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    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Washington, D.C. 20549</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">___________</font></div>
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    <div style="text-align: center;"><font style="font-size: 14pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FORM 8-K</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CURRENT REPORT</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Date of Report <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Date of earliest event reported)</font>:&#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">June 1, 2019</font></font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">___________</font></div>
    <div><br>
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    <div style="text-align: center;"><font style="font-size: 14pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PARKWAY ACQUISITION CORP.</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Exact name of registrant as specified in its charter)</font></div>
    <div><br>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Virginia</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(State or other jurisdiction</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">of incorporation)</font></div>
          </td>
          <td colspan="2" style="width: 33.28%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">333-209052</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Commission File Number)</font></div>
          </td>
          <td style="width: 33.28%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">47-5486027</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(I.R.S. Employer</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Identification No.)</font></div>
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          <td style="width: 33.44%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td colspan="2" style="width: 33.28%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 33.28%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 50.09%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">101 Jacksonville Circle</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Floyd, Virginia</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Address of principal executive offices)</font></div>
          </td>
          <td colspan="2" style="width: 49.91%; vertical-align: top;">
            <div>&#160;</div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">24091</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Zip Code)</font></div>
          </td>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Registrant&#8217;s telephone number, including area code: <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight:
          bold;">(540) 745-4191</font></font></div>
    <div><br>
    </div>
    <div style="text-align: center; margin-top: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Not Applicable</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Former name or former address, if changed since last report)</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
        any of the following provisions:</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#9744;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#9744;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#9744;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#9744;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>
    <div style="text-align: center; margin-top: 6pt; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Securities registered pursuant to Section 12(b) of the Act:</font></div>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Title of each class</font></div>
          </td>
          <td style="width: 25.16%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Trading Symbol(s)</font></div>
          </td>
          <td style="width: 36.32%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Name of each exchange on which registered</font></div>
          </td>
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          <td colspan="3" style="width: 100%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">None</font></div>
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    </table>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2
        of the Securities Exchange Act of 1934.</font></div>
    <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Emerging growth company&#160; &#9744;</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
        any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&#160;&#160; &#9744;</font></div>
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              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 5.02.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
                    Officers.</font></div>
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    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On June 1, 2019, Parkway Acquisition Corp. (the &#8220;Company&#8221;) entered into new agreements with certain of its executive
        officers, including a new employment agreement with Blake M. Edwards, the Company&#8217;s President and Chief Executive Officer, and change in control agreements with Rodney R. Halsey, the Company&#8217;s Executive Vice President and Chief Operations Officer,
        and Lorina C. Vaught, the Company&#8217;s Executive Vice President and Chief Financial Officer.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Employment Agreement with Blake M. Edwards</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The executive employment agreement, dated June 1, 2019, between the Company and Mr. Edwards (the &#8220;Employment Agreement&#8221;)
        supersedes and replaces Mr. Edwards previous employment agreement dated November 22, 2017.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The term of Mr. Edwards&#8217;s employment under the Employment Agreement began on June 1, 2019 and will continue for a term of
        three years, unless terminated earlier in accordance with its terms. After the expiration of this initial term, the Employment Agreement will automatically extend for successive one-year periods, unless either Mr. Edwards or the Company elect not
