Document:

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                                                                   EXHIBIT 4(a)

                                      NOTE

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

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

REGISTERED NO.:                                                PRINCIPAL AMOUNT
                                                                 $25,000,000
CUSIP NO.: 737415AF6

                           POST APARTMENT HOMES, L.P.
                              6.11% NOTE DUE 2007

         POST APARTMENT HOMES, L.P., a Georgia limited partnership (the
"Issuer," which term includes any successor under the Indenture hereinafter
referred to), for value received, hereby promises to pay to Cede & Co. or its
registered assigns (the "Holder"), upon presentation, the principal sum of
TWENTY-FIVE MILLION DOLLARS ($25,000,000) on June 18, 2007 (the "Maturity
Date"), and to pay interest on the outstanding principal amount thereon from
June 18, 2002, or from the most recent interest payment date to which interest
has been paid or duly provided for, semi-annually in arrears on June 18 and
December 18 of each year (each an "Interest Payment Date"), commencing December
18, 2002, and at the Stated Maturity, at the rate of 6.11% per annum, computed
on the basis of a 360-day year comprised of twelve 30-day months, until the
entire principal amount hereof is paid or duly provided for. The interest so
payable, and punctually paid or duly provided for on any Interest Payment Date
will, as provided in the Indenture (hereinafter defined), be paid to the person
in whose name this Note (the "Note") (or one or more predecessor Notes) is
registered at the close of business on June 3 of each year (regardless of
whether such day is a Business day) for the June 18 Interest Payment Date and
December 3 of each year (regardless of whether such day is a Business Day) for
the

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December 18 Interest Payment Date (each a "Regular Record Date"). Any such
interest not so punctually paid or duly provided for shall forthwith cease to
be payable to the Holder on such Regular Record Date, and may either be paid to
the Person in whose name this Note (or one or more predecessor Notes) is
registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest to be fixed by the Trustee, notice whereof shall be
given to Holders of Notes not more than 15 days and not less than 10 days prior
to such Special Record Date, or may be paid at any time in any other lawful
manner not inconsistent with the requirements of any securities exchange on
which the Notes may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in the Indenture. Payments of the
principal and interest on, this Note will be made at the office or agency of
the Trustee (hereinafter defined) maintained for that purpose at c/o Harris
Trust Bank of New York, Wall Street Plaza, 88 Pine Street, 19th Floor, New
York, New York 10005, or elsewhere as provided in the Indenture, in United
States Dollars; provided, however, that at the option of the Issuer payment of
interest may be made by (i) check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register kept for the
Notes pursuant to Section 305 of the Indenture (the "Note Register") or (ii)
transfer to an account of the Person entitled thereto located inside the United
States. Payments of principal and interest in respect of this Note will be made
by wire transfer of immediately available funds, in such coin or currency as at
the time of payment is legal tender for the payment of public and private
debts, so long as this Note is in global form as described in Section 203 of
the Indenture. If this Note is not in global form, all such payments will be
made by wire transfer of immediately available funds if the Holder hereof at
the applicable record date shall have provided wire transfer instructions to
the Trustee, received by the Trustee no later than 15 days prior to the
applicable payment date, and otherwise payment shall be made in accordance with
Section 307 of the Indenture. Such wire transfer instructions shall remain in
effect until revoked in a writing received by the Trustee from the Holder
hereof.

         This Note is one of a fully authorized issue of securities of the
Issuer issued under an Indenture, dated as of September 15, 2000 (the
"Indenture"), as supplemented by the First Supplemental Indenture among the
Issuer and Sun Trust Bank, (the "Trustee," which term includes any successor
trustee under the Indenture with respect to the Notes), to which Indenture and
all indentures supplemental thereto reference is hereby made for a statement of
the respective rights, limitations of rights, duties and immunities thereunder
of the Issuer, the Trustee and Holders of the Notes, and of the terms upon
which the Notes are, and are to be, authenticated and delivered. This Note is
one of the series designated as the "6.11% Notes due 2007," limited in the
aggregate principal amount to $25,000,000.

