📜 What This Document Is

This is a DEFA14A, a "definitive additional material" filing. Think of it as an official addendum or "PS" to the main proxy statement. It's not the full voting guide, but an important update that clarifies specific rules for two voting items. Companies file these when they need to correct or emphasize something after the main proxy is sent out but before the shareholder vote.

👉 Why it matters: This supplemental filing ensures all shareholders have the exact same, clear instructions on how their votes will be counted for two key proposals.

🏢 What The Company Does

Camden Property Trust (CPT) is a Real Estate Investment Trust (REIT).

👉 In simple terms: They own, operate, and develop apartment communities. As a REIT, they are required by law to pay out most of their taxable income to shareholders as dividends.

📅 The Meeting & The Proposals

The supplement is for the 2026 Annual Meeting of Shareholders, scheduled for May 8, 2026, at 9:00 a.m. Central Time. It specifically addresses two proposals from the original proxy:

Proposal 4: Approval of the Amended and Restated 2018 Share Incentive Plan (used for employee/ director stock awards).
Proposal 5: Approval of the Amended and Restated 2018 Employee Share Purchase Plan (lets employees buy company stock at a discount).

🔍 The Key Clarification: How The Vote Counts

This is the entire reason for the filing. It clarifies the voting threshold and the impact of not voting "For" or "Against."

Required Approval: Both proposals need the affirmative vote of a majority of the shares represented at the meeting (either in person or by proxy) and entitled to vote.
What Your Vote Means:
- Abstaining (present but not choosing): This counts as a vote "AGAINST" the proposal. Your presence helps determine if the "majority of represented shares" threshold is met, but your abstention actively works against approval.
- Broker Non-Vote: This happens when your broker cannot vote your shares on these "non-routine" matters because you didn't give them instructions. These shares are not counted for or against the proposal. They don't help reach the majority threshold.

👉 Why it matters: If you care about these plans passing, you must actively vote "FOR." Simply showing up or having your broker hold your shares without instructions doesn't help—they could effectively hurt the chance of approval (in the case of abstentions) or be ignored (in the case of broker non-votes).

⚖️ Big Picture: Strengths & Risks

👍 Strength: The company is proactively providing clarity to ensure a fair and effective shareholder vote, which is good governance.
⚠️ Risk: The amendments to these incentive and purchase plans could be seen as potentially diluting existing shareholders if not properly justified. This vote is about shareholder alignment with management's compensation and incentive strategies.

🔮 What's Next & What To Do

If you already voted: You do not need to vote again unless you want to change your vote.
How to change your vote: You can revoke a previously submitted proxy by:
- Sending written notice to the Corporate Secretary at 2800 Post Oak Boulevard, Suite 2700, Houston, Texas 77056.
- Submitting a later-dated proxy card.
- Virtually attending the meeting on May 8, 2026, and voting electronically.
If you have questions: Contact Investor Relations at (800) 922-6336 or (713) 354-2787. Details are also available at www.proxyvote.com or under the "SEC Filings" section of www.camdenliving.com.

🧠 The Analogy

Voting on these proposals is like a club where a rule change needs a majority vote of the members who actually show up to the meeting. If you show up but don't raise your hand for or against (abstain), your presence counts toward establishing a quorum, but your silence is treated as a "no" vote. If you're a member but don't tell your proxy how to vote, your proxy's vote just doesn't get counted at all.

🧩 Final Takeaway

This filing is a critical voting reminder: for the stock plan proposals, abstentions count as "no" votes, and uninstructed broker votes count for nothing. To support these plans, you must actively vote "FOR" before the May 8, 2026 meeting.

CAMDEN PROPERTY TRUST — DEFA14A Filing