Document:

SECOND AMENDMENT TO

LIMITED PARTNERSHIP AGREEMENT OF

PARKWAY PROPERTIES OFFICE FUND II, L.P.

THIS SECOND AMENDMENT TO LIMITED PARTNERSHIP AGREEMENT OF PARKWAY PROPERTIES OFFICE FUND II , L.P. (the "Partnership"), a Delaware limited partnership ("Amendment") is made as of August 8th, 2012 by and among, PPOF II, LLC, a Delaware limited liability company, as the sole general partner of the Partnership ("General Partner"), Parkway Properties LP, a Delaware limited partnership ("Parkway"), and Teacher Retirement System of Texas, a public pension fund and public entity of the State of Texas ("TRST" and together with Parkway, the "Limited Partners").  The General Partner and the Limited Partners are hereinafter sometimes referred to collectively as the "Partners".

WHEREAS, the Partnership intends to acquire through Investment Vehicles that certain (i) unimproved real property located at 40 Rio Salado Parkway (Parcel B3), (ii) parcel of land and improvements thereon located at 68 Rio Salado Parkway (Hayden Ferry Lakeside Parking Structure), and (iii) leasehold interest in a parcel of land and improvements thereon located at 74 Rio Salado Parkway (R2 Building), each in the City of Tempe, Maricopa County, Arizona ("Hayden Ferry Acquisition").

WHEREAS, the Partners executed that certain Limited Partnership Agreement of Parkway Properties Office Fund, L.P. dated as of May 14, 2008, as amended by that certain First Amendment dated April 10 , 2011 (as amended, the "Partnership Agreement").

NOW, THEREFORE, in consideration of the mutual covenants herein contained, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows:

	
1.

	
Capitalized Terms.  All capitalized terms used herein but not defined herein shall

have the meaning given to such terms in the Partnership Agreement.

2.            Capital Commitment.  The Partners have agreed to increase the Capital Commitment by a total of Twenty Million Dollars ($20,000,000.00) to be funded seventy percent (70%) by TRST ($14,000,000) and thirty percent (30%) by Parkway ($6,000,000).  This increase in the Committed Capital is being provided for the acquisition and improvement of the property being acquired in connection with the Hayden Ferry Acquisition and Capital Contributions of such increased Committed Capital may only be used for permitted purposes under the Partnership Agreement, as amended, directly in connection with the Hayden Ferry Acquisition.

3.            Hayden Ferry Acquistion.  The Investment Period shall be extended for the sole purpose of including the closing of the Hayden Ferry Acquisition.

4.            Conflicts.  In recognition of TRST's increase of its Capital Commitment, the General Partner makes the representations, warranties and other statements in Section 14.4(b) of the Partnership Agreement with respect to TRST's increased Capital Commitment.  For the purpose of such representations, warranties and other statements, Exhibit E of the Partnership Agreement is hereby deleted and shall be replaced in its entirety with Exhibit E attached hereto.

5.            Exhibit F.  Exhibit F of the Partnership Agreement is hereby deleted and shall be replaced in its entirety with Exhibit F attached hereto.

6.            No Other Amendments.  In all other respects the Partnership Agreement shall remain in full force and effect as executed by the Partners. Except as expressly stated in this Amendment, all other terms and provisions of the Partnership Agreement shall apply to the Hayden Ferry Acquisition.

7.            Facsimile/PDF Signatures.  In order to expedite the execution of this Amendment, telecopied or PDF signatures may be used in place of original signatures on this Amendment.  Partners intend to be bound by the signatures on the telecopied or PDF document, are aware that the other party will rely on such signatures, and hereby waive any defenses to the enforcement of the terms of this Amendment based on the form of signature.

8.            Counterparts.  This Amendment may be executed and delivered in any number of counterparts, each of which so executed and delivered shall be deemed to be an original and all of which shall constitute one and the same instrument.

Signatures to follow on next page

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

	
GENERAL PARTNER:

	
PPOF II, LLC, a Delaware limited liability company

 

By:__________________________

Name:________________________

 Title:_________________________

 

By:__________________________

Name:________________________

 Title:_________________________

 

 

	
PARKWAY:

	
PARKWAY PROPERTIES LP, a Delaware limited partnership

 

By:  Parkway Properties General Partners, Inc., a Delaware corporation, its sole general partner

 

By:__________________________

Name:________________________

 Title:_________________________

 

By:__________________________

Name:________________________

 Title:_________________________

 

 

	
TRST:

	
TEACHER RETIREMENT SYSTEM OF TEXAS, a public pension fund and public entity of the State of Texas

 

By:__________________________

Name:________________________

 Title:_________________________

 

EXHIBIT E

TRS Persons

(8/7/12)

	
Board of Trustees

(Terms Expire August 31, 20xx)

	
R. David Kelly, Chairman (2017)

	
Robert P. Gauntt (2011)*

	
Philip Mullins (2011)*

	
Linus D. Wright (2011)*

	
Charlotte Renee Masters Clifton (2013)

	
Joe Colonnetta (2013)

	
Eric C. McDonald (2013)

	
Todd Barth (2015)

	
Christopher Moss (2015)

	
Nanette Sissney (2015)

	
T. Karen Charleston (2017)

	
Anita Palmer Smith (2017)

*Recently exited trustees.

