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                                                                   EXHIBIT 10.18

                 AMENDED AND RESTATED 1993 SHARE INCENTIVE PLAN
                                       OF
                              CAMDEN PROPERTY TRUST

1.   PURPOSE.

     The  purpose  of this Plan is to  benefit  the  Company's  shareholders  by
encouraging high levels of performance by individuals who are key to the success
of the  Company  and to enable  the  Company  to  attract,  motivate  and retain
talented and experienced individuals essential to its continued success. This is
to be  accomplished  by providing  such  individuals an opportunity to obtain or
increase  their  proprietary  interest  in  the  Company's  performance  and  by
providing  such  individuals  with  additional  incentives  to  remain  with the
Company.

2.   DEFINITIONS.

     The following terms, as used herein, shall have the meaning specified:

          "Additional  Base Shares"  shall have the meaning set forth in Section
          9(a).

          "Additional  Bonus Shares" shall have the meaning set forth in Section
          9(a).

          "Affiliate"  means (i) any  corporation  more than 50% of whose  stock
          having  general  voting power is owned is by the Company or by another
          Affiliate of the Company and (ii) the Special Subsidiary.

          "Alternative  Rights"  shall  have the  meaning  set forth in  Section
          6(a)(2).

         "Amendment Date" shall mean February 13, 1998.

         "Award" means an award granted pursuant to Section 6 hereof.

         "Base Shares" shall have the meaning set forth in Section 9(a).

          "Board" means the Board of Trust  Managers of the Company as it may be
          comprised from time to time.

         "Bonus Shares" shall have the meaning set forth in Section 9(a).

         "Change in Control" shall have the meaning set forth in Section 8.

          "Code" means the Internal  Revenue Code of 1986,  as amended from time
          to time.

         "Committee" means the Committee as defined in Section 3.

         "Company" means Camden Property Trust.

          "Conjunctive  Rights"  shall  have the  meaning  set forth in  Section
          6(a)(2).

         "Consummation Date" means July 29, 1993.

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          "Director"  means any  person  who shall  from time to time serve as a
          member of the board of directors of any Affiliate.

          "Election  Date" shall mean the date an  Independent  Trust Manager is
          first elected to the Board of Trust Managers.

          "Exchange Act" means the  Securities  Exchange Act of 1934, as amended
          from time to time.

          "Fair Market Value" means the closing  price of the relevant  security
          as reported on the composite  tape of New York Stock  Exchange  issues
          (or such other reporting system as shall be selected by the Committee)
          on the  relevant  date,  or if no sale of the security is reported for
          such date,  the next following day for which there is a reported sale.
          The  Committee  shall  determine the Fair Market Value of any security
          that  is  not  publicly  traded,  using  such  criteria  as  it  shall
          determine,  in  its  sole  discretion,  to  be  appropriate  for  such
          valuation.

          "Incentive Exchange Right" shall have the meaning set forth in Section
          9(a).

         "Incentive Payment" shall have the meaning set forth in Section 9(a).

          "Independent Trust Manager" means any Trust Manager who is not also an
          employee  of the  Company  or any  Affiliate;  provided,  that a Trust
          Manager who is a director or Trust Manager or a  consultant,  or both,
          but is not an employee also shall be an "Independent Trust Manager."

         "Initial Public Offering Price" means $22.00 per Share.

          "Insider"  means  any  person  who is  subject  to  Section  16 of the
          Exchange Act.

          "ISO" means an incentive  stock  option  within the meaning of Section
          422 of the Code.

         "Limited Rights" shall have the meaning set forth in Section 6(d).

         "Option" means any option granted pursuant to Sections 6(a)(1) or (2)

          "Participant"  means any person who has been granted an Award pursuant
          to this Plan.

          "Performance  Share Award" shall have the meaning set forth in Section
          6(c).

         "Performance Unit" shall have the meaning set forth in Section 6(c).

         "Reload Option" shall have the meaning set forth in Section 6(a)(7).

          "Restricted  Shares"  means  the  Shares  issued  as  a  result  of  a
          Restricted Share Award.

          "Restricted Share Award" means a grant of the right to purchase Shares
          pursuant to Section  6(b)  hereof.  Such  Shares,  when and if issued,
          shall be subject to such transfer  restrictions and risk of forfeiture
          as the  Committee  shall  determine  at the time the Award is granted,
          until such specific  conditions are met. Such  conditions may be based
          on continuing employment or achievement of pre-established performance
          objectives, or both.

         "Rights" shall have the meaning set forth in Section 6(a)(2).

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          "Section 16" means  Section 16 of the  Exchange  Act or any  successor
          regulation and the rules promulgated  thereunder by the Securities and
          Exchange Commission, as they may be amended from time to time.

          "Shares"  means  the  common  shares  of  beneficial  interest  of the
          Company, par value $.01 per share.

         "Special Subsidiary" means Apartment Connection, Inc.

          "Spread" means (i) with respect to Conjunctive  Rights and Alternative
          Rights,  the excess of the Fair Market  Value of one Share on the date
          of exercise of such Rights over the purchase  price per Share  payable
          under the related  Option and (ii) with  respect to Rights not granted
          in connection  with an Option,  the excess of the Fair Market Value of
          one Share on the date of  exercise of such Rights over the Fair Market
          Value of one Share on the date such Rights were granted.

          "Texas Act" shall mean the Texas Real Estate  Investment Trust Act, as
          amended from time to time.

          "Trust  Manager"  means any  person  who shall  from time to time be a
          member of the Board of Trust Managers of the Company.

3.    ADMINISTRATION AND INTERPRETATION.

     (a)  ADMINISTRATION.  The Plan shall be  administered  by a Committee which
shall consist of two or more Independent Trust Managers, each of whom shall be a
"non-employee  director"  within  the  meaning  of Rule  16b  3(b)(3)(i)  of the
Exchange Act and an "outside  director"  within the meaning of Section 162(m) of
the Code and the regulations promulgated thereunder.  The Board may from time to
time remove and appoint  members of the  Committee  in  substitution  for, or in
addition  to,  members  previously  appointed  and may fill  vacancies,  however
caused, in the Committee.  The Committee may prescribe,  amend and rescind rules
and  regulations  for  administration  of the Plan and shall have full power and
authority to construe and  interpret  the Plan. A majority of the members of the
Committee  shall  constitute a quorum,  and the act of a majority of the members
present at a meeting  or the acts of a  majority  of the  members  evidenced  in
writing shall be the acts of the Committee. The Committee may correct any defect
or any omission or reconcile  any  inconsistency  in the Plan or in any Award or
grant made hereunder in the manner and to the extent it shall deem desirable.

     The Committee  shall have the full and exclusive  right to grant all Awards
under this Plan, which may be Options, Rights, Limited Rights,  Restricted Share
Awards,  Dividend  Equivalent  Rights,  Performance  Units and Performance Share
Awards.  In granting  Awards,  the Committee shall take into  consideration  the
contribution  the  individual has made or may make to the success of the Company
or its Affiliates and such other factors as the Committee shall  determine.  The
Committee  shall  periodically  determine the  Participants  in the Plan and the
nature,  amount,  pricing,  time,  and other  terms of Awards to be made to such
individuals,  subject  to the  other  terms  and  provisions  of the  Plan.  The
Committee   shall  also  have  the   authority   to  consult  with  and  receive
recommendations  from  officers  and other  individuals  of the  Company and its
Affiliates with regard to these matters.  In no event shall any individual,  his
legal  representative,  heirs,  legatees,  distributees,  or successors have any
right to participate in the Plan except to such extent, if any, as the Committee
shall determine.

     The  Committee  may from  time to time in  granting  Awards  under the Plan
prescribe  such other terms and  conditions  concerning  such Awards as it deems
appropriate,  including,  without limitation,  the achievement of specific goals
established  by the  Committee,  provided that such terms and conditions are not
more favorable to any individual than those expressly set forth in the Plan.

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     The  Committee  may delegate to the officers of or  individuals  associated
with the Company the  authority  to execute and  deliver  such  instruments  and
documents,  to do all such acts and  things,  and to take all such  other  steps
deemed  necessary,  advisable or convenient for the effective  administration of
the Plan in accordance with its terms and purpose, except that the Committee may
not delegate any discretionary  authority with respect to substantive  decisions
or  functions  regarding  the  Plan or  Awards  thereunder  as these  relate  to
Insiders,   including  but  not  limited  to  decisions  regarding  the  timing,
eligibility, pricing, amount or other material term of such Awards.

     (b)  INTERPRETATION.  The  Committee  shall have the power to interpret and
administer the Plan. All questions of  interpretation  with respect to the Plan,
the number of Shares or other security,  Rights, or units granted, and the terms
of any Award shall be determined by the Committee and its determination shall be
final and conclusive upon all parties in interest.  In the event of any conflict
between an Award and this Plan,  the terms of this Plan shall govern.  It is the
intent of the  Company  that  this  Plan and  Awards  hereunder  satisfy  and be
interpreted  in a manner  that,  in the case of  participants  who are or may be
Insiders,  satisfies the applicable  requirements  of Rule 16b-3 of the Exchange
Act, so that such  persons  will be  entitled  to the  benefits of Rule 16b-3 or
other  exemptive  rules under  Section 16 and will not be subjected to liability
thereunder.  If any  provision  of this  Plan or of any  Award  would  otherwise
frustrate  or conflict  with the intent  expressed in this  Section  3(b),  that
provision to the extent  possible shall be interpreted  and deemed amended so as
to avoid such conflict. To the extent of any remaining  irreconcilable  conflict
with such intent, the provision shall be deemed void as applicable to insiders.

