Document:

2004 Employee Stock Purchase Plan

 Exhibit 10.7 
 PLANAR SYSTEMS, INC. 
 2004 EMPLOYEE STOCK PURCHASE PLAN 

The following provisions constitute the Planar Systems, Inc. 2004 Employee Stock Purchase Plan. 

1. Purpose. The purpose of the Plan is to provide Employees of the Company and its Designated Subsidiaries with an opportunity to
purchase Common Stock of the Company through accumulated payroll deductions. It is the intention of the Company to have the Plan qualify as an “Employee Stock Purchase Plan” under Section 423 of the Internal Revenue Code of 1986, as
amended. The provisions of the Plan, accordingly, shall be construed so as to extend and limit participation in a manner consistent with the requirements of that Section of the Code. 

2. Definitions. 
 2.1 “Account” shall mean each separate account maintained for a Participant under the Plan, collectively or singly as the context requires. Each Account shall be credited with a
Participant’s contributions, and shall be charged for the purchase of Common Stock. A Participant shall be fully vested in the cash contributions to his or her account at all times. The Plan Administrator may create special types of accounts
for administrative reasons, even though the Accounts are not expressly authorized by the Plan. 
 2.2 “Board” shall
mean the Board of Directors of the Company. 
 2.3 “Code” shall mean the Internal Revenue Code of 1986, as amended.

 2.4 “Committee” shall mean the Compensation Committee of the Board. 

2.5 “Common Stock” shall mean the Common Stock of the Company. 

2.6 “Company” shall mean Planar Systems, Inc., an Oregon corporation. 

2.7 “Compensation” shall mean all cash compensation, including: (i) base straight time gross earnings, (ii) payments
for overtime, shift premiums and sales commissions, and (iii) bonuses, awards, and any other form of cash compensation. 

2.8 “Designated Subsidiary” shall mean each Subsidiary which has been designated by the Board from time to time in its sole
discretion as eligible to participate in the Plan. 
 2.9 “Employee” shall mean an individual who renders services to
the Company or to a Designated Subsidiary as an employee for tax purposes. A person rendering services to the Company or to a Designated Subsidiary purportedly as an independent consultant or contractor shall not be an Employee for purposes of the
Plan. 
 2.10 “Enrollment Date” shall mean the first day of each Offering Period. 

  

			
	
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 2.11 “Fair Market Value” 

2.11.1 The Fair Market Value of the Common Stock on any date shall be equal to the closing price of such Common Stock on the Valuation
Date, as reported on the NASDAQ, or if the Common Stock is then listed on a national securities exchange, the closing price as reported on such exchange. If there is no trading on the Valuation Date, the Fair Market Value of the Common Stock on such
date shall be the average of the closing bid and ask prices as reported on such date. 
 2.11.2 If 2.11.1 is not applicable,
the Fair Market Value of the Common Stock shall be determined by the Board in good faith. Such determination shall be conclusive and binding on all persons. 
 2.12 “NASDAQ” shall mean the National Association of Securities Dealers Automated Quotation System Stock Market’s National Market or such other quotation system that supersedes it.

 2.13 “Offering Period” shall mean the period of approximately six (6) months, commencing on the first Trading
Day on or after a date designated in advance by the Board and terminating on the last Trading Day in the period ending six months after the date designated by the Board, during which an option granted pursuant to the Plan may be exercised. The
duration of Offering Periods may be changed pursuant to Section 4 of this Plan. 
 2.14 “Participant” shall mean
any Employee who is participating in this Plan by meeting the eligibility requirements of Section 3 and has completed a Payroll Participation Form. 
 2.15 “Payroll Participation Form” shall mean the form provided by the Company on which a Participant shall elect to participate in the Plan and designate the percentage of his or her
Compensation to be contributed to his or her Account through payroll deductions. 
 2.16 “Plan” shall mean this
Employee Stock Purchase Plan. 
 2.17 “Purchase Date” shall mean the last day of each Offering Period. 

