Document:

EX-10.2

 Exhibit 10.2 
 Execution Version 
 GUARANTY 

THIS GUARANTY dated as of June 12, 2013, executed and delivered by each of the undersigned and the other Persons from time to time
party hereto pursuant to the execution and delivery of an Accession Agreement in the form of Annex I hereto (all of the undersigned, together with such other Persons each a “Guarantor” and collectively, the “Guarantors”) in favor
of WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as Administrative Agent (the “Administrative Agent”) for the Lenders under that certain Term Loan Agreement dated as of June 12, 2013 (as amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”), by and among PARKWAY PROPERTIES LP (the “Borrower”), PARKWAY PROPERTIES, INC. (the “Parent”), the financial institutions party thereto and their assignees
under Section 12.6. thereof (the “Lenders”) and the Administrative Agent. 
 WHEREAS, pursuant to the Credit
Agreement, the Administrative Agent and the Lenders have agreed to make available to the Borrower certain financial accommodations on the terms and conditions set forth in the Credit Agreement; 

WHEREAS, the Borrower and each of the Guarantors, though separate legal entities, are mutually dependent on each other in the conduct of
their respective businesses as an integrated operation and have determined it to be in their mutual best interests to obtain financing from the Administrative Agent and the Lenders through their collective efforts; 

WHEREAS, each Guarantor acknowledges that it will receive direct and indirect benefits from the Administrative Agent and the Lenders
making such financial accommodations available to the Borrower under the Credit Agreement and, accordingly, each Guarantor is willing to guarantee the Borrower’s obligations to the Administrative Agent and the Lenders on the terms and
conditions contained herein; and 
 WHEREAS, the execution and delivery of this Guaranty is a condition to the Administrative
Agent and the Lenders making such financial accommodations to the Borrower. 
 NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged by each Guarantor, each Guarantor agrees as follows: 
 Section 1. Guaranty. Each Guarantor hereby absolutely, irrevocably and unconditionally guaranties the due and punctual payment and performance when due, whether at stated maturity, by
acceleration or otherwise, of all of the following (collectively referred to as the “Guarantied Obligations”): (a) all indebtedness, liabilities, obligations, covenants and duties owing by the Borrower to any Lender or the
Administrative Agent under or in connection with the Credit Agreement and any other Loan Document, including without limitation, the repayment of all principal of the Loans and the payment of all interest, Fees, charges, reasonable attorneys’
fees and other amounts payable to any Lender or the Administrative Agent thereunder or in connection therewith (including, to the extent permitted by Applicable Law, interest, Fees and other amounts that would accrue and become due after the filing
of a case or other proceeding under the Bankruptcy Code (as defined below) or other similar Applicable Law but for the commencement of such case or proceeding, whether or not such amounts are allowed or allowable in whole or in part in such case or
proceeding); (b) any and all extensions, renewals, modifications, amendments or substitutions of the foregoing; (c) all other Obligations; and (d) all expenses, including, without limitation, reasonable attorneys’ fees and
disbursements, that are incurred by any of the Lenders or the Administrative Agent in the enforcement of any of the foregoing or any obligation of such Guarantor hereunder. 

 Section 2. Guaranty of Payment and Not of Collection. This Guaranty is a
guaranty of payment, and not of collection, and a debt of each Guarantor for its own account. Accordingly, none of the Administrative Agent or the Lenders shall be obligated or required before enforcing this Guaranty against any Guarantor:
(a) to pursue any right or remedy any of them may have against the Borrower, any other Guarantor or any other Person or commence any suit or other proceeding against the Borrower, any other Guarantor or any other Person in any court or other
tribunal; (b) to make any claim in a liquidation or bankruptcy of the Borrower, any other Guarantor or any other Person; or (c) to make demand of the Borrower, any other Guarantor or any other Person. 

Section 3. Guaranty Absolute. Each Guarantor guarantees that the Guarantied Obligations will be paid strictly in accordance
with the terms of the documents evidencing the same, regardless of any Applicable Law now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Administrative Agent or the Lenders with respect thereto. The
liability of each Guarantor under this Guaranty shall be absolute, irrevocable and unconditional in accordance with its terms and shall remain in full force and effect without regard to, and shall not be released, suspended, discharged, terminated
or otherwise affected by, any circumstance or occurrence whatsoever, including without limitation, the following (whether or not such Guarantor consents thereto or has notice thereof): 

(a)  (i) any change in the amount, interest rate or due date or other term of any of the Guarantied Obligations,
(ii) any change in the time, place or manner of payment of all or any portion of the Guarantied Obligations, (iii) any amendment or waiver of, or consent to the departure from or other indulgence with respect to, the Credit Agreement, any
other Loan Document, or any other document or instrument evidencing or relating to any Guarantied Obligations, or (iv) any waiver, renewal, extension, addition, or supplement to, or deletion from, or any other action or inaction under or in
respect of, the Credit Agreement, any of the other Loan Documents, or any other documents, instruments or agreements relating to the Guarantied Obligations or any other instrument or agreement referred to therein or evidencing any Guarantied
Obligations or any assignment or transfer of any of the foregoing; 
 (b) any lack of validity or enforceability of the Credit
Agreement, any of the other Loan Documents, or any other document, instrument or agreement referred to therein or evidencing any Guarantied Obligations or any assignment or transfer of any of the foregoing; 

(c) any furnishing to the Administrative Agent or the Lenders of any security for the Guarantied Obligations; 

(d) any settlement or compromise of any of the Guarantied Obligations or any liability of any other party with respect to the Guarantied
Obligations, or any subordination of the payment of the Guarantied Obligations to the payment of any other liability of the Borrower or any other Loan Party; 
 (e) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceeding relating to such Guarantor, the Borrower, any other Loan Party or any other
Person, or any action taken with respect to this Guaranty by any trustee or receiver, or by any court, in any such proceeding; 

(f) any act or failure to act by the Borrower, any other Loan Party or any other Person which may adversely affect such Guarantor’s
subrogation rights, if any, against the Borrower to recover payments made under this Guaranty; 

  
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 (g) any application of sums paid by the Borrower, any other Guarantor or any other Person
with respect to the liabilities of the Borrower to the Administrative Agent or the Lenders, regardless of what liabilities of the Borrower remain unpaid; 
 (h) any defect, limitation or insufficiency in the borrowing powers of the Borrower or in the exercise thereof; 
 (i) any defense, set-off, claim or counterclaim (other than indefeasible payment and performance in full) which may at any time be available to or be asserted by the Borrower, any other Loan Party or any
other Person against the Administrative Agent or any Lender; 
 (j) any change in the corporate existence, structure or ownership
of the Borrower or any other Loan Party; 
 (k) any statement, representation or warranty made or deemed made by or on behalf of
the Borrower, any Guarantor or any other Loan Party under any Loan Document, or any amendment hereto or thereto, proves to have been incorrect or misleading in any respect; or 
 (l) any other circumstance which might otherwise constitute a defense available to, or a discharge of, a Guarantor hereunder (other than indefeasible payment and performance in full). 

Section 4. Action with Respect to Guarantied Obligations. The Administrative Agent and the Lenders may, at any time and from
time to time, without the consent of, or notice to, any Guarantor, and without discharging any Guarantor from its obligations hereunder, take any and all actions described in Section 3 and may otherwise: (a) amend, modify, alter or
supplement the terms of any of the Guarantied Obligations, including, but not limited to, extending or shortening the time of payment of any of the Guarantied Obligations or changing the interest rate that may accrue on any of the Guarantied
Obligations; (b) amend, modify, alter or supplement the Credit Agreement or any other Loan Document; (c) release any other Loan Party or other Person liable in any manner for the payment or collection of the Guarantied Obligations;
(d) exercise, or refrain from exercising, any rights against the Borrower, any other Guarantor or any other Person; and (e) apply any sum, by whomsoever paid or however realized, to the Guarantied Obligations in such order as the Lenders
shall elect. 
 Section 5. Representations and Warranties. Each Guarantor hereby makes to the Administrative Agent
and the Lenders all of the representations and warranties made by the Borrower with respect to or in any way relating to such Guarantor in the Credit Agreement and the other Loan Documents, as if the same were set forth herein in full. 

Section 6. Covenants. Each Guarantor will comply with all covenants which the Borrower is to cause such Guarantor to comply
with under the terms of the Credit Agreement or any of the other Loan Documents. 
 Section 7. Waiver. Each
Guarantor, to the fullest extent permitted by Applicable Law, hereby waives notice of acceptance hereof or any presentment, demand, protest or notice of any kind, and any other act or thing, or omission or delay to do any other act or thing, which
in any manner or to any extent might vary the risk of such Guarantor or which otherwise might operate to discharge such Guarantor from its obligations hereunder. 
 Section 8. Inability to Accelerate Loan. If the Administrative Agent and/or the Lenders are prevented under Applicable Law or otherwise from demanding or accelerating payment of any of the
Guarantied Obligations by reason of any automatic stay or otherwise, the Administrative Agent and/or the Lenders shall be entitled to receive from each Guarantor, upon demand therefor, the sums which otherwise would have been due had such demand or
acceleration occurred. 

  
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 Section 9. Reinstatement of Guarantied Obligations. If claim is ever made on the
Administrative Agent or any of the Lenders for repayment or recovery of any amount or amounts received in payment or on account of any of the Guarantied Obligations, and the Administrative Agent or such Lender repays all or part of said amount by
reason of (a) any judgment, decree or order of any court or administrative body of competent jurisdiction, or (b) any settlement or compromise of any such claim effected by the Administrative Agent or such Lender with any such claimant
(including the Borrower or a trustee in bankruptcy for the Borrower), then and in such event each Guarantor agrees that any such judgment, decree, order, settlement or compromise shall be binding on it, notwithstanding any revocation hereof or the
cancellation of the Credit Agreement, any of the other Loan Documents, or any other instrument evidencing any liability of the Borrower, and such Guarantor shall be and remain liable to the Administrative Agent or such Lender for the amounts so
repaid or recovered to the same extent as if such amount had never originally been paid to the Administrative Agent or such Lender. 
 Section 10. Subrogation. Upon the making by any Guarantor of any payment hereunder for the account of the Borrower, such Guarantor shall be subrogated to the rights of the payee against the
Borrower; provided, however, that such Guarantor shall not enforce any right or receive any payment by way of subrogation or otherwise take any action in respect of any other claim or cause of action such Guarantor may have against the Borrower
arising by reason of any payment or performance by such Guarantor pursuant to this Guaranty, unless and until all of the Guarantied Obligations have been indefeasibly paid and performed in full. If any amount shall be paid to such Guarantor on
account of or in respect of such subrogation rights or other claims or causes of action, such Guarantor shall hold such amount in trust for the benefit of the Administrative Agent and the Lenders and shall forthwith pay such amount to the
Administrative Agent to be credited and applied against the Guarantied Obligations, whether matured or unmatured, in accordance with the terms of the Credit Agreement or to be held by the Administrative Agent as collateral security for any
Guarantied Obligations existing. 
 Section 11. Payments Free and Clear. All sums payable by each Guarantor
hereunder, whether of principal, interest, Fees, expenses, premiums or otherwise, shall be paid in full, without set-off or counterclaim or any deduction or withholding whatsoever (including any Taxes), and if any Guarantor is required by Applicable
Law or by a Governmental Authority to make any such deduction or withholding, such Guarantor shall pay to the Administrative Agent and the Lenders such additional amount as will result in the receipt by the Administrative Agent and the Lenders of
the full amount payable hereunder had such deduction or withholding not occurred or been required. 
 Section 12.
Set-off. In addition to any rights now or hereafter granted under any of the other Loan Documents or Applicable Law and not by way of limitation of any such rights, each Guarantor hereby authorizes the Administrative Agent, each Lender and
any of their respective Affiliates, at any time while an Event of Default exists, without any prior notice to such Guarantor or to any other Person, any such notice being hereby expressly waived, but in the case of a Lender or an Affiliate of a
Lender subject to receipt of the prior written consent of the Requisite Lenders exercised in their sole discretion, to set off and to appropriate and to apply any and all deposits (general or special, including, but not limited to, indebtedness
evidenced by certificates of deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by the Administrative Agent, such Lender, or any Affiliate of the Administrative Agent or such Lender, to or for the credit or
the account of such Guarantor against and on account of any of the Guarantied Obligations, although such obligations shall be contingent or unmatured. 

