Document:

ex10_47.htm

    
      

      

    

    EXHIBIT 10.47

     

     

    WEINGARTEN
REALTY INVESTORS

     

    2007
REDUCTION IN FORCE

     

    SEVERANCE
PAY PLAN

     

    
      	
              1.  

            	
              Introduction

            

    

     

    Weingarten
Realty Investors hereby establishes a severance compensation plan known as the
Weingarten Realty Investors 2007 Reduction in Force Severance Pay
Plan.  The Plan is intended to be a “severance pay arrangement” within
the meaning of Section 3(2)(B) of ERISA and the regulations promulgated
thereunder.  This Plan supersedes any severance benefit plan, policy
or practice previously maintained by the Company excluding the Weingarten Realty
Investors Severance and Stay-Pay Bonus Plan.  This Plan document also
is the Summary Plan Description for the Plan.

     

    
      	
              2.  

            	
              Definitions

            

    

     

    (a) COBRA.  The
continuation health coverage provisions of the Consolidated Omnibus Budget
Reconciliation Act of 1985, as codified at Section 4980B of the Code and
Sections 601 through 608 of ERISA.

     

    (b) Code.  The
Internal Revenue Code of 1986, as amended.

     

    (c) Company.  Weingarten
Realty Investors.

     

    (d) ERISA.  The
Employee Retirement Income Security Act of 1974, as amended.

     

    (e) Notice
of Participation.  The written notification of an employee’s
status as an Eligible Employee furnished by the Company pursuant to Section 3(a)(1).

     

    (f) Plan.  This
Weingarten Realty Investors 2007 Reduction in Force Severance Pay
Plan.

     

    (g) Plan
Administrator.  Michael Townsell, Vice President of Human
Resources of the Company, shall administer the Plan.

     

    (h) Plan
Term.  The period beginning on November 6, 2007 and ending on
October 31, 2008.  The Plan shall automatically terminate at the close
of business on the last day of the Plan Term and shall thereafter be of no
effect.

     

    (i) Separation
Date.  The date designated in an Eligible Employee’s Notice of
Participation as his or her date of employment termination, which may be the
date of such Notice of Participation or any date thereafter.

     

    (j) Severance.  The
severance amount payable pursuant to Section 4(a)(1).

     

    (k) Year
of Service.  Continuous employment by the Company during a
consecutive 12-month period beginning on the date, or on the anniversary of such
date, of an Eligible Employee’s hire as a regular full-time employee of the
Company.  No credit will be given for a partial Year of
Service.  Any period of Company-approved leave of absence for military
service or family or medical leave of absence will be counted as continuous
employment, provided the
employee returns to employment after the end of the approved leave according to
the terms of Company policy and applicable law.  No other periods of
leave will be counted when calculating Years of Service for purposes of the
Plan.

     

    
      
         

      

      
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              3.  

            	
              Eligibility
      for Benefits

            

    

     

    (a) General
Rules.  Subject to the requirements set forth in this Section,
the Company will grant benefits under the Plan to Eligible
Employees.

     

    (1) Definition of
“Eligible
Employee.”  An employee of the Company whose employment is
involuntarily terminated during the Plan Term as a result of the elimination of
the employee’s position, other than by reason of the outsourcing of such
position to a third party vendor or contractor, and who is notified by the
Company in writing that he or she is eligible to participate in the
Plan.  Such “Notice of
Participation” may be combined with a written notification of termination
of the employee’s employment.  The Company, in its sole discretion,
shall make the determination of whether an employee is an Eligible Employee and
such determination shall be binding and conclusive on all
persons.

     

    (2) To
be eligible to receive benefits under the Plan, an Eligible Employee must remain
actively employed and continue to provide services to the Company until his or
her Separation Date.

     

    (3) To
be eligible to receive benefits under the Plan, an Eligible Employee must,
within 45 days of his or her termination of employment, execute a general
waiver and release in a form satisfactory to the Company and such release
must become effective thereafter in accordance with its terms without subsequent
revocation thereof.  The Company, in its discretion, may modify the
form of the required release to comply with applicable law and any changes in
circumstances applicable to the employment or termination of those employees
eligible for benefits under the Plan, and shall determine the form of the
required release, which shall be incorporated into a termination agreement or
other agreement between the Company and the Eligible
Employee.