	
Executive, Legal, Investment and Selected Staff

	
Albert, Mark

	
Clark, Rachel

	
Hook, Jon

	
Miller, T.A.

	
Speer, Wayne

	
Albright, Jerry

	
Connelly, Shannon

	
Howard, Wm. Clarke

	
Moore, Scott

	
Steinberg, Daniel

	
Albright, Thomas

	
Cosgrove, Patrick

	
Hydak, Janis

	
Morgan, Amy

	
Stewart, Cherie

	
Alexandra, Cristina

	
Cox, David

	
Jones, Betsey

	
Morgan, Kirsten

	
Talbert, Matthew

	
Amaya, Diane C.

	
Courtney, Kendall

	
Jones, Tim

	
Morris, Jared

	
Tannehill, Joe

	
Aston, Jeremy

	
Cronin, Andrew

	
Jordan, Bob

	
Nesuda, Maribel

	
Telschow, Mark

	
Auby, Jase

	
Cuclis, Kay

	
Junell, Dan

	
Newhall, Kelly

	
Thawley, Brad

	
Auth, Phillip

	
Daumerie, Jean-Benoit

	
Kleihege, Melissa

	
Nield, James

	
Ting, Daniel

	
Balachandran, Mohan

	
Deike, Sharon

	
Klekman, Jonathan

	
Pan, Christopher

	
Toalson, Sharon

	
Ballard, Don

	
DeMichele, John

	
Krumnow, Terri

	
Peot, Stacey

	
Van Ackeren, K J

	
Barker, Pat

	
DeStefano, David

	
Kurian, Roy

	
Peterson, Steven

	
Veal, David

	
Barrett, Amy

	
Duran, Juan

	
Lambert, Steven

	
Pia, Michael

	
Villalta, Courtney

	
Baum, Ashley

	
Dutta, Ranu

	
Lang, Eric

	
Pope, Demetrius

	
Vogeli, Angela

	
Baumhover, Brian

	
Ellis, Carol

	
Larson, Monica

	
Ramsower, Scott

	
Vorce, Kristi

	
Bell, Sylvia

	
Espinosa, Anna

	
Lau, Lynn

	
Randall, Neil

	
Wade, Susan

	
Bernstein, Stuart

	
Forssell, Barbara

	
Lazorik, Michael

	
Rangel, Hugo

	
Walker, Grant

	
Birdwell, Grant

	
Freeman, Karoline

	
Lee, Carol

	
Reid, Marshall

	
Watkins, John

	
Bozzelli, Bernie

	
Fu, Jingshan

	
Leith, Scot

	
Ritter, John

	
Wei, Timothy

	
Bray, Janet

	
Gealy, Susanne

	
Lincoln, Kevin

	
Robertson, Matt

	
Welch, Ken

	
Brennan, Conni

	
Gilbert, Brad

	
Linn, Ralph

	
Rochette, Craig

	
Wenzel, Jennifer

	
Cammack, Tom

	
Green, Don

	
Llano, Jaime

	
Rogers, Curt

	
West, Dale

	
Campbell, Richard

	
Gold, Dennis

	
Llano, Lourdes

	
Rose, Molly

	
White, Susan K.

	
Cantu, Patricia

	
Guinn, William (Rusty)

	
Lopez, Denise

	
Ruiz, Babette

	
Willmann, Ross

	
Carnes, Tina Marie

	
Gunnia, Dharam

	
MacDonell, Allen

	
Sakoulas, Stacy

	
Wilson, Steven

	
Carter, Lee

	
Guthrie, Brian

	
Marsh, Gracie

	
Salazar, Marina

	
Woodard, Barbara

	
Cassens, Mark

	
Hall, Rich

	
McCullough, Craig

	
Scoggins, Corina

	
Woods Wiley, Marianne

	
Centurino, Todd

	
Harris, Britt

	
McGuire, Shayne

	
Silapachai, Komson

	
Young, Vicki

	
Chai, Chi

	
Hill, Chase E.

