Document:

Exhibit 4.4

 

AMENDMENT TO REGISTRATION RIGHTS AGREEMENT

 

December 13, 2021

 

B. Riley Securities, Inc.

299 Park Avenue

New York, NY 10171

 

Re: Amendment to Registration Rights Agreement
dated April 15, 2021

 

Ladies and Gentlemen:

 

This amendment (this “Amendment”),
having been approved by the Requisite Holders, amends that certain Registration Rights Agreement dated July 30, 2021 (the “Registration
Rights Agreement”) between Applied Blockchain, Inc. and B. Riley Securities, Inc. Capitalized terms used but not
otherwise defined herein have the meaning set forth in the Registration Rights Agreement.

 

Section 3(o) of the Registration Rights
Agreement is hereby replaced in its entirety by the following:

 

“(o)     The
Company’s obligation to file the Resale Shelf Registration Statement pursuant to Section 2(a) shall not be affected by
the filing or effectiveness of a registration statement on Form S-1 or such other form under the Securities Act providing for the
initial public offering of the Common Stock (the “IPO Registration Statement”). In connection with the IPO Registration Statement,
the holders will be subject to the terms of a lock-up set forth on Annex C. The Company will not permit the IPO Registration Statement
to go effective prior to the effectiveness of the Resale Shelf Registration Statement.”

 

A new Section 3(p) set forth below is
added to the Registration Rights Agreement:

 

“(p)     If
the Company sends a notice to Holders under Section 3(c) or 3(i) as to a deficiency in the reliance on the use of the
Prospectus, the Holders shall cease any sales under the Prospectus until receipt of further notice from the Company that such deficiency
has been cured.”

 

Annex C attached hereto is added to the Registration
Statement.

 

Except as modified by this Amendment, the Registration
Rights Agreement remains unmodified and in full force and effect.

 

This Amendment may be signed by the parties in
counterparts, which together shall constitute one and the same agreement among the parties.

 

[Signature page follows]

 

     

     

    

 

	 	Very truly yours,
	 	 
	 	APPLIED BLOCKCHAIN, INC.
	 	 
	 	 
	 	By: 	/s/ Wes Cummins
	 	 	Name: Wes Cummins
	 	 	Title: Chief Executive Officer, President and Secretary

 

Accepted and agreed to as

of the date first above written:

 

B. Riley Securities, Inc.

 

	By:	/s/ Andy Moore	 
	 	Name: Andy Moore	 
	 	Title: CEO	 

 

[Amendment to Series D Registration Rights
Agreement]

 

     

     

    

 

Annex C

 

Lock-Up Agreement

 

____________, 2021

 

B. Riley Securities, Inc.

as Representative of the several Underwriters

 

c/o B. Riley Securities, Inc.

299 Park Avenue

New York, NY 10171

 

Re: Applied Blockchain, Inc. –
Restriction on Stock Sales

 

Ladies and Gentlemen:

 

This letter agreement is delivered to you pursuant
to the Underwriting Agreement (the “Underwriting Agreement”) to be entered into by Applied Blockchain, Inc.,
a Nevada corporation, as issuer (the “Company”), and B. Riley Securities, Inc., as representative of the underwriters
(the “Representative”). Upon the terms and subject to the conditions of the Underwriting Agreement, the Underwriters
intend to effect a public offering of shares of Common Stock, par value $0.001 per share (the “Common Stock”), of
the Company (the “Shares”), as described in and contemplated by the registration statement of the Company on Form S-1,
File No. 333-261278 (the “Registration Statement”), initially filed with the Securities and Exchange Commission
on November 22, 2021, as amended (the “Offering”). Terms used herein, but not defined, shall have the meaning
ascribed to them in the Underwriting Agreement.

 

The undersigned recognizes that it is in the best
financial interests of the undersigned, as an owner of the Company’s preferred stock, Common Stock, or other securities convertible
into or exchangeable for Common Stock of the Company (collectively, “Common Stock Equivalents”), including equity
interests of any other entity which may be deemed to beneficially own Common Stock Equivalents pursuant to the Rules and Regulations
promulgated under the Securities Act of 1933, as amended (the “Act”), and the Securities Exchange Act of 1934, as
amended (the “Exchange Act”) (all such Common Stock Equivalents and equity interests, the “Company Securities”),
that the undersigned not sell Company Securities for a reasonable period following the Offering.

 

The undersigned further recognizes that the Company
Securities held by the undersigned are, or may be, subject to certain restrictions on transferability, including those imposed by United
States federal securities laws. Notwithstanding these restrictions, the undersigned has agreed to enter into this letter agreement.

 

     

     

    

 

Therefore, as an inducement to the Underwriters
to execute the Underwriting Agreement, the undersigned hereby acknowledges and agrees that the undersigned will not, and will not cause
or direct any of its affiliates to, without the prior written consent of the Representative, directly or indirectly, (1) offer,
sell, contract to sell, pledge, grant any option to purchase or otherwise dispose of (collectively, a “Disposition”)
any Company Securities or any securities convertible into or exercisable or exchangeable for, or any rights to purchase or otherwise
acquire, any Company Securities held by the undersigned or acquired by the undersigned after the date hereof, or that may be deemed to
be beneficially owned by the undersigned (collectively, the “Lock-Up Shares”), pursuant to the Rules and Regulations
promulgated under the Act, and the Exchange Act, for a period (the “Lock-Up Period”) commencing on the date hereof
and ending 60 days after the date of the Underwriting Agreement, inclusive, or (2) engage in any hedging, collar (whether or not
for any consideration) or other transaction that is designed to or reasonably expected to lead to or result in a Disposition of Lock-Up
Shares during the Lock-Up Period, even if such Lock-Up Shares would be disposed of by someone other than such holder, and such prohibited
hedging or other transactions would include any short sale or any purchase, sale or grant of any right (including any put or call option
or reversal or cancellation thereof) with respect to any Lock-Up Shares or with respect to any security (other than a broad-based market
basket or index) that includes, relates to or derives any significant part of its value from Lock-Up Shares.

