Document:

Exhibit 10.25

    
      

      

    

    

    EXHIBIT
      10.25

    

    FIRST
      AMENDMENT TO

    THE
      SAVINGS AND INVESTMENT PLAN

    FOR
      EMPLOYEES OF WEINGARTEN REALTY INVESTORS

    

    

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

     

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

     

    NOW,
      THEREFORE,
      pursuant to Section 8.1 of the Plan, the following amendment is hereby made
      and
      shall be effective January 1, 2005: 

     

    1.    Section
      1.16 of the Plan is amended in its entirety to be and read as
      follows:

    

    
      	1.16  	
                "Eligible
                Employee"
                means any Employee. 1.16
                p.Notwithstanding
                the foregoing, the following Employees shall not be considered Eligible
                Employees:

            

    

    

    
      	 	
              1.

            	
              Employees
                who are Leased Employees within the meaning of Code
                Sections 414(n)(2) and
                414(o)(2).

            

    

    

    
      	 	
              2.

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

            

    

    

    
      	 	
              3.

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

            

    

    

    
      	 	
              4.

            	
              Employees
                of Affiliated Employers, unless such Affiliated Employers have
                specifically adopted this Plan in
                writing.

            

    

    

    
      	 	
              5.

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

            

    

    

    2.    Section
      1.64 of the Plan is amended to be and read in its entirety as
      follows:

    

    
      	1.64  	
                “Year
                of Service”
                means a computation period of twelve (12) consecutive months, herein
                set
                forth, during which an Employee accrues at least 1,000 Hours of
                Service.

            

    

    

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    

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

    

    For
      vesting purposes, the computation period shall be the Plan Year, including
      periods prior to the Effective Date of the Plan.

    

    Notwithstanding
      the foregoing, for any short Plan Year, the determination of whether an Employee
      has completed a Year of Service shall be made in accordance with Department
      of
      Labor regulation 2530.203-2(c). However, in determining whether an Employee
      has
      completed a Year of Service for benefit accrual purposes in the short Plan
      Year,
      the number of the Hours of Service required shall be proportionately reduced
      based on the number of full months in the short Plan Year.

     

    
      3.    A
        new section 1.65 is hereby added to Article I of the Plan to be and read
        as
        follows:

       

    

    
      	
              1.65

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

            

    

     

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

3.1   CONDITIONS
      OF ELIGIBILITY

    

     In
      General.
      Any
      Eligible Employee other than a Project Employee shall be eligible to participate
      hereunder on the date of such Employee’s employment with the Employer.

    

     Project
      Employees.
      Any
      Project Employee who is credited with at least 1,000 Hours of Service in his
      initial eligibility computation period (or in any subsequent eligibility
      computation period as set forth in Section 1.64 of the Plan) shall become a
      Participant on the first day of the month occurring on or following the
      completion of such requirement in such computation period.

    

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

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

     

    
                                         WEINGARTEN
        REALTY
        INVESTORS

      

      

      

      
        	
                By:
                  

              	
                /s/
                  Michael Townsell

              
	
                Name:
                  

              	
                Michael
                  Townsell

              
	
                Title
                  

              	
                VP
                  Human Resources

              

      

      

      ATTEST

      

      
        	
                By:

              	
                /s/
                  Dena Moon

              
	
                Name:

              	
                Dena
                  Moon

              
	
                Title

              	
                HR
                  Administrator

              

      

      

    

     

    3Exhibit 10.26

    
      

      

    

    

      EXHIBIT
        10.26

      

      MANDATORY
        DISTRIBUTION AMENDMENT

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

      

      

      ARTICLE
        I

      APPLICATION
        OF AMENDMENT

      

      
        	
                1.1

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

              

      

       

      
        	
                1.2
                  

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

              

      

      

      

      ARTICLE
        II

      DEFAULT
        PROVISION: AUTOMATIC ROLLOVER

      OF
        AMOUNTS OVER $1,000

      

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

      

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

      

      

      ARTICLE
        III

      EMPLOYER’S
        ALTERNATIVE ELECTIONS

      

      
        

        
          	
                  3.1

                	
                  ( 
                     )

                	
                  Effective
                    Date of Plan Amendment

                

        

         

      

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

              

      

      

      
        	
                3.2

              	
                ( 
                   )

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

              

      

       

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

      

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

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

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

      

      
        	
                3.3

              	
                (ü)
                  

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

              

      

      

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

      

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

      

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

      

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

      

      This
        amendment is executed as follows:

      

      Name
        of
        Plan: The
        Savings and Investment Plan for Employees of Weingarten Realty
        Investors

      

      Name
        of
        Employer: Weingarten
        Realty Investors  

      

      

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

    

                    Employer

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