Document:

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                                                                   Exhibit 10.35

                          Change in Control Agreements

The following is a list of executive officers who have entered into Change in
Control Agreements with the Company in the form set below:

                                Sherry W. Cohen

                                Douglas S. Gray

                           CHANGE IN CONTROL AGREEMENT

            This Change in Control Agreement , or "Agreement", is entered into
by and between Post Properties, Inc., a Georgia corporation, and _____________,
or "Executive".

            WHEREAS, Executive currently is employed as a senior executive of
Post or a Post Affiliate; and

            WHEREAS, Post desires to continue to retain Executive's services,
trust, confidence and complete and undivided attention if there is any
speculation regarding a Change in Control of Post;

            NOW, THEREFORE, in consideration of the mutual promises and
agreements contained in this Agreement and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
Post and Executive hereby agree as follows:

                                   Section 1.

                                   Definitions

      1.1 Board. The term "Board" for purposes of this Agreement shall mean the
Board of Directors of Post.

      1.2 Cause. The term "Cause" for purposes of this Agreement shall (subject
to Section 1.2(e)) mean:

            (a) Executive is convicted of, pleads guilty to, or confesses or
      otherwise admits any felony or any act of fraud, misappropriation or
      embezzlement or Executive otherwise engages in a fraudulent act or course
      of conduct;

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

            (c) Executive breaches in any material respect any of the covenants
      set forth in Section 3, Section 4 or Section 5 of this Agreement;
      provided, however,

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            (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 Post'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 Section 1.2(b) or Section 1.2(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 two thirds 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.

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

            (d) the shareholders of Post approve any reorganization, merger,
      consolidation or share exchange as a result of which the common stock of
      Post shall be changed, converted or exchanged into or for securities of
      another organization (other than a merger with a Post Affiliate or a
      wholly-owned subsidiary of Post) or any dissolution or liquidation of Post
      or any sale or the disposition of 50% or more of the assets or business of
      Post; or

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            (e) the shareholders of Post approve 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 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
      Section 1.3(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 (iii) the percentage described in Section 1.3(e)(i) of the
      beneficially owned shares of the successor or survivor corporation and the
      number described in Section 1.3(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 Section 1.3(e)(i) immediately before the
      consummation of such transaction.

      1.4 Code. The term "Code" for purposes of this Agreement shall mean the
Internal Revenue Code of 1986, as amended.

      1.5 Compensation Committee. The term "Compensation Committee" for purposes
of this Agreement means the Compensation Committee of the Board.

      1.6 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 a Post Affiliate (not
otherwise included in the definition of Trade Secret in Section 1.18 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 a Post Affiliate.

      1.7 Disability. The term "Disability" for purposes of this Agreement means
that Executive is unable as a result of a mental or physical condition or
illness to perform the essential functions of Executive's job at Post even with
reasonable accommodation for any consecutive 180-day period, all as reasonably
determined by the Compensation Committee.

      1.8 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

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Commission if the Change in Control is made effective other than through a
transaction which has a "closing".

      1.9 Exchange Act. The term "Exchange Act" for purposes of this Agreement
shall mean the Securities Exchange Act of 1934, as amended.

      1.10 Good Reason. The term "Good Reason" for purposes of this Agreement
shall (subject to Section 1.10(e)) mean:

            (a) there is a reduction after a Change in Control but before the
      end of Executive's Protection Period in Executive's combined salary from
      Post and from each Post Affiliate or there is a reduction after a Change
      in Control but before the end of Executive's Protection Period in
      Executive's combined opportunity to receive any incentive compensation or
      bonuses from Post and from each Post Affiliate without Executive's express
      written consent;

            (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 at Post or at any
      Post Affiliate (other than as a result of a mere change in Executive's
      title if such change in title is consistent with the organizational
      structure of Post and any Post Affiliate following such Change in Control)
      without Executive's express written consent;

            (c) Post or any Post Affiliate at any time after a Change in Control
      but before the end of Executive's Protection Period (without Executive's
      express written consent) transfers Executive's primary work site from
      Executive's primary work site on the date of such Change in Control or, if
      Executive subsequently consents in writing to such a transfer under this
      Agreement, from the primary work site which was the subject of such
      consent, to a new primary work site which is more than 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) Post or any Post Affiliate fails (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, executive
      perquisites (other than the use of a company airplane for personal
      purposes) and stock option and restricted stock grants that are in the
      aggregate comparable in value to those provided to Executive immediately
      prior to the Change in Control Date; provided, however,

            (e) No such act or omission shall be treated as "Good Reason" under
      this Agreement unless

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                  (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 which 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 Section 1.10(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 which 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) Post 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 which starts on the date such statement is actually delivered
            to Executive;

            (f) If (A) Executive gives the Compensation Committee the statement
      described in Section 1.10(e)(i) before the end of the thirty (30) day
      period which immediately follows the end of the Protection Period and
      Executive thereafter resigns within the period described in Section
      1.10(e)(i) or (B) Post provides the statement to Executive described in
      Section 1.10(e)(ii) before the end of the thirty (30) day period which
      immediately follows the end of the Protection Period and Executive
      thereafter resigns within the period described in Section 1.10(e)(ii),
      then (C) such resignation shall be treated under this Agreement as if made
      in Executive's Protection Period; and

            (g) If Executive consents in writing to any reduction described in
      Section 1.10(a) or Section 1.10(b), to any transfer described in Section
      1.10(c) or to any failure described in Section 1.10(d) in lieu of
      exercising Executive's right to resign for Good Reason and delivers such
      consent to Post, the date such consent is delivered to Post 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 Section 2(a) or Section 2(c) as a
      result of any subsequent reduction described in Section 1.10(a) or Section
      1.10(b), any subsequent transfer described in Section 1.10(c) or any
      subsequent failure described in Section 1.10(d).