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     (c)  LIMITATION ON LIABILITY.  Neither the Committee nor any member thereof
shall  be  liable  for  any  act,  omission,  interpretation,   construction  or
determination made in connection with the Plan in good faith, and the members of
the Committee  shall be entitled to  indemnification  and  reimbursement  by the
Company  in respect of any claim,  loss,  damage or expense  (including  counsel
fees) arising  therefrom to the full extent permitted by law. The members of the
Committee  shall be named as  insureds  under any  directors  and  officers  (or
similar) liability  insurance coverage which the Company may have in effect from
time to time.

4.   ELIGIBILITY.

     The class of persons who are potential  recipients of Awards  granted under
this Plan  consist of the (i)  Independent  Trust  Managers,  (ii)  directors of
Affiliates,  (iii) key  employees  of the  Company  or any  Affiliate,  and (iv)
consultants  to the  Company or any  Affiliate,  in each case (other than in the
case of clause (i)),  as  determined  by the  Committee  from time to time.  The
Independent  Trust  Managers,  directors,  key employees and consultants to whom
Awards are  granted  under this Plan,  and the number of Shares  subject to each
such  Award,  shall be  determined  by the  Committee  in its  sole  discretion,
subject,  however,  to the terms and  conditions  of this Plan.  Persons to whom
Awards may be granted  include key employees,  consultants and directors who are
also Trust  Managers.  No Award may be granted to an  Independent  Trust Manager
other than in accordance with Section 6(b)(5).

5.   SHARES SUBJECT TO GRANTS UNDER THE PLAN.

     (a) LIMITATION ON NUMBER OF SHARES.  The Shares subject to grants of Awards
shall be  authorized  but  unissued  Shares,  and such Shares,  if any,  held as
"treasury stock" by the Company.  Subject to adjustment as hereinafter provided,
the  aggregate  number of Shares as which  Awards may be granted  under the Plan
shall not exceed 10% of the total number of Shares outstanding at any time.

     Shares  ceasing  to be subject to an Award  because of the  exercise  of an
Option or Right or the  vesting  of an Award  shall no longer be  subject to any
further grant under the Plan.  However,  if any outstanding  Option or Right, in
whole or in part,  expires or  terminates  unexercised  or is canceled or if any
Award,  in whole or in part,  expires or is  terminated  or  forfeited,  for any
reason  prior  to May  27,  2003,  the  Shares  allocable  to  the  unexercised,
terminated,  canceled or  forfeited  portion of such Award may again be made the
subject of grants under the Plan;  provided,  however,  that if the  Participant
receives the benefits of ownership of any Shares (which  includes the receipt of
dividends,  but does not include the right to vote such Shares), such Shares may
not again be made the subject of grants  under the Plan and  provided,  further,
that with respect to any Option or Rights  granted to any  Participant  who is a
"covered  person" as defined in Section  162(m) of the Code and the  regulations
promulgated  thereunder  that is canceled,  the number of Shares subject to such
Option  and/or  Rights  shall  continue to count  against the maximum  number of
Shares  which may be the  subject  of  Options  and for  Rights  granted to such
Participant.

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     For the purposes of computing the total number of Shares  granted under the
Plan,  the  following  rules  shall  apply to Awards  payable in Shares or other
securities, where appropriate:

          (i) except as provided in (v) of this  Section,  each Option  shall be
          deemed to be the  equivalent of the maximum  number of Shares that may
          be issued upon exercise of the particular Option;

          (ii) except as provided in (v) of this Section, each other Share-based
          Award  payable in some other  security  shall be deemed to be equal to
          the number of Shares to which it relates;

          (iii) except as provided in (v) of this  Section,  where the number of
          Shares  available  under  the  Award  is  variable  on the  date it is
          granted, the number of Shares shall be deemed to be the maximum number
          of Shares that could be received under that particular Award;

          (iv) where  Alternative  Rights  are  granted  in  connection  with an
          Option,  only the  number of Shares  subject  to the  Option  shall be
          counted, and any Shares as to which such Option is canceled due to the
          exercise of such  Alternative  Rights shall not again be available for
          further grants under the Plan; and

          (v) each Share  awarded or deemed to be  awarded  under the  preceding
          subsections  shall be treated  as  Shares,  even if the Award is for a
          security other than Shares.

     (b)  ADJUSTMENTS  OF AGGREGATE  NUMBER OF SHARES.  The aggregate  number of
Shares stated in Section 5(a) shall be subject to appropriate  adjustment,  from
time to time, in accordance with the provisions of Section 7 hereof.

6.    AWARDS.

     (a)  OPTIONS AND RIGHTS.

          (1) GRANTS OF OPTIONS.  Options  granted  under the Plan may be either
          ISOs or non-qualified stock options. At the time an Option is granted,
          the Committee may, in its  discretion,  designate  whether such Option
          (i) is to be an  ISO,  or  (ii)  is not to be  treated  as an ISO  for
          purposes  of this Plan and the Code.  No Option  which is  intended to
          qualify as an ISO shall be granted  under this Plan to any  individual
          who, at the time of such  grant,  is not an employee of the Company or
          an Affiliate.

               Notwithstanding any other  provision of the Plan to the contrary,
          to the extent that the aggregate Fair Market Value (determined  at the
          date an Option is  granted)  of the  Shares  with  respect to which an
          Option  intended to be an ISO (and any other ISO granted to the holder
          under  the Plan or any other  plans of the  Company  or an  Affiliate)
          first becomes  exercisable  during any calendar year exceeds $100,000,
          such Option shall be treated as an Option which is not an ISO. Options
          with respect to which no designation is made by the Committee shall be
          deemed to be ISOs to the extent that the $100,000 limitation described
          in the preceding  sentence is met. This paragraph  shall be applied by
          taking Options into account in the order in which they are granted.

               No ISO shall  be  granted to any person  who, at  the time of the
          grants, owns  Shares possessing  more  than 10% of  the total combined
          voting power of the Company or an Affiliate  (other  than  the Special
          Subsidiary)  of  the  Company,  unless  (i) on the  date  such  ISO is

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          granted,  the Option  price is at least 110% of the Fair Market  Value
          per  Share  subject  to the ISO and (ii)  such ISO by its terms is not
          exercisable  after the expiration of five years from the date such ISO
          is granted.

               The  purchase  price  per Share  pursuant to  the exercise of any
          Option shall be fixed by the Committee at the time of grant; provided,
          however,  that the  purchase  price per  (regardless  of whether  such
          Option is an ISO or a non-qualified Option) shall not be less than the
          Fair  Market  Value  of a Share on the date on  which  the  Option  is
          granted.  In addition,  the  Committee  shall  designate the number of
          Shares,   the  terms  and  conditions  (which  may  include,   without
          limitation,  the  achievement  of  specific  goals),  with  respect to
          Options  granted  under  the  Plan.  Options  may  be  granted  by the
          Committee to any eligible at any time and from time to time.

               The form of Option  shall be as  determined from  time to time by
          the Committee. A certificate  of Option signed  by the Chairman of the
          Board or the President or Vice President and attested by the Treasurer
          or an Assistant Treasurer  or Secretary or an  Assistant  Secretary of
          the  Company  shall be  delivered to  each person  to whom Options are
          granted.

          (2) GRANTS OF RIGHTS.  The  Committee  shall have the authority in its
          discretion to grant to any eligible person Rights which may be granted
          separately  or in  connection  with an Option  (either  at the time of
          grant or, with respect to a non-qualified  Option,  at any time during
          the term of the Option).  Rights granted in connection  with an Option
          shall be  granted  with  respect  to the same  number of  Shares  then
          covered by the  Option  and may be  exercised,  as  determined  by the
          Committee  in its  discretion  at the time of the grant of the Rights,
          either in conjunction  with, or as an alternative  to, the exercise of
          the  related  Option;  provided,   however,  that  Rights  granted  in
          connection  with an ISO can only be  exercised as  alternative  to the
          exercise of the ISO.

               Rights  granted in  connection  with an Option  that  entitle the
          holder thereof to receive  payment from the Company only if and to the
          extent that the related  Option is  exercisable  and is exercised  are
          referred to herein as  "Conjunctive  Rights."  Upon any exercise of an
          Option in respect of which Conjunctive Rights shall have been granted,
          the holder of the  Conjunctive  Rights  shall be  entitled  to receive
          payment of an amount equal to the product  obtained by multiplying (i)
          the Spread,  or such  percentage  or portion of the Spread as shall be
          determined by the  Committee at the time of grant,  by (ii) the number
          of Shares in respect of which the related  Option shall have then been
          so  exercised.  Notwithstanding  any  provision  of  the  Plan  to the
          contrary, Conjunctive Rights may not be granted in relation to an ISO.

               Rights  granted in  connection  with an Option  that  entitle the
          holder thereof to receive payment from the Company only if, and to the
          extent that, the related Option is exercisable,  by  surrendering  the
          Option  with  respect to the number of Shares as to which such  Rights
          are then  exercised  are referred to herein as  "Alternative  Rights."
          Notwithstanding  the preceding  sentence,  any Alternative Rights that
          relate to an ISO may be  exercised  only at such times that there is a
          positive Spread.  Upon any exercise of Alternative  Rights, the holder
          thereof  shall be entitled to receive  payment of an  amount-equal  to
          the-product obtained by multiplying (i) the Spread, or such percentage
          or portion of the Spread as shall be  determined  by the  Committee at
          the time of grant,  by (ii) the  number of Shares in  respect of which
          the Alternative Rights shall have then been so exercised.

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               Rights  granted  without  relationship  to  an  Option  shall  be
          exercisable at such rate as determined by the  Committee.  Such Rights
          shall  entitle  the  holder,  upon the  exercise  thereof,  to receive
          payment from the Company of an amount equal to the product obtained by
          multiplying  (i) the  Spread,  or such  percentage  or  portion of the
          Spread as shall be  determined  by the Committee at the time of grant,
          by (ii) the number of Shares in respect of which the Rights shall have
          then been so exercised.

