Document:

<PAGE>   1

                                                                    EXHIBIT 10.6
                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT (the "Agreement"), is made and entered into
as of the 15th day of February, 1999, ("Effective Date") by and between WILLIAM
B. MCGUIRE, JR., 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";

                              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 in the capacity of Chairman of the Board of Directors of
Summit Properties Inc. and 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. or
Summit Management Company (collectively, the "Board") or as may otherwise be
provided in such Bylaws. Executive shall devote a portion of 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. The Company
acknowledges that (i) Executive's duties have not required in the past and will
not require in the future Executive 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 of even date herewith (the "Noncompetition
Agreement"). During the term of this Agreement, the Company shall provide
Executive at the Company's expense with full-time secretarial, receptionist and
other administrative support services, including use of telephone, copier,
facsimile, and other such office equipment. Executive shall have use of such
services and equipment notwithstanding that Executive is not a full-time
Executive of the Company or that Executive uses such services and equipment for
other business purposes not inconsistent with the

<PAGE>   2

Noncompetition Agreement. The Company shall also provide Executive with a
private area commensurate with Executive's title and duties.

                                       2.
                             Compensation; Expenses

         2.1      Base Salary. Commencing on January 1, 1999, the Company shall
                  pay Executive during the term of Executive's employment under
                  this Agreement, a base salary equal to One Hundred Fifty
                  Thousand and 00/100 Dollars ($150,000.00) per annum (the "Base
                  Salary"), which amount shall be subject to adjustment, if any,
                  in accordance with this ss. 2.1. The Compensation Committee of
                  the Board (the "Committee") shall review Executive's Base
                  Salary on an annual basis, and the Committee upon such review
                  and in its sole discretion, may increase or decrease
                  Executive's Base Salary by an amount which the Committee deems
                  appropriate in light of the Company's and Executive's
                  performance during the period covered by such review;
                  provided, however, that Executive's Base Salary shall not be
                  reduced below One Hundred Fifty Thousand and 00/100 Dollars
                  ($150,000.00) 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 Committee provides for
                  Executive, effective as of the Effective Date, Executive shall
                  be 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.

         2.3      Stock Options. Executive shall 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.

         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.
                  In addition, during the term of this Agreement, Executive
                  shall be entitled to a comprehensive annual physical
                  performed, at the company's expense, by the physician or
                  medical group of Executive's choosing.

         2.6      Compensation upon Termination of Employment. If Employee's
                  employment

                                                                               2
<PAGE>   3

                  under this Agreement is terminated for any reason whatsoever,
                  Employee shall not thereafter be entitled to receive any Base
                  Salary for periods following such termination; provided,
                  however, that Employee shall be entitled to receive any Base
                  Salary which may be owed to Employee but is unpaid as of the
                  date on which Employee's employment is terminated. The
                  benefits, if any, payable to or on behalf of Employee upon
                  Employee's termination of employment from the Company under
                  any employee benefit plans and incentive compensation and
                  other compensatory arrangements shall be governed by the terms
                  and conditions for benefit payments set forth in such plans
                  and arrangements.

         2.7      Vacation. In addition to Company holidays, Executive shall
                  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.

         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.

                                       3.
                               Term of Employment

         3.1      Term. The employment relationship under the Agreement shall
                  commence as of the above written date (the "Effective Date")
                  and shall continue until the date 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.
                                  Miscellaneous

         4.1.     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.

         4.2.     Construction of Agreement. No provision of this Agreement or
                  any related

                                                                               3
<PAGE>   4

                  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.

         4.3      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.

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

         4.5.     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.

         4.6      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.

         4.7      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 B. McGuire, Jr.
                                   At last known address as reflected
                                   in the Company's records.

                           (b)  If to the Company, addressed to:
                                   Summit Properties Inc.
                                   212 South Tryon Street, Suite 500
                                   Charlotte, North Carolina 28281
                                   Attn: Michael G. Malone

         4.8      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.

                                                                               4
<PAGE>   5

         4.9      Entire Agreement. This Agreement, together with the
                  Noncompetition Agreement, Indemnification Agreement, and
                  Executive Severance Agreement, constitute the entire agreement
                  of the parties with respect to the subject matter hereof and
                  upon the Effective Date, 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.