  
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 Section 13. Subordination. Each Guarantor hereby expressly covenants and agrees
for the benefit of the Administrative Agent and the Lenders that all obligations and liabilities of the Borrower to such Guarantor of whatever description, including without limitation, all intercompany receivables of such Guarantor from the
Borrower (collectively, the “Junior Claims”) shall be subordinate and junior in right of payment to all Guarantied Obligations. If an Event of Default shall exist, then no Guarantor shall accept any direct or indirect payment (in cash,
property or securities, by setoff or otherwise) from the Borrower on account of or in any manner in respect of any Junior Claim until all of the Guarantied Obligations have been indefeasibly paid in full. 

Section 14. Avoidance Provisions. It is the intent of each Guarantor, the Administrative Agent and the Lenders that in any
Proceeding, such Guarantor’s maximum obligation hereunder shall equal, but not exceed, the maximum amount which would not otherwise cause the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the
Administrative Agent and the Lenders) to be avoidable or unenforceable against such Guarantor in such Proceeding as a result of Applicable Law, including without limitation, (a) Section 548 of the Bankruptcy Code and (b) any state
fraudulent transfer or fraudulent conveyance act or statute applied in such Proceeding, whether by virtue of Section 544 of the Bankruptcy Code or otherwise. The Applicable Laws under which the possible avoidance or unenforceability of the
obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Administrative Agent and the Lenders) shall be determined in any such Proceeding are referred to as the “Avoidance Provisions”. Accordingly, to the
extent that the obligations of any Guarantor hereunder would otherwise be subject to avoidance under the Avoidance Provisions, the maximum Guarantied Obligations for which such Guarantor shall be liable hereunder shall be reduced to that amount
which, as of the time any of the Guarantied Obligations are deemed to have been incurred under the Avoidance Provisions, would not cause the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Administrative
Agent and the Lenders), to be subject to avoidance under the Avoidance Provisions. This Section is intended solely to preserve the rights of the Administrative Agent and the Lenders hereunder to the maximum extent that would not cause the
obligations of any Guarantor hereunder to be subject to avoidance under the Avoidance Provisions, and no Guarantor or any other Person shall have any right or claim under this Section as against the Administrative Agent and the Lenders that would
not otherwise be available to such Person under the Avoidance Provisions. 
 Section 15. Information. Each Guarantor
assumes all responsibility for being and keeping itself informed of the financial condition of the Borrower and the other Guarantors, and of all other circumstances bearing upon the risk of nonpayment of any of the Guarantied Obligations and the
nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that neither the Administrative Agent nor any of the Lenders shall have any duty whatsoever to advise any Guarantor of information regarding such
circumstances or risks. 
 Section 16. Governing Law. THIS AGREEMENT 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 17. WAIVER OF JURY TRIAL. 
 (a) EACH PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG ANY GUARANTOR, THE ADMINISTRATIVE AGENT OR ANY OF THE LENDERS WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND
FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE LENDERS, THE ADMINISTRATIVE AGENT AND EACH GUARANTOR HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR
PROCEEDING OF ANY KIND OR NATURE 

  
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IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR BY REASON OF ANY OTHER SUIT, CAUSE OF ACTION
OR DISPUTE WHATSOEVER BETWEEN OR AMONG ANY GUARANTOR, THE ADMINISTRATIVE AGENT OR ANY OF THE LENDERS OF ANY KIND OR NATURE RELATING TO ANY OF THE LOAN DOCUMENTS. 
 (b) EACH OF THE GUARANTORS, THE ADMINISTRATIVE AGENT AND EACH LENDER HEREBY AGREES THAT ANY FEDERAL DISTRICT COURT AND ANY STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN NEW YORK, NEW YORK SHALL HAVE
JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG ANY GUARANTOR, THE ADMINISTRATIVE AGENT OR ANY OF THE LENDERS, PERTAINING DIRECTLY OR INDIRECTLY TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR TO ANY MATTER ARISING HEREFROM
OR THEREFROM. EACH GUARANTOR AND EACH OF THE LENDERS EXPRESSLY SUBMIT AND CONSENT IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED IN SUCH COURTS WITH RESPECT TO SUCH CLAIMS OR DISPUTES. EACH PARTY FURTHER WAIVES ANY OBJECTION
THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN
THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY ANY PARTY OR THE ENFORCEMENT BY ANY PARTY OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION. 

(c) THE PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE
LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN DOCUMENTS AND THE TERMINATION OF THIS GUARANTY. 

Section 18. Loan Accounts. The Administrative Agent and each Lender may maintain books and accounts setting forth the amounts
of principal, interest and other sums paid and payable with respect to the Guarantied Obligations, and in the case of any dispute relating to any of the outstanding amount, payment or receipt of any of the Guarantied Obligations or otherwise, the
entries in such books and accounts shall be deemed conclusive evidence of the amounts and other matters set forth herein, absent manifest error. The failure of the Administrative Agent or any Lender to maintain such books and accounts shall not in
any way relieve or discharge any Guarantor of any of its obligations hereunder. 
 Section 19. Waiver of Remedies.
No delay or failure on the part of the Administrative Agent or any of the Lenders in the exercise of any right or remedy it may have against any Guarantor hereunder or otherwise shall operate as a waiver thereof, and no single or partial exercise by
the Administrative Agent or any of the Lenders of any such right or remedy shall preclude any other or further exercise thereof or the exercise of any other such right or remedy. 

Section 20. Termination. This Guaranty shall remain in full force and effect until indefeasible payment in full of the
Guarantied Obligations and the other Obligations and the termination or cancellation of the Credit Agreement in accordance with its terms. 

  
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 Section 21. Successors and Assigns. Each reference herein to the Administrative
Agent or the Lenders shall be deemed to include such Person’s respective successors and assigns (including, but not limited to, any holder of the Guarantied Obligations) in whose favor the provisions of this Guaranty also shall inure, and each
reference herein to each Guarantor shall be deemed to include such Guarantor’s successors and assigns, upon whom this Guaranty also shall be binding. The Lenders may, in accordance with the applicable provisions of the Credit Agreement, assign,
transfer or sell any Guarantied Obligation, or grant or sell participations in any Guarantied Obligations, to any Person without the consent of, or notice to, any Guarantor and without releasing, discharging or modifying any Guarantor’s
obligations hereunder. Subject to Section 12.9. of the Credit Agreement, each Guarantor hereby consents to the delivery by the Administrative Agent or any Lender to any Assignee or Participant (or any prospective Assignee or Participant) of any
financial or other information regarding the Borrower or any Guarantor. No Guarantor may assign or transfer its rights or obligations hereunder to any Person without the prior written consent of the Administrative Agent and the Lenders and any such
assignment or other transfer to which the Administrative Agent and the Lenders have not so consented shall be null and void. 

Section 22. JOINT AND SEVERAL OBLIGATIONS. THE OBLIGATIONS OF THE GUARANTORS HEREUNDER SHALL BE JOINT AND SEVERAL, AND
ACCORDINGLY, EACH GUARANTOR CONFIRMS THAT IT IS LIABLE FOR THE FULL AMOUNT OF THE “GUARANTIED OBLIGATIONS” AND ALL OF THE OBLIGATIONS AND LIABILITIES OF EACH OF THE OTHER GUARANTORS HEREUNDER. 

Section 23. Amendments. This Guaranty may not be amended except in a writing signed by the Requisite Lenders (or all of the
Lenders if required under the terms of the Credit Agreement), the Administrative Agent and each Guarantor. 
 Section 24.
Payments. All payments to be made by any Guarantor pursuant to this Guaranty shall be made in Dollars, in immediately available funds to the Administrative Agent at the Principal Office, not later than 2:00 p.m. on the date of demand
therefor. 
 Section 25. Notices. All notices, requests and other communications hereunder shall be in writing
(including facsimile transmission or similar writing) and shall be given (a) to each Guarantor at its address set forth below its signature hereto, (b) to the Administrative Agent or any Lender at its respective address for notices
provided for in the Credit Agreement, or (c) as to each such party at such other address as such party shall designate in a written notice to the other parties. Each such notice, request or other communication shall be effective (i) if
mailed, when received; (ii) if telecopied, when transmitted; or (iii) if hand delivered, when delivered; provided, however, that any notice of a change of address for notices shall not be effective until received. 

Section 26. Severability. In case any provision of this Guaranty shall be invalid, illegal or unenforceable in any
jurisdiction, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 27. Headings. Section headings used in this Guaranty are for convenience only and shall not affect the construction of this Guaranty. 

Section 28. Limitation of Liability. Neither the Administrative Agent nor any of the Lenders, nor any Affiliate, officer,
director, employee, attorney, or agent of the Administrative Agent or any of the Lenders, shall have any liability with respect to, and each Guarantor hereby waives, releases, and agrees not to sue any of them upon, any claim for any special,
indirect, incidental, or consequential damages suffered or incurred by a Guarantor in connection with, arising out of, or in any way related to, this Guaranty or any of the other Loan Documents, or any of the transactions contemplated by this
Guaranty, the Credit Agreement or any of the other Loan Documents. Each Guarantor hereby waives, releases, and agrees not to sue the Administrative Agent or any of the Lenders or any of the Administrative Agent’s or

  
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of any Lenders’, officers, directors, employees, attorneys, or agents for punitive damages in respect of any claim in connection with, arising out of, or in any way related to, this
Guaranty, the Credit Agreement or any of the other Loan Documents, or any of the transactions contemplated by Credit Agreement or financed thereby. 
 Section 29. Definitions. (a) For the purposes of this Guaranty: 

“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy”, as amended from time to
time, and any successor statute or statutes and all rules and regulations from time to time promulgated thereunder, and any comparable foreign laws relating to bankruptcy, insolvency or creditors’ rights. 