               Notwithstanding  anything contained herein, the Committee may, in
          its sole  discretion,  limit the amount  payable  upon the exercise of
          Rights.  Any such  limitation  shall be  determined  as of the date of
          grant and noted on the certificate evidencing the grant of the Rights.

               Payment of the amount  determined  hereunder upon the exercise of
          any Rights shall be made solely in cash, or solely in Shares valued at
          their Fair Market Value on the date of exercise of the Rights, or in a
          combination of cash and Shares, as the holder may elect, provided that
          any  election  by the  holder  shall be  subject  to  approval  by the
          Committee.  No fractional  Shares shall be issued by the Company,  and
          settlement therefor shall be made in cash.

               Notwithstanding any other provision of the Plan or of the Rights,
          for purposes of determining  the amount of the Spread in the case of a
          holder  of  Rights  who is an  Insider,  the  Committee,  in its  sole
          discretion,  may  designate a single Fair Market  Value per Share with
          respect to all such holders who exercise  Rights during any single ten
          day period;  provided,  however,  that the Fair Market Value per Share
          designated by the  Committee  during any such period shall in no event
          be greater  than the highest  Fair  Market  Value per Share on any day
          during such period or less than the lowest Fair Market Value per Share
          on any day during such period.

               The form of Rights  shall be as  determined  from time to time by
          the  Committee.  A certificate of Rights signed by the Chairman of the
          Board  or  the  President  or a Vice  President  and  attested  by the
          Treasurer  or an  Assistant  Treasurer,  or  Secretary or an Assistant
          Secretary,  of the Company  shall be  delivered to each person to whom
          Rights are granted.

               The Committee  may fix such waiting  periods,  exercise  dates or
          other  limitations as it shall deem appropriate with respect to Rights
          granted under the Plan including,  without limitation, the achievement
          of  specific  goals;  provided,   however,  that  each  Right  granted
          hereunder shall be exercisable only upon consent of the Committee.

          (3) PAYMENT OF OPTION EXERCISE PRICE. Upon exercise of an Option,  the
          full Option  purchase  price for the Shares with  respect to which the
          Option is being exercised shall be payable to the Company, (i) in cash
          or by a check payable and acceptable to the Company or (ii) subject to
          the approval of the  Committee,  by  tendering  to the Company  Shares
          owned by the holder for at least six months  having an aggregate  Fair
          Market  Value per Share as of the date of exercise and tender which is
          not greater  than the full Option  purchase  price for the Shares with
          respect  to which the  Option  is being  exercised  and by paying  the
          remainder  of the  Option  purchase  price as  provided  in (i) above;
          however,  the Committee may, upon  confirming that the holder owns the
          number of additional Shares being tendered,  authorize the issuance of
          a new certificate for the number of Shares being acquired  pursuant to
          the  exercise of the Option less the number of Shares  being  tendered
          upon the exercise  and return to the holder (or not require  surrender
          of) the  certificate  for the Shares being tendered upon the exercise.

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          Notwithstanding  the  preceding,  a  holder  may not  use  any  Shares
          acquired  pursuant to an Award  granted  under this Plan (or any other
          plan maintained by the Company or any Affiliate) unless the holder has
          beneficially  owned  such  Shares  for at least  six  months.  Payment
          instruments will be received subject to collection. In addition to the
          foregoing  methods of  payment,  the full  Option  purchase  price for
          Shares  with  respect  to which the Option is being  exercised  may be
          payable  to the  Company by such other  methods as the  Committee  may
          permit from time to time.

          (4) TERM. The term of each Option and Right shall be determined by the
          Committee at the date of grant;  provided,  however,  that each Option
          that is an ISO  shall,  notwithstanding  anything  in the  Plan to the
          contrary,  expire  not more than ten years from the date the Option is
          granted  (or five years from the date of grant to the extent  required
          under  Section  6(a)(1))  or, if earlier,  the date  specified  in the
          certificate  evidencing the grant of such Option.  An Option that is a
          non-qualified  stock  option shall expire not more than ten years from
          the date the Option is granted,  or if earlier,  the date specified in
          the  certificate  evidencing  the  grant of such  Option.  A Right not
          granted in  connection  with an Option  shall expire not more than ten
          years  from the date the Right is  granted  or, if  earlier,  the date
          specified in the certificate evidencing the grant of the Right.

          (5)  TERMINATION  OF EMPLOYMENT OR  RELATIONSHIP.  In the event that a
          Participant's  employment  or  relationship  with the  Company and its
          Affiliates  shall  terminate,  for reasons  other than (i)  retirement
          pursuant to a  retirement  plan or policy of the Company or one of its
          Affiliates ("retirement"),  (ii) permanent disability as determined by
          the Committee based on the opinion of a physician selected or approved
          by  the  Committee  ("permanent   disability")  or  (iii)  death,  the
          Participant's  Options and Rights shall be  exercisable by him or her,
          subject to  subsection  (4) above,  only within 90 business days after
          such  termination,  but only to the  extent  the  Option  or Right was
          exercisable immediately prior to such termination.

               If,  however,  any  such  termination  is  due to  retirement  or
          permanent disability, the Participant shall have the right, subject to
          the provisions of subsection (6) above,  to exercise his or her Option
          and Rights at any time within the three month period commencing on the
          day next following such termination. Whether any termination is due to
          retirement or permanent disability, and whether an authorized leave of
          absence on military or  government  service or for other reasons shall
          constitute  a  termination  for the  purpose  of the  Plan,  shall  be
          determined by the Committee.

               If a Participant  shall die while  entitled to exercise an Option
          or  Rights,  the  Participant's  estate,  personal  representative  or
          beneficiary,  as the case may be, shall have the right, subject to the
          provisions of subsection (4) above, to exercise the Option at any time
          within six months from the date of the holder's death.

               If the  employment,  consulting  arrangement  or  service  of any
          Participant  with the  Company  or an  Affiliate  shall be  terminated
          because  of  the  Participant's   violation  of  the  duties  of  such
          employment,  consulting  arrangement or service with the Company or an
          Affiliate  as he or she may from time to time have,  the  existence of
          which  violation  shall be  determined  by the  Committee  in its sole

<PAGE>    80

          discretion (which  determination by the Committee shall be conclusive)
          all   unexercised   Options  of  such   Participant   shall  terminate
          immediately  upon such termination of such  Participant's  employment,
          consulting arrangement or service with the Company and all Affiliates,
          and a Participant whose employment,  consulting arrangement or service
          with the Company and Affiliates is so terminated,  shall have no right
          after such  termination to exercise any  unexercised  Option he or she
          might have exercised  prior to  termination of his or her  employment,
          consulting arrangement or service with the Company and Affiliates.

          (6)  OPTIONS  GRANTED BY OTHER  CORPORATIONS.  Options  may be granted
          under  the Plan from time to time in  substitution  for stock  options
          held by  employees  and  directors  of  corporations  who  become  key
          employees  or Trust  Managers  or  directors  of the Company or of any
          Affiliate as a result of any "corporate transaction" as defined in the
          Treasury Regulations promulgated under Section 424 of the Code.

     (b)  RESTRICTED SHARE AWARDS.

          (1)  AWARDS OF  RESTRICTED  SHARES.  Restricted  Share  Awards  may be
          awarded by the  Committee  to any  individual  eligible to receive the
          same,  at any time and  from  time to time  before  May 27,  2003.  In
          addition,  and without  limiting the generality of the foregoing,  the
          Committee  shall grant to any  individual who is entitled to receive a
          bonus under the Company's ash bonus incentive plan, a Restricted Share
          Award with respect to Shares having a Fair Market Value on the date of
          the  grant  of  such  Restricted  Share  Award  equal  to a  specified
          percentage   determined  by  the  Committee  of  the  amount  of  such
          individual's  bonus,   provided  that  such  individual  has  made  an
          irrevocable  election,  at least six  months  prior to the date of the
          grant of such Restricted Share Award, to receive such Restricted Share
          Aware in lieu of such bonus.

          (2) PURCHASE PRICE UNDER RESTRICTED  SHARE AWARDS.  The purchase price
          of Restricted  Shares to be purchased  pursuant to a Restricted  Share
          Award shall be fixed by the  Committee at the time of the grant of the
          Restricted Share Award;  provided,  however,  that such purchase price
          shall not be less than the par value per Share of the  Shares  subject
          to the Restricted Share Award. The Committee shall specify, within its
          discretion,  the time and  manner in which  payment  of such  purchase
          price shall be paid.

          (3) DESCRIPTION OF RESTRICTED  SHARES. All Restricted Shares purchased
          by an eligible person shall be subject to the following conditions:

                       (i)   Restricted   Shares   shall   be  subject  to  such
                       restrictions,  terms and  conditions as the Committee may
                       establish, which may include, without limitation, "lapse"
                       and "non-lapse"  restrictions  (as such terms are defined
                       in regulations promulgated under Section 83 of the  Code)
                       and the achievement of specific goals;

                       (ii)  the  Restricted Shares  may not be sold, exchanged,
                       pledged,  transferred, assigned  or  otherwise encumbered
                       or disposed  of  until  the  terms  and conditions set by
                       the Committee at the time of the grant of  the Restricted
                       Share Award have been satisfied;

                       (iii) each  certificate  representing  Restricted  Shares
                       issued pursuant to  this Plan shall  bear a legend making
                       appropriate reference to the following:

<PAGE>    81

                       "the Shares  represented by  this  certificate  have been
                       issued pursuant to the terms of the  1993 Share Incentive
                       Plan of  Camden  Property  Trust and  may  not  be  sold,
                       pledged, transferred,  assigned  or  otherwise encumbered
                       in any manner except as is set forth in the terms of such
                       award dated ____________, ________________;" and

                       (iv)  except as set forth  in Section 8 of  this Plan, no
                       Restricted Shares granted  pursuant to this Plan shall be
                       subject to  vesting  requirements  over a  period of less
                       than three years.