     

    (b) Exceptions to Benefit
Entitlement.  An employee, including an employee who otherwise
is an Eligible Employee, will not receive benefits under the Plan (or will
receive reduced benefits under the Plan) in the following circumstances, as
determined by the Company in its sole discretion:

     

    (1) The
employee has received a notice of his or her eligibility to participate in the
Weingarten Realty Investors Severance and Stay-Pay Bonus Plan, or is otherwise
eligible to receive or has received benefits under such plan, in which case such
employee’s severance benefit, if any, shall be governed exclusively by the terms
of the Weingarten Realty Investors Severance and Stay-Pay Bonus
Plan.

     

    (2) The
employee has executed an individually negotiated employment contract or
agreement with the Company relating to severance benefits that is in effect on
his or her Separation Date, in which case such employee’s severance benefit, if
any, shall be governed by the terms of such individually negotiated employment
contract or agreement and shall be governed by this Plan only to the extent that
the reduction pursuant to Section 4(c)
does not entirely eliminate benefits under this Plan.

     

    
      
         

      

      
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    (3) The
employee voluntarily terminates employment with the
Company.  Voluntary terminations include, but are not limited to,
resignation, retirement or failure to return from a leave of absence on the
scheduled date.

     

    (4) The
employee voluntarily terminates employment with the Company in order to accept
employment with another entity that is wholly or partly owned (directly or
indirectly) by the Company.

     

    (5) The
employee is offered immediate reemployment by a successor to the Company or by a
purchaser of its assets, as the case may be, following a change in ownership of
the Company or a sale of substantially all of the assets of a division or
business unit of the Company.  For purposes of the foregoing,
“immediate reemployment” means that the employee’s employment with the successor
to the Company or the purchaser of its assets, as the case may be, results in
uninterrupted employment such that the employee does not incur a lapse in pay as
a result of the change in ownership of the Company or the sale of its
assets.

     

    (6) The
Company terminates the employee’s employment with the Company for cause or for
failure to meet or exceed performance expectations at any time before the
Separation Date.

     

    (7) The
employee fails to execute the release described in Section 3(a)(3) within 45 days of his or her
termination of employment or he or she revokes such release during the seven-day
period following such execution, which in either case the employee shall cease
to be an Eligible Employee and shall have no right to any Severance or Company
payment of COBRA continuation premiums under this Plan.

     

    
      	
              4.  

            	
              Amount
      of Benefits

            

    

     

    (a) Severance and Paid
COBRA Continuation.  If the Eligible Employee remains actively
employed until the Separation Date (or as the Company may otherwise provide, in
its sole discretion, in the Eligible Employee’s Notice of Participation), then
subject to the terms and conditions of this Plan, such other requirements as may
be set forth in the Eligible Employee’s Notice of Participation (which the
Company shall determine in its sole discretion), and the Eligible Employee’s
execution of the release described in Section 3(a)(3) without subsequent revocation of
such release, he or she will be entitled to the following
benefits.

     

    (1) A
Severance amount equal to two weeks of the Eligible Employee’s base salary (as
in effect as of the date of the Notice of Participation) for each of Year of
Service of the Eligible Employee, with a minimum Severance of four weeks of base
salary and a maximum Severance of 52 weeks of base salary.

     

    
      
         

      

      
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    (2) If
the Eligible Employee is enrolled in a health, dental, or vision plan sponsored
by the Company at the time the Company provides the Eligible Employee Notice of
Participation and elects to continue coverage under such plan or plans as
provided by COBRA, the Company will pay the applicable premiums for the first
two months of such continuation coverage following the Eligible Employee’s
termination of employment with the Company.  Notwithstanding the
foregoing, the Company may cease paying the premiums for COBRA continuation
coverage at any time the Eligible Employee is deemed eligible for group medical
and dental coverage from another employer.  After the first two months
of COBRA continuation coverage, the Eligible Employee will be responsible for
the entire payment of premiums required under COBRA for the duration of the
COBRA continuation coverage period.  For purposes of this Section, any
applicable premiums that may be paid by the Company shall not include any
amounts payable by an Eligible Employee under a Code Section 125 health care
reimbursement plan, which amounts, if any, are the sole responsibility of the
Eligible Employee.

     

    No provision of this Plan will affect the continuation
coverage rules under COBRA, except that the Company’s payment, if any, of
applicable insurance premiums pursuant to this Section 4(a)(2) shall be
credited as payment by the Eligible Employee for purposes of the Eligible
Employee’s payment required under COBRA.  Therefore, the period during
which an Eligible Employee may elect to continue the Company’s health, dental,
or vision plan coverage at his or her own expense under COBRA, the length of
time during which COBRA continuation coverage will be made available to the
Eligible Employee, and all other rights and obligations of the Eligible Employee
under COBRA (except the obligation to pay insurance premiums that the Company
shall pay pursuant to this Section) will be applied in the same manner that such
rules would apply in the absence of this Plan.

