Eighth Amendment to Employment Agreement between Crescent Real Estate Equities Limited Partnership and John C. Goff

Summary

This amendment updates the employment agreement between Crescent Real Estate Equities Limited Partnership and John C. Goff. Effective January 1, 2001, Goff's annual salary is increased to $750,000 in recognition of his services and contributions. All other terms of the original agreement remain unchanged. The amendment is binding upon execution by both parties.

EX-10.03 6 d89508ex10-03.txt AMENDED EMPLOYMENT AGREEMENT - JOHN C. GOFF 1 EXHIBIT 10.03 EIGHTH AMENDMENT TO THE EMPLOYMENT AGREEMENT OF JOHN C. GOFF This EIGHTH AMENDMENT TO THE EMPLOYMENT AGREEMENT OF JOHN C. GOFF (the "Eighth Amendment"), is dated April 10, 2001 and effective as of January 1, 2001, is entered into by and between the undersigned parties. Except as the context may otherwise require, any terms used in this Eighth Amendment which are defined in the Effective Agreement (as hereinafter defined) shall have the same meaning for purposes of this Eighth Amendment as in the Effective Agreement. WITNESSETH: WHEREAS, Rainwater, Inc., a Texas corporation, entered into that certain Employment Agreement with John C. Goff ("Goff") dated April 15, 1994 (the "Original Agreement"); and WHEREAS, Rainwater, Inc. subsequently assigned the Original Agreement to Crescent Real Estate Equities Limited Partnership, a Delaware limited partnership (the "Operating Partnership"), pursuant to that certain Management Functions Conveyance Agreement between Rainwater, Inc. and the Operating Partnership dated May 4, 1994; and WHEREAS, the Original Agreement was amended by the First Amendment to the Employment Agreement of John C. Goff dated July 1, 1995 (the "First Amendment"); and WHEREAS, the First Amendment was amended by the Second Amendment to the Employment Agreement of John C. Goff dated March 15, 1996 (the "Second Amendment"); and WHEREAS, the Second Amendment was amended by the Third Amendment to the Employment Agreement of John C. Goff dated March 3, 1997 (the "Third Amendment"); and WHEREAS, the Third Amendment was amended by the Fourth Amendment to the Employment Agreement of John C. Goff dated June 23, 1997 (the "Fourth Amendment"); and WHEREAS, the Fourth Amendment was amended by the Fifth Amendment to the Employment Agreement of John C. Goff dated March 9, 1998 (the "Fifth Amendment"); and WHEREAS, the Fifth Amendment was amended by the Sixth Amendment to the Employment Agreement of John C. Goff dated June 11, 1999 (the "Sixth Amendment"); and WHEREAS, the Sixth Amendment was amended by the Seventh Amendment to the Employment Agreement of John C. Goff dated September 28, 1999 (the "Effective Agreement"); and WHEREAS, Crescent Real Estate Equities, Ltd. ("Crescent, Ltd.") is the general partner of the Operating Partnership; and 2 WHEREAS, Crescent, Ltd. is the wholly owned subsidiary of Crescent Real Estate Equities Company, a Texas real estate investment trust ("CREE"), and CREE owns a majority of the limited partner interests in the Operating Partnership; and WHEREAS, on September 28, 1999, the Executive Compensation Committee of the Board of Trust Managers of CREE determined that the Effective Agreement should be amended to provide for an annual salary of $750,000 be paid to Goff, commencing January 1, 2001, in reward for services rendered to Crescent, Ltd. and the Operating Partnership and for Goff's contributions to the success and prosperity of Crescent, Ltd. and the Operating Partnership; and WHEREAS, the undersigned parties, consisting of all of the parties to the Effective Agreement, desire to amend the Effective Agreement to reflect the increase in Goff's annual salary; NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged, the parties hereto, intending legally to be bound, hereby agree as follows: 1. The Effective Agreement be amended to provide for an annual salary in the amount of $750,000 be paid to Goff, commencing January 1, 2001, as provided pursuant to the terms of the Effective Agreement. 2. Except as herein amended, the Effective Agreement is hereby ratified, confirmed and affirmed for all purposes and in all respects. 3. This Eighth Amendment may be executed in counterparts, all of which together shall constitute one agreement binding on all the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. IN WITNESS WHEREOF, the undersigned parties have executed this Eighth Amendment as of the date first written above. JOHN C. GOFF /s/ JOHN C. GOFF ---------------------------------------------------- CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP, a Delaware limited partnership By: Crescent Real Estate Equities, Ltd., a Delaware corporation, its sole general partner By: /s/ David M. Dean --------------------------------------------- David M. Dean Executive Vice President, Law and Administration 2