*Form of Employment Agreement as signed by Gables and each of Chris D. Wheeler (Chairman of the Board of Trustees, President and Chief Executive Officer; base salary of $365,581), Marvin R. Banks, Jr. (Senior Vice President and Chief Financial Officer; base salary of $253,094) and Michael M. Hefley (Senior Vice President and Chief Operating Officer; base salary of $253,094)

 
 
 
                          FORM OF EMPLOYMENT AGREEMENT
                          ----------------------------
 
     EMPLOYMENT  AGREEMENT (this "Agreement") made as of the [INSERT DAY] day of
January, 1999  by  and  between  [INSERT  NAME]  residing  at  [INSERT  ADDRESS]
(hereinafter referred to as "Employee") and Gables Residential Trust, a Maryland
business  trust,  with a  principal  place of business at 2859 Paces Ferry Road,
Suite 1450, Atlanta, Georgia 30339 (hereinafter referred to as the "Company").
 
     1. TERM.
        ---- 
     The  term  of this  Agreement  shall  commence  on  January  1,  1999  (the
"Effective  Date") and,  unless  earlier  terminated  as provided in Paragraph 8
below,  shall  terminate  one (1) year from the  Effective  Date (the  "Original
Term").  The  Original  Term  shall be  extended  automatically  for  additional
one-year periods (each a "Renewal Term"), unless notice that this Agreement will
not be extended is given by either  party to the other three (3) months prior to
the  expiration  of the  Original  Term or any  Renewal  Term.  (The  period  of
Employee's  employment  hereunder within the Original Term and any Renewal Terms
is herein referred to as the "Employment Period".)
 
     2.  EMPLOYMENT/DUTIES.
         -----------------
     (a)  During  the  Employment  Period,  Employee  shall be  employed  in the
business of the Company and its affiliates.  Employee shall serve as a corporate
officer with the title of [INSERT TITLE].  Employee's duties and authority shall
be commensurate with his title and position with the Company.
 
     (b) Employee  agrees to his employment as described in this Paragraph 2 and
agrees  to devote  substantially  all of his  working  time and  efforts  to the
performance of his duties under this Agreement,  except as otherwise approved by
the Board of Trustees of the Company (the "Board of  Trustees");  provided that,
nothing herein shall be interpreted to preclude  Employee from (i) retaining any
preexisting  consulting fee contracts  relating to and/or minority  interests in
multifamily residential apartment properties or (ii) participating as an officer
or director of, or advisor to, any charitable or other tax exempt organization.
 
     (c) In performing  his duties  hereunder,  Employee  shall be available for
reasonable travel as the needs of the business require.  Employee shall be based
in the [INSERT LOCATION].
 
     3.   COMPENSATION/BENEFITS.
          ---------------------
     In  consideration  of  Employee's  services  hereunder,  the Company  shall
provide Employee the following:
<PAGE>
                                     Page-2
 
     (a) Base Salary. The Company shall pay Employee an annual salary of [INSERT
SALARY]  during the  Employment  Period  ("Base  Salary").  Base Salary shall be
payable in accordance with the Company's  normal business  practices,  but in no
event less frequently than monthly.  Employee's Base Salary shall be reviewed no
less  frequently  than  annually  by the Company  and may be  increased  but not
decreased during the Employment Period.
 
     (b) Bonuses. At the close of each fiscal year, the Company shall review the
performance of the Company and of Employee during the prior fiscal year, and the
Company may provide  Employee  with  additional  compensation  as a bonus if the
Board of Trustees,  or any compensation  committee  thereof,  in its discretion,
determines that Employee's  contribution to the Company warrants such additional
payment and the  Company's  anticipated  financial  performance  for the present
period permits such payment.  The bonuses  hereunder shall be paid as a lump sum
not later than thirty (30) days after  completion  of the audit of the Company's
books for the fiscal year,  subject to the Employee's right to defer in his sole
discretion pursuant to separate written agreement with the Company. For purposes
of Paragraph  8(c), the bonus paid in respect of any year (i) shall include cash
bonuses paid in respect of such year,  unrestricted share grants made in respect
of such  year  (valued  as of the  date of  grant)  and any  restricted  shares,
whenever  granted,  which vested entirely or substantially in respect of service
during such year (including, without limitation,  restricted shares which vested
on January 1 of the following  year)  (valued at the date of vesting),  but (ii)
shall not  include  any  restricted  share  grants  made in respect of such year
(unless  subsequently  vested in  respect  of such year in  accordance  with the
preceding  clause  (i)),  option  grants  made in  respect  of such  year or the
exercise of any options during such year.
 
