Document:

Exhibit 10.2

Exhibit 10.2

(Employee Form)

AMENDMENT NO. 1 TO AMENDED AND RESTATED

MASTER EXCHANGE AGREEMENT

This Amendment No. 1 to the Amended and Restated Master Exchange Agreement (this “Amendment”)
is made by Camden Property Trust (the “Company”) and is effective as of the date on which it is
approved and adopted by the Compensation Committee of the Board of Trust Managers of the Company.

WHEREAS, the Company previously entered into an Amended and Restated Master Exchange
Agreement, which is an Option Agreement for purposes of the KEYSOP (the “Option Agreement”), with
the Recipient pursuant to which the Recipient was granted certain Modified Rights to Repurchase
relating to the repurchase of Restricted Shares and certain options to acquire marketable
securities pursuant to the KEYSOP (collectively, “Options”); and

WHEREAS, Section 409A (“Code Section 409A”) of the Internal Revenue Code of 1986, as amended
(the “Code”), was enacted on October 22, 2004, and related Treasury Regulations were published
April 10, 2007 and are effective January 1, 2008, and are applicable to deferred compensation,
including the Options and certain other equity compensation rights, that vest after December 31,
2004; and

WHEREAS, the Modified Rights to Repurchase that vested on and before December 31, 2004 (the
“Grandfathered Modified Rights to Repurchase”) are not subject to Code Section 409A, provided they
are not materially modified on or after October 3, 2004; and

WHEREAS, the Modified Rights to Repurchase that vest after December 31, 2004 (the
“Non-Grandfathered Modified Rights to Repurchase”) are subject to Code Section 409A; and

WHEREAS, the Committee has the authority, pursuant to Section 4.3 of the KEYSOP, to amend an
Option Agreement issued pursuant to the KEYSOP if the Committee determines that an amendment is
necessary or advisable as a result of, among other things, a change in the Code or any regulation,
which occurs after the grant date and applies to the Option; and

WHEREAS, the Committee has determined it to be necessary and advisable to amend certain
provisions of the Option Agreement to (i) cause the Non-Grandfathered Modified Rights to Repurchase
to comply with applicable provisions of Code Section 409A and the Treasury Regulations issued
thereunder and (ii) provide that the Grandfathered Modified Rights to Repurchase will not be
materially modified after October 3, 2004; and

WHEREAS, the Company and the Committee intend that this Amendment and the Option Agreement be
interpreted and administered consistent with Code Section 409A and the Treasury Regulations issued
thereunder;

 

 

 

NOW, THEREFORE, the Committee does hereby amend the Option Agreement as follows:

1. Section 3 of the Option Agreement is hereby amended and restated to read in its entirety as
follows:

“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, $.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 Recipient may elect that any Dividend Equivalents payable on
account of dividends declared on the Common Shares shall be paid to the Trust
instead of to the Recipient. In such event, the Dividend Equivalents shall be paid
into the Trust 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
Trust. The Trustee will invest the Dividend Equivalents in marketable securities
selected at the discretion of the Committee, and the Recipient will receive an
option to purchase assets from the Trust in accordance with the terms of the KEYSOP.
Any such election to pay Dividend Equivalents to the Trust must be made no later
than December 31 of the year preceding the year in which the Dividend Equivalents
may be payable on account of dividends declared on the Common Shares during such
succeeding calendar year, and shall be irrevocable for those Dividend Equivalents;
provided, however, that solely with respect to Dividend Equivalents that would
otherwise be subject to such an election after the Recipient’s Separation from
Service (as defined in Code Section 409A), such an election shall terminate as of
the date of the Recipient’s Separation from Service. The Dividend Equivalents
payable under this Section 3 shall be distributed directly to the Recipient via
payroll or to the Trust, as elected, on a quarterly basis. Upon Separation from
Service of the Recipient, no Dividend Equivalents shall be payable on any Restricted
Shares that are forfeited by the Recipient. Any Dividend Equivalents paid to the
Trust shall accumulate in the Trust and be subject to the terms and provisions of
the KEYSOP. In this regard, the Committee shall invest such Dividend Equivalents in
marketable securities.”

2. The first sentence of Section 4 of the Option Agreement is hereby amended and restated to
read in its entirety as follows:

“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 related to such
Modified Right to Repurchase held in the Trust.”

3. Section 5 of the Option Agreement is hereby amended to delete the last sentence thereof.

 

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4. Section 7 of the Option Agreement is hereby amended and restated to read in its entirety as
follows:

“The Committee shall not exchange or substitute any Common Shares or Designated
Property subject to a Modified Right to Repurchase or an Option.”

5. Section 8 of the Option Agreement is hereby amended and restated to read in its entirety as
follows:

	 	“8.	 	The Modified Rights to Repurchase shall be exercisable as described in
this Section 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”). 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.

	 	a.	 	This Section 8.a. is applicable to Grandfathered
Modified Rights to Repurchase. Recipient’s vested Grandfathered
Modified Rights to Repurchase shall be exercisable for a period of time
following the Termination Date equal to the lesser of:

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

	 
	 	(ii)	 	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 Grandfathered 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

 

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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 Grandfathered 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
Grandfathered 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 Grandfathered 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 Grandfathered Modified Rights to
Repurchase were held by a Specified Beneficiary on the Six Month
Date, one year from the first date thereafter that such
Grandfathered 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.

 

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	 	b.	 	This Section 8.b. is applicable to Non-Grandfathered
Modified Rights to Repurchase. The Recipient to whom such a
Non-Grandfathered Modified Right to Repurchase was awarded shall make
an election, no later than December 31, 2007, as to the date on which
such Non-Grandfathered Modified Right to Repurchase will be
exercisable. The Recipient may make a separate election, no later than
December 31, 2007, as to the date on which such Non-Grandfathered
Modified Right to Repurchase will be exercisable following the
Recipient’s Separation from Service or the occurrence of a change in
control (as defined in Code Section 409A and referred to herein as a
“409A Change in Control”), provided, however, that in the event of a
Recipient’s Separation from Service, the Non-Grandfathered Modified
Right to Repurchase may not be exercised before the expiration of six
months from the date of the Recipient’s Separation from Service. If no
such elections are made, such Non-Grandfathered Modified Right to
Repurchase shall be exercisable on the later of the following dates:

	 	(i)	 	The later of January 1, 2012, or two
years following the date on which the Non-Grandfathered
Modified Right to Repurchase vests; or

	 
	 	(ii)	 	The earlier of the 16th month following
the month in which the Recipient Separates from Service or the
16th month following the month in which a 409A Change in
Control occurs.

The exercise date elected by the Recipient with respect to a
Non-Grandfathered Modified Right to Repurchase may not be prior to
January 1, 2008 and may not be later than 30 years following the
date on which the Non-Grandfathered Modified Right to Repurchase
vests. In the event of the Recipient’s Separation from Service, the
exercise date applicable to the Recipient’s Separation from Service
may not be later than the date on which the Post-Termination Period
expires. If the Recipient Separates from Service prior to the
otherwise applicable exercise date and the exercise date applicable
to the Recipient’s Separation from Service is later than the date on
which the Post-Termination Period expires, such elected exercise
date shall be disregarded and the exercise date related to a
Separation from Service shall be the date on which the
Post-Termination Period expires. For purposes of this Section 8.b.,
the Post-Termination Period shall have the meaning described in the
first paragraph of Section 8 hereof, except that a Recipient’s
Termination Date shall be the date on which the Recipient Separates from Service and a Termination of Employment must be
caused by a Separation from Service.

 

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With respect to a Non-Grandfathered Modified Right to Repurchase,
the Recipient may elect, on and after January 1, 2008, to defer the
date on which such Non-Grandfathered Modified Right to Repurchase is
exercisable if the following requirements are satisfied:

	 	(i)	 	An election to defer the exercise date
must be submitted to the Employer no later than twelve (12)
months and one day prior to the otherwise scheduled exercise
date;

	 
	 	(ii)	 	The election must defer the exercise
date to a date no earlier than five years from the otherwise
scheduled exercise date; and

	 
	 	(iii)	 	The election will not be effective for
at least twelve (12) months following the date on which the
election is filed.

