Document:

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                                                                   EXHIBIT 10.25

                                                      PERSONAL AND CONFIDENTIAL

                              IRT PROPERTY COMPANY

                    FIRST AMENDMENT TO THE RESTRICTED STOCK

                      AWARD AGREEMENT AND PLEDGE AGREEMENT

                          AND SECURED PROMISSORY NOTE

         The Restricted Stock Award Agreement (the "Award Agreement"), the
Secured Promissory Note (the "Note"), and the Pledge Agreement (the "Pledge
Agreement"), each dated June 18, 1998, by and among IRT Property Company (the
"Company") and W. Benjamin Jones, III (the "Executive"), are each hereby
amended as follows:

A.     THE AWARD AGREEMENT

The Award Agreement is hereby amended by adding the following Paragraphs 7 and
8:

       "      7.     VESTING ON CHANGE OF CONTROL. Notwithstanding any other
       provisions of this Agreement, upon the occurrence of a Change of
       Control, all of the shares of Restricted Stock granted to the Executive
       under the Award Agreement shall be vested immediately.

              8.     CERTAIN DEFINITIONS.

                     (a)    Affiliated Company shall mean any corporation,
       partnership, limited liability company, trust and/or other entity
       controlled by, controlling or under common control with, the Company.
       Unless the context clearly requires otherwise, as used herein, the
       Company shall include all its Affiliated Companies.

                     (b)    Change of Control shall mean:

                     (1)    The acquisition by any Person of beneficial
       ownership (within the meaning of SEC Rule 13d-3 under the Exchange Act)
       of 25% or more of the combined voting power of (x) all the then
       outstanding shares of Company common stock ("Outstanding Company Common
       Stock") and (y) all then outstanding voting securities of the Company
       entitled to vote generally in the election of directors and/or all
       outstanding securities and/or rights to acquire (whether by conversion,
       exchange or otherwise) voting securities of the Company entitled to vote
       generally in the election of directors (collectively with the
       Outstanding Company Common Stock, the "Outstanding Company Voting
       Securities"); provided, however, that for purposes of this subsection
       (1), the following acquisitions shall not constitute a Change of
       Control: (i) any acquisition by a Person who was on November 1, 1997 the
       beneficial owner of 25% or more of the Outstanding Company Voting
       Securities, (ii) any acquisition by the
<PAGE>   2

       Company, provided no Change in Control has previously occurred or would
       result therefrom under subsections 8(b)(2) and 8(b)(3) of this
       Agreement, (iii) any acquisition by any employee benefit plan (or
       related trust) sponsored or maintained by the Company or any Affiliated
       Company, or (iv) any acquisition by any Person pursuant to a transaction
       which complies with clauses (i), (ii) and (iii) of subsection (3) of
       this Section 8(b); or

                     (2)    Individuals who, as of November 1, 1997, constitute
       the Board (the "Incumbent Board") cease for any reason to constitute at
       least a majority of the Board; provided, however, that any individual
       becoming a director subsequent to November 1, 1997 whose election, or
       nomination for election by the Company's stockholders, was approved by a
       vote of at least a majority of the directors then comprising the
       Incumbent Board shall be considered as though such individual were a
       member of the Incumbent Board, but excluding, for this purpose, any such
       individual whose initial assumption of office occurs as a result of 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 a Person other than the Board; or

                     (3)    Consummation of a reorganization, merger or
       consolidation, a sale, liquidation or partial liquidation, or other
       disposition of all or substantially all (e.g., 50% or more) of the
       assets of the Company in one or a series of transactions, and/or any
       combination of the foregoing (a "Business Combination"), in each case,
       unless, following such Business Combination, (i) all or substantially
       all of the Persons who were the beneficial owners, respectively, of the
       Outstanding Company Common Stock and Outstanding Company Voting
       Securities immediately prior to such Business Combination beneficially
       owns (within the meaning of SEC Rule 13d-3 under the Exchange Act),
       directly or indirectly, more than 60% of, respectively, the then
       outstanding shares of common stock and the combined voting power of the
       then outstanding voting securities entitled to vote generally in the
       election of directors, as the case may be, of the entity resulting from
       such Business Combination (including, without limitation, an entity
       which as a result of such transaction beneficially owns (within the
       meaning of SEC Rule 13d-3 under the Exchange Act) the Company or all or
       substantially all (e.g., 50% or more) of the Company's assets either
       directly or through one or more subsidiaries, partnerships, limited
       liability companies, trusts and/or other entities or Persons) in
       substantially the same proportions as their beneficial ownership,
       immediately prior to such Business Combination of the Outstanding
       Company Common Stock and Outstanding Company Voting Securities, as the
       case may be, (ii) no Person (excluding any corporation or other entity
       resulting from such Business Combination or any employee benefit plan
       (or related trust) of the Company or such corporation or entity
       resulting from such Business Combination) beneficially owns (within the
       meaning of SEC Rule 13d-3 under the Exchange Act), directly or
       indirectly, 25% or more of the combined voting power of the then
       outstanding voting securities of such corporation or entity except to
       the extent that such ownership existed prior to the Business

                                      -2-
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       Combination, and (iii) at least a majority of the members of the board
       of directors or other governing body, including trustees and/or general
       partners) of the corporation or entity resulting from such Business
       Combination were members of the Incumbent Board at the time of the
       execution of the initial agreement, or of the action of the Board,
       providing for such Business Combination.