	
Melesenko, Jelena

	
Simpson, Jared

	
Zavaleta-Castillo, Irma

	
Chang, Mary

	
Hoffman, Katy

	
Merrill, Rebecca

	
Skillman, Charmaine

	
Zinn, Nathan

	
 

	
Hogan, Marissa

	
Michels, Jamie

	
Smith, Rebecca

	
 

TRS Persons - Continued

(8/7/12)

	
Investment Contractors

	
Anderson, Sheila

	
Gold, Solomon

	
Mardin, Hasim

	
Sewell, Scott

	
Waclawsky, Paul

	
Ferguson, Debbie

	
Gonsoulin, Scott

	
Paolini, Anthony

	
Simmons, Mike

	
Ware, Carter

	
Garrett, West

	
Gonzales, Nonique

	
Rawls, Mike

	
Steinwedell, Patty

	
Yarbrough, Courtney

	
 Gola, LeAnn

	
Letcher, Sean

	
Schmidt, Kyle

	
Van Eenemaan, Becky

	
 

	
Investment Consultants and Advisors

	
Firm or Individual's Name

	
Function

	
Hewitt EnnisKnupp  (Steve Cummings, Steve Voss, Brady O'Connell, Nancy Williams)

	
Pension Plan (investment consultant to board)

	
Hamilton Lane Associates LLC (Steve Brennan, Erik Hirsch)

	
Pension Plan (investment consultant for private equity)

	
Albourne America LLC (David Harmston, John Claisse)

	
Pension Plan (investment consultant for hedge funds)

	
Leading Edge Investment Advisors LLC (Clayton Jue)

	
Pension Plan (investment consultant for emerging managers)

	
BlackRock Investment Management LLC (Arslan Mian, Steve Kelly)

	
Pension Plan (investment consultant for private equity co-investments)

	
The Townsend Group, Inc. (Kevin Lynch, Rob Kochis)

	
Pension Plan (investment consultant – real estate)

	
Keith Brown, Ph.D.

	
Investment consultant to board

	
Investment Counsel

	
Firm Name

	
Lawyers

	
Fulbright & Jaworski LLP

	
D. Forrest Brumbaugh, Ed Rhyne, Angela Perez

	
Jackson Walker, L.L.P.

	
Chuck Campbell, Rich Cardillo, Scott Cheskiewicz, Brandon Janes, David Parrish, Sara Stinnett, Phil Svahn

	
Seyfarth Shaw LLP

	
Bob Bodansky, Shirley Coffman, Greg Sale, Elaine Tippitt, Hannah Widlus

EXHIBIT F

LIST OF PRIMARY EXECUTIVE OFFICERS OF PARKWAY AND PARKWAY PROPERTIES, INC.

	
 

James R. Heistand

	
 

President and Chief Executive Officer

 

	
 

David R. O'Reilly

	
 

Executive Vice President

 

	
 

James M. Ingram

	
 

Executive Vice President

 

	
 

M. Jayson Lipsey

	
 

Executive Vice President

	
 

Mandy M. Pope

	
 

Executive Vice PresidentCONSULTING AGREEMENT

This Consulting Agreement (the "Agreement") is made and entered into on the 27th day of August, 2012 by and between PARKWAY PROPERTIES, INC., a Maryland corporation with offices at 390 North Orange Ave., Suite 2400, Orlando, FL 32801 (the "Company") and JAMES M. INGRAM, residing at 274 Dover Lane, Madison, MS 39110 (the "Executive").

RECITALS:

WHEREAS, Executive and the Company have previously entered into a Change in Control Agreement as amended and restated January 1, 2008 (the "CIC Agreement");

WHEREAS, Executive and the Company wish to set forth their respective rights and obligations arising from Executive's separation from the Company; and

WHEREAS, the Company wishes to obtain from Executive assistance in the transition period following Executive's separation from the Company and Executive is willing provide such transition services as a consultant upon the terms and conditions set forth in this Consulting Agreement.

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties agree as follows:

1.            Employment Separation.

(a)            Executive acknowledges and agrees that Executive has resigned from any and all officerships, directorships, committee memberships and all other elected or appointed positions, of any nature, that the Executive holds with the Company or any of its subsidiaries or affiliated companies, is effective as of August 28, 2012 at 5:00 p.m. ("Separation Date").  The Parties acknowledge and agree that the Separation Date is less than six months after a Change in Control Date (as defined in the CIC Agreement), and the Company in addition to the fees set forth herein under Paragraph 3,  shall pay to the Executive all  amounts set forth in Section 5, Executive's Right to Leave Employment, of the CIC Agreement.  Specifically, the Company shall pay the Executive the amount of nineteen thousand seven hundred eighteen dollars ($19,718)  under Section 5(a) of the CIC Agreement, and the amount of  five hundred thirty-nine thousand six hundred and one dollars ($539,601) under Section 5(b) of the CIC Agreement.  Such payments shall be made in accordance with Section 5 of the CIC Agreement, and Executive shall have no further rights under the CIC Agreement other than the right to receive such payments.  Executive acknowledges and agrees that he forfeits all of his outstanding equity incentive awards under the Company's 2010 Omnibus Equity Incentive Plan, as amended, as of the Separation Date.

