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                                                                   EXHIBIT 10.02

                      CRESCENT REAL ESTATE EQUITIES COMPANY

                          EMPLOYEE STOCK PURCHASE PLAN

                                    ARTICLE I
                                    THE PLAN

                  1.1 NAME. This plan shall be known as the "Crescent Real
Estate Equities Company Employee Stock Purchase Plan." Capitalized terms used
herein are defined in Article VI hereof.

                  1.2 PURPOSE. The purpose of the Plan is to permit Employees of
the Company to increase their proprietary interest in the Company by permitting
them to purchase Common Stock through payroll deductions. The Company intends
that the Plan be treated and qualify as an "Employee Stock Purchase Plan" under
Section 423 of the Internal Revenue Code of 1986, as amended. The Plan shall,
 accordingly, be construed so as to extend and limit participation in a manner
consistent with the requirements of that section of the Code. With respect to
Reporting Participants, transactions under the Plan are intended to comply with
all applicable conditions of Rule 16b-3 or its successors under the Exchange
Act. To the extent that any provision of the Plan or action by the Committee
fails to so comply, it shall be deemed null and void to the extent permitted by
law and deemed advisable by the Committee.

                  1.3 EFFECTIVE DATE. The Plan shall become effective upon the
Effective Date.

                  1.4 MAXIMUM NUMBER OF SHARES OF COMMON STOCK ISSUABLE UNDER
THE PLAN. The shares of Common Stock subject to issuance pursuant to the Plan
may be either authorized and unissued shares or shares issued and thereafter
acquired by the Company. Subject to adjustment pursuant to the provisions of
Section 4.2, and subject to any additional restrictions elsewhere in the Plan,
the maximum aggregate number of shares of Common Stock that may be issued from
time to time pursuant to the Plan shall be 1,000,000.

                  1.5 CONDITIONS PRECEDENT. The Company shall not issue or
deliver any certificate for Plan Shares before fulfillment of all of the
following conditions:

                         (a) The admission of the Plan Shares to listing on all
         stock exchanges on which the Common Stock is then listed, unless the
         Committee determines in its sole discretion that such listing is
         neither necessary nor advisable;

                         (b) The completion of any registration or other
         qualification of the sale of the Plan Shares under any federal or state
         law or under the rulings or regulations of the Securities and Exchange
         Commission or any other governmental regulatory body that the Committee
         in its sole discretion deems necessary or advisable; and

                         (c) The obtaining of any approval or other clearance
         from any federal or state governmental agency that the Committee in its
         sole discretion determines to be necessary or advisable.

                  1.6 RESERVATION OF SHARES OF COMMON STOCK. During the term of
the Plan, the Company shall at all times reserve and keep available such number
of shares of Common Stock as may be necessary to satisfy the requirements of the
Plan. In addition, the Company shall from time to time, as is necessary to
accomplish the purposes of the Plan, use its best efforts to obtain from any
regulatory agency having jurisdiction any requisite authority necessary to issue
Plan Shares hereunder. The inability of the Company to obtain from any
regulatory agency having jurisdiction the authority deemed by the Company's
counsel to be necessary for the lawful issuance of any Plan Shares shall relieve
the Company of any

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liability in respect of the nonissuance of Plan Shares as to which the requisite
authority has not been obtained.

                  1.7 TAX WITHHOLDING.

                         (a) Condition Precedent. The Company shall be entitled
         to require a Participant to remit, through payroll withholding or
         otherwise, any tax that the Company determines it is so obligated to
         collect with respect to the issuance of Plan Shares, and the Company
         shall institute such mechanisms as shall insure the collection of such
         taxes.

                         (b) Notice of Disposition of Certain Stock. The Company
         may require as a condition to the issuance of Plan Shares that the
         party receiving such shares give a written representation to the
         Company, which is satisfactory in form and substance to its counsel and
         upon which the Company may reasonably rely, that he shall report to the
         Company any disposition of such shares before the expiration of the
         holding period specified by Section 423(a)(1) of the Code. If and to
         the extent that the realization of income in such a disposition imposes
         upon the Company federal, state or local withholding tax requirements,
         or any such withholding is required to secure for the Company an
         otherwise available tax deduction, the Company shall have the right to
         require that the recipient remit to the Company an amount sufficient to
         satisfy those requirements; and the Company may require as a condition
         to the issuance of Plan Shares that the party receiving such shares
         give a satisfactory written representation promising to make such a
         remittance.

