Document:

EX-10.1

 Exhibit 10.1 
 EXECUTION VERSION         

EMPLOYMENT AGREEMENT 
 This AGREEMENT, dated as of July 8, 2013 (the “Agreement”), between Parkway Properties, Inc. (the “Company”), and James Heistand (the “Executive”).

 WHEREAS, the Company desires to employ the Executive as the Company’s President and Chief Executive Officer, on the
terms and conditions set forth herein; 
 WHEREAS, the Company and the Executive desire to replace in its entirety that certain
Change in Control Agreement by and between the Company and the Executive, dated as of May 17, 2011 (the “CIC Agreement”), which CIC Agreement shall hereafter cease to be of further force and effect; and 

WHEREAS, the Executive desires to accept employment on the terms hereinafter set forth in this Agreement. 

NOW, THEREFORE, in consideration of the premises and mutual covenants herein and for other good and valuable consideration, the parties
agree as follows: 
 1. Effective Date and Term; Termination of the CIC Agreement. The Executive shall be employed by the
Company for the period commencing as of the date hereof (the “Effective Date”) and ending on the third anniversary of the Effective Date (the “Initial Term”), provided that such period may be extended by
mutual agreement of the parties hereto on or before the third anniversary of the Effective Date for up to an additional three (3) years (the Initial Term and any such agreed upon extension, the “Term”). From and after the
Effective Date, the CIC Agreement shall terminate and will cease to have any further force and effect. 
 2. Position and
Duties. 
 (a) During the Term, the Executive shall serve as the Company’s President and Chief Executive Officer, and
shall also serve as a director on the Company’s Board of Directors (the “Board”). The Executive shall report to the Board and shall have such duties and responsibilities as are consistent with the Executive’s position and
as may be assigned by the Board from time to time. During the Term, the Executive shall be subject to, and shall act in accordance with, all reasonable instructions and directions of the Board and all applicable policies and rules of the Company.

 (b) The Executive shall devote his full working time, energy and attention to the performance of his duties and
responsibilities hereunder and shall not engage in any other business, profession or occupation for compensation or otherwise which would conflict with or interfere with the rendition of the Executive’s services hereunder, provided that
nothing herein shall preclude the Executive from managing his personal, financial and legal affairs, or prevent 

 
the Executive’s from engaging in other civic and charitable activities, including the Executive’s service as a member of the board of directors of United Legacy Bank, so long as such
activities do not interfere with the performance of his duties and responsibilities to the Company as provided hereunder. 
 3.
Compensation. 
 (a) During the Term, the Company shall pay the Executive a minimum base salary at the rate of $600,000
per annum (the “Base Salary”), payable in regular installments in accordance with the Company’s customary payroll practices. The Board or the Board’s Compensation Committee (the “Committee”) shall annually
review the Executive’s Base Salary and, in its sole discretion, may increase the Executive’s annual Base Salary. References in this Agreement to Base Salary shall refer to the annual Base Salary as may be increased by the Board or the
Committee. 
 (b) In addition to the Base Salary, during the Term, the Executive shall be eligible to participate in the
Company’s discretionary annual incentive plan (the “AIP”) as may be established and approved by the Board or the Committee from time to time and, pursuant to the AIP, the Executive may earn an annual bonus (the “Annual
Bonus”) in each fiscal year during the Term, with a target Annual Bonus opportunity of one hundred and forty percent (140%) of Base Salary (the “Target Bonus”); provided, that the Annual Bonus actually paid in
any fiscal year shall be determined by the Board or the Committee based upon the achievement of annual performance objectives established by the Board from time to time. The Annual Bonus shall be paid no later than two and one-half (2.5) months
following the end of the fiscal year to which such Annual Bonus relates, subject to the Executive’s continued employment with the Company on the applicable payment date, except as otherwise provided in Sections 6(a) and 6(b). 

(c) During the Term, pursuant and subject to the terms of the Parkway Properties, Inc. and Parkway Properties LP 2013 Omnibus Equity
Incentive Plan (or its successor) (the “Plan”) and subject to Board or Committee approval, the Executive shall be eligible to receive an annual grant of restricted stock units (“RSUs”) and Profits Interest Units
(LTIP Units), as set forth in Section 12(c) of the Plan (“Profits Interest Units”), and/or such other awards as the Board or the Committee shall deem appropriate. 

(1) 2013 Additional Grant. The Executive shall receive an additional grant, subject to the terms and conditions of
the Plan as such may be modified by this Agreement, of 100,000 RSUs and 100,000 Profits Interest Units (such RSUs and Profits Interest Units, the “2013 Additional Grant”). The RSU portion of the 2013 Additional Grant shall be
subject to time-based vesting, with thirty-three percent (33%) vesting on each of the first, second and third anniversaries of the grant date, subject to Executive’s continued employment on each applicable vesting date. The Profits
Interest Units portion of the 2013 Additional Grant shall be subject to performance-based vesting based on the achievement of TSR Value (as such term is defined in the applicable award agreement) over a three year

  
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performance period, commencing on the grant date, with fifty percent (50%) to one hundred percent (100%) vesting if TSR Value represents an increase from the Baseline Price (as such
term is defined in the applicable award agreement and based upon the fifteen (15) trading day trailing average market closing price of the Company’s shares over the period ending on the grant date) ranging from, and including, a
twenty-four percent (24%) increase to a forty-two percent (42%) increase, determined on a straight line pro rata interpolation based on the actual increase over Baseline Price represented by the TSR Value within the specified increase
range; provided that no more than one hundred percent (100%) of the Profits Interest Units can fully vest. 
 (2) Accelerated Vesting. 
 (A) In addition to any rights the
Executive may have under the Plan, to the extent unvested as of a Change in Control, all of the Executive’s outstanding equity or equity-based awards (e.g. RSUs, Profits Interest Units, Options) that are subject to time-based vesting (including
without limitation any stock options with time-based vesting) as well as the Profits Interest Units portion of the 2013 Additional Grant, subject to performance based vesting, will immediately vest and be paid in full upon the occurrence of a Change
in Control. 
 (B) With respect to the Executive’s award of Profits Interest Units (the “March 2
Units”) pursuant to the Profits Interest Units (LTIP Units) Agreement by and between Parkway Properties LP and the Executive, dated as of March 2, 2103 (the “March 2 LTIP Agreement”), in addition to the vesting
provisions set forth in Section 2 of the March 2 LTIP Agreement, in the event of a Change in Control, as such term is defined under the Plan, during the Performance Period, the Participant shall be eligible to Fully Vest in a number of
March 2 Units determined by multiplying the Total Profits Interest Units granted pursuant to the March 2 LTIP Agreement by a percentage ranging from zero to one hundred percent (100%) based on the level at which TSR Value has been
attained during the Performance Period through such Change in Control, determined as follows: if, as of the date of such Change in Control, TSR Value represents an increase from the Baseline Price ranging from (and including) the Minimum Change in
Control TSR Percentage to the Maximum Change in Control TSR Percentage, a number of March 2 Units shall Fully Vest equal to the product obtained by multiplying (i) the Total Profits Interest Units, times (ii) a percentage ranging from
fifty percent (50%) to one hundred percent (100%), determined on a straight line pro rata interpolation based on the actual increase over the Baseline Price represented by the TSR Value within the specified increase range, it being
understood that TSR Value representing an increase over the Baseline Price of more than the Maximum Change in Control TSR Percentage shall be counted as TSR Value representing a Maximum Change in Control TSR Percentage increase over Baseline Price
for purposes of this calculation (such that no more than one 

  
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hundred percent (100%) of Total Profits Interest Units can Fully Vest). For the avoidance of doubt, to the extent TSR Value as of such Change in Control does not represent at least an
increase over the Baseline Price equal to the Minimum Change in Control TSR Percentage, no March 2 Units shall Fully Vest. March 2 Units that do not Fully Vest as of such Change in Control shall be forfeited, and the Executive will cease
to have any rights with respect thereto. For purposes of this Section 3(c)(2)(B), (x) “TSR Value,” “Performance Period,” “Baseline Price,” “Total Profits Interest Units”
and “Fully Vest” shall have the meanings ascribed to such terms in the March 2 LTIP Agreement, (y) “Maximum Change in Control TSR Percentage” means the number, expressed as a percentage, equal to the
product obtained by multiplying (i) 42 by (ii) (1) the number of days in the Performance Period through and including the date of such Change in Control, divided by (2) 1,096, and (z) “Minimum Change in Control TSR
Percentage” means the number, expressed as a percentage, equal to the product obtained by multiplying (i) 24 by (ii) (1) the number of days in the Performance Period through and including the date of such Change in Control,
divided by (2) 1,096. 
 (C) Notwithstanding the foregoing, to the extent accelerated payment is not
permitted under Section 409A of the Code without the imposition of a penalty, the awards shall immediately vest in full, but be paid on the original payment schedule set forth in such award. 

