content: <html>
  
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  <title>SECURITIES AND EXCHANGE COMMISSION</title>
  
  
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  <body lang=EN-US link="#000000" vlink=purple>
  
  
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'><b>&nbsp;</b></p>
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'><b>&nbsp;</b></p>
  
  
  
  
  
  
  
  
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'><b>UNITED STATES</b></p>
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'><b>SECURITIES AND EXCHANGE COMMISSION</b></p>
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'>Washington, D.C.
  20549</p>
  
  
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'><b><u>__________________________</u></b></p>
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'>&nbsp;</p>
  
  
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'><b>FORM 8-K</b></p>
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'><b>&nbsp;</b></p>
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'>Current Report</p>
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'>Pursuant to Section
  13 or 15(d) of the Securities Exchange Act of 1934</p>
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'>&nbsp;</p>
  
  
  
  
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'>Date of Report (date
  of earliest event reported):&nbsp; May 8, 2008</p>
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'>&nbsp;</p>
  
  
  
  
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'><b><u>PARKWAY PROPERTIES, INC</u></b><u>.</u></p>
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'>(Exact Name of
  Registrant as Specified in its Charter)</p>
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'>&nbsp;</p>
  
  
  
  
  
  <p class=MsoNormal style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>
  Maryland</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>
  1-11533</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>
  74-2123597</u></p>
  
  <p class=MsoNormal style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  &nbsp;(State or Other Jurisdiction&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  (Commission File Number)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  (IRS Employer</p>
  
  <p class=MsoNormal style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  of Incorporation)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  Identification No.)</p>
  <p class=MsoNormal style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
  
  
  
  <p class=MsoNormal align=center style='margin-left:4.5pt;text-align:center; margin-top:0; margin-bottom:0'><u>One
  Jackson Place, Suite 1000, 188 East Capitol Street, Jackson, MS 39225-4647</u></p>
  
  <p class=MsoNormal align=center style='margin-left:4.5pt;text-align:center; margin-top:0; margin-bottom:0'>(Address
  of Principal Executive Offices, including zip code)</p>
  <p class=MsoNormal align=center style='margin-left:4.5pt;text-align:center; margin-top:0; margin-bottom:0'>&nbsp;</p>
  
  
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'><u>(601) 948-4091</u></p>
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'>(Registrant's
  telephone number, including area code)</p>
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'>&nbsp;</p>
  
  
  
  <p class=MsoNormal align=center style='margin-left:4.5pt;text-align:center; margin-top:0; margin-bottom:0'><u>Not
  Applicable</u></p>
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'>(Former name or
  former address, if changed since last report)</p>
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'>&nbsp;</p>
  
  
  
  <p class=MsoNormal style='text-indent:.5in; margin-top:0; margin-bottom:0'>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):</p>
  <p class=MsoNormal style='text-indent:.5in; margin-top:0; margin-bottom:0'>&nbsp;</p>
  
  
  
  <p class=MsoNormal style='margin-left:.5in;text-indent:-.5in; margin-top:0; margin-bottom:0'>&#61551;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written communications
  pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>
  
  <p class=MsoNormal style='margin-left:.5in;text-indent:-.5in; margin-top:0; margin-bottom:0'>&#61551;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soliciting material pursuant
  to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>
  
  <p class=MsoNormal style='margin-left:.5in;text-indent:-.5in; margin-top:0; margin-bottom:0'>&#61551;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement
  communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
  240.14d-2(b))</p>
  
  <p class=MsoNormal style='margin-left:.5in;text-indent:-.5in; margin-top:0; margin-bottom:0'>&#61551;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement
  communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
  240.13e-4(c))</p>
  
  
  
  <p class=MsoFooter align=center style='text-align:center'>Page 1 of 3 Pages</p>
  
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  <hr size=2 width="100%" noshade style='color:navy' align=center>
  
  </div>
  
  
  
  <br
  clear=all style='page-break-before:always'>
  
  
  
  
  
  
  
  
  
  
  <p class=MsoNormal style='text-align:left'><b>Item 5.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Departure of
  Directors or Principal Officers; Election of Directors; Appointment of
  Principal Officers; Compensatory Arrangements of Certain Officers</b></p>
  
  
  
  <p class=MsoNormal align="left">On May 8, 2008, the Company's Board of Directors, upon the
  recommendation of the Compensation Committee, approved a new form of the Company's
  change in control agreement for the Company's officers, which is filed as Exhibit
  10.1 to this Form 8-K.&nbsp; </p>
  