     

    (b) Additional
Benefits.  Notwithstanding the foregoing, the Company may, in
its sole discretion, provide benefits in addition to those provided pursuant to
Paragraph (a) to Eligible Employees
chosen by the Company, in its sole discretion, and the provision of any such
benefits to an Eligible Employee shall in no way obligate the Company to provide
such benefits to any other Eligible Employee, even if similarly
situated.  Such additional benefits, to the extent they are or would
be “nonqualified deferred compensation” within the meaning of Code Section 409A,
shall be provided for in writing in a manner that complies with Code Section
409A and the regulations and other Treasury guidance promulgated
thereunder.

     

    (c) Certain
Reductions.  The Company, in its sole discretion, shall have
the authority to reduce an Eligible Employee’s Severance, in whole or in part,
by:

     

    (1) any
payments that become payable to the Eligible Employee by the Company in
connection with a corporate transaction or event that would constitute a “change
in control” of the Company pursuant to the terms of any agreement between the
Eligible Employee and the Company; and

     

    (2) any
other severance benefits, pay in lieu of notice, or other similar benefits
payable to the Eligible Employee by the Company that become payable in
connection with the Eligible Employee’s termination of employment pursuant to
(i) any applicable legal requirement, including, without limitation, the Worker
Adjustment and Retraining Notification Act (the “WARN Act”); (ii) a written
employment or severance agreement with the Company; or (iii) any Company policy
or practice providing for the Eligible Employee to remain on the payroll for a
limited period of time after being given notice of the termination of the
Eligible Employee’s employment.

     

    
      
         

      

      
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    The
benefits provided under this Plan are intended to satisfy, in whole or in part,
any and all statutory obligations that may arise out of an Eligible Employee’s
termination of employment, and the Plan Administrator shall so construe and
implement the terms of the Plan.  The Company’s decision to apply such
reductions to the Severance of one Eligible Employee and the amount of such
reductions shall in no way obligate the Company to apply the same reductions in
the same amounts to the Severance of any other Eligible Employee, even if
similarly situated.  The Company, in its sole discretion, may apply
such reductions on a retroactive basis, with such Severance previously paid
being re-characterized as payments pursuant to the Company’s statutory
obligation.

     

    
      	
              5.  

            	
              Payment
      of Benefits

            

    

     

    (a) Subject
to Sections 5(b) and 6, and provided that
the Eligible Employee executes the release described in Section 3(a)(3) within 45 days of his or her
termination of employment and does not revoke the release during the seven-day
period following such execution, such Eligible Employee’s Severance shall be
paid in a lump sum on the first regularly scheduled payroll date after the later
of (i) the end of the seven-day period following the date of the Eligible
Employee’s execution of such release, or (ii) the 15th
day after the date of his or her termination of employment with the Company;
provided
that such payment shall in any event be made no later than March 15th
of the calendar year immediately following the calendar year of the Eligible
Employee’s last date of service to the Company.

     

    (b) All
payments under the Plan will be subject to applicable withholding for federal,
state and local taxes.  If an Eligible Employee is indebted to the
Company on his or her last date of employment, the Company reserves the right to
offset the Eligible Employee’s Severance by the amount of such
indebtedness.  In no event shall payment of any Severance under the
Plan be made before the date of the Eligible Employee’s termination of
employment or before the effective date of the release described in Section 3(a)(2).

     

    
      	
              6.  

            	
              Reemployment

            

    

     

    If
an Eligible Employee is reemployed by the Company or accepts another position
with the Company within 15 days of the date of his or her termination of
employment with the Company, such Eligible Employee shall forfeit his or her
right to any Severance or Company payment of COBRA continuation premiums under
this Plan.

     

    
      	
              7.  

            	
              Cancellation
      of Reduction in Force

            

    

     

    Notwithstanding
anything herein to the contrary, the Company may at any time determine, in its
discretion and for any reason, not to eliminate an Eligible Employee’s position,
in which case the Eligible Employee shall forfeit his or her right to any
Severance or Company payment of COBRA continuation premiums under this
Plan.  The Company shall notify the Eligible Employee in writing of
its decision not to eliminate his or her position.  The Company’s
determination not to eliminate the position of any Eligible Employee shall in no
way obligate the Company to make such determination with respect to the position
of any other Eligible Employee, even if similarly situated.

     

    
      
         

      

      
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              8.  