      1.11 Gross Up Payment. The term "Gross Up Payment" for purposes of this
Agreement shall mean a payment to or on behalf of Executive which shall be
sufficient to pay (a) any excise tax described in Section 8 in full, (b) any
federal, state and local income

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tax and social security and other employment tax on the payment made to pay such
excise tax as well as any additional taxes on such payment and (c) any interest
or penalties assessed by the Internal Revenue Service on Executive which are
related to the payment of such excise tax unless such interest or penalties are
attributable to Executive's willful misconduct or gross negligence.

      1.12 Multifamily Property. The term "Multifamily Property" for purposes of
this Agreement shall mean any real property on which an upscale multifamily
residential-use development has been constructed or is under construction of the
date of this Agreement.

      1.13 Post. The term "Post" for purposes of this Agreement shall mean Post
Properties, Inc. and any successor to Post.

      1.14 Post Affiliate. The term "Post Affiliate" for purposes of this
Agreement shall mean (a) Post Apartment Homes, L.P. and any successor to such
organization, (b) Post Services, Inc. and any successor to such organization,
(c) Post GP Holdings, Inc. and any successor to such organization and (d) any
other organization if Post, Post Apartment Homes, L.P., Post Services, Inc. or
Post GP Holdings, Inc. (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) 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.

      1.15 Protection Period. The term "Protection Period" for purposes of this
Agreement shall (subject to Section 1.10(f)) mean the two (2) year period which
begins on the Effective Date for a Change in Control.

      1.16 Restricted Period. The term "Restricted Period" for purposes of this
Agreement shall mean the period which starts on the date Executive's employment
by Post or a Post Affiliate terminates under circumstances which create an
obligation for Post under Section 2 of this Agreement and which ends (a) on the
first anniversary of such termination date or (b) on the first date following
such a termination on which Post breaches any obligation to Executive under
Section 2 of this Agreement, whichever period is shorter.

      1.17 Salary and Bonus. The term "Salary and Bonus" for purposes of this
Agreement shall mean the sum of

            (a) Executive's combined annual salary (as determined without regard
      to any salary deferral election) from Post and each Post Affiliate in
      effect on the day before Executive's employment terminates under Section
      2(a)(1) or, if greater,

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      Executive's average annualized combined annual salary (as determined
      without regard to any salary deferral election) from Post and each Post
      Affiliate over the three (3) consecutive year period (or, if less,
      Executive's period of employment by Post) which ends on the date that
      Executive's employment so terminates, and

            (b) the average annual bonuses which have been paid by Post and any
      Post Affiliate (whether paid at the discretion of Post or any Post
      Affiliate or pursuant to the terms of any plan or program) or which would
      have been paid but for a bonus deferral election with respect to
      Executive's performance over the three (3) consecutive year period (or, if
      less, Executive's period of employment by Post) whether 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; provided, however,

            (c) neither the value of any stock option or restricted stock grants
      made by Post or any Post Affiliate 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 shall be treated as part of Executive's salary
      under Section 1.17(a) or as part of Executive's bonuses under Section
      1.17(b).

      1.18 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 a Post Affiliate
      to maintain its secrecy.

                                   Section 2.

                            Compensation and Benefits

            (a) General Rule.

                  (1) If there is a Change in Control and Post during
            Executive's Protection Period terminates Executive's employment
            without Cause or Executive during Executive's Protection Period
            resigns for Good Reason, then

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                  (2) Post shall pay Executive two (2.0) times Executive's then
            Salary and Bonus in cash in a lump sum within thirty (30) days after
            the date Executive's employment so terminates;

                  (3) (a) 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 Executive's
            employment so terminates 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
            termination of Executive's employment) or for the remainder of
            Executive's Protection Period, whichever is less, subject to the
            same terms and conditions as if Executive had remained employed by
            Post or a Post Affiliate for such term or such period (other than
            any term or condition which gives Post the right to cancel any such
            option) and (b) 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;

                  (4) (a) Executive shall have no obligation or liability
            whatsoever for the repayment of any outstanding loan from Post or a
            Post Affiliate until the due date for repayment under the terms of
            such loan (as determined as if there had been no such termination of
            Executive's employment) or until the end of Executive's Protection
            Period, whichever comes first, (b) Executive shall be treated during
            the period over which no repayment is due pursuant to this Section
            2(a)(4)(b) as if he or she had remained in the employ of Post or a
            Post Affiliate for all purposes, including any provision in such
            loan or in any agreement related to such loan which provides for the
            forgiveness of such loan while Executive remains employed by Post or
            a Post Affiliate and (c) Post shall pay Executive in cash within
            thirty (30) days after the date Executive's employment so terminates
            1.40% of the excess, if any, of the then principal and interest
            outstanding on such termination date on each loan which had been
            made by Post or a Post Affiliate to Executive to help Executive
            purchase shares of Post stock (whether made under Post's "senior
            management stock ownership program" or otherwise) over the "total
            market value" of such shares of stock on such termination date or,
            if such Post stock has been converted into shares of stock in a
            successor corporation, the "total market value" of such shares of
            stock in such successor corporation, where such "total market value"
            shall be determined by multiplying the number of such shares of
            stock by (1) the closing price for such shares on such termination
            date as reported in The Wall Street Journal or, if there is no
            closing price on such termination date, (2) the closing price for
            such

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            shares of stock as reported in The Wall Street Journal for the first
            date which immediately precedes such termination date for which
            there is a closing price for such shares of stock or, if The Wall
            Street Journal no longer reports a closing price for such shares,
            (3) the fair market value of a share of such stock as determined in
            any manner which is acceptable to Executive; and

