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  <p class=MsoNormal align=center style='text-align:center'><b>&nbsp;</b></p>
  
  <p class=MsoNormal align=center style='text-align:center'><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'><b><u>__________________________</u></b></p>
  
  
  
  <p class=MsoNormal align=center style='text-align:center'><b>FORM 8-K</b></p>
  
  <p class=MsoNormal align=center style='text-align:center'><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'>Date of Report (date
  of earliest event reported):&nbsp; July 12, 2010</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 align="center" style="margin-top: 0; margin-bottom: 0">&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 align="center" style="margin-top: 0; margin-bottom: 0">&nbsp;(State or Other Jurisdiction &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; (IRS Employer</p>
  
  <p class=MsoNormal align="center" style="margin-top: 0; margin-bottom: 0">&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; Identification
  No.)</p>
  <p class=MsoNormal align="center" 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 style='text-indent:.5in'>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='margin-left:.5in;text-indent:-.5in'>&#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'>&#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'>&#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'>&#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 4 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'><b>Item 5.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Departure of
  Directors or Certain Officers; Election of Directors; Appointment of Certain
  Officers; Compensatory Arrangements of Certain Officers</b></p>
  
  
  
  <p class=MsoNormal style='text-align:justify'>On July 12, 2010, the Company's
  Board of Directors, upon the recommendation of the Compensation Committee,
  established performance goals and related individual equity and cash incentive
  awards in connection with the &quot;FOCUS&quot; Plan, the Company's three-year operating
  plan that began July 1, 2010.</p>
  
  
  
  <p class=MsoNormal style='text-align:justify'>The performance goals were
  developed by the Compensation Committee with the assistance of a nationally
  recognized consulting firm.</p>
  
  
  
  <p class=MsoNormal style='text-align:justify'><u>Adoption of FOCUS Plan
  Long-Term Equity Incentive</u></p>
  
  
  
  <p class=MsoNormal style='text-align:justify'>On July 12, 2010, the Board of
  Directors approved 345,120 FOCUS Plan long-term equity incentive awards to
  officers of the Company, including awards to the Company's named executive
  officers.&nbsp; The long-term equity incentive awards consist of 25,380 time-based
  awards, 179,314 performance-based awards subject to an absolute total return
  goal, and 140,426 performance-based awards subject to a relative total return
  goal.</p>
  
  
  
  <p class=MsoNormal style='text-align:justify'>The time-based awards were
  granted July 12, 2010 and will vest 25% on each of July 1, 2011, 2012, 2013 and
  2014.&nbsp; The performance-based awards are contingent on the Company meeting goals
  for compounded annual total return to stockholders (&quot;TRS&quot;) set by the
  Compensation Committee over the three year period beginning July 1, 2010.&nbsp; The
  performance goals are based upon (i) the Company's absolute compounded annual
  TRS; and (ii) the Company's absolute compounded annual TRS relative to the compounded
  annual return of the MSCI US REIT Index calculated on a gross basis (&quot;RMS&quot;), as
  follows:</p>
  
  
  
  <div align="center">
  
  
  
  <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
   style='border-collapse:collapse'>
   <tr>
    <td width=160 valign=top style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
  
    <p style="margin-top: 0; margin-bottom: 0">
  
    </td>
    <td width=160 valign=top style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
    <div style='border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in'>
    <p class=MsoNormal align=center style='text-align:center;border:medium none;
    padding:0in; margin-top:0; margin-bottom:0'>Threshold</p>
    </div>
    </td>
    <td width=160 valign=top style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
    <div style='border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in'>
    <p class=MsoNormal align=center style='text-align:center;border:medium none;
    padding:0in; margin-top:0; margin-bottom:0'>Target</p>
    </div>
    </td>
    <td width=160 valign=top style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
    <div style='border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in'>
    <p class=MsoNormal align=center style='text-align:center;border:medium none;
    padding:0in; margin-top:0; margin-bottom:0'>Maximum</p>
    </div>
    </td>
   </tr>
   <tr>
    <td width=160 valign=top style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
    <p class=MsoNormal style='text-align:justify'>Absolute Return Goal</p>
    </td>
    <td width=160 valign=top style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
    <p class=MsoNormal align=center style='text-align:center'>10%</p>
    </td>
    <td width=160 valign=top style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
    <p class=MsoNormal align=center style='text-align:center'>12%</p>
    </td>
    <td width=160 valign=top style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
    <p class=MsoNormal align=center style='text-align:center'>14%</p>
    </td>
   </tr>
   <tr>
    <td width=160 valign=top style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
    <p class=MsoNormal style='text-align:justify'>Relative Return Goal</p>
    </td>
    <td width=160 valign=top style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
    <p class=MsoNormal align=center style='text-align:center'>RMS + 100 bps</p>
    </td>
    <td width=160 valign=top style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
    <p class=MsoNormal align=center style='text-align:center'>RMS + 200 bps</p>
    </td>
    <td width=160 valign=top style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
    <p class=MsoNormal align=center style='text-align:center'>RMS + 300 bps</p>
    </td>
   </tr>
  </table>
  