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

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

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

                  In addition to the foregoing limitation on the incurrence of
         Debt, the Issuer will not, and will not permit any Subsidiary to,
         incur any Secured Debt other than intercompany Debt if, immediately
         after giving effect to the incurrence of such additional Secured Debt,
         the aggregate principal amount of all outstanding Secured Debt of the
         Issuer and its Subsidiaries on a consolidated basis is greater than
         40% of Adjusted Total Assets. Debt shall be deemed to be "incurred" by
         the Issuer and its Subsidiaries on a consolidated basis whenever the
         Issuer and its Subsidiaries on a consolidated basis shall create,
         assume, guarantee or otherwise become liable in respect thereof.

                  In addition to the foregoing limitations on the incurrence of
         Debt, the Issuer will not, and will not permit any Subsidiary to,
         incur any Debt, other than intercompany Debt, if the ratio of
         Consolidated Income Available for Debt Service to the Annual Debt
         Service Charge (in each case as defined below) for the period
         consisting of the four consecutive fiscal quarters most recently ended
         prior to the date on which such additional Debt is to be incurred
         shall have been less than 1.5 to 1, on a pro forma basis after giving
         effect to the incurrence of such Debt and to the application of the
         proceeds therefrom, and calculated on the assumption that (i) the
         incurrence of such Debt and any other Debt by the Issuer or its
         Subsidiaries since the first day of such four-quarter period and the
         application of the proceeds therefrom, including to refinance other
         Debt, had occurred at the beginning of such period, (ii) the repayment
         or retirement of any other Debt by the Issuer or its Subsidiaries
         since the first day of such four-quarter period had been repaid or
         retired at the beginning of such period (except that, in making such
         computation, the amount of Debt under any revolving credit facility
         shall be computed based upon the average daily balance of such Debt
         during such period), and (iii) in the case of any increase or decrease
         in Total Assets, or any other acquisition or disposition by the Issuer
         or any Subsidiary of any asset or group of assets, since the first day
         of such four-quarter period, including, without limitation, by merger,
         stock purchase or sale, or asset purchase or sale, such increase,
         decrease or other acquisition or disposition or any related

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         repayment of Debt had occurred as of the first day of such period with
         the appropriate adjustments to net income and Debt levels with respect
         to such increase, decrease or other acquisition or disposition being
         included in such pro forma calculation. For purposes of the
         adjustments referred to in clause (iii) of the preceding sentence, any
         income earned (or loss incurred) as a result of any such increase,
         decrease or other acquisition or disposition referred to in clause
         (iii) for a period less than such four-quarter period shall be
         annualized for such four-quarter period.

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

                  As used herein:

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

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

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

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

                  "Debt" of the Issuer or any Subsidiary means any indebtedness
         of the Issuer and its Subsidiaries, whether or not contingent, in
         respect of (i) borrowed money evidenced by bonds, notes, debentures or
         similar instruments, (ii) indebtedness secured by a mortgage, pledge,
         lien, charge, encumbrance or any security interest existing on
         property owned by the Issuer and its Subsidiaries, (iii) the
         reimbursement obligations, contingent

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         or otherwise, in connection with any letters of credit actually issued
         or amounts representing the balance deferred and unpaid of the
         purchase price of any property except any such balance that
         constitutes an accrued expense or trade payable or (iv) any lease of
         property by the Issuer and its Subsidiaries as lessee which is
         reflected in the Issuer's consolidated balance sheet as a capitalized
         lease in accordance with generally accepted accounting principles, in
         the case of items of indebtedness under (i) through (iii) above to the
         extent that any such items (other than letters of credit) would appear
         as a liability on the Issuer's consolidated balance sheet in
         accordance with generally accepted accounting principles, and also
         includes, to the extent not otherwise included, any obligation by the
         Issuer or any Subsidiary to be liable for, or to pay, as obligor,
         guarantor or otherwise (other than for purposes of collection in the
         ordinary course of business), indebtedness of another person (other
         than the Issuer or any Subsidiary) (it being understood that Debt
         shall be deemed to be incurred by the Issuer and its Subsidiaries on a
         consolidated basis whenever the Issuer and its Subsidiaries on a
         consolidated basis shall create, assume, guarantee or otherwise become
         liable in respect thereof); provided, however, that the term Debt
         shall not include any such indebtedness that has been the subject of
         an "in substance" defeasance in accordance with generally accepted
         accounting principles.