                                    SUMMIT PROPERTIES INC.

                                    By:  /s/ 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 B. McGuire, Jr.         [SEAL]
                                    ------------------------------------
                                    William B. McGuire, Jr.

                                    "Executive"

                                                                               5<PAGE>   1

                                                                    EXHIBIT 10.7

                            NONCOMPETITION AGREEMENT

         THIS NONCOMPETITION AGREEMENT is entered into as of February 15, 2000
("Effective Date") by and between WILLIAM B. McGuire, Jr. ("Executive"), SUMMIT
PROPERTIES INC., a Maryland corporation, and SUMMIT MANAGEMENT COMPANY, a
Maryland corporation.

         WHEREAS, on the date hereof, as a condition to the consummation of the
employment of Executive by the Company, the parties hereto desire to enter into
certain agreements restricting the activities of Executive in an effort to
eliminate potential conflicts of interest that may arise in the future, to
protect the Company's legitimate business interests, i.e., the value of its
business and its good will, and for other business purpose;

         NOW, THEREFORE, in consideration of the foregoing and other good and
valuable consideration, the receipt and sufficiency of which hereby are
acknowledged, the parties hereto agree as follows:

                  1. Definitions. Capitalized terms used herein shall have the
meanings set forth below:

                  "Affiliate" means (i) any entity directly or indirectly
controlling (including without limitation an entity for which Executive serves
as an officer, director, employee, consultant or other agent), controlled by, or
under common control with Executive, and (ii) each other entity in which
Executive, directly or indirectly, owns any controlling interest or of which
Executive serves as a general partner.

                  "Agreement" means this Noncompetition Agreement, including any
amendments hereto made in accordance with paragraph 8(d) hereof.

                  "Company" means (i) Summit Management Company, (ii) Summit
Properties Inc., (iii) any corporation, partnership or other business entity
that is, directly or indirectly, controlled by or under common control with
Summit Properties Inc. and (iv) their respective successors.

                  "Company Project" means any Multifamily Property that the
Company owns, operates or manages as of the date of Executive's termination of
employment with the Company or that the Company has in any manner taken steps to
acquire, develop, construct, operate, manage or lease (including without
limitation making market surveys of a site, talking to a owner or his agent

<PAGE>   2

concerning the purchase or joint venture of a site, optioning or contracting to
buy a site or discussions with the owner or his agent regarding managing or
leasing a property) during the twelve (12) month period immediately preceding
Executive's termination of employment with the Company. Company agrees to
provide Executive with a list of all Company Projects within thirty (30)
business day of Executives termination of employment with the Company for any
reason.

                  "Multifamily Property" means any real property on which
multifamily residential-use development has been constructed or is now or
hereafter proposed to be constructed (for example, and not by way of limitation,
a property of the type managed by the Company).

                  2. Executive's Obligations While Employed by the Company.

         (a) Part-Time Employment. Executive shall devote a portion of 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. The
Company acknowledges that (i) Executive's duties have not required in the past
and will not require in the future Executive 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 his
employment by the Company.

         (b) Exceptions. Executive may during the term of his employment by the
Company and at any time thereafter (i) acquire an interest in any corporation,
partnership, venture or other business entity so long as (A) any such interest
is a passive investment of Executive not exceeding ten percent (10%) of the
total ownership interest in such entity, (B) such entity does not afford
Executive the power to influence in any material fashion the decision making
processes of the entity in which such interest is held and (C) Executive is not
the sponsor, promoter or similar initiator of such entity.

                  3. Executive's Obligations Following Termination of Employment
with the Company.

                           (a) Anti-Pirating of Employees. For a two (2) year
period immediately following the termination of Executive's employment with the
Company, Executive agrees not to hire,

                                       2
<PAGE>   3

directly or indirectly, or entice or participate in any efforts to entice to
leave the Company's employ, any person who was or is a "key employee" (as
hereinafter defined) of the Company at any time during the twelve (12) month
period immediately preceding the termination date of Executive's employment with
the Company. For purposes of this Agreement, "key employee" means an employee
who has an annualized rate of base salary equaling or exceeding fifty thousand
dollars ($50,000).