  
  
  </div>
  
  
  
  <p class=MsoNormal style='text-align:justify'>With respect to the absolute
  return goal, 15% of the award is earned if the Company achieves threshold
  performance and a cumulative 60% is earned for target performance.&nbsp; With
  respect to the relative return goal, 20% of the award is earned if the Company
  achieves threshold performance and a cumulative 55% is earned for target
  performance.&nbsp; In each case, 100% of the award is earned if the Company achieves
  maximum performance or better.&nbsp; To the extent actually earned, the
  performance-based awards will vest 50% on each of July 15, 2013 and 2014.&nbsp; All
  awards of equity will be under and in accordance with the Company's 2010
  Omnibus Equity Incentive Plan, as amended (the &quot;Incentive Plan&quot;) and will be
  governed by individual award agreements.&nbsp; The Company's stockholders approved
  the Incentive Plan at the Company's 2010 Annual Meeting of Stockholders.&nbsp; The
  Incentive Plan was filed as Exhibit 10.1 to the Company's current report on
  Form 8-K filed with the SEC on May 18, 2010.&nbsp; The Form of Restricted Stock
  Award Agreements for the performance-based awards and time-based awards are
  attached hereto as Exhibit 10.1, 10.2 and 10.3 and are incorporated by reference.</p>
  
  
  
  
  
  
  
  <p class=MsoFooter align=center style='text-align:center'>Page 2 of 4 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'>The FOCUS Plan long-term equity
  incentive awards that the Company's named executive officers are eligible to
  receive are as follows:</p>
  
  
  
