PEB · Pebblebrook Hotel Trust

The securities were sold in multiple transactions at prices per share ranging from $19.16 to $19.37, inclusive. The price shown is a weighted average of the per-share prices in those transactions. The reporting person undertakes to provide to Pebblebrook Hotel Trust, any security holder of Pebblebrook Hotel Trust or the staff of the United States Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Represents an initial grant of 3,876 restricted common shares. 1,292, 1,292 and 1,292 of the restricted common shares shall become vested and nonforfeitable, subject to the reporting person's continued service as a member of the board of the Issuer, on March 2, 2027, March 2, 2028 and March 2, 2029, respectively.

Represents 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. Vested 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 the Operating Partnership's common units on a one-for-one basis or, at the Operating Partnership's option, an equivalent amount of cash. 42,457, 42,456 and 42,456 LTIP Class B Units will vest on January 1, 2027, January 1, 2028, and January 1, 2029, respectfully, subject to the reporting person's continued service as an employee of the Issuer. The LTIP Class B Units have no expiration date. The LTIP Class B Units were issued pursuant to the Issuer's 2009 Equity Incentive Plan as amended and restated.

Represents 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. Vested 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 the Operating Partnership's common units on a one-for-one basis or, at the Operating Partnership's option, an equivalent amount of cash. 18,740, 18,739, and 18,739 LTIP Class B Units will vest on each of January 1, 2027, January 1, 2028, and January 1, 2029, respectively, subject to the reporting person's continued service as an employee of the Issuer. The LTIP Class B Units have no expiration date. The LTIP Class B Units were issued pursuant to the Issuer's 2009 Equity Incentive Plan as amended and restated.

All of these shares are time-vesting restricted common shares that were granted to the reporting person by the Issuer's Board of Trustees under an RSU award agreement. 18,740, 18,739, and 18,739 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, 2027, January 1, 2028, and January 1, 2029, respectively. The grant was made pursuant to the Issuer's 2009 Equity Incentive Plan as amended and restated.

Payment of 50 percent of annual retainer fee for serving on the Board of Trustees of Pebblebrook Hotel Trust in 2025. Per-share value is the average of the closing prices for the Company's common shares on the New York Stock Exchange for the ten trading days preceding the date of payment.

Payment of 60 percent of annual retainer fee for serving on the Board of Trustees of Pebblebrook Hotel Trust in 2025. Per-share value is the average of the closing prices for the Company's common shares on the New York Stock Exchange for the ten trading days preceding the date of payment.

Payment of 100 percent of annual retainer fee for serving on the Board of Trustees of Pebblebrook Hotel Trust in 2025. Per-share value is the average of the closing prices for the Company's common shares on the New York Stock Exchange for the ten trading days preceding the date of payment.

Payment of 50 percent of annual retainer fee for serving on the Board of Trustees of Pebblebrook Hotel Trust in 2025. Per-share value is the average of the closing prices for the Company's common shares on the New York Stock Exchange for the ten trading days preceding the date of payment.

Represents Common Shares sold to the Issuer as payment of tax upon vesting of 42,375 Common Shares.

Payment of 100 percent of annual retainer fee for serving on the Board of Trustees of Pebblebrook Hotel Trust in 2025. Per-share value is the average of the closing prices for the Company's common shares on the New York Stock Exchange for the ten trading days preceding the date of payment.

The reporting person disclaims beneficial ownership with respect to 51,312 of these shares.

Payment of 100 percent of annual retainer fee for serving on the Board of Trustees of Pebblebrook Hotel Trust in 2025. Per-share value is the average of the closing prices for the Company's common shares on the New York Stock Exchange for the ten trading days preceding the date of payment.

The securities were sold in multiple transactions at prices per share ranging from $11.14 to $11.58, inclusive. The price shown is a weighted average of the per-share prices in those transactions. The reporting person undertakes to provide to Pebblebrook Hotel Trust, any security holder of Pebblebrook Hotel Trust or the staff of the United States Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

The reporting person disclaims beneficial ownership with respect to 43,894 of these shares.

This is the weighted average price. These shares were purchased in multiple transactions at prices ranging from $10.08 to $10.09, inclusive. The reporting person undertakes to provide to Pebblebrook Hotel Trust, any security holder of Pebblebrook Hotel Trust or the staff of the United States Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote to this Form 4.

The reporting person disclaims beneficial ownership with respect to one-half of all but 21,906 of these shares.

This is the weighted average price. These shares were purchased in multiple transactions at prices ranging from $9.10 to $9.23, inclusive. The reporting person undertakes to provide to Pebblebrook Hotel Trust, any security holder of Pebblebrook Hotel Trust or the staff of the United States Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

This is the weighted average price. These shares were purchased in multiple transactions at prices ranging from $8.95 to $9.29, inclusive. The reporting person undertakes to provide to Pebblebrook Hotel Trust, any security holder of Pebblebrook Hotel Trust or the staff of the United States Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

This is the weighted average price. These shares were purchased in multiple transactions at prices ranging from $8.88 to $8.94, inclusive. The reporting person undertakes to provide to Pebblebrook Hotel Trust, any security holder of Pebblebrook Hotel Trust or the staff of the United States Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote to this Form 4.

