EXHIBIT 10.7

FORM OF
AMENDED AND RESTATED
MASTER EXCHANGE AGREEMENT
(TRUST MANAGERS)

             This Amended and Restated Master Exchange Agreement dated November
30, 2003 (this "Agreement"), is made by _____________________________________
(the "Recipient") and Camden Property Trust (the "Company").

            WHEREAS, pursuant to that certain Master Exchange Agreement dated
_____________ by and between the Recipient and the Company and that certain
Master Exchange Agreement dated ____________ by and between the Recipient and
the Company (collectively, the “Master Exchange Agreements”), the Recipient
exchanged his right to receive unvested Restricted Shares (the “Restricted
Shares”) for those certain Rights to Repurchase described in Exhibit A hereto
(the “Original Rights to Repurchase”); and

            WHEREAS, the Recipient and the Company desire to (i) exchange the
Original Rights to Repurchase for (A) the Rights to Repurchase described in
Exhibit B hereto subject to the provisions hereof (the “Modified Rights to
Repurchase”) and (B) those certain options to acquire marketable securities from
the Camden Property Trust Key Employee Share Option Plan (“KEYSOP”), further
described in Exhibit C hereto subject to the provisions of the KEYSOP and one or
more Option Agreements entered into by and between the Company and the Recipient
(the “Options”); and (ii) amend and restate the Master Exchange Agreements as
set forth herein.

            NOW, THEREFORE, for good and valuable consideration the receipt and
sufficiency of which is hereby acknowledged, the parties agree as follows:

1. The Original Rights to Repurchase are hereby cancelled and the Recipient
shall have no further rights (to purchase Company shares or otherwise) with
respect thereto. The Master Exchange Agreements are superceded in their entirety
by this Agreement.

2. The Recipient (i) is hereby granted the Modified Rights to Repurchase which,
except as provided to the contrary herein, shall be treated for all purposes as
if such Modified Rights to Repurchase were originally issued to the Recipient
pursuant to the Master Exchange Agreements, as amended hereby; and (ii) hereby
acknowledges receipt of the Options. Notwithstanding any provision hereof to the
contrary, for purposes of determining the period during which the Modified
Rights to Repurchase may be exercised by the Recipient, the applicable vesting
date with respect to the Modified Rights to Repurchase shall be the later of
November 30, 2003 or the vesting date set forth in the Exchange Supplement B
attached hereto as Exhibit D.

3. The Restricted Shares are (and shall continue to be) held in a rabbi trust
(the “Trust”) established by and for the benefit of the Company. The Trust shall
be administered by an independent trustee selected by the Company. Unless
otherwise agreed by Recipient and the Company, the Company agrees, whenever any
dividend is declared on common shares of beneficial interest of the Company,

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  $.01 par value per share (the “Common Shares”), to pay to the Recipient an
amount per Restricted Share held hereunder as of such date(s) by the Trust equal
to the amount per Common Share paid to the holders of record of Common Shares of
the Company (the “Dividend Equivalents”). The Company and Recipient may agree
that any Dividend Equivalents payable on account of dividends declared on the
Common Shares shall be paid to the Camden Property Trust Key Employee Share
Option Plan (“KEYSOP”) instead of the Recipient. In such event, the Dividend
Equivalents shall be paid into the KEYSOP on a quarterly basis and shall be
subject to a six month vesting period beginning on the date that the Dividend
Equivalents are deposited into the KEYSOP. The KEYSOP will invest the Dividend
Equivalents in marketable securities selected at the discretion of the Committee
appointed by the Board of trust managers of the Company pursuant to Article V of
the KEYSOP (the “Committee”) and the Recipient will receive an option to
purchase assets from the KEYSOP in accordance with the terms of the KEYSOP. Any
such agreement to pay Dividend Equivalents to the KEYSOP shall be applicable
with respect to Dividend Equivalents payable on account of dividends declared on
the Common Shares during the following calendar year, and shall be irrevocable
for those Dividend Equivalents. The Dividend Equivalents payable under this
Section 3 shall be distributed directly to the Recipient via payroll or to the
KEYSOP, as the case may be, on a quarterly basis. Upon the occurrence of any
event that results in Recipient no longer being a trust manager of the Company
(a “Termination Event”), no Dividend Equivalents shall be payable on any
Restricted Shares that are forfeited by the Recipient. If any dividend is
declared on the Common Shares after the occurrence of a Termination Event, any
related Dividend Equivalents (payable with respect to Restricted Shares that are
not forfeited by the Recipient) shall, in the sole discretion of the Committee,
be paid to the Recipient in cash or be paid by the Company to the KEYSOP (upon
terms and conditions determined to be appropriate by the Committee). Any
Dividend Equivalents paid to the KEYSOP shall accumulate in the KEYSOP and be
subject to the terms and provisions of the KEYSOP. In this regard, the Committee
shall invest such Dividend Equivalents in marketable securities and shall have
the right to substitute, from time to time, other marketable securities of equal
value for the securities originally purchased by the Committee.

4. Pursuant to the Modified Rights to Repurchase, the Recipient shall have the
right to purchase all or any part of any fully-vested Restricted Shares held in
the Trust. The Modified Rights to Repurchase may be exercised with regard to
vested shares in an amount at least equal to the lesser of 2,000 shares or the
number of shares for any portion of an Award separately identified in the
Exchange Supplement B attached hereto as Exhibit D.

5. The Modified Rights to Repurchase shall vest as shown on the Exchange
Supplement B attached hereto as Exhibit D which shall generally track the
original vesting schedule for the Restricted Shares prior to the applicable
exchange. Subject to Section 8 hereof, the Modified Rights to Repurchase shall
be exercisable for a period of 30 years from the vesting date (as established
pursuant to Section 2 hereof).

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6. The exercise price of the Modified Rights to Repurchase shall equal 25% of
the Fair Market Value of the Restricted Shares to be purchased by Recipient, as
determined on November 30, 2003.

7. At any time and from time to time, the Committee may determine that it is in
the best interests of the Company to exchange some or all of the Recipient’s
Modified Rights to Repurchase for Options (as defined in the KEYSOP) to acquire
Designated Property (as defined in the KEYSOP) of reasonably equivalent value as
of the date of the exchange as determined by the Committee in its reasonable
discretion. The Recipient hereby agrees to execute any and all options, option
agreements, exchange agreements and other documents, if any, that the Committee
determines to be necessary or appropriate in connection with any such exchange.

8. Subject to Section 14 hereof, if a Termination Event occurs before the
vesting of the Modified Rights to Repurchase, the Modified Rights to Repurchase
not theretofore vested shall terminate on the date of the Termination Event (the
“Termination Date”). Recipient’s vested Modified Rights to Repurchase shall be
exercisable for a period of time following the Termination Date equal to the
lesser of:

  a. the expiration of the Post Termination Period (as hereinbelow defined), and

  b. Thirty (30) years after the applicable vesting date.

  For purposes hereof, the “Post Termination Period” means, as to the Recipient,
the period commencing on the day immediately following the Termination Date and
ending on the later of (i) one year from the Termination Date or (ii) the number
of complete years of service by the Recipient as a trust manager of the Company
through the Termination Date (provided, that, if the Recipient has completed at
least ten (10) complete years of service as a trust manager, as calculated
hereunder, then such period shall end with respect to each Modified Right to
Repurchase thirty (30) years from the applicable vesting date). For purposes
hereof, any period of service by a Recipient as a trust manager that is less
than one year shall be disregarded in calculating the Post Termination Period.
In the event of any merger of any entity with and into the Company or any of its
subsidiaries, any former trust manager or director of such merged entity who
becomes a trust manager of the Company may, in the sole discretion of the
Committee, receive credit for all or a portion of such director’s or trust
manager’s complete years of service as a trust manager or director with such
merged entity for purposes of calculating the Post Termination Period hereunder.
In the event that Recipient was a trust manager of the Company and there was a
Termination Event with respect to such Recipient and later the Recipient became
a trust manager of the Company again, then, unless a waiver (in writing) is
granted to the Recipient by the Committee, for purposes of calculating the Post
Termination Period, only the complete years of service by the Recipient
immediately preceding the current Termination Event shall be considered (i.e.
the Post Termination Period will be calculated based on the period beginning
upon the date that such Recipient re-commenced service as a trust manager of the
Company and ending upon the date of the later Termination Event).

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  Notwithstanding any provision hereof to the contrary, (i) upon the date that
is six months after the date of the death of a Recipient (the “Six Month Date”),
and at any time thereafter, the Post Termination Period applicable to such
Recipient’s Modified Rights to Repurchase held by any person or entity other
than the surviving spouse of the Recipient or a trust in which such surviving
spouse is a then-living beneficiary (a “Specified Beneficiary”), including
without limitation any such Modified Rights to Repurchase that were originally
held by a Specified Beneficiary on the Six Month Date that are no longer so held
due to the death of the surviving spouse or any subsequent transfer of such
Modified Rights to Repurchase, shall be equal to the shorter of (A) the Post
Termination Period (as calculated above) and (B) one year from the Six Month
Date, or if the Modified Rights to Repurchase were held by a Specified
Beneficiary on the Six Month Date, one year from the first date thereafter that
such Modified Rights to Repurchase are no longer held by a Specified
Beneficiary; and (ii) in the event that the Committee determines that any act or
omission of the Recipient constitutes fraud or a violation of applicable law or
any act or omission of the Recipient in connection with the business or affairs
of the Company constitutes gross negligence or intentional misconduct
(including, without limitation, any violation of a Company policy in any
material respect), then the Committee in its sole discretion, may, upon delivery
of written notice to the Recipient, reduce the Post Termination Period to the
shorter of (A) the Post Termination Period and (B) sixty (60) days from the date
that the Committee determines that the Recipient has committed such act or
omission.

  Any unexercised Modified Rights to Repurchase that are not exercised within
the requisite time period prescribed in this Section 8 shall terminate and be of
no further force and effect.

9. All initial capitalized terms not otherwise defined herein shall have the
meanings set forth in the Plan.

10. This Agreement shall be construed in accordance with the laws of the State
of Texas.

11. To the extent any provision of this Agreement is held to be unenforceable,
illegal or invalid under any current or future law, such provision shall be
fully separable and this Agreement shall be construed and enforced as if such
illegal, invalid or unenforceable provision had never comprised a part thereof,
the remaining provisions of this Agreement shall remain in full force and effect
and shall not be affected by the illegal, invalid or unenforceable provision or
by its severance therefrom. In lieu of such illegal, invalid or unenforceable
provision, there shall be added automatically as a part of this Agreement, a
legal, valid and enforceable provision as similar in terms to such illegal,
invalid or unenforceable provision as may be possible, and the parties hereto
request the court or any arbitrator to whom disputes relating to this Agreement
are submitted to reform the otherwise illegal, invalid or unenforceable
provision in accordance with this Section 11.

12. The Modified Rights to Repurchase, to the extent permitted by law, may be
assigned or pledged as follows:

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  a. to the Recipient’s spouse or lineal descendants,

  b. to the trustee of a trust for the primary benefit of the Recipient’s spouse
and/or lineal descendants,

  c. to a partnership of which the Recipient’s spouse and/or lineal descendants
are the only partners,

  d. to a tax-exempt organization as described in Section 501(c)(3) of the Code.
Any such assignment will be permitted only if an assignment is expressly
approved in writing by the Committee, and the Recipient receives no
consideration for the assignment, or

  e. to a lender reasonably acceptable to the Committee, so long as the pledge
of such Modified Rights to Repurchase does not alter the terms, conditions and
restrictions of the Modified Rights to Repurchase as in effect immediately prior
to such pledge.