4. Employee Benefits; Expense Reimbursement. During the Term: 

(a) The Executive shall be entitled to participate in all employee benefit plans and programs available generally to other executives of
the Company. 
 (b) The Executive shall be entitled to no fewer than twenty-five (25) days per full year of vacation,
subject to the terms and conditions of the Company’s policies as may be in effect from time to time. 
 (c) The Company
shall reimburse the Executive for all reasonable business and entertainment expenses incurred by the Executive in furthering the goals of the Company, subject to the Executive’s provision of documentation as the Board or the Committee may
reasonably request. 
 5. Termination of Employment. 

(a) The Term and the Executive’s employment hereunder may be terminated under the following circumstances. 

(1) Death. The Term and the Executive’s employment hereunder shall terminate upon the Executive’s death.

  
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 (2) Disability. The Term and the Executive’s employment
hereunder shall terminate in the event of the Executive’s Disability. For purposes of this Agreement, “Disability” shall mean: as a result of the Executive’s incapacity due to physical or mental illness or injury, the
Executive (i) is eligible to receive a benefit under the Company’s long-term disability plan applicable to the Executive, or (ii) if no such long-term disability plan is applicable to the Executive, the Executive is unable to perform
his duties hereunder for a period of ninety (90) consecutive days or a period of ninety (90) days in any one hundred eighty (180) day period. 
 (3) Cause. The Company may immediately terminate the Term and the Executive’s employment hereunder for Cause. For purposes of this Agreement, “Cause” shall mean: (i) the
continued failure by the Executive to perform the material responsibilities and duties under this Agreement, (ii) the engaging by the Executive in willful or reckless conduct, if such conduct is done or omitted to be done by the Executive not
in good faith, and is materially injurious to the Company monetarily or otherwise, (iii) the Executive’s conviction of, or pleading of guilty or nolo contendere to, a felony, (iv) the commission or omission of any act by the Executive
that is materially detrimental to the best interests of the Company and that constitutes common law fraud or a violation of applicable law, or (v) the Executive’s breach of any material provision of this Agreement (including the
Restrictive Covenants). Notwithstanding the foregoing, the Term and the Executive’s employment shall not be deemed to have been terminated for Cause unless the Company shall have given the Executive (A) written notice setting forth the
reasons for the Company’s intention to terminate the Executive’s employment for Cause, and (B) a reasonable opportunity, not to exceed thirty (30) days, to cure such failure, to the extent reasonably susceptible to cure.

 (4) Good Reason. The Executive may terminate the Term and his employment hereunder for Good Reason. For
purposes of this Agreement, “Good Reason” shall mean, (i) the Company’s failure to pay material compensation when due and payable; (ii) a material diminution in the Executive’s position, duties or responsibilities,
including without limitation, the Company’s failure to reappoint the Executive to the position(s) of President and Chief Executive Officer or to nominate and re-elect the Executive to the Board; (iii) the Company’s material breach of
any other material provision of this Agreement, or (iv) a change of the Executive’s principal place of employment to a location more than fifty (50) miles from such principal place of employment as of the Effective Date. The Executive
shall not have Good Reason to terminate the Term and his employment unless the Company shall have been given (A) a Notice of Termination setting forth the reasons for the Executive asserting Good Reason, and (B) a reasonable opportunity,
not to exceed thirty (30) days, to cure such failure. In addition to the foregoing, in the event of a Change in Control, Good Reason shall mean the Executive resigning, for any reason or no reason at all, within the thirty (30) day window
commencing on the date that is six (6) months following the closing of such Change in Control transaction. 

  
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 (5) Any Other Reason. Either party may terminate the Term and the
Executive’s employment hereunder at any time for any reason other than those set forth above, provided that the terminating party shall provide the other party with Notice of Termination (as defined below in Section 5(b)).

 (b) Notice of Termination. Any termination of the Executive’s employment by the Company or by the Executive
during the Term shall be communicated by providing the other party at least sixty (60) days’ advance written notice of such termination (the “Notice of Termination”) in accordance with Section 13(a); provided
that no Notice of Termination shall be required in the event of a termination on account of the death of the Executive or by the Company for Cause (except that with respect to Cause, the Company shall have given the Executive notice and the
opportunity to cure as set forth in Section 5(a)(3) above). 
 6. Termination Payments. 

(a) Death or Disability. In the event that the Executive’s employment hereunder terminates as a result of the Executive’s
death or Disability other than within the two (2) year period following a Change in Control, the Company shall pay to the Executive, within thirty (30) days following the date of termination of employment, (i) any unpaid Base Salary
accrued through the date of termination and any accrued but unpaid vacation pay (collectively, the “Accrued Amounts”), and (ii) any earned but unpaid Annual Bonus for the preceding fiscal year (without regard to whether the
Executive is employed on the date such Annual Bonus is paid). 
 (b) Without Cause or For Good Reason. In the event that
the Company terminates the Executive’s employment hereunder without Cause (which shall include the Company’s election not to renew and/or extend the Agreement where the Executive is willing to extend the Term, as provided in
Section 1, on the Agreement’s existing terms and the Executive is employed through the remainder of the then-current Term, it being understood that Sections 5 and 6 shall continue to apply in accordance with their terms and it being
understood that following the end of the then-current tern, the Executive’s employment shall have terminated), or the Executive terminates his employment hereunder for Good Reason, in each case other than within the two (2) year period
following a Change in Control, the Executive shall be entitled to (i) within thirty (30) days following the date of termination of employment, the Accrued Amounts; (ii) any earned but unpaid Annual Bonus for the preceding fiscal year
on the date such amount would otherwise have been paid (without regard to whether the Executive is employed on the date such Annual Bonus is paid); (iii) an amount equal to the sum of (A) eighteen (18) months of the Executive’s
Base Salary and (B) one and one half (1.5) times the Executive’s then current Target Bonus, payable in equal installments over the twelve (12) month period following the date of termination (the “Severance
Period”) in accordance with the Company’s customary payroll practices; (iv) an additional eighteen (18) months’ time-based vesting credit on any 

  
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outstanding equity or equity-based awards; (v) elect to continue coverage for himself and any of his eligible dependents (but in no event for more than 18 months after the date of the
Executive’s termination of employment) under the Company’s group health plans pursuant to the continuation of coverage provisions contained in Sections 601 through 608 of the Employee Retirement Income Security Act of 1974, as
amended, and the Executive’s premiums for such coverage shall be no greater than that charged by the Company generally to its active executive employees for coverage under such plans (the “Health Continuation Benefit”); and
(vi) payments with respect to any declared cash bonus as described in the Company’s 8-K filed December 26, 2012, or any similar bonus declared hereafter (the “Declared Cash Bonus”) that would otherwise have been paid
within eighteen (18) months following the date of termination, to be paid within thirty (30) days following the date of termination; provided, that any payment that would otherwise have been made but that is conditioned upon the
execution and effectiveness of the Release shall not be made or provided until the fortieth (40th) day following the date of such termination of employment. The payments and benefits provided under this Section 6(b) other than the Accrued Amounts are subject to and conditioned upon
(x) the Executive’s execution of a valid general release and waiver (in a form reasonably acceptable to the Company) within thirty (30) days following the date of termination, waiving all claims the Executive may have against the
Company, its successors, assigns, affiliates, executives, officers and directors (the “Release”), and such waiver becoming effective, and (y) the Executive’s compliance with any restrictive covenants to which he may be
subject pursuant to Sections 7, 8 and 9 hereof (the “Restrictive Covenants”), provided that to the extent the Executive inadvertently breaches any of the Restrictive Covenants set forth in Sections 7 and 9(a) hereof and such
breach is reasonably susceptible to cure, the Executive shall be given a reasonable opportunity, not to exceed ten (10) days, to cure such breach (the conditions in (x) and (y), the “Conditions”). The Executive shall not
be entitled to any other compensation or benefits not expressly provided for in this Section 6(b), regardless of the time that would otherwise remain in the Term had the Term not been terminated hereunder. 

(c) Without Cause, For Good Reason or Death or Disability Following a Change in Control or a Termination in Anticipation of a Change in
Control. In lieu of the payments and benefits described in Sections 6(a) and 6(b) above, in the event the Executive’s employment is terminated by the Company without Cause, by the Executive for Good Reason, or as a result of the
Executive’s death or Disability, in each case within the two (2) year period following a Change in Control, or if there is a Termination in Anticipation of a Change in Control (any such termination, a “CIC Termination”),
the Executive shall be entitled to (i) the Accrued Amounts, payable within thirty (30) days following termination of employment, (ii) the Health Continuation Benefit, (iii) an amount equal to two and nine-tenths (2.9) times
the sum of the Executive’s Base Salary and then current Target Bonus, payable (A) in a lump sum within forty (40) days following the date of such CIC Termination in the event of a Change in Control that constitutes a 409A Change in
Control, or (B) in equal installments over the Severance Period in accordance with the Company’s customary payroll practices in the event of a Change in Control that does not constitute a 409A Change in Control, and (iv) the remainder
of any Declared Cash Bonus that would otherwise have been paid had the Executive’s employment not terminated, paid within thirty (30) days following the date of such CIC Termination subject in each case to the Executive’s compliance
with the Conditions. For purposes of this Agreement: 

  
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 (1) “Change in Control” shall have the meaning ascribed to
such term in the Plan, and shall be inclusive of a 409A Change in Control; provided, that, notwithstanding anything to the contrary in the Plan, for purposes of this Agreement (including without limitation Sections 3(c)(2) and 6 hereof) the
Executive shall be counted for purposes of determining whether a Change of Control has occurred pursuant to Section 15(b)(i)(D) of the Plan if and only if, within the 12-month period commencing on the date of consummation of a transaction that
results in all TPG Nominated Directors ceasing to be members of the Board, (x) the Executive’s employment is terminated hereunder by the Company without Cause, and (y) the TPG Nominated Directors all cease to be members of the Board.

