Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 AMENDED
AND RESTATED EMPLOYMENT AND 
 CHANGE IN CONTROL AGREEMENT 

THIS AMENDED AND RESTATED EMPLOYMENT AND CHANGE IN CONTROL AGREEMENT (the “Agreement”) is made and entered into on this 4th day of
April, 2011, by and among DAVID C. WARD, an individual resident of the State of Texas (the “Executive”), and POST PROPERTIES, INC., POST APARTMENT HOMES, L.P., and POST SERVICES, INC., and amends, restates and supersedes the Amended and
Restated Employment and Change in Control Agreement among Executive and Post Properties, Inc., Post Apartment Homes, L.P., and Post Services, Inc., dated February 29, 2008 (the “2008 Agreement”). 

WITNESSETH 
 WHEREAS, the Post
Group and Executive desire collectively to amend and restate the 2008 Agreement in the form of this Agreement (i) to eliminate Executive’s right to a Gross Up Payment if payments or benefits under this Agreement result in the Executive
being subject to an excise tax under § 4999 of the Code and (ii) to change certain other provisions to make this Agreement consistent with the employment agreements of Post Group’s other executive officers; and 

WHEREAS, the Post Group desires individually and/or collectively to employ Executive, and Executive desires to be employed individually and/or
collectively by the Post Group, all on the terms and conditions set forth in this Agreement; 
 NOW, THEREFORE, in consideration of the
mutual promises and agreements set forth in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Post Group and Executive, intending to be legally bound, hereby agree as follows:

  

	§ 1.	Definitions. 

 1.1 Affiliate. The term “Affiliate” for purposes of this
Agreement shall mean (a) Post Apartment Homes, (b) Post Services, (c) Post GP Holdings, or (d) any other organization if Post, Post Apartment Homes, Post Services or Post GP Holdings (i) beneficially own more than twenty
percent (20%) of the outstanding voting capital stock of such organization (if such organization is a corporation) or more than twenty percent (20%) of the beneficial interests of such organization (if such organization is not a
corporation) as of the date of this Agreement and (ii) possess the power to direct or cause the direction of the day to day operations and affairs of such organization, whether through ownership of voting securities, by contract, in the
capacity of general partner, manager or managing member or otherwise as of the date of this Agreement. 

 1.2. Board. The term “Board” for purposes of this Agreement shall mean the Board
of Directors of Post. 
 1.3 Cash Compensation. The term “Cash Compensation” for purposes of this Agreement shall mean the
sum of: 
 (a) Executive’s annual base salary (as determined without regard to any salary deferral election) pursuant to
§ 5.1 in effect on the day before Executive’s employment terminates under § 4 or § 6 or, if greater, Executive’s average annualized annual base salary (as determined without regard to any salary deferral election)
pursuant to § 5.1 over the three (3) consecutive year period which ends on the date that Executive’s employment so terminates, and 

(b) (1) in the event Executive’s employment terminates under § 4, the average annual bonuses which have been
paid to Executive pursuant to § 5.2 or which would have been paid pursuant to § 5.2 but for a bonus deferral election with respect to Executive’s performance over the three (3) consecutive calendar year period immediately
preceding the calendar year during which Executive’s employment so terminates whether (i) such bonuses are paid (or would have been paid but for a bonus deferral election) in cash, in property, or in any combination of cash and property or
(ii) such bonuses are paid during the calendar year for which performance is measured or are paid subsequent to the end of the calendar year for which performance is measured; or 

(2) in the event Executive’s employment terminates under § 6, Executive’s target bonus as approved by the
Compensation Committee for the calendar year in which Executive’s termination of employment occurs, or if no such target bonus has been approved for such calendar year, then the average annual bonus determined pursuant to § 1.3(b)(1). 

In no event shall the value of any stock option or restricted stock grants made to Executive in any calendar year, nor any income which Executive realizes in
any calendar year from the exercise of any such stock options or the lapse of any restrictions on such restricted stock grants, nor any payments under any long-term incentive compensation program maintained by the Post Group be treated as part of
Executive’s salary under § 1.3(a) or as part of Executive’s bonuses under § 1.3(b). 
 1.4 Cause. The
term “Cause” for purposes of this Agreement shall (subject to § 1.4(d)) mean: 
 (a) Executive is
convicted of, pleads guilty to, or confesses or otherwise admits to a member of the Post Group, a prosecutor, or otherwise publicly admits, any felony or any act of fraud, misappropriation, or embezzlement, or Executive otherwise engages in a
fraudulent act or course of conduct; 

  
 2 

 (b) There is any material act or omission by Executive involving malfeasance or
gross negligence in the performance of Executive’s duties to a member of the Post Group to the material detriment of the Post Group; or 

(c) Executive breaches in any material respect any of the covenants set forth in § 7, § 8, § 9 or
§ 10 of this Agreement; provided, however, 
 (d) No such act or omission or event shall be treated as
“Cause” under this Agreement unless (i) Executive has been provided a detailed, written statement of the basis for the Post Group’s belief such act or omission or event constitutes “Cause” and an opportunity to meet
with the Compensation Committee (together with Executive’s counsel if Executive chooses to have Executive’s counsel present at such meeting) after Executive has had a reasonable period in which to review such statement and, if the
allegation is under § 1.4(b) or § 1.4(c), has had at least a thirty (30) day period to take corrective action, and (ii) the Compensation Committee after such meeting (if Executive meets with the Compensation Committee)
and after the end of such thirty (30) day correction period (if applicable) determines reasonably and in good faith and by the affirmative vote of at least a majority of the members of the Compensation Committee then in office at a meeting
called and held for such purpose that “Cause” does exist under this Agreement. 
 1.5 Change in Control. The term
“Change in Control” for purposes of this Agreement shall mean: 
 (a) a “change in control” of Post of a
nature that would be required to be reported in response to Item 6(e) of Schedule 14A for a proxy statement filed under Section 14(a) of the Exchange Act as in effect on the date of this Agreement; 

(b) a “person” (as that term is used in 14(d)(2) of the Exchange Act) becomes the beneficial owner
(as defined in Rule 13d-3 under the Exchange Act) directly or indirectly of securities representing forty-five percent (45%) or more of the combined voting power for election of directors of the then outstanding securities of Post; 

(c) the individuals who at the beginning of any period of two (2) consecutive years or less (starting on or after the date
of this Agreement) constitute the Board cease for any reason during such period to constitute at least a majority of the Board, unless the election or nomination for election of each new member of the Board was approved by vote of at least
two-thirds (2/3) of the members of such Board then still in office who were members of such Board at the beginning of such period; 

(d) the consummation of any reorganization, merger, consolidation, or share exchange as a result of which the common stock of
Post shall be changed, 

  
 3 

 
converted, or exchanged into or for securities of another organization (other than a merger with an Affiliate identified in §1.1(a), (b) or (c) of this Agreement or a wholly-owned
subsidiary of Post), or any dissolution or liquidation of Post, or any sale or the disposition of fifty percent (50%) or more of the assets or business of Post; or 

(e) the consummation of any reorganization, merger, consolidation, or share exchange with another corporation unless
(i) the persons who were the beneficial owners of the outstanding shares of the common stock of Post immediately before the consummation of such transaction beneficially own more than sixty percent (60%) of the outstanding shares of the
common stock of the successor or survivor corporation in such transaction immediately following the consummation of such transaction and (ii) the number of shares of the common stock of such successor or survivor corporation beneficially owned
by the persons described in § 1.5(e)(i) immediately following the consummation of such transaction is beneficially owned by each such person in substantially the same proportion that each such person had beneficially owned shares of Post
common stock immediately before the consummation of such transaction, provided, however (iii) the percentage described in § 1.5(e)(i) of the beneficially owned shares of the successor or survivor corporation and the number
described in § 1.5(e)(ii) of the beneficially owned shares of the successor or survivor corporation shall be determined exclusively by reference to the shares of the successor or survivor corporation which result from the beneficial
ownership of shares of common stock of Post by the persons described in § 1.5(e)(i) immediately before the consummation of such transaction. 

1.6 Code. The term “Code” for purposes of this Agreement shall mean the Internal Revenue Code of 1986, as amended. 

1.7 Compensation Committee. The term “Compensation Committee” for purposes of this Agreement shall mean the Executive
Compensation and Management Development Committee of the Board or any successor of such committee or, if there is no such successor, the Board. 

1.8 Confidential or Proprietary Information. The term “Confidential or Proprietary Information” for purposes of this
Agreement shall mean any secret, confidential, or proprietary information of Post or any Affiliate (not otherwise included in the definition of Trade Secret in § 1.26 of this Agreement) that has not become generally available to the public
by the act of one who has the right to disclose such information without violating any right of Post or any Affiliate. 
 1.9 Delayed
Payment Date. The term “Delayed Payment Date” for purposes of this Agreement shall mean the date which is six (6) months and one (1) day after the date that Executive has a Separation from Service. 

  
 4 

 1.10 Disability. The term “Disability” for purposes of this Agreement shall mean
that Executive, as a result of a mental or physical condition or illness affecting a major life activity, is unable to perform the essential functions of Executive’s job at the Post Group for any consecutive 180-day period, even with reasonable
accommodation, all as reasonably determined by the Compensation Committee. 
 1.11 Effective Date. The term “Effective
Date” for purposes of this Agreement shall mean either the date which includes the “closing” of the transaction which makes a Change in Control effective, if the Change in Control is made effective through a transaction which has a
“closing”, or the date a Change in Control is reported in accordance with applicable law as effective to the Securities and Exchange Commission (or otherwise publicly announced as effective), if the Change in Control is made effective
other than through a transaction which has a “closing”. 
 1.12 Exchange Act. The term “Exchange Act” for
purposes of this Agreement shall mean the Securities Exchange Act of 1934, as amended. 
 1.13 Good Reason. 

(1) The term “Good Reason” for purposes of § 6 of this Agreement shall (subject to § 1.13(1)(f)) mean: 

(a) there is a reduction after a Change in Control, but before the end of Executive’s Protection Period, in
Executive’s base salary pursuant to § 5.1, or there is a “Significant Reduction” after a Change in Control, but before the end of Executive’s Protection Period, in Executive’s eligibility to receive in the aggregate the
bonuses pursuant to § 5.2 and the incentive compensation or awards pursuant to § 5.3 or § 5.4, without Executive’s express written consent. For purposes of this § 1.13(1)(a), “Significant Reduction” shall
mean a reduction, in the aggregate, of ten percent (10%) or more from the aggregate of the target bonus award and the target incentive compensation award established for the calendar year in which the Change in Control occurs, determined
without consideration of any other payments made to Executive upon a Change in Control; 
 (b) there is a reduction after a
Change in Control, but before the end of Executive’s Protection Period, in the scope, importance, or prestige of Executive’s duties, responsibilities, or authority (other than a mere change in Executive’s title, if such change in
title is consistent with the organizational structure of the Post Group following such Change in Control) without Executive’s express written consent; 

(c) at any time after a Change in Control, but before the end of Executive’s Protection Period (without Executive’s
express written consent), there is a transfer of Executive’s primary work site from Executive’s primary work site on the date of such Change in Control or, if Executive subsequently consents

  
 5 

 
in writing to such a transfer under this Agreement, from the primary work site that was the subject of such consent, to a new primary work site that is more than thirty-five (35) miles from
Executive’s then current primary work site, unless such new primary work site is closer to Executive’s primary residence than Executive’s then current primary work site; or 