                  1.8 ACCELERATION IN CERTAIN EVENTS. The Committee may
accelerate the vesting of any Plan Shares in whole or in part at any time.
Notwithstanding the foregoing, the following provisions shall apply:

                         (a) Mergers and Reorganizations. If the Company or its
         shareholders enter into an agreement to dispose of all or substantially
         all of the assets of the Company by means of a sale, merger or other
         reorganization, liquidation or otherwise in a transaction in which the
         Company is not the surviving corporation, all outstanding Offering
         Periods shall terminate as of the day before the consummation of the
         agreement and such date shall be the Purchase Date for such Offering
         Periods, and all Plan Shares shall immediately vest commencing as of
         the day before the consummation of the agreement to dispose of all or
         substantially all of the assets of the Company; provided that
         outstanding Offering Periods will not terminate (and there will be no
         alteration in the Purchase Dates), and no Plan Shares will vest on
         account of this subsection 1.8(a) when the shareholders of the Company
         immediately before the consummation of the transaction will own at
         least fifty percent of the total combined voting power of all classes
         of stock entitled to vote of the surviving entity immediately after the
         consummation of the transaction or if the transaction contemplated in
         the agreement is a merger or reorganization in which the Company will
         survive.

                         (b) Change in Control. In the event of a change in
         control or threatened change in control of the Company, all Plan Shares
         shall become immediately vested. The term "change in control" for
         purposes of this Section refers to the acquisition of 15% or more of
         the voting securities of the Company by any person or by persons acting
         as a group within the meaning of Section 13(d)(3) of the Exchange Act
         (other than an acquisition by (i) a person or group meeting the
         requirements of clauses (i) and (ii) of Rule 13d-l(b)(1) promulgated
         under the Exchange Act, (ii) or any employee pension benefit plan
         (within the meaning of Section 3(2) of ERISA) of the Company or of its
         Subsidiaries, including a trust established pursuant to such plan);
         provided that no change in control or threatened change in control
         shall be deemed to have occurred (i) if before the acquisition of, or
         offer to acquire, 15% or more of the voting securities of the Company,
         the full Board has adopted by not less than two-thirds vote a
         resolution specifically approving such acquisition or offer or (ii)
         from (A) a transfer of the Company's voting securities by Richard E.
         Rainwater ("Rainwater") to (i) a member of Rainwater's immediate family
         (within the meaning of Rule 16a-1(e) of the Exchange Act) either during
         Rainwater's lifetime or by will or the laws of descent and
         distribution; (ii) any trust as to which Rainwater or a member (or

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         members) of his immediate family (within the meaning of Rule 16a-1(e)
         of the Exchange Act) is the beneficiary; (iii) any trust as to which
         Rainwater is the settlor with sole power to revoke; (iv) any entity
         over which Rainwater has the power, directly or indirectly, to direct
         or cause the direction of the management and policies of the entity,
         whether through the ownership of voting securities, by contract or
         otherwise; or (v) any charitable trust, foundation or corporation under
         Section 501(c)(3) of the Code that is funded by Rainwater; or (B) the
         acquisition of voting securities of the Corporation by either (i)
         Rainwater or (ii) a person, trust or other entity described in the
         foregoing clauses (A)(i)-(v) of this subsection. The term "person" for
         purposes of this Section refers to an individual or a corporation,
         partnership, trust, association, joint venture, pool, syndicate, sole
         proprietorship, unincorporated organization or any other form of entity
         not specifically listed herein. Whether a change in control is
         threatened shall be determined solely by the Committee.

                  1.9 COMPLIANCE WITH SECURITIES LAWS. Plan Shares shall not be
issued unless the issuance and delivery of the Plan Shares complies with all
relevant provisions of federal and state law, including without limitation the
Securities Act, the rules and regulations promulgated thereunder and the
requirements of any stock exchange upon which the Plan Shares may then be
listed, and shall be further subject to the approval of counsel for the Company
with respect to such compliance. The Committee may also require a Participant to
furnish evidence satisfactory to the Company, including, without limitation, a
written and signed representation letter and consent to be bound by any transfer
restrictions imposed by law, legend, condition or otherwise, and a
representation that the Plan Shares are being acquired only for investment and
without any present intention to sell or distribute the shares in violation of
any federal or state law, rule or regulation. Further, each Participant shall
consent to the imposition of a legend on the certificate representing the Plan
Shares that describes the restrictions on their transferability as required by
law or by this Section.