2.18 “Purchase Price” shall mean an amount equal to 85% of the Fair Market Value of a share of Common Stock (i) on the
Enrollment Date or (ii) on the Purchase Date, whichever is lower. 
 2.19 “Reserves” shall mean the number of
shares of Common Stock covered by each option under the Plan which have not yet been exercised and the number of shares of Common Stock which have been authorized for issuance under the Plan but not yet placed under option. 

2.20 “Subsidiary” shall mean a corporation, domestic or foreign, of which not less than 50% of the voting shares are held by
the Company or a Subsidiary, whether or not such corporation now exists or is hereafter organized or acquired by the Company of a Subsidiary. 

  

			
	
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 2.21 “Trading Day” shall mean a day on which national stock exchanges and the
NASDAQ System are open for trading. 
 2.22 “Valuation Date” shall mean the date on which the Fair Market Value of
Common Stock is to be determined for purposes of setting the price of Shares of Common Stock under Section 2.18 (that is, the Enrollment Date or the applicable Purchase Date). If the Enrollment Date is not a date on which the Fair Market Value
may be determined in accordance with Section 2.11, the Valuation Date shall be the first day after the Enrollment Date for which such Fair Market Value may be determined. If the Purchase Date is not a date on which the Fair Market Value may be
determined in accordance with Section 2.11 the Valuation Date shall be the first date prior to the Purchase Date on which such Fair Market Value may be determined. 
 3. Eligibility. 
 3.1 An Employee shall become eligible to participate in
the Plan on the first Enrollment Date on or after which he or she is first employed by the Company for more than twenty (20) hours per week. 
 3.2 Any provisions of the Plan to the contrary notwithstanding, no Employee shall be granted an option under the Plan (i) if, immediately after the grant, such Employee (or any other person whose
stock would be attributed to such Employee pursuant to Section 424(d) of the Code) would own stock and/or hold outstanding options to purchase stock possessing five percent (5%) or more of the total combined voting power or value of all
classes of stock of the Company or of any Subsidiary, or (ii) which permits his or her rights to purchase stock under all employee stock purchase plans (under Section 423 of the Code) of the Company and Subsidiaries to accrue at a rate
which exceeds twenty-five thousand dollars ($25,000) worth of stock (determined at the fair market value of the shares at the time such option is granted) for each calendar year in which such option is outstanding at any time. 

3.3 For purposes of the Plan, eligibility shall be treated as continuing intact while the individual is on sick leave or other leave of
absence approved by the Company. Where the period of leave exceeds 90 days and the individual’s right to reemployment is not guaranteed either by statute or by contract, eligibility to participate in the Plan will be deemed to have terminated
on the 91st day of such leave. 
 4. Offering Periods. The Plan shall be implemented by consecutive Offering Periods with
the first Offering Period commencing on a date designated in advance by the Board, and continuing for six month periods thereafter until terminated in accordance with Section 19 hereof. The Board shall have the power to change the duration of
Offering Periods (including the commencement dates thereof) with respect to future offerings without shareholder approval if such change is announced at least fifteen (15) days prior to the scheduled beginning of the first Offering Period to be
affected thereafter. 
 5. Participation. 
 5.1 An eligible Employee may become a Participant in the Plan by completing a Payroll Participation Form and filing it with the Company’s Administration Department (as set forth in Section 20
below) at least fifteen (15) days prior to the applicable Enrollment Date, unless a later time for filing the Payroll Participation Form is set by the Board for all eligible Employees with respect to a given Offering Period. 

  

			
	
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 5.2 Payroll deductions for a Participant shall commence on the first payday following the
Enrollment Date and shall end on the last payday in the Offering Period, unless sooner terminated by the Participant as provided in Section 10 hereof. 
 6. Payroll Deductions. 
 6.1 At the time a Participant files his or her
Payroll Participation Form, he or she shall elect to have payroll deductions made on each payday during the Offering Period in an amount not exceeding ten percent (10%) of the Compensation which he or she receives on each payday during the
Offering Period, and the aggregate of such payroll deductions during the Offering Period shall not exceed ten percent (10%) of the Participant’s Compensation during said Offering Period. 

