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                                                                    EXHIBIT 10.4

                              AMENDMENT NUMBER TWO
                                     TO THE
                              EMPLOYMENT AGREEMENT
                                 BY AND BETWEEN
                    THOMAS SENKBEIL AND POST PROPERTIES, INC.

         Pursuant to the power of amendment set forth in Section 14.8 of the
Employment Agreement entered into on June 2nd, 2003 by and between Thomas
Senkbeil and Post Properties, Inc., the undersigned hereby agree to amend such
Employment Agreement to clarify the purpose of the fourth sentence of Section 4
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 (subject to clause (4) of this Section 4)
                  vest in any outstanding restricted stock granted by the
                  Company (other than the stock granted pursuant to Section
                  5.5(b) of this Agreement) 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), (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) and (4) the restricted
                  stock grant made pursuant to Section 5.5(b) of this Agreement
                  shall, immediately before Executive's termination of
                  employment, vest so that no less than 5/8 of the total number
                  of shares of

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                  stock subject to such grant (rounded down to the nearest whole
                  share) shall have vested on the date Executive's employment
                  terminates.

         Except as otherwise provided in this Amendment Number Two, all of the
terms and conditions of the Employment Agreement as entered into on June 2nd,
2003 shall remain in full force and effect.

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

         THOMAS SENKBEIL                           POST PROPERTIES, INC.

         By: _____________________                 By:________________________

                                                   Date:________________________