X0303 4 2010-09-09 0 0001476045 Chatham Lodging Trust CLDT 0001191839 CRAVEN DENNIS M 50 COCOANUT ROW SUITE 200 PALM BEACH FL 33480 0 1 0 0 EVP & Chief Financial Officer COMMON SHARES 2010-09-09 4 A 0 10450 0.00 A 10450 D LTIP UNITS 2010-09-09 4 A 0 26250 A Common Shares 26250 26250 D Represents a grant of 10,450 restricted common shares granted to the reporting person on September 9, 2010. These shares will vest ratably over the first three anniversaries of the date of grant. Represents restricted units of limited partnership interest ("LTIP Units") in Chatham Lodging, L.P. (the "Operating Partnership"), of which the Issuer is the general partner, granted to the reporting person on September 9, 2010. Vested LTIP Units, upon achieving parity with the Operating Partnership units pursuant to the terms of the Operating Partnership's agreement of limited partnership, may be exchanged at any time at the election of the holder for Operating Partnership units on a one-for-one basis or, at the Issuer's option, an equivalent amount of cash. 5,250 of the reporting person's LTIP Units vest on each of the first five anniversaries of the date of grant, subject to the reporting person's continued employment with the Issuer. The LTIP Units were issued pursuant to the Issuer's Equity Incentive Plan and have no expiration date. /s/ Dennis M. Craven 2010-09-15