                  (5) Post from the date of such termination of Executive's
            employment until the end of Executive's Protection Period shall
            continue to provide to Executive (a) the same coverage and benefits
            as Executive was provided under Post's employee benefit plans,
            policies and practices on the day before Executive's employment
            terminated or, at Executive's election, on any date in the one (1)
            year period which ends on the date of such termination of employment
            and (b) the same executive perquisites (other than the use of a
            company airplane for personal purposes) as Executive enjoyed on the
            day before Executive's employment terminated or, at Executive's
            election, on any date in the one (1) year period which ends on the
            date of such termination; provided, however, if Post cannot provide
            such coverage and benefits under Post's employee benefit plans,
            policies or programs, Post either shall provide such coverage and
            benefits to Executive outside such plans, policies and programs at
            no additional expense or tax liability to Executive or shall
            reimburse Executive for Executive's cost to purchase such coverage
            and benefits and for any tax liability for such reimbursements.

            (b) No Increase in Other Benefits. If Executive's employment
      terminates under the circumstances described in Section 2(a)(1) or Section
      2(c), Executive expressly waives Executive's right, if any, to have any
      payment made under Section 2(a) taken into account to increase the
      benefits otherwise payable to, or on behalf of, Executive under any
      employee benefit plan, policy or program, whether qualified or
      nonqualified, maintained by Post or a Post Affiliate.

            (c) Termination in Anticipation of a Change in Control. Executive
      shall be treated under Section 2(a) as if Executive's employment had been
      terminated without Cause or Executive had resigned for Good Reason during
      Executive's Protection Period if

                  (1) Executive's employment is terminated by Post without Cause
            or Executive resigns for Good Reason,

                  (2) such termination is effected or such resignation is
            effective at any time in the sixty (60) day period which ends on the
            date of a Change in Control, and

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                  (3) there is an Effective Date for such Change in Control.

            (d) Death or Disability. Executive agrees that Post will have no
      obligation to Executive under this Section 2 if Executive's employment
      terminates exclusively as a result of Executive's death or a Disability.

                                   Section 3.

                          No Solicitation of Customers

            Executive will not, during the Restricted Period, for purposes of
competing with Post or a Post Affiliate, solicit or seek to 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, leasing, or landscaping of a Multifamily Property, any entity or
person who was a customer of Post, and 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 Post.

                                   Section 4.

                            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, leasing or landscaping of a Multifamily Property, any person who was
employed by Post or a Post Affiliate in an executive, managerial, or supervisory
capacity during the term of Executive's employment by Post, with whom Executive
had business dealings during the two (2) year period which ends on the date
Executive's employment by Post terminates (whether or not such employee would
commit a breach of contract), and who has not ceased to be employed by Post or a
Post Affiliate for a period of at least one (1) year.

                                   Section 5.

            Trade Secrets and Confidential or Proprietary Information

            Executive hereby agrees that Executive will hold in a fiduciary
capacity for the benefit of Post and each Post 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 Post 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.

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            Executive in addition agrees that Executive during the Restricted
Period will hold in a fiduciary capacity for the benefit of Post and each Post
Affiliate, and will not 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 Post.

                                   Section 6.

                      Reasonable and Necessary Restrictions

            Executive acknowledges that the restrictions, prohibitions and other
provisions set forth in this Agreement, including without limitation the
Restricted Period, are reasonable, fair and equitable in scope, terms and
duration; are necessary to protect the legitimate business interests of Post;
and are a material inducement to Post 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.

                                   Section 7.

                              Specific Performance

            Executive acknowledges that the obligations undertaken by him
pursuant to this Agreement are unique and that Post 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 Post' right to
specific performance of the terms of this Agreement is essential to protect the
rights and interests of Post. Accordingly, in addition to any other remedies
that Post may have at law or in equity, Post will have the right to have all
obligations, covenants, agreements and other provisions of this Agreement
specifically performed by Executive, and Post 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.

                                   Section 8.

                                 Tax Protection

            If Post or Post's independent accountants determine that any
payments and benefits called for under this Agreement together with any other
payments and benefits made available to Executive by Post or a Post Affiliate
will result in Executive being subject to an excise tax under Section 4999 of
the Code or if such an excise tax is

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assessed against Executive as a result of any such payments and other benefits,
Post shall make a Gross Up Payment to or on behalf of Executive as and when any
such determination or assessment is made, provided Executive takes such action
(other than waiving Executive's right to any payments or benefits in excess of
the payments or benefits which Executive has expressly agreed to waive under
this Section 8) as Post reasonably requests under the circumstances to mitigate
or challenge such tax; provided, however, if Post or Post's independent
accountants make such a determination and, further, determine that Executive
will not be subject to any such excise tax if Executive waives Executive's right
to receive a part of such payments or benefits and such part does not exceed
$10,000, Executive shall irrevocably waive Executive's right to receive such
part if an independent accountant or lawyer retained by Executive and paid by
Post agrees with the determination made by Post or Post's independent
accountants with respect to the effect of such reduction in payments or
benefits. Any determinations under this Section 8 shall be made in accordance
with Section 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 and, if Post reasonably requests that Executive take
action to mitigate or challenge, or to mitigate and challenge, any such tax or
assessment (other than waiving Executive's right to any payments or benefits in
excess of the payments or benefits which Executive has expressly agreed to waive
under this Section 8) and Executive complies with such request, Post 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.

                                   Section 9.