Such an election may not defer the exercise date to a date later
than 30 years following the date on which the Non-Grandfathered
Modified Right to Repurchase vests or the expiration of the
Post-Termination Period, if applicable. If the Recipient Separates
from Service prior to the otherwise applicable exercise date and the
exercise date elected by the Recipient with respect to Separation
from Service is later than the date on which the Post-Termination
Period expires, such elected exercise date shall be disregarded and
the exercise date related to a Separation from Service shall be the
date on which the Post-Termination Period expires.

The Non-Grandfathered Modified Right to Repurchase may be exercised
on the applicable exercise date or within the 90-day period that
begins with the exercise date. Following December 31 of the year in
which the exercise date occurs, the Non-Grandfathered Modified Right
to Repurchase expires and is no longer exercisable.

6. The sixth sentence of Section 16 of the Option Agreement is hereby amended and restated to
read in its entirety as follows:

“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 Grandfathered
Modified Rights to Repurchase originally issued to the Recipient and deliver the
underlying Company shares to the Company to fund such Costs of Administration; (ii) the Committee may cancel one or more of the Non-Grandfathered
Rights to Repurchase originally issued to the Recipient, one day following the date
that is six months from the Recipient’s Separation from Service, and deliver the
underlying Company shares to the Company to fund such Costs of Administration;
and/or (iii) 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.

 

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7. Section 17 of the Option Agreement is hereby deleted.

8. This Amendment shall be construed in accordance with the laws of the State of Texas.

9. To the extent any provision of this Amendment is held to be unenforceable, illegal or
invalid under any current or future law, such provision shall be fully separable and this Amendment
shall be construed and enforced as if such illegal, invalid or unenforceable provision had never
comprised a part thereof, the remaining provisions of this Amendment 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 Amendment, 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 Amendment are
submitted to reform the otherwise illegal, invalid or unenforceable provision in accordance with
this Section 9.

10. The terms of the written award documents executed by the Company with respect to the
Modified Rights to Repurchase (an “Award Agreement”) have been amended contemporaneously with
adoption of this Amendment to reflect any applicable changes made hereunder for compliance with
Code Section 409A, as attached hereto as Exhibit B. To the extent any provisions of this
Amendment 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 Award Agreement, the terms of the Award Agreement shall control;
provided, however, that with regard to both (i) and (ii), to the extent required for compliance
with Code Section 409A, the provisions of this Amendment shall control. For purposes hereof, the
Option Agreement shall not constitute an Award Agreement.

11. Capitalized terms used and not defined herein shall have the meanings assigned to such
terms in the Option Agreement.

 

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IN WITNESS WHEREOF, this Amendment has been executed on and effective as of November 27, 2007.

	 	 	 	 	 
	 	CAMDEN PROPERTY TRUST

 	 
	 	By:  	 	 
	 	 	Dennis M. Steen

Chief Financial Officer, Senior Vice
President-Finance and Secretary 	 
	 

ACKNOWLEDGED BY THE RECIPIENT:

	 	 	 
	 

Name:

	 	 

 

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EXHIBIT A

Intentionally omitted

 

 

 

EXHIBIT B

 

 

 

RESTRICTED SHARE BONUS (AWARD)

Shares to the Rabbi Trust

DATED: [Current date]

XXXX Restricted Common Shares of Beneficial Interest (the “Shares”) in Camden Property Trust
(the “Company”) were previously awarded and placed into the Rabbi Trust for the benefit of Name
(the “Recipient”), subject to the terms and conditions of the Amended and Restated Master Exchange
Agreement executed by the Company and the Recipient with respect to such Shares, as amended by
Amendment No. 1 to the Amended and Restated Master Exchange Agreement (as amended, the “Master
Exchange Agreement”). These shares have been awarded pursuant to the Company’s incentive
compensation plans administered by the Compensation Committee of the Board of Trust Managers. The
Shares are further subject to the following terms and conditions.

As of the date indicated above,
 _____ 
Shares of the above award remain subject to your right
to repurchase such Shares from the Rabbi Trust at a price of $XX.XX per share. Such repurchase may
occur at the time or times specified in accordance with the Master Exchange Agreement and any
applicable elections made by the Recipient related to such time or times.

1. Vesting of Shares.

(a) Of the above award, the Shares that remain subject to your right to repurchase as of the
date indicated above vest as determined in accordance with the schedule set forth below:

	 	 	 	 	 
	Aggregate Number Vested	 	Vesting Date

Any Shares awarded hereunder that have vested pursuant to the above schedule are referred to
herein as “Vested Shares.” Any Shares awarded hereunder that have not vested pursuant to the above
schedule are referred to herein as “Unvested Shares.” The grant by the Company to the Recipient of
the Shares hereunder is hereinafter referred to as the “Restricted Share Bonus Award.”

(b) The Unvested Shares may not be sold, exchanged, pledged, transferred, assigned or
otherwise encumbered or disposed of until they have become nonforfeitable in accordance with this
Section 1. The Company shall place a stop order with the Transfer Agent against any transfer of
the Unvested Shares, until such time as the Unvested Shares shall become nonforfeitable in
accordance with this Section 1.

 

 

 

(c) Notwithstanding Section 1(a) hereof, if the employment or relationship with the Company
and its Affiliates (as defined below) of the Recipient is terminated for Cause (as defined below)
before satisfaction of the terms and conditions for the vesting (within the meaning of Section 83
of the Internal Revenue Code of 1986, as amended) of all Unvested Shares, the number of Unvested
Shares not theretofore vested shall be returned to the Company and forfeited without remuneration
by the Company. If the employment or relationship with the Company and its Affiliates of the
Recipient is terminated without Cause or as a result of a general layoff, job elimination, death or
disability before satisfaction of the terms and conditions of the vesting of all Restricted Shares,
the Recipient shall immediately vest in two-thirds of the Unvested Shares, and the remaining
one-third of the Unvested Shares shall be returned to the Company and forfeited without
remuneration by the Company. If Unvested Shares issued shall be returned to the Company and
forfeited as provided above, the Recipient, or in the event of the Recipient’s death, the
Recipient’s personal representative, shall forthwith deliver to the Secretary of the Company the
certificates representing such Restricted Shares, accompanied by such instrument of transfer, if
any, as may reasonably be required by the Company. For purposes of this Section 1(c) the term
“Affiliate” means any corporation more than 50% of whose stock having general voting power is owned
by the Company or by another Affiliate of the Company.

For purposes of this Section 1(c), the term “Cause” shall mean any one or more of the following:
(i) the Recipient’s conviction of a felony; (ii) the Recipient’s commission of fraud, embezzlement,
theft or other acts involving dishonesty, or crimes constituting moral turpitude, in any case
whether or not involving the Company, that, in the reasonable opinion of the Company, render his or
her continued employment harmful to the Company; (iii) the voluntary resignation of the Recipient
without the prior consent of the Company, or (iv) excessive absenteeism not related to illness.

(d) The Recipient shall not receive any dividends payable on the Shares or be entitled to vote
the Shares while they are held by the Rabbi Trust. However, the Recipient shall receive dividend
equivalent payments equal to the dividends payable on the Shares (the “Dividend Equivalents”) at or
about the same time that the Company pays dividends to holders of its Common Shares of Beneficial
Interest. The Dividend Equivalents shall be paid in accordance with elections made pursuant to the
Master Exchange Agreement; either to the Beneficiary through payroll as W-2 compensation, or
directly to the Camden Property Trust Key Employee Share Option Plan, as amended (“KEYSOP”). If
the Recipient forfeits any of the Shares pursuant to Section 1(c) above, then the Recipient shall
no longer receive any Dividend Equivalents with respect to such forfeited Shares. After the
Recipient exercises any of the Rights to Repurchase the Shares from the Rabbi Trust, he or she
shall no longer receive any Dividend Equivalents with respect to Shares that he or she has
purchased.

2. Share Incentive Plan. The Company and the Recipient each hereby agree to be bound
by the terms and conditions set forth in the 2002 Share Incentive Plan of Camden Property Trust, as
may be amended from time to time, and each and every successor plan thereto (collectively, the
“Share Incentive Plan”); provided, however, that in the event of any conflict between the terms and
conditions of the Share Incentive Plan and the terms and conditions of this Award, the terms and
conditions of this Award shall govern and control.