 

Notwithstanding the agreement not to make any
Disposition during the Lock-Up Period, the Underwriters have agreed that the foregoing restrictions shall not apply to:

 

		(1)	any Disposition or transfer of Lock-Up Shares to a family member;

 

		(2)	any Disposition or transfer to a trust, family limited liability company
                                            or like entity formed for the direct or indirect benefit of the undersigned or the family
                                            member of the undersigned;

 

		(3)	any Disposition or transfer to a trust, partnership, limited liability
                                            company or entity in which all of the voting interests are owned by the undersigned or the
                                            undersigned’s immediate family members;

 

		(4)	any bona fide gift or for bona fide estate planning;

 

		(5)	any Disposition or transfer of Lock-Up Shares by will, testate or
                                            intestate succession or by operation of law, pursuant to a court or regulatory agency order
                                            or a qualified domestic order, or in connection with a divorce settlement or separation agreement;

 

		(6)	any transfer of Lock-Up Shares solely to cover applicable withholding
                                            taxes due upon the vesting of stock-based awards under the Company’s equity compensation
                                            plans;

 

		(7)	the conversion or exchange of convertible or exchangeable Company
                                            Securities outstanding as of the date of this letter agreement, it being understood that
                                            any Common Stock issued upon such exchanges or conversions will be subject to the restrictions
                                            of this agreement;

 

		(8)	the forfeiture or surrender to the Company of Lock-Up Shares for failure
                                            to achieve vesting requirements associated with such Lock-Up Shares;

 

     

     

    

 

		(9)	Dispositions or forfeiture of Lock-Up Shares of the undersigned or
                                            the retention of Lock-Up Shares by the Company (i) to satisfy tax withholding obligations
                                            in connection with the exercise of options to purchase Shares, the vesting of restricted
                                            stock units or performance shares or the settlement of deferred stock units of the Company
                                            or (ii) in payment of the exercise or purchase price with respect to the exercise of
                                            options to purchase Shares, the vesting of restricted stock units or performance shares or
                                            the settlement of deferred stock units of the Company;

 

		(10)	the establishment of a trading plan pursuant to Rule 10b5-1
                                            under the Exchange Act, provided, however, that such plan does not provide
                                            for, or permit, the sale of any Lock-Up Shares during the Lock-up Period and no public announcement
                                            or filing is voluntarily made or required regarding such plan during the Lock-Up Period;

 

		(11)	the Disposition or transfer of Lock-Up Shares pursuant to a trading
                                            plan established pursuant to Rule 10b5-1 under the Exchange Act prior to the date of
                                            this letter agreement;

 

		(12)	any Disposition or transfer of Lock-Up Shares pursuant to a bona
                                            fide third-party tender offer, merger, consolidation or other similar transaction that is
                                            approved by the board of directors of the Company, made to all holders of the Company Securities
                                            involving a Change of Control (as defined below) (including any support or voting agreement
                                            entered into in connection therewith), provided that in the event that the tender
                                            offer, merger, consolidation or other such transaction is not completed, the Lock-Up Shares
                                            of the undersigned shall remain subject to the restrictions contained in this letter agreement;

 

		(13)	distributions, transfers or Dispositions of Lock-Up Shares (i) to
                                            another corporation, partnership, limited liability company, trust or other business entity
                                            that is an affiliate (as defined in Rule 405 promulgated under the Securities Act of
                                            1933, as amended) of the undersigned, or to any investment fund or other entity controlled
                                            or managed by the undersigned or affiliates of the undersigned (collectively, “Affiliates”),
                                            or (ii) as part of a distribution, transfer or disposition without consideration by
                                            the undersigned to its stockholders, current or former partners (general or limited), members,
                                            beneficiaries, or other equity holders, or to the estates of such stockholders, partners,
                                            members, beneficiaries or other equity holders; or

 

		(14)	the conversion of the outstanding preferred stock of the Company
                                            into shares of Common Stock prior to or in connection with the Offering; provided that
                                            any such shares of Common Stock received upon such conversion shall be subject to the terms
                                            of this letter agreement;

 

provided
that in the case of any transfer, gift or other disposition pursuant to the immediately preceding clauses (1), (2), (3), (4),
(5) or (13), except in the case of a bona fide gift to a charitable organization, the transferee, trust, donee or other recipient
agrees to be bound in writing by the terms of this letter agreement prior to such transfer and no filing by any party (donor, donee,
transferor or transferee) under the Exchange Act shall be required or shall be voluntarily made in connection with such transfer (other
than required filings under Section 16(a) and Section 13(d) or 13(g) of the Exchange Act and any filings made
after the expiration of the Lock-Up Period). For purposes of clauses (1), (2) and (3) above, “family member”
shall mean any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law. For purposes of clause (12) above, “Change of
Control” shall mean any bona fide third-party tender offer, merger, amalgamation, consolidation or other similar transaction
the result of which would be that any “person” (as defined in Section 13(d)(3) of the Exchange Act), or group of
persons, other than the Company, becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 of the Exchange Act) of more
than 50% of the total voting power of the voting stock of the Company.

 

     

     

    

 

Furthermore, the undersigned may, during the Lock-Up
Period, sell shares of Common Stock purchased by the undersigned in the Offering or on the open market following the closing of the Offering
if and only if (i) such sales are not required to be reported in any public report or filing under the Exchange Act and (ii) the
undersigned does not otherwise voluntarily effect any public report or filing regarding such sales.

 

The undersigned hereby represents and warrants
that the undersigned has full power and authority to enter into this agreement and that this agreement has been duly authorized (if the
undersigned is not a natural person), executed and delivered by the undersigned and is a valid and binding agreement of the undersigned.