                            Miscellaneous Provisions

      9.1 Assignment. This Agreement is for the personal services of Executive,
and the rights and obligations of Executive under this Agreement are not
assignable in whole or in part by Executive without the prior written consent of
Post. This Agreement is assignable in whole or in part to any parent,
subsidiaries, or affiliates of Post, but only if such person or entity is
financially capable of fulfilling the obligations of Post under this Agreement,
and Post as part of any Change in Control which is made effective through a
transaction for which there is a "closing" shall assign Post's obligations under
this Agreement to Post's successor and such successor shall expressly agree to
such assignment or Post on or before the Effective Date for such Change in
Control shall (without any further action on the part of Executive) take the
action called for in Section 2 of this Agreement as if Executive had been
terminated without Cause on the Effective Date for such Change in Control
without regard to whether Executive's employment actually has terminated.

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      9.2 Governing Law. This Agreement will be governed by and construed under
the laws of the State of Georgia (without reference to the choice of law
principles under the laws of the State of Georgia). Executive consents to
jurisdiction and venue in the state and federal courts in the State of Georgia
for any action arising from a dispute under this Agreement, and for any such
action brought in such a court, expressly waives any defense Executive might
otherwise have based on lack of personal jurisdiction or improper venue, or that
the action has been brought in an inconvenient forum.

      9.3 Counterparts. This Agreement may be executed in counterparts, each of
which will be deemed an original, but all of which together will constitute one
and the same instrument.

      9.4 Headings; References. The headings and captions used in this Agreement
are used for convenience only and are not to be considered in construing or
interpreting this Agreement. Any reference to a section (Section) shall be to a
section (Section) of this Agreement unless there is an express reference to a
section (Section) of the Code or the Exchange Act, in which event the reference
shall be to the Code or to the Exchange Act, whichever is applicable.

      9.5 Attorneys Fees. If any action at law or in equity is necessary for
Executive to enforce or interpret the terms of this Agreement, Post shall 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, Post shall bear its own attorneys' fees and expenses and Executive
shall bear Executive's own attorneys' fees and expenses.

      9.6 Amendments and Waivers. Except as otherwise specified in this
Agreement, this Agreement may be amended, and the observance of any term of this
Agreement may be waived (either generally or in a particular instance and either
retroactively or prospectively), only with the written consent of Post and
Executive.

      9.7 Severability. Any provision of this Agreement held to be unenforceable
under applicable law will be enforced to the maximum extent possible, and the
balance of this Agreement will remain in full force and effect.

      9.8 Entire Agreement. This Agreement constitutes the entire understanding
and agreement of Post and Executive with respect to the transactions
contemplated in this Agreement, and this Agreement supersedes all prior
understandings and agreements between Post and Executive with respect to such
transactions.

      9.9 Notices. Any notice required under this Agreement to be given by
either Post or Executive will be in writing and will be deemed effectively given
upon personal delivery to the party to be notified or five (5) days after
deposit with the United States

                                      -13-
<PAGE>

Post office by registered or certified mail, postage prepaid, to the other party
at the address set forth below or to such other address as either party may from
time to time designate by ten (10) days advance written notice pursuant to this
Section 9.9. Each such written notice shall be directed as follows:

      If to Post, to Post Properties, Inc., One Riverside, 4401 Northside
      Parkway, Suite 800, Atlanta, Georgia 30027, Attention: Chief Executive
      Officer.

      If to Executive, to Executive at his or her most recent home address as
      shown in Post's personnel files.

      9.10 Binding Effect. This Agreement shall be for the benefit of, and shall
be binding upon, Post and Executive and their respective heirs, personal
representatives, legal representatives, successors and assigns, subject,
however, to the provisions in Section 9.1 of this Agreement.

      9.11 Not an Employment Contract. This Agreement is not an employment
contract and shall not give Executive the right to continue in employment by
Post or a Post Affiliate for any period of time or from time to time. Moreover,
this Agreement shall not adversely affect the right of Post or a Post Affiliate
to terminate Executive's employment with or without cause at any time.

      9.12. Term.

            (a) General Rule. Subject to Section 9.12(b), the initial term of
      this Agreement shall be a three (3) year term, which starts on the date of
      this Agreement, and this initial term automatically shall be extended for
      one additional year on the first anniversary of the date of this Agreement
      and for one additional year on each anniversary date thereafter unless
      Post at least 180 days before any such anniversary date advises Executive
      that there will be no such extension on such anniversary date.

            (b) Special Rule. If Executive has a right to any compensation or
      benefits under Section 2 before the term of this Agreement expires under
      Section 9.12(a), the term of this Agreement shall continue until Executive
      agrees that all of Post's obligations to Executive under this Agreement
      have been satisfied in full or a court of competent jurisdiction makes a
      final determination that Post has no further obligations to Executive
      under this Agreement, whichever comes first.

                                      -14-
<PAGE>

            IN WITNESS WHEREOF, Post and Executive have executed this Agreement
effective as of this ___ day of September, 2001.

                                                     POST PROPERTIES, INC.

                                                     By:________________________
                                                        David P. Stockert

                                                     EXECUTIVE

                                                     ___________________________

                                      -15-<PAGE>

                                                                   EXHIBIT 10.36

                                     MASTER
                              EMPLOYMENT AGREEMENT

            THIS EMPLOYMENT AGREEMENT (this "Agreement"), is made and entered
into on this 25th day of March, 2002, by and between JOHN A. WILLIAMS, an
individual resident of the State of Georgia ("Executive"), POST PROPERTIES,
INC., a Georgia corporation ("Post"), POST GP Holdings, Inc., a Georgia
corporation, as the general partner of POST APARTMENT HOMES, L.P., ("Holdings")
and Post Services, Inc., a Georgia corporation ("Services");

                              W I T N E S S E T H:

            WHEREAS, Post, Holdings and Services desire to employ Executive, and
Executive desires to be employed by Post, Holdings and Services on the terms and
conditions contained in this Agreement;

            NOW, THEREFORE, in consideration of the mutual promises and
agreements contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Post, Holdings,
Services and Executive, intending to be legally bound, do hereby agree as
follows:

