Participant or beneficiary or any other person entitled to a benefit or payment pursuant to the terms of this Plan becomes bankrupt or attempts to anticipate, alienate, sell, transfer, assign, pledge, encumber, attach or garnish any benefit or payment under this Plan, in whole or in part, or if any attempt is made to subject any such benefit or payment, in whole or in part, to the debts, contracts, liabilities, engagements or torts of the Participant or beneficiary or any other person entitled to any such benefit or payment pursuant to the terms of this Plan, then such benefit or payment, in the discretion of the Administrator, shall cease and terminate with respect to such Participant or beneficiary, or any other such person.

		
	11.3
	No Employment Rights. Participation in this Plan shall not be construed to confer upon any Participant the legal right to be retained in the employ of the Employer, or give a Participant or beneficiary, or any other person, any right to any payment whatsoever, except 

20

to the extent of the benefits provided for hereunder.    Each Participant shall remain subject to discharge to the same extent as if this Plan had never been adopted.
		
	11.4
	Incompetence. If the Administrator determines that any person to whom a benefit is payable under this Plan is incompetent by reason of physical or mental disability, the Administrator shall have the power to cause the payments becoming due to such person to be made to another for his or her benefit without responsibility of the Administrator or the Employer to see to the application of such payments. Any payment made pursuant to such power shall, as to such payment, operate as a complete discharge of the Employer, the Administrator and the Trustee.

		
	11.5
	Identity. If, at any time, any doubt exists as to the identity of any person entitled to any payment hereunder or the amount or time of such payment, the Administrator shall be entitled to hold such sum until such identity or amount or time is determined or until an order of a court of competent jurisdiction is obtained.  The Administrator shall also be entitled to pay such sum into court in accordance with the appropriate rules of law. Any expenses incurred by the Employer, Administrator, and Trust incident to such proceeding or litigation shall be charged against the Account of the affected Participant.

		
	11.6
	Other Benefits. The benefits of each Participant or beneficiary hereunder shall be in addition to any benefits paid or payable to or on account of the Participant or beneficiary under any other pension, disability, annuity or retirement plan or policy whatsoever.

		
	11.7
	No Liability. No liability shall attach to or be incurred by any Employee of the Employer, Trustee or any Administrator under or by reason of the terms, conditions and provisions contained in this Plan, or for the acts or decisions taken or made thereunder or in connection therewith; and as a condition precedent to the establishment of this Plan or the receipt of benefits thereunder, or both, such liability, if any, is expressly waived and released by each Participant and by any and all persons claiming under or through any Participant or any other person. Such waiver and release shall be conclusively evidenced by any act or participation in or the acceptance of benefits or the making of any election under this Plan.

		
	11.8
	Expenses. All expenses incurred in the administration of the Plan, whether incurred by the Employer or the Plan, shall be paid by the Employer.

		
	11.9
	Insolvency. Should the Employer be considered insolvent (as defined by the Trust), the Employer, through its Board and chief executive officer, shall give immediate written notice of such to the Administrator of the Plan and the Trustee. Upon receipt of such notice, the Administrator or Trustee shall comply with the terms of the Trust.  

		
	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. 

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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.

		
	(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; 

22

		
	(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.

		
	11.11
	Employer Determinations. Any determinations, actions or decisions of the Employer (including but not limited to, Plan amendments and Plan termination) shall be made by the Board in accordance with its established procedures or by such other individuals, groups or organizations that have been properly delegated by the Board to make such determination or decision.

		
	11.12
	Construction. All questions of interpretation, construction or application arising under or concerning the terms of this Plan shall be decided by the Administrator, in its sole and final discretion, whose decision shall be final, binding and conclusive upon all persons.

		
	11.13
	Governing Law. This Plan shall be governed by, construed and administered in accordance with the applicable provisions of the Employee Retirement Income Security Act of 1974, as amended, Code Section 409A, and any other applicable federal law, provided, however, that to the extent not preempted by federal law, this Plan shall be governed by, construed and administered under the laws of the State of Texas, other than its laws respecting choice of law.

		
	11.14
	Severability. If any provision of this Plan is held invalid or unenforceable, its invalidity or unenforceability shall not affect any other provision of this Plan and this Plan shall be construed and enforced as if such provision had not been included therein.  If the inclusion of any Employee or independent contractor as a Participant under this Plan would cause the Plan to fail to be maintained solely for a select group of highly compensated or management employees, then the Plan shall be severed with respect to such individual, who shall be considered to be participating in a separate arrangement.

		
	11.15
	Headings. The Article headings contained herein are inserted only as a matter of convenience and for reference and in no way define, limit, enlarge or describe the scope or intent of this Plan nor in any way shall they affect this Plan or the construction of any provision thereof.

23

		
	11.16
	Entire Agreement. This instrument and all subsequently-adopted amendments hereto contain the entire terms of the Plan and supersedes any prior understandings or written documents which have heretofore set forth the terms of the Plan and/or any oral agreements between the Employer and any of the Participants respecting the within subject matter.  No modification, amendment, change, or discharge of any term or provision of this Plan shall be valid or binding unless the same is in writing and signed by a duly authorized officer of the Employer.  

		
	11.17
	Terms. Capitalized terms shall have meanings as defined herein. Singular nouns shall be read as plural, masculine pronouns shall be read as feminine, and vice versa, as appropriate.

********

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IN WITNESS WHEREOF, WEINGARTEN REALTY INVESTORS has caused this instrument to be executed by its duly authorized officer, effective as of April 1, 2016, or as otherwise stated herein.

	
					
	 
	 
	WEINGARTEN REALTY INVESTORS

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Stephen C. Richter

	 
	 
	Name:
	Stephen C. Richter

	 
	 
	Title:
	Chief Financial Officer

	 
	 
	 
	 
	 

	 
	 
	Date:
	February 19, 2016

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