 

This agreement shall be governed by and construed
in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in such state.

 

It is understood that, if (i) either the
Representative, on behalf of the Underwriters, on the one hand, or the Company, on the other hand, advising the other in writing prior
to the execution of the Underwriting Agreement that they have determined not to proceed with the Offering, (ii) the Underwriting
Agreement does not become effective on or before February 15, 2022, (iii) the Underwriting Agreement (other than the provisions
thereof that survive termination) is terminated prior to payment for and delivery of the Shares, or (iv) the Registration Statement
is withdrawn, the obligations under this letter agreement shall automatically terminate.

 

In furtherance of the foregoing, the Company and
its transfer agent and registrar are hereby authorized to decline to make any transfer of Lock-Up Shares if such transfer would constitute
a violation or breach of this letter agreement. This letter agreement shall be binding on the undersigned and the respective successors,
heirs, personal representatives and assigns of the undersigned. Capitalized terms used but not defined herein have the respective meanings
assigned to such terms in the Underwriting Agreement.

 

     

     

    

 

The undersigned understands that the Company and
the Underwriters are relying upon this Lock-Up Agreement in proceeding toward consummation of the Offering. The undersigned further understands
that this Lock-Up Agreement is irrevocable and shall be binding upon the undersigned’s heirs, legal representatives, successors,
and assigns.

 

	 	Very truly yours,
	 	 
	 	 
	 	By:	          

 

	 	 
	 	Print Name: 	                                

 

[Signature Page to Lock-Up Agreement]Document

Exhibit 10.1

FIFTH AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

THIS FIFTH AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is entered into as of December 9, 2021, among PEBBLEBROOK HOTEL, L.P., a Delaware limited partnership (the “Borrower”), PEBBLEBROOK HOTEL TRUST, a Maryland real estate investment trust (the “Parent REIT”), each Guarantor (defined below) party hereto, each Lender (defined below) party hereto, and BANK OF AMERICA, N.A., as Administrative Agent (the “Administrative Agent”), Swing Line Lender, and L/C Issuer (the Administrative Agent, the Swing Line Lender, the L/C Issuer, and Lenders are each a “Credit Party” and collectively “Credit Parties”).

R E C I T A L S

A.The Borrower, the Parent REIT, certain guarantors (each a “Guarantor” and collectively “Guarantors;” the Borrower, the Parent REIT and the Guarantors are each a “Loan Party” and collectively the “Loan Parties”), the Administrative Agent, the Swing Line Lender, the L/C Issuer, and certain lenders (each, a “Lender” and collectively, “Lenders”) are parties to that certain Fourth Amended and Restated Credit Agreement dated as of October 13, 2017, as amended by that certain First Amendment to Fourth Amended and Restated Credit Agreement (the “First Amendment”) dated as of February 20, 2020, as amended by that certain Second Amendment to Fourth Amended and Restated Credit Agreement (the “Second Amendment”) dated as of June 29, 2020, as further amended by that certain Third Amendment to Fourth Amended and Restated Credit Agreement (the “Third Amendment”) dated as of December 10, 2020, and as further amended by that certain Fourth Amendment to Fourth Amended and Restated Credit Agreement (the “Fourth Amendment”) dated as of February 18, 2021 (as amended by the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment and as may be further modified, amended, renewed, extended, or restated from time to time, the “Credit Agreement”).

B.The parties hereto desire to amend the Credit Agreement, subject to the terms and conditions set forth herein.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.Terms and References.  Unless otherwise stated in this Amendment (a) terms defined in the Credit Agreement have the same meanings when used in this Amendment, and (b) references to “Sections” are to the Credit Agreement’s sections.

2.Amendments to the Credit Agreement.  

(a)    Section 1.01 of the Credit Agreement is hereby amended to add the following definitions 
in the appropriate alphabetical order:
“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (a) if the then-current Benchmark is a term rate, any tenor for such Benchmark that is or may be used for determining the length of an Interest Period or (b) otherwise, any payment period for interest calculated with reference to such Benchmark, as applicable, pursuant to this Agreement as of such date.
“Benchmark” means, initially, LIBOR; provided that if a replacement of the Benchmark has occurred pursuant to Section 3.03(c), then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate. Any reference to “Benchmark” shall include, as applicable, the published component used in the calculation thereof.
“Benchmark Replacement” means:
        
Fifth Amendment to Fourth Amended and
Restated Credit Agreement

(1)    For purposes of Section 3.03(c)(i), the first alternative set forth below that can be determined by the Administrative Agent:
(a)    the sum of: (i) Term SOFR and (ii) 0.11448% (11.448 basis points) for an Available Tenor of one-month’s duration, 0.26161% (26.161 basis points) for an Available Tenor of three-months’ duration, and 0.42826% (42.826 basis points) for an Available Tenor of six-months’ duration, or
(b)    the sum of: (i) Daily Simple SOFR and (ii) 0.11448% (11.448 basis points); 
provided that, if initially LIBOR is replaced with the rate contained in clause (b) above (Daily Simple SOFR plus the applicable spread adjustment) and subsequent to such replacement, the Administrative Agent determines that Term SOFR has become available and is administratively feasible for the Administrative Agent in its sole discretion, and the Administrative Agent notifies the Borrower and each Lender of such availability, then from and after the beginning of the Interest Period, relevant interest payment date or payment period for interest calculated, in each case, commencing no less than thirty (30) days after the date of such notice, the Benchmark Replacement shall be as set forth in clause (a) above; and
(2)    For purposes of Section 3.03(c)(ii), the sum of (a) the alternate benchmark rate and (b) an adjustment (which may be a positive or negative value or zero), in each case, that has been selected by the Administrative Agent and the Borrower as the replacement Benchmark giving due consideration to any evolving or then-prevailing market convention, including any applicable recommendations made by a Relevant Governmental Body, for U.S. dollar-denominated syndicated credit facilities at such time; 
provided that, if the Benchmark Replacement as determined pursuant to clause (1) or (2) above would be less than one-quarter of one percent (0.25%) per annum, the Benchmark Replacement will be deemed to be one-quarter of one percent (0.25%) per annum for (A) each Revolving Credit Loan that bears interest based upon the Benchmark Replacement and (B) each Term Loan that bears interest based upon the Benchmark Replacement that has not been identified by the Borrower in writing as being subject to a Swap Contract.
Any Benchmark Replacement shall be applied in a manner consistent with market practice; provided that to the extent such market practice is not administratively feasible for the Administrative Agent, such Benchmark Replacement shall be applied in a manner as otherwise reasonably determined by the Administrative Agent.
2
Fifth Amendment to Fourth Amended and
Restated Credit Agreement