                                    Section 1

                                   Employment

            Subject to the terms of this Agreement, Post, Holdings and Services
hereby employ Executive effective as of July 1, 2002, and Executive hereby
accepts such employment with Post, Holdings and Services. Executive shall serve
as Chairman of the Boards of Directors of Post, Holdings and Services and in
such capacities shall have, and shall discharge, such duties and
responsibilities as shall be assigned to him from time to time by the Boards of
Directors of Post, Holdings, and Services, but all such duties and
responsibilities shall be no more than part-time and consultative in nature and
none of such duties and responsibilities shall require Executive to maintain a
regular work schedule or shall involve day-to-day operating duties or
responsibilities. Executive shall report to the Board of Directors of Post with
respect to his duties and responsibilities as Chairman of the Board of Post, to
the Board of Directors of Holdings with respect to his duties and
responsibilities as Chairman of the Board of Holdings and to the Board of
Directors of Services with respect to his duties and responsibilities as
Chairman of the Board of Services. Subject to the other terms and conditions of
this Agreement, Executive, Post, Holdings and Services agree that Executive's

<PAGE>

compensation, accountabilities, and requirements shall be determined by Post's
Board of Directors or its Compensation Committee (the "Committee"), in their
sole discretion but after discussion with Executive, Holdings and Services.
Executive shall discharge his duties and responsibilities as set in accordance
with this Section 1 in good faith and with such care as is customarily required
by an individual undertaking similar duties for entities similar to Post,
Holdings and Services. Finally, Executive shall have the discretion to decide at
any time whether he is performing his duties or exercising his responsibilities
for Post, for Holdings or for Services.

                                    Section 2

                             Compensation; Expenses

            2.1. Base Salary. Executive shall be paid during the Term of this
Agreement (as described in Section 3.1), a minimum base salary equal to $150,000
per annum (his "Base Salary"), which amount shall be subject to upward
adjustment, if any, in accordance with this Section 2.1. The Committee shall
review Executive's Base Salary on a regular basis and shall make such upward
adjustment as the Committee deems appropriate to ensure that his Base Salary
remains competitive. Executive's Base Salary, less all applicable withholding
taxes, shall be paid to Executive in accordance with the payroll procedures in
effect with respect to executive officers of Post but shall be apportioned
between and actually be paid on Post's payroll, Holding's payroll (or, at its
option, the payroll of Post Apartment Homes, LP ("Post LP")) and Services'
payroll as agreed upon from time to time by Post, Holdings and Services.

            2.2. Stock Options. Executive shall be eligible to receive such
grants of options to purchase Post stock or grants of restricted Post stock as
the Committee determines in its discretion to grant to Executive from time to
time.

            2.3. Expenses. Executive shall be reimbursed for all reasonable
business-related expenses incurred by Executive at the request of or on behalf
of Post, Holdings or Services, including, without limitation, first class travel
and entertainment expenses incurred in connection with the performance of
Executive's duties and responsibilities, moving expenses and his cellular and
other expenses to maintain a complete, real time communications link with Post,
Holdings and Services while he is away from his office.

            2.4. Participation in Employee Benefit Plans.

            (a) General. Executive shall be entitled to participate in such
      medical, dental, disability, hospitalization, life insurance, profit
      sharing and other employee benefit plans as maintained from time to time
      for the benefit of executive officers of Post, Holdings and Services, on
      the terms and subject to the conditions set forth in such plans. However,
      if Post, Holdings and Services each maintain the same plan, the benefits
      available under such plan shall not exceed the benefit

                                      -2-
<PAGE>

      which would have been available if Post, Holdings and Services were one
      and the same company.

            (b) Life Insurance. Post, Holdings and Services collectively will
      provide Executive with a split dollar life insurance program up to
      $31,000,000 on terms and conditions to be agreed upon by Post and
      Executive.

            (c) Annual Physical. Post, Holdings and Services will reimburse
      Executive for a comprehensive physical examination on an annual basis.
      Post, Holdings and Services require that Executive have such an
      examination at least every other year.

            2.5. Miscellaneous Perquisites.

            (a) Luncheon/Athletic Club. Post, Holdings and Services collectively
      shall reimburse Executive for monthly dues for one luncheon or athletic
      club.

            (b) Luxury Car. Post, Holdings and Services collectively shall
      reimburse Executive for the rental and operation of a luxury automobile,
      including lease payments, insurance, maintenance, ad valorem and use
      taxes, and operating expenses.

            (c) Office. Post, Holdings and Services collectively shall provide
      Executive with an office at 4401 Northside Parkway, Suite 100, Atlanta,
      Georgia, and all related equipment and services, including secretarial,
      bookkeeping and other support services, and operate and maintain such
      office during such hours (including hours on weekends and holidays) as
      Executive shall request, commensurate in all respects with the office,
      equipment and services provided to Executive on the date of this Agreement
      and, further, shall continue to provide and maintain commensurate mobile
      and home office equipment to and for Executive, including computers,
      telephones, home security systems, and related ancillary equipment such as
      printers, modems, fax machines, and pagers to enable Executive to perform
      his duties and responsibilities remotely and otherwise from his primary
      residence and each other residence owned and used as a secondary residence
      by Executive.

            (d) Personal Financial Counseling. Post, Holdings and Services
      collectively shall reimburse Executive for all reasonable costs associated
      with retaining a personal financial counselor, up to an annual amount of
      $75,000, to provide such advice and services, including tax advice and tax
      return preparation services, to and on behalf of Executive as customarily
      provided by personal financial counselors.