 (2) “409A Change in Control” shall mean a change in the ownership or effective control of the
Company, or a change in the ownership of a substantial portion of the assets of the Company, within the meaning of Section 409A(a)(2)(A)(v) of the Code and U.S. Treasury Regulation Section 1.409A-3(i)(5). 

(3) “Termination in Anticipation of a Change in Control” shall mean termination of the Executive’s
employment by the Company without Cause or by the Executive for Good Reason within the ninety (90) day period prior to the consummation of a Change in Control. 
 (d) Any Other Reason. In the event the Executive’s employment is terminated for any reason other than those described in Section 6(a)-(c) above, the Company shall pay to the
Executive the Accrued Amounts. 
 (e) No Additional Obligations. Except as otherwise provided in this Section 6, and
except for any vested benefits under any tax qualified pension plans of the Company, and continuation of health insurance benefits on the terms and to the extent required by Section 4980B of the United States Internal Revenue Code of 1986, as
amended (the “Code”) and Section 601 of the Employee Retirement Income Security Act of 1974, as amended (which provisions are commonly known as COBRA), the Company shall have no additional obligations under this Agreement, and
the Executive shall not be entitled to any additional compensation or benefits (including vesting) hereunder. 
 7.
Confidentiality. 
 (a) The Executive hereby agrees that, during the Term and thereafter, he will hold in strict
confidence any proprietary or Confidential Information related to the Company and its affiliates. For purposes of this Agreement, the term “Confidential Information” shall mean all information of the Company and its affiliates which
is not generally known to the public, 

  
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 including without limitation any inventions, processes, methods of distribution, customer lists or
customers’ or trade secrets, and including any information which would not have been generally known to the public but for disclosure by the Executive in breach of his obligations hereunder; provided, that Confidential Information shall
not include any information required by law to be disclosed; provided, however, that the Executive gave prompt written notice to the Company of such requirement, discloses no more information than is so required, and cooperates with any
attempts by the Company to obtain a protective order or similar treatment. 
 (b) The Executive hereby agrees that, upon the
termination of his employment, he shall not take, without the prior written consent of the Company, any property of the Company, including without limitation any drawing, blueprint, specification or other document (in whatever form) of the Company
or its affiliates which is of a confidential nature relating to the Company or its affiliates, or, without limitation, relating to its or their methods of distribution, or any description of any formulas or secret processes and will return any such
property or information (in whatever form) then in his possession. 
 8. Non-Disparagement. The Executive hereby agrees,
during the Term and thereafter, not to defame or disparage the Company, its affiliates and their respective officers, directors, members or employees, and the Company hereby agrees, during the Term and thereafter, to prevent the then-current members
of the Board from defaming or disparaging the Executive. The Executive hereby agrees to cooperate with the Company in refuting any defamatory or disparaging remarks by any third party made in respect of the Company or its affiliates or their
directors, members, officers or employees. The Company hereby agrees to cooperate with the Executive in refuting any defamatory or disparaging remarks made by any third party in respect of the Executive. 

9. Non-Competition and Non-Solicitation. 
 (a) The Executive and the Company agree that the Company would likely suffer significant harm from the Executive’s competing with the Company during the Term and for some period of time thereafter.
Accordingly, the Executive agrees that he will not, during the Term and for a period of twelve (12) months following the termination of the Term and his employment, directly or indirectly, become employed by, engage in business with, serve as
an agent or consultant to, become a partner, member, principal, stockholder or other owner (other than a holder of less than 1% of the outstanding voting shares of any publicly held company) of, any Competitor, or otherwise perform services relating
to, the business or any product, service or process of the Company or its affiliates at the time of the termination for any Competitor (whether or not for compensation), including without limitation, office ownership, office leasing and office
management activities (the “Business”). For purposes of this Agreement, the term “Competitor” shall mean any individual, partnership, corporation, limited liability company, unincorporated organization, trust or
joint venture, or a governmental agency or political subdivision thereof that is engaged in, or otherwise competes or has a reasonable potential for competing with the Company, anywhere in which the Company or its affiliates engage in or intend to
engage in the Business or where the Company or its affiliates’ customers are located. 

  
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 (b) The Executive agrees that he shall not, directly or indirectly, during the Term and for
a period thereafter of (i) eighteen (18) months in the event of any termination other than a CIC Termination, or (ii) two (2) years in the event of a CIC Termination, solicit or hire or attempt to solicit or hire, as applicable,
(A) any customer or supplier of the Company or its affiliates in connection with a Competitor or to terminate or alter in a manner adverse to the Company or its affiliates such customer’s or supplier’s relationship with the Company or
its affiliates, or (B) any employee, consultant or individual who was an employee or consultant within the six (6) month period immediately prior thereto to terminate or otherwise alter his or her relationship with the Company or any of
its affiliates. 
 10. Injunctive Relief. It is impossible to measure in money the damages that will accrue to the Company
in the event that the Executive breaches any of the Restrictive Covenants. In the event that the Executive breaches any such Restrictive Covenant, the Company shall be entitled to an injunction restraining the Executive from violating such
Restrictive Covenant (without posting any bond). If the Company shall institute any action or proceeding to enforce any such restrictive covenant, the Executive hereby waives the claim or defense that the Company has an adequate remedy at law and
agrees not to assert in any such action or proceeding the claim or defense that the Company has an adequate remedy at law. The foregoing shall not prejudice the Company’s right to require the Executive to account for and pay over to the
Company, and the Executive hereby agrees to account for and pay over, the compensation, profits, monies, accruals or other benefits derived or received by the Executive as a result of any transaction constituting a breach of any of the Restrictive
Covenants. 
 11. 280G. 
 (a) Notwithstanding any other provision of this Agreement or any other plan, arrangement, or agreement to the contrary, if any of the payments or benefits provided or to be provided by the Company or its
affiliates to the Executive or for the Executive’s benefit pursuant to the terms of this Agreement or otherwise (“Covered Payments”) constitute parachute payments (“Parachute Payments”) within the meaning of
Section 280G of the Code and would, but for this Section 11 be subject to the excise tax imposed under Section 4999 of the Code (or any successor provision thereto) or any similar tax imposed by state or local law or any interest or
penalties with respect to such taxes (collectively, the “Excise Tax”), then the Covered Payments shall be payable either (i) in full or (ii) reduced to the minimum extent necessary to ensure that no portion of the Covered
Payments is subject to the Excise Tax, whichever of the foregoing (i) or (ii) results in the Executive’s receipt on an after-tax basis of the greatest amount of benefits after taking into account the applicable federal, state, local
and foreign income, employment and excise taxes (including the Excise Tax). 
 (b) The Covered Payments shall be reduced in a
manner that maximizes the Executive’s economic position. In applying this principle, the reduction shall be made in a manner consistent with the requirements of Section 409A of the Code, to the extent applicable, and where two or more
economically equivalent amounts are subject to reduction but payable at different times, such amounts payable at the later time shall be reduced first but not below zero. 

  
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 (c) Any determination required under this Section 11 shall be made in writing by the
Company or by an accounting firm selected and paid for by the Company. The Executive shall provide the Company with such information and documents as the Company may reasonably request in order to make a determination under this Section 11.

 12. Clawback. The Company may recover incentive and other compensation paid to the Executive, as and to the extent
required by the Company’s clawback policy as may be in effect from time to time during the Term and applicable law. 
 13.
Miscellaneous. 
 (a) Any notice or other communication required or permitted under this Agreement shall be effective only
if it is in writing and shall be deemed to be given when delivered personally or four days after it is mailed by registered or certified mail, postage prepaid, return receipt requested or one day after it is sent by a reputable overnight courier
service and, in each case, addressed as follows (or if it is sent through any other method agreed upon by the parties): 
  

	
	 If to the Company, to:

	
	 Parkway Properties, Inc.

	 390 North Orange Avenue

	 Suite 2400

	 Orlando, FL 32801

	 Attention: Compensation Committee Chairman

	
	 With a copy to each of the following:

	
	 Parkway Properties, Inc.

	 390 North Orange Avenue

	 Suite 2400

	 Orlando, FL 32801

	 Attention: Jeremy Dorsett

	
	 Cleary, Gottlieb, Steen & Hamilton LLP

	 One Liberty Plaza

	 New York, NY 10006

	 Attention: Michael Albano

	
	 If to the Executive:

	
	 James Heistand

	
	
                           
                                         
                    

	
	
                           
                                         
                    

 or to such other address as any party hereto may designate by notice to the others. 