  <div align=center>
  
  <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=624
   style='border-collapse:collapse'>
   <tr>
    <td rowspan=2 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:211px;border-bottom:1.0pt solid windowtext;background:white;padding-left:2.0pt; padding-right:2.0pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-top:3.0pt;margin-right:0in;
    margin-bottom:3.0pt;margin-left:0in;text-align:center;page-break-after:avoid'><b>Name</b></p>
    </td>
    <td colspan=3 valign=bottom style='width:298px;background:white;
    padding-left:2.0pt; padding-right:2.0pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-top:3.0pt;margin-right:0in;
    margin-bottom:3.0pt;margin-left:0in;text-align:center;page-break-after:avoid'><b>FOCUS
    Plan Performance-Based Awards <br>
    Estimated Future Payouts<br>
    (# of restricted shares)</b></p>
    </td>
    <td width=89 rowspan=2 valign=bottom style='width:66.45pt;border:none;
    border-bottom:solid windowtext 1.0pt;background:white;padding:0in 2.0pt 0in 2.0pt'>
    <p class=MsoNormal align=center style='margin-top:3.0pt;margin-right:0in;
    margin-bottom:3.0pt;margin-left:0in;text-align:center;page-break-after:avoid'><b>FOCUS
    Plan Time-Based Awards</b></p>
    </td>
   </tr>
   <tr>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:92px;border-bottom:
    1.0pt solid windowtext;background:white;padding-left:2.0pt; padding-right:2.0pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-top:3.0pt;margin-right:0in;
    margin-bottom:3.0pt;margin-left:0in;text-align:center;page-break-after:avoid'><b>Threshold</b></p>
    </td>
    <td width=89 valign=bottom style='width:66.45pt;border:none;border-bottom:
    solid windowtext 1.0pt;background:white;padding:0in 2.0pt 0in 2.0pt'>
    <p class=MsoNormal align=center style='margin-top:3.0pt;margin-right:0in;
    margin-bottom:3.0pt;margin-left:0in;text-align:center;page-break-after:avoid'><b>Target</b></p>
    </td>
    <td width=89 valign=bottom style='width:66.45pt;border:none;border-bottom:
    solid windowtext 1.0pt;background:white;padding:0in 2.0pt 0in 2.0pt'>
    <p class=MsoNormal align=center style='margin-top:3.0pt;margin-right:0in;
    margin-bottom:3.0pt;margin-left:0in;text-align:center;page-break-after:avoid'><b>Maximum</b></p>
    </td>
   </tr>
   <tr>
    <td valign=top style='width:211px;border:medium none;background:white;
    padding-left:2.0pt; padding-right:2.0pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='margin-top:3.0pt;margin-right:0in;margin-bottom:
    3.0pt;margin-left:7.45pt;text-indent:-7.45pt;page-break-after:avoid'>Steven
    G. Rogers<br>
    Absolute Return Goal.......... <br>
    Relative Return Goal (1)..... </p>
    </td>
    <td valign=top style='width:92px;border:medium none;background:white;
    padding-left:2.0pt; padding-right:2.0pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-top:3.0pt;margin-right:0in;
    margin-bottom:3.0pt;margin-left:0in;text-align:center;page-break-after:avoid'><br>
    4,542<br>
    4,758</p>
    </td>
    <td width=89 valign=top style='width:66.45pt;border:none;background:white;
    padding:0in 2.0pt 0in 2.0pt'>
    <p class=MsoNormal align=center style='margin-top:3.0pt;margin-right:0in;
    margin-bottom:3.0pt;margin-left:0in;text-align:center;page-break-after:avoid'><br>
    18,165<br>
    13,083</p>
    </td>
    <td width=89 valign=top style='width:66.45pt;border:none;background:white;
    padding:0in 2.0pt 0in 2.0pt'>
    <p class=MsoNormal align=center style='margin-top:3.0pt;margin-right:0in;
    margin-bottom:3.0pt;margin-left:0in;text-align:center;page-break-after:avoid'><br>
    30,274<br>
    23,786</p>
    </td>
    <td width=89 valign=top style='width:66.45pt;border:none;background:white;
    padding:0in 2.0pt 0in 2.0pt'>
    <p class=MsoNormal align=center style='margin-top:3.0pt;margin-right:0in;
    margin-bottom:3.0pt;margin-left:0in;text-align:center;page-break-after:avoid'>5,940</p>
    </td>
   </tr>
   <tr>
    <td valign=top style='width:211px;background:white;padding-left:2.0pt; padding-right:2.0pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='margin-top:3.0pt;margin-right:0in;margin-bottom:
    3.0pt;margin-left:7.45pt;text-indent:-7.45pt;page-break-after:avoid'>William
    R. Flatt<br>
    Absolute Return Goal.......... <br>
    Relative Return Goal (1)..... </p>
    </td>
    <td valign=top style='width:92px;background:white;padding-left:2.0pt; padding-right:2.0pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-top:3.0pt;margin-right:0in;
    margin-bottom:3.0pt;margin-left:0in;text-align:center;page-break-after:avoid'><br>
    3,105<br>
    3,240</p>
    </td>
    <td width=89 valign=top style='width:66.45pt;background:white;padding:0in 2.0pt 0in 2.0pt'>
    <p class=MsoNormal align=center style='margin-top:3.0pt;margin-right:0in;
    margin-bottom:3.0pt;margin-left:0in;text-align:center;page-break-after:avoid'><br>
    12,420<br>
    &nbsp; 8,910</p>
    </td>
    <td width=89 valign=top style='width:66.45pt;background:white;padding:0in 2.0pt 0in 2.0pt'>
    <p class=MsoNormal align=center style='margin-top:3.0pt;margin-right:0in;