                  1.10 EMPLOYMENT OF PARTICIPANT. Nothing in the Plan or in the
receipt of any Plan Shares issued hereunder will confer upon any Participant any
right to continued employment by the Company or any of its Subsidiaries or limit
in any way the right of the Company or any Subsidiary at any time to terminate
or alter the terms of that employment.

                  1.11 INFORMATION TO PARTICIPANTS. The Company shall furnish to
each Participant copies of annual reports, proxy statements and all other
reports sent to the Company's shareholders. Upon written request, the Company
shall furnish to each Participant a copy of its most recent Annual Report on
Form 10-K and each quarterly report to shareholders issued since the end of the
Company's most recent fiscal year.

                                   ARTICLE II
                                 ADMINISTRATION

                  2.1 COMMITTEE. The Plan shall be administered by the Board or
by a Committee of not fewer than two Directors appointed by the Board. As used
herein, "Committee" shall mean a committee consisting of two or more Directors,
each of whom shall be a "non-employee director" as defined in Rule 16b-3 under
the Exchange Act and an "outside director" within the meaning of Section 162(m)
of the Code. Subject to the provisions of the Plan, the Committee shall have the
sole discretion and authority to interpret the Plan, to prescribe, amend and
rescind any rules and regulations necessary or appropriate for the
administration of the Plan, to adopt and prescribe the contents of all forms
required in connection with the administration of the Plan, including, but not
limited to, the enrollment agreements, payroll withholding authorizations and
withdrawal documents, and to make all other determinations that are necessary or
advisable for the administration of the Plan. 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 and Purchase Dates, 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 currency other than U.S. dollars, permit
payroll withholding in excess of the amount designated by the Participant in
order to adjust for delays or mistakes in the Company's processing of properly
completed withholding elections, establish reasonable waiting and

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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 Committee determines
in its sole discretion advisable which are consistent with the Plan.

                  2.2 MAJORITY RULE; UNANIMOUS WRITTEN CONSENT. A majority of
the members of the Committee shall constitute a quorum, and any action taken by
a majority present at a meeting at which a quorum is present or any action taken
without a meeting evidenced by a writing executed by all members of the
Committee shall constitute the action of the Committee. Meetings of the
Committee may take place by telephone conference call.

                  2.3 COMPANY ASSISTANCE. The Company shall supply full and
timely information to the Committee on all matters relating to Employees, their
employment, death, Retirement, Disability or other termination of employment,
and such other pertinent facts as the Committee may require. The Company shall
furnish the Company with such clerical and other assistance as is necessary to
the performance of its duties.

                                   ARTICLE III
                  OFFERING PERIODS, PURCHASE DATES AND VESTING

                  3.1 OFFERING PERIODS. The Plan shall be implemented by a
series of Offering Periods, with each Offering Period commencing on or about
January 1, April 1, July 1 and October 1 of each year (or at such other time or
times as may be determined by the Committee). The Committee shall have the power
to change the duration and/or the frequency of Offering Periods with respect to
future offerings if such change is announced at least fifteen (15) days before
the scheduled beginning of the first Offering Period to be affected.

                  3.2 ENROLLMENT. Any individual who is an Employee as of the
Offering Date of a given Offering Period shall be eligible to participate in
such Offering Period. An Employee may become a Participant by completing an
enrollment agreement in the form provided by the Committee and filing it with
the Company at the prescribed location not later than the time set by the
Committee for all Employees with respect to a given Offering Period.

                  3.3 DURATION OF PARTICIPATION. Once enrolled, a Participant
shall continue to participate in all future Offering Periods, until the
Participant ceases to be an Employee, withdraws as provided under Section 3.5(a)
or reaches the end of an Offering Period in which the Participant's
contributions were changed under Section 3.4(c). A Participant who changed his
or her contributions under Section 3.4(c) or withdrew under Section 3.5(a) may
again become a Participant, if then an Employee, by filing a new enrollment
agreement in accordance with Section 3.2 above. A Participant whose
contributions were discontinued automatically under Section 3.6(d) shall
automatically resume participation as of the first Offering Period ending in the
next calendar year, if he or she is then an Employee.

                  3.4 EMPLOYEE CONTRIBUTIONS.

                           (a) Amount of Payroll Deductions. Participants shall
         elect to have payroll deductions made on each payday during the
         Offering Period in an amount not less than 1% and not more than 10% (in
         whole number increments) of such Participant's Compensation on each
         such payday. All payroll deductions made by a Participant shall be
         credited to his or her Stock Purchase Account. A Participant may not
         make any additional payments into such account.