                           (b) Anti-Pirating of Company Projects. For a period
of one (1) year immediately following the termination of Executive's employment
with the Company, Executive agrees not to engage in any manner, whether as an
officer, employee, owner, partner, stockholder, director, consultant or
otherwise -- directly or indirectly -- in any business which engages or attempts
to engage, directly or indirectly, in the acquisition, development,
construction, operation, management or leasing of any Company Project.

                           (c) Trade Secrets and Confidential Information.
Executive hereby agrees that he will hold in a fiduciary capacity for the
benefit of the Company, and shall not directly or indirectly use or disclose any
Trade Secret, as defined hereinafter, that Executive may have acquired during
the term of his employment by the Company for so long as such non-public
information remains a Trade Secret. The term "Trade Secret" as used in this
Agreement shall mean non-public information including, but not limited to,
technical or non-technical data, a formula, a pattern, a compilation, a program,
a device, a method, a technique, a drawing, a process, financial data, financial
plans, product plans, or a list of actual or potential customers or suppliers
which:

                  derives economic value, actual or potential from not being
                  generally known to, and not being readily ascertainable by
                  proper means by, other persons who can obtain economic value
                  from its disclosure or use; and is the subject of reasonable
                  efforts by the Company to maintain its secrecy.

                  In addition to the foregoing and not in limitation thereof,
Executive agrees that during the period of his employment by the Company and for
a period of one (1) year thereafter, he will hold in a fiduciary capacity for
the benefit of the Company and shall not directly or indirectly use or disclose,
any Confidential or Proprietary Information, as defined

                                       3
<PAGE>   4

hereinafter, that Executive may have acquired (whether or not developed or
compiled by Executive and whether or not Executive was authorized to have access
to such Information) during the term of, in the course of or as a result of his
employment by the Company. The term "Confidential or Proprietary Information" as
used in this Agreement means any secret, confidential or proprietary non-public
information of the Company not otherwise included in the definition of "Trade
Secret" above. The term "Confidential and Proprietary non-public Information"
does not include information that has become generally available to the public
by the act of one who has the right to disclose such information without
violating any right of the Company.

                           (d) Exceptions. Notwithstanding any provision of
paragraph 3(b) to the contrary, Executive shall not be restricted at any time
after his termination of employment with the Company from engaging in any
activities for which Executive would not be restricted from performing during
the term of his employment with the Company as set forth in paragraph 2(b)
above.

         4. Reasonable and Necessary Restrictions. Executive acknowledges that
the restrictions, prohibitions and other provisions hereof, including without
limitation the various periods of restrictions set forth in paragraphs 3(a),
3(b) and 3(c), are reasonable, fair and equitable in scope, terms and duration,
are necessary to protect the legitimate business interests of the Company, and
are a material inducement to the Company to enter into the transactions
contemplated in the recitals hereto.

         5. Restrictions In Addition to Employment Agreement. Executive
acknowledges that the restrictions, prohibitions and other provisions hereof
shall be in addition to and not in substitution of the restrictions,
prohibitions and other provisions of that certain employment agreement between
Executive, Summit Properties Inc. and Summit Management Company of even date
herewith, as such agreement shall be amended and supplemented from time to time
(the "Employment Agreement").

         6. Specific Performance. Executive acknowledges that the obligations
undertaken by him pursuant to this Agreement are unique and that the Company
likely will have no adequate remedy at law if Executive shall fail to perform
any of his obligations hereunder, and Executive therefore confirms that the
Company's right to specific performance of the terms of this Agreement is
essential to protect the rights and interests of the Company. Accordingly, in
addition to any other remedies that the Company

                                       4
<PAGE>   5

may have at law or in equity, the Company shall have the right to have all
obligations, covenants, agreements and other provisions of this Agreement
specifically performed by Executive, and the Company shall have the right to
obtain preliminary and permanent injunctive relief to secure specific
performance and to prevent a breach or contemplated breach of this Agreement by
Executive, and Executive submits to the jurisdiction of the courts of the State
of North Carolina for this purpose. Said permanent injunctive relief shall have
a term which coincides with the respective periods of Executive's obligations
pursuant to the covenants, agreements and other provisions of this agreement.