“Proceeding” means any of the following: (i) a voluntary or involuntary case concerning any Guarantor shall be
commenced under the Bankruptcy Code; (ii) a custodian (as defined in such Bankruptcy Code or any other applicable bankruptcy laws) is appointed for, or takes charge of, all or any substantial part of the property of any Guarantor;
(iii) any other proceeding under any Applicable Law, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up or composition for adjustment of debts, whether now or hereafter in effect, is commenced relating to any
Guarantor; (iv) any Guarantor is adjudicated insolvent or bankrupt; (v) any order of relief or other order approving any such case or proceeding is entered by a court of competent jurisdiction; (vi) any Guarantor makes a general
assignment for the benefit of creditors; (vii) any Guarantor shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they become due; (viii) any Guarantor shall call a meeting of its
creditors with a view to arranging a composition or adjustment of its debts; (ix) any Guarantor shall by any act or failure to act indicate its consent to, approval of or acquiescence in any of the foregoing; or (x) any corporate action
shall be taken by any Guarantor for the purpose of effecting any of the foregoing. 
 (b) Capitalized terms not otherwise defined
herein are used herein with the respective meanings given them in the Credit Agreement. 
 [Signatures on Next Page] 

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

					
	PARKWAY PROPERTIES, INC.
		
	By:	 	/s/ David R. O’Reilly
		 	Name: David R. O’Reilly
		 	Title: EVP, Chief Financial Officer & Chief
          Investment Officer

  

					
	By:	 	/s/ M. Jayson Lipsey
		 	Name: M. Jayson Lipsey
		 	Title: Executive Vice President & Chief
          Operating Officer
	
	PARKWAY PROPERTIES GENERAL PARTNERS, INC.
		
	By:	 	/s/ David R. O’Reilly
		 	Name: David R. O’Reilly
		 	Title: EVP, Chief Financial Officer & Chief
          Investment Officer
		
	By:	 	/s/ M. Jayson Lipsey
		 	Name: M. Jayson Lipsey
		 	Title: Executive Vice President & Chief
          Operating Officer
	
	PARKWAY JHLIC LP
		
	By:	 	Parkway Properties General Partners, Inc., its sole general partner

  

							
		 	By:	 	/s/ David R. O’Reilly
		 		 	Name: David R. O’Reilly
		 		 	Title: EVP, Chief Financial Officer & Chief
          Investment Officer
			
		 	By:	 	/s/ M. Jayson Lipsey
		 		 	Name: M. Jayson Lipsey
		 		 	Title: Executive Vice President & Chief
          Operating Officer

 [Signatures continued on next page] 

 

  
 [Signature
Page to Guaranty] 

 
									
	PARKWAY REALTY SERVICES, LLC
		
	By:	 	Parkway Properties LP, its sole member
			
		 	By:	 	 Parkway Properties General Partners, Inc., its
 sole general partner

				
		 		 	By:	 	/s/ David R. O’Reilly
		 		 		 	Name: David R. O’Reilly
		 		 		 	Title: EVP, Chief Financial Officer &
          Chief Investment Officer
				
		 		 	By:	 	/s/ M. Jayson Lipsey
		 		 		 	Name: M. Jayson Lipsey
		 		 		 	 Title: Executive Vice President & Chief

           Operating Officer

	
	PARKWAY LAMAR LLC
		
	By:	 	Parkway Properties LP, its sole member
			
		 	By:	 	 Parkway Properties General Partners, Inc., its
 sole general partner

				
		 		 	By:	 	/s/ David R. O’Reilly
		 		 		 	Name: David R. O’Reilly
		 		 		 	Title: EVP, Chief Financial Officer & Chief
          Investment
Officer
				
		 		 	By:	 	/s/ M. Jayson Lipsey
		 		 		 	Name: M. Jayson Lipsey
		 		 		 	 Title: Executive Vice President & Chief

           Operating Officer

 [Signatures continued on next page] 

 

  
 [Signature
Page to Guaranty] 

 
									
	PARKWAY 214 N. TRYON, LLC
		
	By:	 	Parkway Properties LP, its sole member
			
		 	By:	 	Parkway Properties General Partners, Inc., its sole general partner
				
		 		 	By:	 	/s/ David R. O’Reilly
		 		 		 	Name: David R. O’Reilly
		 		 		 	Title: EVP, Chief Financial Officer & Chief
          Investment
Officer
				
		 		 	By:	 	/s/ M. Jayson Lipsey
		 		 		 	Name: M. Jayson Lipsey
		 		 		 	Title: Executive Vice President & Chief
          Operating Officer
	
	PARKWAY 525 N. TRYON, LLC
		
	By:	 	Parkway Properties LP, its sole member
			
		 	By:	 	Parkway Properties General Partners, Inc., its sole general partner
				
		 		 	By:	 	/s/ David R. O’Reilly
		 		 		 	Name: David R. O’Reilly
		 		 		 	Title: EVP, Chief Financial Officer & Chief
          Investment
Officer
				
		 		 	By:	 	/s/ M. Jayson Lipsey
		 		 		 	Name: M. Jayson Lipsey
		 		 		 	Title: Executive Vice President & Chief
          Operating Officer

 [Signatures continued on next page] 

 

  
 [Signature
Page to Guaranty] 

 
									
	 PARKWAY TOWER PLACE 200, LLC

		
	 By:
	 	 Parkway Properties LP, its sole member

			
		 	 By:
	 	 Parkway Properties General Partners, Inc., its

sole general partner

				
		 		 	 By:
	 	 /s/ David R. O’Reilly

		 		 		 	 Name: David R. O’Reilly

		 		 		 	
Title: EVP, Chief Financial Officer & Chief
     Investment
Officer

				
		 		 	 By:
	 	 /s/ M. Jayson Lipsey

		 		 		 	 Name: M. Jayson Lipsey

		 		 		 	 Title: Executive Vice President & Chief

          Operating Officer

	
	 PKY 222 S. MILL, LLC

		
	 By:
	 	 Parkway Properties LP, its sole member

			
		 	 By:
	 	 Parkway Properties General Partners, Inc., its

sole general partner

				
		 		 	 By:
	 	 /s/ David R. O’Reilly

		 		 		 	 Name: David R. O’Reilly

		 		 		 	Title: EVP, Chief Financial Officer & Chief
          Investment
Officer
				
		 		 	 By:
	 	 /s/ M. Jayson Lipsey

		 		 		 	 Name: M. Jayson Lipsey

		 		 		 	 Title: Executive Vice President & Chief

          Operating Officer

 [Signatures continued on next page] 

 

  
 [Signature
Page to Guaranty] 

 
									
	PKY 400 NORTH BELT, LLC
		
	By:	 	Parkway Properties LP, its sole member
			
		 	By:	 	 Parkway Properties General Partners, Inc., its
 sole general partner

				
		 		 	By:	 	/s/ David R. O’Reilly
		 		 		 	Name: David R. O’Reilly
		 		 		 	Title: EVP, Chief Financial Officer & Chief
		 		 		 	          Investment Officer
				
		 		 	By:	 	/s/ M. Jayson Lipsey
		 		 		 	Name: M. Jayson Lipsey
		 		 		 	 Title: Executive Vice President & Chief
           Operating Officer

	
	PKY 1300 RIVERPLACE, LLC
		
	By:	 	Parkway Properties LP, its sole member
			
		 	By:	 	 Parkway Properties General Partners, Inc., its
 sole general partner

				
		 		 	By:	 	/s/ David R. O’Reilly
		 		 		 	Name: David R. O’Reilly
		 		 		 	Title: EVP, Chief Financial Officer & Chief
		 		 		 	          Investment Officer
				
		 		 	By:	 	/s/ M. Jayson Lipsey
		 		 		 	Name: M. Jayson Lipsey
		 		 		 	 Title: Executive Vice President & Chief
           Operating Officer

 [Signatures continued on next page] 

 

  
 [Signature
Page to Guaranty] 

 
									
	PKY 1250 SAM HOUSTON, LLC
		
	By:	 	Parkway Properties LP, its sole member
			
		 	By:	 	 Parkway Properties General Partners, Inc., its
 sole general partner

				
		 		 	By:	 	/s/ David R. O’Reilly
		 		 		 	Name: David R. O’Reilly
		 		 		 	Title: EVP, Chief Financial Officer & Chief
		 		 		 	          Investment Officer
				
		 		 	By:	 	/s/ M. Jayson Lipsey
		 		 		 	Name: M. Jayson Lipsey
		 		 		 	 Title: Executive Vice President & Chief
           Operating Officer

	
	PKY 1325 DAIRY ASHFORD, LLC
		
	By:	 	Parkway Properties LP, its sole member
			
		 	By:	 	 Parkway Properties General Partners, Inc., its
 sole general partner

				
		 		 	By:	 	/s/ David R. O’Reilly
		 		 		 	Name: David R. O’Reilly
		 		 		 	Title: EVP, Chief Financial Officer & Chief
		 		 		 	          Investment Officer
				
		 		 	By:	 	/s/ M. Jayson Lipsey
		 		 		 	Name: M. Jayson Lipsey
		 		 		 	 Title: Executive Vice President & Chief
           Operating Officer

 [Signatures continued on next page] 

 

  
 [Signature
Page to Guaranty] 

 
									
	PKY SQUAW PEAK, LLC
		
	By:	 	Parkway Properties LP, its sole member
			
		 	By:	 	 Parkway Properties General Partners, Inc., its
 sole general partner

				
		 		 	By:	 	/s/ David R. O’Reilly
		 		 		 	Name: David R. O’Reilly
		 		 		 	Title: EVP, Chief Financial Officer & Chief
		 		 		 	          Investment Officer
				
		 		 	By:	 	/s/ M. Jayson Lipsey
		 		 		 	Name: M. Jayson Lipsey
		 		 		 	 Title: Executive Vice President & Chief
           Operating Officer

	
	PKY WOODBRANCH, LLC
		
	By:	 	Parkway Properties LP, its sole member
			
		 	By:	 	 Parkway Properties General Partners, Inc., its
 sole general partner

				
		 		 	By:	 	/s/ David R. O’Reilly
		 		 		 	Name: David R. O’Reilly
		 		 		 	Title: EVP, Chief Financial Officer & Chief
		 		 		 	          Investment Officer
				
		 		 	By:	 	/s/ M. Jayson Lipsey
		 		 		 	Name: M. Jayson Lipsey
		 		 		 	 Title: Executive Vice President & Chief
           Operating Officer

