Document:

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                                                                    Exhibit 10.3

         EXECUTION COPY

         FIRST AMENDMENT (this "Amendment") dated as of June 29, 2001 in respect
of the FIVE-YEAR CREDIT AGREEMENT dated as of June 30, 2000 (the "Credit
Agreement"), among Cox Radio, Inc., the banks party thereto (the "Banks"), The
Chase Manhattan Bank, as administrative agent, Citibank, N.A., as documentation
agent (the "Documentation Agent") and Bank of America, N.A., as syndications
agent (the "Syndications Agent").

         A.       The parties hereto have agreed, subject to the terms and
conditions hereof, to amend the Credit Agreement as set forth herein on the
terms and subject to the conditions provided herein.

         B.       Capitalized terms used and not otherwise defined herein shall
have the meanings assigned to such terms in the Credit Agreement.

         SECTION 1. (a) Amendment to Article I. Article I of the Credit
Agreement is hereby amended by:

         (i)      Adding in the appropriate alphabetical order the following
definition:

         ""Indexed Securities" means securities or financial contracts of the
         Company issued and outstanding from time to time whose fair value is
         derived from an index, such as the trading price of another referenced
         security."

         (ii)     Deleting the definition of "CSI" and substituting therefor in
alphabetical order the following:

         ""JPMorgan" shall mean J.P. Morgan Securities Inc."

         (iii)    Deleting the definition of "Cox Family" and substituting
therefor the following:

         "Cox Family" shall include those certain trusts commonly referred to as
         the Dayton-Cox Trust A, the Barbara Cox Anthony Atlanta Trust, the Anne
         Cox Chambers Atlanta Trust, the Estate of James M. Cox, Jr., Barbara
         Cox Anthony, Garner Anthony, Anne Cox Chambers, and the estates,
         executors and administrators, and lineal descendants of the above-named
         individuals, any private foundation or other charitable entity of which
         the above-described individuals constitute a majority of the trustees,
         directors or managers, and any corporation, partnership, limited
         liability company, trust or

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         other entity in which the above-named trusts or above-described
         individuals and the estates, executors and administrators, and lineal
         descendants of the above-named individuals in the aggregate have a
         direct or indirect beneficial interest or voting control of greater
         than 50%.

         (iv)     Adding at the end of clause (b) of the definition of "EBITDA"
the following:

         "(which shall exclude any effect thereon in respect of the accounting
         for all derivative financial instruments in accordance with GAAP, as
         provided in the proviso to, and the last sentence of, the definition of
         "Interest Expense")"

         (v)      Adding at the end of the definition of "Interest Expense" the
following:

         "; provided that interest expense shall exclude any effect thereon in
         respect of the accounting for all derivative financial instruments in
         accordance with GAAP, including derivative financial instruments that
         may be embedded in the Company's or any Restricted Subsidiary's debt
         securities or Indexed Securities and freestanding derivative financial
         instruments that may be used by the Company or any Restricted
         Subsidiary for hedging purposes. The effect on interest expense that
         may be excluded in respect of the accounting for all derivative
         financial instruments in accordance with GAAP include: (i) entries to
         record noncash interest expense (or income) associated with the
         mark-to-market of freestanding and embedded derivative financial
         instruments, (ii) noncash interest expense associated with the
         accretion of additional debt discount that may arise from the
         bifurcation of derivative financial instruments embedded in the
         Company's or any Restricted Subsidiary's debt securities or Indexed
         Securities, and (iii) noncash interest expense (or income) that may
         arise if the Company's or any Restricted Subsidiary's hedging
         strategies become ineffective, as determined in accordance with GAAP."

         (vi)     Adding at the end of the definition of "Leverage Ratio" the
following:

         "; provided that the computation of the Leverage Ratio shall exclude
         any effect on the Company's or any Restricted Subsidiary's debt
         securities or Indexed Securities in respect of the accounting for all
         derivative financial instruments in accordance with GAAP, including
         derivative financial instruments that may be embedded in the Company's
         or any Restricted Subsidiary's debt securities or Indexed

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         Securities and freestanding derivative financial instruments used by
         the Company or any Restricted Subsidiary for hedging purposes, but such
         computation shall in any event include the original principal amount
         and any accreted principal amount of such debt securities and Indexed
         Securities. The effect on the computation of the Leverage Ratio that
         may be excluded in respect of the accounting for all derivative
         financial instruments in accordance with GAAP include: (i) entries
         associated with the mark-to-market of all freestanding and embedded
         derivative financial instruments classified as a component of the
         Company's or any Restricted Subsidiary's debt securities or Indexed
         Securities in the consolidated balance sheet and (ii) entries to record
         and accrete additional debt discount that may arise from the
         bifurcation of derivative financial instruments embedded in the
         Company's or any Restricted Subsidiary's debt securities or Indexed
         Securities."