                           (b) Application of Payroll Deductions. Payroll
         deductions shall commence on the first payroll following the Offering
         Date or such later date established by the Committee and shall end on
         the last payroll paid before the Purchase Date of the Offering Period
         to which the enrollment agreement is applicable unless earlier
         terminated by the Participant as provided in Section 3.5(a) or in the
         event of a withdrawal pursuant to Section 3.6(d).

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                           (c) Changing Contribution Rate. A Participant, on one
         occasion only during the Offering Period, may change the rate of his or
         her Contributions (including ceasing to make additional Contributions)
         during the Offering Period by completing and filing with the Company a
         new enrollment form. The change in rate shall be effective as soon as
         reasonably practicable after the new enrollment form is received by the
         Company at the prescribed location.

                  3.5 VOLUNTARY WITHDRAWAL; CHANGE IN EMPLOYMENT STATUS.

                           (a) Voluntary Withdrawal. A Participant may withdraw
         all but not less than all the Contributions credited to his or her
         Stock Purchase Account under the Plan at any time before two (2)
         business days before a Purchase Date within an Offering Period by
         completing a Company approved notification. All of the Participant's
         Contributions credited to his or her Stock Purchase Account shall be
         paid to him or her as soon as practicable after receipt of his or her
         notice of withdrawal and his or her participation for such Offering
         Period shall be automatically terminated, and no further Contributions
         for the purchase of shares shall be made during the Offering Period. A
         Participant's withdrawal from an offering shall not have any effect
         upon his or her eligibility to participate in a succeeding offering or
         in any similar plan which may hereafter be adopted by the Company.

                           (b) Termination of Continuous Status as an Employee.
         Upon termination of the Participant's Continuous Status as an Employee
         before the Purchase Date for an Offering Period for any reason,
         including retirement or death, the Contributions credited to his or her
         Stock Purchase Account shall be refunded, and his or her participation
         shall be automatically terminated. In the event an Employee fails to
         remain in Continuous Status as an Employee during the Offering Period
         in which the Employee is an Participant, he or she shall be deemed to
         have elected to withdraw and the Contributions credited to his or her
         Stock Purchase Account shall be returned to him or her and his or her
         participation will be terminated.

                  3.6 PURCHASE OF SHARES.

                           (a) Purchase of Shares. Unless a Participant
         withdraws or is terminated from participation, the balance of his or
         her Stock Purchase Account shall automatically be applied to the
         purchase of shares of Common Stock on the Purchase Date for the
         Offering Period, and the maximum number of whole shares shall be
         purchased at the applicable purchase price with the accumulated
         Contributions in his or her Stock Purchase Account, provided, however,
         that the maximum number of shares an Employee may purchase during each
         Offering Period shall be such number of shares equal to (i) 10% of the
         Participant's Compensation as of the beginning of the Offering Period,
         divided by (ii) 50% of the Fair Market Value of a share of Common Stock
         as of the beginning of the Offering Period, rounded down to the nearest
         whole share, and provided further that such purchase shall be subject
         to the limitations set forth in Sections 3.6(c) and 3.6(d).

                           (b) Purchase Price. The purchase price for each share
         of Common Stock  purchased on a Purchase Date during an Offering Period
         shall be the lower of:

                                    (i) ninety percent (90%) of the Fair Market
                  Value of a share of Common Stock on the Purchase Date, or

                                    (ii) ninety percent (90%) of the Fair Market
                  Value of a share of Common Stock on the last trading day
                  before the Offering Date.

                           (c) Insufficient Available Shares. If, on any
         Purchase Date, the aggregate balance of the Stock Purchase Accounts
         that are available to purchase Common Stock would purchase a number of
         shares of Common Stock in excess of the number of shares then
         authorized for purchase under the Plan, the following events shall
         occur:

                                    (i) The Committee shall make a pro rata
                  allocation of the shares available in as uniform a manner as
                  shall be practicable and as it shall determine to be
                  equitable;

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                                    (ii) The Plan shall automatically terminate
                  immediately after the Purchase Date as of which the supply of
                  available shares of Common Stock for issuance under the Plan
                  is exhausted; and

                                    (iii) Any amount then standing to the credit
                  of the Stock Purchase Account of each of the Participants
                  shall be repaid to such Participants.