               If a certificate  representing  Restricted Shares is issued to an
          individual (whether or not escrowed as provided below), the individual
          shall be the  record  owner of such  Shares and and shall have all the
          rights of a  shareholder  with  respect  to such  Shares  (unless  the
          Restricted Share Award specifically provides otherwise), including the
          right to vote and the right to receive  dividends  or other  dividends
          made or paid with respect to such Shares.

               In order to enforce the  restrictions,  terms and conditions that
          may be applicable to a Participant's  Restricted Shares, the Committee
          may require the  Participant,  upon the  receipt of a  certificate  or
          certificates  representing such Shares, or at any time thereafter,  to
          deposit such certificate or  certificates,  together with stock powers
          and other  instruments of transfer,  appropriately  endorsed in blank,
          with the Company or an escrow agent designated by the Company under an
          escrow agreement,  which may be a part of a Restricted Share Award, in
          such form as shall be determined by the Committee.

               After the  satisfaction  of the terms and  conditions  set by the
          Committee  with respect to Restricted  Shares issued to an individual,
          and  provided  the  Restricted  Shares are not  subject to a non-lapse
          restriction,  a new  certificate,  without the legend set forth above,
          for  the  number  of  Shares  that  are  no  longer  subject  to  such
          restrictions,   terms  and  conditions   shall  be  delivered  to  the
          individual.  If  such  terms  and  conditions  are  satisfied  as to a
          portion,  but fewer than all, of such  Shares,  the  remaining  Shares
          issued with  respect to such Award shall either be  reacquired  by the
          Company or, if appropriate  under the terms of the award applicable to
          such Shares,  shall continue to be subject to the restrictions,  terms
          and conditions set by the Committee at the time of Award.

          (4)  TERMINATION OF EMPLOYMENT OR  RELATIONSHIP.  If the employment or
          relationship  with the  Company  and its  Affiliates  of a holder of a
          Restricted   Share  Award  is   terminated   for  any  reason   before
          satisfaction  of the terms and conditions for the vesting  (within the
          meaning  of  Section  83 of the  Code) of all  Shares  subject  to the
          Restricted   Share  Award,   the  number  of  Restricted   Shares  not
          theretofore  vested shall be reacquired by the Company and  forfeited,
          and the purchase  price paid for such  forfeited  Shares by the holder
          shall be returned to the holder.  If Restricted Shares issued shall be
          reacquired  by the  Company  and  forfeited  as  provided  above,  the
          individual, or in the event of his death, his personal representative,
          shall   forthwith   deliver  to  the  Secretary  of  the  Company  the
          certificates representing such Shares,  accompanied by such instrument
          of transfer, if any, as may reasonably be required by the Company.

          (5)  RESTRICTED  SHARE  AWARDS TO  INDEPENDENT  TRUST  MANAGERS.  Each
          Independent Trust Manager shall be granted a Restricted Share Award on
          or her Election Date. Thereafter, each Independent Trust Manager shall
          be granted a Restricted Share Award of 2,000 or up to 2,225 Shares, at
          the discretion of the Board of Trust Managers,  on each anniversary of
          the Election Date for so long as the individual remains an Independent

<PAGE>    82

          Trust Manager. The Restricted Shares granted on an Election Date under
          this Section 6(b)(5) shall vest at the rate of 20% on each anniversary
          of the  Election  Date over a five year  period.  Notwithstanding  the
          preceding sentences,  all or any part of any Restricted Shares granted
          pursuant to this Section  6(b)(5)  shall  immediately  vest (but in no
          event during the six-month period  commencing on the date of grant) in
          the  event  of the  holder's  retirement  from  the  Company  and  all
          Affiliates  on or  after  his  or  her  65th  birthday,  the  holder's
          permanent  disability  (within the meaning of Section  22(e)(3) of the
          Code), or the holder's death. All or any part of any Restricted Shares
          granted  pursuant to this  Section  6(b)(5) also shall vest (but in no
          event during the  six-month  period  commencing  on the date of grant)
          upon the  occurrence  of a Change in Control (as defined in Section 8)
          while the  holder is serving as a Trust  Manager of the  Company.  Any
          Restricted  Shares  granted  pursuant to this  Section  6(b)(5) to the
          extent unvested, shall terminate immediately upon the holder's ceasing
          to serve as a Trust  Manager of the Company  (for  reasons  other than
          retirement,  permanent disability or death as described above). To the
          extent the Board shall  appoint a "Lead  Independent  Trust  Manager,"
          such person shall  additionally  be entitled to receive on the date of
          appointment and on the first anniversary date thereafter, a Restricted
          Share Award of 2,000 Shares. Thereafter, on each anniversary date, the
          Lead  Independent  Trust Manager will receive a Restricted Share Award
          of 1,000 Shares.

               No grants of  Restricted  Shares or any other  grants  under this
          Plan may be made to an Independent  Trust Manager except in accordance
          with this Section 6(b) (5). Notwithstanding any other provision of the
          Plan to the contrary, the provisions of this Section 6(b)(5) shall not
          be amended more than once every six months, other than to comport with
          changes in the Code, the Employee  Retirement  Income  Security Act of
          1974, as amended, or the rules or regulations promulgated thereunder.

     (c)  PERFORMANCE UNITS AND PERFORMANCE SHARE AWARDS.

          (1) AWARDS.  Awards may be granted in the form of Performance Units or
          Performance  Share  Awards.  Performance  Units  are  units  valued by
          reference to designated criteria  established by the Committee,  other
          than Shares.  Performance  Share Awards are Shares  expressed in terms
          of, or valued by reference to, a Share.  Awards of  Performance  Units
          and  Performance  Share  Awards  shall  refer to a  commitment  by the
          Company to make a  distribution  to the  Participant  or to his or her
          beneficiary  depending  on  (i)  the  attainment  of  the  performance
          objectives and other conditions  established by the Committee and (ii)
          the base value of the  Performance  Unit or  Performance  Share Award,
          respectively, as established by the Committee.

          (2) SETTLEMENT.  Settlement of Performance Units and Performance Share
          Awards may, in the sole  discretion of the  Committee,  be in cash, in
          Shares (held for at least six months), or a combination  thereof.  The
          Committee may designate a method of converting  Performance Units into
          Shares, including but not limited to a method based on the Fair Market
          Value  over  a  series  of  consecutive  trading  days.  Prior  to the
          settlement  of any  Performance  Unit or  Performance  Share  Award in
          Shares, the recipient of such Award shall pay to the Company an amount
          of cash equal to, at a minimum,  the par value per Share multiplied by
          the number of Shares to be issued.

          (3) NO RIGHTS AS A SHAREHOLDER.  Participants shall not be entitled to
          exercise  any voting  rights or to receive any  interest or  dividends
          with respect to Performance Units or Performance Share Awards.

<PAGE>    83

     (d)  LIMITED RIGHTS.

     The  Committee  shall  have the  power to grant  limited  Rights  ("Limited
Rights") which shall be a part of an Award. Limited Rights shall provide for the
automatic  cash payment to the holder of the Award equal to the Spread (or other
determination  of the  value of the  Award as fixed by the  Committee)  upon the
occurrence  of a Change in Control (as defined  Section 8) on the dated fixed by
the Committee at the time of the grant of such Limited Right. Limited Rights may
provide that Committee approval is not required for the exercise of such Limited
Right.

     (e)  DIVIDENDS AND DIVIDEND EQUIVALENTS.

     An Award  (including  without  limitation  an Option Award) may provide the
Participant with the right to receive dividend  payments or dividend  equivalent
payments with respect to Shares  subject to the Award (both before and after the
Shares subject to the Award are earned, vested or acquired),  which payments may
be either made currently or credited to an account for the Participant,  and may
be  settled  in  cash  or  Shares  as  determined  by the  Committee.  Any  such
settlements,  and any such  crediting of dividends  or dividend  equivalents  or
reinvestment  in Shares,  may be subject to such  conditions,  restrictions  and
contingencies as the Committee shall establish.

     (f)  CONSIDERATION FOR AWARDS.

     Subject to the requirements of the Texas Act, the Company shall obtain such
consideration for the grant of an Award under this Section 6 as the Committee in
its discretion may determine.

7.   ADJUSTMENT PROVISIONS.

     If,  prior  to  the  complete  exercise  of any  Option,  or  prior  to the
expiration or lapse of all of the restrictions  and conditions  imposed pursuant
to a Restricted  Share Award,  there shall be declared and paid a dividend  upon
the  Shares  or  if  the  Shares  shall  be  split  up,  converted,   exchanged,
reclassified,  or in any way substituted for, then (i) in the case of an Option,
the Option,  to the extent  that it has not been  exercised,  shall  entitle the
holder thereof upon the future exercise of the Option to such number and kind of
securities or cash or other property subject to the terms of the Option to which
he would have been  entitled  had he  actually  owned the Shares  subject to the
unexercised  portion  of the  Option  at the  time  of the  occurrence  of  such
dividend, split-up, conversion, exchange,  reclassification or substitution, and
the aggregate purchase price upon the future exercise of the Option shall be the
same as if the originally optioned Shares were being purchased  thereunder;  and
(ii) in the case of  Restricted  Shares  issued  pursuant to a Restricted  Share
Award, the holder of such Award shall receive,  subject to the same restrictions
and other  conditions of such Award as determined  pursuant to the provisions of
Section  6(b),  the same  securities  or other  property as are  received by the
holders of the Company's Shares pursuant to such dividend, split-up, conversion,
exchange,  reclassification or substitution. Any fractional Shares or securities
payable upon the exercise of the Option as a result of such adjustment  shall be
payable in cash based upon the Fair Market Value of such Shares or securities at
the time of such exercise.  If any such event should occur, the number of Shares
with  respect  to which  Awards  remain to be issued,  or with  respect to which
Awards may be reissued, shall be adjusted in a similar manner.