(b)            Except as expressly provided for in this Agreement, from and after the Separation Date Executive shall not be entitled to any further compensation or monies from the Company or to receive any benefits or to participate in any benefit plan or program of the Company.  Executive acknowledges that, as of the date of this Agreement, with the exception of the benefits and payments provided for in this Agreement (including without limitation those set forth above under the CIC Agreement),  Executive has received all wages, benefits and payments of any kind to which Executive may be entitled.

(c)            The Company understands and agrees that this Agreement shall not in any way compromise any right Executive may have to group health continuation coverage under Sections 601 et seq. of ERISA ("COBRA") nor shall this Agreement  in any way compromise any right to vested benefits accumulated under the Company's 401(k) Plan subject to the terms of the plan(s).

2.            Consulting Services.  Executive will provide consulting services to the Company as may be reasonably requested from time to time by the Company's Chief Executive Officer  or Board of Directors ("Consulting Services"). The Company hereby agrees to engage Executive, and Executive hereby accepts such engagement to provide the Consulting Services, for the period beginning on the Separation Date and continuing for a period ending on December 31, 2012 ("Consulting Period").  The Company and Executive do hereby acknowledge that the relationship between the Company and Executive during the Consulting Period shall be that of an independent contractor and that Executive shall not be treated as an employee for any purpose during that period.  The Executive's work schedule and location to perform such duties shall be established by mutual agreement of the parties.

3.            Consulting Compensation.  In consideration of the performance of the Consulting Services hereunder, Executive will receive the following:

(a)            From and after the Separation Date, the Company shall pay Executive four consecutive equal monthly payments of $184,250 commencing on September 21, 2012 and ending on December 21, 2012.  Each payment shall become fully vested as of the scheduled date of  payment, and is not subject to return or refund to the Company or otherwise after said vesting date.  Specifically, the first payment of $184,250 will be paid and fully vest on September 21, 2012; the second payment of $184,250 will be paid and fully vest on October 21, 2012; the third payment of $184,250 will be paid and fully vest on November 21, 2012; and the fourth payment of $184,250 will be paid and fully vest on December 21, 2012.

(b)            A commission in the amount of $100,000 upon the closing of the Company's sale of City Centre in Jackson, Mississippi; provided that such closing has occurred within nine months after the Separation Date.

If Executive fails to perform and provide any reasonably requested Consulting Services during the Consulting Period, Executive shall be given written notice by the Company within 10 days after such failure, and then given 10 days after such notice to correct the failure.  If, after notice and opportunity to correct, Executive persists in the failure he will not be entitled to any compensation provided in clauses (a) and (b) above that has not become fully vested.

4.            Executive's Complete Release.

(a)            For and in consideration of the promises and other valuable consideration paid to Executive pursuant to this Agreement, the Executive, for himself and his heirs, successors and assigns does hereby forever discharge and release the Company, and its parent, subsidiary and affiliated companies, and its and their agents, officers, shareholders, directors, employees, successors and assigns, and each and all of the foregoing (referred to in this Agreement as "Releasees") individually and collectively, from any and all claims, charges, demands, causes of action, damages, complaints, expenses and compensation which the Executive now has or may in the future have, or which any person or entity may have on his behalf, on account of or arising out of any matter or thing which has happened, developed or occurred prior to the Executive's signing this Agreement, including, without limitation, all claims, charges, demands, causes of action, damages, complaints, expenses and compensation arising from the Executive's employment with the Company, the Executive's separation of employment with the Company, the Executive's other relationships and dealings with the Company and other Releasees, and the Executive's separation from such other relationships or dealings.  The Executive hereby waives any and all such claims, charges, causes of action, demands, damages, complaints, expenses and compensation of any type or description that he has or might have against the Company and/or any of the other Releasees.  This release, discharge and waiver includes, but is not limited to, any claims, charges, demands, causes of action, damages, complaints, expenses and compensation (collectively called "claims") arising out of or under the following:

(i)            The Federal Age Discrimination in Employment Act of 1967, as amended, which, among other things, prohibits discrimination in employment on account of a person's age.

(ii)            The Federal Title VII of the Civil Rights Act of 1964, as amended, which, among other things, prohibits discrimination in employment on account of a person's race, color, religion, sex, or national origin.