                           (d) Maximum Purchase Amount. Notwithstanding anything
         in this Plan to the contrary, a Participant may not during a calendar
         year purchase Common Stock with a Fair Market Value, determined as of
         the Offering Date for such Common Stock during such calendar year, of
         more than $25,000 under this Plan and all other stock purchase plans
         (within the meaning of Section 423 of the Code) of the Company or a
         Subsidiary. If a Participant is precluded by this subsection (d) from
         purchasing additional Common Stock under the Plan, the Participant's
         contributions shall be automatically discontinued and shall resume as
         of the beginning of the earliest Offering Period ending in the next
         calendar year (if then an Employee).

                           (e) Unused Stock Purchase Account Balances. Any cash
         remaining to the credit of a Participant's Stock Purchase Account under
         the Plan after a purchase by him or her of shares of Common Stock on a
         Purchase Date, other than amounts representing fractional shares, shall
         be returned to him or her as soon as practicable. Amounts representing
         fractional shares shall be carried forward for use in subsequent
         Offering Periods.

                           (f) Share Ownership; Issuance of Stock. The shares of
         Common Stock purchased by a Participant on a Purchase Date shall, for
         all purposes, be deemed to have been issued and/or sold at the close of
         business on the Purchase Date. Before that time, none of the rights or
         privileges of a shareholder of the Company shall inure to the
         Participant with respect to such shares. All Plan Shares shall be
         delivered by the Company in a manner as determined by the Committee. As
         promptly as practicable after the Purchase Date for each Offering
         Period, the Company shall arrange the delivery to each Participant, as
         appropriate, including, but not limited to, direct deposits into a book
         entry account or brokerage account, the shares purchased. Shares to be
         delivered to a Participant may, if so directed by the Committee, be
         registered in the name of the Participant or in the "Street Name" of a
         Company approved broker, and shall contain such legends that the
         Company in its discretion determines to be appropriate, including but
         not limited to the following legend:

                      "THE SHARES  REPRESENTED BY THIS CERTIFICATE ARE SUBJECT
                      TO REPURCHASE, RESTRICTIONS ON TRANSFER AND CERTAIN OTHER
                      TERMS AND CONDITIONS SET FORTH IN THE CRESCENT REAL ESTATE
                      EQUITIES EMPLOYEE STOCK PURCHASE PLAN."

                  3.7 VESTING. Plan Shares may not be assigned, transferred,
pledged, or otherwise disposed of in any manner by the Participant during the
Vesting Period. In the event that a Participant terminates employment during the
Vesting Period (other than on account of death, Retirement or Disability), the
Company shall have the right (but not the obligation) to repurchase any or all
of the Participant's Unvested Plan Shares for an amount equal to the purchase
price of such stock minus all dividends accruing to such stock beginning with
the Purchase Date and ending with the termination of employment. The Company
shall notify the Participant of its intention to exercise its repurchase right
and the number of shares that are to be repurchased and shall pay the
Participant for the shares that are repurchased within ninety (90) days of the
Participant's termination of employment. As a condition of participation, the
Participant agrees to execute any forms necessary to complete the repurchase,
including but not limited to the execution of a blank stock power.

                  3.8 RIGHTS NOT TRANSFERABLE. Neither Contributions credited to
a Participant's Stock Purchase Account nor any rights with regard to the
exercise of an option or right to receive shares under the Plan may be assigned,
transferred, pledged, or otherwise disposed of in any way (other than by will
and the laws of descent and distribution) by the Participant, and an option or
right to receive shares under the Plan shall be exercisable only by the
Participant during the Participant's lifetime. 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 from participation in
accordance with Section 3.5(a).

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                  3.9 USE OF FUNDS. All Contributions credited to a
Participant's Stock Purchase Account received or held by the Company may be used
by the Company for any corporate purpose, and the Company shall not be obligated
to segregate such Contributions.