            (e) Company Airplane. Post, Holdings and Services shall make
      available to Executive for his business and personal use a Falcon 2000 for
      100 hours in each consecutive 12 month period starting on July 1, 2002 or
      shall make

                                      -3-
<PAGE>

      such aircraft available for such other number of hours or shall make such
      other aircraft available for such other number of hours as agreed upon
      from time to time by Post and Executive. Any personal use of an aircraft
      pursuant to this Section 2.5(e) shall be subject to the applicable tax
      rules for personal use.

            (f) Household Help. Post, Holdings and Services shall continue to
      make available employees to perform household and other services at
      Executive's residence on the same basis as employees are made available on
      the date of this Agreement subject to Executive continuing to reimburse
      Post, Holdings and Services for such services in accordance with the
      reimbursement procedures in effect on the date of this Agreement.

            (g) Legal Fees. Post, Holdings and Services shall pay Executive's
      reasonable legal fees and expenses which he incurs in connection with the
      negotiation of this Agreement.

            (h) Rule 10b5-1 Plan. Post consistent with Post's insider trading
      policies shall take such action as necessary or appropriate to assist
      Executive if Executive seeks to implement a "plan" under Rule 10b5-1 of
      the Securities Exchange Act of 1934, as amended, to sell Post common stock
      or other securities issued by Post.

            (i) Health Benefits. Post shall make available to Executive after
      his termination of employment (for any reason) for his lifetime and, if he
      has a spouse at his death, to her for her lifetime, coverage under the
      group health plan in which Posts' senior executives continue to
      participate or, if such coverage can not reasonably be effected under the
      terms of such plan, shall reimburse Executive and such surviving spouse
      for their medical expenses to the same extent such expenses would have
      been reimbursed under the terms of such plan, all subject to the condition
      that (1) Executive pays Post for such coverage on the same basis as a
      former employee pays for such coverage and his surviving spouse, if any,
      pays for such coverage on the same basis that the surviving spouse of a
      former employees pays for such coverage and (2) Executive's employment not
      be terminated "For Cause" under Section 3.3(e).

            2.6. Allocation. Post, Holdings and Services shall allocate the
payments and benefits called for under this Agreement between themselves as
Post, Holdings and Services deem reasonable and appropriate and, further, may
(as between themselves) designate one company to make all such payments (except
with respect to Base Salary under Section 2.1) and provide all such benefits to
Executive. However, Executive may (except with respect to Base Salary under
Section 2.1) look to either Post, Holdings or Services for 100% of the payments
and benefits called for under this Agreement if at any time there is any failure
by Post, Holdings or Services to make any payment or provide any benefit called
for under this Agreement.

                                      -4-
<PAGE>

                                   Section 3.

                               Term of Employment

            3.1. Term of Employment. Unless earlier terminated in accordance
with Section 3.3 of this Agreement, the employment of Executive under this
Agreement shall commence on July 1, 2002 and shall continue until the date of
Post's regularly scheduled annual shareholder's meeting in 2013 (the "Term").

            3.2. Termination of Prior Employment Agreement. Executive's
Employment Agreement with Post, Holdings and Services entered into on June
1,1998 and as thereafter amended will terminate on July 1, 2002, but Executive's
Noncompetition Agreement with Post, Holdings and Services, entered into as of
July 22, 1993, shall not be affected by this Agreement and shall continue in
full force and effect. Such Noncompetition Agreement and any successor to such
agreement shall be referred to in this Agreement as the "Noncompetition
Agreement."

            3.3. Termination. Executive's employment under this Agreement may be
terminated as follows:

            (a) by Executive at any time if

                  (i) Executive is relieved of his title as Chairman of the
            Board of Directors of Post, Holdings or Services without his
            consent,

                  (ii) Executive is assigned duties or responsibilities which
            are outside the scope of the duties and responsibilities described
            in Section 1 without his consent,

                  (iii) there is a material decrease in the value of Executive's
            compensation and benefits package without his consent, or

                  (iv) Post, Holdings, Services or Post LP accelerates the date
            for repayment of any indebtedness owed by Executive to Post,
            Holdings, Services or Post LP without Executive's consent,

                  in which event his benefits under this Agreement shall be
            determined under Section 4.1;

            (b) by Executive for any reason during the one (1) year period which
      starts on the Effective Date of a Change in Control, where

                  (i) the term "Change in Control" shall mean

                        (1) 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

                                      -5-
<PAGE>

                  for a proxy statement filed under Section 14(a) of the
                  Securities Exchange Act of 1934, as amended, or "Exchange
                  Act," as in effect on the date of this Agreement,

                        (2) 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 45% or more of the combined voting
                  power for election of directors of the then outstanding
                  securities of Post,

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

                        (4) the shareholders of Post approve any reorganization,
                  merger, consolidation or share exchange as a result of which
                  the common stock of Post shall be changed, converted or
                  exchanged into or for securities of another organization
                  (other than a merger with a Post affiliate or a wholly-owned
                  subsidiary of Post) or any dissolution or liquidation of Post
                  or any sale or the disposition of 50% or more of the assets or
                  business of Post, or

                        (5) the shareholders of Post approve any reorganization,
                  merger, consolidation or share exchange with another
                  corporation unless (A) 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 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 (B) the number of shares of the common
                  stock of such successor or survivor corporation beneficially
                  owned by the persons described in Section 3.3(b)(i)(5)(A)
                  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 (C) the percentage
                  described in Section 3.3(b)(i)(5)(A) of the beneficially owned
                  shares of the successor or survivor corporation and the number
                  described in Section 3.3(b)(i)(5)(B) of the beneficially owned
                  shares of the

                                      -6-
<PAGE>

                  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 Section 3.3(b)(i)(5)(A) immediately before the
                  consummation of such transaction, and

                  (ii) the term "Effective Date" shall mean 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 if the Change in Control is made
            effective other than through a transaction which has a "closing",

      in which event his benefits under this Agreement shall be determined
      under Section 4.1;

