Document:

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                                                                     EXHIBIT 4.1

                                      NOTE

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY ("DTC") (55 WATER STREET, NEW YORK, NEW YORK), TO THE
ISSUER HEREOF OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND
ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.

UNLESS AND UNTIL THIS CERTIFICATE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
CERTIFICATED FORM, THIS CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY
DTC TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE OF
DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH
SUCCESSOR.

REGISTERED NO.:                                        PRINCIPAL AMOUNT
                                                         $100,000,000
CUSIP NO.:  737415AH2

                           POST APARTMENT HOMES, L.P.
                               5.45% NOTE DUE 2012

      POST APARTMENT HOMES, L.P., a Georgia limited partnership (the "Issuer,"
which term includes any successor under the Indenture hereinafter referred to),
for value received, hereby promises to pay to Cede & Co. or its registered
assigns (the "Holder"), upon presentation, the principal sum of ONE HUNDRED
MILLION DOLLARS ($100,000,000) on June 1, 2012 (the "Maturity Date"), and to pay
interest on the outstanding principal amount thereon from May 31, 2005, or from
the most recent interest payment date to which interest has been paid or duly
provided for, semi-annually in arrears on June 1 and December 1 of each year
(each an "Interest Payment Date"), commencing December 1, 2005, and at the
Stated Maturity, at the rate of 5.45% per annum, computed on the basis of a
360-day year comprised of twelve 30-day months, until the entire principal
amount hereof is paid or duly provided for. The interest so payable, and
punctually paid or duly provided for on any Interest Payment Date will, as
provided in the Indenture (hereinafter defined), be paid to the person in whose
name this Note (the "Note") is registered at the close of business on May 18 of
each year (regardless of whether such day is a Business Day) for the June 1
Interest Payment Date and November 17 of each year (regardless of whether such
day is a Business Day) for the December

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1 Interest Payment Date (each a "Regular Record Date"). Any such interest not so
punctually paid or duly provided for shall forthwith cease to be payable to the
Holder on such Regular Record Date, and may either be paid to the Person in
whose name this Note is registered at the close of business on a Special Record
Date for the payment of such Defaulted Interest to be fixed by the Trustee,
notice whereof shall be given to Holders of Notes not more than 15 days and not
less than 10 days prior to such Special Record Date, or may be paid at any time
in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Notes may be listed, and upon such notice as
may be required by such exchange, all as more fully provided in the Indenture.
Payments of the principal and interest on this Note will be made at the office
or agency of the Trustee (hereinafter defined) maintained for that purpose at
c/o SunTrust Robinson Humphrey Capital Markets, 125 Broad Street, 3rd Floor, New
York, New York 10004, or elsewhere as provided in the Indenture, in United
States Dollars; provided, however, that at the option of the Issuer payment of
interest may be made by (i) check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register kept for the Notes
pursuant to Section 305 of the Indenture (the "Note Register") or (ii) transfer
to an account of the Person entitled thereto located inside the United States.
Payments of principal and interest in respect of this Note will be made by wire
transfer of immediately available funds, in such coin or currency as at the time
of payment is legal tender for the payment of public and private debts, so long
as this Note is in global form as described in Section 203 of the Indenture. If
this Note is not in global form, all such payments will be made by wire transfer
of immediately available funds if the Holder hereof at the applicable record
date shall have provided wire transfer instructions to the Trustee, received by
the Trustee no later than 15 days prior to the applicable payment date, and
otherwise payment shall be made in accordance with Section 307 of the Indenture.
Such wire transfer instructions shall remain in effect until revoked in a
writing received by the Trustee from the Holder hereof.

      This Note is one of a fully authorized issue of securities of the Issuer
issued under an Indenture, dated as of September 15, 2000 (the "Indenture"), as
supplemented by the First Supplemental Indenture between the Issuer and SunTrust
Bank, (the "Trustee," which term includes any successor trustee under the
Indenture with respect to the Notes), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Issuer,
the Trustee and Holders of the Notes, and of the terms upon which the Notes are,
and are to be, authenticated and delivered. This Note is one of the series
designated as the "5.45% Notes due 2012," limited in the aggregate principal
amount to $100,000,000.

      The Indenture contains provisions for defeasance at any time of (a) the
entire indebtedness of the Issuer on this Note and (b) certain restrictive
covenants and the related defaults and Events of Default applicable to the
Issuer, in each case, upon compliance by the Issuer with certain conditions set
forth in the Indenture, which provisions apply to this Note.

      The Notes are redeemable, as a whole part or in part, at the option of the
Issuer, at any time or from time to time, by mailing notice to the registered
address of each Holder of such Notes at least 30 days but not more than 60 days
prior to the redemption. The redemption prices

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will be equal to the greater of (1) 100% of the principal amount of the Notes to
be redeemed or (2) the sum of the present values of the Remaining Scheduled
Payments (as defined below) on those securities discounted, on a semiannual
basis (assuming a 360-day year consisting of twelve 30-day months), at a rate
equal to the sum of the applicable Treasury Rate (as defined below) plus 25
basis points. In either case, accrued interest will be paid to the date of
redemption. On and after the redemption date, interest will cease to accrue on
the Notes or any portion of the Notes called for redemption (unless the Issuer
defaults in the payment of the redemption price and accrued interest). On or
before the redemption date, the Issuer will deposit with a paying agent (or the
Trustee) money sufficient to pay the redemption price of and accrued interest on
the Notes to be redeemed on that date. If less than all of the Notes are to be
redeemed, the Notes to be redeemed shall be selected by the Trustee by a method
the Trustee deems to be fair and appropriate.

      In addition to the covenants of the Issuer contained in the Indenture, the
Issuer makes the following covenants with respect to, and for the benefit of the
Holders of, the Notes:

            Limitations On Incurrence of Debt. The Issuer will not, and will not
      permit a Subsidiary to, incur any Debt (as defined below), other than
      intercompany Debt (representing Debt to which the only parties are Post
      Properties, Inc., a Georgia corporation (the "Company"), the Issuer and
      any Subsidiaries, but only so long as such Debt is held solely by any of
      the Company, the Issuer and any Subsidiary), if, immediately after giving
      effect to the incurrence of such additional Debt, the aggregate principal
      amount of all outstanding Debt of the Issuer and its Subsidiaries on a
      consolidated basis determined in accordance with generally accepted
      accounting principles is greater than 60% of the sum of (i) Total Assets
      (as defined below) as of the end of the fiscal quarter covered in the
      Issuer's Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as
      the case may be, most recently filed with the Securities and Exchange
      Commission (or, if such filing is not permitted under the Securities
      Exchange Act of 1934, as amended, with the Trustee) prior to the
      incurrence of such additional Debt and (ii) the increase in Total Assets
      from the end of such quarter including, without limitation, any increase
      in Total Assets resulting from the incurrence of such additional Debt
      (such increase together with the Issuer's Total Assets is referred to as
      the "Adjusted Total Assets").

            In addition to the foregoing limitation on the incurrence of Debt,
      the Issuer will not, and will not permit any Subsidiary to, incur any
      Secured Debt other than intercompany Debt if, immediately after giving
      effect to the incurrence of such additional Secured Debt, the aggregate
      principal amount of all outstanding Secured Debt of the Issuer and its
      Subsidiaries on a consolidated basis is greater than 40% of Adjusted Total
      Assets.