(d) there is a failure (without Executive’s express written consent) after a Change in Control, but before the end of
Executive’s Protection Period, to continue to provide to Executive health and welfare benefits, deferred compensation benefits, and executive perquisites that are in the aggregate comparable in value to those provided to Executive immediately
prior to the Change in Control Date; 
 (e) the Post Group fails to agree (other than as a result of Cause or
Executive’s refusal to update Appendix A to this Agreement) to an extension of the term of this Agreement under § 3 at any time before Executive reaches age 65, or if a Change in Control occurs before the executive reaches age 65, the
end of Executive’s Protection Period; provided, however, 
 (f) No such act or omission shall be treated as
“Good Reason” under § 1.13(1) unless 
 (i) (A) Executive delivers to the Compensation Committee a
detailed, written statement of the basis for Executive’s belief that such act or omission constitutes Good Reason, (B) Executive delivers such statement before the later of (1) the end of the ninety (90) day period that starts on
the date there is an act or omission which forms the basis for Executive’s belief that Good Reason exists, or (2) the end of the period mutually agreed upon for purposes of this § 1.13(1)(f)(i)(B) in writing by Executive and the
Chairman of the Compensation Committee, (C) Executive gives the Compensation Committee a thirty (30) day period after the delivery of such statement to cure the basis for such belief, and (D) Executive actually submits
Executive’s written resignation to the Compensation Committee during the sixty (60) day period that begins immediately after the end of such thirty (30) day period if Executive reasonably and in good faith determines that Good Reason
continues to exist after the end of such thirty (30) day period, or 
 (ii) the Post Group states in writing to
Executive that Executive has the right to treat any such act or omission as Good Reason under this Agreement and Executive resigns during the sixty (60) day period that starts on the date such statement is actually delivered to Executive; 

(g) If (A) Executive gives the Compensation Committee the statement described in § 1.13(1)(f)(i) before the end
of the thirty (30) day period that immediately follows the end of the Protection Period and Executive thereafter 

  
 6 

 
resigns within the period described in § 1.13(1)(f)(i), or (B) the Post Group provides the statement to Executive described in § 1.13(1)(f)(ii) before the end of the
thirty (30) day period that immediately follows the end of the Protection Period and Executive thereafter resigns within the period described in § 1.13(1)(f)(ii), then (C) such resignation shall be treated under this Agreement as
if made in Executive’s Protection Period; and 
 (h) If Executive consents in writing to any reduction described in
§ 1.13(1)(a) or § 1.13(1)(b), to any transfer described in § 1.13(1)(c) or to any failure described in § 1.13(1)(d) in lieu of exercising Executive’s right to resign for Good Reason and delivers such
consent to the Post Group, the date such consent is delivered to the Post Group thereafter shall be treated under this definition as the date of a Change in Control for purposes of determining whether Executive subsequently has Good Reason under
this Agreement to resign under § 6.1 or § 6.3 as a result of any subsequent reduction described in § 1.13(1)(a) or § 1.13(1)(b), any subsequent transfer described in § 1.13(1)(c), or any subsequent
failure described in § 1.13(1)(d). 
 (2) The term “Good Reason” for purposes of § 4 of this Agreement shall mean:

 (a) there is a change in Executive’s eligibility for compensation and benefits in a manner that results in
Executive’s compensation and benefits being reduced five percent (5%) more than the reduction in compensation and benefits effected with respect to other executives of the Post Group who are at or above the Executive Vice President level;
or 
 (b) there is a significant reduction in Executive’s level of responsibility or authority (other than a mere change
in Executive’s title) without Executive’s express written consent; or 
 (c) there is a transfer of
Executive’s primary work site from the Executive’s primary work site on the date of this Agreement or, if the Executive subsequently consents in writing to such a transfer under this Agreement, from the primary work site that was the
subject of such consent, to a new primary work site that is more than thirty-five (35) miles from Executive’s then current primary work site, unless such new primary work site is closer to Executive’s primary residence than
Executive’s then current primary work site or unless Executive provides his express written consent; or 
 (d) the Post
Group fails to agree (other than as a result of Cause or Executive’s refusal to update Appendix A to this Agreement) to an extension of the term of this Agreement under § 3 at any time before Executive reaches age 65; provided,
however, 

  
 7 

 (e) No such act or omission shall be treated as “Good Reason” under
§ 1.13(2) unless 
 (i) (A) Executive delivers to the Compensation Committee a detailed, written statement of the
basis for Executive’s belief that such act or omission constitutes Good Reason, (B) Executive delivers such statement before the later of (1) the end of the ninety (90) day period that starts on the date there is an act or
omission which forms the basis for Executive’s belief that Good Reason exists, or (2) the end of the period mutually agreed upon for purposes of this § 1.13(2)(e)(i)(B) in writing by Executive and the Chairman of the Compensation
Committee, (C) Executive gives the Compensation Committee a thirty (30) day period after the delivery of such statement to cure the basis for such belief, and (D) Executive actually submits Executive’s written resignation to the
Compensation Committee during the sixty (60) day period that begins immediately after the end of such thirty (30) day period if Executive reasonably and in good faith determines that Good Reason continues to exist after the end of such
thirty (30) day period, or 
 (ii) the Post Group states in writing to Executive that Executive has the right to treat
any such act or omission as Good Reason under this § 1.13(2) and Executive resigns during the sixty (60) day period that starts on the date such statement is actually delivered to Executive. 

1.14 Group Health Plan. The term “Group Health Plan” for purposes of this Agreement shall mean the group health plan
maintained by any member of the Post Group for the purpose of providing medical, dental and vision benefits for the employees of the Post Group and any Affiliates. 

1.15 Interest. The term “Interest” for purposes of this Agreement shall mean interest for the period between Executive’s
Separation from Service and Executive’s Delayed Payment Date at the three (3) month LIBOR rate (using the three (3) month LIBOR rate published in The Wall Street Journal on the date of Executive’s Separation from Service)
plus 100 basis points, compounded monthly. 
 1.16 Multifamily Property. The term “Multifamily Property” for purposes of
this Agreement and any renewal of this Agreement shall mean any real property on which an upscale multifamily residential-use development has been constructed or is under construction as of the date of this or any renewal of this Agreement. 

1.17 Post. The term “Post” for purposes of this Agreement shall mean Post Properties, Inc., a Georgia corporation, and any
successor to Post. 
 1.18 Post Apartment Homes. The term “Post Apartment Homes” for purposes of this Agreement shall mean
Post Apartment Homes, L.P., a Georgia limited partnership, and any successor to Post Apartment Homes. 

  
 8 

 1.19 Post GP Holdings. The term “Post GP Holdings” for purposes of this
Agreement shall mean Post GP Holdings, Inc., a Georgia, corporation, and any successor to Post GP Holdings. 
 1.20. Post Group. The
term “Post Group” for purposes of this Agreement shall mean, individually and collectively, Post, Post Apartment Homes and Post Services. 

1.21 Post Services. The term “Post Services” for purposes of this Agreement shall mean Post Services, Inc., a Georgia
corporation, and any successor to Post Services. 
 1.22 Protection Period. The term “Protection Period” for purposes of
this Agreement shall (subject to § 1.13(1)(g)) mean the three (3) year period which begins on the Effective Date. 
 1.23
Restricted Period. The term “Restricted Period” for purposes of this Agreement shall mean the period which starts on the date Executive’s employment by the Post Group terminates for any reason or no reason and which ends
(i) on the first anniversary of such termination date for purposes of § 9 and § 10 and (ii) on the second anniversary of such termination date for purposes of § 7 and § 8. 

1.24 Separation from Service. The term “Separation from Service” for purposes of this Agreement shall mean a “separation
from service” within the meaning of § 409A of the Code and the related income tax regulations. 
 1.25 Specified
Employee. The term “Specified Employee” for purposes of this Agreement shall mean a “specified employee” within the meaning of § 409A of the Code and the related income tax regulations. 

1.26 Trade Secret. The term “Trade Secret” for purposes of this Agreement shall mean information, including, but not limited
to, technical or nontechnical data, a formula, a pattern, a compilation, a program, a device, a method, a technique, a drawing, a process, financial data, financial plans, product plans, or a list of actual or potential customers or suppliers that:

 (a) derives economic value, actual or potential, from not being generally known to, and not being readily ascertainable by
proper means by, other persons who can obtain economic value from its disclosure or use, and 
 (b) is the subject of
reasonable efforts by Post or an Affiliate to maintain its secrecy. 

  
 9 

	§ 2.	Employment. 

 2.1 General. Subject to the terms of this Agreement, the Post Group,
or one or more of the members of the Post Group, hereby employ Executive, and Executive hereby accepts such employment for the “term” described in § 3. The members of the Post Group hereby delegate to Post the power and the
responsibility to act on their benefit under this Agreement. Post shall allocate between the members of the Post Group which actually employ Executive all compensation and other expenses related to their employment of Executive. 

2.2 Title and Duties and Responsibilities. Executive’s title at the Post Group initially shall be Executive Vice President,
Regional Investment Director, and Executive initially shall be responsible for the investments currently made by the Post Group in the Houston, Dallas and Austin, Texas markets, for recommending an investment and development strategy for those
markets and for implementing the investment and development strategy adopted for those markets, which implementation shall include making recommendations on possible acquisitions and dispositions and developments in such markets based on the
investment and development strategy adopted for those markets. Executive shall have such additional duties and responsibilities for the members of the Post Group as shall be assigned to him by Post’s Chief Executive Officer or his or her
delegate or Post’s Chief Investment Officer or his or her delegate. Executive shall devote his full business time, skills, and best efforts to rendering services on behalf of the Post Group and shall exercise such care as is customarily
required by executives undertaking similar duties for entities similar to the Post Group. 
  

	§ 3.	Term. 

 3.1 Initial Term. Subject to § 3.2, the term of employment of
Executive shall be for one (1) year commencing on the date of this Agreement. 
 3.2 Automatic Renewals. The term of this
Agreement (subject to § 3.3, § 4 and § 6) shall renew for one (1) additional year on each successive anniversary of the date of this Agreement unless the Board notifies Executive in writing of Post’s decision not to renew
this Agreement at least thirty (30) days prior to expiration of the then current term; provided, however, no automatic renewal under this § 3.2 shall extend the term of this Agreement beyond the term in which Executive reaches age
65. 
 3.3 Special Rules. If Executive’s Protection Period begins before the term of this Agreement expires, this Agreement
shall continue (notwithstanding § 3.2) in effect through the end of Executive’s Protection Period and, if Executive has a right to any compensation or benefits under § 6 before the term of this Agreement expires, the term of this
Agreement shall continue until Executive agrees that all of the Post Group’s obligations to Executive under this Agreement have been satisfied in full or a court of competent jurisdiction makes a final determination that the Post Group has no
further obligations to Executive under this Agreement, whichever comes first. 

  
 10 

	§ 4.	Termination. 