    margin-bottom:3.0pt;margin-left:0in;text-align:center;page-break-after:avoid'><br>
    20,700<br>
    16,200</p>
    </td>
    <td width=89 valign=top style='width:66.45pt;background:white;padding:0in 2.0pt 0in 2.0pt'>
    <p class=MsoNormal align=center style='margin-top:3.0pt;margin-right:0in;
    margin-bottom:3.0pt;margin-left:0in;text-align:center;page-break-after:avoid'>2,700</p>
    </td>
   </tr>
   <tr>
    <td valign=top style='width:211px;background:white;padding-left:2.0pt; padding-right:2.0pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='margin-top:3.0pt;margin-right:0in;margin-bottom:
    3.0pt;margin-left:7.45pt;text-indent:-7.45pt;page-break-after:avoid'>Richard G.
    Hickson IV<br>
    Absolute Return Goal.......... <br>
    Relative Return Goal (1).....&nbsp; </p>
    </td>
    <td valign=top style='width:92px;background:white;padding-left:2.0pt; padding-right:2.0pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-top:3.0pt;margin-right:0in;
    margin-bottom:3.0pt;margin-left:0in;text-align:center;page-break-after:avoid'><br>
    3,105<br>
    3,240</p>
    </td>
    <td width=89 valign=top style='width:66.45pt;background:white;padding:0in 2.0pt 0in 2.0pt'>
    <p class=MsoNormal align=center style='margin-top:3.0pt;margin-right:0in;
    margin-bottom:3.0pt;margin-left:0in;text-align:center;page-break-after:avoid'><br>
    12,420<br>
    &nbsp; 8,910</p>
    </td>
    <td width=89 valign=top style='width:66.45pt;background:white;padding:0in 2.0pt 0in 2.0pt'>
    <p class=MsoNormal align=center style='margin-top:3.0pt;margin-right:0in;
    margin-bottom:3.0pt;margin-left:0in;text-align:center;page-break-after:avoid'><br>
    20,700<br>
    16,200</p>
    </td>
    <td width=89 valign=top style='width:66.45pt;background:white;padding:0in 2.0pt 0in 2.0pt'>
    <p class=MsoNormal align=center style='margin-top:3.0pt;margin-right:0in;
    margin-bottom:3.0pt;margin-left:0in;text-align:center;page-break-after:avoid'>2,700</p>
    </td>
   </tr>
   <tr>
    <td valign=top style='width:211px;background:white;padding-left:2.0pt; padding-right:2.0pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='margin-top:3.0pt;margin-right:0in;margin-bottom:
    3.0pt;margin-left:7.45pt;text-indent:-7.45pt;page-break-after:avoid'>Mandy M.
    Pope<br>
    Absolute Return Goal.......... <br>
    Relative Return Goal (1)..... </p>
    </td>
    <td valign=top style='width:92px;background:white;padding-left:2.0pt; padding-right:2.0pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-top:3.0pt;margin-right:0in;
    margin-bottom:3.0pt;margin-left:0in;text-align:center;page-break-after:avoid'><br>
    1,863<br>
    1,944</p>
    </td>
    <td width=89 valign=top style='width:66.45pt;background:white;padding:0in 2.0pt 0in 2.0pt'>
    <p class=MsoNormal align=center style='margin-top:3.0pt;margin-right:0in;
    margin-bottom:3.0pt;margin-left:0in;text-align:center;page-break-after:avoid'><br>
    &nbsp; 7,452<br>
    &nbsp; 5,346</p>
    </td>
    <td width=89 valign=top style='width:66.45pt;background:white;padding:0in 2.0pt 0in 2.0pt'>
    <p class=MsoNormal align=center style='margin-top:3.0pt;margin-right:0in;
    margin-bottom:3.0pt;margin-left:0in;text-align:center;page-break-after:avoid'><br>
    12,420<br>
    &nbsp; 9,720</p>
    </td>
    <td width=89 valign=top style='width:66.45pt;background:white;padding:0in 2.0pt 0in 2.0pt'>
    <p class=MsoNormal align=center style='margin-top:3.0pt;margin-right:0in;
    margin-bottom:3.0pt;margin-left:0in;text-align:center;page-break-after:avoid'>1,620</p>
    </td>
   </tr>
   <tr>
    <td valign=top style='width:211px;background:white;padding-left:2.0pt; padding-right:2.0pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='margin-top:3.0pt;margin-right:0in;margin-bottom:
    3.0pt;margin-left:7.45pt;text-indent:-7.45pt;page-break-after:avoid'>James M.
    Ingram<br>
    Absolute Return Goal.......... <br>
    Relative Return Goal (1).....&nbsp; </p>
    </td>
    <td valign=top style='width:92px;background:white;padding-left:2.0pt; padding-right:2.0pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-top:3.0pt;margin-right:0in;
    margin-bottom:3.0pt;margin-left:0in;text-align:center;page-break-after:avoid'><br>
    1,863<br>
    1,944</p>
    </td>
    <td width=89 valign=top style='width:66.45pt;background:white;padding:0in 2.0pt 0in 2.0pt'>
    <p class=MsoNormal align=center style='margin-top:3.0pt;margin-right:0in;
    margin-bottom:3.0pt;margin-left:0in;text-align:center;page-break-after:avoid'><br>
    &nbsp; 7,452<br>
    &nbsp; 5,346</p>
    </td>
    <td width=89 valign=top style='width:66.45pt;background:white;padding:0in 2.0pt 0in 2.0pt'>
    <p class=MsoNormal align=center style='margin-top:3.0pt;margin-right:0in;
    margin-bottom:3.0pt;margin-left:0in;text-align:center;page-break-after:avoid'><br>
    12,420<br>
    &nbsp; 9,720</p>
    </td>
    <td width=89 valign=top style='width:66.45pt;background:white;padding:0in 2.0pt 0in 2.0pt'>
    <p class=MsoNormal align=center style='margin-top:3.0pt;margin-right:0in;
    margin-bottom:3.0pt;margin-left:0in;text-align:center;page-break-after:avoid'>1,620</p>
    </td>
   </tr>
  </table>
  
