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  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Current Report</font></div>
  
  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div>
  
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  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date of Report (date of earliest event reported):&#160;&#160;February 14, 2012</font></div>
  
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  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Identification No.)</font></div>
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  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Bank of America Center, Suite 2400, 390 North Orange Avenue, Orlando, FL 32801</font></font></div>
  
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  <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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 (see General Instruction A.2. below):</font></div>
  
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  <div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>
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  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 5.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">2012 Non-Equity Incentive Compensation</font></font></div>
  
  <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
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  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On February 14, 2012, the Compensation Committee (the &#8220;Committee&#8221;) of the Company&#8217;s Board of Directors established the performance measures for the Company&#8217;s 2012 non-equity incentive awards for officers of the Company.&#160;&#160;The annual incentive performance goals are not set forth in a written agreement.</font></div>
  
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  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The amount of the non-equity incentive compensation that an officer may receive is based on the achievement of goals related to Company performance as measured by the Company&#8217;s modified funds from operations (FFO) per share in 2012.&#160;&#160;The Committee has established a threshold and a maximum modified FFO performance goal for 2012.&#160;&#160;The Committee has determined that the adjustments to FFO (as computed in accordance with standards established by the National Association of Real Estate Investment Trusts) include, but are not limited to, the amortization of above/below market leases, the expense of acquisition costs, expenses related to the early extinguishment of debt, the expense of original issue cost associated with redemption of preferred stock, the gain or loss on sales, and similar adjustments that may be made in the Committee&#8217;s sole discretion.</font></div>
  
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  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">2012 Discretionary Bonus</font></font></div>
  
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  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Committee also established the maximum amount of discretionary bonuses for officers of the Company.&#160;&#160;Bonuses for 2012 will be awarded at the discretion of the officer&#8217;s immediate supervisor or the Committee, as the case may be, after the end of the year.</font></div>
  
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  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following table lists the maximum cash bonuses and non-equity incentive compensation that the Company&#8217;s executive officers are eligible to receive with respect to 2012:</font></div>
  
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  <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">James R. Heistand<font id="TAB1" style="MARGIN-LEFT: 12pt"></font></font></div>
  
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  <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Richard G. Hickson IV<font id="TAB1" style="MARGIN-LEFT: 12pt"></font></font></div>
  
  <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Executive Vice President, Chief Financial Officer and Assistant Secretary</font></div>
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  <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">James M. Ingram<font id="TAB1" style="MARGIN-LEFT: 12pt"></font></font></div>
  
  <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Executive Vice President&#160;&#160;and Chief of Sales and Business Development</font></div>
  </td>
  <td valign="top" width="19%">
  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$66,250</font></div>
  </td>
  <td valign="top" width="17%">
  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$13,250</font></div>
  </td>
  <td valign="top" width="17%">
  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$66,250</font></div>
  </td>
  </tr></table>
  
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  <div>&#160;</div>
  
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  <div>&#160;</div>
  
  <div>&#160;</div>
  
  <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
  <tr>
  <td align="left" colspan="2" valign="top" width="25%">
  <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">M. Jayson Lipsey<font id="TAB1" style="MARGIN-LEFT: 12pt"></font></font></div>
  
  <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Executive Vice President&#160;&#160;and Chief Operating Officer</font></div>
  </td>
  <td valign="top" width="19%">
  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$75,000</font></div>
  </td>
  <td valign="top" width="17%">
  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$15,000</font></div>
  </td>
  <td valign="top" width="17%">
  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$75,000</font></div>
  </td>
  </tr><tr>
  <td align="left" colspan="2" valign="top" width="25%">
  <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">David R. O&#8217;Reilly<font id="TAB1" style="MARGIN-LEFT: 12pt"></font></font></div>
  
  <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Executive Vice President&#160;&#160;and Chief Investment Officer</font></div>
  </td>
  <td valign="top" width="19%">
  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$81,250</font></div>
  </td>
  <td valign="top" width="17%">
  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$16,250</font></div>
  </td>
  <td valign="top" width="17%">
  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$81,250</font></div>
  </td>
  </tr><tr>
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  <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Mandy M. Pope<font id="TAB1" style="MARGIN-LEFT: 12pt"></font></font></div>
  
