Document:

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                                                                   EXHIBIT 10.17

The CIT Group/Business Credit, Inc.
1200 Ashwood Parkway
Suite 150
Atlanta, GA 30338
770 522-7672

                                February 14, 2002

MOORE-HANDLEY, INC.
3140 Pelham Parkway
Pelham, AL 35124

Gentlemen:

Reference is made to the (A) Financing Agreement between us dated August 7,
1997, as supplemented and amended (the "Financing Agreement") and (B) Inventory
Security Agreement between us dated March 10, 2000, as supplemented and amended
(the "Security Agreement") and together with the Financing Agreement, the
"Financing Documents"). Capitalized terms used and not otherwise defined herein
shall have the same meanings given them in the Financing Documents.

You have requested that we amend certain provisions of the Financing Documents,
including but not limited to: (I) increase the Line of Credit to $28,000,000.00,
(II) increase the sub-line within the Line of Credit for advances against
Eligible Inventory (as set forth in the Security Agreement from $6,000,000 to
$11,000,000) and (III) extend the term of the Financing Agreement to April 30,
2005, and we have agreed to such amendments subject to, and in accordance with
the terms, provisions and conditions hereof:

Effective immediately, pursuant to mutual agreement, the Financing Documents
shall be, and hereby are, amended as follows:

1.       The definitions of "Anniversary Date", "Early Termination Date" and
         "Early Termination Fee" (as set forth in Section 1 of the Financing
         Agreement) shall be, and each hereby is amended entirely to read as
         follows:

         "ANNIVERSARY DATE shall mean April 30, 2005 and the same date in every
         year thereafter."

         "EARLY TERMINATION DATE shall mean the date on which the Company
         terminates this Financing Agreement or the Line of Credit which date is
         prior to an Anniversary Date."

         "EARLY TERMINATION FEE shall: (a) mean the fee CITBC is entitled to
         charge the Company in the event the Company terminates the Line of
         Credit or this Financing Agreement on a date prior to an Anniversary
         Date; and (b) be determined by multiplying the Line of Credit by (x)
         two percent (2%) if the Early Termination Date occurs on or before
         April 30, 2003, (y) one percent (1%) if the Early Termination Date
         occurs after April 30, 2003 but on or before April 30, 2004 and (z)
         zero percent (0%) if the Early Termination Date occurs after April 30,
         2004 but prior to an Anniversary Date."

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2.       The following definitions of "EBITDA" and "Fixed Charge Coverage Ratio"
         shall be and hereby are added to Section 1 of the Financing Agreement
         in the proper alphabetical order:

         "EBITDA shall mean in any period, all earnings of the Company before
         all (i) interest and tax obligations, (ii) depreciation and (iii)
         amortization for said period, all determined in accordance with GAAP on
         a consistent basis with the latest audited financial statements of the
         Company, but excluding the effect of extraordinary and/or
         non-reoccurring gains or losses for such period."

         "FIXED CHARGE COVERAGE RATIO shall mean, for the relevant period, the
         ratio determined by dividing the sum of EBITDA minus non-financed
         Capital Expenditures by the sum of (a) all interest obligations paid or
         due, (b) the amount of principal repaid or scheduled to be repaid on
         Indebtedness, and (c) all federal, state and local income tax actually
         paid."

3.       The definition of "Line of Credit" (as set forth in Section 1 of the
         Financing Agreement) shall be, and hereby is amended by increasing the
         $24,000,000.00 amount as set forth therein to $28,000,000.00; and

4.       The maximum dollar amount of advances against Eligible Inventory as set
         forth in Section 1 of the Security Agreement shall be and hereby is
         increased from $6,000,000 to $11,000,000.