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

                  "Senior Executive Group" shall mean, collectively, those
         individuals holding the offices of Chairman, Vice Chairman, President,
         Chief Executive Officer, Chief Operating Officer, or any Executive
         Vice President of the Company.

                  "Subsidiary" means (i) any corporation or other entity the
         majority of the shares of the non-voting capital stock or other
         equivalent ownership interests of which (except directors' qualifying
         shares) are at the time directly or indirectly owned by the Issuer or
         Post GP Holdings, Inc, a Georgia corporation and the Issuer's general
         partner ("Post GP Holdings") and the majority of the shares of the
         voting capital stock or other equivalent ownership interests of which
         (except directors' qualifying shares) are at the time directly or
         indirectly owned by the Issuer, Post GP Holdings, any other
         Subsidiary, and/or one or more individuals of the Senior Executive
         Group (or, in the event of death or disability of any of such
         individuals, his/her respective legal representative(s)), or such
         individuals' successors in office as an officer of Post GP Holdings or
         the Secretary of such Subsidiary, and (ii) any other entity (other
         than Post GP Holdings) the accounts of which are consolidated with the
         accounts of the Issuer.

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

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

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

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

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

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

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

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such bank accounts or similar instruments or accounts as necessary to carry out
its responsibilities under the Agreement of Limited Partnership of the Issuer
without the prior written consent of a majority in principal amount of all of
the outstanding Notes. A breach of the foregoing covenant by the Issuer, and
continuance of such breach for a period of 60 days after there has been given,
by registered or certified mail, to the Issuer by the Trustee or to the Issuer
and the Trustee by the holders of at least 25% in principal amount of the
outstanding Notes a written notice as set forth in the Indenture, shall be an
event of default under the Indenture.

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

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

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

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

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

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

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

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

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

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

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         IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed under this corporate seal this 18th day of June, 2002.

                                    POST APARTMENT HOMES, L.P.

                                    By:  Post GP Holdings, Inc.
                                         as General Partner

                                         By:
                                            -----------------------------------
                                            R. Gregory Fox
                                            Executive Vice President and
                                            Chief Financial Officer

Attest:

-------------------------------
Sherry W. Cohen
Executive Vice President
and Secretary

[SEAL]

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TRUSTEE'S CERTIFICATE OF AUTHENTICATION:

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

SUNTRUST BANK, as Trustee

By:
   -------------------------
   Authorized Officer

By:
   -------------------------
   Authorized Officer

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                                ASSIGNMENT FORM

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

PLEASE INSERT SOCIAL
SECURITY OR OTHER IDENTIFYING
NUMBERS OF ASSIGNS

-------------------------------------------------------------------------------

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

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

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

Dated:
      -------------------------              ----------------------------------

                                             ----------------------------------

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

                                      11<PAGE>
                                                                   EXHIBIT 10.15

April 2, 2002

Mr. Joseph Cicio
239 Central Park West
Apt. 2D
New York, NY 10021

Dear Mr. Cicio:

On behalf of Mayors Jewelers, Inc. (the "Company"), I am pleased to offer
employment to you on the following terms and conditions:

1.       EMPLOYMENT. Should you choose to accept this offer, your employment
         with the Company would commence on March 4, 2002 (the "Effective
         Date").

2.       POSITION; DUTIES. You will be employed by the Company as its Chief
         Executive Officer. You will report directly and solely to the Board of
         Directors of the Company (the "Board"), and will perform such duties as
         are consistent with your position as Chief Executive Officer. You agree
         to use your best efforts to perform such duties faithfully, to devote
         substantially all of your working time to the business of the Company
         and its subsidiaries, and while you remain employed with the Company,
         you will not engage in any other business activity that is in conflict
         with your duties and obligations to the Company and its subsidiaries,
         except for the consulting agreements listed on Schedule 1 attached
         hereto.