“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).
“Benchmark Transition Event” means, with respect to any then-current Benchmark other than LIBOR, the occurrence of a public statement or publication of information by or on behalf of the administrator of the then-current Benchmark or a Governmental Authority with jurisdiction over such administrator announcing or stating that all Available Tenors are or will no longer be representative, or made available, or used for determining the interest rate of loans, or shall or will otherwise cease, provided that, at the time of such statement or publication, there is no successor administrator that is satisfactory to the Administrative Agent, that will continue to provide any representative tenors of such Benchmark after such specific date. 
“Daily Simple SOFR” with respect to: (a) any applicable determination date which is a Business Day, means SOFR published on such date; or (b) any applicable determination date which is not a Business Day, means SOFR published on the immediately succeeding Business Day.
“Early Opt-in Effective Date” means, with respect to any Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the Required Lenders.
“Early Opt-in Election” means the occurrence of:
(1)    a determination by the Administrative Agent, or a notification by the Borrower to the Administrative Agent that the Borrower has made a determination, that U.S. dollar-denominated syndicated credit facilities currently being executed, or that include language similar to that contained in Section 3.03(c), are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR, and 
(2)    the joint election by the Administrative Agent and the Borrower to replace LIBOR with a Benchmark Replacement and the provision by the Administrative Agent of written notice of such election to the Lenders.
3
Fifth Amendment to Fourth Amended and
Restated Credit Agreement

“Other Rate Early Opt-in” means the Administrative Agent and the Borrower have elected to replace LIBOR with a Benchmark Replacement other than a SOFR-based rate pursuant to (1) an Early Opt-in Election and (2) Section 3.03(c)(ii) and paragraph (2) of the definition of “Benchmark Replacement”.
“Relevant Governmental Body” means the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto.
“SOFR” with respect to any Business Day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator) on the Federal Reserve Bank of New York’s website (or any successor source) at approximately 8:00 a.m. (New York City time) on the immediately succeeding Business Day and, in each case, that has been selected or recommended by the Relevant Governmental Body.
“SOFR-Based Rate” means SOFR or Term SOFR.
“SOFR Early Opt-in” means the Administrative Agent and the Borrower have elected to replace LIBOR pursuant to (1) an Early Opt-in Election and (2) Section 3.03(c)(i) and paragraph (1) of the definition of “Benchmark Replacement”.
“Term SOFR” means, for the applicable corresponding tenor (or if any Available Tenor of a Benchmark does not correspond to an Available Tenor for the applicable Benchmark Replacement, the closest corresponding Available Tenor and if such Available Tenor corresponds equally to two Available Tenors of the applicable Benchmark Replacement, the corresponding tenor of the shorter duration shall be applied), the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.

(b)    Article I of the Credit Agreement is hereby amended to add the following new Section 1.08 at the end thereof:

1.08    Interest Rates.  The Administrative Agent does not warrant, nor accept responsibility, nor shall the Administrative Agent have any liability with respect to the administration, submission or any other matter related to the rates in the definition of “Eurodollar Rate” or with respect to any rate that is an alternative or replacement for or successor to any of such rate (including, without limitation, any Benchmark Replacement) or the effect of any of the foregoing, or of any Benchmark Replacement Conforming Changes.

(c)    Section 3.03 of the Credit Agreement is hereby amended and restated in its entirety as follows:

3.03    Inability to Determine Rates.
4
Fifth Amendment to Fourth Amended and
Restated Credit Agreement

(a)    If in connection with any request for a Eurodollar Rate Loan or a conversion to or continuation thereof, (i) the Administrative Agent determines that (A) Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable amount and Interest Period of such Eurodollar Rate Loan, or (B)(x) adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan or in connection with an existing or proposed Base Rate Loan and (y) the circumstances described in Section 3.03(c)(i) do not apply (in each case with respect to this clause (i), “Impacted Loans”), or (ii) the Administrative Agent or the Required Lenders determine that for any reason the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Eurodollar Rate Loan, the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended, (to the extent of the affected Eurodollar Rate Loans or Interest Periods), and (y) in the event of a determination described in the preceding sentence with respect to the Eurodollar Rate component of the Base Rate, the utilization of the Eurodollar Rate component in determining the Base Rate shall be suspended, in each case until the Administrative Agent (or, in the case of a determination by the Required Lenders described in clause (ii) of Section 3.03(a), until the Administrative Agent upon instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans (to the extent of the affected Eurodollar Rate Loans or Interest Periods) or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans in the amount specified therein.
(b)    Notwithstanding the foregoing, if the Administrative Agent has made the determination described in clause (i) of Section 3.03(a), the Administrative Agent, in consultation with the Borrower and the affected Lenders, may establish an alternative interest rate for the Impacted Loans, in which case, such alternative rate of interest shall apply with respect to the Impacted Loans until (i) the Administrative Agent revokes the notice delivered with respect to the Impacted Loans under clause (i) of the first sentence of Section 3.03(a), (ii) the Administrative Agent or the Required Lenders notify the Administrative Agent and the Borrower that such alternative interest rate does not adequately and fairly reflect the cost to such Lenders of funding the Impacted Loans, or (iii) any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for such Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to such alternative rate of interest or to determine or charge interest rates based upon such rate or any Governmental Authority has imposed material restrictions on the authority of such Lender to do any of the foregoing and provides the Administrative Agent and the Borrower written notice thereof.
(c)    Notwithstanding anything to the contrary herein or in any other Loan Document:
(i)    On March 5, 2021 the Financial Conduct Authority (“FCA”), the regulatory supervisor of LIBOR’s administrator (“IBA”), announced in a public statement the future cessation or loss of representativeness of overnight/Spot Next, 1-week, 1-month, 2-month, 3-month, 6-month and 12-month U.S. dollar LIBOR tenor settings. On the earliest of (A) the date that all Available Tenors of U.S dollar LIBOR have permanently or indefinitely ceased to be provided by IBA or have been announced by the FCA pursuant to public statement or publication of information to be no longer representative, (B) June 30, 2023 and (C) the Early Opt-in Effective Date in respect of a SOFR Early Opt-in, if the then-current Benchmark is LIBOR, the Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any setting of such Benchmark on such day and all subsequent settings without any amendment to, or further action or consent of any other party to this Agreement or any other Loan Document. If the Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable on a monthly basis.
5
Fifth Amendment to Fourth Amended and
Restated Credit Agreement