     In addition to the  adjustments  provided for in the  preceding  paragraph,
upon the occurrence of any of the events  referred to in said paragraph prior to
the complete  exercise of any Rights or Limited Rights, or prior to the complete
expiration  of the  vesting  period  with  respect  to  Performance  Units  or a
Performance Share Award, the Committee, in its sole discretion,  shall determine
the amount of cash and/or number of Shares or other property to which the holder

<PAGE>    84

of the Rights shall be entitled upon their  exercise,  or to which the holder of
the  Performance  Units or  Performance  Share Award shall be entitled  upon the
expiration of the vesting period, so that there shall be no increase or dilution
in the cash and/or value of the Shares or other  property to which the holder of
Rights or of Performance Units or a Performance Share Award shall be entitled by
reason of such events.

     Notwithstanding  any  other  provision  of  the  Plan,  in the  event  of a
recapitalization,    merger,   consolidation,   rights   offering,   separation,
reorganization or liquidation, or any other change in the corporate structure or
outstanding  Shares,  the Committee may make such  equitable  adjustments to the
number  of  Shares  and  the  class  of  shares  available  hereunder  or to any
outstanding  Awards  as  it  shall  deem  appropriate  to  prevent  dilution  or
enlargement of rights.

8.    ACCELERATION.

     Notwithstanding any other provision of the Plan to the contrary, all or any
part of any remaining  unexercised  Options and Rights granted to any person may
be  exercised  in the  following  circumstances  (but in no event during the six
month period  commencing  on the date  granted) and all or any part of any other
Award not  theretofore  vested shall vest: (a) with respect to Options or Rights
only, immediately upon (but prior to the expiration of the term of the Option or
Rights) retirement,  (b) subject to the provisions of Section 6 hereof, upon the
permanent  disability  or death of the holder,  (c) upon the  occurrence of such
special  circumstance or event as in the opinion of the Committee merits special
consideration,  or (d) upon a Change in Control  as defined  below in which case
the date on which such immediate  exercisability  and accelerated  vesting shall
occur (the  "Acceleration  Date".)  shall be the date of the  occurrence  of the
Change in Control.

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

                  (a)  any "person" (as such term  is used  in Section 13(d) and
                  14(d) of  the  Exchange  Act)  (other  than  the Company,  any
                  trustee  or  other   fiduciary  holding  securities  under  an
                  employee benefit plan  of the  Company, or  any company owned,
                  directly or indirectly, by the shareholders  of the Company in
                  substantially  the same  proportions  as  their  ownership  of
                  Shares in the Company)  together  with  its  "affiliates"  and
                  "associates"  (as such terms  are defined in Rule 12b-2 of the
                  Exchange  Act) makes a tender or exchange  offer for  or is or
                  becomes  the  "beneficial  owner"  (as  defined in  Rule 13d-3
                  under the Exchange Act), or has  become the  beneficial  owner
                  during the most recent twelve-month period  ending on the date
                  of the most recent  acquisition  by  such  person  directly or
                  indirectly,  of securities  of the Company representing 40% or
                  more of the  combined  voting  power  of  the  Company's  then
                  outstanding securities; or

                  (b)  during any period of two consecutive years (not including
                  any  period  prior  to  the  effective  date  of  this  Plan),
                  individuals who at the beginning of such period constitute the
                  Board,  and any new Trust Manager  (other than a Trust Manager
                  designated by a person who has entered into an agreement  with
                  the Company to effect a  transaction  described in clause (a),
                  (c) or (d) of this definition)  whose election by the Board or
                  nomination-for  election  by the  Company's  shareholders  was
                  approved  by a  vote  of at  least  two-thirds  of  the  Trust
                  Managers  then still in office who either were Trust  Managers
                  at the beginning of the period or whose election or nomination
                  for election was previously so approved,  cease for any reason
                  to  constitute  at  least  a  majority  thereof;  or

                  (c)  the shareholders  of the  Company  approve  a  merger  or
                  consolidation of the Company with any other company other than
                  (i) a merger or consolidation which would result in the voting
                  securities  of  the  Company   outstanding  immediately  prior

<PAGE>    85

                  thereto   continuing   to   represent  (either   by  remaining
                  outstanding or by  being converted  into voting  securities of
                  the surviving entity)  more  than 80% of the  combined  voting
                  power  of  the  voting  securities  of  the  Company (or  such
                  surviving entity) outstanding immediately after such merger or
                  consolidation or (ii) a  merger or consolidation  effected  to
                  implement  a   recapitalization  of  the  Company (or  similar
                  transaction)  in  which  no "person" (as hereinabove  defined)
                  acquires more than 25%  of the  combined  voting  power of the
                  Company's then outstanding securities; or

                  (d)  the shareholders of the Company adopt a plan  of complete
                  liquidation  of the  Company or approve an  agreement  for the
                  sale,  exchange  or  disposition  by the  Company  of all or a
                  significant  portion of the Company's assets.  For purposes of
                  this clause (d), the term "the sale,  exchange or  disposition
                  by  the  Company  of  all  or a  significant  portion  of  the
                  Company's  assets"  shall  mean a sale  or  other  disposition
                  transaction or series of related transactions involving assets
                  of the Company or any subsidiary of the Company (including the
                  stock of any  subsidiary of the Company) in which the value of
                  the assets or stock  being sold or  otherwise  disposed of (as
                  measured by the purchase price being paid therefore or by such
                  other method as the Board  determines is appropriate in a case
                  where  there  is  no  readily  ascertainable  purchase  price)
                  constitutes  more than 33-1/3% of the Fair Market Value of the
                  Company  (as  hereinafter   defined).   For  purposes  of  the
                  preceding  sentence,  the "fair  market  value of the Company"
                  shall be the aggregate market value of the outstanding  shares
                  of  beneficial  interest of the  Company  (on a fully  diluted
                  basis) plus the aggregate  market value of the Company's other
                  outstanding equity  securities.  The aggregate market value of
                  the Shares shall be  determined by  multiplying  the number of
                  Shares (on a fully diluted  basis)  outstanding on the date of
                  the  execution  and  delivery of a definitive  agreement  with
                  respect to the  transaction or series of related  transactions
                  (the  "Transaction  Date") by the average closing price of the
                  Shares for the ten  trading  days  immediately  preceding  the
                  Transaction  Date.  The  aggregate  market  value of any other
                  equity  securities  of the Company  shall be  determined  in a
                  manner similar to that prescribed in the immediately preceding
                  sentence for  determining  the  aggregate  market value of the
                  Shares or by such other method as the Board shall determine is
                  appropriate.

     Notwithstanding the foregoing, (except as provided otherwise in an Award) a
Change in Control  shall not be deemed to have  occurred if, prior to the time a
Change in Control  would  otherwise be deemed to have  occurred  pursuant to the
above provisions, the Board determines otherwise.

9.   RELOAD FEATURE.

                  (a)  Automatically upon vesting of 20,000 or more Options, the
                  Participant  holding such vested  Options shall have the right
                  (the  "Incentive  Exchange  Right") to  exercise  (at any time
                  during the time period the Options are  exercisable)  any such
                  vested  Options.  The  exercise  price for the Options must be
                  paid  with  Shares  held by the  Participant  for at least six
                  months.  Upon the  exercise of the  Options,  the  Participant
                  shall receive Shares covered by the exercised Options.  Rather
                  than issuing the  Participant  the full number of Shares,  the
                  Company  shall  have the right to net the  Shares to be issued
                  against the Shares being  surrendered  by the  Participant  as
                  payment for the exercise  price,  i.e.,  upon receipt of proof
                  that the Shares  have been held for at least six  months,  the

<PAGE>    86

                  Company shall direct that the Participant  retain such Shares.
                  The Company  shall then issue to the  Participant  Shares (the
                  "Incentive  Payment")  having a Fair Market Value equal to the
                  difference  between  the  Fair  Market  Value  of  the  Shares
                  underlying  the  exercised  Options on the date the  Incentive
                  Exchange  Right is  exercised  and the  exercise  price of the
                  exercised  Options.  The  Participant  shall have the right to
                  receive  bonus Shares by  depositing  25% of the  Incentive in
                  Shares (the "Base  Shares") with the Company.  With respect to
                  the Base Shares,  the  Participant  will receive  bonus Shares
                  (the "Bonus  Shares") in an amount equal to the number of Base
                  Shares multiplied by 25%. The Bonus Shares shall be restricted
                  and the restrictions shall lapse as follows:

                                    Year One - 10%
                                    Year Two - 10%
                                    Year  Three - 80%

     The Base  Shares  received by the  Participant  will be held by the Company
until the Bonus Shares vest in full;  provided,  however,  the  Participant  may
elect at any time (upon written notice to the Company) to have the Company issue
the Base Shares to the  Participant.  If the  Participant  elects to receive the
Base Shares prior to the vesting of the Bonus Shares,  all unvested Bonus Shares
shall be forfeited to the Company.

     The Participant shall receive the remaining 75% of the Incentive Payment in
Shares  ("Additional  Base Shares").  Any Additional Base Shares shall be issued
directly to the  Participant.  With respect to the Additional  Base Shares,  the
Participant  shall likewise receive bonus Shares (the "Additional Bonus Shares")
in an amount equal to the number of  Additional  Base Shares  multiplied by 35%.
The Additional Bonus Shares shall be restricted and the restrictions shall lapse
as follows:

                                    Year One - 10%
                                    Year Two - 10%
                                    Year Three - 10%
                                    Year Four - 10%
                                    Year Five - 60%

     All restricted  Shares received under this Section 9(a) and all Base Shares
held by the Company for the Participant  shall have the same rights with respect
to voting and dividends as Restricted Shares awarded under this Plan.