3.       BASE SALARY. You will be paid a base salary at an annual rate of
         $350,000, payable in accordance with the normal payroll practices
         established by the Company.

4.       ANNUAL BONUS. For each fiscal year of the Company through which you
         remain employed, you will have the opportunity to earn a bonus based on
         achievement of targeted level of performance, as established in advance
         by the Compensation Committee of the Board after consultation with you.
         Targets for the 2002 fiscal year will be established within 90 days of
         the Effective Date. Your bonus will not be less than 1/3 of your base
         salary payable during such year, and will not be more than 100% of your
         base salary payable during such year.

5.       STOCK OPTION. On the Effective Date, you will be granted a
         non-qualified stock option to purchase 200,000 shares of the Company's
         common stock, with an exercise price per share equal to the closing
         price of the Company's stock on the trading day immediately preceding
         the Effective Date. The option will become exercisable in full on the
         first anniversary of the Effective Date, unless prior to that date, you
         voluntarily terminate your employment with the Company, at which time
         the option will expire. Once exercisable, the option will remain
         exercisable until the earlier of (i) the 10th anniversary of the date
         of grant of the option or (ii) the fifth anniversary of your
         termination of employment with the Company for any reason, except that
         if your employment is terminated for Cause (as defined below) the
         option will terminate immediately. The option will be granted pursuant
         to the Company's 1991 Stock Option Plan, and shall be subject to the
         terms of such plan. Shares issuable under such plan have been
         registered on a Form S-8.

6.       BENEFITS. The Company will provide you with such pension, vacation,
         fringe benefits and insurance coverages that it maintains its senior
         executives generally. In addition, the Company will provide
         reimbursement up to a maximum of $100,000 for the following expenses:
         (i) all travel, lodging, and associated expenses incurred in connection
         with your trips to Company headquarters, until you relocate to the
         South Florida area, (ii) legal fees related to the negotiation of this

<PAGE>

         Letter Agreement, and (iii) a Company provided car and apartment that
         are that are commensurate with your status as the Company's Chief
         Executive Officer and agreeable to you and the Company.

7.       INDEMNIFICATION. To the fullest extent permitted by law, the Company
         will indemnify you and hold you harmless from all claims arising from
         any action taken by you, or your failure to act, within the scope of
         your authority as an officer of the Company and/or its subsidiaries,
         unless the action or omission is fraudulent or constitutes willful
         misconduct or gross negligence. You shall also be covered under any
         directors & officers liability insurance policy secured by the Company.

8.       TERMINATION. Your employment with the Company will be at-will, meaning
         that you will be free to resign from the Company, and the Company will
         be free to terminate your employment, at any time. Upon any such
         termination or resignation, you will be entitled to any salary earned
         and accrued but not yet paid, any reimbursable business expenses
         incurred and not yet reimbursed, and any benefits to which you (or
         members of your family) may be entitled under any Company benefit plan.
         However, if prior to the first anniversary of the Effective Date, the
         Company terminates your employment for any reason other than Cause (as
         defined below) or if you resign for Good Reason (as defined below),
         then the Company shall pay (i) a lump sum amount equal to the bonus you
         otherwise would have been entitled to had you remained employed through
         the end of the fiscal year in which such termination or resignation
         occurs, multiplied by a fraction, the numerator of which is equal to
         the number of days elapsed from the beginning of such fiscal year until
         the date of such termination or resignation, and the denominator of
         which is 365 and (ii) a lump sum amount equal to 12 months of base
         salary, provided, however that in the event of any such termination or
         resignation that occurs following the execution, within 60 days of the
         Effective Date, of a definitive agreement, the consummation of which
         would result in the "beneficial ownership" (as such term is defined in
         Rule 13d-3 as promulgated under the Securities Exchange Act of e1934)
         by any "person" (as such term is used in sections 13(d) and 14(d) of
         the Securities Exchange Act of 1934), other than the Company, directly
         or indirectly, of securities representing 25% or more of the total
         number of votes that may be cast for the election of directors of the
         Company, you shall receive a lump sum payment equal to 6 months of base
         salary.