         (b)      Amendment to Exhibit 6.01. Exhibit 6.01 to the Credit
Agreement is hereby amended by deleting such Exhibit 6.01 and substituting
therefor Exhibit 6.01 hereto.

         (c)      Amendment to Exhibit 6.03. Exhibit 6.03 of the Credit
Agreement is hereby amended by deleting such Exhibit 6.03 and substituting
therefor Exhibit 6.03 hereto.

         (d)      Amendment to Section 9.01(d). Section 9.01(d) is hereby
amended by deleting subclause (z) of clause (i) thereof and substituting
therefor the following:

         "(z) securing Debt reflected in the consolidated financial statements
         of the Company referred to in Section 6.02 or"

         (e)      Amendment to Exhibit 9.01(d). Exhibit 9.01(d) of the Credit
Agreement is hereby amended by deleting such Exhibit 9.01(d) and substituting
therefor Exhibit 9.01(d) hereto.

         (f)      Amendment to Section 9.07. Section 9.07 of the Credit
Agreement is hereby amended by deleting clause (i) from paragraph (a) thereof
and by deleting "clause (g)" from paragraph (b) thereof and substituting
therefor "clause (f)".

         (g)      Amendment to Article XII. Article XII of the Credit Agreement
is hereby amended by adding as Section 12.07 the following:

         "SECTION 12.07. Other Agents. None of the Banks identified on the
facing page or signature pages or elsewhere herein as "syndication agent" or
"documentation agent" shall

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have any right, power, obligation, liability, responsibility or duty under this
Agreement other than those applicable to all Banks as such. Without limiting the
foregoing, none of the Banks so identified shall have or be deemed to have any
fiduciary relationship with any Banks. Each Bank acknowledges that it has not
relied, and will not rely, on any of the Banks so identified in deciding to
enter into this Agreement or in taking or not taking action hereunder."

         (h)      Amendment to Exhibit 13.02 [Addresses for Notices]. Exhibit
13.02 of the Credit Agreement is hereby amended by deleting such Exhibit 13.02
and substituting therefor Exhibit 13.02 hereto.

         (i)      Amendment to Section 13.04. Section 13.04 of the Credit
Agreement is hereby amended by deleting "CSI" therein and substituting therefor
"JPMorgan".

         (j)      Amendment to Section 13.07(c). Section 13.07(c) of the Credit
Agreement is hereby amended by:

                  (i)      Deleting the text in the first set of parentheses
         thereof and substituting therefor the following:

         "(except in the case of assignments to Banks and Bank Affiliates)".

                  (ii)     Deleting the words "(which consent shall not be
         unreasonably withheld) and" therein and substituting therefor the
         following:

         "(which consent shall not be unreasonably withheld or delayed) and
         written acknowledgment of".

                  (iii)    Deleting the text in parentheses in clause(i) of the
         first proviso thereof and substituting therefor for the following:

         "(except in the case of assignments to Banks or Bank Affiliates,
         assignment of the assigning Bank's entire remaining commitment or
         unless otherwise agreed by the Company)".

         (k)      All references in the Credit Agreement to "270 Park Avenue,
New York, New York 10017" shall be changed to "One Chase Manhattan Plaza, New
York, New York 10081".

         SECTION 2. Representations and Warranties. The Company hereby
represents and warrants to the Administrative Agent and the Banks that:

         (a)      This Amendment has been duly authorized, executed and
delivered by it and constitutes its legal, valid and binding obligations
enforceable in accordance with its terms.

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         (b)      As of the date hereof, and after giving effect to this
Amendment, no Default or Event of Default has occurred and is continuing and the
representations and warranties contained in the Credit Agreement, as amended by
this Amendment, are true and correct in all material respects as if made on the
date hereof.

         SECTION 3. Effectiveness. The effectiveness of this Amendment is
subject to the satisfaction on the date hereof of the following conditions:

         (a)      the Administrative Agent shall have received executed
counterparts of this Amendment which, when taken together, bear the signatures
of the Company and the Majority Banks; and

         (b)      the Administrative Agent shall have received all fees and
other amounts due and payable to the Administrative Agent and to the Banks on or
prior to the date hereof, including (i) such fees and amounts due and payable
pursuant to the terms and conditions set forth in the Agent's Fee Letter and
(ii) to the extent invoiced, reimbursement or payment of all reasonable
out-of-pocket expenses required to be reimbursed or paid by the Company
hereunder.

