Document:

ex10_57.htm

 

EXHIBIT 10.57

Amendment No. 4 to the

Weingarten Realty Investors

Deferred Compensation Plan

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

 

WHEREAS, the Employer desires to amend the Plan as provided herein;

NOW THEREFORE, the Employer amends the Plan as follows, effective as of January 1, 2010.

1.             Section 6.1(b) of the Plan is hereby amended, as underlined, to be and read as follows:

	
  

	
(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.

2.             Section 6.1(c) of the Plan is hereby amended, as underlined, to be and read as follows:

	
  

	
(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.

IN WITNESS WHEREOF, WEINGARTEN REALTY INVESTORS has caused this instrument to be executed by its duly authorized officer this 26 day of February, 2010, effective as of January 1, 2010.

 

	 	
WEINGARTEN REALTY INVESTORS

	 
	 	 	 	 
	
 

	
By: 

	/s/ Stephen C. Richter	 
	 	 	Stephen C. Richter	 
	 	 Its: (Title)	Executive Vice President & CFOex10_58.htm

EXHIBIT 10.58

 

Amendment No. 4 to the

Weingarten Realty Investors

Supplemental Executive Retirement Plan

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

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

WHEREAS, the Employer desires to amend the Plan as provided herein;

NOW, THEREFORE, the Employer amends the Plan as follows, effective as of January 1, 2010:

1.             Section 1.25 of the Plan is hereby amended, as underlined, to be and read as follows:

1.25         Vesting Year of Service. Vesting Year of Service shall be each 12-month period of employment with the Employer commencing with the Participant's date of hire or re-hire. For a Participant who terminates employment and subsequently is both re-employed and re-commences participation in the Plan, Vesting Years of Service accrued during any prior period of employment shall be taken into account in determining his or her total Vesting Years of Service.

2.             Section 3.1(a) is hereby amended, as underlined, to be and read as follows:

	
  

	
(a)

	
In General. The Employer Credit to the Account of each Participant shall be such amount each Plan Year which is designed to provide the Participant a supplemental retirement benefit at Retirement Age equal to the benefit determined under paragraph (b) or (c) of this Section 3.1, as applicable (the “Supplemental Benefit”), which shall be calculated as an actuarially determined level amount that amortizes the unfunded present value of the Supplemental Benefit described below over the period remaining until the Participant attains Retirement Age. If a Participant terminates employment and is subsequently re-employed, the date on which he or she is designated as an Eligible Employee following re-employment shall be the date on which participation commences for purposes of this Section 3.1; prior participation and the prior participation commencement date shall be disregarded.

3.             Section 2.1 of the Plan is hereby amended, as underlined, to be and read as follows:

  

1

  

2.1           Commencement of Participation. 

	
  

	
(a)

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

	
  

	
(b)

	
If a Participant terminates employment and is subsequently re-employed, the date on which he or she is designated as an Eligible Employee following re-employment shall be the date on which participation commences; prior participation and the prior participation commencement date shall be disregarded except to the extent of benefit accrual attributable to such period of prior participation.  If a Participant who had terminated employment is re-employed and again becomes a Participant, a new Account shall be established for such Participant and, prior to commencing participation following re-employment, he or she shall be required to complete a new Participation Agreement designating the form and timing of the distribution of his or her Account. Such new Account shall be established regardless of whether an existing Account is maintained on behalf of the Participant attributable to the prior period of participation.

4.             Section 4.1 of the Plan is hereby amended, as underlined, to be and read as follows:

4.1           Vesting of Account. A Participant's Account shall be 0% vested until a Participant has completed ten (10) Vesting Years of Service, at which time his or her Account shall be 100% vested. If a Participant terminates employment and subsequently becomes re-employed and again becomes a Participant in the Plan, the vesting requirement in the immediately preceding sentence shall apply to his or her Account attributable to the period of participation following re-employment, regardless of whether the Participant is fully vested in the Account attributable to the initial period of participation.

5.             Section 5.2(b) of the Plan is hereby amended to be and read as follows:

5.2           Adjustment and Crediting of Accounts.

	
  

	
(a)

	
The Administrator shall adjust the amounts credited to each Participant's Account to reflect Employer Credits, distributions, interest, and any other appropriate adjustments. Such adjustments shall be made as administratively determined in the discretion of the Administrator.

	
  

	
(b)

	
Interest Credit.

  

2

  

	
  

	
(i)

	
In General. While a Participant is employed, the interest credited to the Participant's Account shall be a fixed rate of return assumption equal to seven and one-half percent (7.5%).

	
  

	
(ii)

	
Interest Credit Following Separation from Service.

	
  

	
(I)

	
Separation from Service Due to Retirement, Early Retirement, Death, or Disability. If a Participant separates from service due to Retirement, Early Retirement, death, or Disability, the interest credited to the Participant’s Account following separation from service shall continue at a seven and one-half percent (7.5%) rate until the Account is fully distributed.

	
  

	
(II)

	
Other Separation from Service. If a vested Participant separates from service for a reason other than Retirement, Early Retirement, death, or Disability, the interest credited to such Participant’s Account following separation from service, commencing with the year in which the separation occurs, shall be the 90-day LIBOR interest rate plus one-half of one percent (.5%). For this purpose, the 90-day LIBOR interest rate shall be such rate as of December 31 each year. Such rate shall continue to apply to the Account until the Account is fully distributed.

	
  

	
(iii)

	
Re-employment. If a vested, terminated Participant becomes re-employed and commences participation following re-employment, the interest credited to the Account established for the Participant attributable to the period of participation following re-employment shall be as provided in paragraph 5.2(b)(i).

	
  

	
(iv)

	
Any rate of return assumption described in this Section 5.2(b) may be changed on a prospective basis by the Administrator in its discretion.