6.2 A Participant shall specify that he or she desires to make contributions to the Plan in whole percentages not less than one percent
(1%) and not more than ten percent (10%) of the Participant’s Compensation during each pay period in the Offering Period, or such other minimum or maximum percentage as the Board shall establish from time to time. 

6.3 All payroll deductions made for a Participant shall be credited to his or her Account under the Plan and will be withheld in whole
percentages only. A Participant may not make any additional payments into such Account. 
 6.4 A Participant may discontinue his
or her participation in the Plan as provided in Section 10 hereof, or may increase or decrease the rate of his or her payroll deductions during the Offering Period by filing with the Company’s Administration Department (as set forth in
Section 20 below) a new Payroll Participation Form authorizing a change in payroll deduction rate. A Participant is limited to making one change during an Offering Period. The change in rate shall be effective with the first payday following
fifteen (15) days after the Company’s receipt of a new Payroll Participation Form unless the Company elects to process a given change in participation more quickly. A Participant’s Payroll Participation Form shall remain in effect for
successive Offering Periods unless terminated as provided in Section 10. 
 6.5 Notwithstanding the foregoing, to the
extent necessary to comply with Section 423(b)(8) of the Code and Section 3.2 hereof, a Participant’s payroll deductions shall be decreased to 0% at such time during any Offering Period which is scheduled to end during the current
calendar year (the “Current Offering Period”) that the aggregate of all payroll deductions which were previously used to purchase stock under the Plan in a prior Offering Period which ended during that calendar year plus all payroll
deductions accumulated with respect to the Current Offering Period equal $21,250 (85% of $25,000). Payroll deductions shall recommence at the rate provided in such Participant’s Payroll Participation Form at the beginning of the first Offering
Period which is scheduled to end in the following calendar year, unless terminated by the Participant as provided in Section 10. 
 6.6 At the time the option is exercised, or at the time some or all of the Common Stock issued under the Plan is disposed of, the Participant must make adequate

  

			
	
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provision for the Company’s federal, state, or other tax withholding obligations, if any, which arise upon the exercise of the option or the disposition of the Common Stock. At any time, the
Company may, but will not be obligated to, withhold from the Participant’s compensation the amount necessary for the Company to meet applicable withholding obligations, including any withholding required to make available to the Company any tax
deductions or benefit attributable to sale or early disposition of Common Stock by the Employee. 
 7. Option to Purchase
Common Stock. On the Enrollment Date of each Offering Period, each Participant participating in such Offering Period shall be granted an option to purchase on the Purchase Date of such Offering Period (at the applicable Purchase Price) up to a
number of shares of Common Stock determined by dividing such Participant’s payroll deductions accumulated prior to and during the Offering Period and retained in the Participant’s account as of the Purchase Date by the applicable Purchase
Price; provided that in no event shall Participant be permitted to purchase during each Offering Period more than 250,000 shares of Common Stock (subject to any adjustment pursuant to Section 18.1), and provided further that such option to
purchase shall be subject to the limitations set forth in Sections 3.2 and 12 hereof. Purchase of the Common Stock shall occur as provided in Section 8, unless the Participant has withdrawn pursuant to Section 10, and the option shall
expire on the last day of the Offering Period. 
 8. Purchase of Common Stock. Unless a Participant withdraws from the
Plan as provided in Section 10.1 below, his or her option for the purchase of Common Stock will be exercised automatically on the Purchase Date, and the maximum number of full shares subject to option shall be purchased for such Participant at
the applicable Purchase Price with the accumulated payroll deductions in his or her account. No fractional shares of Common Stock will be purchased; any payroll deductions accumulated in a Participant’s account which are not sufficient to
purchase a full share shall be retained in the Participant’s account for the subsequent Offering Period, subject to earlier withdrawal by the Participant as provided in Section 10 hereof. During a Participant’s life-time, a
Participant’s option to purchase shares of Common Stock hereunder is exercisable only by him or her. 
 9. Delivery.
As promptly as practicable after each Purchase Date, the Company shall arrange the delivery to each Participant the shares of Common Stock purchased with his or her payroll deductions. 