        to so extend. The Employment Agreement provides for an initial base salary of $285,000 per year. Mr. Edwards will be eligible to be considered for incentive compensation, if any, in an amount determined appropriate by the Company based on the
        recommendation of the Compensation Committee of the Company&#8217;s Board of Directors. He is also entitled to participate in the Company's employee benefit plans and programs for which he is or will be eligible.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Employment Agreement provides for the termination of Mr. Edwards's employment by the Company without &#8220;Cause&#8221; or by him
        for &#8220;Good Reason&#8221; in the absence of a &#8220;Change in Control&#8221; (as those terms are defined in the Employment Agreement). In such cases, Mr. Edwards will be entitled to receive his then-current base salary for the lesser of the remainder of the term or
        18 months. The Employment Agreement also provides for the termination of Mr. Edwards's employment by the Company following a &#8220;Change in Control&#8221; or by him for &#8220;Good Reason&#8221; following a &#8220;Change in Control.&#8221; In such cases, Mr. Edwards will be
        entitled to receive, among other things, a lump sum amount equal to 2.99 times the sum of his base salary and highest annual bonus during the two years preceding the Change in Control.&#160; Mr. Edwards&#8217;s entitlement to the foregoing severance payments
        is subject to Mr. Edwards's release and waiver of claims against the Company and his compliance with certain restrictive covenants as provided in the Employment Agreement.</font></div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In the event that Mr. Edwards is terminated by the Company as a result of a &#8220;Permanent Disability&#8221; (as defined in the
        Employment Agreement), Mr. Edwards will be entitled to receive a lump sum payment equal to 90 days of his then-current base salary.&#160; Mr. Edwards will not be entitled to any compensation or other benefits under the Employment Agreement if his
        employment is terminated upon his death, by the Company for &#8220;Cause,&#8221; or by him in the absence of &#8220;Good Reason.&#8221;</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Employment Agreement contains restrictive covenants relating to the protection of confidential information,
        non-disclosure, non-competition and non-solicitation. The non-compete and non-solicitation covenants generally continue for a period of 24 months following the last day of Mr. Edwards&#8217;s employment.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The full text of the Employment Agreement is attached as Exhibit 10.1 to this report and is incorporated by reference into
        this Item 5.02.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Change in Control Agreement with Rodney R. Halsey</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The change in control agreement, dated June 1, 2019, between the Company and Mr. Halsey (the &#8220;Halsey Agreement&#8221;) provides
        that if Mr. Halsey&#8217;s employment is terminated by the Company without &#8220;Cause&#8221; or by him for &#8220;Good Reason&#8221; within 12 months following a &#8220;Change in Control Event&#8221; (as those terms are defined in the Halsey Agreement), the Company will make a severance
        payment to Mr. Halsey equal to two times his annual base salary and, if Mr. Halsey elects COBRA continuation coverage under the Company&#8217;s health plan, the Company will pay premiums for up to eighteen months.&#160; Mr. Halsey&#8217;s entitlement to the
        foregoing severance payments is subject to his release and waiver of claims against the Company and his compliance with certain restrictive covenants as provided in the Halsey Agreement.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to certain limited exceptions provided in the Halsey Agreement, the Company&#8217;s obligation to make severance payments
        under the Halsey Agreement expires on May 31, 2020.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Halsey Agreement contains restrictive covenants relating to the protection of confidential information, non-disclosure,
        non-competition and non-solicitation. The non-compete and non-solicitation covenants generally continue for a period of 24 months following the last day of Mr. Halsey&#8217;s employment.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The full text of the Halsey Agreement is attached as Exhibit 10.2 to this report and is incorporated by reference into this
        Item 5.02.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Change in Control Agreement with Lorina C. Vaught</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The change in control agreement, dated June 1, 2019, between the Company and Ms. Vaught (the &#8220;Vaught Agreement&#8221;) provides
        that if the Ms. Vaught&#8217;s employment is terminated by the Company without &#8220;Cause&#8221; or by her for &#8220;Good Reason&#8221; within 12 months following a &#8220;Change in Control Event&#8221; (as those terms are defined in the Vaught Agreement), the Company will make a
        severance payment to Ms. Vaught equal to her annual base salary and, if Ms. Vaught elects COBRA continuation coverage under the Company&#8217;s health plan, the Company will pay premiums for up to twelve months.&#160; Ms. Vaught&#8217;s entitlement to the foregoing
        severance payments is subject to her release and waiver of claims against the Company and her compliance with certain restrictive covenants as provided in the Vaught Agreement.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to certain limited exceptions provided in the Vaught Agreement, the Company&#8217;s obligation to make severance payments
        under the Vaught Agreement expires on May 31, 2020.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Vaught Agreement contains restrictive covenants relating to the protection of confidential information, non-disclosure,
        non-competition and non-solicitation. The non-compete and non-solicitation covenants generally continue for a period of 12 months following the last day of Ms. Vaught&#8217;s employment.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The full text of the Vaught Agreement is attached as Exhibit 10.3 to this report and is incorporated by reference into this