 4.1 General Rule. Any member of the Post Group may terminate
Executive’s employment at any time and Executive may resign at any time; provided, that if the termination is without Cause or Executive resigns for Good Reason, 

(a) The Post Group, following Executive’s Separation from Service, shall continue to pay Executive pursuant to its
standard payroll practices his base salary under § 5.1 as if Executive was still employed for a period of eighteen (18) months; provided, however, if Executive is a Specified Employee at his Separation from Service, any Cash
Compensation payable to Executive between the period beginning on the date of Executive’s Separation from Service and ending on Executive’s Delayed Payment Date shall be delayed until Executive’s Delayed Payment Date, at which time
all the so delayed payments shall be made in a lump sum with Interest; 
 (b) The Post Group, following Executive’s
Separation from Service, shall pay to Executive in a lump sum (i) a pro-rata portion (based on the number of days Executive had already worked during the calendar year in which he has a Separation from Service) of the average percentage payout
of the target bonus, if any, awarded to executives at or above the Executive Vice President level, payable at the same time annual bonuses are paid to executives at or above the Executive Vice President level, plus (ii) a bonus equal to the
Executive’s average annual bonus (calculated pursuant to § 1.3(b)(1)) multiplied by 1.5, payable at Executive’s Separation from Service; provided, however, if Executive is a Specified Employee at his Separation from Service,
this payment shall be delayed until Executive’s Delayed Payment Date, at which time the so delayed payment shall be made in a lump sum with Interest; 

(c) The Post Group shall provide or make available health care coverage and shall provide reimbursement for life insurance and
long-term disability premiums as follows: 
 (i) During the period starting on the date of Executive’s Separation from
Service and ending on the earlier of (A) the last day of the eighteen (18) month period following Executive’s Separation from Service (the “18 Month Period”) or (B) the date when Executive is no longer entitled to
continued coverage under § 4980B of the Code (the “COBRA Period”), the Post Group shall provide continued coverage under the Group Health plan pursuant to § 4980B of the Code (“COBRA Coverage”) and reimburse Executive
for a portion of the monthly premiums paid by Executive for such COBRA Coverage, 
 (ii) If the period described in §
4.1(c)(i) ends because Executive is no longer entitled to COBRA Coverage, for the remainder of the 18 Month Period, if any, the Post Group shall provide Executive continued coverage under the Group Health Plan and shall reimburse Executive for a
portion of the monthly premiums paid by Executive, 

  
 11 

 (iii) If so requested by Executive in writing before the end of the coverage
period described in either § 4.1(c)(i) or § 4.1(c)(ii), whichever is applicable, the Post Group will make available to Executive continued coverage under the Group Health Plan for up to an additional eighteen (18) months
following the end of such coverage period to the extent Executive had such coverage under the Group Health Plan at the end of such coverage period and timely pays the monthly premium then paid by former employees for comparable COBRA Coverage, 

(iv) The reimbursable portion of the premiums paid by Executive each month under § 4.1(c)(i) and § 4.1(c)(ii) shall
equal the dollar amount the Post Group would have paid on Executive’s behalf each month for the coverage which had been in effect immediately before Executive’s Separation from Service under the Group Health Plan had Executive remained
employed by the Post Group for the remainder of the 18 Month Period. For the avoidance of doubt, the Post Group will not be responsible for any reimbursement during the period described in § 4.1(c)(iii), 

(v) The Post Group shall reimburse Executive during the 18 Month Period for a portion of Executive’s monthly premiums to
purchase life insurance coverage and long-term disability coverage which is no less than the face amount of Executive’s life insurance coverage and long-term disability coverage in effect immediately before Executive’s Separation from
Service, and the reimbursable portion each month shall equal the dollar amount the Post Group would have paid in premiums on Executive’s behalf each month for the life insurance coverage and long-term disability coverage under the policies
which had been in effect immediately before Executive’s Separation from Service had Executive remained employed by the Post Group for the remainder of the 18 Month Period, 

(vi) The reimbursements called for under this § 4.1(c) shall be requested by Executive and processed and made by the Post
Group in accordance with the policies and procedures in effect from time to time under the Post Group’s standard expense reimbursement policy for the Post Group’s senior executives as provided to Executive, but no cost or expense shall be
reimbursable under this § 4.1(c) after the end of the calendar year immediately following the calendar year in which Executive incurs such cost or expense even if reimbursement was permissible at a later date under such policy, and 

  
 12 

 (vii) The Post Group shall add to each reimbursement made pursuant to this §
4.1(c) an amount which the Post Group acting in good faith reasonably determines would be sufficient for Executive to pay his income and employment tax due on such reimbursement if Executive was subject to the maximum marginal tax rates; provided,
however, if Executive is a Specified Employee at his Separation from Service, no such additional payments shall be made until the Delayed Payment Date, and the Post Group on the Delayed Payment Date shall make a lump sum payment in cash with
Interest to Executive which the Post Group acting in good faith reasonably determines would be sufficient for Executive to pay his income and employment tax due on all of the reimbursements made before such date pursuant to this § 4.1(c) if
Executive was subject to the maximum marginal tax rates; and 
 (d) (i) Each outstanding stock option granted to Executive by Post shall
become exercisable immediately before Executive’s termination of employment to the full extent the option would have become exercisable if Executive had remained employed by the Post Group through the 18 Month Period, 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 18 Month Period without Cause or for Good
Reason, and 
 (ii) Executive, immediately before his Separation from Service, shall vest in any outstanding restricted stock
granted by Post to the full extent Executive would have vested in the restricted stock had Executive remained employed by the Post Group through the 18 Month Period. 

4.2 Termination for Cause, Resignation without Good Reason or as a result of Death or Disability. If (a) any member of the Post
Group terminates Executive’s employment for Cause, (b) Executive resigns without Good Reason or (c) Executive’s employment terminates as a result of Executive’s death or Disability, then (i) the Post Group’s only
obligation to Executive under this Agreement shall (subject to applicable withholdings) be to pay Executive’s base salary and bonus, if any, which were due and payable pursuant to § 5.1 or § 5.2 on the date Executive has a Separation
from Service and to reimburse Executive for expenses Executive had already incurred and which would have otherwise been reimbursed pursuant to § 5.6 but for such Separation from Service and (ii) Executive shall have the right to receive
any benefits payable under the Post Group’s employee benefit plans, programs and policies (including options to purchase Post stock) which Executive otherwise has a nonforfeitable right to receive under this Agreement at the time of
Executive’s Separation from Service; provided, however, if the Post Group acting in good faith determines that any such payment would subject Executive to a tax under § 409A of the Code if made at his Separation from Service,
such payment shall be delayed and made at Executive’s Delayed Payment Date with Interest. 

  
 13 

	§ 5.	Compensation. 

 5.1 Base Salary. Executive’s initial annual base salary under
this Agreement shall be $290,000, less required deductions. The Compensation Committee shall review Executive’s base salary on an annual basis, and the Compensation Committee, upon such review and in its sole discretion, may increase or
decrease Executive’s base salary by an amount which the Compensation Committee deems appropriate in light of the Post Group’s and Executive’s performance during the period covered by such review; provided, however, that
Executive’s base salary under this § 5.1 shall not be reduced below $290,000 per annum. Executive’s base salary, less any required deductions, shall be paid to Executive in accordance with the Post Group’s standard payroll
practices and procedures for salaried employees. Notwithstanding the foregoing, Post reserves the right before a Change in Control to roll-back Executive’s Base Salary if such roll-back is effected pursuant to a roll-back program approved by
the Board which includes a majority of the executives at or above the Executive Vice President level, and the roll-back for Executive is consistent with the roll-back for such other executives. 

5.2 Bonus. In addition to his compensation under § 5.1, Executive shall receive during the term of this Agreement an annual
bonus, provided that the personal and corporate goals to be established by the Compensation Committee are met or exceeded. In the event that Executive is paid a bonus under this § 5.2 for any period of time less than one year, Executive’s
bonus shall be a pro rata share of the annual bonus. 
 5.3 Incentive Compensation and Equity Compensation. In addition to his
compensation under § 5.1 and § 5.2, Executive shall receive awards under such incentive compensation or equity compensation programs maintained by Post, as in effect from time to time, as the Compensation Committee shall determine.

 5.4 Comparison With Other REIT’s. At regular intervals Post shall continue to retain Compensation Consultants to assure that
the total compensation paid to Executive is comparable to that being paid to executives at comparable Apartment REITs, and/or other REITs of a similar size, all as determined by the Compensation Committee. 

5.5 Expenses. Executive shall be reimbursed for all reasonable business-related expenses incurred by Executive at the request of or on
behalf of a member of the Post Group in accordance with the Post Group’s expense reimbursement policies and procedures for its senior executives, including, without limitation, first class travel expenses incurred in connection with the
performance of Executive’s duties and responsibilities under this Agreement. 
 5.6 Vacation. In addition to Post-wide company
holidays, Executive shall during the term of this Agreement be eligible to take at any time up to 20 business days 

  
 14 

 
(or 25 business days after 20 years of service) of vacation during each calendar year at any time on or after the first day of each such calendar year. Vacation days not taken shall be forfeited,
and Executive will not receive any pay in lieu of vacation. 
 5.7 Benefit Plans. Executive shall be entitled to participate
in such medical, dental, disability, hospitalization, life insurance, and other employee benefit plans as are maintained by the Post Group for the benefit of senior executive officers. 

 

	§ 6.	Change In Control. 

 6.1 General Rule. If there is a Change in Control and either
(i) any member of the Post Group during Executive’s Protection Period terminates Executive’s employment without Cause, or (ii) Executive during Executive’s Protection Period resigns for Good Reason, then 

(a) The Post Group shall pay Executive in cash in a lump sum at his Separation from Service (i) a pro-rata portion of the
target bonus (as set by the Compensation Committee) that Executive would be eligible to receive under § 5.2 for the days Executive had already worked during the calendar year in which he has a Separation from Service, plus (ii) two
(2) times Executive’s then Cash Compensation; provided, however, if Executive is a Specified Employee at Executive’s Separation from Service, the payments specified in this § 6.1(a) shall be delayed and paid with Interest
on his Delayed Payment Date; and 
 (b) (i) Each outstanding stock option granted to Executive by Post shall (notwithstanding
the terms under which such option was granted) become fully vested and exercisable on the date of Executive’s Separation from Service and shall (notwithstanding the terms under which such option was granted) remain exercisable for the remaining
term of each such option (as determined as if there had been no such Separation from Service), subject to the same terms and conditions as if Executive had remained employed by the Post Group for such term or such period (other than any term or
condition which gives Post the right to cancel any such option) and (ii) any restrictions on any outstanding restricted stock grants to Executive by Post immediately shall (notwithstanding the terms under which such grant was made) expire and
Executive’s right to such stock shall be non-forfeitable; and 
 (c) The Post Group shall provide or make available
health care coverage and shall provide reimbursement for life insurance and long-term disability premiums as follows: 
 (i)
During the period starting on the date of Executive’s Separation from Service and ending on the earlier of (A) the last day of the twenty-four month period following Executive’s Separation from Service (the “24 Month
Period”) or (B) the date when Executive is no longer entitled to continued coverage under § 4980B of the Code (the “COBRA 

  
 15 

 
Period”), the Post Group shall provide continued coverage under the Group Health plan pursuant to § 4980B of the Code (“COBRA Coverage”) and reimburse Executive for a portion
of the monthly premiums paid by Executive for such COBRA Coverage, 
 (ii) If the period described in § 6.1(c)(i) ends
because Executive is no longer entitled to COBRA Coverage, for the remainder (if any) of the 24 Month Period, if any, the Post Group shall provide Executive (1) continued coverage under the Group Health Plan or (2) if coverage for
Executive is not available under the Group Health Plan, health insurance coverage from an insurance company selected by Executive and reimburse Executive for a portion of the monthly premiums paid by Executive for either form of coverage, 

(iii) If so requested by Executive in writing before the end of the coverage period described in either § 6.1(c)(i) or
§ 6.1(c)(ii), whichever is applicable, the Post Group will make available to Executive continued coverage under the Group Health Plan for up to an additional eighteen (18) months following the end of such coverage period to the extent
Executive had such coverage under the Group Health Plan at the end of such coverage period and timely pays the monthly premium then paid by former employees for comparable COBRA Coverage, 