  
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 (b) Except as expressly provided herein, this Agreement shall constitute the entire
agreement among the parties hereto with respect to the Executive’s employment hereunder, and supersedes and is in full substitution for any and all prior understandings or agreements with respect to the Executive’s employment or
termination thereof (including, without limitation, the CIC Agreement). 
 (c) This Agreement may be amended only by an
instrument in writing signed by the parties hereto, and any provision hereof may be waived only by an instrument in writing signed by the party or parties against whom or which enforcement of such waiver is sought. The failure of any party hereto at
any time to require the performance by any other party hereto of any provision hereof shall in no way affect the full right to require such performance at any time thereafter, nor shall the waiver by any party hereto of a breach of any provision
hereof be taken or held to be a waiver of any succeeding breach of such provision or a waiver of the provision itself or a waiver of any other provision of this Agreement. 
 (d) The parties hereto acknowledge and agree that each party has reviewed and negotiated the terms and provisions of this Agreement and has had the opportunity to contribute to its revision. Accordingly,
the rule of construction to the effect that ambiguities are resolved against the drafting party shall not be employed in the interpretation of this Agreement. Rather, the terms of this Agreement shall be construed fairly as to both parties hereto
and not in favor or against either party. 
 (e) The parties hereto hereby represent that they each have the authority to enter
into this Agreement, and the Executive hereby represents to the Company that the execution of, and performance of any of his duties under, this Agreement shall not constitute a breach of or otherwise violate any other agreement to which the
Executive is a party. The Executive hereby further represents to the Company that he will not utilize or disclose any confidential information obtained by the Executive in connection with any former employment with respect to his duties and
responsibilities hereunder. 
 (f) This Agreement is binding on and is for the benefit of the parties hereto and their respective
successors, assigns, heirs, executors, administrators and other legal representatives. Neither this Agreement nor any right or obligation hereunder may be assigned by the Executive. The Company shall require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume this Agreement in the same manner and to the same extent that the Company would have been required to
perform it if no such succession had taken place. As used in the Agreement, the “Company” shall mean both the Company as defined in the first paragraph of the Agreement and any such successor that assumes this Agreement, by
operation of law or otherwise. 

  
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 (g) Any provision of this Agreement (or portion thereof) which is deemed invalid, illegal or
unenforceable in any jurisdiction shall, as to that jurisdiction and subject to this Section, be ineffective to the extent of such invalidity, illegality or unenforceability, without affecting in any way the remaining provisions thereof in such
jurisdiction or rendering that or any other provisions of this Agreement invalid, illegal, or unenforceable in any other jurisdiction. If any covenant should be deemed invalid, illegal or unenforceable because its scope is considered excessive, such
covenant shall be modified so that the scope of the covenant is reduced only to the minimum extent necessary to render the modified covenant valid, legal and enforceable. No waiver of any provision or violation of this Agreement by the Company shall
be implied by the Company’s forbearance or failure to take action. 
 (h) The Company may withhold from any amounts payable
to the Executive hereunder all federal, state, city or other taxes that the Company may reasonably determine are required to be withheld pursuant to any applicable law or regulation, (it being understood, that the Executive shall be responsible for
payment of all taxes in respect of the payments and benefits provided herein). 
 (i) This Agreement shall be governed by and
construed in accordance with the laws of the State of New York without reference to its principles of conflicts of law. 

(j) This Agreement may be executed in several counterparts, each of which shall be deemed an original, but all of which shall constitute
one and the same instrument. A facsimile of a signature shall be deemed to be and have the effect of an original signature. 

(k) The headings in this Agreement are inserted for convenience of reference only and shall not be a part of or control or affect the
meaning of any provision hereof. 
 (l) The intent of the parties is that payments and benefits under the Agreement comply with
Section 409A of the Code and the regulations and guidance promulgated thereunder (except to the extent exempt as short-term deferrals or otherwise) and, accordingly, to the maximum extent permitted, the Agreement shall be interpreted to be in
compliance therewith. A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits subject to Section 409A of the Code upon or following a
termination of employment unless such termination is also a “separation from service” within the meaning of Section 409A of the Code and, for purposes of any such provision of this Agreement, references to a “termination,”
“termination of employment,” “termination of the Term” or like terms shall mean “separation from service.” The determination of whether and when a separation from service has occurred shall be made in a manner
consistent with, and based on the presumptions set forth in, US Treasury Regulation Section 1.409A-1(h) or any successor provision thereto. It is intended that each installment, if any, of the payments and benefits provided hereunder shall be
treated as a separate “payment” for purposes of Section 409A of the Code. Neither the Company nor the Executive shall have the right to accelerate or defer the delivery of any such payments or benefits except to the extent
specifically permitted or required by Section 409A of the Code; and if, as of the date of the “separation from service,” the Executive is a “specified employee” (within the 

  
 13 

 meaning of that term under Section 409A(a)(2)(B) of the Code, or any successor provision thereto), then
with regard to any payment or the provision of any benefit that is subject to this section (whether under this Agreement, or pursuant to any other agreement with or plan, program, payroll practice of the Company) and is due upon or as a result of
the Executive’s separation from service, such payment or benefit shall not be made or provided, to the extent making or providing such payment or benefit would result in additional taxes or interest under Section 409A of the Code, until
the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date of such “separation from service,” and (B) the date of the Executive’s death (the “Delay Period”)
and this Agreement and each such agreement, plan, program, or payroll practice shall hereby be deemed amended accordingly. Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to this section (whether they would have
otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in
accordance with the normal payment dates specified for them herein. All reimbursements and in-kind benefits provided under this Agreement or otherwise to the Executive shall be made or provided in accordance with the requirements of
Section 409A of the Code to the extent that such reimbursements or in-kind benefits are subject to Section 409A of the Code. All expenses or other reimbursements paid pursuant herewith and therewith that are taxable income to the Executive
shall in no event be paid later than the end of the calendar year next following the calendar year in which the Executive incurs such expense or pays such related tax. With regard to any provision herein that provides for reimbursement of costs and
expenses or in-kind benefits, except as permitted by Section 409A of the Code, the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, the amount of expenses eligible for
reimbursement, or in-kind benefits provided, during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided that, the foregoing clause shall not be violated
with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such expenses are subject to a limit related to the period the arrangement is in effect and such payments shall be made on or before
the last day of the Executive’s taxable year following the taxable year in which the expense occurred. 
 [Signature Page
Follows] 

  
 14 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above. 
  

			
		 	EXECUTIVE
		
		 	 /s/ James Heistand

		 	Name: James Heistand
		
		 	PARKWAY PROPERTIES, INC.
		
		 	 /s/ M. Jayson Lipsey

		 	Name: M. Jayson Lipsey
		 	Title: Executive Vice President and Chief Operating Officer
		
		 	 /s/ Jeremy R. Dorsett

		 	Name: Jeremy R. Dorsett
		 	Title: Executive Vice President and General Counsel

  
 15EX-10.74

 Exhibit 10.74 
 LIMITED LIABILITY COMPANY AGREEMENT 
 OF 

ONCOSPIRE GENOMICS, LLC 
 THIS LIMITED LIABILITY COMPANY AGREEMENT of ONCOSPIRE GENOMICS, LLC is made and entered into effective as of this 21st day of MAY, 2013, by and among the persons named on Schedule 1 attached hereto (hereinafter, such persons are
referred to collectively as the “Members” and individually as a “Member”). 
 AGREEMENT: 

In consideration of the premises, the mutual covenants and agreements hereinafter set forth, and other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the Members agree as follows: 
 ARTICLE 1 

GENERAL 

1.1. Agreement. The Members hereby agree that this Agreement is the only agreement which constitutes the “limited
liability company agreement” of the Company within the meaning of Section 18-101(7) of the Delaware Limited Liability Company Act, 6 Del. C. § 18-101, et seq., as amended from time to time (the “LLC
Act”). The Members agree to form the Company as a limited liability company under and pursuant to the provisions of the LLC Act and this Agreement and agree that the LLC Act shall govern the rights, duties and obligations of the Members,
except as otherwise expressly stated herein. 
 1.2. Name. The name of the Company shall be, and the business of
the Company shall be conducted under the name of, “ONCOSPIRE GENOMICS, LLC.” 
 1.3. Principal Place of
Business. The location of the principal place of business of the Company shall be Rochester, Minnesota, or such other place as the Board of Governors may from time to time determine. 

1.4. Names and Addresses of Initial Members. The names and addresses of the initial Members are as set forth in Schedule
1. 
 1.5. Term of Existence. The term of the Company commenced as of the time of the filing of the initial
certificate of formation of the Company (the “Certificate”) in the Office of the Secretary of State of Delaware and shall continue until dissolved in accordance with the provisions of this Agreement. 