(iii)            42 U.S.C. §1981, as amended, which, among other things, prohibits certain race discrimination.

(iv)            The Federal Equal Pay Act of 1963, as amended, which, among other things, prohibits, under certain circumstances, discrimination in pay on the basis of sex.

(v)            The Federal Employee Retirement Income Security Act of 1974, as amended, which, among other things, regulates pension and welfare plans and, which, among other things, prohibits interference with individual rights protected under the statute.

(vi)            The Americans With Disabilities Act, as amended, which, among other things, prohibits discrimination relating to employment on account of a person's handicap or disability.

(vii)            The Executive Order 11246 (applicable to Federal Government contractors and subcontractors), which, among other things, requires affirmative action for and prohibits discrimination against individuals by reason of race and sex.

(viii)            The Vietnam-Era Veterans' Readjustment Assistance Act of 1974, as amended (applicable to Federal Government contractors and subcontractors), which, among other things, requires affirmative action for and prohibits discrimination against individuals by reason of their status as a veteran or a disabled veteran.

(ix)            The Rehabilitation Act of 1973, as amended (applicable to Federal Government contractors and subcontractors), which, among other things, requires affirmative action for and prohibits discrimination against individuals by reason of handicap or disability.

(x)            The Immigration and Nationality Act, as amended, which, among other things, prohibits discrimination against employees because of citizenship.

(xi)            The Uniformed Services Employment and Reemployment Rights Act of 1994, as amended, which, among other things, prohibits discrimination on account of a person's service in the uniformed services of the United States or any state.

(xii)            The National Labor Relations Act, as amended, which, among other things, prohibits discrimination against an employee for engaging in concerted activities.

(xiii)            The Worker Adjustment Retraining and Notification Act, which, among other things, requires notice to employees prior to plant closings and mass layoffs, as defined in the law.

(xiv)            Section 806 of the Sarbanes-Oxley Act of 2002, as amended, which, among other things, prohibits, under certain circumstances, discrimination against an employee for participating or assisting in an investigation or proceeding regarding violations of Federal fraud laws or Securities and Exchange Commission rules and regulations.

(xv)            The Family and Medical Leave Act of 1993, as amended, which, among other things, affords employees the right under certain circumstances to take a leave from work and prohibits discrimination against employees for taking such leave.

(xvi)            The Genetic Information Nondiscrimination Act of 2008, which, among other things, prohibits discrimination in employment based on genetic information.

(xvii)            Section 23-15-871 of the Mississippi Code, as amended, which, among other things, prohibits an employer from requiring an individual to vote for a certain candidate in any election campaign.

(xviii)            Section 45-9-55 of the Mississippi Code, as amended, which, among other things, prohibits, under certain circumstances, an employer from prohibiting the transportation or storage of firearms on the employer's property.

(xix)            Sections 71-7-1 et seq. of the Mississippi code, as amended, which, among things, establish certain procedures regarding the use of drug and alcohol testing in employment.

(xx)            Section 71-7-33 of the Mississippi Code, as amended, which, among other things, prohibits, under certain circumstances, an employer from requiring as a condition of employment that an individual abstain from smoking or using tobacco products during non-working hours.

(xxi)            Any Federal, State or local law or rule, regulation, executive order or guideline, including, but not limited to, those laws specifically described above.

(xxii)            All constitutional violations, defamation, wrongful discharge, attorney fees, costs, breach of contract, breach of implied contract, negligence of any kind, including, but not limited to, negligent performance of contractual obligations, breach of the covenant of good faith and fair dealing, tortious interference with business and/or contractual relationship (or prospective relationship), violation of the penal statutes, retaliatory discharge, whistle-blower's claims, estoppel of any kind, loss of consortium, exemplary damages, negligent and/or intentional infliction of mental or emotional distress, discrimination, harassment and/or retaliation or wrongful action which has been or could have been alleged under the common law, any civil rights or equal opportunity employment law, or any other statute, regulation, ordinance or rule.

(xxiii)            Except as provided in Section 1(a) of this Agreement , any oral or written contract of employment with the Company, and/or other Releasees, express or implied, or any oral or written agreement, express or implied, purporting to establish terms and conditions of employment or addressing termination of employment.

(b)            The Executive specifically understands and agrees that the separation of him from his employment does not violate or disregard any oral or written promise or agreement, of any nature whatsoever, express or implied.  If any contract or agreement of employment exists concerning the employment of the Executive by the Company and/or other Releasees, or the terms and conditions of such employment or the termination of such employment, whether oral or written, express or implied, that contract or agreement is hereby terminated and is null and void; provided that nothing herein shall terminate or invalidate the Company's obligations under Section 1(a) of this Agreement or that certain Indemnification Agreement which the parties entered into as of March 27, 2000,, or the Executive's rights under any directors and officers liability insurance policy maintained by the Company for the benefit of its former officers.