 IN WITNESS WHEREOF, Weingarten Realty Investors has caused this instrument to be executed by its duly authorized officer this 6th day of May, 2010, effective as of January 1, 2010.

 

	 	
Weingarten Realty Investors

	 
	 	 	 	 
	
 

	
By: 

	/s/ Stephen C. Richter	 
	 	 	Stephen C. Richter	 
	 	Its: (Title)	
Executive VP/CFO

	 
	 	 	 	 

 

3ex10_59.htm

EXHIBIT 10.59

March 11, 2010

FIRST AMENDMENT TO PROMISSORY NOTE

This First Amendment to Promissory Note (this “Amendment”) is to be effective as of the close of business March 11, 2010, or as otherwise stated herein.

WHEREAS, the undersigned are parties to that certain Promissory Note (as the same may be hereafter renewed, amended, modified, or extended, the “Note”) dated as of March 12, 2009 in the original amount of $12,910,386.14, made by WEINGARTEN REALTY INVESTORS (“Weingarten”), a Texas real estate investment trust, and payable to the order of RELIANCE TRUST COMPANY, as Trustee of the Master Nonqualified Plan Trust (“Trust”) under the Weingarten Realty Investors Supplemental Executive Retirement Plan (“SERP”) and Weingarten Realty Investors Retirement Benefit Restoration Plan (“Reliance”); and

WHEREAS, the originally-scheduled maturity date of the Note is March 12, 2010; and

WHEREAS, the parties desire to extend the maturity date under the Note to a date one year from the date of its originally-scheduled maturity; and

WHEREAS, the parties have determined that the loan was funded from Trust assets attributable solely to the SERP and desire to clarify that payments made under the Note shall be credited to the portion of the Trust attributable to the SERP; and

WHEREAS, Sections 2(e) and 4(b) of the Trust provide that Weingarten may make payment of plan benefits directly to plan participants and may seek reimbursement from Trust assets if it does so; and

WHEREAS, Weingarten wishes to have the ability to direct that payment of SERP benefits made directly to a SERP participant by Weingarten out of its general assets will be credited as a payment under the Note and reduce the principal amount due under the Note, in the amount of the payment made, as of the date of any such payment, including any such payments made between March 12, 2009 and the date of this Amendment, and Reliance is willing to accept such directions from Weingarten as long as suitable proof of the payment is provided; and

WHEREAS, the parties desire to change the rate of interest applicable to amounts due under the Note; and

WHEREAS, the parties desire to amend the Note to reflect these changes;

NOW, THEREFORE, it is agreed:

 

  

1

  

 

 

	
1. 

	
The first paragraph of the Note shall be revised to be and read as follows:

	
  

	
“FOR VALUE RECEIVED, WEINGARTEN REALTY INVESTORS, a real estate investment trust organized under the laws of the State of Texas and having its principal office and place of business in Houston, Texas (the "Maker") HEREBY PROMISES TO PAY to the order of RELIANCE TRUST COMPANY, Trustee of the TRUST UNDER THE WEINGARTEN REALTY INVESTORS DEFERRED COMPENSATION PLAN,  SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN AND RETIREMENT BENEFIT RESTORATION PLAN (the "Holder"), the principal sum of TWELVE MILLION TWO HUNDRED TWENTY-NINE THOUSAND FIVE HUNDRED NINETY-TWO AND 35/100 DOLLARS ($12,229,592.35), together with all accrued but unpaid interest, bearing interest on the outstanding principal balance hereof at the rate of seven and five-tenths percent (7.5%) per annum and, effective March 12, 2010, four percent (4.0%) per annum, as set forth below.”

	
2.

	
The second paragraph of the Note shall be revised to be and read as follows:

	
  

	
“The entire unpaid balance of the Note, including accrued interest, shall be due and payable March 12, 2011.”

	
3.

	
The third sentence of the third paragraph of the Note shall be revised to be and read as follows:

	
  

	
“Any past due principal, and to the extent permitted by applicable law, interest, shall bear interest at the rate of four percent (4.0%) per annum and shall be payable on demand.”

	
4.

	
The fifth paragraph of the Note shall be revised to be and read as follows, effective March 12, 2009:

	
  

	
“This Note may be prepaid in whole or in part at any time without premium or penalty. Payments under the Note shall be credited to the portion of the Trust attributable to the SERP. Any payment of SERP benefits issued by Weingarten to a SERP plan participant directly out of Weingarten’s general assets shall be credited as a payment under the Note and shall reduce the principal amount due hereunder by the amount of such a payment, as of the date such a payment is made, provided that Weingarten shall file reasonable proof of such a payment with Reliance, which shall be filed as soon as administratively feasible after a payment is made and may consist of a cancelled check or electronic funds transfer confirmation and Weingarten’s representation of the date and amount of the payment.”

	
5.

	
As of close of business March 11, 2010, the outstanding principal balance due under this Note is $12,229,592.35 and the accrued but unpaid interest due under this Note is $960,025.51.

	
6.

	
In all other respects, the Note is hereby ratified and confirmed.

 

 

  

2

  

 

	 	

RELIANCE TRUST COMPANY

	 
	 	 	 	 
	
 

	
By: 

	/s/ Richard W. Love	 
	 	 	Richard W. Love	 
	 	 	 	 
	 	Its: (Title)	Senior Vice President	 
	 	 	 	 
	 	Date:   	April 27, 2010 	 

 

 

	 	

WEINGARTEN REALTY INVESTORS

	 
	 	 	 	 
	
 

	
By: 

	/s/ Stephen C. Richter	 
	 	 	Stephen C. Richter	 
	 	 	 	 
	 	Its: (Title)	Executive Vice President & CFO	 
	 	 	 	 
	 	Date:   	

March 12, 2010

	 

 

 

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