Pebblebrook Hotel Trust — Director's Dealing 2020

Mar 24, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Pebblebrook Hotel Trust (PEB)
CIK: 0001474098
Period of Report: 2020-03-22

Reporting Person: Fisher Thomas Charles (EVP, Chief Investment Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-03-22	LTIP Class B Units	$	D	138606	Disposed		Common Shares (138606.0)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
LTIP Class A Units	$		Common Shares (9469.0)	9469	Direct

Footnotes

F1: These restricted 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, were awarded by the Board ofTrustees of the Issuer (the "Board") to the reporting person on February 12, 2020. On March 22, 2020, the Board terminated the award and such LTIP Class B Units were forfeited. The LTIP Class B Units had no expiration date and were issued pursuant to the Issuer's 2009 Equity Incentive Plan as amended and restated.

F2: Represents restricted units of limited partnership interest ("LTIP Class A Units") in the Operating Partnership, of which the Issuer is the general partner. All LTIP Class A Units have vested and have reach parity with the Operating Partnership units pursuant to the terms of the partnership agreement and 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 have no expiration date.