This is the weighted average price. These shares were purchased in multiple transactions at prices ranging from $8.96 to $9.09, inclusive. The reporting person undertakes to provide to Pebblebrook Hotel Trust, any security holder of Pebblebrook Hotel Trust or the staff of the United States Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote to this Form 4.

This is the weighted average price. These shares were purchased in multiple transactions at prices ranging from $9.64 to $9.80, inclusive. The reporting person undertakes to provide to Pebblebrook Hotel Trust, any security holder of Pebblebrook Hotel Trust or the staff of the United States Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote to this Form 4.

This is the weighted average price. These shares were purchased in multiple transactions at prices ranging from $9.95 to $10.09, inclusive. The reporting person undertakes to provide to Pebblebrook Hotel Trust, any security holder of Pebblebrook Hotel Trust or the staff of the United States Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote to this Form 4.

This is the weighted average price. These shares were purchased in multiple transactions at prices ranging from $8.95 to $9.01, inclusive. The reporting person undertakes to provide to Pebblebrook Hotel Trust, any security holder of Pebblebrook Hotel Trust or the staff of the United States Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote to this Form 4.

This is the weighted average price. These shares were purchased in multiple transactions at prices ranging from $9.03 to $9.04, inclusive. The reporting person undertakes to provide to Pebblebrook Hotel Trust, any security holder of Pebblebrook Hotel Trust or the staff of the United States Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote to this Form 4.

The reporting person disclaims beneficial ownership with respect to one-half of these shares.

This is the weighted average price. These shares were purchased in multiple transactions at prices ranging from $8.87 to $9.02, inclusive. The reporting person undertakes to provide to Pebblebrook Hotel Trust, any security holder of Pebblebrook Hotel Trust or the staff of the United States Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote to this Form 4.

This is the weighted average price. These shares were purchased in multiple transactions at prices ranging from $10.42 to $10.47, inclusive. The reporting person undertakes to provide to Pebblebrook Hotel Trust, any security holder of Pebblebrook Hotel Trust or the staff of the United States Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote to this Form 4.

This is the weighted average price. These shares were purchased in multiple transactions at prices ranging from $10.01 to $10.26, inclusive. The reporting person undertakes to provide to Pebblebrook Hotel Trust, any security holder of Pebblebrook Hotel Trust or the staff of the United States Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote to this Form 4.

This is the weighted average price. These shares were purchased in multiple transactions at prices ranging from $11.76 to $11.99, inclusive. The reporting person undertakes to provide to Pebblebrook Hotel Trust, any security holder of Pebblebrook Hotel Trust or the staff of the United States Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote to this Form 4.

The reporting person disclaims beneficial ownership with respect to one-half of all but 11,906 of these shares.

Represents 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. Vested 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 the Operating Partnership's common units on a one-for-one basis or, at the Operating Partnership's option, an equivalent amount of cash. 15,809, 15,809, and 15,808 LTIP Class B Units will vest on January 1, 2026, January 1, 2027, and January 1, 2028, respectively, subject to the reporting person's continued service as an employee of the Issuer. The LTIP Class B Units have no expiration date. The LTIP Class B Units were issued pursuant to the Issuer's 2009 Equity Incentive Plan as amended and restated.

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

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.

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.

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.

Represents Common Shares sold to the Issuer as payment of tax upon vesting of 23,968 Common Shares.

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

Represents 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. Vested 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 the Operating Partnership's common units on a one-for-one basis or, at the Operating Partnership's option, an equivalent amount of cash. 37,390, 37,389 and 37,389 LTIP Class B Units will vest on January 1, 2026, January 1, 2027, and January 1, 2028, respectfully, subject to the reporting person's continued service as an employee of the Issuer. The LTIP Class B Units have no expiration date. The LTIP Class B Units were issued pursuant to the Issuer's 2009 Equity Incentive Plan as amended and restated.

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.

Represents Common Shares sold to the Issuer as payment of tax withholding upon vesting of 7,133 Common Shares.

Payment of 100 percent of annual retainer fee for serving on the Board of Trustees of Pebblebrook Hotel Trust in 2024. Per-share value is the average of the closing prices for the Company's common shares on the New York Stock Exchange for the ten trading days preceding the date of payment.

The reporting person disclaims beneficial ownership with respect to one-half of all but 1,906 of these shares.

Payment of 50 percent of annual retainer fee for serving on the Board of Trustees of Pebblebrook Hotel Trust in 2024. Per-share value is the average of the closing prices for the Company's common shares on the New York Stock Exchange for the ten trading days preceding the date of payment.

Represents Common Shares sold to the Issuer as payment of tax withholding upon vesting of 33,701 Common Shares.

Payment of 100 percent of annual retainer fee for serving on the Board of Trustees of Pebblebrook Hotel Trust in 2024. Per-share value is the average of the closing prices for the Company's common shares on the New York Stock Exchange for the ten trading days preceding the date of payment.

Payment of 100 percent of annual retainer fee for serving on the Board of Trustees of Pebblebrook Hotel Trust in 2024. Per-share value is the average of the closing prices for the Company's common shares on the New York Stock Exchange for the ten trading days preceding the date of payment.

Represents Common Shares sold to the Issuer as payment of tax withholding upon vesting of 16,644 Common Shares.