  <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Executive Vice President,&#160;&#160;Chief Accounting Officer and Secretary</font></div>
  </td>
  <td valign="top" width="19%">
  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$62,500</font></div>
  </td>
  <td valign="top" width="17%">
  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$12,500</font></div>
  </td>
  <td valign="top" width="17%">
  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$62,500</font></div>
  </td>
  </tr><tr>
  <td align="left" colspan="2" valign="top" width="25%">
  <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Henry F. Pratt III<font id="TAB1" style="MARGIN-LEFT: 12pt"></font></font></div>
  
  <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Executive Vice President&#160;&#160;and Head of Asset Management and Third Party Services</font></div>
  </td>
  <td valign="top" width="19%">
  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$81,200</font></div>
  </td>
  <td valign="top" width="17%">
  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$16,240</font></div>
  </td>
  <td valign="top" width="17%">
  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$81,200</font></div>
  </td>
  </tr><tr>
  <td colspan="2" valign="top" width="25%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
  <td valign="top" width="19%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
  <td valign="top" width="17%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
  <td valign="top" width="17%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
  </tr></table>
  </div>
  
  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Long-Term Equity Incentive</font></font></div>
  
  <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
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  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On February 14, 2012, the Committee approved an additional &#173;&#173;&#173;&#173;&#173;21,900 time-based long-term equity incentive awards to officers of the Company, including awards to the Company&#8217;s named executive officers.&#160;&#160;The time-based awards will vest 25% on each of February 14, 2013, 2014, 2015 and 2016.</font></div>
  
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  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The additional time-based long-term equity incentive awards that the Company&#8217;s executive officers are eligible to receive are as follows:</font></div>
  
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  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Name</font></div>
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  <td valign="top" width="13%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
  </tr><tr>
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  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Time-Based Awards</font></div>
  </td>
  </tr><tr>
  <td align="left" valign="top" width="25%">
  <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Richard G. Hickson IV</font></div>
  </td>
  <td valign="top" width="13%">
  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,700</font></div>
  </td>
  </tr><tr>
  <td align="left" valign="top" width="25%">
  <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">M. Jayson Lipsey</font></div>
  </td>
  <td valign="top" width="13%">
  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,700</font></div>
  </td>
  </tr><tr>
  <td align="left" valign="top" width="25%">
  <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">James M. Ingram</font></div>
  </td>
  <td valign="top" width="13%">
  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,620</font></div>
  </td>
  </tr><tr>
  <td align="left" valign="top" width="25%">
  <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">David R. O&#8217;Reilly</font></div>
  </td>
  <td valign="top" width="13%">
  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,700</font></div>
  </td>
  </tr><tr>
  <td align="left" valign="top" width="25%">
  <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Mandy M. Pope</font></div>
  </td>
  <td valign="top" width="13%">
  <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,620</font></div>
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  <div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Form of Restricted Share Agreement for FOCUS Plan Time-Based Awards (incorporated by reference to Exhibit 10.1 to the Company&#8217;s Form 8-K filed July 15, 2010).</font></div>
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  <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, 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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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "f8kexecbonus.htm", "description": "8-K HTML FORMAT", "secsgml_size_bytes": 38779}]
metadata_filer: {"company-data": {"conformed-name": "PARKWAY PROPERTIES INC", "cik": "0000729237", "assigned-sic": "6798", "irs-number": "742123597", "state-of-incorporation": "MD", "fiscal-year-end": "0516"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-11533", "film-number": "12616517"}, "business-address": {"street1": "ONE JACKSON PL", "street2": "188 E CAPITOL ST STE 1000", "city": "JACKSON", "state": "MS", "zip": "39225-4647", "phone": "6019484091"}, "mail-address": {"street1": "ONE JACKSON PL P O BOX 24647", "street2": "188 E CAPITOL ST STE 1000", "city": "JACKSON", "state": "MS", "zip": "39225"}, "former-company": {"former-conformed-name": "PARKWAY CO", "date-changed": "19951018"}}
text: f8kexecbonus.htm
  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):  February 14, 2012
  PARKWAY PROPERTIES, INC
  .
  (Exact Name of Registrant as Specified in its Charter)
  Maryland
  1-11533
  74-2123597
  (State or Other Jurisdiction
  (Commission File Number)
  (IRS Employer
  of Incorporation)
  Identification No.)
  Bank of America Center, Suite 2400, 390 North Orange Avenue, Orlando, FL 32801
  (Address of Principal Executive Offices, including zip code)
  (407) 650-0593
  (Registrant's telephone number, including area code)
  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 (see General Instruction A.2. below):
  