  Any such assignment or pledge will be evidenced by appropriate written
documents in the form prescribed by the Committee executed by the requisite
parties, and delivered to the Committee on or before the relevant effective
date. In the event of such assignment or pledge the spouse, lineal descendant,
trustee, partnership, tax exempt organization or lender will be entitled to all
of the rights of the Recipient with respect to the assigned portion of the
Modified Right to Repurchase, and such portion of the Modified Right to
Repurchase, will continue to be subject to all of the terms, conditions and
restrictions applicable to the original award of Restricted Shares, and as set
forth in the Plan. Without limiting the foregoing, the occurrence of any
Termination Event and the calculation of any Post Termination Period shall
continue to be made with reference to the assignor Recipient notwithstanding any
permitted assignment or transfer hereunder.

13. The Restricted Shares and Modified Rights to Repurchase covered by this
Agreement shall be subject to the adjustment provisions contained in the Plan
(currently Section 7 of the Plan).

14. To the extent any provisions of this Agreement conflict with (i) the
provisions of any employment agreement entered into between the Company or any
subsidiary thereof and the Recipient, the terms of the employment agreement
shall control or (ii) the terms of any written award document executed by the
Company with respect to the Recipient’s Modified Rights to Repurchase (an “Award
Agreement”), the terms of the Award Agreement shall control. For purposes
hereof, the Master Exchange Agreements shall not constitute Award Agreements. To
the extent that any such employment agreement or Award Agreement provides for
the automatic or accelerated vesting of securities or derivative securities held
by the Recipient upon the occurrence of a change of control, business
combination or other enumerated event, any unvested Restricted Shares and the
resultant Modified Rights to Repurchase shall be governed by such provisions and
shall vest on the terms and conditions set forth in such employment agreement or
Award Agreement.

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15. Notwithstanding any other provision in this Agreement, to the extent that
the acceleration of vesting of any Restricted Shares and resultant Modified
Rights to Repurchase of a Recipient (who is not then a party to an employment
agreement with Employer) following a change in control of the Company, when
aggregated with other payments or benefits to the Recipient, whether or not
payable pursuant to this Agreement, would, as determined by tax counsel selected
by the Company, result in “excess parachute payments” (as defined in Section
280G of the Internal Revenue Code of 1986, as determined from time to time (the
“Code)), such parachute payments or benefits provided to the Recipient under
this Agreement shall be reduced to the extent necessary so that no portion
thereof shall be subject to the excise tax imposed by Section 4999 of the Code,
but only if, by reason of such reduction, the Recipient’s net after tax benefit
(after taking into consideration all other payments made by the Company to the
Recipient) shall exceed the net after tax benefit if such reduction were not
made. “Net after tax benefit” shall mean the sum of (i) all payments and
benefits which the Recipient receives or is then entitled to receive that would
constitute a “parachute payment” within the meaning of Section 280G of the Code,
less (ii) the amount of federal income taxes payable with respect to the
payments and benefits described in (i) above calculated at the maximum marginal
income tax rate for the year in which such payments and benefits shall be paid
to the Participant (based upon the rate for such year as set forth in the Code
at the time of the first payment of the foregoing), less (iii) the amount of
excise taxes imposed with respect to the payment and benefits described in (i)
above by Section 4999 of the Code.

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16. In the event that a Termination Event shall occur to or with respect to a
Recipient, then the Committee may, in its sole discretion, charge the Costs of
Administration (as herein defined) with respect to the Recipient’s Modified
Rights to Repurchase and the Recipient’s rights under this Agreement to the
Recipient (and any transferee or assignee of any of the Recipient’s Modified
Rights to Repurchase) during any periods following the Recipient’s Termination
of Employment and prior to the exercise by the Recipient of all of his or her
Modified Rights to Repurchase. For purposes hereof the “Costs of Administration”
with respect to a Recipient’s Modified Rights to Repurchase and the Recipient’s
rights under this Agreement shall equal five thousand dollars ($5,000) per year;
provided, that, beginning with calendar year 2004 and with respect to each
calendar year thereafter, the Committee may increase the Costs of Administration
in an amount equal to the increase in the CPI (as herein defined) as of January
1 of the particular year as compared to the CPI as of January 1 of the
immediately preceding year. The Recipient and all transferees and assignees of
the Recipient’s Modified Rights to Repurchase shall be jointly and severally
liable for such Costs of Administration. The Committee may assess such Costs of
Administration on an annual, quarterly or other basis. The Recipient and his or
her transferees and assignees will pay such Costs of Administration no later
than thirty (30) days after receipt of written demand therefor from the
Committee. Without limiting any other remedies available to the Company, upon a
failure by a Recipient or his or her transferees or assignees to timely pay any
such Costs of Administration, (i) the Committee may cancel one or more of the
Modified Rights to Repurchase originally issued to the Recipient and deliver the
underlying Company shares to the Company to fund such Costs of Administration
and/or (ii) the Committee may withhold an amount equal to such Costs of
Administration from the Dividend Equivalents otherwise payable to the Recipient
or his transferees or assignees and apply such withheld Dividend Equivalents to
the payment of the Costs of Administration. For purposes hereof “CPI” means the
United States Department of Labor, Bureau of Labor Statistics Revised Consumer
Price Index for All Urban Consumers (1982-84 = 100) all items (CPI-U), or if
such index shall cease to be published such reasonably comparable commercially
recognized, governmental or non-partisan alternative publication the Committee
shall select.

17. The Committee, in its sole discretion may, but shall not be obligated to,
allow the Recipient to exchange one or more non-qualified share options or
incentive share options granted to the Recipient pursuant to the Company’s 1993
Share Incentive Plan or 2002 Share Incentive Plan or any subsequent share
incentive plan of the Company (or any restricted shares received by the
Recipient pursuant to the exercise of any such non-qualified share options or
incentive share options) for one or more Modified Rights to Repurchase upon
terms and conditions approved by the Committee in its sole discretion.

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         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed as of the date first above written.

  RECIPIENT

_______________________________

CAMDEN PROPERTY TRUST

By:         __________________________
Name:    __________________________
Title:       __________________________

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EXHIBIT A

ORIGINAL RIGHTS TO REPURCHASE

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EXHIBIT B

MODIFIED RIGHTS TO REPURCHASE

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EXHIBIT C

KEYSOP OPTIONS

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EXHIBIT D

EXCHANGE SUPPLEMENT B

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EXHIBIT 10.8

FORM OF
AMENDED AND RESTATED
MASTER EXCHANGE AGREEMENT
(KEY EMPLOYEES)

             This Amended and Restated Master Exchange Agreement dated November
30, 2003 (this “Agreement”), is made by _____________________________________
(the “Recipient”) and Camden Property Trust (the “Company”).

             WHEREAS, pursuant to that certain Master Exchange Agreement dated
_____________ by and between the Recipient and the Company and that certain
Master Exchange Agreement dated ____________ by and between the Recipient and
the Company (collectively, the “Master Exchange Agreements”), the Recipient
exchanged his right to receive unvested Restricted Shares (the “Restricted
Shares”) for those certain Rights to Repurchase described in Exhibit A hereto
(the “Original Rights to Repurchase”); and

             WHEREAS, the Recipient and the Company desire to (i) exchange the
Original Rights to Repurchase for (A) the Rights to Repurchase described in
Exhibit B hereto subject to the provisions hereof (the “Modified Rights to
Repurchase”) and (B) those certain options to acquire marketable securities from
the Camden Property Trust Key Employee Share Option Plan (“KEYSOP”), further
described in Exhibit C hereto subject to the provisions of the KEYSOP and one or
more Option Agreements entered into by and between the Company and the Recipient
(the “Options”); and (ii) amend and restate the Master Exchange Agreements as
set forth herein.

             NOW, THEREFORE, for good and valuable consideration the receipt and
sufficiency of which is hereby acknowledged, the parties agree as follows:

1. The Original Rights to Repurchase are hereby cancelled and the Recipient
shall have no further rights (to purchase Company shares or otherwise) with
respect thereto. The Master Exchange Agreements are superceded in their entirety
by this Agreement.

2. The Recipient (i) is hereby granted the Modified Rights to Repurchase which,
except as provided to the contrary herein, shall be treated for all purposes as
if such Modified Rights to Repurchase were originally issued to the Recipient
pursuant to the Master Exchange Agreements, as amended hereby; and (ii) hereby
acknowledges receipt of the Options. Notwithstanding any provision hereof to the
contrary, for purposes of determining the period during which the Modified
Rights to Repurchase may be exercised by the Recipient, the applicable vesting
date with respect to the Modified Rights to Repurchase shall be the later of
November 30, 2003 or the vesting date set forth in the Exchange Supplement B
attached hereto as Exhibit D.

3. The Restricted Shares are (and shall continue to be) held in a rabbi trust
(the “Trust”) established by and for the benefit of the Company. The Trust shall
be administered by an independent trustee selected by the Company. Unless
otherwise agreed by Recipient and the Company, the Company agrees, whenever any

 

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  dividend is declared on common shares of beneficial interest of the Company,
$.01 par value per share (the “Common Shares”), to pay to the Recipient an
amount per Restricted Share held hereunder as of such date(s) by the Trust equal
to the amount per Common Share paid to the holders of record of Common Shares of
the Company (the “Dividend Equivalents”). The Company and Recipient may agree
that any Dividend Equivalents payable on account of dividends declared on the
Common Shares shall be paid to the Camden Property Trust Key Employee Share
Option Plan (“KEYSOP”) instead of the Recipient. In such event, the Dividend
Equivalents shall be paid into the KEYSOP on a quarterly basis and shall be
subject to a six month vesting period beginning on the date that the Dividend
Equivalents are deposited into the KEYSOP. The KEYSOP will invest the Dividend
Equivalents in marketable securities selected at the discretion of the Committee
appointed by the Board of trust managers of the Company pursuant to Article V of
the KEYSOP (the “Committee”) and the Recipient will receive an option to
purchase assets from the KEYSOP in accordance with the terms of the KEYSOP. Any
such agreement to pay Dividend Equivalents to the KEYSOP shall be applicable
with respect to Dividend Equivalents payable on account of dividends declared on
the Common Shares during the following calendar year, and shall be irrevocable
for those Dividend Equivalents. The Dividend Equivalents payable under this
Section 3 shall be distributed directly to the Recipient via payroll or to the
KEYSOP, as the case may be, on a quarterly basis. Upon termination of employment
of the Recipient, no Dividend Equivalents shall be payable on any Restricted
Shares that are forfeited by the Recipient. If any dividend is declared on the
Common Shares after the date on which Recipient ceases employment with the
Company or its Affiliates, any related Dividend Equivalents (payable with
respect to Restricted Shares that are not forfeited by the Recipient) shall, in
the sole discretion of the Committee, be paid to the Recipient in cash or be
paid by the Company to the KEYSOP (upon terms and conditions determined to be
appropriate by the Committee). Any Dividend Equivalents paid to the KEYSOP shall
accumulate in the KEYSOP and be subject to the terms and provisions of the
KEYSOP. In this regard, the Committee shall invest such Dividend Equivalents in
marketable securities and shall have the right to substitute, from time to time,
other marketable securities of equal value for the securities originally
purchased by the Committee.