 

 

 

3. Acceleration. Notwithstanding any other provision of this Award to the contrary,
all or any part of the Restricted Share Bonus Award not theretofore vested shall vest: (a) upon
the occurrence of such special circumstance or event as in the opinion of the Committee merits
special consideration, or (b) upon a Change in Control (as defined below) in which case the date on
which such immediate exercisability and accelerated vesting shall occur shall be the date of the
occurrence of the Change in Control; provided, however, that with respect to any portion of this
Award that vests on and after January 1, 2005, such accelerated vesting shall in no way affect the
exercise date applicable to such portion under the terms of the Master Exchange Agreement.

A “Change in Control” shall be deemed to have occurred if:

(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 Shares 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
effective date of this Award), individuals who at the beginning of such period constitute the Board
of trust Managers of the Company, and any new Trust Manager (other than a Trust Manager designated
by a person who has entered into an agreement with the Company to effect a transaction described in
clause (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 shall be determined by multiplying the
number of 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 the Common Shares for the ten
trading days immediately preceding the Transaction Date. The aggregate market value of the Common
Shares 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.

4. Notices. Any notices or other communications given in connection with this Award
shall be mailed, and shall be sent by registered or certified mail, return receipt requested, to
the indicated address as follows:

If to the Company:

Camden Property Trust

Three Greenway Plaza, Suite 1300

Houston, Texas 77046

Attention: Chief Financial Officer

or to such changed address as to which either party has given notice to the other party in
accordance with this Section 4. All notices shall be deemed given when so mailed, except that a
notice of a change of address shall be deemed given when received.

5. Entire Award. This Award (and the certificate, if any, issued to the Recipient
with respect to the Shares) together with the Share Incentive Plan, the Master Exchange Agreement
and the KEYSOP constitute the whole agreement between the parties hereto with respect to the
subject matter hereof, and supersede all prior oral and written communications and agreements, and
all contemporaneous oral communications and agreements with respect to the subject matter hereof.

6. No Employment Agreement. This Award shall not be construed as creating any
contract of employment between the Company and the Recipient, and the Company shall have the same
control over the Recipient as if this Award had never been executed.

 

 

 

7. Successors and Assigns. This Award shall inure to the benefit of, and be binding
on, the Company and its successors and assigns, and shall inure to the benefit of, and be binding
on, the Recipient and the Recipient’s heirs, executors, administrators and legal representatives.
This Award shall not be assignable by the Recipient. Neither the Recipient nor the Recipient’s
estate, personal representative or beneficiary shall have the power or right to sell, exchange,
pledge, transfer, assign or otherwise encumber or dispose of the Recipient’s, estate’s, personal
representative’s or beneficiary’s interest in the Restricted Share Bonus Award and to the extent
any such interest is awarded to a spouse pursuant to any divorce proceeding, such interest shall be
deemed to be terminated and forfeited, notwithstanding any vesting provisions or other terms
herein.

8. Governing Law. This Award shall be subject to, and construed in accordance with,
the laws of the State of Texas without giving effect to principles of conflicts of law.

9. Preemption. Notwithstanding anything in this Award to the contrary, if, at any
time specified herein for the making of any determination or payment, or the issuance or other
distribution of the Shares, any law, regulation or requirement of any governmental authority having
jurisdiction in the premises shall require either the Company or the Recipient (or the Recipient’s
beneficiary), as the case may be, to take any action in connection with any such determination,
payment, issuance or distribution, the issuance or distribution of such Shares or the making of
such determination or payment, as the case may be, shall be deferred until such action shall have
been taken.

10. Construction. Titles and headings to Sections herein are for purposes of
reference only, and shall in no way limit, define or otherwise affect the meaning or interpretation
of any provisions of this Award.

IN WITNESS WHEREOF, Camden Property Trust has executed this Award as of the date and year
first above written.

	 	 	 	 	 
	 	CAMDEN PROPERTY TRUST

 	 
	 	By:  	 	 
	 	 	Dennis Steen 	 
	 	 	Chief Financial Officer 	 

 

 

 

	 	 	 	 	 

RESTRICTED SHARE AWARD

Shares to the Rabbi Trust

DATED: [Current date]

                     Restricted Common Shares of Beneficial Interest (“Restricted Shares”) in Camden
Property Trust (“CPT”) were previously awarded by the Compensation Committee of the Board of Trust
Managers and placed in the Rabbi Trust for the benefit of                                          (“Recipient”),
subject to the terms and conditions set forth in the Amended and Restated Master Exchange Agreement
executed by Recipient and CPT, as amended by Amendment No. 1 to the Amended and Restated Master
Exchange Agreement (as amended, the “Master Exchange Agreement”). As of the date indicated above,

 _____ 
Restricted Shares of the above award remain subject to your right to repurchase such Shares
from the Rabbi Trust at a price of $XX.XX per share; such repurchase may occur at the time or times
specified in accordance with the Master Exchange Agreement and any applicable elections made by the
Recipient related to such time or times.

Of the above award, the Restricted Shares that remain subject to your right to repurchase as of the
date indicated above vest as follows:

	 	 	 	 	 
	Aggregate	 	Vesting	 
	Number Vested:	 	Date	 
	 
	 	May 1, 20__
	 
	 	May 1, 20__
	 
	 	May 1, 20__
	 
	 	May 1, 20__
	 
	 	May 1, 20__

Dividend Equivalent payments on these Restricted Shares shall be paid in accordance with elections
made pursuant to the Master Exchange Agreement with respect to these Restricted Shares. Such
Dividend Equivalent payments will be paid to the Recipient through payroll as W-2 compensation or
deferred into the Camden Property Trust Key Employee Share Option Plan (the “KEYSOP”), as elected.

Subject to the terms of the Master Exchange Agreement, in the event of a Change of Control (as
defined therein), upon termination of employment, any unvested Restricted Shares shall be forfeited
by the undersigned and canceled. Any vested shares and related dividend equivalents held by the
Rabbi Trust shall be subject to the terms and conditions of the Master Exchange Agreement, the
Rabbi Trust and the KEYSOP.

	 	 	 	 	 
	 	CAMDEN PROPERTY TRUST

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

THIS CERTIFICATE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN ACTUAL SHARE CERTIFICATE.Exhibit 10.3

Exhibit 10.3

FIRST AMENDMENT TO CREDIT AGREEMENT (2006)

This First Amendment to Credit Agreement (2006) (this “Amendment”) is executed as of
January 18, 2006, by and among CAMDEN PROPERTY TRUST, a Texas real estate investment trust
(“Borrower”), BANK OF AMERICA, N.A., a national banking association (“Administrative
Agent”), as administrative agent for itself and such other entities from time to time
designated as “Lenders” under the Credit Agreement (herein defined) (“Lenders”), and such
LENDERS.

W I T N E S S E T H:

WHEREAS, Borrower, Administrative Agent, JPMorgan Chase Bank, N.A., as syndication agent,
Wachovia Bank, N.A. and Wells Fargo Bank, as documentation agents, and certain other agents and
Lenders entered into that certain Amended and Restated Credit Agreement, dated as of January 14,
2005, pursuant to which Lenders agreed to make the Credit Facility (as therein defined) available
to Borrower (as heretofore or hereafter amended, the “Credit Agreement”) (each capitalized
term used herein, but not otherwise defined shall have the same meaning given to it in the Credit
Agreement); and

WHEREAS, Borrower has requested an amendment to certain covenants and definitions in, and
other terms of, the Credit Agreement and the parties desire to evidence such amendment and changes
in the Lender group.

NOW, THEREFORE, in consideration of the covenants, conditions and agreements hereinafter set
forth, and for other good and valuable consideration, the receipt and adequacy of which are all
hereby acknowledged, Borrower, Administrative Agent and Lenders, hereby covenant and agree as
follows:

ARTICLE I

AMENDMENTS

Section 1.01. Amendments to Section 1.1. The following definitions are hereby amended
or added as set forth below:

(a) Co-Agent. Co-Agent shall mean Bank of China, New York Branch; Comerica Bank; The
Bank of Tokyo-Mitsubishi UFJ, Ltd, New York Branch, successor by merger to UFJ Bank Limited; and
The Bank of Nova Scotia; each in its capacity as co-agent for the Lenders hereunder.