     (c) Medical  Insurance/Physical.  During the Employment Period, the Company
shall provide to Employee and Employee's immediate family a comprehensive policy
of health insurance. During the Employment Period, Employee shall be entitled to
a comprehensive annual physical performed, at the expense of the Company, by the
physician or medical group of Employee's choosing.
 
     (d) Life Insurance/Disability  Insurance. During the Employment Period, the
Company shall, to the extent reasonably  available on customary terms and rates,
(i)  provide  Employee  with  term  life  insurance  in a face  amount  equal to
$1,000,000,   and  (ii)  have  Employee  covered  by  reasonably   comprehensive
disability  insurance or, at Employee's  election,  otherwise reimburse Employee
for the cost of such a policy  in an  amount  not to  exceed  $5,000  per  year;
provided  that such $5,000  amount shall be increased as the age of the Employee
increases  for any year  during the  Employment  Period as may be  necessary  to
maintain the same level of  insurance as in effect  during the first year of the
Employment Period. Employee agrees to submit to such medical examinations as may
be required in order to secure or maintain such policies of insurance.
 
     (e) Vacations.  Employee shall be entitled to reasonable  paid vacations in
accordance with the then regular procedures of the Company governing executives,
not to exceed four weeks per annum, in the aggregate.
<PAGE>
                                     Page-3
 
     (f)  Office/Secretary.  During the  Employment  Period,  Employee  shall be
entitled to  secretarial  services and a private  office  commensurate  with his
title and duties.
 
     (g) Stock and Stock Options. Employee shall be entitled to stock options in
an  amount  to be  determined  by the  Board of  Trustees,  or any  compensation
committee thereof, in its discretion.
 
     (h) Fringe  Benefits.  During the  Employment  Period,  the  Company  shall
provide  Employee with  professional  assistance in tax return  preparation  and
financial planning not to exceed $1,000 per year of the Employment Period.
 
     (i) Other Benefits. During the Employment Period, the Company shall provide
to Employee  such other  benefits,  including the right to  participate  in such
retirement or pension plans, as are made generally available to employees of the
Company from time to time.
 
     4.  AUTOMOBILE.
         ----------  
     The Company shall provide Employee with a monthly car allowance of not less
than $500 per month  (adjusted  annually  for  inflation  by the greater of five
percent or a factor  measured by the  increase,  if any, in the  Consumer  Price
Index for Wage Earners and Clerical  Workers (U.S.  City Average:  New York, NY)
(1982-84 = 100), as published by the Bureau of Labor  Statistics,  for the prior
calendar year),  provided that, with Employee's consent, the Company may instead
purchase or lease, and maintain  insurance on, an automobile of comparable value
for use by Employee  during the Employment  Period,  which  automobile  Employee
shall operate and maintain,  at his own expense,  with the same standard of care
Employee applies to his own property and as may be required under any applicable
lease agreement.
 
     5. EXPENSES/INDEMNIFICATION.
        ------------------------
 
     (a) During the Employment  Period, the Company shall reimburse Employee for
the  reasonable  business  expenses  incurred  by  Employee  in  the  course  of
performing  his duties for the Company  hereunder,  including but not limited to
expenses  incurred in connection with  out-of-town  business travels and related
cellular phone usage, upon submission of invoices, vouchers or other appropriate
documentation, as may be required in accordance with the policies in effect from
time to time for executive employees of the Company.
 