4. Pursuant to the Modified Rights to Repurchase, the Recipient shall have the
right to purchase all or any part of any fully-vested Restricted Shares held in
the Trust. The Modified Rights to Repurchase may be exercised with regard to
vested shares in an amount at least equal to the lesser of 2,000 shares or the
number of shares for any portion of an Award separately identified in Exchange
Supplement B attached hereto as Exhibit D.

5. The Modified Rights to Repurchase shall vest as shown on the Exchange
Supplement B attached hereto as Exhibit D which shall generally track the
original vesting schedule for the Restricted Shares prior to the applicable
exchange. Subject to Section 8 hereof, the Modified Rights to Repurchase shall
be exercisable for a period of 30 years from the vesting date (as established
pursuant to Section 2 hereof).

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6. The exercise price of the Modified Rights to Repurchase shall equal 25% of
the Fair Market Value of the Restricted Shares to be purchased by Recipient, as
determined on November 30, 2003.

7. At any time and from time to time, the Committee may determine that it is in
the best interests of the Company to exchange some or all of the Recipient’s
Modified Rights to Repurchase for Options (as defined in the KEYSOP) to acquire
Designated Property (as defined in the KEYSOP) of reasonably equivalent value as
of the date of the exchange as determined by the Committee in its reasonable
discretion. The Recipient hereby agrees to execute any and all options, option
agreements, exchange agreements and other documents, if any, that the Committee
determines to be necessary or appropriate in connection with any such exchange.

8. Subject to Section 14 hereof, if Recipient’s employment with the Company or
its Affiliates is terminated for any reason (a “Termination of Employment”)
before the vesting of the Modified Rights to Repurchase, the Modified Rights to
Repurchase not theretofore vested shall terminate on the date of the Recipient’s
Termination of Employment (the “Termination Date”). Recipient’s vested Modified
Rights to Repurchase shall be exercisable for a period of time following the
Termination Date equal to the lesser of:

  a. the expiration of the Post Termination Period (as hereinbelow defined), and

  b. Thirty (30) years after the applicable vesting date.

  For purposes hereof, the “Post Termination Period” means, as to the Recipient,
the period commencing on the day immediately following the Termination Date and
ending on the later of (i) one year from the Termination Date or (ii) the number
of complete years of employment by the Recipient with the Company or its
Affiliates through the Termination Date (provided, that, if the Recipient has
completed at least ten (10) complete years of employment, as calculated
hereunder, then such period shall end with respect to each Modified Right to
Repurchase thirty (30) years from the applicable vesting date). For purposes
hereof, any period of employment of the Recipient that is less than one year
shall be disregarded in calculating the Post Termination Period. In the event of
any merger of any entity with and into the Company or any of its subsidiaries,
any former employee of such merged entity who becomes an employee of the Company
or its subsidiaries may, in the sole discretion of the Committee, receive credit
for all or a portion of such employee’s complete years of employment with such
merged entity for purposes of calculating the Post Termination Period hereunder.
In the event that the Recipient was employed by the Company and there was a
Termination of Employment with respect to such Recipient and later the Recipient
became an employee of the Company again, then, unless a waiver (in writing) is
granted to the Recipient by the Committee, for purposes of calculating the Post
Termination Period, only the complete years of employment of the Recipient
immediately preceding the current Termination of Employment of the Recipient
shall be considered (i.e. the Post Termination Period will be calculated based
on the

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  period beginning upon the date that such Recipient re-commenced employment
with the Company and ending upon the date of his or her Termination of
Employment). Notwithstanding any provision hereof to the contrary, (i) upon the
date that is six months after the date of the death of the Recipient (the “Six
Month Date”), and at any time thereafter, the Post Termination Period applicable
to such Recipient’s Modified Rights to Repurchase held by any person or entity
other than the surviving spouse of the Recipient or a trust in which such
surviving spouse is a then-living beneficiary (a “Specified Beneficiary”),
including without limitation any such Modified Rights to Repurchase that were
originally held by a Specified Beneficiary on the Six Month Date that are no
longer so held due to the death of the surviving spouse or any subsequent
transfer of such Modified Rights to Repurchase, shall be equal to the shorter of
(A) the Post Termination Period (as calculated above) and (B) one year from the
Six Month Date, or if the Modified Rights to Repurchase were held by a Specified
Beneficiary on the Six Month Date, one year from the first date thereafter that
such Modified Rights to Repurchase are no longer held by a Specified
Beneficiary; and (ii) in the event that the Committee determines that any act or
omission of the Recipient constitutes fraud or a violation of applicable law or
any act or omission of the Recipient in connection with the business or affairs
of the Company constitutes gross negligence or intentional misconduct
(including, without limitation, any violation of a Company policy in any
material respect), then the Committee in its sole discretion, may, upon delivery
of written notice to the Recipient, reduce the Post Termination Period to the
shorter of (A) the Post Termination Period and (B) sixty (60) days from the date
that the Committee determines that the Recipient has committed such act or
omission.

  Any unexercised Modified Rights to Repurchase that are not exercised within
the requisite time period prescribed in this Section 8 shall terminate and be of
no further force and effect.

9. All initial capitalized terms not otherwise defined herein shall have the
meanings set forth in the Plan.

10. This Agreement shall be construed in accordance with the laws of the State
of Texas.

11. To the extent any provision of this Agreement is held to be unenforceable,
illegal or invalid under any current or future law, such provision shall be
fully separable and this Agreement shall be construed and enforced as if such
illegal, invalid or unenforceable provision had never comprised a part thereof,
the remaining provisions of this Agreement shall remain in full force and effect
and shall not be affected by the illegal, invalid or unenforceable provision or
by its severance therefrom. In lieu of such illegal, invalid or unenforceable
provision, there shall be added automatically as a part of this Agreement, a
legal, valid and enforceable provision as similar in terms to such illegal,
invalid or unenforceable provision as may be possible, and the parties hereto
request the court or any arbitrator to whom disputes relating to this Agreement
are submitted to reform the otherwise illegal, invalid or unenforceable
provision in accordance with this Section 11.

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12. The Modified Rights to Repurchase, to the extent permitted by law, may be
assigned or pledged as follows:

  a. to the Recipient’s spouse or lineal descendants,

  b. to the trustee of a trust for the primary benefit of the Recipient’s spouse
and/or lineal descendants,

  c. to a partnership of which the Recipient’s spouse and/or lineal descendants
are the only partners,

  d. to a tax-exempt organization as described in Section 501(c)(3) of the Code.
Any such assignment will be permitted only if an assignment is expressly
approved in writing by the Committee, and the Recipient receives no
consideration for the assignment, or

  e. to a lender reasonably acceptable to the Committee, so long as the pledge
of such Modified Rights to Repurchase does not alter the terms, conditions and
restrictions of the Modified Rights to Repurchase as in effect immediately prior
to such pledge.

  Any such assignment or pledge will be evidenced by appropriate written
documents in the form prescribed by the Committee executed by the requisite
parties, and delivered to the Committee on or before the relevant effective
date. In the event of such assignment or pledge the spouse, lineal descendant,
trustee, partnership, tax exempt organization or lender will be entitled to all
of the rights of the Recipient with respect to the assigned portion of the
Modified Right to Repurchase, and such portion of the Modified Right to
Repurchase, will continue to be subject to all of the terms, conditions and
restrictions applicable to the original award of Restricted Shares, and as set
forth in the Plan. Without limiting the foregoing, the occurrence of any
Termination of Employment and the calculation of any Post Termination Period
shall continue to be made with reference to the assignor Recipient
notwithstanding any permitted assignment or transfer hereunder.

13. The Restricted Shares and Modified Rights to Repurchase covered by this
Agreement shall be subject to the adjustment provisions contained in the Plan
(currently Section 7 of the Plan).

14. To the extent any provisions of this Agreement conflict with (i) the
provisions of any employment agreement entered into between the Company or any
subsidiary thereof and the Recipient, the terms of the employment agreement
shall control or (ii) the terms of any written award document executed by the
Company with respect to the Recipient’s Modified Rights to Repurchase (an “Award
Agreement”), the terms of the Award Agreement shall control. For purposes
hereof, the Master Exchange Agreements shall not constitute Award Agreements. To

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  the extent that any such employment agreement or Award Agreement provides for
the automatic or accelerated vesting of securities or derivative securities held
by the Recipient upon the occurrence of a change of control, business
combination or other enumerated event, any unvested Restricted Shares and the
resultant Modified Rights to Repurchase shall be governed by such provisions and
shall vest on the terms and conditions set forth in such employment agreement or
Award Agreement. Upon a “Change of Control” (as defined below) with respect to
the Company, notwithstanding any provision of Section 8 hereof to the contrary,
any unvested Modified Rights to Repurchase of a Recipient hereunder that would
otherwise vest (assuming no Termination of Employment with respect to such
Recipient) within the six month period following such Change of Control shall
automatically vest upon such Change of Control. For purposes hereof “Change of
Control” shall mean any one or more of the following:

  a. any “person” (as such term is used in Section 13(d) and 14(d) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”) (other than the
Company, any trustee or other fiduciary holding securities under an employee
benefit plan of the Company, or any company owned, directly or indirectly, by
the shareholders of the Company in substantially the same proportions as their
ownership of common shares of the Company) together with its “affiliates” and
“associates” (as such terms are defined in Rule 12b-2 of the Exchange Act) makes
a tender or exchange offer for or is or becomes the “beneficial owner” (as
defined in Rule 13d-3 under the Exchange Act), or has become the beneficial
owner during the most recent twelve-month period ending on the date of the most
recent acquisition by such person directly or indirectly, of securities of the
Company representing 40% or more of the combined voting power of the Company’s
then outstanding securities; or

  b. during any period of two consecutive years (not including any period prior
to the date hereof), individuals who at the beginning of such period constitute
the Board of trust managers of the Company, and any new trust managers (other
than trust managers designated by a person who has entered into an agreement
with the Company to effect a transaction described in clauses a., c. or d. of
this definition) whose election by the Board or nomination for election by the
Company’s shareholders was approved by a vote of at least two-thirds of the
trust managers then still in office who either were trust managers at the
beginning of the period or whose election or nomination for election was
previously so approved, cease for any reason to constitute at least a majority
thereof; or

  c. the shareholders of the Company approve a merger or consolidation of the
Company with any other company other than (i) a merger or consolidation which
would result in the voting securities of the Company outstanding immediately
prior thereto continuing to represent (either by remaining outstanding or by
being converted into voting securities of the surviving entity) more than 80% of
the combined voting power of the voting securities of the Company (or such
surviving entity) outstanding immediately after such merger or consolidation or
(ii) a merger or consolidation effected to implement a recapitalization of the
Company (or similar transaction) in which no “person” (as hereinabove defined)

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    acquires more than 25% of the combined voting power of the Company’s then
outstanding securities; or

  d. the shareholders of the Company adopt a plan of complete liquidation of the
Company or approve an agreement for the sale, exchange or disposition by the
Company of all or a significant portion of the Company’s assets. For purposes of
this clause d., the term “the sale, exchange or disposition by the Company of
all or a significant portion of the Company’s assets” shall mean a sale or other
disposition transaction or series of related transactions involving assets of
the Company or any subsidiary of the Company (including the stock of any
subsidiary of the Company) in which the value of the assets or stock being sold
or otherwise disposed of as measured by the purchase price being paid therefore
or by such other method as the Board determines is appropriate in a case where
there is no readily ascertainable purchase price) constitutes more than 33-1/3%
of the Fair Market Value of the Company (as hereinafter defined). For purposes
of the preceding sentence, the “Fair Market Value of the Company” shall be the
aggregate market value of the outstanding shares of beneficial interest of the
Company (on a fully diluted basis) plus the aggregate market value of the
Company’s other outstanding equity securities. The aggregate market value of the
common shares of the Company shall be determined by multiplying the number of
such common shares (on a fully diluted basis) outstanding on the date of the
execution and delivery of a definitive agreement with respect to the transaction
or series of related transactions (the “Transaction Date”) by the average
closing price of such common shares for the ten trading days immediately
preceding the Transaction Date. The aggregate market value of any other
securities of the Company shall be determined in the foregoing manner or by such
other method as the Board of trust managers shall determine is appropriate.