            	
              Right
      to Interpret Plan; Amendment and
Termination

            

    

     

    (a) Exclusive
Discretion.  The Plan Administrator shall have the exclusive
discretion and authority to establish rules, forms, and procedures for the
administration of the Plan and to construe and interpret the Plan and to decide
any and all questions of fact, interpretation, definition, computation or
administration arising in connection with the operation of the Plan, including,
but not limited to, the eligibility to participate in the Plan and amount of
benefits paid under the Plan.  The rules, interpretations,
computations and other actions of the Plan Administrator shall be binding and
conclusive on all persons.

     

    (b) Amendment or
Termination.  The Company reserves the right to amend or
terminate this Plan at any time; provided,
however, that no such amendment or termination shall affect the right to
any unpaid benefit of any Eligible Employee whose employment has been terminated
by the Company, or whose benefits are otherwise considered earned under the
terms of such Eligible Employee’s Notice of Participation, prior to amendment or
termination of the Plan, nor shall any amendment result in a change to the time
or form of payment of benefits to any such Eligible Employee.  Any
action amending or terminating the Plan shall be in writing and executed by a
majority of the board of directors of the Company.

     

    
      	
              9.  

            	
              No
      Implied Employment Contract

            

    

     

    The
Plan shall not be deemed (i) to give any employee or other person any right to
be retained in the employ of the Company or (ii) to interfere with the right of
the Company to discharge any employee or other person at any time, with or
without cause, which right is hereby reserved.

     

    
      	
              10.  

            	
              Governing
      Law

            

    

     

    This
Plan is intended to be governed by and shall be construed in accordance with
ERISA and, to
the extent not thereby preempted, the laws of the State of Texas without regard
to principles of conflict of laws.

     

    
      	
              11.  

            	
              Claims,
      Inquiries and Appeals

            

    

     

    (a) Applications for
Benefits and Inquiries.  Any claim for benefits, inquiries
about the Plan or inquiries about present or future rights under the Plan must
be submitted to the Plan Administrator in writing by a claimant (or his or her
authorized representative).  The Plan Administrator
is:

     

    Michael
Townsell

    Weingarten
Realty Investors

    2600
Citadel Plaza Dr. #300

    Houston,
TX  77008-1315

     

    
      
         

      

      
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    (b) Denial of
Claims.  In the event that any claim for benefits is denied in
whole or in part, the Plan Administrator must provide the claimant with written
or electronic notice of the denial of the claim, and of the claimant’s right to
review the denial.  Any electronic notice will comply with the
regulations of the U.S. Department of Labor.  The notice of denial
will be set forth in a manner designed to be understood by the claimant and will
include the following:

     

    (1) the
specific reason or reasons for the denial;

     

    (2) references
to the specific Plan provisions upon which the denial is
based;

     

    (3) a
description of any additional information or material that the Plan
Administrator needs to complete the review and an explanation of why such
information or material is necessary; and

     

    (4) an
explanation of the Plan’s review procedures and the time limits applicable to
such procedures, including a statement of the claimant’s right to bring a civil
action under Section 502(a) of ERISA following a denial on review of the claim,
as described in Section 11(d).

     

    This
notice of denial will be given to the claimant within 90 days after the Plan
Administrator receives the claim, unless special circumstances require an
extension of time, in which case, the Plan Administrator has up to an additional
90 days for processing the claim.  If an extension of time for
processing is required, written notice of the extension will be furnished to the
claimant before the end of the initial 90-day period.

     

    This
notice of extension will describe the special circumstances necessitating the
additional time and the date by which the Plan Administrator is to render its
decision on the claim.

     

    (c) Request for a
Review.  Any person (or that person’s authorized
representative) for whom a claim for benefits is denied, in whole or in part,
may appeal the denial by submitting a request for a review to the Plan
Administrator within 60 days after the claim is denied.  A request for
a review shall be in writing and shall be addressed to:

     

    Michael
Townsell

    Weingarten
Realty Investors

    2600
Citadel Plaza Dr. #300

    Houston,
TX  77008-1315

     

    A
request for review must set forth all of the grounds on which it is based, all
facts in support of the request and any other matters that the claimant feels
are pertinent.  The claimant (or his or her representative) shall have
the opportunity to submit (or the Plan Administrator may require the claimant to
submit) written comments, documents, records, and other information relating to
his or her claim.  The claimant (or his or her representative) shall
be provided, upon request and free of charge, reasonable access to, and copies
of, all documents, records and other information relevant to his or her
claim.  The review shall take into account all comments, documents,
records and other information submitted by the claimant (or his or her
representative) relating to the claim, without regard to whether such
information was submitted or considered in the initial benefit
determination.

