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