         For purposes of this letter agreement, the following terms have the
         meanings set forth below:

         "Cause" means that you (i) failed, refused or neglected to
         substantially perform your job functions (other than by reason of a
         physical or mental incapacity) that continued after you have been
         provided adequate and specific written notice thereof, (ii) materially
         breached this letter agreement which breach either cannot be cured or
         was not cured after adequate and specific written notice thereof, (iii)
         engaged in any act of material misconduct with respect to the business
         of the Company, or (iv) were convicted of, or entered a plea of guilty
         or NOLO CONTENDERE to, a felony.

         "Good Reason" means that the Company (i) a materially breached its
         obligations under this Agreement after you have provided to the Company
         adequate and specific written notice thereof or (ii) ceased to provide
         coverage to you under its directors & officers liability insurance
         policy.

9.       WITHHOLDING. The Company shall have the right to withhold from any
         amount payable hereunder an amount necessary in order for the Company
         to satisfy any withholding tax obligation it may have under applicable
         law. As a condition to your receipt of any shares upon exercise of your
         option, you must pay to the Company any amount necessary to enable the
         Company to satisfy its withholding tax obligations.

10.      PROPRIETARY INFORMATION. You understand that your work with the Company
         will involve access to and creation of confidential (including trade
         secrets) and proprietary information (collectively "Proprietary
         Information") and recognize that it is in the legitimate business
         interest of the Company to restrict your disclosure or use of
         Proprietary Information. You therefore agree that you will maintain the
         confidentiality of, and will never use or disclose, or authorize any
         other person or entity to use or disclose, any Proprietary Information,
         other than in connection with your employment as necessary to further
         the business objectives of the Company or as may be required by law or
         legal process or as may be required for you to enforce your rights
         under this letter agreement or as a stockholder of the Company. The
         term Proprietary Information includes, by way of example and without
         limitation, matters of a technical nature, such as software design and
         specifications, scientific, trade and engineering secrets, "know-how",

                                       2
<PAGE>

         formulas, secret processes, drawings, works of authorship, machines,
         inventions, computer programs (including documentation of such
         programs), services, materials, patent applications, new product plans,
         other plans, technical information, technical improvements,
         manufacturing techniques, specifications, manufacturing and test data,
         progress reports and research projects, and matters of a business
         nature, such as business plans, prospects, financial information,
         proprietary information about costs, profits, markets, sales, lists of
         customers and suppliers of the Company and its affiliates, the
         management, operation and planning of the Company and its affiliates,
         procurement and promotional information, credit and financial data
         concerning customers or suppliers of the Company and its affiliates,
         and other information of a similar nature to the extent not available
         to the public, and plans for future development, but does not include
         any information that has been publicly disclosed or is known to you
         prior to accepting employment with the Company. You acknowledge that
         your obligations under this paragraph shall survive your termination of
         employment with the Company.

11.      INNOVATIONS. You agree to promptly and fully disclose to the Company
         all ideas, inventions, discoveries, creations, designs, materials,
         works of authorship, trademarks, and other technology and rights (and
         any related improvements or modifications thereof), whether patentable
         or not, copyrightable or not, or otherwise protectable or not under any
         form of legal protection afforded to intellectual property
         (collectively, "Innovations"), relating to any activities of the
         Company and its affiliates, conceived or developed by you alone or with
         others during the term of your employment, whether or not conceived
         during regular business hours. Such Innovations shall be the sole
         property of the Company. To the extent possible, such Innovations shall
         each be considered a Work Made For Hire by you for the Company within
         the meaning of the U.S. Copyright Act. To the extent the Innovations
         may not be considered such a Work Made For Hire, you agree to assign,
         and automatically assign to the Company at the time of creation of the
         Innovations, without additional consideration, any right, title, or
         interest you may have in such Innovations. You will (whether during or
         after your employment with the Company) execute such written
         instruments and do other such acts as may be necessary in the
         reasonable opinion of the Company to obtain a patent, register a
         copyright, or otherwise protect or enforce the Company's rights in such
         Innovations. You agree to assist the Company in obtaining or
         maintaining for itself at its own expense United States and foreign
         patents, copyrights, trade secret protection or other protection of any
         and all Innovations.