  
  
  <p class=MsoNormal align="left">The terms of the change in control agreements are materially
  consistent with the terms of the previous change in control agreements except
  as pertains to the following changes:</p>
  
  
  
  <p class=OUTLINE align="left">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  Modified the definition of Change in Control to include a sale or other
  transfer of at least 50 percent of the Company's gross real estate assets (as
  measured under GAAP) to a single buyer within a 12 month period, provided the
  proceeds are not reinvested in similar real estate assets or investments.</p>
  
  <p class=OUTLINE align="left">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  Modified the definition of Good Reason to include a material reduction
  in the executive's annual bonus opportunity, in the target level for the
  executive's annual bonus, or in the level of the executive's long-term equity
  incentive, as compared to the level in effect before the change in control or a
  material diminution in the budget over which the executive has authority.</p>
  
  <p class=OUTLINE align="left">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  Further modified the definition of Good Reason to comply with the
  recently issued final regulations under Section 409A of the U.S. Internal
  Revenue Code of 1986, as amended (&quot;Section 409A&quot;).</p>
  
  <p class=OUTLINE align="left">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  Included a provision for the vesting and payment, on a Change in
  Control, of the executive's Board-approved target bonus for the year of the
  Change in Control, multiplied by the portion of the year elapsed before the
  Change in Control.</p>
  
  <p class=OUTLINE align="left">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  Modified the definition of Annual Compensation, which is the basis for
  an executive's severance pay multiple, to include the executive's base salary
  in effect on the termination date plus the executive's average bonus for the
  past three years.&nbsp; Clarified the calculation of average bonus for years in
  which the executive was not employed for a full year or did not participate in
  the bonus plan.</p>
  
  <p class=OUTLINE align="left">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  Updated the timing of payment of severance pay to conform to Section
  409A.</p>
  
  <p class=OUTLINE align="left">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  Revised the severance pay multiples from 2.5 and 1.667 in prior
  agreements to 2.99, 2.5 and 2.0 in the new agreements.</p>
  
  <p class=MsoNormal align="left">The above summary of the changes to the forms of the
  Company's change in control agreements does not purport to be complete and is
  subject to and qualified in its entirety by reference to the text of the change
  in control agreements, filed as Exhibit 10.1 to this Report on Form 8-K and
  incorporated by reference herein.</p>
  
  
  
  <p class=MsoFooter align=center style='text-align:center'>Page 2 of 3 Pages</p>
  
  <div class=MsoNormal align=center style='text-align:center'>
  
  <hr size=2 width="100%" noshade style='color:navy' align=center>
  
  </div>
  
  
  
  <br
  clear=all style='page-break-before:always'>
  
  
  
  
  
  
  
  
  
  
  <p class=MsoNormal style='text-align:justify;page-break-after:avoid'><b>Item
  9.01&nbsp; Financial Statements and Exhibits.</b></p>
  
  
  
  <p class=MsoNormal style='page-break-after:avoid'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits</p>
  
  
  
  <p class=MsoNormal style='page-break-after:avoid'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The following is
  filed as an exhibit to this Current Report on Form 8-K:</p>
  
  
  
  <p class=MsoNormal style='page-break-after:avoid' align="left">10.1&nbsp;&nbsp;&nbsp;&nbsp; Form of Change in
  Control Agreement with each of the Company's Executive Officers (the Change in
  Control Agreements are identical in substance for each of the Executive Officers,
  except that the Change in Control Agreements for Steven G. Rogers, J. Mitchell
  Collins, William R. Flatt, James M. Ingram provide for a multiple of &quot;2.99&quot; in
  calculating the severance payment under each officer's Agreement and the Change
  in Control Agreement for Mandy M. Pope provides for a multiple of &quot;2.5&quot;).</p>
  
  
  
  <p class=MsoNormal align=center style='text-align:center'>SIGNATURES</p>
  
  
  
  <p class=MsoNormal style='text-align:left;text-indent:.5in'>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.</p>
  
  
  
  <p class=MsoNormal>Date:&nbsp;&nbsp; May 14, 2008</p>
  
  
  
  <p class=MsoNormal style='text-indent:3.0in; margin-top:0; margin-bottom:0'>PARKWAY PROPERTIES, INC.</p>
  
  
  
  
  
  <p class=MsoNormal style='margin-left:3.25in; margin-top:0; margin-bottom:0'>By:&nbsp; &nbsp;<u>/s/ J. Mitchell Collins&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>
  