(ii)    (x)    Upon (A) the occurrence of a Benchmark Transition Event or (B) a determination by the Administrative Agent that neither of the alternatives under clause (1) of the definition of Benchmark Replacement are available, the Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders (and any such objection shall be conclusive and binding absent manifest error); provided that solely in the event that the then-current Benchmark at the time of such Benchmark Transition Event is not a SOFR-based rate, the Benchmark Replacement therefor shall be determined in accordance with clause (1) of the definition of Benchmark Replacement unless the Administrative Agent determines that neither of such alternative rates is available.
(y)    On the Early Opt-in Effective Date in respect of an Other Rate Early Opt-in, the Benchmark Replacement will replace LIBOR for all purposes hereunder and under any Loan Document in respect of any setting of such Benchmark on such day and all subsequent settings without any amendment to, or further action or consent of any other party to this Agreement or any other Loan Document.
(iii)    At any time that the administrator of the then-current Benchmark has permanently or indefinitely ceased to provide such Benchmark or such Benchmark has been announced by the regulatory supervisor for the administrator of such Benchmark pursuant to public statement or publication of information to be no longer representative of the underlying market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored, the Borrower may revoke any request for a borrowing of, conversion to or continuation of Loans to be made, converted or continued that would bear interest by reference to such Benchmark until the Borrower’s receipt of notice from the Administrative Agent that a Benchmark Replacement has replaced such Benchmark, and, failing that, the Borrower will be deemed to have converted any such request into a request for a borrowing of or conversion to Base Rate Loans. During the period referenced in the foregoing sentence, the component of Base Rate based upon the Benchmark will not be used in any determination of Base Rate.
(iv)    In connection with the implementation and administration of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement.
(v)    The Administrative Agent will promptly notify the Borrower and the Lenders of (A) the implementation of any Benchmark Replacement and (B) the effectiveness of any Benchmark Replacement Conforming Changes. Any determination, decision or election that may be made by the Administrative Agent pursuant to this Section 3.03(c), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 3.03(c).
6
Fifth Amendment to Fourth Amended and
Restated Credit Agreement

(vi)    At any time (including in connection with the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including Term SOFR or LIBOR), then the Administrative Agent may remove any tenor of such Benchmark that is unavailable or non-representative for Benchmark (including Benchmark Replacement) settings and (B) the Administrative Agent may reinstate any such previously removed tenor for Benchmark (including Benchmark Replacement) settings.
3.Amendments to other Loan Documents.

(a)All references in the Loan Documents to the Credit Agreement shall henceforth include references to the Credit Agreement, as modified and amended hereby, and as may, from time to time, be further amended, modified, extended, renewed, and/or increased. 
(b)Any and all of the terms and provisions of the Loan Documents are hereby amended and modified wherever necessary, even though not specifically addressed herein, so as to conform to the amendments and modifications set forth herein.

4.Conditions Precedent.  This Amendment shall not be effective unless and until:

(a)the Administrative Agent receives fully executed counterparts of this Amendment signed by the Loan Parties, the Administrative Agent and the Lenders;

(b)the representations and warranties in the Credit Agreement, as amended by this Amendment, and each other Loan Document are true and correct in all material respects on and as of the date of this Amendment as though made as of the date of this Amendment except to the extent that (i) any of them speak to a different specific date, in which case they shall be true and correct in all material respects on and as of such earlier date; provided, that for purposes of this Amendment, the representations and warranties contained in subsections (a) and (b) of Section 5.05 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01 of the Credit Agreement, or (ii) the facts on which any of them were based have been changed by transactions contemplated or permitted by the Credit Agreement;

(c)the Administrative Agent receives payment of all reasonable fees and expenses of the Administrative Agent in connection with this Amendment; and

(d)after giving effect to this Amendment, no Default or Event of Default exists.

5.Ratifications.  Each Loan Party, (a) ratifies and confirms all provisions of the Loan Documents as amended by this Amendment, (b) ratifies and confirms that all guaranties, assurances, and liens granted, conveyed, or assigned to or for the benefit of the Credit Parties under the Loan Documents are not released, reduced, or otherwise adversely affected by this Amendment and continue to guarantee, assure, and secure full payment and performance of the present and future obligations of the Borrower under the Credit Agreement and the other Loan Documents, and (c) agrees to perform such acts and duly authorize, execute, acknowledge, deliver, file, and record such additional documents, and certificates as the Administrative Agent may request in order to create, perfect, preserve, and protect those guaranties, assurances, and liens.