(c)            This Complete Release includes, but is not limited to, a waiver, discharge and release by the Executive of the Company and other Releasees from any damages or relief of whatever nature or description, including, but not limited to, compensatory and punitive damages and equitable forms of relief, as well as any claim for attorneys fees or costs, which may arise from any of the claims waived, discharged or released.

(d)            The Executive agrees that this Complete Release may be enforced in any court, federal, state or local, and before any administrative agency or body, federal, state or local.

(e)            Except as otherwise provided in this Section 4, the Executive agrees not to commence or continue any action or proceeding in any court, federal, State or local, concerning the Executive's employment with the Company or other Releasees or the Executive's separation from such employment or any other matters included in the Complete Release or any claim waived and released such employment or any other matters included in the Complete Release.

(f)            The Executive also agrees, except as otherwise provided in this Section 4, that if a claim or anything else included in the Complete Release should be prosecuted in his name before any court or administrative agency, he waives and agrees not to take any award of money or other damages and will immediately request in writing that the claim or matter on his behalf be withdrawn.  Nothing contained in this Agreement prohibits the Executive from seeking a determination by a court of competent jurisdiction that this Complete Release is, in whole or in part, invalid under applicable law.  To the extent of such determination, the Executive may assert claims or other matters included in the Complete Release, subject to final determination on appeal.

(g)            The Executive agrees that if he is found in breach of the terms of this Agreement by a final, non-appealable decision of a court of competent jurisdiction,  in addition to any other remedy that the Company may have in law or in equity, the Executive, if the Company so elects, shall be liable to the Company for any and all sums of money paid to the Executive under Section 3 of this Agreement, and from that date forward, if it so elects, the Company shall have no further obligation under Section 3, except as may be required by law.  The Executive agrees that if he violates any of the terms of this Agreement, the Company may pursue whatever rights it has under this Agreement, whether in law or in equity, without affecting the validity and enforceability of this Complete Release.

(h)            The Executive further agrees that he has not sustained any disabling personal injury and/or occupational disease which has resulted in a loss of wage earning capacity during his employment with the Company or other Releasees or due to separation from that employment and that he has no personal injury and/or occupational disease which has been contributed to, or aggravated or accelerated in a significant manner by his employment with the Company or other Releasees and/or separation from that employment.

(i)            The Executive agrees that his separation from employment with the Company and/or other Releasees shall be final, and he shall not apply for, nor is he eligible for, employment with the Company and/or other Releasees at any time in the future.  The Executive represents and warrants that he has no interest in future employment with the Company.

(j)            Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.

(k)            This Agreement provides the Executive with sums of money which include sums that the Executive is not otherwise entitled to receive.

(l)            It is understood and agreed by the Company that nothing in this Complete Release or otherwise shall operate as a release, waiver or discharge by the Executive of any rights and/or claims Executive may have against the Company, its successors or assigns, to enforce Company's payment or other obligations under this Agreement, and will not in any way prevent or preclude Executive from taking any measures or pursuing any actions, whether in law or in equity, to recover all payments or benefits due him and any other relief to which he may be entitled under this Agreement.

EXECUTIVE HEREBY EXPRESSLY WARRANTS AND REPRESENTS THAT, BEFORE ENTERING INTO THIS AGREEMENT, HE HAS RECEIVED A REASONABLE PERIOD OF TIME WITHIN WHICH TO CONSIDER ALL OF THE PROVISIONS CONTAINED IN THIS AGREEMENT, THAT HE HAS FULLY READ, INFORMED HIMSELF OF AND UNDERSTANDS ALL THE TERMS, CONTENTS, CONDITIONS AND EFFECTS OF ALL PROVISIONS OF THIS AGREEMENT, AND THAT HE CONSIDERS ALL SUCH PROVISIONS TO BE SATISFACTORY.

EXECUTIVE FURTHER EXPRESSLY WARRANTS AND REPRESENTS THAT NO PROMISE OR REPRESENTATION OF ANY KIND HAS BEEN MADE, EXCEPT THOSE EXPRESSLY STATED IN THIS AGREEMENT.

EXECUTIVE FURTHER EXPRESSLY WARRANTS AND REPRESENTS THAT HE ENTERS INTO THIS AGREEMENT KNOWINGLY AND VOLUNTARILY.

5.            No Admission.  The making of this Agreement is not intended, and shall not be construed, as any admission by the Company or Executive or any of the Releasees that they have violated any federal, state, or local law, or have committed any wrong against Executive or any other person or entity.