     (b) To the  full  extent  permitted  by law and  subject  to the  Company's
Amended and Restated  Declaration  of Trust,  as amended from time to time,  and
Second Amended and Restated  By-Laws,  as amended from time to time, the Company
shall indemnify  Employee with respect to any actions commenced against Employee
in his  capacity  as an officer  or trustee or former  officer or trustee of the
Company,  or any affiliate thereof for which he may serve in such capacity,  and
the Company shall  advance on a timely basis any expenses  incurred in defending
such  actions.   The  obligation  to  indemnify   hereunder  shall  survive  the
termination  of this  Agreement.  The Company  agrees to use its best efforts to
secure and maintain officers and trustees insurance with respect to Employee.
<PAGE>
                                     Page-4
 
 
     6.  EMPLOYER'S  AUTHORITY/POLICIES.
         ------------------------------
 
     Employee agrees to observe and comply with the rules and regulations of the
Company as adopted by the Board of Trustees  respecting  the  performance of his
duties and to carry out and perform orders, directions and policies communicated
to him from time to time by the Board. Employee agrees to abide by the Company's
insider  trading  policies and procedures and the Company's Code of Ethics,  and
agrees to make annual certifications or affirmations to such effect if requested
by the Company.
 
     7. RECORDS/NONDISCLOSURE/COMPANY POLICIES.
        --------------------------------------
 
     (a)  General.  All  records,  financial  statements  and similar  documents
obtained,  reviewed or compiled by Employee in the course of the  performance by
him of services  for the Company,  whether or not  confidential  information  or
trade secrets,  shall be the exclusive  property of the Company.  Employee shall
have no rights in such documents upon any termination of this Agreement.
 
     (b) Confidential  Information.  Employee will not disclose to any person or
entity (except as required by applicable  law, with the Company's  consent or in
connection with the performance of his duties and  responsibilities  hereunder),
or use for his own benefit or gain, any confidential  information of the Company
obtained  by  him  incident  to  his  employment  with  the  Company.  The  term
"confidential information" includes, without limitation,  financial information,
business  plans,  prospects  and  opportunities  which  have been  discussed  or
considered by the management of the Company but does not include any information
which has become part of the public  domain by means  other than the  Employee's
non-observance  of his obligations  hereunder.  This paragraph shall survive the
termination of this Agreement.
 
     8. TERMINATION/SEVERANCE.
        ---------------------
 
     (a) At-Will Employment.  Employee's  employment hereunder is "at will" and,
therefore,  may be terminated at any time,  with or without cause, at the option
of the Company,  subject only to the severance  obligations under this Paragraph
8. Upon any termination hereunder, the Employment Period shall expire.
 
     (b)  Termination by the Company For Good Reason or Voluntarily by Employee.
If (A)  Employee  is  terminated  by the  Company for Good Reason (as defined in
Paragraph  8(d)  below)  or (B) if  Employee  shall  voluntarily  terminate  his
employment  hereunder  (but other  than by reason of a Force Out (as  defined in
Paragraph 8(d) below),  and other than pursuant to a Change of Control Event (as
defined in Paragraph  8(d)  below)),  then the  Employment  Period shall end and
Employee  shall be  entitled  to receive  his Base  Salary at the rate  provided
pursuant to Paragraph  3(a) for the period up to and including the date on which
such termination shall take effect.
 
     (c) Other Terminations.  If (A) Employee's  employment is terminated by the
Company  without  Employee's  consent  and other  than for Good  Reason,  or (B)
Employee terminates his employment by reason of or at any time following a Force
Out, or (C) Employee's  employment is terminated by reason of his death,  or (D)
Employee's  employment  is  terminated  pursuant  to a Change of Control  Event,
Employee, or his estate, as the case may be, shall be entitled:
<PAGE>
                                     Page-5
 
 
               (i)  to  immediately  vest in any  outstanding  stock options and
                    grants of restricted shares; and
 
               (ii) to the payment of an amount (the "Severance Amount"),  equal
                    to  one  times  the  sum  of  (x) his   Base  Salary   under
                    Paragraph 3(a)  at the  rate  then  in  effect,  and (y) the
                    amount  equal to the  greater of (1) his bonus  received  in
                    respect  of the  immediately  preceding  fiscal  year  under
                    Paragraph 3(b)  or (2) any  bonus  award  that the  Board of
                    Trustees  or any  committee  thereof  has  approved  for any
                    period that has closed prior to the date of termination  but
                    has not yet been paid.
 