  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))
  Page 1of 4
  Item 5.02.                      Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
  2012 Non-Equity Incentive Compensation
  On February 14, 2012, the Compensation Committee (the "Committee") of the Company's Board of Directors established the performance measures for the Company's 2012 non-equity incentive awards for officers of the Company.  The annual incentive performance goals are not set forth in a written agreement.
  The amount of the non-equity incentive compensation that an officer may receive is based on the achievement of goals related to Company performance as measured by the Company's modified funds from operations (FFO) per share in 2012.  The Committee has established a threshold and a maximum modified FFO performance goal for 2012.  The Committee has determined that the adjustments to FFO (as computed in accordance with standards established by the National Association of Real Estate Investment Trusts) include, but are not limited to, the amortization of above/below market leases, the expense of acquisition costs, expenses related to the early extinguishment of debt, the expense of original issue cost associated with redemption of preferred stock, the gain or loss on sales, and similar adjustments that may be made in the Committee's sole discretion.
  2012 Discretionary Bonus
  The Committee also established the maximum amount of discretionary bonuses for officers of the Company.  Bonuses for 2012 will be awarded at the discretion of the officer's immediate supervisor or the Committee, as the case may be, after the end of the year.
  The following table lists the maximum cash bonuses and non-equity incentive compensation that the Company's executive officers are eligible to receive with respect to 2012:
  Name and Title
  Discretionary
  Bonus
  Non-equity Incentive Compensation for Achievement of
  Company Performance Goals
  (Maximum)
  (Threshold)
  (Maximum)
  James R. Heistand
  President and Chief Executive Officer
  $180,000
  $36,000
  $180,000
  Richard G. Hickson IV
  Executive Vice President, Chief Financial Officer and Assistant Secretary
  $81,250
  $16,250
  $81,250
  James M. Ingram
  Executive Vice President  and Chief of Sales and Business Development
  $66,250
  $13,250
  $66,250
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  M. Jayson Lipsey
  Executive Vice President  and Chief Operating Officer
  $75,000
  $15,000
  $75,000
  David R. O'Reilly
  Executive Vice President  and Chief Investment Officer
  $81,250
  $16,250
  $81,250
  Mandy M. Pope
  Executive Vice President,  Chief Accounting Officer and Secretary
  $62,500
  $12,500
  $62,500
  Henry F. Pratt III
  Executive Vice President  and Head of Asset Management and Third Party Services
  $81,200
  $16,240
  $81,200
  Long-Term Equity Incentive
  On February 14, 2012, the Committee approved an additional ­­­­­21,900 time-based long-term equity incentive awards to officers of the Company, including awards to the Company's named executive officers.  The time-based awards will vest 25% on each of February 14, 2013, 2014, 2015 and 2016.
  The additional time-based long-term equity incentive awards that the Company's executive officers are eligible to receive are as follows:
  Name
  Time-Based Awards
  Richard G. Hickson IV
  2,700
  M. Jayson Lipsey
  2,700
  James M. Ingram
  1,620
  David R. O'Reilly
  2,700
  Mandy M. Pope
  1,620
  Item 9.01.                      Financial Statements and Exhibits.
  (d) Exhibits
  10.1
  Form of Restricted Share Agreement for FOCUS Plan Time-Based Awards (incorporated by reference to Exhibit 10.1 to the Company's Form 8-K filed July 15, 2010).
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  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
  Date:           February 15, 2012
  PARKWAY PROPERTIES, INC.
  By: /s/ Mandy M. Pope
  Mandy M. Pope
  Executive Vice President, Chief Accounting Officer and Secretary
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