AMENDMENT TO THE EMPLOYMENT AGREEMENT BETWEEN PARKWAY PROPERTIES, INC. AND M. JAYSON LIPSEY

The Employment Agreement (the “Agreement”), dated October 25, 2013, between Parkway Properties, Inc., a Maryland corporation (the “Company”), and M. Jayson Lipsey (the “Executive”), is hereby amended in the following manner (the “Amendment”), in accordance with Section 13(c) of the Agreement.

In addition to the Base Salary, during the Term, the Executive shall be eligible to participate in the Company’s discretionary annual incentive plan (the “AIP”) as may be established and approved by the Board or the Committee from time to time and, pursuant to the AIP, the Executive may earn an annual bonus (the “Annual Bonus”) in each fiscal year during the Term, with a target Annual Bonus opportunity of sixty percent (60%) of Base Salary (the “Target Bonus”); provided, that the Board or the Committee shall annually review the Executive’s Target Bonus and, in its sole discretion, may increase the Executive’s Target Bonus, and references in this Agreement to Target Bonus shall refer to the Target Bonus as may be increased by the Board or the Committee. The Annual Bonus actually paid, if any, in any fiscal year shall be determined by the Chief Executive Officer and the Board or the Committee based upon the achievement of annual performance objectives established by the Chief Executive Officer and the Board from time to time. The Annual Bonus shall be paid no later than two and one-half (2.5) months following the end of the fiscal year to which such Annual Bonus relates, subject to the Executive’s continued employment with the Company on the applicable payment date, except as otherwise provided in Sections 6(a) and 6(b).

IN WITNESS WHEREOF, the Company and the Executive have executed this Amendment to the Agreement, effective as of this 15th day of June, 2015.