(b) Documentation Agent. Documentation Agent shall mean Wachovia Bank, National
Association; Wells Fargo Bank, N.A.; and SunTrust Bank; each in its capacity as a documentation
agent to the Lenders hereunder, or any successor documentation agent pursuant to Section
10.12 or Section 10.13.

(c) Existing Letters of Credit. Existing Letters of Credit shall mean the letters of
credit outstanding under the Credit Facility and listed on the replacement Schedule IV attached
hereto.

(d) Fixed Charges. In the definition of Fixed Charges, the capital improvement
reserve shall be reduced from $250 to $200.

(e) Gross Asset Value. In the definition of Gross Asset Value, the second designated
clause (d) shall be corrected to be clause (e). In addition, the following sentence shall be added
at the end of such definition:

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AMENDMENT TO CREDIT AGREEMENT (2006) (Camden Property Trust)

 

 

 

“In addition, and notwithstanding anything to the contrary set forth
in this definition, the value of all assets acquired in any Major
Portfolio Acquisition after January 1, 2005, shall be the aggregate
undepreciated book value thereof, as determined in accordance with
GAAP.”

(f) Gross Asset Value of Unencumbered Properties. The definition of Gross Asset Value
of Unencumbered Properties shall be deleted in its entirety.

(g) Guarantor Subsidiaries. The definition of Guarantor Subsidiaries shall be amended
in its entirety as follows: Guarantor Subsidiaries means Camden USA, Camden Operating L.P., Camden
Realty, Inc., Camden Summit Partnership L.P. and each Consolidated Subsidiary of Borrower that
becomes a Guarantor Subsidiary after the date hereof pursuant to Section 5.3 or otherwise,
and their respective successors and assigns.

(h) Initial Unencumbered Properties. The definition of Initial Unencumbered
Properties shall be deleted in its entirety.

(i) Major Portfolio Acquisition means the Summit Acquisition and any other Portfolio
Acquisition which has a cost basis equal to $500,000,000 or greater.

(j) Managing Agent. Managing Agent shall mean AmSouth Bank; Citicorp North America,
Inc.; Commerzbank AG, New York and Grand Cayman Branches; Deutsche Bank Trust Company Americas; PNC
Bank, National Association; ING Real Estate Finance (USA) LLC; and U.S. Bank National Association;
each in its capacity as managing agent for the Lenders hereunder.

(k) Non-Recourse Indebtedness. The definition of Non-Recourse Indebtedness shall be
deleted in its entirety.

(l) Pool. The definition of Pool shall be deleted in its entirety.

(m) Pool Violation. The definition of Pool Violation shall be deleted in its
entirety.

(n) Required Lenders. In the definition of Required Lenders, both references to 66
2/3% shall be amended to be 51%.

(o) Secured Recourse Debt. The definition of Secured Recourse Debt shall be deleted
in its entirety.

(p) Termination Date. The definition of Termination Date shall be amended in its
entirety as follows: Termination Date means January 14, 2010, as the same may be extended from time
to time in accordance with this Agreement.”

(q) Unencumbered Adjusted NOI. In the definition of Unencumbered Adjusted NOI, the
phrase “in the Pool” shall be deleted and the Capital Improvement reserve shall be reduced from
$250 to $200.

Section 1.02. Amendments to Section 2.4.

(a) Section 2.4(e) is hereby amended to change the Letter of Credit Fee from the then
LIBOR Margin to (i) the then LIBOR Margin less (ii) .10%. In addition, the reference in
Section 2.4(e) to “daily average of such issued and undrawn Letters of Credit” shall be
deleted in its entirety and replaced with “daily amount available to be drawn on such issued and
undrawn Letters of Credit.”

(b) Section 2.4(f) is hereby amended to change clause (ii) therein from $1,500 to
$1,000.

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Section 1.03. Amendment to Section 2.6. Section 2.6(a) is hereby amended to
change clause (i) therein from Fifty Million Dollars ($50,000,000) to Sixty Million Dollars
($60,000,000).

Section 1.04. Amendment to Section 2.7. Section 2.7(a) is hereby amended to
change “second” to “first” in clause (vi) thereof.

Section 1.05. Amendment to Section 3.4.  Section 3.4 is hereby amended to
change the date referred to therein to February 10, 2006.

Section 1.06. Amendment to Section 3.15. The opening paragraph of Section
3.15 is hereby amended to change January 14, 2008 to January 14, 2010.

Section 1.07. Amendment to Section 5.1. Section 5.1 is hereby amended in its
entirety to read as follows:

Unencumbered Interest Ratio, Ground Leased Qualifying Properties
and Partially-Owned Qualifying Properties. As of any date
during the term of this Agreement, and until all of the Obligations
have been paid in full and the Lenders have no commitment to lend
hereunder, (a) the ratio of (i) Unencumbered Adjusted NOI for the
immediately preceding fiscal quarter, and then annualized, to
(ii) that portion of Consolidated Interest Expense attributable
solely to Total Unsecured Debt for the immediately preceding
calendar quarter, and then annualized, shall not at any time be less
than or equal to 2.00 to 1.00, (b) the Unencumbered Adjusted NOI
generated by Ground Leased Qualifying Properties shall not represent
more than ten percent (10%) of the total Unencumbered Adjusted NOI,
and (c) the Unencumbered Adjusted NOI generated by the
Partially-Owned Qualifying Properties shall not represent more than
ten percent (10%) of the total Unencumbered Adjusted NOI.

Section 1.08. Amendment to Section 5.2. Section 5.2 is hereby amended to delete
clause (a) in its entirety.

Section 1.09. Amendment to Section 5.3. Section 5.3 is hereby amended to add Camden
Summit Partnership, L.P. after Camden Realty, Inc in the first sentence thereof and to delete in
its entirety the second sentence and to replace it with the following:

Borrower will promptly notify Administrative Agent of the formation
of any material new Consolidated Subsidiary and all assets owned or
to be owned by such Consolidated Subsidiary (and, in any event, will
disclose with the quarterly financial information provided to
Administrative Agent, all Consolidated Subsidiaries formed during
the fiscal quarter then ending) and shall cause each such
Consolidated Subsidiary, as soon as practically possible, to execute
and deliver to Administrative Agent for the benefit of Lenders a
Guaranty Agreement (substantially in the form of Exhibit F)
and a Contribution Agreement in the form of Exhibit G (or
supplement thereto).

Section 1.10. Amendments to Section 6.9. Section 6.9 is hereby amended to
delete clause (b) in its entirety and replace it with the following: “Borrower or one of its
Consolidated Subsidiaries owns full legal and equitable title, in fee simple absolute (except with
respect to the Ground-Leased Qualified
Properties, and to the extent defects are being contested or otherwise corrected by actions
taken by Borrower in good faith), all Real Estate.”

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Section 1.11. Amendment to Section 6.11. Section 6.11 is hereby amended to
end such section with the term “Material Adverse Effect” and to delete therefrom, “and, if related
to any Unencumbered Properties, would not cause a Pool Violation.”

Section 1.12. Amendments to Section 6.12. Section 6.12 is hereby amended to
delete therefrom the following phrases: (a) “and, if such violation is related to any Unencumbered
Properties, would not cause a Pool Violation,” (b) “and, if such failure is related to any
Unencumbered Properties, would not cause a Pool Violation,” (c) “and, if such non-compliance is
related to any Unencumbered Properties, would not cause a Pool Violation,” (d) “and would not, if
such non-compliance is related to any Unencumbered Property, cause a Pool Violation,” and (e) “or,
if such nonconforming use is related to any Unencumbered Property, would not cause a Pool
Violation.”

Section 1.13. Amendment to Section 6.13. Section 6.13 is hereby amended to
delete the phrase, “and, if such failure is related to any Unencumbered Properties, would not cause
a Pool Violation,” from the end thereof.

