Company: PEB
Filing Date: 2025-04-07
Form Type: DEF 14A
Source: 0001474098-25-000062
Chunk: 43

Company: Pebblebrook Hotel Trust
Filing Date: 2025-04-07
Form: DEF 14A
Chunk 43
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 |   |                             |            |     |              |     |   |                         |            |     |              |     |   |                           | $10,816,000 |     |              | 3.5 | % |

Annual Base Salary – Fixed, Not “At-Risk” (14% - 21% of Target Total Compensation)

Annual base salary is the only component of the compensation paid to our NEOs whose value does not vary by share price or performance against certain metrics. For 2024, annual base salary as a percentage of target total compensation for each NEO comprised only 14% for Mr. Bortz and 21% for each of Mr. Martz and Mr. Fisher.

Because base salaries are just one component of total pay, we do not target base salaries to any specific level but do confirm that the base salaries for our NEOs are within market parameters using publicly available data, reports of compensation consultants (if retained by the Compensation Committee) and market knowledge. All decisions regarding annual base salary for our NEOs are made at the first Compensation Committee meeting of the year and take effect as of January 1 of that year.

The 2024 annual base salaries for our NEOs are set forth in the table above and in the Summary Compensation Table located elsewhere in this Proxy Statement.

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Cash Incentive Bonus – At-Risk / Performance-Based Compensation (22% - 24% of Target Total Compensation)

The Compensation Committee emphasizes the importance of incentive cash compensation as a component of total compensation for our NEOs. The Company believes this component of the Company’s compensation program is an investment in high-quality, successful employees who can improve the operational performance of the Company’s hotels and generate new business and transaction opportunities that create value for shareholders.

The cash incentive bonus program is intended to compensate our NEOs for achieving annual goals at both the corporate and hotel and resort property levels, as well as for implementing long-term plans and strategies. We do not guarantee any bonuses. Actual amounts paid based on performance may range from 0% to 200% of the target amounts.

Target Cash Incentive Bonus Amounts

For 2024, the Compensation Committee and the Board increased the amount of the target cash incentive bonus for our NEOs above the 2023 amounts by 3.5% for Mr. Bortz and by 3.6% for each of Messrs. Martz and Fisher.

As a result, the Compensation Committee and the