  Notwithstanding the foregoing, a Change in Control shall not be deemed to have
occurred if, prior to the time a Change in Control would otherwise be deemed to
have occurred pursuant to the above provisions, the Board of trust managers
determines otherwise.

15. Notwithstanding any other provision in this Agreement, to the extent that
the acceleration of vesting of any Restricted Shares and resultant Modified
Rights to Repurchase of a Recipient (who is not then a party to an employment
agreement with Employer) following a Change in Control, when aggregated with
other payments or benefits to the Recipient, whether or not payable pursuant to
this Agreement, would, as determined by tax counsel selected by the Company,
result in “excess parachute payments” (as defined in Section 280G of the
Internal Revenue Code of 1986, as determined from time to time (the “Code)),
such parachute payments or benefits provided to the Recipient under this
Agreement shall be reduced to the extent necessary so that no portion thereof
shall be subject to the excise tax imposed by Section 4999 of the Code, but only
if, by reason of such reduction, the Recipient’s net after tax benefit (after
taking into consideration all other payments made by the Company to the
Recipient) shall exceed the net after tax benefit if such reduction were

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  not made. “Net after tax benefit” shall mean the sum of (i) all payments and
benefits which the Recipient receives or is then entitled to receive that would
constitute a “parachute payment” within the meaning of Section 280G of the Code,
less (ii) the amount of federal income taxes payable with respect to the
payments and benefits described in (i) above calculated at the maximum marginal
income tax rate for the year in which such payments and benefits shall be paid
to the Participant (based upon the rate for such year as set forth in the Code
at the time of the first payment of the foregoing), less (iii) the amount of
excise taxes imposed with respect to the payment and benefits described in (i)
above by Section 4999 of the Code.

16. In the event that a Termination of Employment shall occur to or with respect
to a Recipient, then the Committee may, in its sole discretion, charge the Costs
of Administration (as herein defined) with respect to the Recipient’s Modified
Rights to Repurchase and the Recipient’s rights under this Agreement to the
Recipient (and any transferee or assignee of any of the Recipient’s Modified
Rights to Repurchase) during any periods following the Recipient’s Termination
of Employment and prior to the exercise by the Recipient of all of his or her
Modified Rights to Repurchase. For purposes hereof the “Costs of Administration”
with respect to a Recipient’s Modified Rights to Repurchase and the Recipient’s
rights under this Agreement shall equal five thousand dollars ($5,000) per year;
provided, that, beginning with calendar year 2004 and with respect to each
calendar year thereafter, the Committee may increase the Costs of Administration
in an amount equal to the increase in the CPI (as herein defined) as of January
1 of the particular year as compared to the CPI as of January 1 of the
immediately preceding year. The Recipient and all transferees and assignees of
the Recipient’s Modified Rights to Repurchase shall be jointly and severally
liable for such Costs of Administration. The Committee may assess such Costs of
Administration on an annual, quarterly or other basis. The Recipient and his or
her transferees and assignees will pay such Costs of Administration no later
than thirty (30) days after receipt of written demand therefor from the
Committee. Without limiting any other remedies available to the Company, upon a
failure by a Recipient or his or her transferees or assignees to timely pay any
such Costs of Administration, (i) the Committee may cancel one or more of the
Modified Rights to Repurchase originally issued to the Recipient and deliver the
underlying Company shares to the Company to fund such Costs of Administration
and/or (ii) the Committee may withhold an amount equal to such Costs of
Administration from the Dividend Equivalents otherwise payable to the Recipient
or his transferees or assignees and apply such withheld Dividend Equivalents to
the payment of the Costs of Administration. For purposes hereof “CPI” means the
United States Department of Labor, Bureau of Labor Statistics Revised Consumer
Price Index for All Urban Consumers (1982-84 = 100) all items (CPI-U), or if
such index shall cease to be published such reasonably comparable commercially
recognized, governmental or non-partisan alternative publication the Committee
shall select.

17. The Committee, in its sole discretion may, but shall not be obligated to,
allow the Recipient to exchange one or more non-qualified share options or
incentive share options granted to the Recipient pursuant to the Company’s 1993
Share Incentive Plan or 2002 Share Incentive Plan or any subsequent share
incentive plan of the Company (or any restricted shares received by the
Recipient pursuant

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  to the exercise of any such non-qualified share options or incentive share
options) for one or more Modified Rights to Repurchase upon terms and conditions
approved by the Committee in its sole discretion.

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         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed as of the date first above written.

  RECIPIENT

________________________________

  CAMDEN PROPERTY TRUST

  By:
Name:
Title: __________________________
__________________________
__________________________

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EXHIBIT A

ORIGINAL RIGHTS TO REPURCHASE

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EXHIBIT B

MODIFIED RIGHTS TO REPURCHASE

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EXHIBIT C

KEYSOP OPTIONS

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EXHIBIT D

EXCHANGE SUPPLEMENT B

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EXHIBIT 10.9

FORM OF MASTER EXCHANGE AGREEMENT
(KEY EMPLOYEES)

          This Master Exchange Agreement (this “Agreement”) entered into this XX
day of MONTH, YEAR by and between INSERT NAME (“Recipient”) and Camden Property
Trust (the “Company”).

          WHEREAS, pursuant to the 2002 Share Incentive Plan of Camden Property
Trust (such plan together with any successor plan is referred to herein as the
“Plan”), the Recipient has and will receive awards of Restricted Shares as shown
in Exchange Supplement A attached hereto which shall vest over time in
accordance with the terms of the Plan and outlined on Exchange Supplement B;

          WHEREAS, Recipient desires to exchange his right to receive the
unvested Restricted Shares upon vesting and all other rights appurtenant thereto
for the Rights to Repurchase (as defined below);

          WHEREAS, the Company desires to exchange the Rights to Repurchase for
the return of the Recipient’s unvested Restricted Shares;

          NOW, THEREFORE, in consideration of the mutual promises contained
herein, and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto hereby agree as follows:

1. Recipient hereby agrees to exchange Recipient’s unvested Restricted Shares
(including the right to receive dividends thereon and the right to vote such
shares) for the Rights to Repurchase as described below.

2. Upon the execution of this Agreement, the Company shall deposit Recipient’s
Restricted Shares into a rabbi trust (the “Trust”) established by and for the
benefit of the Company. The Trust shall be administered by an independent
trustee who shall be selected by the Company. Unless otherwise agreed by
Recipient and the Company, the Company agrees, whenever any dividend is declared
on common shares of beneficial interest of the Company, $.01 par value per share
(the “Common Shares”), to pay to the Recipient an amount per Restricted Share
held hereunder as of such date(s) by the Trust equal to the amount per Common
Share paid to the holders of record of Common Shares of the Company (the
“Dividend Equivalents”). The Company and Recipient may agree that any Dividend
Equivalents payable on account of dividends declared on the Common Shares shall
be paid to the Camden Property Trust Key Employee Share Option Plan (“KEYSOP”)
instead of the Recipient. In such event, the Dividend Equivalents shall be paid
into the KEYSOP on a quarterly basis and shall be subject to a six month vesting
period beginning on the date that the Dividend Equivalents are deposited into
the KEYSOP. The KEYSOP will invest the

 

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  Dividend Equivalents in marketable securities selected at the discretion of
the Committee appointed by the Board of trust managers of the Company pursuant
to Article V of the KEYSOP (the “Committee”) and the Recipient will receive an
option to purchase assets from the KEYSOP in accordance with the terms of the
KEYSOP. Any such agreement to pay Dividend Equivalents to the KEYSOP shall be
applicable with respect to Dividend Equivalents payable on account of dividends
declared on the Common Shares during the following calendar year, and shall be
irrevocable for those Dividend Equivalents. The Dividend Equivalents payable
under this Section 2 shall be distributed directly to the Recipient via payroll
or to the KEYSOP, as the case may be, on a quarterly basis. Upon termination of
employment, no Dividend Equivalents shall be payable on any Restricted Shares
that are forfeited by the Recipient. If any dividend is declared on the Common
Shares after the date on which Recipient ceases employment with the Company or
its Affiliates, any related Dividend Equivalents (payable with respect to
Restricted Shares that are not forfeited by the Recipient) shall, in the sole
discretion of the Committee, be paid to the Recipient in cash or be paid by the
Company to the KEYSOP (upon terms and conditions determined to be appropriate by
the Committee). Any Dividend Equivalents paid to the KEYSOP shall accumulate in
the KEYSOP and be subject to the terms and provisions of the KEYSOP. In this
regard, the Committee shall invest such Dividend Equivalents in marketable
securities and shall have the right to substitute, from time to time, other
marketable securities of equal value for the securities originally purchased by
the Committee.

3. Recipient shall have the right to purchase all or part of any fully vested
Restricted Shares that Recipient exchanged with the Trust (the “Rights to
Repurchase”). The Rights to Repurchase may be exercised with regard to vested
shares in an amount at least equal to the lesser of 2,000 shares or the number
of shares for any portion of an Award separately identified in Exchange
Supplement B.

4. The Rights to Repurchase shall vest as shown on Exchange Supplement B which
shall generally track the original vesting schedule for the Restricted Shares
prior to the exchange herein. Subject to Section 7 hereof, the Rights to
Repurchase shall be exercisable for a period of 30 years from the applicable
vesting date.

5. The exercise price of the Rights to Repurchase shall equal 25% of the Fair
Market Value of the Restricted Shares to be purchased by Recipient, as
determined on the date on which the Restricted Shares were first exchanged into
the Trust.

6. At any time and from time to time, the Committee may determine that it is in
the best interests of the Company to exchange some or all of the Recipient’s
Rights to Repurchase for Options (as defined in the KEYSOP) to acquire
Designated Property (as defined in the KEYSOP) of reasonably equivalent value as
of the date of the exchange as determined by the Committee in its reasonable
discretion. The Recipient hereby agrees to execute any and all options, option
agreements, exchange agreements and other documents, if any, that the Committee
determines to be necessary or appropriate in connection with any such exchange.

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7. Subject to Section 13 hereof, if Recipient’s employment with the Company or
its Affiliates is terminated for any reason (a “Termination of Employment”)
before the vesting of the Rights to Repurchase, the Rights to Repurchase not
theretofore vested shall terminate on the date of the Recipient’s Termination of
Employment (the “Termination Date”). Recipient’s vested Rights to Repurchase
shall be exercisable for a period of time following the Termination Date equal
to the lesser of:

  a. the expiration of the Post Termination Period (as hereinbelow defined), and

  b. Thirty (30) years after the applicable vesting date.

