Company: PEB
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001474098-25-000119
Chunk: 41

Company: Pebblebrook Hotel Trust
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 1
Chunk 41
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 Company’s election, cash or common shares having an equivalent value.

As of June 30, 2025 and December 31, 2024, the Operating Partnership had 3,104,400 Series Z Preferred Units outstanding. 

Note 8. Share-Based Compensation Plan

Available SharesThe Company maintains the 2009 Equity Incentive Plan, as amended and restated (as amended, the "Plan"), to attract and retain independent trustees, executive officers and other key employees and service providers. The Plan provides for the grant of options to purchase common shares, share awards, share appreciation rights, performance units and other equity-based awards. Share awards under the Plan vest over a period determined by the Board of Trustees, generally over three to five years. The Company pays or accrues for dividends on share-based awards. All outstanding share awards are subject to full or partial accelerated vesting upon a change in control and upon death or disability or certain other employment termination events as set forth in the award agreements. On May 23, 2025, shareholders of the Company approved an amendment to the Plan which increased the aggregate number of equity-based awards that may be issued under the Plan by 3,000,000 shares and extended the time period during which awards may be granted until June 30, 2036. As of June 30, 2025, there were 3,838,871 common shares available for issuance under the Plan.

18

Service Condition Share AwardsFrom time to time, the Company awards restricted common shares under the Plan to members of the Board of Trustees, officers and employees. These shares generally vest over three to five years based on continued service or employment. The following table provides a summary of service condition restricted share activity during the six months ended June 30, 2025:SharesWeighted-AverageGrant Date Fair ValueUnvested at December 31, 2024408,048 $18.07 Granted165,098 $12.81 Vested(166,135)$19.70 Unvested at June 30, 2025407,011 $15.27 For the three and six months ended June 30, 2025, the Company recognized approximately $0.8 million and $1.5 million, respectively, of share-based compensation expense related to these awards as presented in the accompanying consolidated statements of operations and comprehensive income. For the three and six months ended June 30, 2024, the Company