 [Signatures continued on next page] 

  
 [Signature
Page to Guaranty] 

 
									
	PARKWAY 550 SOUTH CALDWELL, LLC
		
	By:	 	Parkway Properties LP, its sole member
			
		 	By:	 	 Parkway Properties General Partners, Inc., its
 sole general partner

				
		 		 	By:	 	/s/ David R. O’Reilly
		 		 		 	Name: David R. O’Reilly
		 		 		 	Title: EVP, Chief Financial Officer & Chief
		 		 		 	          Investment Officer
				
		 		 	By:	 	/s/ M. Jayson Lipsey
		 		 		 	Name: M. Jayson Lipsey
		 		 		 	 Title: Executive Vice President & Chief
           Operating Officer

	
	PKY FUND II TAMPA I, LLC
		
	By:	 	Parkway Properties LP, its sole member
			
		 	By:	 	 Parkway Properties General Partners, Inc., its
 sole general partner

				
		 		 	By:	 	/s/ David R. O’Reilly
		 		 		 	Name: David R. O’Reilly
		 		 		 	Title: EVP, Chief Financial Officer & Chief
		 		 		 	          Investment Officer
				
		 		 	By:	 	/s/ M. Jayson Lipsey
		 		 		 	Name: M. Jayson Lipsey
		 		 		 	 Title: Executive Vice President & Chief
           Operating Officer

 [Signatures continued on next page] 

 

  
 [Signature
Page to Guaranty] 

 
											
	EOLA CAPITAL LLC
		
	By:	 	Eola Office Partners LLC, its sole member
			
		 	By:	 	Parkway Properties LP, its sole member
				
		 		 	By:	 	 Parkway Properties General Partners,
 Inc., its sole general partner

					
		 		 		 	By:	 	/s/ David R. O’Reilly
		 		 		 		 	Name: David R. O’Reilly
		 		 		 		 	 Title: EVP, Chief Financial Officer
           & Chief Investment Officer

					
		 		 		 	By:	 	/s/ M. Jayson Lipsey
		 		 		 		 	Name: M. Jayson Lipsey
		 		 		 		 	 Title: Executive Vice President &
           Chief Operating Officer

	
	Address for Notices:
	
	 c/o Parkway Properties, Inc.
 390 North Orange Avenue, Suite 2400
 Orlando, FL 32801

Attention: Chief Financial Officer
 Telecopy
Number: (407) 650-0597
 Telephone Number: (407) 650-0593

  
 [Signature
Page to Guaranty] 

 ANNEX I 
 FORM OF ACCESSION AGREEMENT 
 THIS ACCESSION AGREEMENT dated as of
            , 20    , executed and delivered by                     ,
a                     (the “New Guarantor”), in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as Administrative Agent
(the “Administrative Agent”) for the Lenders under that certain Term Loan Agreement dated as of June 12, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among
PARKWAY PROPERTIES LP (the “Borrower”), PARKWAY PROPERTIES, INC., as Parent, the financial institutions party thereto and their assignees under Section 12.6. thereof (the “Lenders”) and the Administrative Agent. 

WHEREAS, pursuant to the Credit Agreement, the Administrative Agent and the Lenders have agreed to make available to the Borrower certain
financial accommodations on the terms and conditions set forth in the Credit Agreement; 
 WHEREAS, the Borrower, the New
Guarantor, and the existing Guarantors, though separate legal entities, are mutually dependent on each other in the conduct of their respective businesses as an integrated operation and have determined it to be in their mutual best interests to
obtain financing from the Administrative Agent and the Lenders through their collective efforts; 
 WHEREAS, the New Guarantor
acknowledges that it will receive direct and indirect benefits from the Administrative Agent and the Lenders making such financial accommodations available to the Borrower under the Credit Agreement and, accordingly, the New Guarantor is willing to
guarantee the Borrower’s obligations to the Administrative Agent and the Lenders on the terms and conditions contained herein; and 
 WHEREAS, the New Guarantor’s execution and delivery of this Agreement is a condition to the Administrative Agent and the Lenders continuing to make such financial accommodations to the Borrower.

 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the New
Guarantor, the New Guarantor agrees as follows: 
 Section 1. Accession to Guaranty. The New Guarantor hereby agrees
that it is a “Guarantor” under that certain Guaranty dated as of June 12, 2013 (as amended, supplemented, restated or otherwise modified from time to time, the “Guaranty”), made by each Subsidiary of the Borrower a party
thereto in favor of the Administrative Agent and the Lenders and assumes all obligations of a “Guarantor” thereunder and agrees to be bound thereby, all as if the New Guarantor had been an original signatory to the Guaranty. Without
limiting the generality of the foregoing, the New Guarantor hereby: 
 (a) irrevocably and unconditionally guarantees the due and
punctual payment and performance when due, whether at stated maturity, by acceleration or otherwise, of all Guarantied Obligations (as defined in the Guaranty); 
 (b) makes to the Administrative Agent and the Lenders as of the date hereof each of the representations and warranties contained in Section 5 of the Guaranty and agrees to be bound by each of the
covenants contained in Section 6 of the Guaranty; and 

 (c) consents and agrees to each provision set forth in the Guaranty. 

SECTION 2. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED 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.
Definitions. Capitalized terms used herein and not otherwise defined herein shall have their respective defined meanings given them in the Credit Agreement. 
 [Signatures on Next Page] 

 IN WITNESS WHEREOF, the New Guarantor has caused this Accession Agreement to be duly
executed and delivered under seal by its duly authorized officers as of the date first written above. 
  

					
	[NEW GUARANTOR]
		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 
	
	Address for Notices:
	
	 c/o Parkway Properties, Inc.
 390 North Orange Avenue, Suite 2400
 Orlando, FL 32801

Attention: Chief Financial Officer
 Telecopy
Number: (407) 650-0597
 Telephone Number: (407) 650-0593

 Accepted: 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

    as Administrative Agent 

					
		
	By:	 	 
		 	Name:	 	 
		 	Title:EX-10.3

 Exhibit 10.3 
 Execution Version 
 Loan No. 1003238 

THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 
 THIS THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) dated as of June 12, 2013 by and among PARKWAY PROPERTIES LP, a limited partnership formed under the
laws of the State of Delaware (the “Borrower”), PARKWAY PROPERTIES, INC., a corporation incorporated under the laws of the State of Maryland (the “Parent”), each of the Lenders party hereto and WELLS FARGO BANK,
NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”). 
 WHEREAS, the Borrower, the
Lenders, the Administrative Agent and certain other parties have entered into that certain Amended and Restated Credit Agreement dated as of March 30, 2012 (as amended and as in effect immediately prior to the effectiveness of this Amendment,
the “Credit Agreement”); and 
 WHEREAS, the Borrower, the Lenders party hereto and the Administrative Agent
desire to amend certain provisions of the Credit Agreement subject to the terms and conditions of this Amendment. 
 NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto hereby agree as follows: 
 Section 1. Specific Amendment to Credit Agreement. The parties hereto agree that the Credit Agreement is amended as follows: 

(a) The Credit Agreement is hereby amended by inserting the following definition into Section 1.1 in appropriate alphabetical order:

 “Wells Fargo Term Loan Agreement” means that certain Term Loan Agreement dated as of
June 12, 2013 by and among the Borrower, the Parent, each of the lenders party thereto, Wells Fargo, as administrative agent, and the other parties thereto. 
 (b) The Credit Agreement is hereby further amended by restating each of the following definitions in Section 1.1 in its entirety as follows: 

“Adjusted Total Asset Value” means Total Asset Value determined exclusive of assets that are owned by
Excluded Subsidiaries, Consolidated Affiliates or Unconsolidated Affiliates. 
 “Consolidated
Affiliate” means, with respect to any Person (an “Investing Person”), any other Person that is not a Subsidiary in whom such Investing Person holds an Investment, and whose financial results would be consolidated under GAAP with
the financial results of such Investing Person on the consolidated financial statements of such Investing Person, regardless of whether such Investing Person directly or indirectly owns less than a majority of the Equity Interests of such Person.
For the avoidance of doubt, as it is structured on the Agreement Date, Parkway Properties Office Fund II, L.P. and each of its Subsidiaries is a Consolidated Affiliate. 

“EBITDA” means, with respect to a Person for any period and without duplication, the sum of (a) net
income (loss) of such Person for such period determined on a consolidated basis excluding the following (but only to the extent included in 

 
determining net income (loss) for such period): (i) depreciation and amortization; (ii) Interest Expense; (iii) income tax expense; (iv) gains and losses resulting from
extraordinary or nonrecurring transactions; and (v) other non-cash charges, including amortization expense for stock options and impairment charges (other than non-cash charges that constitute an accrual of a reserve for future cash payments);
plus (b) such Person’s Ownership Share of EBITDA of its Consolidated Affiliates and its Unconsolidated Affiliates. EBITDA shall be adjusted to remove any impact from straight line rent leveling adjustments required under GAAP
and amortization of intangibles pursuant to FASB ASC 805. For purposes of this definition, nonrecurring transactions shall be deemed to include (w) gains and losses on early extinguishment or restructuring of Indebtedness, (x) severance
and other restructuring charges, (y) transaction costs of acquisitions not permitted to be capitalized pursuant to GAAP and (z) lease termination fees. 

“Eligible Property” means a Property which satisfies all of the following requirements as confirmed by
the Administrative Agent (such confirmation not to be unreasonably withheld): (a) such Property is fully developed primarily as an office Property; (b) such Property is 100% owned in fee simple, or leased under a Ground Lease, by the
Borrower or a Guarantor; (c) regardless of whether such Property is owned by the Borrower or a Subsidiary, the Borrower has the right directly, or indirectly through a Subsidiary, to take the following actions without the need to obtain the
consent of any Person: (i) to create Liens on such Property as security for Indebtedness of the Parent, the Borrower or such Subsidiary, as applicable, and (ii) to sell, transfer or otherwise dispose of such Property (and in each case,
such right shall not be considered impaired, restricted or otherwise affected by the existence of any Negative Pledge permitted under Sections 9.2.(b)(i), (ii), (iii) and (iv)); (d) neither such Property, nor if such Property is owned by a
Subsidiary, any of the Borrower’s direct or indirect ownership interest in such Subsidiary, is subject to (i) any Lien other than Permitted Liens of the types described in clauses (a) through (e) of the definition of
“Permitted Lien” or (ii) any Negative Pledge other than Negative Pledges permitted under Sections 9.2.(b)(i), (ii), (iii) and (iv); and (e) such Property is free of all structural defects or major architectural deficiencies,
title defects, environmental conditions or other adverse matters except for defects, deficiencies, conditions or other matters individually or collectively which are not material to the profitable operation of such Property. 