Section 1.14. Amendment to Section 6.15. Section 6.15 is hereby amended to
delete therefrom the phrases: “and, if such contamination affects any Unencumbered Properties,
would not cause a Pool Violation,” and “or, if related to any Unencumbered Properties, could result
in a Pool Violation.”

Section 1.15. Amendment to Section 7.1(f). Section 7.1(f) is hereby amended
to replace “Pool Violation” with “Material Adverse Effect.”

Section 1.16. Amendment to Section 7.5. Section 7.5 is hereby amended to replace
“Pool Violation” with “Material Adverse Effect” wherever it appears therein.

Section 1.17. Amendment to Section 8.1. Section 8.1 is hereby amended to
delete clause (a) in its entirety and replace it with the following “(a) $1.8 billion.”

Section 1.18. Amendment to Section 8.2. Section 8.2 is hereby amended to
delete clauses (a), (c) and (d) in their entirety, and to replace clause (a) therein as follows:

(a) The ratio of (i) Total Consolidated Debt to (ii) Gross Asset
Value, shall not at any time be greater than 0.60 to 1.0.
Notwithstanding the foregoing, during the two consecutive quarters
following the quarter in which a Major Portfolio Acquisition is
consummated, the ratio of (x) Total Consolidated Debt to (y) Gross
Asset Value shall not at any time be greater than .65 to 1.0, after
giving effect to such Major Portfolio Acquisition; provided that the
foregoing increase in the ratio shall be permitted for only two
Major Portfolio Acquisitions.

Section 1.19. Deletion of Section 8.3. Section 8.3 is hereby deleted in its
entirety.

Section 1.20. Amendment to Section 8.4. Section 8.4 is hereby amended to
change the required ratio therein from 1.75 to 1.00 to 1.50 to 1.00.

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Section 1.21. Amendment of Section 8.11. Section 8.11 is hereby amended to
read in its entirety as follows:

Section 8.11. Limitation on Distributions. Borrower shall
not, directly or indirectly, after the occurrence and during the
continuance of a Default, declare or pay any Distribution with
respect to any class of stock of Borrower, unless (a) immediately
after giving effect to such proposed Distribution, the aggregate of
all Distributions made during any Fiscal Year would not exceed
ninety-five percent (95%) of Funds from Operations for Borrower and
its Consolidated Subsidiaries attributable to such period or (b)
necessary (but only to the extent necessary) to comply with
Section 7.2 with respect to Borrower’s qualification as a
real estate investment trust, or solely as a result of a conversion
of convertible debentures.

Section 1.22. Amendment to Section 8.12. Section 8.12 is hereby amended to
read in its entirety as follows:

Section 8.12. Investments. Borrower shall not, and shall
not permit any of its Consolidated Subsidiaries to, make any
Investments, other than (a) direct Investments of Borrower and its
Consolidated Subsidiaries in completed multi-family Real Estate and
(b) Investments in land, Development Properties, non-multi-family
holdings, stock holdings, mortgages, notes and accounts receivables,
joint ventures, partnerships and unconsolidated affiliates, which
Investments described in the foregoing clause (b), however, in the
aggregate shall not have a value which exceeds thirty percent (30%)
of Gross Asset Value at any time. The value of the Investments for
the purpose of clause (b) of this section shall be the aggregate
undepreciated book value thereof, as determined in accordance with
GAAP (which shall be at the lower of cost or market).

Once the aggregate of all Investments by Borrower and its
Consolidated Subsidiaries in joint ventures, partnerships and
unconsolidated Affiliates (other than as a guarantor) exceeds the
lesser of two and one-half percent (2.5%) of Gross Asset Value or
One Hundred Fifty Million and No/100 Dollars ($150,000,000.00), then
all such Investments shall be treated on a pro rata basis such that
Borrower shall be credited with a pro rata share of income and
investment and will be charged with a pro rata share of the
applicable expense and liability, with respect to such Investments,
as if such Investments were reflected on a consolidated basis. The
pro rata treatment of such Investments shall continue only so long
as the aggregate amount of such Investments is greater than the
lesser of two and one-half percent (2.5%) of Gross Asset Value or
One Hundred Fifty Million and No/100 Dollars ($150,000,000.00).

Section 1.23. Amendment to Section 9.1(k). Section 9.1(k) is hereby amended
to change $5,000,000 as used therein to $35,000,000.

Section 1.24. Amendment to Section 9.4. Section 9.4 is hereby amended to add
the parenthetical “(and each of their Affiliates)” after the word “Lender” where it first appears
in clause (a) thereof, and “(and each of its Affiliates)” after the word “Lender” wherever it
otherwise appears in clause (a) thereof, and after the word “Lender” when it first appears in
clauses (b) and (c) thereof.

Section 1.25. Amendment to Section 9.9. The reference to Article X therein is amended
to refer to Article 10.

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Section 1.26. Amendment to Section 11.4. Section 11.4 is hereby amended to
add “employees” after the word “officers” wherever it appears therein.

Section 1.27. Revised Schedule I. To reflect the various assignments of the
Commitments which are to take effect as of the date hereof, Schedule I to the Agreement is replaced
in its entirety with the Schedule I attached hereto.

Section 1.28. Revised Schedule II. Schedule II to the Agreement is replaced in its
entirety with the Schedule II attached hereto.

Section 1.29. Revised Schedule III. Schedule III to the Agreement is replaced in its
entirety with the Schedule III attached hereto.

Section 1.30. Revised Schedule IV. Schedule IV to the Agreement is hereby amended to
reflect the Existing Letters of Credit in existence on the date hereof by replacing it with the
Schedule IV attached hereto.

Section 1.31. Amendment to Exhibit B. Exhibit B to the Agreement is hereby amended to
change the second parenthetical therein to be “(as modified and amended from time to time, the
“Credit Agreement”).”

Section 1.32. Amendment to Exhibit C. Exhibit C to the Agreement is hereby amended in
its entirety and replaced with the Exhibit C attached hereto.

Section 1.33. Additions and Increases of Commitments. Borrower acknowledges and
agrees that as of the date hereof, (i) the Commitment of Eurohypo AG, New York Branch, Bank of
Ireland, E. Sun Commercial Bank, Ltd., Los Angeles Branch, and Mellon Bank, N.A. (the “Exiting
Lenders”) are being terminated, (ii) the Commitments of SunTrust Bank, AmSouth Bank, U.S. Bank
National Association, Comerica Bank and The Bank of Tokyo-Mitsubishi UFJ, Ltd, New York Branch,
successor by merger to UFJ Bank Limited (the “Increasing Lenders”) are increased to be as set forth
in Schedule I attached hereto, and (iii) ING Real Estate Finance (USA) LLC and The Bank of Nova
Scotia (the “New Lenders”) are being added as Lenders with the Commitments as set forth in Schedule
I attached hereto. Borrower agrees to execute and deliver to each Lender (including, without
limitation, the Increasing and New Lenders) at the closing of this Amendment amended and restated
Notes to evidence the Commitment of each such Lender as of the date hereof. The Increasing and New
Lenders shall deliver to Administrative Agent such amounts as are determined by Administrative
Agent (based on their respective Commitments) to be necessary to pay in full the outstanding
principal balance of the Credit Facility owed to the Exiting Lenders as of the date hereof.
Borrower agrees to deliver to Administrative Agent any other amounts as determined by
Administrative Agent, including, without limitation, accrued but unpaid interest, necessary to pay
the Exiting Lenders in full for all amounts owed to them under the Credit Facility other than the
principal amount owed to such Exiting Lenders.

Section 1.34. Representations and Warranties. Borrower hereby represents and warrants
to Administrative Agent and Lenders that (a) except as disclosed on Schedule V attached
hereto, all representations and warranties made by Borrower in the Credit Agreement as of the date
thereof are true and correct as of the date hereof, as if such representations and warranties were
recited herein in their entirety and (b) Borrower is not in default of any covenant or agreement
contained in the Credit Agreement.

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ARTICLE II

MISCELLANEOUS

Section 2.01. Continuing Effect. Except as modified and amended hereby, the Credit
Agreement and other Loan Documents are and shall remain in full force and effect in accordance with
their terms.