(iv) The reimbursable portion of the premiums paid by Executive each month under § 6.1(c)(i) and § 6.1(c)(ii) shall
equal the dollar amount the Post Group would have paid on Executive’s behalf each month for the coverage which had been in effect immediately before Executive’s Separation from Service under the Group Health Plan had Executive remained
employed by the Post Group for the remainder of the 24 Month Period. For the avoidance of doubt, the Post Group will not be responsible for any reimbursement during the period described in § 6.1(c)(iii), 

(v) The Post Group shall reimburse Executive during the 24 Month Period for a portion of Executive’s monthly premiums to
purchase life insurance coverage and long-term disability coverage which is no less than the face amount of Executive’s life insurance coverage and long-term disability coverage in effect immediately before Executive’s Separation from
Service, and the reimbursable portion each month shall equal the dollar amount the Post Group would have paid in premiums on Executive’s behalf each month for the life insurance coverage and long-term disability coverage under the policies
which had been in effect immediately before Executive’s Separation from Service had Executive remained employed by the Post Group for the remainder of the 24 Month Period, 

  
 16 

 (vi) The reimbursements called for under this § 6.1(c) shall be requested by
Executive and processed and made by the Post Group in accordance with the policies and procedures in effect from time to time under the Post Group’s standard expense reimbursement policy for the Post Group’s senior executives as provided
to Executive, but no cost or expense shall be reimbursable under this § 6.1(c) after the end of the calendar year immediately following the calendar year in which Executive incurs such cost or expense even if reimbursement was permissible at a
later date under such policy, and 
 (vii) The Post Group shall add to each reimbursement made pursuant to this § 6.1(c)
an amount which the Post Group acting in good faith reasonably determines would be sufficient for Executive to pay his income and employment tax due on such reimbursement if Executive was subject to the maximum marginal tax rates; provided, however,
if Executive is a Specified Employee at his Separation from Service, no such additional payments shall be made until the Delayed Payment Date, and the Post Group on the Delayed Payment Date shall make a lump sum payment in cash with Interest to
Executive which the Post Group acting in good faith reasonably determines would be sufficient for Executive to pay his income and employment tax due on all of the reimbursements made before such date pursuant to this § 6.1(c) if Executive was
subject to the maximum marginal tax rates. 
 (d) If Executive is entitled to and accepts any benefits under § 6 of
this Agreement, Executive shall not be entitled to and shall not receive any benefits under § 4 of this Agreement. 
 6.2 No
Increase In Other Benefits. 
 If Executive’s employment terminates under the circumstances described in § 6.1 or § 6.3,
Executive expressly waives Executive’s right, if any, to have any payment made under § 6.1 taken into account to increase the benefits otherwise payable to, or on behalf of, Executive under any employee benefit plan, whether qualified or
unqualified, maintained by the Post Group. 
 6.3 Termination In Anticipation Of A Change In Control. 

Executive shall be treated under § 6.1 as if Executive’s employment had been terminated without Cause or Executive had resigned for
Good Reason during Executive’s Protection Period if: 
 (a) Executive’s employment is terminated by a member of the
Post Group without Cause or Executive resigns for Good Reason, 

  
 17 

 (b) such termination is effected or such resignation is effective at any time in
the sixty (60) day period which ends on the Effective Date of a Change In Control, and 
 (c) there is an Effective Date
for such Change In Control. 
 6.4 Termination as a result of Death or Disability. 

If Executive’s employment terminates exclusively as a result of Executive’s death or a Disability, Executive agrees that no member
of the Post Group will have any obligation to Executive under this § 6, and that Executive shall be entitled to only those benefits set forth in § 4.2. 
  

	§ 7.	No Solicitation Of Customers. 

 Executive will not, during the Restricted Period, for
purposes of competing with Post or any Affiliate, solicit on Executive’s own behalf or on behalf of any other person, firm, or corporation which engages, directly or indirectly, in the development, operation, management, or leasing of a
Multifamily Property, any customer of Post or any Affiliate with whom Executive had a personal business interaction at any time during the two (2) years immediately prior to the termination of Executive’s employment by any member of the
Post Group. This § 7 shall not prohibit a general solicitation not targeted at Post’s or an Affiliate’s customers and in which Executive has no participation or involvement. 

 

	§ 8.	Antipirating Of Employees. 

 Executive will not during the Restricted Period employ or
seek to employ on Executive’s own behalf or on behalf of any other person, firm or corporation that engages, directly or indirectly, in the development, operation, management, or leasing, of a Multifamily Property, any person who was employed
by a member of the Post Group in an executive, managerial, or supervisory capacity during the term of Executive’s employment by a member of the Post Group and with whom Executive had business dealings during the two (2) year period which
ends on the date Executive’s employment by any member of the Post Group terminates (whether or not such employee would commit a breach of contract), and who has not ceased to be employed by a member of the Post Group for a period of at least
one (1) year. This § 8 shall not prohibit a general solicitation not targeted at employees of Post or an Affiliate and in which Executive has no participation or involvement. 

 

	§ 9.	Trade Secrets And Confidential Or Proprietary Information. 

 Executive hereby agrees to
hold in a fiduciary capacity for the benefit of Post and each Affiliate, and will not directly or indirectly use or disclose, any Trade Secret that Executive may have acquired during the term of Executive’s employment by any member of the Post
Group for so long as such information remains a Trade Secret even if such information remains a Trade Secret after the expiration of the Restricted Period. 

  
 18 

 In addition, Executive agrees during the Restricted Period to hold in a fiduciary capacity for
the benefit of Post and each Affiliate, and not to directly or indirectly use or disclose, any Confidential or Proprietary Information that Executive may have acquired (whether or not developed or compiled by Executive and whether or not Executive
was authorized to have access to such information) during the term of, in the course of, or as a result of Executive’s employment by any member of the Post Group. 
  

	§ 10.	Covenant Not To Compete. 

 During the Restricted Period, Executive shall not serve as an
employee, independent contractor, or otherwise render any advice or services similar to those listed in § 2, directly or indirectly, to any person, firm, or corporation listed on Appendix A of this Agreement with respect to its operations
in the U.S. Office of Management and Budget’s metropolitan statistical areas for Dallas, Austin and Houston, Texas. Executive agrees that the entities listed on Appendix A are the Post Group’s principal competitors in the markets where the
Post Group is currently engaged in business. Executive further agrees that Executive and the Post Group will, in return for additional consideration, agree to update Appendix A in connection with the annual renewal of this Agreement in order to
fairly include only the Post Group’s principal competitors. 
  

	§ 11.	Reasonable and Necessary Restrictions. 

 The Post Group has identified Executive as an
individual with significant skills and experience critical to the business of the Post Group. In view of the significant and growing demand for executive talent and the need to ensure continuity of the senior management team for the Post Group, the
Post Group desires to provide Executive through this Agreement with certain incentives to remain in the Post Group’s employment. This Agreement is also designed to provide additional motivation for meeting the Post Group’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 Post Group’s interests should Executive’s employment
terminate. 
 Executive acknowledges that Post and its Affiliates shall disclose or make available Confidential Information and Trade
Secrets to Executive that could be used by Executive to the detriment of Post and its Affiliates. In addition, in connection with his employment, Executive shall develop important relationships and contacts with employees valuable to Post and its
Affiliates. 
 Executive further acknowledges that § 7, § 8, § 9, and § 10 of this Agreement are fair and reasonable,
enforcement of the provisions of this Agreement will not cause Executive undue hardship, and the provisions of this Agreement are reasonably necessary and commensurate with the need to protect the Post Group and their business interests and property
from irreparable harm. 

  
 19 

 Executive acknowledges that the restrictions, prohibitions, and other provisions set forth in
this Agreement, including without limitation the Restricted Period and those set forth in § 7, § 8, § 9, and § 10, are reasonable, fair and equitable in scope, terms, and duration; are necessary to protect the legitimate business
interests of the Post Group; and are a material inducement to the Post Group to enter into this Agreement. Executive covenants that Executive will not challenge the enforceability of this Agreement nor will Executive raise any equitable defense to
its enforcement. 
  

	§ 12.	Specific Performance. 

 Executive acknowledges that the obligations undertaken by him
pursuant to this Agreement are unique and that the Post Group likely will have no adequate remedy at law if Executive shall fail to perform any of Executive’s obligations under this Agreement, and Executive therefore confirms that the Post
Group’s right to specific performance of the terms of this Agreement is essential to protect the rights and interests of the Post Group. Accordingly, in addition to any other remedies that the Post Group may have at law or in equity, the Post
Group will have the right to have all obligations, covenants, agreements, and other provisions of this Agreement specifically performed by Executive, and the Post Group will have the right to obtain preliminary and permanent injunctive relief to
secure specific performance and to prevent a breach or contemplated breach of this Agreement by Executive, and Executive submits to the jurisdiction of the courts of the State of Georgia for this purpose. 

 

	§ 13.	Section 280G Provisions. 

 Notwithstanding anything in this Agreement to the
contrary, to the extent that any payments and benefits called for under this Agreement, together with any other payments and benefits made available to Executive by the Post Group (collectively, the “Payments”), will result in
Executive’s being subject to an excise tax under § 4999 of the Code, then a determination shall be made regarding which of the following options would be more advantageous to Executive, after paying all applicable taxes (including any
applicable tax under § 4999 of the Code) (the “Determination”): (i) to receive all of the Payments, or (ii) to receive the portion of the Payments that in the aggregate is One Dollar ($1.00) less than the amount which
would cause the Payments to be subject to the excise tax imposed by § 4999 of the Code (the “Safe Harbor Amount”). The Determination required under this § 13 shall be made at the expense of Post by a firm of independent
accountants selected by Post and reasonably acceptable to Executive. If the Determination is that it would be more advantageous to Executive after paying all applicable taxes to receive all of the Payments pursuant to § 13(i), then such
Payments shall be made to Executive in accordance with the terms of this Agreement. If the Determination is that it would be more advantageous to Executive after paying all applicable taxes to receive the Safe Harbor Amount pursuant to §
13(ii), then only the Safe Harbor Amount shall be paid to Executive in accordance with the terms of this Agreement. In the event the Safe Harbor Amount pursuant to § 13(ii) is to be paid to Executive, the Payments to which Executive would
otherwise be entitled to under this Agreement shall be reduced in the following order: (1) any cash severance benefits 

  
 20 

 
provided under § 6.1(a), (2) any acceleration of vesting of stock options or restricted stock provided under § 6.1(b), (3) any benefits provided under § 6.1(c), and
(4) any other Payments under the Agreement. 
 Any Determination under this § 13 shall be made in accordance with a
reasonable interpretation and application of § 280G of the Code and any applicable related regulations (whether proposed, temporary, or final) and any related Internal Revenue Service rulings and any related case law. If the Post Group
reasonably requests that Executive take action to mitigate or challenge any tax or assessment and Executive complies with such request, the Post Group shall provide Executive with such information and such expert advice and assistance from
Post’s independent accountants, lawyers, and other advisors as Executive may reasonably request and shall pay for all expenses incurred in effecting such compliance and any related fines, penalties, interest, and other assessments. 

 

	§ 14.	Executive’s Legal Fees and Expenses. 

 If any action at law or in equity is
necessary for Executive to enforce or interpret the terms of this Agreement, the Post Group shall promptly pay Executive’s reasonable attorneys’ fees and other reasonable expenses incurred with respect to such action. If any other action
is taken with respect to this Agreement, the Post Group shall bear its own attorneys’ fees and expenses and Executive shall bear Executive’s own attorneys’ fees and expenses. If a reimbursement is called for under this § 14,
such reimbursement shall be made no later than the end of the calendar year immediately following the calendar year in which Executive pays the related legal fees or expenses. The Post Group and Executive acknowledge and agree that the deadline
set forth in the immediately preceding sentence is only intended to satisfy an express requirement in the regulations under § 409A of the Code and that such sentence shall not give the Post Group the right to delay making a reimbursement
in accordance with the first sentence in this § 14. 
  