  <p class=MsoNormal style='margin-left:3.5in; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J. Mitchell Collins</p>
  <p class=MsoNormal style='margin-left:3.5in; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Executive
  Vice President, Chief  </p>
  <p class=MsoNormal style='margin-left:3.5in; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Officer and Secretary </p>
  <p class=MsoFooter align=center style='text-align:center; margin-top:0; margin-bottom:0'>&nbsp;</p>
  <p class=MsoFooter align=center style='text-align:center; margin-top:0; margin-bottom:0'>Page 3 of 3 Pages</p>
  
  <div class=MsoNormal align=center style='text-align:center'>
  
  <hr size=2 width="100%" noshade style='color:navy' align=center>
  
  </div>
  
  
  
  
  
  
  
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metadata_filer: {"company-data": {"conformed-name": "PARKWAY PROPERTIES INC", "cik": "0000729237", "assigned-sic": "6798", "irs-number": "742123597", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-11533", "film-number": "08831210"}, "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: SECURITIES AND EXCHANGE COMMISSION
  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):  May 8, 2008
  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.)
  One
  Jackson Place, Suite 1000, 188 East Capitol Street, Jackson, MS 39225-4647
  (Address
  of Principal Executive Offices, including zip code)
  (601) 948-4091
  (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 1 of 3 Pages
  Item 5.02.       Departure of
  Directors or Principal Officers; Election of Directors; Appointment of
  Principal Officers; Compensatory Arrangements of Certain Officers
  On May 8, 2008, the Company's Board of Directors, upon the
  recommendation of the Compensation Committee, approved a new form of the Company's
  change in control agreement for the Company's officers, which is filed as Exhibit
  10.1 to this Form 8-K.
  The terms of the change in control agreements are materially
  consistent with the terms of the previous change in control agreements except
  as pertains to the following changes:
  1.                 
  Modified the definition of Change in Control to include a sale or other
  transfer of at least 50 percent of the Company's gross real estate assets (as
  measured under GAAP) to a single buyer within a 12 month period, provided the
  proceeds are not reinvested in similar real estate assets or investments.
  2.                 
  Modified the definition of Good Reason to include a material reduction
  in the executive's annual bonus opportunity, in the target level for the
  executive's annual bonus, or in the level of the executive's long-term equity
  incentive, as compared to the level in effect before the change in control or a
  material diminution in the budget over which the executive has authority.
  3.                 
  Further modified the definition of Good Reason to comply with the
  recently issued final regulations under Section 409A of the U.S. Internal
  Revenue Code of 1986, as amended ("Section 409A").
  4.                 
  Included a provision for the vesting and payment, on a Change in
  Control, of the executive's Board-approved target bonus for the year of the
  Change in Control, multiplied by the portion of the year elapsed before the
  Change in Control.
  5.                 
  Modified the definition of Annual Compensation, which is the basis for
  an executive's severance pay multiple, to include the executive's base salary
  in effect on the termination date plus the executive's average bonus for the
  past three years.  Clarified the calculation of average bonus for years in
  which the executive was not employed for a full year or did not participate in
  the bonus plan.
  6.                 
  Updated the timing of payment of severance pay to conform to Section
  409A.
  7.                 
  Revised the severance pay multiples from 2.5 and 1.667 in prior
  agreements to 2.99, 2.5 and 2.0 in the new agreements.
  The above summary of the changes to the forms of the
  Company's change in control agreements does not purport to be complete and is
  subject to and qualified in its entirety by reference to the text of the change
  in control agreements, filed as Exhibit 10.1 to this Report on Form 8-K and
  incorporated by reference herein.
  Page 2 of 3 Pages
  Item
  9.01  Financial Statements and Exhibits.
  (d)       Exhibits
  The following is
  filed as an exhibit to this Current Report on Form 8-K:
  10.1     Form of Change in
  Control Agreement with each of the Company's Executive Officers (the Change in
  Control Agreements are identical in substance for each of the Executive Officers,
  except that the Change in Control Agreements for Steven G. Rogers, J. Mitchell
  Collins, William R. Flatt, James M. Ingram provide for a multiple of "2.99" in
  calculating the severance payment under each officer's Agreement and the Change
  in Control Agreement for Mandy M. Pope provides for a multiple of "2.5").
  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:   May 14, 2008
  PARKWAY PROPERTIES, INC.
  By:
  /s/ J. Mitchell Collins
  J. Mitchell Collins
  Executive
  Vice President, Chief
  Financial Officer and Secretary
  Page 3 of 3 Pages