1.6. Registered Office and Registered Agent. The name and address of the Company’s registered agent for service of
process in the State of Delaware is, until changed by the Board of Governors in its sole discretion, as set forth in the Certificate of Formation. 

  
 1 

 1.7. Purposes. The Company is formed for the object and purpose of, and the
nature of the business to be conducted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the LLC Act and engaging in any and all activities necessary, convenient, desirable or
incidental to the foregoing. 
 ARTICLE 2 
 DEFINITIONS 
 2.1. Definitions. Unless the context otherwise
specifies or requires, the terms defined in this Article shall, for the purposes of this Agreement, have the meanings herein specified. Certain other capitalized terms used herein are defined elsewhere in the Agreement. 

 

	 	(a)	“Agreement” means this Limited Liability Company Agreement of the Company as it may be amended, restated or supplemented from time to time.

  

	 	(b)	“Capital Accounts” means the capital accounts maintained by the Company for each Member in respect of such Member’s Units.

  

	 	(c)	“Capital Contribution” means the amount of money or the fair market value of any property or services (as agreed by such contributing Member and the
Board of Governors) contributed to the Company by any Member. 

  

	 	(d)	“Code” means the Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated thereunder. All references in this Agreement to a
section of the Code or the Treasury Regulations shall be considered also to include any subsequent amendment or replacement of that section. 

  

	 	(e)	“Company” means                     , a Delaware
limited liability company. 

  

	 	(f)	“Governor” means a natural person elected or appointed to serve on the Board of Governors of the Company. 

 

	 	(g)	“LLC Act” is defined in Section 1.1. 

  

	 	(h)	“Member” means any Person who has been admitted to the Company as a member of the Company in accordance with this Agreement and includes any Person
admitted as an additional or substituted member of the Company pursuant to the provisions of this Agreement, and “Members” means two (2) or more of such Persons when acting in their capacities as members of the Company.

  

	 	(i)	“Person” means any natural person, partnership (whether general or limited), limited liability company, trust, estate, association, corporation, joint
venture, proprietorship, governmental agency, trust, estate, association, custodian, nominee or any other individual or entity, whether acting in an individual, fiduciary, representative or other capacity. 

  
 2 

	 	(j)	“Total Units” means the aggregate outstanding Units issued to all Members as of a given date, which Units represent the aggregate ownership interest in
the Company as of a given date. 

  

	 	(k)	“Unit” means the designation which the Company has established to represent the limited liability company interests of its Members in the Company and
to represent each Member’s share of the profits and losses of the Company and each Member’s right to receive distributions of the Company’s assets all in accordance with the provisions of this Agreement and the LLC Act.

 ARTICLE 3 
 CAPITAL; VOTING; ALLOCATIONS; DISTRIBUTIONS 
 3.1. Authorized
Units. The authorized number of Total Units in the Company shall be 100,000 Units. From such authorized number of Units, the Board of Governors may issue some or all of such Units in accordance with the terms of Section 4.1, and
any Units so issued shall be reflected in Schedule 1 as updated from time to time. 
 3.2. Voting Power.
Each Unit shall entitle the Member owner thereof to one vote on all matters submitted to the vote of the Members. 
 3.3.
Distributions. 
  

	 	(a)	Sharing. Subject to any restrictions imposed by the LLC Act and the other provisions of this Agreement, all distributions made by the Company shall be made to
each Member pro rata based on the number of Units owned by such Member. However, in the event of any changes in Total Units outstanding during a fiscal year, the Board of Governors, in its discretion, may make distributions to Members to reflect
such changes in the Total Units outstanding. 

  

	 	(b)	As Declared. Distributions may be declared and paid from funds lawfully available therefor as and when determined by the Board of Governors, in its discretion,
subject to distributions required to be made under Section 3.3(c). 

  

	 	(c)	Tax Burden Distributions. The Company shall distribute to the Members each year an amount sufficient for the Members to pay the taxes owing by the Members from
income of the Company allocated to the Members. To the maximum extent practicable, the Company will distribute on a quarterly or other periodic basis, at least fifteen (15) days before the due date for the Members to file estimated tax returns,
the amount required to permit the Members to pay income taxes, including estimated income taxes, on their respective distributive shares of the estimated taxable income of the Company. 

  
 3 

 3.4. Allocation of Income, Profits, Gains, Losses and Credits. It is the
intent of the Members that income, profits, gains, losses and tax credits of the Company shall be allocated for tax and financial purposes to the maximum extent possible in the same manner in which the Members have the right to receive distributions
under Section 3.3 and in the same year in which the Members receive distributions thereunder. Accordingly, the Members agree as follows: 
  

	 	(a)	Allocations. Except as required by Section 3.4(b), all income, profits, gains, losses and tax credits of the Company shall be allocated to each
Member pro rata based on the number of Units owned by the Member. 

  

	 	(b)	Other Allocations of Taxable Income and Loss. 

  

	 	(i)	Discretion of the Board of Governors; Required Tax Allocations. Notwithstanding Section 3.4(a) hereof, the Board of Governors, in its discretion and
based on consultation with the Company’s tax advisors, may allocate any taxable income and loss in any manner other than that expressly set forth herein if required in order to comply with the Code, including, without limitation, Code Sections
704(b) and 704(c). 

  

	 	(ii)	Changes in Total Units. In the event of any changes in Total Units outstanding during a fiscal year, all income, profits, gains, losses and tax credits from
operations of the Company during such fiscal year, using such methods of accounting for depreciation and other items as the Board of Governors determines to use for federal income tax purposes, shall be allocated to each Member owning a Unit in
accordance with Section 706 of the Code. The Board of Governors, in its sole discretion, shall determine in accordance with Section 706 of the Code whether to prorate items of income and deduction according to the portion of the year for
which a Member owned a Unit or whether to close the books on an interim basis and divide such operating year into two or more segments. 

 ARTICLE 4 
 ISSUANCE OF UNITS; ADMISSION OF MEMBERS; ASSIGNMENT OF UNITS

 4.1. Issuance of Units. 
  

	 	(a)	Issuance of Units. The Board of Governors is authorized from time to time to accept subscriptions for, issue, sell and deliver Units at such times and upon such
terms and conditions as the Board of Governors shall determine. In connection therewith, the Board of Governors shall value all nonmonetary consideration and establish a price in money or other consideration, or a minimum price, or a general formula
or method by which the price will be determined. 

  
 4 

	 	(b)	Price per Unit. Units shall be issued at such price per Unit as determined by the Board of Governors, in its discretion. 

 

	 	(c)	Issuance of Options and Other Rights to Purchase Units. The Board of Governors is authorized from time to time to grant and issue options or other rights to
subscribe for, purchase, exchange securities for, or convert securities into, Units of the Company, and to fix the terms, provisions and conditions of such rights, including the exchange or conversion basis or the price at which such Units may be
purchased or subscribed for. 

  

	 	(d)	Unit Dividends and Splits. The Board of Governors shall have the authority to declare and effect any Unit dividend or Unit split in which the number of issued
and outstanding Units are increased or decreased on a ratable basis. 

 4.2. Admission of Members Upon
Issuance of Units. 
  

	 	(a)	Issuance or Assignment of Units. A Person not a Member purchasing newly-issued Units shall be issued the Units and admitted as a Member only upon making or
agreeing to make the required contributions for the Units issued to such Person pursuant to Section 4.1 herein, effective when such Person executes or otherwise evidences an intent to be bound by this Agreement. Notwithstanding the
foregoing, an assignee of a Member’s Units may be admitted as a Member only in accordance with the provisions of Section 4.5. 

  

	 	(b)	Additional Members. If the Board of Governors determines it desirable to issue additional Units to new Members to help further the Company’s purposes, the
Board of Governors will give each party the right to request the issuance of Units to one or more Persons who are not then-current Members. The terms and conditions of the issuance of Units to such potential Members shall be subject to the approval
of the Board of Governors and the other provisions of this Agreement. 

  

	 	(c)	Schedule 1. The Board of Governors is authorized from time to time to update Schedule 1 attached hereto to reflect the identity of all Members, the
Capital Contributions made or agreed to be made and the Units which are issued and outstanding. 

 4.3.
Registration of Units. 
  

	 	(a)	 Register. The Company shall keep at its principal office a register in which shall be entered the names and addresses of the owners of the
outstanding Units and all transfers of outstanding Units. References to the owner of a Unit 

  
 5 

	 	
shall mean the Person shown as the owner thereof in such register, and the ownership of a Unit shall be proved by such register. Except as otherwise specifically provided in this Agreement, the
registered owner of a Unit shall be deemed to be the owner of such Unit for all purposes of this Agreement. 

  

	 	(b)	Certificates. Certificates evidencing the Units owned by a Member may, but need not, be issued by the Company. Such certificates shall serve only as evidence of
ownership of the Units identified therein and shall not be assignable. 

  

	 	(c)	Registration of a Transfer. Each Unit issued hereunder, whether originally or in substitution for, or upon transfer, exchange or other issuance of a limited
liability company interest represented by such Unit, shall be registered on the effective date of the Transfer, exchange or other issuance as determined in good faith by the Board of Governors on behalf of the Company; provided,
however, that no registration of any transfer not made in compliance with this Agreement shall be made in the register. 

