Company: PEB
Filing Date: 2025-04-07
Form Type: DEF 14A
Source: 0001474098-25-000062
Chunk: 50

Company: Pebblebrook Hotel Trust
Filing Date: 2025-04-07
Form: DEF 14A
Chunk 50
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-based equity awards assuming that on the grant date of the awards the highest level of performance was probable, the maximum value of the awards would be earned and the value per performance unit was assumed to be the closing price per Common Share on the NYSE on the date of grant, February 15, 2024. The values of the performance-based equity awards are dependent in part on the Company’s performance over a three-year period and there is no assurance that the maximum value of the awards will be earned.

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For each NEO, the actual amount of performance units that will vest after the end of the measurement period will depend on the Company’s performance against the Absolute TSR Objective and the Relative TSR Objective as determined by the Compensation Committee and requires that the recipient remains employed by the Company through the end of the three-year measurement period or as otherwise described below. The performance units will, prior to vesting, not be entitled either to receive dividends or to be voted, but dividends will, in effect, accrue on the performance units and will be paid if, but only if, and to the extent the performance units vest and are settled in the form of Common Shares. Any vested performance units will be settled in the form of Common Shares after the three-year measurement period ends.

For 2024, the target value of the awards of performance-based equity as a percentage of target total compensation for each NEO was 37% for Mr. Bortz and 34% for each of Messrs. Martz and Fisher.

In February 2025, following completion of the three-year measurement period of the performance-based equity awarded to the NEOs in 2022, the Compensation Committee determined that 32.0% of the target number of performance units had been earned and therefore 68.0% were forfeited.

Awards of Time-Based Vesting Equity - 40% of Value of Target Long-Term Equity Amount (23% - 25% of Target Total Compensation)

On February 15, 2024, each of Messrs. Bortz, Martz and Fisher received awards of restricted LTIP units or Common Shares subject to time-based vesting in one-third increments on January 1, 2025, 2026 and 2027, provided that the recipient remains employed by the Company on each vesting date (or as otherwise described below under “—Change in Control Severance Agreements, Equity Award Vesting and Other Termination Policies—Vesting of Long