Item 5.02. Departure of Directors or Principal Officers; Election of
Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers

On October 30, 2009, Parkway's Board of Directors increased the size of the Board from seven to eight members and elected Brenda J. Mixson to fill the newly created position on the Board. Ms. Mixson will serve as an independent director and a member of Parkway's Audit Committee and Investment Committee.

Ms. Mixson has been with Island Capital Group LLC since its inception in July 2003 and is a senior member of Island's Real Estate Debt and Capital Markets Group focusing primarily on investment acquisitions (commercial real estate debt and equity as well as operating companies), joint ventures and portfolio management. Prior to joining Island Capital, Ms. Mixson served as a Managing Director of Insignia Financial Group from 2001 through 2003. She held a variety of senior executive positions in the real estate finance industry, including Executive Vice President of Travelers Realty Investment Corp., Chief Operating Officer of one of George Soros' real estate funds, Managing Director with ING Barings, and Chief Investment Officer and Chief Financial Officer of a start-up commercial mortgage securitization company. She has served as the Chief Financial Officer of a publicly traded REIT, and also served on the Board of Directors of AvalonBay Apartment Communities, Inc., a NYSE REIT, from 1994 to 2001. Ms. Mixson has served as a member of the Board of Governors of the Commercial Mortgage Securitization Association. She received a B.S. in Economics from the University of Minnesota, where she was a member of Phi Beta Kappa.

There are no arrangements or understandings between Ms. Mixson and any other persons pursuant to which Ms. Mixson was appointed a director of the Company. There are no transactions in which Ms. Mixson has an interest requiring disclosure under Item 404(a) of Regulation S-K.

Ms. Mixson will receive compensation for her service on the Board of Directors in accordance with the Company's standard compensatory arrangement for non-employee directors. A description of the Company's non-employee director compensation program can be found in the Company's current report on Form 8-K that was filed with the Securities and Exchange Commission on May 20, 2009.