 4.4. Capital Accounts. 
  

	 	(a)	Maintenance of Capital Accounts. A separate Capital Account shall be maintained for each owner of Units. Except as set forth below, the Capital Account of each
such owner shall consist of such owner’s Capital Contribution, increased by each such owner’s respective share of net income (including exempt income) and additional capital contributions, if any, and decreased by each such owner’s
respective share of net losses (including nondeductible losses and expenses) and distributions from the Company. The Board of Governors, in its discretion and based on consultation with the Company’s tax advisors, may maintain and adjust the
Capital Accounts in accordance and adjusted in accordance with Treasury Regulation promulgated under Code Section 704(b). 

  

	 	(b)	Assignees. If any assignment of a Unit in the Company is permitted hereunder, such permitted assignee shall succeed to the assignor’s Capital Account
balance effective as of the date of the assignment. Capital Account balances shall not bear interest. A debit or negative balance in a Capital Account balance shall not constitute a liability to the Company by the Member whose Capital Account has a
debit or negative balance. 

  

	 	(c)	Additional Capital Contributions. Members may make additional Capital Contributions as may be determined from time to time by the Board in an amount proportional
to their Units owned. The timing, amount and terms of such additional Capital Contributions shall be determined by the Board. In the event any Member determines not to make any Capital Contribution within the time specified, the Board shall give
prompt notice of such determination to the other Members, who shall have the right to make such Capital Contribution and the Units of such contributing Member(s)’ shall be adjusted accordingly. The fair market value of such additional Capital
Contributions and the correlating additional Units shall be determined pursuant to an appraisal process determined by the Board of Governors. 

  
 6 

 4.5. Assignment of Units or Rights in Units. 

 

	 	(a)	Restrictions on Assignment. Subject to the other terms of this Agreement, and in addition to any other restrictions agreed upon by one or more of the Members:
(i) no Person may sell, assign, transfer, convey, pledge, or otherwise dispose of (including through any merger, exchange or consolidation) (collectively, “Transfer”) all or any part of such Person’s limited liability
company interest in the Company or any Units representing the same (including an assignment of voting or distribution rights); (ii) no purchaser, transferee or other assignee thereof (“Transferee”) (whether for value or
otherwise) shall have any rights, powers, benefits or other interests in the Company by reason of such attempted Transfer, and (iii) any such attempted Transfer shall be entirely null and void, unless all of the following conditions are
satisfied prior to such attempted Transfer, the assignee executes this Agreement or otherwise indicates in writing the assignee’s agreement to be bound by or subject to the terms of this Agreement. 

 

	 	(b)	Admission of Assignees as Members and Exercise of Voting Rights. No Transferee of Units or voting rights associated with Units (whether for value or otherwise)
who is not then a Member shall become a Member of the Company by reason of any Transfer effected in accordance with Section 4.5(a) unless such Person’s admission as a Member is approved by the Board of Governors or Members holding a
majority of the Total Units outstanding. Unless and until such admission is so approved, no such Transferee of Units who is not then a Member shall have the right to vote such Units on any matter submitted to Members for a vote, or to attend or
participate in meetings of the Members, or to exercise any other rights granted to Members under this Agreement, except that such Transferee shall be entitled to receive the share of profits or other compensation by way of income and the return of
contributions to capital (collectively, “Distributions”) to which the seller, transferor, assignor (“Transferor”) would otherwise be entitled to receive. 

 

	 	(c)	Company Records. Assignments in whole or in part of any Units, or any part thereof, shall be binding upon the Company only when noted in the records of the
Company. Any payment or allocation of profits, losses or distributions by the Company to the Person entitled thereto as of the date of such payment or allocation shall acquit the Company of all liability to any other Person who may be interested in
such payment or allocation. The Company shall, within a reasonable period of time, record in the Company’s records any permitted assignments of a Member’s Units, or any part thereof, after receipt of written notice thereof. As a condition
to the Company’s recording such assignment, the Company may require written evidence of such assignment in form and content reasonably required by the Company, and evidence of compliance with any applicable restrictions on transfer.

  
 7 

 4.6. First Refusal Right. 

(a) Notice of Proposed Transfer. If a Member proposes to Transfer some or all of the Member’s Units or rights
with respect to the Units (including the rights to Distributions) to another Member or any other Persons, the Member shall provide the Company with thirty (30) days prior written notice thereof. Such notice shall identify the identity of the
Transferee, the purchase price or other consideration proposed to be paid by the Transferee, the proposed payment terms and other material terms and conditions of the proposed Transfer. 

(b) Purchase Right. During such notice period, unless the Transfer is to be made to a Permitted Transferee, the
Company shall have the right to purchase the Units or rights with respect thereto proposed to be Transferred on the terms and conditions set forth in the notice. To exercise such purchase right, the Company shall provide written notice thereof to
the Member whose Units or rights with respect thereto are to be Transferred, and a closing thereon shall occur within thirty (30) days thereafter at the principal offices of the Company (unless otherwise agreed). The decision of whether to
exercise the purchase right shall be made by a majority vote of the Board of Governors, provided that the governors appointed by the transferring Member shall vote in the same manner as a majority of the other Governors may vote. 

(c) Permitted Transferee. A “Permitted Transferee” is, in the case of a Member that is a natural
person, any of the immediate family members of the Member, including any lineal descendants of the Member and the Member’s spouse, any trust formed for the primary benefit of the Member or his or her immediate family members, or any entity the
majority of whose equity and voting interests are owned by the Member or his or her immediate family members. Transfers of Units or rights with respect thereto to a Permitted Transferee shall not be subject to the Company’s purchase rights
hereunder, but such Transfer shall be subject to the terms of Section 4.5. In addition, further Transfer of the Units or rights with respect to the Units by a Permitted Transferee shall be subject to the terms of this
Section 4.6. 
 (d) Failure to Exercise Purchase Rights. If the Company does not exercise its
purchase rights under this Section, the Units or rights with respect thereto may be Transferred by the Member within a period of ninety (90) days after expiration of the notice period, but only on the terms and conditions set forth in the
notice provided by the Member. Further, any Transfer shall be subject to the other terms and conditions of this Agreement, including, without limitation, Section 4.5. 

4.7. Co-Sale and First Refusal Rights of 50% Members. So long as CGI and Mayo (defined below) each own 50% of the Company,
then the following rights and obligations shall apply and shall, to the extent applicable, supercede Sections 4.5 and 4.6. 
 (a) Co-Sale Right. If a Member proposes to Transfer all of the Member’s Units to any other Person, the Member shall provide the other Member with fifteen (15) days

  
 8 

 
prior notice thereof. Such notice shall identify the identity of the Transferee, the purchase price or other consideration to be paid by the Transferee and all other related terms. The other
Member shall have the right within ten (10) days of receipt of such notice to elect, in writing, to participate in the sale on the same terms. If the proposed Transferee is not willing to purchase all of the Units of the other Member, then the
Member proposing to make the Transfer shall not be allowed to do so unless the other Member agrees in writing to the Transfer. 
 (b) Right of First Refusal. If a notice has been given to the other Member pursuant to subsection (a) above, the other Member shall have the right to purchase all of the Units of the Member
proposing to make the Transfer at the same price and on the same terms. Such right must be exercised in writing within ten (10) days of receipt of such notice or, if later and applicable, within ten (10) days of receipt of a notice in
subsection (a) above that the proposed Transferee is not willing to purchase all of the Units of the other Member. The closing must occur within twenty (20) days thereafter, with the Units being transferred free and clear of any liens or
encumbrances. 
 (c) Subsequent Negotiations. If in connection with a proposed transfer by a Member under
subsection (a) above the other Member does not sell pursuant to subsection (a) above and does not purchase pursuant to subsection (b) above, then both Members agree to negotiate in good faith a different exit solution or other
solution that is acceptable to both Members. 
 ARTICLE 5 

MANAGEMENT AND OPERATION OF THE COMPANY 
 5.1. Designation of the Board of Governors as the Managers of the Company. In accordance with Section 18-402 of the LLC Act and the Company’s Certificate, management of the
business and affairs of the Company is hereby vested in managers who shall be referred to herein as Governors. The Governors shall act collectively as the Board of Governors. The individuals serving as Governors shall be elected or designated by the
Members as provided herein, and such Board shall serve as the “Manager” or “Managers” of the Company within the meaning of the LLC Act. Except as otherwise specifically required by the LLC Act or this Agreement, no Member shall
have any authority in such Person’s capacity as a Member to manage or control the business and affairs of the Company or otherwise to act for, or to assume any obligations or responsibility on behalf of, or to bind the Company or any other
Member of the Company. 
 5.2. The Board of Governors. 

 

	 	(a)	Rights and Powers. The Board of Governors shall have the sole right and power to manage the business and affairs of the Company, except as otherwise specifically
required by the LLC Act or this Agreement. 