                  (b)  Upon exercise of the Incentive Exchange Right, the number
                  of Options as to which such  rights  were  exercised  shall be
                  "reloaded" and reissued to the  Participant  who exercised the
                  Incentive  Exchange Right, such Options to represent the right
                  to purchase a number of Shares  equal to the number of Options
                  exercised less the number of Shares  received as the Incentive
                  Payment.   Upon  being  reloaded,   each  Option  shall  again
                  represent  the right to purchase a Share at an exercise  price
                  equal to the Fair Market Value of the Share on the date of the
                  reload  (the  date of  notice  of  exercise  of the  Incentive
                  Exchange  Right).  Vesting  shall  begin  with  respect to the
                  reloaded  Options  on the  date of  issuance  of the  reloaded
                  Options  and  the  vesting  term  shall  be  the  same  as the
                  surrendered Options (i.e., ten years).

                  (c)  Notwithstanding anything herein to the contrary:

                      (i)   Options may be reloaded only once;

                      (ii)  the maximum  Fair Market Value of Incentive Payments
                      that may  be made by  the Company in  any calendar year is
                      $1,000,000 per person;

                      (iii) the  maximum  Incentive  Payments in Shares that any
                      officer,  Trust  Manager  or 5% or  more  shareholder  may

<PAGE>    87

                      receive under this Section 9 is limited to an amount equal
                      to 1% of the Company's outstanding Shares on the Amendment
                      Date; and

                      (iv)  the maximum amount of Incentive Payments that may be
                      paid in  Shares  under  this  Section  9 is limited  to an
                      amount equal to 5% of the  Company's outstanding Shares on
                      the Amendment Date.

     If a  Participant  gives notice of his or her  intention to exercise his or
her Incentive Exchange Right and the Company has already paid its maximum amount
of Incentive  Payments under items (iii) or (iv) above,  the election under this
Section 9 shall be automatically revoked.

     Following is an example reload exercise:

     Participant A holds options to purchase 40,000 shares at a price of $20 per
share.  All of the options have vested.  Participant A elects to exercise 30,000
of his options to purchase shares via a Reload transaction pursuant to Section 9
of the Amended and  Restated  1993 Share  Incentive  Plan.  These  options  were
granted for 10 years and currently have 4 years until expiration.  The Company's
shares are currently  trading at $28 per share,  and the  Participant  can prove
that he owns 25,000 shares that he has held for six months or longer.

     The results of the Reload are as follows:

Option exercise price (30,000 X $20 = $600,000)                 $600,000
        ($600,000 / $28 = 21,429 shares)            in the form of 21,429 shares

     {Since  Participant  A owns at least 21,429 shares which have been held for
more than 6 months, he is able to exercise the Reload. He has chosen to exercise
on a "net" basis,  and therefore is not required to deliver the actual  physical
securities, but rather must only prove ownership.}

Incentive Payment  {($28-$20) X 30,000 shares]                     $240,000
         ($240,000 / $28 = 8,571 shares)             in the form of 8,571 shares

Base Shares (8,571 X 25% = 2,143 shares)                            2,143 shares

Bonus Shares (2,143 X 25% = 536 shares)                               536 shares
         (vesting over 3 years - 10%, 10%, 80%)

Additional Shares (8,571 X 75% = 6,428 shares)                      6,428 shares

Additional Bonus Shares (6,428 X 35% = 2,250 shares)                2,250 shares
         (vesting over 5 years - 10%, 10%, 10%, 10%, 60%)

Reloaded Options priced at $28 per share,
  expiring 10 years later.                                        21,429 options
     (30,000 shares purchased - 8,571 Incentive Payment Shares = 21,429)

10.   PARTICIPANT'S AGREEMENT.

     If, at the time of the  exercise of any Option or Right or the  granting or
vesting of an Award, in the opinion of counsel for the Company,  it is necessary
or desirable,  in order to comply with any then  applicable  laws or regulations

<PAGE>    88

relating to the sale of securities, that the individual exercising the Option or
Right or  receiving  the  Award  shall  agree to hold any  Shares  issued to the
individual  for  investment  and  without  any  present  intention  to resell or
distribute the same and that the individual  will dispose of such Shares only in
compliance with such laws and regulations, the individual will, upon the request
of the Company,  execute and deliver to the Company a further  agreement to such
effect.

11.  WITHHOLDING TAXES.

     No Award may be exercised and no distribution of Shares or cash pursuant to
an Award may be made under the Plan  until  appropriate  arrangements  have been
made by the holder with the  Company  for the  payment of any  amounts  that the
Company may be required to withhold with respect thereto, which arrangements may
include  the tender of  previously  owned  Shares or the  withholding  of Shares
issuable pursuant to such Award.

12.  TERMINATION OF AUTHORITY TO MAKE GRANT.

     No Awards will be granted pursuant to this Plan after May 27, 2003.

13.  AMENDMENT AND TERMINATION.

     The  Board  may from time to time and at any time  alter,  amend,  suspend,
discontinue or terminate  this Plan or, with the consent of an affected  holder,
any outstanding Awards hereunder,  provided, however, that no such action of the
Board may,  without the approval of the  shareholders of the Company,  alter the
provisions of the Plan or  outstanding  Awards so as to (i) increase the maximum
number of Shares  which may be  subject  to  Awards  under the Plan  (except  as
provided  in Section  5(b));  or (ii)  change the class of persons  eligible  to
receive  Awards;  or (iii)  amend  the Plan in any  manner  that  would  require
shareholder  approval  under Rule  16b-3 of the  Exchange  Act or under  Section
162(m) of the Code.

14.  PREEMPTION BY APPLICABLE LAWS AND REGULATIONS.

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

15.  CHANGE IN CONTROL LIMITATION.

     Notwithstanding  any other  provision  in the Plan,  to the extent that the
acceleration of  exercisability or vesting of an Award under this Plan following
a Change in  Control,  when  aggregated  with other  payments or benefits to the
Participant,  whether or not payable pursuant to this Plan, would, as determined
by tax counsel selected by the Company,  result in "excess  parachute  payments"
(as  defined in Section  280G of the Code) such  parachute  payments or benefits
provided  to a  Participant  under  this Plan  shall be  reduced  to the  extent
necessary so that no portion  thereof shall be subject to the excise tax imposed
by  Section  4999 of the Code,  but only if, by  reason of such  reduction,  the
Participant's  net after tax benefit  shall  exceed the net after tax benefit if
such reduction were not made.  "Net after tax benefit" shall mean the sum of (i)
all payments and benefits  which a  Participant  receives or is then entitled to
receive  that would  constitute  a  "parachute  payment"  within the  meaning of
Section 280G of the Code,  less (ii) the amount of federal  income taxes payable

<PAGE>    89

with respect to the payments and benefits  described in (i) above  calculated at
the maximum  marginal  income tax rate for the year in which such  payments  and
benefits shall be paid to the Participant  (based upon the rate for such year as
set forth in the Code at the time of the first payment of the  foregoing),  less
(iii) the  amount of excise  taxes  imposed  with  respect to the  payments  and
benefits described in (i) above by Section 4999 of the Code.

16.   MISCELLANEOUS.

                  (a)  No  Employment  Contract.  Nothing  contained in the Plan
                  shall be construed  as  conferring  upon any  Participant  the
                  right  to  continue  in  the employ,  or as a Trust Manager or
                  Director of or consultant to, of the Company or any Affiliate.

                  (b)  Employment or Service with  Affiliates. Employment by, or
                  service for, the Company for the purpose of this Plan shall be
                  deemed  to  include   employment   by,  or  service  for,  any
                  Affiliate.

                  (c)  No Rights  as a Shareholder. A  Participant shall have no
                  rights as a shareholder with respect to Shares covered  by the
                  Participant's  Award  until the date of the  issuance  of such
                  Shares to the Participant pursuant thereto. No adjustment will
                  be made for  dividends  or other  distributions  or rights for
                  which the record date is prior to the date of such issuance.

                  (d)  Nonassignability.   Neither   a    Participant    nor   a
                  Participant's estate,  personal representative  or beneficiary
                  shall have  the power  or  right  to  sell, exchange,  pledge,
                  transfer, assign  or  otherwise  encumber  or  dispose of such
                  Participant's    estate's,   personal    representative's   or
                  beneficiary's  interest arising under  the Plan nor shall such
                  interest  be   subject  to  seizure   for  the  payment  of  a
                  Participant's  or beneficiary's  debts, Judgments, alimony, or
                  separate maintenance or  be transferable by  operation  of the
                  law  in  the  event  of  a  Participant's, estate's,  personal
                  representative's   or  beneficiary's bankruptcy or  insolvency
                  and to the extent any such interest  arising under the Plan is
                  awarded to a spouse  pursuant to any divorce  proceeding, such
                  interest  shall  be  deemed  to be terminated   and forfeited,
                  notwithstanding  any  vesting provisions or other terms herein
                  or in such Award.

                  (e)  Application  of  Funds.  The  proceeds  received  by  the
                  Company from the sale  of Shares  pursuant to the Plan will be
                  used for its general business purposes.

                  (f)  Governing Law: Construction.  All  rights and obligations
                  under  the  Plan shall be governed  by, and  the Plan shall be
                  construed in accordance  with,  the laws of the State of Texas
                  without regard to the principles of conflicts of laws.  Titles
                  and headings to Sections herein are for purposes  of reference
                  only,  and shall in no way limit,  define or otherwise  affect
                  the meaning or interpretation of any provisions of the Plan.<PAGE>    90

                                                                   EXHIBIT 10.19
                              CAMDEN PROPERTY TRUST
                        1999 EMPLOYEE SHARE PURCHASE PLAN
                                NOVEMBER 3, 1999

1.   PURPOSE

     The primary  purpose of this Plan is to encourage  Share  ownership by each
Eligible  Employee in the belief that such Share  ownership will increase his or
her  interest  in the  success of Camden  Property  Trust,  a Texas real  estate
investment trust (the "Company").