	§ 15.	Miscellaneous. 

 15.1 Binding Effect. This Agreement shall inure to the benefit of
and shall be binding upon Executive and his executor, administrator, heirs, personal representatives, and assigns, and the Post Group, and their successors and assigns; provided, however, that Executive shall not be entitled to assign or
delegate any of his rights or obligations hereunder without the prior written consent of the Post Group. 
 15.2 Construction of
Agreement. No provision of this Agreement or any related document shall be construed against or interpreted to the disadvantage of any party hereto by any court or other governmental or judicial authority, including an arbitrator, by reason of
such party having or being deemed to have structured or drafted such provision. 

  
 21 

 15.3 Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of the State of Georgia. 
 15.4 Survival of Agreements. All covenants and agreements made in this Agreement shall survive
the execution and delivery of this Agreement and the termination of Executive’s employment under this Agreement for any reason. 
 15.5
Headings and References. The section and sub-section headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. All references to sections
(§) in this Agreement shall be to sections (§) of this Agreement unless otherwise expressly noted. 
 15.6
Notices. All notices, requests, consents, and other communications called for under this Agreement shall be in writing and shall be deemed to be given when delivered personally or mailed first class, registered or certified mail, postage
prepaid, in either case, addressed as follows: 
  

	 	(a)	If to Executive: 

 to Executive’s most recent address provided to Post. 

 

	 	(b)	If to the Post Group: 

 Post Properties, Inc. 

One Riverside 
 4401 Northside
Parkway 
 Suite 800 
 Atlanta,
GA 30327-3057 
 Attention: Corporate Secretary 

with a copy to: 
 Keith M.
Townsend 
 King & Spalding LLP 

1180 Peachtree Street 
 Atlanta,
GA 30309-3521 
 15.7 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be
an original, but all of which together shall constitute one and the same instrument. 
 15.8 Entire Agreement. This Agreement
constitutes the entire agreement of the Post Group and Executive with respect to the subject matter hereof and supersedes and replaces all prior agreements, written or oral, with respect to the subject matter hereof, including the 2008 Agreement.
This Agreement may be modified only by a written instrument signed by the member of the Post Group and Executive. 

  
 22 

 15.9 Severability. In the event that any provision or portion of this Agreement shall be
determined to be invalid or unenforceable for any reason, in whole or in part, the remaining provisions of this Agreement shall be unaffected thereby and shall remain in full force and effect to the fullest extent permitted by law. 

15.10 No Waiver. No waiver by any party of any breach by the other party of any condition or provision contained in this Agreement to
be performed by such other party shall be deemed a waiver of a similar or dissimilar condition or provision at the same or any prior or subsequent time. Any waiver must be in writing and signed by Executive or an authorized officer of a member of
the Post Group, as the case may be. 
 15.11 Reference; Non-Disparagement. In the event of Executive’s termination without Cause
or resignation for Good Reason, the Post Group agrees to provide Executive with a reference. Each member of the Post Group agrees not to disparage or demean Executive, publicly or otherwise. Executive also agrees not to disparage or demean any
member of the Post Group or any of their officers or directors or shareholders, publicly or otherwise. 
 15.12 Compliance With
Section 409A of the Code. The intent of the parties is that payments and benefits under this Agreement comply with or be exempt from Section 409A of the Code and the regulations and other guidance issued thereunder (the
“Requirements”), and that the Agreement be construed and operated in accordance with such Requirements, or an exception to such Requirements, so that benefits under this Agreement shall not be included in income under Section 409A of
the Code; provided, however, that nothing in the Agreement shall be construed as a covenant by the Post Group that payments made pursuant to the Agreement will not be subject to taxation under Section 409A of the Code, or as a guarantee or
indemnity by the Post Group for any particular tax consequences for the payments called for under the Agreement. Any ambiguities in this Agreement shall be construed to effect the intent as described in this § 15.12. If any provision of this
Agreement is found to be in violation of the Requirements, then such provision shall be deemed to be modified or restricted to the extent and in the manner necessary to render such provision in conformity with the Requirements, or with the consent
of Executive shall be deemed excised from this Agreement, and this Agreement shall be construed and enforced to the maximum extent permitted by the Requirements as if such provision had been originally incorporated in this Agreement as so modified
or restricted, or as if such provision had not been originally incorporated in this Agreement, as the case may be. Notwithstanding anything to the contrary, nothing in this Section 15.12 is intended, or shall be construed, to limit the cash
payments or other benefits to which Executive is entitled under this Agreement without Executive’s express written consent. 
 A
termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits 

  
 23 

 
that are considered nonqualified deferred compensation under Code Section 409A upon or following a termination of employment unless such termination is also a “separation from
service” within the meaning of Code Section 409A, and, for purposes of any such provision of this Agreement, references to a “termination,” or a “termination of employment” shall mean “such a separation from
service.” Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of Post. In no event may the Executive,
directly or indirectly, designate the calendar year of any payment to be made under this Agreement, to the extent such payment is subject to Code Section 409A. 

Any reimbursements and in-kind benefits provided under this Agreement that constitute deferred compensation within the meaning of Code
Section 409A shall be made or provided in accordance with the requirements of Code Section 409A, including, without limitation, that (i) in no event shall any fees, expenses or other amounts eligible to be reimbursed by Post under
this Agreement be paid later than the last day of the calendar year next following the calendar year in which the applicable fees, expenses or other amounts were incurred; (ii) the amount of expenses eligible for reimbursement, or in-kind
benefits that Post is obligated to pay or provide, in any given calendar year, shall not affect the expenses or the in-kind benefits that Post is obligated to pay or provide in any other calendar year; (iii) the Executive’s right to have
Post pay or provide such reimbursements and in-kind benefits may not be liquidated or exchanged for any other benefit; and (iv) in no event shall Post’s obligations to make such reimbursements or to provide such in-kind benefits apply
after Executive’s death, except that reimbursable expenses incurred prior to Executive’s death shall be paid to Executive’s estate or beneficiary. 

  
 24 

 IN WITNESS WHEREOF, the members of the Post Group and Executive have executed this Agreement as
of the date first written above. 
  

					
	POST PROPERTIES, INC.
		
	By:	 	 /s/ David P. Stockert

	Name:	 	David P. Stockert
	Title:	 	CEO and President
	
	POST APARTMENT HOMES, L.P.
	By: Post GP Holdings, Inc.
			
		 	By:	 	 /s/ David P. Stockert

		 	Name:	 	David P. Stockert
		 	Title:	 	CEO and President
	
	POST SERVICES, INC.
		
	By:	 	 /s/ David P. Stockert

	Name:	 	David P. Stockert
	Title:	 	CEO and President
	
	EXECUTIVE
	
	 /s/ David C. Ward

	David C. Ward

  
 25 

 APPENDIX A 

AMLI Residential Properties, LP 
 AIMCO 

Archstone 
 AvalonBay Communities, Inc. 

Camden Property Trust 
 Equity Residential 

Fairfield Residential LLC 
 Gables Residential 

Lincoln Property Company 
 Mid-America Apartment Communities, Inc.

 The Hanover Company 
 Trammell Crow Residential 

UDR, Inc. 
 Wood Partners, LLC 

Mill Creek Residential 
 GID Investment Advisers LLC 

Colonial Properties Trust 
 Greystar Real Estate Partners, LLC

 Bell Partners 
 Behringer HarvardEX-10.1

 Exhibit 10.1 

AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT 

This Amended and Restated Executive Employment Agreement (“Agreement”) is entered into as of
April 2, 2014 by and between Errol Samuelson (“Executive”) and Zillow, Inc., a Washington corporation (the “Company”). 

RECITALS 
 WHEREAS,
as of March 5, 2014 (the “Effective Date”), Executive and the Company entered into an Executive Employment Agreement (the “Original Agreement”) regarding the employment of Executive by the Company
as its Chief Industry Development Officer;  
 WHEREAS, Executive and the Company wish to amend Section 2.3(b) of the
Original Agreement to provide that the number of shares of the Company’s Class A common stock to be delivered upon vesting of the Annual Restricted Units (as defined herein) shall be determined by dividing the number of Annual Restricted
Units by the closing price of the Company’s Class A common stock during regular session trading as of the trading date immediately preceding the applicable vesting date of the Annual Restricted Units; and 

WHEREAS, pursuant to Section 5 of the Original Agreement, Executive and the Company wish to amend and restate the Original Agreement to
read as set forth herein. 
 NOW, THEREFORE, in consideration of the mutual covenants and promises described below, the Original Agreement
is hereby amended and restated to read in its entirety, and Executive and the Company agree, as follows: 
 Certain capitalized terms in
this Agreement have the meanings set forth in Appendix A attached to this Agreement, which is incorporated into this Agreement in its entirety. 

	1.	EMPLOYMENT 

 The Company agrees to employ Executive, and Executive agrees to accept
employment by the Company as its Chief Industry Development Officer and report to the Company’s Chief Executive Officer. Executive’s employment with the Company will commence on the business day following issuance to Executive of a United
States work visa that authorizes Executive to provide the services contemplated hereunder for a period of no less than twelve (12) months from the date of issuance of the visa. Company and Executive agree to cooperate and expend best efforts to
obtain such a visa as soon as practicable following Executive’s execution of this Agreement. Company will provide Executive with legal representation in connection with Executive’s application for such visa at Company’s expense. In
the event the Executive is not able to secure a United States work visa, the Executive and the Company will engage in their commercially reasonable best efforts to seek alternative employment or other contractual arrangements to satisfy the terms of
the Agreement. Company and Executive agree that Executive will continue to live in Vancouver, Canada, but that Executive will agree to (1) travel to the Company’s headquarters in Seattle and (2) travel to other United States locations
on Company business, in each case as the CEO deems necessary for Executive to perform his duties hereunder. Subject to Sections 3.3 and 3.4, changes may be made from time to time by the Company in its sole discretion to the duties, reporting
relationships and title of Executive. Executive will perform the duties as are commensurate and consistent with Executive’s position and will devote Executive’s full working time, attention and efforts to the Company and to discharging the
responsibilities of Executive’s position, and such other duties as may be assigned from time to time by the Company, which relate to the business of the Company and are reasonably consistent with Executive’s position. Executive will not
have signature authority on 

  
 - 2 - 

 
the Company’s behalf and will not have authority to bind the Company to any contract obligation. Executive will provide his own working space, computer(s), communication devices, internet
and telephone services and other facilities and services in Canada that are reasonably necessary for him to perform his duties. During Executive’s employment, Executive will not engage in any business activity that, in the reasonable judgment
of the Chief Executive Officer, conflicts with the duties of Executive under this Agreement, whether or not such activity is pursued for gain, profit or other advantage. Executive agrees to comply with the Company’s standard policies and
procedures, his Confidential Information, Inventions and Nonsolicitation Agreement and Indemnification Agreement, each to be executed by Executive contemporaneously with this Agreement, and with all applicable laws and regulations. 