            In addition to the foregoing limitations on the incurrence of Debt,
      the Issuer will not, and will not permit any Subsidiary to, incur any
      Debt, other than intercompany Debt,

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      if the ratio of Consolidated Income Available for Debt Service to the
      Annual Debt Service Charge (in each case as defined below) for the period
      consisting of the four consecutive fiscal quarters most recently ended
      prior to the date on which such additional Debt is to be incurred shall
      have been less than 1.5 to 1, on a pro forma basis after giving effect to
      the incurrence of such Debt and to the application of the proceeds
      therefrom, and calculated on the assumption that (i) the incurrence of
      such Debt and any other Debt by the Issuer or its Subsidiaries since the
      first day of such four-quarter period and the application of the proceeds
      therefrom, including to refinance other Debt, had occurred at the
      beginning of such period, (ii) the repayment or retirement of any other
      Debt by the Issuer or its Subsidiaries since the first day of such
      four-quarter period had been repaid or retired at the beginning of such
      period (except that, in making such computation, the amount of Debt under
      any revolving credit facility shall be computed based upon the average
      daily balance of such Debt during such period), and (iii) in the case of
      any increase or decrease in Total Assets, or any other acquisition or
      disposition by the Issuer or any Subsidiary of any asset or group of
      assets, since the first day of such four-quarter period, including,
      without limitation, by merger, stock purchase or sale, or asset purchase
      or sale, such increase, decrease or other acquisition or disposition or
      any related repayment of Debt had occurred as of the first day of such
      period with the appropriate adjustments to net income and Debt levels with
      respect to such increase, decrease or other acquisition or disposition
      being included in such pro forma calculation. For purposes of the
      adjustments referred to in clause (iii) of the preceding sentence, any
      income earned (or loss incurred) as a result of any such increase,
      decrease or other acquisition or disposition referred to in clause (iii)
      for a period less than such four-quarter period shall be annualized for
      such four-quarter period.

      Debt shall be deemed to be "incurred" by the Issuer and its Subsidiaries
      on a consolidated basis whenever the Issuer and its Subsidiaries on a
      consolidated basis shall create, assume, guarantee or otherwise become
      liable in respect thereof.

      Maintenance of Total Unencumbered Assets. The Issuer is required to
      maintain Total Unencumbered Assets of not less than 150% of the aggregate
      outstanding principal amount of the outstanding Unsecured Debt of the
      Issuer.

      As used herein:

      "Annual Debt Service Charge" as of any date means the amount which is
expensed in any 12-month period for interest on Debt of the Issuer and its
Subsidiaries.

      "Comparable Treasury Issue" means the United States Treasury security
selected by an Independent Investment Banker as having a maturity comparable to
the remaining term of the Notes that would be utilized, at the time of selection
and in accordance with customary financial practice, in pricing new issues of
corporate debt securities of comparable maturity to the remaining term of the
Notes. "Independent Investment Banker" means one of the Reference Treasury
Dealers appointed by the Trustee after consultation with the Issuer.

      "Comparable Treasury Price" means, with respect to any redemption date,
(i) the average of the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) on the third
business day preceding such redemption date, as set forth in the daily
statistical release (or any successor release) published by the Federal

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Reserve Bank of New York and designated "Composite 3:30 p.m. Quotations for U.S.
Government Securities" or (ii) if such release (or any successor release) is not
published or does not contain such prices on such business day, (A) the average
of the Reference Treasury Dealer Quotations (as defined below) for such
redemption date, after excluding the highest and lowest such Reference Treasury
Dealer Quotations, or (B) if the Trustee obtains fewer than four such Reference
Treasury Dealer Quotations, the average of all such quotations.

      "Consolidated Income Available for Debt Service" for any period means
Consolidated Net Income plus amounts which have been deducted in determining
Consolidated Net Income during such period for (i) Consolidated Interest
Expense, (ii) provision for taxes of the Issuer and its Subsidiaries based on
income, (iii) amortization (other than amortization of debt discount) and
depreciation, (iv) provisions for losses from sales or joint ventures, (v)
increases in deferred taxes and other non-cash items, (vi) charges resulting
from a change in accounting principles, and (vii) charges for early
extinguishment of debt, and less amounts which have been added in determining
Consolidated Net Income during such period for (a) provisions for gains from
sales or joint ventures, and (b) decreases in deferred taxes and other non-cash
items.

      "Consolidated Interest Expense" means, for any period, and without
duplication, all interest (including the interest component of rentals on
capitalized leases, letter of credit fees, commitment fees and other like
financial charges) and all amortization of debt discount on all Debt (including,
without limitation, payment-in-kind, zero coupon and other like securities) of
the Issuer and its Subsidiaries, but excluding legal fees, title insurance
charges and other out-of-pocket fees and expenses incurred in connection with
the issuance of Debt, all determined in accordance with generally accepted
accounting principles.

      "Consolidated Net Income" for any period means the amount of consolidated
net income (or loss) of the Issuer and its Subsidiaries for such period
determined on a consolidated basis in accordance with generally accepted
accounting principles.

      "Debt" of the Issuer or any Subsidiary means any indebtedness of the
Issuer and its Subsidiaries, whether or not contingent, in respect of (i)
borrowed money evidenced by bonds, notes, debentures or similar instruments,
(ii) indebtedness secured by a mortgage, pledge, lien, charge, encumbrance or
any security interest existing on property owned by the Issuer and its
Subsidiaries, (iii) the reimbursement obligations, contingent or otherwise, in
connection with any letters of credit actually issued or amounts representing
the balance deferred and unpaid of the purchase price of any property except any
such balance that constitutes an accrued expense or trade payable or (iv) any
lease of property by the Issuer and its Subsidiaries as lessee which is
reflected in the Issuer's consolidated balance sheet as a capitalized lease in
accordance with generally accepted accounting principles, in the case of items
of indebtedness under (i) through (iii) above to the extent that any such items
(other than letters of credit) would appear as a liability on the Issuer's
consolidated balance sheet in accordance with generally accepted accounting
principles, and also includes, to the extent not otherwise included, any
obligation by the Issuer or any Subsidiary to be liable for, or to pay, as
obligor, guarantor or otherwise (other than for purposes of collection in the
ordinary course of business), indebtedness of another person (other than the
Issuer or any Subsidiary) (it being understood that Debt shall be deemed to

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be incurred by the Issuer and its Subsidiaries on a consolidated basis whenever
the Issuer and its Subsidiaries on a consolidated basis shall create, assume,
guarantee or otherwise become liable in respect thereof); provided, however,
that the term Debt shall not include any such indebtedness that has been the
subject of an "in substance" defeasance in accordance with generally accepted
accounting principles.

      "Reference Treasury Dealer" means Wachovia Capital Markets, LLC (or its
affiliates which are primary treasury dealers), and its successor; provided
that, if the foregoing ceases to be a primary U.S. Government securities dealer
in New York City (a "Primary Treasury Dealer"), the Issuer will substitute
another Primary Treasury Dealer.