10. Withdrawal; Termination of Employment. 
 10.1 A Participant may withdraw all but not less than all the payroll deductions credited to his or her account and not yet used to purchase shares of Common Stock under the Plan by giving written notice
to the Company’s Administration Department (as set forth in Section 20 below) no less than 15 days immediately preceding a Purchase Date. All of the Participant’s payroll deductions credited to his or her Account will be paid to such
Participant as soon as practicable after receipt of notice of withdrawal and such Participant’s option for the Offering Period will be automatically terminated, and no further payroll deductions for the purchase of shares will be made during
the Offering Period. If a Participant withdraws from an Offering Period, payroll deductions will not resume at the beginning of the succeeding Offering Period unless the Participant delivers to the Company a new Payroll Participation Form.

  

			
	
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 10.2 Upon termination of a Participant’s employment for any reason, including death,
disability or retirement, the payroll deductions credited to such Participant’s Account shall be returned to the Participant. A Participant shall have no right to acquire shares upon termination of his or her employment. 

11. Interest. No interest shall accrue on the payroll deductions of a Participant in the Plan. 

12. Stock. 
 12.1 The maximum number of shares of the Company’s Common Stock which shall be made available for sale under the Plan shall be 1,400,000 shares, subject to adjustment upon changes in capitalization
of the Company as provided in Section 18. If on a given Purchase Date the number of shares of Common Stock eligible to be purchased exceeds the number of shares then available under the Plan, the Company shall make a pro rata allocation of the
shares remaining available for purchase in as uniform a manner as shall be practicable and as it shall determine to be equitable. 
 12.2 The Participant will have no interest or voting right in shares covered by his or her option until such shares of Common Stock have been purchased. 

12.3 Common Stock to be delivered to a Participant under the Plan will be registered in the name of the Participant or in the name of the
Participant and his or her spouse. 
 13. Administration. 

13.1 Administrative Body. The Plan shall be administered by the Committee. Subject to the terms of the Plan, the Committee shall
have the power to construe the provisions of the Plan, to determine all questions arising thereunder, and to adopt and amend such rules and regulations for administering the Plan as the Committee deems desirable. 

13.2 Rule 16b-3 Limitations. Notwithstanding the provisions of Subsection 13.1, in the event that Rule 16b-3
promulgated under the Securities Exchange Act of 1934, as amended, or any successor provision (“Rule 16b-3”) provides specific requirements for the administrators of plans of this type, the Plan shall be only administered by such a
body and in such a manner as shall comply with the applicable requirements of Rule 16b-3. 
 14. Designation of
Beneficiary. 
 14.1 A Participant may file a written designation of a beneficiary who is to receive any shares and cash, if
any, from the Participant’s account under the Plan in the event of such Participant’s death subsequent to a Purchase Date on which the option is exercised but prior to delivery to such Participant of such shares and cash. In addition, a
Participant may file a written designation of a beneficiary who is to receive any cash from the Participant’s account under the Plan in the event of such Participant’s death prior to a Purchase Date. 