5.       Section 11 of the Financing Agreement shall be, and hereby is amended
         in its entirety to read as follows:

         "SECTION 11. TERMINATION

         Except as otherwise permitted herein, CIT may terminate this Financing
Agreement only as of the initial or any subsequent Anniversary Date and then
only by giving the Company at least sixty (60) days prior written notice of
termination. Notwithstanding the foregoing CIT may terminate the Financing
Agreement immediately upon the occurrence of an Event of Default, provided,
however, that if the Event of Default is an event listed in Paragraph 10.1(c) or
(d) of Section 10 of this Financing Agreement, this Financing Agreement shall
terminate in accordance with Paragraph 10.2 of Section 10. This Financing
Agreement, unless terminated as herein provided, shall automatically continue
from Anniversary Date to Anniversary Date. The Company may terminate this
Financing Agreement at any time upon sixty (60) days' prior written notice to
CIT, provided that the Company pays to CIT immediately on demand an Early
Termination Fee, if applicable. All Obligations shall become due and payable as
of any termination hereunder or under Section 10 hereof and, pending a final
accounting, CIT may withhold any balances in the Company's account (unless
supplied with an indemnity satisfactory to CIT) to cover all of the Obligations,
whether absolute or contingent, including, but not limited to, cash reserves for
any contingent Obligations, including an amount of 110% of the face amount of
any outstanding Letters of Credit with an expiry date on, or within thirty (30)
days of the effective date of termination of this Financing Agreement. All of
CIT's rights, liens and security interests shall continue after any termination
until all Obligations have been paid and satisfied in full.

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<PAGE>

6.       Section 7, Paragraph 9 of the Financing Agreement shall be and hereby
         is amended in its entirety to read as follows:

         "9. The Company shall maintain, measured at the end of each quarter
         commencing with the fiscal quarter ending on March 31, 2002, a Fixed
         Charge Coverage Ratio for the previous four quarters of not less than
         1.0 to 1.0."

7.       The definition of "Eligible Accounts Receivable" shall be, and hereby
         is amended by amending clauses "iii)" and "viii)" thereof in their
         entirety to read as follows:

         "iii) accounts that remain unpaid more than (x) one hundred and eighty
         (180) days from invoice date or (y) sixty (60) days from due date;

         viii) all sales to any customer if fifty percent (50%) or more of
         either x) all outstanding invoices or y) the aggregate dollar amount of
         all outstanding invoices, are unpaid more than the applicable time
         periods set forth in clause iii) above;"

8.       Section 8, Paragraph 1 of the Financing Agreement shall be, and hereby
         is amended by the addition thereto of the following provision:

         "Notwithstanding any provision to the contrary contained herein,
         subject to compliance with each of the conditions set forth below, the
         increment over the Libor as set forth in clause b) above shall be
         subject to reduction based upon the Company's Fixed Charged Coverage
         Ratio for the twelve (12) month period ending on June 30 and December
         31 of each year hereafter commencing with June 30, 2002. The increment
         over Libor as set forth in clause b) above shall be subject to
         reduction by one quarter of one percent (1/4 of 1%) if the Company's
         Fixed Charge Coverage Ratio as determined on any such date is greater
         than 1.3 to 1.0, provided that in the event that the Company shall at
         any time thereafter fail to maintain the Fixed Charge Coverage Ratio
         (as determined and tested above) required to achieve such reduction,
         such increment over Libor as set forth in clause b) above shall be
         increased by one quarter of one percent (1/4 of 1%). Any rate reduction
         hereunder shall be subject to the Company's compliance with each of the
         following conditions:

                  (i)      timely receipt of CITBC pf the Company's financial
                  statements as required by this Financing Agreement;

                  (ii)     the absence of any Default or Event of Default on the
                  date of receipt by CITBC of such financial statements or the
                  effective date of any such reduction.

                  (iii)    in no event shall any interest rate adjustments as
                  set forth above (x) reduce the rate above under clause b) to
                  less than two and one quarter percent (2 1/4%) plus Libor or
                  (y) increase the rate above under clause b) to more than two
                  and one half percent (2 1/2%) above Libor."

9.       Notwithstanding any provision to the contrary contained in the
         Financing Documents, the Company shall provide to CITBC (i) upon
         CITBC's request (in its sole discretion), Inventory appraisals on an
         annual basis, such appraisals to be performed by an appraiser engaged
         by CITBC but paid for by the Company, (ii) such reports, statements
         and/or schedules as CITBC may reasonably require, designating,
         identifying and/or describing the Accounts, Inventory and other
         collateral together with all supporting documentation as CITBC may,
         reasonably request and in form and substance satisfactory to CITBC
         (herein "Collateral Reports"), such Collateral Reports to be provided
         no less frequently than weekly and (iii) a month end ageing of
         Accounts, no later than fifteen (15) days after the end of each month.