  For purposes hereof, the “Post Termination Period” means, as to the Recipient,
the period commencing on the day immediately following the Termination Date and
ending on the later of (i) one year from the Termination Date or (ii) the number
of complete years of employment by the Recipient with the Company or its
Affiliates through the Termination Date (provided, that, if the Recipient has
completed at least ten (10) complete years of employment, as calculated
hereunder, then such period shall end with respect to each Right to Repurchase
thirty (30) years from the applicable vesting date). For purposes hereof, any
period of employment of the Recipient that is less than one year shall be
disregarded in calculating the Post Termination Period. In the event of any
merger of any entity with and into the Company or any of its subsidiaries, any
former employee of such merged entity who becomes an employee of the Company or
its subsidiaries may, in the sole discretion of the Committee, receive credit
for all or a portion of such employee’s complete years of employment with such
merged entity for purposes of calculating the Post Termination Period hereunder.
In the event that the Recipient was employed by the Company and there was a
Termination of Employment with respect to such Recipient and later the Recipient
became an employee of the Company again, then, unless a waiver (in writing) is
granted to the Recipient by the Committee, for purposes of calculating the Post
Termination Period, only the complete years of employment of the Recipient
immediately preceding the current Termination of Employment of the Recipient
shall be considered (i.e. the Post Termination Period will be calculated based
on the period beginning upon the date that such Recipient re-commenced
employment with the Company and ending upon the date of his or her Termination
of Employment). Notwithstanding any provision hereof to the contrary, (i) upon
the date that is six months after the date of the death of the Recipient (the
“Six Month Date”), and at any time thereafter, the Post Termination Period
applicable to such Recipient’s Rights to Repurchase held by any person or entity
other than the surviving spouse of the Recipient or a trust in which such
surviving spouse is a then-living beneficiary (a “Specified Beneficiary”),
including without limitation any such Rights to Repurchase that were originally
held by a Specified Beneficiary on the Six Month Date that are no longer so held
due to the death of the surviving spouse or any subsequent transfer of such
Rights to Repurchase, shall be equal to the shorter of (A) the Post Termination
Period (as calculated above) and (B) one year from the Six Month Date, or if the
Rights to Repurchase were held by a Specified Beneficiary on the Six Month Date,
one year from the first date thereafter that such Rights to Repurchase are no
longer held by a Specified Beneficiary;

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  and (ii) in the event that the Committee determines that any act or omission
of the Recipient constitutes fraud or a violation of applicable law or any act
or omission of the Recipient in connection with the business or affairs of the
Company constitutes gross negligence or intentional misconduct (including,
without limitation, any violation of a Company policy in any material respect),
then the Committee in its sole discretion, may, upon delivery of written notice
to the Recipient, reduce the Post Termination Period to the shorter of (A) the
Post Termination Period and (B) sixty (60) days from the date that the Committee
determines that the Recipient has committed such act or omission.

  Any unexercised Rights to Repurchase that are not exercised within the
requisite time period prescribed in this Section 7 shall terminate and be of no
further force and effect.

8. All initial capitalized terms not otherwise defined herein shall have the
meanings set forth in the Plan.

9. This Agreement shall be construed in accordance with the laws of the State of
Texas.

10. To the extent any provision of this Agreement is held to be unenforceable,
illegal or invalid under any current or future law, such provision shall be
fully separable and this Agreement shall be construed and enforced as if such
illegal, invalid or unenforceable provision had never comprised a part thereof,
the remaining provisions of this Agreement shall remain in full force and effect
and shall not be affected by the illegal, invalid or unenforceable provision or
by its severance therefrom. In lieu of such illegal, invalid or unenforceable
provision, there shall be added automatically as a part of this Agreement, a
legal, valid and enforceable provision as similar in terms to such illegal,
invalid or unenforceable provision as may be possible, and the parties hereto
request the court or any arbitrator to whom disputes relating to this Agreement
are submitted to reform the otherwise illegal, invalid or unenforceable
provision in accordance with this Section 10.

11. The Rights to Repurchase granted hereunder, to the extent permitted by law,
may be assigned or pledged as follows:

  a. to the Recipient’s spouse or lineal descendants,

  b. to the trustee of a trust for the primary benefit of the Recipient’s spouse
and/or lineal descendants,

  c. to a partnership of which the Recipient’s spouse and/or lineal descendants
are the only partners,

  d. to a tax-exempt organization as described in Section 501(c)(3) of the Code.
Any such assignment will be permitted only if an assignment is expressly
approved in writing by the Committee, and the Recipient receives no
consideration for the assignment, or

4

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  e. to a lender reasonably acceptable to the Committee, so long as the pledge
of such Rights to Repurchase does not alter the terms, conditions and
restrictions of the Rights to Repurchase as in effect immediately prior to such
pledge.

  Any such assignment or pledge will be evidenced by appropriate written
documents in the form prescribed by the Committee executed by the requisite
parties, and delivered to the Committee on or before the relevant effective
date. In the event of such assignment or pledge the spouse, lineal descendant,
trustee, partnership, tax exempt organization or lender will be entitled to all
of the rights of the Recipient with respect to the assigned portion of the Right
to Repurchase, and such portion of the Right to Repurchase, will continue to be
subject to all of the terms, conditions and restrictions applicable to the
original award of Restricted Shares, and as set forth in the Plan. Without
limiting the foregoing, the occurrence of any Termination of Employment and the
calculation of any Post Termination Period shall continue to be made with
reference to the assignor Recipient notwithstanding any permitted assignment or
transfer hereunder.

12. The Restricted Shares and Rights to Repurchase covered by this Agreement
shall be subject to the adjustment provisions contained in the Plan (currently
Section 7 of the Plan).

13. To the extent any provisions of this Agreement conflict with (i) the
provisions of any employment agreement entered into between the Company or any
subsidiary thereof and the Recipient, the terms of the employment agreement
shall control or (ii) the terms of any written award document executed by the
Company with respect to the Recipient’s Rights to Repurchase (an “Award
Agreement”), the terms of the Award Agreement shall control. To the extent that
any such employment agreement or Award Agreement provides for the automatic or
accelerated vesting of securities or derivative securities held by the Recipient
upon the occurrence of a change of control, business combination or other
enumerated event, any unvested Restricted Shares and the resultant Rights to
Repurchase shall be governed by such provisions and shall vest on the terms and
conditions set forth in such employment agreement or Award Agreement. Upon a
“Change of Control” (as defined below) with respect to the Company,
notwithstanding any provision of Section 7 hereof to the contrary, any unvested
Rights to Repurchase of a Recipient hereunder that would otherwise vest
(assuming no Termination of Employment with respect to such Recipient) within
the six month period following such Change of Control shall automatically vest
upon such Change of Control. For purposes hereof “Change of Control” shall mean
any one or more of the following:

  a. any “person” (as such term is used in Section 13(d) and 14(d) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”) (other than the
Company, any trustee or other fiduciary holding securities under an employee
benefit plan of the Company, or any company owned, directly or indirectly, by
the shareholders of the Company in substantially the same proportions as their
ownership of common shares of the Company) together with its “affiliates” and
“associates” (as such terms are defined

5

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    in Rule 12b-2 of the Exchange Act) makes a tender or exchange offer for or
is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the
Exchange Act), or has become the beneficial owner during the most recent
twelve-month period ending on the date of the most recent acquisition by such
person directly or indirectly, of securities of the Company representing 40% or
more of the combined voting power of the Company’s then outstanding securities;
or

  b. during any period of two consecutive years (not including any period prior
to the date hereof), individuals who at the beginning of such period constitute
the Board of trust managers of the Company, and any new trust managers (other
than trust managers designated by a person who has entered into an agreement
with the Company to effect a transaction described in clauses a., c. or d. of
this definition) whose election by the Board or nomination for election by the
Company’s shareholders was approved by a vote of at least two-thirds of the
trust managers then still in office who either were trust managers at the
beginning of the period or whose election or nomination for election was
previously so approved, cease for any reason to constitute at least a majority
thereof; or

  c. the shareholders of the Company approve a merger or consolidation of the
Company with any other company other than (i) a merger or consolidation which
would result in the voting securities of the Company outstanding immediately
prior thereto continuing to represent (either by remaining outstanding or by
being converted into voting securities of the surviving entity) more than 80% of
the combined voting power of the voting securities of the Company (or such
surviving entity) outstanding immediately after such merger or consolidation or
(ii) a merger or consolidation effected to implement a recapitalization of the
Company (or similar transaction) in which no “person” (as hereinabove defined)
acquires more than 25% of the combined voting power of the Company’s then
outstanding securities; or

  d. the shareholders of the Company adopt a plan of complete liquidation of the
Company or approve an agreement for the sale, exchange or disposition by the
Company of all or a significant portion of the Company’s assets. For purposes of
this clause d., the term “the sale, exchange or disposition by the Company of
all or a significant portion of the Company’s assets” shall mean a sale or other
disposition transaction or series of related transactions involving assets of
the Company or any subsidiary of the Company (including the stock of any
subsidiary of the Company) in which the value of the assets or stock being sold
or otherwise disposed of as measured by the purchase price being paid therefore
or by such other method as the Board determines is appropriate in a case where
there is no readily ascertainable purchase price) constitutes more than 33-1/3%
of the Fair Market Value of the Company (as hereinafter defined). For purposes
of the preceding sentence, the “Fair Market Value of the Company” shall be the
aggregate market value of the outstanding shares of beneficial interest of the
Company (on a fully diluted basis) plus the aggregate market value of the
Company’s other outstanding equity securities. The aggregate market value of the
common shares of the

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    Company shall be determined by multiplying the number of such common shares
(on a fully diluted basis) outstanding on the date of the execution and delivery
of a definitive agreement with respect to the transaction or series of related
transactions (the “Transaction Date”) by the average closing price of such
common shares for the ten trading days immediately preceding the Transaction
Date. The aggregate market value of any other securities of the Company shall be
determined in the foregoing manner or by such other method as the Board of trust
managers shall determine is appropriate.

  Notwithstanding the foregoing, a Change in Control shall not be deemed to have
occurred if, prior to the time a Change in Control would otherwise be deemed to
have occurred pursuant to the above provisions, the Board of trust managers
determines otherwise.

14. Notwithstanding any other provision in this Agreement, to the extent that
the acceleration of vesting of any Restricted Shares and resultant Rights to
Repurchase of a Recipient (who is not then a party to an employment agreement
with Employer) following a Change in Control, when aggregated with other
payments or benefits to the Recipient, whether or not payable pursuant to this
Agreement, would, as determined by tax counsel selected by the Company, result
in “excess parachute payments” (as defined in Section 280G of the Internal
Revenue Code of 1986, as determined from time to time (the “Code)), such
parachute payments or benefits provided to the Recipient under this Agreement
shall be reduced to the extent necessary so that no portion thereof shall be
subject to the excise tax imposed by Section 4999 of the Code, but only if, by
reason of such reduction, the Recipient’s net after tax benefit (after taking
into consideration all other payments made by the Company to the Recipient)
shall exceed the net after tax benefit if such reduction were not made. “Net
after tax benefit” shall mean the sum of (i) all payments and benefits which the
Recipient receives or is then entitled to receive that would constitute a
“parachute payment” within the meaning of Section 280G of the Code, less (ii)
the amount of federal income taxes payable with respect to the payments and
benefits described in (i) above calculated at the maximum marginal income tax
rate for the year in which such payments and benefits shall be paid to the
Participant (based upon the rate for such year as set forth in the Code at the
time of the first payment of the foregoing), less (iii) the amount of excise
taxes imposed with respect to the payment and benefits described in (i) above by
Section 4999 of the Code.