“Ground Lease” means a ground lease containing the following terms and conditions: (a) a remaining
term (exclusive of any unexercised extension options) of 40 years or more from the Agreement Date, or, in the case of a shorter term, the leasehold interest of the Borrower or applicable Guarantor therein reverts to a fee interest of the Borrower or
such Guarantor at the end of such term; (b) the right of the lessee to mortgage and encumber its interest in the leased property without the consent of the lessor; (c) the obligation of the lessor to give the holder of any mortgage Lien on
such leased property written notice of any defaults on the part of the lessee and agreement of such lessor that such lease will not be terminated until such holder has had a reasonable opportunity to cure or complete foreclosures, and fails to do
so; (d) reasonable transferability of the lessee’s interest under such lease, including ability to sublease; and (e) such other rights customarily required by mortgagees making a loan secured by the interest of the holder of the
leasehold estate demised pursuant to a ground lease. Notwithstanding the foregoing, in the case of a surface parking lot or structure ancillary to a Property subject to a ground lease, the requirements of this definition shall not be required to be
satisfied with respect to such surface parking lot or structure if the rights associated therewith are not material to the profitable operation of such Property. 

  
 2 

 “LIBOR” means, with respect to any LIBOR Loan for any
Interest Period, the rate of interest obtained by dividing (i) the rate appearing on the Reuters Screen LIBOR01 page (or on any successor or substitute page of such service, or any successor to or substitute for such service, providing rate
quotations comparable to those currently provided on such page, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to Dollar deposits in the London interbank market) at
approximately 11:00 a.m., London time, on the date that is two (2) Business Days prior to the first day of such Interest Period and having a maturity equal to such Interest Period by (ii) a percentage equal to 1 minus
the stated maximum rate (stated as a decimal) of all reserves, if any, required to be maintained with respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”) as specified in Regulation D of the Board of
Governors of the Federal Reserve System (or against any other category of liabilities which includes deposits by reference to which the interest rate on LIBOR Loans is determined or any applicable category of extensions of credit or other assets
which includes loans by an office of any Lender outside of the United States of America). Any change in such maximum rate shall result in a change in LIBOR on the date on which such change in such maximum rate becomes effective. 

“Mandatorily Redeemable Stock” means, with respect to any Person, any Equity Interest of such Person
which by the terms of such Equity Interest (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any event or otherwise, (a) matures or is mandatorily redeemable,
pursuant to a sinking fund obligation or otherwise (other than an Equity Interest to the extent redeemable in exchange for common stock or other equivalent common Equity Interests at the option of the issuer of such Equity Interest), (b) is
convertible into or exchangeable or exercisable for Indebtedness or Mandatorily Redeemable Stock, or (c) is redeemable at the option of the holder thereof, in whole or in part (other than an Equity Interest which is redeemable solely in
exchange for common stock or other equivalent common Equity Interests), in each case on or prior to the date on which all Loans are scheduled to be due and payable in full. 

“Material Adverse Effect” means a materially adverse effect on (a) the business, assets,
liabilities, condition (financial or otherwise), results of operations or business prospects of the Parent, the Borrower and its Subsidiaries taken as a whole, (b) the ability of (i) the Parent to perform its obligations under any Loan
Document to which it is a party, (ii) the Borrower to perform its obligations under any Loan Document to which it is a party or (iii) the Loan Parties, taken as a whole, to perform their obligations under the Loan Documents, (c) the
validity or enforceability of any of the Loan Documents, (d) the rights and remedies of the Lenders, the Issuing Bank and the Administrative Agent under any of the Loan Documents or (e) the ability of the Loan Parties to effect timely
payment of the principal of or interest on the Loans or other amounts payable in connection therewith or the timely payment of all Reimbursement Obligations. 
 “Subsidiary” means, for any Person, any corporation, partnership, limited liability company or other entity of which at least a majority of the Equity Interests having by the terms
thereof ordinary voting power to elect a majority of the board of directors or other individuals performing similar functions of such corporation, 

  
 3 

 
partnership, limited liability company or other entity (without regard to the occurrence of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or
more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person. For the avoidance of doubt, (a) as it is structured on the Agreement Date, Parkway Properties Office Fund II, L.P. is not a Subsidiary of the Parent
or the Borrower and (b) the Parent’s or the Borrower’s ownership of a majority of the Equity Interests of the general partner, managing member or administrative member of a Person shall not necessarily make such Person a Subsidiary of
the Parent or the Borrower. 
 “Substantial Amount” means, at the time of determination thereof,
an amount in excess of 15.0% of total consolidated assets (exclusive of depreciation) at such time of the Borrower and its Subsidiaries determined on a consolidated basis. 

“Tangible Net Worth” means, as of a given date, stockholders’ equity of the Parent, the Borrower and
their Subsidiaries determined on a consolidated basis and including such Person’s Ownership Share of its Consolidated Affiliates and its Unconsolidated Affiliates plus accumulated depreciation and amortization accrued after the Agreement
Date, minus (to the extent included when determining stockholders’ equity of the Parent, the Borrower and their Subsidiaries): (a) the amount of any write-up in the book value of any assets reflected in any such balance sheet
resulting from revaluation thereof or any write-up in excess of the cost of such assets acquired as reflected in any such balance sheet, and (b) all amounts appearing on any such balance sheet which would be classified as intangible assets or
liabilities under GAAP. 
 (c) The Credit Agreement is hereby further amended by restating Section 4.6. in its entirety to
read as follows: 
 Section 4.6. Affected Lenders. 

If (a) a Lender requests compensation pursuant to Section 3.10. or 4.1., and the Requisite Lenders are not also
doing the same, (b) the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 4.1.(c) or 4.3. but the obligation of the Requisite Lenders shall
not have been suspended under such Sections or (c) a Lender becomes a Defaulting Lender, then, so long as there does not then exist any Event of Default, the Borrower may demand that such Lender (the “Affected Lender”), and upon such
demand the Affected Lender shall promptly, assign its Commitment to an Eligible Assignee subject to and in accordance with the provisions of Section 12.6.(b) for a purchase price equal to (x) the aggregate principal balance of all Loans
then owing to the Affected Lender, plus (y) the aggregate amount of payments previously made by the Affected Lender under Section 2.2.(j) that have not been repaid, plus (z) any accrued but unpaid interest thereon and accrued but
unpaid fees owing to the Affected Lender, or any other amount as may be mutually agreed upon by such Affected Lender and Eligible Assignee. Each of the Administrative Agent and the Affected Lender shall reasonably cooperate in effectuating the
replacement of such Affected Lender under this Section, but at no time shall the Administrative Agent, such Affected Lender nor any other Lender nor any Titled Agent be obligated in any way whatsoever to initiate any such replacement or to assist in
finding an Eligible Assignee. The exercise by the Borrower of its rights under this Section shall be at the Borrower’s sole cost and expense and at no cost or expense to the 

  
 4 

 
Administrative Agent, the Affected Lender or any of the other Lenders. The terms of this Section shall not in any way limit the Borrower’s obligation to pay to any Affected Lender
compensation owing to such Affected Lender pursuant to this Agreement (including, without limitation, pursuant to Sections 3.10., 4.1. or 4.4.) with respect to any period up to the date of replacement. 

(d) The Credit Agreement is hereby further amended by restating Section 6.1.(l) in its entirety to read as follows: 

(l) No Material Adverse Change. Since December 31, 2011, there has been no event, change, circumstance or
occurrence that could reasonably be expected to have a Material Adverse Effect. (i) The Parent is Solvent, (ii) the Borrower is Solvent, and (iii) the Loan Parties and their respective Subsidiaries, taken as a whole, are Solvent.

 (e) The Credit Agreement is hereby further amended by restating Section 7.6. in its entirety to read as follows:

 Section 7.6. Payment of Taxes and Claims. 

The Parent and the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, pay and discharge
(a) when due all taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits or upon any properties belonging to it, and (b) by not later than 30 days past the due date therefor, all lawful claims of
materialmen, mechanics, carriers, warehousemen and landlords for labor, materials, supplies and rentals which, if unpaid, might become a Lien on any properties of such Person; provided, however, that this Section shall not require the payment or
discharge of any such tax, assessment, charge, levy or claim which is being contested in good faith by appropriate proceedings which operate to suspend the collection thereof and for which adequate reserves have been established on the books of such
Person in accordance with GAAP. 
 (f) The Credit Agreement is hereby further amended by restating Section 7.14.(a) in its
entirety to read as follows: 
 (a) Not later than the date on which the Compliance Certificate is required to be
delivered with respect to any fiscal quarter (or fiscal year in the case of the fourth fiscal quarter) during which any Person became a Material Subsidiary (other than an Excluded Subsidiary) or ceased to be an Excluded Subsidiary (and otherwise
continues to be a Material Subsidiary) after the Agreement Date, the Borrower shall deliver to the Administrative Agent each of the following in form and substance satisfactory to the Administrative Agent: (i) an Accession Agreement executed by
such Subsidiary, (ii) the items that would have been delivered under subsections (v) through (viii) and (xiii) of Section 5.1.(a) if such Subsidiary had been a Material Subsidiary on the Agreement Date, and (iii) unless
the Administrative Agent has notified the Borrower that it does not require delivery of such item, a legal opinion substantially in the form of opinion delivered on the Agreement Date pursuant to subsection (iv) of Section 5.1.(a) and
otherwise covering such matters reasonably requested by the Administrative Agent as if such Subsidiary had been a Material Subsidiary on the Agreement Date. 

  
 5 

 (g) The Credit Agreement is hereby further amended by restating 8.4(o) in its entirety to
read as follows: 
 (o) To the extent any Responsible Officer of any Loan Party or any other Subsidiary is aware
of same, any notification of a violation of any Applicable Law or any inquiry shall have been received by any Loan Party or any other Subsidiary from any Governmental Authority, in either case, with respect to a matter that could reasonably be
expected to have a Material Adverse Effect; 
 (h) The Credit Agreement is hereby further amended by restating 8.4(p) in its
entirety to read as follows: 
 (p) [Intentionally Omitted]; 

(i) The Credit Agreement is hereby further amended by restating 8.5(a) in its entirety to read as follows: 

(a) Documents required to be delivered pursuant to the Loan Documents shall be delivered by electronic communication and
delivery, including, the Internet, e-mail or intranet websites to which the Administrative Agent and each Lender have access (including a commercial, third-party website such as www.sec.gov or a website sponsored or hosted by the Administrative
Agent or the Parent) provided that the foregoing shall not apply to (i) notices to any Lender (or the Issuing Bank) pursuant to Article II. and (ii) any Lender that has notified the Administrative Agent, the Parent or the Borrower that it
cannot or does not want to receive electronic communications. The Administrative Agent, the Parent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic delivery pursuant to procedures
approved by it for all or particular notices or communications. Documents or notices delivered electronically shall be deemed to have been delivered twenty-four (24) hours after the date and time on which the Administrative Agent, the Parent or
the Borrower posts such documents or the documents become available on a commercial website and the Administrative Agent, the Parent or Borrower notifies each Lender of said posting and provides a link thereto provided if such notice or other
communication is not sent or posted during the normal business hours of the recipient, said posting date and time shall be deemed to have commenced as of 9:00 a.m. Pacific time on the opening of business on the next Business Day for the recipient.
Notwithstanding anything contained herein, the Parent and the Borrower shall deliver paper copies of any documents to the Administrative Agent or to any Lender that requests such paper copies until a written request to cease delivering paper copies
is given by the Administrative Agent or such Lender. The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronically, and in any event shall have no responsibility to
monitor compliance by the Parent or Borrower with any such request for delivery. Each Lender shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents. 

