EX-10.4





 Exhibit 10.4 

FORM OF 

RESTRICTED STOCK AWARD AGREEMENT 

(2018 Stock Incentive Plan) 
 THIS
RESTRICTED STOCK AGREEMENT (the “Agreement”), is made effective as of the date set forth on the signature page (the “Signature Page”) attached hereto (the “Date of Grant”), between Blackstone
Mortgage Trust, Inc., a Maryland corporation (the “Company”) and the participant identified on the Signature Page attached hereto (the “Participant”). 

R E C I T A L S: 

WHEREAS, the Company has adopted the Blackstone Mortgage Trust, Inc. 2018 Stock Incentive Plan (the “Plan”), the terms of
which Plan are incorporated herein by reference and made a part of this Agreement, and capitalized terms not otherwise defined herein shall have the same meanings as in the Plan; and 

WHEREAS, the Company has determined that it would be in the best interests of the Company and its stockholders to grant the restricted stock
award provided for herein to the Participant pursuant to the Plan and the terms set forth herein; 
 NOW THEREFORE, in consideration of the
mutual covenants hereinafter set forth, the parties agree as follows: 
 1. Grant of Restricted Stock. Subject to the terms and
conditions of the Plan and the additional terms and conditions set forth in this Agreement, the Company hereby grants to the Participant the number of shares of Restricted Stock appearing on the signature page attached hereto (the
“Award”). 
 2. Vesting of Restricted Stock. 

(a) Vesting Schedule. The Award shall initially be unvested. Provided that the Participant has not undergone a Termination (except as
provided below) and a Manager Termination Event has not occurred, if the Participant is a Manager Employee, the Award shall vest in substantially equal quarterly installments over the three (3) year period following the Date of Grant;
provided that the exact amounts and dates of each installment vesting shall be determined by the Company. 
 (b) Termination.
Except as provided below, upon any Manager Termination Event, Qualifying Manager Termination or if the Participant undergoes a Termination, this Award shall be treated in accordance with the Plan. 

(i) Upon the Participant’s Termination on account of the Retirement of the Participant, (A) 50% of the then unvested
shares of Restricted Stock subject to the Award shall continue to vest in accordance with the vesting schedule and on the vesting dates set forth in Section 2(a) above, subject to any accelerated vesting on account of a Qualifying Manager
Termination, Change in Control or as otherwise provided in the Plan, as applicable, provided that in applying this Retirement vesting provision, each vesting tranche will be reduced by 50%, and (B) all other unvested shares of Restricted Stock
shall immediately be forfeited without any further action by the Company or the Participant, and without any payment of consideration therefor. 












 (ii) For purposes hereof, “Retirement” shall mean the
voluntary Termination of the Participant by the Participant after (A) the Participant has reached age 65 and has at least five full years of service with the Company and its Affiliates (including the Manager and its Affiliates) (“Years
of Service”) or (B) (x) the Participant’s age plus Years of Service totals at least 65, (y) the Participant has reached age 55, and (z) the Participant has had a minimum of five Years of Service. 