                     (c)    Exchange Act shall mean the Securities Exchange Act
       of 1934, as amended and the rules and regulations of the Securities and
       Exchange Commission ("SEC") thereunder.

                     (d)    Person shall mean any individual, entity or group
       (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange
       Act."

B.     THE NOTE

The following is hereby inserted as the penultimate paragraph on page 3 of the
Note:

       "     Upon the occurrence of a Change of Control as defined in the Award
       Agreement, as amended, the entire principal amount of the Note and all
       accrued and unpaid interest thereunder shall be forgiven and such Note
       shall be deemed paid in full without the necessity of any payment from
       the Borrower."

C.     THE PLEDGE AGREEMENT

Section 12 of the Pledge Agreement is hereby amended to read in its entirety as
follows:

       "Section 12. Termination. Upon payment in full of the Note, or upon a
       Change of Control as defined in the Award Agreement as amended, this
       Agreement shall terminate. Upon termination of this Agreement in
       accordance with its terms, the Secured Party agrees to take such actions
       as the Pledgor may reasonably request (a) to return the Collateral to
       the Pledgor, and (b) to evidence the termination of this Agreement."

       The foregoing amendments are entered into in consideration of the
continued service by Executive to the Company, and other good and valuable
consideration, the receipt and sufficiency of which are acknowledged.

                                      -3-
<PAGE>   4

         The Executive and the Company, intending to be legally bound, have
executed or caused this Agreement to be executed by the undersigned thereunto
duly authorized officer, to be effective as of December 17, 1999.

                                          IRT PROPERTY COMPANY

                                          By:  /s/ Thomas H. McAuley
                                             -----------------------
                                          Its President and CEO

                                          /s/ W. Benjamin Jones, III
                                          --------------------------
                                          Executive: W. Benjamin Jones, III
                                                     ----------------------

                                      -4-<PAGE>   1
                                                                   EXHIBIT 10.26

                                                      PERSONAL AND CONFIDENTIAL

                              IRT PROPERTY COMPANY

                    FIRST AMENDMENT TO THE RESTRICTED STOCK

                      AWARD AGREEMENT AND PLEDGE AGREEMENT

                          AND SECURED PROMISSORY NOTE

       The Restricted Stock Award Agreement (the "Award Agreement"), the
Secured Promissory Note (the "Note"), and the Pledge Agreement (the "Pledge
Agreement"), each dated June 18, 1998, by and among IRT Property Company (the
"Company") and Robert E. Mitzel (the "Executive"), are each hereby amended as
follows:

A.     THE AWARD AGREEMENT

The Award Agreement is hereby amended by adding the following Paragraphs 7 and
8:

       "       7.      VESTING ON CHANGE OF CONTROL. Notwithstanding any other
       provisions of this Agreement, upon the occurrence of a Change of
       Control, all of the shares of Restricted Stock granted to the Executive
       under the Award Agreement shall be vested immediately.

               8.      CERTAIN DEFINITIONS.

               (a)     Affiliated Company shall mean any corporation,
       partnership, limited liability company, trust and/or other entity
       controlled by, controlling or under common control with, the Company.
       Unless the context clearly requires otherwise, as used herein, the
       Company shall include all its Affiliated Companies.

               (b)     Change of Control shall mean:

                       (1)    The acquisition by any Person of beneficial
       ownership (within the meaning of SEC Rule 13d-3 under the Exchange Act)
       of 25% or more of the combined voting power of (x) all the then
       outstanding shares of Company common stock ("Outstanding Company Common
       Stock") and (y) all then outstanding voting securities of the Company
       entitled to vote generally in the election of directors and/or all
       outstanding securities and/or rights to acquire (whether by conversion,
       exchange or otherwise) voting securities of the Company entitled to vote
       generally in the election of directors (collectively with the
       Outstanding Company Common Stock, the "Outstanding Company Voting
       Securities"); provided, however, that for purposes of this subsection
       (1), the following acquisitions shall not constitute a Change of
       Control: (i) any acquisition by a Person who was on November 1, 1997 the
       beneficial owner of 25% or more of the Outstanding Company Voting
       Securities, (ii) any acquisition by the Company, provided no Change in
       Control has previously occurred or would result
<PAGE>   2

       therefrom under subsections 8(b)(2) and 8(b)(3) of this Agreement, (iii)
       any acquisition by any employee benefit plan (or related trust)
       sponsored or maintained by the Company or any Affiliated Company, or
       (iv) any acquisition by any Person pursuant to a transaction which
       complies with clauses (i), (ii) and (iii) of subsection (3) of this
       Section 8(b); or