14.2 Such designation of beneficiary may be changed by the Participant at any time by written notice as provided in Section 20
below. In the event of the death of a Participant 

  

			
	
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and in the absence of a beneficiary validly designated under the Plan who is living at the time of such Participant’s death, the Company shall deliver such shares and/or cash to the executor
or administrator of the estate of the Participant, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such shares and/or cash to the spouse or to any one or more
dependents or relatives of the Participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate. 
 15. Transferability. Neither payroll deductions credited to a Participant’s account nor any rights with regard to the exercise of an option or to receive shares under the Plan may be assigned,
transferred, pledged or otherwise disposed of in any way (other than by will, the laws of descent and distribution or as provided in Section 14 hereof) by the Participant. Any such attempt at assignment, transfer, pledge or other disposition
shall be without effect, except that the Company may treat such act as an election to withdraw funds from an Offering Period in accordance with Section 10. 
 16. Use of Funds. All payroll deductions received or held by the Company under the Plan may be used by the Company for any corporate purpose, and the Company shall not be obligated to segregate
such payroll deductions. 
 17. Reports. Individual accounts will be maintained for each Participant in the Plan.
Statements of account will be given to participating Employees at least annually, which statements will set forth the amounts of payroll deductions, the Purchase Price, the number of shares purchased and the remaining cash balance, if any.

 18. Adjustments Upon Changes in Capitalization, Dissolution, Merger or Asset Sale. 

18.1 Changes in Capitalization. Subject to any required action by the stockholders of the Company, the Reserves, the maximum
number of shares of Common Stock each Participant may purchase per Offering Period (pursuant to Section 7), as well as the price per share of Common Stock covered by each option under the Plan which has not yet been exercised, shall be
proportionately adjusted for any increase or decrease in the number of issued shares of Common Stock resulting from a stock split, reverse stock split, stock dividend, combination or reclassification of the Common Stock, or any other increase or
decrease in the number of shares of Common Stock effected without receipt of consideration by the Company; provided, however, that conversion of any convertible securities of the Company shall not be deemed to have been “effected without
receipt of consideration.” Such adjustment shall be made by the Board, whose determination in that respect shall be final, binding and conclusive. Except as expressly provided herein, no issue by the Company of shares of stock of any class, or
securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common Stock subject to an option. The Board may, if it so determines in the
exercise of its sole discretion, make provision for adjusting the Reserves, as well as the price per share of Common Stock covered by each outstanding option, in the event the Company effects one or more reorganizations, recapitalizations, rights
offerings or other increases or reductions of shares of its outstanding Common Stock. 

  

			
	
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 18.2 Dissolution or Liquidation. In the event of the proposed dissolution or
liquidation of the Company, the Offering Period will terminate immediately prior to the consummation of such proposed action, unless otherwise provided by the Board. 
 18.3 Consolidation or Merger. In the event of the consolidation or merger of the Company with or into any other business entity, or the sale by the Company of substantially all of its assets, the
successor may continue the Plan by adopting the same by resolution of its board of directors or agreement of its partners or proprietors. If, within 90 days after the effective date of a consolidation, merger or sale of assets, the successor
corporation, partnership or proprietorship does not adopt the Plan, the Plan shall be terminated in accordance with Section 19. 
 19. Amendment or Termination. 
 19.1 The Board may at any time and for any
reason terminate or amend the Plan. Except as provided in Section 18, no such termination can affect options previously granted, provided that an Offering Period may be terminated by the Board on any Purchase Date if the Board determines that
the termination of the Plan is in the best interests of the Company and its shareholders. Except as provided in Section 18, no amendment may make any change in any option theretofore granted which adversely affects the rights of any
Participant. To the extent necessary to comply with Section 423 of the Code (or any successor Rule or provision or any other applicable law or regulation), the Company shall obtain shareholder approval in such a manner and to such a degree
as required. 
 19.2 Without shareholder consent and without regard to whether any Participant rights may be considered to have
been “adversely affected,” the Committee shall be entitled to change the Offering Periods, limit the frequency and/or number of changes in the amount withheld during an Offering Period, establish the exchange ratio applicable to amounts
withheld in a currency other than U.S. dollars, permit payroll withholding in excess of the amount designated by a Participant in order to adjust for delays or mistakes in the Company’s processing of properly completed withholding elections,
establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common Stock for each Participant properly correspond with amounts withheld from the
Participant’s Compensation, and establish such other limitations or procedures as the Board (or its committee) determines in its sole discretion advisable which are consistent with the Plan. 

