WESTON M. ANDRESS
SEVERANCE AGREEMENT AND GENERAL RELEASE
THIS SEVERANCE AGREEMENT AND GENERAL RELEASE (this “Agreement”), by and among
COLONIAL PROPERTIES TRUST, COLONIAL PROPERTY SERVICES, INC. and WESTON M.
ANDRESS (the “Employee”), an individual, is hereby entered into as of the 30th day of December, 2008.
1. Employee hereby resigns from employment with Colonial Properties Trust (“Colonial”), and its subsidiaries
and affiliates, and resigns from all the offices, directorships (including as a trustee of Colonial) and other positions
(if any) Employee holds with Colonial and all of its respective directly and indirectly owned subsidiaries, affiliates
and entities in which it has joint venture or other interests, effective as of December 30, 2008 (the " Resignation
Date " ). After the Resignation Date, Employee shall not be entitled to the receipt of any further payments or
benefits from Colonial other than those expressly provided for in this Agreement and the Consulting Agreement
dated the same date as this Agreement. Colonial hereby accepts on behalf of Colonial and its directly and
indirectly owned subsidiaries, affiliates, joint ventures and other entities such resignation.
2. Employee shall be paid the unpaid portion of Employee’s base salary through the Resignation Date,
payable no later than the next regular payroll period following the Resignation Date.
(a) Employee’s benefits shall terminate as of the Resignation Date in accordance with the terms of
Colonial’s benefits plans and its standard policies and procedures, and Employee shall not be entitled after the
Resignation Date to participate in or accrue benefits under any plan of Colonial relating to stock options, stock
purchases, restricted stock, performance shares, pension, thrift, profit sharing, employee stock ownership, group
life insurance, medical coverage, disability insurance, education, housing allowance, car allowance, or other
retirement or employee benefits, except as ex