7
Fifth Amendment to Fourth Amended and
Restated Credit Agreement

6.Representations.  Each Loan Party, represents and warrants to the Credit Parties that as of the date of this Amendment: (a) this Amendment has been duly authorized, executed, and delivered by each applicable Loan Party; (b) no action of, or filing with, any governmental authority is required to authorize, or is otherwise required in connection with, the execution, delivery, and performance by any Loan Party of this Amendment except for those which have been obtained; (c) the Loan Documents, as amended by this Amendment, are valid and binding upon each Loan Party and are enforceable against each Loan Party in accordance with their respective terms, except as limited by Debtor Relief Laws; (d) the execution, delivery, and performance by each applicable Loan Party of this Amendment does not require the consent of any other Person and do not and will not constitute a violation of any laws, agreements, or understandings to which any Loan Party is a party or by which any Loan Party is bound except for those which have been obtained; (e) all representations and warranties in the Loan Documents are true and correct in all material respects except to the extent that (i) any of them speak to a different specific date, in which case they shall be true and correct in all material respects on and as of such earlier date; provided, that for purposes of this Amendment, the representations and warranties contained in subsections (a) and (b) of Section 5.05 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01 of the Credit Agreement, or (ii) the facts on which any of them were based have been changed by transactions contemplated or permitted by the Credit Agreement; (f) the information included in the Beneficial Ownership Certification, if applicable, is true and correct in all respects; and (g) no Default or Event of Default exists.

7.Continued Effect.  Except to the extent amended hereby, all terms, provisions and conditions of the Credit Agreement and the other Loan Documents, and all documents executed in connection therewith, shall continue in full force and effect and shall remain enforceable and binding in accordance with their respective terms.

8.Release.  The Loan Parties hereby acknowledge that, as of the date hereof, the Obligations under the Credit Agreement and under the other Loan Documents are absolute and unconditional without any right of rescission, setoff, counterclaim, defense, offset, cross-complaint, claim or demand of any kind or nature from the Administrative Agent.  Each Loan Party hereby voluntarily and knowingly releases and forever discharges each of the Credit Parties and its respective agents, employees, successors, and assigns (collectively, the “Released Parties”) from all possible claims, demands, actions, causes of action, damages, costs, expenses, and liabilities whatsoever arising from or whether known or unknown, anticipated or unanticipated, suspected or unsuspected, fixed, contingent, or conditional, at law or in equity, originating in whole or in part on or before the date hereof which any Loan Party may now or hereafter have against the Released Parties, if any, and irrespective of whether any such claims arise out of contract, tort, violation of law or regulations, or otherwise, including, without limitation, any contracting for, charging, taking, reserving, collecting, or receiving interest in excess of the highest lawful rate applicable.  Notwithstanding anything to the contrary contained herein, the foregoing release does not apply to any act or omission of any Released Party first occurring after the date hereof. 

8
Fifth Amendment to Fourth Amended and
Restated Credit Agreement

9.Electronic Signatures.  This Amendment and any document, amendment, approval, consent, information, notice, certificate, request, statement, disclosure or authorization related to this Amendment (each a “Communication”), including Communications required to be in writing, may be in the form of an Electronic Record and may be executed using Electronic Signatures.  Each Loan Party agrees that any Electronic Signature on or associated with any Communication shall be valid and binding on such Loan Party to the same extent as a manual signature, and that any Communication entered into by Electronic Signature, will constitute the legal, valid and binding obligation of such Loan Party enforceable against such in accordance with the terms thereof to the same extent as if manually executed.  Any Communication may be executed in as many counterparts as necessary or convenient, including both paper and electronic counterparts, but all such counterparts are one and the same Communication.  For the avoidance of doubt, the authorization under this paragraph may include use or acceptance by the Administrative Agent and each of the Lenders of a manually signed paper Communication which has been converted into electronic form (such as scanned into PDF format), or an electronically signed Communication converted into another format, for transmission, delivery and/or retention.  The Administrative Agent and each of the Lenders may, at its option, create one or more copies of any Communication in the form of an imaged Electronic Record (“Electronic Copy”), which shall be deemed created in the ordinary course of such Person’s business, and destroy the original paper document.  All Communications in the form of an Electronic Record, including an Electronic Copy, shall be considered an original for all purposes, and shall have the same legal effect, validity and enforceability as a paper record.  Notwithstanding anything contained herein to the contrary, the Administrative Agent is under no obligation to accept an Electronic Signature in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it; provided, further, without limiting the foregoing, (a) to the extent the Administrative Agent has agreed to accept such Electronic Signature, the Administrative Agent and each of the Lenders shall be entitled to rely on any such Electronic Signature purportedly given by or on behalf of any Loan Party without further verification and (b) upon the request of the Administrative Agent or any Lender, any Electronic Signature shall be promptly followed by such manually executed counterpart.  For purposes hereof, “Electronic Record” and “Electronic Signature” shall have the meanings assigned to them, respectively, by 15 USC §7006, as it may be amended from time to time.

10.Miscellaneous.  Unless stated otherwise (a) the singular number includes the plural and vice versa and words of any gender include each other gender, in each case, as appropriate, (b) headings and captions may not be construed in interpreting provisions, (c) this Amendment must be construed -- and its performance enforced -- under New York law, (d) if any part of this Amendment is for any reason found to be unenforceable, all other portions of it nevertheless remain enforceable, and (e) this Amendment may be executed in any number of counterparts (originals or facsimile copies followed by originals) with the same effect as if all signatories had signed the same document, and all of those counterparts must be construed together to constitute the same document.
11.Entireties.  The Credit Agreement as amended by this Amendment represents the final agreement between the parties about the subject matter of the Credit Agreement as amended by this Amendment and may not be contradicted by evidence of prior, contemporaneous, or subsequent oral agreements of the parties.  There are no unwritten oral agreements between the parties.