12.      NO CONFLICTS. You represent and warrant to the Company that your
         acceptance of employment and the performance of your duties for the
         Company will not conflict with or result in a violation or breach of,
         or constitute a default under any contract, agreement or understanding
         to which you are or were a party or of which you are aware and that
         there are no restrictions, covenants, agreements or limitations on your
         right or ability to enter into and perform the terms of this letter
         agreement.

13.      GOVERNING LAW. The terms of this letter agreement and any action
         arising thereunder, shall be governed by and construed in accordance
         with the domestic laws of the State of Florida, without giving effect
         to any choice of law or conflict of law provision or rule (whether of
         the State of Florida or any other jurisdiction) that would cause the
         application of the laws of any jurisdiction other than the State of
         Florida.

14.      DISPUTE RESOLUTION. Any controversy or claim arising out of or relating
         to this Agreement, or breach thereof (except, at the election of the
         Company, for injunctive relief with respect to disputes arising out of
         an alleged breach or threatened breach of paragraph 10 or 11), shall be
         submitted to arbitration in Broward County, Florida in accordance with
         the Rules of the American Arbitration Association, and judgment upon
         the award may be entered in any court having jurisdiction thereof,
         provided, however, that the parties agree that (i) the panel of
         arbitrators shall be prohibited from disregarding, adding to or
         modifying the terms of this Agreement; (ii) the panel of arbitrators
         shall be required to follow established principles of substantive law
         and the law governing burdens of proof; (iii) only legally protected
         rights may be enforced in arbitration; (iv) the panel of arbitrators
         shall be without authority to award punitive or exemplary damages; (v)
         the chairperson of the arbitration panel shall be an attorney licensed

                                       3
<PAGE>

         to practice law in Florida who has experience in similar matters; and
         (vii) any demand for arbitration made by the executive must be filed
         and served, if at all, within 365 days of the occurrence of the act or
         omission complained of. Any claim or controversy not submitted to
         arbitration in accordance with this paragraph shall be considered
         waived and, thereafter, no arbitration panel or tribunal or court shall
         have the power to rule or make any award on any such claim or
         controversy. The award rendered in any arbitration proceeding held
         under this paragraph shall be final and binding, and judgment upon the
         award may be entered in any court having jurisdiction thereof, PROVIDED
         that the judgment conforms to established principles of law and is
         supported by substantial record evidence.

15.      ENTIRE AGREEMENT. Upon the Effective Date, this letter agreement
         supersedes all previous and contemporaneous communications, agreements
         and understandings, whether oral or written, between you, on the one
         hand, and the Company or any of its affiliates, on the other hand, and
         (except for sections 4(b) and 19 of the consulting agreement dated
         September 1, 2001 between you and the Company (the "Consulting
         Agreement"), which shall remain in effect and section 6 of the
         Consulting Agreement which shall remain in effect with respect to
         expenses that were incurred prior to the Effective Date and not yet
         reimbursed) constitutes the sole and entire agreement between you and
         the Company pertaining to the subject matter hereof.

                                     * * * *

                                       4
<PAGE>

If the foregoing is acceptable to you, kindly sign and return to me one copy of
this letter agreement, and this letter agreement shall constitute a binding
agreement between you and the Company.

                Sincerely yours,

                Mayors Jewelers, Inc.

                By: /s/ MARC WEINSTEIN [ON BEHALF OF THE COMPENSATION COMMITTEE]
                   ------------------------------------------------------------
                   Name: Marc Weinstein
                   Title:  Chief Operating Officer

AGREED TO AND ACCEPTED BY:

/s/ JOSEPH CICIO
-----------------------------
Joseph Cicio

                                       5

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