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EXHIBIT 10.29
FIFTH AMENDMENT TO THE
EMPLOYMENT AGREEMENT OF
XXXX X. XXXX
This FIFTH AMENDMENT TO THE EMPLOYMENT AGREEMENT OF XXXX X. XXXX (the
"Fifth Amendment"), dated March 10, 1998, is entered into by and between the
undersigned parties. Except as the context may otherwise require, any terms
used in this Fifth Amendment which are defined in the Effective Agreement (as
hereinafter defined) shall have the same meaning for purposes of this Fifth
Amendment as in the Effective Amendment.
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 "Effective
Agreement"); and
WHEREAS, Crescent Real Estate Equities, Ltd. ("Crescent, Ltd.") is the
general partner of the Operating Partnership; and
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, the Executive Compensation Committee of the Board of Trust
Managers of CREE determined on March 9, 1998 that the Effective Agreement
should be amended to provide for an annual salary of $105,000 be paid to Xxxx,
commencing March 10, 1998, 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
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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 $105,000 be paid to Xxxx, commencing March 10, 1998, 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 Fifth 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 Fifth
Amendment as of the date first written above.
XXXX X. XXXX
/s/ XXXX X. XXXX
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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
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Name: Xxxxx X. Xxxx
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Title: Senior Vice President, Law
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