            (c) by Post (other than under Section 3.3(e)), in which event his
      benefits under this Agreement shall be determined under Section 4.1;

            (d) by Executive's death, in which event his benefits under this
            Agreement shall be determined under Section 4.2; or

            (e) by Post "For Cause" if

                  (i) Executive is convicted of, pleads guilty to, or confesses
            to any felony or any act of fraud, misappropriation or embezzlement
            which has an immediate and materially adverse effect on Post,
            Holdings, Services, Post LP or any of their direct or indirect
            subsidiaries, as determined by Post's Board of Directors in good
            faith,

                  (ii) Executive engages in a fraudulent act to the material
            damage or prejudice of Post, Holdings, Services, Post LP or any of
            their direct or indirect subsidiaries or in conduct or activities
            materially damaging to the property, business or reputation of Post,
            Holdings, Services, Post LP, or any of their direct or indirect
            subsidiaries, all as determined by Post's Board of Directors in good
            faith,

                  (iii) there is any material act or omission by Executive
            involving malfeasance or negligence in the performance of
            Executive's duties to Post, Holdings or Services to the material
            detriment of Post, Holdings, Services or Post LP, as determined by
            Post's Board of Directors in good faith, which has not been
            corrected by Executive within thirty (30) days after written notice
            from Post of any such act or omission,

                                      -7-
<PAGE>

                  (iv) Executive fails to comply in any material respect with
            the terms of this Agreement or any other written agreement with
            Post, Holdings, Services, Post LP or any of their direct or indirect
            subsidiaries or any written policies or directives of Post's Board
            of Directors as determined by Post's Board of Directors in good
            faith, which has not been corrected by Executive within thirty (30)
            days after written notice from Post of such failure, or

                  (v) Executive breaches any of the covenants set forth in the
            Noncompetition Agreement,

      in which event Executive's benefits under this Agreement shall be
      determined under Section 4.3.

                                    Section 4

                              Result of Termination

            4.1. General Rule. If Executive's employment under this Agreement is
terminated under Section 3.3(a), Section 3.3(b) or Section 3.3(c), then

            (a) Executive shall be entitled to continue to receive his then Base
      Salary until the end of the Term (as determined without regard to his
      termination of employment) or until he dies, whichever comes first;

            (b) Executive's unvested stock options, if any, shall fully vest and
      the restrictions on his restricted stock grants, if any, shall lapse on
      the effective date of such termination;

            (c) Executive shall be entitled to continue to receive all the
      perquisites, benefits, services and equipment described in Section 2.4 and
      Section 2.5 of this Agreement until the end of the Term (as determined
      without regard to his termination of employment) or until he dies,
      whichever comes first, or subject to Executive's consent, the cash
      equivalent of such perquisites, benefits, services and equipment, such
      cash equivalent to be agreed upon by Post and Executive as a condition to
      such consent; provided, if Executive dies after his employment terminates
      but before the end of the Term (as determined without regard to such
      termination of employment), suitable office space at 4401 Northside
      Parkway, Atlanta, Georgia and related equipment and services, including
      secretarial, bookkeeping and other support services, shall be made
      available at no expense for the benefit of his estate for no less than the
      six (6) month period which starts on the date of his death;

            (d) Executive shall receive all the perquisites and benefits to
      which he has a right to receive independent of this Agreement under the
      terms and

                                      -8-
<PAGE>

      conditions of the plans and programs under which such perquisites and
      benefits were granted to Executive; and

            (e) the group health plan coverage described in Section 2.5(i) shall
      remain available in accordance with the terms of Section 2.5(i).

            4.2. Termination as a Result of Death. If Executive's employment
under this Agreement is terminated as a result of his death, then,

            (a) Executive (or at his death, his designated beneficiary, if any,
      or if none, his surviving spouse or, if none, his estate) shall be
      entitled to receive (i) any Base Salary which may be owed to Executive but
      which is unpaid as of the effective date of such termination and (ii) a
      severance payment equal to his Base Salary for such calendar year;

            (b) Executive's unvested stock options shall fully vest on the
      effective date of such termination;

            (c) all Executive's perquisites and benefits called for exclusively
      under the terms of this Agreement shall terminate as of the effective date
      of such termination except (i) the group health plan coverage described in
      Section 2.5(i), shall remain available in accordance with the terms of
      Section 2.5(i) and (ii) Post shall make available suitable office space at
      4401 Northside Parkway, Atlanta, Georgia and related equipment and
      services, including secretarial, bookkeeping and other support services,
      at no expense for the benefit of Executive's estate for no less than the
      six (6) month period which starts on Executive's date of death; and

            (d) all of Executive's perquisites and benefits to which he has a
      right independent of this Agreement shall remain in effect, if at all,
      exclusively under the terms and conditions of the plans and programs under
      which such perquisites and benefits were granted to Executive.

            4.3 For Cause. If Post terminates Executive's employment "For Cause"
(as defined in Section 3.3(e)), Executive shall not thereafter be entitled to
receive any Base Salary for periods following the effective date of such
termination; provided, however, that Executive shall be entitled to receive any
Base Salary which may be owed to Executive but is unpaid as of the effective
date of such termination. All Executive's perquisites and benefits called for
exclusively under the terms of this Agreement shall terminate as of the
effective date of such termination. All Executive's perquisites and benefits,
including stock options, to which Executive has a right independent of this
Agreement shall remain in effect, if at all, exclusively under the terms and
conditions of the plans and programs under which such perquisites and benefits
were granted to Executive.

            4.4 Employee Benefit Plans and Incentive Compensation and Other
Compensatory Arrangements. In addition to the benefits described in Section 4.1,
Section 4.2 and

                                      -9-
<PAGE>

Section 4.3, Executive shall upon Executive's termination of employment be
eligible for such other benefits as may be payable to Executive under any
employee benefit plan then in force.