                                   ARTICLE IV
                      TERMINATION, AMENDMENT AND ADJUSTMENT

                  4.1 TERMINATION AND AMENDMENT. The Plan will terminate on the
tenth anniversary of the earlier of its adoption by the Board or its approval by
the shareholders of the Company, unless sooner terminated under Section
3.6(c)(ii). No Offering Periods will commence after that date of termination,
although Offering Periods outstanding and Plan Shares granted before such date
shall remain outstanding in accordance with their terms. Subject to the
limitations contained in this Section 4.1, the Committee may at any time amend
or revise the terms of the Plan, provided that, without shareholder approval, no
amendment or revision may (i) increase the maximum aggregate number of Plan
Shares issuable under the Plan under Section 1.5, except as permitted under
Section 4.2, or (ii) permit the participation of anyone other than as provided
in the Plan. In addition, if and to the extent required by Rule 16b-3 of the
Exchange Act, the provisions of the Plan may not be amended more frequently than
once every six months unless otherwise required by law and permitted by Rule
16b-3 of the Exchange Act. No amendment, suspension or termination of the Plan
may, without the consent of a Participant, alter or impair any of that
Participant's rights or obligations under any outstanding Offering Period or
with respect to any Plan Shares held by the Participant before that amendment,
suspension or termination, unless such amendment, suspension or termination is
required under applicable law, including without limitation Section 423 of the
Code.

                  4.2 ADJUSTMENT. If the outstanding Common Stock is increased,
decreased, changed into or exchanged for a different number or kind of shares or
securities through merger, consolidation, combination, exchange of shares, other
reorganization, recapitalization, reclassification, stock dividend, stock split
or reverse stock split, an appropriate and proportionate adjustment shall be
made in the maximum number and kind of Plan Shares that may be issued under the
Plan. A corresponding adjustment shall be made to the maximum number of shares
that a Participant may purchase, and any Plan Shares with respect to which the
Vesting Period has not yet lapsed before any such change. Any such adjustment in
shares that a Participant may purchase shall be made without change in the
aggregate purchase price applicable to the Offering Period, but with a
corresponding adjustment in the price for each share purchasable during the
Offering Period. Any new or additional or different class of securities that are
distributed to a Participant in his capacity as the owner of Unvested Plan
Shares as issued hereunder shall be considered to be Unvested Plan Shares and
shall be subject to all of the conditions and restrictions provided herein
applicable to Unvested Plan Shares. The foregoing adjustments and the manner of
application of the foregoing provisions shall be determined solely by the
Committee, and any such adjustment may provide for the elimination of fractional
share interests.

                                    ARTICLE V
                                  MISCELLANEOUS

                  5.1 OTHER COMPENSATION PLANS. The adoption of the Plan will
not affect any other stock option or incentive or other compensation plans in
effect for the Company or any of its Subsidiaries, nor will the Plan preclude
the Company or any of its Subsidiaries from establishing any other forms of
incentive or other compensation for Employees.

                  5.2 PLAN BINDING ON SUCCESSORS. The Plan shall be binding upon
the successors and assigns of the Company and any of its Subsidiaries that adopt
the Plan.

                  5.3 NUMBER AND GENDER. Whenever used herein, nouns in the
singular shall include the plural where appropriate, and the masculine pronoun
shall include the feminine gender.

                  5.4 HEADINGS. Headings of articles and sections hereof are
inserted for convenience of reference and constitute no part of the Plan.

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                                   ARTICLE VI
                                   DEFINITIONS

         As used herein with initial capital letters, the following terms have
the meanings set forth unless the context clearly indicates to the contrary:

                  6.1 "BOARD" means the Board of Trust Managers of the Company.

                  6.2 "CODE" means the Internal Revenue Code of 1986, as
amended.

                  6.3 "COMMITTEE" shall have the meaning set forth in Section
2.1.

                  6.4 "COMMON STOCK" means the common shares of beneficial
interest, par value $.01 per share, of the Company or, in the event that the
outstanding shares of such Common Stock are hereafter changed into or exchanged
for shares of a different stock or security of the Company or some other
corporation, such other stock or security.

                  6.5 "COMPANY" means Crescent Real Estate Equities Company, a
Texas trust organized under the Texas Real Estate Investment Trust Act, as
amended, or any successor thereto.

                  6.6 "COMPENSATION" means during the period of reference the
regular salary or wages paid to a Participant by the Company or a Subsidiary,
excluding overtime payments, bonuses, commissions, but including any vacation
pay, pre-tax contributions by the Participant to a plan meeting the requirements
of Section 401(k) or 125 of the Code. There shall be excluded from
"Compensation" for the purposes of the Plan, whether or not reportable as income
by the Participant, expense reimbursements of all types, payments in lieu of
expenses, Company contributions to any qualified retirement plan or other
program of deferred compensation (except as provided above), Company
contributions to Social Security or worker's compensation, the costs paid by the
Company in connection with fringe benefits and relocation, including gross-ups,
any amounts accrued for the benefit of the Participant, but not paid, during the
period of reference, and any gains (realized or unrealized) that may result from
participation in any of the Company's stock option programs.