(j) The Credit Agreement is hereby further amended by restating Section 8.6. in its entirety to read as follows: 

  
 6 

 Section 8.6. Public/Private Information. 

The Parent and the Borrower shall cooperate with the Administrative Agent in connection with the publication of certain
materials and/or information provided by or on behalf of the Parent or the Borrower. Documents required to be delivered pursuant to the Loan Documents shall be delivered by or on behalf of the Parent or the Borrower to the Administrative Agent and
the Lenders (collectively, “Information Materials”) pursuant to this Article and, if requested by the Administrative Agent, the Parent or the Borrower shall designate Information Materials (a) that are either available to the public
or not material with respect to the Parent, the Borrower and the other Subsidiaries or any of their respective securities for purposes of United States federal and state securities laws, as “Public Information” and (b) that are not
Public Information as “Private Information”. All Information Materials shall be presumed by the recipient to be “Private Information” except for Information Materials (x) designated as “Public Information” or
(y) previously filed with the Securities and Exchange Commission (or any Governmental Authority substituted therefor) or any national securities exchange. 
 (k) The Credit Agreement is hereby further amended by restating Section 9.1.(f) in its entirety to read as follows: 

(f) Minimum Tangible Net Worth. The Parent shall not permit Tangible Net Worth at any time to be less than
(i) $425,000,000 plus (ii) 75% of the Net Proceeds of all Equity Issuances effected at any time after the Agreement Date by the Parent, the Borrower or any of their Subsidiaries to any Person other than the Parent, the Borrower or any of
their Subsidiaries (other than Equity Issuances by the Parent, the Borrower or any of their Subsidiaries, to the extent the proceeds thereof are used at the time of such Equity Issuance (or within twelve (12) months of such Equity Issuance) to
redeem, repurchase or otherwise acquire or retire any other Equity Interests (other than Mandatorily Redeemable Stock) of the Parent, the Borrower or such Subsidiary, as the case may be). 

(l) The Credit Agreement is hereby further amended by restating Section 9.1.(g) in its entirety to read as follows: 

(g) Dividends and Other Restricted Payments. The Parent shall not, and shall not permit the Borrower or any of
their Subsidiaries to, declare or make any Restricted Payment; provided, however, that the Parent, the Borrower and their respective Subsidiaries may declare and make the following Restricted Payments so long as no Default or Event of Default would
result therefrom: 
 (i) the Borrower may pay cash distributions to the Parent and other holders of partnership
interests in the Borrower with respect to any fiscal year ending during the term of this Agreement to the extent necessary for the Parent to distribute, and the Parent may so distribute, cash distributions to its shareholders in an aggregate amount
not to exceed the greater of (i) the amount required to be distributed for the Parent to remain in compliance with Section 7.12. or (ii) 90% of Funds From Operations; 

(ii) the Borrower may pay cash distributions to the Parent and other holders of partnership interests in the Borrower with
respect to any fiscal year ending during the term of this Agreement to the extent necessary for the Parent to distribute, and the Parent may so distribute cash distributions (including, without

  
 7 

 
limitation, distributions constituting “capital gains dividends”) to its shareholders to the extent necessary to avoid payment of taxes under Section 857 (including, without
limitation, Section 857(b)(3)) and Section 4981 of the Internal Revenue Code; 
 (iii) a Subsidiary
that is not a Wholly Owned Subsidiary may make cash distributions to holders of Equity Interests issued by such Subsidiary; 
 (iv) Subsidiaries may pay Restricted Payments to the Borrower or any other Subsidiary; 
 (v) the Borrower or any other Subsidiary of the Parent may make purchases of Equity Interests in any Subsidiary or Unconsolidated Affiliate of the Parent or of any of its Subsidiaries that are held by any
other Person; 
 (vi) the Borrower may redeem for cash limited partnership interests in the Borrower; and

 (vii) the Parent, the Borrower or any Subsidiary may redeem or repurchase its Preferred Stock, at par or at a
discount. 
 Notwithstanding the foregoing, but subject to the following sentence, if a Default or Event of Default exists, the
Borrower may only declare and make cash distributions to the Parent and other holders of partnership interests in the Borrower with respect to any fiscal year to the extent necessary for the Parent to distribute, and the Parent may so distribute, an
aggregate amount not to exceed the minimum amount necessary for the Parent to remain in compliance with Section 7.12. If a Default or Event of Default specified in Section 10.1.(a), Section 10.1.(e) or Section 10.1.(f) shall
exist, or if as a result of the occurrence of any other Event of Default any of the Obligations have been accelerated pursuant to Section 10.2.(a), the Parent shall not, and shall not permit the Borrower or any Subsidiary to, make any
Restricted Payments to any Person other than to the Parent, the Borrower or any Subsidiary. 
 (m) The Credit Agreement is hereby
further amended by restating Section 9.1.(h)(ii) in its entirety to read as follows: 
 (ii) Investments in
Equity Interests in Persons that are not Subsidiaries, Consolidated Affiliates or Unconsolidated Affiliates, such that the aggregate value of such Investments calculated on the basis of the lower of cost or market exceeds 5.0% of Total Asset Value;

 (n) The Credit Agreement is hereby further amended by restating Section 9.2.(b) in its entirety to read as follows:

 (b) The Parent and the Borrower shall not, and shall not permit any Subsidiary (other than an Excluded
Subsidiary) or any other Loan Party to, enter into, assume or otherwise be bound by any Negative Pledge except for a Negative Pledge contained in (i) the Term Loan Agreement; (ii) the Wells Fargo Term Loan Agreement; (iii) any other
agreement (in addition to the Term Loan Agreement and the Wells Fargo Term Loan Agreement) that evidences unsecured Indebtedness which contains 

  
 8 

 
restrictions on encumbering assets that are substantially similar to those restrictions contained in the Loan Documents; (iv) any agreement relating to assets to be sold where the
restrictions on encumbering assets relate only to such assets pending such sale; and (v) any agreement (x) evidencing Indebtedness of such Person, but only to the extent that no Default or Event of Default is in existence at the time such
Indebtedness is created, incurred or assumed, nor would result from the creation, incurrence or assumption of such Indebtedness (including without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained
in Section 9.1.); (y) which Indebtedness is secured by a Lien permitted to exist pursuant to this Agreement, and (z) which prohibits the creation of any other Lien on only the property securing such Indebtedness as of the date such
agreement was entered into. 
 (o) The Credit Agreement is hereby further amended by restating Section 9.3. in its entirety
to read as follows: 
 Section 9.3. Restrictions on Intercompany Transfers. 

The Parent and the Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary (other than an
Excluded Subsidiary) to, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction of any kind on the ability of any Subsidiary (other than an Excluded Subsidiary) to: (a) pay dividends or make
any other distribution on any of such Subsidiary’s capital stock or other equity interests owned by the Parent, the Borrower or any other Subsidiary; (b) pay any Indebtedness owed to the Parent, the Borrower or any other Subsidiary;
(c) make loans or advances to the Parent, the Borrower or any other Subsidiary; or (d) transfer any of its property or assets to the Parent, the Borrower or any other Subsidiary; other than (i) with respect to clauses (a) through
(d), those encumbrances or restrictions contained in (A) any Loan Document, (B) the Term Loan Agreement, (C) the Wells Fargo Term Loan Agreement, (D) any other agreement (in addition to the Term Loan Agreement and the Wells Fargo
Term Loan Agreement) that evidences unsecured Indebtedness containing encumbrances or restrictions on the actions described above that are substantially similar to those contained in the Loan Documents, (E) the organizational documents of any
Excluded Subsidiary, Unconsolidated Affiliate or any Subsidiary that is not a Wholly Owned Subsidiary (but only to the extent applicable to the Equity Interest in such Subsidiary or Unconsolidated Affiliate or the property or assets of such
Subsidiary or Unconsolidated Affiliate), or (ii) with respect to clause (d), (A) restrictions contained in any agreement relating to the sale of a Subsidiary (other than the Borrower) or the assets of a Subsidiary pending sale, or relating
to Indebtedness secured by a Lien on assets that the Borrower or a Subsidiary may create, incur, assume, or permit or suffer to exist under Section 9.2.(a), provided that in any such case, the restrictions apply only to the Subsidiary or the
assets that are the subject of such sale or Lien, as the case may be or (B) customary provisions restricting assignment of any agreement entered into by the Parent, the Borrower, any other Loan Party or any Subsidiary in the ordinary course of
business. 
 (p) The Credit Agreement is hereby further amended by restating 9.4(b) in its entirety to read as follows:

 (b) any Subsidiary may merge with a Loan Party so long as the survivor is or becomes a Loan Party
simultaneously with the consummation of such merger; 

  
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 (q) The Credit Agreement is hereby further amended by restating 9.4(d) in its entirety to
read as follows: 
 (d) any Loan Party and any other Subsidiary may, directly or indirectly, (A) acquire
(whether by purchase, acquisition of Equity Interests of a Person, or as a result of a merger or consolidation) a Substantial Amount of the assets of, or make an Investment of a Substantial Amount in, any other Person and (B) convey, sell,
lease or otherwise transfer, whether by one or a series of transactions, a Substantial Amount of assets (including Equity Interests of Subsidiaries) to any other Person, so long as, in each case, (1) the Borrower shall have given the
Administrative Agent at least fifteen days’ prior written notice of such acquisition, Investment, conveyance, sale, lease or other transfer; (2) immediately prior thereto, and immediately thereafter and after giving effect thereto, no
Default or Event of Default is or would be in existence, including, without limitation, a Default or Event of Default resulting from a breach of Section 9.1.; (3) in the case of a consolidation or merger involving the Borrower, the
Borrower shall be the survivor thereof and (4) at the time the Borrower gives notice pursuant to clause (1) of this subsection, for transactions that are not solely among Loan Parties and Wholly Owned Subsidiaries, the Borrower shall have
delivered to the Administrative Agent for distribution to each of the Lenders a Compliance Certificate, calculated on a pro forma basis, evidencing the continued compliance by the Loan Parties with the terms and conditions of this Agreement and the
other Loan Documents, including without limitation, the financial the covenants contained in Section 9.1. after giving effect to such acquisition, Investment, conveyance, sale, lease or other transfer; and 

(r) The Credit Agreement is hereby further amended by restating Section 9.7. in its entirety to read as follows: 

Section 9.7. Modifications of Organizational Documents and Material Contracts. 

