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                                                                    EXHIBIT 10.3

                              AMENDMENT NUMBER ONE
                                     TO THE
                              EMPLOYMENT AGREEMENT
                                 BY AND BETWEEN
                   DAVID P. STOCKERT AND POST PROPERTIES, INC.

         Pursuant to the power of amendment set forth in Section 14.8 of the
Employment Agreement entered into on July 18, 2003 by and between David P.
Stockert and Post Properties, Inc., the undersigned hereby agree to amend such
Employment Agreement to clarify the purpose of the last sentence of Section 4.1
of the Employment Agreement by deleting such sentence and substituting therefor
the following sentence:

                  "In addition, notwithstanding anything contained herein to the
                  contrary, in the event that Executive is terminated without
                  Cause or resigns for Good Reason, (1) each outstanding stock
                  option granted to Executive by the Company shall become
                  exercisable immediately before his termination of employment
                  to the full extent the option would have become exercisable if
                  Executive had remained employed by the Company through the
                  remainder of the term of this Agreement (as determined
                  immediately prior to the date Executive's employment
                  terminates), and each option shall remain exercisable until
                  the earlier of (a) the expiration of the term of the option or
                  (b) the date the option would have expired if Executive's
                  employment had terminated at the end of the term of this
                  Agreement (as determined immediately prior to the date
                  Executive's employment terminates) without Cause or for Good
                  Reason, (2) Executive, immediately before his termination of
                  employment, shall vest in any outstanding restricted stock
                  granted by the Company to the full extent Executive would have
                  vested in the restricted stock had Executive remained employed
                  by the Company through the end of the term of this Agreement
                  (as determined immediately prior to the date Executive's
                  employment terminates), and (3) Executive shall have the right
                  to receive the bonus or bonuses, if any, that Executive would
                  have been entitled to receive under the Shareholder Value Plan
                  if Executive's employment had been terminated by the Company
                  at the end of the term of this Agreement (as determined
                  immediately prior to the date Executive's employment
                  terminates)."

         Except as otherwise provided in this Amendment Number One, all of the
terms and conditions of the Employment Agreement as entered into on July 18,
2003 shall remain in full force and effect.

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         IN WITNESS WHEREOF, the undersigned have executed this Amendment Number
One to the Employment Agreement as of the date this Amendment Number One is
signed by Post Properties, Inc.

         DAVID P. STOCKERT                        POST PROPERTIES, INC.

         By: _____________________                By:________________________

                                                  Date:________________________