3. Book Entry; Certificates. The Company shall recognize the Participant’s ownership through uncertificated book entry. If elected
by the Company, certificates evidencing the Common Stock granted hereunder may be issued by the Company and any such certificates shall be registered in the Participant’s name on the stock transfer books of the Company promptly after the date
hereof, but shall remain in the physical custody of the Company or its designee at all times prior to the later of (x) the vesting of the Award pursuant to this Agreement and (y) the expiration of any transfer restrictions set forth in
this Agreement or otherwise applicable to the Common Stock subject to the Award. As soon as practicable following such time, any certificates for the Common Stock subject to the Award shall be issued to the Participant or to the Participant’s
legal guardian or representative along with the stock powers relating thereto. No certificates shall be issued for fractional shares. To the extent required by the Company, the Participant shall deliver to the Company a stock power, duly endorsed in
blank, relating to any portion of the Award that has not previously vested. However, the Company shall not be liable to the Participant for damages relating to any delays in issuing the certificates (if any) to the Participant, any loss by the
Participant of the certificates, or any mistakes or errors in the issuance of the certificates or in the certificates themselves. 
 4.
Rights as a Stockholder. The Participant shall be the record owner of the shares of Restricted Stock until or unless such shares are forfeited pursuant to the terms of this Agreement, and as record owner shall be entitled to all rights of a
common stockholder of the Company, including, without limitation, participating in gains and losses of the Company, voting rights and rights to dividends with respect to shares of Restricted Stock; provided that shares of Restricted Stock shall be
subject to the limitations on transfer and encumbrance set forth in Section 7. 
 5. Restrictions. Any Common Stock issued
to the Participant pursuant to the Award shall be subject to such stop transfer orders and other restrictions as the Committee (or its designee) may deem advisable under the Plan or the rules, regulations, and other requirements of the Securities
and Exchange Commission, any stock exchange upon which such Common Stock are listed and any applicable U.S. or non-U.S. federal, state or local laws, and the Committee (or its designee) may cause a notation or
notations to be entered into the books and records of the Company to make appropriate reference to such restrictions. 
 6. No Right to
Continued Employment or Service. Neither the Plan nor this Agreement nor the granting of the Award hereunder shall impose any obligation on the Company or any Affiliate of the Company to continue the employment or engagement of the Participant.
Further, the Company or any Affiliate of the Company (as applicable) may at any time terminate the Participant, free from any liability or claim under the Plan or this Agreement, except as otherwise expressly provided herein. 

  
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 7. Transferability. 

(a) Shares of Restricted Stock may not, at any time prior to becoming vested pursuant to the terms of this Agreement, be Transferred and any
such purported Transfer shall be void and unenforceable against the Company or any Affiliate of the Company; provided that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or
encumbrance. 
 (b) “Transfer” shall mean (in either the noun or the verb form, including with respect to the verb form, all
conjugations thereof within their correlative meanings) with respect to any security, the gift, sale, assignment, transfer, pledge, hypothecation or other disposition (whether for or without consideration, whether directly or indirectly, and whether
voluntary, involuntary or by operation of law) of such security or any interest therein. 
 8. Securities Laws; Cooperation. Upon the
vesting of the Award (or any portion thereof), the Participant will make or enter into such written representations, warranties and agreements as the Company may request in order to comply with applicable securities laws, the Plan or with this
Agreement. 
 9. Notices. Any notice necessary under this Agreement shall be addressed to the Company in care of its Secretary at the
principal executive office of the Company and to the Participant at the address appearing in the personnel records of the Company or its Affiliates for such Participant or to either party at such other address as either party hereto may hereafter
designate in writing to the other. Any such notice shall be deemed effective upon receipt thereof by the addressee. 
 10. Choice of
Law. This Grant shall be governed by and construed in accordance with the laws of the state of Maryland without regard to conflicts of laws. 

11. Restricted Stock Subject to Plan. By entering into this Agreement, the Participant agrees and acknowledges that the Participant has
received and read a copy of the Plan. Shares of Restricted Stock granted hereunder are subject to the Plan. The terms and provisions of the Plan, as it may be amended from time to time, are hereby incorporated herein by reference. In the event of a
conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. 

12. Signature in Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as
if the signatures thereto and hereto were upon the same instrument. 
 [Signatures on next page.] 

  
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 IN WITNESS WHEREOF, the parties have caused this Agreement to be effective as of the date
set forth on the Company’s signature page. 
  

			
		 	Participant
		
		 	 
		 	Name:
		
		 	Blackstone Mortgage Trust, Inc.
		
		 	 
		 	Name:
		 	Title:
		
		 	Dated:                                 


  

			
	Number of Shares of Restricted Stock	 	[•]
	Date of Grant	 	[•]