  

	 	(b)	 Delegation. The Board of Governors shall be entitled to delegate such part of its duties as it may deem reasonable or necessary in the conduct
of the business of the 

  
 9 

	 	
Company to one or more officers, employees or agents of the Company, who shall each have such duties and authority as shall be determined from time to time by the Board of Governors or as may be
set forth in this Agreement, the Bylaws or any agreement between such Person and the Company. 

  

	 	(c)	Number and Election. The Board of Governors shall consist of six (6) natural persons. Three (3) Governors shall be appointed by Cancer Genetics, Inc.,
(“CGI”) three (3) Governors shall be appointed by Mayo Foundation for Medical Education and Research (“Mayo”). 

  

	 	(d)	Qualification and Term of Office. Governors need not be Members or employees of the Company. A Governor shall hold office until such person’s successor
shall have been appointed, or until the earlier death, resignation, removal or disqualification of such Governor. 

  

	 	(e)	Initial Board. The persons serving on the Company’s initial Board of Governors are as follows: 

 

			
	CGI appointees:	  	Mayo appointees:
	Raju Chaganti, M.D.	  	Gianrico Farrugia, M.D.
	Panna Sharma	  	Scott Beck
	John Pappjohn, M.D.	  	Kathy Bates

  

	 	(f)	Voting Power. Each Governor shall have one vote on any matters submitted to the vote of the Board of Governors. 

 

	 	(g)	Acts of the Board. The Board of Governors shall take action by the affirmative vote of a majority of Governors present in person or by telephone or other
communications equipment as described below at a duly held meeting at the time the action is taken. The Board may also take action without a meeting pursuant to a written document signed by all of the Governors. Governors may participate in meetings
of the Board of Governors or any committee of the Board of Governors by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other. Participation in a meeting in
this manner shall constitute presence in person at the meeting. 

  

	 	(h)	Standards of Conduct. A Governor shall discharge the duties of serving on the Board of Governors in good faith, in a manner the Governor reasonably believes to
be in the best interests of the Company and with the care an ordinarily prudent person in a like position would exercise under similar circumstances. 

  

	 	(i)	 Resignation, Removal and Replacement of a Governor. A Governor may at any time resign as a Governor of the Company by providing written notice
to the other Governors. A Governor appointed by CGI may be removed by CGI in its sole discretion, and a Governor appointed by Mayo may be removed by Mayo in its sole 

  
 10 

	 	
discretion. In the event of such resignation or removal, and as soon as reasonably practicable after such resignation or removal, (i) if the Governor was appointed by CGI, then CGI shall
appoint a replacement Governor, or (ii) if the Governor was appointed by Mayo, then Mayo shall appoint a replacement Governor. 

  

	 	(j)	Committees; Scientific Review Committee. The Board of Governors may establish and maintain one or more committees and may, to the fullest extent permitted by
law, make a revocable delegation to such committees consisting of at least three members of all or any portion of their powers and authority. Any delegation to such a committee shall be set forth in a writing approved by the Board of Governors in
accordance with this Agreement. All procedural provisions made applicable to the Board of Governors hereunder shall be equally applicable to any committee formed under this Section 5.2(i). The Board of Governors shall form a Scientific
Review Committee (“SRC”) to advise the Board of Governors on activities and suggest strategies approved by the Board of Governors to support, change, or otherwise alter interactions, personnel or resource commitments from a scientific
perspective. Unless otherwise determined by the Board of Governors, the SRC shall consist of six natural persons, three (3) of which shall be appointed by Mayo and three (3) of which shall be appointed by CGI. 

5.3. Officers. The Company shall have one or more natural persons exercising the functions of the offices, however
designated, of Chief Executive Officer and/or President, and Chief Financial Officer or Treasurer. The Board of Governors may elect or appoint such other officers or agents as it deems necessary for the operation and management of the Company
including, but not limited to, a Chairman of the Board, one or more Vice Presidents, and a Secretary, each of whom shall have the powers, rights, duties and responsibilities set forth in the Bylaws, unless otherwise determined by the Board. Any of
the offices or functions of those offices may be held by the same person. 
 5.4. Limitation of Liability.

  

	 	(a)	In General. No Member or Governor of the Company (each a “Covered Person” and collectively, the “Covered Persons”) shall be
liable, responsible or accountable in damages or otherwise to the Company, or to any Member, for any failure to act or for any acts performed, unless such failure or action constitutes gross negligence or willful misconduct. Except as expressly
provided in the LLC Act, no Covered Person shall be obligated personally for any debts, obligations, or liabilities of the Company (whether arising in contract, tort or otherwise) solely by reason of being a Member or the Governor or agent thereof.

  

	 	(b)	 Reliance. To the extent that, at law or in equity, a Covered Person has duties (including fiduciary duties) and liabilities relating thereto to
the Company or to any other Covered Person, a Covered Person acting under this Agreement shall not be liable to the Company or to any other Covered Person for its good faith reliance on the provisions of this Agreement. The provisions of this
Agreement, to the extent 

  
 11 

	 	
that they restrict the duties and liabilities of a Covered Person otherwise existing in law or in equity, are agreed by the parties hereto to replace such other duties and liabilities of such
Covered Person. 

 5.5. Indemnification. To the fullest extent permitted by law, the Company shall
indemnify such Covered Persons, for such expenses and liabilities, in the same manner, under the same circumstances, and to the same extent, as such indemnification would be permitted pursuant to Section 145 of the Delaware General Corporation
Law (as now enacted or hereafter amended), as fully as if the Company were a corporation subject to such law. For the purposes of applying the provisions of such law, the term “director” shall include Members and the Board of Governors of
the Company, and the terms “officer, employee or agent” shall mean an officer, employee, or agent of the Company, and all references to a “corporation” therein shall be deemed to mean the Company. The adoption after the date
hereof of any limitation, prohibition or restriction in any indemnification provisions of this Agreement shall not affect the right of any Person entitled to indemnification with respect to any acts or omissions of the Person occurring prior to the
effective date of the adoption of the limitation, prohibition or restriction. 
 ARTICLE 6 

MEMBERS 

6.1. Limited Liability of Members. 
  

	 	(a)	Liability Limited. The personal liability of Members is limited as set forth in Section 5.4 herein. 

 

	 	(b)	Nonassessable Units. Each Unit, on issuance, shall be fully paid, and to the fullest extent permitted by the LLC Act, no Member shall be subject to assessment
for additional Capital Contributions. No Member shall be required to lend any funds to the Company as a condition to admission or continued membership of such Member in the Company. 

 

	 	(c)	Improper Distributions. It is the intent of the Members that no distribution to any Member shall be deemed a return of any money or other property in violation
of the LLC Act. The payment of any such money or distribution of any such property to a Member shall be deemed to be a compromise within the meaning of Section 18- 502(b) of the LLC Act, and the Member receiving any such money or property shall
not be required to return any such money or property to any Person, the Company or any creditor of the Company. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Member is obligated to
return such money or property, such obligation shall be the obligation of such Member and not of the Board of Governors or any other Member. 

 6.2. No Right to Return of Contribution. Except as provided in this Agreement, no Member shall have the right to withdraw or receive any return of its initial Capital Contribution or

  
 12 

 
any additional Capital Contribution. Under circumstances requiring a return of any Capital Contribution, no Member shall have the right to receive any of the Company’s assets other than
cash. 
 6.3. Loans to the Company. The Members may, but are not obligated to, make loans to the Company from time
to time, as authorized by the Board of Governors. Any such loans shall not be treated as Capital Contributions to the Company for any purpose hereunder nor entitle such Member to any increase in its share of the profits and losses and cash
distributions of the Company. 
 ARTICLE 7 
 BOOKS OF ACCOUNT; REPORTS AND FISCAL MATTERS 
 7.1. Books; Place;
Access. The Company shall maintain books of account on behalf of the Company at the office of the principal executive offices of the Company. Each Member shall at all reasonable times, as determined by the Board of Governors, for any purpose
reasonably related to its interest in the Company, have access to and the right to inspect the same at any time during ordinary business hours, subject to reasonable confidentiality obligations with respect thereto, and the Company’s right to
keep confidential from Members (for such period of time as the Board of Governors deems reasonable) trade secrets, confidential information, proprietary information, personnel records, and subscriber financial information. 

7.2. Fiscal Year. The fiscal year of the Company shall end on December 31 of each year. 

7.3. Tax Information. Within sixty (60) days after the close of each fiscal year, all necessary tax information shall
be transmitted to all Members. 
 7.4. Method of Accounting. Unless otherwise determined by the Board of
Governors, the books and records of the Company shall be in accordance with generally accepted accounting principles. 
 7.5.
Certain Tax Matters. The Board of Governors, in its discretion, may cause the Company to make an election under Code Section 754 to adjust basis of Company assets pursuant to either Code Section 734 or Code Section 743,
and if any such election is made, taxable income and losses shall be computed and allocated in accordance with the requirements thereof. The Board of Governors shall have the right to designate a member to serve as, the “tax matters
partner” of the Company. 
 ARTICLE 8 
 DISSOLUTION AND LIQUIDATION 
 8.1. Events Causing
Dissolution. The Company shall be dissolved and its affairs wound up only upon the occurrence of any of the following events: 
  

	 	(a)	Consent of Members. The written consent of the Board of Governors and of Members owning a majority of the issued and outstanding Units. 