19.3 If required to qualify the Plan under Rule 16b-3, no amendment shall be made more than once every six months that would change
the amount, price or timing of the options, other than to comport with changes in the Code, or the rules and regulations promulgated thereunder; and provided, further, that if required to qualify the Plan under Rule 16b-3, no amendment shall be
made without the approval of the Company’s shareholders that would: 
 19.3.1 materially increase the number of shares of
Common Stock that may be issued under the Plan; 

  

			
	
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 19.3.2 materially modify the requirements as to eligibility for participation in the Plan;
or 
 19.3.3 otherwise materially increase the benefits accruing to participants under the Plan. 

20. Notices. All notices or other communications by a Participant to the Company under or in connection with the Plan shall be
deemed to have been duly given when received in the form specified by the Company by the Company’s Administration Department at the Company’s corporate headquarters. 
 21. Conditions. Upon Issuance of Shares of Common Stock. Common Stock shall not be issued with respect to an option unless the exercise of such option and the issuance and delivery of such shares
pursuant thereto shall comply with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the rules and regulations promulgated
thereunder, and the requirements of any stock exchange upon which the shares may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance. 

As a condition to the purchase of Common Stock, the Company may require the person purchasing such Common Stock to represent and warrant
at the time of any such purchase that the shares are being purchased only for investment and without any present intention to sell or distribute such shares if, in the opinion of counsel for the Company, such a representation is required by any of
the aforementioned applicable provisions of law. 
 22. Term of Plan. 

22.1 The Plan shall become effective upon the earlier to occur of its adoption by the Board of Directors or its approval by the
shareholders of the Company. It shall continue in effect for a term of ten (10) years unless sooner terminated pursuant to Section 19. 
 22.2 Notwithstanding the above, the Plan is expressly made subject (i) to the approval of the holders of a majority of the outstanding shares of the Company within 12 months after the date the Plan
is adopted and (ii) at its election, to the receipt by the Company from the Internal Revenue Service of a ruling in scope and content satisfactory to counsel to the Company, affirming the qualification of the Plan within the meaning of
Section 423 of the Code. If the Plan is not so approved by the shareholders within 12 months after the date the Plan is adopted, and if, at the election of the Company a ruling from the Internal Revenue Service is sought but is not received on
or before one year after the Plan’s adoption by the Board, this Plan shall not come into effect. In that case, the Account of each Participant shall forthwith be paid to him or her. 

23. Additional Restrictions of Rule 16b-3. The terms and conditions of options granted hereunder to, and the purchase of
shares by, persons subject to Section 16 of the Exchange Act shall comply with the applicable provisions of Rule 16b-3. This Plan shall be deemed to contain, and such options shall contain, and the shares issued upon exercise thereof shall
be subject to, such additional conditions and restrictions as may be required by Rule 16b-3 to qualify for the maximum exemption from Section 16 of the Exchange Act with respect to Plan transactions. 

  

			
	
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 – 2004 EMPLOYEE STOCK PURCHASE PLAN	  	265270/3/MWS/054753-0000Form of Camden Property Trust 2.950% Notes due 2022

 Exhibit 4.4 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO,
OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITORY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY
AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 CAMDEN PROPERTY TRUST 

2.950% NOTE DUE 2022 
  

			
	REGISTERED	  	PRINCIPAL AMOUNT
	No.: R-1	  	$350,000,000

 CUSIP No.: 133131 AT9 
 ISIN No.: US133131AT99 
 CAMDEN PROPERTY TRUST, a real estate investment trust
organized and existing under the laws of the State of Texas (hereinafter called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to
CEDE & Co., or registered assigns, upon presentation, the principal sum of Three Hundred Fifty Million Dollars ($350,000,000) on December 15, 2022 at the office or agency of the Company referred to below, and to pay interest thereon
from December 7, 2012, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on June 15 and December 15 in each year (each, an “Interest Payment Date”),
commencing June 15, 2013 at the rate of 2.950% per annum, until the entire principal hereof is paid or duly provided for. The interest so payable, and punctually paid or duly provided for on any Interest Payment Date will, as provided for
in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest which shall be June 1 or December 1 (whether or
not a Business Day), as the case may be, immediately preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date, and may either be
paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be
given to Holders of Securities of this series not more than 15 days and not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange
on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