Section 2.02. Fees; Payment of Expenses. Borrower agrees to pay to Administrative
Agent (a) the reasonable attorneys’ fees and expenses of Administrative Agent’s counsel and other
reasonable expenses incurred by Administrative Agent in connection with this Amendment, and (b) for
the account of the applicable party, the fees set forth in various letters executed by Borrower in
favor of each Lender on the date hereof.

Section 2.03. Binding Agreement. This Amendment shall be binding upon, and shall
inure to the benefit of, the parties’ respective representatives, successors and assigns.

Section 2.04. Nonwaiver of Events of Default. Neither this Amendment nor any other
document executed in connection herewith constitutes or shall be deemed (a) a waiver of, or consent
by Administrative Agent or any Lender to, any default or event of default which may exist or
hereafter occur under any of the Loan Documents, (b) a waiver by Administrative Agent or any Lender
of any of Borrower’s or Guarantor Subsidiaries’ obligations under the Loan Documents, or (c) a
waiver by Administrative Agent or any Lender of any rights, offsets, claims, or other causes of
action that any Lender may have against Borrower or any Guarantor Subsidiary.

Section 2.05. No Defenses. Borrower and each Guarantor Subsidiary, by its execution
of this Amendment, hereby declares that to its knowledge, it has no set-offs, counterclaims,
defenses or other causes of action against Administrative Agent or any Lender arising out of the
Credit Facility, any documents mentioned herein or otherwise; and, to the extent any such known
setoffs, counterclaims, defenses or other causes of action may exist, such items are hereby waived
by Borrower and each Guarantor Subsidiary.

Section 2.06. Counterparts. This Amendment may be executed in several counterparts,
all of which are identical, each of which shall be deemed an original, and all of which
counterparts together shall constitute one and the same instrument, it being understood and agreed
that the signature pages may be detached from one or more of such counterparts and combined with
the signature pages from any other counterpart in order that one or more fully executed originals
may be assembled.

Section 2.07. Choice of Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS, EXCEPT TO THE EXTENT FEDERAL LAWS PREEMPT THE LAWS
OF THE STATE OF TEXAS.

Section 2.08. Entire Agreement. This Amendment, together with the other Loan
Documents, contain the entire agreements between the parties relating to the subject matter hereof
and thereof. This Amendment and the other Loan Documents may be amended, revised, waived,
discharged, released or terminated only by a written instrument or instruments, executed by the
party against which enforcement of the amendment, revision, waiver, discharge, release or
termination is asserted. Any alleged amendment, revision, waiver, discharge, release or
termination which is not so documented shall not be effective as to any party.

THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES
RELATED TO THE SUBJECT MATTER HEREIN CONTAINED AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL
AGREEMENTS BETWEEN THE PARTIES.

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IN WITNESS WHEREOF, this Amendment is executed effective as of the date first written above.

	 	 	 	 	 	 	 
	Borrower’s Tax ID No.: 76-6088377	 	BORROWER:	 	 
	 
	 	 	 	 	 	 
	 	 	CAMDEN PROPERTY TRUST,

a Texas real estate investment trust	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Dennis M. Steen
 

Dennis M. Steen
	 	 
	 

	 	 	 	Senior Vice President — Finance	 	 
	 
	 	 	 	 	 	 
	 	 	ADMINISTRATIVE AGENT AND LENDER:	 	 
	 
	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Steven P. Renwick	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Steven P. Renwick	 	 
	 

	 	 	 	Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	SYNDICATION AGENT AND LENDER:	 	 
	 
	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Susan M. Tate	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Susan M. Tate	 	 
	 

	 	 	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	DOCUMENTATION AGENT AND LENDER:	 	 
	 
	 	 	 	 	 	 
	 	 	SUNTRUST BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Nancy B. Richards	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Nancy B. Richards	 	 
	 

	 	 	 	Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	DOCUMENTATION AGENT AND LENDER:	 	 
	 
	 	 	 	 	 	 
	 	 	WACHOVIA BANK, NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Cynthia A. Bean	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Cynthia A. Bean	 	 
	 

	 	 	 	Vice President	 	 

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Signature Page

 

	 	 	 	 	 	 	 
	 	 	DOCUMENTATION AGENT AND LENDER:	 	 
	 
	 	 	 	 	 	 
	 	 	WELLS FARGO BANK, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Timothy P. Williamson	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Timothy P. Williamson	 	 
	 

	 	 	 	Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	MANAGING AGENT AND LENDER:	 	 
	 
	 	 	 	 	 	 
	 	 	AMSOUTH BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Robert Blair	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Robert Blair	 	 
	 

	 	 	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	MANAGING AGENT AND LENDER:	 	 
	 
	 	 	 	 	 	 
	 	 	CITICORP NORTH AMERICA, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Jeanne M. Craig	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Jeanne M. Craig	 	 
	 

	 	 	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	MANAGING AGENT AND LENDER:	 	 
	 
	 	 	 	 	 	 
	 	 	COMMERZBANK AG, NEW YORK AND GRAND CAYMAN BRANCHES	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Christian Betty	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Christian Betty	 	 
	 

	 	 	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	James Brett	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	James Brett	 	 
	 

	 	 	 	Assistant Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	MANAGING AGENT AND LENDER:	 	 
	 
	 	 	 	 	 	 
	 	 	DEUTSCHE BANK TRUST COMPANY AMERICAS	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Stephen P. Lapham	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Stephen P. Lapham	 	 
	 

	 	 	 	Managing Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Brenda Casey	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Brenda Casey	 	 
	 

	 	 	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	MANAGING AGENT AND LENDER:	 	 
	 
	 	 	 	 	 	 
	 	 	PNC BANK, NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ James A. Colella	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	James A. Colella	 	 
	 

	 	 	 	Senior Vice President	 	 

FIRST
AMENDMENT TO CREDIT AGREEMENT (2006) (Camden Property Trust)

 

Signature Page

 

	 	 	 	 	 
	 	MANAGING AGENT AND LENDER:

ING REAL ESTATE FINANCE (USA) LLC

 	 
	 	By:  	/s/ David M. Schwartz
 	 
	 	 	David M. Schwartz 	 
	 	 	Senior Director 	 
	 
	 	MANAGING AGENT AND LENDER:

U.S. BANK NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ Christopher Rogers
 	 
	 	 	Christopher Rogers 	 
	 	 	Vice President 	 
	 
	 	CO-AGENT AND LENDER:

BANK OF CHINA, NEW YORK BRANCH

 	 
	 	By:  	/s/ Xiaojing Li
 	 
	 	 	Xiaojing Li 	 
	 	 	First Deputy General Manager 	 
	 
	 	CO-AGENT AND LENDER:

COMERICA BANK

 	 
	 	By:  	/s/ Leslie A. Vogel
 	 
	 	 	Leslie A. Vogel 	 
	 	 	Vice President 	 
	 
	 	CO-AGENT AND LENDER:

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD, 

NEW YORK BRANCH, SUCCESSOR BY 

MERGER TO
UFJ BANK LIMITED

 	 
	 	By:  	/s/ James A. Taylor
 	 
	 	 	James A. Taylor 	 
	 	 	Vice President 	 

FIRST
AMENDMENT TO CREDIT AGREEMENT (2006) (Camden Property Trust)

 

Signature Page

 

	 	 	 	 	 
	 	CO-AGENT AND LENDER:

THE BANK OF NOVA SCOTIA

 	 
	 	By:  	/s/ Chris Osborn
 	 
	 	 	Chris Osborn 	 
	 	 	Managing Director 	 
	 
	 	CO-AGENT AND LENDER:

CREDIT SUISSE, CAYMAN ISLANDS BRANCH

 	 
	 	By:  	/s/ Bill O’Daly
 	 
	 	 	Bill O’Daly 	 
	 	 	Director 	 
	 
	 	By:  	/s/ Cassandra Droogan
 	 
	 	 	Cassandra Droogan 	 
	 	 	Associate 	 
	 
	 	LENDER:

CHANG HWA BANK, LOS ANGELES BRANCH

 	 
	 	By:  	/s/ Wen-Che Chen
 	 
	 	 	Wen-Che Chen 	 
	 	 	VP & General Manager 	 
	 
	 	LENDER:

FIRST COMMERCIAL BANK, LOS ANGELES BRANCH

 	 
	 	By:  	/s/ Chih-Tiao Shih
 	 
	 	 	Chih-Tiao Shih 	 
	 	 	SAVP & Deputy General Manager 	 

FIRST
AMENDMENT TO CREDIT AGREEMENT (2006) (Camden Property Trust)

 

Signature Page

 

CONSENT

The undersigned Guarantor Subsidiaries consent to the amendment and partial restatement of
the Credit Agreement and acknowledge and agree that (a) their Guaranty shall continue to, and
does, guaranty the Credit Facility, and (b) their Guaranty is in full force and effect.