15. In the event that a Termination of Employment shall occur to or with respect
to a Recipient, then the Committee may, in its sole discretion, charge the Costs
of Administration (as herein defined) with respect to the Recipient’s Rights to
Repurchase and the Recipient’s rights under this Agreement (as well as any
Rights to Repurchase granted to the Recipient and the Recipient’s rights under
any Master Exchange Agreements entered into by the Company and the Recipient, as
of or prior to the date hereof) to the Recipient (and any transferee or assignee
of any of the Recipient’s Rights to Repurchase) during any periods following the
Recipient’s Termination of Employment and prior to the exercise by the Recipient
of all of his or her Rights to Repurchase. For purposes hereof the “Costs of
Administration” with respect to a Recipient’s Rights to Repurchase and the
Recipient’s

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  rights under this Agreement (as well as any Rights to Repurchase granted to
the Recipient and the Recipient’s rights under any Master Exchange Agreements
entered into by the Company and the Recipient, as of or prior to the date
hereof) shall equal five thousand dollars ($5,000) per year; provided, that,
beginning with calendar year 2004 and with respect to each calendar year
thereafter, the Committee may increase the Costs of Administration in an amount
equal to the increase in the CPI (as herein defined) as of January 1 of the
particular year as compared to the CPI as of January 1 of the immediately
preceding year. The Recipient and all transferees and assignees of the
Recipient’s Rights to Repurchase shall be jointly and severally liable for such
Costs of Administration. The Committee may assess such Costs of Administration
on an annual, quarterly or other basis. The Recipient and his or her transferees
and assignees will pay such Costs of Administration no later than thirty (30)
days after receipt of written demand therefor from the Committee. Without
limiting any other remedies available to the Company, upon a failure by a
Recipient or his or her transferees or assignees to timely pay any such Costs of
Administration, (i) the Committee may cancel one or more of the Rights to
Repurchase originally issued to the Recipient and deliver the underlying Company
shares to the Company to fund such Costs of Administration and/or (ii) the
Committee may withhold an amount equal to such Costs of Administration from the
Dividend Equivalents otherwise payable to the Recipient or his transferees or
assignees and apply such withheld Dividend Equivalents to the payment of the
Costs of Administration. For purposes hereof “CPI” means the United States
Department of Labor, Bureau of Labor Statistics Revised Consumer Price Index for
All Urban Consumers (1982-84 = 100) all items (CPI-U), or if such index shall
cease to be published such reasonably comparable commercially recognized,
governmental or non-partisan alternative publication the Committee shall select.

16. The Committee, in its sole discretion may, but shall not be obligated to,
allow the Recipient to exchange one or more non-qualified share options or
incentive share options granted to the Recipient pursuant to the Company’s 1993
Share Incentive Plan or 2002 Share Incentive Plan or any subsequent share
incentive plan of the Company (or any restricted shares received by the
Recipient pursuant to the exercise of any such non-qualified share options or
incentive share options) for one or more Rights to Repurchase upon terms and
conditions approved by the Committee in its sole discretion.

8

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        IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed as of the date first above written.

  RECIPIENT

________________________________

  CAMDEN PROPERTY TRUST

  By:
Name:
Title: __________________________
__________________________
__________________________

9

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EXCHANGE SUPPLEMENT A

RECIPIENT’S NAME:

        I hereby exchange my right to receive unvested Restricted Shares in the
amounts shown below in exchange for the indicated Rights to Repurchase.

Recipient's Signature   Date   Rights to
Repurchase
Received   Exercise Price
per Share   Supplement B
Reference  

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        This Exchange Supplement A is subject to the terms and conditions of the
Master Exchange Agreement. See Exchange Supplement B for vesting dates of these
Restricted Shares.

 

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EXCHANGE SUPPLEMENT B

VESTING SCHEDULE

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EXHIBIT 10.10

FORM OF MASTER EXCHANGE AGREEMENT
(TRUST MANAGERS)

        This Master Exchange Agreement (this “Agreement”) entered into this XX
day of MONTH, YEAR by and between INSERT NAME (“Recipient”) and Camden Property
Trust (the “Company”).

        WHEREAS, pursuant to the 2002 Share Incentive Plan of Camden Property
Trust (such plan together with any successor plan is referred to herein as the
“Plan”), the Recipient has and will receive awards of Restricted Shares as shown
in Exchange Supplement A attached hereto which shall vest over time in
accordance with the terms of the Plan and outlined on Exchange Supplement B;

        WHEREAS, Recipient desires to exchange his right to receive the unvested
Restricted Shares upon vesting and all other rights appurtenant thereto for the
Rights to Repurchase (as defined below);

        WHEREAS, the Company desires to exchange the Rights to Repurchase for
the return of the Recipient’s unvested Restricted Shares;

        NOW, THEREFORE, in consideration of the mutual promises contained
herein, and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto hereby agree as follows:

1. Recipient hereby agrees to exchange Recipient’s unvested Restricted Shares
(including the right to receive dividends thereon and the right to vote such
shares) for the Rights to Repurchase as described below.

2. Upon the execution of this Agreement, the Company shall deposit Recipient’s
Restricted Shares into a rabbi trust (the “Trust”) established by and for the
benefit of the Company. The Trust shall be administered by an independent
trustee who shall be selected by the Company. Unless otherwise agreed by
Recipient and the Company, the Company agrees, whenever any dividend is declared
on common shares of beneficial interest of the Company, $.01 par value per share
(the “Common Shares”), to pay to the Recipient an amount per Restricted Share
held hereunder as of such date(s) by the Trust equal to the amount per Common
Share paid to the holders of record of Common Shares of the Company (the
“Dividend Equivalents”). The Company and Recipient may agree that any Dividend
Equivalents payable on account of dividends declared on the Common Shares shall
be paid to the Camden Property Trust Key Employee Share Option Plan (“KEYSOP”)
instead of the Recipient. In such event, the Dividend Equivalents shall be paid
into the KEYSOP on a quarterly basis and shall be subject to a six month vesting
period beginning on the date that the Dividend Equivalents are deposited into
the KEYSOP. The KEYSOP will invest the

 

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  Dividend Equivalents in marketable securities selected at the discretion of
the Committee appointed by the Board of trust managers of the Company pursuant
to Article V of the KEYSOP (the “Committee”) and the Recipient will receive an
option to purchase assets from the KEYSOP in accordance with the terms of the
KEYSOP. Any such agreement to pay Dividend Equivalents to the KEYSOP shall be
applicable with respect to Dividend Equivalents payable on account of dividends
declared on the Common Shares during the following calendar year, and shall be
irrevocable for those Dividend Equivalents. The Dividend Equivalents payable
under this Section 2 shall be distributed directly to the Recipient via payroll
or to the KEYSOP, as the case may be, on a quarterly basis. Upon the occurrence
of any event that results in Recipient no longer being a trust manager of the
Company (a “Termination Event”), no Dividend Equivalents shall be payable on any
Restricted Shares that are forfeited by the Recipient. If any dividend is
declared on the Common Shares after the occurrence of a Termination Event, any
related Dividend Equivalents (payable with respect to Restricted Shares that are
not forfeited by the Recipient) shall, in the sole discretion of the Committee,
be paid to the Recipient in cash or be paid by the Company to the KEYSOP (upon
terms and conditions determined to be appropriate by the Committee). Any
Dividend Equivalents paid to the KEYSOP shall accumulate in the KEYSOP and be
subject to the terms and provisions of the KEYSOP. In this regard, the Committee
shall invest such Dividend Equivalents in marketable securities and shall have
the right to substitute, from time to time, other marketable securities of equal
value for the securities originally purchased by the Committee.

3. Recipient shall have the right to purchase all or part of any fully vested
Restricted Shares that Recipient exchanged with the Trust (the “Rights to
Repurchase”). The Rights to Repurchase may be exercised with regard to vested
shares in an amount at least equal to the lesser of 2,000 shares or the number
of shares for any portion of an Award separately identified in Exchange
Supplement B.

4. The Rights to Repurchase shall vest as shown on Exchange Supplement B which
shall generally track the original vesting schedule for the Restricted Shares
prior to the exchange herein. Subject to Section 7 hereof, the Rights to
Repurchase shall be exercisable for a period of 30 years from the applicable
vesting date.

5. The exercise price of the Rights to Repurchase shall equal 25% of the Fair
Market Value of the Restricted Shares to be purchased by Recipient, as
determined on the date on which the Restricted Shares were first exchanged into
the Trust.

6. At any time and from time to time, the Committee may determine that it is in
the best interests of the Company to exchange some or all of the Recipient’s
Rights to Repurchase for Options (as defined in the KEYSOP) to acquire
Designated Property (as defined in the KEYSOP) of reasonably equivalent value as
of the date of the exchange as determined by the Committee in its reasonable
discretion. The Recipient hereby agrees to execute any and all options, option
agreements, exchange agreements and other documents, if any, that the Committee
determines to be necessary or appropriate in connection with any such exchange.

2

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7. Subject to Section 13 hereof, if a Termination Event occurs before the
vesting of the Rights to Repurchase, the Rights to Repurchase not theretofore
vested shall terminate on the date of the Termination Event (the “Termination
Date”). Recipient’s vested Rights to Repurchase shall be exercisable for a
period of time following the Termination Date equal to the lesser of:

  a. the expiration of the Post Termination Period (as hereinbelow defined), and

  b. Thirty (30) years after the applicable vesting date.

  For purposes hereof, the “Post Termination Period” means, as to the Recipient,
the period commencing on the day immediately following the Termination Date and
ending on the later of (i) one year from the Termination Date or (ii) the number
of complete years of service by the Recipient as a trust manager of the Company
through the Termination Date (provided, that, if the Recipient has completed at
least ten (10) complete years of service as a trust manager, as calculated
hereunder, then such period shall end with respect to each Right to Repurchase
thirty (30) years from the applicable vesting date). For purposes hereof, any
period of service by the Recipient as a trust manager that is less than one year
shall be disregarded in calculating the Post Termination Period. In the event of
any merger of any entity with and into the Company or any of its subsidiaries,
any former trust manager or director of such merged entity who becomes a trust
manager of the Company may, in the sole discretion of the Committee, receive
credit for all or a portion of such trust manager’s or director’s complete years
of service as a trust manager or director with such merged entity for purposes
of calculating the Post Termination Period hereunder. In the event that
Recipient was a trust manager of the Company and there was a Termination Event
with respect to such Recipient and later the Recipient became a trust manager of
the Company again, then, unless a waiver (in writing) is granted to the
Recipient by the Committee, for purposes of calculating the Post Termination
Period, only the complete years of service by the Recipient as a trust manager
immediately preceding the current Termination Event shall be considered (i.e.
the Post Termination Period will be calculated based on the period beginning
upon the date that such Recipient re-commenced service as a trust manager of the
Company and ending upon the date of the later Termination Event).
Notwithstanding any provision hereof to the contrary, (i) upon the date that is
six months after the date of the death of Recipient (the “Six Month Date”), and
at any time thereafter, the Post Termination Period applicable to such
Recipient’s Rights to Repurchase held by any person or entity other than the
surviving spouse of the Recipient or a trust in which such surviving spouse is a
then-living beneficiary (a “Specified Beneficiary”), including without
limitation any such Rights to Repurchase that were originally held by a
Specified Beneficiary on the Six Month Date that are no longer so held due to
the death of the surviving spouse or any subsequent transfer of such Rights to
Repurchase, shall be equal to the shorter of (A) the Post Termination Period (as
calculated above) and (B) one year from the Six Month Date, or if the Rights to
Repurchase were held by a Specified Beneficiary on the Six Month Date, one year
from the first date thereafter that such Rights to Repurchase are no longer held
by a Specified Beneficiary;

3

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  and (ii) in the event that the Committee determines that any act or omission
of the Recipient constitutes fraud or a violation of applicable law or any act
or omission of the Recipient in connection with the business or affairs of the
Company constitutes gross negligence or intentional misconduct (including,
without limitation, any violation of a Company policy in any material respect),
then the Committee in its sole discretion, may, upon delivery of written notice
to the Recipient, reduce the Post Termination Period to the shorter of (A) the
Post Termination Period and (B) sixty (60) days from the date that the Committee
determines that the Recipient has committed such act or omission.