                                   Section 5.

                                Change In Control

            5.1. General Rule. Subject to Section 3.3(b), Section 5.3 and
Section 5.4, no Change in Control or any other change in the control, ownership,
operations or assets of Post shall have any effect whatsoever on Post's
obligations under this Agreement.

            5.2 Definitions.

            (a) Code. The term "Code" for purposes of this Agreement shall mean
            the Internal Revenue Code of 1986, as amended.

            (b) Gross Up Payment. The term "Gross Up Payment" for purposes of
      this Section 5 shall mean a payment to or on behalf of Executive which
      shall be sufficient to pay (a) any excise tax described in Section 5.3 in
      full, (b) any federal, state and local income tax and social security and
      other employment tax on the payment made to pay such excise tax as well as
      any excise and other additional taxes on such payment, (c) any interest or
      penalties assessed by the Internal Revenue Service on Executive which are
      related to the payment of such excise tax unless such interest or
      penalties are attributable to Executive's willful misconduct or gross
      negligence and (d) any federal, state and local income tax and social
      security tax and other employment tax on the payment made to pay such
      interest or penalties as well as any excise and additional taxes on such
      payment.

            5.3. Tax Protection. If Post or Post's independent accountants
determine that any payments and benefits called for under this Agreement
together with any other payments and benefits made available to Executive by
Post or a Post affiliate will result in Executive being subject to an excise tax
under Section 4999 of the Code (or any successor provision thereof) or if such
an excise tax is assessed against Executive as a result of any such payments and
other benefits, Post shall make a Gross Up Payment to or on behalf of Executive
as and when any such determination or assessment is made, provided Executive
takes such action (other than waiving Executive's right to any payments or
benefits in excess of the payments or benefits which Executive has expressly
agreed to waive under this Section 5.3) as Post reasonably requests under the
circumstances to mitigate or challenge such tax; provided, however, if Post or
Post's independent accountants make such a determination and, further, determine
that Executive will not be subject to any such excise tax if Executive waives
Executive's right to receive a part of such payments or benefits and such part
does not exceed $25,000, Executive shall irrevocably waive Executive's right to
receive such part if an independent accountant or lawyer retained by Executive
and paid by Post agrees with

                                      -10-
<PAGE>

the determination made by Post or Post's independent accountants with respect to
the effect of such reduction in payments or benefits. Any determinations under
this Section 5.3 shall be made in accordance with Section 280G of the Code,
including any successor provision thereof, and any applicable related
regulations (whether proposed, temporary or final) and any related Internal
Revenue Service rulings and any related case law and, if Post reasonably
requests that Executive take action to mitigate or challenge, or to mitigate and
challenge, any such tax or assessment (other than waiving Executive's right to
any payments or benefits in excess of the payments or benefits which Executive
has expressly agreed to waive under this Section 5.3) and Executive complies
with such request, Post 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.

            5.4. Attorneys Fees. If any action at law or in equity is necessary
for Executive to enforce or interpret the terms of this Section 5, Post shall
pay Executive's reasonable attorneys' fees and other reasonable expenses
incurred with respect to such action.

                                   Section 6.

                                  Miscellaneous

            6.1. Binding Effect. This Agreement shall inure to the benefit of
and shall be binding upon Executive and his executor, administrator, heirs,
personal representative and assigns, and upon Post, Holdings and Services 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 Post, Holdings and Services.

            6.2. 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 by reason of such party having or being deemed to have structured or
drafted such provision.

            6.3. Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of Georgia.

            6.4. Survival of Agreements. All covenants and agreements made
herein shall survive the execution and delivery of this Agreement and the
termination of Executive's employment hereunder for any reason.

            6.5. Headings and References. The 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
(Section) shall be to sections (Section) of this Agreement unless otherwise
expressly stated.

                                      -11-
<PAGE>

            6.6. Notices. All notices, requests, consents and other
communications hereunder 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)      to Executive:

                    Mr. John A. Williams
                    4615 Northside Drive, N.W.
                    Atlanta, Georgia 30327

                    With a copy to:

                    Mr. Edward J. Hardin
                    Rogers & Hardin
                    2700 International Tower
                    229 Peachtree Street
                    Atlanta, Georgia 30303

           (b)      If to Post, Holdings or Services:

                    Post Properties, Inc.
                    One Riverside
                    4401 Northside Parkway
                    Suite 800
                    Atlanta, Georgia 30327

                    with a copy to:

                    Mr. Herschel M. Bloom
                    King & Spalding
                    191 Peachtree Street
                    Atlanta, Georgia 30303-1763

            6.7. 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.

            6.8. Entire Agreement. This Agreement constitutes the entire
agreement of the parties with respect to the subject matter hereof and upon the
Effective Date, will supersede and replace all prior agreements, written and
oral, between the parties hereto or with respect to the subject matter hereof.
This Agreement may be modified only by a written instrument signed by each party
hereto.

                                      -12-
<PAGE>

            IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the date first above written.

                                      POST PROPERTIES, INC.

                                      By:     /s/ David P. Stockert
                                         --------------------------------------

                                      Title:  President
                                            -----------------------------------

                                      POST GP HOLDINGS, INC.

                                      By:     /s/ David P. Stockert
                                         --------------------------------------

                                      Title:  President
                                            -----------------------------------

                                      POST SERVICES, INC.

                                      By:     /s/ David P. Stockert
                                         --------------------------------------

                                      Title:  President
                                            -----------------------------------

                                      EXECUTIVE

                                      /s/ John A. Williams
                                      -----------------------------------------
                                      John A. Williams

                                      -13-

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