 Payment of the principal of, or Make-Whole Amount, if any, and interest on, the Securities
will be made to The Depository Trust Company or its nominee in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the
Company payment of interest may be made by (i) check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer of funds to an account of the Person entitled thereto
maintained within the United States. 
 Securities of this series may be redeemed at any time at the option of the Company, in
whole or in part, upon notice of not more than 60 nor less than 30 days prior to the Redemption Date, at a redemption price equal to the sum of (i) the principal amount of the Securities being redeemed plus accrued interest thereon to the
Redemption Date and (ii) the Make-Whole Amount, if any, with respect to such Securities; provided, however, that if the Securities are redeemed 90 days or fewer prior to their maturity date, the redemption price will equal 100% of
the principal amount of the Securities (or portion of the Securities) being redeemed plus accrued and unpaid interest thereon to but excluding the Redemption Date. 
 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH IN THIS PLACE.

 Unless the Certificate of Authentication hereon has been executed by or on behalf of the Trustee by manual signature, this
Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 IN WITNESS
WHEREOF, the Company has caused this instrument to be duly executed. 
  

					
		 	CAMDEN PROPERTY TRUST
			
	Dated: December 7, 2012	 	By:	 	  

		 		 	Alex J.K. Jessett
		 		 	Senior Vice President – Finance and Treasurer

  

			
	Attest:	 	
		
	By:	 	  

		 	J. Robert Fisher
		 	Senior Vice President – General Counsel and Secretary

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION: 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

U.S. Bank National Association, as successor to SunTrust Bank, 
 as Trustee 
  

					
	By:	 	  
	  	Dated: December 7, 2012
		 	Authorized Officer	  	

  
 2 

 Reverse of Note 
 CAMDEN PROPERTY TRUST 
 2.950% NOTE DUE 2022 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be
issued in one or more series under an Indenture, dated as of February 11, 2003, as amended by the First Supplemental Indenture, dated as of May 4, 2007, and the Second Supplemental Indenture, dated as of June 3, 2011 (collectively,
herein called the “Indenture”), between the Company and U.S. Bank National Association, a banking corporation organized and existing under the laws of the United States of America, as successor to SunTrust Bank, as Trustee (herein called
the “Trustee,” which term includes any successor trustee under the Indenture with respect to the series of which this Security is a part), to which Indenture and all board resolutions and indentures supplemental thereto reference is hereby
made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and
delivered. This Security is one of the series designated on the first page hereof. 
 “Make-Whole Amount” means, in
connection with any optional redemption or accelerated payment of any Security, the excess, if any, of (i) the aggregate present value as of the date of such redemption or accelerated payment of each dollar of principal being redeemed or paid
and the amount of interest (exclusive of interest accrued to the date of redemption or accelerated payment) that would have been payable in respect of such dollar if such redemption or accelerated payment had not been made, determined by
discounting, on a semi-annual basis, such principal and interest at the Reinvestment Rate (determined on the third Business Day preceding the date such notice of redemption is given or declaration of acceleration is made) from the respective dates
on which such principal and interest would have been payable if such redemption or accelerated payment had not been made, over (ii) the aggregate principal amount of the Securities being redeemed or paid. 