  Any unexercised Rights to Repurchase that are not exercised within the
requisite time period prescribed in this Section 7 shall terminate and be of no
further force and effect.

8. All initial capitalized terms not otherwise defined herein shall have the
meanings set forth in the Plan.

9. This Agreement shall be construed in accordance with the laws of the State of
Texas.

10. To the extent any provision of this Agreement is held to be unenforceable,
illegal or invalid under any current or future law, such provision shall be
fully separable and this Agreement shall be construed and enforced as if such
illegal, invalid or unenforceable provision had never comprised a part thereof,
the remaining provisions of this Agreement shall remain in full force and effect
and shall not be affected by the illegal, invalid or unenforceable provision or
by its severance therefrom. In lieu of such illegal, invalid or unenforceable
provision, there shall be added automatically as a part of this Agreement, a
legal, valid and enforceable provision as similar in terms to such illegal,
invalid or unenforceable provision as may be possible, and the parties hereto
request the court or any arbitrator to whom disputes relating to this Agreement
are submitted to reform the otherwise illegal, invalid or unenforceable
provision in accordance with this Section 10.

11. The Rights to Repurchase granted hereunder, to the extent permitted by law,
may be assigned or pledged as follows:

  a. to the Recipient’s spouse or lineal descendants,

  b. to the trustee of a trust for the primary benefit of the Recipient’s spouse
and/or lineal descendants,

  c. to a partnership of which the Recipient’s spouse and/or lineal descendants
are the only partners,

  d. to a tax-exempt organization as described in Section 501(c)(3) of the Code.
Any such assignment will be permitted only if an assignment is expressly
approved in writing by the Committee, and the Recipient receives no
consideration for the assignment, or

4

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  e. to a lender reasonably acceptable to the Committee, so long as the pledge
of such Rights to Repurchase does not alter the terms, conditions and
restrictions of the Rights to Repurchase as in effect immediately prior to such
pledge.

  Any such assignment or pledge will be evidenced by appropriate written
documents in the form prescribed by the Committee executed by the requisite
parties, and delivered to the Committee on or before the relevant effective
date. In the event of such assignment or pledge the spouse, lineal descendant,
trustee, partnership, tax exempt organization or lender will be entitled to all
of the rights of the Recipient with respect to the assigned portion of the Right
to Repurchase, and such portion of the Right to Repurchase, will continue to be
subject to all of the terms, conditions and restrictions applicable to the
original award of Restricted Shares, and as set forth in the Plan. Without
limiting the foregoing, the occurrence of any Termination Event and the
calculation of any Post Termination Period shall continue to be made with
reference to the assignor Recipient notwithstanding any permitted assignment or
transfer hereunder.

12. The Restricted Shares and Rights to Repurchase covered by this Agreement
shall be subject to the adjustment provisions contained in the Plan (currently
Section 7 of the Plan).

13. To the extent any provisions of this Agreement conflict with (i) the
provisions of any employment agreement entered into between the Company or any
subsidiary thereof and the Recipient, the terms of the employment agreement
shall control or (ii) the terms of any written award document executed by the
Company with respect to the Recipient’s Rights to Repurchase (an “Award
Agreement”), the terms of the Award Agreement shall control. To the extent that
any such employment agreement or Award Agreement provides for the automatic or
accelerated vesting of securities or derivative securities held by the Recipient
upon the occurrence of a change of control, business combination or other
enumerated event, any unvested Restricted Shares and the resultant Rights to
Repurchase shall be governed by such provisions and shall vest on the terms and
conditions set forth in such employment agreement or Award Agreement.

14. Notwithstanding any other provision in this Agreement, to the extent that
the acceleration of vesting of any Restricted Shares and resultant Rights to
Repurchase of a Recipient (who is not then a party to an employment agreement
with Employer) following a change in control of the Company, when aggregated
with other payments or benefits to the Recipient, whether or not payable
pursuant to this Agreement, would, as determined by tax counsel selected by the
Company, result in “excess parachute payments” (as defined in Section 280G of
the Internal Revenue Code of 1986, as determined from time to time (the “Code)),
such parachute payments or benefits provided to the Recipient under this
Agreement shall be reduced to the extent necessary so that no portion thereof
shall be subject to the excise tax imposed by Section 4999 of the Code, but only
if, by reason of such reduction, the Recipient’s net after tax benefit (after
taking into consideration all other payments made by the Company to the
Recipient) shall exceed the net after tax benefit if such reduction were not
made. “Net after tax benefit” shall mean the sum of (i) all

5

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  payments and benefits which the Recipient receives or is then entitled to
receive that would constitute a “parachute payment” within the meaning of
Section 280G of the Code, less (ii) the amount of federal income taxes payable
with respect to the payments and benefits described in (i) above calculated at
the maximum marginal income tax rate for the year in which such payments and
benefits shall be paid to the Participant (based upon the rate for such year as
set forth in the Code at the time of the first payment of the foregoing), less
(iii) the amount of excise taxes imposed with respect to the payment and
benefits described in (i) above by Section 4999 of the Code.

15. In the event that a Termination Event shall occur to or with respect to a
Recipient, then the Committee may, in its sole discretion, charge the Costs of
Administration (as herein defined) with respect to the Recipient’s Rights to
Repurchase and the Recipient’s rights under this Agreement (as well as any
Rights to Repurchase granted to the Recipient and the Recipient’s rights under
any Master Exchange Agreements entered into by the Company and the Recipient, as
of or prior to the date hereof) to the Recipient (and any transferee or assignee
of any of the Recipient’s Rights to Repurchase) during any periods following the
Recipient’s Termination of Employment and prior to the exercise by the Recipient
of all of his or her Rights to Repurchase. For purposes hereof the “Costs of
Administration” with respect to a Recipient’s Rights to Repurchase and the
Recipient’s rights under this Agreement (as well as any Rights to Repurchase
granted to the Recipient and the Recipient’s rights under any Master Exchange
Agreements entered into by the Company and the Recipient, as of or prior to the
date hereof) shall equal five thousand dollars ($5,000) per year; provided,
that, beginning with calendar year 2004 and with respect to each calendar year
thereafter, the Committee may increase the Costs of Administration in an amount
equal to the increase in the CPI (as herein defined) as of January 1 of the
particular year as compared to the CPI as of January 1 of the immediately
preceding year. The Recipient and all transferees and assignees of the
Recipient’s Rights to Repurchase shall be jointly and severally liable for such
Costs of Administration. The Committee may assess such Costs of Administration
on an annual, quarterly or other basis. The Recipient and his or her transferees
and assignees will pay such Costs of Administration no later than thirty (30)
days after receipt of written demand therefor from the Committee. Without
limiting any other remedies available to the Company, upon a failure by a
Recipient or his or her transferees or assignees to timely pay any such Costs of
Administration, (i) the Committee may cancel one or more of the Rights to
Repurchase originally issued to the Recipient and deliver the underlying Company
shares to the Company to fund such Costs of Administration and/or (ii) the
Committee may withhold an amount equal to such Costs of Administration from the
Dividend Equivalents otherwise payable to the Recipient or his transferees or
assignees and apply such withheld Dividend Equivalents to the payment of the
Costs of Administration. For purposes hereof “CPI” means the United States
Department of Labor, Bureau of Labor Statistics Revised Consumer Price Index for
All Urban Consumers (1982-84 = 100) all items (CPI-U), or if such index shall
cease to be published such reasonably comparable commercially recognized,
governmental or non-partisan alternative publication the Committee shall select.

16. The Committee, in its sole discretion may, but shall not be obligated to,
allow the Recipient to exchange one or more non-qualified share options or
incentive share options granted to the Recipient pursuant to the Company’s 1993
Share

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  Incentive Plan or 2002 Share Incentive Plan or any subsequent share incentive
plan of the Company (or any restricted shares received by the Recipient pursuant
to the exercise of any such non-qualified share options or incentive share
options) for one or more Rights to Repurchase upon terms and conditions approved
by the Committee in its sole discretion.

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        IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed as of the date first above written.

  RECIPIENT

________________________________

  CAMDEN PROPERTY TRUST

  By:
Name:
Title: __________________________
__________________________
__________________________

8

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EXCHANGE SUPPLEMENT A

RECIPIENT’S NAME:

        I hereby exchange my right to receive unvested Restricted Shares in the
amounts shown below in exchange for the indicated Rights to Repurchase.

Recipient's Signature   Date   Rights to
Repurchase
Received   Exercise
Price per
Share   Supplement B
Reference  

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        This Exchange Supplement A is subject to the terms and conditions of the
Master Exchange Agreement. See Exchange Supplement B for vesting dates of these
Restricted Shares.

 

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EXCHANGE SUPPLEMENT B

VESTING SCHEDULE

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Exhibit 10.19

FORM OF
AMENDMENT TO THIRD AMENDED AND RESTATED AGREEMENT OF LIMITED
PARTNERSHIP OF CAMDEN OPERATING, L.P.

        THIS AMENDMENT TO THIRD AMENDED AND RESTATED AGREEMENT OF LIMITED
PARTNERSHIP OF CAMDEN OPERATING, L.P. (this “Amendment”) is entered into as of
the 1st day of December, 2003, by and between CPT-GP, Inc. (“General Partner”),
a Delaware corporation and a wholly owned subsidiary of Camden USA, Inc.
(“Camden USA”), a Delaware corporation and a wholly owned subsidiary of Camden
Property Trust (“CPT”or the “General Partner Entity”), a Texas real estate
investment trust, as the general partner of Camden Operating, L.P., a Delaware
limited partnership (the “Partnership”), Belcrest Realty Corporation, a Delaware
corporation (“Belcrest”), Belmar Realty Corporation, a Delaware corporation
(“Belmar”) and Belair Real Estate Corporation, a Delaware corporation (“Belair”;
each of Belcrest, Belmar and Belair a “Series B Preferred Partner” and
collectively, the “Series B Preferred Partners”).

