EXHIBIT 10.7 AMENDMENT NUMBER TWO TO CHANGE IN CONTROL AGREEMENT (VERSION ONE) This Amendment Number One is made to the Change in Control Agreement by and between Post Properties, Inc., or "Post", and _____________________, or "Executive"; WHEREAS, Post and Executive previously entered into a Change in Control Agreement; and WHEREAS, Post and Executive desire to adopt this Amendment Number Two to amend Executive's Change in Control Agreement; NOW, THEREFORE, Post and Executive hereby agree as follows: Section 1. Section 2(a)(3) shall be amended to read as follows: "(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) subject to the same terms and conditions as if Executive had remained employed by Post or a Post Affiliate for such term (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;" Section 2. This Amendment Number Two shall be effective as of June 1, 2003. Section 3. This Amendment Number Two may be executed in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same Amendment Number Two. IN WITNESS WHEREOF, Post and Executive have executed this Amendment Number One to Executive's Change in Control Agreement this ____ day of ____, 2003. POST PROPERTIES, INC. BY: ______________________________ EXECUTIVE __________________________________ SCHEDULE: EXECUTIVE OFFICERS WITH VERSION ONE AMENDMENT NO. 2 TO CHANGE IN CONTROL AGREEMENTS Thomas L. Wilkes Janet M. Appling Janie S. Maddox Sheila James Teabo -2-