                  6.7 "CONTINUOUS STATUS AS AN EMPLOYEE" means the absence of
any interruption or termination of service as an Employee. Continuous Status as
an Employee shall not be considered interrupted in the case of a bona fide leave
of absence agreed to in writing by the Company, provided that such leave is for
a period of not more than ninety (90) days or reemployment upon the expiration
of such leave is guaranteed by contract or statute.

                  6.8 "CONTRIBUTIONS" means all amounts credited to the Stock
Purchase Account of a Participant.

                  6.9 "DESIGNATED SUBSIDIARIES" means the Subsidiaries which
have been designated by the Committee or the Board from time to time in its sole
discretion as employers whose employees are covered under the Plan.

                  6.10 "DIRECTOR" means a member of the Board of Trust Managers
of the Company.

                  6.11 "DISABILITY" of a Participant shall be deemed to occur
whenever a Participant is rendered unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment
which can be expected to result in death or which has lasted or can be expected
to last for a continuing period of not less than 12 months.

                  6.12 "EFFECTIVE DATE" means July 1, 2001.

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                  6.13 "EMPLOYEE" means an employee, as defined under Section
423 of the Code and the regulations promulgated thereunder, of the Company or of
any Designated Subsidiaries, provided that, an individual shall not be
considered an Employee unless (i) the individual's customary employment is for
more than twenty (20) hours per week and more than five (5) months in a calendar
year; (ii) the individual has been employed for a period of two (2) years
beginning with his or her date of hire; and (iii) considering any Plan Shares
that the individual would be entitled to receive if he or she was a Participant,
the individual (or any other person whose stock would be attributed to such an
Employee pursuant to Section 424(d) of the Code) does not own stock and/or hold
outstanding options to purchase stock possessing 5% or more of the total
combined voting power or value of all classes of stock of the Company or of any
parent or Subsidiary of the Company.

                  6.14 "ERISA" means the Employee Retirement Income Security Act
of 1974, as amended.

                  6.15 "EXCHANGE ACT" means the Securities Exchange Act of 1934,
as amended.

                  6.16 "FAIR MARKET VALUE" means such value as will be
determined by the Committee on the basis of such factors as it deems
appropriate; provided that if the Common Stock is traded on a national
securities exchange, such value shall be determined by the Committee on the
basis of the last sale price for the Common Stock on the date for which such
determination is relevant, as reported on the New York Stock Exchange. If the
Common Stock is traded on more than one exchange, such value shall be determined
on the basis of the exchange trading the greatest volume of shares on such date.
In no event shall "Fair Market Value" be less than the par value of the Common
Stock.

                  6.17 "OFFERING DATE" means the first business day of each
Offering Period of the Plan.

                  6.18 "OFFERING PERIOD" means a period of three (3) months
commencing on or about January 1, April 1, July 1, and October 1 and of each
year, except as otherwise determined by the Committee.

                  6.19 "PARTICIPANT" means an Employee who elects to participate
in the Plan.

                  6.20 "PLAN" means the Crescent Real Estate Equities Company
Employee Stock Purchase Plan, as amended from time to time.

                  6.21 "PLAN SHARES" means shares of Common Stock issuable
pursuant to the Plan.

                  6.22 "PURCHASE DATE" means, with respect to any Offering
Period, the last day of the Offering Period, except as otherwise determined by
the Committee.

                  6.23 "REPORTING PARTICIPANT" means a Participant who is
subject to the reporting requirements of Section 16 of the Exchange Act.

                  6.24 "RETIREMENT" means termination of employment on or after
the date on which a Participant attains age 70.

                  6.25 "SECURITIES ACT" means the Securities Act of 1933, as
amended.

                  6.26 "STOCK PURCHASE ACCOUNT" means a noninterest bearing
bookkeeping entry which shall record all amounts withheld from a Participant's
compensation for the purpose of purchasing shares of Common Stock for such
Participant, reduced by all amounts applied to the purchase of Common Stock for
such Participant under the Plan. The Company shall not be required to segregate
or set aside any amounts so withheld, and such bookkeeping entry shall not
represent an interest in any assets of the Company.

<PAGE>   10

                  6.27 "SUBSIDIARY" means a subsidiary corporation of the
Company, as defined in Section 424(f) of the Code.

                  6.28 "UNVESTED PLAN SHARES" means Plan Shares held by a
Participant before the expiration of the Vesting Period for such shares.