 

	2.	COMPENSATION AND BENEFITS 

 The Company agrees to pay or cause to be paid to Executive
and Executive agrees to accept in exchange for the services rendered hereunder the following compensation and benefits: 
  

	 	2.1	Signing Bonus 

 Executive will received a signing bonus of $395,000 (USD), payable as
follows: 
  

	 	•	 	$200,000 (USD) paid on the next regular payroll date following the start of his employment; and 

  

	 	•	 	$195,000 (USD) on the next regular payroll date following the completion of 90 days of employment, provided, however, that Executive remains employed by the Company on that payroll date. 

The bonus payments will be subject to normal payroll taxes and withholding. 

  
 - 3 - 

	 	2.2	Annual Salary 

 Executive’s compensation shall consist of an annual
base salary (the “Salary”) of $350,000 (USD), payable in semi-monthly installments in accordance with the payroll practices of the Company. The Salary shall be reviewed, and shall be subject to change, by the Board of
Directors (or the Compensation Committee thereof) at least annually while Executive is employed hereunder.  
  

	 	2.3	Bonus And Equity Awards 

 Executive shall be eligible to participate in the
Company’s incentive bonus plans as may be adopted from time to time by the Board of Directors (or the Compensation Committee thereof), subject to and in accordance with the terms and conditions of such plans. In connection with commencement of
employment, Executive shall be eligible to receive the following equity awards (“Equity Awards”): 

(a) Initial grant of restricted stock units (“Initial RSUs”) for that number of shares of Class A
common stock of the Company equal to $5 million (USD) in value, based on the Company’s sixty (60) day average stock price immediately preceding the Effective Date of this Agreement, which Initial RSUs shall vest quarterly over four years
from Executive’s first day of employment with the Company, subject to Executive’s continued employment on each vesting date.  

(b) Annual grant of 345,000 Restricted Units (“Annual Restricted Units”), whereby each Annual Restricted
Unit has an initial value of one U.S. dollar (U.S. $1.00) as of the date of grant and represents the right to receive shares of the Company’s Class A common stock on or  

  
 - 4 - 

 
following the applicable anniversary of Executive’s first day of employment with the Company (such that the grant of Annual Restricted Units approved in 2014 shall vest on the one-year
anniversary of Executive’s first day of employment and subsequent grants of Annual Restricted Units shall vest on each successive anniversary of Executive’s first day of employment), such number of shares to be determined by dividing the
number of Annual Restricted Units by the closing price of the Company’s Class A common stock during regular session trading as of the trading date immediately preceding the applicable vesting date of such Annual Restricted Units. Upon
vesting, the Annual Restricted Units will be settled in shares of Class A common stock. The grant of Annual Restricted Units approved in 2014 will be subject to Executive’s employment on the grant date and, for each grant of Annual
Restricted Units approved thereafter, continued employment through the applicable grant date, and vesting of Annual Restricted Units will be subject to Executive’s continued employment on the applicable vesting date. 

(c) All settlement of the Equity Awards in shares of Class A common stock of the Company shall be subject to normal payroll taxes and withholding. The
Annual Restricted Units and Initial RSUs shall be subject to the terms and conditions of the Company’s Amended and Restated 2011 Incentive Plan or any successor plan thereto and shall be further subject to the terms of an Unit Grant Notice,
Restricted Unit Agreement, Restricted Stock Unit Grant Notice and Restricted Stock Unit Agreement that shall be provided to Executive to evidence the Annual Restricted Units and Initial RSUs. 

 

	 	2.4	Benefits 

 Executive shall be eligible to participate, subject to and in accordance with
applicable eligibility requirements, in such employee benefit plans, policies, programs and arrangements as 

  
 - 5 - 

 
are generally provided to the Company’s other similarly situated executives, which shall include, at a minimum, basic health, disability, life, dental and vision insurance. In the event
Executive does not meet eligibility requirements due to his Canadian citizenship and residency, Company agrees to provide individual coverage that is reasonably equivalent to what he would have received under the group plans. 

 

	 	2.5	Vacation and Other Paid Time-Off Benefits 

 Each calendar year, Executive shall be
entitled to that number of weeks of paid vacation per year equal to those provided to similarly situated executives of the Company, in accordance with the plans, policies, programs and arrangements of the Company applicable to similarly situated
executives of the Company generally. Executive also shall be provided such holidays and sick leave as the Company makes available to all of its other employees. 
  

	3.	TERMINATION 

  

	 	3.1	General 

 Except as expressly provided for in this Agreement, upon any termination of
employment, Executive shall not be entitled to receive any payments or benefits under this Agreement other than unpaid Salary earned through the date of termination and unused vacation that has accrued as of the date of Executive’s termination
of employment that would be payable under the Company’s standard policy. 

  
 - 6 - 

	 	3.2	Automatic Termination on Death or Total Disability 

 This Agreement and
Executive’s employment hereunder shall terminate automatically upon the death or Total Disability of Executive. “Total Disability” shall mean Executive’s inability, with reasonable accommodation, to perform the
duties of Executive’s position for a period or periods aggregating ninety (90) days in any period of one hundred eighty (180) consecutive days as a result of physical or mental illness, loss of legal capacity or any other cause beyond
Executive’s control. Executive and the Company hereby acknowledge that Executive’s ability to perform Executive’s duties is the essence of this Agreement. Termination hereunder shall be deemed to be effective (a) at the end of
the calendar month in which Executive’s death occurs or (b) immediately upon a determination by the Board of Directors (or the Compensation Committee thereof) of Executive’s Total Disability. In the case of termination of employment
under this Section 3.2, Executive shall not be entitled to receive any payments or benefits under this Agreement other than unpaid Salary earned through the date of termination and unused vacation that has accrued as of the date of
Executive’s termination of employment that would be payable under the Company’s standard policy; provided, however, that Executive shall be entitled to full acceleration of vesting of any Initial RSUs (as defined in Section 2.3) that
remain unvested as of the date of Executive’s termination of employment by reason of death or Total Disability.  
  

	 	3.3	Termination of Employment Without Cause or for Good Reason, Other Than in Connection with a Change of Control 

(a) If (1) the Company terminates Executive’s employment without Cause (as defined in Appendix A), or
(2) Executive resigns for Good Reason (as defined in Appendix A), then  

  
 - 7 - 

 
Executive shall be entitled to receive the following termination payments and benefits; provided, however, that this Section 3.3 shall not apply to, and shall have no effect in connection
with, any termination to which Section 3.2 or Section 3.4 of this Agreement applies: 
 (i) an amount equal to the
greater of (i) twelve (12) months’ Salary, at the rate in effect immediately prior to termination, or (ii) $350,000 (USD), payable to Executive in accordance with the terms below (“Severance Payments”);

 (ii) unpaid Salary earned through the date of termination and unused vacation that has accrued and would be payable under
the Company’s standard policy (collectively, the “Accrued Obligations”), payable in a lump sum on the next regularly scheduled payroll date following the date on which Executive’s employment
terminated; 
 (iii) benefits continuation coverage paid in full by the Company, so long as Executive has not become actually
covered by the medical plan of a subsequent employer during any such month and is otherwise entitled to benefits continuation coverage, with such payments for up to a maximum of twelve (12) months following the date of termination. After such
period, Executive is responsible for paying the full cost for any additional benefits continuation coverage to which Executive is then entitled; and 

(iv) accelerated vesting by an additional twenty-four (24) months of Executive’s then unvested Initial RSUs and any
outstanding and unvested Annual Restricted Units. 
 (b) As a condition to receiving the payments and benefits under this Section 3.3
other than the Accrued Obligations, Executive shall execute (and not revoke within the applicable revocation period) a general release and waiver of all claims against the Company, which release 

  
 - 8 - 

 
and waiver shall be in a form acceptable to the Company, and in substantially the form attached hereto as Appendix B. Such release and waiver shall be delivered to the Company no
later than the date specified by the Company (which date shall in no event be later than twenty-one (21) days or forty-five (45) days, as applicable, after the date on which Executive is presented with the terms of the release and waiver).
In addition, payment of the amounts and benefits under this Section 3.3 are contingent on Executive’s full and continued compliance with the Company’s Confidential Information, Inventions and Nonsolicitation Agreement, as the same may
be amended from time to time. 
 (c) Notwithstanding the foregoing, termination of employment by Executive will not be for Good Reason
unless (1) Executive notifies the Company in writing of the existence of the condition which Executive believes constitutes Good Reason within thirty (30) days of the initial existence of such condition (which notice specifically
identifies such condition), (2) the Company fails to remedy such condition within thirty (30) days after the date on which it receives such notice (the “Remedial Period”), and (3) Executive actually terminates
employment within thirty (30) days after the expiration of the Remedial Period and before the Company remedies such condition. If Executive terminates employment before the expiration of the Remedial Period or after the Company remedies the
condition (even if after the end of the Remedial Period), then Executive’s termination will not be considered to be for Good Reason. 

(d) Subject to Section 3.3(b), Severance Payments under Section 3.3(a)(i) shall be paid to Executive through the Company’s
normally scheduled payroll during the twelve (12) month period commencing within sixty (60) days following the date on which Executive’s employment was terminated without Cause or Executive resigned for Good Reason; provided, however,
that in the event such sixty (60) day period begins in one taxable year of Executive and 

  
 - 9 - 

 
ends in a second taxable year of Executive, the Company shall not make any Severance Payments to Executive until the second taxable year. Each such payment shall be treated as a separate payment
for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), including the rules and regulations thereunder (“Code Section 409A”). Notwithstanding the
foregoing, if any payments and benefits payable pursuant to Section 3.3(a) constitute a “deferral of compensation” subject to Code Section 409A (after taking into account, to the maximum extent possible, any applicable
exemptions), then the applicable provisions of Section 13 hereof shall apply. 
  

	 	3.4	Termination of Employment in Connection with a Change of Control 

  

	 	3.4.1	Benefits for Qualified Terminations in Connection with a Change of Control 

 (a) If
(1) during the period commencing on the date the Company enters into a definitive agreement with respect to a transaction that would constitute a Change of Control (as defined in Appendix A) and ending on the date the definitive
agreement therefor is terminated or the Change of Control is consummated, the Company terminates Executive’s employment without Cause (as defined in Appendix A), (2) during the period commencing upon the consummation of the
Change of Control and ending eighteen (18) months thereafter, the Company or, if applicable, the surviving or successor employer (“Successor Employer”) terminates Executive’s employment without Cause (as defined in
Appendix A), or (3) during the period commencing upon the consummation of the Change of Control and ending eighteen (18) months thereafter, Executive resigns for Good Reason (as defined in Appendix A), then
Executive shall be entitled to receive the following termination payments and benefits and shall not also be eligible to receive the payments and benefits under Section 3.3: 

(i) an amount equal to the greater of (i) $350,000 (USD) or (ii) twelve (12) months’ Salary, measured as
the higher of the Salary in effect immediately prior to the Change of Control or the Salary in effect immediately prior to termination, payable to Executive in accordance with the terms below (“CIC Severance Payments”); 

  
 - 10 - 

 (ii) Accrued Obligations, payable in a lump sum on the next regularly scheduled
payroll date following the date on which Executive’s employment terminated; 
 (iii) benefits continuation coverage paid
in full by the Company, so long as Executive has not become actually covered by the medical plan of a subsequent employer during any such month and is otherwise entitled to benefits continuation coverage, with such payments for up to a maximum of
six (6) months following the date of termination. After such period, Executive is responsible for paying the full cost for any additional benefits continuation coverage to which Executive is then entitled; and 

(iv) full acceleration of vesting of any Initial RSUs and Annual Restricted Units that remain outstanding and unvested on the
date of Executive’s termination of employment, including equity awards issued in substitution or replacement of such Initial RSUs and Annual Restricted Units in connection with the Change of Control. Notwithstanding the foregoing, to the extent
any agreement evidencing the Initial RSUs or Annual Restricted Units contain terms that provide for greater acceleration of vesting than that set forth in this paragraph, the terms of such agreement shall continue to govern. 

