Chatham Lodging Trust — Director's Dealing 2010

Apr 27, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Chatham Lodging Trust (CLDT)
CIK: 0001476045
Period of Report: 2010-04-23

Reporting Person: Willis Peter (EVP & Chief Investment Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-04-23	LTIP UNITS	$	A	32585	Acquired		Common Shares (32585)	Direct

Footnotes

F1: 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 April 23, 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. 6,517 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.