               (2)     Individuals who, as of November 1, 1997, constitute the
       Board (the "Incumbent Board") cease for any reason to constitute at
       least a majority of the Board; provided, however, that any individual
       becoming a director subsequent to November 1, 1997 whose election, or
       nomination for election by the Company's stockholders, was approved by a
       vote of at least a majority of the directors then comprising the
       Incumbent Board shall be considered as though such individual were a
       member of the Incumbent Board, but excluding, for this purpose, any such
       individual whose initial assumption of office occurs as a result of 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 a Person other than the Board; or

               (3)     Consummation of a reorganization, merger or
       consolidation, a sale, liquidation or partial liquidation, or other
       disposition of all or substantially all (e.g., 50% or more) of the
       assets of the Company in one or a series of transactions, and/or any
       combination of the foregoing (a "Business Combination"), in each case,
       unless, following such Business Combination, (i) all or substantially
       all of the Persons who were the beneficial owners, respectively, of the
       Outstanding Company Common Stock and Outstanding Company Voting
       Securities immediately prior to such Business Combination beneficially
       owns (within the meaning of SEC Rule 13d-3 under the Exchange Act),
       directly or indirectly, more than 60% of, respectively, the then
       outstanding shares of common stock and the combined voting power of the
       then outstanding voting securities entitled to vote generally in the
       election of directors, as the case may be, of the entity resulting from
       such Business Combination (including, without limitation, an entity
       which as a result of such transaction beneficially owns (within the
       meaning of SEC Rule 13d-3 under the Exchange Act) the Company or all or
       substantially all (e.g., 50% or more) of the Company's assets either
       directly or through one or more subsidiaries, partnerships, limited
       liability companies, trusts and/or other entities or Persons) in
       substantially the same proportions as their beneficial ownership,
       immediately prior to such Business Combination of the Outstanding
       Company Common Stock and Outstanding Company Voting Securities, as the
       case may be, (ii) no Person (excluding any corporation or other entity
       resulting from such Business Combination or any employee benefit plan
       (or related trust) of the Company or such corporation or entity
       resulting from such Business Combination) beneficially owns (within the
       meaning of SEC Rule 13d-3 under the Exchange Act), directly or
       indirectly, 25% or more of the combined voting power of the then
       outstanding voting securities of such corporation or entity except to
       the extent that such ownership existed prior to the Business
       Combination, and (iii) at least a majority of the members of the board
       of directors

                                      -2-
<PAGE>   3

       or other governing body, including trustees and/or general partners) of
       the corporation or entity resulting from such Business Combination were
       members of the Incumbent Board at the time of the execution of the
       initial agreement, or of the action of the Board, providing for such
       Business Combination.

               (c)     Exchange Act shall mean the Securities Exchange Act of
       1934, as amended and the rules and regulations of the Securities and
       Exchange Commission ("SEC") thereunder.

               (d)     Person shall mean any individual, entity or group
       (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange
       Act."

B.     THE NOTE

The following is hereby inserted as the penultimate paragraph on page 3 of the
Note:

       "       Upon the occurrence of a Change of Control as defined in the
       Award Agreement, as amended, the entire principal amount of the Note and
       all accrued and unpaid interest thereunder shall be forgiven and such
       Note shall be deemed paid in full without the necessity of any payment
       from the Borrower."

C.     THE PLEDGE AGREEMENT

Section 12 of the Pledge Agreement is hereby amended to read in its entirety as
follows:

       "Section 12. Termination. Upon payment in full of the Note, or upon a
       Change of Control as defined in the Award Agreement as amended, this
       Agreement shall terminate. Upon termination of this Agreement in
       accordance with its terms, the Secured Party agrees to take such actions
       as the Pledgor may reasonably request (a) to return the Collateral to
       the Pledgor, and (b) to evidence the termination of this Agreement."

       The foregoing amendments are entered into in consideration of the
continued service by Executive to the Company, and other good and valuable
consideration, the receipt and sufficiency of which are acknowledged.

                                      -3-
<PAGE>   4

       The Executive and the Company, intending to be legally bound, have
executed or caused this Agreement to be executed by the undersigned thereunto
duly authorized officer, to be effective as of December 17, 1999.

                                             IRT PROPERTY COMPANY

                                             By: /s/ Thomas H. McAuley
                                                ----------------------
                                             Its President and CEO

                                             /s/ Robert E. Mitzel
                                             --------------------
                                             Executive: Robert E. Mitzel
                                                        ----------------

                                      -4-

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