      "Reference Treasury Dealer Quotations" means, with respect to the
Reference Treasury Dealers and any redemption date, the average, as determined
by the Trustee, of the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) quoted in
writing to the Trustee by the Reference Treasury Dealers, at 5:00 p.m., New York
City time, on the third business day preceding that redemption date.

      "Remaining Scheduled Payments" means, with respect to the Notes to be
redeemed, the remaining scheduled payments of principal of and interest on those
Notes that would be due after the related redemption date but for that
redemption; provided, however, that if such redemption date is not an interest
payment date with respect to the Notes to be redeemed, the amount of the next
succeeding scheduled interest payment on those Notes will be reduced by the
amount of interest accrued on such Notes to such redemption date.

      "Secured Debt" means Debt secured by any mortgage, trust deed, deed of
trust, deed to secure debt, security agreement, pledge, conditional sale or
other title retention agreement, capitalized lease, or other like agreement
granting or conveying security title to or a security interest in real property
or other tangible assets.

      "Subsidiary" means (i) any corporation or other entity the majority of the
shares of the voting and non-voting capital stock or other equivalent ownership
interests of which (except directors' qualifying shares) are at the time
directly or indirectly owned by the Issuer or Post GP Holdings, Inc., a Georgia
corporation and the Issuer's general partner ("Post GP Holdings"), and (ii) any
other entity (other than Post GP Holdings) the accounts of which are
consolidated with the accounts of the Issuer.

      "Total Assets" as of any date means the sum of (i) Undepreciated Real
Estate Assets and (ii) all other assets of the Issuer and its Subsidiaries on a
consolidated basis determined in accordance with generally accepted accounting
principles (but excluding intangibles and accounts receivable).

      "Total Unencumbered Assets" means the sum of (i) those Undepreciated Real
Estate Assets not securing any portion of Secured Debt, and (ii) all other
assets of the Issuer and its Subsidiaries not securing any portion of Secured
Debt determined in accordance with generally accepted accounting principles (but
excluding accounts receivable and intangibles).

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      "Treasury Rate" means, with respect to any redemption date, the rate per
annum equal to the semiannual equivalent yield to maturity (computed as of the
second business day immediately preceding that redemption date) of the
Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for that redemption date.

      "Undepreciated Real Estate Assets" as of any date means the cost (original
cost plus capital improvements) of real estate assets of the Issuer and its
Subsidiaries on such date, before depreciation and amortization, determined on a
consolidated basis in accordance with generally accepted accounting principles.

      "Unsecured Debt" means Debt of the Issuer or any Subsidiary that is not
Secured Debt.

      If an Event of Default as defined in the Indenture with respect to the
Notes shall occur and be continuing, the principal of, and premium, if any, on,
the Notes may be declared, and upon such declaration shall become, due and
payable in the manner and with the effect provided in the Indenture.

      As provided in and subject to the provisions of the Indenture, the Holder
of this Note shall not have the right to institute any proceeding with respect
to the Indenture or for the appointment of a receiver or Trustee or for any
other remedy thereunder, unless such Holder shall have previously given the
Trustee written notice of a continuing Event of Default with respect to the
Notes, the Holders of not less than 25% in principal amount of the Notes at the
time Outstanding shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default in its own name as Trustee and
offered the Trustee reasonable indemnity and the Trustee shall not have received
from the Holders of a majority in principal amount of the Notes at the time
Outstanding a direction inconsistent with such request, and shall have failed to
institute any such proceeding, for 60 days after receipt of such notice, request
and offer of indemnity. The foregoing shall not apply to any suit instituted by
the Holder of this Note for the enforcement of any payment of principal hereof
or any interest on or after the respective due dates expressed herein.

      Neither the Company, Post GP Holdings nor any other partner of the Issuer
shall have any obligation or liability for payment of the Notes, and holders of
the Notes will have no claims or other recourse against the Company, Post GP
Holdings or any other partner of the Issuer, or against any assets of the
Company, Post GP Holdings or any other partner of the Issuer, in respect of the
Notes; and the holders of the Notes shall not have any right to enforce any
obligation of a partner to make a contribution to the Issuer under any provision
of the Agreement of Limited Partnership. Neither the Company, Post GP Holdings
nor any other partner of the Issuer nor any of their respective assets shall be
subject to any lien, levy, execution or any other enforcement procedure relating
directly or indirectly to the Notes or any obligations hereunder; provided,
however, that in the event of a dissolution of the Issuer, any assets of the
Issuer that are received by the Company or Post GP Holdings in such dissolution
shall be subject to the claims of the holders of the Notes for the enforcement
of payment thereof.

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      The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer and the Trustee with the consent of the Holders of not less
than a majority in principal amount of the Outstanding Notes. The Indenture also
contains provisions permitting the Holders of not less than a majority in
principal amount of the Notes at the time Outstanding, on behalf of the Holders
of all Notes, to waive compliance by the Issuer with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Note shall be conclusive and
binding upon such Holder and upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof, whether or not notation of such consent or waiver is made upon this
Note.

      No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of, premium, if any, and
interest on, this Note at the times, place and rate, and in the coin or
currency, herein prescribed.

      As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Note is registrable in the Note Register, upon
surrender of this Note for registration of transfer at the office or agency of
the Issuer in any Place of Payment where the principal of, premium, if any, and
interest on, this Note are payable, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Issuer and the
Security Registrar for the Notes duly executed by, the Holder hereof or his
attorney duly authorized in writing, and thereon one or more Notes of this
series, of authorized denominations and for the same aggregate principal amount,
will be issued to the designated transferee or transferees.

      The Notes are issuable only in registered form without coupons in
denominations of $1,000 and any integral multiple thereof. As provided in the
Indenture and subject to certain limitations therein set forth, the Notes are
exchangeable for a like aggregate principal amount of Notes of this series of a
different authorized denomination, as requested by the Holder surrendering the
same.

      No service charge shall be made for any registration of transfer or
exchange, but the Issuer may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

      Prior to due presentment of this Note for registration of transfer, the
Issuer, the Trustee and any authorized agent of the Issuer or the Trustee may
treat the Person in whose name this Note is registered as the owner hereof for
all purposes, whether or not this Note be overdue, and neither the Issuer, the
Trustee nor any such agent shall be affected by notice to the contrary.

      All terms used in this Note which are defined in the Indenture shall have
the meanings assigned to them in the Indenture.

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      THE INDENTURE AND THE NOTES INCLUDING THIS NOTE, SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL
PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF SUCH STATE, EXCEPT AS
MAY OTHERWISE BE REQUIRED BY MANDATORY PROVISIONS OF LAW.

      Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Issuer has caused "CUSIP" numbers to be
printed on the Notes as a convenience to the Holders of the Notes. No
representation is made as to the correctness or accuracy of such CUSIP numbers
as printed on the Notes, and reliance may be placed only on the other
identification numbers printed hereon.

      Unless the certificate of authentication hereon has been executed by or on
behalf of the Trustee by manual signature, this Note shall not be entitled to
any benefit under the Indenture or be valid or obligatory for any purposes.

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      IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed under this corporate seal this 31st day of May, 2005.

                                     POST APARTMENT HOMES, L.P.