  
 - 11 - 

 (b) As a condition to receiving the payments and benefits under this Section 3.4.1 other
than the Accrued Obligations, Executive shall execute (and not revoke within the applicable revocation period) a general release and waiver of all claims against the Company, which release and waiver shall be in a form acceptable to the Company
(including any Successor Employer thereto), and in substantially the form attached hereto as Appendix B. Such release and waiver shall be delivered to the Company (or any Successor Employer thereto) no later than the date specified by
the Company (or any Successor Employer thereto) (which date shall in no event be later than twenty-one (21) days or forty-five (45) days, as applicable, after the date on which Executive is presented with the terms of the release and
waiver). In addition, payment of the amounts and benefits under this Section 3.4.1 are contingent on Executive’s full and continued compliance with the Company’s Confidential Information, Inventions and Nonsolicitation Agreement, as
the same may be amended from time to time. 
 (c) Notwithstanding the foregoing, termination of employment by Executive will not be for Good
Reason unless (1) Executive notifies the Company (or a Successor Employer thereto) in writing of the existence of the condition which Executive believes constitutes Good Reason within thirty (30) days of the initial existence of such
condition (which notice specifically identifies such condition), (2) the Company (or a Successor Employer thereto) fails to remedy such condition within thirty (30) days after the date on which it receives such notice (the
“Remedial Period”), and (3) Executive actually terminates employment within thirty (30) days after the expiration of the Remedial Period and before the Company (or a Successor Employer thereto) remedies such
condition. If Executive terminates employment before the expiration of the Remedial Period or after the Company (or a Successor Employer thereto) remedies the condition (even if after the end of the Remedial Period), then Executive’s
termination will not be considered to be for Good Reason. 

  
 - 12 - 

 (d) Subject to Section 3.4.1(b), the CIC Severance Payments under Section 3.4.1(a)
shall be paid to Executive through the Company’s (or the Successor Employer’s) normally scheduled payroll during the six (6) month period commencing within sixty (60) days following the date on which Executive’s employment
was terminated without Cause or Executive resigned for Good Reason; provided, however, that in the event such sixty (60) day period begins in one taxable year of Executive and ends in a second taxable year of Executive, the Company will not
make any CIC Severance Payments to Executive until the second taxable year. Each such payment shall be treated as a separate payment for purposes of Code Section 409A. Notwithstanding the foregoing, if any payments and benefits payable pursuant
to Section 3.4.1(a) constitute a “deferral of compensation” subject to Code Section 409A (after taking into account, to the maximum extent possible, any applicable exemptions), then the applicable provisions of Section 13
hereof shall apply. 
  

	 	3.4.2	Code Section 280G 

 (a) Notwithstanding anything in this Agreement to the contrary,
in the event that Executive becomes entitled to receive or receives any payment or benefit under this Agreement or under any other plan, agreement or arrangement with the Company, or from any person whose actions result in a Change of Control or any
other person affiliated with the Company or such person (all such payments and benefits being referred to herein as the “Total Payments”) and it is determined that any of the Total Payments will be subject to any excise tax
pursuant to Code Section 4999, or any similar or successor provision (the “Excise Tax”), the Company shall pay 

  
 - 13 - 

 
to Executive either (1) the full amount of the Total Payments or (2) an amount equal to the Total Payments, reduced by the minimum amount necessary to prevent any portion of the Total
Payments from being an “excess parachute payment” (within the meaning of Code Section 280G) (the “Capped Payments”), whichever of the foregoing amounts results in the receipt by Executive, on an after-tax
basis, of the greatest amount of Total Payments notwithstanding that all or some portion of the Total Payments may be subject to the Excise Tax. For purposes of determining whether Executive would receive a greater after-tax benefit from the Capped
Payments than from receipt of the full amount of the Total Payments, (i) there shall be taken into account any Excise Tax and all applicable federal, state and local taxes required to be paid by Executive in respect of the receipt of such
payments and (ii) such payments shall be deemed to be subject to federal income taxes at the highest rate of federal income taxation applicable to individuals that is in effect for the calendar year in which the effective date of the Change of
Control occurs, and state and local income taxes at the highest rate of taxation applicable to individuals in the state and locality of Executive’s residence on the effective date of the Change of Control, net of the maximum reduction in
federal income taxes which could be obtained from deduction of such state and local taxes (as determined by assuming that such deduction is subject to the maximum limitation applicable to itemized deductions under Code Section 68 and any other
limitations applicable to the deduction of state and local income taxes under the Code). 
 (b) All computations and determinations called
for by this Section 3.4.2 shall be made by a reputable independent public accounting firm or independent tax counsel appointed by the Company (the “Firm”). All determinations made by the Firm under this
Section 3.4.2 shall be conclusive and binding on both the Company and Executive, and the Firm shall provide its determinations and any supporting calculations to the Company and Executive within ten (10)

  
 - 14 - 

 
business days after Executive’s employment terminates under any of the circumstances described in Section 3.4.1, or such earlier time as is requested by the Company. For purposes of
making its determinations under this Section 3.4.2, the Firm may rely on reasonable, good faith interpretations concerning the application of Code Sections 280G and 4999. The Company and Executive shall furnish to the Firm such information and
documents as the Firm may reasonably request in making its determinations. The Company shall bear all fees and expenses charged by the Firm in connection with its services. 

(c) In the event that Section 3.4.2(a) applies and a reduction is required to be applied to the Total Payments thereunder, the Total
Payments shall be reduced by the Company in its reasonable discretion in the following order: (1) reduction of any Total Payments that are subject to Code Section 409A on a pro-rata basis or such other manner that complies with Code
Section 409A, as determined by the Company, and (2) reduction of any Total Payments that are exempt from Code Section 409A. 
  

	4.	ASSIGNMENT 

 This Agreement is personal to Executive and shall not be assignable by
Executive. The Company may assign its rights hereunder to (a) any Successor Employer; (b) any other corporation resulting from any merger, consolidation or other reorganization to which the Company is a party; (c) any other
corporation, partnership, association or other person to which the Company may transfer all or substantially all of the assets and business of the Company existing at such time; or (d) any subsidiary, parent or other affiliate of the Company.
All of the terms and provisions of this Agreement shall be binding upon and shall inure to the benefit of and be enforceable by the parties hereto and their respective successors and permitted assigns. 

  
 - 15 - 

	5.	AMENDMENTS IN WRITING 

 No amendment, modification, waiver, termination or discharge of
any provision of this Agreement, or consent to any departure therefrom by either party hereto, shall in any event be effective unless the same shall be in writing, specifically identifying this Agreement and the provision intended to be amended,
modified, waived, terminated or discharged and signed by the Company and Executive, and each such amendment, modification, waiver, termination or discharge shall be effective only in the specific instance and for the specific purpose for which
given. No provision of this Agreement shall be varied, contradicted or explained by any oral agreement, course of dealing or performance or any other matter not set forth in an agreement in writing and signed by the Company and Executive. 

 

	6.	NOTICES 

 Every notice relating to this Agreement shall be in writing and shall be given
by personal delivery, by a reputable same-day or overnight courier service (charges prepaid), by registered or certified mail (postage prepaid, return receipt requested) or by facsimile to the recipient with a confirmation copy to follow the next
day to be delivered by personal delivery or by a reputable same-day or overnight courier service to the appropriate party’s address or email address below (or such other address and email address as a party may designate by notice to the other
parties): 
  

			
	If to the Company:	  	Zillow, Inc.
		  	1301 Second Avenue, Floor 31
		  	Seattle, Washington 98101
		  	Email: legal@zillow.com
		  	Attn: Legal Department
		
	If to the Executive:	  	
		  	
		  	
		  	

  
 - 16 - 

	7.	APPLICABLE LAW 

 This Agreement shall in all respects, including all matters of
construction, validity and performance, be governed by, and construed and enforced in accordance with, the laws of the State of Washington, without regard to any rules governing conflicts of laws. 

 

	8.	ENTIRE AGREEMENT 

 This Agreement constitutes the entire agreement between the Company
and Executive with respect to the subject matter hereof, and all prior or contemporaneous oral or written communications, understandings or agreements between the Company and Executive with respect to such subject matter are hereby superseded in
their entirety, except as otherwise provided herein. 
  

	9.	SEVERABILITY 

 If any provision of this Agreement is held to be invalid, illegal or
unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement or any action in any other jurisdiction, but this Agreement
shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 
  

	10.	WAIVERS 

 No delay or failure by any party hereto in exercising, protecting, or enforcing
any of its rights, titles, interests, or remedies hereunder, and no course of dealing or performance with respect thereto, shall constitute a waiver thereof. The express waiver by a party hereto of any

  
 - 17 - 

 
right, title, interest, or remedy in a particular instance or circumstance shall not constitute a waiver thereof in any other instance or circumstance. All rights and remedies shall be cumulative
and not exclusive of any other rights or remedies. 
  

	11.	HEADINGS 

 All headings used herein are for convenience only and shall not in any way
affect the construction of, or be taken into consideration in interpreting, this Agreement. 
  

	12.	COUNTERPARTS 

 This Agreement, and any amendment or modification entered into pursuant to
Section 5 hereof, may be executed in any number of counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute one and the same
instrument. 
  

	13.	CODE SECTION 409A 

 The Company makes no representations or warranties to Executive with
respect to any tax, economic or legal consequences of this Agreement or any payments or other benefits provided hereunder, including without limitation under Code Section 409A, and no provision of this Agreement shall be interpreted or
construed to transfer any liability for failure to comply with Code Section 409A from Executive or any other individual to the Company or any of its affiliates. Executive, by executing this Agreement, shall be deemed to have waived any claim
against the Company and its affiliates with respect to any such tax, economic or legal consequences. However, the parties intend that this Agreement and the payments and benefits provided hereunder be exempt from the requirements of Code
Section 409A, and the rules and 

  
 - 18 - 

 
regulations issued thereunder, to the maximum extent possible, whether pursuant to the short-term deferral exception described in Treasury Regulation Section 1.409A-1(b)(4), the involuntary
separation pay plan exception described in Treasury Regulation Section 1.409A-1(b)(9)(iii), or otherwise. To the extent Code Section 409A is applicable to this Agreement, the parties intend that this Agreement and any payments and benefits
hereunder comply with the deferral, payout and other limitations and restrictions imposed under Code Section 409A so as to avoid the imputation of any tax, penalty or interest under Code Section 409A. Notwithstanding anything herein to the
contrary, this Agreement shall be construed, interpreted, operated and administered in a manner consistent with such intentions. Without limiting the generality of the foregoing, and notwithstanding any other provision of this Agreement to the
contrary: 
 (a) To the extent Code Section 409A is applicable to this Agreement, a termination of employment shall not be deemed to
have occurred for purposes of any provision of this Agreement providing for the payment of amounts or benefits upon or following a termination of employment unless such termination constitutes a “separation from service” within the meaning
of Treasury Regulation Section 1.409A-1(h)(1), without regard to the optional alternative definitions available thereunder (a “Separation from Service”), and, for purposes of any such provision of this Agreement,
references to “terminate,” “termination,” “termination of employment,” “resigns” and like terms shall mean Separation from Service. 

