X0306 4 2016-02-18 0000729237 PARKWAY PROPERTIES INC PKY 0001532644 Lipsey M. Jayson 390 NORTH ORANGE AVENUE SUITE 2400 ORLANDO FL 32801 0 1 0 0 EVP, CHIEF OPERATING OFFICER Common Stock 2016-02-18 4 A 0 23760 A 113378 D Common Stock 2016-02-19 4 F 0 1202 12.68 D 112176 D LTIP Units 2016-02-18 4 A 0 35640 A Common OP Units 35640 35640 D Represents time-based RSU awards that will vest 25% on each of the first, second, third and fourth anniversaries of the grant date, subject to the executive's continued employment with the Company. On February 19, 2016, 3,851 restricted share units vested, and the Reporting Person instructed the Company to withhold 1,202 shares to cover tax withholding obligations as permitted under the Company's 2015 Omnibus Equity Incentive Plan, as amended. Represents performance-based LTIP units that will vest based on the attainment of targets for total return to stockholders during the performance period running from February 18, 2016 to February 17, 2019, subject to the executive's continued employment with the Company. Subject to the satisfaction of the vesting requirements and certain restrictions set forth in the limited partnership agreement of Parkway Properties LP, each LTIP unit may be converted, at the election of the executive or the Company, into an OP unit. Each OP unit acquired upon conversion of an LTIP unit may be redeemed, at the election of the executive, for cash equal to the then fair market value of a share of common stock, except that the Company may, at its election, acquire each OP unit so presented for redemption for one share of common stock. /s/ Jeremy Dorsett, on behalf of M. Jayson Lipsey, as Attorney-in-Fact 2016-02-22