AGREEMENT REGARDING REVOLVING COMMITMENT INCREASES

THIS AGREEMENT REGARDING revolving commitment increases (this “Agreement”) dated as of January 27, 2015 (the “Agreement”), is executed by each of the existing Revolving Lenders under (and as defined in) the Credit Agreement (as defined below) a signatory hereto (the “Increasing Lenders”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”), PARKWAY PROPERTIES LP, a limited partnership formed under the laws of the State of Delaware (the “Borrower”), and PARKWAY PROPERTIES, INC., a corporation incorporated under the laws of the State of Maryland (the “Parent”).

WHEREAS, the Borrower, the Parent, the financial institutions from time to time party thereto as “Lenders”, the Administrative Agent, and the other parties thereto, have entered into that certain Amended, Restated and Consolidated Credit Agreement dated as of April 1, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”);

WHEREAS, pursuant to Section 2.16 of the Credit Agreement, the Borrower has requested that the aggregate amount of the Revolving Commitments (as defined in the Credit Agreement) be increased; and

WHEREAS, each Increasing Lender is willing to increase the amount of such Increasing Lender’s Revolving Commitment on the terms set forth herein; and

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged by the parties hereto, the parties hereto hereby agree as follows:

Section 1. Revolving Commitment Increases. Upon the effectiveness of this Agreement (a) the Borrower, the Parent and each Increasing Lender acknowledge and agree that the amount of such Increasing Lender’s Revolving Commitment shall be increased to the amount set forth for such Increasing Lender on Schedule I as such Lender’s “Revolving Commitment Amount”.

Section 2. Conditions Precedent. The effectiveness of this Agreement, including without limitation, the increases of the Revolving Commitments under the immediately preceding Section 1, is subject to receipt by the Administrative Agent of each of the following, each in form and substance satisfactory to the Administrative Agent:

(a)    a counterpart of this Agreement duly executed by the Borrower, the Parent, the Administrative Agent, and each of the Increasing Lenders;

(b)    Revolving Notes executed by the Borrower, payable to each Increasing Lender requesting a Revolving Note in the amount of such Increasing Lender’s Revolving Commitment, as applicable, set forth on Schedule I hereto;

(c)    an Acknowledgement substantially in the form of Exhibit A attached hereto, executed by each Guarantor;

(d)    evidence that all fees, expenses and reimbursement amounts due and payable to the Administrative Agent and the Increasing Lenders have been paid; and

(e)    such other documents, instruments and agreements as the Administrative Agent may reasonably request.

Section 3. Representations of Parent and Borrower . Each of the Parent and the Borrower represents and warrants that (x) no Default or Event of Default shall be in existence immediately after giving effect to the increases in the Revolving Commitments effected hereby and (y) the representations and warranties made or deemed made by the Parent, the Borrower or any other Loan Party in any Loan Document to which such Loan Party is a party shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) immediately after giving effect to the increases in the Revolving Commitments effected hereby except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Credit Agreement.

Section 6. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

Section 7. Counterparts. This Agreement may be executed in any number of counterparts each of which, when taken together, shall constitute one and the same agreement.

Section 8. Headings. Section headings have been inserted herein for convenience only and shall not be construed to be a part hereof.

Section 9. Amendments; Waivers. This Agreement may not be amended, changed, waived or modified except by a writing executed by each of the Increasing Lenders, the Administrative Agent, the Parent and the Borrower.

Section 10. Expenses. The Borrower shall reimburse the Administrative Agent upon demand for all costs and expenses (including attorneys’ fees) incurred by the Administrative Agent in connection with the preparation, negotiation and execution of this Agreement and the other agreements and documents executed and delivered in connection herewith.

Section 11. Benefits. This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.

Section 12. Definitions. Terms not otherwise defined herein are used herein with the respective meanings given them in the Credit Agreement.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement Regarding Revolving Commitment Increases to be executed as of the date first above written.

PARKWAY PROPERTIES, INC.

THIS GUARANTOR ACKNOWLEDGEMENT dated as of January __, 2015 (this “Acknowledgement”) executed by each of the undersigned (the “Guarantors”) in favor of Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”) and each “Lender” a party to the Credit Agreement referred to below (the “Lenders”).