  </div>
  
  <p class=MsoNormal style='text-align:justify'>__________</p>
  
  <p class=HWINumbering style='text-align:justify;text-indent:0in'>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
  number of shares earned with respect to the relative return goal will be
  reduced by 50 percent if the Company's absolute compounded annual TRS for the
  performance period is zero or a negative number notwithstanding the fact that
  the Company exceeds the threshold, target or maximum goal relative to the
  compounded annual return of the RMS.</p>
  
  <p class=MsoNormal style='text-align:justify'><u>Adoption of FOCUS Plan
  Long-Term Cash Incentive</u></p>
  
  
  
  <p class=MsoFooter align=center style='text-align:center'>Page 3 of 4 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'>The FOCUS Plan also includes a
  long-term cash incentive that was designed to reward significant outperformance
  over the three year period beginning July 1, 2010.&nbsp; The performance goals for
  actual payment under the long-term cash incentive will require the Company to
  (i) achieve an absolute compounded annual TRS that exceeds 14% <u>AND</u> (ii)
  achieve an absolute compounded annual TRS that exceeds the compounded annual
  return of the RMS by at least 500 basis points. &nbsp;Notwithstanding the above
  goals, in the event the Company achieves an absolute compounded annual TRS that
  exceeds 19%, then the Company must achieve an absolute compounded annual TRS
  that exceeds the compounded annual return of the RMS by at least 600 basis
  points.&nbsp; The aggregate amount of the cash incentive earned would increase with
  corresponding increases in the absolute compounded annual TRS achieved by the
  Company.&nbsp; There will be a cap on the aggregate cash incentive earned in the
  amount of $7,110,000.&nbsp; Achievement of the maximum cash incentive would equate
  to an absolute compounded annual TRS that approximates 23%, provided that the
  absolute compounded annual TRS exceeds the compounded annual return of the RMS
  by at least 600 basis points.&nbsp; The foregoing summary does not purport to be complete
  and is qualified in its entirety by reference to the FOCUS Plan Long-Term Cash
  Incentive and Participation Agreement, copies of which are filed as Exhibit
  10.4&nbsp;and 10.5 to this Form 8-K.&nbsp; &nbsp;</p>
  
  
  
  <p class=MsoNormal style='text-align:justify'>To the extent actually earned,
  the cash incentive awards will be paid 50% on each of July 15, 2013 and 2014.&nbsp; </p>
  
  
  
  <p class=MsoNormal style='text-align:justify'>The FOCUS Plan long-term cash
  incentive awards that the Company's named executive officers are eligible to
  receive are as follows:</p>
  
  
  
