Company: PEB
Filing Date: 2025-04-07
Form Type: DEF 14A
Source: 0001474098-25-000062
Chunk: 7

Company: Pebblebrook Hotel Trust
Filing Date: 2025-04-07
Form: DEF 14A
Chunk 7
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ive Plan, as amended and restated and approved by our shareholders on July 10, 2012, as amended and approved by our shareholders through May 16, 2022 (as amended, the “Equity Incentive Plan”). The Equity Incentive Plan permits the grant of share awards, performance units, options, share appreciation rights and other equity-based awards.

The Board believes that the Equity Incentive Plan has benefited the Company by (i) assisting in recruiting and retaining the services of individuals with high ability and initiative, (ii) providing greater incentives for employees and other individuals who provide valuable services to the Company and its affiliates and (iii) associating and aligning the interests of those persons with the Company and its shareholders.

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As of December 31, 2024, approximately 369,751 Common Shares remained available for issuance under the Equity Incentive Plan, and following the equity-incentive awards granted in February 2025, no Common Shares remain available for issuance under the Equity Incentive Plan. In order to continue to have the ability to provide the incentive compensation opportunities available under the Equity Incentive Plan, the Board believes that it is in the Company’s best interest to increase the limit on the aggregate number of Common Shares that may be issued under the Equity Incentive Plan and to extend the date beyond which awards may be granted under the Equity Incentive Plan so that the Company can continue to provide equity-based incentive compensation opportunities, per its normal and historical practice.

Therefore, on March 28, 2025, the Board adopted an amendment to the Equity Incentive Plan to increase the share authorization and to extend the maturity date as follows (the “Amendment”), subject to the approval of the shareholders:

1) Increase the aggregate number of shares that may be issued by 3,000,000 Common Shares by modifying Section 5.02(a) to read, “The maximum aggregate number of Common Shares that may be issued under this Plan pursuant to the exercise of Options and SARs, the grant of Share Awards or Other Equity-Based Awards and the settlement of Performance Units and Incentive Awards is 5,347,625 8,347,625 Common Shares. Other Equity-Based Awards that are LTIP Units shall reduce the maximum aggregate number of Common Shares that may be issued under this Plan on a one-for-one basis, i.e., each such unit shall be treated as an award of Common Shares.”