WHEREAS, Parkway Properties LP (the “Borrower”), Parkway Properties, Inc. (the “Parent”), the Lenders, the Administrative Agent and certain other parties have entered into that certain Amended Restated and Consolidated Credit Agreement dated as of April 1, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”);

WHEREAS, each of the Guarantors is a party to that certain Guaranty dated as of April 1, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”) pursuant to which they guarantied, among other things, the Borrower’s obligations under the Credit Agreement on the terms and conditions contained in the Guaranty;

WHEREAS, the Borrower, the Parent, the Administrative Agent and certain Revolving Lenders (as defined in the Credit Agreement) are to enter into an Agreement Regarding Revolving Commitment Increases dated as of the date hereof (the “Agreement”), to provide for increases in the amount of such Revolving Lenders’ respective Revolving Commitments (as defined in the Credit Agreement) on the terms and conditions contained therein; and

WHEREAS, it is a condition precedent to the effectiveness of the Agreement that the Guarantors execute and deliver this Acknowledgement.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto agree as follows:

Section 1. Reaffirmation. Each Guarantor hereby reaffirms its continuing obligations to the Administrative Agent and the Lenders under the Guaranty and agrees that the transactions contemplated by the Amendment shall not in any way affect the validity and enforceability of the Guaranty, or reduce, impair or discharge the obligations of such Guarantor thereunder.

Section 2. Governing Law. THIS ACKNOWLEDGEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

Section 3. Counterparts. This Acknowledgement may be executed in any number of counterparts, each of which shall be deemed to be an original and shall be binding upon all parties, their successors and assigns.

IN WITNESS WHEREOF, each Guarantor has duly executed and delivered this Guarantor Acknowledgement as of the date and year first written above.

PARKWAY PROPERTIES, INC.

By: _______________________________    

Name: __________________________    

Title: ___________________________    

By: _______________________________    

Name: __________________________    

Title: ___________________________    

PARKWAY PROPERTIES GENERAL PARTNERS, INC.

By: _______________________________    

Name: __________________________    

Title: ___________________________    

By: _______________________________    

Name: __________________________    

Title: ___________________________    

    

PARKWAY JHLIC LP

By: _______________________________    

        Name: __________________________    

        Title: ___________________________    

By: _______________________________    

         Name: __________________________    

         Title: ___________________________    

PARKWAY REALTY SERVICES, LLC

By: _______________________________    

             Name: __________________________    

             Title: ___________________________    

By: _______________________________    

             Name: __________________________    

             Title: ___________________________    

PARKWAY LAMAR LLC

By: _______________________________    

             Name: __________________________    

             Title: ___________________________    

By: _______________________________    

             Name: __________________________    

             Title: ___________________________    

PARKWAY 214 N. TRYON, LLC

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

PARKWAY 525 N. TRYON, LLC

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

PARKWAY TOWER PLACE 200, LLC

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

PKY 222 S. MILL, LLC

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

PKY 400 NORTH BELT, LLC

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

    

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

    

PKY 1300 RIVERPLACE, LLC

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

PKY 1250 SAM HOUSTON, LLC

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

PKY 1325 DAIRY ASHFORD, LLC

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

PKY 40867 LAKE FOREST, LLC

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

    

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

PKY BRICKELL, LLC

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

    

PKY CARLTON, LLC

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

    

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

    

PKY CYP4, LLC

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

    

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

PKY FUND II ORLANDO I, LLC

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

    

PKY MILLENIA, LLC

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

PKY SQUAW PEAK, LLC

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

    

PKY WOODBRANCH, LLC

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

PARKWAY 550 SOUTH CALDWELL, LLC

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

    

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

PKY FUND II TAMPA I, LLC

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

By: ___________________________________    

             Name: __________________________    

            Title: ___________________________    

    

EOLA CAPITAL LLC

By: ____________________________    

             Name: __________________    

             Title: ____________________    

By: ____________________________    

             Name: __________________    

             Title: ____________________    

Attention:  Chief Financial Officer

Telecopy Number:  (407) 650-0597

Telephone Number:  (407) 650-0593

BORROWER:

PARKWAY PROPERTIES LP,

a Delaware limited partnership

By:    Parkway Properties General Partners, Inc.,

its sole general partner

Title:___________________________