12.Parties.  This Amendment binds and inures to each Loan Party and each Credit Party, and their respective successors and permitted assigns.

[Remainder of Page Intentionally Left Blank; Signature Pages Follow]
9
Fifth Amendment to Fourth Amended and
Restated Credit Agreement

															
	EXECUTED as of the date first stated above.

					
	BORROWER:		PEBBLEBROOK HOTEL, L.P., a Delaware 

			limited partnership
					
			By:	PEBBLEBROOK HOTEL TRUST, a 

				Maryland Real Estate Investment Trust,

				its general partner

					
					
					
				By:	/s/ Raymond Martz
					Name:  Raymond Martz

					Title:  Executive Vice President 

					and Chief Financial Officer

					
					
	PARENT REIT:
		PEBBLEBROOK HOTEL TRUST, a 

			Maryland Real Estate Investment Trust

					
					
					
			By:	/s/ Raymond Martz
				Name:  Raymond Martz

				Title:  Executive Vice President 

				and Chief Financial Officer

					
					
	GUARANTORS:		HUSKIES OWNER LLC, a Delaware limited

			liability company 

			BLUE DEVILS OWNER LLC, a Delaware

			limited liability company 

			PORTLAND HOTEL TRUST, a Maryland 

			real estate investment trust

					
					
					
			By:	/s/ Raymond D. Martz
				Name:  Raymond D. Martz

				Title:  Vice President and Secretary

					

Signature Page to Fifth Amendment to Fourth Amended and Restated Credit Agreement
Pebblebrook Hotel, L.P./Pebblebrook Hotel Trust

BEARCATS HOTEL OWNER LP, a Delaware limited partnership
BEAVERS OWNER LLC, a Delaware limited liability company 
BRUINS HOTEL OWNER LP, a Delaware limited partnership
CREEDENCE HOTEL OWNER LP, a Delaware limited partnership
CRUSADERS HOTEL OWNER LP, a Delaware limited partnership 
DONS HOTEL OWNER LP, a Delaware limited partnership
GOLDEN BEARS OWNER LLC, a Delaware limited liability company
GOLDEN EAGLES OWNER LLC, a Delaware limited liability company 
HAZEL OWNER LLC, a Delaware limited liability company 
HOYAS OWNER LLC, a Delaware limited liability company 
JAYHAWK OWNER LLC, a Delaware limited liability company
MENUDO OWNER LLC, a Delaware limited liability company
MINERS HOTEL OWNER LP, a Delaware limited partnership 
NKOTB OWNER LLC, a Delaware limited liability company 
RAMBLERS HOTEL OWNER LP, a Delaware limited partnership
RAZORBACKS OWNER LLC, a Delaware limited liability company 
RHCP HOTEL OWNER LP, a Delaware limited partnership
RUNNING REBELS OWNER LLC, a Delaware limited liability company 
SOUTH 17TH STREET OWNERCO, L.P., a Delaware limited partnership
TERRAPINS OWNER LLC, a Delaware limited liability company 
WILDCATS OWNER LLC, a Delaware limited liability company
WOLFPACK OWNER LLC, a Delaware limited liability company 
WOLVERINES OWNER LLC, a Delaware limited liability company

						
	By:	/s/ Raymond D. Martz
		Name:  Raymond D. Martz

		Title:  President

Signature Page to Fifth Amendment to Fourth Amended and Restated Credit Agreement
Pebblebrook Hotel, L.P./Pebblebrook Hotel Trust

CHAMBER MAID, LP, a Delaware limited partnership
FUN TO STAY, LP, a Delaware limited partnership
GEARY DARLING, LP, a Delaware limited partnership
GLASS HOUSES, a Maryland Real Estate Investment Trust
HARBORSIDE, LLC, a Florida limited liability company 
LET IT FLHO, LP, a Delaware limited partnership
LHOBERGE, LP, a Delaware limited partnership
LHO BACKSTREETS, L.L.C., a Delaware limited liability company
LHO CHICAGO RIVER, L.L.C., a Delaware limited liability company
LHO GRAFTON HOTEL, L.P., a Delaware limited partnership
LHO HARBORSIDE HOTEL, L.L.C., a Delaware limited liability company
LHO HOLLYWOOD LM, L.P., a Delaware limited partnership
LHO LE PARC, L.P., a Delaware limited partnership
LHO MICHIGAN AVENUE FREEZEOUT, L.L.C., a Delaware limited liability company
LHO MISSION BAY HOTEL, L.P., a California limited partnership
LHO MISSION BAY ROSIE HOTEL, L.P., a Delaware limited partnership
LHO SAN DIEGO FINANCING, L.L.C., a Delaware limited liability company 
LHO SAN DIEGO HOTEL ONE, L.P., a Delaware limited partnership
LHO SANTA CRUZ HOTEL ONE, L.P., a Delaware limited partnership
LHO TOM JOAD CIRCLE DC, L.L.C., a Delaware limited liability company
LHO WASHINGTON HOTEL FOUR, L.L.C., a Delaware limited liability company
LHO WASHINGTON HOTEL SIX, L.L.C., a Delaware limited liability company
LOOK FORWARD, LLC, a Delaware limited liability company 
PDX PIONEER, LLC, a Delaware limited liability company
RW NEW YORK, LLC, a Delaware limited liability company
SEASIDE HOTEL, LP, a Delaware limited partnership
SERENITY NOW, LP, a Delaware limited partnership
SF TREAT, LP, a Delaware limited partnership
SOULDRIVER, L.P., a Delaware limited partnership
SUNSET CITY, LLC, a Delaware limited liability company
WESTBAN HOTEL INVESTORS, LLC, a Delaware limited liability company

						
	By:	/s/ Raymond D. Martz
		Name:  Raymond D. Martz

		Title:  President

Signature Page to Fifth Amendment to Fourth Amended and Restated Credit Agreement
Pebblebrook Hotel, L.P./Pebblebrook Hotel Trust