                                     By: Post GP Holdings, Inc.
                                           as General Partner

                                         By:_________________________
                                            Christopher J. Papa
                                            Executive Vice President and
                                            Chief Financial Officer

Attest:
__________________________________
Sherry W. Cohen
Executive Vice President and Secretary

[SEAL]

                                       10
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TRUSTEE'S CERTIFICATE OF AUTHENTICATION:

      This is one of the Securities of the series designated therein referred to
in the within-mentioned Indenture.

SUNTRUST BANK, as Trustee

By:________________________
   Authorized Officer

By:________________________
   Authorized Officer

                                       11
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                                 ASSIGNMENT FORM

                   FOR VALUE RECEIVED, the undersigned hereby
                         sells, assigns and transfers to

PLEASE INSERT SOCIAL
SECURITY OR OTHER IDENTIFYING
NUMBERS OF ASSIGNS

__________________________________________________________________

____________________________________________________________________________
(Please Print or Typewrite Name and Address Including Zip Code of Assignee

____________________________________________________________________________

the within Note of Post Apartment Homes, L.P. and __________________________
hereby does irrevocably constitute and appoint

____________________________________________________________________________
Attorney to transfer said Note on the books of the within-named Trust with
Full power of substitution in the premises.

Dated:_______________                           ____________________________

                                                ____________________________

NOTICE: The signature to this assignment must correspond with the name as it
appears on the first page of the within Note in every particular, without
alteration or enlargement or any change whatever.

                                       12exv10w1

 

Exhibit 10.1

EMPLOYMENT AGREEMENT

     This Amended And Restated Employment Agreement (the “Agreement”) is entered into
as of May 31, 2005, by and between Kent P. Ainsworth (the “Employee”) and URS
Corporation, a Delaware corporation (the “Company”).

Witnesseth:

     Whereas, the Company and the Employee entered into an Employment Agreement dated
September 8, 2000, as amended by the Amendment to Employment Agreement dated August 8, 2003, and
further amended by the Second Amendment to Employment Agreement dated August 20, 2004 (which
Employment Agreement, as so amended, is referred to below as the “Prior Agreement”); and

     Whereas, the Company wishes to continue employing the Employee and the Employee is
willing to continue such employment upon the terms and conditions of this Agreement, which is an
amendment and restatement of the Prior Agreement.

     Now, Therefore, in consideration of the premises and the entry into this Agreement by
the parties, the parties agree as follows:

	 	1.  	Term Of Employment.

          (a) Basic Rule. The Company agrees to continue the Employee’s employment, and the Employee
agrees to remain in employment with the Company, from the date hereof to and until February 29,
2008 (the “Retirement Date”), on which date the Employee shall retire from the Company, unless the
Employee’s employment terminates earlier pursuant to Section 1(b), (c), (d), (e) or (f) below.

          (b) Termination by Company Without Cause. The Company may terminate the Employee’s employment
at any time without Cause (as defined below) by giving the Employee thirty (30) days’ advance
notice in writing.

          (c) Termination by Company for Cause. The Company may terminate the Employee’s employment for
Cause by giving the Employee five (5) days’ advance notice in writing. For all purposes under this
Agreement, “Cause” shall mean:

               (i) A willful act by the Employee that constitutes gross misconduct or fraud and that is
materially injurious to the Company;

               (ii) The Employee’s conviction of, or plea of “guilty” or “no contest” to, a felony involving
dishonesty or moral turpitude and that is materially injurious to the Company; or

               (iii) The Employee’s material breach of any non-competition, non-solicitation or
non-disparagement obligation to the Company.

 1.

 

No act, omission or failure to act by the Employee shall be considered “willful” unless committed
without good faith and without reasonable belief that the act, omission or failure to act was in
the Company’s best interests.

          (d) Resignation by Employee. The Employee may terminate his employment by giving the Company
thirty (30) days’ advance notice in writing.

          (e) Death of Employee. The Employee’s employment shall terminate automatically and immediately
in the event of his death.

          (f) Disability. Subject to applicable law, the Company may terminate the Employee’s employment
due to Disability by giving the Employee thirty (30) days’ advance notice in writing. For all
purposes under this Agreement, “Disability” shall mean that that the Employee, at the time notice
is given, has performed none of his duties under this Agreement for a period of not less than one
hundred eighty (180) consecutive days as the result of any physical or mental injury or illness. In
the event that the Employee resumes the performance of substantially all of his duties hereunder
before the termination of his active employment under this Section 1(f) becomes effective, the
notice of termination shall automatically be deemed to have been revoked.

          (g) Rights Upon Termination. Upon the termination of the Employee’s employment pursuant to
this Section 1, the Employee shall only be entitled to the compensation, benefits and
reimbursements described in Sections 3 and 4 for the period preceding and including the effective
date of the termination, which shall include all accrued and unused vacation, all of which shall
fully discharge all responsibilities of the Company to the Employee.

          (h) Employment by Affiliate. The employment of the Employee shall not be considered to have
terminated for purposes of this Agreement if the Employee is employed by a parent, subsidiary or
affiliated corporation or related entity of the Company.

          (i) Termination of Agreement. This Agreement shall terminate on the date when all obligations
of the parties hereunder have been satisfied.

	 	2.  	Duties And Scope Of Employment.

          (a) Position. The Company agrees to employ the Employee under this Agreement as follows,
subject to earlier termination of employment as contemplated under Section 1 above:

               (i) From the date hereof through February 28, 2006 or, if later, the date on which the Company
files its Annual Report on Form 10-K for the fiscal year ending December 30, 2005 (the “2005 Form
10-K”) with the U.S. Securities and Exchange Commission (the “SEC”), the Company agrees to employ
the Employee in an executive position as Executive Vice President, Chief Financial Officer and
Secretary (the “Executive Period”); and

               (ii) For the period beginning at the end of the Executive Period until the Retirement Date or
the earlier termination of the Employee’s employment pursuant to Section 1 above, the Company
agrees to employ the Employee in a non-executive position

 2.

 

during which the Employee, as a common law employee, will provide consulting and advisory
services to the Company (the “Consulting Period”).

          (b) Reporting.

               (i) During the Executive Period, the Employee shall report to the Chief Executive Officer of
the Company and shall serve in such positions on behalf of the Company and its parent, subsidiary
and affiliated corporations and related entities and perform such duties for such corporations and
entities consistent with his position as Executive Vice President and Chief Financial Officer of
the Company as are required by the Chief Executive Officer. It is anticipated that the Employee’s
duties will require him to travel frequently and extensively.

               (ii) During the Consulting Period, the Employee shall report to the Chief Executive Officer of
the Company and shall serve in such positions on behalf of the Company and its parent, subsidiary
and affiliated corporations and related entities and perform such duties as are mutually agreed by
the Employee and the Chief Executive Officer; provided, however, that Employee shall be obligated
to provide no more than one hundred (100) hours of service to the Company during each fiscal
quarter of the Consulting Period.

