Chatham Lodging Trust — Director's Dealing 2010

Sep 16, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Chatham Lodging Trust (CLDT)
CIK: 0001476045
Period of Report: 2010-09-09

Reporting Person: CRAVEN DENNIS M (EVP & Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-09-09	COMMON SHARES	A	10450	$0.00	Acquired	10450	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-09-09	LTIP UNITS	$	A	26250	Acquired		Common Shares (26250)	Direct

Footnotes

F1: Represents a grant of 10,450 restricted common shares granted to the reporting person on September 9, 2010. These shares will vest ratably over the first three anniversaries of the date of grant.

F2: Represents restricted units of limited partnership interest ("LTIP Units") in Chatham Lodging, L.P. (the "Operating Partnership"), of which the Issuer is the general partner, granted to the reporting person on September 9, 2010. Vested LTIP Units, upon achieving parity with the Operating Partnership units pursuant to the terms of the Operating Partnership's agreement of limited partnership, 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 Issuer's option, an equivalent amount of cash. 5,250 of the reporting person's LTIP Units vest on each of the first five anniversaries of the date of grant, subject to the reporting person's continued employment with the Issuer. The LTIP Units were issued pursuant to the Issuer's Equity Incentive Plan and have no expiration date.