  <div align=center>
  
  <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=582
   style='width:436.25pt;border-collapse:collapse'>
   <tr>
    <td width=186 valign=bottom style='width:139.75pt;padding:0in 5.4pt 0in 5.4pt'>
    <div style='border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in'>
    <p class=MsoNormal align=center style='text-align:center;page-break-after:
    avoid;border:none;padding:0in'><b>Name</b></p>
    </div>
    </td>
    <td width=198 valign=bottom style='width:148.25pt;padding:0in 5.4pt 0in 5.4pt'>
    <div style='border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in'>
    <p class=MsoNormal align=center style='text-align:center;page-break-after:
    avoid;border:none;padding:0in'><b>Percent of Aggregate Cash Incentive Earned</b></p>
    </div>
    </td>
    <td width=198 valign=bottom style='width:148.25pt;padding:0in 5.4pt 0in 5.4pt'>
    <div style='border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in'>
    <p class=MsoNormal align=center style='text-align:center;page-break-after:
    avoid;border:none;padding:0in'><b>Maximum Cash Incentive</b></p>
    </div>
    </td>
   </tr>
   <tr>
    <td width=186 valign=top style='width:139.75pt;padding:0in 5.4pt 0in 5.4pt'>
    <p class=MsoNormal style='margin-top:3.0pt;margin-right:0in;margin-bottom:
    3.0pt;margin-left:7.45pt;text-indent:-7.45pt;page-break-after:avoid'>Steven
    G. Rogers</p>
    </td>
    <td width=198 valign=top style='width:148.25pt;padding:0in 5.4pt 0in 5.4pt'>
    <p class=MsoNormal align=center style='text-align:center;page-break-after:
    avoid'>22%</p>
    </td>
    <td width=198 valign=top style='width:148.25pt;padding:0in 5.4pt 0in 5.4pt'>
    <p class=MsoNormal align=center style='text-align:center;page-break-after:
    avoid'>$1,564,200</p>
    </td>
   </tr>
   <tr>
    <td width=186 valign=top style='width:139.75pt;padding:0in 5.4pt 0in 5.4pt'>
    <p class=MsoNormal style='margin-top:3.0pt;margin-right:0in;margin-bottom:
    3.0pt;margin-left:7.45pt;text-indent:-7.45pt;page-break-after:avoid'>William
    R. Flatt</p>
    </td>
    <td width=198 valign=top style='width:148.25pt;padding:0in 5.4pt 0in 5.4pt'>
    <p class=MsoNormal align=center style='text-align:center;page-break-after:
    avoid'>10%</p>
    </td>
    <td width=198 valign=top style='width:148.25pt;padding:0in 5.4pt 0in 5.4pt'>
    <p class=MsoNormal align=center style='text-align:center;page-break-after:
    avoid'>&nbsp;&nbsp;&nbsp;&nbsp; 711,000</p>
    </td>
   </tr>
   <tr>
    <td width=186 valign=top style='width:139.75pt;padding:0in 5.4pt 0in 5.4pt'>
    <p class=MsoNormal style='margin-top:3.0pt;margin-right:0in;margin-bottom:
    3.0pt;margin-left:7.45pt;text-indent:-7.45pt;page-break-after:avoid'>Richard
    G. Hickson IV</p>
    </td>
    <td width=198 valign=top style='width:148.25pt;padding:0in 5.4pt 0in 5.4pt'>
    <p class=MsoNormal align=center style='text-align:center;page-break-after:
    avoid'>10%</p>
    </td>
    <td width=198 valign=top style='width:148.25pt;padding:0in 5.4pt 0in 5.4pt'>
    <p class=MsoNormal align=center style='text-align:center;page-break-after:
    avoid'>&nbsp;&nbsp;&nbsp;&nbsp; 711,000</p>
    </td>
   </tr>
   <tr>
    <td width=186 valign=top style='width:139.75pt;padding:0in 5.4pt 0in 5.4pt'>
    <p class=MsoNormal style='margin-top:3.0pt;margin-right:0in;margin-bottom:
    3.0pt;margin-left:7.45pt;text-indent:-7.45pt;page-break-after:avoid'>Mandy M.
    Pope</p>
    </td>
    <td width=198 valign=top style='width:148.25pt;padding:0in 5.4pt 0in 5.4pt'>
    <p class=MsoNormal align=center style='text-align:center;page-break-after:
    avoid'>6%</p>
    </td>
    <td width=198 valign=top style='width:148.25pt;padding:0in 5.4pt 0in 5.4pt'>
    <p class=MsoNormal align=center style='text-align:center;page-break-after:
    avoid'>&nbsp;&nbsp;&nbsp;&nbsp; 426,600</p>
    </td>
   </tr>
   <tr>
    <td width=186 valign=top style='width:139.75pt;padding:0in 5.4pt 0in 5.4pt'>
    <p class=MsoNormal style='margin-top:3.0pt;margin-right:0in;margin-bottom:
    3.0pt;margin-left:7.45pt;text-indent:-7.45pt;page-break-after:avoid'>James M.
    Ingram</p>
    </td>
    <td width=198 valign=top style='width:148.25pt;padding:0in 5.4pt 0in 5.4pt'>
    <p class=MsoNormal align=center style='text-align:center;page-break-after:
    avoid'>6%</p>
    </td>
    <td width=198 valign=top style='width:148.25pt;padding:0in 5.4pt 0in 5.4pt'>
    <p class=MsoNormal align=center style='text-align:center;page-break-after:
    avoid'>&nbsp;&nbsp;&nbsp;&nbsp; 426,600</p>
    </td>
   </tr>
  </table>
  
  </div>
  
  
  
  <p class=MsoNormal style='text-align:justify'><b>Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial
  Statements and Exhibits.</b></p>
  
  
  
  <p class=MsoNormal style='text-align:justify'>(d) Exhibits</p>
  
  
  
  <p class=MsoNormal style='text-align:justify'>10.1*&nbsp;&nbsp; Form of Restricted Share
  Agreement for FOCUS Plan Time-Based Awards.</p>
  
  
  
  <p class=MsoNormal style='text-align:justify'>10.2*&nbsp;&nbsp; Form of Restricted Share
  Agreement for FOCUS Plan Performance-Based Awards (Absolute Return Goal).</p>
  
  
  