          (c) Obligations. During the Executive Period, the Employee shall devote his full business
efforts and time to the Company and its parent, subsidiary and affiliated corporations and related
entities and shall not render services to any other person or entity without the prior written
consent of the Chief Executive Officer of the Company. The foregoing, however, shall not preclude
the Employee from (i) engaging in appropriate civic, charitable or religious activities, (ii)
devoting a reasonable amount of time to private investments that do not interfere or conflict with
his responsibilities to the Company or (iii) serving on the boards of directors of other companies
provided that prior written approval for such service is attained from the Chief Executive Officer
of the Company and such service does not interfere or conflict with his responsibilities to the
Company. During the Consulting Period, the Employee shall devote such efforts and time to the
Company and its parent, subsidiary and affiliated corporations and related entities as shall be
required to provide the services contemplated by Section 2(b)(ii) above. During the period
commencing on the date of this Agreement and ending on February 29, 2008, regardless of any
termination of employment in the interim, the Employee shall not render services to any other
person or entity that competes with the Company, or solicit any employee of the Company to do so,
or materially disparage or criticize the Company with the intent of harming its business or
reputation publicly or privately to unrelated third parties, in each case without the prior written
consent of the Chief Executive Officer of the Company.

          (d) Resignation from Other Positions. Immediately upon termination of the Executive Period,
and earlier upon request by the Company, the Employee shall resign from any and all positions he
holds as director, officer, trustee, nominee, agent for service of process, attorney-in-fact or
similar position with respect to the Company or a parent, subsidiary or affiliated corporation or
related entity of the Company, and shall execute, verify, acknowledge, swear to and deliver any
documents and instruments reasonably requested by the Company or required to reflect such
resignation.

 3.

 

	 	3.  	Base Compensation And Target Bonus.

          The Company agrees to compensate the Employee under this Agreement as follows:

          (a) Base Compensation.

               (i) Executive Period. During the Executive Period, the Company agrees to pay the Employee as
compensation for his services a base salary at an annual rate of Four Hundred Sixty-Five Thousand
Dollars ($465,000). Such salary shall be payable in accordance with the Company’s standard payroll
procedures. (The annual compensation specified in this Section 3(a)(i) is referred to in this
Agreement as “Base Compensation.”)

               (ii) Consulting Period. During the Consulting Period, the Company agrees to pay the Employee
as compensation for his services annual compensation of Two Hundred Fifty Thousand Dollars
($250,000), or at such higher rate as mutually agreed by the Employee and the Company. Such annual
compensation shall be payable in accordance with the Company’s standard payroll procedures. (The
annual compensation specified in this Section 3(a)(ii) is referred to in this Agreement as
“Consulting Compensation.”)

          (b) Annual Bonus. For the fiscal year ending December 30, 2005, the Company agrees that the
Employee shall continue to participate in the Company’s annual bonus plan with a target bonus
percentage of seventy-five percent (75%) of Base Compensation. For the fiscal year beginning
December 31, 2005 and subsequent years, the Employee shall not be eligible to participate in the
Company’s annual bonus plan.

          (c) Supplemental Consulting Payments. Commencing in March 2006 and through February 2008,
regardless of whether the Employee’s employment with the Company has terminated for any reason, but
only for so long as the Employee is not in breach of any non-competition, non-solicitation or
non-disparagement obligations arising under Section 2(c) of this Agreement, the Employee shall be
entitled to receive fifty two (52) bi-weekly payments of $31,298.00 each in a manner consistent
with the Company’s standard payroll practices for executives (the “Supplemental Consulting
Payments”); provided, however, that all remaining payments shall be paid to the Employee in a lump
sum in the event of, and not later than ten (10) days following, either (i) the Employee’s death or
disability (as determined in accordance with Section 409A(a)(2)(C) of the Internal Revenue Code of
1986, as amended (the “Code”)), or (ii) a “change in the ownership or effective control” of the
Company (as determined in accordance with Section 409A(a)(2)(A)(v) of the Code) (a “Change of
Control”) on or after the effective date of this Agreement. Should the Employee not be alive at
the time of any scheduled Supplemental Consulting Payment, such payment shall be paid either (i) to
the Employee’s beneficiaries designated under the Company’s group term life insurance, or (ii) if
there is no such designation of beneficiaries, then to the executor of the Employee’s estate.

          (d) Continuation of Base Compensation and Consulting Compensation in the Event of Certain
Specified Types of Termination.

               (i) Base Compensation. Notwithstanding anything in this Agreement to the contrary, in the
event the Employee’s employment with the Company is terminated during

 4.

 

the Executive Period (x) by the Company without Cause pursuant to Section 1(b) above, or (y)
by the Company or by the Employee for any reason following a Change of Control, then Base
Compensation, in the case of clause (x), shall continue to be payable in the manner set forth in
Section 3(a)(i) above through February 28, 2006, and, in the case of clause (y), shall be paid in a
lump sum, within ten (10) days following termination of employment, in an amount equal to the then
unpaid installments of Base Compensation through February 28, 2006. In addition, in the case of
either clause (x) or clause (y), the Employee shall be entitled to receive the annual bonus, if
any, to which he would have been be entitled under the annual bonus plan for the fiscal year ending
December 30, 2005, as if he had remained an employee of the Company on the last day of such fiscal
year, payable at such time as annual bonuses for such year are paid to other senior executives of
the Company.

          (ii) Consulting Compensation. Notwithstanding anything in this Agreement to the contrary, in
the event the Employee’s employment with the Company is terminated during the Executive Period or
the Consulting Period (x) by the Company without Cause pursuant to Section 1(b) above, or (y) by
the Company or by the Employee for any reason following a Change of Control, then Consulting
Compensation, in the case of clause (x), shall continue to be payable in the manner set forth in
Section 3(a)(ii) above through the Retirement Date, and, in the case of clause (y), shall be paid
in a lump sum, within ten (10) days following termination of employment, in an amount equal to the
then unpaid installments of Consulting Compensation through the Retirement Date. In addition, if
the Employee’s employment with the Company is terminated during the Consulting Period for any
reason prior to payment of the annual bonus to which the Employee became entitled under the annual
bonus plan for the fiscal year ending December 30, 2005, if any, he shall be entitled to receive
such annual bonus at such time as annual bonuses for such year are paid to other senior executives
of the Company.

	 	4.  	Employee Benefits, Stock Options, And Incentive Compensation And Other
Compensation Plans And Programs.

          (a) Equity Grant. The Employee shall receive a grant of 10,000 shares of restricted URS common
stock, such grant to (i) be made on the next date that equity grants and awards are made generally
to other senior executives of the Company as a group (currently expected to occur in October 2005),
(ii) vest in full on February 29, 2008, or immediately in the event of a Change of Control, and
(iii) otherwise be pursuant to the Company’s standard form of restricted stock award agreement.

               (b) Other Stock Awards. The Company acknowledges and agrees that all stock options, restricted
stock awards and similar rights previously granted to the Employee under all incentive
compensation, deferred compensation, bonus, stock option, stock appreciation rights, restricted
stock, phantom stock or similar plans maintained by the Company shall continue to vest during the
term of his employment under this Agreement in accordance with their respective terms.

               (c) Additional Benefits. As additional benefits under this Agreement, the Employee shall
receive the following upon the earlier to occur of (i) the Retirement Date, (ii) the termination of
the Employee’s employment with the Company due to the death of the Employee pursuant to Section
1(e) above or the Disability of the Employee pursuant to Section 1(f) above,

 5.