  
 13 

	 	(b)	Termination of Continued Membership of a Member. The death, insanity, bankruptcy, resignation, retirement, expulsion, or dissolution of a Member or the
occurrence of any other event which terminates the continued membership of a Member in the Company, unless the business of the Company is continued by the consent of the remaining Members within ninety (90) days of the termination of the
continued membership; provided that such consent is given by Members who own a majority of the Total Units (other than the Units of the terminated Member). However, the Board of Governors may in its discretion, reduce the percentage of Members
requiring such consent or waive entirely the requirement for such consent from such Members. 

  

	 	(c)	Sale of Assets. The sale, transfer, or other disposition of all or substantially all of the assets of the Company. 

8.2 Continued Membership of a Member. The assignment of all of a Member’s Units, the bankruptcy or dissolution of a
Member or the occurrence of any other event which terminates the continued membership of a Member in the Company shall not dissolve the Company. Further, no Member shall have the right to resign or retire, nor shall one Member have the right to
expel the other Member. 
 8.3. Liquidation and Winding Up. If dissolution of the Company occurs pursuant to
Section 8.1, then the Company shall be liquidated and the Board of Governors (or other Person or Persons designated by a decree of court) shall wind up the affairs of the Company. Unless the business of the Company is continued in a
successor entity, the Board of Governors or other Persons winding up the affairs of the Company shall promptly proceed to the liquidation of the Company and, in settling the accounts of the Company, the Company’s assets shall be distributed in
the following order of priority: 
  

	 	(a)	Creditors. To creditors (including any Member and the Governors if they are creditors), to the extent otherwise permitted by law, in satisfaction of liabilities
of the Company (whether by payment or the making of reasonable provision for payment thereof), other than liabilities for which reasonable provision for payment has been made and liabilities for distributions to Members; 

 

	 	(b)	Remainder. The balance, if any, to the Members pursuant to Section 3.3 herein; provided, however, the Company’s assets shall be allocated
between the initial Members in a way that acknowledges the equal contributions of the initial Members such that each Member benefits equally from the dissolution. 

  
 14 

 ARTICLE 9 
 AMENDMENT 
 9.1. Amendment. The Board of Governors or any
Member or Members owning more than ten percent (10%) of the Total Units issued and outstanding may at any time propose an amendment to this Agreement and shall notify the Members thereof in writing, together with a statement of the purpose(s)
of the amendment and such other matters as the Board of Governors or such Member or Members deem material to the consideration of such amendment. Such proposal shall be adopted and this Agreement shall be deemed amended with the written approval of
the Board of Governors and the approval of Members owning a majority of the Total Units then outstanding. Any such amendment so adopted shall be binding on all of the Members, except that no amendment shall be made that requires Members to make a
Capital Contribution unless such amendment is approved by all Members. 
 ARTICLE 10 

MISCELLANEOUS PROVISIONS 
 10.1. Additional Actions and Documents. Each of the Members shall take or cause to be taken such further actions and shall execute, acknowledge, deliver and file, or cause to be executed,
acknowledged, delivered and filed, such further documents and instruments, and to use all reasonable efforts to obtain such consents, as may be necessary or as may be reasonably requested in order to fully effectuate the purposes, terms and
conditions of this Agreement. 
 10.2. Notice. Any notice, demand, consent, authorization or other communication
which any Member is required or may desire to give to or make hereunder shall be in writing and shall be deemed to be valid and duly given for all purposes when hand-delivered or five (5) business days after it is deposited in the mail if
mailed by registered or certified mail, return receipt requested and postage prepaid; if to the Company or any person serving as a Governor thereof, to the principal office of the Company set forth in Section 1.3 hereof or to such other
address as the Company shall notify the Members in writing; and if to a Member, to the address set forth in Schedule 1 hereto or in the register maintained by the Company pursuant to Section 4.3(a) hereof, or to such other address
as any such Member may hereafter designate by notice in writing to the Company. 
 10.3. Severability. The
invalidity of any one or more provisions hereof or of any other agreement or instrument given pursuant to or in connection with this Agreement shall not affect the remaining portions of this Agreement or any such other agreement or instrument or any
part thereof; and in the event that one or more of the provisions contained herein or therein should be invalid, or should operate to render this Agreement or any such other agreement or instrument invalid, this Agreement and such other agreements
and instruments shall be construed as if such invalid provisions had not been inserted. 
 10.4. Survival. It is
the express intention and agreement of the Members that all covenants, agreements, statements, representations, warranties and indemnities made in this Agreement shall survive the execution and delivery of this Agreement. 

10.5. Waivers. Neither the waiver by a Member of a breach of or a default under any of the provisions of this Agreement,
nor the failure of a Member, on one or more occasions, to enforce any of the provisions of this Agreement or to exercise any right, remedy or privilege hereunder shall thereafter be construed as a waiver of any such provisions, rights, remedies or
privileges hereunder. 

  
 15 

 10.6. Exercise of Rights. No failure or delay on the part of a Member or the
Company in exercising any right, power or privilege hereunder and no course of dealing between the Members or between a Member and the Company shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or
privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein expressly provided are cumulative and not exclusive of any other rights or remedies which a
Member or the Company would otherwise have at law or in equity or otherwise. 
 10.7. Binding Effect. Subject to
any provisions hereof restricting assignment, this Agreement shall be binding upon and shall inure to the benefit of the Members and their respective successors and permitted assigns. 

10.8. Limitation on Benefits of this Agreement. It is the explicit intention of the Members that no person or entity other
than the Members and the Company is or shall be entitled to bring any action to enforce any provision of this Agreement against any Member or the Company, and that the covenants, undertakings and agreements set forth in this Agreement shall be
solely for the benefit of, and shall be enforceable only by, the Members (or their respective heirs, legal representatives, successors and assigns as permitted hereunder) and the Company; provided, however, that a Covered Person under
Section 5.4 or Section 5.5 herein shall be entitled to enforce the provisions thereof, but only as insofar as the obligations sought to be enforced thereunder are those of the Company. 

10.9. Waiver of Partition. The Members agree that the Company’s assets are not and will not be suitable for partition.
The Members hereby waive any right of partition or any right to take any action that otherwise might be available to them for the purpose of severing their relationship with the Company or interest in assets held by the Company from the interest of
the other Members. 
 10.10. Pronouns. All pronouns and any variations thereof shall be deemed to refer to the
masculine, feminine, neuter, singular or plural, as the identity of the Person may require. 
 10.11. Headings.
Article and Section headings contained in this Agreement are inserted for convenience of reference only, shall not be deemed to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning, construction or scope
of any of the provisions hereof. 
 10.12. Governing Law. This Agreement, the rights and obligations of the
parties hereto, and any claims or disputes relating thereto, shall be governed by and construed in accordance with the laws of the State of Delaware. 
 10.13. Execution in Counterparts. To facilitate execution, this Agreement may be executed in as many counterparts as may be required; and it shall not be necessary that the

  
 16 

 
signatures of, or on behalf of, each party, or that the signatures of all Persons required to bind any party, appear on each counterpart; but it shall be sufficient that the signature of, or on
behalf of, each party, or that the signatures of the Persons required to bind any party, appear on one or more of the counterparts. All counterparts shall collectively constitute a single agreement. It shall not be necessary in making proof of this
Agreement to produce or account for more than a number of counterparts containing the respective signatures of, or on behalf of, all of the parties hereto. 

  
 17 

 IN WITNESS WHEREOF, the parties hereto have caused this instrument to be duly executed as of
the date first written above. 
  

									
	The Company:	 		 	  
	 	
					
		 		 	By:	 	  
	 	
		 		 	Its:	 	  
	 	
			
	The Members:	 		 	 MAYO FOUNDATION FOR MEDICAL
 EDUCATION AND RESEARCH

					
		 		 	By:	 	 /s/ Daniel D. Estes
	 	
		 		 	Its:	 	 Assistant Treasurer
	 	
				
		 		 	CANCER GENETICS, INC.	 	
					
		 		 		 	

	 	
					
		 		 	By:	 	 Panna Sharma
	 	5/20
		 		 	Its:	 	 President & CEO
	 	

  
 18 

 SCHEDULE 1 

ONCOSPIRE GENOMICS, LLC 
 Initial Schedule 1 as of MAY 21, 2013 
  

													
	 Members
	  	Value of
Total Capital
Contribution	 	  	Units Owned	 	  	Percentage	 
	 Cancer Genetics, Inc.
	  	$	6,000,000	  	  	 	1,000	  	  	 	50	% 
	 Mayo Foundation for Medical Education and Research
	  	$	6,000,000	  	  	 	1,000	  	  	 	50	% 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
				
	 TOTAL
	  	$	12,000,000	  	  	 	2,000	  	  	 	100	%

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