The  Severance  Amount  shall be paid as a lump sum within  fifteen (15) days of
such termination. In the event that any stock option plan or option agreement of
the  Company  provides  terms for the  acceleration  and/or  exercise of options
following  a  termination  of  employment   that  vary  from  or  are  otherwise
inconsistent  with the foregoing,  the Company shall take such actions as may be
necessary to amend such plan or option agreement. Notwithstanding the foregoing,
in the event of a  termination  by reason of  Employee's  death,  the  Severance
Amount   shall  be  zero  if  the  life   insurance   proceeds   payable   under
Paragraph (3)(d)(i) equal or exceed $1,000,000. During the remaining term of the
Employment  Period  (or what would have been the  remaining  term if  Employee's
employment had not been terminated), the Company shall provide Employee with the
benefits described in Paragraph 3(c).
 
     (d)  Definitions.  For purposes of this  Paragraph 8, the  following  terms
shall have the indicated definitions:
 
          (1) "Change of Control"  shall mean the  occurrence  of any one of the
     following events:
 
               (A)  any  "person,"  as such term is used in  Sections  13(d) and
                    14(d) of the  Securities  Exchange  Act of 1934,  as amended
                    (the "Act") (other than the Company, any of its Subsidiaries
                    (as defined below),  any trustee,  fiduciary or other person
                    or entity holding securities under any employee benefit plan
                    of the Company or any of its  Subsidiaries),  together  with
                    all "affiliates" and "associates" (as such terms are defined
                    in Rule 12b-2 under the Act) of such  person,  shall  become
                    the  "beneficial  owner"  (as such term is  defined  in Rule
                    13d-3 under the Act), directly or indirectly,  of securities
                    of the  Company  representing  40% or more of either (i) the
                    combined  voting  power of the  Company's  then  outstanding
                    securities  having the right to vote in an  election  of the
                    Board of  Trustees  ("Voting  Securities")  or (ii) the then
                    outstanding common shares of beneficial interest,  par value
                    $.01 per share,  of the Company  ("Shares")  (in either such
                    case other  than as a result of  acquisition  of  securities
                    directly from the Company); or
<PAGE>
                                     Page-6
 
 
               (B)  persons who, as of the date hereof,  constitute the Board of
                    Trustees (the  "Incumbent  Trustees")  cease for any reason,
                    including,  without  limitation,  as a  result  of a  tender
                    offer,  proxy  contest,  merger or similar  transaction,  to
                    constitute  at least a majority of the Board,  provided that
                    any person  becoming a trustee of the Company  subsequent to
                    the date hereof whose  election or  nomination  for election
                    was  approved  by a  vote  of at  least  a  majority  of the
                    Incumbent Trustees or was approved by a nominating committee
                    of the Board  shall,  for  purposes  of this  Agreement,  be
                    considered an Incumbent Trustee; or
 
               (C)  the  shareholders  of the  Company  shall  approve  (i)  any
                    consolidation  or merger of the  Company  or any  Subsidiary
                    where the shareholders of the Company,  immediately prior to
                    the  consolidation or merger,  would not,  immediately after
                    the consolidation or merger,  beneficially own (as such term
                    is  defined  in Rule  13d-3  under  the  Act),  directly  or
                    indirectly,  shares representing in the aggregate 50% of the
                    voting shares of the corporation  issuing cash or securities
                    in the  consolidation  or merger (or of its ultimate  parent
                    corporation,  if any),  (ii) any sale,  lease,  exchange  or
                    other   transfer  (in  one   transaction   or  a  series  of
                    transactions  contemplated  or  arranged  by any  party as a
                    single  plan) of all or  substantially  all of the assets of
                    the  Company  or  (iii)  any  plan  or   proposal   for  the
                    liquidation or dissolution of the Company;
 
     Notwithstanding the foregoing, a "Change of Control" shall not be deemed to
have occurred for purposes of the  foregoing  clause (A) solely as the result of
an  acquisition  of securities by the Company  which,  by reducing the number of
Shares or other Voting Securities  outstanding,  increases (x) the proportionate
number of Shares  beneficially  owned by any person to 40% or more of the Shares
then outstanding or (y) the proportionate voting power represented by the Voting
Securities  beneficially  owned  by any  person  to 40% or more of the  combined
voting power of all then outstanding Voting Securities;  provided, however, that
if any person referred to in clause (x) or (y) of this sentence shall thereafter
become the beneficial owner of any additional  Shares or other Voting Securities
(other than pursuant to a share split, stock dividend,  or similar transaction),
then a "Change of Control"  shall be deemed to have occurred for purposes of the
foregoing clause (A).
 