W  I  T  N  E  S  S  E  T  H:

        WHEREAS, the Partnership and the Series B Preferred Partners desire to
amend the terms of the Series B Preferred Units (as defined in the Partnership
Agreement, as defined below), to provide that, from and after the date hereof,
the Series B Priority Return that accrues on such Series B Preferred Units shall
accrue at the rate per annum of 7.0%, and from and after the date hereof, the
holders of the Series B Preferred Units shall have certain additional voting
rights as set forth herein;

        WHEREAS, the signatories hereto desire to amend that certain Third
Amended and Restated Agreement of Limited Partnership of Camden Operating, L.P.,
dated as of April 15, 1997, as amended (the “Partnership Agreement”), as set
forth herein; any terms capitalized herein but not defined herein having the
definitions therefor set forth in the Partnership Agreement;

        WHEREAS, the signatories hereto desire to cause an amendment to be made
to that certain Statement of Designation of Series B Cumulative Redeemable
Perpetual Preferred Shares of Beneficial Interest of Camden Property Trust,
effective as of February 23, 1999, and filed with the office of the County Clerk
of Harris County, Texas on February 24, 1999 (the “Statement of Designation”;
the Partnership Agreement and the Statement of Designation as amended hereby
are, collectively, the “Amended Documents”), as set forth herein.

        NOW, THEREFORE, in consideration of the foregoing, of the mutual
promises set forth herein, and of other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto,
intending to be legally bound, agree to continue the Partnership and amend the
Amended Documents as follows:

 

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         1.     Partnership Agreement. The Partnership Agreement is hereby
amended as follows:

         (a)     Section 16.1 is hereby amended by deleting the term “8.50%”
from the second sentence therein and inserting the term “7.00%” in lieu thereof.

         (b)     Section 16.2 is hereby amended by deleting the term “8.5%”
therefrom and inserting the term “7.0%” in lieu thereof.

         (c)     Section 16.3A is hereby amended by deleting the term “8.5%”
from the first sentence therein and inserting the term “7.0%” in lieu thereof.

         (d)     Section 16.6A is hereby amended by deleting the phrase “the
fifth (5th) anniversary of the issuance date.” from the first sentence therein
and replacing it with “December 2, 2008.”

         (e)     Section 16.7B is hereby amended by deleting the phrase “the
fifth (5th) anniversary of the date hereof” from clause (iii)(A) the first
sentence therein and replacing it with “December 2, 2008".

         (f)     Section 16.7 is hereby amended by inserting the following as
new paragraph C after paragraph B therein:

          “C.        Certain Additional Voting Rights. So long as any Series B
Preferred Units remain outstanding, CPT shall solicit the affirmative vote of
the holders of at least two-thirds (2/3) of the Series B Preferred Units
outstanding at the time, prior to (i) consummating any transaction or series of
transactions which would result in a Change of Control of CPT or the
Partnership, (ii) consummating any transaction or series of transactions which
would result in the common shares of CPT or any successor entity of CPT ceasing
to be listed on at least one of the New York Stock Exchange, the American Stock
Exchange or the NASDAQ National Market (or, in each case, a successor thereto)
or (iii) electing not to qualify for taxation as a real estate investment trust
under Section 856 et seq. of the Code. For the purposes of this Section 16.7,
“Change of Control” shall mean: (i) any sale or other disposition of all or
substantially all of the assets of the Partnership or CPT, as the case may be,
to an entity that is not an Affiliate of CPT; or (ii) any consolidation,
amalgamation, merger, business combination, share exchange, reorganization or
similar transaction involving the Partnership or CPT, as the case may be,
pursuant to which the Partners of the Partnership or the stockholders of CPT, as
the case may be, immediately prior to the consummation of such transaction will
own less than a majority of the equity interest in the entity surviving such
transaction. If the requisite holders of the Series B Preferred Units fail to
approve any of the CPT actions specified in clauses (i), (ii) or (iii) of the
first sentence of this Section 16.7C (each a “Mandatory Redemption Event”) and
CPT still effectuates such action, then the sole remedy of the holders of Series
B Preferred Units shall be that the Partnership shall immediately redeem all of

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the Series B Preferred Units outstanding at a redemption price, payable in cash,
equal to the Capital Account balance of the holders of the Series B Preferred
Units or, if greater, the original Capital Contribution of such holders plus the
current Series B Priority Return, whether or not declared, to the date of such
redemption to the extent not previously distributed; provided, however, that
notwithstanding any provision hereof to the contrary, the actions specified in
clause (i) of the first sentence of Section 16.7C shall not constitute a
Mandatory Redemption Event if, on or prior to the date of the consummation of
such transaction or transactions, a “nationally recognized statistical rating
organization” (as such term is defined for purposes of Rule 436(g)(2)
promulgated under the Securities Act) shall have affirmed the rating accorded
the securities of CPT immediately prior to the public announcement of such
transaction or transactions, or shall have upgraded such rating (or, if CPT is
not the surviving entity in such transaction or transactions, affirmed that the
rating of the securities of the successor to CPT shall be at least equal to the
rating accorded the securities of CPT immediately prior to the public
announcement of such transaction or transactions). The date of such redemption
shall be the date of the Mandatory Redemption Event.”

         (g)     Section 16.9A.(i) is hereby amended by deleting the phrase “the
tenth (10th) anniversary of the date of issuance” from the first sentence
therein and inserting the phrase “January 1, 2013” in lieu thereof.

         (h)     Section 16.9A.(i) is hereby further amended by deleting the
term “8.5%” from the first sentence therein and inserting the term “7.0%” in
lieu thereof.

         (i)     Section 16.9A.(i) is hereby further amended by deleting the
phrase “the tenth (10th) anniversary of the issuance date” from the second
sentence therein and inserting the phrase “January 1, 2013” in lieu thereof.

         (j)     Except as amended by the provisions hereof, the Agreement, as
previously amended, shall remain in full force and effect in accordance with its
terms and is hereby ratified, confirmed and reaffirmed by the undersigned for
all purposes and in all respects.

         2.     The parties hereto hereby authorize and direct CPT (and its
board of trust managers) to amend the Statement of Designation in accordance
with the amendment to the Statement of Designation attached hereto as Exhibit A.
Such amendment to the Statement of Designation shall be effective December 1,
2003 and shall be filed with the office of the County Clerk of Harris County,
Texas as soon as reasonably practicable and in any event by December 5, 2003.

         3.     The Partnership hereby agrees that the obligations of the
Partnership contained in Section 4(d) and Section 4(i) of that certain
Contribution Agreement, dated as of February 23, 1999, by and among Belcrest,
Belair, the Partnership and CPT shall be extended through December 31, 2004.

         4.     As soon as reasonably practicable following the execution of
this Amendment by the Series B Partners, such Series B Partners shall return all
of the certificates representing outstanding Series B Preferred Units to the
Partnership. As soon as reasonably practicable following the receipt by the
Partnership of such certificates, the Partnership shall reissue such
certificates to reflect the terms of Series B Preferred Units, as amended
hereby.

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         5.     Each of the Series B Preferred Partners makes the following
representations and warranties to the Partnership and CPT as of the date hereof:

         (a)     Such Series B Preferred Partner is duly organized and validly
existing under the laws of the state of its organization and has been duly
authorized by all necessary and appropriate action to enter into this Amendment
and to consummate the transactions contemplated herein and the individuals
executing this Amendment on behalf of such Series B Preferred Partner have been
duly authorized by all necessary and appropriate action on behalf of such
Series B Preferred Partner. Assuming the due execution and delivery hereof by
CPT and the General Partner, this Amendment is a valid and binding obligation of
such Series B Preferred Partner, enforceable against such Series B Preferred
Partner in accordance with its terms, except insofar as enforceability may be
affected by bankruptcy, insolvency or similar laws affecting creditor’s rights
generally and the availability of any particular equitable remedy.

         (b)     Neither the execution nor the delivery of this Amendment nor
the consummation of the transactions contemplated herein nor fulfillment of or
compliance with the terms and conditions hereof (a) conflict with or will result
in a breach of any of the terms, conditions or provisions of (i) the articles of
incorporation, bylaws or other organizational documents of such Series B
Preferred Partner or (ii) any agreement, order, judgment, decree, arbitration
award, statute, regulation or instrument to which such Series B Preferred
Partner is a party or by which it or its assets are bound, or (b) constitutes or
will constitute a breach, violation or default under any of the foregoing. No
consent or approval, authorization, order, regulation or qualification of any
governmental entity or any other person is required for the execution and
delivery of this Amendment and the consummation of the transactions contemplated
hereby by such Series B Preferred Partner.

         (c)     The Series B Preferred Partners collectively own all of the
Preference Units issued pursuant to the Contribution Agreement and the
Partnership Agreement, as amended.

         6.     Each of the Partnership and CPT (each a “Camden Entity”) makes
the following representations and warranties to the Series B Preferred Partners
as of the date hereof:

         (a)     Such Camden Entity is duly organized and validly existing under
the laws of the state of its organization and has been duly authorized by all
necessary and appropriate action to enter into this Amendment and to consummate
the transactions contemplated herein and the individuals executing this
Amendment on behalf of such Camden Entity have been duly authorized by all
necessary and appropriate action on behalf of such Camden Entity. Assuming the
due execution and delivery hereof by each of the Series B Preferred Partners,
this Amendment is a valid and binding obligation of such Camden Entity,
enforceable against such Camden Entity in accordance with its terms (except,
with respect to CPT, such enforceability is limited to the terms of Sections
1(f), 1(g), 1(h) and 1(i) hereof), except insofar as enforceability may be
affected by bankruptcy, insolvency or similar laws affecting creditor’s rights
generally and the availability of any particular equitable remedy.

         (b)     Neither the execution nor the delivery of this Amendment nor
the consummation of the transactions contemplated herein nor fulfillment of or
compliance with the

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terms and conditions hereof (a) conflict with or will result in a breach of any
of the terms, conditions or provisions of (i) the articles of incorporation,
bylaws or other organizational documents of such Camden Entity or (ii) any
agreement, order, judgment, decree, arbitration award, statute, regulation or
instrument to which such Camden Entity is a party or by which it or its assets
are bound, or (b) constitutes or will constitute a breach, violation or default
under any of the foregoing. No consent or approval, authorization, order,
regulation or qualification of any governmental entity or any other person is
required for the execution and delivery of this Amendment and the consummation
of the transactions contemplated hereby by such Camden Entity.

         7.     The parties agree to cooperate with either other in effectuating
the transactions described herein and agree to execute such further documents
and instruments as may reasonably be required to effectuate the transactions
described herein.

         8.     This Amendment shall be binding upon and shall inure to the
benefit of the parties hereto, their respective legal representatives,
successors and assigns.

         9.     This Amendment may be executed in counterparts, all of which
together shall constitute one agreement binding on all the parties hereto,
notwithstanding that all such parties are not signatories to the original or the
same counterpart.

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        IN WITNESS WHEREOF, the parties hereto have executed this Amendment as
of the date first written above.

  GENERAL PARTENER:

CPT-GP, INC.

  By:

__________________________
Name:
Title:

  SERIES B PREFERRED PARTNERS

BELCREST REALTY CORPORATION

  By:

__________________________
Name:
Title:

  BELMAR REALTY CORPORATION

  By:

__________________________
Name:
Title:

  BELAIR REAL ESTATE CORPORATION

  By:

__________________________
Name:
Title:

  CAMDEN PROPERTY TRUST, for purpose
of amendments to Section 16.7 and 16.9

  By:

__________________________
Name:
Title:

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EXHIBIT A

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