(b) If Executive is a “specified employee” within the meaning of Treasury Regulation Section 1.409A-1(i) as of the date of
Executive’s Separation from Service, Executive shall not be entitled to any payment or benefit on account of Executive’s Separation from Service, until the earlier of (1) the date which is six (6) months after Executive’s
Separation from Service for any reason other than death or (2) the date of Executive’s death. The provisions of this paragraph 

  
 - 19 - 

 
shall only apply if, and to the extent, required to avoid the imputation of any tax, penalty or interest pursuant to Code Section 409A on Executive. Any amounts otherwise payable to
Executive upon or in the six (6) month period following Executive’s Separation from Service that are not so paid by reason of this Section 13(b) shall be paid (without interest) as soon as practicable (and in all events within thirty
(30) days) after the date that is six (6) months after Executive’s Separation from Service (or, if earlier, as soon as practicable, and in all events within thirty (30) days, after the date of Executive’s death). 

(c) With regard to any provision in this Agreement that provides for reimbursement of expenses or in-kind benefits (except for any expense,
reimbursement or in-kind benefit provided pursuant to this Agreement that does not constitute a “deferral of compensation,” within the meaning of Treasury Regulation Section 1.409A-1(b)), (i) the amount of expenses eligible for
reimbursement, or in-kind benefits provided, during any calendar year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year, (ii) such payment shall be made within thirty
(30) days following the submission of appropriate documentation required by the Company and in no event later than the last day of the calendar year following the calendar year in which the expense was incurred, and (iii) the right to
reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit. 
 [Signature Page Follows]

  
 - 20 - 

 IN WITNESS WHEREOF, the parties have executed and entered into this Agreement effective on
the date first set forth above. 
  

			
	ERROL SAMUELSON
	
	 /s/ ERROL SAMUELSON

	
	ZILLOW, INC.
		
	By	 	 /s/ SPENCER M. RASCOFF

		
	Its	 	 Chief Executive Officer

  
 - 21 - 

 APPENDIX A 

DEFINITIONS 
 Capitalized
terms used below that are not defined in this Appendix A have the meanings set forth in the Executive Employment Agreement (“Agreement”) to which this Appendix A is attached. As used in the
Agreement. 
 1. “Cause” means the occurrence of one or more of the following events: 

(a) willful misconduct, insubordination or dishonesty in the performance of Executive’s duties or a knowing and material violation of the
Company’s or the Successor Employer’s policies and procedures in effect from time to time which results in a material adverse effect on the Company or the Successor Employer; 

(b) the continued failure of Executive to satisfactorily perform his duties after receipt of written notice that identifies the areas in which
Executive’s performance is deficient; 
 (c) willful actions in bad faith or intentional failures to act in good faith by Executive
with respect to the Company or the Successor Employer that materially impair the Company’s or the Successor Employer’s business, goodwill or reputation; 

(d) conviction of Executive of a felony or misdemeanor, conduct by Executive that the Company reasonably believes violates any statute, rule
or regulation governing the Company, or conduct by Executive that the Company reasonably believes constitutes unethical practices, dishonesty or disloyalty and that results in a material adverse effect on the Company or the Successor Employer; 

 (e) current use by Executive of illegal substances; or 

(f) any material violation by Executive of this Agreement or the Company’s Confidential Information, Inventions and Nonsolicitation
Agreement. 
 2. “Change of Control” means the occurrence of any of the following events: 

(a) an acquisition by any Entity of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than
50% of the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that the
following acquisitions shall not constitute a Change of Control: (i) any acquisition directly from the Company, other than an acquisition by virtue of the exercise of a conversion privilege where the security being so converted was not acquired
directly from the Company by the party exercising the conversion privilege, (ii) any acquisition by the Company, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Related
Company, (iv) any acquisition by a Founder Shareholder, provided that this clause (iv) shall terminate and be of no effect with respect to a Founder Shareholder at such time as such Founder Shareholder’s beneficial ownership of the
Outstanding Company Voting Securities is less than 25%, or (v) any acquisition by any Entity pursuant to a transaction that meets the conditions of clauses (i), (ii) and (iii) set forth in the definition of Company Transaction; 

(b) a change in the composition of the Board of Directors of the Company during any two-year period such that the individuals who, as of the
beginning of such two-year period, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that for purposes of this definition, any individual

 
who becomes a member of the Board subsequent to the beginning of the two-year period, whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at
least a majority of those individuals who are members of the Board and who were also members of the Incumbent Board (or deemed to be such pursuant to this proviso) shall be considered as though such individual were a member of the Incumbent Board;
and provided further, however, that any such individual whose initial assumption of office occurs as a result of or in connection with an actual or threatened election contest with respect to the election or removal of directors or other actual or
threatened solicitation of proxies or consents by or on behalf of an Entity other than the Board shall not be considered a member of the Incumbent Board; or 

(c) the consummation of a Company Transaction. 

3. “Company Transaction” means consummation of: 

(a) a merger or consolidation of the Company with or into any other company; 

(b) a statutory share exchange pursuant to which all of the Company’s outstanding shares are acquired or a sale in one transaction or a
series of transactions undertaken with a common purpose of all of the Company’s outstanding voting securities; or 
 (c) a sale, lease,
exchange or other transfer in one transaction or a series of related transactions undertaken with a common purpose of all or substantially all of the Company’s assets, 

excluding, however, in each case, any such transaction pursuant to which 

 (i) the Entities who are the beneficial owners of the Outstanding Company Voting Securities
immediately prior to such transaction will beneficially own, directly or indirectly, at least 50% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the Successor Company
in substantially the same proportions as their ownership, immediately prior to such transaction, of the Outstanding Company Voting Securities; 

(ii) no Entity (other than the Company, any employee benefit plan (or related trust) of the Company, a Related Company or a Successor Company)
will beneficially own, directly or indirectly, more than 50% of the combined voting power of the outstanding voting securities of the Successor Company entitled to vote generally in the election of directors unless such ownership resulted solely
from ownership of securities of the Company prior to such transaction; and 
 (iii) individuals who were members of the Incumbent Board will
immediately after the consummation of such transaction constitute at least a majority of the members of the board of directors of the Successor Company. 

Where a series of transactions undertaken with a common purpose is deemed to be a Company Transaction, the date of such Company Transaction shall be the date
on which the last of such transactions is consummated. 
 4. “Entity” means any individual,
entity or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act).  
 5. “Exchange
Act” means the Securities Exchange Act of 1934, as amended. 

 6. “Founder Shareholder” means any holder of record of the Class B common stock,
par value $0.0001 per share, of the Company as of July 25, 2011. 
 7. “Good Reason” means that Executive, without
Executive’s express, written consent, has: 
 (a) incurred a material reduction in authority, duties or responsibilities at the Company
or a Successor Employer (with respect to a reduction in connection with a Change of Control, the Change of Control, by itself, or a change of title will not constitute Good Reason; only a reduction in authority, duties or responsibilities, compared
to those immediately prior to the Change of Control, will constitute Good Reason); 
 (b) incurred a material reduction in Executive’s
annual Salary or bonus opportunity (except for reductions in connection with a general reduction in annual Salary for all executives of the Company by an average percentage that is not less than the percentage reduction of Executive’s annual
Salary); 
 (c) suffered a material breach of this Agreement by the Company or a Successor Employer; or 

(d) been required to relocate more than fifty (50) miles from Vancouver, BC, or in the event the parties mutually agree that Executive
would reside elsewhere, Executive’s then current place of residence, in order to continue to perform the duties and responsibilities of Executive’s position (not including expected travel as described in Section 1 above and customary
travel as may be required by the nature of Executive’s position). 

 8. “Parent Company” means a company or other entity which as a
result of a Company Transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more intermediaries. 

9. “Related Company” means any entity that is directly or indirectly controlled by, in control of or under common control with
the Company. 
 10. “Successor Company” means the surviving company, the successor company or Parent Company, as applicable,
in connection with a Company Transaction. 

 APPENDIX B 

FORM OF RELEASE 
 In
consideration for the payments and benefits to be provided pursuant to Section 3 of the Executive Employment Agreement (“Agreement”) entered into by and between (“Executive”) and
Zillow, Inc., a Washington corporation (the “Company”), dated             , 2014, Executive agrees to the following: 

(a) Executive represents that Executive has not filed any complaints, charges or lawsuits against the Company with any governmental agency or
any court. 
 (b) Executive expressly waives all claims against the Company and releases the Company, and any of the
Company’s past, present or future parent, affiliated, related, and/or subsidiary entities, and all of the past and present directors, shareholders, officers, general or limited partners, employees, agents, and attorneys, and agents and
representatives of such entities, and employee benefit plans in which Executive is or has been a participant by virtue of his or her employment with the Company (collectively, the “Releasees”), from any claims that Executive
may have against the Company or the Releasees. It is understood that this release includes, but is not limited to, any claims arising directly or indirectly out of, relating to, or in any other way involving in any manner whatsoever,
(1) Executive’s employment with the Company or its subsidiaries or the termination thereof or (2) Executive’s status at any time as a holder of any securities of the Company, including any claims for wages, stock or stock
options, employment benefits or damages of any kind whatsoever arising out of any contracts, express or implied, any covenant of good faith and fair dealing, express or implied, any legal restriction on the Company’s right to terminate
employment, or any federal, state or other governmental statute  

 
or ordinance, including, without limitation, the Employee Retirement Income Security Act of 1974, Title VII of the Civil Rights Act of 1964, the federal Age Discrimination in Employment Act, the
Americans With Disabilities Act, the Family and Medical Leave Act, the Washington Law Against Discrimination Act, the Washington Family and Parental Leave Act, the British Columbia Employment Standards Act, the British Columbia Human Rights Code, or
any other legal limitation on the employment relationship (the “Release”); provided, however, notwithstanding anything to the contrary set forth herein, that this Release shall not extend to (i) benefit claims under
employee pension benefit plans in which Executive is a participant by virtue of Executive’s employment with the Company or its subsidiaries or to benefit claims under employee welfare benefit plans for occurrences (e.g., medical care, death, or
onset of disability) arising after the execution of this Release by Executive, (ii) Executive’s rights to severance pay and benefits under the Agreement; (iii) any claims Executive may have for indemnification pursuant to law,
contract or Company policy, (iv) any claims for coverage under any applicable directors’ and officers’ insurance policy in accordance with the terms of such policy, or (v) any claims arising from events that occur after the date
Executive signs this Release. 
 Executive understands that this Release includes a release of claims arising under the Age
Discrimination in Employment Act (ADEA). Executive understands and warrants that Executive has been given a period of twenty-one (21) days to review and consider this Release or forty-five (45) days if Executive’s termination is part
of a group reduction in force. Executive further warrants that Executive understands that, with respect to the release of age discrimination claims only, Executive has a period of seven days (7) after execution of this Release to revoke the
release of age discrimination claims by notice in writing to the Company. 

 EXECUTIVE ACKNOWLEDGES ALL OF THE FOLLOWING: 

(A) I HAVE CAREFULLY READ AND HAVE VOLUNTARILY SIGNED THIS RELEASE; 

(B) I FULLY UNDERSTAND THE FINAL AND BINDING EFFECT OF THIS RELEASE, INCLUDING THE WAIVER OF CLAIMS UNDER THE AGE DISCRIMINATION IN
EMPLOYMENT ACT; AND 
 (C) PRIOR TO SIGNING THIS RELEASE, I HAVE BEEN ADVISED OF MY RIGHT TO CONSULT, AND HAVE BEEN GIVEN ADEQUATE
TIME TO REVIEW MY LEGAL RIGHTS, WITH AN ATTORNEY OF MY CHOICE. 
  

	
	  

	Signature
	
	Errol Samuelson
	
	  

	Date

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00230-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00230-of-00352.parquet"}]]