     

    
      
         

      

      
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    (d) Decision on
Review.  The Plan Administrator will act on each request for
review within 60 days after receipt of the request, unless special circumstances
require an extension of time (not to exceed an additional 60 days), for
processing the request for a review.  If an extension for review is
required, written notice of the extension will be furnished to the claimant
within the initial 60-day period.  This notice of extension will
describe the special circumstances necessitating the additional time and the
date by which the Plan Administrator is to render its decision on the
review.  The Plan Administrator will give prompt, written or
electronic notice of its decision to the claimant.  Any electronic
notice will comply with the regulations of the U.S. Department of
Labor.  In the event that the Plan Administrator confirms the denial
of the claim for benefits in whole or in part, the notice will set forth, in a
manner calculated to be understood by the claimant, the
following:

     

    (1) the
specific reason or reasons for the denial;

     

    (2) references
to the specific Plan provisions upon which the denial is
based;

     

    (3) a
statement that the claimant is entitled to receive, upon request and free of
charge, reasonable access to, and copies of, all documents, records and other
information relevant to his or her claim; and

     

    (4) a
statement of the claimant’s right to bring a civil action under Section 502(a)
of ERISA.

     

    (e) Rules and
Procedures.  The Plan Administrator will establish rules and
procedures, consistent with the Plan and with ERISA, as necessary and
appropriate in carrying out its responsibilities in reviewing benefit
claims.  The Plan Administrator may require a claimant who wishes to
submit additional information in connection with an appeal from the denial of
benefits to do so at the claimant’s own expense.

     

    (f) Exhaustion of
Remedies.  No legal action for benefits under the Plan may be
brought until the claimant (i) has submitted a written claim for benefits in
accordance with the procedures described by Section 11(a), (ii) has been notified by the Plan
Administrator that the claim is denied, (iii) has filed a written request for a
review of the claim in accordance with the appeal procedure described in Section
11(c), and (iv) has been notified that
the Plan Administrator has denied the appeal.  Notwithstanding the
foregoing, if the Plan Administrator does not respond to an Eligible Employee’s
claim or appeal within the relevant time limits specified in this Section 11, the Eligible Employee may bring legal
action for benefits under the Plan pursuant to Section 502(a) of
ERISA.

     

    
      	
              12.  

            	
              Basis
      of Payments To and From Plan

            

    

     

    The
Company shall pay all benefits under the Plan.  The Plan shall be
unfunded, and benefits hereunder shall be paid only from the general assets of
the Company.

     

    
      
         

      

      
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              13.  

            	
              Other
      Plan Information

            

    

     

    (a) Employer and Plan
Identification Numbers.  The Employer Identification Number
assigned to the Company (which is the “Plan Sponsor” as that term is used in
ERISA) by the Internal Revenue Service is 74-1464203.  The Plan Number
assigned to the Plan by the Plan Sponsor pursuant to the instructions of the
Internal Revenue Service is 511.

     

    (b) Ending Date for Plan’s
Fiscal Year.  The date of the end of the fiscal year for the
purpose of maintaining the Plan’s records is December 31.

     

    (c) Agent for the Service
of Legal Process.  The agent for the service of legal process
with respect to the Plan is:

     

    Michael
Townsell

    Weingarten
Realty Investors

    2600
Citadel Plaza Dr. #300

    Houston,
TX  77008-1315

     

    (d) Plan Sponsor and
Administrator.  The “Plan Sponsor” of the Plan
is:

     

    Weingarten
Realty Investors

    2600
Citadel Plaza Dr. #300

    Houston,
TX  77008-1315

     

    and
the “Plan Administrator” of the Plan is:

     

    Michael
Townsell

    Weingarten
Realty Investors

    2600
Citadel Plaza Dr. #300

    Houston,
TX  77008-1315

     

    The
Plan Sponsor’s and Plan Administrator’s telephone number is (713)
866-6000.  The Plan Administrator is the named fiduciary charged with
the responsibility for administering the Plan.

     

    
      	
              14.  

            	
              Statement
      of ERISA Rights

            

    

     

    Eligible
Employees in this Plan (which is a welfare benefit plan sponsored by Weingarten
Realty Investors) are entitled to certain rights and protections under
ERISA.  If you are an Eligible Employee, you are considered a
participant in the Plan and, under ERISA, you are entitled to:

     

    Receive
Information about Your Plan and Benefits

     

    
      	
              (a)  

            	
              Examine,
      without charge, at the Plan Administrator’s office and at other specified
      locations, such as worksites, all documents governing the Plan and a copy
      of the latest annual report (Form 5500 Series) filed by the Plan with the
      U.S. Department of Labor and available at the Public Disclosure Room of
      the Employee Benefits Security
Administration;

            

    

     

     

    
      
         

      

      
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              (b)  

            	
              Obtain,
      upon written request to the Plan Administrator, copies of documents
      governing the operation of the Plan and copies of the latest annual report
      (Form 5500 Series) and updated Summary Plan Description.  The
      Administrator may make a reasonable charge for the copies;
    and

            

    

     

    
      	
              (c)  

            	
              Receive
      a summary of the Plan’s annual financial report.  The Plan
      Administrator is required by law to furnish each participant with a copy
      of this summary annual report.