6.            Non-Disparagement.  The Executive agrees to refrain from making any public statements (or authorizing any statements to be reported as being attributed to the Executive) that are critical, derogatory or which may tend to injure the reputation or business of the Company or any of its directors, officers and representatives.  The Company will not make, and agrees to use its best efforts to cause the officers, directors and representatives of the Company to refrain from making, any public statements (or authorizing any statements to be reported as being attributed to the Company), that are critical, derogatory or which may tend to injure the reputation or business of the Executive.

7.            Covenants as to Confidential Information and Competitive Conduct.

(a)            The Executive hereby acknowledges and agrees as follows: this Section 7 is necessary for the protection of the legitimate business interests of the Company; the restrictions contained in this Section 7 with regard to geographical scope, length of term, and types of restricted activities are reasonable; the Executive has received adequate and valuable consideration for entering into this Agreement; and the Executive's expertise and capabilities are such that his obligations hereunder and the enforcement hereof by injunction or otherwise will not adversely affect the Executive's ability to earn a livelihood.

(b)            The Executive agrees that the Executive will not, directly or indirectly, without the express written approval of the Company, unless directed by applicable legal authority (including any court of competent jurisdiction, governmental agency having supervisory authority over the business of the Company or its subsidiaries, or any legislative or administrative body having supervisory authority over the business of the Company or its subsidiaries) having jurisdiction over the Executive, disclose to or use, or knowingly permit to be so disclosed or used, for the benefit of himself or of any person, corporation, or other entity other than the Company:

(i)            any nonpublic information concerning any financial, accounting or tax matters, customer relationships, competitive status, supplier matters, internal organizational matters, current or future plans, or other business affairs of or relating to the Company, its subsidiaries or affiliated or related parties, or

(ii)            any proprietary management, operational, trade, technical, or other secrets or any other proprietary information or other data of the Company, its subsidiaries or affiliated or related parties,

which has not been published and is not generally known outside of the Company.  The Executive acknowledges that all of the foregoing constitutes confidential and proprietary information which is the exclusive property of the Company.

(c)            For a period of two years beginning on the Separation Date (the "Restrictive Period"), the Executive shall not, directly or indirectly, without the prior written consent of the Company's Chief Executive Officer:

(i)            conduct, or render services to any person, firm, corporation, association, or other entity which conducts consulting and advisory work as a tenant representative (1) for any entity in connection with the leasing of space from any property owned or managed by the Company or its affiliates or (2) for any entity that was a tenant in a property owned or managed by the Company or its affiliates on the Separation Date with respect to a lease or other occupancy of space in one of the geographic markets in which such tenant occupied space as of the Separation Date; or

(ii)            solicit or hire or attempt to solicit or hire any employee of the Company or its subsidiaries or affiliated or related parties, or induce or encourage any such employee to terminate their employment with the Company or its affiliated  entities.

In the event the Executive violates any of the provisions contained in this Section 7, the Restrictive Period shall be increased by the period of time from the commencement by the Executive of any violation until such violation has been cured to the satisfaction of the Company.

(d)            The Executive acknowledges and agrees that any breach of this Section 7 will result in immediate and irreparable harm to the Company, and that the Company cannot be reasonably or adequately compensated by damages in an action at law. In the event of any breach of this Section 7 by the Executive, the Company shall be entitled to immediately cease to pay or provide the Executive any compensation or benefit being or to be paid or provided to the Executive pursuant to Section 3 of this Agreement, and also to obtain immediate injunctive relief restraining the Executive from conduct in breach of the covenants contained in this Section 7.  Nothing herein shall be construed as prohibiting the Company from pursuing any other remedies available to it for such breach, including the recovery of damages from the Executive.

It is understood and agreed by the Company that nothing contained in this Section 7 will preclude or prevent the Executive from pursuing or accepting employment after the Separation Date with any individual or entity engaged in the commercial real estate business so long as the Executive complies with the terms of this Agreement in such employment or engagement.

8.            Company Property, Records, Files, and Equipment.  The Executive agrees he will return all records, files, lists, drawings and documents of or relating to the Company and all Company-owned equipment in his possession within ten (10) days after the Separation Date.  The Executive may retain his  iPhone, cell phone number, laptop, contacts database and all personal items stored within the "I" drive and pictures section, but only to the extent that such equipment or  stored information does not contain confidential or proprietary information of the Company.