     As used in this  definition of "Change of Control,"  the term  "Subsidiary"
means Gables Realty Limited  Partnership,  Central Apartment  Management,  Inc.,
East Apartment Management,  Inc., Gables Central Construction,  Inc., and Gables
East  Construction,  Inc.,  and any  corporation or other entity (other than the
Company) in any unbroken chain of corporations or other entities, beginning with
the  Company  if each of the  corporations  or  entities  (other  than  the last
corporation  or entity in the  unbroken  chain)  owns  stock or other  interests
possessing  50% or more of the economic  interest or the total  combined  voting
power  of all  classes  of  stock  or  other  interests  in  one  of  the  other
corporations or entities in the chain.
 
          (2)  A  "Change  of  Control   Event"  shall  mean  any  voluntary  or
     involuntary  termination of Employee's  employment occurring within six (6)
     months following a Change of Control.
<PAGE>
                                     Page-7
 
          (3) A "Force  Out" shall be deemed to have  occurred in the event of a
     material  breach by the  Company of any  obligation  under this  Agreement,
     including but not limited to those under  Paragraphs 2 and 3 hereof,  or in
     the event of a substantial  diminution in the duties or responsibilities of
     Employee.
 
          (4) "Good Reason" shall mean a finding by the Board of Trustees,  that
     the Employee has (a) acted with gross  negligence or willful  misconduct in
     connection  with the  performance  of his material  duties  hereunder,  (b)
     defaulted in the performance of his material  duties  hereunder and has not
     corrected such action within 15 days of receipt of written notice  thereof;
     (c) acted against the best interests of the Company or committed a material
     act of common law fraud against the Company or its employees,  which act in
     either event has had a material and adverse impact on the financial affairs
     of the Company;  (d) been  convicted of a felony and such  conviction has a
     material  adverse  affect  on the  interests  of the  Company;  or (e)  the
     continuing   disability  of  Employee   following  the  expiration  of  the
     Disability Period (as defined in Paragraph 8(e)) under  circumstances where
     Employee is entitled to benefits  payable  under the  disability  insurance
     policy of the Company.
 
     (e) Disability.  If Employee shall become unable to efficiently perform his
duties  hereunder  because of any physical or mental  disability or illness,  he
shall be entitled to his regular compensation until (i) the period of disability
or illness  (whether or not the same  disability  or illness)  shall  exceed 180
consecutive  days during the Employment  Period and (ii) the Employee has become
eligible to receive  benefits under the applicable  disability  insurance policy
referred to in Paragraph  3(d)(ii) (the  "Disability  Period").  This  Agreement
thereafter  may be  terminated  by the Company as provided  in  Paragraph  8(b),
provided that,  Employee shall  immediately vest in any outstanding  options and
stock  grants to the same  extent as if the  termination  had been  pursuant  to
Paragraph 8(c)(C).
 
     (f)  Arbitration  in  the  Event  of a  Dispute  Regarding  the  Nature  of
Termination.  In the event that the Company terminates Employee's employment for
Good Reason (as defined above),  and Employee  contends that Good Reason did not
exist,  the  Company's  only  obligation  shall  be  to  submit  such  claim  to
arbitration  before the  American  Arbitration  Association  ("AAA").  In such a
proceeding, the only issue before the arbitrator will be whether Employee was in
fact terminated for Good Reason. If the arbitrator  determines that Employee was
not terminated for Good Reason, the only remedy that the arbitrator may award is
an amount equal to the Severance  Payment specified in Paragraph 8(c), the costs
of arbitration,  and Employee's  attorneys'  fees. If the arbitrator  finds that
Employee  was  terminated  for  Good  Reason,  the  arbitrator  will be  without
authority to award Employee  anything,  and the parties will each be responsible
for their own  attorneys'  fees,  and they will divide the costs of  arbitration
equally.  Judgment upon the award  rendered by the  arbitrator may be entered in
any court having jurisdiction thereof. This Paragraph 8(f) shall be specifically
enforceable.  Notwithstanding  the  foregoing,  this  Paragraph  8(f)  shall not
preclude  the  Company  from  pursuing a court  action  for the sole  purpose of
obtaining  a  temporary  restraining  order  or  a  preliminary   injunction  in
circumstances  in which  such  relief is  appropriate,  provided  that any other
relief  shall be pursued  through an  arbitration  proceeding  pursuant  to this
Paragraph 8(f).
<PAGE>
                                     Page-8
 