            

    

     

    Prudent
Actions by Plan Fiduciaries

     

    In
addition to creating rights for Plan participants, ERISA imposes duties upon the
people who are responsible for the operation of the employee benefit
plan.  The people who operate the Plan, called "fiduciaries" of the
Plan, have a duty to do so prudently and in the interest of you and other Plan
participants and beneficiaries.  No one, including your employer, your
union or any other person, may fire you or otherwise discriminate against you in
any way to prevent you from obtaining a Plan benefit or exercising your rights
under ERISA.

     

    Enforce
Your Rights

     

    If
your claim for a Plan benefit is denied or ignored, in whole or in part, you
have a right to know why this was done, to obtain copies of documents relating
to the decision without charge, and to appeal any denial, all within certain
time schedules.

     

    Under
ERISA, there are steps you can take to enforce the above rights.  For
instance, if you request a copy of Plan documents or the latest annual report
from the Plan and do not receive them within 30 days, you may file suit in a
Federal court.  In such a case, the court may require the Plan
Administrator to provide the materials and pay you up to $110 a day until you
receive the materials, unless the materials were not sent because of reasons
beyond the control of the Administrator.

     

    If
you have a claim for benefits, which is denied or ignored, in whole or in part,
you may file suit in a state or Federal court.  In addition, if you
disagree with the Plan’s decision or lack thereof concerning the qualified
status of a domestic relations order or a medical child support order, you may
file suit in Federal court.

     

    If
it should happen that Plan fiduciaries misuse the Plan’s money, or if you are
discriminated against for asserting your rights, you may seek assistance from
the U.S. Department of Labor, or you may file suit in a Federal
court.  The court will decide who should pay court costs and legal
fees.  If you are successful, the court may order the person you have
sued to pay these costs and fees.  If you lose, the court may order
you to pay these costs and fees, for example, if it finds your claim is
frivolous.

     

    
      
         

      

      
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    Assistance
with Your Questions

     

    If
you have any questions about the Plan, you should contact the Plan
Administrator.  If you have any questions about this statement or
about your rights under ERISA, or if you need assistance in obtaining documents
from the Plan Administrator, you should contact the nearest office of the
Employee Benefits Security Administration, U.S. Department of Labor, listed in
your telephone directory or the Division of Technical Assistance and Inquiries,
Employee Benefits Security Administration, U.S. Department of Labor, 200
Constitution Avenue N.W., Washington, D.C. 20210.  You may also obtain
certain publications about your rights and responsibilities under ERISA by
calling the publications hotline of the Employee Benefits Security
Administration.

     

    
      	
              15.  

            	
              Execution

            

    

     

    To
record the adoption of the Plan as set forth herein, effective as of November 6,
2007, Weingarten Realty Investors has caused its duly authorized officer to
execute the same this ____ day of November 2007.

     

    
      	
              WEINGARTEN
      REALTY INVESTORS

            
	
              By:
      /s/ Michael Townsell

            
	
              Michael
      Townsell

            
	
              Vice
      President, Human Resources

            

    

     

     

     

     

     

    11ex10-21.htm

    
      

    

    Exhibit
10.21

    

    FREEPORT-McMoRan
COPPER & GOLD INC.

    PERFORMANCE
INCENTIVE AWARDS PROGRAM

    

    

    1.     Purpose.  The
purpose of the Performance Incentive Awards Program (the “Plan”) of
Freeport-McMoRan Copper & Gold Inc. (the “Company”) is to provide greater
incentives for certain key management, professional and technical employees
whose performance in fulfilling the responsibilities of their positions can
significantly affect the performance of the Company or its operating units. The
Plan provides an opportunity to earn, as additional compensation, incentive
payments in the form of cash and, upon certain conditions set forth hereinbelow,
shares or rights to receive shares of stock of the Company based on the
employee’s individual performance and on the results achieved by the Company and
by the operating or staff unit for which the employee performs
services.