This Amendment shall be effective as of the date hereof upon the satisfaction of
the following conditions precedent:

         1.       receipt by CITBC of (i) a manually signed original copy of
                  this Amendment, and all other related documents thereto duly
                  executed and delivered by all parties hereto, and (ii) the
                  execution and delivery to CITBC of any other documentation
                  reasonably requested by CITBC (all of which shall be
                  acceptable to CITBC in its discretion);

         2.       The absence of (x) any Default and/or Event of Default and (y)
                  any material adverse change in the financial condition,
                  business, prospects, profitability, assets or operations of
                  the Company;

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         3.       CITBC's receipt of a secretary's certificate certifying Board
                  of Directors Resolutions authorizing the execution, delivery
                  and performance by the Company of this agreement and all
                  documents and transactions contemplated hereby; and

         4.       Payment by the Company of (i) any Out-of-Pocket Expenses
                  incurred by CITBC with respect to the preparation, execution,
                  filing of any financing statements and delivery of this
                  Amendment, and (ii) in consideration of the preparation by
                  CITBC's in house legal department of this Amendment, a
                  Documentation Fee equal to $500. All such amounts may, at
                  CITBC's option, be charged to your Revolving Loan Account
                  under the Financing Agreement.

Except as set forth above no other changes in the terms and provisions of the
Financing Documents are intended or implied. If the foregoing is in accordance
with your understanding of our agreement kindly so indicate by signing and
returning to us the enclosed copy of the letter.

                                       Very truly yours,

                                       THE CIT GROUP/BUSINESS
                                       CREDIT, INC.

                                       By:
                                          -------------------------------------
                                          Name: John F. Bohan
                                          Title: Vice President

Read and Agreed to:

MOORE-HANDLEY, INC.

By:
   ---------------------------------
   Name:
   Title

                                      B-48<PAGE>
                                                                   Exhibit 10.34

                          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:

                                 G. Gregory Fox

                               David P. Stockert

                                Thomas L. Wilkes

                           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 by Post as Post's President
and Chief Operating Officer; and

            WHEREAS, Executive provides services directly or indirectly to one,
or more than one, Post Affiliate in addition to providing services to Post; 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(d)) 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

<PAGE>

            (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,

            (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

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<PAGE>

      disposition of 50% or more of the assets or business of Post; or

            (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

                                      -3-
<PAGE>

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".

      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,

                                      -4-
<PAGE>

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

                  (i) (A) Executive delivers to the Compensation Committee a
            detailed, written statement of the basis for Executive's belief that
            such act or omission constitutes Good Reason, (B) Executive delivers
            such statement before the later of (1) the end of the ninety (90)
            day period 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).

                                      -5-
<PAGE>

      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 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 three (3) 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)(i) on
the first anniversary of such termination date for purposes of Section 5 and
(ii) on the second anniversary of such termination date for purposes of Section
3 and Section 4 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

                                      -6-
<PAGE>

            (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, 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.

                                      -7-
<PAGE>

                                     Section 2.

                            Compensation and Benefits

            (a) General Rule.

                  (1) If there is a Change in Control and either (a) Post during
            Executive's Protection Period terminates Executive's employment
            without Cause, (b) Executive during Executive's Protection Period
            resigns for Good Reason or (c) Executive resigns for any reason
            whatsoever or for no reason whatsoever at any time during the 90 day
            period which starts on the first anniversary of the Effective Date,
            then

                  (2) Post shall pay Executive three (3.0) 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
            140% of the

                                      -8-
<PAGE>

            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 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.

                                      -9-
<PAGE>

            (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

                  (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.

                                      -10-
<PAGE>

                                   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.

            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

                                      -11-
<PAGE>

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 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 $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 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

                                      -12-
<PAGE>

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.

      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.

                                      -13-
<PAGE>

      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 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. Any such written notice
shall be directed as follows:

                               If to Post:

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

                               If to Executive:

                               ___________________
                               ___________________
                               ___________________

      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.

                                      -14-
<PAGE>

      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.

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

                                                     POST PROPERTIES, INC.

                                                     By:________________________
                                                      John A. Williams

                                                     EXECUTIVE

                                                     ___________________________

                                      -15-

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