         Following the satisfaction on the date hereof of the conditions set
forth above, the Administrative Agent shall inform the Company in writing that
this Amendment has become effective.

         SECTION 4. Counterparts. This Amendment may be signed in any number of
counterparts, each of which shall constitute an original but all of which when
taken together shall constitute but one contract. Delivery of an executed
counterpart of a signature page by facsimile transmission shall be effective as
delivery of a manually executed counterpart of this Amendment.

         SECTION 5. APPLICABLE LAW. This Amendment shall be deemed to be an
agreement executed by the Company, the Administrative Agent, the Documentation
Agent, the Syndications Agent and the Majority Banks under the laws of the State
of New York and of the United States and for all purposes shall be construed in
accordance with, and governed by, the laws of said State and of the United
States.

         SECTION 6. Credit Agreement. As used in the Credit Agreement and the
Exhibits thereto, the terms "Agreement", "herein", "hereinafter", "hereunder",
"hereto", and words of similar import shall mean, from and after the date
hereof, the Credit Agreement as amended by this Amendment.

         SECTION 7. Expenses. The Company shall pay, in accordance with the
provisions of Section 13.01 of the Credit Agreement, all reasonable
out-of-pocket expenses incurred by the Administrative Agent and the Banks in

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connection with the preparation, negotiation, execution, delivery and
enforcement of this Amendment, including, but not limited to, the reasonable
fees and disbursements of Cravath, Swaine & Moore. The agreement set forth in
this Section 7 shall survive the termination of this Amendment.

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         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed by their duly authorized officers, all as of the date and year
first above written.

                                    COX RADIO, INC.,

                                    by /s/ Richard Jacobson
                                       -----------------------------------------
                                       Name: Richard Jacobson
                                       Title:Vice President, Treasurer

[MAJORITY BANKS]<PAGE>   1

Exhibit 10.1

                              EMPLOYMENT AGREEMENT

         THE EMPLOYMENT AGREEMENT (the "Agreement"), made and entered into on
this 15th day of February, 1999, by and between WILLIAM F. PAULSEN, an
individual resident of the State of North Carolina (the "Executive"), SUMMIT
PROPERTIES INC., a Maryland corporation, and SUMMIT MANAGEMENT COMPANY, a
Maryland corporation. Summit Properties Inc. and Summit Management Company are
referred to herein collectively as the "Company," is hereby restated as follows
this 3rd day of April, 2001;

                              W I T N E S S E T H:
                              - - - - - - - - - -

         WHEREAS, the Company desires to employ Executive, and Executive desires
to be employed by the Company on the terms and conditions contained in this
Agreement;

         NOW, THEREFORE, in consideration of the mutual promises and agreements
contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties to this Agreement,
intending to be legally bound, hereby agree as follows:

                                       1.
                                   Employment

         Subject to the terms of this Agreement, the Company hereby employs
Executive, and Executive hereby accepts such employment with the Company.
Executive shall serve as an officer of the Company in the capacity of Chief
Executive Officer of Summit Properties Inc. and Vice President of Summit
Management Company and shall have the duties, rights and responsibilities
normally associated with such positions consistent with the Bylaws of Summit
Properties Inc. and Summit Management Company, respectively, together with such
other reasonable duties relating to the operation of the business of the Company
and its affiliates as may be assigned to him from time to time by the Board of
Directors of Summit Properties Inc. (the "Board") or as may otherwise be
provided in such Bylaws. Through June 30, 2001 Executive shall devote his
business time, skills and efforts to rendering services on behalf of the Company
and its affiliates and shall exercise such care as is customarily required by
executives undertaking similar duties for entities similar to the Company.
Effective July 1, 2001, Executive agrees to resign from all of his executive
positions with the Company, but Executive shall remain an employee and shall
provide such services as requested by the Board or the Chief Executive Officer
of Summit Properties Inc. from time to time. The Company acknowledges that
effective July 1, 2001, (i) Executive will not be required to devote his
full-time during normal business hours to the business and affairs of the
Company and that (ii) Executive intends to pursue other business interests
during the Term of this Agreement subject to the restrictions of a
non-competition agreement between Executive and the Company dated as of February
15, 2000 (the "Noncompetition Agreement").