     

    2.     Administration.  Except
to the extent powers are reserved herein to the Corporate Personnel Committee of
the Company’s Board of Directors (the “Committee”), the Plan shall be
administered by the Chairman of the Board or President of the Company who shall
have full authority to interpret the Plan and from time to time adopt rules and
regulations for carrying out the Plan.  The Committee may provide
directions to the Chairman of the Board or President, either as guidelines or in
particular cases.

     

    3.     Eligibility for
Participation.  Each year the Chairman of the Board or
President shall select the key managerial, professional or technical employees
of the Company or of any of its subsidiaries who shall be eligible for
participation in the Plan during that year.  The Chairman of the Board
or President may in his discretion make such selection, in whole or in part, on
the basis of minimum salary levels, or position-point levels.

     

    The
selection of an employee for eligibility in a particular year shall not
constitute entitlement either to an incentive payment under the Plan for that
year or to selection for eligibility in any subsequent
year.  Selection of employees for eligibility in a particular year
will ordinarily be made in January of that year, but selection of any employee
or employees may be made at any subsequent time or times in such
year.

     

    No
officer or employee shall receive any incentive payment under the Plan for any
year during which such officer or employee was a participant in the
Freeport-McMoRan Copper & Gold Inc. 2005 Annual Incentive Plan, or any
successor plan.

     

    4.     Determination of Target
Incentives.  At the time each employee is selected for
eligibility in the Plan for a particular year, the Chairman of the Board or
President shall determine a target incentive or a target incentive range for the
employee with respect to that year.  Such incentive or range shall be
indicative of the value of the incentive payment which the employee might expect
to receive on the basis of strong performance by such employee, by the Company
and by such employee’s operating or staff unit, having regard to such
performance standards and objectives as may be established with respect to that
year.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    5.     Incentive
Payments.  (a)    After the end of each
year the Chairman of the Board or President shall evaluate, or cause to be
evaluated, the performance of each employee selected for eligibility under the
Plan for that year, as well as the performance of the Company and the employee’s
operating or staff unit.  Based on such evaluation, the Chairman of
the Board or President shall determine whether an incentive payment shall be
made to such employee for that year and, if so, the amount of such
payment.

     

    (b)           Any
such incentive payment shall be made in a combination of cash and equity,
including shares of stock (including restricted stock) of the Company or rights
to receive shares of stock (including restricted stock units) of the Company, as
the Chairman of the Board or President deems appropriate; provided, however, the
Chairman of the Board or President may determine that a portion of the cash
portion of such incentive payment shall be payable, at the election of the
recipient of such award, in an alternative form selected by the Chairman of the
Board or President.  Such alternative form may consist of either
shares of stock (including restricted stock) of the Company or rights to receive
shares of stock (including restricted stock units) of the Company, and the
Chairman of the Board or President shall determine the number of such shares or
rights that are equivalent in value to the portion of such incentive payment
subject to such payment election.  The portion of such incentive
payment subject to such payment election shall be, at the option of the Chairman
of the Board or President, either a fixed percentage selected by the Chairman of
the Board or President or a percentage selected by the recipient from a range of
percentages determined by the Chairman of the Board or President.  To
the extent that a portion of the incentive payment is to be made in shares of
restricted stock or restricted stock units at the recipient’s election, the
Chairman of the Board or President may determine that the number of such shares
of restricted stock or restricted stock units subject to such election shall
include, as an incentive premium, additional shares of restricted stock or
restricted stock units, respectively.  All shares of stock or rights
to receive shares of stock of the Company authorized under this Section 5 shall
be issued under and pursuant to the terms of a stock incentive plan adopted by
the Company (the “SIP”), shall contain such terms, conditions, and limitations
as determined by the Committee pursuant to the SIP, and shall be subject to all
other applicable terms, conditions, and limitations of the SIP.

     

    (c)           The
aggregate amount of all such incentive payments, the portions thereof that may
be payable in shares of stock or rights to receive shares of stock, and the
aggregate size of any such related incentive premiums shall be submitted to the
Committee for its approval.  Subject to such approval, each such
payment (less applicable withholding and other taxes) shall be made in the forms
determined in accordance with Section 5(b) hereof at such time established by
the Chairman of the Board or President or the Committee after such approval,
which shall in no event be later than February 28 of the year following the year
for which the incentive payments are made.  An individual who has been
awarded an incentive payment for a particular year need not be employed by the
Company or any of its subsidiaries at the time of payment thereof to be eligible
to receive such payment.