        Item 5.02.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 9.01.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Financial Statements and Exhibits.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)&#160; &#160; Exhibits.</font></div>
    <div><br>
    </div>
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              <td style="width: 36pt; vertical-align: top; align: right;"><a href="ex10-1.htm"><font style="font-size: 10pt; font-family: 'Times New Roman',
                    Times, serif;">10.1</font></a></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Executive Employment Agreement, dated June 1, 2019, between Parkway Acquisition Corp. and Blake M. Edwards</font></div>
              </td>
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    <div><br>
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              <td style="width: 36pt; vertical-align: top; align: right;"><a href="ex10-2.htm"><font style="font-size: 10pt; font-family: 'Times New Roman',
                    Times, serif;">10.2</font></a></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Change in Control Agreement, dated June 1, 2019, between Parkway Acquisition Corp. and Rodney R. Halsey</font></div>
              </td>
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    <div><br>
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              <td style="width: 36pt; vertical-align: top; align: right;"><a href="ex10-3.htm"><font style="font-size: 10pt; font-family: 'Times New Roman',
                    Times, serif;">10.3</font></a></td>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Change in Control Agreement, dated June 1, 2019, between Parkway Acquisition Corp. and Lorina C. Vaught</font></div>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SIGNATURES</font></div>
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    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this
        report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PARKWAY ACQUISITION CORP.</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Registrant)</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Date: June 6, 2019<br>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">/s/ Blake M. Edwards</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Blake M. Edwards</font></div>
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{"company-data": {"conformed-name": "Parkway Acquisition Corp.", "cik": "0001657642", "assigned-sic": "6022", "irs-number": "475486027", "state-of-incorporation": "VA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-209052", "film-number": "19882238"}, "business-address": {"street1": "101 JACKSONVILLE CIRCLE", "city": "FLOYD", "state": "VA", "zip": "24091", "phone": "540-745-4191"}, "mail-address": {"street1": "101 JACKSONVILLE CIRCLE", "city": "FLOYD", "state": "VA", "zip": "24091"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported)
:
June 1, 2019
___________
PARKWAY ACQUISITION CORP.
(Exact name of registrant as specified in its charter)
Virginia
(State or other jurisdiction
of incorporation)
333-209052
(Commission File Number)
47-5486027
(I.R.S. Employer
Identification No.)
101 Jacksonville Circle
Floyd, Virginia
(Address of principal executive offices)
24091
(Zip Code)
Registrant's telephone number, including area code:
(540) 745-4191
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
        any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
None
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2
        of the Securities Exchange Act of 1934.
Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
        any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐
Item 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
                    Officers.
On June 1, 2019, Parkway Acquisition Corp. (the "Company") entered into new agreements with certain of its executive
        officers, including a new employment agreement with Blake M. Edwards, the Company's President and Chief Executive Officer, and change in control agreements with Rodney R. Halsey, the Company's Executive Vice President and Chief Operations Officer,
        and Lorina C. Vaught, the Company's Executive Vice President and Chief Financial Officer.
Employment Agreement with Blake M. Edwards
The executive employment agreement, dated June 1, 2019, between the Company and Mr. Edwards (the "Employment Agreement")
        supersedes and replaces Mr. Edwards previous employment agreement dated November 22, 2017.
The term of Mr. Edwards's employment under the Employment Agreement began on June 1, 2019 and will continue for a term of
        three years, unless terminated earlier in accordance with its terms. After the expiration of this initial term, the Employment Agreement will automatically extend for successive one-year periods, unless either Mr. Edwards or the Company elect not
        to so extend. The Employment Agreement provides for an initial base salary of $285,000 per year. Mr. Edwards will be eligible to be considered for incentive compensation, if any, in an amount determined appropriate by the Company based on the
        recommendation of the Compensation Committee of the Company's Board of Directors. He is also entitled to participate in the Company's employee benefit plans and programs for which he is or will be eligible.
The Employment Agreement provides for the termination of Mr. Edwards's employment by the Company without "Cause" or by him
        for "Good Reason" in the absence of a "Change in Control" (as those terms are defined in the Employment Agreement). In such cases, Mr. Edwards will be entitled to receive his then-current base salary for the lesser of the remainder of the term or
        18 months. The Employment Agreement also provides for the termination of Mr. Edwards's employment by the Company following a "Change in Control" or by him for "Good Reason" following a "Change in Control." In such cases, Mr. Edwards will be
        entitled to receive, among other things, a lump sum amount equal to 2.99 times the sum of his base salary and highest annual bonus during the two years preceding the Change in Control.  Mr. Edwards's entitlement to the foregoing severance payments
        is subject to Mr. Edwards's release and waiver of claims against the Company and his compliance with certain restrictive covenants as provided in the Employment Agreement.