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                                       2.
                             Compensation; Expenses

2.1      Base Salary. Executive's current Base Salary is Four Hundred Forty
         Thousand dollars ($440,000.00) per annum and will remain at this level
         through June 30, 2001. Effective July 1, 2001, Executive's Base Salary
         shall be reduced to Two Hundred Twenty Thousand dollars ($220,000.00)
         per annum. Effective January 1, 2002 and for the balance of the Term,
         Executive's Base Salary shall be reduced to Two Hundred Thousand
         dollars ($200,000.00) per annum unless Executive ceases to be an
         employee member of the Board of Directors of the Company, in which case
         Executive's base salary shall be reduced to one hundred seventy five
         thousand dollars ($175,000) per annum. The Base Salary, less all
         applicable withholding taxes, shall be paid to Executive in accordance
         with the payroll procedures in effect with respect to officers of the
         Company.

2.2      Incentive Compensation. In addition to the Base Salary payable to
         Executive pursuant to Paragraph 2.1 and any special compensatory
         arrangements which the Company provides for Executive, Executive is
         currently entitled to participate in any incentive compensation plans
         in effect with respect to senior executive officers of the Company,
         with the criteria for Executive's participation in such plans to be
         established by the Committee in its sole discretion. Effective January
         1, 2002, Executive shall no longer be eligible to participate in such
         plans for senior executive officers with respect to his service on and
         after January 1, 2002.

2.3      Stock Options. Executive shall at the discretion of the Board be
         entitled to participate in employee stock option plans from time to
         time established for the benefit of employees of the Company in
         accordance with the terms and conditions of such plans. So long as
         Executive remains a member of the Board, the Company shall use
         reasonable efforts in recommending to the Board the grant of options to
         Executive in such amounts and at such times as those options received
         by non-employee members of the Board. All existing equity based
         incentives held by Executive shall remain in place and continue with
         their current vesting schedule.

2.4      Expenses. Executive shall be reimbursed for all reasonable business
         related expenses incurred by Executive at the request of or on behalf
         of the Company.

2.5      Participation in Employee Benefit Plans. Executive shall be entitled to
         participate in such medical, dental, disability, hospitalization, life
         insurance, profit sharing and other benefit plans as the Company shall
         maintain from time to time for the benefit of executive officers of the
         Company, on the terms and subject to the conditions set forth in such
         plans.

2.6      Office Space and Secretarial and MIS Support. During the Term of this
         Agreement, Executive shall have the use of his current or comparable
         office space, comparable secretarial and comparable MIS support at the
         expense of the Company.

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2.7      Vacation. In addition to Company holidays, Executive is currently
         entitled to receive such paid vacation time each year during the term
         of this Agreement consistent with vacation policies of the Company for
         its executive officers. Said paid vacation time shall initially be
         twenty days. Any unused vacation days in any year may not be carried
         over to subsequent years, and Executive shall receive no additional
         compensation for any unused vacation days. Effective January 1, 2002,
         Executive shall be subject to the vacation policies of the Company for
         employees who are not executive officers.

2.8      Perquisites. Executive shall be entitled to receive such individual
         perquisites as are consistent with the Company's policies applicable to
         its executive officers until December 31, 2001.

                                       3.
                               Term of Employment

3.1      Term. The Term of this Agreement shall run until December 31, 2011.
         Subject to the provisions of Section 4 below, upon twenty (20) business
         days after written notice is given to the other party by either the
         Company or Employee that the employment relationship shall terminate.
         Such termination notice may be given by either party without cause and
         for any or no reason.

                                       4.
                   Compensation upon Termination of Employment

         In the event Executive's employment with the Company is terminated; 1)
by the Company or Executive for any reason prior to the expiration of the Term
or, 2) upon expiration of the Term, Executive shall be entitled to receive the
following:

                  (i)      Base Salary. The Company shall continue to pay
                           Executive's Base Salary for the remainder of the Term
                           to the extent termination has occurred prior to the
                           expiration of the Term.

                  (ii)     Stock Options. All stock options and restricted stock
                           held by Executive shall become fully vested upon his
                           termination of employment, and subject to the terms
                           of the Company's Amended and Restated 1994 Stock
                           Option and Incentive Plan, all such stock options
                           shall remain outstanding for the remainder of their
                           original terms.

                  (iii)    Stock Loans. Any loan from the Company to Executive
                           pursuant to the Company's Employee Loan Plan shall
                           continue in place for the remainder of its term.

