EMPLOYMENT AGREEMENT



         THIS EMPLOYMENT AGREEMENT (the "Agreement"), is made and entered into

as of this 1st day of December, 2003, by and among CHRISTOPHER J. PAPA (the

"Executive"), and POST PROPERTIES, INC., a Georgia corporation (the "Company"):



REASONS FOR THIS AGREEMENT. The Company has identified Executive as an

individual with significant skills and experience critical to the business of

the Company. In view of the significant and growing demand for executive talent,

the potential impact on the Company's executives of the transformational changes

occurring within our industry and company, and the need to ensure continuity of

the Company's senior management team, the Company desires to provide Executive

through this Agreement with certain incentives to remain in the Company's

employment. This Agreement is also designed to provide additional motivation for

meeting the Company's goals and objectives, to address potential long term

employment concerns of Executive, and to impose certain reasonable restrictions

on Executive's activities designed to protect the Company's interests should

Executive's employment terminate.



         Executive acknowledges that the Company and Company Affiliates shall

disclose or make available Confidential Information and Trade Secrets to

Executive that could be used by Executive to the Company's or Affiliated

Companies' detriment. In addition, in connection with his employment, Executive

shall develop important relationships and contacts with employees valuable to

the Company and Affiliated Companies.



         Executive further acknowledges that Sections 7, 8, 9, and 10 of this

Agreement are fair and reasonable, enforcement of the provisions of this

Agreement will not cause him undue hardship, and the provisions of this

Agreement are reasonably necessary and commensurate with the need to protect the

Company and Affiliated Companies and their business interests and property from

irreparable harm.



         WHEREAS, the Company desires to employ Executive, and Executive desires

to be employed by the Company on the terms and conditions contained in this

Agreement, and in consideration of the mutual promises and agreements contained

herein and other good and valuable consideration, the receipt and sufficiency of

which are hereby acknowledged, the parties to this Agreement, intending to be

legally bound, hereby agree as follows:



SECTION 1. DEFINITIONS.



         1.1.     Board. The term "Board" for purposes of this Agreement shall

mean the Board of Directors of the Company.



         1.2.     Cash Compensation. The term "Cash Compensation" for purposes

of this Agreement shall mean the sum of



                  (a)      Executive's combined annual salary (as determined

         without regard to any salary deferral election) from the Company

         pursuant to Section 5.1 in effect on the day before Executive's

         employment terminates under Section 4 or Section 6.1 or Section 6.3 or,

         if greater, Executive's







         average annualized combined annual salary (as determined without regard

         to any salary deferral election) from the Company pursuant to Section

         5.1 over the three (3) consecutive year period (or, if less,

         Executive's period of employment by the Company) which ends on the date

         that Executive's employment so terminates, and



                  (b)      the average annual bonuses which have been paid by

         the Company pursuant to Section 5.2 or which would have been paid

         pursuant to Section 5.2 but for a bonus deferral election with respect

         to Executive's performance over the three (3) consecutive year period

         which ends on the date that Executive's employment so terminates (or,

         if less, Executive's period of employment by the Company) whether such

         bonuses are paid (or would have been paid but for a bonus deferral

         election) in cash, in property, or in any combination of cash and

         property; provided, however,



                  (c)      neither the value of any stock option or restricted

         stock grants made by the Company to Executive in any calendar year, nor

         any income which Executive realizes in any calendar year from the

         exercise of any such stock options or the lapse of any restrictions on

         such restricted stock grants, nor any payments under the Company's

         Shareholder Value Plan or stock granted under Section 5.5(b) shall be

         treated as part of Executive's salary under Section 1.2(a), as part of

         Executive's bonuses under Section 1.2(b), or otherwise be considered or

         treated as Cash Compensation.



         1.3.     Cause. The term "Cause" for purposes of this Agreement shall

(subject to Section 1.3(d)) mean:



                  (a)      Executive is convicted of, pleads guilty to, or

         confesses or otherwise admits to the Company or a prosecutor, or

         otherwise publicly admits, any felony or any act of fraud,

         misappropriation, or embezzlement, or Executive engages in a fraudulent

         act or course of conduct;



                  (b)      There is any material act or omission by Executive

         involving malfeasance or negligence in the performance of Executive's

         duties to the Company to the material detriment of the Company; or



                  (c)      Executive breaches in any material respect any of the

         covenants set forth in Section 7, Section 8, Section 9 or Section 10 of

         this Agreement; provided, however,



                  (d)      No such act or omission or event shall be treated as

         "Cause" under this Agreement unless (i) Executive has been provided a

         detailed, written statement of the basis for the Company's belief such

         act or omission or event constitutes "Cause" and an opportunity to meet

         with the Compensation Committee (together with Executive's counsel if

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