 
     (g) No  Mitigation.  Without  regard to the reason for the  termination  of
Employee's  employment  hereunder,  Employee  shall be under  no  obligation  to
mitigate damages with respect to such termination under any circumstances and in
the event Employee is employed or receives  income from any other source,  there
shall be no offset against the amounts due from the Company hereunder.
 
     9. NON-COMPETITION.  
        ---------------
     Because  Employee's  services  to the  Company  are special and because the
Employee  has  access  to  the  Company's  confidential  information,   Employee
covenants and agrees that if, during the Original Term or any Renewal Term,  his
employment is terminated  for Good Reason or if he  voluntarily  terminates  his
employment  (other  than by  reason of a Force  Out or  pursuant  to a Change of
Control Event),  for a period of twelve months from the date of such termination
he will not,  directly or  indirectly,  either on his own behalf or on behalf of
any business, corporation,  partnership, association, agency, or other person or
other entity with which Employee may be associated,  or otherwise  engage in any
business or undertaking  directly  competitive with the businesses being carried
on by the Company in respect of any multifamily  residential real estate project
undertaken or being considered by the Company at the time of termination without
prior written consent of the Board of Trustees. Restricted activities under this
Paragraph  9 include,  but are not  limited  to, the  acquisition,  development,
construction,  operation,  management or leasing of any multifamily  residential
real  estate  project,  including  contracting  or  agreeing  to do  any  of the
foregoing or advising or consulting  with any person  regarding  the  foregoing.
This Paragraph 9 shall not be interpreted to prevent the Employee from retaining
any interests in multifamily  residential  apartment  properties permitted under
Paragraph  2(b)(i).  This  Paragraph  9 shall  survive the  termination  of this
Agreement.
 
     10. NON-SOLICITATION.  
         ----------------
     During the  Original  Term or any  Renewal  Term and for a period of twelve
months from the date of any termination of employment  (other than pursuant to a
Change of Control Event),  Employee  covenants and agrees that Employee (a) will
not, directly or indirectly, solicit or induce any present or future employee of
the Company or any  Subsidiary  to accept  employment  with Employee or with any
business,  corporation,  partnership,  association,  agency,  or other person or
other entity with which Employee may be associated, (b) will not employ or cause
any business, corporation,  partnership,  association agency, or other person or
entity with which  Employee  may be  associated  to employ any present or future
employee of the Company or any Subsidiary without providing the Company with ten
(10) days' prior written  notice of such proposed  employment  and (c) will not,
directly or indirectly, either for himself or for any other business, operation,
corporation,  partnership,  association, agency, or other person or entity, call
upon,  compete  for or solicit  the third  party  property  owners with whom the
Company or any of its subsidiaries has an existing property management agreement
as of  the  Effective  Date  as  set  forth  in  any  of  the  schedules  to the
Contribution Agreement.  This Paragraph 10 shall survive the termination of this
Agreement.
 