“Reinvestment Rate” means 0.25% (twenty five one-hundredths of one percent) plus the arithmetic mean of the yields under the
respective headings “This Week” and “Last Week” published in the Statistical Release under the caption “Treasury Constant Maturities” for the maturity (rounded to the nearest month) corresponding to the remaining life
to maturity, as of the payment date of the principal being redeemed or paid. If no maturity exactly corresponds to such maturity, yields for the two published maturities most closely corresponding to such maturity shall be calculated pursuant to the
immediately preceding sentence and the Reinvestment Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding in each of such relevant periods to the nearest month. For purposes of calculating the Reinvestment
Rate, the most recent Statistical Release published prior to the date of determination of the Make-Whole Amount shall be used. 

“Statistical Release” means the statistical release designated “H.15(519)” or any successor publication which is
published weekly by the Federal Reserve System and which establishes yields on actively traded United States government securities adjusted to constant maturities or, if such statistical release is not published at the time of any determination
under the Indenture, then such other reasonably comparable index which shall be designated by the Company. 
 Notwithstanding
Section 4 of the First Supplemental Indenture, the covenants set forth in Section 10.12 of the Indenture shall be fully applicable to this Security. 
 The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Company on this Security and (b) certain restrictive covenants and the related defaults and
Events of Default applicable to the Company, in each case, upon compliance by the Company with certain conditions set forth in the Indenture, which provisions apply to this Security. 

  
 3 

 If any Event of Default with respect to Securities of this series shall occur and be
continuing, the principal of, and the Make-Whole Amount, if any, on, the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default
as Trustee, offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and the
Trustee shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any
payment of principal hereof (and premium or Make-Whole Amount, if any) or any interest on and any Additional Amounts in respect thereof on or after the respective due dates expressed herein. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in principal amount
of the Securities of each series at the time Outstanding affected thereby. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf
of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this
Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such
consent or waiver is made upon this Security. 
 No reference herein to the Indenture and no provision of this Security or of
the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, Make-Whole Amount, if any, on, and interest on this Security at the times, place and rate, and in the coin or currency,
herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this
Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any Place of Payment where the principal of, Make-Whole Amount, if any, on, and interest on this
Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon
one or more new Securities of this series, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000. As provided in the Indenture and subject to certain
limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series of a different authorized denomination, as requested by the Holder surrendering the same. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this
Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue,
and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

  
 4 

 No recourse under or upon any obligation, covenant or agreement contained in the Indenture
or in this Security, or because of any indebtedness evidenced thereby, shall be had against any promoter, as such or, against any past, present or future shareholder, officer, trust manager or director, as such, of the Company or of any successor,
either directly or through the Company or any successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly
waived and released by the acceptance of this Security by the Holder thereof and as part of the consideration for the issue of the Securities of this series. 
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 THE INDENTURE AND THE SECURITIES, INCLUDING THIS SECURITY, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused
“CUSIP” numbers to be printed on the Securities of this series as convenience to the Holders of such Securities. No representation is made as to the correctness or accuracy of such CUSIP number, or the ISIN number, printed on the
Securities of this series, and reliance may be placed only on the other identification numbers printed hereon. 
 [REMAINDER OF
PAGE INTENTIONALLY BLANK] 

  
 5 

 ABBREVIATIONS 
 The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

  

							
	TEN COMM	 	—  	  	as tenants in common	  	UNIF GIFT/TRANSFER MIN ACT —
	TEN ENT	 	—  	  	as tenants by the entireties	  	                    Custodian      
                  
	JT TEN	 	—  	  	as joint tenants with right of survivorship and not as tenants in common	  	
(Cust)                        
            (Minor)
 Under Uniform Gifts/Transfers to Minors Act

                      
                                         
       (State)              

 Additional abbreviations may also be used though not in the above list. 

 
  
 Social Security or taxpayer I.D. or other identifying number of assignee: 
 FOR VALUE RECEIVED,
the undersigned hereby sells, assigns and transfers unto 
  
  

(name and address of assignee) 

the within Note and all rights thereunder, hereby irrevocably constituting and appointing
                                    , attorney to transfer said Note
on the books kept for registration thereof, with full power of substitution in the premises. 
 Dated: 

  
 6

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