                                                                               3
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                  (iv)     Employee Benefit Plans. If termination occurs prior
                           to the end of the Term, Executive and, if applicable,
                           eligible dependents shall continue to participate in
                           the Company's health, dental, disability, and life
                           plans for the remainder of the Term on the same terms
                           and conditions as an active employee. At the end of
                           the Term, Executive may elect to continue in the
                           Company's life insurance plan for his life, and
                           Executive and eligible dependents may elect to
                           continue in the Company's health and dental plans
                           until the last to die of him and his spouse at a cost
                           no greater than the group rates applicable to active
                           employees in effect from time to time.
                           Notwithstanding the foregoing, Executive's
                           continuation in the foregoing plans is subject to the
                           ability of the Company to make such coverage
                           available on a commercially reasonable basis.

                  (v)      Office Space and Secretarial and MIS Support. For the
                           remainder of his life, Executive shall continue to
                           have the use of his then current or comparable office
                           space, comparable secretarial and comparable MIS
                           support at the expense of the Company.

                                       5.
                                  Miscellaneous

5.1.     Binding Effect. This Agreement shall inure to the benefit of and shall
         be binding upon Executive and his executor, administrator, heirs,
         personal representative and assigns, and the Company and its successors
         and assigns; provided, however, that Executive shall not be entitled to
         assign or delegate any of his rights or obligations hereunder without
         the prior written consent of Company; and further provided that the
         Company shall not be entitled to assign or delegate any of its rights
         or obligations hereunder except to a corporation, partnership or other
         business entity that is, directly or indirectly, controlled by or under
         common control with Summit Properties Inc.

5.2.     Construction of Agreement. No provision of this Agreement or any
         related document shall be construed against or interpreted to the
         disadvantage or any party hereto by any court or other governmental or
         judicial authority by reason of such party having or being deemed to
         have structured or drafted such provision.

5.3.     Amendment; Waiver. Except as otherwise expressly provided in this
         Agreement, no amendment, modification or discharge of this Agreement
         shall be valid or binding unless set forth in writing and duly executed
         by each of the parties hereto. Any waiver by an party or consent by any
         party to any variation from any provision of this Agreement shall be
         valid only if in writing and only in the specific instance in which it
         is given, and no such waiver or consent shall be construed as a waiver
         of any other provision or as a consent with respect to any similar
         instance or circumstance.

                                                                               4
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5.4.     Governing Law. This Agreement shall be governed by and construed in
         accordance with the laws of the State of North Carolina.

5.5.     Survival of Agreements. All covenants and agreements made herein shall
         survive the execution and delivery of this Agreement and the
         termination of Executive's employment hereunder for any reason.

5.6.     Headings. The section and paragraph headings contained in this
         Agreement are for reference purposes only and shall not affect in any
         way the meaning or interpretation of this Agreement.

5.7.     Notices. All notices, requests, consents and other communications
         hereunder shall be in writing and shall be deemed to be given when
         delivered personally or mailed first class, registered or certified
         mail, postage prepaid, in either case, addressed as follows:

                  (a)      If to Executive:

                                    William F. Paulsen
                                    41 Rivermarsh Lane
                                    Kiawah Island, SC   29455

                  (b)      If to the Company, addressed to:

                                    Summit Properties Inc.
                                    212 South Tryon Street, Suite 500
                                    Charlotte, North Carolina 28281
                                    Attn:  Michael G. Malone

5.8.     Counterparts. This Agreement may be executed in two or more
         counterparts, each of which shall be deemed to be an original, but all
         of which together shall constitute one and the same instrument.

5.9.     Entire Agreement. This Agreement, together with the Noncompetition
         Agreement, Indemnification Agreement, and Executive Severance
         Agreement, which said agreement shall terminate on June 30, 2001,
         constitute the entire agreement of the parties with respect to the
         subject matter hereof and upon the date first written above, will
         supersede and replace all prior agreements, written and oral, between
         the parties hereto or with respect to the subject matter hereof. This
         Agreement may be modified only by a written instrument signed by each
         of the parties hereto.

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

                                                                               5
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                                        SUMMIT PROPERTIES INC.

                                        By: STEVEN R. LeBLANC
                                            -----------------
                                        Name:   Steven R. LeBlanc
                                        Title: President

                                        SUMMIT MANAGEMENT COMPANY

                                        By: /S/ STEVEN R. LeBLANC
                                            ---------------------
                                        Name:   Steven R. LeBlanc
                                        Title:     Vice President

                                        Collectively, the "Company"

                                        /S/ WILLIAM F. PAULSEN [SEAL]
                                        ----------------------------
                                        William F. Paulsen

                                        "Executive"

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