 

or (iii) the termination by the Company of the Employee’s employment without Cause pursuant to
Section 1(b) above:

               (i) The Employee shall become fully vested in all awards granted to him under all incentive
compensation, deferred compensation, bonus, stock option, stock appreciation rights, restricted
stock, phantom stock or similar plans maintained by the Company, any contrary provisions of such
plans notwithstanding, including but not limited to the grant of restricted stock pursuant to
Section 4(a) of this Agreement; and

               (ii) The Employee shall be entitled, at his expense but at the Company’s group rates, to
continue participation in the health insurance programs maintained by the Company, including life,
disability and health insurance programs, as if he were still an employee of the Company. During
the Employee’s life, such health insurance coverage shall be extended to the Employee and his
dependents who qualify as such under the terms of the Company’s health insurance programs.
Following the Employee’s death, such coverage shall continue to be available to the Employee’s
surviving spouse, at her expense but at the Company’s group rates, for her lifetime. To the extent
that the Company finds it impossible to cover the Employee or his surviving spouse or dependents
under its group insurance policies, the Company shall arrange for the Employee or his surviving
spouse, at their expense but at a rate equivalent to the Company’s group rates, to be provided with
an individual policy or policies providing substantially the same levels of coverage as the
Company’s health insurance programs (provided that, if long-term disability and life coverage
cannot be continued or can only be continued at a cost to the Company greater than the Company
would have incurred absent termination of the Employee’s employment, then, at the Company’s
election, the Company may provide either such long-term disability or term life insurance as may be
available at no greater cost than one hundred fifty percent (150%) of what the Company would have
incurred absent such termination, or pay to the Employee or his surviving spouse one hundred fifty
percent (150%) of the amount of premiums the Company would have incurred to continue such coverage
absent such termination). The foregoing coverage shall satisfy the obligations of the Company and
its heath insurance programs under the Comprehensive Omnibus Reconciliation Act of 1985, as amended
(“COBRA”) and any analogous state laws, and the Employee shall make any elections requested by the
Company to evidence such fact.

          (d) Automobile. During the term of his employment under this Agreement, the Company shall
continue to reimburse the Employee for the cost of an appropriate automobile consistent with the
practice in effect on the date of this Agreement.

          (e) Vacation. During the Executive Period, the Employee shall accrue entitlement to vacation
in accordance with the Company’s applicable vacation policy for executives. The Employee shall
accrue no additional vacation entitlement during the Consulting Period. The value of all accrued
but unused vacation entitlement as of the last day of the Executive Period shall be paid to the
Employee in a cash lump sum within ten (10) days following the end of the Executive Period.

 6.

 

	 	5.  	Business Expenses ; Office.

          For the term of his employment under this Agreement, (i) the Employee shall be authorized to
incur necessary and reasonable travel, entertainment and other business expenses in connection with
his duties hereunder, and the Company shall reimburse the Employee for such expenses upon
presentation of an itemized account and appropriate supporting documentation in accordance with the
Company’s generally applicable policies, and (ii) the Company shall provide the Employee with
appropriate office space and secretarial support at the principal office of the Company located in
San Francisco.

	 	6.  	Certain Benefits Conditioned Upon Execution Of Effective Release Of
Claims.

          Notwithstanding any of the foregoing to the contrary, in no event shall the Company be
required to make any payment or provide any benefit pursuant to Section 3(d) or 4(c) above (except
for payments of accrued and unpaid vacation) unless and until the Employee executes and delivers to
the Company a release in the form of Exhibit A attached hereto and such release becomes effective
in accordance with its terms; provided, however, that pending such execution and delivery of such a
release by the Employee, the Company will advance for the account of the Employee premiums required
to be paid during the period during which the effectiveness of the release is pending if necessary
to avoid lapse with respect to the Employee within such period of a group dental, health or
disability policy provided under Section 4(c) relate, which advance shall be repaid by the Employee
on expiration of (i) the period during which Employee is permitted to consider whether to execute
the release (if the Employee does not execute the release) or (ii) the period during which the
effectiveness of the release is pending (if the Employee executes the release then revokes it
within the seven (7) day period).

	 	7.  	Certain Additional Payments.

          If any payments, distributions or other benefits by or from the Company to or for the benefit
of the Employee (whether paid or payable or distributed or distributable pursuant to the terms of
this Agreement or otherwise, but determined without regard to any additional payment required under
this Section 7) (collectively, the “Payment”) would be subject to the additional tax imposed by
Section 409A of the Code or the excise tax imposed by Section 4999 of the Code or any interest or
penalties are incurred by the Employee with respect to such taxes (such additional tax and excise
tax, together with any such interest and penalties, are hereinafter collectively referred to as the
“Additional Taxes”), then the Employee shall be entitled to receive from the Company an additional
payment (a “Gross-Up Payment”) in an amount such that after payment by the Employee of all taxes
(including, without limitation, any Additional Taxes, income and employment taxes and any interest
and penalties imposed with respect thereto) and the Additional Taxes imposed upon the Gross-Up
Payment, the Employee retains an amount of the Gross-Up Payment equal to any Additional Taxes
imposed upon the Payment. All calculations required by this Section 7 shall be performed, in the
case of the additional tax imposed by Section 409A of the Code, by the independent auditors
retained by the Company at the time the Employee becomes entitled to the Gross-Up Payment or, in
the case of the excise tax imposed by Section 4999 of the Code, by the independent auditors
retained by the Company most recently prior to the change of control giving rise to such excise
taxes (the “Auditors”),

 7.

 

based on information supplied by the Company and the Employee, and shall be final and binding
on the Company and the Employee. All fees and expenses of the Auditors shall be paid by the
Company.

	 	8.  	Nondisclosure.

          During the term of this Agreement and thereafter, the Employee shall not, without the prior
written consent of the Board, disclose or use for any purpose (except in the course of his
employment under this Agreement and in furtherance of the business of the Company) confidential
information or proprietary data of the Company or any parent, subsidiary or affiliated corporation
or related entity of the Company, except as required by applicable law or legal process, in which
case promptly and before disclosure the Employee shall give notice to the Company of any such
requirement or process; provided, however, that confidential information shall not include any
information available from another source on a non-confidential basis, known generally to the
public, or ascertainable from public or published information (other than as a result of
unauthorized disclosure by the Employee) or any information of a type not otherwise considered
confidential by persons engaged in the same business as, or a business similar to, that conducted
by the Company. The Employee agrees to deliver to the Company at the termination of his employment,
or at any other time the Company may request, all memoranda, notes, plans, records, reports and
other documents or electronic information (and copies thereof) relating to the business of the
Company or any parent, subsidiary or affiliated corporation or related entity of the Company, which
he may then possess or have under his control. Nothing in this Section 8 or elsewhere in this
Agreement shall be deemed to waive, or to permit or authorize the Employee to take any action which
waives or could have the consequence of waiving, the attorney-client privilege, the work product
doctrine or any other privilege or doctrine with respect to any information in the possession of
the Employee or any communication between the Employee and the Company, its parent, subsidiary and
affiliated corporations, any related entities or any of their respective directors, officers,
employees, agents or other representatives.