	 	 	 	 	 
	 	CAMDEN USA, INC., a Delaware corporation

 	 
	 	By:  	/s/ Dennis M. Steen
 	 
	 	 	Dennis M. Steen
Sr. Vice President and Chief Financial Officer 	 

	 	 	 	 	 	 	 	 	 
	 	 	CAMDEN OPERATING, L.P., a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	CPT-GP, INC., a Delaware corporation, General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Dennis M. Steen
 

Dennis M. Steen 
Sr. Vice President and Chief Financial Officer
	 	 

	 	 	 	 	 
	 	CAMDEN REALTY, INC.,

a Delaware corporation

 	 
	 	By:  	/s/ Dennis M. Steen
 	 
	 	 	Dennis M. Steen 	 
	 	 	Sr. Vice President and Chief Financial Officer 	 

	 	 	 	 	 	 	 	 	 
	 	 	CAMDEN SUMMIT PARTNERSHIP, L.P.,

a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	CAMDEN SUMMIT, INC., a Delaware corporation, General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Dennis M. Steen
 

Dennis M. Steen

Sr. Vice President and Chief Financial Officer
	 	 

 

 

 

SCHEDULE I

AGENTS, LENDERS AND BORROWER

	I.	 	AGENTS, ARRANGER AND LENDERS

	 	A.	 	ADMINISTRATIVE AGENT AND LENDER

Bank of America, N.A.

901 Main Street, 66th Floor

Dallas, Texas 75202

Attention: Real Estate Loan Administration/Kathy Meyer

Tel: (214) 209-1507

Fax: (214) 209-1559

Bank of America, N.A.

901 Main Street, 66th Floor

Dallas, Texas 75202

Attention: Stephen Renwick

Tel: (214) 209-1867

Fax: (214) 209-0995

B. SOLE LEAD ARRANGER

Bank of America Securities LLC

214 North Tryon Street

Mail Code NC1-027-18-04

Charlotte, North Carolina 28255

Attn: Tommy Shealy

Tel: (704) 386-8900

Fax: (704) 386-0255

C. SYNDICATION AGENT AND LENDER

JPMorgan Chase Bank, N.A.

707 Travis Street, 6th Floor North

Houston, Texas 77002

Tel: (713) 216-1511/(713) 216-3939

Fax: (713) 216-2391/(713) 216-2291

Attn: Susan M. Tate/Kelly Schrock

D. DOCUMENTATION AGENTS AND LENDERS

Wachovia Bank, National Association

191 Peachtree Street, NE, GA-8057

Atlanta, GA 80303-1740

Tel: (404) 332-6549

Fax: (404) 332-4066

Attn: Cathy Casey

SCHEDULE
I-FIRST AMENDMENT TO CREDIT AGREEMENT (2006) (Camden Property Trust)

 

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Wells Fargo Bank, N.A.

1000 Louisiana Street, 4th Floor, T 5002-042

Houston, Texas 77002

Tel: (713) 319-1423

Fax: (713) 739-1077

Attn: Greg Nelson

SunTrust Bank

8330 Boone Blvd., 8th Floor

Vienna, VA 22182

Tel: (703) 442-1557

Fax: (703) 442-1570

Attn: Nancy B. Richards

	 	E.	 	MANAGING AGENTS AND LENDERS

PNC Bank, National Association

1 PNC Plaza, 249 Fifth Avenue

Mail Stop P1-POPP-19-D

Pittsburgh, PA 15222-2707

Tel: (412) 762-2260

Fax: (412) 762-6500

Attn: Jim Colella

Commerzbank AG, New York and Grand Cayman Branches

2 World Financial Center

New York, NY 10281-7761

Tel: (212) 266-7569/(212) 266-7761

Fax: (212) 266-7565

Attn: Douglas Traynor/Ralph Marra

Deutsche Bank Trust Company Americas

200 Crescent Court, Suite 550

Dallas, TX 75201

Tel: (214) 740-7905

Fax: (214) 740-7910

Attn: Ann Ramsey

Citicorp North America, Inc.

309 Greenwich Street, 1st Floor

New York, NY 07960

Tel: (212) 723-4162/(212) 723-6951

Fax: (212) 723-8380/(212) 723-1622

Attn: Frances Izzo/Niraj R. Shah

SCHEDULE
I-FIRST AMENDMENT TO CREDIT AGREEMENT (2006) (Camden Property Trust)

 

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AmSouth Bank

1900 5th Avenue, BAC 15

Birmingham, Alabama 35203

Tel: (205) 326-4071

Fax: (205) 326-4075

Attn: Robert Blair

U.S. Bank National Association

Commercial Real Estate

EX-TX-DCRE

14241 Dallas Parkway, Suite 490

Dallas, TX 75254

Tel: (214) 458-4500/(214) 458-4501

Fax: (214) 386-8370/(214) 386-8370

Attn: Stewart Wilson/Susan Mogish

ING Real Estate Finance (US) LLC

230 Park Avenue, 12th Floor

New York, NY 10169

Tel: (212) 883-2745

Fax: (212) 883-2734

Attn: William Knickerbocker

	 	F.	 	CO-AGENTS AND LENDERS

Bank of China, New York Branch

410 Madison Avenue

New York, NY 10017

Tel: (212) 035-3101 x229

Fax: (212) 308-4993

Attn: David Hoang

Comerica Bank

One Detroit Center

Detroit, MI 48226

Tel: (313) 222-9290

Fax: (313) 222-9295

Attn: Leslie Vogel

Credit Suisse, Cayman Islands Branch

Eleven Madison Avenue

New York, NY 10010

Tel: (212) 325-1986

Fax: (212) 538-0391

Attn: William O’Daly

SCHEDULE
I-FIRST AMENDMENT TO CREDIT AGREEMENT (2006) (Camden Property Trust)

 

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The Bank of Nova Scotia

580 California Street, Suite 2100

San Francisco, CA 94104

Tel: (415) 986-1100

Fax: (415) 397-1100

Attn: Abid Gilani

The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, successor by merger to UFI Bank Limited

151 Avenue of the Americas

New York, NY 10055

Tel: (212) 782-5557

Fax: (212) 782-6442

Attn: Gilda Acosta

	 	G.	 	LENDERS

Chang Hwa Bank, Los Angeles Branch

333 Grand Avenue, Suite 600

Los Angeles, CA 90071

Tel: (213) 620-7200 X 230

Fax: (213) 620-7227

Attn: Jessy Liu

First Commercial Bank, Los Angeles Branch

515 South Flower Street, Suite 1050

Los Angeles, CA 90071

Tel: (213) 405-1133

Fax: (213) 362-0219

Attn: Josephine Chang

SCHEDULE
I-FIRST AMENDMENT TO CREDIT AGREEMENT (2006) (Camden Property Trust)

 