9.            Executive Cooperation.  Executive shall cooperate fully in connection with any and all existing or future litigations or investigations brought by or against the Company or any of its agents, officers, directors, or employees in which and to the extent Executive's cooperation is necessary.  In the event that Executive is subpoenaed in connection with any litigation or investigation, if legally permissible, Executive will promptly notify the Company and shall give the Company an opportunity to respond to such notice before taking any action or making any decision in connection with such subpoena.  The Company will reimburse Executive for reasonable out-of-pocket expenses incurred as a result of such cooperation.  The Company hereby reaffirms its obligations under the Indemnification Agreement dated March 27, 2000 between the Company and the Executive, as well as the obligations of the Company with respect to indemnification and advancement of expenses as set forth in the charter and bylaws of the Company as in effect on the date of this Agreement.

10.            Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Mississippi applicable to contracts executed in and to be performed in that State without regard to its conflicts of laws provisions.

11.            Opportunity to Review.  Executive acknowledges and warrants that (a) Executive has had a reasonable period of time not less than 21 days, to consider the terms and provisions of this Agreement; (b) Executive has been advised by the Company in this writing to consult, and has had adequate opportunity to consult with, an attorney of Executive's choosing prior to executing this Agreement; (c) Executive has carefully read this Agreement in its entirety, has had an opportunity to have its provisions explained to Executive by an attorney of Executive's choosing, and fully understands the significance of all of its terms and provisions; and (d) Executive is signing this Agreement voluntarily and of Executive's own free will and assents to all of the terms and conditions contained herein.

12.            Effective Date and Right to Revoke.  Executive has been given 21 days from the date of receipt to consider the terms and conditions of this Agreement.  Executive may accept this Agreement by signing it after the Separation Date and returning an original Agreement to the Company any time during this 21-day period.  Executive agrees that any changes to the Agreement from the time it was offered to Executive, whether material or immaterial, do not restart the running of the 21-day period.  After signing this Agreement, Executive shall have seven days to revoke it by indicating Executive's desire to do so in a writing received by the Company in accordance with this Section 12 of this Agreement no later than 5:00 p.m. Eastern Time on the seventh day following the date Executive signs this Agreement ("Revocation Period").  The effective date of this Agreement shall be the eighth day following Executive's signing of this Agreement provided Executive does not revoke it during the Revocation Period.  If Executive does not accept this Agreement as set forth above, or revokes this Agreement during the Revocation Period, this Agreement (including any obligations of the Company to provide the consideration referred to above) shall be deemed null and void.

13.            Waiver.  The waiver by a party hereto of any breach by the other party hereto of any provision of this Agreement shall not operate or be construed as a waiver of any other or subsequent breach by a party hereto.

14.            Assignment.  This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Company and the legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees of the Executive.

15.            Severability.  Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.

16.            Notices.  Any notices required or permitted to be given under this Agreement shall be sufficient if in writing, and personally delivered or when sent by first-class, certified, or registered mail, postage prepaid, return receipt requested:

(a)            in the case of the Executive, to his principal residence address, and

(b)            in the case of the Company, to the address of its principal place of business as set forth above, to the attention of the Chief Executive Officer.

17.            Entire Agreement.  This Agreement constitutes the entire agreement of the parties relating to the subject matter hereof, and supersedes any obligations of the Company and the other Releasees under any previous agreements or arrangements, except as otherwise provided in this Agreement.  The provisions of this Agreement may not be amended, modified, repealed, waived, extended, or discharged except by an agreement in writing signed by the party against whom enforcement of any amendment, modification, repeal, waiver, extension, or discharge is sought.  This Agreement may be executed in one or more counterparts (including by facsimile signature), all of which shall be considered one and the same instrument, and shall be fully executed when one or more counterparts have been signed by and delivered to each party.

18.            Section 409A.  The Executive represents that he has conferred with counsel and has been advised, and believes in good faith, that the six (6) month delay required for "specified employees" pursuant to section 409A of the Internal Revenue Code of 1986, as amended, does not apply to the benefits provided hereunder because such payments do not constitute "deferred compensation" within the meaning of section 409A.  Executive acknowledges and agrees that he shall be solely responsible for any additional taxes, penalty or interest that may be imposed by section 409A of the Code on any such payments and or benefits if any such tax, penalty or interest is imposed by the Internal Revenue Service.

19.            Headings.  The descriptive headings used herein are used for convenience of reference only and shall not constitute a part of this Agreement.

[Signature page follows]

IN WITNESS WHEREOF, the Executive and the Company, by its duly authorized representative, have signed this Agreement as of the date set forth above.

WITNESS:                                                                                                                                                                            THE EXECUTIVE:

_______________________________                                                                                    ________________________________________

                                James M. Ingram

                               THE COMPANY:

ATTEST:                                                                                                                                                                                 PARKWAY PROPERTIES, INC.

_______________________________                                                                                    By: _____________________________________

                                      James R. Heistand, Chief Executive Officer

1063657v4

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