2.   DEFINITIONS

     2.1.  The term  "Account"  shall  mean  the  separate  bookkeeping  account
established and maintained by the Plan  Administrator  for each  Participant for
each Purchase  Period to record the  contributions  made on his or her behalf to
purchase Shares under this Plan.

     2.2.  The term  "Beneficiary" shall mean the person  designated  as such in
accordance with Section 8.

     2.3.  The term  "Board"  shall  mean the  Board  of Trust  Managers  of the
Company.

     2.4.  The term  "Closing Price" shall mean the closing price for a Share as
reported for such day in The Wall Street Journal or in any successor to The Wall
Street Journal or, if there is no such successor, in any publication selected by
the Committee or, if no such closing price is so reported for such day.

     2.5.  The term  "Committee"  shall  mean the Compensation  Committee of the
Board.

     2.6.  The term  "Company" shall mean Camden  Property  Trust,  a Texas real
estate investment trust.

     2.7.  The term  "Election Form"  shall  mean  the  form  which an  Eligible
Employee  shall be required  to properly  complete in writing and timely file at
least 15 days prior to the  commencement of any Purchase Period in order to make
any of the elections available to an Eligible Employee under this Plan.

     2.8.  The term "Eligible Employee" shall mean each officer or employee of a
Participating  Employer who is shown on the payroll  records of a  Participating
Employer  as  an  employee  for  at  least  twelve  (12)  months  prior  to  the
commencement of a Purchase Period.

     2.9.  The term "Participant"  shall  mean (a) for each  Purchase  Period an
Eligible  Employee who has elected to purchase Shares in accordance with Section
4 in such  Purchase  Period and (b) any person for whom Shares are held  pending
delivery under Section 7.

<PAGE>    91

     2.10. The term  "Participating  Employer"  shall  mean the  Company and any
affiliated entity which is designated as such by the Committee.

     2.11. The term  "Pay"  means  all cash  compensation  paid  to an  Eligible
Employee for services to a Participating  Employer,  including  regular straight
time earnings or draw, overtime,  commissions and bonuses, but excluding amounts
paid as living allowance or reimbursement of expenses and other similar payments
paid to him or her by the Participating Employer.

     2.12. The  term  "Pay  Day"  means  the day  as of  which  Pay is paid to a
Participant.

     2.13. The term "Plan" shall mean  this Camden  Property Trust 1999 Employee
Share  Purchase Plan,  effective as of October 1999,  and as thereafter  amended
from time to time.

     2.14. The term "Plan Administrator" shall mean the Company or the Company's
delegate.

     2.15. The term "Purchase  Period" shall mean a period set by the Committee.
Unless changed by the Committee,  each Purchase  Period shall begin on January 1
and July 1 each year and end on June 30 and December 31 each year.

     2.16. The term "Purchase  Price" for each Purchase Period shall mean 85% of
the lesser of: (a) the Closing Price for a Share on the last trading day of such
Purchase Period or (b) the Closing Price for a Share on the first trading day of
such Purchase Period.

     2.17. The term "Rule 16b-3" shall mean Rule 16b-3 promulgated under Section
16(b) of the  Securities  Exchange Act of 1934, as amended,  or any successor to
such rule.

     2.18. The term "Share" shall mean the common shares of beneficial interest,
par  value  $.01 per  share,  of the  Company.  The  aggregate  number of Shares
available  for grant  under  this Plan  shall not  exceed  500,000,  subject  to
adjustment  pursuant to Section 17 hereof  plus any Shares  acquired by the Plan
Administrator in the open market for the Accounts of the Participants.

3.   ADMINISTRATION

     Except for the exercise of those powers expressly  granted to the Committee
to determine the Closing Price,  who is a Participating  Employer and to set the
Purchase  Period,   the  Plan   Administrator   shall  be  responsible  for  the
administration  of this Plan and shall  have the power in  connection  with such
administration to interpret the Plan and to take such other action in connection
with such  administration as the Plan Administrator deems necessary or equitable
under the  circumstances.  The Plan  Administrator  also shall have the power to
delegate  the  duty  to  perform  such  administrative  functions  as  the  Plan
Administrator deems appropriate under the circumstances.  Any person to whom the

<PAGE>    92

duty to perform an  administrative  function is delegated shall act on behalf of
and shall be responsible to the Plan Administrator for such function. Any action
or inaction by or on behalf of the Plan  Administrator  under this Plan shall be
final and binding on each Eligible Employee,  each Participant and on each other
person who makes a claim  under this Plan based on the  rights,  if any, of such
Eligible Employee or Participant under this Plan.

4.   PARTICIPATION

     4.1.  Each person who is an Eligible Employee on the enrollment  date shall
be a Participant in this Plan for the related Purchase Period,  if he or she (i)
properly completes and timely files an Election Form with the Plan Administrator
to elect to participate in this Plan; and (ii) deposits,  either through payroll
deduction or a lump sum, the full amount of his or her desired  purchase  amount
prior to the final  pricing  day of a  Purchase  Period.  An  Election  Form may
require an Eligible  Employee to provide such  information  and to agree to take
such action (in  addition to the action  required  under  Section 5) as the Plan
Administrator  deems  necessary or  appropriate  in light of the purpose of this
Plan or for the orderly administration of this Plan.

     4.2.  Notwithstanding  anything herein to the contrary,  no person shall be
deemed to be an Eligible Employee:

          (a) if immediately  after such  participation,  Participant  would own
     Shares,  and/or hold outstanding options to purchase Shares,  possessing 5%
     or more of the  total  combined  voting  power or value of all  classes  of
     Shares of the Company (for purposes of this paragraph, the rules of Section
     424(d) of the  Internal  Revenue Code of 1986,  as amended,  shall apply in
     determining Share ownership of any Participant); or

          (b) if such Participant's rights to purchase Shares under all employee
     share purchase plans of the Company accrues at a rate which exceeds $25,000
     in  fair  market  value  of the  Shares  (determined  at the  time  of Plan
     enrollment)  for  each  calendar  year in  which  such  purchase  right  is
     outstanding; or

          (c) if immediately  prior to  commencement of a Purchase  Period,  the
     Eligible  Employee has not been an employee of the Company for at least one
     year; or

          (d) if the Participant is no longer an Eligible  Employee at the final
     pricing date and when the shares are purchased.

     Contributions

     4.3. Each Participant's  Election  Form  under Section  4 shall specify the
contributions  that he or she proposes to make for the related  Purchase Period.
If the Participant elects to make payroll  deductions,  such contributions shall
be expressed as a specific dollar amount that Participant proposes to contribute
in cash or a percentage  of the  Participant's  Pay that his or her  Participant
Employer  is  authorized  to deduct  from his or her Pay each Pay Day during the
Purchase  Period (or as a  combination  of such cash and such payroll  deduction
contributions); provided, however:

<PAGE>    93

          (a) the minimum  payroll  deduction for a Participant for each Pay Day
     for purposes under this Plan shall be $10.00, and

          (b) the maximum contribution which a Participant may make for purposes
     under this Plan for any calendar year shall be $25,000.

          Notwithstanding  the  preceding,  a  Participant  may,  on  his or her
     Election Form, elect to make cash deposits to the Plan at any time during a
     Purchase  Period in any amount up to the  $25,000  aggregate  annual  limit
     rather than or in addition to regular deductions from pay.

     4.4. A Participant  shall have the right to  amend his or her Election Form
at any time to reduce or to stop his or her  contributions,  and such  amendment
shall be effective immediately for cash contributions and as soon as practicable
after the Plan  Administrator  actually  receives such amended Election Form for
payroll deductions.

     4.5. A  Participant  may withdraw his or her  contributions  at any time. A
withdrawal shall be deducted from the  Participant's  Account as of the date the
Plan  Administrator   receives  such  amended  Election  Form,  and  the  actual
withdrawal  shall be effected by the Plan  Administrator  as soon as practicable
after such date. A Participant  who withdraws his or her  contributions  in full
may not be eligible to  participate in the Plan for six (6) months from the date
of such withdrawal, i.e. will not be eligible for the next Purchase Period.

     4.6. All payroll deductions made for a Participant shall be credited to his
or her  Account as of the Pay Day as of which the  deduction  is made.  All cash
deposits made by a Participant shall be credited to his or her Account as of the
date such amount is received by the Plan  Administrator.  All contributions made
by a Participant under this Plan, whether in cash or through payroll deductions,
shall be held by the Company or by such Participant's Participating Employer, as
agent  for the  Company.  All  such  contributions  shall be held as part of the
general  assets  of the  Company  and  shall  not be held in trust or  otherwise
segregated  from the  Company's  general  assets.  No interest  shall be paid or
accrued on any such contributions. Each Participant's right to the contributions
credited to his or her Account shall be that of a general and unsecured creditor
of the Company.  Each  Participating  Employer shall have the right to make such
provisions  as it deems  necessary or  appropriate  to satisfy any tax laws with
respect to purchases of Shares made under this Plan.

     4.7. The  balance  credited  to  the   Account  of  an  Eligible   Employee
automatically  shall be refunded in full (without interest) if his or her status
as an  employee  of  all  Participating  Employers  terminates  for  any  reason
whatsoever  during a  Purchase  Period.  Such  refunds  shall be made as soon as
practicable  after  the  Plan  Administrator  has  actual  notice  of  any  such
termination.

<PAGE>    94

5.   PURCHASE OF SHARES

     5.1. If a Participant is an Eligible Employee through the end of a Purchase
Period,  the balance which remains  credited to his or her Account at the end of
such Purchase  Period  automatically  shall be applied to purchase Shares at the
Purchase  Price for such Shares for such Purchase  Period.  Such Shares shall be
purchased  on behalf of the  Participant  by operation of this Plan in whole and
fractional Shares.