The Parent and the Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, amend,
supplement, restate or otherwise modify its certificate or articles of incorporation or formation, by-laws, operating agreement, declaration of trust, partnership agreement or other applicable organizational document if such amendment, supplement,
restatement or other modification (a) results in an Event of Default or (b) could reasonably be expected to have a Material Adverse Effect. The Parent and the Borrower shall not enter into, and shall not permit any Subsidiary or other Loan
Party to enter into, any amendment or modification to any Material Contract which could reasonably be expected to have a Material Adverse Effect or default in the performance of any obligations of any Loan Party or other Subsidiary in any Material
Contract or permit any Material Contract to be canceled or terminated prior to its stated maturity. 
 (s) The Credit Agreement
is hereby further amended by restating Section 9.8. in its entirety to read as follows: 
 Section 9.8.
Transactions with Affiliates. 
 The Parent and the Borrower shall not permit to exist or enter into, and
shall not permit any other Loan Party or any other Subsidiary to permit to exist or enter into, any transaction (including the purchase, sale, lease or exchange of any property or the 

  
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rendering of any service) with any Affiliate (other than the Parent, the Borrower, any other Loan Party or any Wholly Owned Subsidiary), except (a) as set forth on Schedule 6.1.(r),
(b) payments made pursuant to the Management Services Agreement between the Parent and TPG VI Management, LLC dated as of June 5, 2012, (c) Restricted Payments to the extent the same are permitted by Section 9.1.(g),
(d) Investments in Affiliates to the extent such Investments are permitted by Section 9.1.(h)(i), or (e) transactions in the ordinary course of and pursuant to the reasonable requirements of the business of the Parent, the Borrower,
such other Loan Party or such other Subsidiary and upon fair and reasonable terms which are no less favorable to the Parent, the Borrower, such other Loan Party or such other Subsidiary than would be obtained in a comparable arm’s length
transaction with a Person that is not an Affiliate. Notwithstanding the foregoing, no payments may be made with respect to any items set forth on such Schedule 6.1.(r) if a Default or Event of Default exists or would result therefrom. 

(t) The Credit Agreement is hereby further amended by restating Section 9.9. in its entirety to read as follows: 

Section 9.9. Environmental Matters. 
 The Parent, the Borrower shall not, and shall not permit any other Loan Party, any other Subsidiary or any other Person to, use, generate, discharge, emit, manufacture, handle, process, store, release,
transport, remove, dispose of or clean up any Hazardous Materials on, under or from the Properties in material violation of any Environmental Law or in a manner that could reasonably be expected to lead to any material environmental claim or pose a
material risk to human health, safety or the environment, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect. Nothing in this Section shall impose any obligation or liability whatsoever on the
Administrative Agent or any Lender. 
 (u) The Credit Agreement is hereby further amended by restating Section 10.1.(b)(i)
in its entirety to read as follows: 
 (i) Any Loan Party shall fail to perform or observe any term, covenant,
condition or agreement on its part to be performed or observed and contained in Sections 7.7., 7.12., 7.14., 8.1., 8.2., 8.3., 8.4.(l) or Article IX.; or 
 (v) The Credit Agreement is hereby further amended by restating Section 10.1.(d) in its entirety to read as follows: 

(d) Indebtedness Cross-Default. 

(i) The Parent, the Borrower, any other Loan Party or any other Subsidiary shall fail to make any payment when due and
payable (following the expiration of any applicable grace or cure periods) in respect of (either in a single instance or on a cumulative basis) (x) Recourse Indebtedness of the Parent, the Borrower or any Subsidiary (other than the Loans and
the Reimbursement Obligations) having an aggregate outstanding principal amount in excess of $20,000,000, (y) Nonrecourse Indebtedness of the Parent, the Borrower or any 

  
 11 

 
Subsidiary having an aggregate outstanding principal amount in excess of $100,000,000 or (z) an aggregate amount of Indebtedness with respect to Derivatives Contracts, having, without regard
to the effect of any close-out netting provision, Derivatives Termination Values of $10,000,000 or more (each of the Indebtedness described in clauses (x), (y) and (z) above, “Material Indebtedness”); or 

(ii) (x) The maturity of any Material Indebtedness shall have been accelerated in accordance with the provisions of
any indenture, contract or instrument evidencing, providing for the creation of or otherwise concerning such Material Indebtedness or (y) any Material Indebtedness shall have been required to be prepaid, repurchased, redeemed or defeased prior
to the stated maturity thereof (other than mandatory prepayments triggered by asset sales, casualty events, equity issuances or debt issuances); or 
 (iii) Any other event shall have occurred and be continuing which permits any holder or holders of Material Indebtedness other than Nonrecourse Indebtedness, any trustee or agent acting on behalf of such
holder or holders or any other Person, to accelerate the maturity of any such Material Indebtedness or require any such Material Indebtedness to be prepaid, repurchased, redeemed or defeased prior to its stated maturity and all applicable grace or
cure periods shall have expired; or 
 (iv) There occurs an “Event of Default” under and as defined in
any Derivatives Contract as to which the Parent, the Borrower, any Loan Party or any of other Subsidiary is a “Defaulting Party” (as defined therein), or there occurs an “Early Termination Date” (as defined therein) in respect of
any Specified Derivatives Contract as a result of a “Termination Event” (as defined therein) as to which the Parent or any of its Subsidiaries is an “Affected Party” (as defined therein), in each case with respect to Material
Indebtedness; or 
 (v) An “Event of Default” under and as defined in the Term Loan Agreement shall
occur; or 
 (vi) An “Event of Default” under and as defined in the Wells Fargo Term Loan Agreement
shall occur. 
 Section 2. Conditions Precedent. The effectiveness of this Amendment, including without limitation,
the waiver of the Defaults and Events of Default set forth in Section 3 below, are subject to the truth and accuracy of the representations set forth herein (and incorporated by reference) and 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 Amendment duly
executed by the Borrower, the Parent and the Requisite Lenders; 
 (b) A Guarantor Acknowledgement substantially in the form of
Exhibit A attached hereto, executed by each Guarantor; 

  
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 (c) Evidence that the Term Loan Agreement has been amended to conform to certain sections of
the Credit Agreement as amended by this Amendment and such other changes as agreed to by the parties thereto; 
 (d) Evidence
that the Wells Fargo Term Loan Agreement (as defined in the Credit Agreement after giving effect to this Amendment) has been duly executed and delivered by the parties thereto; 
 (e) Delivery of the financial statements and related documentation (including but not limited to, a Compliance Certificate, a statement of Funds From Operations and a report of newly acquired Properties)
for the Parent’s fiscal quarter ending March 31, 2013 required pursuant to Sections 8.1. and 8.3. of the Credit Agreement; 
 (f) Evidence that the Borrower shall have paid all Fees due and payable with respect to this Amendment, including without limitation, the Fees payable under Section 6 below; and 

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

Section 3. Waiver. Subject to the satisfaction of the conditions precedent set forth in Section 2 above: 

(a) The Lenders hereby waive (i) any Default or Events of Default which occurred as a result of the failure by the Borrower to
deliver certain documentation relating to the financial statements for the Parent’s fiscal quarter ending March 31, 2013 in accordance with the timeframes for delivery of such documents set forth in Sections 8.1. and 8.3. of the Credit
Agreement and (ii) any other existing Default or Event of Default solely to the extent that such Default or Event of Default would not have occurred if the amendments set forth in this Amendment had been in effect on the Agreement Date (and
accordingly, the corresponding definitions and sections of the Credit Agreement as amended by this Amendment had been in effect on the Agreement Date). 
 (b) The Borrower acknowledges and agrees that the waivers contained in the foregoing clause (a) shall not waive (or be deemed to be or constitute a waiver of) any other covenant, term or provision in
the Credit Agreement or hinder, restrict or otherwise modify the rights and remedies of the Lenders and the Administrative Agent following the occurrence of any other present or future Default or Event of Default (whether or not related to the
Defaults and the Events of Default in the preceding clause (a)) under the Credit Agreement or any other Loan Document. The waivers provided for in this Section 3 are solely with respect to such periods prior to the date hereof. 

Section 4. Representations. Each of the Parent and the Borrower represents and warrants to the Administrative Agent and the
Lenders that: 
 (a) Authorization. Each of the Parent and the Borrower has the right and power, and has taken all
necessary action to authorize such Loan Party, to execute and deliver this Amendment and to perform its obligations hereunder and under the Credit Agreement as amended by this Amendment in accordance with their respective terms. This Amendment has
been duly executed and delivered by a duly authorized officer of each of the Parent and the Borrower and each of this Amendment and the Credit Agreement as amended by this Amendment is a legal, valid and binding obligation of each of the Parent and
the Borrower enforceable against such Person in accordance with its respective terms except as the same may be limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors generally and the availability of equitable
remedies for the enforcement of certain obligations (other than the payment of principal) contained herein or therein and as may be limited by equitable principles generally. 

  
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 (b) Compliance with Laws, etc. The execution and delivery by each of the Parent and
the Borrower of this Amendment and the performance by each such Person of this Amendment and the Credit Agreement as amended by this Amendment in accordance with their respective terms, do not and will not, by the passage of time, the giving of
notice or otherwise: (i) require any Governmental Approval or violate any Applicable Law (including all Environmental Laws) relating to the Parent, the Borrower or any other Loan Party; (ii) conflict with, result in a breach of or
constitute a default under the organizational documents of the Parent, the Borrower or any Loan Party, or any indenture, agreement or other instrument to which the Parent, the Borrower or any other Loan Party is a party or by which it or any of its
respective properties may be bound, including without limitation, the Wells Fargo Term Loan Agreement and the Term Loan Agreement; or (iii) result in or require the creation or imposition of any Lien upon or with respect to any property now
owned or hereafter acquired by any Loan Party other than in favor of the Administrative Agent for its benefit and the benefit of the Lenders and the Issuing Bank. 
 (c) No Default. Other than the Defaults and Events of Default waived pursuant to Section 3 above, no Default or Event of Default has occurred and is continuing as of the date hereof nor will
exist immediately after giving effect to this Amendment. 
 Section 5. Reaffirmation of Representations by Parent and
Borrower. The Borrower and the Parent hereby certify to the Administrative Agent and the Lenders that as of the date hereof and after giving effect to this Amendment, the representations and warranties made or deemed made by each of the Parent
and the Borrower in the Credit Agreement as amended by this Amendment and the other Loan Documents to which the Parent or the Borrower is a party are and 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 is and shall be true and correct in all respects) on and as of the date hereof with the same force and effect as if such representations and warranties were set forth
in this Amendment in full, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties were true and correct on and as of such earlier date) and except
for changes in factual circumstances specifically and expressly permitted under the Credit Agreement as amended by this Amendment. 
 Section 6. Amendment Fee. In consideration of the Lenders party hereto agreeing to amend the Credit Agreement as provided herein, the Borrower agrees to pay to the Administrative Agent for the
account of each Lender executing this Amendment an amendment fee equal to $5,000 per Lender executing this Amendment; provided, however, that such amendment fee shall only be payable to (a) the Administrative Agent, as a Lender
and (b) each other Lender who executes and delivers to the Administrative Agent or its counsel a counterpart of this Amendment not later than 5:00 p.m. (Atlanta, Georgia time), June 11, 2013 in accordance with instructions provided to the
Lenders by the Administrative Agent. 
 Section 7. Certain References. Each reference to the Credit Agreement in any
of the Loan Documents shall be deemed to be a reference to the Credit Agreement as amended by this Amendment. This Amendment is a Loan Document. 
 Section 8. Expenses. The Borrower shall reimburse the Administrative Agent upon demand for all reasonable out-of-pocket costs and expenses (including attorneys’ fees) incurred by the
Administrative Agent in connection with the preparation, negotiation and execution of this Amendment and the other agreements and documents executed and delivered in connection herewith. 