	 	9.  	Miscellaneous Provisions.

          (a) Successors. Subject to Section 9(k) and provided that the Employee may not delegate his
duties hereunder without the consent of the Board, this Agreement and all rights hereunder shall
inure to the benefit of, and be enforceable by, the parties’ successors, assigns, personal or legal
representatives, executors, administrators, heirs, distributees, devisees and legatees, and this
Agreement shall be binding on and assumed by any successor of the Company.

          (b) Notice. Notices and all other communications contemplated by this Agreement shall be in
writing and shall be deemed to have been duly given when personally delivered, when mailed by U.S.
registered mail (return receipt requested and postage prepaid), or when telecopied. In the case of
the Employee, mailed notices shall be addressed to him at the home address which he most recently
communicated to the Company in writing for income tax withholding purposes or by notice given
pursuant to this Section 9(b). In the case of the Company, mailed notices shall be addressed to its
corporate headquarters as reflected in its most recent Quarterly Report on Form 10-Q or Annual
Report on Form 10-K filed with the SEC,

 8.

 

directed to the attention of its Secretary. Telecopied notices shall be sent to such telephone
number as the Company and the Employee may specify for such purpose.

          (c) Modifications; Waiver. No provision of this Agreement shall be modified, waived or
discharged unless the modification, waiver or discharge is agreed to in writing and signed by the
Employee and by an authorized officer of the Company (other than the Employee). No waiver by either
party of any breach of, or of compliance with, any condition or provision of this Agreement by the
other party shall be considered a waiver of any other condition or provision or of the same
condition or provision at another time.

          (d) Whole Agreement. No agreements, representations or understandings (whether oral or written
and whether express or implied) which are not expressly set forth in this Agreement have been made
or entered into by either party with respect to the subject matter hereof. Effective as of the date
hereof, this Agreement supersedes all prior employment agreements and severance agreements between
the parties, their parents, subsidiaries and affiliates, and their respective predecessors (but not
that certain Indemnification Agreement dated as of March 23, 2004 between the Company and the
Employee, which remains in full force and effect).

          (e) Withholding. All payments made under this Agreement shall be subject to reduction to
reflect taxes and other payroll deductions required to be withheld by law. The Employee hereby
declares under penalty of perjury that the Social Security Number he has provided to the Company is
true and accurate. To the extent permitted by applicable law, the Company also shall be entitled to
withhold from or offset against any payments under this Agreement any amounts owed by the Employee
(whether or not liquidated) to the Company or any parent, subsidiary or affiliated corporation or
related entity or either of them.

          (f) Certain Reductions and Offsets. Notwithstanding any other provision of this Agreement to
the contrary, any payments or benefits under this Agreement shall be reduced by any severance
payments and benefits payable by the Company or an affiliate of the Company to the Employee under
any policy, plan, program or arrangement, including, without limitation, a contract between the
Employee and the Company or an affiliate of the Company.

          (g) Code Section 409A Compliance. Because of the uncertainty of the application of Section
409A of the Code to payments pursuant to this Agreement, including, without limitation, payments
pursuant to Section 3 hereof, the Employee agrees that if any such payments are subject to the
provisions of Section 409A of the Code by reason of this Agreement, or any part thereof, being
considered a “nonqualified deferred compensation plan” pursuant to Section 409A of the Code, then
the Company and the Employee shall use their best efforts to ensure that such payments shall be
made in accordance with Section 409A of the Code, including, without limitation, any necessary
delay of six (6) months applicable to payment of deferred compensation to a “specified employee”
(as defined in Section 409A(2)(B)(i) of the Code) upon separation from service; provided that this
Section 9(g) shall not entitle the Company to retain (without ultimate payment to the Employee) any
payment otherwise due to the Employee under this Agreement.

 9.

 

          (h) Choice of Law. The validity, interpretation, construction and performance of this
Agreement shall be governed by the internal laws of the State of California, without regard to
where the Employee has his residence or principal office or where he performs his duties hereunder.

          (i) Severability. The invalidity or unenforceability of any provision or provisions of this
Agreement shall not affect the validity or enforceability of any other provision hereof, which
shall remain in full force and effect.

          (j) Arbitration. Any controversy or claim arising out of or relating to this Agreement, or the
breach thereof, or the Employee’s employment with the Company or the terms and conditions or
termination thereof, or any action or omission of any kind whatsoever in the course of or connected
in any way with any relations between the Company and the Employee, including without limitation
all claims encompassed within the scope of the forms of General Release attached to this Agreement
as Exhibit A, shall be finally settled by binding arbitration before a single arbitrator in
accordance with the National Rules for the Resolution of Employee disputes of the American
Arbitration Association, and judgment on the award rendered by the arbitrator may be entered in any
court having jurisdiction thereof. The arbitration shall be administered by the San Francisco,
California regional office of the Association and shall be conducted at the San Francisco,
California offices of the Association or at such other location in San Francisco, California as the
Association may designate. All fees and expenses of the arbitrator and the Association shall be
paid by the Company. The Company and the Employee acknowledge and agree that any and all rights
they may have to resolve their claims by a jury trial are hereby expressly waived.

          (k) No Assignment. The rights of any person to payments or benefits under this Agreement shall
not be made subject to option or assignment, either by voluntary or involuntary assignment or by
operation of law, including (without limitation) bankruptcy, garnishment, attachment or other
creditor’s process, and any action in violation of this Section 9(k) shall be void.

     In Witness Whereof, each of the parties has executed this Agreement, in the case of
the Company by its duly authorized officer, as of the day and year first above written.

	 	 	 	 	 
	 	 	/s/ Kent P. Ainsworth
	 	 	 
	 	 	Kent P. Ainsworth
	 
	 	 	 	 
	 	 	URS Corporation
	 
	 	 	 	 
	

	 	By:
	 	/s/ Martin M. Koffel
	

	 	 	 	 
	

	 	Name:
	 	Martin M. Koffel
	

	 	Title:
	 	Chairman and Chief Executive Officer

 10.

 

Exhibit A

GENERAL RELEASE

(Individual Termination)

     This General Release (“Release”) is executed and delivered by Kent P. Ainsworth
(“Employee”) to and for the benefit of URS Corporation, a Delaware corporation, and any
parent, subsidiary or affiliated corporation or related entity of URS Corporation (collectively,
“Company”).