                  6.29 "VESTING PERIOD" means the one (1) year period beginning
with the Purchase Date on which Plan Shares are acquired, provided that the
Vesting Period shall terminate immediately upon a Participant's termination of
employment on account of death, Retirement or Disability.<PAGE>   1

                                                                 EXHIBIT 10.03

                            EIGHTH AMENDMENT TO THE
                            EMPLOYMENT AGREEMENT OF
                                  JOHN C. GOFF

         This EIGHTH AMENDMENT TO THE EMPLOYMENT AGREEMENT OF JOHN C. GOFF (the
"Eighth Amendment"), is dated April 10, 2001 and effective as of January 1,
2001, is entered into by and between the undersigned parties. Except as the
context may otherwise require, any terms used in this Eighth Amendment which are
defined in the Effective Agreement (as hereinafter defined) shall have the same
meaning for purposes of this Eighth Amendment as in the Effective Agreement.

                                   WITNESSETH:

         WHEREAS, Rainwater, Inc., a Texas corporation, entered into that
certain Employment Agreement with John C. Goff ("Goff") dated April 15, 1994
(the "Original Agreement"); and

         WHEREAS, Rainwater, Inc. subsequently assigned the Original Agreement
to Crescent Real Estate Equities Limited Partnership, a Delaware limited
partnership (the "Operating Partnership"), pursuant to that certain Management
Functions Conveyance Agreement between Rainwater, Inc. and the Operating
Partnership dated May 4, 1994; and

         WHEREAS, the Original Agreement was amended by the First Amendment to
the Employment Agreement of John C. Goff dated July 1, 1995 (the "First
Amendment"); and

         WHEREAS, the First Amendment was amended by the Second Amendment to the
Employment Agreement of John C. Goff dated March 15, 1996 (the "Second
Amendment"); and

         WHEREAS, the Second Amendment was amended by the Third Amendment to the
Employment Agreement of John C. Goff dated March 3, 1997 (the "Third
Amendment"); and

         WHEREAS, the Third Amendment was amended by the Fourth Amendment to the
Employment Agreement of John C. Goff dated June 23, 1997 (the "Fourth
Amendment"); and

         WHEREAS, the Fourth Amendment was amended by the Fifth Amendment to the
Employment Agreement of John C. Goff dated March 9, 1998 (the "Fifth
Amendment"); and

         WHEREAS, the Fifth Amendment was amended by the Sixth Amendment to the
Employment Agreement of John C. Goff dated June 11, 1999 (the "Sixth
Amendment"); and

         WHEREAS, the Sixth Amendment was amended by the Seventh Amendment to
the Employment Agreement of John C. Goff dated September 28, 1999 (the
"Effective Agreement"); and

         WHEREAS, Crescent Real Estate Equities, Ltd. ("Crescent, Ltd.") is the
general partner of the Operating Partnership; and

<PAGE>   2

         WHEREAS, Crescent, Ltd. is the wholly owned subsidiary of Crescent Real
Estate Equities Company, a Texas real estate investment trust ("CREE"), and CREE
owns a majority of the limited partner interests in the Operating Partnership;
and

         WHEREAS, on September 28, 1999, the Executive Compensation Committee of
the Board of Trust Managers of CREE determined that the Effective Agreement
should be amended to provide for an annual salary of $750,000 be paid to Goff,
commencing January 1, 2001, in reward for services rendered to Crescent, Ltd.
and the Operating Partnership and for Goff's contributions to the success and
prosperity of Crescent, Ltd. and the Operating Partnership; and

         WHEREAS, the undersigned parties, consisting of all of the parties to
the Effective Agreement, desire to amend the Effective Agreement to reflect the
increase in Goff's annual salary;

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

         1. The Effective Agreement be amended to provide for an annual salary
in the amount of $750,000 be paid to Goff, commencing January 1, 2001, as
provided pursuant to the terms of the Effective Agreement.

         2. Except as herein amended, the Effective Agreement is hereby
ratified, confirmed and affirmed for all purposes and in all respects.

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

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

                           JOHN C. GOFF

                            /s/ JOHN C. GOFF
                           ----------------------------------------------------

                           CRESCENT REAL ESTATE EQUITIES LIMITED
                           PARTNERSHIP, a Delaware limited partnership

                           By: Crescent Real Estate Equities, Ltd.,
                               a Delaware corporation, its sole general partner

                            By:  /s/ David M. Dean
                               ---------------------------------------------
                               David M. Dean
                               Executive Vice President, Law and Administration

                                       2

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