															
			DON’T LOOK BACK, LLC, a Delaware limited

			liability company
					
			By:	LOOK FORWARD, LLC, a Delaware limited 

				liability company, its manager

					
					
					
				By:	/s/ Raymond D. Martz
					Name:  Raymond D. Martz

					Title:  President 

					
					
			LASALLE HOTEL OPERATING PARTNERSHIP, 

			L.P., a Delaware limited partnership

					
			By:	PING MERGER OP GP, LLC, a Delaware

				limited liability company, its general partner

					
				PEBBLEBROOK HOTEL LP., a Delaware

				limited partnership, its sole member

					
				PEBBLEBROOK HOTEL TRUST, a 

				Maryland Real Estate Investment Trust, its

				general partner

					
					
					
				By:	/s/ Raymond D. Martz
					Name:  Raymond D. Martz

					Title:  Executive Vice President and

					Chief Financial Officer
					
					

Signature Page to Fifth Amendment to Fourth Amended and Restated Credit Agreement
Pebblebrook Hotel, L.P./Pebblebrook Hotel Trust

															
	ADMINISTRATIVE AGENT:	BANK OF AMERICA, N.A., as the

			Administrative Agent, the L/C Issuer, the Swing

			Line Lender and a Lender

					
					
					
			By:	/s/ Roger C. Davis 
				Name:  Roger C. Davis

				Title:  Senior Vice President 

Signature Page to Fifth Amendment to Fourth Amended and Restated Credit Agreement
Pebblebrook Hotel, L.P./Pebblebrook Hotel Trust

															
	LENDERS:	WELLS FARGO BANK, NATIONAL

			ASSOCIATION, as a Lender

					
					
					
			By:	/s/ Anand J. Jobanputra
				Name:  Anand J. Jobanputra

				Title:  Managing Director

Signature Page to Fifth Amendment to Fourth Amended and Restated Credit Agreement
Pebblebrook Hotel, L.P./Pebblebrook Hotel Trust

															
		U.S. BANK NATIONAL ASSOCIATION, as

			as Lender

					
					
					
			By:	/s/ Lori Y. Jensen 
				Name:  Lori Y. Jensen

				Title:  Senior Vice President

Signature Page to Fifth Amendment to Fourth Amended and Restated Credit Agreement
Pebblebrook Hotel, L.P./Pebblebrook Hotel Trust

															
		RAYMOND JAMES BANK, as a Lender

					
					
					
			By:	/s/ Robert Rhodin  
				Name: Robert Rhodin

				Title:  Vice President

Signature Page to Fifth Amendment to Fourth Amended and Restated Credit Agreement
Pebblebrook Hotel, L.P./Pebblebrook Hotel Trust

															
		CAPITAL ONE, N.A., as a Lender

					
					
					
			By:	/s/ Jessica W. Phillips  
				Name: Jessica W. Phillips

				Title:  Authorized Signatory

Signature Page to Fifth Amendment to Fourth Amended and Restated Credit Agreement
Pebblebrook Hotel, L.P./Pebblebrook Hotel Trust

															
		CITIBANK, N.A., as a Lender

					
					
					
			By:	/s/ Harry Kramer  
				Name: Harry Kramer

				Title:  Vice President

					

Signature Page to Fifth Amendment to Fourth Amended and Restated Credit Agreement
Pebblebrook Hotel, L.P./Pebblebrook Hotel Trust

															
		PNC BANK, NATIONAL ASSOCIATION.,

			as a Lender

					
					
					
			By:	/s/ Katie Chowdhry  
				Name: Katie Chowdhry

				Title:  Senior Vice President

					

Signature Page to Fifth Amendment to Fourth Amended and Restated Credit Agreement
Pebblebrook Hotel, L.P./Pebblebrook Hotel Trust

															
		REGIONS BANK, as a Lender

					
					
					
			By:	/s/ Ghi S. Gavin  
				Name: Ghi S. Gavin

				Title:  Senior Vice President

					

Signature Page to Fifth Amendment to Fourth Amended and Restated Credit Agreement
Pebblebrook Hotel, L.P./Pebblebrook Hotel Trust

															
		TD BANK, N.A., as a Lender

					
					
					
			By:	/s/ Michael Duganich  
				Name: Michael Duganich

				Title:  Vice President

					

Signature Page to Fifth Amendment to Fourth Amended and Restated Credit Agreement
Pebblebrook Hotel, L.P./Pebblebrook Hotel Trust

															
		TRUIST BANK, as a Lender

					
					
					
			By:	/s/ Ryan Almond  
				Name: Ryan Almond

				Title:  Director

					

Signature Page to Fifth Amendment to Fourth Amended and Restated Credit Agreement
Pebblebrook Hotel, L.P./Pebblebrook Hotel Trust

															
		SUMITOMO MITSUI BANKING 

			CORPORATION, as a Lender

					
					
					
			By:	/s/ Jane Pedreira  
				Name: Jane Pedreira

				Title:  Director

					

Signature Page to Fifth Amendment to Fourth Amended and Restated Credit Agreement
Pebblebrook Hotel, L.P./Pebblebrook Hotel Trust

															
		BANK OF MONTREAL as a Lender

					
					
					
			By:	/s/ Gwendolyn Gatz  
				Name: Gwendolyn Gatz

				Title:  Director

					

Signature Page to Fifth Amendment to Fourth Amended and Restated Credit Agreement
Pebblebrook Hotel, L.P./Pebblebrook Hotel Trust

															
		THE BANK OF NOVA SCOTIA, as a Lender

					
					
					
			By:	/s/ Chelsea McCune  
				Name: Chelsea McCune

				Title:  Associate Director

					

Signature Page to Fifth Amendment to Fourth Amended and Restated Credit Agreement
Pebblebrook Hotel, L.P./Pebblebrook Hotel Trust

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