  <p class=MsoNormal style='text-align:justify'>10.3*&nbsp;&nbsp; Form of Restricted Share
  Agreement for FOCUS Plan Performance-Based Awards (Relative Return Goal).</p>
  
  
  
  <p class=MsoNormal style='text-align:justify'>10.4*&nbsp;&nbsp; Parkway Properties, Inc.
  FOCUS Plan Long-Term Cash Incentive.</p>
  
  
  
  <p class=MsoNormal style='text-align:justify'>10.5*&nbsp;&nbsp; Parkway Properties, Inc.
  FOCUS Plan Long-Term Cash Incentive Participation Agreement</p>
  
  
  
  <p class=MsoNormal>*Identifies a compensatory plan required to be filed.</p>
  
  
  
  <p class=MsoNormal align=center style='text-align:center'>SIGNATURES</p>
  
  
  
  <p class=MsoNormal style='text-align:justify;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; July 15, 2010</p>
  
  <p class=MsoNormal style='text-indent:3.0in'>&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;&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; PARKWAY PROPERTIES, INC.</p>
  
  <p class=MsoNormal style='margin-left:3.25in; 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;&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; By: <u>/s/ Mandy M. Pope&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>
  
  <p class=MsoNormal style='margin-left:3.25in; 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;&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; Mandy M. Pope</p>
  
  <p class=MsoFooter align=center style='text-align:center; 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;&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; Executive Vice
  President and Chief Accounting Officer Page 4 of 4 Pages</p>
  
  <div class=MsoNormal align=center style='text-align:center'>
  
  <hr size=2 width="100%" noshade style='color:navy' align=center>
  
  </div>
  
  
  
  
  