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	 	 	COMMITMENT	 	 	 	 
	 	 	AMOUNTS AND	 	 	 	 
	 	 	PERCENTAGES	 	 	COMMITMENT	 
	LENDER	 	COMMITMENT	 	 	PERCENTAGE	 
	Bank of America, N.A.
	 	$	45,000,000	 	 	 	7.5	%
	JPMorgan Chase Bank, N.A.
	 	$	45,000,000	 	 	 	7.5	%
	SunTrust Bank, N.A.
	 	$	45,000,000	 	 	 	7.5	%
	Wachovia Bank, National Association
	 	$	45,000,000	 	 	 	7.5	%
	Wells Fargo Bank, N.A.
	 	$	45,000,000	 	 	 	7.5	%
	AmSouth Bank
	 	$	35,000,000	 	 	 	5.833334	%
	Citicorp North America, Inc.
	 	$	35,000,000	 	 	 	5.833334	%
	Commerzbank AG, New York and Grand Cayman
Branches
	 	$	35,000,000	 	 	 	5.833334	%
	Deutsche Bank Trust Company Americas
	 	$	35,000,000	 	 	 	5.833334	%
	PNC Bank, National Association
	 	$	35,000,000	 	 	 	5.833334	%
	ING Real Estate Finance (USA) LLC
	 	$	30,000,000	 	 	 	5.0	%
	U.S. Bank National Association
	 	$	30,000,000	 	 	 	5.0	%
	Bank of China, New York Branch
	 	$	25,000,000	 	 	 	4.166666	%
	Comerica Bank
	 	$	25,000,000	 	 	 	4.166666	%
	The Bank of Tokyo-Mitsubishi UFJ, Ltd, New
York Branch, successor by merger to UFJ Bank
Limited
	 	$	25,000,000	 	 	 	4.166666	%
	The Bank of Nova Scotia
	 	$	20,000,000	 	 	 	3.333333	%
	Credit Suisse, Cayman Islands Branch
	 	$	20,000,000	 	 	 	3.333333	%
	Chang Hwa Bank, Los Angeles Branch
	 	$	15,000,000	 	 	 	2.5	%
	First Commercial Bank, Los Angeles Branch
	 	$	10,000,000	 	 	 	1.666666	%
	Total
	 	$	600,000,000	 	 	 	100	%

	II.	 	BORROWER

Camden Property Trust

3 Greenway Plaza

Suite 1300

Houston, Texas 77046

Attn: Dennis Steen

Fax No.: (713) 354-2710

SCHEDULE
I-FIRST AMENDMENT TO CREDIT AGREEMENT (2006) (Camden Property Trust)

 

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SCHEDULE II

LIBOR MARGIN; VARIABLE RATE MARGIN; FACILITY FEE PERCENTAGE

	 	 	 	 	 	 	 	 	 
	 	 	Applicable Debt Rating1	 	 	 	Variable Rate	 	Facility Fee
	TIERS	 	S&P/Moody’s	 	LIBOR Margin	 	Margin	 	Percentage
	I
	 	A-/A3 or higher	 	37.5 bps	 	0 bps	 	12.5 bps
	II
	 	BBB+/Baa1	 	42.5 bps	 	0 bps	 	15 bps
	III
	 	BBB/Baa22	 	60 bps	 	0 bps	 	15 bps
	IV
	 	BBB-/Baa3	 	80 bps	 	0 bps	 	20 bps
	V
	 	Less than BBB-/Baa3	 	100 bps	 	25 bps	 	25 bps

 

	 	 	 
	1	 	As defined in Section 1.1, the Applicable Debt Rating is the higher of
the Moody’s Rating or the S&P Rating at the time in question.

	 	 	 
	2	 	Current Applicable Debt Rating on the Closing Date.

SCHEDULE II-FIRST AMENDMENT TO CREDIT AGREEMENT (2006) (Camden Property Trust)

 

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SCHEDULE III

SCHEDULE
III-FIRST AMENDMENT TO CREDIT AGREEMENT (2006) (Camden Property
Trust)

 

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SCHEDULE
III-FIRST
AMENDMENT TO CREDIT AGREEMENT (2006) (Camden Property Trust)

 

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SCHEDULE
III-FIRST
AMENDMENT TO CREDIT AGREEMENT (2006) (Camden Property Trust)

 

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SCHEDULE
III-FIRST
AMENDMENT TO CREDIT AGREEMENT (2006) (Camden Property Trust)

 

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SCHEDULE IV

EXISTING LETTERS OF CREDIT

	 	 	 	 	 	 	 	 	 
	LC No.	 	Beneficiary	 	Amount	 	 	Issue Date
	T00000003065551
	 	DAVIS PENN MORTGAGE	 	 	1,095,922.42	 	 	1/14/05
	T00000003071917
	 	FAIRFAX COUNTY DEPARTMENT PUBLIC WORKS	 	 	 	 	 	 
	 
	 	ENVIRONMENTAL SERVICES	 	 	65,400.00	 	 	4/18/05
	T00000003074614
	 	U.S. DEPARTMENT OF HOUSING & DEVELOPMENT	 	 	1,062,045.00	 	 	1/14/05
	T00000000940696
	 	FANNIE MAE MULTIFAMILY	 	 	468,785.00	 	 	1/14/05
	T00000003025800
	 	ZURICH INSURANCE COMPANY	 	 	550,000.00	 	 	1/14/05
	T00000003058548
	 	ST PAUL TRAVELERS	 	 	5,000,000.00	 	 	1/14/05
	T00000003058786
	 	DAVIS PENN MORTGAGE	 	 	235,307.00	 	 	1/14/05
	T00000003058899
	 	U.S. DEPARTMENT OF HOUSING & DEVELOPMENT	 	 	25,307.00	 	 	1/14/05
	T00000003062824
	 	ST PAUL TRAVELERS	 	 	5,000,000.00	 	 	1/14/05
	T00000003064437
	 	HARTFORD FIRE INSURANCE	 	 	785,000.00	 	 	1/14/05
	T00000003073221
	 	U.S. DEPARTMENT OF HOUSING & DEVELOPMENT	 	 	947,417.25	 	 	2/09/05
	T00000003075054
	 	U.S. DEPARTMENT OF HOUSING & DEVELOPMENT	 	 	873,674.00	 	 	5/13/05
	T00000003075237
	 	HARTFORD FIRE INSURANCE	 	 	945,000.00	 	 	5/25/05
	T00000003076203
	 	MARYLAND DEPARTMENT OF STATE HIGHWAY	 	 	 	 	 	 
	 
	 	ADMINISTRATION	 	 	30,000.00	 	 	7/15/05
	T00000003076515
	 	MARYLAND-NATIONAL CAPITAL PARK &	 	 	 	 	 	 
	 
	 	PLANNING COMMISSION	 	 	425,750.00	 	 	8/05/05
	T00000003076516
	 	STATE HIGHWAY ADMINISTRATION	 	 	1,555,000.00	 	 	8/05/05
	T00000003076720
	 	WASHINGTON SUBURBAN	 	 	28,250.00	 	 	8/12/05
	T00000003076721
	 	WASHINGTON SUBURBAN	 	 	28,250.00	 	 	8/12/05
	T00000003077380
	 	BOARD OF SUPERVISORS OF FAIRFAX COUNTY	 	 	154,500.00	 	 	9/21/05
	T00000003077777
	 	MARYLAND DEPARTMENT OF STATE HIGHWAY	 	 	 	 	 	 
	 
	 	ADMINISTRATION	 	 	192,000.00	 	 	10/07/05
	T00000003077778
	 	CONCORD TOWNSHIP SEWER AUTHORITY	 	 	95,620.35	 	 	10/11/05
	T00000003078676
	 	WASHINGTON SUBURBAN	 	 	461,890.00	 	 	12/20/05
	T00000003078677
	 	WASHINGTON SUBURBAN	 	 	461,890.00	 	 	12/20/05
	T00000003079204
	 	BOARD OF COUNTY COMMISSIONERS OF	 	 	 	 	 	 
	 
	 	FREDERICK COUNTY	 	 	69,700.40	 	 	3/15/06
	T00000003079205
	 	BOARD OF COUNTY COMMISSIONERS OF	 	 	 	 	 	 
	 
	 	FREDERICK COUNTY	 	 	834,636.00	 	 	8/11/06
	T00000003079206
	 	BOARD OF COUNTY COMMISSIONERS OF	 	 	 	 	 	 
	 
	 	FREDERICK COUNTY	 	 	362,635.00	 	 	9/29/06

SCHEDULE
IV-FIRST AMENDMENT TO CREDIT AGREEMENT (2006) (Camden Property
Trust)

 

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