         7. Operations of Affiliates. Executive agrees that he will refrain from
(i) authorizing any Affiliate to perform or (ii) assisting in any manner any
Affiliate in performing any activities that would be prohibited by the terms of
this Agreement if they were performed by Executive. Notwithstanding anything to
the contrary contained in this paragraph 7 (or in any other paragraph of this
Agreement), Executive shall not be required by the terms of this Agreement to
violate any fiduciary or contractual duty he owes as a director or officer of a
corporation, as a partner of a partnership or as a trustee of a trust, which
position he holds not in violation of this Agreement or the Employment
Agreement.

         8. Miscellaneous Provisions.

         (a) Binding Effect. Subject to any provisions hereof restricting
assignment, all covenants and agreements in this Agreement by or on behalf of
any of the parties hereto shall bind and inure to the benefit of the respective
successors, assigns, heirs, and personal representatives. None of the parties
hereto may assign any of its rights under this Agreement or attempt to have any
other person or entity assume any of its obligations hereunder.

         (b) Severability. If fulfillment of any provision of this Agreement, at
the time such fulfillment shall be due, shall transcend the limit of validity
prescribed by law, then the obligation to be fulfilled shall be reduced to the
limit of such validity; and if any clause or provision contained in this
Agreement operates or would operate to invalidate this Agreement, in whole or in
part, then such clause or provision only shall be held ineffective, as though
not herein contained, and the remainder of this Agreement shall remain operative
and in full force and effect.

                                       5
<PAGE>   6

         (c) Governing Law. This Agreement, the rights and obligations of the
parties hereto, and any claims or disputes relating thereto shall be governed by
and construed in accordance with the laws of the State of North Carolina, not
including the choice-of-law rules thereof.

         (d) 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 any 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 such waiver or consent shall
not be construed as a waiver of any other provision or as a consent with respect
to any similar instance or circumstance.

         (e) Headings. Paragraph and subparagraph headings contained in this
Agreement are inserted for convenience of reference only, shall not be deemed to
be a part of this Agreement for any purpose, and shall not in any way define or
affect the meaning, construction or scope of any of the provisions hereof.

         (f) Pronouns. All pronouns and any variations thereof shall be deemed
to refer to the masculine, feminine, neuter, singular or plural, as the identity
of the person or entity may require.

         (g) Arbitration. Any dispute or controversy arising out of or relating
to this Agreement shall be settled finally and exclusively by arbitration in
Charlotte, North Carolina in accordance with the rules of the American
Arbitration Association then in effect. Such arbitration shall be conducted by
an arbitrator(s) appointed by the American Arbitration Association in accordance
with its rules and any finding by such arbitrator(s) shall be final and binding
upon the parties. Judgment upon any award rendered by the arbitrator(s) may be
entered in any court having jurisdiction thereof, and the parties consent to the
jurisdiction of the courts of the State of North Carolina for this purpose.
Nothing contained in this paragraph 8(g) shall be construed to preclude the
Company from obtaining injunctive or other equitable relief to secure specific
performance or to otherwise prevent a breach or contemplated breach of this
Agreement by Executive as provided in paragraph 6 hereof.

                                       6
<PAGE>   7

                  (h) Execution in Counterparts. This Agreement may be executed
in two or more counterparts, none of which need contain the signatures of all
parties hereto and each of which shall be deemed an original.

         IN WITNESS WHEREOF, each of the undersigned has executed this
Agreement, or caused this Agreement to be duly executed on its behalf, as of the
date first set forth above.

                                             SUMMIT PROPERTIES INC.

                                             By:   /s/ Steven R. LeBlanc
                                                   -----------------------------
                                                 Name:   Steven R. LeBlanc
                                                 Title:  President

                                             SUMMIT MANAGEMENT COMPANY

                                             By:   /s/ Steven R. LeBlanc
                                                   -----------------------------
                                                 Name:
                                                 Title:  Vice President

                                             /s/ William B. McGuire, Jr. [SEAL]
                                             ----------------------------

                                             "Executive"

                                       7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00009-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00009-of-00352.parquet"}]]