Thomas C. Fisher - 07 Feb 2025 Form 4 Insider Report for Pebblebrook Hotel Trust (PEB)

Footnote F1

All of these shares are time-vesting restricted common shares that were granted to the reporting person by the Issuer's Board of Trustees (the "Board") under an RSU award agreement. 15,809, 15,809, and 15,808 of these shares shall become vested and nonforfeitable, subject to the reporting person's continued service as an employee of the Issuer or an affiliate, on January 1, 2026, January 1, 2027, and January 1, 2028, respectively.

Footnote F2

The Common Shares were issued to the reporting person upon certification by the Compensation Committee of the Board of the extent to which the performance objectives of the performance-based equity incentive award made in May 2022 to the reporting person had been achieved. The reporting person earned 32.0% of the target number of Common Shares issuable pursuant to the award. For more information on the performance-based equity incentive award, including the performance objectives and measurement period, see the Issuer's Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on March 31, 2023.

Footnote F3

Represents Common Shares sold to the Issuer as payment of tax upon vesting of 10,272 Common Shares.

Footnote F4

Represents units of limited partnership interest ("LTIP Class A Units") in Pebblebrook Hotel, L.P. (the "Operating Partnership"), of which the Issuer is the general partner. All LTIP Class A Units upon achieving parity with the Operating Partnership's common units pursuant to the terms of the partnership agreement, may be exchanged at any time, at the election of the holder, for Operating Partnership units on a one-for-one basis or, at the Operating Partnership's option, an equivalent amount of cash. The LTIP Class A Units were issued pursuant to the Issuer's 2009 Equity Incentive Plan as amended and restated.

Footnote F5

Represents units of limited partnership interest ("LTIP Class B Units") in Pebblebrook Hotel, L.P. (the "Operating Partnership"), of which the Issuer is the general partner. All LTIP Class B Units upon achieving parity with the Operating Partnership's common units pursuant to the terms of the partnership agreement, may be exchanged at any time, at the election of the holder, for Operating Partnership units on a one-for-one basis or, at the Operating Partnership's option, an equivalent amount of cash. The LTIP Class B Units were issued pursuant to the Issuer's 2009 Equity Incentive Plan as amended and restated.