  
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 Section 9. Benefits. This Amendment shall be binding upon and shall inure to the
benefit of the parties hereto and their respective successors and assigns. 
 Section 10. GOVERNING LAW. THIS
AMENDMENT 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 11. Effect. Except as expressly herein amended, the terms and conditions of the Credit Agreement and the other Loan Documents remain in full force and effect. The amendments contained
in Section 1 hereof shall be deemed to have prospective application only. The Credit Agreement is hereby ratified and confirmed in all respects. Other than as set forth in Section 3 hereof, nothing in this Amendment shall limit, impair or
constitute a waiver of the rights, powers or remedies available to the Administrative Agent or the Lenders under the Credit Agreement or any other Loan Document. 
 Section 12. Counterparts. This Amendment 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. 
 Section 13. Definitions. All capitalized terms not otherwise defined herein are used herein with the
respective definitions given them in the Credit Agreement. 
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 IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to Amended and
Restated Credit Agreement to be executed as of the date first above written. 
  

							
	BORROWER:
	
	PARKWAY PROPERTIES LP
		
	By:	 	Parkway Properties General Partners, Inc., its sole general partner
			
		 	By:	 	/s/ David R. O’Reilly
		 		 	Name: David R. O’Reilly
		 		 	 Title: EVP, Chief Financial Officer & Chief
           Investment Officer

			
		 	By:	 	/s/ M. Jayson Lipsey
		 		 	Name: M. Jayson Lipsey
		 		 	 Title: Executive Vice President & Chief
           Operating Officer

	
	PARENT:
	
	PARKWAY PROPERTIES, INC.
			
		 	By:	 	/s/ David R. O’Reilly
		 		 	Name: David R. O’Reilly
		 		 	 Title: EVP, Chief Financial Officer & Chief
           Investment Officer

			
		 	By:	 	/s/ M. Jayson Lipsey
		 		 	Name: M. Jayson Lipsey
		 		 	 Title: Executive Vice President & Chief
           Operating Officer

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	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, as Issuing Bank, as Swingline Lender, and as a Lender
		
	By:	 	/s/ Andrew W. Hussion
		 	Name: Andrew W. Hussion
		 	Title: Vice President

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	BANK OF AMERICA, N.A., as a Lender
		
	By:	 	/s/ Kyle Erikson Workinger
		 	Name: Kyle Erikson Workinger
		 	Title: Vice President

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	PNC BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	/s/ Ken Carl
		 	Name: Ken Carl
		 	Title: Senior Vice President

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	ROYAL BANK OF CANADA, as a Lender
		
	By:	 	/s/ Brian Gross
		 	Name: Brian Gross
		 	Title: Authorized Signatory

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	KEYBANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	/s/ Timothy Sylvain
		 	Name: Timothy Sylvain
		 	Title: Vice President

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	US BANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	/s/ Joseph L. Hord
		 	Name: Joseph L. Hord
		 	Title: Vice President

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	JPMORGAN CHASE BANK, N.A., as a Lender
		
	By:	 	/s/ Rita Lai
		 	Name: Rita Lai
		 	Title: Senior Credit Banker

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	SEASIDE NATIONAL BANK & TRUST, as a Lender
		
	By:	 	/s/ Thomas N. Grant
		 	Name: Thomas N. Grant
		 	Title: Senior Vice President & Chief Credit Officer

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	TRUSTMARK NATIONAL BANK, as a Lender
		
	By:	 	/s/ Gretchen Ware
		 	Name: Gretchen Ware
		 	Title: First Vice President

 EXHIBIT A 
 FORM OF GUARANTOR ACKNOWLEDGEMENT 
 THIS GUARANTOR ACKNOWLEDGEMENT dated as of
June     , 2013 (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 and Restated Credit Agreement dated as of March 30, 2012 (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 March 30, 2012 (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 the Lenders are to enter into a Third Amendment to Amended
and Restated Credit Agreement dated as of the date hereof (the “Amendment”), to amend the terms of the Credit Agreement on the terms and conditions contained therein; and 

WHEREAS, it is a condition precedent to the effectiveness of the Amendment 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. 
 [Signatures on Next Page] 

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

					
	 THE GUARANTORS:
  

PARKWAY PROPERTIES, INC.

		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 
			
	By:	 	 	 	 
		 	Name:	 	 
		 	Title:	 	 
	
	PARKWAY PROPERTIES GENERAL PARTNERS, INC.
			
	By:	 	 	 	 
		 	Name:	 	 
		 	Title:	 	 
			
	By:	 	 	 	 
		 	Name:	 	 
		 	Title:	 	 

 
							
	
	PARKWAY JHLIC LP
		
	By:	 	Parkway Properties General Partners, Inc., its sole general partner
				
		 	By:	 	 	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 
				
		 	By:	 	 	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 

 [Signatures continued on next page] 

 [Signature Page to Guarantor Acknowledgement] 

 

							
	
	PARKWAY REALTY SERVICES, LLC
		
	By:	 	Parkway Properties LP, its sole member
		
	By:	 	Parkway Properties General Partners, Inc., its sole general partner
				
		 	By:	 	 	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 
				
		 	By:	 	 	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 
	
	PARKWAY LAMAR LLC
		
	By:	 	Parkway Properties LP, its sole member
		
	By:	 	Parkway Properties General Partners, Inc., its sole general partner
				
		 	By:	 	 	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 
				
		 	By:	 	 	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 

 [Signatures continued on next page] 

 [Signature Page to Guarantor Acknowledgement] 

 

							
	
	PARKWAY 214 N. TRYON, LLC
		
	By:	 	Parkway Properties LP, its sole member
		
	By:	 	Parkway Properties General Partners, Inc., its sole general partner
				
		 	By:	 	 	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 
				
		 	By:	 	 	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 
	
	PARKWAY 525 N. TRYON, LLC
		
	By:	 	Parkway Properties LP, its sole member
		
	By:	 	Parkway Properties General Partners, Inc., its sole general partner
				
		 	By:	 	 	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 
				
		 	By:	 	 	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 

 [Signatures continued on next page] 

 [Signature Page to Guarantor Acknowledgement] 

 

							
	
	PARKWAY TOWER PLACE 200, LLC
		
	By:	 	Parkway Properties LP, its sole member
		
	By:	 	Parkway Properties General Partners, Inc., its sole general partner
				
		 	By:	 	 	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 
				
		 	By:	 	 	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 
	
	PKY 222 S. MILL, LLC
		
	By:	 	Parkway Properties LP, its sole member
		
	By:	 	Parkway Properties General Partners, Inc., its sole general partner
				
		 	By:	 	 	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 
				
		 	By:	 	 	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 

 [Signatures continued on next page] 

 [Signature Page to Guarantor Acknowledgement] 

 

							
	
	PKY 400 NORTH BELT, LLC
		
	By:	 	Parkway Properties LP, its sole member
		
	By:	 	Parkway Properties General Partners, Inc., its sole general partner
				
		 	By:	 	 	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 
				
		 	By:	 	 	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 
	
	PKY 1300 RIVERPLACE, LLC
		
	By:	 	Parkway Properties LP, its sole member
		
	By:	 	Parkway Properties General Partners, Inc., its sole general partner
				
		 	By:	 	 	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 
				
		 	By:	 	 	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 

 [Signatures continued on next page] 

 [Signature Page to Guarantor Acknowledgement] 

 

							
	
	PKY 1250 SAM HOUSTON, LLC
		
	By:	 	Parkway Properties LP, its sole member
		
	By:	 	Parkway Properties General Partners, Inc., its sole general partner
				
		 	By:	 	 	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 
				
		 	By:	 	 	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 
	
	PKY 1325 DAIRY ASHFORD, LLC
		
	By:	 	Parkway Properties LP, its sole member
		
	By:	 	Parkway Properties General Partners, Inc., its sole general partner
				
		 	By:	 	 	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 
				
		 	By:	 	 	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 

 [Signatures continued on next page] 

 [Signature Page to Guarantor Acknowledgement] 

 

							
	
	PKY SQUAW PEAK, LLC
		
	By:	 	Parkway Properties LP, its sole member
		
	By:	 	Parkway Properties General Partners, Inc., its sole general partner
				
		 	By:	 	 	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 
				
		 	By:	 	 	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 
	
	PKY WOODBRANCH, LLC
		
	By:	 	Parkway Properties LP, its sole member
		
	By:	 	Parkway Properties General Partners, Inc., its sole general partner
				
		 	By:	 	 	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 
				
		 	By:	 	 	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 

 [Signatures continued on next page] 

 [Signature Page to Guarantor Acknowledgement] 

 

							
	
	PARKWAY 550 SOUTH CALDWELL, LLC
		
	By:	 	Parkway Properties LP, its sole member
		
	By:	 	Parkway Properties General Partners, Inc., its sole general partner
				
		 	By:	 	 	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 
				
		 	By:	 	 	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 
	
	PKY FUND II TAMPA I, LLC
		
	By:	 	Parkway Properties LP, its sole member
		
	By:	 	Parkway Properties General Partners, Inc., its sole general partner
				
		 	By:	 	 	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 
				
		 	By:	 	 	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 

 [Signatures continued on next page] 

 [Signature Page to Guarantor Acknowledgement] 

 

							
	
	EOLA CAPITAL LLC
		
	By:	 	Eola Office Partners LLC, its sole member
		
	By:	 	Parkway Properties LP, its sole member
		
	By:	 	Parkway Properties General Partners, Inc., its sole general partner
				
		 	By:	 	 	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 
				
		 	By:	 	 	 	 
		 		 	Name:	 	 
		 		 	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}]]