In the event that Mr. Edwards is terminated by the Company as a result of a "Permanent Disability" (as defined in the
        Employment Agreement), Mr. Edwards will be entitled to receive a lump sum payment equal to 90 days of his then-current base salary.  Mr. Edwards will not be entitled to any compensation or other benefits under the Employment Agreement if his
        employment is terminated upon his death, by the Company for "Cause," or by him in the absence of "Good Reason."
The Employment Agreement contains restrictive covenants relating to the protection of confidential information,
        non-disclosure, non-competition and non-solicitation. The non-compete and non-solicitation covenants generally continue for a period of 24 months following the last day of Mr. Edwards's employment.
The full text of the Employment Agreement is attached as Exhibit 10.1 to this report and is incorporated by reference into
        this Item 5.02.
Change in Control Agreement with Rodney R. Halsey
The change in control agreement, dated June 1, 2019, between the Company and Mr. Halsey (the "Halsey Agreement") provides
        that if Mr. Halsey's employment is terminated by the Company without "Cause" or by him for "Good Reason" within 12 months following a "Change in Control Event" (as those terms are defined in the Halsey Agreement), the Company will make a severance
        payment to Mr. Halsey equal to two times his annual base salary and, if Mr. Halsey elects COBRA continuation coverage under the Company's health plan, the Company will pay premiums for up to eighteen months.  Mr. Halsey's entitlement to the
        foregoing severance payments is subject to his release and waiver of claims against the Company and his compliance with certain restrictive covenants as provided in the Halsey Agreement.
Subject to certain limited exceptions provided in the Halsey Agreement, the Company's obligation to make severance payments
        under the Halsey Agreement expires on May 31, 2020.
The Halsey Agreement contains restrictive covenants relating to the protection of confidential information, non-disclosure,
        non-competition and non-solicitation. The non-compete and non-solicitation covenants generally continue for a period of 24 months following the last day of Mr. Halsey's employment.
The full text of the Halsey Agreement is attached as Exhibit 10.2 to this report and is incorporated by reference into this
        Item 5.02.
Change in Control Agreement with Lorina C. Vaught
The change in control agreement, dated June 1, 2019, between the Company and Ms. Vaught (the "Vaught Agreement") provides
        that if the Ms. Vaught's employment is terminated by the Company without "Cause" or by her for "Good Reason" within 12 months following a "Change in Control Event" (as those terms are defined in the Vaught Agreement), the Company will make a
        severance payment to Ms. Vaught equal to her annual base salary and, if Ms. Vaught elects COBRA continuation coverage under the Company's health plan, the Company will pay premiums for up to twelve months.  Ms. Vaught's entitlement to the foregoing
        severance payments is subject to her release and waiver of claims against the Company and her compliance with certain restrictive covenants as provided in the Vaught Agreement.
Subject to certain limited exceptions provided in the Vaught Agreement, the Company's obligation to make severance payments
        under the Vaught Agreement expires on May 31, 2020.
The Vaught Agreement contains restrictive covenants relating to the protection of confidential information, non-disclosure,
        non-competition and non-solicitation. The non-compete and non-solicitation covenants generally continue for a period of 12 months following the last day of Ms. Vaught's employment.
The full text of the Vaught Agreement is attached as Exhibit 10.3 to this report and is incorporated by reference into this
        Item 5.02.
Item 9.01.
Financial Statements and Exhibits.
(d)    Exhibits.
10.1
Executive Employment Agreement, dated June 1, 2019, between Parkway Acquisition Corp. and Blake M. Edwards
10.2
Change in Control Agreement, dated June 1, 2019, between Parkway Acquisition Corp. and Rodney R. Halsey
10.3
Change in Control Agreement, dated June 1, 2019, between Parkway Acquisition Corp. and Lorina C. Vaught
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this
        report to be signed on its behalf by the undersigned hereunto duly authorized.
PARKWAY ACQUISITION CORP.
(Registrant)
Date: June 6, 2019
By:
/s/ Blake M. Edwards
Blake M. Edwards
President and Chief Executive Officer
3