  </div>
  
  </body>
  
  </html>
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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": "10953432"}, "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: 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):  July 12, 2010
  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 4 Pages
  Item 5.02.       Departure of
  Directors or Certain Officers; Election of Directors; Appointment of Certain
  Officers; Compensatory Arrangements of Certain Officers
  On July 12, 2010, the Company's
  Board of Directors, upon the recommendation of the Compensation Committee,
  established performance goals and related individual equity and cash incentive
  awards in connection with the "FOCUS" Plan, the Company's three-year operating
  plan that began July 1, 2010.
  The performance goals were
  developed by the Compensation Committee with the assistance of a nationally
  recognized consulting firm.
  Adoption of FOCUS Plan
  Long-Term Equity Incentive
  On July 12, 2010, the Board of
  Directors approved 345,120 FOCUS Plan long-term equity incentive awards to
  officers of the Company, including awards to the Company's named executive
  officers.  The long-term equity incentive awards consist of 25,380 time-based
  awards, 179,314 performance-based awards subject to an absolute total return
  goal, and 140,426 performance-based awards subject to a relative total return
  goal.
  The time-based awards were
  granted July 12, 2010 and will vest 25% on each of July 1, 2011, 2012, 2013 and
  2014.  The performance-based awards are contingent on the Company meeting goals
  for compounded annual total return to stockholders ("TRS") set by the
  Compensation Committee over the three year period beginning July 1, 2010.  The
  performance goals are based upon (i) the Company's absolute compounded annual
  TRS; and (ii) the Company's absolute compounded annual TRS relative to the compounded
  annual return of the MSCI US REIT Index calculated on a gross basis ("RMS"), as
  follows:
  Threshold
  Target
  Maximum
  Absolute Return Goal
  10%
  12%
  14%
  Relative Return Goal
  RMS + 100 bps
  RMS + 200 bps
  RMS + 300 bps
  With respect to the absolute
  return goal, 15% of the award is earned if the Company achieves threshold
  performance and a cumulative 60% is earned for target performance.  With
  respect to the relative return goal, 20% of the award is earned if the Company
  achieves threshold performance and a cumulative 55% is earned for target
  performance.  In each case, 100% of the award is earned if the Company achieves
  maximum performance or better.  To the extent actually earned, the
  performance-based awards will vest 50% on each of July 15, 2013 and 2014.  All
  awards of equity will be under and in accordance with the Company's 2010
  Omnibus Equity Incentive Plan, as amended (the "Incentive Plan") and will be
  governed by individual award agreements.  The Company's stockholders approved
  the Incentive Plan at the Company's 2010 Annual Meeting of Stockholders.  The
  Incentive Plan was filed as Exhibit 10.1 to the Company's current report on
  Form 8-K filed with the SEC on May 18, 2010.  The Form of Restricted Stock
  Award Agreements for the performance-based awards and time-based awards are
  attached hereto as Exhibit 10.1, 10.2 and 10.3 and are incorporated by reference.
  Page 2 of 4 Pages
  The FOCUS Plan long-term equity
  incentive awards that the Company's named executive officers are eligible to
  receive are as follows:
  Name
  FOCUS
    Plan Performance-Based Awards
  Estimated Future Payouts
  (# of restricted shares)
  FOCUS
    Plan Time-Based Awards
  Threshold
  Target
  Maximum
  Steven
    G. Rogers
  Absolute Return Goal..........
  Relative Return Goal (1).....
  4,542
  4,758
  18,165
  13,083
  30,274
  23,786
  5,940
  William
    R. Flatt
  Absolute Return Goal..........
  Relative Return Goal (1).....
  3,105
  3,240
  12,420
  8,910
  20,700
  16,200
  2,700
  Richard G.
    Hickson IV
  Absolute Return Goal..........
  Relative Return Goal (1).....
  3,105
  3,240
  12,420
  8,910
  20,700
  16,200
  2,700
  Mandy M.
    Pope
  Absolute Return Goal..........
  Relative Return Goal (1).....
  1,863
  1,944
  7,452
  5,346
  12,420
  9,720
  1,620
  James M.
    Ingram
  Absolute Return Goal..........
  Relative Return Goal (1).....
  1,863
  1,944
  7,452
  5,346
  12,420
  9,720
  1,620
  __________
  (1)        The
  number of shares earned with respect to the relative return goal will be
  reduced by 50 percent if the Company's absolute compounded annual TRS for the
  performance period is zero or a negative number notwithstanding the fact that
  the Company exceeds the threshold, target or maximum goal relative to the
  compounded annual return of the RMS.
  Adoption of FOCUS Plan
  Long-Term Cash Incentive
  Page 3 of 4 Pages
  The FOCUS Plan also includes a
  long-term cash incentive that was designed to reward significant outperformance
  over the three year period beginning July 1, 2010.  The performance goals for
  actual payment under the long-term cash incentive will require the Company to
  (i) achieve an absolute compounded annual TRS that exceeds 14%
  AND
  (ii)
  achieve an absolute compounded annual TRS that exceeds the compounded annual
  return of the RMS by at least 500 basis points.  Notwithstanding the above
  goals, in the event the Company achieves an absolute compounded annual TRS that
  exceeds 19%, then the Company must achieve an absolute compounded annual TRS
  that exceeds the compounded annual return of the RMS by at least 600 basis
  points.  The aggregate amount of the cash incentive earned would increase with
  corresponding increases in the absolute compounded annual TRS achieved by the
  Company.  There will be a cap on the aggregate cash incentive earned in the
  amount of $7,110,000.  Achievement of the maximum cash incentive would equate
  to an absolute compounded annual TRS that approximates 23%, provided that the
  absolute compounded annual TRS exceeds the compounded annual return of the RMS
  by at least 600 basis points.  The foregoing summary does not purport to be complete
  and is qualified in its entirety by reference to the FOCUS Plan Long-Term Cash
  Incentive and Participation Agreement, copies of which are filed as Exhibit
  10.4 and 10.5 to this Form 8-K.
  To the extent actually earned,
  the cash incentive awards will be paid 50% on each of July 15, 2013 and 2014.
  The FOCUS Plan long-term cash
  incentive awards that the Company's named executive officers are eligible to
  receive are as follows:
  Name
  Percent of Aggregate Cash Incentive Earned
  Maximum Cash Incentive
  Steven
    G. Rogers
  22%
  $1,564,200
  William
    R. Flatt
  10%
  711,000
  Richard
    G. Hickson IV
  10%
  711,000
  Mandy M.
    Pope
  6%
  426,600
  James M.
    Ingram
  6%
  426,600
  Item 9.01.       Financial
  Statements and Exhibits.
  (d) Exhibits
  10.1*   Form of Restricted Share
  Agreement for FOCUS Plan Time-Based Awards.
  10.2*   Form of Restricted Share
  Agreement for FOCUS Plan Performance-Based Awards (Absolute Return Goal).
  10.3*   Form of Restricted Share
  Agreement for FOCUS Plan Performance-Based Awards (Relative Return Goal).
  10.4*   Parkway Properties, Inc.
  FOCUS Plan Long-Term Cash Incentive.
  10.5*   Parkway Properties, Inc.
  FOCUS Plan Long-Term Cash Incentive Participation Agreement
  *Identifies a compensatory plan required to be filed.
  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:   July 15, 2010
  PARKWAY PROPERTIES, INC.
  By:
  /s/ Mandy M. Pope
  Mandy M. Pope
  Executive Vice
  President and Chief Accounting Officer Page 4 of 4 Pages