     In consideration of certain payments and benefits which Employee will receive following
termination of employment pursuant to the terms of the Employment Agreement entered into as of May
31, 2005, between Employee and Company (the “Agreement”), the sufficiency of which Employee hereby
acknowledges, Employee hereby agrees not to sue and fully, finally, completely and generally
releases, absolves and discharges Company, its predecessors, successors, subsidiaries, parents,
related companies and business concerns, affiliates, partners, trustees, directors, officers,
agents, attorneys, servants, representatives and employees, past and present, and each of them
(hereinafter collectively referred to as “Releasees”) from any and all claims, demands, liens,
agreements, contracts, covenants, actions, suits, causes of action, grievances, arbitrations,
unfair labor practice charges, wages, vacation payments, severance payments, obligations,
commissions, overtime payments, debts, profit sharing or bonus claims, expenses, damages,
judgments, orders and/or liabilities of whatever kind or nature in law, equity or otherwise,
whether known or unknown to Employee which Employee now owns or holds or has at any time owned or
held as against Releasees, or any of them through the date Employee executes this Release
(“Claims”), including specifically but not exclusively and without limiting the generality of the
foregoing, any and all Claims arising out of or in any way connected to Employee’s employment with
or separation of employment from Company, including any Claims based on contract, tort, wrongful
discharge, fraud, breach of fiduciary duty, attorneys’ fees and costs, discrimination in
employment, any and all acts or omissions in contravention of any federal, state or local laws or
statutes (including, but not limited to, federal or state securities laws, any deceptive trade
practices act or any similar act in any other state and the Racketeer Influenced and Corrupt
Organizations Act), and any right to recovery based on local, state or federal age, sex, pregnancy,
race, color, national origin, marital status, religion, veteran status, disability, sexual
orientation, medical condition, union affiliation or other anti-discrimination laws, including,
without limitation, Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment
Act, the Americans with Disabilities Act, the National Labor Relations Act, the California Fair
Employment and Housing Act, and any similar act in effect in any jurisdiction applicable to
Employee or Company, all as amended, whether such claim be based upon an action filed by Employee
or by a governmental agency; provided, however, that expressly excluded from this Release are any
and all Claims Employee may have for indemnification under the Bylaws of the Company and any Claims
arising under the terms of the Indemnification Agreement between URS Corporation and Employee dated
as of March 23, 2004 and any amendment, supplement or replacement thereof.

     Employee agrees to cooperate with the Company in responding to the reasonable requests of the
Company in connection with any and all existing or future litigation, arbitrations,

 11.

 

mediations or investigations brought by or against the Company, or its current or former
affiliates, agents, officers, directors or employees, whether administrative, civil or criminal in
nature, in which the Company reasonably deems Employee’s cooperation necessary or desirable. In
such matters, Employee agrees to provide the Company with reasonable advice, assistance and
information, including offering and explaining evidence, providing sworn statements, and
participating in discovery and trial preparation and testimony. Employee also agrees to promptly
send the Company copies of all correspondence (for example, but not limited to, subpoenas) received
by Employee in connection with any such proceedings, unless Employee is expressly prohibited by law
from so doing. The failure by Employee to cooperate fully with the Company in accordance with this
provision will be a material breach of the terms of this Agreement, which will excuse all
commitments of the Company to provide severance or other benefits to Employee under any agreement.
The Company agrees to reimburse Employee for all reasonable out-of-pocket expenses she incurs in
connection with the performance of his obligations under this section; provided, however, that such
expenses shall not include attorneys fees, foregone wages or payment for services provided under
this section.

     Without superseding any other agreements, including the Agreement, and obligations Employee
has with respect thereto, (i) Employee agrees not to divulge or use, at any time, any information
that might be of a confidential or proprietary nature relative to Company, and (ii) Employee agrees
to keep confidential all information contained in this Release (except to the extent (A) Company
consents in writing to disclosure, (B) Employee is required by process of law to make such
disclosure and Employee promptly notifies Company of receipt by Employee of such process, or (C)
such information previously shall have become publicly available other than by breach hereof on the
part of Employee).

     Employee acknowledges and agrees that neither anything in this Release nor the offer,
execution, delivery, or acceptance thereof shall be construed as an admission by Company of any
kind, and this Release shall not be admissible as evidence in any proceeding except to enforce this
Release.

     It is the intention of Employee in executing this instrument that it shall be effective as a
bar to each and every claim, demand, grievance and cause of action hereinabove specified. In
furtherance of this intention, Employee hereby expressly consents that this Release shall be given
full force and effect according to each and all of its express terms and provisions, including
those relating to unknown and unsuspected claims, demands, grievances and causes of action, if any,
as well as those relating to any other claims, demands, grievances and causes of action hereinabove
specified, and elects to assume all risks for claims, demands, grievances and causes of action that
now exist in Employee’s favor, known or unknown, that are released under this Release. Employee
acknowledges Employee may hereafter discover facts different from, or in addition to, those
Employee now knows or believes to be true with respect to the claims, demands, liens, agreements,
contracts, covenants, actions, suits, causes of action, wages, obligations, debts, expenses,
damages, judgments, orders and liabilities herein released, and agrees the release herein shall be
and remain in effect in all respects as a complete and general release as to all matters released
herein, notwithstanding any such different or additional facts.

 12.

 

     If any provision of this Release or application thereof is held invalid, the invalidity shall
not affect other provisions or applications of the Release which can be given effect without the
invalid provision or application. To this end, the provisions of this Release are severable.

     Employee represents and warrants that Employee has not heretofore assigned or transferred or
purported to assign or transfer to any person, firm or corporation any claim, demand, right,
damage, liability, debt, account, action, cause of action, or any other matter herein released.

     Employee represents that he is not aware of any claims other than the claims that are released
by this instrument. Employee acknowledges that he is familiar with the provisions of California
Civil Code Section 1542, which states as follows:

A general release does not extend to claims which the creditor does
not know or suspect to exist in his favor at the time of executing
the release, which if known by him must have materially affected his
settlement with the debtor.

Employee, being aware of such Code section, agrees to waive any rights he may have thereunder, as
well as under any other statute or common law principle of similar effect.

Notice To Employee

     The law requires that Employee be advised and Company hereby advises Employee in writing to
consult with an attorney and discuss this Release before executing it. Employee acknowledges
Company has provided to Employee at least twenty-one (21) calendar days (forty-five (45) calendar
days, in the case of a group termination) within which to review and consider this Release before
signing it.

     Should Employee decide not to use the full twenty-one (21) or forty-five (45) days, as
applicable, then Employee knowingly and voluntarily waives any claims that Employee was not in fact
given that period of time or did not use the entire twenty-one (21) or forty-five (45) days to
consult an attorney and/or consider this Release. Employee acknowledges that Employee may revoke
this Release for up to seven (7) calendar days following Employee’s execution of this Release and
that it shall not become effective or enforceable until such revocation period has expired.
Employee further acknowledges and agrees that such revocation must be in writing and delivered to
Company in accordance with Section 9(b) of the Agreement and must be received by Company as so
addressed not later than midnight on the seventh (7th) day following Employee’s execution of this
Release. If Employee so revokes this Release, the Release shall not be effective or enforceable and
Employee will not receive the monies and benefits described above. If Employee does not revoke this
Release in the time frame specified above, the Release shall become effective at 12:00:01 A.M. on
the eighth (8th) day after it is signed by Employee.

     In the case of a group termination, the law requires that Employee be provided a detailed list
of the job titles and ages of all employees who were terminated in the group termination and the
ages of all employees of the Company in the same job classification or organizational unit who were
not terminated. Employee acknowledges that Employee has been provided with this information.

 13.

 

PLEASE READ CAREFULLY. THIS AGREEMENT CONTAINS A

GENERAL RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.

I have read and understood the foregoing General Release, have been advised to and have had the
opportunity to discuss it with anyone I desire, including an attorney of my own choice, and I
accept and agree to its terms, acknowledge receipt of a copy of the same and the sufficiency of the
monies and benefits described above, and hereby execute this Release voluntarily and with full
understanding of its consequences.

	 	 	 	 	 
	Dated:

	 	 
	 	 
	

	 	 
	 	 
	

	 	 	 	Kent P. Ainsworth

 14.

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