     5.2. Except as specifically  provided herein,  all Participants  shall have
the same rights and privileges under the Plan. All rules and  determinations  of
the Board in the  administration of the Plan shall be uniformly and consistently
applied to all persons in similar circumstances.

     5.3. The Plan  Administrator  may use  up to ten (10)  trading days to make
open market purchases of Shares. The average price paid for all Shares purchased
during such ten (10) day period shall  become the price used to allocate  Shares
to all Participants.  For the purpose of determining holding periods pursuant to
the Plan,  all Shares  purchased  shall be deemed to have been  purchased on the
10th trading day following the end of the relevant Purchase Period.

     5.4. If the total  Shares to be purchased  in  accordance  with Section 6.1
exceeds the number of Shares  available under the Plan,  (after deducting all of
the Shares previously purchased under Section 6.1), the Plan Administrator shall
make a pro rata allocation of the Shares in a uniform manner.

6.   DELIVERY

     A book-entry  record of the Shares purchased by each  Participant  shall be
maintained by the Company's  transfer agent and no certificates  shall be issued
for  such  Shares  except  to the  extent  that a  Participant  specifically  so
requests.  Notwithstanding the foregoing, when a refund is made to a Participant
pursuant to Section 5.5,  certificates  shall be delivered to him or her for all
Shares  then  held for the  Participant  under  the  Plan.  A Share  certificate
delivered to a  Participant  shall be  registered  in his or her name or, if the
Participant so elects and is permissible  under  applicable law, in the names of
the  Participant  and  one  such  other  person  as  may  be  designated  by the
Participant, as joint tenants with rights of survivorship. However, (a) no Share
certificate  representing  a  fractional  share of Share shall be delivered to a
Participant  or to a Participant  and any other person,  (b) cash which the Plan
Administrator  deems  representative of the value of a Participant's  fractional
share  shall be  distributed  (when a  Participant  requests a  distribution  of
certificates for all of the shares of Share held for him or her) in lieu of such
fractional  share unless a Participant  in light of Rule 16b-3 waives his or her
right to such cash payment and (c) the Plan  Administrator  shall have the right
to charge a Participant  for  registering a Share in the name of the Participant
and any other person.  No  Participant  (or any person who makes a claim for, on
behalf of or in place of a  participant)  shall have any  interest  in any Share
under  this Plan  until  they  have  been  reflected  in the  book-entry  record
maintained  by the  transfer  agent or the  certificate  for such Share has been
delivered to such person.

<PAGE>    95

7.   DESIGNATION OF BENEFICIARY

     A Participant  may designate on his or her Election Form a Beneficiary  (a)
who shall receive the balance  credited to his or her Account if the Participant
dies before the end of a Purchase Period and (b) who shall receive the Share, if
any, purchased for the Participant under this Plan if the Participant dies after
the end of a Purchase Period but before either the certificate representing such
Shares has been  delivered  to the  Participant  or before such Shares have been
credited to a brokerage account maintained for the Participant. Such designation
may be revised in  writing at any time by the  Participant  by filing an amended
Election  Form,  and his or her revised  designation  shall be effective at such
time as the  Plan  Administrator  receives  such  amended  Election  Form.  If a
deceased  Participant  fails to  designate  a  Beneficiary  or,  if no person so
designated  survives a Participant  or, if after  checking his or her last known
mailing  address,  the  whereabouts  of the  person  so  designated  survives  a
Participant  or, if after  checking his or her last known mailing  address,  the
whereabouts  of the person so  designated  are unknown,  then the  Participant's
estate shall be treated as his or her designated  Beneficiary under this Section

8.   TRANSFERABILITY AND DISPOSITIONS

     8.1. Neither the balance credited to a Participant's Account nor any rights
to  receive  Shares  under  this Plan may be  assigned,  encumbered,  alienated,
transferred, pledged or otherwise disposed of in any way by a Participant during
his or her lifetime or by his or her  Beneficiary  or by any other person during
his or her lifetime, and any attempt to do so shall be without effect.

     8.2. Except  as  provided  in   Section  7,  no  sale,  transfer  or  other
disposition may be made of any Shares  purchased under the Plan during the first
nine  (9)  months  following  the end of a  Purchase  Period.  If a  Participant
violates  the  foregoing  restriction,  he or she shall  remit to the Company an
amount of cash  equal to the  difference  between  the  Purchase  Price for such
Shares and the price  paid by the Plan  Administrator  to acquire  the Shares as
provided under Section 6.3.  Notwithstanding the foregoing, if a Participant who
owns Shares  subject to the  foregoing  restriction  is  determined  by the Plan
Administrator  in its  discretion  to  have a  serious  financial  need  for the
proceeds  of the  sale  of  such  Shares,  then  upon  application  made  by the
Participant,  the Plan  Administrator  shall consent to a sale of such Shares to
the extent necessary to satisfy the serious  financial need, and the Participant
will not be required to make the  remittance  to the Company  described  in this
Section 9.2.  Alternatively,  the Plan  Administrator  may, at the Participant's
option, sell the Shares and deduct from the proceeds of such sale the remittance
due under this Section 9.2. No participant shall be required to sell Shares upon
termination of employment.

9.   SECURITIES REGISTRATION

     If the Company shall deem it necessary to register under the Securities Act
of 1933, as amended,  or any other applicable statute any Shares purchased under
this Plan or to qualify any such Shares for an exemption from any such statutes,
the Company  shall take such action at its own expense.  If Shares are listed on

<PAGE>    96

any national securities exchange at the time any Shares are purchased hereunder,
the Company  shall make  prompt  application  for the  listing on such  national
securities  exchange of such  Shares,  at its own  expense.  Purchases of Shares
hereunder shall be postponed as necessary pending any such action.

10.  COMPLIANCE WITH RULE 16B-3

     All elections and  transactions  under this Plan by persons subject to Rule
16b-3 are intended to comply with at least one of the exemptive conditions under
Rule  16b-3.  The  Plan  Administrator   shall  establish  such   administrative
guidelines to facilitate  compliance with at least one such exemptive  condition
under Rule 16b-3 as the Plan Administrator may deem necessary or appropriate. If
any  provision  of this  Plan or such  administrative  guidelines  or any act or
omission with respect to this Plan (including any act or omission by an Eligible
Employee)  fails  to  satisfy  such  exemptive  condition  under  Rule  16b-3 or
otherwise is inconsistent with such condition, such provision, guidelines or act
or omission shall be deemed null and void.

11.  AMENDMENT OR TERMINATION

     This Plan may be amended by the Board from time to time to the extent  that
the Board  deems  necessary  or  appropriate,  and any such  amendment  shall be
subject  to the  approval  of the  Company's  shareholders  to the  extent  such
approval is required  under the laws of the State of Texas,  federal tax laws or
to the extent such  approval is required to meet the  security  holder  approval
requirements  under  Rule  16b-3;  provided,  however,  no  amendment  shall  be
retroactive unless the Board in its discretion determines that such amendment is
in the best interest of the Company or such  amendment is required by applicable
law to be  retroactive.  The Board also may terminate this Plan and any Purchase
Period at any time  (together  with any related  contribution  election)  or may
terminate any Purchase Period (together with any related contribution elections)
at any time; provided,  however, no such termination shall be retroactive unless
the Board determines that applicable law requires a retroactive termination.

12.  NOTICES

     All Election Forms and other  communications from a Participant to the Plan
Administrator  under,  or in connection  with, this Plan shall be deemed to have
been  filed  with the Plan  Administrator  when  actually  received  in the form
specified  by  the  Plan  Administrator  at  the  location,  or by  the  person,
designated by the Plan  Administrator  for the receipt of any such Election Form
and communications.

13.  EMPLOYMENT

     The right to elect to  participate  in this Plan  shall not  constitute  an
offer of employment or membership on the Board,  and no election to  participate
in this Plan shall constitute an employment  agreement for an Eligible Employee.
Any such right or election  shall have no bearing  whatsoever on the  employment
relationship  between an Eligible  Employee and any other  person.  Finally,  no
Eligible  Employee  shall be  induced  to  participate  in this  Plan,  or shall
participate in this Plan, with the expectation that such participation will lead
to employment or continued employment.

<PAGE>    97

14.  CHANGES IN CAPITAL STRUCTURE

     14.1.In the event that the outstanding  Shares of the Company are hereafter
increased or decreased  or changed into or exchanged  for a different  number or
kind of Shares or other securities of the Company or of another corporation,  by
reason  of  any   reorganization,   merger,   consolidation,   recapitalization,
reclassification,  Share split-up,  combination of Shares or dividend payable in
Shares,  appropriate adjustment shall be made by the Board in the number or kind
of Shares as to which a right granted under this Plan shall be  exercisable,  to
the end that the right  holder's  proportionate  interest shall be maintained as
before the occurrence of such event. Any such adjustment made by the Board shall
be conclusive.

     14.2.If the Company is not the  surviving or resulting  corporation  in any
reorganization,  merger,  consolidation or recapitalization,  this Plan, and the
Company's  rights,  duties and  obligations  hereunder,  shall be assumed by the
surviving or resulting  corporation  and the rights of a Participant to purchase
Shares shall continue in full force and effect.

15.  HEADINGS, REFERENCES AND CONSTRUCTION

     The headings to sections in this Plan have been included for convenience of
reference  only. This Plan shall be interpreted and construed in accordance with
the laws of the State of Texas.

16.  SHAREHOLDER APPROVAL

     This Plan is  intended  to be a "  Qualified  Plan"  within the  meaning of
Section 423 of the Internal Revenue Code of 1986, as amended.  Accordingly,  the
Company will seek shareholder approval of the Plan at the next annual meeting of
the Company's  shareholders.  If shareholder approval is not obtained, the Board
of Trust  Managers  may  terminate  the Plan or cause the Plan to  continue as a
"Non-Qualified Plan" in its sole discretion.

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