     11. LITIGATION AND REGULATORY COOPERATION.  
         -------------------------------------
     During and after the Employee's  employment,  the Employee shall  cooperate
fully with the  Company in the defense or  prosecution  of any claims or actions
now in existence  or which may be brought in the future  against or on behalf of
the Company  which relate to events or  occurrences  that  transpired  while the
Employee was employed by the Company. The
<PAGE>
                                     Page-9
 
 
Employee's  full  cooperation  in  connection  with such claims or actions shall
include,  but not be limited to, being available to meet with counsel to prepare
for  discovery  or trial and to act as a witness  on  behalf of the  Company  at
mutually  convenient  times.  During or after  the  Employee's  employment,  the
Employee  also shall  cooperate  fully with the Company in  connection  with any
investigation or review of any federal,  state or local regulatory  authority as
any  such  investigation  or  review  relates  to  events  or  occurrences  that
transpired  while the Employee was  employed by the Company.  The Company  shall
reimburse the Employee for any  reasonable  out-of-pocket  expenses  incurred in
connection  with the  Employee's  performance  of  obligations  pursuant to this
Paragraph 11. This Paragraph 11 shall survive the termination of this Agreement.
If at a time when  Employee is no longer  employed by the Company he is required
to devote more than  one-half  (1/2) of a business day to  cooperation  with the
Company pursuant to this Paragraph 11, the Company shall compensate  Employee on
a per diem basis at a daily  rate  calculated  as 1/365th of the Base  Salary in
effect pursuant to Paragraph 3(a) as of the time Employee's  employment with the
Company terminated.
 
     12.  CONFLICTING  AGREEMENTS.
          -----------------------
     Employee  hereby  represents  and  warrants  that  the  execution  of  this
Agreement and the performance of his obligations hereunder will not breach or be
in conflict  with any other  agreement  to which he is a party or is bound,  and
that he is not now  subject  to any  covenants  against  competition  or similar
covenants which would affect the performance of his obligations  hereunder.  The
parties  agree that this  agreement  supersedes  and replaces any prior  written
employment  agreement  between  the Company  and  Employee of similar  scope and
nature.
 
     13. NOTICES.
         -------
     Any notice required or permitted hereunder shall be in writing and shall be
deemed  sufficient  when  given by hand or by  nationally  recognized  overnight
courier or by express,  registered or certified mail,  postage  prepaid,  return
receipt requested,  and addressed to the Company or Employee, as applicable,  at
the  address  indicated  above (or to such other  address as may be  provided by
notice).
 
     14.  MISCELLANEOUS.  
          -------------
     This Agreement (i)  constitutes  the entire  agreement  between the parties
concerning the subjects  hereof and  supersedes any and all prior  agreements or
understandings,  (ii) may not be assigned by Employee  without the prior written
consent of the  Company,  and (iii) may be  assigned by the Company and shall be
binding upon, and inure to the benefit of, the Company's successors and assigns.
Headings  herein are for  convenience  of  reference  only and shall not define,
limit or interpret the contents hereof.
 
     15. AMENDMENT.
         ---------
     This  Agreement  may be  amended,  modified or  supplemented  by the mutual
consent of the  parties  in  writing,  but no oral  amendment,  modification  or
supplement shall be effective.
 
     16.  SPECIFIC  ENFORCEMENT.  
          ---------------------
     The  provisions of this  Agreement are to be  specifically  enforced if not
performed  according to their terms.  Without  limiting  the  generality  of the
foregoing, the parties acknowledge that the Company would be irreparably damaged
and there would be no adequate remedy at law for Employee's breach of Paragraphs
7, 9 and 10 of this Agreement and, accordingly,  Employee hereby consents to the
entry of any temporary restraining
<PAGE>
                                    Page-10
 
 
order or preliminary or ex parte  injunction,  in addition to any other remedies
available  at  law  or in  equity,  to  enforce  the  provisions  thereof.  This
Paragraph 14 shall survive the termination of this Agreement.
 
     17.  SEVERABILITY.
          ------------
     The  provisions of this  Agreement  are  severable.  The  invalidity of any
provision shall not affect the validity of any other provision.
 
     18.  GOVERNING LAW . 
          -------------
     This  Agreement  shall be construed and regulated in all respects under the
laws of the State of Maryland.
 
 
     IN WITNESS WHEREOF,  this Agreement is entered into as of the date and year
first above written.
 
                                          GABLES RESIDENTIAL TRUST
 
 
 
                                          By:  /s/ Marcus E. Bromley
                                             -----------------------------------
                                               Marcus E. Bromley, 
                                               Chief Executive Officer
 
 
                                          By:  [INSERT NAME]
                                             -----------------------------------
                                          Title:  [INSERT TITLE]