PEBBLEBROOK HOTEL TRUST
Share Award Agreement
THIS SHARE AWARD AGREEMENT (the "Agreement"), dated as of the 11th day of
_March , 2010, governs the Share Award granted by PEBBLEBROOK HOTEL TRUST, a Maryland real
estate investment trust (the "Company"), to Thomas C. Fisher (the "Participant"), in
accordance with and subject to the provisions of the Companys 2009 Equity Incentive Plan (the
"Plan"). A copy of the Plan has been made available to the Participant. All terms used in this
Agreement that are defined in the Plan have the same meaning given them in the Plan.