     

    (d)           Notwithstanding
any of the foregoing to the contrary, if an individual selected for eligibility
under the Plan for a particular year should cease to be employed by the Company
and its subsidiaries for any reason prior to the end of such year, the Chairman
of the Board or President shall evaluate, or cause to be evaluated, the
performance of such employee and the employee’s operating or staff unit for the
portion of such year prior to such cessation of   

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    employment. 
Based on such evaluation, the Chairman of the Board or President shall determine
whether an incentive payment under the Plan shall be made to such employee for
that year and, if so, the amount of such payment.  The aggregate
amount of all such incentive payments shall be submitted to the Committee for
its approval.  Subject to such approval, each such payment (less
applicable withholding and other taxes) shall be made at such time established
by the Chairman of the Board or President or the Committee after such approval,
which may be made at any time during the year for which such incentive payments
are made but shall in no event be later than February 28 of the year following
such year.

     

    6. Optional Deferral of Cash
Payments.

     

    (a)     If, prior
to the date established pursuant to Section 6(b) hereof by the Chairman of the
Board or President or the Committee for any year for which incentive payments
are made, an employee selected for participation in the Plan shall so elect, in
accordance with procedures established by the Chairman of the Board or
President, all or any part of a cash incentive payment to such employee with
respect to such year shall be deferred and paid in one or more periodic
installments, not in excess of ten, at such time or times before or after the
date of such employee’s Termination of Employment (as hereinafter defined), but
not later than ten years after such date of Termination of Employment, as shall
be specified in such election.

     

    (b)     If
permitted in accordance with Section 6(a) above, an employee’s election to defer
all or any part of a cash incentive payment shall be made in writing prior to
January 1 of the year for which the incentive is made (or, as to an employee
whose hire date is a day other than January 1 and who is not then a participant
in any other account balance plan of or agreement with the Company governed by
Code §409A that permits elective deferrals by the employee, as defined in
Treasury Regulations §1.409A-1(c)(2)(i)(A), within 30 days after the employee’s
hire date (but only with respect to compensation paid for services to be
performed subsequent to the election)).  Such election shall be
irrevocable until the succeeding January 1. As permitted by Treasury Regulations
§1.409A-3(j)(4)(viii), an employee may cancel his deferral election due to an
unforeseeable emergency or a hardship distribution pursuant to Treasury
Regulations §1.401(k)-1(d)(3).

     

    (c)     If and
only if any cash incentive payment or portion thereof is so deferred for payment
after December 31 of the year following the year for which the incentive payment
is made, such cash incentive payment or portion thereof, as the case may be,
shall, commencing with January 1 of the year following the year for which the
incentive payment is made, be increased at a rate equal to the prime commercial
lending rate announced from time to time by JPMorgan Chase Bank, N.A.
(compounded quarterly) or at such other rate and in such manner as shall be
determined from time to time by the Committee.

     

    (d)     If such
employee’s Termination of Employment occurs for any reason other than early or
normal retirement under the retirement plan of the Company or a subsidiary, or
retirement with the consent of the Company outside the plan and if, on the date
of such Termination of Employment, there remain unpaid any installments of cash
incentive payments which have been deferred as provided in this Section 6, the
Committee or the Chairman of the Board or President may, in its or his
discretion, direct the payment to such employee of the aggregate amount of such
unpaid installments in a lump sum, notwithstanding such
election.  

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    Subject
to the terms of the Plan and applicable law, the Committee may delegate to one
or more officers or assistant officers of the Company its authority set forth in
the immediately preceding sentence, subject to such terms and limitations as the
Committee shall determine.  Solely for purposes of this Section 6, the
term “Termination of Employment” shall mean the cessation of the rendering of
services, whether or not as an employee, to any and all of the following
entities: the Company; any subsidiary of the Company; McMoRan Exploration Co.;
any subsidiary of McMoRan Exploration Co.; any corporation or other entity in
which any two or more of the aforementioned entities collectively possess,
directly or indirectly, equity interests representing at least 50% of the total
ordinary voting power or at least 50% of the total value of all classes of
equity interests of such corporation or other entity; and any law firm rendering
services to any of the foregoing entities provided such law firm consists of at
least two or more members or associates who are or were officers of the Company,
any subsidiary of the Company, McMoRan Exploration Co., or any subsidiary of
McMoRan Exploration Co.

     

    7.     General
Provisions.  The selection of an employee for participation in
the Plan shall not give such employee any right to be retained in the employ of
the Company or any of its subsidiaries, and the right of the Company and of such
subsidiary to dismiss or discharge any such employee is specifically reserved.
The benefits provided for employees under the Plan shall be in addition to, and
in no way preclude, other forms of compensation to or in respect of such
employee.

     

    8.     Amendment or
Termination.  The Committee may from time to time amend or at
any time terminate the Plan.

     

    
      
         

      

      
        4

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