1
EXHIBIT 10.03
EIGHTH AMENDMENT TO THE
EMPLOYMENT AGREEMENT OF
XXXX X. XXXX
This EIGHTH AMENDMENT TO THE EMPLOYMENT AGREEMENT OF XXXX X. XXXX (the
"Eighth Amendment"), is dated April 10, 2001 and effective as of January 1,
2001, is entered into by and between the undersigned parties. Except as the
context may otherwise require, any terms used in this Eighth Amendment which are
defined in the Effective Agreement (as hereinafter defined) shall have the same
meaning for purposes of this Eighth Amendment as in the Effective Agreement.
WITNESSETH:
WHEREAS, Rainwater, Inc., a Texas corporation, entered into that
certain Employment Agreement with Xxxx X. Xxxx ("Xxxx") dated April 15, 1994
(the "Original Agreement"); and
WHEREAS, Rainwater, Inc. subsequently assigned the Original Agreement
to Crescent Real Estate Equities Limited Partnership, a Delaware limited
partnership (the "Operating Partnership"), pursuant to that certain Management
Functions Conveyance Agreement between Rainwater, Inc. and the Operating
Partnership dated May 4, 1994; and
WHEREAS, the Original Agreement was amended by the First Amendment to
the Employment Agreement of Xxxx X. Xxxx dated July 1, 1995 (the "First
Amendment"); and
WHEREAS, the First Amendment was amended by the Second Amendment to the
Employment Agreement of Xxxx X. Xxxx dated March 15, 1996 (the "Second
Amendment"); and
WHEREAS, the Second Amendment was amended by the Third Amendment to the
Employment Agreement of Xxxx X. Xxxx dated March 3, 1997 (the "Third
Amendment"); and
WHEREAS, the Third Amendment was amended by the Fourth Amendment to the
Employment Agreement of Xxxx X. Xxxx dated June 23, 1997 (the "Fourth
Amendment"); and
WHEREAS, the Fourth Amendment was amended by the Fifth Amendment to the
Employment Agreement of Xxxx X. Xxxx dated March 9, 1998 (the "Fifth
Amendment"); and
WHEREAS, the Fifth Amendment was amended by the Sixth Amendment to the
Employment Agreement of Xxxx X. Xxxx dated June 11, 1999 (the "Sixth
Amendment"); and
WHEREAS, the Sixth Amendment was amended by the Seventh Amendment to
the Employment Agreement of Xxxx X. Xxxx dated September 28, 1999 (the
"Effective Agreement"); and
WHEREAS, Crescent Real Estate Equities, Ltd. ("Crescent, Ltd.") is the
general partner of the Operating Partnership; and
2
WHEREAS, Crescent, Ltd. is the wholly owned subsidiary of Crescent Real
Estate Equities Company, a Texas real estate investment trust ("CREE"), and CREE
owns a majority of the limited partner interests in the Operating Partnership;
and
WHEREAS, on September 28, 1999, the Executive Compensation Committee of
the Board of Trust Managers of CREE determined that the Effective Agreement
should be amended to provide for an annual salary of $750,000 be paid to Xxxx,
commencing January 1, 2001, in reward for services rendered to Crescent, Ltd.
and the Operating Partnership and for Xxxx'x contributions to the success and
prosperity of Crescent, Ltd. and the Operating Partnership; and
WHEREAS, the undersigned parties, consisting of all of the parties to
the Effective Agreement, desire to amend the Effective Agreement to reflect the
increase in Xxxx'x annual salary;
NOW, THEREFORE, in consideration of the mutual covenants and agreements
herein contained and other good and valuable consideration, the receipt,
adequacy and sufficiency of which are hereby acknowledged, the parties hereto,
intending legally to be bound, hereby agree as follows:
1. The Effective Agreement be amended to provide for an annual salary
in the amount of $750,000 be paid to Xxxx, commencing January 1, 2001, as
provided pursuant to the terms of the Effective Agreement.
2. Except as herein amended, the Effective Agreement is hereby
ratified, confirmed and affirmed for all purposes and in all respects.
3. This Eighth Amendment may be executed in counterparts, all of which
together shall constitute one agreement binding on all the parties hereto,
notwithstanding that all such parties are not signatories to the original or the
same counterpart.
IN WITNESS WHEREOF, the undersigned parties have executed this Eighth
Amendment as of the date first written above.
XXXX X. XXXX
/s/ XXXX X. XXXX
----------------------------------------------------
CRESCENT REAL ESTATE EQUITIES LIMITED
PARTNERSHIP, a Delaware limited partnership
By: Crescent Real Estate Equities, Ltd.,
a Delaware corporation, its sole general partner
By: /s/ Xxxxx X. Xxxx
---------------------------------------------
Xxxxx X. Xxxx
Executive Vice President, Law and Administration
2
